Massachusetts Investors Trust Portfolio Overview

Massachusetts 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

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