#1Massachusetts Investors Trust First Quarter 2024 MFS® 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. "Standard & Poor's®" and "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 Massachusetts Financial Services Company ("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 product(s) is 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 product(s). 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. NOT FDIC INSURED MAY LOSE VALUE NOT A DEPOSIT Before investing, consider the funds' 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. FOR DEALER AND INSTITUTIONAL USE ONLY. Not to be shown, quoted, or distributed to the public. MFS Fund Distributors, Inc., Member SIPC, 111 Huntington Avenue, Boston, MA 02199. 14123.65 ex31JUL24#2Table of Contents Contents MFSⓇ Overview Investment Overview Appendix FOR INVESTMENT PROFESSIONAL USE ONLY. Not intended for retail investors. - Massachusetts Investors Trust MIT-RF-MT-USD-US-1Q24.ii Tab 1 2 3 MFS®#3Responsible Active Management We create long-term value by allocating capital responsibly COLLECTIVE EXPERTISE Engagement ■ Diversity and collaboration ■ Integrated research LONG-TERM DISCIPLINE ■ Conviction and longer time horizons ■ Continuity/Succession planning ■ Alignment of incentives MFS® RISK MANAGEMENT ■ Risk-aware culture ■ Understanding material risks ■ Capacity management Uncovering market opportunities while striving to protect our clients' reputations 42929.7 1 FOR INVESTMENT PROFESSIONAL USE ONLY. Not intended for retail investors. - Massachusetts Investors Trust MIT-RF-MT-USD-US-1Q24.1#4Active Through the Ages 00 0.00 000000000 0000 000 1000 0 00 0000000 00000000 00000000 00000000 0000000 900000 MFS® 1920s 1930s-1940s 1950s-1960s 1970s 1980s-1990s 2000s 2010s-2020s TIME MFS Creating the mutual fund Democratizing investing Establishing department Shaping legislation in-house research Growing a fund into a movement Entering the retirement market Pioneering active bonds Going global Strengthening client support financial crisis Crash of Integrating fixed income and equity investment teams Championing and defining the future of active INDUSTRY BACKDROP Speculative, expensive and illiquid investing New Deal Era after Crash of 1929 Need for regulation Boom period Consumerism and convenience ERISA legislation Birth of indexing Shareholder Primacy era begins 00000000 0000000 0000000 000000 000000 60000 000 0000000 0000000 000000 Globalization Advancement in technology Dot-Com Bubble Global Financial Crisis FOR INVESTMENT PROFESSIONAL USE ONLY. Not intended for retail investors. - Massachusetts Investors Trust MIT-RF-MT-USD-US-1Q24.2 Pandemic and Polycrisis ESG divide • 000 00 A History of Bold Action 57038.2 2#5Massachusetts Investors Trust Team Team managed Jude Jason Portfolio Manager Alison O'Neill Joseph MacDougall, CFA Portfolio Manager 16 years industry experience 22 years industry experience Institutional Portfolio Manager¹ 29 years industry experience Additional Resources Michael Nickolini Investment Product Specialist 28 years industry experience MFS® As of 31-Mar-24. 1 As an Institutional Portfolio Manager, communicates investment policy, strategy, and positioning. Participates in the research process and strategy discussions. Assesses portfolio risk, customizes portfolio objectives and policies, and manages daily cash flows. Years of industry experience as of 31-Dec-23. Experienced management, tested by markets, backed by depth 3 FOR INVESTMENT PROFESSIONAL USE ONLY. Not intended for retail investors. - Massachusetts Investors Trust MIT-RF-MT-USD-US-1Q24.3#6Disciplined 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 Risk 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 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, and other conditions. Please see the prospectus for further information on these and other risk considerations. Focus on quality, durable growth, and valuation 4 FOR INVESTMENT PROFESSIONAL USE ONLY. Not intended for retail investors. - Massachusetts Investors Trust MIT-RF-MT-USD-US-1Q24.4#7MFS® Global Research Platform MFS® 119 Fundamental Research Analysts 25 U.S. Equity Analysts 37 Non-U.S. Equity Analysts 52 Fixed Income Analysts 5 Dedicated ESG & Stewardship Research Analysts 8 Global Sector Teams Organized by region and sectors Collaborative Research Environment 12 Analyst-Managed Strategies Global, Regional and Country specific strategies with security selection driven by dedicated sector teams on the ground, globally 103 Portfolio Managers With significant industry experience in value, core, growth, quantitative and fixed income investing 12 Quantitative Analysts 12 Quantitative Analysts backed by 17 Quantitative Research Associates backed by 38 Investment/Research/ Stewardship Associates As of 31-Mar-24. Toronto Boston São Paulo London Luxembourg Tokyo | Hong Kong Singapore Sydney 45798.3 We believe a fully integrated global research platform provides competitive advantages FOR INVESTMENT PROFESSIONAL USE ONLY. Not intended for retail investors. - Massachusetts Investors Trust MIT-RF-MT-USD-US-1Q24.5 5#8Stock Analysis Idea Generation Fundamental Research & Valuation Analysis Analysis & Construction Massachusetts Investors Trust MFS® Business model resilience ▪ Long-term competitive advantages High barriers to entry ■ Attractive customer value proposition High-Quality Strong financial attributes Strong free cash flow generation and durable cash flows ■ High margins and returns ■ Solid balance sheet Prudent capital stewardship Durable, Above Average Growth ■ Seek above average earnings and cash flow growth that can be maintained over the long term ■ Growth achieved through a combination of revenue growth, cost optimization and capital deployment Disciplined Valuation Analysis Fundamental valuation framework ■ Multiple measures of valuation considered ■ Emphasis placed on most appropriate metric ■ Consideration of capital structure and leverage Sustainability assessment ■ Risk assessment of material ESG factors ■ Constructive stakeholder interaction ■ Company focused on long term Contextualizing valuation ■ Level of business risk ■ Risk/return trade off Comparison versus relative opportunity set The extent to which any ESG factors are considered and whether they impact returns will depend on a number of variables, such as investment strategy, the types of asset classes, regional and geographic exposures, and an investment professional's views and analysis of a specific EDG issue. ESG factors alone do not determine any investment decision. Consistent focus on high quality, durable, above average growth and valuation in all market environments FOR INVESTMENT PROFESSIONAL USE ONLY. Not intended for retail investors. - Massachusetts Investors Trust MIT-RF-MT-USD-US-1Q24.6 60#9Portfolio Construction Idea Generation Fundamental Research & Valuation Analysis Analysis & Construction Fundamental Company Risk Assessment Portfolio Construction Massachusetts Investors Trust MFS® Quantitative Portfolio Risk Assessment Operational, financial and valuation risk assessment ■ Consideration of disruption risk ■ Evaluate range of potential outcomes ■ Determine position size by conviction, risk vs. reward and liquidity ■ Diversified at the stock, industry and sector level ■ Sell discipline • Stock becomes expensive Better alternative available Change in thesis ■ Portfolio level risk characteristics ■ Macro risk assessment Liquidity and capacity risk analysis Consideration of downside risk management in making investment decisions 7 FOR INVESTMENT PROFESSIONAL USE ONLY. Not intended for retail investors. - Massachusetts Investors Trust MIT-RF-MT-USD-US-1Q24.7#10Significant Transactions MFS® From 01-Jan-24 Security Sector Transaction Type Trade (%) to 31-Mar-24 Purchases Beginning Weight (%) Ending Weight (%) AMAZON.COM INC (EQ) Consumer Discretionary Add 1.2 2.4 3.8 SOUTHERN CO/THE Utilities New position 0.8 0.8 CME GROUP INC Financials New position 0.6 0.6 LAM RESEARCH CORP Information Technology New position 0.5 0.6 JB HUNT TRANSPORT SERVICES INC Industrials New position 0.5 0.5 Sales EQUINIX INC (EQ) Real Estate Eliminate position -0.8 0.8 NASDAQ INC CROWN HOLDINGS INC Financials Eliminate position -0.7 0.8 Materials Eliminate position -0.6 0.8 KIMBERLY-CLARK CORP Consumer Staples Eliminate position -0.6 0.6 | | | | COMCAST CORP Communication Services Trim -0.5 1.3 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 INVESTMENT PROFESSIONAL USE ONLY. Not intended for retail investors. - Massachusetts Investors Trust MIT-PODBK-17-Apr-24 8#11Sector Weights Relative to Standard & Poor's 500 Stock Index As of 31-Mar-24 Portfolio (%) Benchmark (%) Underweight/Overweight (%) Financials 16.2 13.2 3.0 Consumer Staples 7.2 6.0 1.2 Health Care 13.4 12.4 1.0 Industrials 9.5 8.8 0.7 Materials Energy 3.0 2.4 0.6 4.1 3.9 0.2 Real Estate 2.0 2.3 -0.3 Utilities 1.6 2.2 -0.6 Communication Services 7.4 9.0 -1.6 Information Technology 28.0 29.6 -1.6 Consumer Discretionary 6.5 10.3 -3.8 MFS® 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 INVESTMENT PROFESSIONAL USE ONLY. Not intended for retail investors. - Massachusetts Investors Trust MIT-PODBK-17-Apr-24 9#12Top 10 Portfolio Holdings 31-Mar-24 Portfolio (%) MFS® Standard & Poor's 500 Stock Index Sector (%) MICROSOFT CORP ALPHABET INC Information Technology 9.0 7.1 Communication Services 5.4 3.7 NVIDIA CORP Information Technology 4.7 5.1 AMAZON.COM INC (EQ) Consumer Discretionary 3.8 3.7 APPLE INC Information Technology 3.2 5.6 JPMORGAN CHASE & CO CONOCOPHILLIPS (EQ) VISA INC SALESFORCE INC Financials 2.9 1.3 Energy 2.7 0.3 Financials 2.4 1.0 Information Technology 2.0 0.7 MASTERCARD INC (EQ) Financials 2.0 0.9 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 INVESTMENT PROFESSIONAL USE ONLY. Not intended for retail investors. - Massachusetts Investors Trust MIT-PODBK-17-Apr-24 10#13Characteristics I shares As of 31-Mar-24 Fundamentals - weighted average Market capitalization Diversification IBES long-term EPS growth¹ Price/earnings (12 months forward) Market capitalization (USD)² Top ten issues Number of Issues Turnover Risk/reward (10 year) Trailing 1 year turnover³ Historical tracking error Standard deviation Beta Portfolio MFS Standard & Poor's 500 Stock Index 14.4% 13.8% 22.1x 21.9x 790.9 bn 805.6 bn 38% 32% 69 503 26% 2.59% 14.66% 0.95 15.16% 1 Source: FactSet Weighted average. 3 US Turnover Methodology: (Lesser of Purchase or Sales)/Average Month End Market Value Past performance is no guarantee of future results. No forecasts can be guaranteed. FOR INVESTMENT PROFESSIONAL USE ONLY. Not intended for retail investors. - Massachusetts Investors Trust MIT-PODBK-17-Apr-24 11#14Massachusetts Investors Trust Performance as of 31 March 2024 Portfolio Performance results (%) Class I shares Standard & Poor's 500 Stock Index 15.05 12.96 13.20 11.67 27.68 29.88 MFS® 11.49 10.75 9.88 5 Years 3 Years 1 Year 10 Years Morningstar Category: Large Blend 52nd 434/888 1Q24 10.56 66th 783/1179 58th 779/1293 58th 876/1422 Rank percentile Rank/# of funds 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. Periods less than one year are actual not annualized. Class I shares are available without a sales charge to eligible investors. Source: Benchmark performance from SPAR, FactSet Research Systems Inc. It is not possible to invest directly in an index. Index performance will differ from our actively managed strategies, which may involve a higher degree of risk. Morningstar rankings may vary among share classes and are based on historical total returns, which are not indicative of future results. ©2024 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. FOR INVESTMENT PROFESSIONAL USE ONLY. Not intended for retail investors. - Massachusetts Investors Trust MIT-PODBK-19-Apr-24 1-12#15Massachusetts Investors Trust Performance as of 31 March 2024 Class A at NAV Standard & Poor's 500 Stock Index Performance results (%) Class A shares Class A w/max 5.75% sales charge 15.05 12.96 12.92 11.39 11.59 10.74 9.60 7.46 11.49 27.36 20.03 29.88 10.66 10.56 MFS® 10 Years 5 Years 3 Years 1 Year Morningstar Category: Large Blend 59th 505/888 4.30 1Q24 70th 851/1179 64th 853/1293 60th 905/1422 Rank percentile Rank/# of funds 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. Periods less than one year are actual not annualized. Source: Benchmark performance from SPAR, FactSet Research Systems Inc. It is not possible to invest directly in an index. Index performance will differ from our actively managed strategies, which may involve a higher degree of risk. Morningstar rankings may vary among share classes and are based on historical total returns, which are not indicative of future results. ©2024 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. FOR INVESTMENT PROFESSIONAL USE ONLY. Not intended for retail investors. - Massachusetts Investors Trust MIT-PODBK-19-Apr-24 A-12#16Massachusetts Investors Trust Performance as of 31 March 2024 Portfolio Performance results (%) Class R6 shares Standard & Poor's 500 Stock Index 15.05 12.96 13.30 11.75 27.78 29.88 MFS® 10 Years 11.49 10.75 9.96 5 Years 3 Years 1 Year Morningstar Category: Large Blend 50th 406/888 1Q24 10.56 66th 768/1179 56th 752/1293 58th 866/1422 Rank percentile Rank/# of funds 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. Periods less than one year are actual not annualized. Class R6 shares are available without a sales charge to eligible investors. Source: Benchmark performance from SPAR, FactSet Research Systems Inc. It is not possible to invest directly in an index. Index performance will differ from our actively managed strategies, which may involve a higher degree of risk. Morningstar rankings may vary among share classes and are based on historical total returns, which are not indicative of future results. ©2024 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. FOR INVESTMENT PROFESSIONAL USE ONLY. Not intended for retail investors. - Massachusetts Investors Trust MIT-PODBK-19-Apr-24 R6-12#17Massachusetts Investors Trust Distinguishing characteristics - class A shares What we believe makes us different from other large cap core managers? Integrated global research platform ■ Unique, collaborative culture ■ Fully integrated approach to researching companies combining equity, fixed income and quantitative analysis ■ Fundamental, bottom-up stock selection drives alpha Long-term investment horizon ■ Assess investment opportunities in context of 3-5+ year time horizon; seeking low turnover, not a trading or momentum style ■ To try to take advantage of dislocations created by short term stock price volatility Emphasis on durability and quality of business model ■ Seek companies with durable competitive advantages and strong management teams ■ Holdings generally have had high returns on capital with significant free cash generation Seek durable, above average growth potential ■ Seeks durable companies that can compound growth at above average rates Valuation discipline ■ Rigorous and flexible valuation analysis with focus on downside risk exposure MFS® Experience, teamwork, and long-term focus FOR INVESTMENT PROFESSIONAL USE ONLY. Not intended for retail investors. - Massachusetts Investors Trust MIT-RF-MT-USD-US-1Q24.13 13#18Performance Drivers - Sectors Relative to Standard & Poor's 500 Stock Index (USD) - first quarter 2024 MFS Average Relative Weighting (%) Portfolio Returns (%) Benchmark Returns (%) Sector Allocation (%)¹ Stock Currency Relative Contribution Selection (%)² 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 2 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. 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. 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 INVESTMENT PROFESSIONAL USE ONLY. Not intended for retail investors. - Massachusetts Investors Trust MIT-PODBK-17-Apr-24 14#19Performance Drivers - Stocks Relative to Standard & Poor's 500 Stock Index (USD) - first quarter 2024 MFS Average Weighting (%) Returns (%) Portfolio Benchmark Portfolio¹ Benchmark Relative Contribution (%) Top 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 Top 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 1.0 0.1 -12.3 -12.3 -0.2 Crown Holdings Inc Zoetis Inc 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 INVESTMENT PROFESSIONAL USE ONLY. Not intended for retail investors. - Massachusetts Investors Trust MIT-PODBK-17-Apr-24 15#20Appendix Contents Market Capitalization Five Largest Relative Industry Overweights And Underweights Historical Sector And Non-U.S. Exposure Relative Annual Historical Sector Allocations Annual Attribution Massachusetts Investors Trust Team Quarterly Performance Summary FOR INVESTMENT PROFESSIONAL USE ONLY. Not intended for retail investors. - Massachusetts Investors Trust MIT-RF-MT-USD-US-1Q24.16 Page 17 18 19 20 21 24 26 MFS® 16#21Market Capitalization (USD) % of portfolio Massachusetts Investors Trust As of 31-Mar-24 Standard & Poor's 500 Stock Index 16.2 16.4 14.4 12.8 1.0 0.9 0.4 1-5 bn 5-10 bn 10-50 bn MFS® 70.4 66.6 50-100 bn 100 bn + USD Billions Massachusetts Investors Trust Weighted Average Market Cap Weighted Median Market Cap 790.9 171.4 Standard & Poor's 500 Stock Index 805.6 224.7 0.9% Cash & Cash Equivalents. FOR INVESTMENT PROFESSIONAL USE ONLY. Not intended for retail investors. - Massachusetts Investors Trust MIT-PODBK-17-Apr-24 17#22Five Largest Relative Industry Overweights and Underweights MFS® As of 31-Mar-24 Overweight Software Underweight Massachusetts Investors Trust (%) S&P 500 Stock Index (%) Relative weighting (%) 13.1 10.7 2.4 Electrical Equipment 2.5 0.7 1.8 Financial Services 6.0 4.3 1.7 Life Sciences Tools & Services 2.7 1.4 1.3 Insurance 3.1 2.2 1.0 Technology Hardware, Storage & 3.2 6.0 -2.8 Peripherals Hotels, Restaurants & Leisure Machinery Automobiles IT Services 0.0 2.1 -2.1 0.2 1.8 -1.7 0.0 1.3 -1.3 0.0 1.2 -1.2 FOR INVESTMENT PROFESSIONAL USE ONLY. Not intended for retail investors. - Massachusetts Investors Trust MIT-RF-MT-USD-US-1Q24.18 18#23Historical Sector Exposure Five years as of 31 March 2024 Portfolio Maximum Minimum Average Standard & Poor's 500 Stock Index average Communication Services 13.5 7.4 10.4 9.8 Consumer Discretionary 15.3 5.4 10.0 11.6 Consumer Staples 10.4 5.0 8.4 7.5 Energy 5.6 0.7 3.7 4.8 Financials 20.1 9.8 14.0 12.9 Health Care 20.1 13.3 16.3 14.1 Industrials 10.2 5.7 7.9 9.1 Information Technology 30.4 19.3 24.6 25.0 Materials 5.8 3.0 4.2 2.7 Real Estate 4.1 1.9 3.0 2.8 Utilities 3.3 0.5 0.8 3.0 Exposure to Non-US Non-US 8.6 3.4 6.4 MFS® Effective 30-Nov-18, the Global Industry Classification Standard (GICS) underwent a structural change with respect to its current Telecommunication Services sector, which was broadened and renamed as Communication Services. This renamed sector incorporates existing Telecommunications Services companies and select constituents from the Information Technology and Consumer Discretionary sectors. The sector weights on and after 30-Nov-18 reflect the GICS sectors after the change; the sector weights before 30-Nov-18 reflect the GICS sectors before the change. FOR INVESTMENT PROFESSIONAL USE ONLY. Not intended for retail investors. - Massachusetts Investors Trust MIT-RF-MT-USD-US-1Q24.19 19#24Relative Annual Historical Sector Allocations % of Portfolio 6 4 2 -2 -4 MFS minus S&P 500 Stock Index sector weights 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 -6 Health Care Materials Consumer Financials Staples Real Estate Industrials Communi Telecom- Energy Utilities -cation munication Services Services Consumer Information Discretionary Technology MFS® Overweight Underweight Effective 30 November 2018, the Global Industry Classification Standard (GICS) underwent a structural change with respect to its current Telecommunication Services sector, which was broadened and renamed as Communication Services. This renamed sector incorporates existing Telecommunications Services companies and select constituents from the Information Technology and Consumer Discretionary sectors. The sector weights on and after 30 November 2018 reflect the GICS sectors after the change; the sector weights before 30 November 2018 reflect the GICS sectors before the change. FOR INVESTMENT PROFESSIONAL USE ONLY. Not intended for retail investors. - Massachusetts Investors Trust MIT-RF-MT-USD-US-1Q24.20 20 20#25Performance Drivers - Sectors Relative to Standard & Poor's 500 Stock Index (USD) - 2023 MFS® Average Relative Portfolio Returns (%) Benchmark Returns (%) Weighting (%) Sector Allocation (%)¹ Stock Selection (%)² Currency Effect (%) = Relative Contribution (%) Contributors Health Care 2.1 12.2 2.1 -0.6 1.9 1.3 Utilities -1.8 -9.1 -7.1 0.7 -0.0 0.7 Energy -1.1 -2.8 -1.3 0.3 -0.0 0.3 Detractors Information Technology -4.0 45.6 60.8 -1.5 -2.6 0.0 -4.1 Consumer Discretionary -4.8 30.7 43.2 -0.7 -0.7 0.1 -1.3 Financials 3.0 11.4 14.8 -0.5 -0.6 -1.1 Communication Services 1.2 39.5 56.4 0.5 -1.3 -0.9 Consumer Staples 1.5 -2.4 0.5 -0.4 -0.4 0.1 -0.7 Industrials 1.3 15.6 17.7 -0.1 -0.2 -0.3 Materials 1.2 12.6 12.5 -0.1 -0.0 -0.2 Cash 0.7 5.1 -0.1 - -0.1 Real Estate 0.7 13.2 12.6 -0.1 0.0 -0.1 Total 19.9 26.3 -2.6 -4.0 0.2 -6.4 2 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. 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. 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 INVESTMENT PROFESSIONAL USE ONLY. Not intended for retail investors. - Massachusetts Investors Trust MIT-RF-MT-USD-US-1Q24.21 21#26Performance Drivers - Stocks Relative to Standard & Poor's 500 Stock Index (USD) - 2023 MFS Average Weighting (%) Returns (%) Portfolio Benchmark Portfolio¹ Benchmark Relative Contribution (%) Top Contributors Alphabet Inc 6.0 3.7 58.4 58.6 0.7 Pfizer Inc 0.2 0.6 -9.1 -41.2 0.4 UnitedHealth Group Inc 1.3 0.8 0.4 Chevron Corp 0.8 -13.6 0.4 Microsoft Corp 8.1 6.5 58.2 58.2 0.4 Top Detractors Nvidia Corp 1.2 2.5 80.4 239.0 -2.1 Meta Platforms Inc 1.6 194.1 -1.4 Apple Inc 3.8 7.1 49.0 49.0 -0.8 Tesla Inc 1.6 101.7 -0.8 Dollar General Corp (Eq) 0.6 0.1 -52.7 -44.1 -0.6 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 INVESTMENT PROFESSIONAL USE ONLY. Not intended for retail investors. - Massachusetts Investors Trust MIT-RF-MT-USD-US-1Q24.22 22#27Performance Drivers - Sectors Relative to Standard & Poor's 500 Stock Index (USD) - 2022 Average Relative Portfolio Returns (%) Benchmark Returns (%) Sector Allocation (%)¹ Stock Currency Relative Contribution Selection (%)² Effect (%) Weighting (%) (%) Contributors Information Technology -3.3 -21.0 -28.0 0.4 1.8 2.2 Consumer Discretionary -3.2 -26.0 -36.9 0.6 1.1 -0.1 1.7 Communication Services 1.6 -34.0 -40.4 -0.4 0.9 Health Care 4.2 -4.2 -2.0 0.7 -0.4 Industrials 1.1 -5.7 -5.6 0.1 0.0 Cash 0.7 1.9 - 0.1 - Real Estate 0.9 -22.6 -26.1 -0.1 0.2 | | | | | 0.5 0.3 0.2 0.1 0.1 Detractors Energy -1.9 71.5 65.7 -1.0 0.1 -0.9 Consumer Staples 0.3 -12.9 -0.6 0.1 -0.6 -0.2 -0.7 Materials 1.6 -28.2 -12.3 0.1 -0.7 -0.6 Utilities -2.0 10.4 1.5 -0.3 0.0 -0.3 Financials -0.0 -10.5 -10.5 0.0 -0.1 -0.0 Total -15.7 -18.1 0.4 2.3 -0.3 2.4 2 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. 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. 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]. MIT-PODBK-16-Jan-23 23#28Massachusetts Investors Trust Team Jude M Jason ■ Equity Portfolio Manager MFS® ■ As an Equity Portfolio Manager, responsible for final buy and sell decisions, portfolio construction and risk and cash management. Participates in the research process and strategy discussions. Joined MFS in 2012 ■ Previous experience includes 2 years as Private Equity Associate at Lightyear Capital; 3 years as Investment Banking Analyst at Citigroup ■ Harvard University, MBA ■ Babson College, BS Alison O'Neill ■ Co-CIO Equity ■ Serves on MFS Global Equity Management Team ■ As Co--Chief Investment Officer of Equity for the Americas and a Portfolio Manager, partners with the firm's other regional co-CIOs in the research management process and strategy discussions, including by developing investment policies and programs that achieve the investment objectives of MFS and its clients. ■ Joined MFS in 2005; previous positions include Director of Research - North America; Equity Research Analyst ■ Previous experience includes 3 years as Investment Associate at Putnam Investments ■ Additional MFS experience includes participation in MFS' Summer MBA Internship program in 2004. ■ Massachusetts Institute of Technology, MBA ■ Harvard College, AB, cum laude 08APR24 FOR INVESTMENT PROFESSIONAL USE ONLY. Not intended for retail investors. - Massachusetts Investors Trust MIT-RF-MT-USD-US-1Q24.24 24 24#29Massachusetts Investors Trust Team Continued... Joseph G. MacDougall, CFA ■ Equity Institutional Portfolio Manager Michael A. Nickolini MFS® ■ As an Equity Institutional Portfolio Manager, participates in the research process and strategy discussions. Assesses portfolio risk, customizes portfolios to client objectives and guidelines, and manages daily cash flows. Communicates investment policy, strategy, and positioning. ■ Joined MFS in 2000; previous positions include Senior Product Manager ■ Previous experience includes 1 year as Senior Investment Analyst at UAM Investment Services; 4 years as Senior Financial Analyst and Director of Managed Accounts at New England Securities ■ Works directly on the firm's US mid and small cap value and large cap core equity portfolios. -Serves as portfolio manager on the firm's US research portfolios, providing general oversight of analyst-led portfolios ■ Affiliations include CFA Institute, CFA Society of Boston ■ Boston University, MBA ■ Boston College, BS ■ Sr. Strategist - Investment Product Specialist ■ As a Sr. Strategist - Investment Product Specialist, communicates investment policy, strategy and tactics, performs portfolio analysis and leads product development. ■ Joined MFS in 2008 ■ Previous experience includes 9 years as Senior Vice President, Investment Product Manager, Portfolio Specialist and Internal Wholesaler at Putnam Investments ■S.U.N.Y. Brockport, BS ■ Northeastern University, MSF 08APR24 FOR INVESTMENT PROFESSIONAL USE ONLY. Not intended for retail investors. - Massachusetts Investors Trust MIT-RF-MT-USD-US-1Q24.25 25#30Quarterly and Annual Performance Summary (%) A shares at NAV MFS® Year 4Q 3Q 2Q 1Q 2015 Massachusetts Investors Trust 0.28 5.41 -6.36 0.34 1.25 2015 Standard & Poor's 500 Stock Index 2016 Massachusetts Investors Trust 1.38 7.04 -6.44 0.28 0.95 8.77 2.98 3.81 2.65 -0.88 2016 Standard & Poor's 500 Stock Index 11.96 3.82 3.85 2.46 1.35 2017 Massachusetts Investors Trust 23.56 6.63 3.46 4.66 7.02 2017 Standard & Poor's 500 Stock Index 2018 Massachusetts Investors Trust 21.83 6.64 4.48 3.09 6.07 -5.31 -12.57 6.94 1.62 -0.34 2018 Standard & Poor's 500 Stock Index -4.38 -13.52 7.71 3.43 -0.76 2019 Massachusetts Investors Trust 31.91 7.52 1.53 5.35 14.71 2019 Standard & Poor's 500 Stock Index 2020 Massachusetts Investors Trust 31.49 9.07 1.70 4.30 13.65 14.12 11.90 7.30 19.45 -20.43 2020 Standard & Poor's 500 Stock Index 18.40 12.15 8.93 20.54 -19.60 2021 Massachusetts Investors Trust 26.82 7.97 1.29 9.14 6.26 2021 Standard & Poor's 500 Stock Index 2022 Massachusetts Investors Trust 28.71 11.03 0.58 8.55 6.17 -16.34 8.78 -5.87 -12.69 -6.41 2022 Standard & Poor's 500 Stock Index 2023 Massachusetts Investors Trust -18.11 7.56 -4.88 -16.10 -4.60 19.15 11.60 -4.19 7.64 3.53 2023 Standard & Poor's 500 Stock Index 26.29 11.69 -3.27 8.74 7.50 2024 Massachusetts Investors Trust 2024 Standard & Poor's 500 Stock Index 10.66 10.56 Source: Benchmark performance from SPAR, FactSet Research Systems Inc. It is not possible to invest directly in an index. Index performance will differ from our actively managed strategies, which may involve a higher degree of risk. Results would have been less favorable had the maximum 5.75% sales charge been included. 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. FOR INVESTMENT PROFESSIONAL USE ONLY. Not intended for retail investors. - Massachusetts Investors Trust MIT-PODBK-19-Apr-24 26