Exhibit d(34)

SUB-ADVISORY AGREEMENT

between

FIDELITY INTERNATIONAL INVESTMENT ADVISORS

and

FIDELITY MANAGEMENT & RESEARCH COMPANY

and

FIDELITY INVESTMENT TRUST ON BEHALF OF FIDELITY GLOBAL BALANCED FUND

AGREEMENT made this 29th day of December, 1999, by and between Fidelity Management & Research Company, a
Massachusetts corporation with principal offices at 82 Devonshire Street, Boston, Massachusetts (hereinafter called the "Advisor");
Fidelity International Investment Advisors, a Bermuda company with principal offices at Pembroke Hall, Pembroke, Bermuda (hereinafter
called the "Sub-Advisor"); and Fidelity Investment Trust, a Massachusetts business trust which may issue one or more series of shares of
beneficial interest (hereinafter called the "Trust") on behalf of Fidelity Global Balanced Fund (hereinafter called the "Portfolio").

WHEREAS the Trust and the Advisor have entered into a Management Contract on behalf of the Portfolio, pursuant to which the
Advisor is to act as investment manager of the Portfolio; and

WHEREAS the Sub-Advisor and its subsidiaries and other affiliated persons have personnel in various locations throughout the
world and have been formed in part for the purpose of researching and compiling information and recommendations with respect to the
economies of various countries, and securities of issuers located in such countries, and providing investment advisory services in
connection therewith;

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

1.  Duties:  The Advisor may, in its discretion, appoint the Sub-Advisor to perform one or more of the following services with
respect to all or a portion of the investments of the Portfolio.  The services and the portion of the investments of the Portfolio to be
advised or managed by the Sub-Advisor shall be as agreed upon from time to time by the Advisor and the Sub-Advisor. The Sub-Advisor
shall pay the salaries and fees of all personnel of the Sub-Advisor performing services for the Portfolio relating to research, statistical and
investment activities.

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

(b) Investment Management:  If and to the extent requested by the Advisor, the Sub-Advisor shall, subject to the supervision of the
Advisor, manage all or a portion of the investments of the Portfolio in accordance with the investment objective, policies and
limitations provided in the Portfolio'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 Advisor may impose with respect to the Portfolio by notice to the Sub-Advisor.  With respect to the portion of the
investments of the Portfolio under its management, the Sub-Advisor is authorized to make investment decisions on behalf of the
Portfolio with regard to any stock, bond, other security or investment instrument, and to place orders for the purchase and sale of
such securities through such broker-dealers as the Sub-Advisor may select.  The Sub-Advisor may also be authorized, but only to
the extent such duties are delegated in writing by the 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, or lending securities on behalf of the Portfolio.  All investment management and
any other activities of the Sub-Advisor shall at all times be subject to the control and direction of the Advisor and the Trust's
Board of Trustees.

(c) Subsidiaries and Affiliates:  The Sub-Advisor may perform any or all of the services contemplated by this Agreement directly
or through such of its subsidiaries or other affiliated persons as the Sub-Advisor shall determine; provided, however, that
performance of such services through such subsidiaries or other affiliated persons shall have been approved by the Trust to the
extent required pursuant to the 1940 Act and rules thereunder.



2.  Information to be Provided to the Trust and the Advisor:  The Sub-Advisor shall furnish such reports, evaluations, information
or analyses to the Trust and the Advisor as the Trust's Board of Trustees or the Advisor may reasonably request from time to time, or as
the 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
Sub-Advisor 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-Advisor, which may include brokers or dealers affiliated with the Advisor or Sub-Advisor.  The Sub-Advisor 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 l934) to the Portfolio and/or to the other accounts over which the Sub-Advisor or Advisor exercise investment
discretion.  The Sub-Advisor 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-Advisor 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-Advisor has with respect to accounts over which it
exercises investment discretion.  The Trustees of the Trust 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.

4.  Compensation:  The Advisor shall compensate the Sub-Advisor on the following basis for the services to be furnished
hereunder.

(a) Investment Advisory Fee:  For services provided under subparagraph (a) of paragraph 1 of this Agreement, the Advisor agrees
to pay the Sub-Advisor a monthly Sub-Advisory Fee.  The Sub-Advisory Fee shall be equal to: (i) 30% of the monthly
management fee rate (including performance adjustments, if any) that the Portfolio is obligated to pay the Advisor under its
Management Contract with the Advisor, multiplied by (ii) the fraction equal to the net assets of the Portfolio as to which the
Sub-Advisor shall have provided investment advice divided by the net assets of the Portfolio for that month.  The Sub-Advisory
Fee shall not be reduced to reflect expense reimbursements or fee waivers by the 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 Advisor
agrees to pay the Sub-Advisor a monthly Investment Management Fee.  The Investment Management Fee shall be equal to: (i)
57% of the monthly management fee rate (including performance adjustments, if any) that the Portfolio is obligated to pay the
Advisor under its Management Contract with the Advisor, multiplied by: (ii) the fraction equal to the net assets of the Portfolio as
to which the Sub-Advisor shall have provided investment management services divided by the net assets of the Portfolio for that
month.  If in any fiscal year the aggregate expenses of the Portfolio exceed any applicable expense limitation imposed by any
state or federal securities laws or regulations, and the Advisor waives all or a portion of its management fee or reimburses the
Portfolio for expenses to the extent required to satisfy such limitation, the Investment Management Fee paid to the Sub-Advisor
will be reduced by 57% of the amount of such waivers or reimbursements multiplied by the fraction determined in (ii).  If the
Sub-Advisor reduces its fees to reflect such waivers or reimbursements and the Advisor subsequently recovers all or any portion of
such waivers and reimbursements, then the Sub-Advisor shall be entitled to receive from the Advisor a proportionate share of the
amount recovered.  To the extent that waivers and reimbursements by the Advisor required by such limitations are in excess of the
Advisor's management fee, the Investment Management Fee paid to the Sub-Advisor will be reduced to zero for that month, but
in no event shall the Sub-Advisor be required to reimburse the Advisor for all or a portion of such excess reimbursements.

(c) Provision of Multiple Services:  If the Sub-Advisor shall have provided both investment advisory 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 fees paid to the Sub-Advisor with respect to such investments shall be calculated 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 the
Sub-Advisor hereunder or by the Advisor under the Management Contract with the Portfolio, which expenses payable by the Portfolio
shall include, without limitation, (i) interest and taxes; (ii) brokerage commissions and other costs in connection with the purchase or sale
of securities and other investment instruments; (iii) fees and expenses of the Trust's Trustees other than those who are "interested
persons" of the Trust, the Sub-Advisor or the Advisor; (iv) legal and audit expenses; (v) custodian, registrar and transfer agent fees and
expenses; (vi) fees and expenses related to the registration and qualification of the Trust and the Portfolio's shares for distribution under
state and federal securities laws; (vii) expenses of printing and mailing reports and notices and proxy material to shareholders of the
Portfolio; (viii) all other expenses incidental to holding meetings of the Portfolio's shareholders, including proxy solicitations therefor;
(ix) a pro rata share, based on relative net assets of the Portfolio and other registered investment companies having Advisory and Service
or Management Contracts with the Advisor, of 50% of insurance premiums for fidelity and other coverage; (x) its proportionate share of
association membership dues; (xi) expenses of typesetting for printing Prospectuses and Statements of Additional Information and
supplements thereto; (xii) expenses of printing and mailing Prospectuses and Statements of Additional Information and supplements
thereto sent to existing shareholders; and (xiii) such non-recurring or extraordinary expenses as may arise, including those relating to
actions, suits or proceedings to which the Portfolio is a party and the legal obligation which the Portfolio may have to indemnify the
Trust's Trustees and officers with respect thereto.

6.  Interested Persons:  It is understood that Trustees, officers, and shareholders of the Trust are or may be or become interested in
the Advisor or the Sub-Advisor as directors, officers or otherwise and that directors, officers and stockholders of the Advisor or the
Sub-Advisor are or may be or become similarly interested in the Trust, and that the Advisor or the 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 Sub-Advisor to the Advisor are not to be deemed to be
exclusive, the Sub-Advisor 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-Advisor's ability to meet
all of its obligations hereunder.  The Sub-Advisor shall for all purposes be an independent contractor and not an agent or employee of the
Advisor or the Trust.

8.  Standard of Care: In the absence of willful misfeasance, bad faith, gross negligence or reckless disregard of obligations or
duties hereunder on the part of the Sub-Advisor, the Sub-Advisor 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.

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 force until
July 31, 2000  and indefinitely thereafter, but only so long as the continuance after such period shall be specifically
approved at least annually by vote of the Trust'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 of the 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 of this Agreement must have been approved by the vote of a majority of those 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 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 with
respect to the Portfolio by vote of a majority of its outstanding voting securities.  This Agreement shall terminate
automatically in the event of its assignment.

10.  Limitation of Liability:  The Sub-Advisor 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 Trust and agrees that any obligations of the Trust or the Portfolio
arising in connection with this Agreement shall be limited in all cases to the Portfolio and its assets, and the Sub-Advisor shall not seek
satisfaction of any such obligation from the shareholders or any shareholder of the Portfolio.  Nor shall the 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 of
Massachusetts.

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 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 officers
thereunto duly authorized all as of the date written above.

FIDELITY INTERNATIONAL INVESTMENT ADVISORS

|BY: | David J. Saul
|--- | -------------
|    | Director     

FIDELITY MANAGEMENT & RESEARCH COMPANY

|BY: | Robert C. Pozen      
|--- | ---------------------
|    | Senior Vice President

FIDELITY INVESTMENT TRUST on behalf of

Fidelity Global Balanced Fund

|BY: | Robert C. Pozen      
|--- | ---------------------
|    | Senior Vice President