Exhibit (d)(78)

SUB-ADVISORY AGREEMENT

between

FIDELITY GESTION

and

FIDELITY INTERNATIONAL INVESTMENT ADVISORS (U.K.) LIMITED

	AGREEMENT made this 1st day of December, 2004, by and between Fidelity Gestion withregistered office at Washington Plaza - 29 rue de Berri - 75008 Paris - France (hereinafter called the"French Sub-Advisor") and Fidelity International Investment Advisors (U.K) Limited, with principaloffices at  27-28 Lovat Lane, London, England (hereinafter called the "U.K. Sub-Advisor").

	WHEREAS Fidelity Management & Research Company, a Massachusetts Corporation(hereinafter called the "Advisor"), has entered into a management contract with Fidelity InvestmentTrust, a Massachusetts business trust, which may issue one or more series of shares of beneficial interest(hereinafter called the "Trust"), on behalf of Fidelity Europe Fund (hereinafter called the "Portfolio"),pursuant to which the Advisor is****to****act as investment advisor to the Portfolio,

	WHEREAS, Fidelity International Investment Advisors, a Bermuda Company (hereinafter calledthe "Sub-Advisor") has entered into a Sub-Advisory Agreement with the Advisor (the "Sub-AdvisoryAgreement") pursuant to which the Sub-Advisor, directly or through certain of its subsidiaries or otheraffiliated persons, shall provide investment advice or investment management and order executionservices to the Portfolio, and

	WHEREAS, the U.K. Sub-Advisor has entered into a Sub-Advisory Agreement with theSub-Advisor (hereinafter called the "U.K. Sub-Advisory Agreement") pursuant to which the U.K.Sub-Advisor, directly or through certain of its subsidiaries or other affiliated persons, shall provideinvestment advice or investment management and order execution services to the Portfolio, and

	WHEREAS the French Sub-Advisor has personnel in France and has been formed in part for thepurpose of researching and compiling information and recommendations with respect to the economies ofvarious countries, and securities of issuers located outside of North America, principally in Europe.

	NOW THEREFORE, in consideration of the premises and the mutual promises hereinafter set forth, theU.K. Sub-Advisor and the French Sub-Advisor agree as follows:

	1.  *Duties:* The U.K. Sub-Advisor may, in its discretion, appoint the French Sub-Advisor toperform one or more of the following services with respect to all or a portion of the investments of thePortfolio, in connection with the U.K. Sub-Advisor's duties under the U.K. Sub-Advisory Agreement.The services and the portion of the investments of the Portfolio advised or managed by the FrenchSub-Advisor shall be as agreed upon from time to time by the U.K. Sub-Advisor and the FrenchSub-Advisor. The French Sub-Advisor shall pay the salaries and fees of all personnel of the FrenchSub-Advisor performing services for the Portfolio relating to research, statistical and investmentactivities.

	(a) *Investment Advice:* If and to the extent requested by the U.K. Sub-Advisor, the FrenchSub-Advisor shall provide investment advice to the U.K. Sub-Advisor with respect to allor a portion of the investments of the Portfolio, and in connection with such advice shallfurnish the U.K. Sub-Advisor such factual information, research reports and investmentrecommendations as the Advisor, or Sub-Advisor may reasonably require.  Suchinformation may include written and oral reports and analyses.

	(b) *Investment Management:*  If and to the extent requested by the U.K. Sub-Advisor, theFrench Sub-Advisor shall manage all or a portion of the investments of the Portfolio inaccordance with the investment objective, policies and limitations provided in thePortfolio's Prospectus or other governing instruments, as amended from time to time, theInvestment Company Act of 1940 (the "1940 Act") and rules thereunder, as amended fromtime to time, and such other limitations as the Trust, the****Advisor or the Sub-Advisor mayimpose with respect to the Portfolio by notice to the French Sub-Advisor.  With respect tothe portion of the investments of the Portfolio under its management, the FrenchSub-Advisor is authorized to make investment decisions on behalf of the Portfolio withregard to any stock, bond, other security or investment instrument, when the placing oforders for the purchase and sale of such securities will remain with the UK Sub-Advisorthrough such broker-dealers as the UK Sub-Advisor may select.  The French Sub-Advisormay also be authorized, but only to the extent such duties are delegated in writing by theU.K. Sub-Advisor, to provide additional investment management services to the Portfolio,including but not limited to services such as managing foreign currency investments,purchasing and selling or writing futures and options contracts, borrowing money orlending securities on behalf of the Portfolio.  All investment management and any otheractivities of the French Sub-Advisor shall at all times be subject to the control and directionof the U.K. Sub-Advisor, the Sub-Advisor, the Advisor and the Trust's Board of Trustees.

	2.  *Information to be Provided to the Trust and the Advisor:*  The French Sub-Advisor shall furnishsuch reports, evaluations, information or analyses to the Trust, the Advisor, the Sub-Advisor, and the U.K.Sub-Advisor as the Trust's Board of Trustees, the Advisor, the Sub-Advisor or the U.K. Sub-Advisor mayreasonably request from time to time, or as the French Sub-Advisor may deem to be desirable.

	3.  *Brokerage:*  In connection with the services provided under subparagraph (b) of paragraph 1 of thisAgreement by the French Sub-Advisor, the UK. Sub-Advisor shall place all orders for the purchase and saleof portfolio securities for the Portfolio's account with brokers or dealers selected by the UK Sub-Advisor,which may include brokers or dealers affiliated with the Advisor, Sub-Advisor, U.K. Sub-Advisor, or theFrench Sub-Advisor.  The UK Sub-Advisor shall use its best efforts to seek to execute portfolio transactionsat prices which are advantageous to the Portfolio and at commission rates which are reasonable in relation tothe benefits received.  In selecting brokers or dealers qualified to execute a particular transaction, brokers ordealers may be selected who also provide brokerage and research services (as those terms are defined inSection 28(e) of the Securities Exchange Act of l934) to the Portfolio and/or to the other accounts over whichthe U.K. Sub-Advisor, the Sub-Advisor or Advisor exercise investment discretion.  The UK Sub-Advisor isauthorized to pay a broker or dealer who provides such brokerage and research services a commission forexecuting a portfolio transaction for the Portfolio which is in excess of the amount of commission anotherbroker or dealer would have charged for effecting that transaction if the UK Sub-Advisor determines in goodfaith that such amount of commission is reasonable in relation to the value of the brokerage and researchservices provided by such broker or dealer.  This determination may be viewed in terms of either thatparticular transaction or the overall responsibilities which the French Sub-Advisor, the U.K.****the Sub-Advisor,the Sub-Advisor or the Advisor have with respect to accounts over which they exercise investment discretion.The Trustees of the Trust shall periodically review the commissions paid by the Portfolio to determine if thecommissions paid over representative periods of time were reasonable in relation to the benefits to thePortfolio.

	4.  *Compensation:*  The U.K. Sub-Advisor shall compensate the French Sub-Advisor on thefollowing basis for the services to be furnished hereunder.

	(a)*Sub-Advisory Fee*:  For services provided under subparagraph (a) of paragraph 1 of thisAgreement, the U.K. Sub-Advisor agrees to pay the French Sub-Advisor a monthlysub-advisory fee (the "French Sub-Advisory Fee").  The French Sub-Advisory Fee shall beequal to the French Sub-Advisor's costs incurred in connection with rendering the servicesreferred to in subparagraph (a) of paragraph 1 of this Agreement.   The French Sub-AdvisoryFee shall not be reduced to reflect expense reimbursements or fee waivers by the U.K.Sub-Advisor, the Sub-Advisor or Advisor, if any, in effect from time to time.

	(b) *Investment Management Fee:*  For services provided under subparagraph (b) of paragraph 1 of thisAgreement, the U.K. Sub-Advisor agrees to pay the French Sub-Advisor a monthly investmentmanagement fee (the "French Investment Management Fee").  The French Investment ManagementFee shall be equal to a percentage of the monthly average net assets of the Portfolio managed by theFrench Sub-Advisor pursuant to subparagraph 1(b) of this Agreement, calculated on a cumulative basisbased upon a monthly average of the aggregate of all net assets managed by the French  Sub-Advisoron behalf of the U.K. Sub-Advisor pursuant to sub-advisory arrangements ("Average Group Assets")in accordance with the following fee schedule:

	, provided that in no event shall the French Investment Management Fee exceed the sub-advisory feesreceived by the U.K. Sub-Advisor in respect of the Portfolio from FIIA pursuant to the Sub-AdvisoryAgreement.

	(c) *Provision of Multiple Services:*  If the French Sub-Advisor shall have provided both investmentadvisory services under subparagraph (a) and investment management services under subparagraph (b)of paragraph 1 for the same portion of the investments of the Portfolio for the same period, the feespaid to the French Sub-Advisor with respect to such investments shall be calculated exclusively undersubparagraph (b) of this paragraph 4.

	5.  *Expenses:* It is understood that the Portfolio will pay all of its expenses other than thoseexpressly stated to be payable by the French Sub-Advisor hereunder, by the U.K. Sub-Advisor under theU.K. Sub-Advisory Agreement, by the Sub-Advisor under the Sub-Advisory Agreement or by theAdvisor under the Management Contract with the Portfolio.

	6.  *Interested Persons:*  It is understood that the Directors, officers, and shareholders of the Trust are ormay be or become interested in the Advisor,  the Sub-Advisor, the U.K. Sub-Advisor, or the FrenchSub-Advisor as directors, officers or otherwise and that directors, officers and stockholders of the Advisor, theSub-Advisor, the U.K. Sub-Advisor, or the French Sub-Advisor are or may be or become similarly interestedin the Trust, and that the Advisor, the Sub-Advisor, the U.K. Sub-Advisor, or the French Sub-Advisor may beor become interested in the Trust as a shareholder or otherwise.

	7.  *Services to Other Companies or Accounts:*  The Services of the French Sub-Advisor to the U.K.Sub-Advisor are not to be deemed to be exclusive, the French Sub-Advisor being free to render services toothers and engage in other activities, provided, however, that such other services and activities do not, duringthe term of this Agreement, interfere, in a material manner, with the French Sub-Advisor's ability to meet allof its obligations hereunder.  The French Sub-Advisor shall for all purposes be an independent contractor andnot an agent or employee of the Advisor, the Sub-Advisor, the U.K. Subadvisor or the Trust.

	8.  *Standard of Care:* In the absence of willful misfeasance, bad faith, gross negligence orreckless disregard of obligations or duties hereunder on the part of the French Sub-Advisor, the FrenchSub-Advisor shall not be subject to liability to the U.K. Sub-Advisor, the Sub-Advisor, the Advisor, theTrust or to any shareholder of the Portfolio for any act or omission in the course of, or connected with,rendering services hereunder or for any losses that may be sustained in the purchase, holding or sale ofany security.

	9.  *Duration and Termination of Agreement; Amendments:*

	(a) Subject to prior termination as provided in subparagraph (d) of this paragraph 9, thisAgreement shall continue in force until****July 31, 2005 and indefinitely thereafter, but only solong as the continuance after such period shall be specifically approved at least annually byvote of the Trust's Board of Trustees or by vote of a majority of the outstanding votingsecurities of the Portfolio.

(b) This Agreement may be modified by mutual consent of the Advisor, the Sub-Advisor, the U.K.Sub-Advisor, the French Sub-Advisor and the Portfolio**subject to the provisions of Section 15 of the1940 Act, as modified by or interpreted by any applicable order or orders of the Securities andExchange Commission (the "Commission") or any rules or regulations adopted by, or interpretativereleases of, the Commission.

(c) In addition to the requirements of subparagraphs (a) and (b) of this paragraph 9, the terms of anycontinuance or modification of this Agreement must have been approved by the vote of a majority ofthose Trustees of the Trust who are not parties to this Agreement or interested persons of any such party,cast in person at a meeting called for the purpose of voting on such approval.

(d) Either the Advisor, the Sub-Advisor, the U.K. Sub-Advisor, the French Sub-Advisor or thePortfolio may, at any time on sixty (60) days' prior written notice to the other parties, terminate thisAgreement, without payment of any penalty, by action of its Board of Trustees or Directors, or withrespect to the Portfolio by vote of a majority of its outstanding voting securities.  This Agreement shallterminate automatically in the event of its assignment.

	10.  *Limitation of Liability:*  The French Sub-Advisor is hereby expressly put on notice of thelimitation of shareholder liability as set forth in the Declaration of Trust or other organizational documentof the Trust and agrees that any obligations of the Trust or the Portfolio arising in connection with thisAgreement shall be limited in all cases to the Portfolio and its assets, and the French Sub-Advisor shallnot seek satisfaction of any such obligation from the shareholders or any shareholder of the Portfolio.  Norshall the French Sub-Advisor seek satisfaction of any such obligation from the Trustees or any individualTrustee.

	11.  *Governing Law:*  This Agreement shall be governed by, and construed in accordance with, the lawsof the Commonwealth of Massachusetts, without giving effect to the choice of laws provisions thereof.

	The terms "registered investment company," "vote of a majority of the outstanding voting securities,""assignment," and "interested persons," when used herein, shall have the respective meanings specified in the1940 Act as now in effect or as hereafter amended.

	IN WITNESS WHEREOF the parties hereto have caused this instrument to be signed in their behalf bytheir respective officers thereunto duly authorized, and their respective seals to be hereunto affixed, all as ofthe date written above.