Interim Results

JPMorgan Fleming Eur Fldglng IT PLC
24 November 2005



                       LONDON STOCK EXCHANGE ANNOUNCEMENT



           JPMORGAN FLEMING EUROPEAN FLEDGELING INVESTMENT TRUST PLC



                  PRELIMINARY ANNOUNCEMENT OF INTERIM RESULTS





The Directors of JPMorgan Fleming European Fledgeling Investment Trust plc
announce the Company's results for the six months ended 30th September 2005.



Chairman's Statement



Performance

I am in the happy position of being able to report that the last six months has
seen a continuation of the Company's strong performance. It is very pleasing to
report that during the six months to 30th September 2005 the Company has
produced a total return on net assets of +36.0% compared with the +23.0% return
from our benchmark, the HSBC Smaller European Companies (ex UK) Index. At the
portfolio level, the investment managers added value through excellent stock
selection and the active management of gearing.



Over the six months the Company's share price rose from 369.8p to 512.3p, and
this was accompanied by a fall in the discount from 12.3% to 10.7%. The return
to shareholders was +38.5%.



The Board is mindful of the volatility of the Company's shares in the short term
due to the nature of the underlying asset class and markets generally.
Uncertainties have been expressed over the prospects for the continuation of the
strong run in the European small cap market and the Board is cautious as to the
short term outlook for the remainder of the year. However, the Board continues
to have confidence in the expertise of the investment managers and their stock
selection abilities.



In the six months to 30th September 2005, the Company repurchased 785,000 shares
for cancellation, representing 1.5% of its issued share capital. This added 0.1%
to the net asset value of the remaining shares. No shares have been repurchased
into treasury.



Board of Directors

The Board is pleased to announce that Mr Paul Manduca and Mr Federico Marescotti
have been appointed Directors of the Company with effect from 1st December 2005.
Mr Manduca has extensive knowledge of the investment trust industry and European
equity markets and was until recently Chief Executive Officer of Deutsche Asset
Management. He has previously held the position of Chief Executive at Rothschild
Asset Management Limited and is a past Chairman of the Association of Investment
Trust Companies. Mr Marescotti has considerable knowledge of the European small
cap market and is currently a Managing Partner of an Italian private equity
management company. He was previously the Managing Director for RWE Ambiente
Italia and its Southern European subsidiary. The skills and experience of Messrs
Manduca and Marescotti complement the experience which the Board currently has
and both will stand for election by shareholders at the Company's next AGM in
July 2006.



Revenue and Dividend

Revenue after tax for the six months to 30th September 2005 was £986,000 (2004:
£892,000), a slight increase from the previous year. As in previous years, no
dividend will be payable as the Company's investment objective is to achieve
capital growth in the long term.



Michael Hart

Chairman            24th November 2005



JPMorgan Asset Management (UK) Limited- Secretary





For further information please contact:



Hilary Lowe

JPMorgan Asset Management (UK) Limited

Telephone [phone]




Statement of Total Return (Unaudited)

JPMorgan Fleming European Fledgeling Investment Trust plc

Unaudited figures for the six months ended 30th September 2005



Statement of Total Return (Unaudited)


                      Six months to 30 September      Six months to 30 September 2004     Year to 31 March 2005
                      2005

                        Revenue     Capital     Total   Revenue    Capital      Total   Revenue   Capital     Total

                          £'000       £'000     £'000     £'000      £'000      £'000     £'000     £'000     £'000




Realised(losses)/
gains on investments          -    (10,655)  (10,655)         -    (2,474)    (2,474)         -    26,087    26,087
                             
Unrealised gains on
Investments                   -      89,192    89,192         -     15,840     15,840         -    40,786    40,786
Currency gains/
(losses) on cash and
short term deposits
held during the
period                        -         189       189         -      (911)      (911)         -     (823)     (823)

                             
Unrealised loss on
Euro loan                     -           -         -         -      (213)      (213)         -         -         -
                              
Realised loss on
repayment of Euro
loan                          -           -         -         -          -          -         -     (393)     (393)

Unrealised loss on            -           -         -         -          -          -         -      (39)      (39)
currency hedge
Other capital charges         -        (26)      (26)         -       (14)       (14)         -         -         -
Overseas dividends        2,790           -     2,790     2,732          -      2,732     4,041         -     4,041
Scrip dividends             338           -       338       102          -        102       115         -       115
Deposit interest             28           -        28         4          -          4        10         -        10


Stock lending                36           -        36        20          -         20        52         -        52

                        _______     _______    ______   _______    _______     ______   _______   _______   _______

Gross return              3,192      78,700    81,892     2,858     12,228     15,086     4,218    65,618    69,836

Management fee          (1,367)           -   (1,367)     (847)          -      (847)   (1,899)         -   (1,899)

Other administrative
expenses                  (320)           -     (320)     (208)          -      (208)     (439)         -     (439)
                          
Interest payable          (166)           -     (166)     (471)          -      (471)     (970)         -     (970)

                        _______     _______    ______   _______    _______     ______   _______   _______   _______

Return before             1,339      78,700    80,039     1,332     12,228     13,560       910    65,618    66,528
taxation

Taxation                  (353)           -     (353)     (440)          -      (440)     (819)         -     (819)

                         ______     _______    ______    ______    _______     ______   _______   _______   _______

Return attributable
to ordinary
shareholders                986      78,700    79,686       892     12,228     13,120        91    65,618    65,709



Return per ordinary
share                                         150.60p                          24.19p                       121.87p

                                              




JPMorgan Fleming European Fledgeling Investment Trust plc

Unaudited figures for the six months ended 30th September 2005


        Balance Sheet                                             30 September       30 September        31 March

                                                                          2005               2004            2005

        Assets                                                           £'000              £'000           £'000



        Investments at valuation                                       329,066            202,256         237,033



        Net current liabilities                                       (26,210)           (28,911)        (11,099)



                                                                     _________          _________       _________

        Total net assets                                               302,856            173,345         225,934


        Net asset value per ordinary share                              573.8p             323.6p          421.8p




        Cash Flow Statement                                      Six months to      Six months to      Year ended

                                                                  30 September       30 September        31 March

                                                                          2005               2004            2005

                                                                         £'000              £'000           £'000


        Net cash inflow from operating activities                        1,421              1,543           1,019


        Net cash outflow from returns on investments and
        servicing of finance
                                                                         (173)              (449)         (1,025)




        Taxation recovered                                                  62                 75             211



        Net cash outflow from capital expenditure and
        financial investment                                           (1,360)           (15,009)         (3,677)
                                                                       


        Net cash inflow from financing                                   8,313             14,485          17,857

                                                                       _______             ______          ______

        Increase in cash for the period                                  8,263                645          14,385

                                                                         =====               ====            ====























The above financial information does not constitute statutory accounts as
defined in Section 240 of the Companies Act 1985. The comparative financial
information is based on the statutory accounts for the period ended 31 March
2005. These accounts, upon which the auditors issued an unqualified opinion,
have been delivered to the Registrar of Companies.





JPMORGAN ASSET MANAGEMENT (UK) LIMITED

24th November 2005


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