Interim Results

Fleming Eur Fledgeling Inv Tst PLC
22 November 2000



THE FLEMING EUROPEAN FLEDGELING INVESTMENT TRUST PLC

The  Fleming  European  Fledgeling Investment  Trust  plc  announces  its
results for the six months ended 30th September 2000.

Following the outstanding performance during the financial year  to  31st
March  2000, the first six months of the current year have  witnessed  a
fall in both the net asset value per share and the share price.  In  the
six  months  to  30th September 2000, the Company's net asset  value  per
share  decreased  by  16.8%  to  469.7 pence  per  share.  The  Company's
benchmark,  the HSBC Smaller European Companies (ex-UK) Index,  decreased
by  5.5% over the same period. The share price decreased by 8.3% to 468.5
pence, resulting in a discount Of 0.3% on 30th September 2000 compared to
9.5% as at 31st March 2000.

No  dividend  has  been declared by the Board as the Company's  forecasts
suggest that there will be a revenue deficit at the end of the financial
year.

22nd November 2000

For further information, please contact:
Jonathan Latter                                            020 7742 6000



            THE FLEMING EUROPEAN FLEDGELING INVESTMENT TRUST PLC
        UNAUDITED FIGURES FOR THE HALF YEAR ENDED 30TH SEPTEMBER 2000

BALANCE SHEET
                                         2000            1999

                                        £'000           £'000

Investments at valuation               331,645         410,796
Net current assets                      12,826           2,103
Total assets less current
liabilities                            344,471         412,899
Creditors: amounts due after
more than one year                      58,706          66,883

Total net assets                       285,765         346,016

Net asset value per ordinary share      469.7p          564.8p

CASH FLOW STATEMENT
                                         2000            1999
                                        £'000           £'000

Net cash outflow from operating
activities                             (1,425)           (968)
Net cash outflow from returns
on servicing of finance                (1,236)         (1,265)
Total tax recovered                        82             422
Net cash inflow /(outflow) from
capital expenditure and Financial
investment                             25,422         (43,048)
Net cash (outflow)/inflow from
financing                             (17,479)         53,713

Increase in cash in the period          5,364           8,854

The above financial information does not constitute statutory accounts as
defined in Section 240 of the Companies Act 1985. Statutory accounts for
the year ended 31st March 2000 have been delivered to the Registrar of
Companies.

CHASE FLEMING ASSET MANAGEMENT (UK) LIMITED
22ND NOVEMBER 2000



           THE FLEMING EUROPEAN FLEDGELING INVESTMENT TRUST PLC
        UNAUDITED FIGURES FOR THE HALF YEAR ENDED 30TH SEPTEMBER 2000

                                         2000            1999

                                         £'000           £'000

REVENUE

Income

Overseas dividends                         743           1,400
Overseas interest                           90               -
Scrip dividends                             72               8
Deposit interest                           406              21

Gross Revenue                            1,311           1,429

Less  Management fee                     1,746             727
      Other administrative expenses        222             182
      Interest payable                   1,580             579

Return before Taxation                  (2,237)            (59)

Less Taxation                              100             163

Return available to ordinary
shareholders                            (2,337)           (222)

                                          2000            1999

                                         £'000           £'000

CAPITAL

Return attributable to ordinary
shareholders                            (55,914)          13,920

Revenue return per ordinary share        (3.81)p         (0.36)p
Capital return per ordinary share       (91.26)p          22.46p
Total return per ordinary share         (95.07)p          22.10p