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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FINEX
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FCFSX
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Pending
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FTFAX
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Franklin Templeton International Trust
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SUMMARY PROSPECTUS
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Templeton Foreign
Smaller Companies Fund
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Effective at the close of market on December 10, 2013, the Fund was closed to new investors. Existing investors who had an
open and funded account on December 10, 2013 can continue to invest through exchanges and additional purchases. The following
limited exceptions apply: (1) clients of discretionary investment allocation programs where such programs had investments
in the Fund prior to the close of business on December 10, 2013, (2) employer sponsored retirement plans or benefit plans
and their participants where the Fund was available to participants prior to the close of business on December 10, 2013, (3)
employer sponsored retirement plans or benefit plans that approved the Fund as an investment option as of December 10, 2013,
but have not opened an account as of that date, may open accounts and make purchases of Fund shares, provided that the initial
account is opened with the Fund on or prior to February 10, 2014, (4) other Franklin Templeton Funds, (5) trustees and officers
of the Trust, and (6) members of the Funds portfolio management team. The Fund may restrict, reject or cancel any purchase
order, including an exchange request, and reserves the right to modify this policy at any time.
Investment Goal
Long-term capital growth.
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 27 in the Fund's Prospectus and under Buying and Selling Shares on page 41 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
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0.96%
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0.96%
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0.96%
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0.96%
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Distribution and service (12b-1) fees
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0.25%
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1.00%
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None
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None
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Other expenses
1
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0.44%
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0.44%
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0.17%
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0.44%
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Total annual Fund operating expenses
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1.65%
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2.40%
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1.13%
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1.40%
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1. Other expenses for Class R6 represent an estimate of expenses, including the effect of this Class's lower shareholder servicing
fees.
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 $10,000 in the Fund for the time periods indicated and then redeem all of your
shares at the end of the period. The Example also assumes that your investment has a 5% return each year and that the Fund's
operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs
would be:
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1 Year
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3 Years
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5 Years
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10 Years
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Class A
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$ 733
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$ 1,065
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$ 1,420
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$ 2,417
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Class C
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$ 343
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$ 748
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$ 1,280
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$ 2,736
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Class R6
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$ 115
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$ 359
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$ 622
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$ 1,375
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Advisor Class
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$ 143
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$ 443
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$ 766
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$ 1,680
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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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$ 748
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$ 1,280
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$ 2,736
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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 42.94% 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 investments of smaller companies located
outside the U.S., including emerging markets. The Fund invests principally in equity securities, primarily common stocks. The Fund may also invest a portion of its assets
in the equity securities of larger foreign companies and more than 25% of its assets in the securities of issuers located
in any one country.
The investment manager employs a strategy of investing in equity securities of companies with a market capitalization of not
more than $2 billion at the time of initial purchase. For purposes of monitoring the Funds compliance with the requirement
that it invest mainly in the equity securities of smaller companies, smaller companies are defined as those with market capitalizations
that do not exceed $4 billion.
When choosing equity investments for the Fund, the investment manager applies a bottom-up, value-oriented, long-term
approach, focusing on the market price of a companys securities relative to the investment managers evaluation
of the companys long-term earnings, asset value and cash flow potential. The investment manager also considers a companys
price/earnings ratio, profit margins and liquidation value.
The investment manager may consider selling an equity security when it believes the security has become overvalued due to
either its price appreciation or changes in the company's fundamentals, or when the investment manager believes another security
is a more attractive investment opportunity.
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.
Smaller Companies
Securities issued by smaller 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 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.
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.
Emerging Market Countries
The Funds investments in emerging 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.
Value Style Investing
A value stock may not increase in price as anticipated by the investment manager if other investors fail to recognize the
company's value and bid up the price, the markets favor faster-growing companies, or the factors that the investment manager
believes will increase the price of the security do not occur.
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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41.51%
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Worst Quarter:
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Q4'08
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-31.09%
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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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10 Years
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Templeton Foreign Smaller Companies Fund - Class A
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Return Before Taxes
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14.72%
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18.43%
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7.10%
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Return After Taxes on Distributions
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14.36%
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18.34%
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6.12%
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Return After Taxes on Distributions and Sale of Fund Shares
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8.67%
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15.21%
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6.03%
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Templeton Foreign Smaller Companies Fund - Class C
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19.77%
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18.94%
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6.94%
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Templeton Foreign Smaller Companies Fund - Advisor Class
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22.07%
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20.13%
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8.01%
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MSCI All Country World ex-US Small Cap Index (index reflects no deduction for fees, expenses or taxes)
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20.13%
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19.14%
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10.46%
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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 Templeton Investments Corp. (FTIC)
Sub-Advisor
Templeton Investment Counsel, LLC (Investment Counsel)
Portfolio Managers
MARTIN COBB
Executive Vice President/Portfolio Manager - Research Analyst of FTIC and portfolio manager of the Fund since 2011.
HARLAN HODES
Executive Vice President/Portfolio Manager-Research Analyst of Investment Counsel and portfolio manager of the Fund since
2007.
CINDY L. SWEETING, CFA
President of Investment Counsel and portfolio manager of the Fund since 2011.
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
Templeton Foreign
Smaller Companies 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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191 PSUM 03/14
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00070367
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