UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-5912
MFS SPECIAL VALUE TRUST
(Exact name of registrant as specified in charter)
500 Boylston Street, Boston, Massachusetts 02116
(Address of principal executive offices) (Zip code)
Susan S. Newton
Massachusetts Financial Services Company
500 Boylston Street
Boston, Massachusetts 02116
(Name and address of agents for service)
Registrant’s telephone number, including area code: (617) 954-5000
Date of fiscal year end: October 31
Date of reporting period: January 31, 2008
| ITEM 1. | SCHEDULE OF INVESTMENTS. |
MFS Special Value Trust
PORTFOLIO OF INVESTMENTS (Unaudited) 1/31/08
| Issuer |
Shares/Par | Value ($) | ||||
| Bonds – 71.4% |
||||||
| Aerospace – 2.0% |
||||||
| Bombardier, Inc., 8%, 2014 (n) |
$ | 225,000 | $ | 235,125 | ||
| Hawker Beechcraft Acquisition Co., 9.75%, 2017 (n) |
375,000 | 357,188 | ||||
| TransDigm Group, Inc., 7.75%, 2014 |
130,000 | 130,650 | ||||
| Vought Aircraft Industries, Inc., 8%, 2011 |
440,000 | 405,900 | ||||
| $ | 1,128,863 | |||||
| Airlines – 0.5% |
||||||
| Continental Airlines, Inc., 6.795%, 2018 |
$ | 280,692 | $ | 263,148 | ||
| Apparel Manufacturers – 0.1% |
||||||
| Propex Fabrics, Inc., 10%, 2012 (d) |
$ | 395,000 | $ | 37,525 | ||
| Asset Backed & Securitized – 3.3% |
||||||
| Anthracite Ltd., CDO, 6%, 2037 (z) |
$ | 450,000 | $ | 300,797 | ||
| Asset Securitization Corp., FRN, 9.12%, 2029 (z) |
700,000 | 803,688 | ||||
| Falcon Franchise Loan LLC, FRN, 3.932%, 2025 (i)(z) |
516,277 | 67,079 | ||||
| JPMorgan Chase Commercial Mortgage Securities Corp., FRN, 6.26%, 2051 |
95,000 | 80,203 | ||||
| Merrill Lynch Mortgage Trust, FRN, 6.022%, 2050 |
95,000 | 79,149 | ||||
| Morgan Stanley Capital I, Inc., FRN, 1.46%, 2039 (i)(n) |
697,506 | 24,059 | ||||
| Preferred Term Securities XII Ltd., 9.8%, 2033 (e)(z) |
225,000 | 157,500 | ||||
| Preferred Term Securities XVI Ltd., 14%, 2035 (e)(z) |
300,000 | 228,000 | ||||
| Preferred Term Securities XVII Ltd., 9.3%, 2035 (e)(z) |
187,000 | 130,900 | ||||
| $ | 1,871,375 | |||||
| Automotive – 2.4% |
||||||
| Allison Transmission, Inc., 11%, 2015 (n) |
$ | 675,000 | $ | 567,000 | ||
| Ford Motor Credit Co. LLC, 9.75%, 2010 |
186,000 | 179,654 | ||||
| Ford Motor Credit Co. LLC, 8.625%, 2010 |
125,000 | 117,472 | ||||
| Ford Motor Credit Co. LLC, 8%, 2016 |
135,000 | 113,347 | ||||
| General Motors Acceptance Corp., 8.375%, 2033 |
401,000 | 325,813 | ||||
| TRW Automotive, Inc., 7%, 2014 (n) |
85,000 | 77,988 | ||||
| $ | 1,381,274 | |||||
| Broadcasting – 7.7% |
||||||
| Allbritton Communications Co., 7.75%, 2012 |
$ | 334,000 | $ | 333,165 | ||
| Bonten Media Acquisition Co., 9%, 2015 (n)(p) |
165,000 | 136,950 | ||||
| CanWest MediaWorks LP, 9.25%, 2015 (n) |
205,000 | 193,725 | ||||
| Clear Channel Communications, Inc., 5.5%, 2014 |
235,000 | 179,061 | ||||
| Inmarsat Finance II PLC, 0% to 2008, 10.375% to 2012 |
360,000 | 351,000 | ||||
| Intelsat Ltd., 8.625%, 2015 |
135,000 | 134,494 | ||||
| Intelsat Ltd., 0% to 2010, 9.25% to 2015 |
180,000 | 147,600 | ||||
| Intelsat Ltd., 11.25%, 2016 |
245,000 | 245,000 | ||||
| Intelsat Ltd., FRN, 10.828%, 2013 |
80,000 | 81,800 | ||||
| ION Media Networks, Inc., FRN, 10.507%, 2013 (n) |
250,000 | 216,250 | ||||
| Lamar Media Corp., 6.625%, 2015 |
205,000 | 194,238 | ||||
| Lamar Media Corp., 6.625%, 2015 |
130,000 | 123,175 | ||||
| LBI Media, Inc., 0% to 2008, 11% to 2013 |
875,000 | 791,875 | ||||
| LBI Media, Inc., 8.5%, 2017 (n) |
130,000 | 115,375 | ||||
| LIN TV Corp., 6.5%, 2013 |
290,000 | 273,325 | ||||
| Local TV Finance LLC, 9.25%, 2015 (n)(p) |
210,000 | 183,750 | ||||
| Nexstar Broadcasting Group, Inc., 7%, 2014 |
150,000 | 137,250 | ||||
| Univision Communications, Inc., 9.75%, 2015 (n)(p) |
700,000 | 523,250 | ||||
| $ | 4,361,283 | |||||
| Brokerage & Asset Managers – 0.9% |
||||||
| Nuveen Investments, Inc., 10.5%, 2015 (n) |
$ | 505,000 | $ | 489,850 | ||
1
MFS Special Value Trust
PORTFOLIO OF INVESTMENTS (Unaudited) 1/31/08 - continued
| Issuer |
Shares/Par | Value ($) | ||||
| Bonds – continued |
||||||
| Building – 0.7% |
||||||
| Building Materials Corp. of America, 7.75%, 2014 |
$ | 75,000 | $ | 55,500 | ||
| Interface, Inc., 9.5%, 2014 |
170,000 | 173,825 | ||||
| Ply Gem Industries, Inc., 9%, 2012 |
200,000 | 149,000 | ||||
| $ | 378,325 | |||||
| Business Services – 0.6% |
||||||
| SunGard Data Systems, Inc., 10.25%, 2015 |
$ | 335,000 | $ | 335,000 | ||
| Cable TV – 2.2% |
||||||
| CCH I Holdings LLC, 11%, 2015 |
$ | 363,000 | $ | 259,999 | ||
| CCH II Holdings LLC, 10.25%, 2010 |
200,000 | 189,500 | ||||
| CCO Holdings LLC, 8.75%, 2013 |
95,000 | 88,350 | ||||
| CSC Holdings, Inc., 6.75%, 2012 |
215,000 | 203,713 | ||||
| Mediacom LLC, 9.5%, 2013 |
275,000 | 245,438 | ||||
| NTL Cable PLC, 9.125%, 2016 |
173,000 | 156,565 | ||||
| Videotron LTEE, 6.875%, 2014 |
120,000 | 116,100 | ||||
| $ | 1,259,665 | |||||
| Chemicals – 3.4% |
||||||
| Innophos, Inc., 8.875%, 2014 |
$ | 595,000 | $ | 584,588 | ||
| Koppers Holdings, Inc., 9.875%, 2013 |
150,000 | 159,750 | ||||
| Koppers Holdings, Inc., 0% to 2009, 9.875% to 2014 |
547,000 | 462,215 | ||||
| Momentive Performance Materials, Inc., 10%, 2014 |
235,000 | 212,675 | ||||
| Mosaic Co., 7.875%, 2016 (n) |
155,000 | 167,400 | ||||
| Nalco Co., 8.875%, 2013 |
320,000 | 324,800 | ||||
| $ | 1,911,428 | |||||
| Computer Software – 0.5% |
||||||
| First Data Corp., 9.875%, 2015 (n) |
$ | 305,000 | $ | 269,925 | ||
| Consumer Goods & Services – 1.1% |
||||||
| GEO Group, Inc., 8.25%, 2013 |
$ | 210,000 | $ | 211,575 | ||
| KAR Holdings, Inc., 10%, 2015 (n) |
270,000 | 225,450 | ||||
| Visant Holding Corp., 8.75%, 2013 |
74,000 | 71,595 | ||||
| Vitro S.A. de C.V., 8.625%, 2012 |
4,000 | 3,800 | ||||
| Vitro S.A.B. de C.V., 9.125%, 2017 |
121,000 | 105,573 | ||||
| $ | 617,993 | |||||
| Containers – 0.9% |
||||||
| Crown Americas LLC, 7.625%, 2013 |
$ | 125,000 | $ | 125,938 | ||
| Graham Packaging Co. LP, 9.875%, 2014 |
305,000 | 257,725 | ||||
| Owens-Brockway Glass Container, Inc., 8.25%, 2013 |
105,000 | 108,675 | ||||
| $ | 492,338 | |||||
| Electronics – 1.3% |
||||||
| Avago Technologies Finance, 11.875%, 2015 |
$ | 170,000 | $ | 177,650 | ||
| Flextronics International Ltd., 6.25%, 2014 |
375,000 | 352,500 | ||||
| Spansion LLC, 11.25%, 2016 (n) |
300,000 | 210,000 | ||||
| $ | 740,150 | |||||
| Emerging Market Quasi-Sovereign – 0.1% |
||||||
| OAO Gazprom, 9.625%, 2013 |
$ | 60,000 | $ | 69,228 | ||
| Emerging Market Sovereign – 0.6% |
||||||
| Republic of Argentina, 7%, 2017 |
$ | 234,000 | $ | 188,260 | ||
| Republic of Ecuador, FRN, 10%, 2030 |
134,000 | 129,645 | ||||
| Republic of Panama, 6.7%, 2036 |
28,000 | 28,280 | ||||
| $ | 346,185 | |||||
2
MFS Special Value Trust
PORTFOLIO OF INVESTMENTS (Unaudited) 1/31/08 - continued
| Issuer |
Shares/Par | Value ($) | ||||
| Bonds – continued |
||||||
| Energy – Independent – 3.6% |
||||||
| Chaparral Energy, Inc., 8.875%, 2017 (n) |
$ | 410,000 | $ | 342,350 | ||
| Chesapeake Energy Corp., 6.375%, 2015 |
230,000 | 223,100 | ||||
| Chesapeake Energy Corp., 6.875%, 2016 |
80,000 | 79,200 | ||||
| Forest Oil Corp., 7.25%, 2019 (n) |
120,000 | 120,000 | ||||
| Hilcorp Energy I LP, 7.75%, 2015 (n) |
145,000 | 138,838 | ||||
| Hilcorp Energy I LP, 9%, 2016 (n) |
90,000 | 90,000 | ||||
| Mariner Energy, Inc., 8%, 2017 |
220,000 | 210,100 | ||||
| OPTI Canada, Inc., 8.25%, 2014 (n) |
375,000 | 367,500 | ||||
| Plains Exploration & Production Co., 7%, 2017 |
350,000 | 332,500 | ||||
| Southwestern Energy Co., 7.5%, 2018 (z) |
135,000 | 138,713 | ||||
| $ | 2,042,301 | |||||
| Entertainment – 0.8% |
||||||
| AMC Entertainment, Inc., 11%, 2016 |
$ | 150,000 | $ | 148,500 | ||
| Marquee Holdings, Inc., 0% to 2009, 12% to 2014 |
415,000 | 292,575 | ||||
| $ | 441,075 | |||||
| Financial Institutions – 1.3% |
||||||
| General Motors Acceptance Corp., 6.875%, 2011 |
$ | 469,000 | $ | 410,035 | ||
| Residential Capital LLC, 7.625%, 2008 |
395,000 | 304,150 | ||||
| Residential Capital LLC, 8%, 2012 |
24,000 | 15,000 | ||||
| $ | 729,185 | |||||
| Food & Beverages – 1.3% |
||||||
| ARAMARK Corp., 8.5%, 2015 |
$ | 470,000 | $ | 467,650 | ||
| Dean Foods Co., 7%, 2016 |
300,000 | 273,000 | ||||
| $ | 740,650 | |||||
| Forest & Paper Products – 1.5% |
||||||
| Abitibi-Consolidated, Inc., 7.4%, 2018 |
$ | 130,000 | $ | 82,550 | ||
| Catalyst Paper Corp., 8.625%, 2011 |
65,000 | 54,925 | ||||
| Jefferson Smurfit Corp., 8.25%, 2012 |
210,000 | 201,600 | ||||
| JSG Funding PLC, 7.75%, 2015 |
30,000 | 27,600 | ||||
| Millar Western Forest Products Ltd., 7.75%, 2013 |
470,000 | 345,450 | ||||
| NewPage Holding Corp., 10%, 2012 (n) |
150,000 | 149,250 | ||||
| $ | 861,375 | |||||
| Gaming & Lodging – 5.6% |
||||||
| Fontainebleau Las Vegas Holdings LLC, 10.25%, 2015 (n) |
$ | 230,000 | $ | 172,500 | ||
| Harrah’s Operating Co., Inc., 5.375%, 2013 |
150,000 | 102,000 | ||||
| Harrah’s Operating Co., Inc., 10.75%, 2016 (z) |
155,000 | 140,275 | ||||
| Harrah’s Operating Co., Inc., 5.75%, 2017 |
830,000 | 498,000 | ||||
| Isle of Capri Casinos, Inc., 7%, 2014 |
245,000 | 188,650 | ||||
| MGM Mirage, 7.5%, 2016 |
780,000 | 748,800 | ||||
| MTR Gaming Group, Inc., 9%, 2012 |
80,000 | 68,800 | ||||
| Newland International Properties Corp., 9.5%, 2014 (n) |
156,000 | 150,345 | ||||
| Station Casinos, Inc., 6.5%, 2014 |
480,000 | 331,200 | ||||
| Station Casinos, Inc., 6.875%, 2016 |
80,000 | 54,400 | ||||
| Trump Entertainment Resorts Holdings, Inc., 8.5%, 2015 |
375,000 | 270,000 | ||||
| Wynn Las Vegas LLC, 6.625%, 2014 |
470,000 | 452,963 | ||||
| $ | 3,177,933 | |||||
| Industrial – 1.1% |
||||||
| Blount, Inc., 8.875%, 2012 |
$ | 145,000 | $ | 142,463 | ||
| JohnsonDiversey Holdings, Inc., “B”, 9.625%, 2012 |
465,000 | 471,975 | ||||
| $ | 614,438 | |||||
3
MFS Special Value Trust
PORTFOLIO OF INVESTMENTS (Unaudited) 1/31/08 - continued
| Issuer |
Shares/Par | Value ($) | ||||
| Bonds – continued |
||||||
| Insurance - Property & Casualty – 0.5% |
||||||
| USI Holdings Corp., 9.75%, 2015 (n) |
$ | 370,000 | $ | 288,600 | ||
| Machinery & Tools – 0.2% |
||||||
| Case New Holland, Inc., 7.125%, 2014 |
$ | 140,000 | $ | 139,650 | ||
| Medical & Health Technology & Services – 7.5% |
||||||
| Accellent, Inc., 10.5%, 2013 |
$ | 340,000 | $ | 268,600 | ||
| Community Health Systems, Inc., 8.875%, 2015 |
395,000 | 397,469 | ||||
| DaVita, Inc., 6.625%, 2013 |
80,000 | 78,800 | ||||
| DaVita, Inc., 7.25%, 2015 |
525,000 | 522,375 | ||||
| HCA, Inc., 9%, 2014 |
320,000 | 305,602 | ||||
| HCA, Inc., 6.375%, 2015 |
245,000 | 208,863 | ||||
| HCA, Inc., 9.25%, 2016 |
620,000 | 650,225 | ||||
| HealthSouth Corp., 10.75%, 2016 |
165,000 | 172,013 | ||||
| LVB Acquisition Merger Sub, Inc., 10%, 2017 (n) |
235,000 | 242,050 | ||||
| LVB Acquisition Merger Sub, Inc., 11.625%, 2017 (n) |
300,000 | 292,875 | ||||
| Psychiatric Solutions, Inc., 7.75%, 2015 |
210,000 | 206,850 | ||||
| Surgical Care Affiliates, Inc., 10%, 2017 (n) |
185,000 | 157,250 | ||||
| U.S. Oncology, Inc., 10.75%, 2014 |
350,000 | 341,250 | ||||
| Universal Hospital Services, Inc., 8.5%, 2015 (p) |
130,000 | 131,300 | ||||
| Universal Hospital Services, Inc., FRN, 8.287%, 2015 |
35,000 | 33,250 | ||||
| VWR Funding, Inc., 10.25%, 2015 (n)(p) |
260,000 | 243,100 | ||||
| $ | 4,251,872 | |||||
| Metals & Mining – 2.8% |
||||||
| FMG Finance Ltd., 10.625%, 2016 (n) |
$ | 460,000 | $ | 522,100 | ||
| Foundation PA Coal Co., 7.25%, 2014 |
65,000 | 64,025 | ||||
| Freeport-McMoRan Copper & Gold, Inc., 8.375%, 2017 |
295,000 | 313,438 | ||||
| Freeport-McMoRan Copper & Gold, Inc., FRN, 8.394%, 2015 |
345,000 | 338,531 | ||||
| PNA Group, Inc., 10.75%, 2016 |
275,000 | 247,500 | ||||
| Ryerson, Inc., 12%, 2015 (n) |
120,000 | 112,800 | ||||
| $ | 1,598,394 | |||||
| Natural Gas - Distribution – 0.8% |
||||||
| AmeriGas Partners LP, 7.125%, 2016 |
$ | 250,000 | $ | 243,125 | ||
| Inergy LP, 6.875%, 2014 |
215,000 | 208,013 | ||||
| $ | 451,138 | |||||
| Natural Gas - Pipeline – 1.6% |
||||||
| Atlas Pipeline Partners LP, 8.125%, 2015 |
$ | 210,000 | $ | 201,600 | ||
| Deutsche Bank (El Paso Performance-Linked Trust, CLN), 7.75%, 2011 (n) |
65,000 | 66,850 | ||||
| El Paso Corp., 7.75%, 2032 |
250,000 | 248,582 | ||||
| Knight, Inc., 7.25%, 2028 |
215,000 | 194,997 | ||||
| Williams Cos., Inc., 8.75%, 2032 |
165,000 | 197,175 | ||||
| $ | 909,204 | |||||
| Network & Telecom – 0.8% |
||||||
| Cincinnati Bell, Inc., 8.375%, 2014 |
$ | 235,000 | $ | 224,425 | ||
| Nordic Telephone Co. Holdings, 8.875%, 2016 (n) |
105,000 | 106,575 | ||||
| Qwest Corp., 8.875%, 2012 |
115,000 | 121,469 | ||||
| $ | 452,469 | |||||
| Oil Services – 0.3% |
||||||
| Basic Energy Services, Inc., 7.125%, 2016 |
$ | 165,000 | $ | 155,100 | ||
| Oils – 0.3% |
||||||
| Petroleos de Venezuela S.A., 5.25%, 2017 |
$ | 250,000 | $ | 184,375 | ||
4
MFS Special Value Trust
PORTFOLIO OF INVESTMENTS (Unaudited) 1/31/08 - continued
| Issuer |
Shares/Par | Value ($) | ||||
| Bonds – continued |
||||||
| Other Banks & Diversified Financials – 0.7% |
||||||
| CenterCredit International B.V., 8.625%, 2014 |
$ | 200,000 | $ | 179,500 | ||
| Russian Standard Finance S.A., 8.625%, 2011 |
150,000 | 140,625 | ||||
| Russian Standard Finance S.A., 8.625%, 2011 (n) |
101,000 | 94,688 | ||||
| $ | 414,813 | |||||
| Printing & Publishing – 3.9% |
||||||
| American Media Operations, Inc., 10.25%, 2009 |
$ | 13,416 | $ | 9,995 | ||
| American Media Operations, Inc., “B”, 10.25%, 2009 |
369,000 | 274,905 | ||||
| Dex Media, Inc., 0% to 2008, 9% to 2013 |
310,000 | 275,125 | ||||
| Dex Media, Inc., 0% to 2008, 9% to 2013 |
210,000 | 186,375 | ||||
| Idearc, Inc., 8%, 2016 |
715,000 | 639,925 | ||||
| Nielsen Finance LLC, 10%, 2014 |
125,000 | 126,250 | ||||
| Nielsen Finance LLC, 0% to 2011, 12.5% to 2016 |
410,000 | 287,000 | ||||
| Quebecor World, Inc., 6.125%, 2013 (d) |
175,000 | 75,250 | ||||
| R.H. Donnelley Corp., 8.875%, 2016 |
365,000 | 312,988 | ||||
| $ | 2,187,813 | |||||
| Retailers – 0.7% |
||||||
| Buhrmann U.S., Inc., 7.875%, 2015 |
$ | 125,000 | $ | 115,625 | ||
| Couche-Tard, Inc., 7.5%, 2013 |
125,000 | 124,219 | ||||
| Eye Care Centers of America, Inc., 10.75%, 2015 |
145,000 | 153,338 | ||||
| $ | 393,182 | |||||
| Specialty Stores – 0.3% |
||||||
| Payless ShoeSource, Inc., 8.25%, 2013 |
$ | 215,000 | $ | 197,800 | ||
| Telecommunications - Wireless – 1.5% |
||||||
| Alltel Corp., 7%, 2012 |
$ | 377,000 | $ | 320,450 | ||
| Centennial Communications Corp., 10.125%, 2013 |
140,000 | 143,150 | ||||
| MetroPCS Wireless, Inc., 9.25%, 2014 |
180,000 | 165,600 | ||||
| Wind Acquisition Finance S.A., 10.75%, 2015 (n) |
225,000 | 238,500 | ||||
| $ | 867,700 | |||||
| Transportation – 0.4% |
||||||
| Autopistas del Sol S.A., 11.5%, 2017 (n) |
$ | 166,000 | $ | 136,328 | ||
| PT Arpeni Pratama Ocean Line Tbk., 8.75%, 2013 (n) |
132,000 | 114,840 | ||||
| $ | 251,168 | |||||
| Transportation - Services – 0.5% |
||||||
| Hertz Corp., 8.875%, 2014 |
$ | 270,000 | $ | 260,550 | ||
| Utilities - Electric Power – 5.1% |
||||||
| Dynegy Holdings, Inc., 7.5%, 2015 |
$ | 75,000 | $ | 69,938 | ||
| Edison Mission Energy, 7%, 2017 |
335,000 | 325,788 | ||||
| Intergen N.V., 9%, 2017 (n) |
110,000 | 114,675 | ||||
| Mirant Americas Generation LLC, 8.5%, 2021 |
750,000 | 661,875 | ||||
| NGC Corp. Capital Trust, 8.316%, 2027 |
275,000 | 242,000 | ||||
| NRG Energy, Inc., 7.375%, 2016 |
775,000 | 748,844 | ||||
| Reliant Energy, Inc., 6.75%, 2014 |
65,000 | 65,569 | ||||
| Reliant Energy, Inc., 7.875%, 2017 |
525,000 | 511,875 | ||||
| Sierra Pacific Resources, 8.625%, 2014 |
125,000 | 134,004 | ||||
| $ | 2,874,568 | |||||
| Total Bonds |
$ | 40,438,908 | ||||
| Common Stocks – 14.1% |
||||||
| Biotechnology – 1.3% |
||||||
| Amgen, Inc. (a)(l) |
15,600 | $ | 726,804 | |||
5
MFS Special Value Trust
PORTFOLIO OF INVESTMENTS (Unaudited) 1/31/08 - continued
| Issuer |
Shares/Par | Value ($) | |||
| Common Stocks – continued |
|||||
| Broadcasting – 0.7% |
|||||
| Clear Channel Communications, Inc. |
5,200 | $ | 159,692 | ||
| Idearc, Inc. (l) |
15,600 | 253,656 | |||
| $ | 413,348 | ||||
| Brokerage & Asset Managers – 0.7% |
|||||
| E*TRADE Financial Corp. (a)(l) |
81,100 | $ | 403,067 | ||
| Cable TV – 0.8% |
|||||
| Comcast Corp., “A” (a)(l) |
23,300 | $ | 423,128 | ||
| Time Warner Cable, Inc. (a)(l) |
2,300 | 57,868 | |||
| $ | 480,996 | ||||
| Construction – 2.0% |
|||||
| D.R. Horton, Inc. (l) |
18,300 | $ | 315,675 | ||
| Masco Corp. (l) |
36,400 | 834,652 | |||
| $ | 1,150,327 | ||||
| Consumer Goods & Services – 0.0% |
|||||
| Central Garden & Pet Co. (a)(l) |
1,900 | $ | 10,431 | ||
| Electronics – 0.1% |
|||||
| Intel Corp. |
1,900 | $ | 40,280 | ||
| Energy - Independent – 0.1% |
|||||
| Sandridge Energy, Inc. (a) |
2,090 | $ | 63,599 | ||
| Energy - Integrated – 0.5% |
|||||
| Chevron Corp. |
3,200 | $ | 270,400 | ||
| Forest & Paper Products – 0.1% |
|||||
| Louisiana-Pacific Corp. (l) |
2,000 | $ | 30,540 | ||
| Insurance – 1.0% |
|||||
| Conseco, Inc. (a)(l) |
45,700 | $ | 550,228 | ||
| Major Banks – 0.5% |
|||||
| Bank of America Corp. |
6,500 | $ | 288,275 | ||
| JPMorgan Chase & Co. (l) |
500 | 23,775 | |||
| $ | 312,050 | ||||
| Medical Equipment – 2.3% |
|||||
| Boston Scientific Corp. (a)(l) |
98,700 | $ | 1,197,231 | ||
| Pall Corp. |
2,100 | 77,469 | |||
| $ | 1,274,700 | ||||
| Network & Telecom – 1.3% |
|||||
| Nortel Networks Corp. (a)(l) |
59,629 | $ | 743,574 | ||
| Pharmaceuticals – 0.1% |
|||||
| Johnson & Johnson (l) |
800 | $ | 50,608 | ||
| Printing & Publishing – 0.0% |
|||||
| Golden Books Family Entertainment, Inc. (a) |
53,266 | $ | 0 | ||
| Real Estate – 0.1% |
|||||
| Host Hotels & Resorts, Inc., REIT (l) |
4,000 | $ | 66,960 | ||
| Specialty Stores – 0.7% |
|||||
| Sally Beauty Holdings, Inc. (a)(l) |
45,600 | $ | 372,096 | ||
| Telephone Services – 0.5% |
|||||
| Adelphia Business Solutions, Inc. (a)(l) |
40,000 | $ | 0 | ||
| Windstream Corp. (l) |
23,200 | 269,352 | |||
| $ | 269,352 | ||||
6
MFS Special Value Trust
PORTFOLIO OF INVESTMENTS (Unaudited) 1/31/08 - continued
| Issuer |
Shares/Par | Value ($) | ||||
| Common Stocks – continued |
||||||
| Utilities - Electric Power – 1.3% |
||||||
| Dynegy, Inc. (a)(l) |
38,000 | $ | 266,760 | |||
| NRG Energy, Inc. (a)(l) |
12,454 | 480,586 | ||||
| $ | 747,346 | |||||
| Total Common Stocks |
$ | 7,976,706 | ||||
| Floating Rate Loans – 6.9% (g)(r) |
||||||
| Aerospace – 0.3% |
||||||
| Hawker Beechcraft Acquisition Co., Letter of Credit, 6.93%, 2014 (o) |
$ | 10,516 | $ | 9,604 | ||
| Hawker Beechcraft Acquisition Co., Term Loan, 6.83%, 2014 (o) |
189,079 | 172,693 | ||||
| $ | 182,297 | |||||
| Automotive – 1.5% |
||||||
| Allison Transmission, Inc., Term Loan B, 7.43%, 2014 (o) |
$ | 165,048 | $ | 144,128 | ||
| Ford Motor Co., Term Loan B, 8%, 2013 (o) |
377,074 | 329,311 | ||||
| Goodyear Tire & Rubber Co., Second Lien Term Loan, 6.43%, 2014 (o) |
335,647 | 305,439 | ||||
| Mark IV Industries, Inc., Second Lien Term Loan, 13.10%, 2011 |
129,863 | 79,217 | ||||
| $ | 858,095 | |||||
| Broadcasting – 0.4% |
||||||
| Univision Communications, Inc., Term Loan B, 5.49%, 2014 (o) |
$ | 245,203 | $ | 201,312 | ||
| Building – 0.5% |
||||||
| Building Materials Holding Corp., Second Lien Term Loan, 9.56%, 2014 |
$ | 240,217 | $ | 161,546 | ||
| Roofing Supply Group, Inc., Term Loan, 9.71%, 2013 |
158,741 | 139,692 | ||||
| $ | 301,238 | |||||
| Cable TV – 1.0% |
||||||
| Charter Communications, Inc., Term Loan, 5.26%, 2013 (o) |
$ | 344,769 | $ | 299,871 | ||
| CSC Holdings, Inc., Incremental Term Loan, 2013 (o) |
275,000 | 252,284 | ||||
| $ | 552,155 | |||||
| Computer Software – 0.6% |
||||||
| First Data Corp., Term Loan B-1, 7.63%, 2014 (o) |
$ | 395,013 | $ | 355,731 | ||
| Energy - Independent – 0.8% |
||||||
| Crimson Exploration, Inc., Second Lien Term Loan, 10.07%, 2012 |
$ | 111,133 | $ | 105,577 | ||
| Sandridge Energy, Inc., Term Loan, 8.63%, 2015 |
327,000 | 322,913 | ||||
| $ | 428,490 | |||||
| Gaming & Lodging – 0.4% |
||||||
| Harrahs Entertainment, Inc., Term Loan B-2, 2015 (o) |
$ | 225,000 | $ | 206,531 | ||
| Medical & Health Technology & Services – 0.1% |
||||||
| Advanced Medical Optics, Inc., Term Loan, 6.48%, 2014 |
$ | 59,014 | $ | 54,735 | ||
| HCA, Inc., Term Loan B, 7.08%, 2013 |
22,351 | 20,617 | ||||
| $ | 75,352 | |||||
| Specialty Stores – 0.9% |
||||||
| Michaels Stores, Inc., Term Loan B, 7.58%, 2013 (o) |
$ | 595,569 | $ | 506,895 | ||
| Utilities - Electric Power – 0.4% |
||||||
| TXU Corp., Term Loan B-3, 2014 (o) |
$ | 225,000 | $ | 207,437 | ||
| Total Floating Rate Loans |
$ | 3,875,533 | ||||
| Preferred Stocks – 1.2% |
||||||
| Broadcasting – 1.2% |
||||||
| Spanish Broadcasting Systems, Inc., “B”, 10.75% (a)(p) |
775 | $ | 697,500 | |||
| Short-Term Obligations – 7.9% (y) |
||||||
| General Electric Capital Corp., 3.02%, due 2/01/08 |
$ | 2,259,000 | $ | 2,259,000 | ||
7
MFS Special Value Trust
PORTFOLIO OF INVESTMENTS (Unaudited) 1/31/08 - continued
| Short-Term Obligations(y) – continued |
||||||
| Goldman Sachs Group, Inc., 3.02%, due 2/01/08 |
2,212,000 | $ | 2,212,000 | |||
| Total Short-Term Obligations |
$ | 4,471,000 | ||||
| Collateral for Securities Loaned – 12.5% |
||||||
| Navigator Securities Lending Prime Portfolio, at Net Asset Value |
7,074,140 | $ | 7,074,140 | |||
| Total Investments(k) |
$ | 64,533,787 | ||||
| Other Assets, Less Liabilities – (14.0)% |
(7,927,452 | ) | ||||
| Net Assets – 100.0% |
$ | 56,606,335 | ||||
| (a) | Non-income producing security. |
| (d) | Non-income producing security - in default. |
| (e) | The rate shown represents a current effective yield. |
| (g) | The rate shown represents a weighted average coupon rate on settled positions at period end. |
| (i) | Interest only security for which the fund receives interest on notional principal (Par amount). Par amount shown is the notional principal and does not reflect the cost of the security. |
| (k) | As of January 31, 2008, the fund held securities fair valued in accordance with the policies adopted by the Board of Trustees, aggregating $ 39,424,385 and 61.09% of market value. An independent pricing service provided an evaluated bid for 60.20% of the market value. |
| (l) | All or a portion of this security is on loan. |
| (n) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. At period end, the aggregate value of these securities was $8,255,299 representing 14.6% of net assets. |
| (o) | All or a portion of this position has not settled. Upon settlement date, interest rates will be determined. |
| (p) | Payment-in-kind security. |
| (r) | Remaining maturities of floating rate loans may be less than stated maturities shown as a result of contractual or optional prepayments by the borrower. Such prepayments cannot be predicted with certainty. These loans may be subject to restrictions on resale. Floating rate loans generally have rates of interest which are determined periodically by reference to a base lending rate plus a premium. |
| (y) | The rate shown represents an annualized yield at time of purchase. |
| (z) | Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an acceptable price may be difficult. The fund holds the following restricted securities: |
| Restricted Securities |
Acquisition Date | Acquisition Cost |
Current Market Value |
||||||
| Anthracite Ltd., CDO, 6%, 2037 |
5/14/02 | $ | 303,729 | $ | 300,797 | ||||
| Asset Securitization Corp., FRN, 9.12%, 2029 |
1/25/05 | 604,160 | 803,688 | ||||||
| Falcon Franchise Loan LLC, FRN, 3.932%, 2023 |
1/29/03 | 98,073 | 67,079 | ||||||
| Harrah’s Operating Co., Inc., 10.75%, 2016 |
1/30/08 | 141,144 | 140,275 | ||||||
| Preferred Term Securities XII Ltd., 9.8%, 2033 |
1/07/05 | 236,250 | 157,500 | ||||||
| Preferred Term Securities XVI Ltd., 14%, 2035 |
12/08/04 | 300,000 | 228,000 | ||||||
| Preferred Term Securities XVII Ltd., 9.3%, 2035 |
3/09/05 | 187,000 | 130,900 | ||||||
| Southwestern Energy Co., 7.5%, 2018 |
1/11/08 -1/16/08 | 136,406 | 138,713 | ||||||
| Total Restricted Securities |
$ | 1,966,952 | |||||||
| % of Net Assets |
3.5 | % | |||||||
The following abbreviations are used in this report and are defined:
| CDO | Collateralized Debt Obligation | |
| CLN | Credit-Linked Note | |
| FRN | Floating Rate Note. Interest rate resets periodically and may not be the rate reported at period end. | |
| REIT | Real Estate Investment Trust |
See attached supplemental information. For more information see notes to financial statements as disclosed in the most recent semiannual or annual report.
8
MFS Special Value Trust
Supplemental Information (Unaudited) 1/31/08
(1) Portfolio Securities
The cost and unrealized appreciation and depreciation in the value of the investments owned by the fund, as computed on a federal income tax basis, are as follows:
| Aggregate Cost |
$ | 72,006,773 | ||
| Gross unrealized appreciation |
$ | 116,639 | ||
| Gross unrealized depreciation |
(7,589,625 | ) | ||
| Net unrealized appreciation (depreciation) |
$ | (7,472,986 | ) | |
The aggregate cost above includes prior fiscal year end tax adjustments.
(2) Securities Lending Collateral
At January 31, 2008, the value of securities loaned was $7,020,684. These loans were collateralized by cash of $7,074,140 and U.S. Treasury obligations of $161,414.
(3) Unfunded Loan Commitments
As of January 31, 2008, the portfolio had unfunded loan commitments of $8,514, which could be extended at the option of the borrower, pursuant to the following loan agreements:
| Borrower |
Unfunded Loan Commitment |
Unrealized Appreciation (Depreciation) |
|||||
| Univision Communications, Delayed Draw Term Loan B, 2014 |
$ | 8,514 | $ | (865 | ) | ||
(4) Financial Instruments Swap Agreements at 1/31/08
| Expiration |
Notional Amount |
Counterparty |
Cash Flows to Receive |
Cash Flows to Pay |
Value | |||||||
| Credit Default Swaps | ||||||||||||
| 6/20/09 USD | 200,000 | JPMorgan Chase Bank | 4.1% (fixed rate) | (1) | $ | (19,811 | ) | |||||
| 6/20/12 USD | 200,000 | Morgan Stanley Capital Services, Inc. | 3.76% (fixed rate) | (2) | (44,312 | ) | ||||||
| 6/20/12 USD | 100,000 | Morgan Stanley Capital Services, Inc. | 4.15% (fixed rate) | (2) | (21,014 | ) | ||||||
| 6/20/12 USD | 600,000 | JPMorgan Chase Bank (a) | (3) | 4.2065% (fixed rate) | 55,221 | |||||||
| 9/20/12 USD | 200,000 | Goldman Sachs International | 3.75% (fixed rate) | (4) | 237 | |||||||
| $ | (29,679 | ) | ||||||||||
| (1) | Fund to pay notional amount upon a defined credit event by Abitibi-Consolidated, 8.375%, 4/01/15. |
| (2) | Fund to pay notional amount upon a defined credit event by Bowater, Inc., 6.5%, 6/15/13. |
| (3) | Fund to receive notional amount upon a defined credit event by a reference obligation specified in the CDX High Yield Index. |
| (4) | Fund to pay notional amount upon a defined credit event by Allied Waste Management, Inc., 7.375%, 4/15/14. |
| (a) | Premiums paid by the fund amounted to $29,583. |
At January 31, 2008, the fund had sufficient cash and/or other liquid securities to cover any commitments under these derivative contracts.
9
| ITEM 2. | CONTROLS AND PROCEDURES. |
| (a) | Based upon their evaluation of the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as conducted within 90 days of the filing date of this Form N-Q, the registrant’s principal financial officer and principal executive officer have concluded that those disclosure controls and procedures provide reasonable assurance that the material information required to be disclosed by the registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms. |
| (b) | There were no changes in the registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
| ITEM 3. | EXHIBITS. |
File as exhibits as part of this Form a separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2): Attached hereto.
Notice
A copy of the Amended and Restated Declaration of Trust, as amended, of the Registrant is on file with the Secretary of State of The Commonwealth of Massachusetts and notice is hereby given that this instrument is executed on behalf of the Registrant by an officer of the Registrant as an officer and not individually and the obligations of or arising out of this instrument are not binding upon any of the Trustees or shareholders individually, but are binding only upon the assets and property of the respective constituent series of the Registrant.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Registrant: | MFS SPECIAL VALUE TRUST | |
| By (Signature and Title)* | MARIA F. DWYER | |
| Maria F. Dwyer, President | ||
Date: March 17, 2008
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| By (Signature and Title)* | MARIA F. DWYER | |
| Maria F. Dwyer, President (Principal Executive Officer) |
Date: March 17, 2008
| By (Signature and Title)* | TRACY ATKINSON | |
| Tracy Atkinson, Treasurer (Principal Financial Officer and Accounting Officer) |
Date: March 17, 2008
| * | Print name and title of each signing officer under his or her signature. |