Exhibit (d)(164)

SUB-ADVISORY AGREEMENT

between

FIDELITY INTERNATIONAL INVESTMENT ADVISORS (U.K.) LIMITED

and

FIDELITY INTERNATIONAL INVESTMENT ADVISORS

	AGREEMENT as of the 17th day of September, 2008, by and between Fidelity InternationalInvestment Advisors (U.K.) Limited, 27-28 Lovat Lane, London, England (hereinafter called the"U.K. Sub-Advisor") and Fidelity International Investment Advisors, a Bermuda 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"), 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 Series Emerging Markets 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 ofits subsidiaries or other affiliated persons, shall provide investment advice 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 partfor the purpose of researching and compiling information and recommendations with respect to the economies of various countries, and securities of issuers located outside of North America, principally in theU.K. and Europe.

	NOW THEREFORE, in consideration of the premises and the mutual promises hereinafter setforth, 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 performone or more of the following services with respect to all or a portion of the investments of the Portfolio, in connection with the Sub-Advisor's duties under the Sub-Advisory Agreement.  The servicesand the portion of the investments of the Portfolio advised or managed by the U.K. Sub-Advisorshall be as agreed upon from time to time by the Sub-Advisor and the U.K. Sub-Advisor. The U.K.Sub-Advisor shall pay the salaries and fees of all personnel of the U.K. 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 U.K.Sub-Advisor shall provide investment advice to the Sub-Advisor with respect to all or aportion of the investments of the Portfolio, and in connection with such advice shallfurnish the Sub-Advisor such factual information, research reports and investment recommendations as the Advisor may reasonably require.  Such information may includewritten 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 a portion of the investments of the Portfolio in accordance withthe investment objective, policies and limitations provided in the Portfolio's Prospectus orother governing instruments, as amended from time to time, the Investment Company Act of1940 (the "1940 Act") and rules thereunder, as amended from time to time, and such otherlimitations as the Trust or the****Advisor may impose with respect to the Portfolio by notice tothe U.K. Sub-Advisor.  With respect to the portion of the investments of the Portfolio under itsmanagement, the U.K. Sub-Advisor is authorized to make investment decisions on behalf ofthe Portfolio with regard to any stock, bond, other security or investment instrument, and toplace orders for the purchase and sale of such securities through such broker-dealers as theU.K. Sub-Advisor may select.  The U.K. Sub-Advisor may also be authorized, but only to theextent 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 currency investments, purchasing and selling or writing futures and options contracts, borrowing money or lending securities on behalf of the Portfolio.  All investmentmanagement and any other activities of the U.K. Sub-Advisor shall at all times be subject tothe control and direction 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 furnishsuch reports, evaluations, information or analyses to the Trust, the Advisor, and the Sub-Advisor  as theTrust's Board of Trustees, the Advisor or the Sub-Advisor may reasonably request from time to time, or asthe U.K. Sub-Advisor may deem to be desirable.

	3.  *Brokerage:*  In connection with the services provided under subparagraph (b) of paragraph 1 ofthis 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 dealers selected 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 tothe 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 whoalso provide brokerage and research services (as those terms are defined in Section 28(e) of the SecuritiesExchange 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 such brokerage and research services a commission for executing a portfoliotransaction for the Portfolio which is in excess of the amount of commission another broker or dealerwould have charged for effecting that transaction if the U.K. Sub-Advisor determines in good faith thatsuch amount of commission is reasonable in relation to the value of the brokerage and research servicesprovided by such broker or dealer.  This determination may be viewed in terms of either that particulartransaction or the overall responsibilities which the U.K. Sub-Advisor**,**the Sub-Advisor or the Advisorhave with respect to accounts over which they exercise investment discretion.  The Trustees of the Trustshall periodically review the commissions paid by the Portfolio to determine if the commissions paid overrepresentative periods 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 followingbasis for the services to be furnished hereunder.

	(a)*Sub-Advisory Fee*:  For services provided under subparagraph (a) of paragraph 1 of thisAgreement, the Sub-Advisor agrees to pay the U.K. Sub-Advisor a monthly sub-advisoryfee (the "U.K. Sub-Advisory Fee").  The U.K. Sub-Advisory Fee shall be equal to 110% ofthe U.K. Sub-Advisor's costs incurred in connection with rendering the services referred toin subparagraph (a) of paragraph 1 of this Agreement.   The U.K. Sub-Advisory Fee shallnot be reduced to reflect expense reimbursements or fee waivers by the Sub-Advisor orAdvisor, if any, in effect from time to time.

	(b) *Investment Management Fee:*  For services provided under subparagraph (b) of paragraph 1 ofthis Agreement, the Sub-Advisor agrees to pay the U.K. Sub-Advisor a monthly investment management fee (the "UK Investment Management Fee").  The UK Investment Management Fee shallbe 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 basisbased upon a monthly average of the aggregate of all net assets managed by the U.K. Sub-Advisoron behalf of the Sub-Advisor pursuant to sub-advisory arrangements ("Average Group Assets") inaccordance 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 the Sub-Advisor in respect of the Portfolio from the Advisor pursuant to theSub-Advisory Agreement, and provided further that, for purposes of calculating the fee rates setforth above, any assets managed by the U.K. Sub-Advisor on behalf of the Sub-Advisor pursuant toa sub-advisory arrangement where a fee cap is being applied to reduce the U.K. Sub-Advisor's feeto less than the rates set forth above shall be excluded from Average Group Assets.

	(c) *Provision of Multiple Services:*  If the U.K. 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, thefees paid to the U.K. Sub-Advisor with respect to such investments shall be calculated exclusivelyunder subparagraph (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 U.K. Sub-Advisor hereunder, by the Sub-Advisor under the Sub-Advisory Agreement or by the Advisor under the Management Contract with the Portfolio.

	6.  *Interested Persons:*  It is understood that the Trustees, officers, and shareholders of the Trust areor may be or become interested in the Advisor,  the Sub-Advisor or the U.K. Sub-Advisor as directors,officers or otherwise and that directors, officers and stockholders of the Advisor, the Sub-Advisor or theU.K. Sub-Advisor are or may be or become similarly interested in the Trust, and that the Advisor, the Sub-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 be exclusive, the U.K. Sub-Advisor being free to render services to othersand engage in other activities, provided, however, that such other services and activities do not, during theterm of this Agreement, interfere, in a material manner, with the U.K. Sub-Advisor's ability to meet all ofits obligations hereunder.  The U.K. Sub-Advisor shall for all purposes be an independent contractor andnot an agent or employee of the Advisor, the Sub-Advisor or the Trust.

	Nothing in this Agreement will constitute a partnership between the Advisor, the Sub-Advisor, theU.K. Sub-Advisor and the Trust.  Nothing in this Agreement makes the U.K. Sub-Advisor an agent of theAdvisor, Sub-Advisor or the Trust and the U.K. Sub-Advisor has no authority whatsoever to exercise discretionary powers over 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 theTrust's assets under management.

	The U.K. Sub-Advisor shall furnish services as an independent contractor and not as an employeeor agent of either the Advisor, Sub-Advisor or the Trust.  The U.K. Sub-Advisor has no power or authorityto act for, represent, or bind the Advisor, Sub-Advisor or the Trust or any company affiliated with either ofthem.

	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 U.K. Sub-Advisor, the U.K.Sub-Advisor shall not be subject to liability to the Sub-Advisor, the Advisor, the Trust or to anyshareholder of the Portfolio for any act or omission in the course of, or connected with, renderingservices hereunder or for any losses that may be sustained in the purchase, holding or sale of anysecurity.

	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, 2010****and indefinitely thereafter, but onlyso 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 U.K. Sub-Advisor, theSub-Advisor and the Portfolio subject to the provisions of Section 15 of the 1940 Act, as modifiedby or interpreted 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 lettersof, the Commission or its staff.

(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 majorityof those Trustees of the Trust who are not parties to this Agreement or interested persons of anysuch 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 onsixty (60) days' prior written notice to the other parties, terminate this Agreement, without paymentof any penalty, by action of its Board of Trustees or Directors, or with respect to the Portfolio byvote of a majority of its outstanding voting securities.  This Agreement shall terminate automatically in the event of its assignment.

	10.  *Limitation of Liability:*  The U.K. Sub-Advisor is hereby expressly put on notice of thelimitation 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 connectionwith 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 thePortfolio.  Nor shall the U.K. Sub-Advisor seek satisfaction of any such obligation from the Trusteesor any individual Trustee.

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

	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.