Exhibit (d)(127)

SUB-ADVISORY AGREEMENT

between

FIDELITY INTERNATIONAL INVESTMENT ADVISORS (U.K.) LIMITED

and

FIDELITY INTERNATIONAL INVESTMENT ADVISORS

	AGREEMENT made this 21st day of July, 2005, 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 principaloffices 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 International Small Cap Opportunities Fund(hereinafter called the "Portfolio"), pursuant to which the Advisor is****to****act as investment advisor to thePortfolio, 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 itssubsidiaries or other affiliated persons, shall provide investment advice or investment management andorder execution services to the Portfolio, and

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

	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 oneor more of the following services with respect to all or a portion of the investments of the Portfolio, inconnection with the Sub-Advisor's duties under the Sub-Advisory Agreement.  The services and theportion of the investments of the Portfolio advised or managed by the U.K. Sub-Advisor shall be asagreed upon from time to time by the Sub-Advisor and the U.K. Sub-Advisor. The U.K. Sub-Advisorshall pay the salaries and fees of all personnel of the U.K. Sub-Advisor performing services for thePortfolio 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 shall furnishthe Sub-Advisor such factual information, research reports and investmentrecommendations 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 or othergoverning 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 theTrust or the****Advisor may impose with respect to the Portfolio by notice to the U.K. Sub-Advisor.With respect to the portion of the investments of the Portfolio under its management, the U.K.Sub-Advisor is authorized to make investment decisions on behalf of the Portfolio with regard toany stock, bond, other security or investment instrument, and to place orders for the purchase andsale of such securities through such broker-dealers as the U.K. Sub-Advisor may select.  The U.K.Sub-Advisor may also be authorized, but only to the extent such duties are delegated in writing bythe Sub-Advisor, to provide additional investment management services to the Portfolio, includingbut not limited to services such as managing foreign currency investments, purchasing and sellingor writing futures and options contracts, borrowing money or lending securities on behalf of thePortfolio.  All investment management and any other activities of the U.K. Sub-Advisor shall at alltimes be subject to the control and direction of the Sub-Advisor, the Advisor and the Trust's Boardof Trustees.

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

	3.  *Brokerage:*  In connection with the services provided under subparagraph (b) of paragraph 1 of thisAgreement, the U.K. 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 U.K. Sub-Advisor, which may include brokers ordealers affiliated with the Advisor, Sub-Advisor or U.K. Sub-Advisor.  The U.K. Sub-Advisor shall use its bestefforts 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 dealersqualified to execute a particular transaction, brokers or dealers may be selected who also provide brokerageand research services (as those terms are defined in Section 28(e) of the Securities Exchange Act of l934) tothe Portfolio and/or to the other accounts over which the U.K. Sub-Advisor, the Sub-Advisor or Advisorexercise investment discretion.  The U.K. Sub-Advisor is authorized to pay a broker or dealer who providessuch brokerage and research services a commission for executing a portfolio transaction for the Portfoliowhich is in excess of the amount of commission another broker or dealer would have charged for effecting thattransaction if the U.K. Sub-Advisor determines in good faith that such amount of commission is reasonable inrelation to the value of the brokerage and research services provided by such broker or dealer.  Thisdetermination may be viewed in terms of either that particular transaction or the overall responsibilities whichthe U.K. Sub-Advisor**,**the Sub-Advisor or the Advisor have with respect to accounts over which they exerciseinvestment discretion.  The Trustees of the Trust shall periodically review the commissions paid by thePortfolio to determine if the commissions paid over representative periods of time were reasonable in relationto 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-advisory fee(the "U.K. Sub-Advisory Fee").  The U.K. Sub-Advisory Fee shall be equal to 110% of theU.K. Sub-Advisor's costs incurred in connection with rendering the services referred to insubparagraph (a) of paragraph 1 of this Agreement.   The U.K. Sub-Advisory Fee shall not bereduced to reflect expense reimbursements or fee waivers by the Sub-Advisor or Advisor, ifany, 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 U.K. Sub-Advisor a monthly investment managementfee (the "UK Investment Management Fee").  The UK Investment Management Fee shall be equal to apercentage of the monthly average net assets of the Portfolio managed by the U.K. Sub-Advisorpursuant to subparagraph 1(b) of this Agreement, calculated on a cumulative basis based upon amonthly average of the aggregate of all net assets managed by the U.K. Sub-Advisor on behalf of theSub-Advisor pursuant to sub-advisory arrangements ("Average Group Assets") in accordance with thefollowing fee schedule:

	, provided that in no event shall the UK Investment Management Fee exceed 50% of the sub-advisoryfees 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 set forthabove, any assets managed by the U.K. Sub-Advisor on behalf of the Sub-Advisor pursuant to asub-advisory arrangement where a fee cap is being applied to reduce the U.K. Sub-Advisor's fee to lessthan 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, the feespaid to the U.K. Sub-Advisor with respect to such investments shall be calculated exclusively undersubparagraph (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 theSub-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 are ormay be or become interested in the Advisor,  the Sub-Advisor or the U.K. Sub-Advisor as directors, officers orotherwise and that directors, officers and stockholders of the Advisor, the Sub-Advisor or the U.K.Sub-Advisor are or may be or become similarly interested in the Trust, and that the Advisor, the Sub-Advisoror 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 theSub-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 of itsobligations hereunder.  The U.K. Sub-Advisor shall for all purposes be an independent contractor and not anagent or employee of the Advisor, the Sub-Advisor or the Trust.

	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, 2006 and indefinitely thereafter, but only solong as the continuance after such period shall be specifically approved at least annually byvote of the Trust's Board of Trustees or by vote of a majority of the outstanding votingsecurities 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 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 of, the Commission.

(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 majority ofthose Trustees of the Trust who are not parties to this Agreement or interested persons of any such 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 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 the eventof 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 documentof the Trust and agrees that any obligations of the Trust or the Portfolio arising in connection with thisAgreement shall be limited in all cases to the Portfolio and its assets, and the U.K. Sub-Advisor shall notseek satisfaction of any such obligation from the shareholders or any shareholder of the Portfolio.  Norshall the U.K. Sub-Advisor seek satisfaction of any such obligation from the Trustees or any individualTrustee.

	11.  *Governing Law:*  This Agreement shall be governed by, and construed in accordance with, the lawsof 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 the1940 Act as now in effect or as hereafter amended.

	IN WITNESS WHEREOF the parties hereto have caused this instrument to be signed in their behalf bytheir respective officers thereunto duly authorized, and their respective seals to be hereunto affixed, all as ofthe date written above.