6 9

Special Value Trust

DISCLOSURES

Liquidation and termination announced: Effective at the close of business on April 10, 2024, the fund's transfer agent share register will be closed and the fund's shares will no longer be trading on the NYSE.  A liquidating distribution based on the net asset value per share calculated as of 4 pm EST on April 25, 2024, will be paid in cash on or about April 29, 2024, to shareholders of record on April 10, 2024.

MFV
$ 4.50
As of 03/28/24
$32M
As of 02/29/24

Special Value Trust

MFV
As of 03/28/24
As of 02/29/24
MFV
$ 4.5
As of 03/28/24
$32M
As of 02/29/24
  • Overview

    A high-yield taxable closed-end fund

    INVESTMENT OBJECTIVE

    Seeks high current income, but may also consider capital appreciation.

    Fund Information

    • Fund Commencement 11/17/89
    • Net Assets ($ M) As of 02/29/24 $32.22
    • Fiscal Year End OCTOBER
    • Net Asset Value (NAV) As of 03/28/24 $4.5
    • Most Recent NAV Change As of 03/28/24 0.22%
    • Market Price (MP) As of 03/28/24 $4.45
    • Recent Market Price Change As of 03/28/24 0.91%

    MANAGERS

    Effective April 30, 2024, Matt Ryan will no longer manage the portfolio. 

    Top 10 Holdings

    • Progressive Corp
    • JPMorgan Chase & Co
    • Cigna Group
    • Aon PLC
    • American Express Co
    • McKesson Corp
    • Lowe's Cos Inc
    • Analog Devices Inc
    • Southern Co
    • Marsh & McLennan Cos Inc

    Important Risk Considerations

    The fund may not achieve its objective and/or you could lose money on your investment in the fund.

    Stock: Stock markets and investments in individual stocks are volatile and can decline significantly in response to or investor perception of, issuer, market, economic, industry, political, regulatory, geopolitical, environmental, public health, and other conditions.

    Bond: Investments in debt instruments may decline in value as the result of, or perception of, declines in the credit quality of the issuer, borrower, counterparty, or other entity responsible for payment, underlying collateral, or changes in economic, political, issuer-specific, or other conditions. Certain types of debt instruments can be more sensitive to these factors and therefore more volatile. In addition, debt instruments entail interest rate risk (as interest rates rise, prices usually fall). Therefore, the portfolio's value may decline during rising rates. Portfolios that consist of debt instruments with longer durations are generally more sensitive to a rise in interest rates than those with shorter durations. At times, and particularly during periods of market turmoil, all or a large portion of segments of the market may not have an active trading market. As a result, it may be difficult to value these investments and it may not be possible to sell a particular investment or type of investment at any particular time or at an acceptable price. The price of an instrument trading at a negative interest rate responds to interest rate changes like other debt instruments; however, an instrument purchased at a negative interest rate is expected to produce a negative return if held to maturity.

    Derivatives: Investments in derivatives can be used to take both long and short positions, be highly volatile, involve leverage (which can magnify losses), and involve risks in addition to the risks of the underlying indicator(s) on which the derivative is based, such as counterparty and liquidity risk.

    High Yield: Investments in below investment grade quality debt instruments can be more volatile and have greater risk of default, or already be in default, than higher-quality debt instruments.

    Market Price: The market price of common shares of the fund will be based on factors such as the supply and demand for common shares in the market and general market, economic, political or regulatory conditions. Whether shareholders will realize gains or losses upon the sale of common shares of the fund will depend on the market price of common shares at the time of the sale, not on the fund's net asset value. The market price may be lower or higher than the fund's net asset value. Shares of closed-end funds frequently trade at a discount or premium to their net asset value.

    Leverage: Leverage involves investment exposure in an amount exceeding the initial investment. Leverage can cause increased volatility by magnifying gains or losses.

  • Performance

    Performance

    Average Annual Total Returns

    Average Annual Total Returns (%)

    As of 02/29/24 (*YTD Updated Monthly, As of 02/29/24 , subject to revision and not annualized.)

      Performance data shown represents past performance and is no guarantee of future results. At the time of sale, shares may have a market price that is above or below net asset value, and may be worth more or less than the original cost; current performance may be lower or higher than quoted. All results are historical and assume the reinvestment of dividends and capital gains.

      OVERALL
      Out Of Funds
      NA
      OVERALL MORNINGSTAR RATING
      NA
      THREE YEAR
      Out Of Funds
      NA
      FIVE YEAR
      Out Of Funds
      NA
      TEN YEAR
      Out Of Funds
      NA

      Important Performance Information

      The fund has adopted a managed distribution plan. Under a managed distribution plan, to the extent that sufficient investment income is not available on a monthly basis, the fund will distribute long-term capital gains and/or return of capital in order to maintain its managed distribution level. You should not draw any conclusions about the fund's investment performance from the amount of the fund's distributions or from the terms of the fund's managed distribution plan. The Board of the fund may amend the terms of the plan or terminate the plan at any time without prior notice to the fund's shareholders. The amendment or termination of a plan could have an adverse effect on the market price of the fund's common shares. The plan will be subject to periodic review by the Board. With each distribution that does not consist solely of net investment income, the fund will issue a notice to shareholders and an accompanying press release which will provide detailed information regarding the amount and composition of the distribution and other related information. The amounts and sources of distributions reported in the notice to shareholders are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the fund's investment experience during its full fiscal year and may be subject to changes based on tax regulations. The fund will send shareholders a Form 1099-DIV for the calendar year that will tell them how to report these distributions for federal income tax purposes. The fund may at times distribute more than its net investment income and net realized capital gains; therefore, a portion of the distribution may result in a return of capital. A return of capital may occur, for example, when some or all of the money that shareholders invested in the fund is paid back to them. A return of capital does not necessarily reflect a fund's investment performance and should not be confused with 'yield' or 'income'. Any such returns of capital will decrease the fund's total assets and, therefore, could have the effect of increasing the fund's expense ratio. In addition, in order to make the level of distributions called for under its plan, the fund may have to sell portfolio securities at a less than opportune time. For estimated source information for distributions paid in prior periods, please see Dividend Source Information

      Annual Rate of Return

      Annual Rate of Return (%)

      As of 12/31/23
      annual rate of return table
      2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
      At NAV 3.29 -3.89 15.68 10.60 -5.26 23.00 5.77 9.29 -9.62 9.60
      at MP 12.61 -18.67 16.67 17.36 -7.29 43.17 -1.67 30.38 -32.73 8.69
      At NAV at MP
      2023 9.6 8.69
      2022 -9.62 -32.73
      2021 9.29 30.38
      2020 5.77 -1.67
      2019 23.0 43.17
      2018 -5.26 -7.29
      2017 10.6 17.36
      2016 15.68 16.67
      2015 -3.89 -18.67
      2014 3.29 12.61
      Pricing & Distributions

      Pricing History

      • MP at Close of Trading on:  03/28/24
      • Market Price (MP):  $4.45
      • Change $ (since 03/27/24 ):  0.04
      • Change (%) (since 03/27/24 ):  0.91
      Maximum data displayed is for the most recent 10 years
      Historical MP Lookup
      Enter date for which you wish to obtain a Historical MP for this fund

      Historical MP may not be available for all dates.

      Historical MP Table
      MP at Close of Trading on Market Price (MP)
      No Data Available

      Distribution Rate (%)
      Distribution rates are based on the current distribution rate per share, annualized, divided by the NAV or Market Price.

      The fund has adopted a managed distribution plan. The fund's managed distribution rate is 10.00%.

      The fund may distribute more than its net investment income and net realized capital gains; therefore, a portion of the distribution may result in a return of capital.

      As of 02/29/24

      For information about the sources the managed distribution rates, see Dividend Source Information

      Performance Distribution Rate
      NAV 9.97
      MP 10.20

      Distributions
      The Record Date is the date on which a fund declares a distribution. To receive the distribution, an investor must be a shareholder of record on that date.

      The Payable Date is the date on which the distribution is paid to shareholders.

      Dividend Rate per Share is the amount of dividend that a shareholder will receive for each share held. It can be calculated by taking the total amount of dividends paid and dividing it by the total shares outstanding.

      Dividend Reinvestment at NAV is the automatic reinvestment of shareholder dividends in more shares at net asset value.

      Ex-Dividend Date is the date on which a fund goes ex-dividend. The interval between the announcement and the payment of the next dividend. An investor must own the fund before the ex-dividend date to be eligible for the dividend payout.

      Long-term Capital Gain The gain on the sale of a capital asset where the holding period was more than 12 months and the profit was subject to the long-term capital gains tax. (Source: Barron's Dictionary of Finance and Investment Terms)

      Short-term Capital Gain For tax purposes the profit realized from the sale of securities or other capital assets held for less than 12 months. Short-term gains are taxable at ordinary income rates to the extent they are not reduced by offsetting capital losses. (Source: Barron's Dictionary of Finance and Investment Terms)

      Updated Daily As of 03/29/24Dividend Source Information

      Record Date Ex-Date Payable Date Type of Earnings 1 Rate per Share (US$)
      03/13/24 03/12/24 03/28/24 Other 0.03673
      02/14/24 02/13/24 02/29/24 Other 0.03671
      01/17/24 01/16/24 01/31/24 Other 0.03652
      12/20/23 12/19/23 12/29/23 Other 0.03540
      11/15/23 11/14/23 11/30/23 Other 0.03475
      10/18/23 10/17/23 10/31/23 Other 0.03590
      09/13/23 09/12/23 09/29/23 Other 0.03632
      07/19/23 07/18/23 07/31/23 Other 0.03648
      06/14/23 06/13/23 06/30/23 Other 0.03645
      05/17/23 05/16/23 05/31/23 Other 0.03718
      04/19/23 04/18/23 04/28/23 Other 0.03653
      The fund has adopted a managed distribution plan. The fund's managed distribution rate is 10.00%.

      The fund has adopted a managed distribution plan. Under a managed distribution plan, to the extent that sufficient investment income is not available on a monthly basis, the fund will distribute long-term capital gains and/or return of capital in order to maintain its managed distribution level. You should not draw any conclusions about the fund's investment performance from the amount of the fund's distributions or from the terms of the fund's managed distribution plan. The Board of the fund may amend the terms of the plan or terminate the plan at any time without prior notice to the fund's shareholders. The amendment or termination of a plan could have an adverse effect on the market price of the fund's common shares. The plan will be subject to periodic review by the Board. With each distribution that does not consist solely of net investment income, the fund will issue a notice to shareholders and an accompanying press release which will provide detailed information regarding the amount and composition of the distribution and other related information. The amounts and sources of distributions reported in the notice to shareholders are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the fund's investment experience during its full fiscal year and may be subject to changes based on tax regulations. The fund will send shareholders a Form 1099-DIV for the calendar year that will tell them how to report these distributions for federal income tax purposes. The fund may at times distribute more than its net investment income and net realized capital gains; therefore, a portion of the distribution may result in a return of capital. A return of capital may occur, for example, when some or all of the money that shareholders invested in the fund is paid back to them. A return of capital does not necessarily reflect a fund's investment performance and should not be confused with 'yield' or 'income'. Any such returns of capital will decrease the fund's total assets and, therefore, could have the effect of increasing the fund's expense ratio. In addition, in order to make the level of distributions called for under its plan, the fund may have to sell portfolio securities at a less than opportune time. For estimated source information for distributions paid in prior periods, please see Dividend Source Information

      The amount of distributions may vary depending on a number of factors. As portfolio and market conditions change, the rate of distributions could change.

      1Other may contain sources of income other than ordinary income, such as short term capital gains, long term capital gains, or return of capital. Distributions that are treated for federal income tax purposes as a return of capital will reduce a shareholder's tax basis in his or her shares and, to the extent the distribution exceeds a shareholder's adjusted tax basis, will be treated as a gain to the shareholder from a sale of shares. Please see the funds' dividend source card for the breakdown of the estimated sources of distributions in prior periods by clicking on the link above labeled Dividend Source Information.
    • Portfolio & Holdings Information

      Portfolio & Holdings Information
      Portfolio characteristic data are based on unaudited net assets.

      Sector, Holding & Characterstics

      Holding Characteristics

      Average Effective Duration is a measure of how much a bond's price is likely to fluctuate with general changes in interest rates, e.g., if rates rise 1.00%, a bond with a 5-year duration is likely to lose about 5.00% of its value.

      Average Effective Maturity is a weighted average of maturity of the bonds held in a portfolio, taking into account any prepayments, puts, and adjustable coupons which may shorten the maturity. Longer-maturity funds are generally considered more interest-rate sensitive than shorter maturity funds.

      As of 02/29/24
      Data table of holding characteristics
      characteristics Fixed Earning
      Number of Issues 300
      Number of Issuers 194
      Average Coupon 5.83
      Average Effective Duration 3.06 yrs
      Average Effective Maturity 4.35 yrs
      Yield To Worst 7.52%

      Top 10 Holdings

      As of 02/29/24
      • Progressive Corp
      • JPMorgan Chase & Co
      • Cigna Group
      • Aon PLC
      • American Express Co
      • McKesson Corp
      • Lowe's Cos Inc
      • Analog Devices Inc
      • Southern Co
      • Marsh & McLennan Cos Inc

      Top 10 Equity Holdings

      As of 02/29/24
      • Progressive Corp
      • JPMorgan Chase & Co
      • Cigna Group
      • Aon PLC
      • American Express Co
      • McKesson Corp
      • Lowe's Cos Inc
      • Analog Devices Inc
      • Southern Co
      • Marsh & McLennan Cos Inc

      Top 10 Fixed Income Holdings

      As of 02/29/24
      • Banijay Entertainment SASU 144A 8.125% MAY 01 29
      • Iliad Holding SASU 144A 7% OCT 15 28
      • Adani Green Energy UP Ltd 144A 6.25% DEC 10 24
      • Merlin Entertainments Group US Holdings Inc 144A 7.375% FEB 15 31
      • Aegea Finance Sarl 144A 6.75% MAY 20 29
      • IQVIA Inc 144A 5% MAY 15 27
      • Investment Energy Resources Ltd 144A 6.25% APR 26 29
      • Central American Bottling Corp 144A 5.25% APR 27 29
      • KUO SAB De CV 144A 5.75% JUL 07 27
      • Mercury Chile Holdco LLC 144A 6.5% JAN 24 27
      Exposures

      Portfolio Structure (%)

      As of 02/29/24
      • High Yield Corporates
        47.54
      • U.S. Equities
        41.11
      • Emerging Markets Debt
        6.45
      • Non-U.S. Equities
        1.39
      • Investment Grade Corporates
        0.38
      • U.S. Treasuries
        0.26
      • U.S. Convertibles
        0.07
      • Cash & Cash Equivalents
        2.79
      • Other1
        0.00

      Credit Quality (%)

      For all securities other than those specifically described below, ratings are assigned to underlying securities utilizing ratings from Moody's, Fitch, and Standard & Poor's rating agencies and applying the following hierarchy: If all three agencies provide a rating, the middle rating (after dropping the highest and lowest ratings) is assigned; if two of the three agencies rate a security, the lower of the two is assigned. If none of the 3 Rating Agencies above assign a rating, but the security is rated by DBRS Morningstar, then the DBRS Morningstar rating is assigned.   If none of the 4 rating agencies listed above rate the security, but the security is rated by the Kroll Bond Rating Agency (KBRA), then the KBRA rating is assigned.  Ratings are shown in the S&P and Fitch scale (e.g., AAA). All ratings are subject to change. U.S. Government includes securities issued by the U.S. Department of the Treasury. Federal Agencies includes rated and unrated U.S. Agency fixed-income securities, U.S. Agency MBS, and CMOs of U.S. Agency MBS. Other Not Rated includes fixed income securities which have not been rated by any rating agency.

      As of 02/29/24
      • % of Fixed Income Assets
      • U.S. Government
        0.48
      • BBB
        0.69
      • BB
        48.81
      • B
        38.45
      • CCC
        11.16
      • CC
        0.22
      • Other Not Rated
        0.20
      Important Characteristics Information

      Portfolio information is subject to change due to active management.

      Portfolio characteristics are based on equivalent exposure, which measures how a portfolio's value would change due to price changes in an asset held either directly or, in the case of a derivative contract, indirectly. The market value of the holding may differ.

      *Short positions, unlike long positions, lose value if the underlying asset gains value.

      1Other. Other consists of: (i) currency derivatives and/or (ii) any derivative offsets.
    • Resources

      Resources

      Product Resources

      Fact Sheets are available approximately 15 days after month end.

      Announcements

      Announcements

      2023 Section 163(j) Interest Dividends (Closed End)

      MFS Closed End Fund Portfolio Management Team Announcement (February 2023)

      MFS Investment Management® (MFS®) is making a portfolio management team announcement for MFS® Charter Income Trust (NYSE: MCR), MFS® Multimarket Income Trust (NYSE: MMT), and MFS® Special Value Trust (NYSE: MFV), each a closed end fund.

      Please note: The Section 16 Filing links for each MFS Closed-End Fund listed above connect you to the EDGAR database for the specific fund; you will leave www.mfs.com.

      About Section 16 Insider Filings

      The MFS closed-end funds are subject to the provisions of Section 16 of the Securities Exchange Act of 1934 by virtue of Section 30(h) of the Investment Company Act of 1940. The following filings are periodically made with the SEC via EDGAR, an online submission and database website, by insiders of MFS' closed-end funds (i.e. trustees, certain officers and 10% shareholders of the Funds, and directors and certain officers of MFS):

      • Form 3 - An initial statement of beneficial ownership of securities (to be filed upon becoming an insider);
      • Form 4 - A statement of changes of beneficial ownership of securities (to be filed upon certain transactions of funds shares); and
      • Form 5 - An annual statement of beneficial ownership of securities (to be filed, if necessary, on an annual basis).

       These forms contain information on the reporting person's relationship to the particular fund and on purchases and sales of such equity securities.

      Shareholders may request a printed version of an MFS Closed-End Fund's Annual or Semiannual report by calling (800) 637-2304 any business day between the hours of 9:00 am and 5:00 pm.

      This website is a general communication and is provided for informational and/or educational purposes only. None of the content should be viewed as a suggestion that you take or refrain from taking any action nor as a recommendation for any specific investment product, strategy, plan feature or other such purpose. Your use of this website indicates that you agree with the intended purpose. Prior to making any investment or financial decision, you should seek individualized advice from a personal financial, tax, and other professionals who are able to provide advice in the context of your particular financial situation.

      The Funds are closed-end Funds. Common shares of the Funds are only available for purchase/sale on the NYSE at the current market price (NYSE American
      for MFS California Municipal Fund). Shares of the Funds are not FDIC-insured and are not deposits or other obligations of, or guaranteed by, any bank. Shares of the Funds involve investment risk, including possible loss of principal. For more complete information about each Fund, including risks, charges, and expenses, please see the Fund's annual and semi annual shareholder report or contact your financial adviser.

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