d64391.pdf -- Converted by SECPublisher 4.0, created by BCL Technologies Inc., for SEC Filing

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, 2006
 


ITEM 1. SCHEDULE OF INVESTMENTS.


MFS Special Value Trust       
     PORTFOLIO OF INVESTMENTS (Unaudited) 01/31/2006       
Issuer  Shares/Par    Value ($) 
Bonds – 62.8%       
Advertising & Broadcasting – 4.3%       
Allbritton Communications Co., 7.75%, 2012  $             350,000  $  350,875 
DIRECTV Holdings LLC, 6.375%, 2015  90,000    88,200 
EchoStar DBS Corp., 6.375%, 2011  315,000    307,125 
Granite Broadcasting Corp., 9.75%, 2010  340,000    293,250 
Inmarsat Finance II PLC, 0% to 2008, 10.375% to 2012  360,000    300,150 
Intelsat Ltd., 8.625%, 2015(a)  135,000    135,337 
Intelsat Ltd., 0% to 2010, 9.25% to 2015(a)  180,000    118,800 
LBI Media Holdings, Inc., 0% to 2008, 11% to 2013  875,000    644,219 
Panamsat Holding Corp., 0% to 2009, 10.375% to 2014  640,000    451,200 
Sirius Satellite Radio, Inc., 9.625%, 2013  185,000    181,763 
    $  2,870,919 
Aerospace – 0.2%       
DRS Technologies, Inc., 7.625%, 2018  $            155,000  $  157,325 
Airlines – 0.8%       
Continental Airlines, Inc., 6.795%, 2018  $             331,351  $  287,965 
Continental Airlines, Inc., 8.307%, 2018  215,952    194,809 
Continental Airlines, Inc., 7.566%, 2020  56,616    52,765 
    $  535,539 
Apparel Manufacturers – 1.1%       
Levi Strauss & Co., 9.75%, 2015  $             345,000  $  363,544 
Propex Fabrics, Inc., 10%, 2012  395,000    351,550 
    $  715,094 
Asset Backed & Securitized – 3.2%       
Anthracite CDO Ltd., 6%, 2037(a)  $             450,000  $  393,610 
Asset Securitization Corp., FRN, 8.7825%, 2029(a)  700,000    624,832 
Falcon Franchise Loan LLC, FRN, 3.7884%, 2025(i)  650,008    105,799 
GMAC Commercial Mortgage Securities, Inc., 6.02%, 2033  250,000    250,794 
Morgan Stanley Capital I, Inc., FRN, 1.4906%, 2014(a)(i)  697,506    50,732 
Preferred Term Securities XII Ltd., 9.8%, 2033(a)(e)  225,000    210,938 
Preferred Term Securities XVI Ltd., 14%, 2035(a)(e)  300,000    297,600 
Preferred Term Securities XVII Ltd., 9.3%, 2035(a)(e)  187,000    179,053 
    $  2,113,358 
Automotive – 4.5%       
Advanced Accessory Systems LLC, 10.75%, 2011   $             60,000  $  48,000 
Ford Motor Credit Co., 5.625%, 2008  120,000    109,097 
Ford Motor Credit Co., 6.625%, 2008  495,000    465,788 
Ford Motor Credit Co., 5.8%, 2009  90,000    81,658 
Ford Motor Credit Co., 8.625%, 2010  125,000    120,330 
Ford Motor Credit Co., 7%, 2013  92,000    83,336 
General Motors Acceptance Corp., 6.125%, 2008  330,000    317,283 
General Motors Acceptance Corp., 5.85%, 2009  130,000    122,443 
General Motors Acceptance Corp., 6.75%, 2014  571,000    541,162 
Goodyear Tire & Rubber Co., 9%, 2015  480,000    480,000 
Lear Corp., 8.11%, 2009  440,000    404,800 
Lear Corp., 5.75%, 2014  125,000    101,875 
Metaldyne Corp., 10%, 2013  155,000    141,825 
TRW Automotive, Inc., 11%, 2013  13,000    14,755 
    $  3,032,352 
Banks & Credit Companies – 0.4%       
ATF Bank JSC, 9.25%, 2012(a)  $             279,000  $  293,299 
      1 

MFS Special Value Trust         
PORTFOLIO OF INVESTMENTS (Unaudited) 01/31/2006 - continued       
Issuer    Shares/Par    Value ($) 
Bonds – continued         
Basic Industry – 0.1%         
Trimas Corp., 9.875%, 2012  $  105,000  $  89,775 
Broadcast & Cable TV – 3.9%         
Cablevision Systems Corp., 8%, 2012  $  180,000  $  171,450 
CCH I Holdings LLC, 9.92%, 2014(a)    358,000    182,580 
CCH I Holdings LLC, 11%, 2015(a)    378,000    310,905 
Charter Communications, Inc., 8.625%, 2009    48,000    35,520 
CSC Holdings, Inc., 8.125%, 2009    155,000    157,325 
CSC Holdings, Inc., 6.75%, 2012(a)    110,000    105,050 
FrontierVision Holdings LP, 11.875%, 2007(d)    300,000    360,000 
FrontierVision Operating Partners LP, 11%, 2006(d)    115,000    157,550 
Kabel Deutschland, 10.625%, 2014(a)    230,000    241,500 
Mediacom Broadband LLC, 11%, 2013    150,000    161,250 
Mediacom LLC, 9.5%, 2013    285,000    282,863 
Telenet Group Holdings N.V., 0% to 2008, 11.5% to 2014(a)    510,000    424,575 
      $  2,590,568 
Building – 1.8%         
Goodman Global Holdings, Inc., 7.875%, 2012(a)  $  355,000  $  335,475 
Interface, Inc., 10.375%, 2010    180,000    195,750 
Interface, Inc., 9.5%, 2014    150,000    150,000 
Nortek Holdings, Inc., 8.5%, 2014    65,000    63,213 
Nortek Holdings, Inc., 0% to 2009, 10.75% to 2014    632,000    403,690 
Texas Industries, Inc., 7.25%, 2013    70,000    72,275 
      $  1,220,403 
Business Services – 0.5%         
Lucent Technologies, Inc., 6.45%, 2029  $  100,000  $  84,000 
Northern Telecom Corp., 6.875%, 2023    75,000    67,125 
Northern Telecom Corp., 7.875%, 2026    45,000    44,100 
SunGard Data Systems, Inc., 10.25%, 2015(a)    165,000    165,825 
      $  361,050 
Chemicals – 4.3%         
ARCO Chemical Co., 9.8%, 2020  $  160,000  $  178,800 
Basell AF SCA, 8.375%, 2015(a)    225,000    224,719 
Crystal U.S. Holdings LLC, "A", 0% to 2009, 10% to 2014    36,000    26,820 
Crystal U.S. Holdings LLC, "B", 0% to 2009, 10.5% to 2014    390,000    288,600 
Equistar Chemicals, 10.625%, 2011    80,000    88,000 
Huntsman International LLC, 10.125%, 2009    1,000    1,034 
Huntsman International LLC, 7.375%, 2015(a)    215,000    217,687 
IMC Global, Inc., 10.875%, 2013    70,000    80,500 
KI Holdings, Inc., 0% to 2009, 9.875% to 2014    547,000    366,490 
Lyondell Chemical Co., 11.125%, 2012    340,000    381,650 
Nalco Co., 8.875%, 2013    65,000    67,925 
Polypore, Inc., 8.75%, 2012    195,000    177,450 
Resolution Performance Products LLC, 13.5%, 2010    340,000    362,950 
Rhodia S.A., 8.875%, 2011    196,000    199,920 
Rockwood Specialties Group, Inc., 10.625%, 2011    219,000    239,258 
      $  2,901,803 
Consumer Goods & Services – 2.0%         
ACCO Brands Corp., 7.625%, 2015  $  30,000  $  28,612 
Church & Dwight Co., Inc., 6%, 2012    75,000    73,687 
GEO Group, Inc., 8.25%, 2013    65,000    64,837 
Playtex Products, Inc., 9.375%, 2011    65,000    68,331 
Revlon Consumer Products Corp., 9.5%, 2011    465,000    427,800 
        2 

MFS Special Value Trust         
PORTFOLIO OF INVESTMENTS (Unaudited) 01/31/2006 - continued       
Issuer    Shares/Par    Value ($) 
Bonds – continued         
Consumer Goods & Services – continued         
Safilo Capital International S.A., 9.625%, 2013(a)  EUR  260,000  $  360,031 
Worldspan Financing Corp., FRN, 10.59%, 2011  $  330,000    288,750 
      $  1,312,048 
Containers – 0.7%         
Crown Americas, 7.75%, 2015(a)  $  215,000  $  223,063 
Owens-Brockway Glass Container, Inc., 8.25%, 2013    160,000    168,400 
Pliant Corp., 11.125%, 2009    50,000    43,625 
      $  435,088 
Defense Electronics – 0.2%         
L-3 Communications Holdings, Inc, 6.125%, 2014  $  130,000  $  128,375 
Electronics – 0%         
Magnachip Semiconductor S.A., 8%, 2014  $  20,000  $  19,350 
Emerging Market Quasi-Sovereign – 0.6%         
Gazprom OAO, 9.625%, 2013(a)  $  150,000  $  179,812 
Gazprom OAO, 9.625%, 2013    60,000    71,925 
Pemex Project Funding Master Trust, 8.625%, 2022    143,000    174,675 
      $  426,412 
Emerging Market Sovereign – 1.4%         
Federal Republic of Brazil, 8.875%, 2019  $  483,000  $  557,865 
Federal Republic of Brazil, FRN, 5.1875%, 2024    54,000    52,920 
Republic of Panama, 9.375%, 2029    185,000    239,575 
Republic of Panama, 6.7%, 2036    28,000    27,832 
United Mexican States, 8.3%, 2031    41,000    51,660 
      $  929,852 
Energy - Independent – 0.9%         
Belden & Blake Corp., 8.75%, 2012  $  280,000  $  287,700 
Chesapeake Energy Corp., 7%, 2014    52,000    53,690 
Chesapeake Energy Corp., 6.875%, 2016    130,000    132,600 
Clayton Williams Energy, Inc., 7.75%, 2013    135,000    132,806 
      $  606,796 
Entertainment – 1.6%         
AMC Entertainment, Inc., 11%, 2016(a)  $  165,000  $  165,825 
Marquee Holdings, Inc., 0% to 2009, 12% to 2014    415,000    253,150 
Six Flags, Inc., 9.75%, 2013    415,000    424,856 
Universal City, Florida Holding Co., 8.375%, 2010    240,000    240,600 
      $  1,084,431 
Food & Non-Alcoholic Beverages – 0.8%         
Chaoda Modern Agriculture Holdings, 7.75%, 2010(a)  $  359,000  $  362,590 
Doane Petcare Co., 10.625%, 2015(a)    135,000    141,075 
      $  503,665 
Forest & Paper Products – 2.0%         
Graphic Packaging International Corp., 9.5%, 2013  $  345,000  $  324,300 
Jefferson Smurfit Corp., 8.25%, 2012    140,000    133,000 
JSG Funding LLC, 11.5%, 2015(a)(p)  EUR  476,666    562,310 
Newark Group, Inc., 9.75%, 2014  $  155,000    137,175 
Norske Skog Canada Ltd., 7.375%, 2014    125,000    110,000 
Sino-Forest Corp., 9.125%, 2011(a)    12,000    12,960 
Stone Container Corp., 7.375%, 2014    90,000    80,325 
      $  1,360,070 
        3 

MFS Special Value Trust         
PORTFOLIO OF INVESTMENTS (Unaudited) 01/31/2006 - continued       
Issuer    Shares/Par    Value ($) 
Bonds – continued         
Gaming & Lodging – 3.1%         
Aztar Corp., 7.875%, 2014  $  200,000  $  207,500 
Greektown Holdings, 10.75%, 2013(a)    135,000    134,325 
GTECH Holdings Corp., 5.25%, 2014    265,000    274,833 
Majestic Star Casino LLC, 9.5%, 2010    45,000    48,037 
Majestic Star Casino LLC, 9.75%, 2011(a)    40,000    40,900 
NCL Corp. Ltd., 10.625%, 2014    360,000    376,650 
Penn National Gaming, Inc., 6.75%, 2015    95,000    94,763 
Pinnacle Entertainment, Inc., 8.25%, 2012    195,000    201,825 
Resorts International Hotel & Casino, Inc., 11.5%, 2009    400,000    442,000 
Station Casinos, Inc., 6.875%, 2016    25,000    25,406 
Wynn Las Vegas LLC, 6.625%, 2014    215,000    209,356 
      $  2,055,595 
Industrial – 1.7%         
Amsted Industries, Inc., 10.25%, 2011(a)  $  195,000  $  209,625 
Da-Lite Screen Co., Inc., 9.5%, 2011    120,000    126,600 
JohnsonDiversey Holdings, Inc., 0% to 2007, 10.67% to 2013    335,000    281,400 
Knowledge Learning Corp., 7.75%, 2015(a)    85,000    81,175 
Milacron Escrow Corp., 11.5%, 2011    390,000    351,975 
Wesco Distribution, Inc., 7.5%, 2017(a)    105,000    106,838 
      $  1,157,613 
Machinery & Tools – 0.7%         
Case Corp., 7.25%, 2016  $  220,000  $  211,200 
Case New Holland, Inc., 9.25%, 2011    205,000    219,350 
      $  430,550 
Medical & Health Technology & Services – 2.6%         
Accellent, Inc., 10.5%, 2013(a)  $  135,000  $  141,075 
CDRV Investors, Inc., 0% to 2010, 9.625% to 2015    370,000    239,575 
DaVita, Inc., 6.625%, 2013    80,000    80,800 
DaVita, Inc., 7.25%, 2015    150,000    150,937 
Fisher Scientific International, Inc., 6.125%, 2015    210,000    210,262 
Healthsouth Corp., 8.5%, 2008    150,000    153,750 
Psychiatric Solutions, Inc., 7.75%, 2015    55,000    56,925 
Select Medical Corp., 7.625%, 2015    115,000    102,350 
Triad Hospitals, Inc., 7%, 2013    215,000    216,881 
U.S. Oncology, Inc., 10.75%, 2014    275,000    303,875 
Universal Hospital Services, Inc., 10.125%, 2011    105,000    108,675 
      $  1,765,105 
Medical Equipment – 0.6%         
Warner Chilcott Corp., 8.75%, 2015(a)  $  375,000  $  367,500 
Natural Gas - Pipeline – 1.3%         
ANR Pipeline Co., 9.625%, 2021  $  105,000  $  132,124 
Atlas Pipeline Partners LP, 8.125%, 2015(a)    80,000    82,400 
Colorado Interstate Gas Co., 5.95%, 2015    95,000    92,976 
El Paso Energy Corp., 7%, 2011    300,000    304,875 
El Paso Energy Corp., 7.75%, 2013    235,000    248,512 
      $  860,887 
Network & Telecom – 4.0%         
Axtel S.A. de C.V., 11%, 2013  $  565,000  $  632,800 
Cincinnati Bell, Inc., 8.375%, 2014    155,000    152,287 
Citizens Communications Co., 9.25%, 2011    170,000    187,000 
Citizens Communications Co., 6.25%, 2013    305,000    295,850 
        4 

MFS Special Value Trust         
PORTFOLIO OF INVESTMENTS (Unaudited) 01/31/2006 - continued       
Issuer    Shares/Par    Value ($) 
Bonds – continued         
Network & Telecom – continued         
Global Crossing UK Finance, 10.75%, 2014  $  80,000  $  74,800 
Hawaiian Telecom Communications, Inc., 9.75%, 2013(a)    130,000    128,375 
Hawaiian Telecom Communications, Inc., 12.5%, 2015(a)    190,000    178,125 
MCI, Inc., 6.908%, 2007    100,000    101,000 
MCI, Inc., 7.688%, 2009    110,000    113,437 
Qwest Capital Funding, Inc., 7.25%, 2011    175,000    176,313 
Qwest Corp., 7.875%, 2011    180,000    190,350 
Qwest Corp., 8.875%, 2012    175,000    193,813 
Time Warner Telecom Holdings, Inc., 9.25%, 2014    235,000    250,275 
      $  2,674,425 
Oil Services – 0.2%         
Hanover Compressor Co., 9%, 2014  $  125,000  $  136,562 
Precious Metals & Minerals – 0.4%         
Freeport-McMoRan Copper & Gold, Inc., 6.875%, 2014  $  254,000  $  257,492 
Printing & Publishing – 3.3%         
American Media Operations, Inc., 8.875%, 2011  $  260,000  $  221,000 
Dex Media, Inc., 0% to 2008, 9% to 2013    840,000    693,000 
Dex Media, Inc., 0% to 2008, 9% to 2013    135,000    111,375 
Houghton Mifflin Co., 0% to 2008, 11.5% to 2013    385,000    314,737 
Lighthouse International Co. S.A., 8%, 2014(a)  EUR  105,000    137,728 
PRIMEDIA, Inc., 8.875%, 2011  $  295,000    275,825 
R.H. Donnelley Corp., 8.875%, 2016(a)    115,000    116,150 
WDAC Subsidiary Corp., 8.375%, 2014(a)    365,000    354,963 
      $  2,224,778 
Railroad & Shipping – 0.4%         
TFM S.A. de C.V., 9.375%, 2012  $  241,000  $  265,100 
Restaurants – 0.7%         
Carrols Corp., 9%, 2013  $  70,000  $  68,250 
Denny's Corp. Holdings, Inc., 10%, 2012    75,000    76,687 
El Pollo Loco, Inc., 11.75%, 2013(a)    135,000    137,025 
Uno Restaurant Corp., 10%, 2011(a)    195,000    164,288 
      $  446,250 
Retailers – 1.8%         
Buhrmann U.S., Inc., 7.875%, 2015  $  95,000  $  93,100 
Couche-Tard, Inc., 7.5%, 2013    170,000    176,375 
Eye Care Centers of America, 10.75%, 2015    145,000    142,462 
Finlay Fine Jewelry Corp., 8.375%, 2012    100,000    88,750 
GSC Holdings Corp., 8%, 2012(a)    195,000    189,394 
Mothers Work, Inc., 11.25%, 2010    145,000    140,288 
Neiman Marcus Group, Inc., 9%, 2015(a)    165,000    171,188 
Rite Aid Corp., 8.125%, 2010    130,000    132,600 
Rite Aid Corp., 7.7%, 2027    95,000    74,813 
      $  1,208,970 
Specialty Stores – 0.2%         
Payless ShoeSource, Inc., 8.25%, 2013  $  125,000  $  131,563 
Steel – 0.6%         
AK Steel Holding Corp., 7.75%, 2012  $  300,000  $  292,500 
Chaparral Steel Co., 10%, 2013    115,000    126,500 
Northwestern Steel & Wire Co., 9.5%, 2049(d)    300,000    0 
      $  419,000 
        5 

MFS Special Value Trust         
PORTFOLIO OF INVESTMENTS (Unaudited) 01/31/2006 - continued       
Issuer    Shares/Par    Value ($) 
Bonds – continued         
Telecommunications - Wireless – 1.4%         
Alamosa Holdings, Inc., 12%, 2009  $  129,000  $  140,126 
American Towers, Inc., 7.25%, 2011    85,000    88,612 
Centennial Communications Corp., 10%, 2013(a)    30,000    31,050 
Centennial Communications Corp., 10.125%, 2013    140,000    153,300 
Dolphin Telecom PLC, 11.5%, 2008(d)    750,000    0 
IWO Holdings, Inc., FRN, 8.35%, 2012    15,000    15,562 
Rogers Wireless, Inc., 7.5%, 2015    65,000    70,525 
Rural Cellular Corp., 9.75%, 2010    213,000    217,260 
U.S. Unwired, Inc., 10%, 2012    100,000    113,250 
Wind Acquisition Finance S.A., 10.75%, 2015(a)    105,000    111,956 
      $  941,641 
Tire & Rubber – 0.3%         
Cooper Standard Automotive, Inc., 8.375%, 2014  $  265,000  $  210,012 
Tobacco – 0.5%         
R.J. Reynolds Tobacco Holdings, Inc., 7.3%, 2015(a)  $  340,000  $  349,350 
Transportation - Services – 0.1%         
Hertz Corp., 8.875%, 2014(a)  $  85,000  $  87,762 
Utilities - Electric Power – 3.6%         
Allegheny Energy Supply Co. LLC, 8.25%, 2012(a)  $  190,000  $  210,900 
CMS Energy Corp., 8.5%, 2011    200,000    217,250 
FirstEnergy Corp., 6.45%, 2011    99,000    104,075 
Midwest Generation LLC, 8.75%, 2034    145,000    158,775 
Mission Energy Holding Co., 13.5%, 2008    250,000    288,750 
NGC Corp. Capital Trust, 8.316%, 2027    275,000    253,000 
NRG Energy, Inc., 8%, 2013    135,000    150,525 
NRG Energy, Inc., 7.375%, 2016    295,000    300,163 
Reliant Energy, Inc., 6.75%, 2014    60,000    51,600 
Reliant Resources, Inc., 9.25%, 2010    200,000    197,500 
Sierra Pacific Resources, 6.75%, 2017(a)    155,000    155,388 
Texas Genco LLC, 6.875%, 2014(a)    120,000    129,900 
TXU Corp., 5.55%, 2014    220,000    206,589 
      $  2,424,415 
Total Bonds      $  42,102,142 
Stocks – 29.7%         
Airlines – 1.5%         
Southwest Airlines Co.(l)    60,500  $  995,830 
Automotive – 1.0%         
Magna International, Inc., "A"(l)    9,500  $  703,000 
Broadcast & Cable TV – 2.1%         
Comcast Corp., "Special A"(l)(n)    43,100  $  1,194,732 
Sinclair Broadcast Group, Inc., "A"(l)    30,000    238,800 
      $  1,433,532 
Business Services – 0.4%         
Anacomp, Inc., "B"(l)(n)    30  $  307 
Brink's Co.(l)    4,500    239,400 
      $  239,707 
Containers – 3.2%         
Owens-Illinois, Inc.(n)    97,000  $  2,133,030 
        6 

MFS Special Value Trust       
PORTFOLIO OF INVESTMENTS (Unaudited) 01/31/2006 - continued       
Issuer  Shares/Par    Value ($) 
Stocks – continued       
Gaming & Lodging – 0.3%       
GTECH Holdings Corp.(l)  6,250  $  208,875 
Medical & Health Technology & Services – 1.2%       
Tenet Healthcare Corp.(l)(n)  110,500  $  803,335 
Metals & Mining – 0%       
International Utility Structures, Inc.(n)  254,700  $  0 
Natural Gas - Distribution – 0.7%       
Ferrell Gas Partners LP  6,088  $  132,110 
Northwestern Corp.  10,109    316,816 
    $  448,926 
Network & Telecom – 4.7%       
Nokia Corp., ADR  100,200  $  1,841,676 
Nortel Networks Corp.(l)(n)  439,300    1,317,900 
    $  3,159,576 
Oil Services – 9.1%       
BJ Services Co.(l)  29,000  $  1,174,210 
Cooper Cameron Corp.(n)  33,060    1,599,773 
GlobalSantaFe Corp.(l)  36,830    2,248,471 
Noble Corp.(l)  13,390    1,077,091 
    $  6,099,545 
Pharmaceuticals – 1.9%       
Merck & Co., Inc.(l)  3,900  $  134,550 
Wyeth(l)  24,600    1,137,750 
    $  1,272,300 
Printing & Publishing – 0%       
Golden Books Family Entertainment, Inc.(n)  53,266  $  0 
Specialty Chemicals – 0.3%       
Lyondell Chemical Co.(l)  7,500  $  180,075 
Sterling Chemicals, Inc.(n)  8    85 
    $  180,160 
Telecommunications - Wireless – 0.1%       
Vodafone Group PLC, ADR(l)  4,432  $  93,560 
Telephone Services – 2.8%       
Adelphia Business Solutions, Inc.(n)  40,000  $  0 
NTL, Inc.(l)(n)  6,812    430,859 
Sprint Nextel Corp.(l)  62,300    1,426,047 
    $  1,856,906 
Utilities - Electric Power – 0.4%       
NRG Energy, Inc.(n)  6,073  $  293,144 
Total Stocks    $  19,921,426 
Convertible Preferred Stock – 0.6%       
Automotive – 0.6%       
General Motors Corp., 5.25%(l)  26,055  $  430,429 
Preferred Stocks – 3.2%       
Broadcast & Cable TV – 3.2%       
Paxson Communications Corp., 14.25%  148  $  1,272,800 
Spanish Broadcasting Systems, Inc., "B", 10.75%  775    837,000 
    $  2,109,800 
      7 

MFS Special Value Trust           
PORTFOLIO OF INVESTMENTS (Unaudited) 01/31/2006 - continued       
Issuer      Shares/Par    Value ($) 
Preferred Stocks – continued           
Consumer Goods & Services – 0%           
Renaissance Cosmetics, Inc., 14%(n)      1,266  $  0 
Real Estate – 0%           
HRPT Properties Trust, "B", 8.75%(l)      200  $  5,120 
Telephone Services – 0%           
PTV, Inc., "A", 10%      8  $  17 
Total Preferred Stocks        $  2,114,937 
Warrants – 0%  Strike Price  1st Exercise       
Anacomp, Inc. (Business Services)(n)  $61.54  12/10/2001  5,841  $  292 
Metricom, Inc. (Network & Telecom)(n)  87.00  8/15/2000  775    0 
Sirius Satellite Radio, Inc. (Advertising & Broadcasting)(n)  24.92  8/13/1999  2,700    0 
Sterling Chemicals, Inc. (Specialty Chemicals)(n)  52.00  12/31/2002  14    1 
Total Warrants        $  293 
Short-Term Obligation – 3.3%           
Sheffield Receivables Corp., 4.48%, due 2/01/06(y)(t)    $  2,194,000  $  2,194,000 
Collateral for Securities Loaned – 18.2%           
Navigator Securities Lending Prime Portfolio      12,208,067  $  12,208,067 
Total Investments(k)        $  78,971,294 
Other Assets, Less Liabilities – (17.8)%          (11,944,135)
Net Assets – 100.0%        $  67,027,159 

(p)    Payment-in-kind security. 
(e)    The rate shown represents a current effective yield. 
(t)    Security exempt from registration with the U.S. Securities and Exchange Commission under Section 4(2) of the Securities 
    Act of 1933. 
(n)    Non-income producing security. 
(d)    Non-income producing security - in default. 
(l)    All or a portion of this security is on loan. 
(a)    SEC Rule 144A restriction. 
(y)    The rate shown represents an annualized yield at time of purchase. 
(k)    As of January 31, 2006 the trust had eight securities representing $0 of net assets that were fair valued in accordance with 
    the policies adopted by the Board of Trustees. 
(i)    Interest only security for which the trust receives interest on notional principal (Par amount). Par amount shown is the 
    notional principal and does not reflect the cost of the security. 

The following abbreviations are used in the Portfolio of Investments and are defined: 
ADR              American Depository Receipt 
FRN              Floating Rate Note. The interest rate is the rate in effect as of period end. 

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 schedules. For more information see notes to financial statements as disclosed in the most recent semiannual or annual 
report.   
  8 

MFS Special Value Trust

Supplemental Schedules (Unaudited) 01/31/2006

(1) Portfolio Securities

The cost and unrealized appreciation and depreciation in the value of the investments owned by the trust, as computed
on a federal income tax basis, are as follows:

Aggregate Cost  $ 78,232,161 
Gross unrealized appreciation  $ 4,686,232 
Gross unrealized depreciation    (3,947,099)
                             Net unrealized appreciation (depreciation)  $ 739,133 

Aggregate cost includes prior fiscal year end tax adjustments.  		   

(2) Financial Instruments

Forward Foreign Currency Exchange Contracts

Sales and Purchases in the table below are reported by currency.

                Net Unrealized 
Appreciation 
(Depreciation) 
  Contracts to 
Deliver/Receive  		          Contracts 
at Value  		 
  Settlement Date        In Exchange For         
Sales                 
EUR  1,703,567  2/21/2006  $ 2,001,853    $ 2,076,460  $ (74,607)
Purchases                 
EUR  213,132  2/21/2006 - 3/20/2006  $ 258,376  $ 259,899  $ 1,523 

At January 31, 2006, forward foreign currency purchases and sales under master netting agreements excluded   
above amounted to a net receivable of $8,226 with Merrill Lynch International.   

At January 31, 2006, the trust had sufficient cash and/or securities to cover any commitments under these  		 
derivative contracts.   



MFS Investment Management®  		 
  9 

ITEM 2.  CONTROLS AND PROCEDURES.
 
(a)   Based upon their evaluation 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 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 24, 2006  		 

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 24, 2006  		 

By (Signature and Title)*  		TRACY ATKINSON 
  Tracy Atkinson, Treasurer (Principal Financial Officer and 
  Accounting Officer) 

Date: March 24, 2006  		 

* Print name and title of each signing officer under his or her signature.