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: July 31, 2007
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ITEM 1. SCHEDULE OF INVESTMENTS.
MFS(R) SPECIAL VALUE TRUST
7/31/07
Quarterly portfolio holdings
[graphic omitted]
M F S(R)
INVESTMENT MANAGEMENT
MFS Special Value Trust
PORTFOLIO OF INVESTMENTS (Unaudited) 7/31/07
ISSUER SHARES/PAR VALUE ($)
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BONDS - 65.2%
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AEROSPACE - 1.6%
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Bombardier, Inc., 8%, 2014 (n) $ 225,000 $ 222,750
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Hawker Beechcraft Acquisition Corp., 9.75%, 2017 (n) 505,000 499,950
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Vought Aircraft Industries, Inc., 8%, 2011 340,000 316,200
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$ 1,038,900
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AIRLINES - 0.8%
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Continental Airlines, Inc., 6.795%, 2018 $ 285,118 $ 273,713
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Continental Airlines, Inc., 8.307%, 2018 203,712 205,749
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Continental Airlines, Inc., 7.566%, 2018 7,465 7,316
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$ 486,778
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APPAREL MANUFACTURERS - 1.1%
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Levi Strauss & Co., 9.75%, 2015 $ 345,000 $ 348,450
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Propex Fabrics, Inc., 10%, 2012 395,000 335,750
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$ 684,200
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ASSET BACKED & SECURITIZED - 2.8%
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Anthracite Ltd., CDO, 6%, 2037 (z) $ 450,000 $ 383,977
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Asset Securitization Corp., FRN, 8.356%, 2029 (z) 700,000 743,263
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Falcon Franchise Loan LLC, FRN, 3.776%, 2025 (i)(z) 531,292 69,015
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Morgan Stanley Capital I, Inc., FRN, 1.41%, 2039 (i)(n) 697,506 36,728
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Preferred Term Securities XII Ltd., 9.8%, 2033 (e)(z) 225,000 173,250
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Preferred Term Securities XVI Ltd., 14%, 2035 (e)(z) 300,000 249,000
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Preferred Term Securities XVII Ltd., 9.3%, 2035 (e)(z) 187,000 140,250
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$ 1,795,483
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AUTOMOTIVE - 4.0%
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Ford Motor Co., 7.45%, 2031 $ 300,000 $ 231,000
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Ford Motor Credit Co., 9.75%, 2010 735,000 742,247
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Ford Motor Credit Co., 8.625%, 2010 125,000 121,478
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Ford Motor Credit Co., 7%, 2013 174,000 156,580
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Ford Motor Credit Co., 8%, 2016 230,000 211,973
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Ford Motor Credit Co., FRN, 8.11%, 2012 125,000 119,355
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General Motors Corp., 8.375%, 2033 644,000 529,690
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Goodyear Tire & Rubber Co., 9%, 2015 193,000 197,825
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TRW Automotive, Inc., 7%, 2014 (n) 260,000 243,100
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TRW Automotive, Inc., 7.25%, 2017 (n) 25,000 22,500
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$ 2,575,748
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BROADCASTING - 5.5%
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Allbritton Communications Co., 7.75%, 2012 $ 350,000 $ 341,250
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Bonten Media Acquisition Co., 9%, 2015 (n)(p) 165,000 150,150
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CanWest MediaWorks LP, 9.25%, 2015 (n) 130,000 126,100
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Clear Channel Communications, Inc., 5.5%, 2014 420,000 329,418
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Inmarsat Finance II PLC, 0% to 2008, 10.375% to 2012 360,000 334,800
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Intelsat Bermuda Ltd., 11.25%, 2016 345,000 360,525
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Intelsat Bermuda Ltd., FRN, 8.886%, 2015 95,000 95,475
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Intelsat Ltd., 0% to 2010, 9.25% to 2015 180,000 141,300
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Intelsat Subsidiary Holding Co. Ltd., 8.625%, 2015 135,000 135,337
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LBI Media Holdings, Inc., 0% to 2008, 11% to 2013 875,000 796,250
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LBI Media, Inc., 8.5%, 2017 (z) 130,000 126,100
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Univision Communications, Inc., 9.75%, 2015 (n)(p) 660,000 600,600
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$ 3,537,305
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BUILDING - 1.7%
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Builders FirstSource, Inc., FRN, 9.61%, 2012 $ 45,000 $ 44,325
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Interface, Inc., 10.375%, 2010 180,000 187,200
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Interface, Inc., 9.5%, 2014 170,000 176,800
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Nortek Holdings, Inc., 0% to 2009, 10.75% to 2014 443,000 270,230
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Nortek Holdings, Inc., 8.5%, 2014 205,000 176,300
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Ply Gem Industries, Inc., 9%, 2012 310,000 247,225
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$ 1,102,080
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BUSINESS SERVICES - 1.0%
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Nortel Networks Ltd., 10.75%, 2016 (n) $ 105,000 $ 109,725
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SunGard Data Systems, Inc., 10.25%, 2015 515,000 515,000
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$ 624,725
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CABLE TV - 3.0%
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CCH I Holdings LLC, 11%, 2015 $ 473,000 $ 473,000
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CCH II Holdings LLC, 10.25%, 2010 240,000 244,200
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CCO Holdings LLC, 8.75%, 2013 95,000 94,050
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CSC Holdings, Inc., 6.75%, 2012 215,000 195,113
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Kabel Deutschland GmbH, 10.625%, 2014 230,000 238,050
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NTL Cable PLC, 9.125%, 2016 173,000 174,730
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Telenet Group Holdings N.V., 0% to 2008, 11.5% to 2014(n) 510,000 489,600
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$ 1,908,743
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CHEMICALS - 3.0%
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Innophos, Inc., 8.875%, 2014 $ 230,000 $ 231,150
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KI Holdings, Inc., 0% to 2009, 9.875% to 2014 547,000 460,848
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Koppers, Inc., 9.875%, 2013 150,000 159,000
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Momentive Performance Materials, Inc., 11.5%, 2016 (n) 570,000 540,075
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Mosaic Co., 7.625%, 2016 (n) 230,000 231,150
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Nalco Co., 8.875%, 2013 320,000 315,200
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$ 1,937,423
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CONSUMER GOODS & SERVICES - 3.3%
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Affinion Group, Inc., 11.5%, 2015 $ 195,000 $ 195,975
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Del Laboratories, Inc., 8%, 2012 225,000 201,375
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GEO Group, Inc., 8.25%, 2013 210,000 206,850
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Jarden Corp., 7.5%, 2017 180,000 162,000
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Kar Holdings, Inc., 10%, 2015 (n) 540,000 475,200
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Realogy Corp., 10.5%, 2014 (n) 15,000 13,875
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Realogy Corp., 12.375%, 2015 (n) 600,000 480,000
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Visant Holding Corp., 8.75%, 2013 245,000 242,550
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Vitro S.A., 8.625%, 2012 (n) 4,000 3,880
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Vitro S.A., 9.125%, 2017 (n) 121,000 116,160
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$ 2,097,865
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CONTAINERS - 0.5%
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Graham Packaging Co. LP, 9.875%, 2014 $ 265,000 $ 249,100
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Owens-Brockway Glass Container, Inc., 8.25%, 2013 105,000 105,525
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$ 354,625
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ELECTRONICS - 1.9%
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Avago Technologies Finance, 11.875%, 2015 $ 170,000 $ 186,150
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Freescale Semiconductor, Inc., 10.125%, 2016 (n) 750,000 660,000
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NXP B.V./NXP Funding LLC, 7.875%, 2014 85,000 78,625
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NXP B.V./NXP Funding LLC, 9.5%, 2015 25,000 21,297
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Spansion LLC, 11.25%, 2016 (n) 300,000 282,000
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$ 1,228,072
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EMERGING MARKET QUASI-SOVEREIGN - 0.5%
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Naftogaz Ukraine, 8.125%, 2009 $ 100,000 $ 98,094
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OAO Gazprom, 9.625%, 2013 60,000 68,250
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Pemex Project Funding Master Trust, 8.625%, 2022 143,000 170,143
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$ 336,487
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EMERGING MARKET SOVEREIGN - 0.5%
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Republic of Argentina, 7%, 2017 $ 234,000 $ 186,381
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Republic of Ecuador, 10%, 2030 96,000 80,880
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Republic of Panama, 6.7%, 2036 28,000 27,720
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$ 294,981
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ENERGY - INDEPENDENT - 2.2%
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Chaparral Energy, Inc., 8.875%, 2017 (n) $ 285,000 $ 259,350
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Chesapeake Energy Corp., 6.375%, 2015 260,000 244,075
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Chesapeake Energy Corp., 6.875%, 2016 80,000 76,200
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Energy Partners Ltd., 9.75%, 2014 (n) 125,000 118,750
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Forest Oil Corp., 7.25%, 2019 (n) 120,000 111,900
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Hilcorp Energy I LP, 7.75%, 2015 (n) 70,000 65,450
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Hilcorp Energy I LP, 9%, 2016 (n) 200,000 199,000
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Mariner Energy, Inc., 8%, 2017 150,000 141,000
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Plains Exploration & Production Co., 7%, 2017 235,000 209,738
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$ 1,425,463
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ENTERTAINMENT - 1.1%
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AMC Entertainment, Inc., 11%, 2016 $ 180,000 $ 185,850
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HRP Myrtle Beach Operations, FRN, 10.07%, 2012 (z) 155,000 156,937
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Marquee Holdings, Inc., 0% to 2009, 12% to 2014 415,000 352,750
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$ 695,537
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FINANCIAL INSTITUTIONS - 1.6%
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General Motors Acceptance Corp., 6.875%, 2011 $ 417,000 $ 387,768
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General Motors Acceptance Corp., 6.75%, 2014 621,000 558,134
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General Motors Acceptance Corp., 8%, 2031 125,000 117,385
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$ 1,063,287
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FOOD & BEVERAGES - 0.7%
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ARAMARK Corp., 8.5%, 2015 (n) $ 455,000 $ 428,838
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FOREST & PAPER PRODUCTS - 1.0%
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Abitibi-Consolidated, Inc., 7.4%, 2018 $ 130,000 $ 98,800
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Jefferson Smurfit Corp., 8.25%, 2012 210,000 202,125
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JSG Funding PLC, 7.75%, 2015 30,000 28,650
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Millar Western Forest Products, 7.75%, 2013 385,000 321,475
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$ 651,050
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GAMING & LODGING - 4.5%
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Fontainebleau Las Vegas Holdings LLC, 10.25%, 2015 (n) $ 185,000 $ 159,562
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Great Canadian Gaming Corp., 7.25%, 2015 (n) 70,000 67,200
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Greektown Holdings, 10.75%, 2013 (n) 210,000 215,250
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Harrah's Entertainment, Inc., 5.75%, 2017 815,000 578,650
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Harrah's Operating Co., Inc., 5.375%, 2013 150,000 112,500
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Majestic Star Casino LLC, 9.75%, 2011 315,000 296,100
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MTR Gaming Group, Inc., 9%, 2012 80,000 82,000
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NCL Corp. Ltd., 10.625%, 2014 360,000 338,400
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Pinnacle Entertainment, Inc., 8.25%, 2012 195,000 196,950
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Station Casinos, Inc., 6.5%, 2014 360,000 305,100
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Wimar Opco LLC, 9.625%, 2014 (n) 370,000 310,800
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Wynn Las Vegas LLC, 6.625%, 2014 230,000 213,325
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$ 2,875,837
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INDUSTRIAL - 0.9%
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Blount, Inc., 8.875%, 2012 $ 190,000 $ 178,600
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JohnsonDiversey Holdings, Inc., "B", 9.625%, 2012 380,000 391,400
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$ 570,000
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INSURANCE - PROPERTY & CASUALTY - 0.4%
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USI Holdings Corp., 9.75%, 2015 (n) $ 250,000 $ 237,500
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MACHINERY & TOOLS - 0.4%
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Case Corp., 7.25%, 2016 $ 95,000 $ 93,575
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Case New Holland, Inc., 7.125%, 2014 140,000 136,850
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$ 230,425
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MEDICAL & HEALTH TECHNOLOGY & SERVICES - 5.8%
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Accellent, Inc., 10.5%, 2013 $ 340,000 $ 326,400
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Advanced Medical Optics, Inc., 7.5%, 2017 200,000 182,000
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Community Health Systems, Inc., 8.875%, 2015 (n) 335,000 325,369
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DaVita, Inc., 6.625%, 2013 80,000 76,400
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DaVita, Inc., 7.25%, 2015 150,000 142,125
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Hanger Orthopedic Group, 10.25%, 2014 155,000 160,425
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HCA, Inc., 9%, 2014 320,000 310,219
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HCA, Inc., 6.375%, 2015 170,000 131,750
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HCA, Inc., 9.25%, 2016 (n) 620,000 615,350
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HealthSouth Corp., 10.75%, 2016 345,000 348,450
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Psychiatric Solutions, Inc., 7.75%, 2015 210,000 199,500
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Surgical Care Affiliates, Inc., 10%, 2017 (n) 185,000 184,538
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U.S. Oncology, Inc., 10.75%, 2014 350,000 353,500
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Universal Hospital Services, Inc., 8.5%, 2015 (n)(p) 130,000 117,325
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Universal Hospital Services, Inc., FRN, 8.759%, 2015 (n) 35,000 32,638
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VWR Funding, Inc., 10.25%, 2015 (n)(p) 200,000 187,500
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$ 3,693,489
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METALS & MINING - 2.4%
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Arch Western Finance LLC, 6.75%, 2013 $ 130,000 $ 118,300
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Chaparral Steel Co., 10%, 2013 155,000 170,888
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FMG Finance Ltd., 10.625%, 2016 (n) 420,000 480,900
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Freeport-McMoRan Copper & Gold, Inc., 8.25%, 2015 175,000 183,312
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Freeport-McMoRan Copper & Gold, Inc., 8.375%, 2017 295,000 309,750
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PNA Group, Inc., 10.75%, 2016 (n) 245,000 262,150
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$ 1,525,300
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NATURAL GAS - PIPELINE - 0.4%
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Atlas Pipeline Partners LP, 8.125%, 2015 $ 210,000 $ 206,850
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El Paso Performance-Linked Trust, CLN, 7.75%, 2011 (n) 65,000 66,787
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$ 273,637
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NETWORK & TELECOM - 1.0%
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Cincinnati Bell, Inc., 8.375%, 2014 $ 235,000 $ 223,250
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Nordic Telephone Co. Holdings, 8.875%, 2016 (n) 105,000 103,950
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Qwest Corp., 8.875%, 2012 115,000 120,894
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Time Warner Telecom Holdings, Inc., 9.25%, 2014 100,000 102,250
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Windstream Corp., 8.625%, 2016 95,000 96,188
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$ 646,532
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OIL SERVICES - 0.7%
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Basic Energy Services, Inc., 7.125%, 2016 $ 165,000 $ 150,150
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Bristow Group, Inc., 7.5%, 2017 (n) 85,000 84,150
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Compagnie Generale de Geophysique - Veritas, 7.75%, 2017 110,000 107,250
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Hanover Compressor Co., 9%, 2014 125,000 137,812
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$ 479,362
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OILS - 0.3%
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Petroleos de Venezuela S.A., 5.25%, 2017 $ 250,000 $ 186,625
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OTHER BANKS & DIVERSIFIED FINANCIALS - 0.7%
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CenterCredit International B.V., 8.625%, 2014 $ 200,000 $ 190,000
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Russian Standard Finance S.A., 8.625%, 2011 (n) 101,000 95,445
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Russian Standard Finance S.A., 8.625%, 2011 150,000 141,750
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$ 427,195
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PHARMACEUTICALS - 0.3%
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Warner Chilcott Corp., 8.75%, 2015 $ 222,000 $ 216,450
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PRINTING & PUBLISHING - 2.8%
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American Media Operations, Inc., 10.25%, 2009 $ 383,000 $ 348,530
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Dex Media, Inc., 0% to 2008, 9% to 2013 310,000 279,000
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Dex Media, Inc., 0% to 2008, 9% to 2013 210,000 189,000
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Idearc, Inc., 8%, 2016 475,000 450,062
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Nielsen Finance LLC, 0% to 2011, 12.5% to 2016 (n) 485,000 317,675
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R.H. Donnelley Corp., 8.875%, 2016 240,000 233,400
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$ 1,817,667
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RETAILERS - 1.6%
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Buhrmann U.S., Inc., 7.875%, 2015 $ 180,000 $ 166,500
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Couche-Tard, Inc., 7.5%, 2013 140,000 137,900
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Eye Care Centers of America, 10.75%, 2015 145,000 158,775
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Neiman Marcus Group, Inc., 9%, 2015 (p) 165,000 172,013
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Neiman Marcus Group, Inc., 10.375%, 2015 140,000 147,350
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Rite Aid Corp., 9.5%, 2017 (n) 275,000 243,375
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$ 1,025,913
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SPECIALTY STORES - 1.2%
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Claire's Stores, Inc., 9.25%, 2015 (n) $ 360,000 $ 316,800
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Claire's Stores, Inc., 10.5%, 2017 (n) 130,000 102,700
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Michaels Stores, Inc., 11.375%, 2016 (n) 230,000 221,950
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Payless ShoeSource, Inc., 8.25%, 2013 125,000 121,250
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$ 762,700
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TELECOMMUNICATIONS - WIRELESS - 0.7%
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Centennial Communications Corp., 10.125%, 2013 $ 140,000 $ 146,825
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MetroPCS Wireless, Inc., 9.25%, 2014 (n) 90,000 88,200
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Wind Acquisition Finance S.A., 10.75%, 2015 (n) 225,000 231,750
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$ 466,775
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TRANSPORTATION - 0.4%
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Autopistas del Sol S.A., 11.5%, 2017 (n) $ 166,000 $ 161,020
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PT Arpeni Pratama Ocean Line Tbk., 8.75%, 2013 (n) 132,000 132,000
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$ 293,020
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UTILITIES - ELECTRIC POWER - 2.9%
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Edison Mission Energy, 7.625%, 2027 (n) $ 35,000 $ 30,537
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Intergen N.V., 9%, 2017 (z) 110,000 108,350
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Mirant Americas Generation, Inc., 8.5%, 2021 750,000 714,375
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NGC Corp. Capital Trust, 8.316%, 2027 275,000 239,250
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NRG Energy, Inc., 7.375%, 2016 490,000 472,850
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Reliant Energy, Inc., 7.875%, 2017 300,000 285,000
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$ 1,850,362
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TOTAL BONDS $41,846,379
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COMMON STOCKS - 25.6%
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BIOTECHNOLOGY - 1.5%
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Amgen, Inc. (a) 18,200 $ 978,068
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CABLE TV - 0.3%
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Comcast Corp., "A" (a) 4,200 $ 110,334
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Time Warner Cable, Inc. (a)(l) 2,300 87,906
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$ 198,240
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CONSTRUCTION - 3.1%
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D.R. Horton, Inc. (l) 64,300 $ 1,049,376
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Masco Corp. (l) 33,700 916,977
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$ 1,966,353
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CONSUMER GOODS & SERVICES - 0.0%
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Central Garden & Pet Co. (a) 1,900 $ 23,902
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CONTAINERS - 2.2%
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Owens-Illinois, Inc. (a)(l) 34,800 $ 1,391,304
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ELECTRONICS - 0.1%
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Intel Corp. 1,900 $ 44,878
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ENERGY - INDEPENDENT - 2.1%
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Anadarko Petroleum Corp. 23,200 $ 1,167,656
---------------------------------------------------------------------------------------------------------------------------
Chesapeake Energy Corp. (l) 1,300 44,252
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Foundation Coal Holdings, Inc. (l) 3,430 119,535
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$ 1,331,443
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ENERGY - INTEGRATED - 0.1%
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Chevron Corp. (l) 600 $ 51,156
---------------------------------------------------------------------------------------------------------------------------
FOOD & DRUG STORES - 0.6%
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Sally Beauty Holdings, Inc. (a)(l) 51,200 $ 411,136
---------------------------------------------------------------------------------------------------------------------------
FOREST & PAPER PRODUCTS - 0.1%
---------------------------------------------------------------------------------------------------------------------------
Louisiana-Pacific Corp. (l) 2,000 $ 37,040
---------------------------------------------------------------------------------------------------------------------------
INSURANCE - 2.3%
---------------------------------------------------------------------------------------------------------------------------
Conseco, Inc. (a)(l) 80,800 $ 1,469,752
---------------------------------------------------------------------------------------------------------------------------
MAJOR BANKS - 0.1%
---------------------------------------------------------------------------------------------------------------------------
Bank of America Corp. (l) 500 $ 23,710
---------------------------------------------------------------------------------------------------------------------------
JPMorgan Chase & Co. (l) 500 22,005
---------------------------------------------------------------------------------------------------------------------------
$ 45,715
---------------------------------------------------------------------------------------------------------------------------
MEDICAL & HEALTH TECHNOLOGY & SERVICES - 1.5%
---------------------------------------------------------------------------------------------------------------------------
Omnicare, Inc. (l) 2,800 $ 92,848
---------------------------------------------------------------------------------------------------------------------------
Tenet Healthcare Corp. (a)(l) 164,600 852,628
---------------------------------------------------------------------------------------------------------------------------
$ 945,476
---------------------------------------------------------------------------------------------------------------------------
MEDICAL EQUIPMENT - 3.7%
---------------------------------------------------------------------------------------------------------------------------
Boston Scientific Corp. (a)(l) 98,700 $ 1,297,905
---------------------------------------------------------------------------------------------------------------------------
Pall Corp. (l) 26,000 1,079,520
---------------------------------------------------------------------------------------------------------------------------
$ 2,377,425
---------------------------------------------------------------------------------------------------------------------------
NETWORK & TELECOM - 2.5%
---------------------------------------------------------------------------------------------------------------------------
Nortel Networks Corp. (a)(l) 73,529 $ 1,591,168
---------------------------------------------------------------------------------------------------------------------------
OIL SERVICES - 1.5%
---------------------------------------------------------------------------------------------------------------------------
GlobalSantaFe Corp. (l) 13,630 $ 977,407
---------------------------------------------------------------------------------------------------------------------------
OTHER BANKS & DIVERSIFIED FINANCIALS - 0.9%
---------------------------------------------------------------------------------------------------------------------------
Countrywide Financial Corp. (l) 21,500 $ 605,655
---------------------------------------------------------------------------------------------------------------------------
PHARMACEUTICALS - 2.0%
---------------------------------------------------------------------------------------------------------------------------
Johnson & Johnson (l) 800 $ 48,400
---------------------------------------------------------------------------------------------------------------------------
Warner Chilcott Ltd., "A" (a)(l) 67,900 1,222,200
---------------------------------------------------------------------------------------------------------------------------
$ 1,270,600
---------------------------------------------------------------------------------------------------------------------------
PRINTING & PUBLISHING - 0.0%
---------------------------------------------------------------------------------------------------------------------------
Golden Books Family Entertainment, Inc. (a) 53,266 $ 0
---------------------------------------------------------------------------------------------------------------------------
REAL ESTATE - 0.1%
---------------------------------------------------------------------------------------------------------------------------
Host Hotels & Resorts, Inc., REIT (l) 4,000 $ 84,480
---------------------------------------------------------------------------------------------------------------------------
TELEPHONE SERVICES - 0.2%
---------------------------------------------------------------------------------------------------------------------------
Adelphia Business Solutions, Inc. (a) 40,000 $ 0
---------------------------------------------------------------------------------------------------------------------------
Windstream Corp. (l) 9,100 125,216
---------------------------------------------------------------------------------------------------------------------------
$ 125,216
---------------------------------------------------------------------------------------------------------------------------
UTILITIES - ELECTRIC POWER - 0.7%
---------------------------------------------------------------------------------------------------------------------------
NRG Energy, Inc. (a) 12,454 $ 480,102
---------------------------------------------------------------------------------------------------------------------------
TOTAL COMMON STOCKS $16,406,516
---------------------------------------------------------------------------------------------------------------------------
FLOATING RATE LOANS - 3.3% (g)(r)
---------------------------------------------------------------------------------------------------------------------------
AUTOMOTIVE - 0.8%
---------------------------------------------------------------------------------------------------------------------------
Ford Motor Co., Term Loan B, 8.36%, 2013 $ 277,528 $ 260,876
---------------------------------------------------------------------------------------------------------------------------
Goodyear Tire & Rubber Co., Second Lien Term Loan, 2014 (o) 134,971 128,982
---------------------------------------------------------------------------------------------------------------------------
Mark IV Industries, Inc., Second Lien Term Loan, 11.1%, 2011 129,863 125,101
---------------------------------------------------------------------------------------------------------------------------
$ 514,959
---------------------------------------------------------------------------------------------------------------------------
BROADCASTING - 0.1%
---------------------------------------------------------------------------------------------------------------------------
Univision Communications, Term Loan, 2014 (o) $ 3,811 $ 3,502
---------------------------------------------------------------------------------------------------------------------------
Univision Communications, Term Loan B, 2014 (o) 59,286 54,481
---------------------------------------------------------------------------------------------------------------------------
$ 57,983
---------------------------------------------------------------------------------------------------------------------------
BUILDING - 0.5%
---------------------------------------------------------------------------------------------------------------------------
Building Materials Holding Corp., Second Lien Term Loan, 11.13%, 2014 (o) $ 164,296 $ 146,223
---------------------------------------------------------------------------------------------------------------------------
Roofing Supply Group, Inc. Term Loan, 9.63%, 2013 159,544 154,758
---------------------------------------------------------------------------------------------------------------------------
$ 300,981
---------------------------------------------------------------------------------------------------------------------------
CABLE TV - 0.1%
---------------------------------------------------------------------------------------------------------------------------
Charter Communications Operating LLC, Term Loan, 7.36%, 2014 $ 50,948 $ 48,372
---------------------------------------------------------------------------------------------------------------------------
CONTAINERS - 0.6%
---------------------------------------------------------------------------------------------------------------------------
Altivity Packaging LLC, Second Lien Term Loan, 10.32%, 2013 $ 90,909 $ 91,136
---------------------------------------------------------------------------------------------------------------------------
Altivity Packaging LLC, Second Lien Term Loan, 10.32%, 2013 284,091 278,942
---------------------------------------------------------------------------------------------------------------------------
$ 370,078
---------------------------------------------------------------------------------------------------------------------------
ENERGY - INDEPENDENT - 0.7%
---------------------------------------------------------------------------------------------------------------------------
Crimson Exploration, Second Lien Term Loan, 10.57%, 2012 $ 111,133 $ 107,799
---------------------------------------------------------------------------------------------------------------------------
Sandridge Energy, Inc., Term Loan, 8.63%, 2015 327,000 317,190
---------------------------------------------------------------------------------------------------------------------------
$ 424,989
---------------------------------------------------------------------------------------------------------------------------
MEDICAL & HEALTH TECHNOLOGY & SERVICES - 0.0%
---------------------------------------------------------------------------------------------------------------------------
HCA, Inc., Term Loan B, 7.61%, 2012 $ 22,464 $ 21,596
---------------------------------------------------------------------------------------------------------------------------
PRINTING & PUBLISHING - 0.3%
---------------------------------------------------------------------------------------------------------------------------
Idearc, Inc., Term Loan B, 7.36%, 2014 $ 235,053 $ 223,953
---------------------------------------------------------------------------------------------------------------------------
SPECIALTY STORES - 0.2%
---------------------------------------------------------------------------------------------------------------------------
Michaels Stores, Inc., Term Loan B, 7.63%, 2013 $ 167,396 $ 155,469
---------------------------------------------------------------------------------------------------------------------------
TOTAL FLOATING RATE LOANS $ 2,118,380
---------------------------------------------------------------------------------------------------------------------------
PREFERRED STOCKS - 1.3%
---------------------------------------------------------------------------------------------------------------------------
BROADCASTING - 1.3%
---------------------------------------------------------------------------------------------------------------------------
Spanish Broadcasting Systems, Inc., "B", 10.75% (a)(p) 775 $ 840,875
---------------------------------------------------------------------------------------------------------------------------
REAL ESTATE - 0.0%
---------------------------------------------------------------------------------------------------------------------------
HRPT Properties Trust, "B", REIT, 8.75% (a)(l) 200 $ 4,980
---------------------------------------------------------------------------------------------------------------------------
TOTAL PREFERRED STOCKS $ 845,855
---------------------------------------------------------------------------------------------------------------------------
SHORT-TERM OBLIGATIONS - 2.7%
---------------------------------------------------------------------------------------------------------------------------
General Electric Capital Corp., 5.34%, due 8/01/07 (y) $ 1,713,000 $ 1,713,000
---------------------------------------------------------------------------------------------------------------------------
COLLATERAL FOR SECURITIES LOANED - 16.8%
---------------------------------------------------------------------------------------------------------------------------
Navigator Securities Lending Prime Portfolio, at Net Asset Value 10,768,969 $10,768,969
---------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS(k) $73,699,099
---------------------------------------------------------------------------------------------------------------------------
OTHER ASSETS, LESS LIABILITIES - (14.9)% (9,566,708)
---------------------------------------------------------------------------------------------------------------------------
NET ASSETS - 100.0% $64,132,391
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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 July 31, 2007, the trust held securities fair valued in accordance with the policies adopted by the Board of
Trustees, aggregating $40,730,751 and 55.27% of market value. An independent pricing service provided an evaluated bid
for 54.47% 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 $11,879,252, representing 18.52% 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 securities:
ACQUISITION ACQUISITION CURRENT TOTAL % OF
RESTRICTED SECURITIES DATE COST MARKET VALUE NET ASSETS
---------------------------------------------------------------------------------------------------------------------------
Anthracite Ltd., CDO, 6%, 2037 5/14/02 $303,729 $ 383,977
Asset Securitization Corp., FRN, 8.356%, 2029 1/25/05 604,160 743,263
Falcon Franchise Loan LLC, FRN, 3.776%, 2025 1/29/03 100,926 69,015
HRP Myrtle Beach Operations, FRN, 10.07%, 2012 3/23/06 155,000 156,937
Intergen N.V., 9%, 2017 7/23/07 109,108 108,350
LBI Media, Inc., 8.5%, 2017 7/18/07 127,855 126,100
Preferred Term Securities XII Ltd., 9.8%, 2033 1/07/05 236,250 173,250
Preferred Term Securities XVI Ltd., 14%, 2035 12/08/04 300,000 249,000
Preferred Term Securities XVII Ltd., 9.3%, 2035 3/09/05 187,000 140,250
---------------------------------------------------------------------------------------------------------------------------
Total Restricted Securities $2,150,142 3.4%
=========================
The following abbreviations are used in this report and are defined:
CDO Collateralized Debt Obligation
CLN Credit-Linked Note
FRN Floating Rate Note. Interest rate resets periodically and may not be the rate reported at period end.
REIT Real Estate Investment Trust
See attached supplemental information. For more information see notes to financial statements as disclosed in the most
recent semiannual or annual report.
MFS SPECIAL VALUE TRUST
SUPPLEMENTAL INFORMATION (UNAUDITED) 7/31/07
(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 $76,081,186
===========
Gross unrealized appreciation $ 2,768,469
Gross unrealized depreciation (5,150,556)
-----------
Net unrealized appreciation (depreciation) $(2,382,087)
===========
The aggregate cost above includes prior fiscal year end tax adjustments.
(2) FINANCIAL INSTRUMENTS
SWAP AGREEMENTS AT 7/31/07
UNREALIZED
NOTIONAL CASH FLOWS CASH FLOWS APPRECIATION
EXPIRATION AMOUNT COUNTERPARTY TO RECEIVE TO PAY (DEPRECIATION)
----------------------------------------------------------------------------------------------------------------------------
CREDIT DEFAULT SWAPS
6/20/09 USD 200,000 JPMorgan Chase Bank 4.10% (fixed rate) (1) $ (7,089)
6/20/12 USD 200,000 Morgan Stanley Capital Services, Inc. 3.76% (fixed rate) (2) (24,292)
6/20/12 USD 100,000 Morgan Stanley Capital Services, Inc. 4.15% (fixed rate) (2) (10,749)
6/20/12 USD 200,000 Goldman Sachs International (3) 1.49% (fixed rate) 13,163
9/20/12 USD 200,000 Goldman Sachs International 3.75% (fixed rate) (4) (9,851)
9/20/12 USD 200,000 Goldman Sachs International 3.72% (fixed rate) (5) (3,145)
3/20/17 USD 35,000 JPMorgan Chase Bank (6) 0.78% (fixed rate) 79
3/20/17 USD 35,000 JPMorgan Chase Bank (6) 0.80% (fixed rate) 27
3/20/17 USD 30,000 Merrill Lynch International (6) 0.81% (fixed rate) 1
--------
$(41,856)
========
(1) Trust to pay notional amount upon a defined credit default event by Abitibi Consolidated, Inc., 8.375%, 4/01/15.
(2) Trust to pay notional amount upon a defined credit default event by Bowater, Inc., 6.5%, 6/15/13.
(3) Trust to receive notional amount upon a defined credit default event by Constellation Brands, 8%, 2/15/08.
(4) Trust to pay notional amount upon a defined credit default event by Allied Waste, 7.375%, 4/15/14.
(5) Trust to pay notional amount upon a defined credit default event by Owens-Illinois, Inc., 7.8%, 5/15/18.
(6) Trust to receive notional amount upon a defined credit default event by Waste Management, Inc., 7.375%, 8/01/10.
At July 31, 2007, the trust had sufficient cash and/or other liquid securities
to cover any commitments under these derivative contracts.
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
-------------------------------------------------------------------
By (Signature and Title)* MARIA F. DWYER
-----------------------------------------------------
Maria F. Dwyer, President
Date: September 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: September 13, 2007
------------------
By (Signature and Title)* TRACY ATKINSON
-----------------------------------------------------
Tracy Atkinson, Treasurer (Principal Financial Officer
and Accounting Officer)
Date: September 13, 2007
------------------
* Print name and title of each signing officer under his or her signature.