MFS SPECIAL VALUE TRUST N-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF

REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-5912

MFS SPECIAL VALUE TRUST

(Exact name of registrant as specified in charter)

111 Huntington Avenue, Boston, Massachusetts 02199

(Address of principal executive offices) (Zip code)

Kristin V. Collins

Massachusetts Financial Services Company

111 Huntington Avenue

Boston, Massachusetts 02199

(Name and address of agents for service)

Registrant’s telephone number, including area code: (617) 954-5000

Date of fiscal year end: October 31

Date of reporting period: July 31, 2016

ITEM 1. SCHEDULE OF INVESTMENTS.

QUARTERLY REPORT

July 31, 2016

 

LOGO

 

MFS® SPECIAL VALUE TRUST

 

LOGO

PORTFOLIO OF INVESTMENTS

7/31/16 (unaudited)

The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.

 

Issuer    Shares/Par     Value ($)  
Bonds - 60.6%                 
Aerospace - 0.8%                 
CPI International, Inc., 8.75%, 2/15/2018    $ 190,000      $ 190,914   
TransDigm, Inc., 6.5%, 7/15/2024      125,000        129,835   
    

 

 

  
      $ 320,749   
Asset-Backed & Securitized - 0.0%                 
Citigroup Commercial Mortgage Trust, FRN, 5.711%, 12/10/2049    $ 220,000      $ 17,727   
Falcon Franchise Loan LLC, FRN, 99.9%, 1/05/2025 (i)(z)      1,747        424   
Morgan Stanley Capital I, Inc., FRN, 1.381%, 4/28/2039 (i)(z)      78,782        638   
    

 

 

  
      $ 18,789   
Automotive - 1.1%                 
Accuride Corp., 9.5%, 8/01/2018    $ 150,000      $ 142,875   
Gates Global LLC, 6%, 7/15/2022 (n)      60,000        54,600   
Lear Corp., 4.75%, 1/15/2023      80,000        82,800   
Schaeffler Holding Finance B.V., 6.25%, 11/15/2019 (n)(p)      200,000        208,000   
    

 

 

  
      $ 488,275   
Broadcasting - 1.6%                 
AMC Networks, Inc., 5%, 4/01/2024    $ 65,000      $ 66,138   
Clear Channel Worldwide Holdings, Inc., “A”, 6.5%, 11/15/2022      25,000        24,875   
Clear Channel Worldwide Holdings, Inc., “B”, 7.625%, 3/15/2020      30,000        29,700   
Clear Channel Worldwide Holdings, Inc., “B”, 6.5%, 11/15/2022      100,000        103,500   
iHeartMedia, Inc., 9%, 3/01/2021      132,000        99,000   
Liberty Media Corp., 8.5%, 7/15/2029      110,000        121,000   
Liberty Media Corp., 8.25%, 2/01/2030      35,000        38,500   
Match Group, Inc., 6.375%, 6/01/2024 (n)      60,000        64,125   
Netflix, Inc., 5.375%, 2/01/2021      70,000        74,760   
Netflix, Inc., 5.875%, 2/15/2025      40,000        42,800   
    

 

 

  
      $ 664,398   
Building - 2.1%                 
Allegion PLC, 5.875%, 9/15/2023    $ 43,000      $ 45,795   
Allegion U.S. Holding Co., Inc., 5.75%, 10/01/2021      120,000        125,700   
Beacon Roofing Supply, Inc., 6.375%, 10/01/2023      65,000        69,875   
Eagle Materials, Inc., 4.5%, 8/01/2026      15,000        15,244   
Gibraltar Industries, Inc., 6.25%, 2/01/2021      95,000        97,850   
HD Supply, Inc., 7.5%, 7/15/2020      110,000        114,950   
HD Supply, Inc., 5.75%, 4/15/2024 (n)      55,000        58,567   
PriSo Acquisition Corp., 9%, 5/15/2023 (n)      90,000        89,325   
Standard Industries, Inc., 5.375%, 11/15/2024 (n)      95,000        99,631   
Standard Industries, Inc., 6%, 10/15/2025 (n)      55,000        59,538   
Summit Materials LLC/Summit Materials Finance Co., 6.125%, 7/15/2023      105,000        105,788   
    

 

 

  
      $ 882,263   
Business Services - 0.6%                 
Equinix, Inc., 4.875%, 4/01/2020    $ 55,000      $ 57,063   
Equinix, Inc., 5.375%, 1/01/2022      25,000        26,313   
Equinix, Inc., 5.375%, 4/01/2023      35,000        36,587   
Iron Mountain, Inc., REIT, 6%, 10/01/2020 (n)      40,000        42,200   
Iron Mountain, Inc., REIT, 6%, 8/15/2023      30,000        31,875   
NeuStar, Inc., 4.5%, 1/15/2023      85,000        75,119   
    

 

 

  
      $ 269,157   

 

1

Portfolio of Investments (unaudited) – continued

 

Issuer    Shares/Par     Value ($)  
Bonds - continued                 
Cable TV - 3.5%                 
Altice Financing S.A., 6.625%, 2/15/2023 (n)    $ 200,000      $ 200,376   
CCO Holdings LLC/CCO Holdings Capital Corp., 5.125%, 5/01/2023 (n)      105,000        108,544   
CCO Holdings LLC/CCO Holdings Capital Corp., 5.75%, 1/15/2024      115,000        121,325   
CCO Holdings LLC/CCO Holdings Capital Corp., 5.375%, 5/01/2025 (n)      25,000        26,000   
CCO Holdings LLC/CCO Holdings Capital Corp., 5.75%, 2/15/2026 (n)      55,000        58,025   
Cequel Communications Holdings, 6.375%, 9/15/2020 (n)      90,000        92,813   
DISH DBS Corp., 5%, 3/15/2023      90,000        84,825   
DISH DBS Corp., 5.875%, 11/15/2024      100,000        96,500   
Intelsat Jackson Holdings S.A., 7.25%, 4/01/2019      60,000        44,850   
Intelsat Jackson Holdings S.A., 6.625%, 12/15/2022      13,000        8,970   
Intelsat Jackson Holdings S.A., 5.5%, 8/01/2023      80,000        52,400   
Intelsat Jackson Holdings S.A., 8%, 2/15/2024 (n)      20,000        19,100   
Intelsat Luxembourg S.A., 8.125%, 6/01/2023      70,000        16,275   
LGE Holdco VI B.V., 7.125%, 5/15/2024 (n)    EUR  100,000        126,055   
Sirius XM Radio, Inc., 5.875%, 10/01/2020 (n)    $ 10,000        10,363   
Sirius XM Radio, Inc., 4.625%, 5/15/2023 (n)      85,000        85,000   
Sirius XM Radio, Inc., 6%, 7/15/2024 (n)      60,000        63,825   
Sirius XM Radio, Inc., 5.375%, 4/15/2025 (n)      45,000        46,224   
Unitymedia KabelBW GmbH, 6.125%, 1/15/2025 (n)      200,000        211,000   
    

 

 

  
      $ 1,472,470   
Chemicals - 1.4%                 
Chemours Co., 6.625%, 5/15/2023    $ 80,000      $ 69,000   
GCP Applied Technologies Co., 9.5%, 2/01/2023 (n)      65,000        73,450   
Hexion U.S. Finance Corp., 6.625%, 4/15/2020      55,000        46,475   
Hexion U.S. Finance Corp./Hexion Nova Scotia Finance, 8.875%, 2/01/2018      115,000        102,638   
Momentive Performance Materials, Inc., 3.88%, 10/24/2021      70,000        54,783   
Tronox Finance LLC, 6.375%, 8/15/2020      170,000        137,700   
Tronox Finance LLC, 7.5%, 3/15/2022 (n)      125,000        99,219   
    

 

 

  
      $ 583,265   
Computer Software - 0.3%                 
Diamond 1 Finance Corp./Diamond 2 Finance Corp., 5.875%, 6/15/2021 (n)    $ 30,000      $ 31,350   
Diamond 1 Finance Corp./Diamond 2 Finance Corp., 8.1%, 7/15/2036 (n)      70,000        79,761   
VeriSign, Inc., 4.625%, 5/01/2023      35,000        36,006   
    

 

 

  
      $ 147,117   
Computer Software - Systems - 0.5%                 
Sabre GLBL, Inc., 5.375%, 4/15/2023 (n)    $ 115,000      $ 120,463   
Western Digital Corp., 10.5%, 4/01/2024 (n)      80,000        90,100   
    

 

 

  
      $ 210,563   
Conglomerates - 1.9%                 
Amsted Industries Co., 5%, 3/15/2022 (n)    $ 125,000      $ 126,250   
Apex Tool Group, 7%, 2/01/2021 (n)      110,000        98,725   
EnerSys, 5%, 4/30/2023 (n)      145,000        144,275   
Enpro Industries, Inc., 5.875%, 9/15/2022      115,000        117,588   
Entegris, Inc., 6%, 4/01/2022 (n)      165,000        169,950   
Renaissance Acquisition, 6.875%, 8/15/2021 (n)      145,000        134,488   
    

 

 

  
      $ 791,276   
Construction - 0.0%                 
Empresas ICA S.A.B. de C.V., 8.9%, 2/04/2021 (a)(d)    $ 125,000      $ 20,625   

 

2

Portfolio of Investments (unaudited) – continued

 

Issuer    Shares/Par     Value ($)  
Bonds - continued                 
Consumer Products - 0.9%                 
NBTY, Inc., 7.625%, 5/15/2021 (n)    $ 95,000      $ 96,900   
Prestige Brands, Inc., 5.375%, 12/15/2021 (n)      55,000        56,169   
Spectrum Brands, Inc., 6.375%, 11/15/2020      90,000        93,938   
Spectrum Brands, Inc., 6.125%, 12/15/2024      10,000        10,800   
Spectrum Brands, Inc., 5.75%, 7/15/2025      75,000        81,188   
Sun Products Corp., 7.75%, 3/15/2021 (n)      55,000        57,200   
    

 

 

  
      $ 396,195   
Consumer Services - 2.1%                 
ADT Corp., 6.25%, 10/15/2021    $ 165,000      $ 180,056   
CEB, Inc., 5.625%, 6/15/2023 (n)      43,000        43,538   
Garda World Security Corp., 7.25%, 11/15/2021 (n)      50,000        43,000   
Garda World Security Corp., 7.25%, 11/15/2021 (n)      80,000        68,800   
Grupo Posadas S.A.B. de C.V., 7.875%, 6/30/2022 (n)      150,000        154,875   
Interval Acquisition Corp., 5.625%, 4/15/2023      140,000        144,200   
Mobile Mini, Inc., 5.875%, 7/01/2024 (n)      80,000        83,000   
Monitronics International, Inc., 9.125%, 4/01/2020      145,000        127,872   
Service Corp. International, 5.375%, 5/15/2024      50,000        53,375   
    

 

 

  
      $ 898,716   
Containers - 2.2%                 
Ball Corp., 5%, 3/15/2022    $ 75,000      $ 80,250   
Berry Plastics Group, Inc., 5.5%, 5/15/2022      125,000        130,625   
Berry Plastics Group, Inc., 6%, 10/15/2022      30,000        31,838   
Multi-Color Corp., 6.125%, 12/01/2022 (n)      100,000        103,000   
Plastipak Holdings, Inc., 6.5%, 10/01/2021 (n)      84,000        86,100   
Reynolds Group, 5.75%, 10/15/2020      50,000        51,625   
Reynolds Group, 8.25%, 2/15/2021      115,000        119,600   
Reynolds Group, 5.125%, 7/15/2023 (z)      45,000        46,406   
Reynolds Group, 7%, 7/15/2024 (z)      5,000        5,284   
Sealed Air Corp., 4.875%, 12/01/2022 (n)      115,000        120,894   
Sealed Air Corp., 5.125%, 12/01/2024 (n)      25,000        26,281   
Signode Industrial Group, 6.375%, 5/01/2022 (n)      120,000        119,174   
    

 

 

  
      $ 921,077   
Electronics - 0.8%                 
Advanced Micro Devices, Inc., 6.75%, 3/01/2019    $ 80,000      $ 79,675   
Advanced Micro Devices, Inc., 7%, 7/01/2024      65,000        59,638   
Micron Technology, Inc., 5.875%, 2/15/2022      40,000        38,600   
Micron Technology, Inc., 5.5%, 2/01/2025      85,000        76,288   
Sensata Technologies B.V., 5.625%, 11/01/2024 (n)      40,000        42,400   
Sensata Technologies B.V., 5%, 10/01/2025 (n)      40,000        41,000   
    

 

 

  
      $ 337,601   
Emerging Market Sovereign - 0.7%                 
Republic of Ecuador, 10.5%, 3/24/2020 (n)    $ 200,000      $ 200,300   
Republic of Venezuela, 7%, 3/31/2038      203,000        82,976   
    

 

 

  
      $ 283,276   
Energy - Independent - 3.2%                 
Afren PLC, 11.5%, 2/01/2016 (a)(d)(n)    $ 200,000      $ 200   
Afren PLC, 15%, 4/25/2016 (a)(d)(p)      181,223        50,779   
Bonanza Creek Energy, Inc., 6.75%, 4/15/2021      100,000        44,000   
Carrizo Oil & Gas, Inc., 6.25%, 4/15/2023      30,000        28,425   
Chaparral Energy, Inc., 7.625%, 11/15/2022 (a)(d)      90,000        49,050   
Concho Resources, Inc., 5.5%, 4/01/2023      65,000        64,188   
Consol Energy, Inc., 5.875%, 4/15/2022      65,000        59,313   

 

3

Portfolio of Investments (unaudited) – continued

 

Issuer    Shares/Par     Value ($)  
Bonds - continued                 
Energy - Independent - continued                 
Consol Energy, Inc., 8%, 4/01/2023    $ 115,000      $ 110,400   
Continental Resources, Inc., 4.5%, 4/15/2023      110,000        99,550   
EP Energy LLC, 9.375%, 5/01/2020      50,000        28,500   
EP Energy LLC, 7.75%, 9/01/2022      45,000        22,950   
Oasis Petroleum, Inc., 6.875%, 3/15/2022      105,000        91,613   
QEP Resources, Inc., 5.25%, 5/01/2023      85,000        80,113   
Range Resources Corp., 4.875%, 5/15/2025      85,000        80,750   
Rice Energy, Inc., 7.25%, 5/01/2023      70,000        70,175   
RSP Permian, Inc., 6.625%, 10/01/2022      70,000        71,750   
Sanchez Energy Corp., 6.125%, 1/15/2023      160,000        107,600   
SM Energy Co., 6.5%, 11/15/2021      130,000        113,750   
SM Energy Co., 6.125%, 11/15/2022      50,000        42,375   
Whiting Petroleum Corp., 6.25%, 4/01/2023      55,000        45,444   
WPX Energy, Inc., 6%, 1/15/2022      100,000        90,500   
    

 

 

  
      $ 1,351,425   
Energy - Integrated - 0.3%                 
Cenovus Energy, Inc., 6.75%, 11/15/2039    $ 72,000      $ 77,264   
Cenovus Energy, Inc., 4.45%, 9/15/2042      55,000        44,931   
    

 

 

  
      $ 122,195   
Entertainment - 0.7%                 
Cedar Fair LP, 5.25%, 3/15/2021    $ 105,000      $ 109,200   
Cedar Fair LP, 5.375%, 6/01/2024      35,000        36,400   
Cinemark USA, Inc., 5.125%, 12/15/2022      50,000        51,625   
Six Flags Entertainment Corp., 5.25%, 1/15/2021 (n)      90,000        92,700   
    

 

 

  
      $ 289,925   
Financial Institutions - 3.1%                 
Aircastle Ltd., 5.125%, 3/15/2021    $ 40,000      $ 42,700   
Aircastle Ltd., 5.5%, 2/15/2022      40,000        42,800   
CIT Group, Inc., 5.25%, 3/15/2018      40,000        41,600   
CIT Group, Inc., 6.625%, 4/01/2018 (n)      119,000        126,438   
CIT Group, Inc., 5.5%, 2/15/2019 (n)      48,000        50,880   
CIT Group, Inc., 5%, 8/15/2022      15,000        15,788   
Credit Acceptance Corp., 6.125%, 2/15/2021      12,000        11,850   
Credit Acceptance Corp., 7.375%, 3/15/2023      60,000        60,000   
Icahn Enterprises LP, 6%, 8/01/2020      55,000        54,863   
Icahn Enterprises LP, 5.875%, 2/01/2022      110,000        105,050   
Nationstar Mortgage LLC/Capital Corp., 6.5%, 8/01/2018      75,000        72,000   
Nationstar Mortgage LLC/Capital Corp., 7.875%, 10/01/2020      290,000        272,780   
Nationstar Mortgage LLC/Capital Corp., 6.5%, 7/01/2021      30,000        25,800   
Navient Corp., 8%, 3/25/2020      135,000        144,113   
Navient Corp., 5.875%, 3/25/2021      45,000        44,550   
Navient Corp., 7.25%, 1/25/2022      95,000        96,544   
Navient Corp., 6.125%, 3/25/2024      50,000        47,250   
PHH Corp., 6.375%, 8/15/2021      65,000        59,963   
    

 

 

  
      $ 1,314,969   
Food & Beverages - 1.0%                 
Darling Ingredients, Inc., 5.375%, 1/15/2022    $ 75,000      $ 77,625   
JBS USA LLC/JBS USA Finance, Inc., 5.875%, 7/15/2024 (n)      80,000        79,600   
Pinnacle Foods Finance LLC/Pinnacle Foods Finance Corp., 5.875%, 1/15/2024 (n)      80,000        85,000   
Sun Merger Sub, Inc., 5.875%, 8/01/2021 (n)      115,000        119,888   
U.S. Foods Holding Corp., 5.875%, 6/15/2024 (z)      70,000        73,150   
    

 

 

  
      $ 435,263   

 

4

Portfolio of Investments (unaudited) – continued

 

Issuer    Shares/Par     Value ($)  
Bonds - continued                 
Forest & Paper Products - 0.1%                 
Appvion, Inc., 9%, 6/01/2020 (n)    $ 75,000      $ 45,000   
Tembec Industries, Inc., 9%, 12/15/2019 (n)      24,000        18,780   
    

 

 

  
      $ 63,780   
Gaming & Lodging - 2.4%                 
CCM Merger, Inc., 9.125%, 5/01/2019 (n)    $ 150,000      $ 157,313   
GLP Capital LP/GLP Financing II, Inc., 5.375%, 11/01/2023      95,000        101,888   
GLP Capital LP/GLP Financing II, Inc., 5.375%, 4/15/2026      10,000        10,663   
Greektown Holdings LLC, 8.875%, 3/15/2019 (n)      145,000        151,888   
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 5.625%, 10/15/2021      120,000        124,355   
Isle of Capri Casinos, Inc., 8.875%, 6/15/2020      35,000        36,663   
Isle of Capri Casinos, Inc., 5.875%, 3/15/2021      105,000        109,463   
MGM Resorts International, 6.625%, 12/15/2021      90,000        99,619   
MGM Resorts International, 6%, 3/15/2023      95,000        102,779   
Ryman Hospitality Properties, Inc., REIT, 5%, 4/15/2021      105,000        107,363   
Ryman Hospitality Properties, Inc., REIT, 5%, 4/15/2023      25,000        25,250   
    

 

 

  
      $ 1,027,244   
Industrial - 0.7%                 
Dematic S.A., 7.75%, 12/15/2020 (n)    $ 180,000      $ 188,550   
Howard Hughes Corp., 6.875%, 10/01/2021 (n)      105,000        108,938   
    

 

 

  
      $ 297,488   
Insurance - Health - 0.2%                 
Centene Corp., 5.625%, 2/15/2021    $ 35,000      $ 36,969   
Centene Corp., 6.125%, 2/15/2024      35,000        37,603   
    

 

 

  
      $ 74,572   
Machinery & Tools - 0.6%                 
CNH Industrial Capital LLC, 4.375%, 11/06/2020    $ 75,000      $ 77,159   
H&E Equipment Services Co., 7%, 9/01/2022      145,000        151,163   
Light Tower Rentals, Inc., 8.125%, 8/01/2019 (n)      60,000        36,450   
    

 

 

  
      $ 264,772   
Major Banks - 1.1%                 
Bank of America Corp., FRN, 6.1%, 12/29/2049    $ 285,000      $ 297,976   
Bank of America Corp., FRN, 6.3%, 12/29/2049      30,000        32,691   
JPMorgan Chase & Co., 6% to 8/01/2023, FRN to 12/31/2049      135,000        141,210   
    

 

 

  
      $ 471,877   
Medical & Health Technology & Services - 3.6%                 
AmSurg Corp., 5.625%, 7/15/2022    $ 75,000      $ 78,750   
CHS/Community Health Systems, Inc., 6.875%, 2/01/2022      200,000        172,000   
Davita Healthcare Partners, Inc., 5%, 5/01/2025      110,000        111,238   
Davita, Inc., 5.125%, 7/15/2024      45,000        46,453   
HCA, Inc., 7.5%, 2/15/2022      150,000        170,250   
HCA, Inc., 5.875%, 3/15/2022      55,000        60,500   
HCA, Inc., 5%, 3/15/2024      65,000        68,250   
HCA, Inc., 5.375%, 2/01/2025      60,000        62,438   
HCA, Inc., 5.875%, 2/15/2026      40,000        42,800   
HealthSouth Corp., 5.125%, 3/15/2023      105,000        105,525   
MEDNAX, Inc., 5.25%, 12/01/2023 (z)      55,000        57,475   
Quorum Health Corp., 11.625%, 4/15/2023 (n)      75,000        76,125   
Tenet Healthcare Corp., 8%, 8/01/2020      190,000        193,681   
Tenet Healthcare Corp., 4.5%, 4/01/2021      90,000        90,450   
Tenet Healthcare Corp., 8.125%, 4/01/2022      55,000        56,788   

 

5

Portfolio of Investments (unaudited) – continued

 

Issuer    Shares/Par     Value ($)  
Bonds - continued                 
Medical & Health Technology & Services - continued                 
Tenet Healthcare Corp., 6.75%, 6/15/2023    $ 65,000      $ 62,563   
Universal Health Services, Inc., 7.625%, 8/15/2020      105,000        97,650   
    

 

 

  
      $ 1,552,936   
Medical Equipment - 0.7%                 
DJO Finco, Inc., 8.125%, 6/15/2021 (n)    $ 70,000      $ 63,700   
Hologic, Inc., 5.25%, 7/15/2022 (n)      100,000        106,000   
Teleflex, Inc., 5.25%, 6/15/2024      80,000        83,200   
Teleflex, Inc., 4.875%, 6/01/2026      30,000        30,675   
    

 

 

  
      $ 283,575   
Metals & Mining - 2.7%                 
Allegheny Technologies, Inc., 5.95%, 1/15/2021    $ 55,000      $ 48,400   
Century Aluminum Co., 7.5%, 6/01/2021 (n)      90,000        83,250   
Commercial Metals Co., 4.875%, 5/15/2023      80,000        78,400   
First Quantum Minerals Ltd., 7.25%, 10/15/2019 (n)      200,000        188,000   
Freeport-McMoRan Copper & Gold, Inc., 3.875%, 3/15/2023      85,000        73,104   
Freeport-McMoRan Oil & Gas LLC, 6.5%, 11/15/2020      15,000        14,850   
Freeport-McMoRan, Inc., 5.45%, 3/15/2043      45,000        34,538   
GrafTech International Co., 6.375%, 11/15/2020      85,000        64,175   
Hudbay Minerals, Inc., 9.5%, 10/01/2020      85,000        81,388   
Kaiser Aluminum Corp., 5.875%, 5/15/2024 (n)      50,000        52,500   
Kinross Gold Corp., 5.125%, 9/01/2021      30,000        30,750   
Kinross Gold Corp., 5.95%, 3/15/2024      45,000        45,945   
Lundin Mining Corp., 7.5%, 11/01/2020 (n)      50,000        52,760   
Lundin Mining Corp., 7.875%, 11/01/2022 (n)      85,000        91,044   
Steel Dynamics, Inc., 5.125%, 10/01/2021      45,000        46,800   
Steel Dynamics, Inc., 5.5%, 10/01/2024      45,000        47,700   
Suncoke Energy Partners LP/Suncoke Energy Partners Finance Corp., 7.375%, 2/01/2020      80,000        68,000   
Suncoke Energy, Inc., 7.625%, 8/01/2019      14,000        13,160   
TMS International Corp., 7.625%, 10/15/2021 (n)      80,000        57,600   
    

 

 

  
      $ 1,172,364   
Midstream - 3.7%                 
Blue Racer Midstream LLC/Blue Racer Finance Corp., 6.125%, 11/15/2022 (n)    $ 70,000      $ 65,800   
Crestwood Midstream Partners LP, 6%, 12/15/2020      95,000        90,725   
Crestwood Midstream Partners LP, 6.125%, 3/01/2022      55,000        51,597   
Crestwood Midstream Partners LP, 6.25%, 4/01/2023      35,000        32,550   
Energy Transfer Equity LP, 7.5%, 10/15/2020      175,000        188,563   
EnLink Midstream Partners LP, 4.4%, 4/01/2024      75,000        73,051   
Ferrellgas LP/Ferrellgas Finance Corp., 6.5%, 5/01/2021      60,000        54,600   
Ferrellgas LP/Ferrellgas Finance Corp., 6.75%, 1/15/2022      120,000        108,600   
Kinder Morgan (Delaware), Inc., 7.75%, 1/15/2032      195,000        227,906   
MPLX LP, 5.5%, 2/15/2023 (n)      155,000        159,712   
Sabine Pass Liquefaction LLC, 5.625%, 4/15/2023      145,000        147,900   
Sabine Pass Liquefaction LLC, 5.75%, 5/15/2024      100,000        102,500   
Sabine Pass Liquefaction LLC, 5.625%, 3/01/2025      69,000        70,445   
Targa Resources Partners LP/Targa Resources Finance Corp., 5%, 1/15/2018      25,000        25,188   
Targa Resources Partners LP/Targa Resources Finance Corp., 4.125%, 11/15/2019      50,000        49,813   
Targa Resources Partners LP/Targa Resources Finance Corp., 5.25%, 5/01/2023      30,000        29,325   
Williams Cos., Inc., 4.55%, 6/24/2024      115,000        109,538   
    

 

 

  
      $ 1,587,813   
Network & Telecom - 1.0%                 
Centurylink, Inc., 6.45%, 6/15/2021    $ 15,000      $ 16,013   
Centurylink, Inc., 7.65%, 3/15/2042      95,000        85,025   
Colombia Telecomunicaciones S.A., 8.5% to 3/30/2020, FRN to 12/29/2049 (n)      26,000        24,245   

 

6

Portfolio of Investments (unaudited) – continued

 

Issuer    Shares/Par     Value ($)  
Bonds - continued                 
Network & Telecom - continued                 
Frontier Communications Corp., 6.25%, 9/15/2021    $ 30,000      $ 29,175   
Frontier Communications Corp., 7.125%, 1/15/2023      70,000        64,925   
Frontier Communications Corp., 11%, 9/15/2025      120,000        128,100   
Frontier Communications Corp., 9%, 8/15/2031      60,000        56,250   
Telecom Italia Capital, 6%, 9/30/2034      35,000        34,300   
    

 

 

  
      $ 438,033   
Oil Services - 0.6%                 
Bristow Group, Inc., 6.25%, 10/15/2022    $ 155,000      $ 110,050   
Unit Corp., 6.625%, 5/15/2021      50,000        38,750   
Weatherford International Ltd., 8.25%, 6/15/2023      100,000        93,250   
    

 

 

  
      $ 242,050   
Oils - 0.4%                 
CITGO Holding, Inc., 10.75%, 2/15/2020 (n)    $ 85,000      $ 83,938   
CITGO Petroleum Corp., 6.25%, 8/15/2022 (n)      110,000        106,150   
    

 

 

  
      $ 190,088   
Other Banks & Diversified Financials - 0.6%                 
Groupe BPCE S.A., 12.5% to 9/30/2019, FRN to 8/29/2049 (n)    $ 200,000      $ 250,916   
Pharmaceuticals - 1.2%                 
Endo Finance LLC/Endo Finco, Inc., 7.25%, 1/15/2022 (n)    $ 135,000      $ 124,847   
Mallinckrodt International Finance S.A., 5.75%, 8/01/2022 (n)      70,000        68,425   
Mallinckrodt International Finance S.A., 5.5%, 4/15/2025 (n)      25,000        23,063   
Valeant Pharmaceuticals International, Inc., 7%, 10/01/2020 (n)      170,000        157,675   
Valeant Pharmaceuticals International, Inc., 7.5%, 7/15/2021 (n)      45,000        41,850   
Valeant Pharmaceuticals International, Inc., 7.25%, 7/15/2022 (n)      55,000        49,088   
VRX Escrow Corp., 5.875%, 5/15/2023 (n)      60,000        49,950   
    

 

 

  
      $ 514,898   
Precious Metals & Minerals - 0.6%                 
Eldorado Gold Corp., 6.125%, 12/15/2020 (n)    $ 180,000      $ 180,450   
Teck Resources Ltd., 4.5%, 1/15/2021      30,000        27,150   
Teck Resources Ltd., 8%, 6/01/2021 (n)      40,000        42,700   
    

 

 

  
      $ 250,300   
Printing & Publishing - 0.7%                 
Nielsen Finance LLC, 5%, 4/15/2022 (n)    $ 130,000      $ 134,063   
Outdoor Americas Capital LLC/Outfront Media Capital Corp., 5.625%, 2/15/2024      55,000        58,025   
TEGNA, Inc., 4.875%, 9/15/2021 (n)      45,000        46,688   
TEGNA, Inc., 6.375%, 10/15/2023      60,000        64,500   
    

 

 

  
      $ 303,276   
Real Estate - Healthcare - 0.6%                 
MPT Operating Partnership LP, REIT, 6.375%, 2/15/2022    $ 160,000      $ 168,000   
MPT Operating Partnership LP, REIT, 5.25%, 8/01/2026      75,000        78,844   
    

 

 

  
      $ 246,844   
Real Estate - Other - 0.5%                 
DuPont Fabros Technology LP, REIT, 5.875%, 9/15/2021    $ 135,000      $ 141,497   
Felcor Lodging LP, REIT, 5.625%, 3/01/2023      65,000        66,625   
    

 

 

  
      $ 208,122   
Restaurants - 0.2%                 
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 5.25%, 6/01/2026 (n)    $ 75,000      $ 79,359   

 

7

Portfolio of Investments (unaudited) – continued

 

Issuer    Shares/Par     Value ($)  
Bonds - continued                 
Retailers - 1.2%                 
Dollar Tree, Inc., 5.75%, 3/01/2023    $ 130,000      $ 140,400   
DriveTime Automotive Group, Inc./DT Acceptance Corp., 8%, 6/01/2021 (n)      77,000        73,150   
Neiman Marcus Group Ltd., 8%, 10/15/2021 (n)      105,000        88,998   
Rite Aid Corp., 9.25%, 3/15/2020      40,000        42,200   
Rite Aid Corp., 6.75%, 6/15/2021      30,000        31,538   
Rite Aid Corp., 6.125%, 4/01/2023 (n)      70,000        74,288   
Sally Beauty Holdings, Inc., 5.625%, 12/01/2025      50,000        53,750   
    

 

 

  
      $ 504,324   
Specialty Chemicals - 0.7%                 
Chemtura Corp., 5.75%, 7/15/2021    $ 135,000      $ 138,713   
Univar USA, Inc., 6.75%, 7/15/2023 (n)      150,000        154,512   
    

 

 

  
      $ 293,225   
Specialty Stores - 1.2%                 
Argos Merger Sub, Inc., 7.125%, 3/15/2023 (n)    $ 110,000      $ 114,950   
Group 1 Automotive, Inc., 5%, 6/01/2022      110,000        108,900   
Michaels Stores, Inc., 5.875%, 12/15/2020 (n)      85,000        88,294   
Office Depot de Mexico S.A. de C.V., 6.875%, 9/20/2020 (n)      200,000        210,000   
    

 

 

  
      $ 522,144   
Supermarkets - 0.2%                 
Albertsons Cos. LLC/Safeway, Inc., 6.625%, 6/15/2024 (n)    $ 65,000      $ 69,063   
Telecommunications - Wireless - 3.4%                 
Altice Luxembourg S.A., 7.625%, 2/15/2025 (z)    $ 200,000      $ 196,750   
Digicel Group Ltd., 7.125%, 4/01/2022 (n)      200,000        164,940   
Sprint Capital Corp., 6.875%, 11/15/2028      105,000        90,038   
Sprint Corp., 7.875%, 9/15/2023      180,000        164,363   
Sprint Corp., 7.125%, 6/15/2024      125,000        110,475   
Sprint Nextel Corp., 9%, 11/15/2018 (n)      50,000        54,188   
Sprint Nextel Corp., 6%, 11/15/2022      80,000        68,630   
T-Mobile USA, Inc., 6.125%, 1/15/2022      10,000        10,531   
T-Mobile USA, Inc., 6.5%, 1/15/2024      75,000        80,250   
T-Mobile USA, Inc., 6.464%, 4/28/2019      25,000        25,469   
T-Mobile USA, Inc., 6.25%, 4/01/2021      140,000        146,475   
T-Mobile USA, Inc., 6.633%, 4/28/2021      50,000        52,563   
T-Mobile USA, Inc., 6.5%, 1/15/2026      70,000        75,810   
Wind Acquisition Finance S.A., 7.375%, 4/23/2021 (n)      200,000        199,000   
    

 

 

  
      $ 1,439,482   
Telephone Services - 0.3%                 
Level 3 Financing, Inc., 5.375%, 1/15/2024    $ 25,000      $ 26,219   
Level 3 Financing, Inc., 5.375%, 5/01/2025      100,000        105,000   
    

 

 

  
      $ 131,219   
Transportation - Services - 0.9%                 
Navios Maritime Acquisition Corp., 8.125%, 11/15/2021 (n)    $ 117,000      $ 90,090   
Navios Maritime Holding, Inc., 7.375%, 1/15/2022 (n)      95,000        46,194   
Navios South American Logistics, Inc./Navios Logistics Finance (U.S.), Inc., 7.25%, 5/01/2022      18,000        12,330   
SPL Logistics Escrow LLC, 8.875%, 8/01/2020 (n)      75,000        57,188   
Stena AB, 7%, 2/01/2024 (n)      200,000        157,376   
Ultrapetrol (Bahamas) Ltd., 8.875%, 6/15/2021 (a)(d)      28,000        5,320   
    

 

 

  
      $ 368,498   

 

8

Portfolio of Investments (unaudited) – continued

 

Issuer    Shares/Par     Value ($)  
Bonds - continued                 
Utilities - Electric Power - 1.7%                 
Calpine Corp., 5.5%, 2/01/2024    $ 120,000      $ 119,700   
Calpine Corp., 5.75%, 1/15/2025      70,000        69,913   
Covanta Holding Corp., 7.25%, 12/01/2020      95,000        98,444   
Covanta Holding Corp., 6.375%, 10/01/2022      35,000        36,138   
Covanta Holding Corp., 5.875%, 3/01/2024      55,000        54,450   
Dynegy, Inc., 7.375%, 11/01/2022      145,000        142,100   
NRG Energy, Inc., 8.25%, 9/01/2020      55,000        56,775   
NRG Energy, Inc., 6.625%, 3/15/2023      110,000        110,880   
NRG Energy, Inc., 7.25%, 5/15/2026 (n)      25,000        25,656   
    

 

 

  
      $ 714,056   
Total Bonds      $ 25,781,907   
Common Stocks - 35.8%                 
Automotive - 0.0%                 
Accuride Corp. (a)      2,414      $ 3,235   
Broadcasting - 1.1%                 
Time Warner, Inc.      6,157      $ 471,934   
Brokerage & Asset Managers - 2.9%                 
BlackRock, Inc.      1,317      $ 482,351   
NASDAQ, Inc.      10,872        769,303   
    

 

 

  
      $ 1,251,654   
Business Services - 1.3%                 
Accenture PLC, “A”      4,766      $ 537,652   
Chemicals - 2.8%                 
3M Co.      2,914      $ 519,741   
PPG Industries, Inc.      6,329        662,710   
    

 

 

  
      $ 1,182,451   
Electrical Equipment - 2.4%                 
Danaher Corp.      5,765      $ 469,502   
Tyco International PLC      12,454        567,529   
    

 

 

  
      $ 1,037,031   
Electronics - 1.8%                 
Texas Instruments, Inc.      10,803      $ 753,509   
Energy - Independent - 1.0%                 
Occidental Petroleum Corp.      5,673      $ 423,943   
Food & Beverages - 2.3%                 
General Mills, Inc.      5,889      $ 423,360   
Nestle S.A., ADR      6,737        540,510   
    

 

 

  
             $ 963,870   
Food & Drug Stores - 1.2%                 
CVS Health Corp.      5,549      $ 514,503   
Insurance - 3.0%                 
Aon PLC      5,128      $ 549,055   
Travelers Cos., Inc.      6,132        712,661   
    

 

 

  
             $ 1,261,716   

 

9

Portfolio of Investments (unaudited) – continued

 

Issuer    Shares/Par     Value ($)  
Common Stocks - continued                 
Machinery & Tools - 0.7%                 
Eaton Corp. PLC      4,974      $ 315,401   
Major Banks - 1.6%                 
JPMorgan Chase & Co.      10,740      $ 687,038   
Medical Equipment - 2.9%                 
Medtronic PLC      5,784      $ 506,852   
St. Jude Medical, Inc.      2,179        180,944   
Thermo Fisher Scientific, Inc.      3,401        540,215   
    

 

 

  
             $ 1,228,011   
Oil Services - 1.1%                 
Schlumberger Ltd.      5,859      $ 471,767   
Other Banks & Diversified Financials - 3.2%                 
Citigroup, Inc.      16,704      $ 731,802   
U.S. Bancorp      14,670        618,634   
    

 

 

  
             $ 1,350,436   
Pharmaceuticals - 2.2%                 
Johnson & Johnson      4,221      $ 528,596   
Merck & Co., Inc.      7,290        427,631   
    

 

 

  
             $ 956,227   
Printing & Publishing - 0.9%                 
Moody’s Corp.      3,739      $ 396,371   
Telephone Services - 1.0%                 
Verizon Communications, Inc.      7,682      $ 425,660   
Tobacco - 1.0%                 
Philip Morris International, Inc.      4,420      $ 443,149   
Utilities - Electric Power - 1.4%                 
Duke Energy Corp.      6,803      $ 582,269   
Total Common Stocks            $ 15,257,827   
Floating Rate Loans (g)(r) - 0.8%                 
Aerospace - 0.1%                 
TransDigm, Inc., Term Loan C, 3.75%, 2/28/2020    $ 67,036      $ 66,921   
Entertainment - 0.1%                 
Cedar Fair LP, Term Loan B, 3.25%, 3/06/2020    $ 42,820      $ 42,941   
Medical & Health Technology & Services - 0.2%                 
DaVita HealthCare Partners, Inc., Term Loan B, 3.5%, 6/24/2021    $ 76,196      $ 76,371   
Transportation - Services - 0.4%                 
Commercial Barge Line Co., Term Loan B, 9.75%, 11/12/2020    $ 164,668      $ 153,965   
Total Floating Rate Loans            $ 340,198   

 

10

Portfolio of Investments (unaudited) – continued

 

Issuer    Shares/Par     Value ($)  
Money Market Funds - 1.9%                 
MFS Institutional Money Market Portfolio, 0.38%, at Net Asset Value (v)      820,548      $ 820,548   
Total Investments            $ 42,200,480   
Other Assets, Less Liabilities - 0.9%              381,009   
Net Assets - 100.0%            $ 42,581,489   

 

(a) Non-income producing security.
(d) In default.
(g) The rate shown represents a weighted average coupon rate on settled positions at period end, unless otherwise indicated.
(i) 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.
(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 $9,623,383, representing 22.6% of net assets.
(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.
(v) Underlying affiliated fund that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end.
(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 fund holds the following restricted securities:

 

Restricted Securities    Acquisition
Date		    Cost      Value  
Altice Luxembourg S.A., 7.625%, 2/15/2025    6/10/16      $196,043         $196,750   
Falcon Franchise Loan LLC, FRN, 99.9%, 1/05/2025    1/29/03      162         424   
MEDNAX, Inc., 5.25%, 12/01/2023    7/29/16      57,475         57,475   
Morgan Stanley Capital I, Inc., FRN, 1.381%, 4/28/2039    7/20/04      1,613         638   
Reynolds Group, 5.125%, 7/15/2023    6/13/16      45,000         46,406   
Reynolds Group, 7%, 7/15/2024    6/13/16      5,000         5,284   
U.S. Foods Holding Corp., 5.875%, 6/15/2024    6/13/16-6/20/16      70,464         73,150   
Total Restricted Securities         $380,127   
% of Net assets         0.9%   

The following abbreviations are used in this report and are defined:

 

ADR   American Depositary Receipt
FRN   Floating Rate Note. Interest rate resets periodically and the current rate may not be the rate reported at period end.
PLC   Public Limited Company
REIT   Real Estate Investment Trust

Abbreviations indicate amounts shown in currencies other than the U.S. dollar. All amounts are stated in U.S. dollars unless otherwise indicated. A list of abbreviations is shown below:

 

EUR   Euro

Derivative Contracts at 7/31/16

Forward Foreign Currency Exchange Contracts at 7/31/16

 

Type    Currency      Counterparty    Contracts to
Deliver/Receive		    Settlement
Date Range		    In Exchange
For		      Contracts
at Value		      Net Unrealized
Appreciation
(Depreciation)		  
Liability Derivatives               
SELL      EUR      

Goldman Sachs International

    111,755    9/30/2016      $124,534         $125,253         $(719 ) 
                    

 

 

  

See attached supplemental information. For more information see notes to financial statements as disclosed in the most recent semiannual or annual report.

 

11

Supplemental Information

7/31/16 (unaudited)

The fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investment Companies.

(1) Investment Valuations

Equity securities, including restricted equity securities, are generally valued at the last sale or official closing price on their primary market or exchange as provided by a third-party pricing service. Equity securities, for which there were no sales reported that day, are generally valued at the last quoted daily bid quotation on their primary market or exchange as provided by a third-party pricing service. Debt instruments and floating rate loans, including restricted debt instruments, are generally valued at an evaluated or composite bid as provided by a third-party pricing service. Short-term instruments with a maturity at issuance of 60 days or less may be valued at amortized cost, which approximates market value. Forward foreign currency exchange contracts are generally valued at the mean of bid and asked prices for the time period interpolated from rates provided by a third-party pricing service for proximate time periods. Open-end investment companies are generally valued at net asset value per share. Securities and other assets generally valued on the basis of information from a third-party pricing service may also be valued at a broker/dealer bid quotation. Values obtained from third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market data. The values of foreign securities and other assets and liabilities expressed in foreign currencies are converted to U.S. dollars using the mean of bid and asked prices for rates provided by a third-party pricing service.

The Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund’s investments (including any fair valuation) to the adviser pursuant to valuation policies and procedures approved by the Board. If the adviser determines that reliable market quotations are not readily available, investments are valued at fair value as determined in good faith by the adviser in accordance with such procedures under the oversight of the Board of Trustees. Under the fund’s valuation policies and procedures, market quotations are not considered to be readily available for most types of debt instruments and floating rate loans and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services. In addition, investments may be valued at fair value if the adviser determines that an investment’s value has been materially affected by events occurring after the close of the exchange or market on which the investment is principally traded (such as foreign exchange or market) and prior to the determination of the fund’s net asset value, or after the halting of trading of a specific security where trading does not resume prior to the close of the exchange or market on which the security is principally traded. Events that occur on a frequent basis after foreign markets close (such as developments in foreign markets and significant movements in the U.S. markets) and prior to the determination of the fund’s net asset value may be deemed to have a material effect on the value of securities traded in foreign markets. Accordingly, the fund’s foreign equity securities may often be valued at fair value. The adviser generally relies on third-party pricing services or other information (such as the correlation with price movements of similar securities in the same or other markets; the type, cost and investment characteristics of the security; the business and financial condition of the issuer; and trading and other market data) to assist in determining whether to fair value and at what value to fair value an investment. The value of an investment for purposes of calculating the fund’s net asset value can differ depending on the source and method used to determine value. When fair valuation is used, the value of an investment used to determine the fund’s net asset value may differ from quoted or published prices for the same investment. There can be no assurance that the fund could obtain the fair value assigned to an investment if it were to sell the investment at the same time at which the fund determines its net asset value per share.

Various inputs are used in determining the value of the fund’s assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes unobservable inputs, which may include the adviser’s own assumptions in determining the fair value of investments. Other financial instruments are derivative instruments not reflected in total investments, forward foreign currency exchange contracts, The following is a summary of the levels used as of July 31, 2016 in valuing the fund’s assets or liabilities:

 

Investments at Value    Level 1      Level 2      Level 3      Total  
Equity Securities      $15,257,827         $—         $—         $15,257,827   
Non-U.S. Sovereign Debt      —         283,276         —         283,276   
U.S. Corporate Bonds      —         21,620,387         —         21,620,387   
Commercial Mortgage-Backed Securities      —         18,789         —         18,789   
Foreign Bonds      —         3,808,676         50,779         3,859,455   
Floating Rate Loans      —         340,198         —         340,198   
Mutual Funds      820,548         —         —         820,548   
Total Investments      $16,078,375         $26,071,326         $50,779         $42,200,480   
Other Financial Instruments                            
Forward Foreign Currency Exchange Contracts      $—         $(719 )       $—         $(719 ) 

 

12

Supplemental Information (unaudited) – continued

 

For further information regarding security characteristics, see the Portfolio of Investments.

The following is a reconciliation of level 3 assets for which significant unobservable inputs were used to determine fair value. The fund’s policy is to recognize transfers between the levels as of the end of the period. The table presents the activity of level 3 securities held at the beginning and the end of the period.

 

     Foreign Bonds  
Balance as of 10/31/15      $126,426   

Change in unrealized appreciation (depreciation)

      (75,647 ) 
Balance as of 7/31/16      $50,779   

The net change in unrealized appreciation (depreciation) from investments still held as level 3 at July 31, 2016 is $(75,647). At July 31, 2016, the fund held 1 level 3 security.

(2) Portfolio Securities

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

 

Aggregate cost      $39,060,322   
Gross unrealized appreciation      5,056,645   
Gross unrealized depreciation      (1,916,487 ) 
Net unrealized appreciation (depreciation)      $3,140,158   

The aggregate cost above includes prior fiscal year end tax adjustments, if applicable.

(3) Transactions in Underlying Affiliated Funds – Affiliated Issuers

An affiliated issuer may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. For the purposes of this report, the fund assumes the following to be an affiliated issuer:

 

Underlying Affiliated Fund    Beginning
Shares/Par
Amount		      Acquisitions
Shares/Par
Amount		      Dispositions
Shares/Par
Amount		      Ending
Shares/Par
Amount		  
MFS Institutional Money Market Portfolio      251,394         5,921,885         (5,352,731 )       820,548   
Underlying Affiliated Fund    Realized
Gain (Loss)		      Capital Gain
Distributions		      Dividend
Income		      Ending
Value		  
MFS Institutional Money Market Portfolio      $—         $—         $1,457         $820,548   

 

13

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, as amended, 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)*    ROBIN A. STELMACH
  Robin A. Stelmach, President

Date: September 16, 2016

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)*    ROBIN A. STELMACH
  Robin A. Stelmach, President (Principal Executive Officer)

Date: September 16, 2016

 

By (Signature and Title)*    DAVID L. DILORENZO
  David L. DiLorenzo, Treasurer (Principal Financial Officer and Accounting Officer)

Date: September 16, 2016

 

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