Interim Results - NAV Up 12.1%

FLEMING EUROPEAN FLEDGELING INVESTMENT TRUST PLC
22 October 1999


The  Fleming  European  Fledgeling Investment  Trust  plc
today announced its results for the six months ended 30th
September 1999.

In  the six months since the end of the financial year on
31st  March 1999, the Company's net asset value per share
increased by 12.1% to 210.1 pence per share and the share
price  by  25.2%  to  189  pence. These  results  compare
favourably with the  Company's  benchmark, the  HSBC  
Securities  Smaller European Companies (ex-UK) Index in 
sterling terms, which increased by 8.5% over the same 
period.

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.





For further information, please contact

Jim Campbell (Investment Manager)
Jonathan Latter (Company Secretary)          0171 638 5858

                            
                            
                            
THE FLEMING EUROPEAN FLEDGELING INVESTMENT TRUST PLC
UNAUDITED FIGURES FOR THE HALF YEAR ENDED 30TH SEPTEMBER 1999

                                         1999     1998


                                       £'000     £'000
REVENUE

Income

     Overseas dividends                 1,400    1,639
     Scrip dividends                        8        -
     Deposit interest                      21        9
                                        _____    _____
Gross Revenue                           1,429    1,648

Less Management fee                       727      620
     Other administrative expenses        182       88
     Interest payable                     579      556
                                       ______    _____
Return before Taxation                   (59)      384

Less Taxation                             163      236
                                        _____    _____
Return available to ordinary shareholders(222)     148
                                        =====     ====

CAPITAL

Return available to ordinary shareholders13,920(15,990)
                                        =====    =====

Dividends per ordinary share              Nil      Nil

Revenue return per ordinary share    (0.36) p   0.25 p
Capital return per ordinary share     22.46 p(26.73) p
Total return per ordinary share       22.10 p(26.48) p


At 30 September 1999

Total Net Assets (£'000)              128,702  104,790
Net Asset Value per Ordinary Share    210.1 p  167.6 p

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  1999  have  been  delivered  to   the
Registrar of Companies.

FLEMING INVESTMENT TRUST MANAGEMENT LIMITED