Massachusetts Investors Trust Portfolio Overview

Stock 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

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