Portfolio Update

SMALL COMPANIES DIVIDEND TRUST PLC

In accordance with UKLA Listing Rule 21.20(l)(ii), as a quarterly disclosure
the following list represents the Company's 10 largest investments as at 30
April 2005 and where appropriate, any investment with a value greater than 5%
of the Company's gross assets:

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