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, 2009
| ITEM 1. | SCHEDULE OF INVESTMENTS. |
MFS Special Value Trust
PORTFOLIO OF INVESTMENTS (Unaudited) 1/31/09
| Issuer |
Shares/Par | Value ($) | ||||
| Bonds – 81.0% |
||||||
| Aerospace – 1.1% |
||||||
| Bombardier, Inc., 6.3%, 2014 (n) |
$ | 100,000 | $ | 81,000 | ||
| Hawker Beechcraft Acquisition Co. LLC, 8.5%, 2015 |
45,000 | 14,400 | ||||
| Hawker Beechcraft Acquisition Co. LLC, 9.75%, 2017 |
70,000 | 12,600 | ||||
| Vought Aircraft Industries, Inc., 8%, 2011 |
440,000 | 268,400 | ||||
| $ | 376,400 | |||||
| Airlines – 0.9% |
||||||
| AMR Corp., 7.858%, 2011 |
$ | 105,000 | $ | 91,875 | ||
| Continental Airlines, Inc., 7.339%, 2014 |
322,000 | 214,774 | ||||
| $ | 306,649 | |||||
| Alcoholic Beverages – 0.5% |
||||||
| Anheuser-Busch Companies, Inc., 7.75%, 2019 (z) |
$ | 160,000 | $ | 162,308 | ||
| Apparel Manufacturers – 0.0% |
||||||
| Propex Fabrics, Inc., 10%, 2012 (d) |
$ | 395,000 | $ | 494 | ||
| Asset Backed & Securitized – 4.7% |
||||||
| Anthracite Ltd., CDO, 6%, 2037 (z) |
$ | 450,000 | $ | 45,000 | ||
| Banc of America Commercial Mortgage, Inc., 6.2%, 2018 (z) |
328,951 | 44,939 | ||||
| Banc of America Commercial Mortgage, Inc., 5.39%, 2045 |
79,804 | 37,137 | ||||
| Banc of America Commercial Mortgage, Inc., FRN, 5.658%, 2017 |
150,000 | 91,664 | ||||
| Banc of America Commercial Mortgage, Inc., FRN, 5.811%, 2017 |
77,897 | 35,016 | ||||
| Banc of America Commercial Mortgage, Inc., FRN, 5.772%, 2017 |
332,318 | 142,253 | ||||
| Citigroup Commercial Mortgage Trust, FRN, 5.7%, 2017 |
145,000 | 95,301 | ||||
| Citigroup Commercial Mortgage Trust, FRN, 5.7%, 2017 |
220,000 | 29,576 | ||||
| Credit Suisse Mortgage Capital Certificate, 5.343%, 2039 |
72,952 | 33,526 | ||||
| CWCapital Cobalt Ltd., “C1”, 5.223%, 2048 |
40,000 | 28,013 | ||||
| Falcon Franchise Loan LLC, FRN, 3.721%, 2025 (i)(z) |
461,960 | 33,862 | ||||
| GS Mortgage Securities Corp., “GG8”, 5.56%, 2039 |
175,000 | 123,480 | ||||
| JPMorgan Chase Commercial Mortgage Securities Corp., 5.44%, 2045 |
230,909 | 109,007 | ||||
| JPMorgan Chase Commercial Mortgage Securities Corp., 5.42%, 2049 |
240,000 | 144,389 | ||||
| JPMorgan Chase Commercial Mortgage Securities Corp., FRN, 5.466%, 2047 |
157,602 | 68,825 | ||||
| JPMorgan Chase Commercial Mortgage Securities Corp., FRN, 5.746%, 2049 |
142,189 | 24,412 | ||||
| JPMorgan Chase Commercial Mortgage Securities Corp., FRN, 5.746%, 2049 |
217,049 | 36,571 | ||||
| JPMorgan Chase Commercial Mortgage Securities Corp., FRN, 5.746%, 2049 |
595,809 | 92,493 | ||||
| JPMorgan Chase Commercial Mortgage Securities Corp., FRN, 6.062%, 2051 |
95,000 | 16,446 | ||||
| Merrill Lynch Mortgage Trust, FRN, 5.828%, 2050 |
95,000 | 16,119 | ||||
| Merrill Lynch/Countrywide Commercial Mortgage Trust, FRN, 5.204%, 2049 |
249,789 | 115,009 | ||||
| Merrill Lynch/Countrywide Commercial Mortgage Trust, FRN, 5.749%, 2050 |
64,000 | 26,863 | ||||
| Merrill Lynch/Countrywide Commercial Mortgage Trust, FRN, 5.749%, 2050 |
145,000 | 80,370 | ||||
| Morgan Stanley Capital I, Inc., FRN, 1.483%, 2039 (i)(n) |
697,506 | 12,137 | ||||
| Preferred Term Securities XII Ltd., CDO, 0%, 2033 (a)(e)(z) |
225,000 | 23 | ||||
| Preferred Term Securities XVI Ltd., CDO, 0%, 2035 (a)(e)(z) |
300,000 | 30 | ||||
| Preferred Term Securities XVII Ltd., CDO, 0%, 2035 (a)(e)(z) |
187,000 | 19 | ||||
| Wachovia Bank Commercial Mortgage Trust, FRN, 5.692%, 2047 |
142,497 | 23,985 | ||||
| Wachovia Bank Commercial Mortgage Trust, FRN, 5.752%, 2047 |
89,972 | 14,062 | ||||
| Wachovia Bank Commercial Mortgage Trust, FRN, 5.902%, 2051 |
251,812 | 111,697 | ||||
| $ | 1,632,224 | |||||
| Automotive – 3.4% |
||||||
| Allison Transmission, Inc., 11%, 2015 (n) |
$ | 600,000 | $ | 333,000 | ||
| FCE Bank PLC, 7.125%, 2012 |
EUR | 350,000 | 322,661 | |||
| Ford Motor Credit Co. LLC, 9.75%, 2010 |
$ | 285,000 | 235,226 | |||
| Ford Motor Credit Co. LLC, 12%, 2015 |
335,000 | 247,799 | ||||
| General Motors Corp., 8.375%, 2033 |
296,000 | 41,440 | ||||
| $ | 1,180,126 | |||||
1
MFS Special Value Trust
PORTFOLIO OF INVESTMENTS (Unaudited) 1/31/09 - continued
| Issuer |
Shares/Par | Value ($) | ||||
| Bonds – continued |
||||||
| Broadcasting – 5.0% |
||||||
| Allbritton Communications Co., 7.75%, 2012 |
$ | 350,000 | $ | 173,250 | ||
| Bonten Media Acquisition Co., 9%, 2015 (p)(z) |
165,000 | 47,438 | ||||
| CanWest MediaWorks LP, 9.25%, 2015 (n) |
130,000 | 18,850 | ||||
| Clear Channel Communications, 10.75%, 2016 (n) |
70,000 | 14,000 | ||||
| DirectTV Holdings LLC, 7.625%, 2016 |
250,000 | 245,625 | ||||
| Lamar Media Corp., 6.625%, 2015 |
355,000 | 266,250 | ||||
| Lamar Media Corp., “C”, 6.625%, 2015 |
130,000 | 97,500 | ||||
| LBI Media Holdings, Inc., 0% to 2008, 11% to 2013 |
875,000 | 351,094 | ||||
| LBI Media, Inc., 8.5%, 2017 (z) |
130,000 | 45,500 | ||||
| LIN TV Corp., 6.5%, 2013 |
380,000 | 209,000 | ||||
| Local TV Finance LLC, 9.25%, 2015 (p)(z) |
210,000 | 25,463 | ||||
| Newport Television LLC, 13%, 2017 (n)(p) |
330,000 | 27,638 | ||||
| Nexstar Broadcasting Group, Inc., 7%, 2014 |
280,000 | 124,600 | ||||
| Univision Communications, Inc., 9.75%, 2015 (n)(p) |
400,000 | 66,000 | ||||
| Young Broadcasting, Inc., 8.75%, 2014 (d) |
405,000 | 1,013 | ||||
| $ | 1,713,221 | |||||
| Brokerage & Asset Managers – 0.5% |
||||||
| Nuveen Investments, Inc., 10.5%, 2015 (n) |
$ | 580,000 | $ | 159,500 | ||
| Building – 1.6% |
||||||
| Associated Materials, Inc., 9.75%, 2012 |
$ | 75,000 | $ | 66,750 | ||
| Associated Materials, Inc., 0% to 2009, 11.25% to 2014 |
230,000 | 103,500 | ||||
| Building Materials Corp. of America, 7.75%, 2014 |
170,000 | 112,200 | ||||
| Nortek, Inc., 10%, 2013 |
110,000 | 63,800 | ||||
| Nortek, Inc., 8.5%, 2014 |
205,000 | 42,025 | ||||
| Ply Gem Industries, Inc., 9%, 2012 |
340,000 | 93,500 | ||||
| Ply Gem Industries, Inc., 11.75%, 2013 |
165,000 | 91,575 | ||||
| $ | 573,350 | |||||
| Business Services – 1.3% |
||||||
| First Data Corp., 9.875%, 2015 |
$ | 425,000 | $ | 238,000 | ||
| SunGard Data Systems, Inc., 10.25%, 2015 |
290,000 | 197,200 | ||||
| $ | 435,200 | |||||
| Cable TV – 3.0% |
||||||
| CCO Holdings LLC, 8.75%, 2013 |
$ | 305,000 | $ | 222,650 | ||
| Charter Communications, Inc., 8.375%, 2014 (n) |
105,000 | 87,150 | ||||
| CSC Holdings, Inc., 8.5%, 2014 (z) |
50,000 | 49,125 | ||||
| CSC Holdings, Inc., 8.5%, 2015 (n) |
165,000 | 158,813 | ||||
| Mediacom LLC, 9.5%, 2013 |
305,000 | 268,400 | ||||
| Virgin Media, Inc., 9.125%, 2016 |
303,000 | 254,520 | ||||
| $ | 1,040,658 | |||||
| Chemicals – 3.3% |
||||||
| Innophos Holdings, Inc., 8.875%, 2014 |
$ | 595,000 | $ | 464,100 | ||
| KI Holdings, Inc., 0% to 2009, 9.875% to 2014 |
547,000 | 451,959 | ||||
| Momentive Performance Materials, Inc., 11.5%, 2016 |
500,000 | 122,500 | ||||
| Nalco Co., 8.875%, 2013 |
115,000 | 107,525 | ||||
| $ | 1,146,084 | |||||
| Consumer Goods & Services – 2.9% |
||||||
| GEO Group, Inc., 8.25%, 2013 |
$ | 135,000 | $ | 118,800 | ||
| Jarden Corp., 7.5%, 2017 |
370,000 | 266,400 | ||||
| KAR Holdings, Inc., 7.192%, 2014 |
75,000 | 31,500 | ||||
| KAR Holdings, Inc., 10%, 2015 |
270,000 | 97,200 | ||||
| Service Corp. International, 7%, 2017 |
440,000 | 400,400 | ||||
| Ticketmaster, 10.75%, 2016 (n) |
135,000 | 81,000 | ||||
| $ | 995,300 | |||||
2
MFS Special Value Trust
PORTFOLIO OF INVESTMENTS (Unaudited) 1/31/09 - continued
| Issuer |
Shares/Par | Value ($) | ||||
| Bonds – continued |
||||||
| Containers – 0.6% |
||||||
| Graham Packaging Holdings Co., 9.875%, 2014 |
$ | 305,000 | $ | 193,675 | ||
| Electronics – 0.6% |
||||||
| Avago Technologies Ltd., 11.875%, 2015 |
$ | 250,000 | $ | 186,250 | ||
| Freescale Semiconductor, Inc., 8.875%, 2014 |
115,000 | 25,300 | ||||
| Spansion, Inc., 11.25%, 2016 (d)(n) |
310,000 | 10,850 | ||||
| $ | 222,400 | |||||
| Emerging Market Quasi-Sovereign – 0.5% |
||||||
| Naftogaz Ukraine, 8.125%, 2009 |
$ | 200,000 | $ | 117,000 | ||
| OAO Gazprom, 9.625%, 2013 |
60,000 | 56,400 | ||||
| $ | 173,400 | |||||
| Emerging Market Sovereign – 0.2% |
||||||
| Republic of Argentina, 7%, 2011 |
$ | 167,000 | $ | 80,077 | ||
| Energy - Independent – 5.6% |
||||||
| Chaparral Energy, Inc., 8.875%, 2017 |
$ | 320,000 | $ | 70,400 | ||
| Chesapeake Energy Corp., 9.5%, 2015 |
60,000 | 58,800 | ||||
| Chesapeake Energy Corp., 6.375%, 2015 |
415,000 | 350,675 | ||||
| Delta Petroleum Corp., 7%, 2015 |
15,000 | 5,400 | ||||
| Forest Oil Corp., 7.25%, 2019 |
75,000 | 62,438 | ||||
| Hilcorp Energy I LP, 7.75%, 2015 (n) |
245,000 | 191,100 | ||||
| Hilcorp Energy I LP, 9%, 2016 (n) |
160,000 | 130,400 | ||||
| Mariner Energy, Inc., 8%, 2017 |
215,000 | 137,600 | ||||
| Newfield Exploration Co., 6.625%, 2016 |
50,000 | 44,250 | ||||
| OPTI Canada, Inc., 8.25%, 2014 |
375,000 | 172,500 | ||||
| Petrohawk Energy Corp., 10.5%, 2014 (z) |
65,000 | 61,913 | ||||
| Plains Exploration & Production Co., 7%, 2017 |
330,000 | 275,963 | ||||
| Quicksilver Resources, Inc., 7.125%, 2016 |
350,000 | 241,500 | ||||
| Range Resource Corp., 7.5%, 2016 |
25,000 | 23,500 | ||||
| SandRidge Energy, Inc., 8%, 2018 (n) |
155,000 | 122,450 | ||||
| $ | 1,948,889 | |||||
| Entertainment – 1.4% |
||||||
| AMC Entertainment, Inc., 11%, 2016 |
$ | 155,000 | $ | 132,525 | ||
| Marquee Holdings, Inc., 9.505%, 2014 |
535,000 | 345,075 | ||||
| $ | 477,600 | |||||
| Financial Institutions – 1.1% |
||||||
| GMAC Commercial Mortgage Securities, Inc., 6.875%, 2011 (z) |
$ | 328,000 | $ | 258,232 | ||
| GMAC Commercial Mortgage Securities, Inc., 7%, 2012 (z) |
80,000 | 58,374 | ||||
| GMAC Commercial Mortgage Securities, Inc., 8%, 2031 (z) |
99,000 | 59,298 | ||||
| $ | 375,904 | |||||
| Food & Beverages – 1.0% |
||||||
| ARAMARK Corp., 8.5%, 2015 |
$ | 105,000 | $ | 102,113 | ||
| Dean Foods Co., 7%, 2016 |
260,000 | 240,500 | ||||
| $ | 342,613 | |||||
| Forest & Paper Products – 2.1% |
||||||
| Abitibi-Consolidated, Inc., 7.4%, 2018 |
$ | 130,000 | $ | 19,500 | ||
| Georgia-Pacific Corp., 7.125%, 2017 (n) |
175,000 | 159,688 | ||||
| Georgia-Pacific Corp., 8%, 2024 |
75,000 | 54,750 | ||||
| Graphic Packaging International Corp., 9.5%, 2013 |
185,000 | 140,600 | ||||
| Jefferson Smurfit Corp., 8.25%, 2012 (d) |
335,000 | 36,850 | ||||
| JSG Funding PLC, 7.75%, 2015 |
30,000 | 17,400 | ||||
| Millar Western Forest Products Ltd., 7.75%, 2013 |
470,000 | 245,575 | ||||
| NewPage Holding Corp., 10%, 2012 |
75,000 | 28,875 | ||||
| Smurfit-Stone Container Corp., 8%, 2017 (d) |
141,000 | 14,805 | ||||
| $ | 718,043 | |||||
3
MFS Special Value Trust
PORTFOLIO OF INVESTMENTS (Unaudited) 1/31/09 - continued
| Issuer |
Shares/Par | Value ($) | ||||
| Bonds – continued |
||||||
| Gaming & Lodging – 3.8% |
||||||
| Boyd Gaming Corp., 6.75%, 2014 |
$ | 145,000 | $ | 96,425 | ||
| Firekeepers Development Authority, 13.875%, 2015 (z) |
190,000 | 127,300 | ||||
| Fontainebleau Las Vegas Holdings LLC, 11%, 2015 (n) |
290,000 | 31,900 | ||||
| Harrah’s Operating Co., Inc., 10.75%, 2016 (n) |
508,000 | 119,380 | ||||
| Harrah’s Operating Co., Inc., 10%, 2018 (z) |
116,000 | 41,760 | ||||
| Host Hotels & Resorts, Inc., 7.125%, 2013 |
110,000 | 95,150 | ||||
| Host Hotels & Resorts, Inc., 6.75%, 2016 |
75,000 | 60,000 | ||||
| MGM Mirage, 8.375%, 2011 |
130,000 | 75,400 | ||||
| MTR Gaming Group, Inc., 9%, 2012 |
80,000 | 40,400 | ||||
| Newland International Properties Corp., 9.5%, 2014 (n) |
156,000 | 65,520 | ||||
| Pinnacle Entertainment, Inc., 8.75%, 2013 |
15,000 | 13,800 | ||||
| Pinnacle Entertainment, Inc., 7.5%, 2015 |
440,000 | 319,000 | ||||
| Starwood Hotels & Resorts Worldwide, Inc., 7.875%, 2012 |
75,000 | 65,250 | ||||
| Starwood Hotels & Resorts Worldwide, Inc., 6.75%, 2018 |
55,000 | 36,850 | ||||
| Station Casinos, Inc., 6%, 2012 |
75,000 | 14,250 | ||||
| Station Casinos, Inc., 6.5%, 2014 |
345,000 | 10,350 | ||||
| Station Casinos, Inc., 6.875%, 2016 |
565,000 | 16,950 | ||||
| Trump Entertainment Resorts Holdings, Inc., 8.5%, 2015 (d) |
700,000 | 103,250 | ||||
| $ | 1,332,935 | |||||
| Industrial – 1.6% |
||||||
| Blount International, Inc., 8.875%, 2012 |
$ | 145,000 | $ | 138,475 | ||
| JohnsonDiversey, Inc., 9.625%, 2012 |
EUR | 70,000 | 71,702 | |||
| JohnsonDiversey, Inc., “B”, 9.625%, 2012 |
$ | 390,000 | 331,500 | |||
| $ | 541,677 | |||||
| Insurance - Property & Casualty – 0.4% |
||||||
| USI Holdings Corp., 9.75%, 2015 (z) |
$ | 310,000 | $ | 142,600 | ||
| Major Banks – 1.5% |
||||||
| Bank of America Corp., 8% to 2018, FRN to 2059 |
$ | 340,000 | $ | 180,081 | ||
| JPMorgan Chase & Co., 7.9% to 2018, FRN to 2049 |
335,000 | 254,617 | ||||
| Wells Fargo Capital XV, 9.75% to 2013, FRN to 2049 |
75,000 | 70,500 | ||||
| $ | 505,198 | |||||
| Medical & Health Technology & Services – 9.0% |
||||||
| Accellent, Inc., 10.5%, 2013 |
$ | 180,000 | $ | 127,800 | ||
| Biomet, Inc., 10%, 2017 |
65,000 | 65,975 | ||||
| Biomet, Inc., 11.625%, 2017 |
455,000 | 423,150 | ||||
| Community Health Systems, Inc., 8.875%, 2015 |
470,000 | 452,375 | ||||
| DaVita, Inc., 6.625%, 2013 |
71,000 | 68,693 | ||||
| DaVita, Inc., 7.25%, 2015 |
228,000 | 220,020 | ||||
| Fresenius Medical Care AG & Co., 9%, 2015 (z) |
85,000 | 85,425 | ||||
| HCA, Inc., 9%, 2014 |
320,000 | 228,007 | ||||
| HCA, Inc., 6.375%, 2015 |
255,000 | 178,500 | ||||
| HCA, Inc., 9.25%, 2016 |
360,000 | 343,800 | ||||
| Psychiatric Solutions, Inc., 7.75%, 2015 |
205,000 | 168,100 | ||||
| Surgical Care Affiliates, Inc., 10%, 2017 (z) |
185,000 | 105,450 | ||||
| U.S. Oncology, Inc., 10.75%, 2014 |
350,000 | 315,000 | ||||
| Universal Hospital Services, Inc., 8.5%, 2015 (p) |
185,000 | 156,325 | ||||
| Universal Hospital Services, Inc., FRN, 5.942%, 2015 |
35,000 | 23,450 | ||||
| VWR Funding, Inc., 10.25%, 2015 (p) |
180,000 | 133,200 | ||||
| $ | 3,095,270 | |||||
| Metals & Mining – 2.9% |
||||||
| FMG Finance Ltd., 10.625%, 2016 (n) |
$ | 460,000 | $ | 299,000 | ||
| Freeport-McMoRan Copper & Gold, Inc., 8.375%, 2017 |
215,000 | 178,450 | ||||
| Freeport-McMoRan Copper & Gold, Inc., FRN, 7.083%, 2015 |
180,000 | 127,800 | ||||
| Peabody Energy Corp., 7.375%, 2016 |
350,000 | 341,250 | ||||
| Rio Tinto Finance USA Ltd., 5.875%, 2013 |
$ | 70,000 | $ | 61,581 | ||
| $ | 1,008,081 | |||||
4
MFS Special Value Trust
PORTFOLIO OF INVESTMENTS (Unaudited) 1/31/09 - continued
| Issuer |
Shares/Par | Value ($) | ||||
| Bonds – continued |
||||||
| Municipals – 0.6% |
||||||
| Regional Transportation Authority, IL, “A”, MBIA, 4.5%, 2035 |
$ | 255,000 | $ | 217,599 | ||
| Natural Gas - Distribution – 0.5% |
||||||
| Inergy LP, 6.875%, 2014 |
$ | 215,000 | $ | 185,975 | ||
| Natural Gas - Pipeline – 1.7% |
||||||
| Atlas Pipeline Partners LP, 8.125%, 2015 |
$ | 35,000 | $ | 23,800 | ||
| Atlas Pipeline Partners LP, 8.75%, 2018 |
145,000 | 95,700 | ||||
| Deutsche Bank (El Paso Performance-Linked Trust, CLN), 7.75%, 2011 (n) |
250,000 | 239,375 | ||||
| El Paso Corp., 7.25%, 2018 |
140,000 | 128,100 | ||||
| TransCapitalInvest Ltd., 5.67%, 2014 |
131,000 | 98,224 | ||||
| $ | 585,199 | |||||
| Network & Telecom – 2.8% |
||||||
| Cincinnati Bell, Inc., 8.375%, 2014 |
$ | 280,000 | $ | 250,600 | ||
| Nordic Telephone Co. Holdings, 8.875%, 2016 (n) |
185,000 | 149,850 | ||||
| Qwest Communications International, Inc., 7.25%, 2011 |
140,000 | 132,300 | ||||
| Qwest Communications International, Inc., 7.25%, 2011 |
220,000 | 203,500 | ||||
| Qwest Corp., 8.875%, 2012 |
60,000 | 59,700 | ||||
| Windstream Corp., 8.625%, 2016 |
165,000 | 162,525 | ||||
| $ | 958,475 | |||||
| Oils – 0.3% |
||||||
| Petroleos de Venezuela S.A., 5.25%, 2017 |
$ | 250,000 | $ | 96,250 | ||
| Other Banks & Diversified Financials – 0.1% |
||||||
| CenterCredit International B.V., 8.625%, 2014 |
$ | 100,000 | $ | 40,000 | ||
| Printing & Publishing – 1.4% |
||||||
| American Media Operations, Inc., 9%, 2013 (p)(z) |
$ | 20,284 | $ | 12,170 | ||
| American Media Operations, Inc., 14%, 2013 (p)(z) |
209,175 | 104,588 | ||||
| Dex Media West LLC, 9.875%, 2013 |
294,000 | 85,260 | ||||
| Dex Media, Inc., 9%, 2013 |
171,000 | 21,375 | ||||
| Idearc, Inc., 8%, 2016 |
218,000 | 6,813 | ||||
| Morris Publishing, 7%, 2013 |
220,000 | 17,600 | ||||
| Nielsen Finance LLC, 10%, 2014 |
190,000 | 168,150 | ||||
| Nielsen Finance LLC, 0% to 2011, 12.5% to 2016 |
141,000 | 57,105 | ||||
| Quebecor World, Inc., 6.125%, 2013 (d) |
175,000 | 7,875 | ||||
| Tribune Co., 5.25%, 2015 (d) |
125,000 | 2,813 | ||||
| $ | 483,749 | |||||
| Retailers – 1.1% |
||||||
| Couche-Tard, Inc., 7.5%, 2013 |
$ | 55,000 | $ | 51,150 | ||
| General Nutrition Centers, Inc., 7.584%, 2014 (p) |
210,000 | 126,000 | ||||
| Rite Aid Corp., 9.5%, 2017 |
60,000 | 17,100 | ||||
| Sally Beauty Holdings, Inc., 10.5%, 2016 |
230,000 | 189,750 | ||||
| $ | 384,000 | |||||
| Specialty Stores – 0.5% |
||||||
| Payless ShoeSource, Inc., 8.25%, 2013 |
$ | 215,000 | $ | 182,750 | ||
| Steel – 0.2% |
||||||
| Evraz Group S.A., 8.875%, 2013 |
$ | 111,000 | $ | 68,820 | ||
| Telecommunications - Wireless – 3.5% |
||||||
| Alltel Corp., 7%, 2012 |
$ | 377,000 | $ | 388,310 | ||
| Alltel Corp., 6.5%, 2013 |
70,000 | 70,000 | ||||
| Crown Castle International Corp., 9%, 2015 |
80,000 | 77,400 | ||||
| MetroPCS Wireless, Inc., 9.25%, 2014 |
225,000 | 208,406 | ||||
5
MFS Special Value Trust
PORTFOLIO OF INVESTMENTS (Unaudited) 1/31/09 - continued
| Issuer |
Shares/Par | Value ($) | ||||
| Bonds – continued |
||||||
| Telecommunications - Wireless – continued |
||||||
| Sprint Nextel Corp., 8.375%, 2012 |
$ | 115,000 | $ | 92,000 | ||
| Sprint Nextel Corp., FRN, 1.866%, 2010 |
135,000 | 115,424 | ||||
| Wind Acquisition Finance S.A., 10.75%, 2015 (z) |
300,000 | 267,000 | ||||
| $ | 1,218,540 | |||||
| Tobacco – 0.6% |
||||||
| Altria Group, Inc., 9.7%, 2018 |
$ | 190,000 | $ | 207,918 | ||
| Transportation - Services – 0.6% |
||||||
| Eurocar Groupe S.A., FRN, 7.745%, 2013 (n) |
EUR | 140,000 | $ | 52,881 | ||
| Hertz Corp., 8.875%, 2014 |
$ | 235,000 | 153,338 | |||
| $ | 206,219 | |||||
| Utilities - Electric Power – 6.6% |
||||||
| AES Corp., 8%, 2017 |
$ | 125,000 | $ | 117,500 | ||
| Dynegy Holdings, Inc., 7.5%, 2015 |
175,000 | 139,125 | ||||
| Dynegy Holdings, Inc., 7.75%, 2019 |
80,000 | 62,000 | ||||
| Mirant Americas Generation LLC, 8.5%, 2021 |
750,000 | 637,500 | ||||
| NGC Corp. Capital Trust, 8.316%, 2027 |
275,000 | 134,750 | ||||
| NRG Energy, Inc., 7.375%, 2016 |
745,000 | 709,613 | ||||
| Texas Competitive Electric Holdings, LLC, 10.5%, 2015 |
635,000 | 469,900 | ||||
| $ | 2,270,388 | |||||
| Total Bonds |
$ | 27,985,758 | ||||
| Floating Rate Loans – 6.2% (g)(r) |
||||||
| Aerospace – 0.6% |
||||||
| Hawker Beechcraft Acquisition Co. LLC, Letter of Credit, 3.46%, 2014 |
$ | 15,994 | $ | 8,663 | ||
| Hawker Beechcraft Acquisition Co. LLC, Term Loan, 2.75%, 2014 |
337,294 | 182,701 | ||||
| $ | 191,364 | |||||
| Automotive – 1.2% |
||||||
| Accuride Corp., Term Loan B, 3.94%, 2012 |
$ | 22,909 | $ | 16,052 | ||
| Federal-Mogul Corp., Term Loan B, 2.36%, 2014 |
192,594 | 90,519 | ||||
| Ford Motor Co., Term Loan B, 5%, 2013 |
446,427 | 160,342 | ||||
| General Motors, Term Loan B, 2.78%, 2013 (o) |
266,739 | 116,031 | ||||
| Mark IV Industries, Inc., Second Lien Term Loan, 10.39%, 2011 |
267,279 | 13,364 | ||||
| $ | 396,308 | |||||
| Broadcasting – 0.4% |
||||||
| Gray Television, Inc., Term Loan, 2014 (o) |
$ | 85,156 | $ | 36,049 | ||
| Young Broadcasting, Inc., Term Loan, 5.25%, 2012 (d) |
189,973 | 70,132 | ||||
| Young Broadcasting, Inc., Term Loan B-1, 5.25%, 2012 (d) |
70,034 | 25,854 | ||||
| $ | 132,035 | |||||
| Building – 0.2% |
||||||
| Building Materials Holding Corp., Term Loan, 2014 (o) |
$ | 24,047 | $ | 15,373 | ||
| Roofing Supply Group, Inc., Term Loan, 9.25%, 2013 (p) |
152,316 | 68,542 | ||||
| $ | 83,915 | |||||
| Business Services – 0.7% |
||||||
| First Data Corp., Term Loan B-1, 3.14%, 2014 |
$ | 391,053 | $ | 246,657 | ||
| Cable TV – 0.2% |
||||||
| Charter Communications Operating LLC, Term Loan, 3.44%, 2014 (o) |
$ | 107,073 | $ | 81,522 | ||
| Consumer Goods & Services – 0.1% |
||||||
| KAR Holdings, Inc., Term Loan B, 2013 (o) |
$ | 31,350 | $ | 20,785 | ||
| Electronics – 0.1% |
||||||
| Freescale Semiconductor, Inc., Term Loan B, 3.93%, 2013 |
$ | 77,605 | $ | 39,083 | ||
| Energy - Independent – 0.2% |
||||||
| Crimson Exploration, Inc., Second Lien Term Loan, 6.14%, 2012 |
$ | 111,133 | $ | 66,680 | ||
6
MFS Special Value Trust
PORTFOLIO OF INVESTMENTS (Unaudited) 1/31/09 - continued
| Issuer |
Shares/Par | Value ($) | ||||
| Floating Rate Loans (g)(r) – continued |
||||||
| Forest & Paper Products – 0.2% |
||||||
| Abitibi-Consolidated, Inc., Term Loan, 11.5%, 2009 |
$ | 76,325 | $ | 55,145 | ||
| Gaming & Lodging – 0.1% |
||||||
| Green Valley Ranch Gaming LLC, Second Lien Term Loan, 3.64%, 2014 |
$ | 450,000 | $ | 48,375 | ||
| Industrial – 0.1% |
||||||
| Oshkosh Truck Corp., Term Loan B, 2013 (o) |
$ | 24,487 | $ | 16,733 | ||
| Medical & Health Technology & Services – 0.0% |
||||||
| Community Health Systems, Inc., Term Loan, 2.95%, 2014 |
$ | 902 | $ | 762 | ||
| Community Health Systems, Inc., Term Loan B, 4.45%, 2014 |
17,600 | 14,879 | ||||
| $ | 15,641 | |||||
| Printing & Publishing – 0.3% |
||||||
| Nielsen Finance LLC, Term Loan B, 3.88%, 2013 |
$ | 47,496 | $ | 37,641 | ||
| Tribune Co., Incremental Term Loan, 6.5%, 2014 (d) |
292,517 | 62,648 | ||||
| $ | 100,289 | |||||
| Specialty Chemicals – 0.1% |
||||||
| Lyondell Basell, Term Loan B-2, 2014 (o) |
$ | 65,625 | $ | 15,094 | ||
| Lyondell Chemical Co., Term Loan B-2, 2014 (o) |
104,175 | 33,336 | ||||
| $ | 48,430 | |||||
| Specialty Stores – 0.1% |
||||||
| Michaels Stores, Inc., Term Loan B, 2.77%, 2013 |
$ | 51,099 | $ | 30,685 | ||
| Utilities - Electric Power – 1.6% |
||||||
| Calpine Corp., Term Loan, 4.34%, 2009 |
$ | 212,119 | $ | 162,580 | ||
| NRG Energy, Inc., Letter of Credit, 2.96%, 2013 |
53,802 | 49,583 | ||||
| NRG Energy, Inc., Term Loan, 2.66%, 2013 |
109,484 | 100,900 | ||||
| Texas Competitive Electric Holdings Co. LLC, Term Loan B-3, 3.9%, 2014 |
352,833 | 245,118 | ||||
| $ | 558,181 | |||||
| Total Floating Rate Loans |
$ | 2,131,828 | ||||
| Common Stocks – 6.4% |
||||||
| Biotechnology – 0.7% |
||||||
| Amgen, Inc. (a) |
4,400 | $ | 241,340 | |||
| Cable TV – 1.3% |
||||||
| Cablevision Systems Corp., “A” |
11,000 | $ | 176,330 | |||
| Comcast Corp., “A” |
15,700 | 230,005 | ||||
| Time Warner Cable, Inc., “A” (a) |
2,300 | 42,849 | ||||
| $ | 449,184 | |||||
| Construction – 1.1% |
||||||
| D.R. Horton, Inc. |
18,300 | $ | 109,068 | |||
| Masco Corp. |
36,400 | 284,648 | ||||
| $ | 393,716 | |||||
| Containers – 0.2% |
||||||
| Owens-Illinois, Inc. (a) |
2,600 | $ | 49,400 | |||
| Energy - Independent – 0.0% |
||||||
| SandRidge Energy, Inc. (a) |
2,090 | $ | 13,919 | |||
| Energy - Integrated – 0.7% |
||||||
| Chevron Corp. |
3,200 | $ | 225,664 | |||
| Gaming & Lodging – 0.4% |
||||||
| MGM Mirage (a)(l) |
3,300 | $ | 26,400 | |||
| Pinnacle Entertainment, Inc. (a)(l) |
18,200 | 123,396 | ||||
| $ | 149,796 | |||||
| Machinery & Tools – 0.1% |
||||||
| Accuride Corp. (a) |
69,200 | $ | 25,604 | |||
7
MFS Special Value Trust
PORTFOLIO OF INVESTMENTS (Unaudited) 1/31/09 - continued
| Issuer |
Shares/Par | Value ($) | |||
| Common Stocks – continued |
|||||
| Medical Equipment – 0.6% |
|||||
| Boston Scientific Corp. (a) |
18,000 | $ | 159,660 | ||
| Pall Corp. |
2,100 | 54,747 | |||
| $ | 214,407 | ||||
| Printing & Publishing – 0.0% |
|||||
| American Media, Inc. |
3,970 | $ | 8,496 | ||
| Golden Books Family Entertainment, Inc. (a) |
53,266 | 0 | |||
| $ | 8,496 | ||||
| Telephone Services – 0.2% |
|||||
| Adelphia Business Solutions, Inc. (a) |
40,000 | $ | 0 | ||
| Windstream Corp. |
7,900 | 68,572 | |||
| $ | 68,572 | ||||
| Utilities - Electric Power – 1.1% |
|||||
| Dynegy, Inc., “A” (a) |
38,000 | $ | 80,180 | ||
| NRG Energy, Inc. (a) |
12,454 | 290,925 | |||
| $ | 371,105 | ||||
| Total Common Stocks |
$ | 2,211,203 | |||
| Preferred Stocks – 0.8% |
|||||
| Automotive – 0.1% |
|||||
| Preferred Blocker, Inc., 7% (z) |
93 | $ | 23,209 | ||
| Broadcasting – 0.1% |
|||||
| Spanish Broadcasting Systems, Inc., “B”, 10.75% |
795 | $ | 46,905 | ||
| Major Banks – 0.6% |
|||||
| Bank of America Corp., 8.625% |
16,000 | $ | 220,480 | ||
| Total Preferred Stocks |
$ | 290,594 | |||
| Money Market Funds (v) – 2.4% |
|||||
| MFS Institutional Money Market Portfolio, 0.44%, at Net Asset Value |
835,499 | $ | 835,499 | ||
| Collateral for Securities Loaned – 0.3% |
|||||
| Navigator Securities Lending Prime Portfolio, at Net Asset Value |
87,288 | $ | 87,288 | ||
| Total Investments |
$ | 33,542,170 | |||
| Other Assets, Less Liabilities – 2.9% |
996,784 | ||||
| Net Assets – 100.0% |
$ | 34,538,954 | |||
| (a) | Non-income producing security. |
| (d) | Non-income producing security - in default. |
| (e) | The rate shown represents a current effective yield. Not a coupon rate. |
| (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. |
| (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 $2,611,482, representing 7.6% of net assets. |
| (o) | All or a portion of this position has not settled. Upon settlement date, interest rates for unsettled amounts will be determined. The rate shown represents the weighted average coupon rate for settled amounts. |
| (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. |
| (v) | Underlying fund that is available only to investment companies managed by MFS. The rate quoted is the annualized seven-day yield of the fund at period end. |
8
MFS Special Value Trust
PORTFOLIO OF INVESTMENTS (Unaudited) 1/31/09 - continued
| (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., 9%, 2013 |
1/29/09 | $ | 12,170 | $ | 12,170 | ||||
| American Media Operations, Inc., 14%, 2013 |
11/17/06 -11/28/07 | 104,588 | 104,588 | ||||||
| Anheuser-Busch Companies, Inc., 7.75%, 2019 |
1/07/09 | 159,877 | 162,308 | ||||||
| Anthracite Ltd., CDO, 6%, 2037 |
5/14/02 | 377,879 | 45,000 | ||||||
| Banc of America Commercial Mortgage, Inc., 6.2%, 2018 |
6/19/08 | 240,021 | 44,939 | ||||||
| Bonten Media Acquisition Co., 9%, 2015 |
5/22/07 - 5/31/07 | 165,450 | 47,438 | ||||||
| CSC Holdings, Inc., 8.5%, 2014 |
1/08/09 | 44,484 | 49,125 | ||||||
| Falcon Franchise Loan LLC, FRN, 3.721%, 2025 |
1/29/03 | 54,762 | 33,862 | ||||||
| Firekeepers Development Authority, 13.875%, 2015 |
4/22/08 | 182,898 | 127,300 | ||||||
| Fresenius Medical Care AG & Co., 9%, 2015 |
1/15/09 - 1/16/09 | 83,575 | 85,425 | ||||||
| GMAC Commercial Mortgage Securities, Inc., 6.875%, 2011 |
12/26/08 | 270,351 | 258,232 | ||||||
| GMAC Commercial Mortgage Securities, Inc., 7%, 2012 |
1/23/09 | 56,516 | 58,374 | ||||||
| GMAC Commercial Mortgage Securities, Inc., 8%, 2031 |
12/26/08 | 58,869 | 59,298 | ||||||
| Harrah’s Operating Co., Inc., 10%, 2018 |
1/30/08 - 10/03/08 | 133,453 | 41,760 | ||||||
| LBI Media, Inc., 8.5%, 2017 |
7/18/07 | 127,855 | 45,500 | ||||||
| Local TV Finance LLC, 9.25%, 2015 |
11/09/07 -12/11/07 | 202,506 | 25,463 | ||||||
| Petrohawk Energy Corp., 10.5%, 2014 |
1/22/09 | 59,341 | 61,913 | ||||||
| Preferred Blocker, Inc., 7% (Preferred Stock) |
12/26/08 | 71,610 | 23,209 | ||||||
| Preferred Term Securities XII Ltd., CDO, 0%, 2033 |
1/07/05 | 236,250 | 23 | ||||||
| Preferred Term Securities XVI Ltd., CDO, 0%, 2035 |
12/08/04 | 300,000 | 30 | ||||||
| Preferred Term Securities XVII Ltd., CDO, 0%, 2035 |
3/09/05 | 187,000 | 19 | ||||||
| Surgical Care Affiliates, Inc., 10%, 2017 |
6/21/07 | 185,000 | 105,450 | ||||||
| USI Holdings Corp., 9.75%, 2015 |
4/26/07 - 11/28/07 | 295,519 | 142,600 | ||||||
| Wind Acquisition Finance S.A., 10.75%, 2015 |
11/22/05 - 3/19/08 | 307,200 | 267,000 | ||||||
| Total Restricted Securities |
$ | 1,801,026 | |||||||
| % of Net Assets |
5.2 | % | |||||||
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. |
| 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.
9
MFS Special Value Trust
Supplemental Information (Unaudited) 1/31/09
(1) Fair Value Disclosure
The fund adopted FASB Statement No. 157, Fair Value Measurements (the “Statement”). This Statement provides a single definition of fair value, a hierarchy for measuring fair value and expanded disclosures about fair value measurements.
Various inputs are used in determining the value of the fund’s assets or liabilities carried at market value. These inputs are categorized into three broad levels. Level 1 includes quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes unobservable inputs, which may include the adviser’s own assumptions in determining the fair value of investments. Other financial instruments are derivative instruments not reflected in total investments, such as futures, forwards, swap contracts, and written options. The following is a summary of the levels used as of January 31, 2009 in valuing the fund’s assets or liabilities carried at market value:
| Level 1 | Level 2 | Level 3 | Total | |||||||||||
| Investments in Securities |
$ | 3,369,184 | $ | 30,117,586 | $ | 55,401 | $ | 33,542,170 | ||||||
| Other Financial Instruments |
$ | — | $ | (442,774 | ) | $ | — | $ | (442,774 | ) | ||||
Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value. The table presents the activity of Level 3 securities held at the beginning and the end of the period.
| Investments in Securities |
Other Financial Instruments | ||||||
| Balance as of 10/31/08 |
$ | — | $ | — | |||
| Accrued discounts/premiums |
— | — | |||||
| Realized gain (loss) |
— | — | |||||
| Change in unrealized appreciation |
(120,340 | ) | — | ||||
| Net purchases (sales) |
8,496 | — | |||||
| Transfers in and/or out of Level 3 |
167,245 | — | |||||
| Balance as of 1/31/09 |
$ | 55,401 | $ | — | |||
(2) 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 |
$ | 53,809,648 | ||
| Gross unrealized appreciation |
$ | 393,148 | ||
| Gross unrealized depreciation |
(20,660,626 | ) | ||
| Net unrealized appreciation (depreciation) |
$ | (20,267,478 | ) | |
The aggregate cost above includes prior fiscal year end tax adjustments.
(3) Derivative Contracts at 1/31/09
Forward Foreign Currency Exchange Contracts at 1/31/09
| Type |
Currency | Contracts to Deliver/Receive |
Settlement Date Range |
In Exchange For | Contracts at Value |
Net Unrealized Appreciation (Depreciation) | |||||||||
| Appreciation |
|||||||||||||||
| SELL |
EUR | 308,838 | 2/19/09 | $ | 442,704 | $ | 395,339 | $ | 47,365 | ||||||
10
MFS Special Value Trust
Supplemental Information (Unaudited) 1/31/09 - continued
Swap Agreements at 1/31/09
| 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) | $ | (99,892 | ) | |||||||
| 6/20/12 |
USD | 200,000 | Morgan Stanley Capital Services, Inc. |
3.76% (fixed rate) |
(2) | (154,725 | ) | ||||||||
| 6/20/12 |
USD | 100,000 | Morgan Stanley Capital Services, Inc. |
4.15% (fixed rate) |
(2) | (77,069 | ) | ||||||||
| 6/20/13 |
USD | 205,000 | (a) | Goldman Sachs International |
5.00% (fixed rate) |
(3) | (158,453 | ) | |||||||
| $ | (490,139 | ) | |||||||||||||
| (1) | Fund, as protection seller, to pay notional amount upon a defined credit event by Abitibi Consolidated, Inc., 8.375%, 4/1/15, a Ca rated bond. The fund entered into the contract to gain issuer exposure. |
| (2) | Fund, as protection seller, to pay notional amount upon a defined credit event by Bowater, Inc., 6.5%, 6/15/13, a Ca rated bond. The fund entered into the contract to gain issuer exposure. |
| (3) | Fund, as protection seller, to pay notional amount upon a defined credit event by Station Casinos, Inc., 6.0%, 4/1/12, a Caa3 rated bond. The fund entered into the contract to gain issuer exposure. |
| (a) | Net unamortized premiums received by the fund amounted to $30,834. |
The credit ratings presented here are an indicator of the current payment/performance risk of the related swap, the reference obligation for which may be either a single security or, in case of a credit default index, a basket of securities issued by corporate or sovereign issuers. Each reference security, including each individual security within a reference basket of securities, is assigned a rating from Moody’s Investor Service. If not rated by Moody’s, the rating will be that assigned by Standard & Poor’s. Likewise, if not assigned by Standard & Poor’s, it will be based on the rating assigned by Fitch, Inc. The ratings for a credit default index are calculated by MFS as a weighted average of the external credit ratings of the individual securities that compose the index’s reference basket of securities.
In a credit default swap, credit events, although contract specific, generally consist of a combination of the following: bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default, or repudiation/moratorium, each as defined in the 2003 ISDA Credit Derivatives Definitions as amended by the relevant contract. Obligation acceleration, obligation default, or repudiation/moratorium are generally applicable when the reference obligation is issued by a sovereign entity or an entity in an emerging country. In the event that a defined credit event occurs, the protection buyer, under the terms of the swap contract, designates which security will be delivered to satisfy the reference obligation. Upon designation of the reference security (or upon delivery of the reference security in the case of physical settlement), the difference between the value of the reference obligation and the swap’s notional amount is recorded as realized gain or loss on swap transactions in the Statement of Operations. Absent any recoveries under recourse or collateral provisions, the maximum amount of future, undiscounted payments that the fund, as protection seller, could be required to make is equal to the swap’s notional amount. The protection seller’s payment obligation would be offset to the extent of the value of the contract’s reference obligation.
At January 31, 2009, the fund had sufficient cash and/or other liquid securities to cover any commitments under these derivative contracts.
(4) Transactions in Underlying Funds-Affiliated Issuers
An affiliated issuer may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. For the purposes of this report, the transactions in securities which the fund assumes to be affiliated issuers during the three months ended January 31, 2009, is set forth below:
| Underlying Funds |
Beginning Shares/Par Amount |
Acquisitions Shares/Par Amount |
Dispositions Shares/Par Amount |
Ending Shares/Par Amount | |||||||
| MFS Institutional Money Market Portfolio |
— | 1,350,912 | (515,413 | ) | 835,499 | ||||||
| Underlying Funds |
Realized Gain (Loss) |
Capital Gain Distributions |
Dividend Income |
Ending Value | |||||||
| MFS Institutional Money Market Portfolio |
— | — | $ | 222 | $ | 835,499 | |||||
11
| 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 18, 2009
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 18, 2009
| By (Signature and Title)* | JOHN M. CORCORAN | |
| John M. Corcoran, Treasurer (Principal Financial Officer and Accounting Officer) |
Date: March 18, 2009
| * | Print name and title of each signing officer under his or her signature. |