NOTES TO FINANCIAL STATEMENTS
(1) Business and Organization MFS Special Value Trust (the trust) is organized as a Massachusetts business trust
and is registered under the Investment Company Act of 1940, as amended, as a closed-end management
investment company.
(2) Significant Accounting Policies General - The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during the reporting period. Actual results could
differ from those estimates. The trust can invest in foreign securities. Investments in foreign securities are
vulnerable to the effects of changes in the relative values of the local currency and the U.S. dollar and to the
effects of changes in each country's legal, political, and economic environment. The trust can invest in high-yield
securities rated below investment grade. Investments in high-yield securities involve greater degrees of credit and
market risk than investments in higher- rated securities and tend to be more sensitive to economic conditions.
Investment Valuations - Debt securities (other than short-term obligations which mature in 60 days or less),
including listed issues, and forward contracts, are valued on the basis of valuations furnished by dealers or by a
pricing service with consideration to factors such as institutional-size trading in similar groups of securities, yield,
quality, coupon rate, maturity, type of issue, trading characteristics, and other market data, without exclusive
reliance upon exchange or over-the-counter prices. Equity securities listed on securities exchanges or reported
through the NASDAQ system are reported at market value using last sale prices. Unlisted equity securities or
listed equity securities for which last sale prices are not availab