Exhibit (d)(128)

SUB-ADVISORY AGREEMENT

between

FMR CO., INC. and

FIDELITY MANAGEMENT & RESEARCH COMPANY

AGREEMENT made this 21st day of July, 2005, by and between FMR Co., Inc., a Massachusetts corporation with
principal offices at 82 Devonshire Street, Boston, Massachusetts  (hereinafter called the  ́ ́Sub-Adviser") and Fidelity
Management & Research Company, a Massachusetts corporation with principal offices at 82 Devonshire Street, Boston,
Massachusetts (hereinafter called the  ́ ́Adviser").

WHEREAS the Adviser has entered into a Management Contract with Fidelity Investment Trust, a Massachusetts
business trust which may issue one or more series of shares of beneficial interest (hereinafter called the  ́ ́Fund"), on behalf
of Fidelity International Small Cap Opportunities Fund (hereinafter called the  ́ ́Portfolio"), pursuant to which the Adviser
is to act as investment manager and adviser to the Portfolio, and

WHEREAS the Sub-Adviser was formed for the purpose of providing investment management of equity and high
income funds and advising generally with respect to equity and high income instruments.

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

1.	(a)  The Sub-Adviser shall, subject to the supervision of the Adviser, direct the investments of all or such
portion of the Portfolio's assets as the Adviser shall designate in accordance with the investment objective, policies and
limitations as provided in the Portfolio's Prospectus or other governing instruments, as amended from time to time, the
Investment Company Act of 1940 and rules thereunder, as amended from time to time (the  ́ ́1940 Act"), and such other
limitations as the Portfolio may impose by notice in writing to the Adviser or Sub-Adviser.  The Sub-Adviser shall also
furnish for the use of the Portfolio office space and all necessary office facilities, equipment and personnel for servicing the
investments of the Portfolio; and shall pay the salaries and fees of all personnel of the Sub-Adviser performing services for
the Portfolio relating to research, statistical and investment activities.  The Sub-Adviser is authorized, in its discretion and
without prior consultation with the Portfolio or the Adviser, to buy, sell, lend and otherwise trade in any stocks, bonds and
other securities and investment instruments on behalf of the Portfolio.  The investment policies and all other actions of the
Portfolio are and shall at all times be subject to the control and direction of the Fund's Board of Trustees.

(b)  The Sub-Adviser shall also furnish such reports, evaluations, information or analyses to the Fund and the
Adviser as the Fund's Board of Trustees or the Adviser may request from time to time or as the Sub-Adviser may deem to
be desirable.  The Sub-Adviser shall make recommendations to the Fund's Board of Trustees with respect to Portfolio
policies, and shall carry out such policies as are adopted by the Trustees.  The Sub-Adviser shall, subject to review by the
Board of Trustees, furnish such other services as the Sub-Adviser shall from time to time determine to be necessary or
useful to perform its obligations under this Agreement and which are not otherwise furnished by the Adviser.

(c)  The Sub-Adviser shall place all orders for the purchase and sale of portfolio securities for the Portfolio's account
with brokers or dealers selected by the Sub-Adviser, which may include brokers or dealers affiliated with the Adviser or
Sub-Adviser.  The Sub-Adviser shall use its best efforts to seek to execute portfolio transactions at prices which are
advantageous to the Portfolio and at commission rates which are reasonable in relation to the benefits received.  In selecting
brokers or dealers qualified to execute a particular transaction, brokers or dealers may be selected who also provide
brokerage and research services (as those terms are defined in Section 28(e) of the Securities Exchange Act of 1934) to the
Portfolio and/or the other accounts over which the Sub-Adviser, Adviser or their affiliates exercise investment discretion.
The Sub-Adviser is authorized to pay a broker or dealer who provides such brokerage and research services a commission
for executing a portfolio transaction for the Portfolio which is in excess of the amount of commission another broker or
dealer would have charged for effecting that transaction if the Sub-Adviser determines in good faith that such amount of
commission is reasonable in relation to the value of the brokerage and research services provided by such broker or dealer.
This determination may be viewed in terms of either that particular transaction or the overall responsibilities which the
Sub-Adviser and its affiliates have with respect to accounts over which they exercise investment discretion.  The Trustees of
the Fund shall periodically review the commissions paid by the Portfolio to determine if the commissions paid over
representative periods of time were reasonable in relation to the benefits to the Portfolio.

2.	As compensation for the services to be furnished by the Sub-Adviser hereunder, the Adviser agrees to pay
the Sub-Adviser a monthly fee equal to 50% of the management fee (including performance adjustments, if any) that the
Portfolio is obligated to pay the Adviser under the Portfolio's Management Contract with the Adviser in respect of that
portion of the Portfolio's assets managed by the Sub-Adviser during such month.  Such fee shall not be reduced to reflect
expense reimbursements or fee waivers by the Adviser, if any, in effect from time to time.

3.	It is understood that Trustees, officers, and shareholders of the Fund are or may be or become interested in
the Adviser or the Sub-Adviser as directors, officers or otherwise and that directors, officers and stockholders of the
Adviser or the Sub-Adviser are or may be or become similarly interested in the Fund, and that the Adviser or the
Sub-Adviser may be or become interested in the Fund as a shareholder or otherwise.

4.	It is understood that the Portfolio will pay all its expenses other than those expressly stated to be payable by
the Sub-Adviser hereunder or by the Adviser under the Management Contract with the Portfolio.

5.	The Services of the Sub-Adviser to the Adviser are not to be deemed to be exclusive, the Sub-Adviser
being free to render services to others and engage in other activities, provided, however, that such other services and
activities do not, during the term of this Agreement, interfere, in a material manner, with the Sub-Adviser's ability to meet
all of its obligations with respect to rendering investment advice hereunder.  The Sub-Adviser shall for all purposes be an
independent contractor and not an agent or employee of the Adviser or the Fund.

6.	In the absence of willful misfeasance, bad faith, gross negligence or reckless disregard of obligations or
duties hereunder on the part of the Sub-Adviser, the Sub-Adviser shall not be subject to liability to the Advisor, the Trust 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 of any security.

7.	(a)	Subject to prior termination as provided in sub-paragraph (d) of this paragraph 7, this Agreement shall
continue in force until July 31, 2006 and indefinitely thereafter, but only so long as the continuance after
such period shall be specifically approved at least annually by vote of the Fund's Board of Trustees or
by vote of a majority of the outstanding voting securities of the Portfolio.

(b)	This Agreement may be modified by mutual consent subject to the provisions of Section 15 of the 1940
Act, as modified by or interpreted by any applicable order or orders of the Securities and Exchange
Commission (the "Commission") or any rules or regulations adopted by, or interpretive releases of, the
Commission.

(c)	In addition to the requirements of sub-paragraphs (a) and (b) of this paragraph 7, the terms of any
continuance or modification of the Agreement must have been approved by the vote of a majority of
those Trustees of the Fund who are not parties to such 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 Adviser, the Sub-Adviser or the Portfolio may, at any time on sixty (60) days' prior written
notice to the other parties, terminate this Agreement, without payment of any penalty, by action of its
Board of Trustees or Directors, or by vote of a majority of its outstanding voting securities.  This
Agreement shall terminate automatically upon the termination of the Management Contract between the
Fund, on behalf of the Portfolio, and the Adviser.  This Agreement shall terminate automatically in the
event of its assignment.

8.	The Sub-Adviser is hereby expressly put on notice of the limitation of shareholder liability as set forth in
the Declaration of Trust or other organizational document of the Fund and agrees that any obligations of the Fund or the
Portfolio arising in connection with this Agreement shall be limited in all cases to the Portfolio and its assets, and the
Sub-Adviser shall not seek satisfaction of any such obligation from the shareholders or any shareholder of the Portfolio.
Nor shall the Sub-Adviser seek satisfaction of any such obligation from the Trustees or any individual Trustee.

9.	 THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH,
THE LAWS OF 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 the Investment
Company Act of 1940 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 officers thereunto duly authorized, and their respective seals to be hereunto affixed, all as of the date written
above.

| | FMR CO., INC.                         
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| | BY:                                   
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| | FIDELITY MANAGEMENT & RESEARCH COMPANY
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| | BY:                                   
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