N-Q 1 d137499dnq.htm MFS SPECIAL VALUE TRUST N-Q 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 811-05912

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: January 31, 2016


ITEM 1. SCHEDULE OF INVESTMENTS.


QUARTERLY REPORT

January 31, 2016

 

LOGO

 

MFS® SPECIAL VALUE TRUST

 

LOGO


PORTFOLIO OF INVESTMENTS

1/31/16 (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 - 59.7%                 
Aerospace - 1.4%                 
Aerojet Rocketdyne Holdings, Inc., 7.125%, 3/15/21    $ 125,000      $ 126,853   
Bombardier, Inc., 6.125%, 1/15/23 (n)      155,000        106,175   
Bombardier, Inc., 7.5%, 3/15/25 (n)      40,000        27,500   
CPI International, Inc., 8.75%, 2/15/18      190,000        185,250   
TransDigm, Inc., 6.5%, 7/15/24      125,000        122,188   
    

 

 

 
      $ 567,966   
Apparel Manufacturers - 0.2%                 
PVH Corp., 4.5%, 12/15/22    $ 60,000      $ 58,200   
Asset-Backed & Securitized - 0.1%                 
Citigroup Commercial Mortgage Trust, FRN, 5.898%, 12/10/49    $ 220,000      $ 21,986   
Falcon Franchise Loan LLC, FRN, 44.017%, 1/05/25 (i)(z)      8,873        2,144   
Morgan Stanley Capital I, Inc., FRN, 1.404%, 4/28/39 (i)(z)      133,486        646   
    

 

 

 
      $ 24,776   
Automotive - 1.6%                 
Accuride Corp., 9.5%, 8/01/18    $ 150,000      $ 117,000   
Goodyear Tire & Rubber Co., 6.5%, 3/01/21      125,000        131,250   
Goodyear Tire & Rubber Co., 7%, 5/15/22      40,000        42,780   
Lear Corp., 4.75%, 1/15/23      80,000        80,800   
Lear Corp., 5.25%, 1/15/25      65,000        67,519   
Schaeffler Holding Finance B.V., 6.25%, 11/15/19 (n)(p)      200,000        208,500   
    

 

 

 
      $ 647,849   
Broadcasting - 1.8%                 
Activision Blizzard, Inc., 6.125%, 9/15/23 (n)    $ 95,000      $ 101,650   
AMC Networks, Inc., 7.75%, 7/15/21      101,000        107,060   
Clear Channel Worldwide Holdings, Inc., “A”, 6.5%, 11/15/22      25,000        22,250   
Clear Channel Worldwide Holdings, Inc., “B”, 6.5%, 11/15/22      85,000        78,731   
iHeartMedia, Inc., 9%, 3/01/21      152,000        98,800   
Liberty Media Corp., 8.5%, 7/15/29      110,000        109,725   
Liberty Media Corp., 8.25%, 2/01/30      35,000        34,650   
Netflix, Inc., 5.375%, 2/01/21      70,000        75,250   
Netflix, Inc., 5.875%, 2/15/25 (n)      30,000        30,938   
Tribune Media Co., 5.875%, 7/15/22 (n)      65,000        64,838   
    

 

 

 
      $ 723,892   
Building - 2.0%                 
Allegion PLC, 5.875%, 9/15/23    $ 20,000      $ 20,650   
Allegion U.S. Holding Co., Inc., 5.75%, 10/01/21      140,000        145,600   
Beacon Roofing Supply, Inc., 6.375%, 10/01/23 (n)      65,000        67,031   
Building Materials Corp. of America, 5.375%, 11/15/24 (n)      75,000        73,875   
Building Materials Corp. of America, 6%, 10/15/25 (n)      55,000        56,100   
Gibraltar Industries, Inc., 6.25%, 2/01/21      95,000        95,238   
HD Supply, Inc., 7.5%, 7/15/20      110,000        114,400   
Headwaters, Inc., 7.25%, 1/15/19      70,000        71,400   
PriSo Acquisition Corp., 9%, 5/15/23 (n)      65,000        60,450   
Summit Materials LLC/Summit Materials Finance Co., 6.125%, 7/15/23      80,000        77,200   
    

 

 

 
      $ 781,944   

 

1


Portfolio of Investments (unaudited) – continued

 

Issuer    Shares/Par     Value ($)  
Bonds - continued                 
Business Services - 0.7%                 
Equinix, Inc., 4.875%, 4/01/20    $ 55,000      $ 57,063   
Equinix, Inc., 5.375%, 1/01/22      25,000        26,000   
Equinix, Inc., 5.375%, 4/01/23      35,000        36,225   
Iron Mountain, Inc., REIT, 6%, 10/01/20 (n)      40,000        42,600   
Iron Mountain, Inc., REIT, 6%, 8/15/23      30,000        31,200   
NeuStar, Inc., 4.5%, 1/15/23      110,000        90,200   
    

 

 

 
      $ 283,288   
Cable TV - 4.5%                 
Altice Financing S.A., 7.875%, 12/15/19 (n)    $ 200,000      $ 208,500   
Altice Financing S.A., 6.625%, 2/15/23 (n)      200,000        196,500   
CCO Holdings LLC/CCO Holdings Capital Corp., 6.5%, 4/30/21      60,000        62,587   
CCO Holdings LLC/CCO Holdings Capital Corp., 5.125%, 5/01/23 (n)      70,000        70,000   
CCO Holdings LLC/CCO Holdings Capital Corp., 5.75%, 1/15/24      115,000        118,306   
CCO Holdings LLC/CCO Holdings Capital Corp., 5.375%, 5/01/25 (n)      25,000        24,750   
Cequel Communications Holdings, 6.375%, 9/15/20 (n)      115,000        111,119   
DISH DBS Corp., 6.75%, 6/01/21      60,000        61,200   
DISH DBS Corp., 5%, 3/15/23      90,000        78,300   
DISH DBS Corp., 5.875%, 11/15/24      30,000        26,738   
Intelsat Jackson Holdings S.A., 7.25%, 4/01/19      60,000        54,450   
Intelsat Jackson Holdings S.A., 6.625%, 12/15/22      125,000        80,938   
Intelsat Jackson Holdings S.A., 5.5%, 8/01/23      100,000        79,750   
Intelsat Luxembourg S.A., 8.125%, 6/01/23      170,000        70,125   
LGE Holdco VI B.V., 7.125%, 5/15/24 (n)    EUR 100,000        116,466   
SIRIUS XM Radio, Inc., 4.25%, 5/15/20 (n)    $ 10,000        10,150   
SIRIUS XM Radio, Inc., 5.875%, 10/01/20 (n)      10,000        10,425   
SIRIUS XM Radio, Inc., 4.625%, 5/15/23 (n)      85,000        83,300   
SIRIUS XM Radio, Inc., 6%, 7/15/24 (n)      50,000        52,375   
SIRIUS XM Radio, Inc., 5.375%, 4/15/25 (n)      45,000        45,225   
Unitymedia KabelBW GmbH, 6.125%, 1/15/25 (n)      200,000        203,040   
    

 

 

 
      $ 1,764,244   
Chemicals - 1.0%                 
GCP Applied Technologies Co., 9.5%, 2/01/23 (n)    $ 35,000      $ 37,013   
Hexion U.S. Finance Corp., 6.625%, 4/15/20      55,000        42,625   
Hexion U.S. Finance Corp./Hexion Nova Scotia Finance, 8.875%, 2/01/18      115,000        78,200   
Momentive Performance Materials, Inc., 3.88%, 10/24/21      40,000        26,900   
The Chemours Co., 6.625%, 5/15/23 (n)      55,000        33,688   
Tronox Finance LLC, 6.375%, 8/15/20      170,000        104,975   
Tronox Finance LLC, 7.5%, 3/15/22 (n)      125,000        75,313   
    

 

 

 
      $ 398,714   
Computer Software - 0.1%                 
Syniverse Holdings, Inc., 9.125%, 1/15/19    $ 40,000      $ 15,200   
VeriSign, Inc., 4.625%, 5/01/23      35,000        34,300   
    

 

 

 
      $ 49,500   
Computer Software - Systems - 0.3%                 
Sabre GLBL, Inc., 5.375%, 4/15/23 (n)    $ 115,000      $ 115,575   
Conglomerates - 1.8%                 
Amsted Industries Co., 5%, 3/15/22 (n)    $ 125,000      $ 123,750   
BC Mountain LLC, 7%, 2/01/21 (n)      110,000        79,750   
EnerSys, 5%, 4/30/23 (n)      130,000        128,050   
Enpro Industries, Inc., 5.875%, 9/15/22      115,000        111,838   

 

2


Portfolio of Investments (unaudited) – continued

 

Issuer    Shares/Par     Value ($)  
Bonds - continued                 
Conglomerates - continued                 
Entegris, Inc., 6%, 4/01/22 (n)    $ 165,000      $ 167,475   
Renaissance Acquisition, 6.875%, 8/15/21 (n)      145,000        106,575   
    

 

 

 
      $ 717,438   
Construction - 0.1%                 
Empresas ICA S.A.B. de C.V., 8.9%, 2/04/21    $ 125,000      $ 23,125   
Consumer Products - 0.7%                 
Alphabet Holding Co., Inc., 7.75%, 11/01/17    $ 10,000      $ 9,775   
Elizabeth Arden, Inc., 7.375%, 3/15/21      40,000        26,600   
Prestige Brands, Inc., 8.125%, 2/01/20      30,000        31,125   
Prestige Brands, Inc., 5.375%, 12/15/21 (n)      55,000        53,625   
Spectrum Brands, Inc., 6.375%, 11/15/20      110,000        116,050   
Spectrum Brands, Inc., 6.125%, 12/15/24 (n)      10,000        10,400   
Spectrum Brands, Inc., 5.75%, 7/15/25 (n)      40,000        41,000   
    

 

 

 
      $ 288,575   
Consumer Services - 2.0%                 
ADT Corp., 6.25%, 10/15/21    $ 165,000      $ 171,188   
CEB, Inc., 5.625%, 6/15/23 (n)      85,000        85,000   
Garda World Security Corp., 7.25%, 11/15/21 (n)      40,000        31,200   
Garda World Security Corp., 7.25%, 11/15/21 (n)      60,000        46,800   
Grupo Posadas S.A.B. de C.V., 7.875%, 6/30/22 (n)      150,000        141,750   
Interval Acquisition Corp., 5.625%, 4/15/23 (n)      140,000        139,300   
Monitronics International, Inc., 9.125%, 4/01/20      145,000        116,363   
Service Corp. International, 5.375%, 5/15/24      50,000        52,875   
    

 

 

 
      $ 784,476   
Containers - 2.5%                 
Ardagh Packaging Finance PLC, 9.125%, 10/15/20 (n)    $ 200,000      $ 201,250   
Ball Corp., 5%, 3/15/22      75,000        77,625   
Berry Plastics Group, Inc., 5.5%, 5/15/22      125,000        124,688   
Berry Plastics Group, Inc., 6%, 10/15/22 (n)      30,000        30,600   
Multi-Color Corp., 6.125%, 12/01/22 (n)      100,000        99,250   
Plastipak Holdings, Inc., 6.5%, 10/01/21 (n)      69,000        66,068   
Reynolds Group, 5.75%, 10/15/20      50,000        50,063   
Reynolds Group, 8.25%, 2/15/21      115,000        107,238   
Sealed Air Corp., 4.875%, 12/01/22 (n)      115,000        115,790   
Sealed Air Corp., 5.125%, 12/01/24 (n)      25,000        25,000   
Signode Industrial Group, 6.375%, 5/01/22 (n)      120,000        99,600   
    

 

 

 
      $ 997,172   
Electrical Equipment - 0.0%                 
Avaya, Inc., 10.5%, 3/01/21 (n)    $ 70,000      $ 17,500   
Electronics - 0.8%                 
Advanced Micro Devices, Inc., 6.75%, 3/01/19    $ 120,000      $ 81,900   
Advanced Micro Devices, Inc., 7%, 7/01/24      65,000        40,300   
Micron Technology, Inc., 5.875%, 2/15/22      40,000        35,600   
Micron Technology, Inc., 5.5%, 2/01/25      95,000        75,050   
Sensata Technologies B.V., 5.625%, 11/01/24 (n)      40,000        40,800   
Sensata Technologies B.V., 5%, 10/01/25 (n)      40,000        38,500   
    

 

 

 
      $ 312,150   

 

3


Portfolio of Investments (unaudited) – continued

 

Issuer    Shares/Par     Value ($)  
Bonds - continued                 
Emerging Market Sovereign - 0.5%                 
Republic of Ecuador, 10.5%, 3/24/20 (n)    $ 200,000      $ 148,000   
Republic of Venezuela, 7%, 3/31/38      203,000        65,468   
    

 

 

 
      $ 213,468   
Energy - Independent - 2.1%                 
Afren PLC, 11.5%, 2/01/16 (a)(d)(n)    $ 200,000      $ 1,000   
Afren PLC, 15%, 4/25/16 (d)(p)      181,223        54,367   
Baytex Energy Corp., 5.625%, 6/01/24 (n)      45,000        26,100   
Bonanza Creek Energy, Inc., 6.75%, 4/15/21      90,000        35,325   
Bonanza Creek Energy, Inc., 5.75%, 2/01/23      25,000        9,000   
Chaparral Energy, Inc., 7.625%, 11/15/22      115,000        21,850   
Chesapeake Energy Corp., 5.75%, 3/15/23      130,000        35,750   
Concho Resources, Inc., 5.5%, 4/01/23      75,000        68,024   
EP Energy LLC, 9.375%, 5/01/20      110,000        46,750   
EP Energy LLC, 7.75%, 9/01/22      150,000        52,500   
Halcon Resources Corp., 8.875%, 5/15/21      150,000        21,750   
Linn Energy LLC/Linn Energy Finance Corp., 8.625%, 4/15/20      15,000        2,250   
Linn Energy LLC/Linn Energy Finance Corp., 7.75%, 2/01/21      160,000        19,200   
Linn Energy LLC/Linn Energy Finance Corp., 6.5%, 9/15/21      55,000        6,189   
Northern Blizzard Resources, Inc., 7.25%, 2/01/22 (n)      80,000        57,200   
Oasis Petroleum, Inc., 6.875%, 3/15/22      105,000        60,900   
QEP Resources, Inc., 5.25%, 5/01/23      85,000        57,800   
RSP Permian, Inc., 6.625%, 10/01/22      70,000        62,300   
Sanchez Energy Corp., 6.125%, 1/15/23      160,000        64,000   
SM Energy Co., 6.5%, 11/15/21      130,000        75,686   
SM Energy Co., 6.125%, 11/15/22      50,000        28,750   
WPX Energy, Inc., 6%, 1/15/22      55,000        31,900   
    

 

 

 
      $ 838,591   
Entertainment - 0.8%                 
Carmike Cinemas, Inc., 6%, 6/15/23 (n)    $ 45,000      $ 46,631   
Cedar Fair LP, 5.25%, 3/15/21      105,000        107,625   
Cedar Fair LP, 5.375%, 6/01/24      35,000        35,175   
Cinemark USA, Inc., 5.125%, 12/15/22      50,000        50,250   
Six Flags Entertainment Corp., 5.25%, 1/15/21 (n)      90,000        91,647   
    

 

 

 
      $ 331,328   
Financial Institutions - 3.1%                 
Aircastle Ltd., 5.125%, 3/15/21    $ 40,000      $ 39,500   
Aircastle Ltd., 5.5%, 2/15/22      40,000        39,800   
CIT Group, Inc., 5.25%, 3/15/18      40,000        41,325   
CIT Group, Inc., 6.625%, 4/01/18 (n)      119,000        125,783   
CIT Group, Inc., 5.5%, 2/15/19 (n)      48,000        49,560   
CIT Group, Inc., 5%, 8/15/22      15,000        15,169   
Credit Acceptance Co., 7.375%, 3/15/23 (n)      60,000        58,050   
Icahn Enterprises LP, 6%, 8/01/20      55,000        51,626   
Icahn Enterprises LP, 5.875%, 2/01/22      110,000        98,313   
Nationstar Mortgage LLC/Capital Corp., 6.5%, 8/01/18      75,000        72,375   
Nationstar Mortgage LLC/Capital Corp., 7.875%, 10/01/20      305,000        290,513   
Navient Corp., 8%, 3/25/20      135,000        132,975   
Navient Corp., 5.875%, 3/25/21      45,000        38,925   
Navient Corp., 7.25%, 1/25/22      95,000        84,550   
Navient Corp., 6.125%, 3/25/24      50,000        41,063   
PHH Corp., 6.375%, 8/15/21      65,000        56,388   
    

 

 

 
      $ 1,235,915   

 

4


Portfolio of Investments (unaudited) – continued

 

Issuer    Shares/Par     Value ($)  
Bonds - continued                 
Food & Beverages - 0.6%                 
Darling Ingredients, Inc., 5.375%, 1/15/22    $ 75,000      $ 73,500   
Pinnacle Foods Finance LLC/Pinnacle Foods Finance Corp., 5.875%, 1/15/24 (n)      20,000        20,700   
Sun Merger Sub, Inc., 5.875%, 8/01/21 (n)      130,000        131,950   
    

 

 

 
      $ 226,150   
Forest & Paper Products - 0.1%                 
Appvion, Inc., 9%, 6/01/20 (n)    $ 75,000      $ 24,375   
Tembec Industries, Inc., 9%, 12/15/19 (n)      50,000        31,625   
    

 

 

 
      $ 56,000   
Gaming & Lodging - 2.5%                 
CCM Merger, Inc., 9.125%, 5/01/19 (n)    $ 150,000      $ 154,500   
Eldorado Resorts, Inc., 7%, 8/01/23 (n)      25,000        24,625   
GLP Capital LP/GLP Financing II, Inc., 5.375%, 11/01/23      80,000        76,600   
Greektown Holdings LLC, 8.875%, 3/15/19 (n)      145,000        142,825   
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 5.625%, 10/15/21      120,000        123,600   
Isle of Capri Casinos, Inc., 8.875%, 6/15/20      35,000        36,925   
Isle of Capri Casinos, Inc., 5.875%, 3/15/21      105,000        107,363   
MGM Resorts International, 6.625%, 12/15/21      90,000        92,475   
MGM Resorts International, 6%, 3/15/23      95,000        94,703   
Ryman Hospitality Properties, Inc., REIT, 5%, 4/15/21      105,000        106,313   
Ryman Hospitality Properties, Inc., REIT, 5%, 4/15/23      25,000        24,906   
    

 

 

 
      $ 984,835   
Industrial - 0.7%                 
Dematic S.A., 7.75%, 12/15/20 (n)    $ 180,000      $ 177,750   
Howard Hughes Corp., 6.875%, 10/01/21 (n)      105,000        105,000   
    

 

 

 
      $ 282,750   
Insurance - Health - 0.2%                 
Centene Escrow Corp., 5.625%, 2/15/21 (n)    $ 35,000      $ 35,613   
Centene Escrow Corp., 6.125%, 2/15/24 (n)      35,000        35,963   
    

 

 

 
      $ 71,576   
Machinery & Tools - 0.8%                 
CNH Industrial Capital LLC, 4.375%, 11/06/20    $ 60,000      $ 57,000   
H&E Equipment Services Co., 7%, 9/01/22      145,000        132,675   
Jurassic Holdings III, Inc., 6.875%, 2/15/21 (n)      110,000        66,000   
Light Tower Rentals, Inc., 8.125%, 8/01/19 (n)      110,000        48,675   
    

 

 

 
      $ 304,350   
Major Banks - 1.1%                 
Bank of America Corp., FRN, 6.1%, 12/29/49    $ 285,000      $ 289,760   
JPMorgan Chase & Co., 6% to 8/01/23, FRN to 12/29/49      135,000        134,747   
    

 

 

 
      $ 424,507   
Medical & Health Technology & Services - 3.4%                 
CHS/Community Health Systems, Inc., 6.875%, 2/01/22    $ 165,000      $ 149,325   
Davita Healthcare Partners, Inc., 5%, 5/01/25      110,000        108,213   
Davita, Inc., 5.125%, 7/15/24      45,000        45,253   
HCA, Inc., 7.5%, 2/15/22      150,000        166,500   
HCA, Inc., 5.875%, 3/15/22      20,000        21,450   
HCA, Inc., 5%, 3/15/24      65,000        65,813   
HCA, Inc., 5.375%, 2/01/25      60,000        60,675   
HCA, Inc., 5.875%, 2/15/26      40,000        40,800   
HealthSouth Corp., 5.125%, 3/15/23      105,000        101,850   

 

5


Portfolio of Investments (unaudited) – continued

 

Issuer    Shares/Par     Value ($)  
Bonds - continued                 
Medical & Health Technology & Services - continued                 
LifePoint Hospitals, Inc., 5.5%, 12/01/21    $ 65,000      $ 65,975   
TeamHealth, Inc., 7.25%, 12/15/23 (n)      15,000        15,675   
Tenet Healthcare Corp., 8%, 8/01/20      190,000        190,475   
Tenet Healthcare Corp., 4.5%, 4/01/21      90,000        88,200   
Tenet Healthcare Corp., 8.125%, 4/01/22      55,000        55,138   
Tenet Healthcare Corp., 6.75%, 6/15/23      65,000        60,125   
Universal Health Services, Inc., 7.625%, 8/15/20      105,000        92,400   
    

 

 

 
      $ 1,327,867   
Medical Equipment - 0.9%                 
Alere, Inc., 6.375%, 7/01/23 (n)    $ 88,000      $ 83,160   
DJO Finco, Inc., 8.125%, 6/15/21 (n)      85,000        71,400   
Hologic, Inc., 5.25%, 7/15/22 (n)      100,000        103,500   
Teleflex, Inc., 5.25%, 6/15/24      80,000        80,000   
    

 

 

 
      $ 338,060   
Metals & Mining - 2.0%                 
Century Aluminum Co., 7.5%, 6/01/21 (n)    $ 90,000      $ 58,725   
Commercial Metals Co., 4.875%, 5/15/23      80,000        66,500   
Consol Energy, Inc., 5.875%, 4/15/22      155,000        100,169   
Consol Energy, Inc., 8%, 4/01/23      65,000        43,550   
First Quantum Minerals Ltd., 7.25%, 10/15/19 (n)      200,000        93,000   
GrafTech International Co., 6.375%, 11/15/20      100,000        57,000   
Hudbay Minerals, Inc., 9.5%, 10/01/20      100,000        61,500   
Lundin Mining Corp., 7.5%, 11/01/20 (n)      50,000        42,500   
Lundin Mining Corp., 7.875%, 11/01/22 (n)      85,000        68,638   
Steel Dynamics, Inc., 5.125%, 10/01/21      45,000        41,963   
Steel Dynamics, Inc., 5.5%, 10/01/24      45,000        40,613   
Suncoke Energy Partners LP/Suncoke Energy Partners Finance Corp., 7.375%, 2/01/20 (n)      50,000        28,375   
Suncoke Energy Partners LP/Suncoke Energy Partners Finance Corp., 7.375%, 2/01/20 (n)      30,000        17,025   
Suncoke Energy, Inc., 7.625%, 8/01/19      14,000        13,335   
TMS International Corp., 7.625%, 10/15/21 (n)      80,000        61,800   
    

 

 

 
      $ 794,693   
Midstream - 3.4%                 
AmeriGas Finance LLC, 6.75%, 5/20/20    $ 150,000      $ 148,500   
Blue Racer Midstream LLC/Blue Racer Finance Corp., 6.125%, 11/15/22 (n)      60,000        44,850   
Crestwood Midstream Partners LP, 6%, 12/15/20      95,000        60,206   
Crestwood Midstream Partners LP, 6.125%, 3/01/22      55,000        33,138   
Energy Transfer Equity LP, 7.5%, 10/15/20      175,000        154,000   
Ferrellgas LP/Ferrellgas Finance Corp., 6.5%, 5/01/21      60,000        47,325   
Ferrellgas LP/Ferrellgas Finance Corp., 6.75%, 1/15/22      120,000        94,500   
Kinder Morgan (Delaware), Inc., 7.75%, 1/15/32      195,000        183,075   
MPLX LP, 5.5%, 2/15/23 (n)      155,000        128,808   
Sabine Pass Liquefaction LLC, 5.625%, 4/15/23      145,000        127,238   
Sabine Pass Liquefaction LLC, 5.75%, 5/15/24      100,000        87,750   
Sabine Pass Liquefaction LLC, 5.625%, 3/01/25      69,000        59,340   
Summit Midstream Holdings LLC/Summit Midstream Finance Corp., 7.5%, 7/01/21      65,000        47,450   
Summit Midstream Holdings LLC/Summit Midstream Finance Corp., 5.5%, 8/15/22      35,000        22,050   
Targa Resources Partners LP/Targa Resources Finance Corp., 5%, 1/15/18      25,000        23,344   
Targa Resources Partners LP/Targa Resources Finance Corp., 4.125%, 11/15/19      50,000        42,000   
Targa Resources Partners LP/Targa Resources Finance Corp., 5.25%, 5/01/23      30,000        23,250   
    

 

 

 
      $ 1,326,824   

 

6


Portfolio of Investments (unaudited) – continued

 

Issuer    Shares/Par     Value ($)  
Bonds - continued                 
Network & Telecom - 0.8%                 
Centurylink, Inc., 6.45%, 6/15/21    $ 15,000      $ 14,616   
Centurylink, Inc., 7.65%, 3/15/42      95,000        71,250   
Colombia Telecomunicaciones S.A., 8.5% to 3/30/20, FRN to 12/29/49 (n)      26,000        21,390   
Frontier Communications Corp., 8.125%, 10/01/18      30,000        30,638   
Frontier Communications Corp., 6.25%, 9/15/21      30,000        25,275   
Frontier Communications Corp., 7.125%, 1/15/23      45,000        37,463   
Frontier Communications Corp., 11%, 9/15/25 (n)      35,000        33,731   
Frontier Communications Corp., 9%, 8/15/31      60,000        47,700   
Telecom Italia Capital, 6%, 9/30/34      35,000        31,325   
    

 

 

 
      $ 313,388   
Oil Services - 0.6%                 
Bristow Group, Inc., 6.25%, 10/15/22    $ 230,000      $ 158,125   
Pacific Drilling S.A., 5.375%, 6/01/20 (n)      145,000        34,800   
Shale-Inland Holdings LLC/Finance Co., 8.75%, 11/15/19 (n)      70,000        43,750   
    

 

 

 
      $ 236,675   
Oils - 0.5%                 
CITGO Holding, Inc., 10.75%, 2/15/20 (n)    $ 110,000      $ 104,500   
CITGO Petroleum Corp., 6.25%, 8/15/22 (n)      110,000        105,325   
    

 

 

 
      $ 209,825   
Other Banks & Diversified Financials - 0.6%                 
Groupe BPCE S.A., 12.5% to 9/30/19, FRN to 8/29/49 (n)    $ 200,000      $ 253,666   
Pharmaceuticals - 1.7%                 
Capsugel S.A., 7%, 5/15/19 (n)(p)    $ 40,000      $ 39,100   
Endo Finance LLC/Endo Finco, Inc., 7.75%, 1/15/22 (n)      135,000        140,906   
Mallinckrodt International Finance S.A., 5.75%, 8/01/22 (n)      70,000        66,850   
Mallinckrodt International Finance S.A., 5.5%, 4/15/25 (n)      25,000        22,250   
Valeant Pharmaceuticals International, Inc., 7%, 10/01/20 (n)      170,000        167,450   
Valeant Pharmaceuticals International, Inc., 7.25%, 7/15/22 (n)      55,000        53,625   
Valeant Pharmaceuticals International, Inc., 5.5%, 3/01/23 (n)      20,000        17,650   
Vantage Point Imaging, 7.5%, 7/15/21 (n)      45,000        44,634   
VRX Escrow Corp., 5.875%, 5/15/23 (n)      115,000        102,925   
    

 

 

 
      $ 655,390   
Precious Metals & Minerals - 0.7%                 
Aurico Gold, Inc., 7.75%, 4/01/20 (n)    $ 170,000      $ 141,525   
Eldorado Gold Corp., 6.125%, 12/15/20 (n)      180,000        150,750   
    

 

 

 
      $ 292,275   
Printing & Publishing - 0.8%                 
American Media, Inc., 13.5%, 6/15/18 (z)    $ 23,764      $ 23,437   
Nielsen Finance LLC, 5%, 4/15/22 (n)      130,000        131,138   
Outdoor Americas Capital LLC/Outfront Media Capital Corp., 5.625%, 2/15/24      55,000        56,238   
TEGNA, Inc., 4.875%, 9/15/21 (n)      45,000        45,225   
TEGNA, Inc., 6.375%, 10/15/23      60,000        63,300   
    

 

 

 
      $ 319,338   
Real Estate - Healthcare - 0.4%                 
MPT Operating Partnership LP, REIT, 6.375%, 2/15/22    $ 160,000      $ 162,400   
Real Estate - Other - 0.5%                 
DuPont Fabros Technology LP, REIT, 5.875%, 9/15/21    $ 135,000      $ 139,050   
Felcor Lodging LP, REIT, 5.625%, 3/01/23      65,000        64,919   
    

 

 

 
      $ 203,969   

 

7


Portfolio of Investments (unaudited) – continued

 

Issuer    Shares/Par     Value ($)  
Bonds - continued                 
Retailers - 1.5%                 
Best Buy Co., Inc., 5.5%, 3/15/21    $ 130,000      $ 131,300   
Bon Ton Stores, Inc., 8%, 6/15/21      21,000        8,085   
DriveTime Automotive Group, Inc./DT Acceptance Corp., 8%, 6/01/21 (n)      67,000        59,798   
Family Tree Escrow LLC, 5.75%, 3/01/23 (n)      130,000        136,988   
Neiman Marcus Group Ltd., 8%, 10/15/21 (n)      95,000        71,250   
Rite Aid Corp., 9.25%, 3/15/20      40,000        42,150   
Rite Aid Corp., 6.75%, 6/15/21      30,000        31,725   
Rite Aid Corp., 6.125%, 4/01/23 (n)      70,000        73,850   
Sally Beauty Holdings, Inc., 5.625%, 12/01/25      25,000        25,813   
    

 

 

 
      $ 580,959   
Specialty Chemicals - 0.7%                 
Chemtura Corp., 5.75%, 7/15/21    $ 135,000      $ 133,988   
Univar USA, Inc., 6.75%, 7/15/23 (n)      150,000        132,750   
    

 

 

 
      $ 266,738   
Specialty Stores - 1.3%                 
Argos Merger Sub, Inc., 7.125%, 3/15/23 (n)    $ 110,000      $ 110,825   
Group 1 Automotive, Inc., 5%, 6/01/22      125,000        118,906   
Michaels Stores, Inc., 5.875%, 12/15/20 (n)      85,000        87,550   
Office Depot de Mexico S.A. de C.V., 6.875%, 9/20/20 (n)      200,000        197,250   
    

 

 

 
      $ 514,531   
Telecommunications - Wireless - 2.9%                 
Digicel Group Ltd., 7.125%, 4/01/22 (n)    $ 200,000      $ 149,100   
Sprint Capital Corp., 6.875%, 11/15/28      105,000        69,169   
Sprint Corp., 7.875%, 9/15/23      180,000        128,250   
Sprint Corp., 7.125%, 6/15/24      125,000        84,375   
Sprint Corp., 7%, 8/15/20      20,000        14,700   
Sprint Nextel Corp., 9%, 11/15/18 (n)      50,000        51,000   
Sprint Nextel Corp., 6%, 11/15/22      110,000        73,975   
T-Mobile USA, Inc., 6.125%, 1/15/22      10,000        10,175   
T-Mobile USA, Inc., 6.5%, 1/15/24      75,000        75,750   
T-Mobile USA, Inc., 6.464%, 4/28/19      25,000        25,781   
T-Mobile USA, Inc., 6.25%, 4/01/21      140,000        142,450   
T-Mobile USA, Inc., 6.633%, 4/28/21      50,000        51,688   
T-Mobile USA, Inc., 6.5%, 1/15/26      70,000        70,000   
Wind Acquisition Finance S.A., 7.375%, 4/23/21 (n)      200,000        190,124   
    

 

 

 
      $ 1,136,537   
Telephone Services - 0.3%                 
Level 3 Financing, Inc., 5.375%, 1/15/24 (n)    $ 25,000      $ 25,250   
Level 3 Financing, Inc., 5.375%, 5/01/25      100,000        100,625   
    

 

 

 
      $ 125,875   
Transportation - Services - 1.2%                 
Jack Cooper Holdings Corp., 10.25%, 6/01/20 (n)    $ 110,000      $ 86,900   
Navios Maritime Acquisition Corp., 8.125%, 11/15/21 (n)      117,000        93,015   
Navios Maritime Holding, Inc., 7.375%, 1/15/22 (n)      95,000        34,200   
SPL Logistics Escrow LLC, 8.875%, 8/01/20 (n)      90,000        81,900   
Stena AB, 7%, 2/01/24 (n)      200,000        152,000   
Ultrapetrol (Bahamas) Ltd., 8.875%, 6/15/21 (a)(d)      28,000        4,760   
    

 

 

 
      $ 452,775   

 

8


Portfolio of Investments (unaudited) – continued

 

Issuer    Shares/Par     Value ($)  
Bonds - continued                 
Utilities - Electric Power - 1.4%                 
Calpine Corp., 5.5%, 2/01/24    $ 120,000      $ 105,000   
Covanta Holding Corp., 7.25%, 12/01/20      95,000        96,128   
Covanta Holding Corp., 6.375%, 10/01/22      35,000        32,988   
Covanta Holding Corp., 5.875%, 3/01/24      40,000        34,900   
NRG Energy, Inc., 8.25%, 9/01/20      95,000        86,213   
NRG Energy, Inc., 6.25%, 7/15/22      20,000        16,500   
NRG Energy, Inc., 6.625%, 3/15/23      110,000        91,025   
TerraForm Power Operating Co., 5.875%, 2/01/23 (n)      87,000        69,383   
    

 

 

 
      $ 532,137   
Total Bonds      $ 23,569,776   
Common Stocks - 35.9%                 
Aerospace - 0.8%                 
United Technologies Corp.      3,715      $ 325,768   
Automotive - 0.0%                 
Accuride Corp. (a)      2,414      $ 2,030   
Broadcasting - 1.1%                 
Time Warner, Inc.      6,222      $ 438,278   
Brokerage & Asset Managers - 3.0%                 
BlackRock, Inc.      1,331      $ 418,280   
NASDAQ, Inc.      12,562        778,844   
    

 

 

 
      $ 1,197,124   
Business Services - 1.3%                 
Accenture PLC, “A”      4,816      $ 508,281   
Chemicals - 2.7%                 
3M Co.      2,945      $ 444,695   
PPG Industries, Inc.      6,395        608,292   
    

 

 

 
      $ 1,052,987   
Computer Software - Systems - 0.8%                 
International Business Machines Corp.      2,448      $ 305,486   
Electrical Equipment - 2.4%                 
Danaher Corp.      5,825      $ 504,736   
Tyco International PLC      12,585        432,798   
    

 

 

 
      $ 937,534   
Electronics - 1.5%                 
Texas Instruments, Inc.      10,916      $ 577,784   
Energy - Independent - 1.0%                 
Occidental Petroleum Corp.      5,733      $ 394,602   
Food & Beverages - 2.1%                 
General Mills, Inc.      5,951      $ 336,291   
Nestle S.A., ADR      6,808        502,022   
    

 

 

 
      $ 838,313   

 

9


Portfolio of Investments (unaudited) – continued

 

Issuer    Shares/Par     Value ($)  
Common Stocks - continued                 
Food & Drug Stores - 1.4%                 
CVS Health Corp.      5,607      $ 541,580   
Insurance - 3.6%                 
Aon PLC      5,182      $ 455,135   
MetLife, Inc.      7,187        320,900   
Travelers Cos., Inc.      6,196        663,220   
    

 

 

 
      $ 1,439,255   
Major Banks - 1.6%                 
JPMorgan Chase & Co.      10,853      $ 645,754   
Medical Equipment - 2.4%                 
Medtronic PLC      3,773      $ 286,446   
St. Jude Medical, Inc.      3,774        199,494   
Thermo Fisher Scientific, Inc.      3,437        453,890   
    

 

 

 
      $ 939,830   
Oil Services - 1.1%                 
Schlumberger Ltd.      5,920      $ 427,838   
Other Banks & Diversified Financials - 2.1%                 
Citigroup, Inc.      7,273      $ 309,684   
U.S. Bancorp      12,856        515,011   
    

 

 

 
      $ 824,695   
Pharmaceuticals - 2.3%                 
Johnson & Johnson      4,265      $ 445,437   
Merck & Co., Inc.      8,804        446,099   
    

 

 

 
      $ 891,536   
Special Products & Services - 0.3%                 
iShares iBoxx $ High Yield Corporate Bond ETF      1,700      $ 134,776   
Telephone Services - 1.5%                 
Verizon Communications, Inc.      12,020      $ 600,639   
Tobacco - 1.2%                 
Philip Morris International, Inc.      5,105      $ 459,501   
Utilities - Electric Power - 1.7%                 
Duke Energy Corp.      8,946      $ 673,634   
Total Common Stocks            $ 14,157,225   
Floating Rate Loans (g)(r) - 1.3%                 
Aerospace - 0.2%                 
TransDigm, Inc., Term Loan C, 3.75%, 2/28/20    $ 67,383      $ 65,727   
Consumer Services - 0.1%                 
Realogy Corp., Term Loan B, 3.75%, 3/05/20    $ 33,514      $ 33,235   
Containers - 0.1%                 
Berry Plastics Holding Corp., Term Loan E, 3.75%, 1/06/21    $ 45,005      $ 44,424   
Electronics - 0.2%                 
Avago Technologies Cayman Ltd., Term Loan B, 3.75%, 5/06/21    $ 81,384      $ 80,943   

 

10


Portfolio of Investments (unaudited) – continued

 

Issuer    Shares/Par     Value ($)  
Floating Rate Loans (g)(r) - continued                 
Energy - Independent - 0.1%                 
MEG Energy Corp., Term Loan, 3.75%, 3/31/20    $ 45,020      $ 34,913   
Entertainment - 0.1%                 
Cedar Fair LP, Term Loan B, 3.25%, 3/06/20    $ 43,246      $ 43,328   
Medical & Health Technology & Services - 0.2%                 
DaVita HealthCare Partners, Inc., Term Loan B, 3.5%, 6/24/21    $ 76,585      $ 76,298   
Transportation - Services - 0.3%                 
Commercial Barge Line Co., Term Loan, 9.75%, 11/12/20    $ 136,753      $ 119,658   
Total Floating Rate Loans            $ 498,526   
Money Market Funds - 1.2%                 
MFS Institutional Money Market Portfolio, 0.28%, at Net Asset Value (v)      494,663      $ 494,663   
Total Investments      $ 38,720,190   
Other Assets, Less Liabilities - 1.9%        742,701   
Net Assets - 100.0%      $ 39,462,891   

 

(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 $10,067,480, representing 25.5% 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  
American Media, Inc., 13.5%, 6/15/18      12/22/10         $23,925         $23,437   
Falcon Franchise Loan LLC, FRN, 44.017%, 1/05/25      1/29/03         724         2,144   
Morgan Stanley Capital I, Inc., FRN, 1.404%, 4/28/39      7/20/04         1,756         646   
Total Restricted Securities         $26,227   
% of Net assets         0.1%   

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

 

ADR   American Depositary Receipt
ETF   Exchange-Traded Fund
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

 

11


Portfolio of Investments (unaudited) – continued

 

Derivative Contracts at 1/31/16

Forward Foreign Currency Exchange Contracts at 1/31/16

 

Type    Currency      Counterparty   

Contracts to

Deliver/Receive

   Settlement
Date Range
   In Exchange
For
     Contracts
at Value
    

Net Unrealized
Appreciation

(Depreciation)

 
Asset Derivatives                     
SELL      EUR      

Goldman Sachs International

   111,755    4/15/16      $121,373         $121,304         $69   
                    

 

 

 

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

 

12


Supplemental Information

1/31/16 (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, such as forward foreign currency exchange contracts. The following is a summary of the levels used as of January 31, 2016 in valuing the fund’s assets or liabilities:

 

Investments at Value    Level 1      Level 2      Level 3      Total  
Equity Securities      $14,157,225         $—         $—         $14,157,225   
Non-U.S. Sovereign Debt              213,468                 213,468   
U.S. Corporate Bonds              19,254,247                 19,254,247   
Commercial Mortgage-Backed Securities              24,777                 24,777   
Foreign Bonds              4,077,284                 4,077,284   
Floating Rate Loans              498,526                 498,526   
Mutual Funds      494,663                         494,663   
Total Investments      $14,651,888         $24,068,302         $—         $38,720,190   
Other Financial Instruments                            
Forward Foreign Currency Exchange Contracts      $—         $69         $—         $69   

 

13


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   

Accrued discounts/premiums

     2,852   

Change in unrealized appreciation (depreciation)

     (74,911

Transfers out of level 3

     (54,367
Balance as of 1/31/16      $—   

(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      $40,569,992   
Gross unrealized appreciation      3,168,264   
Gross unrealized depreciation      (5,018,066
Net unrealized appreciation (depreciation)      $(1,849,802

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         1,680,611         (1,437,342      494,663   
Underlying Affiliated Fund   

Realized

Gain (Loss)

    

Capital Gain

Distributions

    

Dividend

Income

    

Ending

Value

 
MFS Institutional Money Market Portfolio      $—         $—         $267         $494,663   

 

14


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: March 17, 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: March 17, 2016

 

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

Date: March 17, 2016

 

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