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 October 2006. 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            
                                              
Dee Valley Group          Ordinary            
                                              
Flying Brands             Ordinary            
                                              
Hill & Smith Holdings     Ordinary            
                                              
Hitachi Capital UK        Ordinary            
                                              
TT Electronics            Ordinary            
                                              
United Utilities          Ordinary