#1Massachusetts Investors Trust (Class R6 Shares) First quarter 2024 investment report MFS® NOT FDIC INSURED MAY LOSE VALUE NOT A DEPOSIT Before investing, consider the fund's investment objectives, risks, charges, and expenses. For a prospectus, or summary prospectus, containing this and other information, contact MFS or view online at mfs.com. Please read it carefully. ©2024 MFS Fund Distributors, Inc., Member SIPC, 111 Huntington Avenue, Boston, MA 02199. FOR DEALER AND INSTITUTIONAL USE ONLY. Not to be shown, quoted, or distributed to the public. PRPEQ-MIT-31-Mar-24 34135.9#2Table of Contents Contents Fund Risks Disciplined Investment Approach Market Overview Executive Summary Performance Attribution Significant Transactions Portfolio Positioning Characteristics Portfolio Outlook Portfolio Holdings Additional Disclosures Page 1 2 3 4 5 6 10 11 12 14 19 21 MFS® Performance and attribution results are for the fund or share class depicted and do not reflect the impact of your contributions and withdrawals. Your personal performance results may differ. 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. FOR DEALER AND INSTITUTIONAL USE ONLY. - Massachusetts Investors Trust PRPEQ-MIT-31-Mar-24#3Fund Risks MFS® 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. Please see the prospectus for further information on these and other risk considerations. FOR DEALER AND INSTITUTIONAL USE ONLY. - Massachusetts Investors Trust PRPEQ-MIT-31-Mar-24 1#4Disciplined Investment Approach Investment Objective Seeks capital appreciation Goals ■ Outperform the S&P 500 on a risk-adjusted basis over full market cycles ■ Achieve a competitive ranking in relevant peer universes over full market cycles Philosophy ■ The tenets of our investment philosophy are based upon the following beliefs: Earnings/cash flow growth combined with a valuation discipline are the most important drivers of stock price performance • Quality is underappreciated by the market Strategy MFS® ■ We leverage our bottom-up, global research platform to try to identify reasonably valued, high quality, large-cap companies that could generate durable above average growth. ■ Our valuation approach is flexible, focusing on multiple valuation methodologies with an emphasis placed on the most appropriate metrics for that particular company ■ We focus on downside risk management at the individual security level FOR DEALER AND INSTITUTIONAL USE ONLY. - Massachusetts Investors Trust PRPEQ-MIT-31-Mar-24 2#5S&P Mid Cap 400 Growth Market Overview 1Q 2024 33.7 29.3 29.9 25.6 15.6 12.8 10.6 S&P 500 Growth Style performance (%) (USD) as of 31-Mar-24 1 Year Sector performance (%) (USD) as of 31-Mar-24 1Q 2024 1 Year 50.1 20.1 17.2 15.3 15.8 13.7 11.6 8.1 5.8 4.8 4.1 0.1 Communication 17.7 46.0 33.5 26.4 12.7 12.5 11.0 8.9 8.8 Information Technology Financials Industrials Materials Health Care 17.6 16.1 Consumer Staples 7.5 7.2 28.7 5.0 4.6 0.4 Source for benchmark performance SPAR, FactSet Research Systems Inc. All indices represent total return unless otherwise noted. US equities market review as of 31 March 2024 • The US market, as measured by the S&P 500 Index, finished strongly higher in Q1 2024. This was driven by the ongoing belief that interest rates will be cut later this year as inflation moves lower. Economic growth in the United States expanded during Q4 2023, with GDP increasing 3.4%. While this was slower than the 4.9% for Q3, it continued to show increases in consumer and government spending. With inflation trending down, although not in a straight Source: FactSet. Sector performance based on MSCI sector classification. The analysis of Standard & Poor's 500 Stock Index constituents are broken out by MSCI defined sectors. line, the US Federal Reserve continues to anticipate interest rate cuts in 2024. For the quarter, growth outperformed value in the large-cap, midcap and small-cap spaces. Energy, communication services and financials were the best-performing sectors, and real estate, consumer discretionary and utilities were the worst. FOR DEALER AND INSTITUTIONAL USE ONLY. - Massachusetts Investors Trust PRPEQ-MIT-31-Mar-24 3 Consumer Discretionary Utilities Real Estate -0.5 10.3 MFS#6Executive Summary MFS® Performance results (%) R6 shares at NAV (USD) as of 31-Mar-24 Portfolio Benchmark^ 15.05 12.96 13.30 11.75 11.49 9.96 10 year 5 year 3 year 29.88 27.78 1 year 10.75 10.56 1Q 2024 Performance data shown represent past performance and are no guarantee of future results. Investment return and principal value fluctuate so your shares, when sold, may be worth more or less than the original cost; current performance may be lower or higher than quoted. For most recent month-end performance, please visit mfs.com. Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable. All results assume the reinvestment of dividends and capital gains. Shares are available without a sales charge to eligible investors. Source for benchmark performance SPAR, FactSet Research Systems Inc. For periods of less than one-year returns are not annualized. ^ Standard & Poor's 500 Stock Index Sector weights (%) as of 31-Mar-24 Portfolio Benchmark^^ Top overweights Financials Consumer Staples Health Care Top underweights Consumer Discretionary Information Technology Communication Services 16.2 13.2 7.2 6.0 13.4 12.4 6.5 10.3 28.0 29.6 7.4 9.0 ^^ Standard & Poor's 500 Stock Index The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and S&P Global Market Intelligence Inc. ("S&P Global Market Intelligence"). GICS is a service mark of MSCI and S&P Global Market Intelligence and has been licensed for use by MFS. MFS has applied its own internal sector/industry classification methodology for equity securities and non-equity securities that are unclassified by GICS. The Massachusetts Investors Trust outperformed the Standard & Poor's 500 Stock Index in the first quarter of 2024. Contributors • Consumer Discretionary - Stock selection • Information Technology - Stock selection • Individual stocks: - Howmet Aerospace Inc. - UnitedHealth Group Inc (not held) - Eaton Corporation PLC Detractors • Communication Services - Stock selection ⚫Individual stocks: - American Tower Corp -Xcel Energy Inc - Crown Holdings Inc - Zoetis Inc - Honeywell International Inc (Eq) FOR DEALER AND INSTITUTIONAL USE ONLY. - Massachusetts Investors Trust PRPEQ-MIT-31-Mar-24 4#7Performance Results Period 1Q 2024 4Q 2023 3Q 2023 2Q 2023 2023 2022 2021 2020 2019 10 year 5 year 3 year 1 year Performance results (%) R6 shares at NAV (USD) as of 31-Mar-24 Portfolio Benchmark^ MFS Excess return vs benchmark 10.75 10.56 0.20 11.68 11.69 -0.02 -4.12 -3.27 -0.84 7.74 8.74 -1.00 19.55 26.29 -6.74 -16.06 -18.11 2.05 27.25 28.71 -1.45 14.50 18.40 -3.90 32.34 31.49 0.85 11.75 12.96 -1.21 13.30 15.05 -1.75 9.96 11.49 -1.53 27.78 29.88 -2.11 Performance data shown represent past performance and are no guarantee of future results. Investment return and principal value fluctuate so your shares, when sold, may be worth more or less than the original cost; current performance may be lower or higher than quoted. For most recent month-end performance, please visit mfs.com. Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable. All results assume the reinvestment of dividends and capital gains. Shares are available without a sales charge to eligible investors. Source for benchmark performance SPAR, FactSet Research Systems Inc. For periods of less than one-year returns are not annualized. ^ Standard & Poor's 500 Stock Index FOR DEALER AND INSTITUTIONAL USE ONLY. - Massachusetts Investors Trust PRPEQ-MIT-31-Mar-24 LO 5#8Performance Drivers - Sectors MFS® Relative to Standard & Poor's 500 Stock Index - (USD) first quarter 2024 Average relative weighting (%) Relative Portfolio Benchmark returns (%) returns (%) Sector Stock allocation (%) selection² (%) Currency + + = contribution effect (%) (%) Contributors Consumer Discretionary -4.4 15.6 5.0 0.3 0.6 -0.0 0.9 Information Technology -1.6 14.8 12.7 -0.0 0.6 -0.0 0.5 Health Care 0.9 10.6 8.8 -0.0 0.2 0.2 Industrials 0.2 13.4 11.0 0.0 0.2 Financials 3.1 12.7 12.5 0.1 0.0 Detractors Communication Services -0.5 3.6 15.8 0.0 -1.1 Materials 1.2 4.7 8.9 -0.0 -0.2 Utilities -0.9 -7.7 4.6 0.1 -0.2 Real Estate -0.2 -4.0 -0.5 0.0 -0.1 | | | |│ 0.2 0.1 -1.1 -0.2 -0.1 -0.1 Consumer Staples 1.4 7.1 7.5 -0.0 -0.0 -0.0 -0.1 Cash 0.7 1.3 -0.1 - -0.1 Energy 0.1 12.7 13.7 -0.0 -0.0 -0.0 Total 10.9 10.6 0.3 0.1 -0.1 0.3 1 Sector allocation is calculated based upon each security's price in local currency. 2 Stock selection is calculated based upon each security's price in local currency and included interaction effect. Interaction effect is the portion of the portfolio's relative performance attributable to combining allocation decisions with stock selection decisions. This effect measures the relative strength of the manager's convictions. The interaction effect is the weight differential times the return differential. Attribution results are generated by the FactSet application utilizing a methodology that is widely accepted in the investment industry. Results are based upon daily holdings using a buy-and-hold methodology to generate individual security returns and do not include fees or expenses. As such, attribution results are essentially estimates and do not aggregate to the total return of the portfolio, which can be found elsewhere in this presentation. Recent geopolitical events may have impacted or disrupted the pricing of specific securities including the use of fair valuation approaches. Fair valuation practices across pricing sources index providers, pricing vendors, MFS - may not align due to security specific considerations or timing of fair valuation parameters. For instance, decisions to use stale prices vs fair value or on the level of haircut when fair valuing securities are typical sources of discrepancy between pricing sources observed during the events. This may further compound differences between attribution results and actual performance. To obtain the contribution calculation methodology and a complete list of every holding's contribution to the overall portfolio's performance during the measurement period, please email [email protected]. The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and S&P Global Market Intelligence Inc. ("S&P Global Market Intelligence"). GICS is a service mark of MSCI and S&P Global Market Intelligence and has been licensed for use by MFS. MFS has applied its own internal sector/industry classification methodology for equity securities and non-equity securities that are unclassified by GICS. FOR DEALER AND INSTITUTIONAL USE ONLY. - Massachusetts Investors Trust PRPEQ-MIT-31-Mar-24 6#9Performance Drivers - Stocks MFS Average Weighting (%) Returns (%) Relative to Standard & Poor's 500 Stock Index (USD) - first quarter 2024 Portfolio Benchmark Portfolio¹ Benchmark Relative contribution(%) Contributors Tesla Inc 1.3 -29.3 0.7 Apple Inc 3.7 6.4 -10.8 -10.8 0.6 Howmet Aerospace Inc. 1.8 0.1 26.5 26.5 0.3 Asml Holding Nv 1.2 - 28.2 - 0.2 UnitedHealth Group Inc 1.1 -5.7 0.2 Detractors Meta Platforms Inc 2.3 37.3 -0.5 American Tower Corp 1.5 0.2 -8.5 -8.5 -0.3 Xcel Energy Inc Crown Holdings Inc Zoetis Inc 1.0 0.1 -12.3 -12.3 -0.2 0.5 -15.8 -0.2 0.9 0.2 -14.1 -14.1 -0.2 1 Represents performance for the time period stock was held in portfolio. Attribution results are generated by the FactSet application utilizing a methodology that is widely accepted in the investment industry. Results are based upon daily holdings using a buy-and-hold methodology to generate individual security returns and do not include fees or expenses. As such, attribution results are essentially estimates and do not aggregate to the total return of the portfolio, which can be found elsewhere in this presentation. Recent geopolitical events may have impacted or disrupted the pricing of specific securities including the use of fair valuation approaches. Fair valuation practices across pricing sources index providers, pricing vendors, MFS - may not align due to security specific considerations or timing of fair valuation parameters. For instance, decisions to use stale prices vs fair value or on the level of haircut when fair valuing securities are typical sources of discrepancy between pricing sources observed during the events. This may further compound differences between attribution results and actual performance. To obtain the contribution calculation methodology and a complete list of every holding's contribution to the overall portfolio's performance during the measurement period, please email [email protected]. FOR DEALER AND INSTITUTIONAL USE ONLY. - Massachusetts Investors Trust PRPEQ-MIT-31-Mar-24 7#10Significant Impacts on Performance - Contributors MFS® Relative to Standard & Poor's 500 Stock Index (USD) - first quarter 2024 Tesla Inc Not owning shares of electric vehicle manufacturer Tesla (United States) benefited relative results. The share price of Tesla fell following softer-than-anticipated earnings for the sixth straight quarter as a consequence of its strategy undertaken at the end of 2022 to sacrifice pricing and margins to drive sales. Relative contribution (%) 0.7 Apple Inc The portfolio's underweight position in computer and personal electronics maker Apple (United States) lifted relative returns. The stock price declined as the company reported a slowdown in iPhone demand in China. App store revenues from China were also below analyst expectations. The stock price suffered further after the Department of Justice filed a civil antitrust lawsuit alleging the company monopolized the smartphone market by discouraging innovation that threatens its competitive position or disintermediates the iPhone. Howmet Aerospace An overweight position in aerospace and transportation engineering firm Howmet Aerospace (United States) bolstered relative returns. The company reported better-than-expected earnings results, driven by strong performance in its fastening systems, engineered structures, and engine products segments. Inc. FOR DEALER AND INSTITUTIONAL USE ONLY. - Massachusetts Investors Trust PRPEQ-MIT-31-Mar-24 0.6 0.3 00 8#11Significant Impacts on Performance - Detractors MFS® Relative to Standard & Poor's 500 Stock Index (USD) - first quarter 2024 Meta Platforms Inc Not owning shares of social networking service provider Meta Platforms (United States) weighed on relative performance. The stock price advanced during the quarter as the company reported earnings results ahead of expectations, led by strength in advertising revenue growth in China and a disciplined approach to capex. The company also announced a quarterly dividend and discussed plans to integrate artificial intelligence within its platforms, further supporting the stock price. Relative contribution (%) -0.5 American Tower Corp The portfolio's overweight position in broadcast and communication tower management firm American Tower (United States) hindered relative performance. Despite posting solid financial results and forward guidance, the company's share price fell after management lowered its dividend expectations for the coming year. -0.3 Xcel Energy Inc An overweight position in power and natural gas distributor Xcel Energy (United States) detracted from relative returns. The stock price dropped after the company disclosed that insurance companies are suing Xcel on allegations that their equipment may have started the wildfire in the Texas panhandle. -0.2 FOR DEALER AND INSTITUTIONAL USE ONLY. - Massachusetts Investors Trust PRPEQ-MIT-31-Mar-24 6#12Significant Transactions From 01-Jan-24 to 31-Mar-24 Purchases AMAZON.COM INC (EQ) SOUTHERN CO/THE Sector CME GROUP INC Sales LAM RESEARCH CORP JB HUNT TRANSPORT SERVICES INC EQUINIX INC (EQ) NASDAQ INC CROWN HOLDINGS INC KIMBERLY-CLARK CORP COMCAST CORP MFS® Transaction type Trade (%) Ending weight (%) Consumer Discretionary Utilities Add 1.2 3.8 New position 0.8 0.8 Financials New position 0.6 0.6 Information Technology New position 0.5 0.6 Industrials New position 0.5 0.5 Real Estate Eliminate position -0.8 Financials Eliminate position -0.7 Materials Eliminate position -0.6 Consumer Staples Communication Services Eliminate position Trim -0.6 -0.5 0.7 The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and S&P Global Market Intelligence Inc. ("S&P Global Market Intelligence"). GICS is a service mark of MSCI and S&P Global Market Intelligence and has been licensed for use by MFS. MFS has applied its own internal sector/industry classification methodology for equity securities and non-equity securities that are unclassified by GICS. FOR DEALER AND INSTITUTIONAL USE ONLY. - Massachusetts Investors Trust PRPEQ-MIT-31-Mar-24 10#13Sector Weights MFS® As of 31-Mar-24 Portfolio (%) Benchmark (%) Underweight/overweight(%) Top holdings Financials 16.2 13.2 3.0 JPMorgan Chase & Co, Visa Inc, Mastercard Inc Costco Wholesale Corp, Target Corp, Consumer Staples 7.2 6.0 1.2 Colgate-Palmolive Co Cigna Group, Eli Lilly & Co, Vertex Health Care 13.4 12.4 1.0 Industrials 9.5 8.8 0.7 Pharmaceuticals Inc Howmet Aerospace Inc, Honeywell International Inc, Eaton Corp PLC Materials Energy 3.0 2.4 0.6 Linde PLC 4.1 3.9 0.2 Real Estate 2.0 2.3 -0.3 Utilities 1.6 2.2 -0.6 ConocoPhillips, Exxon Mobil Corp American Tower Corp REIT Xcel Energy Inc Communication Services 7.4 9.0 -1.6 Alphabet Inc Class A, Electronic Arts Inc Information Technology 28.0 29.6 -1.6 Microsoft Corp, NVIDIA Corp, Apple Inc Consumer Discretionary 6.5 10.3 -3.8 Amazon.com Inc, Home Depot Inc, LVMH Moet Hennessy Louis Vuitton SE ^ Standard & Poor's 500 Stock Index 0.9% Cash & cash equivalents The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and S&P Global Market Intelligence Inc. ("S&P Global Market Intelligence"). GICS is a service mark of MSCI and S&P Global Market Intelligence and has been licensed for use by MFS. MFS has applied its own internal sector/industry classification methodology for equity securities and non-equity securities that are unclassified by GICS. FOR DEALER AND INSTITUTIONAL USE ONLY. - Massachusetts Investors Trust PRPEQ-MIT-31-Mar-24 11#14Characteristics As of 31-Mar-24 Fundamentals - weighted average IBES long-term EPS growth Price/earnings (12 months forward) Market capitalization Market capitalization (USD) Diversification Top ten issues Number of Issues 2 Turnover 3 Trailing 1 year turnover Risk/reward (10 year) Historical tracking error Standard deviation Beta ^ Standard & Poor's 500 Stock Index Past performance is no guarantee of future results. No forecasts can be guaranteed. Portfolio Benchmark^ 1 Source: FactSet 13.8% 22.1x 14.4% 21.9x 790.9 bn 805.6 bn 38% 69 32% 503 26% 2.60% 14.66% 0.95 15.16% FOR DEALER AND INSTITUTIONAL USE ONLY. - Massachusetts Investors Trust PRPEQ-MIT-31-Mar-24 MFS® 2 Weighted average. 3 US Turnover Methodology: (Lesser of Purchase or Sales)/Average Month End Market Value 12#15Top 10 Issuers MFS® Top 10 issuers as of 31-Mar-24 MICROSOFT CORP Portfolio (%) 9.0 Benchmark (%) 7.1 ALPHABET INC NVIDIA CORP AMAZON.COM INC (EQ) APPLE INC JPMORGAN CHASE & CO CONOCOPHILLIPS (EQ) VISA INC SALESFORCE INC MASTERCARD INC (EQ) Total ^ Standard & Poor's 500 Stock Index FOR DEALER AND INSTITUTIONAL USE ONLY. - Massachusetts Investors Trust PRPEQ-MIT-31-Mar-24 5.4 3.7 4.7 5.1 3.8 3.7 3.2 5.6 2.9 1.3 2.7 0.3 2.4 1.0 2.0 0.7 2.0 0.9 38.1 29.5 13#16Portfolio Outlook and Positioning MFS® The portfolio focuses on owning large-cap, higher-quality companies with durable, above average earnings and cash flow growth trading at reasonable valuations. In assessing durability of future cash flows, we conduct bottom-up fundamental analysis which includes consideration of material fundamental factors that could either augment or pose risks to those cash flow streams. More specifically, key attributes that we look for in an investment include durable franchises with real barriers to entry, above average returns that are in excess of their cost of capital, balance sheets that can withstand adverse market conditions, and solid management teams that aim to allocate capital prudently and create long term value. Typically, we try to own companies that generate top line growth slightly above the market with cost controls that can help drive operating profit growth above the market. When combined with prudent capital deployment this aims for earnings and cash flow growth per share that is sufficiently above the market. We then look to select ideas where these attributes are not properly reflected in current valuations. The S&P 500 was up 10.6% in the first quarter, good for the 11th best start to a year since 1950, and now up nearly 28% since the October lows. The momentum trade remained in charge during the first quarter, with the two best performing stocks in the S&P 500 being artificial intelligence darlings Super Micro Computer, up 255%, and Nvidia, up 82%. According to data from Piper Sandler, the weight of high-momentum stocks in the US equity markets is at all-time highs, surpassing previous peaks such as 1929, the Nifty 50, and the 2000 tech bubble. The good news is that many of today's momentum plays have strong profitability and fundamentals alongside valuations that are more reasonable, at least compared to the early 2000s. From a Magnificent 7 perspective, we did start to see more dispersion of returns among this cohort, with Tesla, Apple and Alphabet underperforming. Turning to the portfolio's performance, the portfolio outperformed the S&P 500 during the first quarter. For the quarter, stock selection and an underweight in consumer discretionary, most notably not owning Tesla, contributed to performance. Stock selection in information technology, most notably not owning Apple, also contributed to relative performance. As mentioned, the performance of Magnificent 7 stocks started to diverge during the quarter, also benefiting our relative performance. Looking at positioning as of March 31, 2024, we own several compelling investment opportunities in software, electrical equipment and financial services. Within software, our exposure is driven by Microsoft, our largest position as it is one of the only companies monetizing its investment in GenAl. The use cases for software are exploding as data is harnessed and Microsoft's CoPilot assistants permeate daily work/consumer life and digital creation and software shifts from human-driven to machine-driven, such as with OpenAl's new generative video engine Sora. Both massively expand the addressable market for software and infrastructure, benefiting Microsoft. Microsoft also has the enormous data set of FOR DEALER AND INSTITUTIONAL USE ONLY. - Massachusetts Investors Trust PRPEQ-MIT-31-Mar-24 14#17Portfolio Outlook and Positioning MFS® SharePoint, Office and Azure, and Al will strengthen their bundling strategy. We also added to our position in Salesforce during the quarter as valuation, especially on FCF, didn't appear to reflect improving growth driven by price increases, Al tailwinds and bundling of front office apps. Within electrical equipment, we own companies that are well positioned to participate in the secular trends of grid hardening, renewable energy infrastructure and more electrical content in buildings, homes and industrial facilities. Within financial services, our exposure consists of a combination of payment networks (Visa and MasterCard) and fin tech (Fiserv) as these companies are steady compounders and have valuations that appear attractive for the quality and defensiveness of the business. Conversely, we have no exposure to hotels, restaurants & leisure, and automobiles. Within hotels and restaurants & leisure, we are worried that some of the cost concerns are more structural and here to stay, likely pressuring margins for many companies in this category. Within autos, we do not own Tesla under the view that there are no imminent growth catalysts over the next few years as volume growth is under pressure and either Tesla needs to revert to incremental pricing discounts to move volume that results in further margin pressure or it can try to preserve margins at the expense of growth, in which case it is very likely they see lower volume growth. Under either scenario, we believe estimates need to continue to move lower and the stock's valuation isn't reflecting this. We are gaining exposure to trends within electric vehicles through our position in TE Connectivity, which in our view is a more attractively valued and diverse way to gain exposure to these secular trends. We are also underweight technology hardware, storage & peripherals, largely due to our underweight in Apple. For Apple, we continue to remain underweight given weakening fundamentals, a still very expensive valuation, and idiosyncratic risks to its largest profit streams. More specifically, we expect 2024 to be a year of muted growth for Apple driven by weakness across most hardware categories and incremental pressure for iPhone in China. In addition, the Google licensing payment and Apple's App Store revenue are both by far the largest contributors to forecast profit growth and both revenue streams are under increased regulatory scrutiny. During the quarter, the largest increase to relative weighting was in the consumer discretionary sector, due to the underperformance of Tesla reducing the benchmark weight and adding to our position in Amazon given increased confidence in higher, more durable margins due to revenue mix (AWS, advertising, third-party growing faster than first party) and harvesting the benefits of regionalization as well as doubling the distribution network during COVID. In addition, we admire its growing range of Al-related capabilities bolstered by the wealth of customer data within its footprint (in retail, Prime, AWS, Alexa, etc.). The largest decrease in relative weighting was in the communication services sector as we trimmed our position in Comcast. We own Comcast in part due to what historically were defensive characteristics. But with increased competition, streaming and cord cutting weakening what had been a formidable moat and raising terminal value concerns, and a capital FOR DEALER AND INSTITUTIONAL USE ONLY. - Massachusetts Investors Trust PRPEQ-MIT-31-Mar-24 15#18Portfolio Outlook and Positioning MFS® allocation track record not confidence inspiring, we no longer view the business as defensive as it was in the past. We also trimmed Alphabet as the range of outcomes has widened as competitive intensity and tech re-platforming increase the moat's fragility. Thus we've continued to take advantage of pockets of strength in the stock to reduce what was one of our largest overweight positions toward a size that reflects this wider range of outcomes. Within financials, we swapped our position in Nasdaq into CME Group. With Nasdaq, we were wary of the higher leverage and what seems to be a strategic shift in capital allocation priorities as evidenced by the Adenza deal, plus a risk that Nasdaq is over-earning. CME has been on our radar screen for a while, given a strong moat, attractive margins, low leverage, and it benefits from volatility, with lower overearning risk based on the underlying asset class exposure. We view valuation as reasonable for a business that should provide defensive high-single-digit EPS growth plus a decent dividend yield. We were active within industrials as we sold out of our position in building products company Masco since the stock had been strong in part due to improved near-term fundamental support from cost deflation/takeout and pricing. And while we've found the dynamics in housing and the market's enthusiasm for certain pockets of building products/home building to be fascinating, we decided to exit with valuation above historical and relative levels as we remain respectful of housing risk. We started a new position in safety and security products and solutions provider (dealing in mechanical and electronic/smart locks and systems, key fobs, biometric access, automated entrance, door systems, etc.) Allegion. Allegion has lagged other building product companies due to concerns they have more exposure to nonresidential, but much of this exposure is in the preferrable institutional segment that caters to hospitals, universities and governments, which we believe should be more stable, and the valuation now trades at an attractive discount to the market. In addition, we like the duopolistic nature of the industry and the company's solid return on capital, steady pricing power and clean balance sheet validate the quality attributes of the business model and positioning. We sold our position in packaging company Crown Holdings to fund our position in Allegion, which we viewed as an upgrade in quality. We appreciate the long-term potential for Crown to benefit from beverages shifting from plastic to aluminum substrates, but we haven't been eager to add given lingering questions about the business quality. Notably, its history of factoring receivables, capital intensity, heavier leverage than we'd prefer and less control of its destiny due to customer power/concentration. We also started a new position in intermodal freight transport company J.B. Hunt. J.B. Hunt is an accelerating growth story as it offers the best volume growth in transports due to a cyclical recovery in intermodal helped by retail restocking, improving industrial production and regaining share that went to trucking during COVID. It is also trading at an attractive valuation, has a long-term oriented and returns-focused management team and an underappreciated sustainability story as intermodal is 60% to 75% more fuel efficient than truck, cheaper than truck and has lower labor intensity. Finally, we added Dun & Bradstreet as FOR DEALER AND INSTITUTIONAL USE ONLY. - Massachusetts Investors Trust PRPEQ-MIT-31-Mar-24 16#19Portfolio Outlook and Positioning MFS® we overcame our lingering concerns about the company's balance sheet, technological modernization and positioning, and trajectory of revenue growth and durability. In particular, its underlying revenue growth has been increasing and management is taking heed of the balance sheet. Elsewhere, we sold our position in household products company Kimberly-Clark as we view its EV/uFCF valuation as not overly compelling relative to the quality of the business and within consumer staples we prefer Kenvue, which we added to, given a more attractive valuation. We sold our position in PPG Industries as we determined we could replicate its exposures more robustly elsewhere. Specifically, it has exposure to housing, where we prefer Home Depot and Summit Materials, aerospace, where we prefer Howmet Aerospace, and auto OEM, where we prefer Analog Devices and TE Connectivity. We also sold our position in data center REIT Equinix. Our initial buy case was predicated on enterprise migration to the cloud and Equinix's exposure to the higher quality interconnection and collocated business mix that yielded more pricing power. However, our analyst's work highlighted that the company is likely overearning due to the temporary supply/demand dynamics (and being respectful of the bargaining power of top customers such as Amazon, Alphabet and Microsoft) and the recent deterioration in returns particularly caught our attention. This combined with a full valuation led us to redeploy into more compelling ideas. Finally, we started new positions in utility Southern and semiconductor equipment company Lam Research. For Southern, we were underweight utilities and we had been sharpening the pencil given the contraction of relative P/Es versus the market, and we had been waiting for a more attractive valuation in terms of dividend yield versus the 10-year Treasury yield to lean in more meaningfully. The dividend yield reached parity with the 10-year, and Southern has constructive jurisdictions (Georgia, Alabama), a good balance sheet, and an attractive total shareholder return. For Lam Research, we already owned Applied Materials and ASML and we appreciate the semicaps as critical providers of equipment, know-how and IP that fabrication players need for manufacturing. In our opinion, these are solid businesses through cycle as key players have consolidated market share in their specific categories, have moats that are made significant by the increasing complexity and mission-critical nature of their machines and enjoy a solid revenue growth runway driven by rising capital intensity in semi manufacturing, deglobalization and national security driving demand for local fabs, semis going into an ever-expanding range of products, and Al adding fuel to the fire. Thus far, we've mostly funded out position in Lam from other semis, mostly Applied Materials, to keep the overall semi exposure unchanged. Lam's quality is highlighted by its solid margins, high returns, good FCF conversion and strong balance sheet. The key parts of the thesis are that it has significant exposure to memory, which is currently depressed but has a potentially bullish outlook due to its criticality for Al, with high bandwidth memory providing a tailwind for demand, and Lam has not benefited nearly as much as Applied Materials has from China, which concerns us, as it may prove unsustainable for Applied Materials. FOR DEALER AND INSTITUTIONAL USE ONLY. - Massachusetts Investors Trust PRPEQ-MIT-31-Mar-24 17#20Portfolio Outlook and Positioning MFS® The risk of recession appears to be declining, and rising oil and copper prices may be an indication the economy is strengthening. Contrary signals, including rising bankruptcies, which are on par with 2020 and the global financial crisis, but this likely has more to do with companies wrestling with higher financing costs rather than economic weakness. As discussed earlier, momentum led the market in the first quarter. For a more broad-based rally to take hold, investors will likely need to see further signs that the economy is improving, inflation is slowing and interest rates are coming down. We did see signs of the market broadening in March, as value outperformed growth, and value-oriented, more cyclical sectors such as energy, materials and financials outperformed with technology lagging. In addition, EPS growth is poised to substantially broaden in the coming year, with Magnificent 7 growth decelerating while the rest of the market accelerates, which should lead to less market concentration. We take an active, bottom-up-oriented approach to equity investing focused on high-quality franchises with durable and consistent growth, combined with a valuation discipline that we believe will serve the strategy well moving forward. 54486.6 The commentary included in this report was based on a representative fully discretionary portfolio for this product style; as such the commentary may include securities not held in your portfolio due to account, fund, or other limits. FOR DEALER AND INSTITUTIONAL USE ONLY. - Massachusetts Investors Trust PRPEQ-MIT-31-Mar-24 18#21Portfolio Holdings MFS® As of 31-Mar-24 Cash & Cash Equivalents Cash & Cash Equivalents Communication Services Alphabet Inc Class A Electronic Arts Inc Comcast Corp Cable One Inc 0.9 0.9 Equivalent exposure (%) As of 31-Mar-24 Financials CME Group Inc Equivalent exposure (%) 16.2 0.6 7.4 Charles Schwab Corp 0.6 5.2 Health Care 13.4 1.1 Cigna Group 1.8 0.7 Eli Lilly & Co 1.7 0.3 Vertex Pharmaceuticals Inc 1.6 Alphabet Inc Class C 0.2 Medtronic PLC 1.5 Consumer Discretionary 6.5 ICON PLC 1.4 Amazon.com Inc 3.8 Agilent Technologies Inc 1.2 Home Depot Inc 1.6 Becton Dickinson & Co 1.2 LVMH Moet Hennessy Louis Vuitton SE 1.0 Merck & Co Inc 1.2 Tractor Supply Co 0.2 Pfizer Inc 1.0 Consumer Staples 7.2 Zoetis Inc 0.8 Costco Wholesale Corp 1.5 Industrials 9.5 Target Corp 1.2 Howmet Aerospace Inc 1.9 Colgate-Palmolive Co 1.2 Honeywell International Inc 1.5 Kenvue Inc 1.0 Eaton Corp PLC 1.4 Mondelez International Inc 0.8 AMETEK Inc 1.0 Diageo PLC 0.8 Johnson Controls International PLC 1.0 Pernod Ricard SA 0.7 Waste Management Inc 0.7 Energy ConocoPhillips Exxon Mobil Corp Financials JPMorgan Chase & Co Visa Inc Mastercard Inc Goldman Sachs Group Inc Fiserv Inc Bank of America Corp 4.1 Canadian Pacific Kansas City Ltd 0.6 2.7 JB Hunt Transport Services Inc 0.5 1.4 Allegion plc 0.5 16.2 Dun & Bradstreet Holdings Inc 0.3 2.9 Fortive Corp 0.2 2.4 Information Technology 28.0 2.0 Microsoft Corp 9.0 1.6 NVIDIA Corp 4.7 1.6 Apple Inc 3.2 1.4 Salesforce Inc 2.0 Chubb Ltd Willis Towers Watson PLC Aon PLC 1.3 Analog Devices Inc 1.6 0.9 TE Connectivity Ltd 1.5 0.9 FOR DEALER AND INSTITUTIONAL USE ONLY. - Massachusetts Investors Trust PRPEQ-MIT-31-Mar-24 19#22Portfolio Holdings As of 31-Mar-24 Information Technology Applied Materials Inc Check Point Software Technologies Ltd ASML Holding NV Texas Instruments Inc Equivalent exposure (%) 28.0 1.3 Adobe Inc Lam Research Corp Materials Linde PLC DuPont de Nemours Inc Summit Materials Inc Real Estate American Tower Corp REIT Rayonier Inc REIT Utilities Xcel Energy Inc Southern Co 1.3 1.1 0.9 0.8 0.6 3.0 1.1 1.0 0.9 2.0 1.6 64 0.4 1.6 0.8 0.8 The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and S&P Global Market Intelligence Inc. ("S&P Global Market Intelligence"). GICS is a service mark of MSCI and S&P Global Market Intelligence and has been licensed for use by MFS. MFS has applied its own internal sector/industry classification methodology for equity securities and non-equity securities that are unclassified by GICS. FOR DEALER AND INSTITUTIONAL USE ONLY. - Massachusetts Investors Trust PRPEQ-MIT-31-Mar-24 MFS® 20 20#23MFS® "Standard & Poor's®" and S&P "S&P®" are registered trademarks of Standard & Poor's Financial Services LLC ("S&P") and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones") and have been licensed for use by S&P Dow Jones Indices LLC and sublicensed for certain purposes by MFS. The S&P 500Ⓡ is a product of S&P Dow Jones Indices LLC, and has been licensed for use by MFS. MFS's Products are not sponsored, endorsed, sold or promoted by S&P Dow Jones Indices LLC, Dow Jones, S&P, or their respective affiliates, and neither S&P Dow Jones Indices LLC, Dow Jones, S&P, their respective affiliates make any representation regarding the advisability of investing in such products. Additional Disclosures FOR DEALER AND INSTITUTIONAL USE ONLY. - Massachusetts Investors Trust PRPEQ-MIT-31-Mar-24 21 21