Based on multicolor photometry from the 2MASS and Tycho-2 catalogues, we have produced a sample of 38368 branch red giants that has less than 1% of admixtures and is complete within 500 pc of the Sun. The sample includes 30671 K giants, 7544 M giants,49 C giants, and 104 suspected supergiants or S stars. The photometric distances have been calculated for K, M, and C stars with an accuracy of 40% together with reddening and extinction estimates. Tycho-2 proper motions and PCRV radial velocities are used to analyze the stellar kinematics. The majority of the selected K and M giants are disk stars with ages of more than 3Gyr. A small number of K and M giants are extremely young or, conversely, thick-disk ones. The spatial distribution and kinematics of the selected C stars force us to consider them as asymptotic branch giants with masses of more than 2 solar masses and ages of less than 2Gyr probably associated with the Gould Belt. The offset of the Sun above the Galactic equator has been found from the distribution of stars to be 13+/-2pc, which coincides with the previously obtained value for the clump red giants.