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 31 January 2007. There are no
investments with a value greater than 5% of the Company's gross assets:

Name of company                  Class of share   
                                                  
Abacus Group                     Ordinary         
                                                  
Acertec                          Ordinary         
                                                  
Alumasc Group                    Ordinary         
                                                  
Arbuthnot Banking Group          Ordinary         
                                                  
Davenham Group                   Ordinary         
                                                  
Highway Insurance Holdings       Ordinary         
                                                  
Hill & Smith Holdings            Ordinary         
                                                  
Hitachi Capital UK               Ordinary         
                                                  
TT Electronics                   Ordinary         
                                                  
United Utilities                 Ordinary