Q4 | December 31, 2009

Asset class: Equity

Objective: Seeks capital appreciation.

Massachusetts Investors Growth Stock Fund

Large-cap growth at a reasonable price since 1932
Our large-cap growth flagship employs a growth-at-a-reasonable-price strategy in seeking well-run businesses poised for growth.
Seeks businesses with strong fundamentals, superior management, and a sustainable competitive advantage.

Portfolio management Sectors as of 12/31/09

Jeffrey C. Constantino
• 9 years with MFS Technology (21.7%)
• 12 years in industry Basic Materials (2.0%)
Leisure (2.1%)
Fund benchmark Energy (2.7%)
Russell 1000 Growth Index
measures large-cap U.S. growth
Industrial Goods & Services (6.4%) Health Care (20.6%)
stocks.
Retailing (7.3%)
Maximum sales charge
Class A shares
Financial Services (7.4%)
5.75% initial sales charge
Consumer Staples (14.2%)
Fund symbol and CUSIP Special Products & Services (13.9%)
A MIGFX 575719109
B MIGBX 575719208
C MIGDX 575719307
TOP 10 HOLDINGS Growth of $10,000 $20,000
12/31/2009 Class A shares 12/31/99 – 12/31/09
Oracle Corp.
Cisco Systems Inc. $15,000
Accenture Plc
MasterCard Inc. (Cl A)
Google Inc. (Cl A) $10,000 $10,000
Procter & Gamble Co.
Danaher Corp.
PepsiCo Inc. $5,000
Nike Inc. (Cl B) Class A ending value $7,407
Medtronic Inc. Russell 1000 Growth Index $6,658
34.1% of total assets $0
12/31/99 12/31/09
Past performance is no guarantee of future results. Fund returns assume
the reinvestment of dividends and capital gain distributions but do not include
Portfolio characteristic data are based a sales charge. Results would have been less favorable if the sales charge
on unaudited net assets as of 12/31/09. were included. Past performance is no guarantee of future results. It is not
The portfolio is actively managed, and possible to invest directly in an index.
current holdings may be different. Source: Benchmark performance from SPAR, FactSet Research Systems Inc.
CALENDAR YEAR TOTAL RETURNS (%) AS OF 12/31/09
‘00 ‘01 ‘02 ‘03 ‘04 ‘05 ‘06 ‘07 ‘08 ‘09
Class A without sales charge -7.22 -24.80 -28.39 22.64 9.63 3.88 7.48 11.50 -36.95 40.49
Russell 1000 Growth Index -22.42 -20.42 -27.88 29.75 6.30 5.26 9.07 11.81 -38.44 37.21
• NOT FDIC INSURED
• MAY LOSE VALUE
• NO BANK GUARANTEE

MIG-FS-01/10 14904.8 Please see reverse for additional information.

Massachusetts Investors Growth Stock Fund Q4 | 09

large AVERAGE ANNUAL TOTAL RETURNS (%) AS OF 12/31/09

Inception date 1 yr. 3 yr. 5 yr. 10 yr.
multi
Class A without sales charge 01/01/35 40.49 -0.41 1.97 -2.96
mid
Class A with 5.75% maximum sales charge 01/01/35 32.41 -2.36 0.77 -3.53
small Russell 1000 Growth Index N/A 37.21 -1.89 1.63 -3.99
value core growth Lipper Large-Cap Growth Funds category average N/A 35.03 -2.69 0.89 -2.90
The MFS® style grid reflects a portfolio's Performance data shown represent past performance and are no guarantee of future results. Investment
investment strategy by showing its
management style and market capitalization return and principal value fluctuate so your shares, when sold, may be worth more or less than the original
based on the portfolio's holdings as of the cost; current performance may be lower or higher than quoted. For most recent month-end performance,
most recent calendar quarter-end. please visit mfs.com.
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such
Glossary subsidies and waivers the fund's performance results would be less favorable. All results assume the reinvestment of
dividends and capital gains. The performance is as of the date shown; it may not include the fund's entire investment
Alpha is a measure of the portfolio's risk- portfolio and is subject to change.
adjusted performance. When compared to
the portfolio's beta, a positive alpha
indicates better-than-expected portfolio FUND EXPENSES FUND DATA
performance and a negative alpha worse- Class A Commencement Date 01/01/32
than-expected portfolio performance.
Beta is a measure of the volatility of a Gross Expense Ratio 0.93% Net Assets $3,040.0 million
portfolio relative to the overall market. A Net Expense Ratio 0.93% Number of Issues 70
beta less than 1.0 indicates lower risk Market Cap (weighted avg.) $64.13 billion
than the market; a beta greater than 1.0 Gross Expense Ratio is the fund's total operating
indicates higher risk than the market. It is expense ratio from the fund's most recent prospectus. Price/Book 3.53
most reliable as a risk measure when the Net Expense Ratio reflects the reduction of expenses Price/Earnings 19.71
return fluctuations of the portfolio are from fee waivers, reimbursements, and the exclusion of
highly correlated with the return Turnover Ratio 47%
interest and fees. Elimination of these reductions will result
fluctuations of the index chosen to
represent the market. in higher expenses and lower performance.
RISK MEASURES VS. BENCHMARK (Class A)
R2 represents the percentage of the
portfolio's movements that can be NAV HISTORY (Class A) Alpha 1.32
explained by the general movements of 12-month low $7.93 Beta 0.95
the market. Index portfolios will tend to
have values very close to 100. 12-month high $13.54 R2 98.18
Standard deviation is an indicator of Standard Deviation 19.10
the portfolio's total return volatility, which Risk measures are based on a trailing 3 year period.
is based on a minimum of 36 monthly
returns. The larger the portfolio's standard
deviation, the greater the portfolio's A WORD ABOUT RISK
volatility. Exposure to foreign markets through issuers or currencies,
Market capitalization is the value of a can involve increased volatility due to adverse market,
corporation as determined by the market economic, political, regulatory, geopolitical or other
price of its issued and outstanding
common stock. It is calculated by conditions. In addition, foreign markets can react differently
multiplying the number of outstanding to these conditions than the U.S. market. The stocks of
shares by the current market price of a growth companies can be more sensitive to the company's
share. earnings and more volatile than the market in general.
Price/book ratio (P/B) is the ratio of a Stocks and stock markets are volatile and fluctuate in
stock's price to its book value per share. response to company-specific factors, and general market,
Price/earnings ratio (P/E) is the price of political, regulatory, and economic conditions. Please see the
a stock divided by its earnings per share. prospectus for further information on these and other risk
Turnover ratio is the percentage of a considerations.
portfolio's assets that have changed over
the course of a year. It is calculated by
dividing the average assets during the
period by the lesser of the value of
purchases and the value of sales during
the same period.

MFS Fund Distributors, Inc.

Before investing, consider the fund's investment objectives, risks, charges, and expenses. For a prospectus
1-800-225-2606 containing this and other information, contact your investment professional or view online at mfs.com.
mfs.com Please read it carefully.

Choose What Fits.® At MFS we recognize that our investments fill a distinct role in completing your
investment picture. Since 1924 we have been committed to providing financial advisors with a diverse range of
investment options that enables them to choose what fits for your individual financial goals.