Exhibit (d)(78)

Form of

SUB-ADVISORY AGREEMENT

between

FIDELITY GESTION

and

FIDELITY INTERNATIONAL INVESTMENT ADVISORS (U.K.) LIMITED

	AGREEMENT made this ___ day of _______, 200_, by and between Fidelity Gestion with registered officeat Washington Plaza - 29 rue de Berri - 75008 Paris - France (hereinafter called the "French Sub-Advisor") andFidelity International Investment Advisors (U.K) Limited, with principal offices at  27-28 Lovat Lane, London,England (hereinafter called the "U.K. Sub-Advisor").

	WHEREAS Fidelity Management & Research Company, a Massachusetts Corporation (hereinafter called the"Advisor"), 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 "Trust"), on behalf ofFidelity Europe Fund (hereinafter called the "Portfolio"), pursuant to which the Advisor is****to****act as investmentadvisor to the Portfolio,

	WHEREAS, Fidelity International Investment Advisors, a Bermuda Company (hereinafter called 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, shallprovide investment advice or investment management and order execution services to the Portfolio, and

	WHEREAS, the U.K. Sub-Advisor has entered into a Sub-Advisory Agreement with the Sub-Advisor(hereinafter called the "U.K. Sub-Advisory Agreement") pursuant to which the U.K. Sub-Advisor, directly orthrough certain of its subsidiaries or other affiliated persons, shall provide investment advice or investmentmanagement and order execution services to the Portfolio, and

	WHEREAS the French Sub-Advisor has personnel in France and has been formed in part for the purpose ofresearching and compiling information and recommendations with respect to the economies of various countries, andsecurities of issuers located outside of North America, principally in Europe.

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

	1.  *Duties:* The U.K. Sub-Advisor may, in its discretion, appoint the French Sub-Advisor to perform one ormore of the following services with respect to all or a portion of the investments of the Portfolio, in connection withthe U.K. Sub-Advisor's duties under the U.K. Sub-Advisory Agreement.  The services and the portion of theinvestments of the Portfolio advised or managed by the French Sub-Advisor shall be as agreed upon from time totime by the U.K. Sub-Advisor and the French Sub-Advisor. The French Sub-Advisor shall pay the salaries and feesof all personnel of the French Sub-Advisor performing services for the Portfolio relating to research, statistical andinvestment activities.

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

	(b) *Investment Management:*  If and to the extent requested by the U.K. Sub-Advisor, the FrenchSub-Advisor shall manage all or a portion of the investments of the Portfolio in accordance with theinvestment objective, policies and limitations provided in the Portfolio's Prospectus or other governinginstruments, 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, the****Advisor or the Sub-Advisor may impose with respect to the Portfolio by notice to the FrenchSub-Advisor.  With respect to the portion of the investments of the Portfolio under its management,the French Sub-Advisor is authorized to make investment decisions on behalf of the Portfolio withregard to any stock, bond, other security or investment instrument, when the placing of orders for thepurchase and sale of such securities will remain with the UK Sub-Advisor through suchbroker-dealers as the UK Sub-Advisor may select.  The French Sub-Advisor may also be authorized,but only to the extent such duties are delegated in writing by the U.K. Sub-Advisor, to provideadditional investment management services to the Portfolio, including but not limited to services suchas managing foreign currency investments, purchasing and selling or writing futures and optionscontracts, borrowing money or lending securities on behalf of the Portfolio.  All investmentmanagement and any other activities of the French Sub-Advisor shall at all times be subject to thecontrol and direction of the U.K. Sub-Advisor, the Sub-Advisor, the Advisor and the Trust's Board ofTrustees.

	2.  *Information to be Provided to the Trust and the Advisor:*  The French Sub-Advisor shall furnish such reports,evaluations, information or analyses to the Trust, the Advisor, the Sub-Advisor, and the U.K. Sub-Advisor as the Trust'sBoard of Trustees, the Advisor, the Sub-Advisor or the U.K. Sub-Advisor may reasonably request from time to time, oras the French Sub-Advisor may deem to be desirable.

	3.  *Brokerage:*  In connection with the services provided under subparagraph (b) of paragraph 1 of this Agreementby the French Sub-Advisor, the UK. Sub-Advisor shall place all orders for the purchase and sale of portfolio securitiesfor the Portfolio's account with brokers or dealers selected by the UK Sub-Advisor, which may include brokers or dealersaffiliated with the Advisor, Sub-Advisor, U.K. Sub-Advisor, or the French Sub-Advisor.  The UK Sub-Advisor shall useits best efforts to seek to execute portfolio transactions at prices which are advantageous to the Portfolio and atcommission rates which are reasonable in relation to the benefits received.  In selecting brokers or dealers qualified toexecute a particular 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 U.K. Sub-Advisor, the Sub-Advisor or Advisor exercise investment discretion.  The UKSub-Advisor is authorized to pay a broker or dealer who provides such brokerage and research services a commission forexecuting a portfolio transaction for the Portfolio which is in excess of the amount of commission another broker ordealer would have charged for effecting that transaction if the UK Sub-Advisor determines in good faith that suchamount of commission is reasonable in relation to the value of the brokerage and research services provided by suchbroker or dealer.  This determination may be viewed in terms of either that particular transaction or the overallresponsibilities which the French Sub-Advisor, the U.K.****the Sub-Advisor, the Sub-Advisor or the Advisor have withrespect to accounts over which they exercise investment discretion.  The Trustees of the Trust shall periodically reviewthe commissions paid by the Portfolio to determine if the commissions paid over representative periods of time werereasonable in relation to the benefits to the Portfolio.

	4.  *Compensation:*  The U.K. Sub-Advisor shall compensate the French Sub-Advisor on the following basisfor the services to be furnished hereunder.

	(a)*Sub-Advisory Fee*:  For services provided under subparagraph (a) of paragraph 1 of this Agreement,the U.K. Sub-Advisor agrees to pay the French Sub-Advisor a monthly sub-advisory fee (the "FrenchSub-Advisory Fee").  The French Sub-Advisory Fee shall be equal to the French Sub-Advisor's costsincurred in connection with rendering the services referred to in subparagraph (a) of paragraph 1 of thisAgreement.   The French Sub-Advisory Fee shall not be reduced to reflect expense reimbursements or feewaivers by the U.K. Sub-Advisor, the Sub-Advisor or 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 U.K. Sub-Advisor agrees to pay the French Sub-Advisor a monthly investment management fee (the "FrenchInvestment Management Fee").  The French Investment Management Fee shall be equal to a percentage of themonthly average net assets of the Portfolio managed by the French Sub-Advisor pursuant to subparagraph 1(b) ofthis Agreement, calculated on a cumulative basis based upon a monthly average of the aggregate of all net assetsmanaged by the French  Sub-Advisor on behalf of the U.K. Sub-Advisor pursuant to sub-advisory arrangements("Average Group Assets") in accordance with the following fee schedule:

	, provided that in no event shall the French Investment Management Fee exceed the sub-advisory fees received bythe U.K. Sub-Advisor in respect of the Portfolio from FIIA pursuant to the Sub-Advisory Agreement.

	(c) *Provision of Multiple Services:*  If the French Sub-Advisor shall have provided both investment advisoryservices under subparagraph (a) and investment management services under subparagraph (b) of paragraph 1 forthe same portion of the investments of the Portfolio for the same period, the fees paid to the French 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 stated tobe payable by the French Sub-Advisor hereunder, by the U.K. Sub-Advisor under the U.K. Sub-AdvisoryAgreement, by the Sub-Advisor under the Sub-Advisory Agreement or by the Advisor under the ManagementContract with the Portfolio.

	6.  *Interested Persons:*  It is understood that the Directors, officers, and shareholders of the Trust are or may be orbecome interested in the Advisor,  the Sub-Advisor, the U.K. Sub-Advisor, or the French Sub-Advisor as directors,officers or otherwise and that directors, officers and stockholders of the Advisor, the Sub-Advisor, the U.K. Sub-Advisor,or the French Sub-Advisor are or may be or become similarly interested in the Trust, and that the Advisor, theSub-Advisor, the U.K. Sub-Advisor, or the French 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 French Sub-Advisor to the U.K. Sub-Advisorare not to be deemed to be exclusive, the French Sub-Advisor being free to render services to others and engage in otheractivities, provided, however, that such other services and activities do not, during the term of this Agreement, interfere,in a material manner, with the French Sub-Advisor's ability to meet all of its obligations hereunder.  The FrenchSub-Advisor shall for all purposes be an independent contractor and not an agent or employee of the Advisor, theSub-Advisor, the U.K. Subadvisor or the Trust.

	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 French Sub-Advisor, the French Sub-Advisor shall not besubject to liability to the U.K. Sub-Advisor, the Sub-Advisor, the Advisor, the Trust or to any shareholder of thePortfolio for any act or omission in the course of, or connected with, rendering services hereunder or for any lossesthat 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, 2005 and indefinitely thereafter, but only so long as the continuance aftersuch period shall be specifically approved at least annually by vote of the Trust's Board of Trustees or byvote 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 U.K. Sub-Advisor,the French Sub-Advisor and the Portfolio**subject to the provisions of Section 15 of the 1940 Act, as modified byor 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 of, the Commission.

(c) In addition to the requirements of subparagraphs (a) and (b) of this paragraph 9, the terms of any continuanceor modification of this Agreement must have been approved by the vote of a majority of those Trustees of the Trustwho are not parties to this Agreement or interested persons of any such party, cast in person at a meeting called forthe purpose of voting on such approval.

(d) Either the Advisor, the Sub-Advisor, the U.K. Sub-Advisor, the French Sub-Advisor or the Portfolio may, atany time on sixty (60) days' prior written notice to the other parties, terminate this Agreement, without payment ofany penalty, by action of its Board of Trustees or Directors, or with respect to the Portfolio by vote of a majority ofits outstanding voting securities.  This Agreement shall terminate automatically in the event of its assignment.

	10.  *Limitation of Liability:*  The French 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 French Sub-Advisor shall not seek satisfaction of any such obligationfrom the shareholders or any shareholder of the Portfolio.  Nor shall the French 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 of theCommonwealth 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 asnow in effect or as hereafter amended.

	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 date writtenabove.