Portfolio Update

SMALL COMPANIES DIVIDEND TRUST PLC

In accordance with UKLA Listing Rule 15.4.11(2), the following list represents
the Company's 10 largest investments as at 30 April 2006 and where appropriate,
any investment with a value greater than 5% of the Company's gross assets:

Name of company           Class of share      
                                              
Abacus Group              Ordinary            
                                              
Arbuthnot Banking Group   Ordinary            
                                              
Davenham Group            Ordinary            
                                              
Dee Valley Group          Ordinary            
                                              
Highway Insurance         Ordinary            
Holdings                                      
                                              
Hill & Smith Holdings     Ordinary            
                                              
Hitachi Capital UK        Ordinary            
                                              
Pendragon                 Ordinary            
                                              
United Utilities          Ordinary            
                                              
Wagon                     Ordinary