Interim Management Statement

JPMorgan Eur Fldglng Inv Trust PLC
13 July 2007

               JPMorgan European Fledgeling Investment Trust plc

                                (the 'Company')



                          Interim Management Statement



                   For the three months ended 30th June 2007



This interim management statement relates to the quarter from 1st April 2007 to
30th June 2007 and contains information that covers that period, unless
otherwise stated.



Financial performance - Cumulative Total Return *


                         1 Month      3 Months       1 Year       3 Years      5 Years      10 Years
Share price              -2.33        1.73           40.35        236.47       262.54       542.62
Net asset value          -2.23        6.26           39.73        201.76       254.40       522.25
Benchmark                -2.53        4.62           32.90        138.46       214.51       272.55



* total return with net dividends reinvested

Source: JPMAM/Fundamental Data



Financial position


                         As at 30th June 2007          As at 12th July 2007
Total assets                £501.0m                              £534.3m
Share price                 819.0p                               858.0p
Net asset value             930.42p                              968.40p
Discount                    12.0%                                 11.4%
Gearing                     106%                                  108%



Share prices shown are closing mid

Net asset values are shown excluding income with debt at fair value

Source: JPMAM/Fundamental Data



Material events



At the Company's Annual General Meeting ('AGM') held on 13th July 2007, all of
the resolutions put to shareholders were passed, including Special Resolutions
which allow the Company to make market purchases of up to 7,911,949 of its
ordinary shares, representing 14.99% of the Company's issued share capital, and
to disapply pre-emption rights on the sales of ordinary shares from treasury up
to an aggregate nominal amount of £1,310,538, representing approximately 10% of
the Company's total ordinary share capital in the issue.



At the conclusion of the Company's AGM Jacques Drossaert retired from the Board.




Material transactions



Changes to share capital


                                                             Ordinary Shares of 25p

Shares in issue as at 31st March 2007                        52,781,517
Shares bought back and cancelled                             -
Shares issued - new                                          -

Shares bought back into treasury                             260,000

Shares issued - from treasury                                -
As at 30th June 2007                                         52,781,517



During the quarter, the Company made market purchases of 260,000 of its own
shares into treasury, representing 0.5% of the shares outstanding at the
beginning of the financial year, at an average discount of 11.81%. The Company
has not issued any shares from treasury in this financial quarter.



Portfolio



Top ten holdings as at 30th June 2007


Stock name                                   Sector                                 Weight %


JPM European Micro Cap Fund A                Investment Companies                   10.3

Trevi Finanziaria Industriale                Industrial Services                    2.6

FLSmidth                                     Industrial Services                    2.6

GEA                                          Basic Materials                        2.6

Tecnicas Reunidas                            Industrial Services                    2.6

Grifols                                      Health Services                        2.5

Outotec                                      Basic Materials                        2.5

Andritz                                      Industrial Services                    2.5

Prosegur, Compania de Seguridad              Industrial Services                    2.4

Demag Cranes                                 Industrial Services                    2.4




Geographical analysis ('Look through basis') as at 30th June 2007


                                                      Portfolio %
Netherlands                                           18.6
Italy                                                 14.3
Finland                                               12.4
Spain                                                 12.4
Germany                                               10.9
Switzerland                                           8.1
France                                                6.5

Denmark                                               6.4

Austria                                               4.8

Sweden                                                4.5

Ireland                                               3.5

Portugal                                              1.3

Greece                                                0.6

Norway                                                0.4



Total equities                                        104.7

Liquidity fund                                        0.6

Net current liabilities                               (5.3)

Total                                                 100.00





By order of the Board
Hilary Lowe, for and on behalf of
JPMorgan Asset Management (UK) Limited, Secretary
13th July 2007



Registered office: Finsbury Dials, 20 Finsbury Street, London, EC2Y 9AQ



This interim management statement has been prepared solely to provide
information to meet the requirements of the UK Listing Authority's Disclosure
and Transparency Rules.



Please note that up to date information on the Company, including daily NAV and
share prices, factsheets and portfolio information can be found at
www.jpmeuropeanfledgeling.co.uk For investor information please contact the
JPMorgan helpline on Freephone 0800 40 30 30.


                      This information is provided by RNS
            The company news service from the London Stock Exchange