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: July 31, 2004
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ITEM 1. SCHEDULE OF INVESTMENTS.
MFS(R) Mutual Funds
QUARTERLY PORTFOLIO 7/31/04
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 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."
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PORTFOLIO OF INVESTMENTS (UNAUDITED) 07/31/2004 MFS(R) SPECIAL VALUE TRUST
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ISSUER PAR AMOUNT
(000 OMITTED) $ VALUE
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BONDS - 60.8%
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U.S. BONDS - 46.8%
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Advertising & Broadcasting - 3.0%
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Allbritton Communications Co., 7.75%, 2012 $350 $345,625
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Granite Broadcasting Corp., 9.75%, 2010 655 599,325
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LBI Media Holdings, Inc., 0% to 2008, 11% to 2013 875 622,344
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XM Satellite Radio Holdings, Inc., 0% to 2005, 14% to 2009 212 201,919
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XM Satellite Radio, Inc., 12%, 2010 174 199,230
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$1,968,443
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Aerospace - 2.1%
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Argo-Tech Corp., 9.25%, 2011## $130 $136,500
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BE Aerospace, Inc., 8.875%, 2011 475 463,125
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Hexcel Corp., 9.75%, 2009 650 682,500
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K&F Industries, Inc., 9.625%, 2010 80 87,400
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$1,369,525
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Airlines - 1.6%
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Continental Airlines, Inc., 7.568%, 2006 $500 $380,353
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Continental Airlines, Inc., 8.307%, 2018 292 240,035
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Continental Airlines, Inc., 6.795%, 2018 495 401,290
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Continental Airlines, Inc., 7.566%, 2020 58 45,907
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$1,067,585
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Apparel Manufacturers - 0%
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WestPoint Stevens, Inc., 7.875%, 2005 - 2008** $810 $5,063
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Asset Backed & Securitized - 2.2%
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Anthracite CDO Ltd., 6%, 2037## $450 $351,945
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DLJ Mortgage Acceptance Corp., 8%, 2004+ 694 672,664
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Falcon Auto Dealership LLC, 3.8486%, 2023^^ 689 125,627
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GMAC Commercial Mortgage Securities, Inc., 6.02%, 2033 250 230,933
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Morgan Stanley Capital I, Inc., 1.5921%, 2014##^^ 698 53,701
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$1,434,870
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Automotive - 1.8%
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Advanced Accessory Systems LLC, 10.75%, 2011 $115 $115,288
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Delco Remy International, Inc., 9.375%, 2012## 40 38,800
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Eagle-Picher Industries, Inc., 9.75%, 2013 115 121,900
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Intermet Corp., 9.75%, 2009 130 118,300
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Metaldyne Corp., 11%, 2012 365 324,850
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Oxford Automotive, Inc., 12%, 2010## 320 246,400
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TRW Automotive, Inc., 11%, 2013 13 15,600
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TRW Automotive, Inc., 11.75%, 2013 EUR 163 237,120
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$1,218,258
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Basic Industry - 0.2%
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Thermadyne Holdings Corp., 9.25%, 2014 $110 $110,000
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Broadcast & Cable TV - 5.8%
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Adelphia Communications Corp., 10.25%, 2011** $750 $667,500
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CSC Holdings, Inc., 8.125%, 2009 155 161,200
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CSC Holdings, Inc., 6.75%, 2012## 110 106,150
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Cablevision Systems Corp., 8%, 2012## 180 176,850
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Charter Communications, Inc., 8.625%, 2009 365 275,575
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Charter Communications, Inc., 9.92%, 2011 1,150 859,625
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Charter Communications, Inc., 8.375%, 2014## 50 48,250
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FrontierVision Holdings LP, 11.875%, 2007** 300 373,500
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FrontierVision Operating Partners LP, 11%, 2006 115 141,450
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Grande Communications, 14%, 2011 305 289,750
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Insight Midwest LP, 9.75%, 2009 130 134,550
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Mediacom Broadband LLC, 11%, 2013 575 589,375
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$3,823,775
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Building - 1.8%
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Building Materials Corp.of America, 7.75%, 2014## $150 $148,500
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Interface, Inc., 10.375%, 2010 180 202,050
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Interface, Inc., 9.5%, 2014## 150 150,750
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Williams Scotsman, Inc., 9.875%, 2007 675 668,250
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$1,169,550
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Chemicals - 4.4%
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Equistar Chemicals LP, 10.625%, 2011 $210 $233,100
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Huntsman International LLC, 10.125%, 2009 750 763,125
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IMC Global, Inc., 10.875%, 2013 140 170,800
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JohnsonDiversey Holding, Inc., 0% to 2007, 10.67% to 2013 250 193,750
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Lyondell Chemical Co., 11.125%, 2012 340 379,525
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Nalco Finance Holdings, Inc., 0% to 2009, 9% to 2014## 390 265,200
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Resolution Performance Products LLC, 13.5%, 2010 260 250,900
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Rockwood Specialties Group, Inc., 10.625%, 2011 300 322,500
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Sovereign Specialty Chemicals, Inc., 11.875%, 2010 320 329,600
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$2,908,500
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Conglomerates - 0.2%
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Rexnord Industries, Inc., 10.125%, 2012 $105 $116,025
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Consumer Goods & Services - 1.0%
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K2, Inc., 7.375%, 2014 $20 $20,375
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Leiner Health Products, Inc., 11%, 2012## 75 78,000
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Revlon Consumer Products Corp., 8.625%, 2008 531 456,660
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Werner Holding Co., Inc., 10%, 2007 170 149,600
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$704,635
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Containers - 0.9%
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Pliant Corp., 13%, 2010 $510 $466,438
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Portola Packaging, Inc., 8.25%, 2012 130 111,150
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$577,588
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Energy - Independent - 0.4%
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Belden Blake Corp., 8.75%, 2012 $90 $91,687
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Chesapeake Energy Corp., 7%, 2014## 52 52,520
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Chesapeake Energy Corp., 6.875%, 2016 130 128,700
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$272,907
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Entertainment - 0.8%
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AMF Bowling Worldwide, Inc., 10%, 2010## $235 $242,638
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Loews Cineplex Entertainment Corp., 9%, 2014## 80 80,000
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Six Flags, Inc., 9.75%, 2013 235 217,375
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$540,013
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Financial Institutions - 0.1%
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Refco Finance Holdings LLC, 9%, 2012## $75 $75,000
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Forest & Paper Products - 0.6%
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Newark Group, Inc., 9.75%, 2014## $390 $374,400
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Gaming & Lodging - 0.7%
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Resorts International Hotel & Casino, Inc., 11.5%, 2009 $400 $450,000
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Industrial - 0.8%
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Da-Lite Screen Co., Inc., 9.5%, 2011## $125 $130,781
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Milacron Escrow Corp., 11.5%, 2011## 215 223,600
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Polypore International, Inc., 8.75%, 2012## 195 206,700
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$561,081
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Machinery & Tools - 1.4%
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Amsted Industries, Inc., 10.25%, 2011## $195 $210,600
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Case New Holland, Inc., 9.25%, 2011## 80 86,600
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Columbus McKinnon Corp., 8.5%, 2008 225 209,250
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Manitowoc Co., Inc., 10.375%, 2011 EUR 160 213,520
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United Rentals, Inc., 7.75%, 2013 $225 217,687
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$937,657
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Medical & Health Technology & Services - 0.9%
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Alliance Imaging, Inc., 10.375%, 2011 $200 $207,500
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Healthsouth Corp., 8.5%, 2008 260 258,050
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Universal Hospital Services, Inc., 10.125%, 2011 140 141,050
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$606,600
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Medical Equipment - 0.4%
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MedCath Holdings Corp., 9.875%, 2012## $260 $264,550
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Metals & Mining - 1.8%
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Doe Run Resources Corp., 8.5%, 2008# $512 $394,440
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Foundation PA Coal Co., 7.25%, 2014## 65 65,487
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Ispat Inland PLC, 9.75%, 2014 260 268,450
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Kaiser Aluminum & Chemical Corp., 9.875%, 2002** 290 305,950
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Oregon Steel Mills, Inc., 10%, 2009 105 111,824
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U.S. Steel Corp., 9.75%, 2010 42 46,725
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$1,192,876
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Natural Gas - Pipeline - 1.1%
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ANR Pipeline Co., 9.625%, 2021 $55 $62,425
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El Paso Energy Corp., 7%, 2011 535 481,500
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El Paso Energy Corp., 7.75%, 2013 235 223,837
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$767,762
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Oil Services - 0.3%
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Dresser, Inc., 9.375%, 2011 $185 $200,262
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Oils - 0.3%
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Citgo Petroleum Corp., 11.375%, 2011 $150 $174,000
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Printing & Publishing - 1.9%
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Dex Media, Inc., 0% to 2008, 9% to 2013## $975 $677,625
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Hollinger, Inc., 12.875%, 2011## 55 63,800
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Houghton Mifflin Co., 9.875%, 2013 130 133,575
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Houghton Mifflin Co., 0% to 2008, 11.5% to 2013 385 219,450
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R.H.Donnelley Finance Corp., 10.875%, 2012 150 175,500
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$1,269,950
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Retailers - 1.9%
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Couche-Tard, Inc., 7.5%, 2013 $335 $342,537
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Duane Reade, Inc., 9.75%, 2011## 55 54,862
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J. Crew Operating Corp., 10.375%, 2007 150 153,000
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Levi Strauss & Co., 7%, 2006 255 247,350
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PCA LLC, 11.875%, 2009 180 189,900
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Rite Aid Corp., 9.25%, 2013 130 136,175
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Rite Aid Corp., 6.875%, 2013 180 164,700
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$1,288,524
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Supermarkets - 0%
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Jitney Jungle Stores of America, Inc., 12%, 2006** $1,500 $22,500
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Telecommunications - Wireless - 3.7%
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Alamosa Holdings, Inc., 0% to 2005, 12% to 2009 $509 $497,547
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Centennial Communications Corp., 10.125%, 2013 565 581,950
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Dobson Communications Corp., 8.875%, 2013 450 339,750
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MetroPCS, Inc., 10.75%, 2011 335 348,400
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Rural Cellular Corp., 9.75%, 2010 531 488,520
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U.S. Unwired, Inc., 10%, 2012## 200 203,500
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$2,459,667
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Telecommunications - Wireline - 1.8%
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Qwest Corp., 9.125%, 2012## $110 $121,000
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Qwest Services Corp., 14%, 2010## 600 702,750
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Time Warner Telecom, Inc., 10.125%, 2011 230 204,125
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Time Warner Telecom, Inc., 9.25%, 2014## 210 200,550
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$1,228,425
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Utilities - Electric Power - 2.9%
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Dynegy Holdings, Inc., 6.875%, 2011 $155 $139,500
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FirstEnergy Corp., 6.45%, 2011 199 210,488
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Midwest Generation LLC, 8.75%, 2034## 145 154,425
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Mirant Americas Generation, Inc., 8.3%, 2011** 400 316,000
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Mission Energy Holding Co., 13.5%, 2008 250 310,000
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NGC Corp.Capital Trust, 8.316%, 2027 275 205,562
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Reliant Resources, Inc., 9.25%, 2010 200 213,000
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Reliant Resources, Inc., 9.5%, 2013 125 134,375
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Sierra Pacific Resources, 8.625%, 2014## 215 222,525
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$1,905,875
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Total U.S.Bonds $31,065,866
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FOREIGN BONDS - 14.0%
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Australia - 0.7%
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Burns, Philp & Co.Ltd., 9.75%, 2012 (Food & Non-Alcoholic Beverages) $425 $443,063
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Belgium - 0.8%
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Telenet Group Holdings N.V., 0% to 2008, 11.5% to 2014 (Broadcast & Cable TV)## $780 $510,900
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Brazil - 1.7%
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Federal Republic of Brazil, 2.125%, 2012 (Emerging Market Sovereign) $545 $467,289
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Federal Republic of Brazil, 8%, 2014 (Emerging Market Sovereign) 179 169,565
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Federal Republic of Brazil, 2.0625%, 2024 (Emerging Market Sovereign) 54 43,740
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Federal Republic of Brazil, 11%, 2040 (Emerging Market Sovereign) 430 421,400
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$1,101,994
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Canada - 0.6%
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Norske Skog Canada Ltd., 7.375%, 2014 (Forest & Paper Products) $125 $124,375
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Nortel Networks Ltd., 6.125%, 2006 (Business Services) 250 249,688
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$374,063
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France - 1.8%
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Crown European Holdings S.A., 10.875%, 2013 (Containers) $305 $349,988
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Rhodia S.A., 6%, 2006 (Chemicals) EUR 105 124,974
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Rhodia S.A., 8.875%, 2011 (Chemicals)## $825 709,500
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$1,184,462
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Germany - 0.4%
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Kabel Deutschland, 10.625%, 2014 (Broadcast & Cable TV)## $230 $235,750
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Luxembourg - 1.5%
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BCP Caylux Holdings Luxembourg S.A., 9.625%, 2014 (Chemicals)## $335 $349,656
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Lighthouse International Co.S.A., 8%, 2014 (Printing & Publishing)## EUR 150 173,575
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Safilo Capital International S.A., 9.625%, 2013 (Consumer Goods & Services)## 440 497,250
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$1,020,481
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Mexico - 2.0%
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Axtel S.A.de C.V., 11%, 2013 (Telecommunications - Wireline)## $565 $550,875
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Corporacion Durango S.A.de C.V., 13.75%, 2009 (Forest & Paper Products)##** 258 137,385
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Pemex Project Funding Master Trust, 8.625%, 2022 (Emerging Market Agencies) 143 154,440
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TFM S.A.de C.V., 11.75%, 2009 (Transportation - Services) 250 248,750
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TV Azteca S.A.de C.V., 10.5%, 2007 (Broadcast & Cable TV) 250 257,500
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United Mexican States, 8%, 2022 (Emerging Market Sovereign) 13 13,910
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$1,362,860
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Netherlands - 0.2%
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Kappa Beheer B.V., 10.625%, 2009 (Forest & Paper Products) $110 $116,050
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Norway - 1.2%
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NCL Corp., 10.625%, 2014 (Gaming & Lodging)## $360 $365,850
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Ocean Rig Norway S.A., 10.25%, 2008 (Oil Services) 440 435,600
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$801,450
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Panama - 0.4%
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Republic of Panama, 9.375%, 2023 - 2029 (Emerging Market Sovereign) $263 $288,544
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Poland - 0.8%
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PTC International Finance II S.A., 11.25%, 2009 (Telecommunications - Wireless) $500 $530,000
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Russia - 1.6%
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Gazprom OAO, 9.625%, 2013 (Oils)## $150 $156,844
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Siberian Oil Co., 10.75%, 2009 (Energy - Integrated) 334 340,680
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Tyumen Oil Co., 11%, 2007 (Energy - Integrated) 200 219,000
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Vimpel-Communications, 10%, 2009 (Telecommunications - Wireless)## 350 350,875
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$1,067,399
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United Kingdom - 0.3%
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Dunlop Standard Aerospace Holdings PLC, 11.875%, 2009 (Aerospace)## $102 $108,120
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Invensys PLC, 9.875%, 2011 (Electronics)## 120 122,400
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$230,520
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Total Foreign Bonds $9,267,536
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Total Bonds (Identified Cost, $40, 095, 667) $40,333,402
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SHARES
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STOCKS - 29.3%
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U.S. STOCKS - 23.9%
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Airlines - 1.3%
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Southwest Airlines Co.^ 60,500 $875,435
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Automotive - 0.7%
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Hayes Lemmerz International, Inc.^* 34,476 $449,912
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Broadcast & Cable TV - 4.3%
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Comcast Corp., "A"^* 59,100 $1,583,880
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Cumulus Media, Inc.^* 21,206 311,304
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NTL, Inc.* 9,915 516,770
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Sinclair Broadcast Group, Inc., "A"^ 30,000 297,300
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Sirius Satellite Radio, Inc.^ 64,555 163,324
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$2,872,578
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Business Services - 0%
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Anacomp, Inc.* 30 $360
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Containers - 2.2%
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Owens-Illinois, Inc.*^ 97,000 $1,425,900
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Food & Drug Stores - 0.1%
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Rite Aid Corp.* 19,300 $94,763
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Gaming & Lodging - 0.8%
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Ameristar Casinos, Inc.^ 7,750 $208,320
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Pinnacle Entertainment, Inc.^* 28,575 322,612
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$530,932
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Machinery & Tools - 0.1%
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Thermadyne Holdings Corp.^* 3,590 $53,850
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Medical & Health Technology & Services - 1.9%
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Tenet Healthcare Corp.^* 110,500 $1,235,390
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Oil Services - 6.4%
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BJ Services Co.^* 22,800 $1,132,248
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Cooper Cameron Corp.^* 16,530 844,518
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GlobalSantaFe Corp. 54,430 1,491,382
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Noble Corp.^ 20,890 808,861
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$4,277,009
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Pharmaceuticals - 1.3%
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Wyeth^ 24,600 $870,840
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Specialty Chemicals - 0%
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Sterling Chemicals, Inc.* 55 $1,320
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Telephone Services - 2.2%
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MCI, Inc.^* 18,683 $285,476
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Sprint FON Group 62,300 1,163,764
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$1,449,240
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Utilities - Electric Power - 2.4%
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Calpine Corp.* 315,260 $1,216,904
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DPL, Inc.^ 10,154 202,572
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El Paso Electric Co. 800 12,040
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NRG Energy, Inc.* 6,073 161,481
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$1,592,997
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Utilities - Gas - 0.2%
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Ferrell Gas Partners LP 6,088 $122,004
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Total U.S.Stocks $15,852,530
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FOREIGN STOCKS - 5.4%
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Canada - 2.4%
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Nortel Networks Corp.(Telecommunications - Wireline)^* 439,300 $1,607,838
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Finland - 1.7%
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Nokia Corp., ADR (Telecommunications - Wireless)^ 100,200 $1,164,324
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Netherlands - 0.5%
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Completel Europe N.V.(Telephone Services)* 14,941 $363,747
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Sweden - 0.6%
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Song Networks Holding AB (Telephone Services) 66,675 $372,471
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United Kingdom - 0.2%
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Jazztel PLC (Telephone Services)* 337,125 $105,380
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Total Foreign Stocks $3,613,760
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Total Stocks (Identified Cost, $24,789,616) $19,466,290
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CONVERTIBLE PREFERRED STOCKS - 1.3%
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U.S. STOCKS - 1.2%
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Automotive - 0.1%
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Ford Motor Co.Capital Trust II 1,780 $95,141
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HLI Operating Co., Inc., "A"* 114 9,462
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$104,603
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Broadcast & Cable TV - 1.1%
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Spanish Broadcasting Systems, Inc., "B" 699 $716,475
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Total U.S.Stocks $821,078
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FOREIGN STOCKS - 0.1%
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Sweden - 0.1%
-----------------------------------------------------------------------------------------------------------------------------------
Song Networks Holding AB (Telephone Services)* 7,200 $29,065
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Total Convertible Preferred Stocks (Identified Cost, $831,552) $850,143
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PREFERRED STOCKS - 2.6%
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Broadcast & Cable TV - 2.6%
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Paxson Communications Corp., 14.25% 200 $1,730,000
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Telephone Services - 0%
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PTV, Inc., "A", 0.0% 9 $44
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Total Preferred Stocks (Identified Cost, $1,559,600) $1,730,044
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WARRANTS - 0%
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Anacomp, Inc.(Business Services)^* 5,841 $292
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Grande Communications Holdings (Broadcast & Cable TV)* 305 31
-----------------------------------------------------------------------------------------------------------------------------------
Sterling Chemicals, Inc.(Specialty Chemicals)* 90 95
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Thermadyne Holdings Corp.(Basic Industry)* 3,330 1,665
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Total Warrants (Identified Cost, $38,821) $2,083
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ISSUER PAR AMOUNT
(000 OMITTED) $ VALUE
-----------------------------------------------------------------------------------------------------------------------------------
CONVERTIBLE BONDS - 2.0%
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United Kingdom - 2.0%
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COLT Telecom Group PLC, 2%, 2006 (Telecommunications - Wireline) EUR 1,000 $1,313,458
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Total Convertible Bonds (Identified Cost, $817,304)
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ISSUER SHARES $ VALUE
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COLLATERAL FOR SECURITIES LOANED - 16.7%
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Navigator Securities Lending Prime Portfolio, at Cost and Net Asset Value 11,042,286 $11,042,286
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ISSUER PAR AMOUNT
(000 OMITTED) $ VALUE
-----------------------------------------------------------------------------------------------------------------------------------
REPURCHASE AGREEMENT - 3.6%
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Goldman Sachs, 1.36%, dated 07/30/2004, due 08/02/2004,
total to be received $2,392,181(secured by various U.S.Treasury
and Federal Agency obligations in a jointly traded account), at Cost $2,392 $2,392,000
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Total Investments (Identified Cost, $81,566,846) $77,129,706
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OTHER ASSETS, LESS LIABILITIES - (16.3)% (10,798,124)
-----------------------------------------------------------------------------------------------------------------------------------
Net Assets - 100.0% $66,331,582
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* Non-income producing security.
# Payment-in-kind security.
## SEC Rule 144A restriction.
** Non-income producing security -- in default.
^ All or a portion of this security is on loan.
^^ Interest only security.
+ Restricted security.
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 Kroner
SEE ATTACHED SCHEDULES.SEE NOTES TO FINANCIAL STATEMENTS AS DISCLOSED IN THE MOST RECENT SEMI-ANNUAL OR ANNUAL REPORT WHICH ARE
INCORPORATED BY REFERENCE.
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SUPPLEMENTAL SCHEDULES (UNAUDITED)
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(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 $81,607,485
-----------
Gross unrealized depreciation ($8,852,990)
-----------
Gross unrealized appreciation 4,375,211
-----------
Net unrealized depreciation ($4,477,779)
-----------
(2) FINANCIAL INSTRUMENTS
The trust trades financial instruments with off-balance-sheet risk in the normal course of its investing activities in order to
manage exposure to market risks such as interest rates and foreign currency exchange rates.These financial instruments include
forward foreign currency exchange contracts.The notional or contractual amounts of these instruments represent the investment the
trust has in particular classes of financial instruments and does not necessarily represent the amounts potentially subject to
risk.The measurement of the risks associated with these instruments is meaningful only when all related and offsetting
transactions are considered.
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS
NET UNREALIZED
CONTRACTS TO CONTRACTS APPRECIATION
SETTLEMENT DATE DELIVER/RECEIVE IN EXCHANGE FOR AT VALUE (DEPRECIATION)
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SALES
-----
8/4/04-10/6/04 EUR 3,395,593 $4,105,195 $4,081,203 $23,992
8/16/04 SEK 2,898,285 380,611 377,307 3,304
-----------------------------------------------------------------
$4,485,806 $4,458,510 $27,296
=================================================================
PURCHASES
---------
8/4/04-10/6/04 EUR 593,430 $716,917 $713,157 ($3,760)
At July 31,2004,the trust had sufficient cash and/or securities to cover any commitments under these contracts.
(3) RESTRICTED SECURITIES
The trust may invest not more than 20% of its total assets in securities which are subject to legal or contractual restrictions on
resale.At July 31,2004,the trust owned the following restricted securities,excluding securities issued under Rule
144A,constituting 1% of net assets which may not be publicly sold without registration under the Securities Act of 1933.The trust
does not have the right to demand that such securities be registered.The value of these securities is determined by valuations
furnished by dealers or by a pricing service,or if not available,in good faith at the direction of the Trustees.
Date of Par
Description Acquisition Amount Cost Value
-----------------------------------------------------------------------------------------------------------------------------------
DLJ Mortgage Acceptance Corp.,8%,2004 4/6/01 694,195 $694,195 $672,664
(C) 2004 MFS Investment Management
ITEM 2. CONTROLS AND PROCEDURES.
(a) Based upon their evaluation of the registrant's disclosure controls and
procedures as conducted within 90 days of the filing date of this Form N-Q,
the registrant's principal financial officer and principal executive
officer have concluded that those disclosure controls and procedures
provide reasonable assurance that the material information required to be
disclosed by the registrant on this report is recorded, processed,
summarized and reported within the time periods specified in the Securities
and Exchange Commission's rules and forms.
(b) There were no changes in the registrant's internal controls over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of
1940 (the "Act")) that occurred during the registrant's last fiscal quarter
that has materially affected, or is reasonably likely to materially affect,
the registrant's internal control over financial reporting.
ITEM 3. EXHIBITS.
File as exhibits as part of this Form a separate certification for each
principal executive officer and principal financial officer of the registrant as
required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2): Attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
Registrant: MFS SPECIAL VALUE TRUST
By (Signature and Title)* ROBERT J. MANNING
----------------------------------------------------
Robert J. Manning, President
Date: September 22, 2004
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Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* ROBERT J. MANNING
----------------------------------------------------
Robert J. Manning, President (Principal
Executive Officer)
Date: September 22, 2004
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By (Signature and Title)* RICHARD M. HISEY
----------------------------------------------------
Richard M. Hisey, Treasurer (Principal
Financial Officer and Accounting Officer)
Date: September 22, 2004
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* Print name and title of each signing officer under his or her signature.