Exhibit (d)(127)

Form Of

SUB-ADVISORY AGREEMENT

between

FIDELITY INTERNATIONAL INVESTMENT ADVISORS (U.K.) LIMITED

and

FIDELITY INTERNATIONAL INVESTMENT ADVISORS

	AGREEMENT made this ___ day of ____, 200_, by and between Fidelity International Investment Advisors(U.K.) Limited, 27-28 Lovat Lane, London, England (hereinafter called the "U.K. Sub-Advisor") and FidelityInternational 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 Investment Trust, a Massachusetts business trustwhich may issue one or more series of shares of beneficial interest (hereinafter called the "Trust"), on behalf ofFidelity International Small Cap Opportunities Fund (hereinafter called the "Portfolio"), pursuant to which theAdvisor 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 of its subsidiaries orother affiliated persons, shall provide investment advice or investment management and order execution services tothe Portfolio, and

	WHEREAS the U.K. Sub-Advisor has personnel in Western Europe and has been formed in part for the purposeof researching and compiling information and recommendations with respect to the economies of various countries, andsecurities of issuers located outside of North America, principally in the U.K. and Europe.

	NOW THEREFORE, in consideration of the premises and the mutual promises hereinafter set forth, theSub-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 perform one or more ofthe 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 advised or managed by the U.K. Sub-Advisor shall be as agreed upon from time to time by theSub-Advisor and the U.K. Sub-Advisor. The U.K. Sub-Advisor shall pay the salaries and fees of all personnel of theU.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 shallprovide investment advice to the Sub-Advisor with respect to all or a portion of the investments of thePortfolio, and in connection with such advice shall furnish the Sub-Advisor such factual information,research reports and investment recommendations as the Advisor may reasonably require.  Suchinformation may include written and oral reports and analyses.

	(b) *Investment Management:*  If and to the extent requested by the Sub-Advisor, the U.K. Sub-Advisor shallmanage 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 amendedfrom time to time, the Investment Company Act of 1940 (the "1940 Act") and rules thereunder, as amendedfrom time to time, and such other limitations as the Trust or the****Advisor may impose with respect to thePortfolio by notice to the U.K. Sub-Advisor.  With respect to the portion of the investments of the Portfoliounder its management, the U.K. Sub-Advisor is authorized to make investment decisions on behalf of thePortfolio with regard to any stock, bond, other security or investment instrument, and to place orders for thepurchase and sale of such securities through such broker-dealers as the U.K. Sub-Advisor may select.  TheU.K. Sub-Advisor may also be authorized, but only to the extent such duties are delegated in writing by theSub-Advisor, to provide additional investment management services to the Portfolio, including but notlimited to services such as managing foreign currency investments, purchasing and selling or writing futuresand 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 to the control anddirection 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 furnish such reports,evaluations, information or analyses to the Trust, the Advisor, and the Sub-Advisor  as the Trust's Board of Trustees, theAdvisor or the Sub-Advisor may reasonably request from time to time, or as the U.K. Sub-Advisor may deem to bedesirable.

	3.  *Brokerage:*  In connection with the services provided under subparagraph (b) of paragraph 1 of this Agreement,the U.K. Sub-Advisor shall place all orders for the purchase and sale of portfolio securities for the Portfolio's accountwith brokers or dealers selected by the U.K. Sub-Advisor, which may include brokers or dealers affiliated with theAdvisor, Sub-Advisor or U.K. Sub-Advisor.  The U.K. Sub-Advisor shall use its best efforts to seek to execute portfoliotransactions at prices which are advantageous to the Portfolio and at commission rates which are reasonable in relation tothe benefits received.  In selecting brokers or dealers qualified to execute a particular transaction, brokers or dealers maybe selected who also 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, the Sub-Advisor orAdvisor exercise investment discretion.  The U.K. Sub-Advisor is authorized to pay a broker or dealer who provides suchbrokerage 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 U.K.Sub-Advisor determines in good faith that such amount of commission is reasonable in relation to the value of thebrokerage 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 U.K. Sub-Advisor**,**the Sub-Advisor or the Advisorhave 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 of timewere reasonable in relation to the benefits to the Portfolio.

	4.  *Compensation:*  The Sub-Advisor shall compensate the U.K. 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,the Sub-Advisor agrees to pay the U.K. Sub-Advisor a monthly sub-advisory fee (the "U.K. Sub-AdvisoryFee").  The U.K. Sub-Advisory Fee shall be equal to 110% of the U.K. Sub-Advisor's costs incurred inconnection with rendering the services referred to in subparagraph (a) of paragraph 1 of this Agreement.The U.K. Sub-Advisory Fee shall not be reduced to reflect expense reimbursements or fee waivers by theSub-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 Sub-Advisor agrees to pay the U.K. Sub-Advisor a monthly investment management fee (the "UK InvestmentManagement Fee").  The UK Investment Management Fee shall be equal to a percentage of the monthly averagenet assets of the Portfolio managed by the U.K. Sub-Advisor pursuant to subparagraph 1(b) of this Agreement,calculated on a cumulative basis based upon a monthly average of the aggregate of all net assets managed by theU.K. 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 UK 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 assets managedby the U.K. Sub-Advisor on behalf of the Sub-Advisor pursuant to a sub-advisory arrangement where a fee cap isbeing applied to reduce the U.K. Sub-Advisor's fee to less than the rates set forth above shall be excluded fromAverage Group Assets.

	(c) *Provision of Multiple Services:*  If the U.K. Sub-Advisor shall have provided both investment advisory servicesunder subparagraph (a) and investment management services under subparagraph (b) of paragraph 1 for the sameportion of the investments of the Portfolio for the same period, the fees paid to the U.K. Sub-Advisor with respectto 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 U.K. Sub-Advisor hereunder, by the Sub-Advisor under the Sub-Advisory Agreement or by theAdvisor under the Management Contract with the Portfolio.

	6.  *Interested Persons:*  It is understood that the Trustees, officers, and shareholders of the Trust are or may be orbecome interested in the Advisor,  the Sub-Advisor or the U.K. Sub-Advisor as directors, officers or otherwise and thatdirectors, officers and stockholders of the Advisor, the Sub-Advisor or the U.K. Sub-Advisor are or may be or becomesimilarly interested in the Trust, and that the Advisor, the Sub-Advisor or the U.K. Sub-Advisor may be or becomeinterested 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 tobe deemed to be exclusive, the U.K. 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 U.K. Sub-Advisor's ability to meet all of its obligations hereunder.  The U.K. Sub-Advisorshall for all purposes be an independent contractor and not an agent or employee of the Advisor, the Sub-Advisor or theTrust.

	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 U.K. Sub-Advisor, the U.K. Sub-Advisor shall not be subject toliability to the Sub-Advisor, the Advisor, the Trust or to any shareholder of the Portfolio for any act or omission inthe course of, or connected with, rendering services hereunder or for any losses that may be sustained in thepurchase, 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, 200_ 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 U.K. Sub-Advisor, the Sub-Advisorand the Portfolio subject to the provisions of Section 15 of the 1940 Act, as modified by or interpreted by anyapplicable order or orders of the Securities and Exchange Commission (the "Commission") or any rules orregulations 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 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 itsBoard of Trustees or Directors, or with respect to the Portfolio by vote of a majority of its outstanding votingsecurities.  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 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 U.K. Sub-Advisor shall not seek satisfaction of any such obligation fromthe shareholders or any shareholder of the Portfolio.  Nor shall the U.K. Sub-Advisor seek satisfaction of any suchobligation 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.