March 1, 2014
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Before you invest, you may want to review the Fund's prospectus, which contains more information about the Fund and its risks.
You can find the Funds prospectus, statement of additional information and other information about the Fund online at
www.franklintempleton.com/prospectus. You can also get this information at no cost by calling (800) DIAL BEN/342-5236 or by
sending an e-mail request to prospectus@franklintempleton.com. The Fund's prospectus and statement of additional information, both dated March 1, 2014, as may be supplemented, are all incorporated by reference into this Summary Prospectus.
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Class A
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Class C
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Class R6
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Advisor Class
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FINGX
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FINDX
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Pending
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FIGZX
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Franklin Templeton International Trust
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SUMMARY PROSPECTUS
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Franklin
India Growth Fund
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Investment Goal
Long-term capital appreciation.
Fees and Expenses of the Fund
These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts in Class A if you and your family invest, or agree to invest in the future, at
least $50,000 in Franklin Templeton funds. More information about these and other discounts is available from your financial professional and under Your Account on page 33 in the Fund's Prospectus and under Buying and Selling Shares on page 46 of the Funds Statement
of Additional Information.
SHAREHOLDER FEES
(fees paid directly from your investment)
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Class A
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Class C
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Class R6
1
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Advisor
Class
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Maximum Sales Charge (Load) Imposed on Purchases (as percentage of offering price)
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5.75%
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None
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None
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None
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Maximum Deferred Sales Charge (Load) (as percentage of the lower of original purchase price or sale proceeds)
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None
2
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1.00%
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None
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None
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1. The Fund began offering Class R6 shares on May 1, 2013.
2. There is a 1% contingent deferred sales charge that applies to investments of $1 million or more (see "Sales Charges-Class
A" under "Choosing a Share Class") and purchases by certain retirement plans without an initial sales charge.
ANNUAL FUND OPERATING EXPENSES
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(expenses that you pay each year as a percentage of the value of your investment)
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Class A
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Class C
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Class R6
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Advisor
Class
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Management fees
1
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1.30%
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1.30%
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1.30%
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1.30%
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Distribution and service (12b-1) fees
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0.28%
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1.00%
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None
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None
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Other expenses
1,
2
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0.68%
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0.68%
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0.48%
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0.68%
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Total annual Fund operating expenses
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2.26%
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2.98%
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1.78%
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1.98%
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Fee waiver and/or expense reimbursement
3
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-0.58%
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-0.58%
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-0.58%
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-0.58%
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Total annual Fund operating expenses after fee waiver and/or expense reimbursement
3
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1.68%
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2.40%
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1.20%
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1.40%
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1. Management fees and other expenses have been restated to reflect current fiscal year fees and expenses as a result of the
bundling of the Fund's investment management agreement with its fund administration agreement effective May 1, 2013. Such
combined investment management fees are described further under "Management" in the Fund's prospectus. Total annual fund operating
expenses are not affected by such bundling.
2. Other expenses for Class R6 represent an estimate of expenses, including the effect of this Class's lower shareholder servicing
fees.
3. Management has contractually agreed to waive or assume certain expenses so that total annual Fund operating expenses (excluding
Rule 12b-1 fees, acquired fund fees and expenses and certain non-routine expenses) for each class of the Fund do not exceed
(and could be less than) 1.40% until at least February 28, 2015. Contractual fee waiver and/or expense reimbursement agreements
may not be terminated during the terms set forth above.
Example
This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual
funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your
shares at the end of the period. The Example also assumes that your investment has a 5% return each year and that the Fund's
operating expenses remain the same. The Example reflects adjustments made to the Fund's operating expenses due to the fee
waiver and/or expense reimbursement by management for the 1 Year numbers only. Although your actual costs may be higher or
lower, based on these assumptions your costs would be:
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1 Year
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3 Years
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5 Years
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10 Years
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Class A
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$ 736
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$ 1,188
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$ 1,666
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$ 2,979
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Class C
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$ 343
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$ 867
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$ 1,516
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$ 3,258
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Class R6
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$ 122
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$ 504
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$ 910
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$ 2,047
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Advisor Class
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$ 143
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$ 565
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$ 1,014
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$ 2,260
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If you do not sell your shares:
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Class C
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$ 243
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$ 867
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$ 1,516
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$ 3,258
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Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A
higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held
in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the
Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 16.95% of the average value of its portfolio.
Principal Investment Strategies
Under normal market conditions, the Fund invests at least 80% of its net assets in securities of "Indian companies." The Fund invests primarily in the equity securities of Indian companies, which are those that:
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are organized under the laws of, or with a principal office in, or for which the principal trading market for their securities
is, India; or
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derive 50% or more of their total revenue or profit from either goods or services produced or sales made in India; or
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have 50% or more of their assets in India.
The Fund may invest in companies of any size, and may invest a significant portion of its assets in securities of smaller
companies. The Fund invests primarily in common stocks. The Fund currently intends to invest in the securities of Indian companies
by investing in shares of a wholly-owned, collective investment vehicle (the "Portfolio"), registered with and regulated by
the Mauritius Financial Services Commission. Investing through the Portfolio is intended to provide the Fund with a tax-efficient
method of investing indirectly in Indian companies.
Unless the context otherwise requires, descriptions in this prospectus of securities and transactions, and their associated
risks, generally refer to investments made indirectly by the Fund through the Portfolio.
In addition to the Fund's main investments, the Fund may invest up to 20% of its net assets in securities that do not qualify
as Indian company securities. When consistent with the Fund's investment goal, up to 20% of the Fund's net assets may be invested
in debt obligations, including debt obligations of Indian companies, which may be lower-rated or unrated.
The investment manager is a research driven, fundamental investor, pursuing a growth strategy for the Fund. As a "bottom-up"
investor focusing primarily on individual securities, the investment manager looks for companies whose current market price,
in the investment manager's opinion, does not reflect future growth prospects. The investment manager chooses companies that
have identifiable drivers of future earnings growth and present, in the investment manager's opinion, the best trade-off between
that potential earnings growth, business and financial risk, and valuation.
Principal Risks
You could lose money by investing in the Fund. Mutual fund shares are not deposits or obligations of, or guaranteed or endorsed
by, any bank, and are not insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other agency
of the U.S. government.
Market
The market values of securities owned by the Fund will go up or down, sometimes rapidly or unpredictably. A securitys
market value may be reduced by market activity or other results of supply and demand unrelated to the issuer. This is a basic
risk associated with all securities. When there are more sellers than buyers, prices tend to fall. Likewise, when there are
more buyers than sellers, prices tend to rise.
Stock prices tend to go up and down more dramatically than those of debt securities. A slower-growth or recessionary economic
environment could have an adverse effect on the prices of the various stocks held by the Fund.
Foreign Securities
Investing in foreign securities typically involves more risks than investing in U.S. securities, and includes risks associated
with: political and economic developments - the political, economic and social structures of some foreign countries may be
less stable and more volatile than those in the U.S.; trading practices - government supervision and regulation of foreign
securities and currency markets, trading systems and brokers may be less than in the U.S.; availability of information - foreign
issuers may not be subject to the same disclosure, accounting and financial reporting standards and practices as U.S. issuers;
limited markets - the securities of certain foreign issuers may be less liquid (harder to sell) and more volatile; and currency
exchange rate fluctuations and policies. The risks of foreign investments may be greater in developing or emerging market
countries.
Investment through Mauritius
The Fund currently intends to invest indirectly in securities of Indian companies through the Portfolio, an entity formed
in the Republic of Mauritius. The Fund and the Portfolio rely on the income tax treaty between India and Mauritius for relief
from certain Indian taxes. Treaty renegotiation, legislative changes or changes in the requirements to establish residency
in Mauritius may result in higher taxes and lower returns for the Fund.
Developing Market Countries
The Funds investments in developing market countries are subject to all of the risks of foreign investing generally,
and have additional heightened risks due to a lack of established legal, political, business and social frameworks to support
securities markets, including: delays in settling portfolio securities transactions; currency and capital controls; greater
sensitivity to interest rate changes; pervasiveness of corruption and crime; currency exchange rate volatility; and inflation,
deflation or currency devaluation.
Country Focus
Because the Fund invests its assets primarily in companies in a specific country or region, the Fund is subject to greater
risks of adverse developments in that country and/or the surrounding regions than a fund that is more broadly diversified
geographically. Political, social or economic disruptions in the country or region, even in countries in which the Fund is
not invested, may adversely affect security values in the country or region in which the Fund is invested.
There are special risks associated with investments in India, including exposure to currency fluctuations, less liquidity,
expropriation, confiscatory taxation, and exchange control regulations (including currency blockage). Because the Fund typically
does not seek to manage its exposure to foreign currencies, the Fund's investments are subject to fluctuations in the value
of the Indian rupee. Inflation and rapid fluctuations in inflation and interest rates have had, and may continue to have,
negative effects on the economy and securities markets of India. A high proportion of the securities of many Indian issuers
are held by a limited number of persons or entities, which may limit the number of shares available for investment by the
Fund. Also, a limited number of issuers represent a disproportionately large percentage of market capitalization and trading
value.
Although the Portfolio is registered as a sub-account of Franklin Advisers, Inc. with the Securities and Exchange Board of
India, it must still periodically seek renewal of this status. There can be no guarantee that regulatory approval will be
forthcoming or that it will not be rescinded. The primary tax advantage of investing through the Portfolio and relying on
the currently effective income tax treaty between India and Mauritius is the elimination of the 15% Indian tax on short-term
capital gains. However, any amendments to the treaty or legislative changes may result in higher taxes and lower returns for
the Fund in the future.
Smaller and Midsize Companies
Securities issued by smaller and midsize companies may be more volatile in price than those of larger companies, involve substantial
risks and should be considered speculative. Such risks may include greater sensitivity to economic conditions, less certain
growth prospects, lack of depth of management and funds for growth and development, and limited or less developed product
lines and markets. In addition, smaller and midsize companies may be particularly affected by interest rate increases, as
they may find it more difficult to borrow money to continue or expand operations, or may have difficulty in repaying any loans.
Growth Style Investing
Growth stock prices reflect projections of future earnings or revenues, and can, therefore, fall dramatically if the company
fails to meet those projections. Prices of these companies securities may be more volatile than other securities, particularly
over the short term.
Management
The Fund is subject to management risk because it is an actively managed investment portfolio. The Fund's investment manager
applies investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee
that these decisions will produce the desired results.
Performance
The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes
in the Fund's performance from year to year for Class A shares. The table shows how the Fund's average annual returns for
1 year, 5 years, 10 years or since inception, as applicable, compared with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the
future. You can obtain updated performance information at franklintempleton.com or by calling (800) DIAL BEN/342-5236.
Sales charges are not reflected in the bar chart, and if those charges were included, returns would be less than those shown.
CLASS A ANNUAL TOTAL RETURNS
Best Quarter:
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Q2'09
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50.42%
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Worst Quarter:
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Q3'11
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-17.45%
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AVERAGE ANNUAL TOTAL RETURNS
(figures reflect sales charges)
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For the periods ended December 31, 2013
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1 Year
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5 Years
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Since Inception
1/31/2008
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Franklin India Growth Fund - Class A
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Return Before Taxes
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-9.63%
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11.50%
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-2.44%
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Return After Taxes on Distributions
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-9.63%
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11.34%
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-2.56%
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Return After Taxes on Distributions and Sale of Fund Shares
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-5.45%
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9.29%
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-1.75%
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Franklin India Growth Fund - Class C
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-5.72%
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12.50%
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-2.14%
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Franklin India Growth Fund - Advisor Class
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-3.80%
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13.19%
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-1.17%
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MSCI India Index (index reflects no deduction for fees, expenses or taxes)
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-3.83%
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13.30%
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-4.30%
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Performance information for Class R6 shares is not shown because this class did not have a full calendar year of operations
as of the date of this prospectus.
The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not
reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ
from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements,
such as 401(k) plans or individual retirement accounts. After-tax returns are shown only for Class A and after-tax returns
for other classes will vary.
Investment Manager
Franklin Advisers, Inc. (Advisers)
Sub-Advisor
Templeton Asset Management Ltd. (TAML). For purposes of the Fund's risks, the term "investment manager" includes the Sub-Advisor.
Portfolio Managers
SUKUMAR RAJAH
Portfolio Manager of TAML and portfolio manager since inception (2008).
STEPHEN H. DOVER, CFA
Senior Vice President of Advisers and portfolio manager of the Fund since inception (2008).
PURAV A. JHAVERI, CFA
Portfolio Manager of Advisers and portfolio manager of the Fund since inception (2008).
Purchase and Sale of Fund Shares
You may purchase or redeem shares of the Fund on any business day online through our website at franklintempleton.com, by
mail (Franklin Templeton Investor Services, P.O. Box 997151, Sacramento, CA 95899-7151), or by telephone at (800) 632-2301.
For Class A and C, the minimum initial purchase for most accounts is $1,000 (or $50 under an automatic investment plan). Class
R6 and Advisor Class are only available to certain qualified investors and the minimum initial investment will vary depending
on the type of qualified investor, as described under "Your Account Choosing a Share Class Qualified Investors
Class R6" and " Advisor Class" in the Fund's prospectus.
Taxes
The Funds distributions are generally taxable to you as ordinary income, capital gains, or some combination of both,
unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement account, in
which case your distributions would generally be taxed when withdrawn from the tax-deferred account.
Payments to Broker-Dealers and
Other Financial Intermediaries
If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related
companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict
of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another
investment. Ask your financial advisor or visit your financial intermediary's website for more information.
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Franklin Templeton Distributors, Inc.
One Franklin Parkway
San Mateo, CA 94403-1906
franklintempleton.com
Franklin
India Growth Fund
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Investment Company Act file #811-06336
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© 2014 Franklin Templeton Investments. All rights reserved.
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141 PSUM 03/14
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00070366
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