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

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