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)
James R. Bordewick, Jr.
Massachusetts Financial Services Company
500 Boylston Street
Boston, Massachusetts 02116
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(Name and address of agents for service)
Registrant's telephone number, including area code: (617) 954-5000
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Date of fiscal year end: October 31
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Date of reporting period: January 31, 2005
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ITEM 1. SCHEDULE OF INVESTMENTS.
MFS(R) Mutual Funds
QUARTERLY PORTFOLIO HOLDINGS 1/31/05
MFS(R) Special Value Trust
[graphic omitted]
[logo] M F S(R)
INVESTMENT MANAGEMENT
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.
Visit MFS.COM for the latest information about your investment.
o Annual and semiannual reports contain information regarding the specific
securities held in the fund and how the fund has performed over the period.
o Week in Review provides a look at key events influencing U. S. and global
financial markets for the week.
o MFS Global Perspective is a commentary and analysis of markets around the
globe.
o Chief Investment Strategist Corner is a commentary by James Swanson, MFS'
Chief Investment Strategist.
A fact sheet, annual, and semiannual report for the fund can be accessed by
clicking "Closed End Funds" on the home page. Week in Review, MFS Global
Perspective, and Chief Investment Strategist Corner are located under "Updates
and Announcements."
The portfolio is actively managed, and current holdings may be different.
MFS Special Value Trust
PORTFOLIO OF INVESTMENTS (Unaudited) 01/31/2005
ISSUER PAR AMOUNT $ VALUE
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BONDS - 67.6%
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ADVERTISING & BROADCASTING - 3.7%
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Allbritton Communications Co., 7.75%, 2012 $ 350,000 $ 360,500
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Granite Broadcasting Corp., 9.75%, 2010 655,000 630,437
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Intelsat Ltd., 7.7938%, 2012## 65,000 66,950
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Intelsat Ltd., 8.625%, 2015## 135,000 140,569
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LBI Media Holdings, Inc., 0% to 2008, 11% to 2013 875,000 644,219
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Panamsat Holding Corp., 0% to 2009, 10.375% to 2014## 500,000 333,750
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XM Satellite Radio Holdings Inc., 0% to 2005, 14% to 2009 212,267 217,043
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XM Satellite Radio, Inc., 12%, 2010 174,000 205,320
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$ 2,598,788
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AEROSPACE - 1.9%
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Argo Tech Corp., 9.25%, 2011 $ 130,000 $ 142,350
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BE Aerospace, Inc., 8.875%, 2011 475,000 484,500
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Hexcel Corp., 9.75%, 2009 650,000 677,625
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K&F Acquisition, Inc., 7.75%, 2014## 35,000 34,825
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$ 1,339,300
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AIRLINES - 1.5%
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Continental Airlines, Inc., 7.568%, 2006 $ 500,000 $ 386,588
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Continental Airlines, Inc., 6.795%, 2018 486,616 400,065
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Continental Airlines, Inc., 8.307%, 2018 263,941 219,858
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Continental Airlines, Inc., 7.566%, 2020 58,124 47,071
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$ 1,053,582
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APPAREL MANUFACTURERS - 1.0%
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Levi Strauss & Co., 9.75%, 2015## $ 305,000 $ 296,612
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Propex Fabrics, Inc., 10%, 2012## 395,000 399,938
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$ 696,550
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ASSET BACKED & Securitized - 2.8%
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Anthracite CDO Ltd., 6%, 2037## $ 450,000 $ 384,210
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Asset Securitization Corp., 8.7799%, 2029## 700,000 605,609
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Falcon Franchise Loan LLC, 3.54%, 2025^^ 676,674 120,247
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GMAC Commercial Mortgage Securities, Inc., 6.02%, 2033 250,000 239,023
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Morgan Stanley Capital I, Inc., 1.5911%, 2039^^## 697,506 53,059
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Preferred Term Securities XII Ltd., 17%, 2033## 225,000 237,094
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Preferred Term Securities XVI Ltd., 17%, 2034## 300,000 300,000
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$ 1,939,242
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AUTOMOTIVE - 1.2%
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Advanced Accessory Systems LLC, 10.75%, 2011 $ 60,000 $ 55,500
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Affinia Group, Inc., 9%, 2014## 130,000 133,900
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Metaldyne Corp., 11%, 2012 365,000 302,950
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TRW Automotive, Inc., 11%, 2013 13,000 15,210
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TRW Automotive, Inc., 11.75%, 2013 EUR 163,000 257,267
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Tenneco Automotive, Inc., 8.625%, 2014## $ 40,000 41,600
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$ 806,427
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BASIC INDUSTRY - 0.2%
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Thermadyne Holdings Corp., 9.25%, 2014 $ 110,000 $ 106,700
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BROADCAST & Cable TV - 6.7%
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Adelphia Communications Corp., 10.25%, 2011 $ 750,000 $ 667,500
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CSC Holdings, Inc., 8.125%, 2009 155,000 170,112
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CSC Holdings, Inc., 6.75%, 2012## 110,000 115,500
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Cablevision Systems Corp., 8%, 2012## 180,000 194,625
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Charter Communications, Inc., 8.625%, 2009 365,000 292,000
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Charter Communications, Inc., 9.92%, 2011 1,150,000 914,250
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Charter Communications, Inc., 8.375%, 2014## $ 50,000 $ 51,250
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FrontierVision Holdings LP, 11.875%, 2007* 300,000 388,500
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Frontiervision Operating Partners LP, 11%, 2006* 115,000 146,050
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Grande Communications, 14%, 2011 305,000 308,050
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Kabel Deutschland, 10.625%, 2014## 230,000 259,900
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Mediacom Broadband LLC, 9.5%, 2013 285,000 284,287
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Mediacom Broadband LLC, 11%, 2013 265,000 285,538
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Telenet Group Holdings N. V., 0% to 2008, 11.5% to 2014## 780,000 588,900
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$ 4,666,462
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BROKERAGE & ASSET MANAGERS - 0.1%
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Refco Finance Holdings LLC, 9%, 2012## $ 90,000 $ 98,100
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BUILDING - 1.4%
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Building Materials Corp. of America, 7.75%, 2014## $ 335,000 $ 338,350
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Goodman Global Holdings, Inc., 7.875%, 2012## 155,000 149,575
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Interface, Inc., 10.375%, 2010 180,000 207,000
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Interface, Inc., 9.5%, 2014 150,000 162,750
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Nortek, Inc., 8.5%, 2014## 125,000 128,438
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$ 986,113
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BUSINESS SERVICES - 0.1%
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Northern Telecom Corp., 7.875%, 2026 $ 45,000 $ 44,438
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CHEMICALS - 6.7%
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ARCO Chemical Co., 9.8%, 2020 $ 80,000 $ 90,400
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Crystal U. S. Holdings LLC, 0% to 2009, 10.5% to 2014## 600,000 407,250
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Crystal U. S. Holdings LLC, 0% to 2010, 10% to 2014## 55,000 38,225
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Equistar Chemicals LP, 10.625%, 2011 210,000 241,500
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Huntsman International LLC, 10.125%, 2009 456,000 478,800
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Huntsman International LLC, 7.375%, 2015## 55,000 54,725
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IMC Global, Inc., 10.875%, 2013 140,000 170,450
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KI Holdings, Inc., 0% to 2009, 9.875% to 2014## 547,000 341,875
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Lyondell Chemical Co., 11.125%, 2012 340,000 399,500
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Nalco Financial Holdings LLC, 0% to 2009, 9% to 2014 259,000 194,898
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Polypore, Inc., 8.75%, 2012 195,000 200,363
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Resolution Performance Products LLC, 13.5%, 2010 340,000 374,850
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Rhodia S.A., 6%, 2006 EUR 105,000 141,071
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Rhodia S.A., 8.875%, 2011 $ 825,000 845,625
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Rockwood Specialties Group, Inc., 10.625%, 2011 300,000 342,000
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Sovereign Specialty Chemicals, Inc., 11.875%, 2010 320,000 339,200
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$ 4,660,732
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CONGLOMERATES - 0.7%
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Invensys PLC, 9.875%, 2011## $ 310,000 $ 342,937
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SPX Corp., 7.5%, 2013 110,000 120,725
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$ 463,662
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CONSUMER GOODS & SERVICES - 2.5%
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Church & Dwight Co., Inc., 6%, 2012## $ 75,000 $ 75,750
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Integrated Electrical Services, Inc., 9.375%, 2009 245,000 229,075
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K2, Inc., 7.375%, 2014 20,000 21,475
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Leiner Health Products, Inc., 11%, 2012 75,000 81,750
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Revlon Consumer Products Corp., 8.625%, 2008 531,000 473,918
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Safilo Capital International S.A., 9.625%, 2013## EUR 525,000 701,930
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Werner Holding Co., Inc., 10%, 2007 $ 170,000 138,550
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$ 1,722,448
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CONTAINERS - 1.5%
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Crown European Holdings S.A., 10.875%, 2013 $ 305,000 $ 357,612
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Owens-Illinois, Inc., 7.8%, 2018 90,000 93,600
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Pliant Corp., 13%, 2010 $ 510,000 $ 499,800
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Portola Packaging, Inc., 8.25%, 2012 130,000 106,600
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$ 1,057,612
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DEFENSE ELECTRONICS - 0.2%
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L-3 Communications Holdings, Inc., 6.125%, 2014 $ 130,000 $ 132,600
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ELECTRONICS - 0%
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Magnachip Semiconductor S.A., 8%, 2014## $ 20,000 $ 20,875
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EMERGING MARKET QUASI-SOVEREIGN - 0.5%
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Gazprom OAO, 9.625%, 2013## $ 150,000 $ 178,500
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Pemex Project Funding Master Trust, 8.625%, 2022 143,000 169,813
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$ 348,313
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EMERGING MARKET SOVEREIGN - 2.2%
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Federal Republic of Brazil, 8%, 2014 $ 170,462 $ 174,510
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Federal Republic of Brazil, 8.875%, 2019 966,000 997,395
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Federal Republic of Brazil, 3.0625%, 2024 54,000 49,140
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Republic of Panama, 9.375%, 2023 - 2029 228,000 269,535
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Republic of Panama, 8.875%, 2027 43,000 47,730
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United Mexican States, 8%, 2022 13,000 15,386
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$ 1,553,696
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ENERGY - INDEPENDENT - 0.7%
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Belden Blake Corp., 8.75%, 2012## $ 90,000 $ 90,562
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Chesapeake Energy Corp., 7%, 2014 52,000 55,120
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Chesapeake Energy Corp., 6.875%, 2016 130,000 135,200
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Venoco, Inc., 8.75%, 2011## 195,000 196,950
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$ 477,832
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ENERGY - INTEGRATED - 0.3%
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Siberian Oil Co., 10.75%, 2009 $ 130,000 $ 142,513
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Tyumen Oil Co., 11%, 2007 79,000 89,665
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$ 232,178
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ENTERTAINMENT - 2.0%
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AMF Bowling Worldwide, Inc., 10%, 2010 $ 235,000 $ 244,400
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Loews Cineplex Entertainment Corp., 9%, 2014## 130,000 136,175
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Marquee Holdings, Inc., 0% to 2009, 12% to 2014## 415,000 280,125
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Six Flags, Inc., 9.75%, 2013 485,000 461,963
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Universal City Florida Holding Co., 8.375%, 2010## 240,000 249,600
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$ 1,372,263
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FOOD & NON-ALCOHOLIC BEVERAGES - 0.4%
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Burns, Philp & Co. Ltd., 9.75%, 2012 $ 245,000 $ 267,050
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FOREST & Paper Products - 1.6%
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Durango Corp. S.A. de C. V., 13.75%, 2009##* $ 258,000 $ 189,630
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JSG Funding LLC, 11.5%, 2015## EUR 145,000 189,138
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MDP Acquisitions PLC, 15.5%, 2013 $ 73,632 86,702
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Newark Group, Inc., 9.75%, 2014 390,000 408,525
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Norske Skog Canada Ltd., 7.375%, 2014 125,000 126,250
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Sino Forest Corp., 9.125%, 2011## 23,000 25,329
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Stone Container Corp., 7.375%, 2014 90,000 92,700
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$ 1,118,274
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GAMING & LODGING - 1.3%
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Herbst Gaming, Inc., 7%, 2014## $ 15,000 $ 15,075
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NCL Corp., 10.625%, 2014## 360,000 361,800
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Resorts International Hotel & Casino, Inc., 11.5%, 2009 400,000 469,000
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Scientific Games Corp., 6.25%, 2012## $ 30,000 $ 30,450
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$ 876,325
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INDUSTRIAL - 2.9%
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Amsted Industries, Inc., 10.25%, 2011## $ 195,000 $ 219,375
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Da Lite Screen Co., Inc., 9.5%, 2011 125,000 138,125
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Eagle-Picher Industries, Inc., 9.75%, 2013 115,000 101,200
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JohnsonDiversey Holding, Inc., 0% to 2007, 10.67% to 2013 335,000 290,612
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Knowledge Learning Corp., 7.75%, 2015## 85,000 85,425
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Milacron Escrow Corp., 11.5%, 2011 390,000 417,300
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Rexnord Industries, Inc., 10.125%, 2012 105,000 117,600
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Williams Scotsman, Inc., 9.875%, 2007 675,000 675,000
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$ 2,044,637
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MACHINERY & TOOLS - 2.0%
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Case New Holland, Inc., 9.25%, 2011## $ 205,000 $ 223,962
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Columbus McKinnon Corp., 8.5%, 2008 225,000 225,000
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Manitowoc Co., Inc., 10.375%, 2011 EUR 160,000 233,227
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United Rentals, Inc., 7.75%, 2013 $ 700,000 680,750
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$ 1,362,939
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MEDICAL & HEALTH TECHNOLOGY & SERVICES - 1.6%
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CDRV Investors, Inc., 0% to 2010, 9.625% to 2015## $ 225,000 $ 134,437
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Healthsouth Corp., 8.5%, 2008 150,000 155,062
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InSight Health Services Corp., 9.875%, 2011 345,000 343,275
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U. S. Oncology, Inc., 10.75%, 2014## 275,000 314,188
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Universal Hospital Services, Inc., 10.125%, 2011 140,000 144,900
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$ 1,091,862
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MEDICAL EQUIPMENT - 0.6%
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Warner Chilcott Corp., 8.75%, 2015## $ 375,000 $ 385,313
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METALS & MINING - 1.3%
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Doe Run Resources Corp., 11.75%, 2008# $ 541,714 $ 509,211
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Foundation PA Coal Co., 7.25%, 2014## 120,000 125,700
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Ispat Inland ULC, 9.75%, 2014 146,000 179,945
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Oregon Steel Mills, Inc., 10%, 2009 105,000 116,550
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$ 931,406
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NATURAL GAS - PIPELINE - 1.2%
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ANR Pipeline Co., 9.625%, 2021 $ 175,000 $ 218,750
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El Paso Energy Corp., 7%, 2011 300,000 301,500
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El Paso Energy Corp., 7.75%, 2013 235,000 244,400
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Markwest Energy Partners LP, 6.875%, 2014## 90,000 90,450
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$ 855,100
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OIL SERVICES - 0.9%
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Hanover Compressor Co., 9%, 2014 $ 125,000 $ 137,500
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Ocean Rig Norway S.A., 10.25%, 2008 440,000 453,200
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$ 590,700
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PRECIOUS METALS & MINERALS - 0.4%
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Freeport-McMoRan Copper & Gold, Inc., 6.875%, 2014 $ 254,000 $ 254,000
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PRINTING & PUBLISHING - 2.0%
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Dex Media, Inc., 0% to 2008, 9% to 2013 $ 840,000 $ 632,100
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Dex Media, Inc., 0% to 2008, 9% to 2013 135,000 101,587
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Hollinger, Inc., 12.875%, 2011## 50,000 57,375
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Houghton Mifflin Co., 0% to 2008, 11.5% to 2013 385,000 261,800
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Lighthouse International Co. S.A., 8%, 2014## EUR 160,000 215,487
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WDAC Subsidiary Corp., 8.375%, 2014## $ 145,000 141,375
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$ 1,409,724
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RESTAURANTS - 0.4%
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Carrols Holdings Corp., 9%, 2013## $ 90,000 $ 93,825
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Uno Restaurant Corp., 10%, 2011 195,000 192,812
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$ 286,637
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RETAILERS - 1.6%
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Couche-Tard, Inc., 7.5%, 2013 $ 205,000 $ 216,787
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Duane Reade, Inc., 9.75%, 2011## 220,000 199,100
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LFS, Inc., 10.75%, 2015## 145,000 143,912
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Mothers Work, Inc., 11.25%, 2010 120,000 121,200
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Rite Aid Corp., 9.25%, 2013 130,000 129,350
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Rite Aid Corp., 6.875%, 2013 270,000 244,350
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Rite Aid Corp., 7.7%, 2027 95,000 76,238
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$ 1,130,937
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TELECOMMUNICATIONS - WIRELESS - 3.9%
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Alamosa Holdings, Inc., 0% to 2005, 12% to 2009 $ 129,000 $ 138,997
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Centennial Communications Corp., 10.125%, 2013 370,000 419,025
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Dobson Cellular Systems, Inc., 8.375%, 2011## 35,000 36,837
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Dobson Communications Corp., 8.875%, 2013 235,000 173,312
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IWO Escrow Co., 6.32%, 2012## 15,000 15,000
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Inmarsat Finance II PLC, 10.375%, 2012 360,000 261,000
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MetroPCS, Inc., 10.75%, 2011 335,000 358,450
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Rogers Wireless, Inc., 8%, 2012## 30,000 32,100
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Rogers Wireless, Inc., 7.5%, 2015## 65,000 69,713
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Rural Cellular Corp., 9.75%, 2010 508,000 490,220
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U. S. Unwired, Inc., 10%, 2012 200,000 223,000
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Ubiquitel Operating Co., 9.875%, 2011 125,000 137,813
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Vimpel-Communications, 10%, 2009## 350,000 375,375
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$ 2,730,842
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TELECOMMUNICATIONS - WIRELINE - 4.4%
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Axtel S.A. de C. V., 11%, 2013 $ 565,000 $ 606,669
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Cincinnati Bell, Inc., 8.375%, 2014 130,000 131,950
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Citizens Communications Co., 9.25%, 2011 170,000 198,475
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Citizens Communications Co., 6.25%, 2013 65,000 64,837
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Global Crossing Ltd., 10.75%, 2014## 80,000 79,000
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MCI, Inc., 6.908%, 2007 100,000 102,250
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MCI, Inc., 7.688%, 2009 110,000 114,812
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Qwest Capital Funding, Inc., 7.25%, 2011 140,000 134,400
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Qwest Corp., 7.875%, 2011## 180,000 192,600
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Qwest Corp., 8.875%, 2012## 175,000 199,063
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Qwest Services Corp., 13.5%, 2010## 540,000 641,250
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Time Warner Telecom Holdings, Inc., 10.125%, 2011 380,000 372,400
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Time Warner Telecom Holdings, Inc., 9.25%, 2014 210,000 215,250
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$ 3,052,956
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TIRE & RUBBER - 0%
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Cooper-Standard Automotive Group, 8.375%, 2014## $ 20,000 $ 19,000
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TRANSPORTATION - SERVICES - 0.4%
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TFM S.A. de C. V., 11.75%, 2009 $ 250,000 $ 251,875
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UTILITIES - ELECTRIC POWER - 2.8%
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Dynegy Holdings, Inc., 6.875%, 2011 $ 155,000 $ 144,150
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FirstEnergy Corp., 6.45%, 2011 199,000 215,956
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Midwest Generation LLC, 8.75%, 2034 145,000 162,038
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Mission Energy Holding Co., 13.5%, 2008 250,000 311,875
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NGC Corp. Capital Trust, 8.316%, 2027 $ 275,000 $ 225,500
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PSEG Power LLC, 7.75%, 2011 $ 185,000 $ 215,955
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Reliant Energy, Inc., 6.75%, 2014 60,000 58,500
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Reliant Resources, Inc., 9.25%, 2010 200,000 222,500
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Sierra Pacific Resources, 8.625%, 2014 215,000 238,919
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Texas Genco LLC, 6.875%, 2014## 120,000 124,200
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$ 1,919,593
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Total Bonds (Identified Cost, $44,929,479) $ 46,957,083
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ISSUER SHARES $ VALUE
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STOCKS - 25.9%
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AIRLINES - 1.3%
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Southwest Airlines Co.^ 60,500 $ 876,040
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AUTOMOTIVE - 0.2%
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Magna International, Inc., "A" 1,800 $ 136,332
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BROADCAST & CABLE TV - 3.7%
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Comcast Corp., "Special A"*^ 59,100 $ 1,868,151
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NTL, Inc.* 6,812 463,420
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Sinclair Broadcast Group, Inc., "A"^ 30,000 246,900
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$ 2,578,471
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BUSINESS SERVICES - 0%
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Anacomp, Inc.*^ 30 $ 367
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CONTAINERS - 3.2%
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Owens-Illinois, Inc.*^ 97,000 $ 2,203,840
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ENERGY - INDEPENDENT - 0.3%
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NRG Energy, Inc.* 6,073 $ 212,555
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ENGINEERING - CONSTRUCTION - 0.2%
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Integrated Electrical Services, Inc.*^ 35,000 $ 139,300
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MEDICAL & HEALTH TECHNOLOGY & SERVICES - 1.6%
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Tenet Healthcare Corp.*^ 110,500 $ 1,097,265
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NATURAL GAS - DISTRIBUTION - 0.6%
---------------------------------------------------------------------------------------------------------------------------------
Ferrell Gas Partners LP 6,088 $ 129,796
---------------------------------------------------------------------------------------------------------------------------------
Northwestern Corp.* 9,995 283,458
---------------------------------------------------------------------------------------------------------------------------------
$ 413,254
---------------------------------------------------------------------------------------------------------------------------------
OIL SERVICES - 5.2%
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BJ Services Co. 14,500 $ 696,725
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Cooper Cameron Corp.*^ 16,530 932,457
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GlobalSantaFe Corp.^ 36,830 1,302,309
---------------------------------------------------------------------------------------------------------------------------------
Noble Corp.^ 13,390 714,357
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$ 3,645,848
---------------------------------------------------------------------------------------------------------------------------------
PHARMACEUTICALS - 1.6%
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Merck & Co., Inc. 6,100 $ 171,105
---------------------------------------------------------------------------------------------------------------------------------
Wyeth 24,600 974,898
---------------------------------------------------------------------------------------------------------------------------------
$ 1,146,003
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SPECIALTY CHEMICALS - 0%
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Sterling Chemicals, Inc.* 55 $ 2,173
---------------------------------------------------------------------------------------------------------------------------------
TELECOMMUNICATIONS - WIRELESS - 2.2%
---------------------------------------------------------------------------------------------------------------------------------
Nokia Corp., ADR 100,200 $ 1,531,056
---------------------------------------------------------------------------------------------------------------------------------
TELECOMMUNICATIONS - WIRELINE - 2.1%
---------------------------------------------------------------------------------------------------------------------------------
Nortel Networks Corp.*^ 439,300 $ 1,427,725
---------------------------------------------------------------------------------------------------------------------------------
TELEPHONE SERVICES - 2.1%
---------------------------------------------------------------------------------------------------------------------------------
Sprint Corp.^ 62,300 $ 1,484,609
---------------------------------------------------------------------------------------------------------------------------------
UTILITIES - ELECTRIC POWER - 1.6%
---------------------------------------------------------------------------------------------------------------------------------
Calpine Corp.* 331,670 $ 1,104,461
---------------------------------------------------------------------------------------------------------------------------------
Total Stocks (Identified Cost, $18,587,853) $ 17,999,299
---------------------------------------------------------------------------------------------------------------------------------
CONVERTIBLE PREFERRED STOCKS - 0.3%
---------------------------------------------------------------------------------------------------------------------------------
AUTOMOTIVE - 0.3%
---------------------------------------------------------------------------------------------------------------------------------
Ford Motor Co. Capital Trust II, 6.5% 3,869 $ 193,373
---------------------------------------------------------------------------------------------------------------------------------
Hayes Lemmerz International, Inc., "A", 8%* 114 8,749
---------------------------------------------------------------------------------------------------------------------------------
Total Convertible Preferred Stocks (Identified Cost, $218,105) $ 202,122
---------------------------------------------------------------------------------------------------------------------------------
PREFERRED STOCKS - 3.9%
---------------------------------------------------------------------------------------------------------------------------------
BROADCAST & CABLE TV - 3.7%
---------------------------------------------------------------------------------------------------------------------------------
Paxson Communications Corp., 14.25%*^ 214 $ 1,754,800
---------------------------------------------------------------------------------------------------------------------------------
Spanish Broadcasting Systems, Inc., "B", 10.75%* 736 798,560
---------------------------------------------------------------------------------------------------------------------------------
$ 2,553,360
---------------------------------------------------------------------------------------------------------------------------------
PRINTING & PUBLISHING - 0.2%
---------------------------------------------------------------------------------------------------------------------------------
PRIMEDIA, Inc., 8.625% 1,400 $ 132,300
---------------------------------------------------------------------------------------------------------------------------------
REAL ESTATE - 0%
---------------------------------------------------------------------------------------------------------------------------------
HRPT Properties Trust, 8.75% 200 $ 5,440
---------------------------------------------------------------------------------------------------------------------------------
TELEPHONE SERVICES - 0%
---------------------------------------------------------------------------------------------------------------------------------
PTV, Inc., "A", 10% 8 $ 25
---------------------------------------------------------------------------------------------------------------------------------
Total Preferred Stocks (Identified Cost, $2,539,588) $ 2,691,125
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WARRANTS - 0% STRIKE PRICE 1ST EXERCISE SHARES $ VALUE
---------------------------------------------------------------------------------------------------------------------------------
Anacomp, Inc. (Business Services)* $ 61.54 12/10/01 5,841 $ 117
---------------------------------------------------------------------------------------------------------------------------------
Grande Communications Holdings (Broadcast & Cable TV)* 0.01 10/01/04 305 30
---------------------------------------------------------------------------------------------------------------------------------
Sterling Chemicals, Inc. (Specialty Chemicals)* 52.00 12/31/02 90 162
---------------------------------------------------------------------------------------------------------------------------------
Thermadyne Holdings Corp. (Machinery & Tools)* 20.78 5/29/03 3,330 1,665
---------------------------------------------------------------------------------------------------------------------------------
Total Warrants (Identified Cost, $38,821) $ 1,974
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COLLATERAL FOR SECURITIES LOANED - 19.8%
---------------------------------------------------------------------------------------------------------------------------------
Navigator Securities Lending Prime Portfolio, at Cost and Net Asset Value 13,771,883 $ 13,771,883
---------------------------------------------------------------------------------------------------------------------------------
ISSUER PAR AMOUNT $ VALUE
---------------------------------------------------------------------------------------------------------------------------------
REPURCHASE AGREEMENT - 0.9%
---------------------------------------------------------------------------------------------------------------------------------
Goldman Sachs, 2.48%, dated 01/31/05, due 02/01/05, total to be received $610,042
(secured by various U. S. Treasury and Federal Agency obligations in a jointly traded
account), at Cost $ 610,000 $ 610,000
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Total Investments (Identified Cost, $80,695,729) $ 82,233,486
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OTHER ASSETS, LESS LIABILITIES - (18.4)% (12,777,451)
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Net Assets - 100.0% $ 69,456,035
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* Non-income producing security.
^ 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.
All amounts are stated in U. S. dollars unless otherwise indicated.
Abbreviations have been used throughout this report to indicate amounts shown in currencies other than the U.S. dollar. A list of
abbreviations is shown below.
EUR= Euro
SEK= Swedish Krone
See attached schedules. For more information see notes to financial statements as disclosed in the most recent semiannual or annual
report.
MFS SPECIAL VALUE TRUST
SUPPLEMENTAL SCHEDULES (UNAUDITED) 01/31/2005
(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 $80,773,344
===========
Gross unrealized appreciation $6,326,486
Gross unrealized depreciation (4,866,344)
-----------
Net unrealized appreciation (depreciation) $ 1,460,142
===========
(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 IN EXCHANGE CONTRACTS APPRECIATION
DELIVER/RECEIVE FOR AT VALUE (DEPRECIATION)
-------------------------------------------------------------------------------
EUR 3,391,015 $4,390,701 $4,424,039 $(33,338)
========== ========== ========
EUR 1,509,345 $1,976,584 $1,969,799 ($6,785)
SEK 181,626 $ 26,032 $ 26,030 ($2)
---------- ---------- --------
$2,002,616 $1,995,829 ($6,787)
========== ========== ========
At January 31, 2005, the trust had sufficient cash and/or securities to cover
any commitments under these contracts.
(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: March 24, 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: March 24, 2005
--------------
By (Signature and Title)* RICHARD M. HISEY
-----------------------------------------
Richard M. Hisey, Treasurer (Principal
Financial Officer and Accounting Officer)
Date: March 24, 2005
--------------
* Print name and title of each signing officer under his or her signature.