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 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            
                                              
Chesnara                  Ordinary            
                                              
Davenham Group            Ordinary            
                                              
Dee Valley Group          Ordinary            
                                              
Fenner                    Ordinary            
                                              
Hill & Smith Holdings     Ordinary            
                                              
Hitachi Capital UK        Ordinary            
                                              
Savills                   Ordinary            
                                              
United Utilities          Ordinary