EX-99.D ADVSR CONTR 107 d105.htm D40_130.ZIP Converted by EDGARwiz


AMENDED and RESTATED

SUBADVISORY AGREEMENT
between
FIL INVESTMENT ADVISORS
and
FIDELITY MANAGEMENT & RESEARCH COMPANY LLC
and
FIDELITY INVESTMENT TRUST ON BEHALF OF FIDELITY TOTAL INTERNATIONAL EQUITY FUND

AGREEMENT AMENDED and RESTATED as of this 1st day of January, 2020, by and between Fidelity Management & Research Company LLC, a Delaware limited liability company with principal offices at 245 Summer Street, Boston, Massachusetts (hereinafter called the “Advisor”); FIL Investment Advisors, a Bermuda company with principal offices at Pembroke Hall, 42 Crow Lane, Pembroke HM19, Bermuda (hereinafter called the “SubAdvisor”); and 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 of Fidelity Total International Equity 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 SubAdvisor 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 information and recommendations with respect to the economies of various countries, and securities of issuers located in such countries, and providing investment advisory services in connection therewith;

NOW, THEREFORE, in consideration of the premises and the mutual promises hereinafter set forth, the Trust, the Advisor and the SubAdvisor agree as follows:

1.

Duties: The Advisor may, in its discretion, appoint the SubAdvisor 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 of the investments of the Portfolio to be advised or managed by the SubAdvisor shall be as agreed upon from time to time by the Advisor and the SubAdvisor. The SubAdvisor shall pay the salaries and fees of all personnel of the SubAdvisor 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 SubAdvisor 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 information may include written and oral reports and analyses.

(b)

Investment Management: If and to the extent requested by the Advisor, the SubAdvisor shall, subject to the supervision of the Advisor, manage all or a portion of the investments of the Portfolio in accordance with the investment objective, policies and limitations provided in the Portfolios 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 may impose with respect to the Portfolio by notice to the SubAdvisor. With respect to the portion of the investments of the Portfolio under its management, the SubAdvisor is authorized to make investment decisions on behalf of the Portfolio with regard to any stock, bond, other security or investment instrument, and to place orders for the purchase and sale of such securities through such brokerdealers as the SubAdvisor may select. The SubAdvisor may also be authorized, but only to the extent such duties are delegated in writing by the 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 investment management and any other activities of the SubAdvisor shall at all times be subject to the control and direction of the Advisor and the Trusts Board of Trustees.

(c)

Subsidiaries and Affiliates: The SubAdvisor may perform any or all of the services contemplated by this Agreement directly or through such of its subsidiaries or other affiliated persons as the SubAdvisor shall determine; provided, however, that performance of such services through such subsidiaries or other affiliated persons shall have been approved by the Trust to the extent required pursuant to the 1940 Act and rules thereunder.

2.

Information to be Provided to the Trust and the Advisor: The SubAdvisor shall furnish such reports, evaluations, information or analyses to the Trust and the Advisor as the Trusts Board of Trustees or the Advisor may reasonably request from time to time, or as the SubAdvisor may deem to be desirable.

3.

Brokerage: In connection with the services provided under subparagraph (b) of paragraph 1 of this Agreement, the SubAdvisor shall place all orders for the purchase and sale of portfolio securities for the Portfolios account with brokers or dealers selected by the SubAdvisor, which may include brokers or dealers affiliated with the Advisor or SubAdvisor. The SubAdvisor shall use its best efforts to seek to execute portfolio transactions at prices 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 be selected who also provide brokerage and research services (as those terms are defined in Section 28(e) of the Securities Exchange Act of 1934) to the Portfolio and/or to the other accounts over which the SubAdvisor or Advisor exercise investment discretion. The SubAdvisor 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 of the amount of commission another broker or dealer would have charged for effecting that transaction if the SubAdvisor 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 either that particular transaction or the overall responsibilities which the SubAdvisor has with respect to accounts over which it exercises investment discretion. The Trustees of the Trust shall periodically review the commissions paid by 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 SubAdvisor on the following basis for the services to 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 SubAdvisor a monthly SubAdvisory Fee. The SubAdvisory Fee shall be equal to: (i) 30% of the monthly management fee rate (including performance adjustments, if any) that the 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 SubAdvisor shall have provided investment advice divided by the net assets of the Portfolio for that month. The SubAdvisory Fee shall not be reduced 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 this Agreement, the Advisor agrees to pay the SubAdvisor 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 Contract with the Advisor, multiplied by: (ii) the fraction equal to the net assets of the Portfolio as to which the SubAdvisor shall have provided investment management services divided by the net assets of the Portfolio for that 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 portion of its management fee or reimburses the Portfolio for expenses to the extent required to satisfy such limitation, the Investment Management Fee paid to the SubAdvisor will be reduced by 57% of the amount of such waivers or reimbursements multiplied by the fraction determined in (ii). If the SubAdvisor reduces its fees to reflect such waivers or reimbursements and the Advisor subsequently recovers all or any portion of such waivers and reimbursements, then the SubAdvisor shall be entitled to receive from the Advisor a proportionate share of the amount recovered. To the extent that waivers and reimbursements by the Advisor required by such limitations are in excess of the Advisors management fee, the Investment Management Fee paid to the SubAdvisor will be reduced to zero for that month, but in no event shall the SubAdvisor be required to reimburse the Advisor for all or a portion of such excess reimbursements.

(c)

Provision of Multiple Services: If the SubAdvisor shall have provided both investment advisory 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 fees paid to the SubAdvisor with 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 to 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 be or become interested in the Advisor or the SubAdvisor as directors, officers or otherwise and that directors, officers and stockholders of the Advisor or the SubAdvisor are or may be or become similarly interested in the Trust, and that the Advisor or the SubAdvisor may be or become interested in the Trust as a shareholder or otherwise.

7. Services to Other Companies or Accounts: The services of the SubAdvisor to the Advisor are not to be deemed to be exclusive, the SubAdvisor 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 a material manner, with the SubAdvisors ability to meet all of its obligations hereunder. The SubAdvisor shall for all 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 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 and the Trust, or otherwise to bind the Advisor's and the Trust'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 Advisor or 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 SubAdvisor, the SubAdvisor 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, or connected with, rendering services hereunder or for any losses that 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 shall continue in force until January 31, 2020 and indefinitely thereafter, but only so long as the continuance after such period shall be specifically approved at least annually by vote of the Trusts 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 SubAdvisor 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 or regulations 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 of those 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 SubAdvisor 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 its Board of Trustees or Directors, or with respect to the Portfolio by vote of a majority of its outstanding voting securities. This Agreement shall terminate automatically in the event of its assignment.

10.

Limitation of Liability: The SubAdvisor 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 that any obligations of the Trust or the Portfolio arising in connection with this Agreement shall be limited

in all cases to the Portfolio and its assets, and the SubAdvisor shall not seek satisfaction of any such obligation

from the shareholders or any shareholder of the Portfolio. Nor shall the SubAdvisor seek satisfaction of any such

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 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.


FIL INVESTMENT ADVISORS


BY:     /s/Neal Turchiaro _____________________________

         

 Neal Turchiaro

         

 Director


FIDELITY MANAGEMENT & RESEARCH COMPANY LLC


BY:     /s/Christopher J. Rimmer ________________________

            Christopher J. Rimmer

            Treasurer


FIDELITY INVESTMENT TRUST on behalf of

Fidelity Total International Equity Fund


BY:     /s/Stacie M. Smith ____________________________

         

 Stacie M. Smith

         

 President and Treasurer