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
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MFS SPECIAL VALUE TRUST
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(Exact name of registrant as specified in charter)
500 Boylston Street, Boston, Massachusetts 02116
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(Address of principal executive offices) (Zip code)
Susan S. Newton
Massachusetts Financial Services Company
500 Boylston Street
Boston, Massachusetts 02116
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(Name and address of agents for service)
Registrant's telephone number, including area code:
(617) 954-5000
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Date of fiscal year end: October 31
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Date of reporting period: January 31, 2007
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ITEM 1. SCHEDULE OF INVESTMENTS.
MFS(R) SPECIAL VALUE TRUST
1/31/07
Quarterly portfolio holdings
[graphic omitted]
M F S(R)
INVESTMENT MANAGEMENT
MFS Special Value Trust
PORTFOLIO OF INVESTMENTS (Unaudited) 01/31/2007
ISSUER SHARES/PAR VALUE ($)
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BONDS - 66.1%
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AEROSPACE - 0.1%
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Vought Aircraft Industry, Inc., 8%, 2011 $ 60,000 $ 57,600
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AIRLINES - 0.9%
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Continental Airlines, Inc., 6.795%, 2018 $ 307,829 $ 307,829
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Continental Airlines, Inc., 8.307%, 2018 207,668 215,975
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Continental Airlines, Inc., 7.566%, 2020 54,784 55,879
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$ 579,683
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APPAREL MANUFACTURERS - 1.1%
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Levi Strauss & Co., 9.75%, 2015 $ 345,000 $ 372,600
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Propex Fabrics, Inc., 10%, 2012 395,000 348,588
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$ 721,188
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ASSET BACKED & SECURITIZED - 2.8%
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Anthracite Ltd., CDO, 6%, 2037 (z) $ 450,000 $ 399,146
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Asset Securitization Corp., FRN, 8.637%, 2029 (z) 700,000 749,945
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Falcon Franchise Loan LLC, FRN, 3.797%, 2025 (i)(z) 545,908 83,300
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Morgan Stanley Capital I, Inc., FRN, 1.4055%, 2039 (i)(n) 697,506 40,615
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Preferred Term Securities XII Ltd., 9.8%, 2033 (e)(z) 225,000 187,065
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Preferred Term Securities XVI Ltd., 14%, 2035 (e)(z) 300,000 264,300
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Preferred Term Securities XVII Ltd., 9.3%, 2035 (e)(z) 187,000 155,210
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$ 1,879,581
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AUTOMOTIVE - 4.1%
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Cooper-Standard Automotive, Inc., 8.375%, 2014 $ 150,000 $ 120,750
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Ford Motor Credit Co., 5.8%, 2009 475,000 466,170
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Ford Motor Credit Co., 9.75%, 2010 (n) 530,000 565,352
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Ford Motor Credit Co., 8.625%, 2010 125,000 129,157
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Ford Motor Credit Co., 7%, 2013 174,000 165,988
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Ford Motor Credit Co., 8%, 2016 230,000 225,830
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Ford Motor Credit Co., FRN, 8.11%, 2012 125,000 125,514
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General Motors Corp., 8.375%, 2033 566,000 532,748
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Goodyear Tire & Rubber Co., 9%, 2015 420,000 452,550
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$ 2,784,059
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BROADCASTING - 5.1%
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Allbritton Communications Co., 7.75%, 2012 $ 350,000 $ 356,125
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Barrington Broadcasting Group, 10.5%, 2014 (n) 175,000 180,469
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Clear Channel Communications, Inc., 5.5%, 2014 250,000 221,059
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EchoStar DBS Corp., 6.375%, 2011 120,000 118,950
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Hughes Network Systems LLC, 9.5%, 2014 145,000 153,338
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Inmarsat Finance II PLC, 0% to 2008, 10.375% to 2012 360,000 333,900
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Intelsat Bermuda Ltd., FRN, 8.8719%, 2015 (z) 95,000 96,663
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Intelsat Ltd., 9.25%, 2016 (n) 125,000 137,188
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Intelsat Ltd., 11.25%, 2016 (n) 310,000 350,300
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Intelsat Ltd., 0% to 2010, 9.25% to 2015 180,000 145,800
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Intelsat Subsidiary Holding Co. Ltd., 8.625%, 2015 135,000 143,606
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LBI Media Holdings, Inc., 0% to 2008, 11% to 2013 875,000 753,594
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XM Satellite Radio, Inc., 9.75%, 2014 205,000 206,025
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Young Broadcasting, Inc., 10%, 2011 240,000 236,400
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$ 3,433,417
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BUILDING - 2.6%
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Associated Materials, Inc., 0% to 2009, 11.25% to 2014 $ 110,000 $ 80,575
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Builders FirstSource, Inc., FRN, 9.6238%, 2012 60,000 60,600
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Goodman Global Holdings, Inc., 7.875%, 2012 110,000 110,550
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Interface, Inc., 10.375%, 2010 180,000 198,900
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Interface, Inc., 9.5%, 2014 170,000 181,050
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Masonite Corp., 11%, 2015 (z) 303,000 299,213
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Nortek Holdings, Inc., 8.5%, 2014 150,000 148,875
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Nortek Holdings, Inc., 0% to 2009, 10.75% to 2014 807,000 593,145
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Ply Gem Industries, Inc., 9%, 2012 65,000 58,500
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$ 1,731,408
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BUSINESS SERVICES - 1.0%
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Nortel Networks Ltd., 10.75%, 2016 (n) $ 105,000 $ 116,025
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Northern Telecom Corp., 6.875%, 2023 75,000 66,000
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SunGard Data Systems, Inc., 10.25%, 2015 470,000 505,250
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$ 687,275
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CABLE TV - 3.8%
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CCH I Holdings LLC, 11%, 2015 $ 533,000 $ 550,323
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CCH II Holdings LLC, 10.25%, 2010 300,000 311,625
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CCO Holdings LLC, 8.75%, 2013 95,000 97,850
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CSC Holdings, Inc., 6.75%, 2012 (n) 215,000 212,850
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Kabel Deutschland GmbH, 10.625%, 2014 230,000 256,738
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Mediacom LLC, 9.5%, 2013 440,000 453,200
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NTL Cable PLC, 9.125%, 2016 173,000 182,948
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Telenet Group Holdings N.V., 0% to 2008, 11.5% to 2014 (n) 510,000 461,550
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$ 2,527,084
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CHEMICALS - 3.7%
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Crystal U.S. Holdings LLC, "B", 0% to 2009, 10.5% to 2014 $ 330,000 $ 287,100
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Equistar Chemicals LP, 10.625%, 2011 40,000 42,400
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Innophos, Inc., 8.875%, 2014 165,000 170,363
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KI Holdings, Inc., 0% to 2009, 9.875% to 2014 547,000 444,438
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Lyondell Chemical Co., 11.125%, 2012 340,000 365,925
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Momentive Performance Materials, Inc., 11.5%, 2016 (n) 570,000 586,388
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Mosaic Co., 7.625%, 2016 (n) 230,000 235,175
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Nalco Co., 8.875%, 2013 320,000 339,600
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Rockwood Specialties Group, Inc., 10.625%, 2011 4,000 4,255
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$ 2,475,644
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CONSUMER GOODS & SERVICES - 2.1%
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AAC Group Holding, Corp., 12.75%, 2012 (p) $ 245,110 $ 266,864
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Affinion Group, Inc., 11.5%, 2015 195,000 209,625
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GEO Group, Inc., 8.25%, 2013 210,000 217,350
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Jarden Corp., 9.75%, 2012 105,000 111,169
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Playtex Products, Inc., 9.375%, 2011 65,000 67,438
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Spectrum Brands, Inc., 7.375%, 2015 175,000 152,688
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Visant Holding Corp., 8.75%, 2013 245,000 257,250
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Vitro S.A., 8.625%, 2012 (z) 4,000 4,040
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Vitro S.A., 9.125%, 2017 (z) 121,000 122,210
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$ 1,408,634
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CONTAINERS - 1.3%
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Berry Plastics Holding Corp., 8.875%, 2014 (n) $ 225,000 $ 232,313
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Graham Packaging Co. LP, 9.875%, 2014 450,000 463,500
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Owens-Brockway Glass Container, Inc., 8.25%, 2013 160,000 166,800
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$ 862,613
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ELECTRONICS - 0.8%
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Avago Technologies, Inc., 11.875%, 2015 (z) $ 135,000 $ 147,825
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NXP B.V./NXP Funding LLC, 7.875%, 2014 (n) 85,000 87,763
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Sensata Technologies B.V., 0% to 2009, 8% to 2014 (n) 320,000 314,400
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$ 549,988
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EMERGING MARKET QUASI-SOVEREIGN - 1.1%
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Gaz Capital S.A., 8.625%, 2034 $ 99,000 $ 123,691
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Gazprom OAO, 9.625%, 2013 (n) 150,000 176,250
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Gazprom OAO, 9.625%, 2013 60,000 70,500
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Naftogaz Ukraine, 8.125%, 2009 200,000 199,314
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Pemex Project Funding Master Trust, 8.625%, 2022 143,000 174,818
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$ 744,573
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EMERGING MARKET SOVEREIGN - 0.8%
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Federative Republic of Brazil, 8.875%, 2019 $ 242,000 $ 294,030
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Republic of Argentina, FRN, 0%, 2035 1,096,000 149,933
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Republic of Ecuador, 10%, 2030 96,000 75,072
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Republic of Panama, 6.7%, 2036 28,000 28,420
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$ 547,455
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ENERGY - INDEPENDENT - 1.5%
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Chaparral Energy, Inc., 8.875%, 2017 (z) $ 130,000 $ 129,188
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Chesapeake Energy Corp., 6.375%, 2015 425,000 412,250
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Chesapeake Energy Corp., 6.875%, 2016 140,000 138,600
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Hilcorp Energy I, 9%, 2016 (n) 190,000 201,400
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Whiting Petroleum Corp., 7%, 2014 135,000 132,975
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$ 1,014,413
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ENTERTAINMENT - 1.3%
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AMC Entertainment, Inc., 11%, 2016 $ 180,000 $ 203,400
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HRP Myrtle Beach Operations, FRN, 10.12%, 2012 (z) 155,000 155,000
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Marquee Holdings, Inc., 0% to 2009, 12% to 2014 415,000 352,750
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Six Flags, Inc., 8.875%, 2010 180,000 179,100
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$ 890,250
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FINANCIAL INSTITUTIONS - 1.7%
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General Motors Acceptance Corp., 6.875%, 2011 $ 414,000 $ 420,155
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General Motors Acceptance Corp., 6.75%, 2014 719,000 729,505
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$ 1,149,660
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FOOD & BEVERAGES - 0.7%
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ARAMARK Corp., 8.5%, 2015 (z) $ 215,000 $ 220,106
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Dole Foods Co., Inc., 8.875%, 2011 240,000 238,800
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$ 458,906
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FOREST & PAPER PRODUCTS - 0.8%
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Jefferson Smurfit Corp., 8.25%, 2012 $ 210,000 $ 210,525
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JSG Funding PLC, 7.75%, 2015 30,000 30,225
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Millar Western Forest Products Ltd., 7.75%, 2013 205,000 190,138
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Verso Paper Holdings LLC, 9.125%, 2014 (n) 100,000 105,000
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$ 535,888
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GAMING & LODGING - 5.1%
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Greektown Holdings, 10.75%, 2013 (n) $ 345,000 $ 369,150
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Harrah's Entertainment, Inc., 5.75%, 2017 805,000 683,323
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Majestic Star Casino LLC, 9.75%, 2011 220,000 209,000
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MTR Gaming Group, Inc., 9%, 2012 80,000 82,600
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NCL Corp. Ltd., 10.625%, 2014 360,000 366,300
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Pinnacle Entertainment, Inc., 8.25%, 2012 195,000 199,631
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Pokagon Gaming Authority, 10.375%, 2014 (n) 180,000 197,550
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Resorts International Hotel & Casino, Inc., 11.5%, 2009 400,000 413,000
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Station Casinos, Inc., 6.5%, 2014 415,000 377,650
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Trump Entertainment Resorts Holdings, Inc., 8.5%, 2015 140,000 138,600
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Wimar Opco LLC, 9.625%, 2014 (n) 130,000 129,188
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Wynn Las Vegas LLC, 6.625%, 2014 230,000 227,700
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$ 3,393,692
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INDUSTRIAL - 1.6%
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Amsted Industries, Inc., 10.25%, 2011 (z) $ 195,000 $ 208,894
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Blount, Inc., 8.875%, 2012 190,000 195,700
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Education Management LLC, 10.25%, 2016 205,000 220,375
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JohnsonDiversey Holdings, Inc., "B", 9.625%, 2012 380,000 398,525
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Knowledge Learning Corp., 7.75%, 2015 (z) 85,000 82,663
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$ 1,106,157
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MACHINERY & TOOLS - 0.7%
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Case Corp., 7.25%, 2016 $ 95,000 $ 97,256
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Case New Holland, Inc., 9.25%, 2011 120,000 127,200
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Case New Holland, Inc., 7.125%, 2014 215,000 220,375
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$ 444,831
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MEDICAL & HEALTH TECHNOLOGY & SERVICES - 5.0%
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Accellent, Inc., 10.5%, 2013 $ 240,000 $ 249,600
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CDRV Investors, Inc., 0% to 2010, 9.625% to 2015 345,000 275,138
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DaVita, Inc., 6.625%, 2013 80,000 79,600
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DaVita, Inc., 7.25%, 2015 150,000 151,875
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Hanger Orthopedic Group, 10.25%, 2014 155,000 163,138
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HCA, Inc., 6.375%, 2015 485,000 412,250
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HCA, Inc., 9.25%, 2016 (n) 620,000 658,750
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HealthSouth Corp., 10.75%, 2016 (n) 415,000 455,981
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Psychiatric Solutions, Inc., 7.75%, 2015 125,000 124,688
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Select Medical Corp., 7.625%, 2015 215,000 192,425
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U.S. Oncology, Inc., 10.75%, 2014 350,000 388,500
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Vanguard Health Holding II, 9%, 2014 225,000 230,344
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$ 3,382,289
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METALS & MINING - 2.1%
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Aleris International, Inc., 10%, 2016 (n) $ 120,000 $ 124,350
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Arch Western Finance LLC, 6.75%, 2013 130,000 128,375
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Chaparral Steel Co., 10%, 2013 155,000 172,825
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FMG Finance Ltd., 10.625%, 2016 (n) 440,000 485,100
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Griffin Coal Mining Co., 9.5%, 2016 (z) 225,000 233,438
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PNA Group, Inc., 10.75%, 2016 (n) 245,000 256,025
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$ 1,400,113
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NATURAL GAS - PIPELINE - 1.2%
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Atlas Pipeline Partners LP, 8.125%, 2015 $ 155,000 $ 159,650
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Colorado Interstate Gas Co., 5.95%, 2015 95,000 93,354
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El Paso Energy Corp., 7%, 2011 250,000 256,250
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El Paso Energy Corp., 7.75%, 2013 165,000 170,775
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El Paso Performance-Linked Trust, 7.75%, 2011 (n) 140,000 145,600
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$ 825,629
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NETWORK & TELECOM - 2.0%
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Cincinnati Bell, Inc., 8.375%, 2014 $ 235,000 $ 240,875
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Global Crossing UK Finance, 10.75%, 2014 180,000 194,850
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Hawaiian Telecom Communications, Inc., 9.75%, 2013 130,000 133,882
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Nordic Telephone Co. Holdings, 8.875%, 2016 (n) 105,000 112,875
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Qwest Corp., 7.875%, 2011 145,000 154,063
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Qwest Corp., 8.875%, 2012 175,000 194,250
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Time Warner Telecom Holdings, Inc., 9.25%, 2014 210,000 224,963
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Windstream Corp., 8.625%, 2016 95,000 103,669
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$ 1,359,427
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OIL SERVICES - 0.4%
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Basic Energy Services, Inc., 7.125%, 2016 $ 165,000 $ 160,050
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Hanover Compressor Co., 9%, 2014 125,000 133,125
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$ 293,175
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OTHER BANKS & DIVERSIFIED FINANCIALS - 0.7%
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ATF Bank JSC, 9.25%, 2012 (n) $ 219,000 $ 223,030
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ATF Bank JSC, 9.25%, 2012 137,000 139,521
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Russian Standard Finance S.A., 8.625%, 2011 (n) 101,000 101,000
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$ 463,551
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PHARMACEUTICALS - 0.5%
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Warner Chilcott Corp., 8.75%, 2015 $ 319,000 $ 329,368
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PRINTING & PUBLISHING - 2.2%
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American Media Operations, Inc., 10.25%, 2009 $ 250,000 $ 240,000
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Dex Media, Inc., 0% to 2008, 9% to 2013 310,000 281,325
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Dex Media, Inc., 0% to 2008, 9% to 2013 210,000 190,575
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Idearc, Inc., 8%, 2016 (n) 475,000 482,719
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R.H. Donnelley Corp., 8.875%, 2016 240,000 251,400
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$ 1,446,019
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RESTAURANTS - 0.4%
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Denny's Corp. Holdings, Inc., 10%, 2012 $ 100,000 $ 106,375
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El Pollo Loco, Inc., 11.75%, 2013 135,000 146,475
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$ 252,850
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RETAILERS - 1.9%
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Buhrmann U.S., Inc., 7.875%, 2015 $ 180,000 $ 178,200
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Couche-Tard, Inc., 7.5%, 2013 170,000 172,975
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Eye Care Centers of America, 10.75%, 2015 145,000 160,769
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General Nutrition Center, 8.5%, 2010 215,000 223,063
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Jean Coutu Group (PJC), Inc., 7.625%, 2012 115,000 120,750
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Mothers Work, Inc., 11.25%, 2010 109,000 114,450
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Neiman Marcus Group, Inc., 9%, 2015 165,000 180,675
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Neiman Marcus Group, Inc., 10.375%, 2015 140,000 156,450
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$ 1,307,332
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SPECIALTY STORES - 0.8%
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GSC Holdings Corp., 8%, 2012 $ 180,000 $ 190,350
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Michaels Stores, Inc., 11.375%, 2016 (n) 175,000 189,000
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Payless ShoeSource, Inc., 8.25%, 2013 125,000 130,313
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$ 509,663
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TELECOMMUNICATIONS - WIRELESS - 1.1%
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Centennial Communications Corp., 10%, 2013 $ 30,000 $ 32,175
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Centennial Communications Corp., 10.125%, 2013 140,000 151,025
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Rogers Wireless, Inc., 7.5%, 2015 65,000 69,875
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Rural Cellular Corp., 9.75%, 2010 213,000 218,858
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Wind Acquisition Finance S.A., 10.75%, 2015 (n) 225,000 259,313
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$ 731,246
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TOBACCO - 0.5%
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Reynolds American, Inc., 7.3%, 2015 $ 340,000 $ 352,443
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TRANSPORTATION - 0.4%
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PT Arpeni Pratama Ocean Line Tbk., 8.75%, 2013 (n) $ 275,000 $ 278,717
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UTILITIES - ELECTRIC POWER - 2.2%
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Edison Mission Energy, 7.75%, 2016 $ 160,000 $ 169,200
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Midwest Generation LLC, 8.75%, 2034 145,000 156,600
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Mission Energy Holding Co., 13.5%, 2008 130,000 142,513
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NGC Corp. Capital Trust, 8.316%, 2027 275,000 261,250
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NRG Energy, Inc., 7.375%, 2016 430,000 430,538
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Reliant Energy, Inc., 6.75%, 2014 100,000 98,500
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Reliant Resources, Inc., 9.25%, 2010 200,000 210,000
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$ 1,468,601
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TOTAL BONDS $ 44,384,422
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COMMON STOCKS - 24.4%
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CHEMICALS - 0.9%
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Huntsman Corp. (a)(l) 20,800 $ 434,928
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Nalco Holding Co. (a)(l) 6,600 151,734
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$ 586,662
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COMPUTER SOFTWARE - 1.6%
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Symantec Corp. (a)(l) 61,100 $ 1,082,081
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CONSTRUCTION - 1.6%
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Masco Corp. (l) 33,700 $ 1,078,063
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CONTAINERS - 3.3%
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Crown Holdings, Inc. (a) 2,800 $ 61,796
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Owens-Illinois, Inc. (a)(l) 97,000 2,159,220
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$ 2,221,016
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ELECTRICAL EQUIPMENT - 1.9%
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Tyco International Ltd. (l) 41,200 $ 1,313,456
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ENERGY - INDEPENDENT - 2.7%
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Apache Corp. (l) 21,100 $ 1,539,667
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Chesapeake Energy Corp. (l) 2,600 76,986
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Foundation Coal Holdings, Inc. (l) 5,120 170,394
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$ 1,787,047
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FOOD & DRUG STORES - 0.7%
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Sally Beauty Holdings, Inc. (a)(l) 51,200 $ 450,560
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FOREST & PAPER PRODUCTS - 0.1%
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Louisiana-Pacific Corp. (l) 2,000 $ 45,820
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MACHINERY & TOOLS - 0.1%
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Titan International, Inc. (l) 3,800 $ 88,122
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MEDICAL & HEALTH TECHNOLOGY & SERVICES - 1.7%
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Tenet Healthcare Corp. (a)(l) 164,600 $ 1,162,076
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MEDICAL EQUIPMENT - 1.8%
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Pall Corp. (l) 35,400 $ 1,230,504
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NATURAL GAS - DISTRIBUTION - 0.2%
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Ferrell Gas Partners LP 6,088 $ 131,623
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NATURAL GAS - PIPELINE - 1.2%
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Williams Co., Inc. (l) 30,000 $ 809,700
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NETWORK & TELECOM - 1.7%
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Nortel Networks Corp. (a)(l) 43,929 $ 1,175,979
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OIL SERVICES - 1.2%
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GlobalSantaFe Corp. (l) 13,630 $ 790,676
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PHARMACEUTICALS - 2.8%
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Warner Chilcott Ltd., "A" (a)(l) 91,400 $ 1,357,290
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Wyeth (l) 10,600 523,746
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$ 1,881,036
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PRINTING & PUBLISHING - 0.0%
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Golden Books Family Entertainment, Inc. (a) 53,266 $ 0
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TELEPHONE SERVICES - 0.3%
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Adelphia Business Solutions, Inc. (a) 40,000 $ 0
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Windstream Corp. 13,500 200,880
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$ 200,880
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UTILITIES - ELECTRIC POWER - 0.6%
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NRG Energy, Inc. (a)(l) 6,227 $ 373,184
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TOTAL COMMON STOCKS $ 16,408,485
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FLOATING RATE LOANS - 2.9% (g)(r)
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AUTOMOTIVE - 0.9%
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Ford Motor Co., Term Loan B, 8.36%, 2013 $ 381,784 $ 386,420
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General Motors Corp., Term Loan B, 7.745%, 2013 74,343 75,168
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Mark IV Industries, Inc., Second Lien Term Loan, 11.119%, 2011 (o) 129,863 130,621
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$ 592,209
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CONTAINERS - 0.6%
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Altivity Packaging LLC, Second Lien Term Loan, 10.32%, 2013 $ 90,909 $ 92,348
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Altivity Packaging LLC, Second Lien Term Loan, 10.3256%, 2013 284,091 288,589
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$ 380,937
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ENERGY - INDEPENDENT - 0.2%
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CDX Funding LLC, Second Lien Term Loan, 10.6138%, 2013 $ 174,584 $ 174,911
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GAMING & LODGING - 0.3%
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Gulfside Casino, Term Loan B, 10.36%, 2012 $ 230,973 $ 232,128
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MEDICAL & HEALTH TECHNOLOGY & SERVICES - 0.0%
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HCA, Inc., Term Loan B, 8.1138%, 2012 $ 22,577 $ 22,776
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PRINTING & PUBLISHING - 0.7%
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Idearc, Inc., Term Loan B, 7.33%, 2014 $ 453,686 $ 457,018
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SPECIALTY STORES - 0.2%
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Michaels Stores, Inc., Term Loan, 8.125%, 2013 $ 121,023 $ 121,915
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TOTAL FLOATING RATE LOANS $ 1,981,894
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PREFERRED STOCKS - 3.0%
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BROADCASTING - 3.0%
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ION Media Networks, Inc., 14.25% (a)(p) 158 $ 1,192,900
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Spanish Broadcasting Systems, Inc., "B", 10.75% (p) 775 844,750
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$ 2,037,650
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REAL ESTATE - 0.0%
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HRPT Properties Trust, REIT, "B", 8.75% (l) 200 $ 5,080
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TOTAL PREFERRED STOCKS $ 2,042,730
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CONVERTIBLE BONDS - 0.5%
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AUTOMOTIVE - 0.5%
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Ford Motor Co., 4.25%, 2036 $ 270,000 $ 306,450
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SHORT-TERM OBLIGATIONS - 1.6%
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General Electric Capital Corp., 5.27%, due 2/01/07 (y) $ 1,057,000 $ 1,057,000
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COLLATERAL FOR SECURITIES LOANED - 19.3%
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Navigator Securities Lending Prime Portfolio, at Net Asset Value 12,950,198 $ 12,950,198
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TOTAL INVESTMENTS(k) $ 79,131,179
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OTHER ASSETS, LESS LIABILITIES - (17.8)% (11,947,603)
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NET ASSETS - 100.0% $ 67,183,576
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(a) Non-income producing security.
(e) The rate shown represents a current effective yield.
(g) The rate shown represents a weighted average coupon rate on settled positions at period end.
(i) Interest only security for which the trust receives interest on notional principal (Par amount). Par amount shown is the
notional principal and does not reflect the cost of the security.
(k) As of January 31, 2007, the trust held securities fair valued in accordance with the policies adopted by the Board of
Trustees, aggregating $43,656,041 and 55.17% of market value. An independent pricing service provided an evaluated bid for
54.55% of the market value.
(l) All or a portion of this security is on loan.
(n) Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in the
ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. At period
end, the aggregate value of these securities was $8,471,386 representing 12.6% of net assets.
(o) All or a portion of this position has not settled. Upon settlement date, interest rates will be determined.
(p) Payment-in-kind security.
(r) Remaining maturities of floating rate loans may be less than stated maturities shown as a result of contractual or optional
prepayments by the borrower. Such prepayments cannot be predicted with certainty. These loans may be subject to restrictions
on resale. Floating rate loans generally have rates of interest which are determined periodically by reference to a base
lending rate plus a premium.
(y) The rate shown represents an annualized yield at time of purchase.
(z) Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale.
These securities generally may be resold in transactions exempt from registration or to the public if the securities are
subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an
acceptable price may be difficult. The trust holds the following restricted securitie
ACQUISITION ACQUISITION CURRENT TOTAL % OF
RESTRICTED SECURITIES DATE COST MARKET VALUE NET ASSETS
-------------------------------------------------------------------------------------------------------------------------------
Amsted Industries, Inc., 10.25%, 2011 7/19/04 - 7/20/04 $ 213,663 $ 208,894
Anthracite Ltd., CDO, 6%, 2037 5/14/02 290,438 399,146
ARAMARK Corp., 8.5%, 2015 1/17/07 - 1/26/07 217,625 220,106
Asset Securitization Corp., FRN, 8.637%, 2029 1/25/05 604,160 749,945
Avago Technologies, Inc., 11.875%, 2015 1/18/07 - 1/23/07 147,038 147,825
Chaparral Energy, Inc., 8.875%, 2017 1/10/07 - 1/18/07 129,239 129,188
Falcon Franchise Loan LLC, FRN, 3.797%, 2025 1/29/03 108,122 83,300
Griffin Coal Mining Co., 9.5%, 2016 11/10/06 225,000 233,438
HRP Myrtle Beach Operations, FRN, 10.12%, 2012 3/23/06 155,000 155,000
Intelsat Bermuda Ltd., FRN, 8.8719%, 2015 1/09/07 95,000 96,663
Knowledge Learning Corp., 7.75%, 2015 1/28/05 85,000 82,663
Masonite Corp., 11%, 2015 11/07/06 - 1/05/07 281,522 299,213
Preferred Term Securities XII Ltd., 9.8%, 2033 1/07/05 236,250 187,065
Preferred Term Securities XVI Ltd., 14%, 2035 12/08/04 300,000 264,300
Preferred Term Securities XVII Ltd., 9.3%, 2035 3/09/05 187,000 155,210
Vitro S.A., 8.625%, 2012 1/25/07 3,960 4,040
Vitro S.A., 9.125%, 2017 1/25/07 121,976 122,210
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Total Restricted Securities $ 3,538,206 5.3%
=========================
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
See attached schedules. For more information see notes to financial statements as disclosed in the most recent semiannual or
annual report.
MFS SPECIAL VALUE TRUST
SUPPLEMENTAL SCHEDULES (UNAUDITED) 01/31/2007
(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 $ 76,142,019
============
Gross unrealized appreciation $ 4,614,428
Gross unrealized depreciation (1,625,268)
------------
Net unrealized appreciation (depreciation) $ 2,989,160
============
The aggregate cost above includes prior fiscal year end tax adjustments.
(2) FINANCIAL INSTRUMENTS
SWAP AGREEMENTS AT 01/31/07
UNREALIZED
NOTIONAL CASH FLOWS CASH FLOWS APPRECIATION
EXPIRATION AMOUNT COUNTERPARTY TO RECEIVE TO PAY (DEPRECIATION)
---------------------------------------------------------------------------------------------------------------
CREDIT DEFAULT SWAPS
3/20/12 USD 200,000 Goldman Sachs (1) 3.34% (fixed rate) $ 2,557
=======
(1) Fund to receive notional amount upon a defined credit default event by Abitibi Consolidated, 8.375%, 4/01/15.
At January 31, 2007, the trust had sufficient cash and/or securities to cover
any commitments under this derivative contract.
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 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
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By (Signature and Title)* MARIA F. DWYER
-----------------------------------------------------
Maria F. Dwyer, President
Date: March 13, 2007
--------------
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 13, 2007
--------------
By (Signature and Title)* TRACY ATKINSON
-----------------------------------------------------
Tracy Atkinson, Treasurer (Principal Financial Officer
and Accounting Officer)
Date: March 13, 2007
--------------
* Print name and title of each signing officer under his or her signature.