Final Results

Fleming Eur Fledgeling Inv Tst PLC
7 June 2000

                            
  THE FLEMING EUROPEAN FLEDGELING INVESTMENT TRUST PLC
                            
                      FINAL RESULTS
                            
           FOR THE YEAR ENDED 31st MARCH 2000

The  Company  announces its preliminary results  for  the
year ended 31st March 2000.

The  Company's net asset value per share as at 31st March
2000 was 564.8 pence per share compared to 187.4 pence as
at   31st  March  1999,  an  increase  of  201.4%.   This
represented   a  very  strong  out-performance   of   the
Company's  benchmark  index, the  HSBC  Smaller  European
Companies  (ex  UK)  Index  (in  sterling  terms),  which
increased by 27.5% over the same period.

Chairman  Michael  Hart said ' This performance  was  the
best amongst European investment trusts and indeed at the
year end the Company was the best performer in its sector
over  the last one, three and five years in terms of  net
asset value and share price.'

In  accordance with the Company's policy in prior  years,
no dividend will be paid.


Fleming Investment Management Limited - Secretary


For further information, please contact:

Jonathan Latter
Fleming  Investment  Management  Limited   020 7638 5858



  THE FLEMING EUROPEAN FLEDGELING INVESTMENT TRUST PLC
  UNAUDITED FIGURES FOR THE YEAR ENDED 31ST MARCH 2000

                                            2000      1999

                                           £'000     £'000

REVENUE

Income

     Overseas dividends 1                  1,534    2,406
     Scrip dividends                          47        -
     Deposit interest                         60       88
                                           _____    _____
Gross Revenue                              1,641    2,494

Less Management fee                        1,919    1,290
     Other administrative expenses           379      194
     Interest payable                      1,539    1,014
                                          ______    _____
Return before Taxation                    (2,196)      (4)

Less Taxation                                226      198
                                           _____    _____
Return available to ordinary shareholders (2,422)    (202)
                                           ====     ====


                                           2000      1999

                                          £'000     £'000

CAPITAL


Return attributable to ordinary 
shareholders                             233,436   (3,207)
                                           =====    =====

Dividends per ordinary share                 Nil      Nil

Revenue return per ordinary share         (3.93) p (0.32) p
Capital return per ordinary share        378.78  p (5.13) p
Total return per ordinary share          374.85  p (5.45) p


At 31 March 2000

Total Net Assets (£'000)                  346,016  117,221
Net Asset Value per Ordinary Share         564.8 p  187.4 p


1 Overseas dividends are accounted for in accordance with
Financial   Reporting   Standard  16   (FRS16)   Current
Taxation' on the basis of the income actually receivable,
without  adjustment for the tax credit attaching  to  the
dividends. Previously, overseas dividends were  accounted
for  inclusive  of  the  tax credit  which,  accordingly,
formed  part of the tax charge. Prior periods  have  been
restated.



  THE FLEMING EUROPEAN FLEDGELING INVESTMENT TRUST PLC
  UNAUDITED FIGURES FOR THE YEAR ENDED 31ST MARCH 2000
                            
                            
CASH FLOW STATEMENT
                                        2000       1999

                                       £'000      £'000


Net cash (outflow)/inflow from 
operating activities                    (968)       292

Net cash outflow from servicing of 
finance                               (1,265)    (1,108)

Total tax recovered                      422        326

Net cash outflow from capital 
expenditure and financial 
investment                           (43,048)    (2,696)

Net cash inflow from financing        53,713      3,310
                                       _____      _____
Increase in cash in the year           8,854        124
                                        ====       ====


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
year  ended 31st March 1999.  These accounts, upon  which
the  auditors  issue  an unqualified opinion,  have  been
delivered to the Registrar of Companies.

FLEMING INVESTMENT MANAGEMENT LIMITED