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 2005 and where
appropriate, any investment with a value greater than 5% of the Company's gross
assets:

Name of company                Class of share
                                             
Arbuthnot Banking              Ordinary      
                                             
Chesnara                       Ordinary      
                                             
Dee Valley                     Ordinary      
                                             
Fenner                         Ordinary      
                                             
Hill & Smith Holdings          Ordinary      
                                             
Hitachi Capital (UK)           Ordinary      
                                             
Lookers                        Ordinary      
                                             
Pendragon                      Ordinary      
                                             
Savills                        Ordinary      
                                             
United Utilities               Ordinary