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, 2005
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ITEM 1. SCHEDULE OF INVESTMENTS.
MFS(R) Mutual Funds
QUARTERLY PORTFOLIO HOLDINGS 07/31/05
MFS(R) SPECIAL VALUE TRUST
[graphic omitted]
[logo] M F S(R)
INVESTMENT MANAGEMENT
MFS Special Value Trust
PORTFOLIO OF INVESTMENTS (Unaudited) 07/31/2005
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ISSUER PAR AMOUNT $ VALUE
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BONDS - 63.2%
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ADVERTISING & BROADCASTING - 3.9%
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Allbritton Communications Co., 7.75%, 2012 $ 350,000 $ 350,437
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DIRECTV Holdings LLC, 6.375%, 2015## 90,000 89,775
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Granite Broadcasting Corp., 9.75%, 2010 430,000 397,750
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Inmarsat Finance II PLC, 0% to 2008, 10.375% to 2012 360,000 288,000
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Intelsat Ltd., 8.625%, 2015## 135,000 143,775
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Intelsat Ltd., 0% to 2010, 9.25% to 2015## 180,000 123,750
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LBI Media Holdings, Inc., 0% to 2008, 11% to 2013 875,000 660,625
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Panamsat Holding Corp., 0% to 2009, 10.375% to 2014 515,000 368,225
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Worldspan LP, 9.5181%, 2011## 330,000 305,250
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$ 2,727,587
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AEROSPACE - 0.2%
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BE Aerospace, Inc., 8.875%, 2011 $ 130,000 $ 138,775
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AIRLINES - 1.4%
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Continental Airlines, Inc., 7.568%, 2006 $ 500,000 $ 459,934
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Continental Airlines, Inc., 6.795%, 2018 335,354 280,985
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Continental Airlines, Inc., 8.307%, 2018 224,139 193,087
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Continental Airlines, Inc., 7.566%, 2020 56,849 48,272
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$ 982,278
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APPAREL MANUFACTURERS - 1.1%
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Levi Strauss & Co., 9.75%, 2015 $ 345,000 $ 362,250
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Propex Fabrics, Inc., 10%, 2012 395,000 381,175
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$ 743,425
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ASSET BACKED & SECURITIZED - 3.1%
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Anthracite CDO Ltd., 6%, 2037## $ 450,000 $ 400,905
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Asset Securitization Corp., FRN, 8.4964%, 2029## 700,000 633,809
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Falcon Franchise Loan LLC, FRN, 4.11%, 2025^^ 663,413 113,184
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GMAC Commercial Mortgage Securities, Inc., 6.02%, 2033 250,000 236,203
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Morgan Stanley Capital I, Inc., 1.3399%, 2039##^^ 697,506 57,753
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Preferred Term Securities XII Ltd., 9.8%, 2033##(S)(S)(S) 225,000 232,290
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Preferred Term Securities XVI Ltd., 14%, 2035##(S)(S)(S) 300,000 316,710
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Preferred Term Securities XVII Ltd., 9.3%, 2035##(S)(S)(S) 187,000 189,805
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$ 2,180,659
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AUTOMOTIVE - 2.5%
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Advanced Accessory Systems LLC, 10.75%, 2011 $ 60,000 $ 49,800
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Affinia Group, Inc., 9%, 2014## 130,000 104,000
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Ford Motor Credit Co., 6.625%, 2008 133,000 132,866
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Ford Motor Credit Co., 5.625%, 2008 90,000 86,018
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General Motors Acceptance Corp., 5.85%, 2009 130,000 125,588
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General Motors Acceptance Corp., 6.75%, 2014 326,000 307,054
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General Motors Corp., 8.375%, 2033 324,000 292,410
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INTERMET Corp., 9.75%, 2009** 255,000 114,750
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Metaldyne Corp., 11%, 2012 35,000 25,900
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Metaldyne Corp., 10%, 2013## 280,000 246,400
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TRW Automotive, Inc., 11%, 2013 13,000 15,080
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TRW Automotive, Inc., 11.75%, 2013 EUR 163,000 235,334
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$ 1,735,200
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BANKS & CREDIT COMPANIES - 0.4%
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ATF Bank JSC, 9.25%, 2012## $ 279,000 $ 283,344
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BASIC INDUSTRY - 0.1%
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Trimas Corp., 9.875%, 2012 $ 105,000 $ 89,775
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BROADCAST & CABLE TV - 5.8%
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Cablevision Systems Corp., 8%, 2012 $ 180,000 $ 180,900
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Charter Communications, Inc., 8.625%, 2009 575,000 460,000
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Charter Communications, Inc., 9.92%, 2011 1,150,000 898,437
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CSC Holdings, Inc., 8.125%, 2009 155,000 159,650
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CSC Holdings, Inc., 6.75%, 2012## 110,000 106,425
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FrontierVision Holdings LP, 11.875%, 2007** 300,000 418,500
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FrontierVision Operating Partners LP, 11%, 2006** 115,000 155,825
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Grande Communications, 14%, 2011 305,000 305,000
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Kabel Deutschland, 10.625%, 2014## 230,000 254,150
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Mediacom Broadband LLC, 9.5%, 2013 285,000 291,412
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Mediacom Broadband LLC, 11%, 2013 150,000 163,875
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Telenet Group Holdings N.V., 0% to 2008, 11.5% to 2014## 780,000 627,900
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$ 4,022,074
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BUILDING - 1.5%
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Goodman Global Holdings, Inc., 7.875%, 2012## $ 155,000 $ 148,800
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Interface, Inc., 10.375%, 2010 180,000 199,800
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Interface, Inc., 9.5%, 2014 150,000 153,750
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Nortek Holdings, Inc., 8.5%, 2014 65,000 63,294
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Nortek Holdings, Inc., 0% to 2009, 10.75% to 2014## 632,000 360,240
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Texas Industries, Inc., 7.25%, 2013## 90,000 94,950
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$ 1,020,834
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BUSINESS SERVICES - 0.3%
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Lucent Technologies, Inc., 6.45%, 2029 $ 100,000 $ 90,000
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Northern Telecom Corp., 6.875%, 2023 75,000 71,438
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Northern Telecom Corp., 7.875%, 2026 45,000 46,013
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$ 207,451
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CHEMICALS - 4.3%
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ARCO Chemical Co., 9.8%, 2020 $ 160,000 $ 179,200
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Crystal U.S. Holdings LLC, 0% to 2009, 10% to 2014 36,000 26,280
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Crystal U.S. Holdings LLC, 0% to 2009, 10.5% to 2014 390,000 280,800
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Equistar Chemicals LP, 10.625%, 2011 80,000 89,200
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Huntsman International LLC, 10.125%, 2009 1,000 1,032
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Huntsman International LLC, 7.375%, 2015## 55,000 55,825
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IMC Global, Inc., 10.875%, 2013 70,000 82,512
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KI Holdings, Inc., 0% to 2009, 9.875% to 2014 547,000 344,610
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Lyondell Chemical Co., 11.125%, 2012 340,000 385,475
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Nalco Co., 8.875%, 2013 65,000 70,850
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Nova Chemicals Corp., 6.5%, 2012 125,000 124,219
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Polypore, Inc., 8.75%, 2012 195,000 188,663
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Resolution Performance Products LLC, 13.5%, 2010 340,000 367,200
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Rhodia S.A., 8.875%, 2011 460,000 446,200
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Rockwood Specialties Group, Inc., 10.625%, 2011 300,000 332,250
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$ 2,974,316
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CONSUMER GOODS & SERVICES - 1.8%
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Church & Dwight, Inc., 6%, 2012 $ 75,000 $ 75,187
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Integrated Electrical Services, Inc., 9.375%, 2009 245,000 177,012
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Revlon Consumer Products Corp., 9.5%, 2011 465,000 449,888
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Safilo Capital International S.A., 9.625%, 2013## EUR 400,000 533,830
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$ 1,235,917
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CONTAINERS - 1.0%
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Crown European Holdings S.A., 10.875%, 2013 $ 190,000 $ 222,775
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Huntsman Packaging Corp., 13%, 2010 85,000 68,850
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Owens-Illinois, Inc., 7.8%, 2018 90,000 93,600
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Pliant Corp., 13%, 2010 $ 425,000 $ 344,250
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$ 729,475
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DEFENSE ELECTRONICS - 0.2%
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L-3 Communications Holdings, Inc., 6.125%, 2014 $ 130,000 $ 131,625
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ELECTRONICS - 0%
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Magnachip Semiconductor S.A., 8%, 2014## $ 20,000 $ 19,350
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EMERGING MARKET QUASI-SOVEREIGN - 0.6%
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Gazprom OAO, 9.625%, 2013## $ 150,000 $ 182,250
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Gazprom OAO, 9.625%, 2013 60,000 72,900
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Pemex Project Funding Master Trust, 8.625%, 2022 143,000 173,602
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$ 428,752
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EMERGING MARKET SOVEREIGN - 2.8%
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Federal Republic of Brazil, 8%, 2014 $ 161,490 $ 163,710
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Federal Republic of Brazil, 8.875%, 2019 966,000 998,844
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Federal Republic of Brazil, 4.25%, 2024 54,000 51,030
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Republic of Argentina, 5.83%, 2033 ARS 851,667 365,819
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Republic of Panama, 9.375%, 2023 $ 43,000 53,535
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Republic of Panama, 9.375%, 2029 185,000 231,898
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United Mexican States, 8.3%, 2031 41,000 50,676
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$ 1,915,512
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ENERGY - INDEPENDENT - 0.8%
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Belden & Blake Corp., 8.75%, 2012 $ 280,000 $ 293,300
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Chesapeake Energy Corp., 7%, 2014 52,000 55,315
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Chesapeake Energy Corp., 6.875%, 2016 130,000 134,875
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Clayton Williams Energy, Inc., 7.75%, 2013## 80,000 79,800
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$ 563,290
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ENERGY - INTEGRATED - 0.2%
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Tyumen Oil Co., 11%, 2007 $ 145,000 $ 160,950
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ENTERTAINMENT - 1.6%
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Loews Cineplex Entertainment Corp., 9%, 2014## $ 130,000 $ 126,750
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Marquee Holdings, Inc., 0% to 2009, 12% to 2014 415,000 255,225
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Six Flags, Inc., 9.75%, 2013 485,000 473,481
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Universal City, Florida Holding Co., 8.375%, 2010 240,000 252,000
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$ 1,107,456
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FOOD & NON-ALCOHOLIC BEVERAGES - 0.9%
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Burns, Philp & Co. Ltd., 9.75%, 2012 $ 245,000 $ 267,050
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Chaoda Modern Agriculture Holdings, 7.75%, 2010## 359,000 350,922
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$ 617,972
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FOREST & PAPER PRODUCTS - 2.6%
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Corporacion Durango S.A. de C.V., 7.5% to 2005, FRN to 2012 $ 25,366 $ 20,039
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Georgia-Pacific Corp., 7.75%, 2029 485,000 542,594
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Graphic Packaging International, Inc., 9.5%, 2013 215,000 222,525
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JSG Funding LLC, 11.5%, 2015#,## EUR 451,722 477,381
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Newark Group, Inc., 9.75%, 2014 $ 220,000 202,400
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NewPage Corp., 12%, 2013## 95,000 94,050
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Norske Skog Canada Ltd., 7.375%, 2014 125,000 123,750
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Sino-Forest Corp., 9.125%, 2011## 23,000 25,013
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Stone Container Corp., 7.375%, 2014 90,000 85,725
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$ 1,793,477
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GAMING & LODGING - 1.4%
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NCL Corp., 11.625%, 2014## $ 360,000 $ 383,400
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Penn National Gaming, Inc., 6.75%, 2015## 95,000 95,594
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Resorts International Hotel & Casino, Inc., 11.5%, 2009 $ 400,000 $ 451,500
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Scientific Games Corp., 6.25%, 2012## 30,000 30,375
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$ 960,869
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INDUSTRIAL - 1.6%
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Amsted Industries, Inc., 10.25%, 2011## $ 195,000 $ 210,600
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Da Lite Screen Co., Inc., 9.5%, 2011 125,000 133,125
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JohnsonDiversey Holdings, Inc., 0% to 2007, 10.67% to 2013 335,000 239,525
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Knowledge Learning Corp., 7.75%, 2015## 85,000 81,600
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Milacron Escrow Corp., 11.5%, 2011 390,000 395,850
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Williams Scotsman, Inc., 9.875%, 2007 45,000 44,100
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$ 1,104,800
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MACHINERY & TOOLS - 1.8%
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Case New Holland, Inc., 9.25%, 2011 $ 205,000 $ 221,912
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Columbus McKinnon Corp., 8.5%, 2008 225,000 225,562
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Manitowoc Co., Inc., 10.375%, 2011 EUR 125,000 166,064
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Sunstate Equipment Co. LLC, 10.5%, 2013## $ 190,000 195,225
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United Rentals, Inc., 7.75%, 2013 425,000 414,375
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$ 1,223,138
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MEDICAL & HEALTH TECHNOLOGY & SERVICES - 1.8%
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CDRV Investors, Inc., 0% to 2010, 9.625% to 2015 $ 370,000 $ 188,700
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DaVita, Inc., 6.625%, 2013## 80,000 82,600
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DaVita, Inc., 7.25%, 2015## 95,000 98,325
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Fisher Scientific International, Inc., 6.125%, 2015## 105,000 105,525
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Healthsouth Corp., 8.5%, 2008 150,000 151,875
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Psychiatric Solutions, Inc., 7.75%, 2015## 45,000 45,900
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Select Medical Corp., 7.625%, 2015 115,000 113,563
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U.S. Oncology, Inc., 10.75%, 2014 275,000 306,625
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Universal Hospital Services, Inc., 10.125%, 2011 140,000 144,200
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$ 1,237,313
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MEDICAL EQUIPMENT - 0.5%
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Warner Chilcott Corp., 8.75%, 2015## $ 375,000 $ 370,313
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METALS & MINING - 0.8%
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Doe Run Resources Corp., 11.75%, 2008# $ 541,714 $ 433,371
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Foundation PA Coal Co., 7.25%, 2014 90,000 95,175
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$ 528,546
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NATURAL GAS - PIPELINE - 1.3%
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ANR Pipeline Co., 9.625%, 2021 $ 175,000 $ 222,646
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Colorado Interstate Gas Co., 5.95%, 2015## 20,000 19,775
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El Paso Energy Corp., 7%, 2011 300,000 304,500
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El Paso Energy Corp., 7.75%, 2013 235,000 249,394
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Markwest Energy Partners LP, 6.875%, 2014## 90,000 90,900
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$ 887,215
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NETWORK & TELECOM - 4.7%
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Axtel S.A. de C.V., 11%, 2013 $ 565,000 $ 620,087
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Cincinnati Bell, Inc., 8.375%, 2014 130,000 133,900
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Cincinnati Bell, Inc., 8.375%, 2014## 25,000 25,750
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Citizens Communications Co., 9.25%, 2011 170,000 189,975
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Citizens Communications Co., 6.25%, 2013 305,000 296,612
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Global Crossing Ltd., 10.75%, 2014## 80,000 73,600
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Hawaiian Telecom Communications, Inc., 9.75%, 2013## 80,000 86,400
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Hawaiian Telecom Communications, Inc., 12.5%, 2015## 190,000 205,912
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MCI, Inc., 6.908%, 2007 100,000 101,250
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MCI, Inc., 7.688%, 2009 110,000 114,675
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Qwest Capital Funding, Inc., 7.25%, 2011 175,000 169,313
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Qwest Corp., 7.875%, 2011 180,000 187,650
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Qwest Corp., 8.875%, 2012 175,000 191,625
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Qwest Services Corp., 13.5%, 2010 475,000 546,250
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Time Warner Telecom Holdings, Inc., 9.25%, 2014 335,000 340,863
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$ 3,283,862
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OIL SERVICES - 0.2%
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Hanover Compressor Co., 9%, 2014 $ 125,000 $ 136,250
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PHARMACEUTICALS - 0.1%
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Mylan Laboratories, Inc., 6.375%, 2015## $ 50,000 $ 50,125
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PRECIOUS METALS & MINERALS - 0.4%
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Freeport-McMoRan Copper & Gold, Inc., 6.875%, 2014 $ 254,000 $ 248,920
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PRINTING & PUBLISHING - 2.5%
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Dex Media, Inc., 0% to 2008, 9% to 2013 $ 840,000 $ 688,800
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Dex Media, Inc., 0% to 2008, 9% to 2013 135,000 110,700
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Hollinger, Inc., 12.875%, 2011## 50,000 54,687
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Houghton Mifflin Co., 0% to 2008, 11.5% to 2013 385,000 302,225
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Lighthouse International Co. S.A., 8%, 2014## EUR 160,000 201,400
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WDAC Subsidiary Corp., 8.375%, 2014## $ 365,000 356,788
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$ 1,714,600
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RAILROAD & SHIPPING - 0.4%
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TFM S.A. de C.V., 9.375%, 2012## $ 241,000 $ 257,870
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RESTAURANTS - 0.5%
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Carrols Holdings Corp., 9%, 2013## $ 130,000 $ 134,875
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Uno Restaurant Corp., 10%, 2011## 195,000 188,175
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$ 323,050
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RETAILERS - 1.5%
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Buhrmann U.S., Inc., 7.875%, 2015## $ 95,000 $ 94,050
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Couche-Tard, Inc., 7.5%, 2013 170,000 180,200
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Eye Care Centers of America, Inc., 10.75%, 2015## 255,000 242,250
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Finlay Fine Jewelry Corp., 8.375%, 2012 100,000 93,500
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Mothers Work, Inc., 11.25%, 2010 145,000 143,550
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Rite Aid Corp., 9.25%, 2013 95,000 94,288
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Rite Aid Corp., 6.875%, 2013 140,000 123,550
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Rite Aid Corp., 7.7%, 2027 95,000 78,850
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$ 1,050,238
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SPECIALTY STORES - 0.2%
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Payless ShoeSource, Inc., 8.25%, 2013 $ 125,000 $ 132,031
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STEEL - 0.6%
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AK Steel Holding Corp., 7.75%, 2012 $ 355,000 $ 330,150
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Chaparral Steel Co., 10%, 2013## 60,000 62,850
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Northwestern Steel & Wire Co., 9.5%, 2049** 300,000 0
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$ 393,000
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TELECOMMUNICATIONS - WIRELESS - 1.6%
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Alamosa Holdings, Inc., 12% to 2009 $ 129,000 $ 143,996
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American Towers, Inc., 7.25%, 2011 85,000 89,462
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Centennial Communications Corp., 10.125%, 2013 140,000 157,675
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Dobson Cellular Systems, Inc., 9.875%, 2012 35,000 38,719
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Dolphin Telecom PLC, 11.5%, 2008** 750,000 0
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IWO Escrow Co., FRN, 7.3488%, 2012## 15,000 15,300
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Rogers Wireless, Inc., 7.5%, 2015 65,000 71,013
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Rural Cellular Corp., 9.75%, 2010 508,000 506,095
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U.S. Unwired, Inc., 10%, 2012 $ 100,000 $ 115,500
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$ 1,137,760
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TIRE & RUBBER - 0.7%
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Cooper Standard Automotive, Inc., 8.375%, 2014 $ 265,000 $ 233,200
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Goodyear Tire & Rubber Co., 9%, 2015## 220,000 224,400
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$ 457,600
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TOBACCO - 0.5%
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R. J. Reynolds Tobacco Holdings, Inc., 7.3%, 2015## $ 340,000 $ 344,250
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UTILITIES - ELECTRIC POWER - 3.0%
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Dynegy Holdings, Inc., 6.875%, 2011 $ 90,000 $ 90,225
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FirstEnergy Corp., 6.45%, 2011 199,000 213,999
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Midwest Generation LLC, 8.75%, 2034 145,000 162,400
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Mission Energy Holding Co., 13.5%, 2008 250,000 298,750
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NGC Corp. Capital Trust, 8.316%, 2027 275,000 247,500
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NRG Energy, Inc., 8%, 2013 205,000 219,350
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Reliant Energy, Inc., 6.75%, 2014 60,000 59,100
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Reliant Resources, Inc., 9.25%, 2010 200,000 219,000
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Sierra Pacific Resources, 8.625%, 2014 215,000 238,113
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Texas Genco LLC, 6.875%, 2014## 120,000 126,000
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TXU Corp., 5.55%, 2014## 220,000 214,473
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$ 2,088,910
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Total Bonds (Identified Cost, $42,718,685) $ 43,740,154
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ISSUER SHARES $ VALUE
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STOCKS - 28.7%
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AIRLINES - 1.2%
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Southwest Airlines Co.^ 60,500 $ 858,495
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AUTOMOTIVE - 1.1%
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Magna International, Inc., "A"^ 9,500 $ 732,450
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BROADCAST & CABLE TV - 2.9%
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Comcast Corp., "Special A"* 43,100 $ 1,293,000
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NTL, Inc.^* 6,812 453,884
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Sinclair Broadcast Group, Inc., "A" 30,000 270,000
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$ 2,016,884
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BUSINESS SERVICES - 0.2%
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Anacomp, Inc., "B"^* 30 $ 315
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Brink's Co.^ 4,500 162,720
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$ 163,035
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CONTAINERS - 3.6%
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Owens-Illinois, Inc.^* 97,000 $ 2,488,050
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ENGINEERING - CONSTRUCTION - 0.1%
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Intergrated Electrical Services, Inc.^* 17,500 $ 48,475
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FOREST & PAPER PRODUCTS - 0%
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Corporacion Durango S.A. de C.V.* 8,698 $ 4,924
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MEDICAL & HEALTH TECHNOLOGY & SERVICES - 1.9%
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Tenet Healthcare Corp.^* 110,500 $ 1,341,470
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METALS & MINING - 0%
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International Utility Structures Inc.* 254,700 $ 0
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NATURAL GAS - DISTRIBUTION - 0.7%
---------------------------------------------------------------------------------------------------------------------------------
Ferrell Gas Partners LP 6,088 $ 133,936
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Northwestern Corp. 10,109 319,444
---------------------------------------------------------------------------------------------------------------------------------
$ 453,380
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NETWORK & TELECOM - 4.0%
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Nokia Corp., ADR^ 100,200 $ 1,598,190
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Nortel Networks Corp.^* 439,300 1,155,359
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$ 2,753,549
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OIL SERVICES - 6.7%
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BJ Services Co.^ 14,500 $ 884,355
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Cooper Cameron Corp.^* 16,530 1,173,299
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GlobalSantaFe Corp.^ 36,830 1,656,982
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Noble Corp.^ 13,390 899,540
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$ 4,614,176
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PHARMACEUTICALS - 1.8%
---------------------------------------------------------------------------------------------------------------------------------
Merck & Co., Inc. 3,900 $ 121,134
---------------------------------------------------------------------------------------------------------------------------------
Wyeth 24,600 1,125,450
---------------------------------------------------------------------------------------------------------------------------------
$ 1,246,584
---------------------------------------------------------------------------------------------------------------------------------
PRINTING & PUBLISHING - 0%
---------------------------------------------------------------------------------------------------------------------------------
Golden Books Family Entertainment, Inc.* 53,266 $ 0
---------------------------------------------------------------------------------------------------------------------------------
SPECIALTY CHEMICALS - 0%
---------------------------------------------------------------------------------------------------------------------------------
Sterling Chemicals, Inc.* 55 $ 1,925
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TELECOMMUNICATIONS - WIRELESS - 0.2%
---------------------------------------------------------------------------------------------------------------------------------
Vodafone Group PLC, ADR^ 4,432 $ 114,479
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TELEPHONE SERVICES - 2.4%
---------------------------------------------------------------------------------------------------------------------------------
Adelphia Business Solutions, Inc.* 40,000 $ 0
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Sprint Corp.^ 62,300 1,675,870
---------------------------------------------------------------------------------------------------------------------------------
$ 1,675,870
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UTILITIES - ELECTRIC POWER - 1.9%
---------------------------------------------------------------------------------------------------------------------------------
Calpine Corp.* 331,670 $ 1,101,144
---------------------------------------------------------------------------------------------------------------------------------
NRG Energy, Inc.^* 6,073 232,900
---------------------------------------------------------------------------------------------------------------------------------
$ 1,334,044
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Total Stocks (Identified Cost, $19,139,361) $ 19,847,790
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CONVERTIBLE PREFERRED STOCK - 0.3%
---------------------------------------------------------------------------------------------------------------------------------
AUTOMOTIVE - 0.3%
---------------------------------------------------------------------------------------------------------------------------------
General Motors Corp., 5.25%^ (Identified Cost, $204,661) 11,530 $ 229,562
---------------------------------------------------------------------------------------------------------------------------------
PREFERRED STOCKS - 3.6%
---------------------------------------------------------------------------------------------------------------------------------
BROADCAST & CABLE TV - 3.4%
---------------------------------------------------------------------------------------------------------------------------------
Paxson Communications Corp., 14.25%^ 229 $ 1,511,400
---------------------------------------------------------------------------------------------------------------------------------
Spanish Broadcasting Systems, Inc., "B", 10.75% 775 844,750
---------------------------------------------------------------------------------------------------------------------------------
$ 2,356,150
---------------------------------------------------------------------------------------------------------------------------------
CONSUMER GOODS & SERVICES - 0%
---------------------------------------------------------------------------------------------------------------------------------
Renaissance Cosmetics, Inc., 14%* 1,266 $ 0
---------------------------------------------------------------------------------------------------------------------------------
PRINTING & PUBLISHING - 0.2%
---------------------------------------------------------------------------------------------------------------------------------
PRIMEDIA, Inc., 8.625% 1,400 $ 137,200
---------------------------------------------------------------------------------------------------------------------------------
REAL ESTATE - 0%
---------------------------------------------------------------------------------------------------------------------------------
HRPT Properties Trust, "B", 8.75% 200 $ 5,406
---------------------------------------------------------------------------------------------------------------------------------
TELEPHONE SERVICES - 0%
---------------------------------------------------------------------------------------------------------------------------------
PTV, Inc., "A", 10%^ 8 $ 8
---------------------------------------------------------------------------------------------------------------------------------
Total Preferred Stocks (Identified Cost, $2,669,208) $ 2,498,764
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WARRANTS - 0% STRIKE PRICE 1ST EXERCISE SHARES $ VALUE
---------------------------------------------------------------------------------------------------------------------------------
Anacomp, Inc. (Business Services)* $61.54 12/10/01 5,841 $ 175
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Grande Communications Holdings (Broadcast & Cable TV)* $0.01 10/01/04 305 30
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Metricom Inc. (Network & Telecom)* 87.00 8/15/00 775 0
---------------------------------------------------------------------------------------------------------------------------------
Ono Finance (Broadcast & Cable TV)* 0.00 5/31/09 1,000 0
---------------------------------------------------------------------------------------------------------------------------------
Renaissance Cosmetics Inc. (Consumer Goods & Services)* 0.01 8/08/96 1,024 0
---------------------------------------------------------------------------------------------------------------------------------
Sirius Satellite Radio, Inc. (Advertising & Broadcasting)* 24.92 8/13/99 2,700 0
---------------------------------------------------------------------------------------------------------------------------------
Sterling Chemicals, Inc. (Specialty Chemicals)* 52.00 12/31/02 90 108
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Thermadyne Holdings Corp. (Machinery & Tools)* 20.78 5/29/03 3,330 733
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Total Warrants (Identified Cost, $38,821) $ 1,046
---------------------------------------------------------------------------------------------------------------------------------
COLLATERAL FOR SECURITIES LOANED - 17.6%
---------------------------------------------------------------------------------------------------------------------------------
Navigator Securities Lending Prime Portfolio, at Cost and Net Asset Value 12,202,602 $ 12,202,602
---------------------------------------------------------------------------------------------------------------------------------
ISSUER PAR AMOUNT $ VALUE
---------------------------------------------------------------------------------------------------------------------------------
REPURCHASE AGREEMENT - 3.5%
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Goldman Sachs, 3.3%, dated 7/29/05, due 8/01/05, total to be received $2,436,670
(secured by various U.S. Treasury and Federal Agency obligations in a jointly traded
account), at Cost $ 2,436,000 $ 2,436,000
---------------------------------------------------------------------------------------------------------------------------------
Total Investments (Identified Cost, $79,409,338) ~ $ 80,955,918
---------------------------------------------------------------------------------------------------------------------------------
OTHER ASSETS, LESS LIABILITIES - (16.9)% (11,712,680)
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Net Assets - 100.0% $ 69,243,238
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* Non-income producing security. ** Non income producing security - in default.
~ As of July 31, 2005, the fund had 11 securities representing $4,924 and less than 0.1% of net assets that were fair
valued in accordance with the policies adopted by the Board of Trustees. ^ All or a portion of this security is on
loan.
^^ Interest only security for which the fund receives interest on notional principal (Par amount). Par amount shown is
the notional principal and does not reflect the cost of the security.
# Payment-in-kind security.
## SEC Rule 144A restriction.
(S)(S)(S) The rate shown represents a current effective yield.
Abbreviations have been used throughout this report to indicate amounts shown in currencies other than the U.S. dollar. All amounts
are stated in U.S. dollars unless otherwise indicated. A list of abbreviations is shown below:
ARS= Argentine Peso
EUR= Euro
Abbreviations:
ADR = American Depository Receipt
FRN = Floating Rate Note. The interest rate is the rate in effect as of the period end.
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) 07/31/2005
(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 $79,519,435
===========
Gross unrealized appreciation $ 7,200,198
Gross unrealized depreciation (5,763,715)
-----------
Net unrealized appreciation(depreciation) $ 1,436,483
===========
(2) Financial Instruments
The trust trades financial instruments with off-balance-sheet risk in the
normal course of its investing activities in order to manage exposure to market
risks such as interest rates and foreign currency exchange rates. These
financial instruments include forward foreign currency exchange contracts. The
notional or contractual amounts of these instruments represent the investment
the trust has in particular classes of financial instruments and does not
necessarily represent the amounts potentially subject to risk. The measurement
of the risks associated with these instruments is meaningful only when all
related and offsetting transactions are considered.
Forward Foreign Currency Exchange Contracts
NET UNREALIZED
CONTRACTS TO CONTRACTS APPRECIATION
SETTLEMENT DATE DELIVER/RECEIVE IN EXCHANGE FOR AT VALUE (DEPRECIATION)
---------------------------------------------------------------------------------------------------------------------------
SALES
-----
8/08/2005 - 8/24/2005 EUR 2,478,887 $ 3,030,469 $ 3,008,770 $ 21,699
--------
PURCHASES
---------
8/08/2005 - 8/24/2005 EUR 635,479 $ 774,790 $ 771,467 $ (3,323)
--------
At July 31, 2005, the trust had sufficient cash and/or securities to cover any
commitments under these contracts.
The Trust is a closed-end investment product. Shares of the Trust are only
available for purchase/sale on the NYSE at the current market price. Shares may
trade at a premium or discount to NAV.
(C)2005 MFS Investment Management
ITEM 2. CONTROLS AND PROCEDURES.
(a) Based upon their evaluation of the registrant's disclosure controls and
procedures 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 Investment Company Act of
1940 (the "Act")) that occurred during the registrant's last fiscal quarter
that has materially affected, or is 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.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to
be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant: MFS SPECIAL VALUE TRUST
-------------------------------------------------------------------
By (Signature and Title)* ROBERT J. MANNING
-----------------------------------------------------
Robert J. Manning, President
Date: September 20, 2005
------------------
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* ROBERT J. MANNING
-----------------------------------------------------
Robert J. Manning, President (Principal Executive
Officer)
Date: September 20, 2005
------------------
By (Signature and Title)* TRACY ATKINSON
-----------------------------------------------------
Tracy Atkinson, Treasurer (Principal Financial Officer
and Accounting Officer)
Date: September 20, 2005
------------------
* Print name and title of each signing officer under his or her signature.