Interim Management Statement

JPMorgan Eur Fldglng Inv Trust PLC
30 January 2008


               JPMorgan European Fledgeling Investment Trust plc
                                (the 'Company')

                          Interim Management Statement

                 For the three months ended 31st December 2007



This interim management statement relates to the quarter from 1st October 2007
to 31st December 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              2.4%         -6.6%          -0.9%        128.8%       359.2%       504.5%
Net asset value          0.8%         -4.5%          3.3%         119.5%       304.0%       451.1%
Benchmark                0.4%         -3.7%          5.3%         84.4%        245.3%       212.5%


* total return with net dividends reinvested
Source: JPMAM/Fundamental Data



Financial position

                             As at 31st December 2007             As at 29th January
                                                                         2008
Total assets              £373.0m                              £336.3m
Share price               711.5p                               604.0 p
Net asset value           826.0p                               737.4 p
Discount                  13.9%                                  18.1%
Gearing                   90.3%                                  93.5%



Share prices shown are closing bid

Net asset values assume that shares held in treasury have been reissued at the
previous night's closing price

Source: JPMAM/Fundamental Data



Material events

Following a ruling by the European Court of Justice, HM Revenue and Customs has
recently accepted that VAT will no longer be charged on investment management
fees.  For the Company it should also be possible to reclaim some of the VAT
paid in the past on management fees. The amount of any such repayment is subject
to a number of legal and procedural considerations, and it may take some time
for confirmation of entitlement to any refunds and the timing of any repayments
to be determined.


Material transactions
Changes to share capital


                                                             Ordinary Shares of 25p

Shares in issue as at 1st October 2007                       52,781,517
Shares bought back and cancelled                             -
Shares issued - new                                          -

Shares bought back into treasury                             1,174,385

Shares issued - from treasury                                -
As at 31st December 2007                                     52,781,517



During the quarter, the Company made market purchases of 1,174,385 of its own
shares into treasury, representing 2.22% of the shares outstanding at the
beginning of the financial year, at an average discount of 13.7%. The Company
did not issue any shares from treasury during the quarter.



Portfolio

Top ten holdings as at 31st December 2007

Stock name                                   Sector                                           Weight %

Trevi Finanziaria Industriale                Industrials                                        3.4

April                                        Financials                                         3.2

Gemalto                                      Information Technology                             3.1

Nutreco                                      Consumer Staples                                   3.0

Galenica                                     Health Care                                        2.9

SMIT                                         Industrials                                        2.7

Gruppo Coin                                  Consumer Discretionary                             2.5

Jumbo                                        Consumer Discretionary                             2.4

Intralot                                     Consumer Discretionary                             2.3

Indra Sistemas 'A'                           Information Technology                             2.2



Sector Breakdown as at 31st December 2007
                                                      Portfolio %

Industrials                                           23.3

Consumer Discretionary                                20.4

Information Technology                                14.1

Health Care                                           10.3

Consumer Staples                                      6.1

Materials                                             5.9

Financials                                            4.6

Utilities                                             3.6

Telecommunication Services                            2.0

Energy                                                0.0

Cash                                                  9.7
Total                                                 100.00



Geographical Breakdown as at 31st December 2007
                                                     Portfolio %

Italy                                                14.4

Netherlands                                          13.2

France                                               12.6

Spain                                                12.0

Switzerland                                          10.0

Germany                                              8.9

Greece                                               5.3

Finland                                              4.0

Ireland                                              3.5

Sweden                                               3.2

Denmark                                              1.8

Austria                                              1.4

Norway                                               0.0

Belgium                                              0.0

Portugal                                             0.0

Other                                                0.0

Cash                                                 9.7
Total                                                100.00



By order of the Board

Jonathan Latter, for and on behalf of

JPMorgan Asset Management (UK) Limited, Secretary

30th January 2008



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

Telephone: [phone]


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.




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