Portfolio Update

SMALL COMPANIES DIVIDEND TRUST PLC

In accordance with UKLA Listing Rule 21.20(l)(ii), the following list
represents the Company's 10 largest investments as at 31 January 2005 and where
appropriate, any investment with a value greater than 5% of the Company's gross
assets:

Name of company                 Class of     
                                share        
                                             
Alumasc Group                   Ordinary     
                                             
Broadcastle                     Ordinary     
                                             
Dee Valley                      Ordinary     
                                             
Hill & Smith Holdings           Ordinary     
                                             
Hitachi Capital (UK)            Ordinary     
                                             
Lookers                         Ordinary     
                                             
Morgan Sindall                  Ordinary     
                                             
Savills                         Ordinary     
                                             
United Utilities                Ordinary     
                                             
Waterman Group                  Ordinary