Exhibit (d)(167)

**SUB-ADVISORY AGREEMENT**

**between**

**FIL INVESTMENT ADVISORS**

**and**

**FIDELITY MANAGEMENT & RESEARCH COMPANY**

**and**

**FIDELITY INVESTMENT TRUST ON BEHALF OF FIDELITY GLOBAL COMMODITY STOCK FUND**

	AGREEMENT made this 19th day of November, 2008 by and between Fidelity Management & ResearchCompany, a Massachusetts corporation with principal offices at 82 Devonshire Street, Boston, Massachusetts (hereinafter called the "Advisor"); FIL Investment Advisors, a Bermuda company with principal offices at PembrokeHall, Pembroke, Bermuda (hereinafter called the "Sub-Advisor"); and Fidelity Investment Trust, a Massachusettsbusiness trust which may issue one or more series of shares of beneficial interest (hereinafter called the "Trust") onbehalf of Fidelity Global Commodity Stock 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 informationand recommendations with respect to the economies of various countries, and securities of issuers located in suchcountries, and providing investment advisory services in connection therewith;

	NOW, THEREFORE, in consideration of the premises and the mutual promises hereinafter set forth, theTrust, 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 ofthe investments of the Portfolio to be advised or managed by the Sub-Advisor shall be as agreed upon from time totime by the Advisor and the Sub-Advisor. The Sub-Advisor shall pay the salaries and fees of all personnel of theSub-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 informationmay include written and oral reports and analyses.

	(b) ***Investment Management:***  If and to the extent requested by the Advisor, the Sub-Advisor shall, subjectto the supervision of the Advisor, manage all or a portion of the investments of the Portfolio in accordancewith 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 mayimpose 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 decisionson behalf of the 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 the Sub-Advisormay select.  The Sub-Advisor may also be authorized, but only to the extent such duties are delegated inwriting by the Advisor, to provide additional investment management services to the Portfolio, including butnot limited to services such as managing foreign currency investments, purchasing and selling or writingfutures 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 anddirection of the Advisor and the Trust's Board of Trustees.

	(c) **S*ubsidiaries and Affiliates*:**  The Sub-Advisor may perform any or all of the services contemplated bythis Agreement directly or through such of its subsidiaries or other affiliated persons as the Sub-Advisorshall determine; provided, however, that performance of such services through such subsidiaries or otheraffiliated persons shall have been approved by the Trust to the extent required pursuant to the 1940 Act andrules 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 thisAgreement, the Sub-Advisor shall place all orders for the purchase and sale of portfolio securities for the Portfolio'saccount with brokers or dealers selected by the Sub-Advisor, which may include brokers or dealers affiliated withthe Advisor or Sub-Advisor.  The Sub-Advisor shall use its best efforts to seek to execute portfolio transactions atprices 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 beselected 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 Advisorexercise 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 ofthe 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 eitherthat particular transaction or the overall responsibilities which the Sub-Advisor has with respect to accounts overwhich it exercises investment discretion.  The Trustees of the Trust shall periodically review the commissions paidby 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 servicesto 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 shallbe equal to: (i) 30% of the monthly management fee rate (including performance adjustments, if any) thatthe 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 bereduced 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 thisAgreement, 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 Contractwith 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 forthat 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 portionof 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 ofsuch waivers or reimbursements multiplied by the fraction determined in (ii).  If the Sub-Advisor reduces itsfees to reflect such waivers or reimbursements and the Advisor subsequently recovers all or any portion ofsuch 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 Advisorrequired by such limitations are in excess of the Advisor's management fee, the Investment ManagementFee paid to the Sub-Advisor will be reduced to zero for that month, but in no event shall the Sub-Advisor berequired 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 1for the same portion of the investments of the Portfolio for the same period, the fees paid to the Sub-Advisorwith 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 statedto be payable by the Sub-Advisor hereunder or by the Advisor under the Management Contract with the Portfolio.

	6.  **Interested Persons:**It is understood that Trustees, officers, and shareholders of the Trust are or may beor 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 tobe 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 amaterial manner, with the Sub-Advisor's ability to meet all of its obligations hereunder.  The Sub-Advisor shall forall purposes be an independent contractor and not an agent or employee of the Advisor or the Trust.

	Nothing in this Agreement will constitute a partnership between the Advisor, the Sub-Advisor and the Trust.Nothing in this Agreement makes the Sub-Advisor an agent of the Advisor or the Trust and the Sub-Advisor has noauthority whatsoever to exercise discretionary powers over the global portfolios and investment funds, except asprovided pursuant to paragraph 1(b) herein, of the Advisor and the Trust, or otherwise to bind the Advisor's and theTrust's assets under management.

	The Sub-Advisor shall furnish services as an independent contractor and not as an employee or agent of either the Advisor or the Trust.  The Sub-Advisor has no power or authority to act for, represent, or bind the Advisoror 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 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, orconnected with, rendering services hereunder or for any losses that may be sustained in the purchase, holding orsale 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, 2010 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 and the Portfolio 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 orregulations adopted by, or interpretative releases or no-action letters of, the Commission 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 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 itsBoard of Trustees or Directors, or with respect to the Portfolio by vote of a majority of its outstandingvoting 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 thatany obligations of the Trust or the Portfolio arising in connection with this Agreement shall be limited in all casesto 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 obligationfrom 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, and their respective seals to be hereunto affixed, all as of the datewritten above.