Portfolio Update

SMALL COMPANIES DIVIDEND TRUST PLC

In accordance with UKLA Listing Rule 15.6.8(2), the following list represents
the Company's 10 largest investments as at 31 October 2007. There are no
investments with a value greater than 5% of the Company's gross assets:

Name of company                  Class of share   
                                                  
Alumasc Group                    Ordinary         
                                                  
Braemar Shipping Services        Ordinary         
                                                  
United Utilities                 Ordinary         
                                                  
Arbuthnot Banking Group          Ordinary         
                                                  
Chesnara                         Ordinary         
                                                  
Personal Group                   Ordinary         
                                                  
Highway Insurance Holdings       Ordinary         
                                                  
ATH Resources                    Ordinary         
                                                  
Davenham Group                   Ordinary         
                                                  
THB Group                        Ordinary