Interim Results

Fleming Eur Fledgeling Inv Tst PLC
22 November 2001



             THE FLEMING EUROPEAN FLEDGELING INVESTMENT TRUST PLC


The Fleming European Fledgeling Investment Trust plc announces its results for
the six months ended 30th September 2001.

In the six months to 30th September 2001, the Company produced a total return
on net assets of -34.4%. The Company's benchmark, the HSBC Smaller European
Companies (ex-UK) Index, produced a total return of -25.5% over the same
period. The Company's share price decreased by 42.1% to 165 pence, giving a
discount to NAV of 21.9% on 30th September 2001 compared to 9.5% as at 31st
March 2001.

During the period the Company repurchased a total of 2,200,000 ordinary shares
in the market for cancellation.

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 2001


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 2001


                                                                 2001      2000
                                                                £'000     £'000
REVENUE


Income

Overseas dividends                                              1,689       743
Overseas interest                                                 139        90
Scrip dividends                                                     2        72
Deposit interest                                                  238       406
                                                              _______   _______
Gross Revenue                                                   2,068     1,311

Less:
Management fee                                                  1,071     1,746
Other administrative expenses                                     134       222
Interest payable                                                1,123     1,580
                                                              _______   _______
Return before Taxation                                          (260)   (2,237)

Less:  Taxation                                                   180       100
                                                              _______   _______
Return available to ordinary shareholders                       (440)   (2,337)
                                                                =====     =====

                                                                 2001      2000

CAPITAL


Return attributable to ordinary                              (62,788)  (55,914)
shareholders
                                                                =====     =====
Dividends per ordinary share                                      Nil       Nil

Revenue return per ordinary share                             (0.73)p   (3.81)p
Capital return per ordinary share                           (103.86)p  (91.26)p
Total return per ordinary share                             (104.59)p  (95.07)p
                                                                =====     =====






             THE FLEMING EUROPEAN FLEDGELING INVESTMENT TRUST PLC

        UNAUDITED FIGURES FOR THE HALF YEAR ENDED 30TH SEPTEMBER 2001


                                                                  2001     2000
                                                                 £'000    £'000

BALANCE SHEET


Investments at valuation                                       138,767  331,645

Net Current Assets                                              11,388   12,826

Creditors: amounts falling due after more than one              23,243   56,706
year
                                                               _______  _______
Total Net Assets (£'000)                                       126,912  287,765
                                                                 =====    =====
Net asset value per ordinary share                              211.3p   469.7p


CASH FLOW STATEMENT

Net cash inflow/(outflow) from operating activities              1,268  (1,425)

Net cash outflow from servicing of finance                     (1,592)  (1,236)

Total tax (paid)/recovered                                       (109)       82

Net cash inflow from capital expenditure and                            
financial investment                                           38,067    25,422

Net cash outflow from financing                               (12,369) (17,479)
                                                               _______   ______
Increase in cash for the period                                 25,265    5,364
                                                                 =====     ====



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 2001 have been delivered to the Registrar of
Companies.


J.P. MORGAN FLEMING ASSET MANAGEMENT (UK) LIMITED

22nd November 2001