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: July 31, 2008
| ITEM 1. | SCHEDULE OF INVESTMENTS. |
MFS Special Value Trust
PORTFOLIO OF INVESTMENTS (Unaudited) 7/31/08
| Issuer |
Shares/Par | Value ($) | ||||
| Bonds – 77.7% |
||||||
| Aerospace – 1.5% |
||||||
| Hawker Beechcraft Acquisition Co. LLC, 9.75%, 2017 |
$ | 395,000 | $ | 390,063 | ||
| Vought Aircraft Industries, Inc., 8%, 2011 |
440,000 | 405,900 | ||||
| $ | 795,963 | |||||
| Airlines – 0.5% |
||||||
| Continental Airlines, Inc., 7.339%, 2014 |
$ | 322,000 | $ | 241,500 | ||
| Apparel Manufacturers – 0.0% |
||||||
| Propex Fabrics, Inc., 10%, 2012 (d) |
$ | 395,000 | $ | 2,963 | ||
| Asset Backed & Securitized – 6.7% |
||||||
| Anthracite Ltd., CDO, 6%, 2037 (z) |
$ | 450,000 | $ | 225,000 | ||
| Banc of America Commercial Mortgage, Inc., 6.388%, 2018 (z) |
328,951 | 207,553 | ||||
| Banc of America Commercial Mortgage, Inc., 5.39%, 2045 |
79,804 | 70,543 | ||||
| Banc of America Commercial Mortgage, Inc., FRN, 5.772%, 2017 |
332,318 | 291,467 | ||||
| Banc of America Commercial Mortgage, Inc., FRN, 5.811%, 2017 |
77,897 | 69,128 | ||||
| Citigroup Commercial Mortgage Trust, FRN, 5.7%, 2049 |
220,000 | 135,860 | ||||
| Credit Suisse Mortgage Capital Certificate, 5.343%, 2039 |
72,952 | 63,918 | ||||
| Falcon Franchise Loan LLC, FRN, 3.42%, 2025 (i)(z) |
500,462 | 52,074 | ||||
| JPMorgan Chase Commercial Mortgage Securities Corp., 5.44%, 2045 |
230,909 | 204,533 | ||||
| JPMorgan Chase Commercial Mortgage Securities Corp., 5.372%, 2047 |
117,962 | 103,752 | ||||
| JPMorgan Chase Commercial Mortgage Securities Corp., FRN, 5.466%, 2047 |
157,602 | 136,744 | ||||
| JPMorgan Chase Commercial Mortgage Securities Corp., FRN, 5.746%, 2049 |
142,189 | 101,411 | ||||
| JPMorgan Chase Commercial Mortgage Securities Corp., FRN, 5.746%, 2049 |
217,049 | 152,144 | ||||
| JPMorgan Chase Commercial Mortgage Securities Corp., FRN, 5.746%, 2049 |
595,809 | 405,038 | ||||
| JPMorgan Chase Commercial Mortgage Securities Corp., FRN, 6.062%, 2051 |
95,000 | 67,801 | ||||
| Merrill Lynch Mortgage Trust, FRN, 5.829%, 2050 |
95,000 | 66,956 | ||||
| Merrill Lynch/Countrywide Commercial Mortgage Trust, FRN, 5.204%, 2049 |
249,789 | 217,552 | ||||
| Merrill Lynch/Countrywide Commercial Mortgage Trust, FRN, 5.749%, 2050 |
64,000 | 56,631 | ||||
| Morgan Stanley Capital I, Inc., FRN, 1.444%, 2039 (i)(n) |
697,506 | 18,240 | ||||
| Preferred Term Securities XII Ltd., 9.8%, 2033 (e)(z) |
225,000 | 140,625 | ||||
| Preferred Term Securities XVI Ltd., 14%, 2035 (e)(z) |
300,000 | 219,000 | ||||
| Preferred Term Securities XVII Ltd., 9.3%, 2035 (e)(z) |
187,000 | 69,424 | ||||
| Wachovia Bank Commercial Mortgage Trust, FRN, 5.691%, 2047 |
142,497 | 99,361 | ||||
| Wachovia Bank Commercial Mortgage Trust, FRN, 5.751%, 2047 |
89,972 | 61,192 | ||||
| Wachovia Bank Commercial Mortgage Trust, FRN, 5.902%, 2051 |
251,812 | 224,585 | ||||
| $ | 3,460,532 | |||||
| Automotive – 3.4% |
||||||
| Allison Transmission, Inc., 11%, 2015 (n) |
$ | 670,000 | $ | 606,350 | ||
| FCE Bank PLC, 7.125%, 2012 |
EUR | 250,000 | 323,544 | |||
| Ford Motor Credit Co. LLC, 12%, 2015 |
$ | 335,000 | 282,329 | |||
| Ford Motor Credit Co. LLC, 8%, 2016 |
305,000 | 215,550 | ||||
| Ford Motor Credit Co. LLC, FRN, 4.36%, 2010 |
160,000 | 136,778 | ||||
| General Motors Corp., 8.375%, 2033 |
436,000 | 214,730 | ||||
| $ | 1,779,281 | |||||
| Broadcasting – 5.7% |
||||||
| Bonten Media Acquisition Co., 9%, 2015 (n)(p) |
$ | 165,000 | $ | 125,400 | ||
| CanWest MediaWorks LP, 9.25%, 2015 (n) |
130,000 | 100,750 | ||||
| Inmarsat Finance II PLC, 0% to 2008, 10.375% to 2012 |
360,000 | 361,800 | ||||
| Lamar Media Corp., 6.625%, 2015 |
205,000 | 184,500 | ||||
| Lamar Media Corp., “C”, 6.625%, 2015 |
130,000 | 117,000 | ||||
| LBI Media Holdings, Inc., 0% to 2008, 11% to 2013 |
875,000 | 715,313 | ||||
| LBI Media, Inc., 8.5%, 2017 (n) |
130,000 | 99,613 | ||||
| LIN TV Corp., 6.5%, 2013 |
90,000 | 78,300 | ||||
| Local TV Finance LLC, 9.25%, 2015 (n)(p) |
210,000 | 159,600 | ||||
| Newport Television LLC, 13%, 2017 (n)(p) |
330,000 | 282,150 | ||||
| Nexstar Broadcasting Group, Inc., 7%, 2014 |
280,000 | 230,300 | ||||
1
MFS Special Value Trust
PORTFOLIO OF INVESTMENTS (Unaudited) 7/31/08 - continued
| Issuer |
Shares/Par | Value ($) | ||||
| Bonds – continued |
||||||
| Broadcasting – continued |
||||||
| Univision Communications, Inc., 9.75%, 2015 (n)(p) |
$ | 475,000 | $ | 362,188 | ||
| Young Broadcasting, Inc., 8.75%, 2014 |
405,000 | 173,138 | ||||
| $ | 2,990,052 | |||||
| Brokerage & Asset Managers – 1.0% |
||||||
| Nuveen Investments, Inc., 10.5%, 2015 (n) |
$ | 580,000 | $ | 522,000 | ||
| Building – 1.9% |
||||||
| Associated Materials, Inc., 9.75%, 2012 |
$ | 75,000 | $ | 73,875 | ||
| Associated Materials, Inc., 0% to 2009, 11.25% to 2014 |
230,000 | 140,875 | ||||
| Building Materials Corp. of America, 7.75%, 2014 |
195,000 | 152,100 | ||||
| Nortek Holdings, Inc., 10%, 2013 (n) |
110,000 | 98,450 | ||||
| Nortek Holdings, Inc., 8.5%, 2014 |
330,000 | 186,863 | ||||
| Ply Gem Industries, Inc., 9%, 2012 |
400,000 | 208,000 | ||||
| Ply Gem Industries, Inc., 11.75%, 2013 (n) |
130,000 | 116,350 | ||||
| $ | 976,513 | |||||
| Business Services – 0.7% |
||||||
| SunGard Data Systems, Inc., 10.25%, 2015 |
$ | 360,000 | $ | 365,400 | ||
| Cable TV – 4.4% |
||||||
| CCH I Holdings LLC, 11%, 2015 |
$ | 433,000 | $ | 327,998 | ||
| CCH II Holdings LLC, 10.25%, 2010 |
660,000 | 628,650 | ||||
| CCO Holdings LLC, 8.75%, 2013 |
755,000 | 698,375 | ||||
| CSC Holdings, Inc., 8.5%, 2015 (n) |
165,000 | 162,525 | ||||
| Mediacom LLC, 9.5%, 2013 |
305,000 | 288,225 | ||||
| NTL Cable PLC, 9.125%, 2016 |
173,000 | 160,025 | ||||
| $ | 2,265,798 | |||||
| Chemicals – 3.7% |
||||||
| Innophos, Inc., 8.875%, 2014 |
$ | 595,000 | $ | 595,000 | ||
| KI Holdings, Inc., 0% to 2009, 9.875% to 2014 |
547,000 | 492,300 | ||||
| Koppers Holdings, Inc., 9.875%, 2013 |
150,000 | 157,313 | ||||
| Momentive Performance Materials, Inc., 9.75%, 2014 |
75,000 | 66,375 | ||||
| Momentive Performance Materials, Inc., 11.5%, 2016 |
500,000 | 385,000 | ||||
| Nalco Co., 8.875%, 2013 |
240,000 | 247,800 | ||||
| $ | 1,943,788 | |||||
| Computer Software – 0.7% |
||||||
| First Data Corp., 9.875%, 2015 (n) |
$ | 425,000 | $ | 376,125 | ||
| Consumer Goods & Services – 1.4% |
||||||
| GEO Group, Inc., 8.25%, 2013 |
$ | 210,000 | $ | 213,150 | ||
| Jarden Corp., 7.5%, 2017 |
245,000 | 213,150 | ||||
| KAR Holdings, Inc., 10%, 2015 |
270,000 | 224,100 | ||||
| Ticketmaster, 10.75%, 2016 (z) |
100,000 | 103,500 | ||||
| $ | 753,900 | |||||
| Containers – 0.5% |
||||||
| Graham Packaging Co. LP, 9.875%, 2014 |
$ | 305,000 | $ | 260,775 | ||
| Electronics – 1.1% |
||||||
| Avago Technologies Finance, 11.875%, 2015 |
$ | 335,000 | $ | 356,775 | ||
| Spansion LLC, 11.25%, 2016 (n) |
310,000 | 192,200 | ||||
| $ | 548,975 | |||||
| Emerging Market Quasi-Sovereign – 0.3% |
||||||
| Naftogaz Ukraine, 8.125%, 2009 |
$ | 100,000 | $ | 89,250 | ||
| OAO Gazprom, 9.625%, 2013 |
60,000 | 65,850 | ||||
| $ | 155,100 | |||||
| Emerging Market Sovereign – 0.2% |
||||||
| Republic of Ecuador, 10%, 2030 |
$ | 134,000 | $ | 123,280 | ||
2
MFS Special Value Trust
PORTFOLIO OF INVESTMENTS (Unaudited) 7/31/08 - continued
| Issuer |
Shares/Par | Value ($) | ||||
| Bonds – continued |
||||||
| Energy - Independent – 3.7% |
||||||
| Chaparral Energy, Inc., 8.875%, 2017 |
$ | 255,000 | $ | 219,938 | ||
| Hilcorp Energy I LP, 7.75%, 2015 (n) |
245,000 | 224,788 | ||||
| Hilcorp Energy I LP, 9%, 2016 (n) |
90,000 | 88,200 | ||||
| Mariner Energy, Inc., 8%, 2017 |
150,000 | 141,375 | ||||
| OPTI Canada, Inc., 8.25%, 2014 |
375,000 | 377,813 | ||||
| Plains Exploration & Production Co., 7%, 2017 |
330,000 | 308,550 | ||||
| Quicksilver Resources, Inc., 7.125%, 2016 |
375,000 | 323,438 | ||||
| SandRidge Energy, Inc., 8%, 2018 (n) |
230,000 | 227,700 | ||||
| $ | 1,911,802 | |||||
| Entertainment – 1.1% |
||||||
| AMC Entertainment, Inc., 11%, 2016 |
$ | 155,000 | $ | 156,938 | ||
| Marquee Holdings, Inc., 9.505%, 2014 |
535,000 | 423,988 | ||||
| $ | 580,926 | |||||
| Financial Institutions – 0.5% |
||||||
| General Motors Acceptance Corp., 6.875%, 2011 |
$ | 233,000 | $ | 153,850 | ||
| General Motors Acceptance Corp., 8%, 2031 |
227,000 | 127,198 | ||||
| $ | 281,048 | |||||
| Food & Beverages – 0.8% |
||||||
| ARAMARK Corp., 8.5%, 2015 |
$ | 190,000 | $ | 189,288 | ||
| Dean Foods Co., 7%, 2016 |
260,000 | 235,300 | ||||
| $ | 424,588 | |||||
| Forest & Paper Products – 2.0% |
||||||
| Abitibi-Consolidated, Inc., 7.4%, 2018 |
$ | 130,000 | $ | 45,500 | ||
| Georgia-Pacific Corp., 7.125%, 2017 (n) |
135,000 | 124,538 | ||||
| Georgia-Pacific Corp., 8%, 2024 |
75,000 | 69,000 | ||||
| Graphic Packaging International Corp., 9.5%, 2013 |
270,000 | 251,100 | ||||
| JSG Funding PLC, 7.75%, 2015 |
30,000 | 27,000 | ||||
| Millar Western Forest Products Ltd., 7.75%, 2013 |
470,000 | 274,950 | ||||
| NewPage Holding Corp., 10%, 2012 |
75,000 | 71,813 | ||||
| Smurfit-Stone Container Corp., 8%, 2017 |
230,000 | 188,025 | ||||
| $ | 1,051,926 | |||||
| Gaming & Lodging – 5.6% |
||||||
| Firekeepers Development Authority, 13.875%, 2015 (z) |
$ | 340,000 | $ | 312,800 | ||
| Fontainebleau Las Vegas Holdings LLC, 10.25%, 2015 (n) |
445,000 | 235,850 | ||||
| Harrah’s Operating Co., Inc., 5.5%, 2010 |
145,000 | 126,150 | ||||
| Harrah’s Operating Co., Inc., 5.375%, 2013 |
150,000 | 80,250 | ||||
| Harrah’s Operating Co., Inc., 10.75%, 2016 (n) |
500,000 | 377,500 | ||||
| Harrah’s Operating Co., Inc., 10.75%, 2018 (n)(p) |
350,000 | 234,500 | ||||
| Host Marriott LP, 7.125%, 2013 |
145,000 | 133,400 | ||||
| Host Marriott LP, 6.75%, 2016 |
75,000 | 64,125 | ||||
| MTR Gaming Group, Inc., 9%, 2012 |
80,000 | 65,000 | ||||
| Newland International Properties Corp., 9.5%, 2014 (n) |
156,000 | 135,720 | ||||
| Pinnacle Entertainment, Inc., 7.5%, 2015 |
375,000 | 279,375 | ||||
| Station Casinos, Inc., 6%, 2012 |
75,000 | 50,250 | ||||
| Station Casinos, Inc., 6.5%, 2014 |
475,000 | 229,188 | ||||
| Station Casinos, Inc., 6.875%, 2016 |
565,000 | 257,075 | ||||
| Trump Entertainment Resorts Holdings, Inc., 8.5%, 2015 |
700,000 | 344,750 | ||||
| $ | 2,925,933 | |||||
| Industrial – 1.9% |
||||||
| Blount, Inc., 8.875%, 2012 |
$ | 145,000 | $ | 146,813 | ||
| JohnsonDiversey Holdings, Inc., 10.67%, 2013 |
325,000 | 325,000 | ||||
| JohnsonDiversey, Inc., 9.625%, 2012 |
EUR | 70,000 | 104,782 | |||
| JohnsonDiversey, Inc., “B”, 9.625%, 2012 |
$ | 390,000 | 396,825 | |||
| $ | 973,420 | |||||
3
MFS Special Value Trust
PORTFOLIO OF INVESTMENTS (Unaudited) 7/31/08 - continued
| Issuer |
Shares/Par | Value ($) | ||||
| Bonds – continued |
||||||
| Insurance - Property & Casualty – 0.5% |
||||||
| USI Holdings Corp., 9.75%, 2015 (n) |
$ | 310,000 | $ | 250,325 | ||
| Major Banks – 1.0% |
||||||
| Bank of America Corp., 8% to 2018, FRN to 2059 |
$ | 235,000 | $ | 216,788 | ||
| JPMorgan Chase & Co., 7.9% to 2018, FRN to 2049 |
335,000 | 309,882 | ||||
| $ | 526,670 | |||||
| Medical & Health Technology & Services – 6.9% |
||||||
| Accellent, Inc., 10.5%, 2013 |
$ | 180,000 | $ | 165,600 | ||
| Biomet, Inc., 10%, 2017 |
190,000 | 204,250 | ||||
| Biomet, Inc., 11.625%, 2017 |
510,000 | 538,688 | ||||
| Community Health Systems, Inc., 8.875%, 2015 |
470,000 | 473,525 | ||||
| DaVita, Inc., 7.25%, 2015 |
275,000 | 270,531 | ||||
| HCA, Inc., 9%, 2014 |
320,000 | 300,789 | ||||
| HCA, Inc., 6.375%, 2015 |
370,000 | 303,400 | ||||
| HCA, Inc., 9.25%, 2016 |
360,000 | 370,800 | ||||
| Psychiatric Solutions, Inc., 7.75%, 2015 |
135,000 | 131,963 | ||||
| Surgical Care Affiliates, Inc., 10%, 2017 (n) |
185,000 | 142,450 | ||||
| U.S. Oncology, Inc., 10.75%, 2014 |
350,000 | 343,875 | ||||
| Universal Hospital Services, Inc., 8.5%, 2015 (p) |
130,000 | 130,000 | ||||
| Universal Hospital Services, Inc., FRN, 6.302%, 2015 |
35,000 | 32,550 | ||||
| VWR Funding, Inc., 10.25%, 2015 (p) |
180,000 | 165,150 | ||||
| $ | 3,573,571 | |||||
| Metals & Mining – 3.0% |
||||||
| FMG Finance Ltd., 10.625%, 2016 (n) |
$ | 460,000 | $ | 533,600 | ||
| Freeport-McMoRan Copper & Gold, Inc., 8.375%, 2017 |
370,000 | 387,575 | ||||
| Freeport-McMoRan Copper & Gold, Inc., FRN, 5.882%, 2015 |
345,000 | 346,663 | ||||
| PNA Group, Inc., 10.75%, 2016 |
230,000 | 273,125 | ||||
| $ | 1,540,963 | |||||
| Municipals – 0.5% |
||||||
| Regional Transportation Authority, IL, “A”, MBIA, 4.5%, 2035 |
$ | 255,000 | $ | 235,888 | ||
| Natural Gas - Distribution – 0.4% |
||||||
| Inergy LP, 6.875%, 2014 |
$ | 215,000 | $ | 193,500 | ||
| Natural Gas - Pipeline – 0.6% |
||||||
| Atlas Pipeline Partners LP, 8.125%, 2015 |
$ | 35,000 | $ | 34,213 | ||
| Atlas Pipeline Partners LP, 8.75%, 2018 (n) |
145,000 | 142,463 | ||||
| El Paso Corp., 7.25%, 2018 |
140,000 | 138,600 | ||||
| $ | 315,276 | |||||
| Network & Telecom – 2.3% |
||||||
| Cincinnati Bell, Inc., 8.375%, 2014 |
$ | 280,000 | $ | 266,700 | ||
| Nordic Telephone Co. Holdings, 8.875%, 2016 (n) |
105,000 | 101,325 | ||||
| Qwest Capital Funding, Inc., 7.25%, 2011 |
515,000 | 490,538 | ||||
| Qwest Corp., 8.875%, 2012 |
115,000 | 114,713 | ||||
| Windstream Corp., 8.625%, 2016 |
235,000 | 237,938 | ||||
| $ | 1,211,214 | |||||
| Oil Services – 0.3% |
||||||
| Basic Energy Services, Inc., 7.125%, 2016 |
$ | 165,000 | $ | 154,275 | ||
| Oils – 0.3% |
||||||
| Petroleos de Venezuela S.A., 5.25%, 2017 |
$ | 250,000 | $ | 166,625 | ||
| Other Banks & Diversified Financials – 0.2% |
||||||
| CenterCredit International B.V., 8.625%, 2014 |
$ | 100,000 | $ | 89,250 | ||
| Printing & Publishing – 3.2% |
||||||
| American Media Operations, Inc., 10.25%, 2009 (z) |
$ | 13,417 | $ | 10,532 | ||
| American Media Operations, Inc., “B”, 10.25%, 2009 |
369,000 | 289,665 | ||||
4
MFS Special Value Trust
PORTFOLIO OF INVESTMENTS (Unaudited) 7/31/08 - continued
| Issuer |
Shares/Par | Value ($) | ||||
| Bonds – continued |
||||||
| Printing & Publishing – continued |
||||||
| Dex Media West LLC, 9.875%, 2013 |
$ | 249,000 | $ | 195,465 | ||
| Dex Media, Inc., 0% to 2008, 9% to 2013 |
310,000 | 186,000 | ||||
| Dex Media, Inc., 0% to 2008, 9% to 2013 |
210,000 | 126,000 | ||||
| Idearc, Inc., 8%, 2016 |
383,000 | 174,265 | ||||
| Morris Publishing, 7%, 2013 |
220,000 | 114,400 | ||||
| Nielsen Finance LLC, 10%, 2014 |
235,000 | 236,763 | ||||
| Nielsen Finance LLC, 0% to 2011, 12.5% to 2016 |
205,000 | 139,913 | ||||
| Quebecor World, Inc., 6.125%, 2013 (d) |
175,000 | 61,250 | ||||
| R.H. Donnelley Corp., 8.875%, 2016 |
240,000 | 115,800 | ||||
| $ | 1,650,053 | |||||
| Retailers – 1.0% |
||||||
| Couche-Tard, Inc., 7.5%, 2013 |
$ | 55,000 | $ | 51,288 | ||
| Eye Care Centers of America, Inc., 10.75%, 2015 |
145,000 | 147,900 | ||||
| General Nutrition Centers, Inc., 7.199%, 2014 (p) |
145,000 | 123,250 | ||||
| Sally Holdings LLC, 10.5%, 2016 |
230,000 | 221,375 | ||||
| $ | 543,813 | |||||
| Specialty Stores – 0.4% |
||||||
| Payless ShoeSource, Inc., 8.25%, 2013 |
$ | 215,000 | $ | 193,500 | ||
| Telecommunications - Wireless – 1.9% |
||||||
| Alltel Corp., 7%, 2012 |
$ | 377,000 | $ | 386,425 | ||
| MetroPCS Wireless, Inc., 9.25%, 2014 |
290,000 | 281,300 | ||||
| Wind Acquisition Finance S.A., 10.75%, 2015 (n) |
300,000 | 310,500 | ||||
| $ | 978,225 | |||||
| Transportation – 0.1% |
||||||
| Autopistas del Sol S.A., 11.5%, 2017 (z) |
$ | 124,500 | $ | 62,250 | ||
| Transportation - Services – 0.6% |
||||||
| Eurocar Groupe S.A., FRN, 8.356%, 2013 (n) |
EUR 140,000 | $ | 158,264 | |||
| Hertz Corp., 8.875%, 2014 |
$ | 165,000 | 151,388 | |||
| $ | 309,652 | |||||
| Utilities - Electric Power – 5.2% |
||||||
| Dynegy Holdings, Inc., 7.5%, 2015 |
$ | 145,000 | $ | 137,388 | ||
| Mirant Americas Generation LLC, 8.5%, 2021 |
750,000 | 667,500 | ||||
| NGC Corp. Capital Trust, 8.316%, 2027 |
275,000 | 226,875 | ||||
| NRG Energy, Inc., 7.375%, 2016 |
995,000 | 965,150 | ||||
| Reliant Energy, Inc., 6.75%, 2014 |
65,000 | 66,300 | ||||
| Texas Competitive Electric Holdings LLC, 10.25%, 2015 (n) |
635,000 | 635,000 | ||||
| $ | 2,698,213 | |||||
| Total Bonds |
$ | 40,404,851 | ||||
| Common Stocks – 10.9% |
||||||
| Automotive – 0.1% |
||||||
| General Motors Corp. (l) |
3,100 | $ | 34,317 | |||
| Biotechnology – 1.1% |
||||||
| Amgen, Inc. (a)(l) |
8,800 | $ | 551,144 | |||
| Broadcasting – 0.0% |
||||||
| Idearc, Inc. (l) |
15,600 | $ | 20,436 | |||
| Cable TV – 1.6% |
||||||
| Cablevision Systems Corp., “A” (a)(l) |
11,000 | $ | 267,080 | |||
| Comcast Corp., “A” (l) |
23,300 | 480,446 | ||||
| Time Warner Cable, Inc., “A” (a)(l) |
2,300 | 65,389 | ||||
| $ | 812,915 | |||||
5
MFS Special Value Trust
PORTFOLIO OF INVESTMENTS (Unaudited) 7/31/08 - continued
| Issuer |
Shares/Par | Value ($) | ||||
| Common Stocks – continued |
||||||
| Construction – 1.5% |
||||||
| D.R. Horton, Inc. (l) |
18,300 | $ | 203,496 | |||
| Masco Corp. (l) |
36,400 | 600,236 | ||||
| $ | 803,732 | |||||
| Consumer Goods & Services – 0.0% |
||||||
| Central Garden & Pet Co. (a) |
1,900 | $ | 8,778 | |||
| Electronics – 0.4% |
||||||
| Intel Corp. |
9,400 | $ | 208,586 | |||
| Energy - Independent – 0.2% |
||||||
| Sandridge Energy, Inc. (a)(l) |
2,090 | $ | 102,180 | |||
| Energy - Integrated – 0.5% |
||||||
| Chevron Corp. |
3,200 | $ | 270,592 | |||
| Forest & Paper Products – 0.0% |
||||||
| Louisiana-Pacific Corp. (l) |
2,000 | $ | 16,920 | |||
| Gaming & Lodging – 0.5% |
||||||
| MGM Mirage (a)(l) |
3,300 | $ | 95,766 | |||
| Pinnacle Entertainment, Inc. (a)(l) |
12,500 | 141,250 | ||||
| $ | 237,016 | |||||
| Insurance – 0.4% |
||||||
| Conseco, Inc. (a) |
25,700 | $ | 215,366 | |||
| Major Banks – 0.5% |
||||||
| Bank of America Corp. (l) |
6,500 | $ | 213,850 | |||
| JPMorgan Chase & Co. |
500 | 20,315 | ||||
| $ | 234,165 | |||||
| Medical Equipment – 1.0% |
||||||
| Boston Scientific Corp. (a)(l) |
38,000 | $ | 451,820 | |||
| Pall Corp. |
2,100 | 84,882 | ||||
| $ | 536,702 | |||||
| Printing & Publishing – 0.0% |
||||||
| Golden Books Family Entertainment, Inc. (a) |
53,266 | $ | 0 | |||
| Real Estate – 0.1% |
||||||
| Host Hotels & Resorts, Inc., REIT |
4,000 | $ | 52,440 | |||
| Special Products & Services – 0.4% |
||||||
| Buckeye Technologies, Inc. (a)(l) |
20,100 | $ | 195,975 | |||
| Specialty Stores – 0.7% |
||||||
| Sally Beauty Holdings, Inc. (a)(l) |
45,600 | $ | 337,440 | |||
| Telephone Services – 0.2% |
||||||
| Adelphia Business Solutions, Inc. (a) |
40,000 | $ | 0 | |||
| Windstream Corp. (l) |
7,900 | 94,168 | ||||
| $ | 94,168 | |||||
| Utilities - Electric Power – 1.7% |
||||||
| Dynegy, Inc., “A” (a)(l) |
38,000 | $ | 255,740 | |||
| NRG Energy, Inc. (a)(l) |
12,454 | 451,956 | ||||
| Reliant Energy, Inc. (a)(l) |
11,100 | 201,004 | ||||
| $ | 908,700 | |||||
| Total Common Stocks |
$ | 5,641,572 | ||||
| Floating Rate Loans – 6.0% (g)(r) |
||||||
| Aerospace – 0.6% |
||||||
| Hawker Beechcraft Acquisition Co., Letter of Credit, 4.8%, 2014 |
$ | 13,358 | $ | 12,419 | ||
6
MFS Special Value Trust
PORTFOLIO OF INVESTMENTS (Unaudited) 7/31/08 - continued
| Issuer |
Shares/Par | Value ($) | ||||
| Floating Rate Loans (g)(r) – continued |
||||||
| Aerospace – continued |
||||||
| Hawker Beechcraft Acquisition Co., Term Loan, 4.8%, 2014 |
$ | 293,892 | $ | 273,228 | ||
| $ | 285,647 | |||||
| Automotive – 1.2% |
||||||
| Federal-Mogul Corp., Term Loan B, 4.4%, 2015 |
$ | 193,567 | $ | 150,982 | ||
| Ford Motor Co., Term Loan B, 5.46%, 2013 |
448,705 | 351,953 | ||||
| Mark IV Industries, Inc., Second Lien Term Loan, 11.39%, 2011 |
270,476 | 109,543 | ||||
| $ | 612,478 | |||||
| Broadcasting – 0.4% |
||||||
| Young Broadcasting, Inc., Term Loan, 5.31%, 2012 |
$ | 190,957 | $ | 164,223 | ||
| Young Broadcasting, Inc., Term Loan B-1, 5.31%, 2012 |
70,394 | 60,539 | ||||
| $ | 224,762 | |||||
| Building – 0.2% |
||||||
| Roofing Supply Group, Inc., Term Loan, 7.8%, 2013 |
$ | 155,330 | $ | 107,178 | ||
| Computer Software – 0.7% |
||||||
| First Data Corp., Term Loan B-1, 5.24%, 2014 |
$ | 393,033 | $ | 361,263 | ||
| Energy - Independent – 0.2% |
||||||
| Crimson Exploration, Inc., Second Lien Term Loan, 8.21%, 2012 |
$ | 111,133 | $ | 97,797 | ||
| Forest & Paper Products – 0.1% |
||||||
| Abitibi-Consolidated, Inc., Term Loan, 11.5%, 2009 |
$ | 76,325 | $ | 75,943 | ||
| Gaming & Lodging – 0.5% |
||||||
| Green Valley Ranch Gaming LLC, Second Lien Term Loan, 5.89%, 2014 (o) |
$ | 450,000 | $ | 261,000 | ||
| Medical & Health Technology & Services – 0.0% |
||||||
| Community Health Systems, Inc., Delayed Draw Term Loan, 2014 (q) |
$ | 902 | $ | 853 | ||
| Community Health Systems, Inc., Term Loan B, 4.85%, 2014 |
17,600 | 16,652 | ||||
| $ | 17,505 | |||||
| Printing & Publishing – 0.4% |
||||||
| Idearc, Inc., Term Loan B, 4.79%, 2014 |
$ | 24,348 | $ | 18,038 | ||
| Tribune Co., Incremental Term Loan, 2014 (o) |
293,995 | 199,734 | ||||
| $ | 217,772 | |||||
| Retailers – 0.1% |
||||||
| Burlington Coat Factory, Term Loan B, 2013 (o) |
$ | 83,868 | $ | 66,605 | ||
| Specialty Stores – 0.4% |
||||||
| Michaels Stores, Inc., Term Loan B, 4.75%, 2013 |
$ | 246,135 | $ | 197,626 | ||
| Telecommunications - Wireless – 0.3% |
||||||
| ALLTEL Communications, Inc., Term Loan B-2, 2015 (o) |
$ | 130,208 | $ | 128,556 | ||
| Utilities - Electric Power – 0.9% |
||||||
| Calpine Corp., First Priority Term Loan, 5.69%, 2009 |
$ | 213,190 | $ | 199,980 | ||
| Texas Competitive Electric Holdings LLC, Term Loan B-3, 6.26%, 2014 |
276,082 | 258,439 | ||||
| $ | 458,419 | |||||
| Total Floating Rate Loans |
$ | 3,112,551 | ||||
| Preferred Stocks – 1.7% |
||||||
| Broadcasting – 0.9% |
||||||
| Spanish Broadcasting Systems, Inc., “B”, 10.75% (p) |
775 | $ | 488,250 | |||
| Brokerage & Asset Managers – 0.8% |
||||||
| Merrill Lynch Co., Inc., 8.625% (a)(l) |
20,000 | $ | 411,000 | |||
| Total Preferred Stocks |
$ | 899,250 | ||||
| Collateral for Securities Loaned – 8.6% |
||||||
| Navigator Securities Lending Prime Portfolio, at Net Asset Value |
4,472,067 | $ | 4,472,067 | |||
7
MFS Special Value Trust
PORTFOLIO OF INVESTMENTS (Unaudited) 7/31/08 - continued
| Issuer |
Shares/Par | Value ($) | |||||
| Repurchase Agreements – 3.2% |
|||||||
| Merrill Lynch & Co., 2.19%, dated 7/31/08, due 8/01/08, total to be received $1,643,100 (secured by various U.S. Treasury and Federal Agency obligations and Mortgage Backed securities in a jointly traded account) |
$ | 1,643,000 | $ | 1,643,000 | |||
| Total Investments (k) |
$ | 56,173,291 | |||||
| Other Assets, Less Liabilities – (8.1)% |
(4,192,590 | ) | |||||
| Net Assets – 100.0% |
$ | 51,980,701 | |||||
| (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, unless otherwise indicated. |
| (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 July 31, 2008, the fund held securities fair valued in accordance with the policies adopted by the Board of Trustees, aggregating $43,851,132 and 78.06% of market value. An independent pricing service provided an evaluated bid for 77.66% 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 $7,144,664, representing 13.7% 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. |
| (q) | All or a portion of this position represents an unfunded loan commitment. The rate shown represents a weighted average coupon rate on the full position, including the unfunded loan commitment which has no current coupon rate. |
| (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. |
| (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 |
Cost | Current Market Value |
||||||
| American Media Operations, Inc., 10.25%, 2009 |
11/17/06 - 11/28/07 | $ | 13,160 | $ | 10,532 | ||||
| Anthracite Ltd., CDO, 6%, 2037 |
5/14/02 | 370,464 | 225,000 | ||||||
| Autopistas del Sol S.A., 11.5%, 2017 |
5/16/07 - 5/24/07 | 130,196 | 62,250 | ||||||
| Banc of America Commercial Mortgage, Inc., 6.388%, 2018 |
6/19/08 | 238,658 | 207,553 | ||||||
| Falcon Franchise Loan LLC, FRN, 3.42%, 2025 |
1/29/03 | 62,864 | 52,074 | ||||||
| Firekeepers Development Authority, 13.875%, 2015 |
4/22/08 | 331,576 | 312,800 | ||||||
| Preferred Term Securities XII Ltd., 9.8%, 2033 |
1/07/05 | 236,250 | 140,625 | ||||||
| Preferred Term Securities XVI Ltd., 14%, 2035 |
12/08/04 | 300,000 | 219,000 | ||||||
| Preferred Term Securities XVII Ltd., 9.3%, 2035 |
3/09/05 | 187,000 | 69,424 | ||||||
| Ticketmaster, 10.75%, 2016 |
7/16/08 - 7/17/08 | 101,125 | 103,500 | ||||||
| Total Restricted Securities |
$ | 1,402,758 | |||||||
| % of Net Assets |
2.7 | % | |||||||
The following abbreviations are used in this report and are defined:
| CDO |
Collateralized Debt Obligation | |
| FRN |
Floating Rate Note. Interest rate resets periodically and may not be the rate reported at period end. | |
| REIT |
Real Estate Investment Trust | |
| Insurers |
||
| MBIA |
MBIA Insurance Corp. | |
Abbreviations indicate amounts shown in currencies other than the U.S. dollar. All amounts are stated in U.S. dollars unless otherwise indicated. A list of abbreviations is shown below:
| EUR | Euro |
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) 7/31/08
(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 |
$ | 63,180,922 | ||
| Gross unrealized appreciation |
$ | 196,562 | ||
| Gross unrealized depreciation |
(7,212,193 | ) | ||
| Net unrealized appreciation (depreciation) |
$ | (7,015,631 | ) | |
The aggregate cost above includes prior fiscal year end tax adjustments.
(2) Securities Lending Collateral
At July 31, 2008, the value of securities loaned was $4,347,816. These loans were collateralized by cash of $4,472,067 and U.S. Treasury obligations of $2,617.
(3) Derivative Contracts at 7/31/08
Forward Foreign Currency Exchange Contracts at 7/31/08
| Type |
Currency | Contracts to Deliver/Receive |
Settlement Date Range |
In Exchange For | Contracts at Value |
Net Unrealized Appreciation (Depreciation) |
||||||||||
| Appreciation | ||||||||||||||||
| SELL |
EUR | 216,318 | 8/25/2008 | $ | 340,168 | $ | 336,870 | $ | 3,298 | |||||||
| Depreciation | ||||||||||||||||
| SELL |
EUR | 164,004 | 8/25/2008 | $ | 254,677 | $ | 255,390 | $ | (713 | ) | ||||||
Swap Agreements at 7/31/08
| 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 | 4.10% (fixed rate) | (1) | $ | (35,252 | ) | |||||||
| 6/20/12 |
USD | 100,000 | Morgan Stanley Capital Services, Inc. | 4.15% (fixed rate) | (2) | (27,961 | ) | ||||||||
| 6/20/12 |
USD | 200,000 | Morgan Stanley Capital Services, Inc. | 3.76% (fixed rate) | (2) | (57,797 | ) | ||||||||
| 6/20/13 |
USD | 205,000 | (a) | Goldman Sachs International | 5.00% (fixed rate) | (3) | (72,936 | ) | |||||||
| 6/20/13 |
USD | 800,000 | (b) | JPMorgan Chase Bank | (4) | 5.00% (fixed rate) |
44,970 | ||||||||
| 9/20/13 |
USD | 200,000 | JPMorgan Chase Bank | 5.30% (fixed rate) | (5) | 4,311 | |||||||||
| $ | (144,665 | ) | |||||||||||||
9
MFS Special Value Trust
Supplemental Information (Unaudited) 7/31/08 - continued
Swap Agreements at 7/31/08 - continued
| (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 pay notional amount upon a defined credit event by Station Casinos, Inc., 6.0%, 4/01/12. |
| (4) | Fund to receive notional amount upon a defined credit event by a reference obligation specified in the CDX High Yield Index. |
| (5) | Fund to pay notional amount upon a defined credit event by Aramark Services, 8.5%, 2/01/15. |
| (a) | Net unamortized premiums received by the fund amounted to $34,250. |
| (b) | Net unamortized premiums paid by the fund amounted to $52,821. |
At July 31, 2008, the fund had sufficient cash and/or other liquid securities to cover any commitments under these derivative contracts.
10
| 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)* | ROBERT J. MANNING | |
| Robert J. Manning, President |
Date: September 12, 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)* | ROBERT J. MANNING | |
| Robert J. Manning, President (Principal Executive Officer) |
Date: September 12, 2008
| By (Signature and Title)* | MARIA F. DWYER | |
| Maria F. Dwyer, Treasurer (Principal Financial Officer and Accounting Officer) |
Date: September 12, 2008
| * | Print name and title of each signing officer under his or her signature. |