Exhibit (d)(181)

FORM OF

SUB-ADVISORY AGREEMENT

between

FIDELITY INVESTMENTS JAPAN LIMITED

and

FIL INVESTMENT ADVISORS

	AGREEMENT as of the ___ day of ______, 200_, by and between FIL Investment Advisors, a Bermuda company with principal offices at Pembroke Hall, 42 Crow Lane, Pembroke, HM 19, Bermuda (hereinafter called the "Sub-Advisor"), and Fidelity Investments Japan Limited, a Japanese company with principal offices at Shiroyama Trust Tower,4-3-1, Toranomon, Minato-Ku, Tokyo, Japan 105-6019 (hereinafter called the "Japan Sub-Advisor").

****WHEREAS, Fidelity Management & Research Company, a Massachusetts corporation (hereinafter calledthe "Advisor"), has entered into a Management Contract with Fidelity Investment Trust, a Massachusetts businesstrust which may issue one or more series of shares of beneficial interest (hereinafter called the "Trust"), on behalf ofFidelity Series International Value Fund (hereinafter called the "Portfolio"), pursuant to which the Advisor hasagreed 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 investment advice or investment management and order execution services to the Portfolio; and

	WHEREAS, the Japan Sub-Advisor has personnel in Japan and has been formed in part for the purpose ofresearching and compiling information and recommendations with respect to the economies of various countries,and securities of issuers located outside of North America, principally in Japan and the Far East;

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

	1.  *Duties:*  The Sub-Advisor may, in its discretion, appoint the Japan Sub-Advisor to perform one or moreof the following services with respect to all or a portion of the investments of the Portfolio, in connection with theSub-Advisor's duties under the Sub-Advisory Agreement.  The services and the portion of the investments of thePortfolio to be advised or managed by the Japan Sub-Advisor shall be as agreed upon from time to time by the Sub-Advisor and the Japan Sub-Advisor. The Japan Sub-Advisor shall pay the salaries and fees of all personnel of theJapan 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 Sub-Advisor, the Japan Sub-Advisor shall provide investment advice to the Sub-Advisor with respect to all or a portion of the investments of the Portfolio, and in connection with such advice shall furnish the Sub-Advisor such factual information, research reports and investment recommendations as the Sub-Advisor may reasonably require.  Such information mayinclude written and oral reports and analyses.

		(b) *Investment Management:*  If and to the extent requested by the Sub-Advisor, the Japan Sub-Advisorshall, subject to the supervision of the Sub-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 Trustor the Advisor may impose with respect to the Portfolio by notice to the Japan Sub-Advisor.  With respect tothe portion of the investments of the Portfolio under its management, the Japan Sub-Advisor is authorized tomake 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 Japan Sub-Advisor may select.  The Japan Sub-Advisor may also be authorized, but only tothe extent such duties are delegated in writing by the Sub-Advisor, to provide additional investment management services to the Portfolio, including but not limited to services such as managing foreign currencyinvestments, purchasing and selling or writing futures and options contracts, borrowing money, or lendingsecurities on behalf of the Portfolio.  All investment management and any other activities of the Japan Sub-Advisor shall at all times be subject to the control and direction of the Sub-Advisor, the Advisor and theTrust's Board of Trustees.

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

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

	3.  *Brokerage:*  In connection with the services provided under subparagraph (b) of paragraph 1 of thisAgreement, the Japan Sub-Advisor shall place all orders for the purchase and sale of portfolio securities for thePortfolio's account with brokers or dealers selected by the Japan Sub-Advisor, which may include brokers or dealers affiliated with the Advisor, the Sub-Advisor or the Japan Sub-Advisor.  The Japan Sub-Advisor shall use its bestefforts to seek to execute portfolio transactions at prices which are advantageous to the Portfolio and at commissionrates 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 (asthose terms are defined in Section 28(e) of the Securities Exchange Act of l934) to the Portfolio and/or to the otheraccounts over which the Japan Sub-Advisor, the Sub-Advisor or the Advisor exercise investment discretion.  TheJapan Sub-Advisor is authorized to pay a broker or dealer who provides such brokerage and research services acommission for executing a portfolio transaction for the Portfolio which is in excess of the amount of commissionanother broker or dealer would have charged for effecting that transaction if the Japan Sub-Advisor determines ingood 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 Japan 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 periodicallyreview the commissions paid by the Portfolio to determine if the commissions paid over representative periods oftime were reasonable in relation to the benefits to the Portfolio.

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

(a) *Sub-Advisory Fee*:  For services provided under subparagraph (a) of paragraph 1 of this Agreement, theSub-Advisor agrees to pay the Japan Sub-Advisor a monthly sub-advisory fee (the "Japan Sub-AdvisoryFee").  The Japan Sub-Advisory Fee shall be equal to 105% of the Japan Sub-Advisor's costs incurred in connection with rendering the services referred to in subparagraph 1(a) of this Agreement.  The Japan Sub-Advisory Fee shall not be reduced to reflect expense reimbursements or fee waivers by the Sub-Advisor or theAdvisor, if any, in effect from time to time.

	(b) *Investment Management Fee:*  For services provided under subparagraph (b) of paragraph 1 of thisAgreement, the Sub-Advisor agrees to pay the Japan****Sub-Advisor a monthly investment management fee****(the "Japan Investment Management Fee").  The Japan Investment Management Fee shall be equal to a percentage of the monthly average net assets of the Portfolio managed by the Japan Sub-Advisor pursuant tosubparagraph 1(b) of this Agreement, calculated on a cumulative basis based upon a monthly average of theaggregate of all net assets managed by the Japan 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 Japan Investment Management Fee exceed 50% of the sub-advisory feesreceived by the Sub-Advisor in respect of the Portfolio from the Advisor pursuant to the Sub-AdvisoryAgreement, and provided further that, for purposes of calculating the fee rates set forth above, any assetsmanaged by the Japan Sub-Advisor on behalf of the Sub-Advisor pursuant to a sub-advisory arrangementwhere a fee cap is being applied to reduce the Japan Sub-Advisor's fee to less than the rates set forth aboveshall be excluded from Average Group Assets.

	(c) *Provision of Multiple Services:*  If the Japan Sub-Advisor shall have provided both investment advisoryservices under subparagraph (a) and investment management services under subparagraph (b) of paragraph1 for the same portion of the investments of the Portfolio for the same period, the fees paid to the Japan Sub-Advisor with respect to such investments shall be calculated exclusively under subparagraph (b) of thisparagraph 4.

	5. *****Expenses:* It is understood that the Portfolio will pay all of its expenses other than those expressly stated tobe payable by the Japan Sub-Advisor hereunder, by the Sub-Advisor under the Sub-Advisor Agreement, or by theAdvisor under the Management Contract with the Portfolio.

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

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

	Nothing in this Agreement will constitute a partnership between the Advisor, the Sub-Advisor, the JapanSub-Advisor and the Trust.  Nothing in this Agreement makes the Japan Sub-Advisor an agent of the Advisor ,Sub-Advisor or the Trust and the Japan Sub-Advisor has no authority whatsoever to exercise discretionary powersover the global portfolios and investment funds, except as provided pursuant to paragraph 1(b) herein, of the Advisor, Sub-Advisor and the Trust, or otherwise to bind the Advisor's and the Trust's assets under management.

	The Japan Sub-Advisor shall furnish services as an independent contractor and not as an employee or agentof either the Advisor, Sub-Advisor or the Trust.  The Japan Sub-Advisor has no power or authority to act for, represent, or bind the Advisor, Sub-Advisor or the Trust or any company affiliated with either of them.

	8.  *Standard of Care:* In the absence of willful misfeasance, bad faith, gross negligence or reckless disregardof obligations or duties hereunder on the part of the Japan Sub-Advisor, the Japan Sub-Advisor shall not be subjectto liability to the Sub-Advisor, the Advisor, the Trust or to any shareholder of the Portfolio for any act or omissionin 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 shallcontinue in force until July 31, 20__****and indefinitely thereafter, but only so long as the continuanceafter 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, the Japan Sub-Advisor and the Portfolio subject to the provisions of Section 15 of the 1940 Act, as modified by orinterpreted by any applicable order or orders of the Securities and Exchange Commission (the "Commission") or any rules or regulations adopted by, or interpretative releases or no-action letters of, theCommission or its staff.

	(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 ofthose Trustees of the Trust who are not parties to this Agreement or interested persons of any suchparty, cast in person at a meeting called for the purpose of voting on such approval.

	(d)	Either the Advisor, the Sub-Advisor, the Japan 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 anypenalty, by action of its Board of Trustees or Directors, or with respect to the Portfolio by vote of amajority of its outstanding voting securities.  This Agreement shall terminate automatically in theevent of its assignment.

	10.  *Limitation of Liability:*  The Japan Sub-Advisor is hereby expressly put on notice of the limitation ofshareholder liability as set forth in the Declaration of Trust or other organizational document of the Trust and agreesthat any obligations of the Trust or the Portfolio arising in connection with this Agreement shall be limited in allcases to the Portfolio and its assets, and the Japan Sub-Advisor shall not seek satisfaction of any such obligationfrom the shareholders or any shareholder of the Portfolio.  Nor shall the Japan Sub-Advisor seek satisfaction of anysuch obligation from the Trustees or any individual Trustee.

	11.  *Governing Law:*  This Agreement shall be governed by, and construed in accordance with, the laws ofthe 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 1940Act as now in effect or as hereafter amended, and subject to such orders or no-action letters as may be granted bythe Commission or its staff.

	IN WITNESS WHEREOF the parties hereto have caused this instrument to be signed in their behalf by theirrespective officers thereunto duly authorized, all as of the date written above.

[SIGNATURE LINES OMITTED]