Exhibit d(49)

SUB-ADVISORY AGREEMENT

between

FIDELITY INTERNATIONAL INVESTMENT ADVISORS (U.K.) LIMITED

and

FIDELITY INTERNATIONAL INVESTMENT ADVISORS

	AGREEMENT made this 1st day of July, 2000, by and between Fidelity International Investment Advisors (U.K.) Limited,27-28 Lovat Lane, London, England (hereinafter called the "U.K. Sub-Advisor") and Fidelity International Investment Advisors, aBermuda company with principal offices at Pembroke Hall, Pembroke, Bermuda (hereinafter called the "Sub-Advisor").

	WHEREAS Fidelity Management & Research Company, a Massachusetts corporation (hereinafter called the "Advisor"), hasentered into a Management Contract with Fidelity Investment Trust, a Massachusetts business trust which may issue one or moreseries of shares of beneficial interest (hereinafter called the "Trust"), on behalf of Fidelity Overseas Fund (hereinafter called the"Portfolio"), pursuant to which the Advisor is****to****act as investment advisor to the Portfolio, and

	WHEREAS, the Sub-Advisor has entered into a Sub-Advisory Agreement with the Advisor (the "Sub-Advisory Agreement")pursuant to which the Sub-Advisor, directly or through certain of its subsidiaries or other affiliated persons, shall provide investmentadvice or investment management and order execution services to the Portfolio, and

	WHEREAS the U.K. Sub-Advisor has personnel in Western Europe and has been formed in part for the purpose of researching andcompiling information and recommendations with respect to the economies of various countries, and securities of issuers located outside ofNorth America, principally in the U.K. and Europe.

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

	1.  *Duties:* The Sub-Advisor may, in its discretion, appoint the U.K. Sub-Advisor to perform one or more of the followingservices with respect to all or a portion of the investments of the Portfolio, in connection with the Sub-Advisor's duties under theSub-Advisory Agreement.  The services and the portion of the investments of the Portfolio advised or managed by the U.K.Sub-Advisor shall be as agreed upon from time to time by the Sub-Advisor and the U.K. Sub-Advisor. The U.K. Sub-Advisor shallpay the salaries and fees of all personnel of the U.K. Sub-Advisor performing services for the Portfolio relating to research, statisticaland investment activities.

	(a) *Investment Advice:* If and to the extent requested by the Sub-Advisor, the U.K. Sub-Advisor shall provide investmentadvice to the Sub-Advisor with respect to all or a portion of the investments of the Portfolio, and in connection with suchadvice shall furnish the Sub-Advisor such factual information, research reports and investment recommendations as theAdvisor may reasonably require.  Such information may include written and oral reports and analyses.

	(b) *Investment Management:*  If and to the extent requested by the Sub-Advisor, the U.K. Sub-Advisor shall manage all or aportion of the investments of the Portfolio in accordance with the investment objective, policies and limitations provided in thePortfolio's Prospectus or other governing instruments, as amended from time to time, the Investment Company Act of 1940 (the"1940 Act") and rules thereunder, as amended from time to time, and such other limitations as the Trust or the****Advisor mayimpose with respect to the Portfolio by notice to the U.K. Sub-Advisor.  With respect to the portion of the investments of thePortfolio under its management, the U.K. Sub-Advisor is authorized to make investment decisions on behalf of the Portfoliowith regard to any stock, bond, other security or investment instrument, and to place orders for the purchase and sale of suchsecurities through such broker-dealers as the U.K. Sub-Advisor may select.  The U.K. Sub-Advisor may also be authorized,but only to the extent such duties are delegated in writing by the Sub-Advisor, to provide additional investment managementservices to the Portfolio, including but not limited to services such as managing foreign currency investments, purchasing andselling or writing futures and options contracts, borrowing money or lending securities on behalf of the Portfolio.  Allinvestment management and any other activities of the U.K. Sub-Advisor shall at all times be subject to the control anddirection of the Sub-Advisor, the Advisor and the Trust's Board of Trustees.

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

	3.  *Brokerage:*  In connection with the services provided under subparagraph (b) of paragraph 1 of this Agreement, the U.K.Sub-Advisor shall place all orders for the purchase and sale of portfolio securities for the Portfolio's account with brokers or dealersselected by the U.K. Sub-Advisor, which may include brokers or dealers affiliated with the Advisor, Sub-Advisor or U.K. Sub-Advisor.The U.K. Sub-Advisor shall use its best efforts to seek to execute portfolio transactions at prices which are advantageous to the Portfolioand at commission rates which are reasonable in relation to the benefits received.  In selecting brokers or dealers qualified to execute aparticular transaction, brokers or dealers 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 which the U.K. Sub-Advisor, theSub-Advisor or Advisor exercise investment discretion.  The U.K. Sub-Advisor is authorized to pay a broker or dealer who provides suchbrokerage and research services a commission for executing a portfolio transaction for the Portfolio which is in excess of the amount ofcommission another broker or dealer would have charged for effecting that transaction if the U.K. Sub-Advisor determines in good faiththat such amount of commission is reasonable in relation to the value of the brokerage and research services provided by such broker ordealer.  This determination may be viewed in terms of either that particular transaction or the overall responsibilities which the U.K.Sub-Advisor**,**the Sub-Advisor or the Advisor have with respect to accounts over which they exercise investment discretion.  The Trusteesof the Trust shall periodically review the commissions paid by the Portfolio to determine if the commissions paid over representativeperiods of time were reasonable in relation to the benefits to the Portfolio.

	4.  *Compensation:*  The Sub-Advisor shall compensate the U.K. Sub-Advisor on the following basis for the services to befurnished hereunder.

	(a)*Sub-Advisory Fee*:  For services provided under subparagraph (a) of paragraph 1 of this Agreement, the Sub-Advisoragrees to pay the U.K. Sub-Advisor a monthly sub-advisory fee (the "U.K. Sub-Advisory Fee").  The U.K. Sub-AdvisoryFee shall be equal to 110% of the U.K. Sub-Advisor's costs incurred in connection with rendering the services referred to insubparagraph (a) of paragraph 1 of this Agreement.   The U.K. Sub-Advisory Fee shall not be reduced to reflect expensereimbursements or fee waivers by 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 this Agreement, the Sub-Advisoragrees to pay the U.K. Sub-Advisor a monthly investment management fee (the "UK Investment Management Fee").  The UKInvestment Management Fee shall be equal to a percentage of the monthly average net assets of the Portfolio managed by the U.K.Sub-Advisor pursuant to subparagraph 1(b) of this Agreement, calculated on a cumulative basis based upon a monthly average of theaggregate of all net assets managed by the U.K. Sub-Advisor on behalf of the Sub-Advisor pursuant to sub-advisory arrangements("Average Group Assets") in accordance with the following fee schedule:

	, provided that in no event shall the UK Investment Management Fee exceed 50% of the sub-advisory fees received by theSub-Advisor in respect of the Portfolio from the Advisor pursuant to the Sub-Advisory Agreement, and provided further that, forpurposes of calculating the fee rates set forth above, any assets managed by the U.K. Sub-Advisor on behalf of the Sub-Advisorpursuant to a sub-advisory arrangement where a fee cap is being applied to reduce the U.K. Sub-Advisor's fee to less than the ratesset forth above shall be excluded from Average Group Assets.

	(c) *Provision of Multiple Services:*  If the U.K. Sub-Advisor shall have provided both investment advisory services undersubparagraph (a) and investment management services under subparagraph (b) of paragraph 1 for the same portion of theinvestments of the Portfolio for the same period, the fees paid to the U.K. Sub-Advisor with respect to such investments shall becalculated exclusively under subparagraph (b) of this paragraph 4.

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

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

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

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

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

	(a) Subject to prior termination as provided in subparagraph (d) of this paragraph 9, this Agreement shall continue in forceuntil July 31, 2000 and indefinitely thereafter, but only so long as the continuance after such period shall be specificallyapproved at least annually by vote 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 U.K. Sub-Advisor, the Sub-Advisor and the Portfolio,such consent on the part of the Portfolio to be authorized by vote of a majority of the outstanding voting securities of the Portfolio.

(c) In addition to the requirements of subparagraphs (a) and (b) of this paragraph 9, the terms of any continuance or modification ofthis Agreement must have been approved by the vote of a majority of those Trustees of the Trust who are not parties to thisAgreement 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 or the Portfolio may, at any time on sixty (60) days' prior writtennotice to the other parties, terminate this Agreement, without payment of any penalty, by action of its Board of Trustees or Directors,or with respect to the Portfolio by vote of a majority of its outstanding voting securities.  This Agreement shall terminateautomatically in the event of its assignment.

	10.  *Limitation of Liability:*  The U.K. Sub-Advisor is hereby expressly put on notice of the limitation of shareholder liability asset forth in the Declaration of Trust or other organizational document of the Trust and agrees that any obligations of the Trust or thePortfolio arising in connection with this Agreement shall be limited in all cases to the Portfolio and its assets, and the U.K.Sub-Advisor shall not seek satisfaction of any such obligation from the shareholders or any shareholder of the Portfolio.  Nor shall theU.K. Sub-Advisor seek satisfaction of any such obligation from the Trustees or any individual Trustee.

	11.  *Governing Law:*  This Agreement shall be governed by, and construed in accordance with, the laws of the Commonwealth ofMassachusetts, 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 "interestedpersons," when used herein, shall have the respective meanings specified in the 1940 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 by their respective officersthereunto duly authorized, and their respective seals to be hereunto affixed, all as of the date written above.

FIDELITY INTERNATIONAL INVESTMENT ADVISORS (U.K.) LIMITED

FIDELITY INTERNATIONAL INVESTMENT ADVISORS