N-CSRS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF

REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-00859

MASSACHUSETTS INVESTORS GROWTH STOCK FUND

(Exact name of registrant as specified in charter)

111 Huntington Avenue, Boston, Massachusetts 02199

(Address of principal executive offices) (Zip code)

Susan S. Newton

Massachusetts Financial Services Company

111 Huntington Avenue

Boston, Massachusetts 02199

(Name and address of agents for service)

Registrant’s telephone number, including area code: (617) 954-5000

Date of fiscal year end: November 30

Date of reporting period: May 31, 2014

ITEM 1. REPORTS TO STOCKHOLDERS.

SEMIANNUAL REPORT

May 31, 2014

MASSACHUSETTS INVESTORS GROWTH STOCK FUND

MIG-SEM

MASSACHUSETTS INVESTORS

GROWTH STOCK FUND

CONTENTS

Letter from the Chairman and CEO	1
Portfolio composition	2
Expense table	3
Portfolio of investments	5
Statement of assets and liabilities	9
Statement of operations	11
Statements of changes in net assets	12
Financial highlights	13
Notes to financial statements	26
Proxy voting policies and information	38
Quarterly portfolio disclosure	38
Further information	38
Provision of financial reports and summary prospectuses	38
Contact information    back cover

The report is prepared for the general information of shareholders. It is authorized for distribution to prospective investors only when preceded or accompanied by a current prospectus.

NOT FDIC INSURED Ÿ MAY LOSE VALUE Ÿ NO BANK GUARANTEE

LETTER FROM THE CHAIRMAN AND CEO

Dear Shareholders:

After gaining momentum late last year, U.S. economic output contracted this winter, as severe weather curtailed activity. More recently, various indicators show that the

U.S. economy could be regaining traction.

Although Europe emerged from its recession almost a year ago, its pace of growth has been slow, and high unemployment persists, along with the risk of deflation. Asia remains vulnerable. China’s economic growth has slowed, and Japan’s early progress toward an economic turnaround continues to face obstacles, including the recent sales tax increase. Emerging markets have been more turbulent.

With so much uncertainty, global financial markets began 2014 with much greater volatility than last year’s broad-based rally.

For equity investors, paying attention to company fundamentals has become more important. Bond investors have been attuned to heightened risks from possible interest rate increases.

As always at MFS®, active risk management is integral to how we manage your investments. We use a collaborative process, sharing insights across asset classes, regions and economic sectors. Our global team of investment professionals uses a multidiscipline, long-term, diversified investment approach.

We understand that these are challenging economic times. We believe that we can serve you best by applying proven principles, such as asset allocation and diversification, over the long term. We are confident that this approach can serve you well as you work with your financial advisors to reach your goals in the years ahead.

Respectfully,

Robert J. Manning

Chairman and Chief Executive Officer

MFS Investment Management

July 16, 2014

The opinions expressed in this letter are subject to change and may not be relied upon for investment advice. No forecasts can be guaranteed.

1

PORTFOLIO COMPOSITION

Portfolio structure

Top ten holdings
Google, Inc., “A”	4.9%
Accenture PLC, “A”	4.0%
Visa, Inc., “A”	3.5%
Colgate-Palmolive Co.	3.3%
Danaher Corp.	3.3%
Oracle Corp.	3.0%
United Technologies Corp.	2.9%
Schlumberger Ltd.	2.9%
Walt Disney Co.	2.6%
LVMH Moet Hennessy Louis Vuitton S.A.	2.5%

Equity sectors
Technology	15.5%
Industrial Goods & Services	13.4%
Health Care	12.9%
Consumer Staples	12.5%
Leisure	11.6%
Financial Services	8.7%
Retailing	8.3%
Special Products & Services	5.6%
Energy	3.7%
Basic Materials	3.7%
Autos & Housing	2.0%
Transportation	1.5%

Cash & Other can include cash, other assets less liabilities, offsets to derivative positions, and short-term securities.

Percentages are based on net assets as of 5/31/14.

The portfolio is actively managed and current holdings may be different.

2

EXPENSE TABLE

Fund expenses borne by the shareholders during the period,

December 1, 2013 through May 31, 2014

As a shareholder of the fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on certain purchase or redemption payments, and (2) ongoing costs, including management fees; distribution and service (12b-1) fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period December 1, 2013 through May 31, 2014.

Actual Expenses

The first line for each share class in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class in the following table provides information about hypothetical account values and hypothetical expenses based on the fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

3

Expense Table – continued

Share Class		Annualized Expense Ratio		Beginning Account Value 12/01/13		Ending Account Value 5/31/14		Expenses Paid During Period (p) 12/01/13-5/31/14
A	Actual		0.72%		$1,000.00		$1,071.05		$3.72
	Hypothetical (h)		0.72%		$1,000.00		$1,021.34		$3.63
B	Actual		1.48%		$1,000.00		$1,066.94		$7.63
	Hypothetical (h)		1.48%		$1,000.00		$1,017.55		$7.44
C	Actual		1.48%		$1,000.00		$1,066.80		$7.63
	Hypothetical (h)		1.48%		$1,000.00		$1,017.55		$7.44
I	Actual		0.48%		$1,000.00		$1,071.96		$2.48
	Hypothetical (h)		0.48%		$1,000.00		$1,022.54		$2.42
R1	Actual		1.48%		$1,000.00		$1,067.11		$7.63
	Hypothetical (h)		1.48%		$1,000.00		$1,017.55		$7.44
R2	Actual		0.98%		$1,000.00		$1,069.31		$5.06
	Hypothetical (h)		0.98%		$1,000.00		$1,020.04		$4.94
R3	Actual		0.72%		$1,000.00		$1,070.72		$3.72
	Hypothetical (h)		0.72%		$1,000.00		$1,021.34		$3.63
R4	Actual		0.48%		$1,000.00		$1,072.08		$2.48
	Hypothetical (h)		0.48%		$1,000.00		$1,022.54		$2.42
R5	Actual		0.40%		$1,000.00		$1,072.50		$2.07
	Hypothetical (h)		0.40%		$1,000.00		$1,022.94		$2.02
529A	Actual		0.74%		$1,000.00		$1,070.76		$3.82
	Hypothetical (h)		0.74%		$1,000.00		$1,021.24		$3.73
529B	Actual		1.52%		$1,000.00		$1,066.66		$7.83
	Hypothetical (h)		1.52%		$1,000.00		$1,017.35		$7.64
529C	Actual		1.53%		$1,000.00		$1,066.50		$7.88
	Hypothetical (h)		1.53%		$1,000.00		$1,017.30		$7.70

(h) 5% class return per year before expenses.

(p) “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher.

Notes to Expense Table

Each class with a Rule 12b-1 service fee is subject to a rebate of a portion of such fee. Such rebates are included in the expense ratios above. For Class A, Class R3, and Class 529A shares, this rebate reduced the expense ratio above by 0.01%, 0.01%, and 0.04%, respectively. See Note 3 in the Notes to Financial Statements for additional information.

4

PORTFOLIO OF INVESTMENTS

5/31/14 (unaudited)

The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.

Common Stocks - 99.4%
Issuer	Shares/Par		Value ($)
Aerospace - 4.0%
Precision Castparts Corp.		264,675	$	66,957,483
United Technologies Corp.		1,625,568		188,923,514
			$	255,880,997
Alcoholic Beverages - 1.7%
Pernod Ricard S.A.		900,311	$	110,391,940
Apparel Manufacturers - 4.7%
LVMH Moet Hennessy Louis Vuitton S.A.		818,123	$	162,766,995
NIKE, Inc., “B”		860,942		66,215,049
VF Corp.		1,149,576		72,446,280
			$	301,428,324
Automotive - 1.0%
Johnson Controls, Inc.		1,265,268	$	61,188,360
Broadcasting - 9.2%
Discovery Communications, Inc., “A” (a)		1,071,880	$	82,491,885
Omnicom Group, Inc.		533,250		37,940,738
Time Warner, Inc.		2,177,580		152,060,411
Twenty-First Century Fox, Inc.		2,960,300		104,824,223
Viacom, Inc., “B”		523,330		44,655,749
Walt Disney Co.		1,990,460		167,218,545
			$	589,191,551
Brokerage & Asset Managers - 3.9%
Charles Schwab Corp.		1,133,730	$	28,581,333
CME Group, Inc.		1,111,720		80,043,840
Franklin Resources, Inc.		2,557,978		141,225,965
			$	249,851,138
Business Services - 5.6%
Accenture PLC, “A”		3,182,874	$	259,245,087
Cognizant Technology Solutions Corp., “A” (a)		997,800		48,503,058
Experian Group Ltd.		1,614,350		28,060,945
MSCI, Inc., “A” (a)		503,014		21,710,084
			$	357,519,174
Chemicals - 1.5%
Monsanto Co.		815,175	$	99,329,074

5

Portfolio of Investments (unaudited) – continued

Issuer	Shares/Par		Value ($)
Common Stocks - continued
Computer Software - 3.0%
Oracle Corp.		4,526,191	$	190,190,546
Computer Software - Systems - 4.1%
Apple, Inc.		79,754	$	50,484,282
EMC Corp.		5,713,086		151,739,564
International Business Machines Corp.		314,445		57,971,080
			$	260,194,926
Construction - 1.0%
Sherwin-Williams Co.		325,292	$	66,557,996
Consumer Products - 6.3%
Church & Dwight Co., Inc.		581,884	$	40,283,829
Colgate-Palmolive Co.		3,113,915		212,991,786
Procter & Gamble Co.		1,853,571		149,750,001
			$	403,025,616
Electrical Equipment - 9.4%
Amphenol Corp., “A”		506,010	$	48,475,758
Danaher Corp.		2,688,336		210,846,192
Mettler-Toledo International, Inc. (a)		415,454		101,794,539
Sensata Technologies Holding B.V. (a)		3,119,367		133,789,651
W.W. Grainger, Inc.		423,210		109,344,768
			$	604,250,908
Electronics - 2.9%
Microchip Technology, Inc.		2,041,021	$	97,152,600
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		4,442,561		91,339,054
			$	188,491,654
Energy - Independent - 0.8%
Occidental Petroleum Corp.		545,583	$	54,389,169
Food & Beverages - 4.5%
Groupe Danone		1,668,897	$	124,280,897
Mead Johnson Nutrition Co., “A”		1,245,590		111,442,937
PepsiCo, Inc.		578,918		51,135,827
			$	286,859,661
Food & Drug Stores - 2.5%
CVS Caremark Corp.		2,037,476	$	159,575,120
General Merchandise - 0.5%
Target Corp.		575,192	$	32,647,898

6

Portfolio of Investments (unaudited) – continued

Issuer	Shares/Par		Value ($)
Common Stocks - continued
Internet - 5.6%
eBay, Inc. (a)		876,195	$	44,449,372
Google, Inc., “A” (a)		546,068		312,159,772
			$	356,609,144
Medical & Health Technology & Services - 2.5%
Express Scripts Holding Co. (a)		1,906,223	$	136,237,758
Patterson Cos., Inc.		699,458		27,390,775
			$	163,628,533
Medical Equipment - 6.4%
Abbott Laboratories		2,131,130	$	85,266,511
DENTSPLY International, Inc.		2,013,763		95,230,852
St. Jude Medical, Inc.		552,040		35,827,396
Thermo Fisher Scientific, Inc.		1,209,203		141,367,923
Waters Corp. (a)		557,620		55,851,219
			$	413,543,901
Metals & Mining - 0.4%
Rio Tinto PLC		524,227	$	26,862,143
Oil Services - 2.9%
Schlumberger Ltd.		1,777,390	$	184,919,656
Other Banks & Diversified Financials - 4.8%
MasterCard, Inc., “A”		1,038,634	$	79,403,569
Visa, Inc., “A”		1,055,265		226,702,580
			$	306,106,149
Pharmaceuticals - 3.9%
Allergan, Inc.		196,161	$	32,849,121
Johnson & Johnson		833,985		84,616,118
Zoetis, Inc.		4,406,270		135,272,489
			$	252,737,728
Printing & Publishing - 0.7%
Equifax, Inc.		631,260	$	44,686,895
Restaurants - 1.7%
McDonald’s Corp.		1,102,183	$	111,794,422
Specialty Chemicals - 1.7%
Praxair, Inc.		845,236	$	111,774,009
Specialty Stores - 0.7%
Industria de Diseno Textil S.A.		294,655	$	42,776,679

7

Portfolio of Investments (unaudited) – continued

Issuer	Shares/Par		Value ($)
Common Stocks - continued
Trucking - 1.5%
Expeditors International of Washington, Inc.		2,071,140	$	94,257,581
Total Common Stocks (Identified Cost, $4,811,810,137)			$	6,380,660,892
Money Market Funds - 0.5%
MFS Institutional Money Market Portfolio, 0.07%, at Cost and Net Asset Value (v)		29,197,564	$	29,197,564
Total Investments (Identified Cost, $4,841,007,701)			$	6,409,858,456
Other Assets, Less Liabilities - 0.1%				5,957,692
Net Assets - 100.0%			$	6,415,816,148

(a) Non-income producing security.

(v) Underlying affiliated fund that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end.

The following abbreviations are used in this report and are defined:

ADR American Depositary Receipt

PLC Public Limited Company

See Notes to Financial Statements

8

Financial Statements

STATEMENT OF ASSETS AND LIABILITIES

At 5/31/14 (unaudited)

This statement represents your fund’s balance sheet, which details the assets and liabilities comprising the total value of the fund.

Assets
Investments-
Non-affiliated issuers, at value (identified cost, $4,811,810,137)	$6,380,660,892
Underlying affiliated funds, at cost and value	29,197,564
Total investments, at value (identified cost, $4,841,007,701)	$6,409,858,456
Receivables for
Fund shares sold	5,582,760
Interest and dividends	10,684,461
Other assets	133,281
Total assets	$6,426,258,958
Liabilities
Payable for fund shares reacquired	$6,557,650
Payable to affiliates
Investment adviser	177,464
Shareholder servicing costs	3,313,447
Distribution and service fees	43,640
Program manager fees	53
Payable for independent Trustees’ compensation	190,152
Accrued expenses and other liabilities	160,404
Total liabilities	$10,442,810
Net assets	$6,415,816,148
Net assets consist of
Paid-in capital	$4,705,837,981
Unrealized appreciation (depreciation) on investments and translation of assets and liabilities in foreign currencies	1,568,885,485
Accumulated net realized gain (loss) on investments and foreign currency	120,702,215
Undistributed net investment income	20,390,467
Net assets	$6,415,816,148
Shares of beneficial interest outstanding	272,441,145

9

Statement of Assets and Liabilities (unaudited) – continued

	Net assets		Shares outstanding		Net asset value per share (a)
Class A		$3,631,621,459		153,342,759		$23.68
Class B		95,327,069		4,503,297		21.17
Class C		260,191,593		12,357,295		21.06
Class I		437,915,575		18,092,444		24.20
Class R1		36,692,744		1,756,511		20.89
Class R2		205,868,475		8,894,026		23.15
Class R3		496,540,864		21,143,334		23.48
Class R4		922,607,331		38,735,442		23.82
Class R5		315,901,846		13,035,859		24.23
Class 529A		9,766,676		416,626		23.44
Class 529B		521,476		25,103		20.77
Class 529C		2,861,040		138,449		20.66

(a) Maximum offering price per share was equal to the net asset value per share for all share classes, except for Classes A and 529A, for which the maximum offering prices per share were $25.12 [100 / 94.25 x $23.68] and $24.87 [100 / 94.25 x $23.44], respectively. On sales of $50,000 or more, the maximum offering prices of Class A and Class 529A shares are reduced. A contingent deferred sales charge may be imposed on redemptions of Class A, Class B, Class C, Class 529B, and Class 529C shares. Redemption price per share was equal to the net asset value per share for Classes I, R1, R2, R3, R4, R5, and 529A.

See Notes to Financial Statements

10

Financial Statements

STATEMENT OF OPERATIONS

Six months ended 5/31/14 (unaudited)

This statement describes how much your fund earned in investment income and accrued in expenses. It also describes any gains and/or losses generated by fund operations.

Net investment income
Income
Dividends	$46,873,950
Interest	486,037
Dividends from underlying affiliated funds	25,523
Foreign taxes withheld	(1,149,049	)
Total investment income	$46,236,461
Expenses
Management fee	$10,066,728
Distribution and service fees	7,361,543
Program manager fees	6,216
Shareholder servicing costs	3,648,098
Administrative services fee	235,821
Independent Trustees’ compensation	49,946
Custodian fee	112,609
Shareholder communications	120,710
Audit and tax fees	31,372
Legal fees	23,194
Miscellaneous	231,340
Total expenses	$21,887,577
Fees paid indirectly	(8	)
Reduction of expenses by investment adviser and distributor	(246,439	)
Net expenses	$21,641,130
Net investment income	$24,595,331
Realized and unrealized gain (loss) on investments and foreign currency
Realized gain (loss) (identified cost basis)
Investments	$177,175,566
Foreign currency	(108,467	)
Net realized gain (loss) on investments and foreign currency	$177,067,099
Change in unrealized appreciation (depreciation)
Investments	$220,063,148
Translation of assets and liabilities in foreign currencies	(55,204	)
Net unrealized gain (loss) on investments and foreign currency translation	$220,007,944
Net realized and unrealized gain (loss) on investments and foreign currency	$397,075,043
Change in net assets from operations	$421,670,374

See Notes to Financial Statements

11

Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

These statements describe the increases and/or decreases in net assets resulting from operations, any distributions, and any shareholder transactions.

	Six months ended 5/31/14			Year ended 11/30/13
Change in net assets	(unaudited)
From operations
Net investment income		$24,595,331			$32,115,840
Net realized gain (loss) on investments and foreign currency		177,067,099			284,396,912
Net unrealized gain (loss) on investments and foreign currency translation		220,007,944			813,082,906
Change in net assets from operations		$421,670,374			$1,129,595,658
Distributions declared to shareholders
From net investment income		$(30,000,113	)		$(32,000,095	)
From net realized gain on investments		(60,263,184	)		—
Total distributions declared to shareholders		$(90,263,297	)		$(32,000,095	)
Change in net assets from fund share transactions		$389,874,256			$862,577,556
Total change in net assets		$721,281,333			$1,960,173,119
Net assets
At beginning of period		5,694,534,815			3,734,361,696
At end of period (including undistributed net investment income of $20,390,467 and $25,795,249, respectively)		$6,415,816,148			$5,694,534,815

See Notes to Financial Statements

12

Financial Statements

FINANCIAL HIGHLIGHTS

The financial highlights table is intended to help you understand the fund’s financial performance for the semiannual period and the past 5 fiscal years (or life of a particular share class, if shorter). Certain information reflects financial results for a single fund share. The total returns in the table represent the rate by which an investor would have earned (or lost) on an investment in the fund share class (assuming reinvestment of all distributions) held for the entire period.

	Six months ended 5/31/14 (unaudited)			Years ended 11/30
Class A				2013			2012			2011			2010			2009
Net asset value, beginning of period		$22.46			$17.74			$15.80			$14.39			$13.01			$9.60
Income (loss) from investment operations
Net investment income (d)		$0.09			$0.14			$0.14			$0.09			$0.07			$0.06
Net realized and unrealized gain (loss) on investments and foreign currency		1.47			4.73			1.89			1.39			1.37			3.41
Total from investment operations		$1.56			$4.87			$2.03			$1.48			$1.44			$3.47
Less distributions declared to shareholders
From net investment income		$(0.11	)		$(0.15	)		$(0.09	)		$(0.07	)		$(0.06	)		$(0.06	)
From net realized gain on investments		(0.23	)		—			—			—			—			—
Total distributions declared to shareholders		$(0.34	)		$(0.15	)		$(0.09	)		$(0.07	)		$(0.06	)		$(0.06	)
Net asset value, end of period (x)		$23.68			$22.46			$17.74			$15.80			$14.39			$13.01
Total return (%) (r)(s)(t)(x)		7.11	(n)		27.67			12.95			10.33			11.08			36.44
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)		0.73	(a)		0.75			0.79			0.82			0.95			0.99
Expenses after expense reductions (f)		0.72	(a)		0.74			0.79			0.82			0.95			0.99
Net investment income		0.80	(a)(l)		0.72			0.82			0.59			0.55			0.53
Portfolio turnover		14	(n)		25			33			28			46			58
Net assets at end of period (000 omitted)		$3,631,621			$3,186,058			$2,506,173			$2,327,953			$2,354,751			$2,345,636

See Notes to Financial Statements

13

Financial Highlights – continued

	Six months ended 5/31/14			Years ended 11/30
Class B				2013			2012		2011			2010			2009
	(unaudited)
Net asset value, beginning of period		$20.08			$15.86			$14.15		$12.92			$11.71			$8.64
Income (loss) from investment operations
Net investment income (loss) (d)		$0.00	(w)		$(0.01	)		$0.01		$(0.02	)		$(0.01	)		$(0.01	)
Net realized and unrealized gain (loss) on investments and foreign currency		1.32			4.25			1.70		1.25			1.22			3.08
Total from investment operations		$1.32			$4.24			$1.71		$1.23			$1.21			$3.07
Less distributions declared to shareholders
From net investment income		$—			$(0.02	)		$—		$—			$—			$—
From net realized gain on investments		(0.23	)		—			—		—			—			—
Total distributions declared to shareholders		$(0.23	)		$(0.02	)		$—		$—			$—			$—
Net asset value, end of period (x)		$21.17			$20.08			$15.86		$14.15			$12.92			$11.71
Total return (%) (r)(s)(t)(x)		6.69	(n)		26.77			12.08		9.52			10.33			35.53
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)		1.48	(a)		1.50			1.54		1.56			1.60			1.65
Expenses after expense reductions (f)		1.48	(a)		1.50			1.54		1.56			1.60			1.65
Net investment income (loss)		0.02	(a)(l)		(0.03	)		0.05		(0.16	)		(0.12	)		(0.13	)
Portfolio turnover		14	(n)		25			33		28			46			58
Net assets at end of period (000 omitted)		$95,327			$101,840			$103,780		$126,402			$168,679			$233,635

See Notes to Financial Statements

14

Financial Highlights – continued

	Six months ended 5/31/14			Years ended 11/30
Class C				2013			2012		2011			2010			2009
	(unaudited)
Net asset value, beginning of period		$19.97			$15.80			$14.09		$12.86			$11.66			$8.60
Income (loss) from investment operations
Net investment income (loss) (d)		$0.00	(w)		$(0.01	)		$0.01		$(0.02	)		$(0.01	)		$(0.01	)
Net realized and unrealized gain (loss) on investments and foreign currency		1.32			4.22			1.70		1.25			1.21			3.07
Total from investment operations		$1.32			$4.21			$1.71		$1.23			$1.20			$3.06
Less distributions declared to shareholders
From net investment income		$—			$(0.04	)		$—		$—			$—			$—
From net realized gain on investments		(0.23	)		—			—		—			—			—
Total distributions declared to shareholders		$(0.23	)		$(0.04	)		$—		$—			$—			$—
Net asset value, end of period (x)		$21.06			$19.97			$15.80		$14.09			$12.86			$11.66
Total return (%) (r)(s)(t)(x)		6.73	(n)		26.67			12.14		9.56			10.29			35.58
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)		1.48	(a)		1.50			1.54		1.56			1.60			1.64
Expenses after expense reductions (f)		1.48	(a)		1.50			1.54		1.56			1.60			1.64
Net investment income (loss)		0.03	(a)(l)		(0.04	)		0.07		(0.15	)		(0.10	)		(0.12	)
Portfolio turnover		14	(n)		25			33		28			46			58
Net assets at end of period (000 omitted)		$260,192			$250,751			$203,787		$199,268			$203,860			$213,483

See Notes to Financial Statements

15

Financial Highlights – continued

	Six months ended 5/31/14			Years ended 11/30
Class I				2013			2012			2011			2010			2009
	(unaudited)
Net asset value, beginning of period		$22.98			$18.14			$16.15			$14.72			$13.30			$9.83
Income (loss) from investment operations
Net investment income (d)		$0.12			$0.17			$0.18			$0.14			$0.13			$0.10
Net realized and unrealized gain (loss) on investments and foreign currency		1.49			4.86			1.94			1.41			1.39			3.49
Total from investment operations		$1.61			$5.03			$2.12			$1.55			$1.52			$3.59
Less distributions declared to shareholders
From net investment income		$(0.16	)		$(0.19	)		$(0.13	)		$(0.12	)		$(0.10	)		$(0.12	)
From net realized gain on investments		(0.23	)		—			—			—			—			—
Total distributions declared to shareholders		$(0.39	)		$(0.19	)		$(0.13	)		$(0.12	)		$(0.10	)		$(0.12	)
Net asset value, end of period (x)		$24.20			$22.98			$18.14			$16.15			$14.72			$13.30
Total return (%) (r)(s)(x)		7.20	(n)		28.02			13.29			10.60			11.46			36.92
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)		0.48	(a)		0.50			0.54			0.56			0.60			0.63
Expenses after expense reductions (f)		0.48	(a)		0.50			0.54			0.56			0.60			0.63
Net investment income		1.04	(a)(l)		0.82			1.05			0.87			0.91			0.89
Portfolio turnover		14	(n)		25			33			28			46			58
Net assets at end of period (000 omitted)		$437,916			$397,294			$85,219			$93,722			$70,064			$63,052

See Notes to Financial Statements

16

Financial Highlights – continued

	Six months ended 5/31/14			Years ended 11/30
Class R1				2013			2012		2011			2010			2009
	(unaudited)
Net asset value, beginning of period		$19.91			$15.75			$14.04		$12.83			$11.62			$8.57
Income (loss) from investment operations
Net investment income (loss) (d)		$0.00	(w)		$(0.01	)		$0.01		$(0.02	)		$(0.01	)		$(0.01	)
Net realized and unrealized gain (loss) on investments and foreign currency		1.30			4.21			1.70		1.23			1.22			3.06
Total from investment operations		$1.30			$4.20			$1.71		$1.21			$1.21			$3.05
Less distributions declared to shareholders
From net investment income		$(0.09	)		$(0.04	)		$—		$—			$(0.00	)(w)		$—
From net realized gain on investments		(0.23	)		—			—		—			—			—
Total distributions declared to shareholders		$(0.32	)		$(0.04	)		$—		$—			$(0.00	)(w)		$—
Net asset value, end of period (x)		$20.89			$19.91			$15.75		$14.04			$12.83			$11.62
Total return (%) (r)(s)(x)		6.71	(n)		26.71			12.18		9.43			10.42			35.59
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)		1.48	(a)		1.51			1.54		1.56			1.60			1.64
Expenses after expense reductions (f)		1.48	(a)		1.51			1.54		1.56			1.60			1.63
Net investment income (loss)		0.03	(a)(l)		(0.07	)		0.07		(0.15	)		(0.10	)		(0.12	)
Portfolio turnover		14	(n)		25			33		28			46			58
Net assets at end of period (000 omitted)		$36,693			$35,206			$6,968		$6,594			$6,555			$6,696

See Notes to Financial Statements

17

Financial Highlights – continued

	Six months ended 5/31/14			Years ended 11/30
Class R2				2013			2012			2011			2010			2009
	(unaudited)
Net asset value, beginning of period		$21.95			$17.36			$15.47			$14.12			$12.77			$9.43
Income (loss) from investment operations
Net investment income (d)		$0.06			$0.09			$0.10			$0.06			$0.06			$0.04
Net realized and unrealized gain (loss) on investments and foreign currency		1.44			4.62			1.86			1.35			1.33			3.35
Total from investment operations		$1.50			$4.71			$1.96			$1.41			$1.39			$3.39
Less distributions declared to shareholders
From net investment income		$(0.07	)		$(0.12	)		$(0.07	)		$(0.06	)		$(0.04	)		$(0.05	)
From net realized gain on investments		(0.23	)		—			—			—			—			—
Total distributions declared to shareholders		$(0.30	)		$(0.12	)		$(0.07	)		$(0.06	)		$(0.04	)		$(0.05	)
Net asset value, end of period (x)		$23.15			$21.95			$17.36			$15.47			$14.12			$12.77
Total return (%) (r)(s)(x)		6.98	(n)		27.33			12.74			10.04			10.90			36.21
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)		0.98	(a)		1.00			1.04			1.06			1.10			1.14
Expenses after expense reductions (f)		0.98	(a)		1.00			1.04			1.06			1.10			1.14
Net investment income		0.53	(a)(l)		0.44			0.61			0.38			0.44			0.38
Portfolio turnover		14	(n)		25			33			28			46			58
Net assets at end of period (000 omitted)		$205,868			$192,103			$113,177			$62,125			$36,420			$27,249

See Notes to Financial Statements

18

Financial Highlights – continued

	Six months ended 5/31/14			Years ended 11/30
Class R3				2013			2012			2011			2010			2009
	(unaudited)
Net asset value, beginning of period		$22.29			$17.61			$15.69			$14.32			$12.94			$9.59
Income (loss) from investment operations
Net investment income (d)		$0.09			$0.14			$0.15			$0.09			$0.09			$0.06
Net realized and unrealized gain (loss) on investments and foreign currency		1.45			4.70			1.87			1.38			1.36			3.39
Total from investment operations		$1.54			$4.84			$2.02			$1.47			$1.45			$3.45
Less distributions declared to shareholders
From net investment income		$(0.12	)		$(0.16	)		$(0.10	)		$(0.10	)		$(0.07	)		$(0.10	)
From net realized gain on investments		(0.23	)		—			—			—			—			—
Total distributions declared to shareholders		$(0.35	)		$(0.16	)		$(0.10	)		$(0.10	)		$(0.07	)		$(0.10	)
Net asset value, end of period (x)		$23.48			$22.29			$17.61			$15.69			$14.32			$12.94
Total return (%) (r)(s)(x)		7.07	(n)		27.71			12.99			10.29			11.25			36.39
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)		0.73	(a)		0.75			0.79			0.81			0.85			0.89
Expenses after expense reductions (f)		0.72	(a)		0.74			0.79			0.81			0.85			0.89
Net investment income		0.80	(a)(l)		0.69			0.87			0.61			0.70			0.61
Portfolio turnover		14	(n)		25			33			28			46			58
Net assets at end of period (000 omitted)		$496,541			$412,052			$226,452			$77,578			$50,795			$30,110

See Notes to Financial Statements

19

Financial Highlights – continued

	Six months ended 5/31/14			Years ended 11/30
Class R4				2013			2012			2011			2010			2009
	(unaudited)
Net asset value, beginning of period		$22.62			$17.86			$15.90			$14.50			$13.10			$9.68
Income (loss) from investment operations
Net investment income (d)		$0.12			$0.19			$0.20			$0.14			$0.13			$0.09
Net realized and unrealized gain (loss) on investments and foreign currency		1.47			4.77			1.89			1.38			1.37			3.45
Total from investment operations		$1.59			$4.96			$2.09			$1.52			$1.50			$3.54
Less distributions declared to shareholders
From net investment income		$(0.16	)		$(0.20	)		$(0.13	)		$(0.12	)		$(0.10	)		$(0.12	)
From net realized gain on investments		(0.23	)		—			—			—			—			—
Total distributions declared to shareholders		$(0.39	)		$(0.20	)		$(0.13	)		$(0.12	)		$(0.10	)		$(0.12	)
Net asset value, end of period (x)		$23.82			$22.62			$17.86			$15.90			$14.50			$13.10
Total return (%) (r)(s)(x)		7.21	(n)		28.03			13.31			10.55			11.49			36.98
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)		0.48	(a)		0.50			0.54			0.56			0.60			0.64
Expenses after expense reductions (f)		0.48	(a)		0.50			0.54			0.56			0.60			0.64
Net investment income		1.04	(a)(l)		0.92			1.19			0.87			0.96			0.88
Portfolio turnover		14	(n)		25			33			28			46			58
Net assets at end of period (000 omitted)		$922,607			$814,203			$394,699			$103,881			$61,376			$33,525

See Notes to Financial Statements

20

Financial Highlights – continued

	Six months ended 5/31/14 (unaudited)			Years ended 11/30
Class R5				2013			2012 (i)
Net asset value, beginning of period		$23.01			$18.15			$16.55
Income (loss) from investment operations
Net investment income (d)		$0.13			$0.21			$0.30
Net realized and unrealized gain (loss) on investments and foreign currency		1.50			4.85			1.30	(g)
Total from investment operations		$1.63			$5.06			$1.60
Less distributions declared to shareholders
From net investment income		$(0.18	)		$(0.20	)		$—
From net realized gain on investments		(0.23	)		—			—
Total distributions declared to shareholders		$(0.41	)		$(0.20	)		$—
Net asset value, end of period (x)		$24.23			$23.01			$18.15
Total return (%) (r)(s)(x)		7.25	(n)		28.16			9.67	(n)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)		0.40	(a)		0.41			0.43	(a)
Expenses after expense reductions (f)		0.40	(a)		0.41			0.43	(a)
Net investment income		1.12	(a)(l)		0.99			3.42	(a)(l)
Portfolio turnover		14	(n)		25			33
Net assets at end of period (000 omitted)		$315,902			$293,107			$85,242

See Notes to Financial Statements

21

Financial Highlights – continued

	Six months ended 5/31/14			Years ended 11/30
Class 529A				2013			2012			2011			2010			2009
	(unaudited)
Net asset value, beginning of period		$22.24			$17.56			$15.64			$14.25			$12.89			$9.46
Income (loss) from investment operations
Net investment income (d)		$0.09			$0.14			$0.13			$0.08			$0.06			$0.05
Net realized and unrealized gain (loss) on investments and foreign currency		1.45			4.69			1.87			1.37			1.35			3.38
Total from investment operations		$1.54			$4.83			$2.00			$1.45			$1.41			$3.43
Less distributions declared to shareholders
From net investment income		$(0.11	)		$(0.15	)		$(0.08	)		$(0.06	)		$(0.05	)		$—
From net realized gain on investments		(0.23	)		—			—			—			—			—
Total distributions declared to shareholders		$(0.34	)		$(0.15	)		$(0.08	)		$(0.06	)		$(0.05	)		$—
Net asset value, end of period (x)		$23.44			$22.24			$17.56			$15.64			$14.25			$12.89
Total return (%) (r)(s)(t)(x)		7.08	(n)		27.68			12.91			10.23			10.97			36.26
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)		0.83	(a)		0.85			0.89			0.92			1.05			1.09
Expenses after expense reductions (f)		0.74	(a)		0.76			0.84			0.89			1.05			1.08
Net investment income		0.78	(a)(l)		0.69			0.78			0.52			0.46			0.44
Portfolio turnover		14	(n)		25			33			28			46			58
Net assets at end of period (000 omitted)		$9,767			$8,692			$6,345			$5,115			$4,117			$3,657

See Notes to Financial Statements

22

Financial Highlights – continued

	Six months ended 5/31/14			Years ended 11/30
Class 529B				2013			2012			2011			2010			2009
	(unaudited)
Net asset value, beginning of period		$19.71			$15.59			$13.91			$12.71			$11.53			$8.51
Income (loss) from investment operations
Net investment income (loss) (d)		$(0.00	)(w)		$(0.01	)		$0.00	(w)		$(0.03	)		$(0.02	)		$(0.02	)
Net realized and unrealized gain (loss) on investments and foreign currency		1.29			4.16			1.68			1.23			1.20			3.04
Total from investment operations		$1.29			$4.15			$1.68			$1.20			$1.18			$3.02
Less distributions declared to shareholders
From net investment income		$—			$(0.03	)		$—			$—			$—			$—
From net realized gain on investments		(0.23	)		—			—			—			—			—
Total distributions declared to shareholders		$(0.23	)		$(0.03	)		$—			$—			$—			$—
Net asset value, end of period (x)		$20.77			$19.71			$15.59			$13.91			$12.71			$11.53
Total return (%) (r)(s)(t)(x)		6.67	(n)		26.66			12.08			9.44			10.23			35.49
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)		1.58	(a)		1.60			1.64			1.66			1.70			1.74
Expenses after expense reductions (f)		1.52	(a)		1.55			1.59			1.64			1.70			1.74
Net investment income (loss)		(0.02	)(a)(l)		(0.08	)		0.01			(0.24	)		(0.19	)		(0.22	)
Portfolio turnover		14	(n)		25			33			28			46			58
Net assets at end of period (000 omitted)		$521			$519			$528			$574			$712			$658

See Notes to Financial Statements

23

Financial Highlights – continued

	Six months ended 5/31/14			Years ended 11/30
Class 529C				2013			2012			2011			2010			2009
	(unaudited)
Net asset value, beginning of period		$19.61			$15.53			$13.85			$12.66			$11.48			$8.48
Income (loss) from investment operations
Net investment income (loss) (d)		$(0.00	)(w)		$(0.02	)		$0.00	(w)		$(0.03	)		$(0.02	)		$(0.02	)
Net realized and unrealized gain (loss) on investments and foreign currency		1.28			4.14			1.68			1.22			1.20			3.02
Total from investment operations		$1.28			$4.12			$1.68			$1.19			$1.18			$3.00
Less distributions declared to shareholders
From net investment income		$—			$(0.04	)		$—			$—			$—			$—
From net realized gain on investments		(0.23	)		—			—			—			—			—
Total distributions declared to shareholders		$(0.23	)		$(0.04	)		$—			$—			$—			$—
Net asset value, end of period (x)		$20.66			$19.61			$15.53			$13.85			$12.66			$11.48
Total return (%) (r)(s)(t)(x)		6.65	(n)		26.61			12.13			9.40			10.28			35.38
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)		1.58	(a)		1.60			1.64			1.66			1.70			1.73
Expenses after expense reductions (f)		1.53	(a)		1.55			1.59			1.64			1.70			1.73
Net investment income (loss)		(0.01	)(a)(l)		(0.10	)		0.03			(0.22	)		(0.18	)		(0.21	)
Portfolio turnover		14	(n)		25			33			28			46			58
Net assets at end of period (000 omitted)		$2,861			$2,709			$1,992			$1,689			$1,574			$1,322

See Notes to Financial Statements

24

Financial Highlights – continued

(a) Annualized.

(d) Per share data is based on average shares outstanding.

(f) Ratios do not reflect reductions from fees paid indirectly, if applicable.

(g) The per share amount varies from the net realized and unrealized gain/loss for the period because of the timing of sales of fund shares and the per share amount of realized and unrealized gains and losses at such time.

(i) For the period from the class inception, June 1, 2012, through the stated period end.

(l) Recognition of net investment income by the fund may be affected by the timing of the declaration of dividends by companies in which the fund invests and the actual annual net investment income ratio may differ.

(n) Not annualized.

(r) Certain expenses have been reduced without which performance would have been lower.

(s) From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower. Excluding the effect of the proceeds from a non-recurring litigation settlement against Tyco International Ltd., the Class A, Class B, Class C, Class I, Class R1, Class R2, Class R3, Class R4, Class 529A, Class 529B, and Class 529C total returns for the year ended November 30, 2010 would have been lower by 0.73%, 0.72%, 0.72%, 0.73%, 0.72%, 0.72%, 0.73%, 0.73%, 0.72%, 0.72%, and 0.72%, respectively. Excluding the effect of the proceeds received from a non-recurring administrative proceeding concerning market timing, the Class A, Class B, Class C, Class I, Class R1, Class R2, Class R3, Class R4, Class 529A, Class 529B, and Class 529C total returns for the year ended November 30, 2010 would have been lower by 1.14%, 1.13%, 1.13%, 1.14%, 1.13%, 1.14%, 1.14%, 1.14%, 1.14%, 1.13%, and 1.13%, respectively. Excluding the effect of the proceeds received from a non-recurring administrative proceeding concerning market timing, the Class A, Class B, Class C, Class I, Class R1, Class R2, Class R3, Class R4, Class 529A, Class 529B, and Class 529C total returns for the year ended November 30, 2011 would have been lower by 0.70%, 0.70%, 0.70%, 0.71%, 0.70%, 0.70%, 0.70%, 0.70%, 0.70%, 0.70%, and 0.70%, respectively.

(t) Total returns do not include any applicable sales charges.

(w) Per share amount was less than $0.01.

(x) The net asset values per share and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.

See Notes to Financial Statements

25

NOTES TO FINANCIAL STATEMENTS

(unaudited)

(1) Business and Organization

Massachusetts Investors Growth Stock Fund (the fund) is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended, as a diversified open-end management investment company.

The fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 Financial Services – Investment Companies.

(2) Significant Accounting Policies

General – The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated subsequent events occurring after the date of the fund’s Statement of Assets and Liabilities through the date that the financial statements were issued.

In this reporting period, the fund adopted the disclosure provisions of FASB Accounting Standards Update 2011-11 (“ASU 2011-11”), Balance Sheet (Topic 210) – Disclosures about Offsetting Assets and Liabilities along with the related scope clarification provisions of FASB Accounting Standards Update 2013-01 (“ASU 2013-01”) entitled Balance Sheet (Topic 210) – Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities. ASU 2011-11 is intended to enhance disclosures on the offsetting of financial assets and liabilities by requiring entities to disclose both gross and net information about financial instruments and transactions that are either offset in the statement of financial position or subject to an enforceable Master Netting Agreement or similar arrangement. ASU 2013-01 limits the scope of ASU 2011-11’s disclosure requirements on offsetting to financial assets and financial liabilities related to derivatives, repurchase and reverse repurchase agreements, and securities lending and securities borrowing transactions.

The fund’s accounting policy with respect to balance sheet offsetting is that, absent an event of default by the counterparty or a termination of the agreement, the International Swaps and Derivatives Association (ISDA) Master Agreement does not result in an offset of reported amounts of financial assets and financial liabilities in the Statement of Assets and Liabilities across transactions between the fund and the applicable counterparty. The fund’s right to setoff may be restricted or prohibited by the bankruptcy or insolvency laws of the particular jurisdiction to which a specific master netting agreement counterparty is subject. Balance sheet offsetting disclosures, to the extent applicable to the fund, have been included in the fund’s Significant Accounting Policies note under the captions for each of the fund’s in-scope financial instruments and transactions.

Investment Valuations – Equity securities, including restricted equity securities, are generally valued at the last sale or official closing price as provided by a third-party

26

Notes to Financial Statements (unaudited) – continued

pricing service on the market or exchange on which they are primarily traded. Equity securities, for which there were no sales reported that day, are generally valued at the last quoted daily bid quotation as provided by a third-party pricing service on the market or exchange on which such securities are primarily traded. Short-term instruments with a maturity at issuance of 60 days or less generally are valued at amortized cost, which approximates market value. Open-end investment companies are generally valued at net asset value per share. Securities and other assets generally valued on the basis of information from a third-party pricing service may also be valued at a broker/dealer bid quotation. Values obtained from third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market data. The values of foreign securities and other assets and liabilities expressed in foreign currencies are converted to U.S. dollars using the mean of bid and asked prices for rates provided by a third-party pricing service.

The Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund’s investments (including any fair valuation) to the adviser pursuant to valuation policies and procedures approved by the Board. If the adviser determines that reliable market quotations are not readily available, investments are valued at fair value as determined in good faith by the adviser in accordance with such procedures under the oversight of the Board of Trustees. Under the fund’s valuation policies and procedures, market quotations are not considered to be readily available for most types of debt instruments and floating rate loans and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services. In addition, investments may be valued at fair value if the adviser determines that an investment’s value has been materially affected by events occurring after the close of the exchange or market on which the investment is principally traded (such as foreign exchange or market) and prior to the determination of the fund’s net asset value, or after the halting of trading of a specific security where trading does not resume prior to the close of the exchange or market on which the security is principally traded. Events that occur on a frequent basis after foreign markets close (such as developments in foreign markets and significant movements in the U.S. markets) and prior to the determination of the fund’s net asset value may be deemed to have a material effect on the value of securities traded in foreign markets. Accordingly, the fund’s foreign equity securities may often be valued at fair value. The adviser generally relies on third-party pricing services or other information (such as the correlation with price movements of similar securities in the same or other markets; the type, cost and investment characteristics of the security; the business and financial condition of the issuer; and trading and other market data) to assist in determining whether to fair value and at what value to fair value an investment. The value of an investment for purposes of calculating the fund’s net asset value can differ depending on the source and method used to determine value. When fair valuation is used, the value of an investment used to determine the fund’s net asset value may differ from quoted or published prices for the same investment. There can be no assurance that the fund could obtain the fair value assigned to an investment if it were to sell the investment at the same time at which the fund determines its net asset value per share.

27

Notes to Financial Statements (unaudited) – continued

Various inputs are used in determining the value of the fund’s assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes unobservable inputs, which may include the adviser’s own assumptions in determining the fair value of investments. The following is a summary of the levels used as of May 31, 2014 in valuing the fund’s assets or liabilities:

Investments at Value	Level 1		Level 2		Level 3		Total
Equity Securities		$6,380,660,892		$—		$—		$6,380,660,892
Mutual Funds		29,197,564		—		—		29,197,564
Total Investments		$6,409,858,456		$—		$—		$6,409,858,456

For further information regarding security characteristics, see the Portfolio of Investments.

Foreign Currency Translation – Purchases and sales of foreign investments, income, and expenses are converted into U.S. dollars based upon currency exchange rates prevailing on the respective dates of such transactions or on the reporting date for foreign denominated receivables and payables. Gains and losses attributable to foreign currency exchange rates on sales of securities are recorded for financial statement purposes as net realized gains and losses on investments. Gains and losses attributable to foreign exchange rate movements on receivables, payables, income and expenses are recorded for financial statement purposes as foreign currency transaction gains and losses. That portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.

Security Loans – Under its Securities Lending Agency Agreement with the fund, JPMorgan Chase and Co. (“Chase”), as lending agent, loans the securities of the fund to certain qualified institutions (the “Borrowers”) approved by the fund. The loans are collateralized by cash and/or U.S. Treasury and federal agency obligations in an amount typically at least equal to the market value of the securities loaned. The market value of the loaned securities is determined at the close of business of the fund and any additional required collateral is delivered to the fund on the next business day. Chase provides the fund with indemnification against Borrower default. In the event of Borrower default, Chase will for the benefit of the fund either purchase securities identical to those loaned or, when such purchase is commercially impracticable, pay the fund the market value of the loaned securities. In return, Chase assumes the fund’s rights to the related collateral. If the collateral value is less than the cost to purchase identical securities, Chase is responsible for the shortfall, but only to the extent that such shortfall is not due to a decline in collateral value resulting from collateral

28

Notes to Financial Statements (unaudited) – continued

reinvestment for which the fund bears the risk of loss. On loans collateralized by cash, the cash collateral is invested in a money market fund or short-term securities. A portion of the income generated upon investment of the collateral is remitted to the Borrowers, and the remainder is allocated between the fund and the lending agent. On loans collateralized by U.S. Treasury and/or federal agency obligations, a fee is received from the Borrower, and is allocated between the fund and the lending agent. Income from securities lending is included in “Interest” income in the Statement of Operations. The dividend and interest income earned on the securities loaned is accounted for in the same manner as other dividend and interest income. At May 31, 2014, there were no securities on loan or collateral outstanding.

Indemnifications – Under the fund’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the fund. Additionally, in the normal course of business, the fund enters into agreements with service providers that may contain indemnification clauses. The fund’s maximum exposure under these agreements is unknown as this would involve future claims that may be made against the fund that have not yet occurred.

Investment Transactions and Income – Investment transactions are recorded on the trade date. Interest income is recorded on the accrual basis. Dividends received in cash are recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded when the fund is informed of the dividend if such information is obtained subsequent to the ex-dividend date. Dividend and interest payments received in additional securities are recorded on the ex-dividend or ex-interest date in an amount equal to the value of the security on such date.

The fund may receive proceeds from litigation settlements. Any proceeds received from litigation involving portfolio holdings are reflected in the Statement of Operations in realized gain/loss if the security has been disposed of by the fund or in unrealized gain/loss if the security is still held by the fund. Any other proceeds from litigation not related to portfolio holdings are reflected as other income in the Statement of Operations.

Fees Paid Indirectly – The fund’s custody fee may be reduced according to an arrangement that measures the value of cash deposited with the custodian by the fund. This amount, for the six months ended May 31, 2014, is shown as a reduction of total expenses in the Statement of Operations.

Tax Matters and Distributions – The fund intends to qualify as a regulated investment company, as defined under Subchapter M of the Internal Revenue Code, and to distribute all of its taxable income, including realized capital gains. As a result, no provision for federal income tax is required. The fund’s federal tax returns, when filed, will remain subject to examination by the Internal Revenue Service for a three year period. Management has analyzed the fund’s tax positions taken on federal and state tax returns for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability. Foreign taxes, if any, have been accrued by the fund in the accompanying financial statements in accordance with the applicable foreign tax law. Foreign income taxes may be withheld by certain countries in which the fund invests.

29

Notes to Financial Statements (unaudited) – continued

Additionally, capital gains realized by the fund on securities issued in or by certain foreign countries may be subject to capital gains tax imposed by those countries.

Distributions to shareholders are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. generally accepted accounting principles. Certain capital accounts in the financial statements are periodically adjusted for permanent differences in order to reflect their tax character. These adjustments have no impact on net assets or net asset value per share. Temporary differences which arise from recognizing certain items of income, expense, gain or loss in different periods for financial statement and tax purposes will reverse at some time in the future. Distributions in excess of net investment income or net realized gains are temporary overdistributions for financial statement purposes resulting from differences in the recognition or classification of income or distributions for financial statement and tax purposes.

Book/tax differences primarily relate to wash sale loss deferrals.

The tax character of distributions made during the current period will be determined at fiscal year end. The tax character of distributions declared to shareholders for the last fiscal year is as follows:

	11/30/13
Ordinary income (including any short-term capital gains)		$32,000,095

The federal tax cost and the tax basis components of distributable earnings were as follows:

As of 5/31/14
Cost of investments	$4,845,066,678
Gross appreciation	1,570,337,643
Gross depreciation	(5,545,865	)
Net unrealized appreciation (depreciation)	$1,564,791,778
As of 11/30/13
Undistributed ordinary income	25,952,726
Undistributed long-term capital gain	7,957,277
Other temporary differences	(67,543	)
Net unrealized appreciation (depreciation)	1,344,728,630

The aggregate cost above includes prior fiscal year end tax adjustments, if applicable.

Multiple Classes of Shares of Beneficial Interest – The fund offers multiple classes of shares, which differ in their respective distribution, service, and program manager fees. The fund’s income, realized and unrealized gain (loss), and common expenses are allocated to shareholders based on the daily net assets of each class. Dividends are declared separately for each class. Differences in per share dividend rates are generally due to differences in separate class expenses. Class B and Class 529B shares will convert to Class A and Class 529A shares, respectively, approximately eight years after

30

Notes to Financial Statements (unaudited) – continued

purchase. The fund’s distributions declared to shareholders as reported in the Statements of Changes in Net Assets are presented by class as follows:

	From net investment income				From net realized gain on investments
	Six months ended 5/31/14		Year ended 11/30/13		Six months ended 5/31/14		Year ended 11/30/13
Class A		$15,815,442		$21,115,104		$33,355,178		$—
Class B		—		137,183		1,192,091		—
Class C		—		457,417		2,940,607		—
Class I		2,855,684		911,858		4,086,459		—
Class R1		166,013		16,230		413,213		—
Class R2		626,032		808,038		2,074,465		—
Class R3		2,275,421		2,107,313		4,411,822		—
Class R4		5,929,271		5,261,282		8,629,338		—
Class R5		2,289,176		1,126,737		3,029,871		—
Class 529A		43,074		52,515		92,294		—
Class 529B		—		977		6,205		—
Class 529C		—		5,441		31,641		—
Total		$30,000,113		$32,000,095		$60,263,184		$—

(3) Transactions with Affiliates

Investment Adviser – The fund has an investment advisory agreement with MFS to provide overall investment management and related administrative services and facilities to the fund. The management fee is computed daily and paid monthly at an annual rate of 0.33% of the fund’s average daily net assets.

Distributor – MFS Fund Distributors, Inc. (MFD), a wholly-owned subsidiary of MFS, as distributor, received $516,977 and $3,932 for the six months ended May 31, 2014, as its portion of the initial sales charge on sales of Class A and Class 529A shares of the fund, respectively.

The Board of Trustees has adopted a distribution plan for certain share classes pursuant to Rule 12b-1 of the Investment Company Act of 1940.

The fund’s distribution plan provides that the fund will pay MFD for services provided by MFD and financial intermediaries in connection with the distribution and servicing of certain share classes. One component of the plan is a distribution fee paid to MFD and another component of the plan is a service fee paid to MFD. MFD may subsequently pay all, or a portion, of the distribution and/or service fees to financial intermediaries.

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Notes to Financial Statements (unaudited) – continued

Distribution Plan Fee Table:

	Distribution Fee Rate (d)		Service Fee Rate (d)		Total Distribution Plan (d)		Annual Effective Rate (e)		Distribution and Service Fee
Class A		—		0.25%		0.25%		0.24%		$4,308,910
Class B		0.75%		0.25%		1.00%		1.00%		492,636
Class C		0.75%		0.25%		1.00%		1.00%		1,265,980
Class R1		0.75%		0.25%		1.00%		1.00%		179,796
Class R2		0.25%		0.25%		0.50%		0.50%		504,966
Class R3		—		0.25%		0.25%		0.24%		581,485
Class 529A		—		0.25%		0.25%		0.21%		11,462
Class 529B		0.75%		0.25%		1.00%		1.00%		2,569
Class 529C		0.75%		0.25%		1.00%		1.00%		13,739
Total Distribution and Service Fees										$7,361,543

(d) In accordance with the distribution plan for certain classes, the fund pays distribution and/or service fees equal to these annual percentage rates of each class’s average daily net assets. The distribution and service fee rates disclosed by class represent the current rates in effect at the end of the reporting period. Any rate changes, if applicable, are detailed below.

(e) The annual effective rates represent actual fees incurred under the distribution plan for the six months ended May 31, 2014 based on each class’s average daily net assets. MFD has voluntarily agreed to rebate a portion of each class’s 0.25% service fee attributable to accounts for which MFD retains the 0.25% service fee except for accounts attributable to MFS or its affiliates’ seed money. For the six months ended May 31, 2014, this rebate amounted to $204,414, $1,473, $1,505, $28,586, $1,870, $12, and $8 for Class A, Class B, Class C, Class R3, Class 529A, Class 529B, and Class 529C, respectively, and is included in the reduction of total expenses in the Statement of Operations.

Certain Class A shares are subject to a contingent deferred sales charge (CDSC) in the event of a shareholder redemption within 18 months of purchase for shares purchased on or after August 1, 2012, and within 24 months of purchase for shares purchased prior to August 1, 2012. Class C and Class 529C shares are subject to a CDSC in the event of a shareholder redemption within 12 months of purchase. Class B and Class 529B shares are subject to a CDSC in the event of a shareholder redemption within six years of purchase. All contingent deferred sales charges are paid to MFD and during the six months ended May 31, 2014, were as follows:

	Amount
Class A		$4,251
Class B		37,136
Class C		4,548
Class 529B		—
Class 529C		—

The fund has entered into and may from time to time enter into contracts with program managers and other parties which administer the tuition programs through which an investment in the fund’s 529 share classes is made. The fund has entered into an agreement with MFD pursuant to which MFD receives an annual fee of up to 0.10% of the average daily net assets attributable to each 529 share class. MFD has agreed to waive a portion of this fee in an amount equal to 0.05% of the average daily net assets for each 529 share class. This waiver agreement will expire on

32

Notes to Financial Statements (unaudited) – continued

March 31, 2015, unless MFD elects to extend the waiver. For the six months ended May 31, 2014, this waiver amounted to $3,108 and is included in the reduction of total expenses in the Statement of Operations. The program manager fee incurred for the six months ended May 31, 2014 was equivalent to an annual effective rate of 0.05% of the average daily net assets attributable to each 529 share class. The services provided by MFD, or a third party with which MFD contracts, include recordkeeping and tax reporting and account services, as well as services designed to maintain the program’s compliance with the Internal Revenue Code and other regulatory requirements. Program manager fees and waivers for the six months ended May 31, 2014, were as follows:

	Fee		Waiver
Class 529A		$4,585		$2,293
Class 529B		257		128
Class 529C		1,374		687
Total Program Manager Fees and Waivers		$6,216		$3,108

Shareholder Servicing Agent – MFS Service Center, Inc. (MFSC), a wholly-owned subsidiary of MFS, receives a fee from the fund for its services as shareholder servicing agent calculated as a percentage of the average daily net assets of the fund as determined periodically under the supervision of the fund’s Board of Trustees. For the six months ended May 31, 2014, the fee was $771,968, which equated to 0.0253% annually of the fund’s average daily net assets. MFSC also receives payment from the fund for out-of-pocket expenses, sub-accounting and other shareholder servicing costs which may be paid to affiliated and unaffiliated service providers. Class R5 shares do not incur sub-accounting fees. For the six months ended May 31, 2014, these out-of-pocket expenses, sub-accounting and other shareholder servicing costs amounted to $2,876,130.

Administrator – MFS provides certain financial, legal, shareholder communications, compliance, and other administrative services to the fund. Under an administrative services agreement, the fund partially reimburses MFS the costs incurred to provide these services. The fund is charged an annual fixed amount of $17,500 plus a fee based on average daily net assets. The administrative services fee incurred for the six months ended May 31, 2014 was equivalent to an annual effective rate of 0.0077% of the fund’s average daily net assets.

Trustees’ and Officers’ Compensation – The fund pays compensation to independent Trustees in the form of a retainer, attendance fees, and additional compensation to Board and Committee chairpersons. The fund does not pay compensation directly to Trustees or officers of the fund who are also officers of the investment adviser, all of whom receive remuneration for their services to the fund from MFS. Certain officers and Trustees of the fund are officers or directors of MFS, MFD, and MFSC.

Prior to December 31, 2001, the fund had an unfunded defined benefit plan (“DB plan”) for independent Trustees. As of December 31, 2001, the Board took action to terminate the DB plan with respect to then-current and any future independent Trustees, such that the DB plan covers only certain of those former independent Trustees who retired on or before December 31, 2001. Effective January 1, 2002,

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Notes to Financial Statements (unaudited) – continued

accrued benefits under the DB plan for then-current independent Trustees who continued were credited to an unfunded retirement deferral plan (the “Retirement Deferral plan”), which was established for and exists solely with respect to these credited amounts, and is not available for other deferrals by these or other independent Trustees. Although the Retirement Deferral plan is unfunded, amounts deferred under the plan are periodically adjusted for investment experience as if they had been invested in shares of the fund. The DB plan resulted in a pension expense of $3,743 and the Retirement Deferral plan resulted in an expense of $6,943. Both amounts are included in independent Trustees’ compensation for the six months ended May 31, 2014. The liability for deferred retirement benefits payable to certain independent Trustees under both plans amounted to $143,908 at May 31, 2014, and is included in “Payable for independent Trustees’ compensation” in the Statement of Assets and Liabilities.

Deferred Trustee Compensation – Under a Deferred Compensation Plan (the “Plan”), independent Trustees previously were allowed to elect to defer receipt of all or a portion of their annual compensation. Effective January 1, 2005, the Board elected to no longer allow Trustees to defer receipt of future compensation under the Plan. Amounts deferred under the Plan are invested in shares of certain MFS Funds selected by the independent Trustees as notional investments. Deferred amounts represent an unsecured obligation of the fund until distributed in accordance with the Plan. Included in “Other assets” and “Payable for independent Trustees’ compensation” in the Statement of Assets and Liabilities is $46,234 of deferred Trustees’ compensation. There is no current year expense associated with the Plan.

Other – This fund and certain other funds managed by MFS (the funds) have entered into services agreements (the Agreements) which provide for payment of fees by the funds to Tarantino LLC and Griffin Compliance LLC in return for the provision of services of an Independent Chief Compliance Officer (ICCO) and Assistant ICCO, respectively, for the funds. The ICCO and Assistant ICCO are officers of the funds and the sole members of Tarantino LLC and Griffin Compliance LLC, respectively. The funds can terminate the Agreements with Tarantino LLC and Griffin Compliance LLC at any time under the terms of the Agreements. For the six months ended May 31, 2014, the aggregate fees paid by the fund to Tarantino LLC and Griffin Compliance LLC were $18,640 and are included in “Miscellaneous” expense in the Statement of Operations. MFS has agreed to reimburse the fund for a portion of the payments made by the fund in the amount of $5,463, which is included in the reduction of total expenses in the Statement of Operations. Additionally, MFS has agreed to bear all expenses associated with office space, other administrative support, and supplies provided to the ICCO and Assistant ICCO. Effective May 31, 2014, Ms. Griffin resigned as Assistant ICCO and the service agreement between the funds and Griffin Compliance LLC was terminated.

The fund invests in the MFS Institutional Money Market Portfolio which is managed by MFS and seeks current income consistent with preservation of capital and liquidity. Income earned on this investment is included in “Dividends from underlying affiliated funds” in the Statement of Operations. This money market fund does not pay a management fee to MFS.

On September 11, 2013, MFS redeemed 6,106 shares of Class R5 for an aggregate amount of $132,378.

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Notes to Financial Statements (unaudited) – continued

(4) Portfolio Securities

For the six months ended May 31, 2014, purchases and sales of investments, other than short-term obligations, aggregated $1,244,104,423 and $867,785,896, respectively.

(5) Shares of Beneficial Interest

The fund’s Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest. Transactions in fund shares were as follows:

	Six months ended 5/31/14				Year ended 11/30/13
	Shares		Amount		Shares		Amount
Shares sold
Class A		19,818,265		$447,912,368		18,965,313		$381,972,352
Class B		177,074		3,603,488		548,663		9,825,398
Class C		503,852		10,193,632		1,436,405		25,918,616
Class I		2,099,469		48,779,035		14,632,405		303,158,899
Class R1		295,921		5,954,668		1,490,369		28,461,434
Class R2		1,383,718		30,756,562		4,215,491		82,425,602
Class R3		4,912,363		110,361,288		9,974,238		201,094,770
Class R4		5,250,643		119,478,608		18,242,186		360,978,118
Class R5		1,257,964		29,350,410		9,112,318		188,166,284
Class 529A		42,337		955,825		78,557		1,569,665
Class 529B		807		15,980		2,474		43,555
Class 529C		28,501		570,967		23,350		403,791
		35,770,914		$807,932,831		78,721,769		$1,584,018,484
Shares issued to shareholders in reinvestment of distributions
Class A		1,849,015		$40,327,015		976,902		$17,545,800
Class B		58,862		1,151,346		8,587		137,183
Class C		116,755		2,272,061		21,847		351,307
Class I		280,150		6,238,951		39,055		715,492
Class R1		29,996		579,226		1,012		16,230
Class R2		115,701		2,470,225		42,446		746,625
Class R3		309,165		6,687,239		118,255		2,107,313
Class R4		557,531		12,221,070		284,847		5,135,802
Class R5		238,629		5,319,047		61,469		1,126,737
Class 529A		6,267		135,368		2,953		52,510
Class 529B		323		6,205		62		977
Class 529C		1,656		31,638		344		5,441
		3,564,050		$77,439,391		1,557,779		$27,941,417

35

Notes to Financial Statements (unaudited) – continued

	Six months ended 5/31/14						Year ended 11/30/13
	Shares			Amount			Shares			Amount
Shares reacquired
Class A		(10,149,522	)		$(231,166,844	)		(19,390,246	)		$(385,991,947	)
Class B		(804,802	)		(16,491,596	)		(2,026,743	)		(36,022,663	)
Class C		(817,555	)		(16,550,054	)		(1,805,227	)		(32,106,521	)
Class I		(1,577,099	)		(36,623,925	)		(2,078,904	)		(43,947,677	)
Class R1		(337,376	)		(6,782,304	)		(165,881	)		(3,041,223	)
Class R2		(1,356,735	)		(30,362,368	)		(2,027,412	)		(40,051,549	)
Class R3		(2,564,441	)		(58,027,087	)		(4,463,806	)		(89,338,032	)
Class R4		(3,075,103	)		(70,341,108	)		(4,624,242	)		(93,749,116	)
Class R5		(1,199,389	)		(27,991,578	)		(1,130,649	)		(23,670,435	)
Class 529A		(22,795	)		(516,860	)		(51,934	)		(1,041,938	)
Class 529B		(2,375	)		(47,840	)		(10,051	)		(175,555	)
Class 529C		(29,817	)		(596,402	)		(13,875	)		(245,689	)
		(21,937,009	)		$(495,497,966	)		(37,788,970	)		$(749,382,345	)
Net change
Class A		11,517,758			$257,072,539			551,969			$13,526,205
Class B		(568,866	)		(11,736,762	)		(1,469,493	)		(26,060,082	)
Class C		(196,948	)		(4,084,361	)		(346,975	)		(5,836,598	)
Class I		802,520			18,394,061			12,592,556			259,926,714
Class R1		(11,459	)		(248,410	)		1,325,500			25,436,441
Class R2		142,684			2,864,419			2,230,525			43,120,678
Class R3		2,657,087			59,021,440			5,628,687			113,864,051
Class R4		2,733,071			61,358,570			13,902,791			272,364,804
Class R5		297,204			6,677,879			8,043,138			165,622,586
Class 529A		25,809			574,333			29,576			580,237
Class 529B		(1,245	)		(25,655	)		(7,515	)		(131,023	)
Class 529C		340			6,203			9,819			163,543
		17,397,955			$389,874,256			42,490,578			$862,577,556

(6) Line of Credit

The fund and certain other funds managed by MFS participate in a $1.1 billion unsecured committed line of credit, subject to a $1 billion sublimit, provided by a syndication of banks under a credit agreement. Borrowings may be made for temporary financing needs. Interest is charged to each fund, based on its borrowings, generally at a rate equal to the higher of the Federal Reserve funds rate or one month LIBOR plus an agreed upon spread. A commitment fee, based on the average daily, unused portion of the committed line of credit, is allocated among the participating funds at the end of each calendar quarter. In addition, the fund and other funds managed by MFS have established unsecured uncommitted borrowing arrangements with certain banks for temporary financing needs. Interest is charged to each fund, based on its borrowings, at a rate equal to the Federal Reserve funds rate plus an agreed upon spread. For the six months ended May 31, 2014, the fund’s commitment fee and interest expense were $11,555 and $0, respectively, and are included in “Miscellaneous” expense in the Statement of Operations.

36

Notes to Financial Statements (unaudited) – continued

(7) Transactions in Underlying Affiliated Funds-Affiliated Issuers

An affiliated issuer may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. For the purposes of this report, the fund assumes the following to be an affiliated issuer:

Underlying Affiliated Fund	Beginning Shares/Par Amount		Acquisitions Shares/Par Amount		Dispositions Shares/Par Amount			Ending Shares/Par Amount
MFS Institutional Money Market Portfolio		53,631,274		647,669,561		(672,103,271	)		29,197,564
Underlying Affiliated Fund	Realized Gain (Loss)		Capital Gain Distributions		Dividend Income			Ending Value
MFS Institutional Money Market Portfolio		$—		$—		$25,523			$29,197,564

37

PROXY VOTING POLICIES AND INFORMATION

MFS votes proxies on behalf of the fund pursuant to proxy voting policies and procedures that are available without charge, upon request, by calling 1-800-225-2606, by visiting the Proxy Voting section of mfs.com or by visiting the SEC’s Web site at http://www.sec.gov.

Information regarding how the fund voted proxies relating to portfolio securities during the twelve-month period ended June 30, 2013 is available without charge by visiting the Proxy Voting section of mfs.com or by visiting the SEC’s Web site at http://www.sec.gov.

QUARTERLY PORTFOLIO DISCLOSURE

The fund will file a complete schedule of portfolio holdings with the Securities and Exchange Commission (the Commission) for the first and third quarters of each fiscal year on Form N-Q. A shareholder can obtain the quarterly portfolio holdings report at mfs.com. The fund’s Form N-Q is also available on the EDGAR database on the Commission’s Internet Web site at http://www.sec.gov, and may be reviewed and copied at the:

Public Reference Room

Securities and Exchange Commission

100 F Street, NE, Room 1580

Washington, D.C. 20549

Information on the operation of the Public Reference Room may be obtained by calling the Commission at 1-800-SEC-0330. Copies of the fund’s Form N-Q also may be obtained, upon payment of a duplicating fee, by electronic request at the following e-mail address: publicinfo@sec.gov, or by writing the Public Reference Section at the above address.

FURTHER INFORMATION

From time to time, MFS may post important information about the fund or the MFS funds on the MFS web site (mfs.com). This information is available by visiting the “Commentary & Announcements” and “Market Outlooks” sections of mfs.com or by clicking on the fund’s name under “Mutual Funds” in the “Products” section of mfs.com.

PROVISION OF FINANCIAL REPORTS AND SUMMARY PROSPECTUSES

The fund produces financial reports every six months and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund’s annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund’s records. However, any shareholder may contact MFSC (please see back cover for address and telephone number) to request that copies of these reports and summary prospectuses be sent personally to that shareholder.

38

Save paper with eDelivery.

MFS® will send you prospectuses,

reports, and proxies directly via e-mail so you will get information faster with less mailbox clutter.

To sign up:

1. Go to mfs.com.

2. Log in via MFS® Access.

3. Select eDelivery.

If you own your MFS fund shares through a financial institution or a retirement plan, MFS® TALK, MFS® Access, or eDelivery may not be available to you.

CONTACT

WEB SITE

mfs.com

MFS TALK

1-800-637-8255

24 hours a day

ACCOUNT SERVICE AND LITERATURE

Shareholders

1-800-225-2606

Financial advisors

1-800-343-2829

Retirement plan services

1-800-637-1255

MAILING ADDRESS

MFS Service Center, Inc.

P.O. Box 55824

Boston, MA 02205-5824

OVERNIGHT MAIL

MFS Service Center, Inc.

c/o Boston Financial Data Services

30 Dan Road

Canton, MA 02021-2809

ITEM 2. CODE OF ETHICS.

During the period covered by this report, the Registrant has not amended any provision in its Code of Ethics (the “Code”) that relates to an element of the Code’s definitions enumerated in paragraph (b) of Item 2 of this Form N-CSR. During the period covered by this report, the Registrant did not grant a waiver, including an implicit waiver, from any provision of the Code.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable for semi-annual reports.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable for semi-annual reports.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable to the Registrant.

ITEM 6. INVESTMENTS

A schedule of investments for each series of the Registrant is included as part of the report to shareholders of such series under Item 1 of this Form N-CSR.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to the Registrant.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to the Registrant.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable to the Registrant.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There were no material changes to the procedures by which shareholders may send recommendations to the Board for nominees to the Registrant’s Board since the Registrant last provided disclosure as to such procedures in response to the requirements of Item 407 (c)(2)(iv) of Regulation S-K or this Item.

ITEM 11. CONTROLS AND PROCEDURES.

(a) Based upon their evaluation of the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as conducted within 90 days of the filing date of this report on Form N-CSR, the registrant’s principal financial officer and principal executive officer have concluded that those disclosure controls and procedures provide reasonable assurance that the material information required to be disclosed by the registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.

(b) There were no changes in the registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the second fiscal quarter of the period covered by the report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12. EXHIBITS.

(a) File the exhibits listed below as part of this form. Letter or number the exhibits in the sequence indicated.

(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit.

(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2): Attached hereto.

(b) If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)) and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed “filed” for the purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference: Attached hereto.

Notice

A copy of the Amended and Restated Declaration of Trust, as amended, of the Registrant is on file with the Secretary of State of The Commonwealth of Massachusetts and notice is hereby given that this instrument is executed on behalf of the Registrant by an officer of the Registrant as an officer and not individually and the obligations of or arising out of this instrument are not binding upon any of the Trustees or shareholders individually, but are binding only upon the assets and property of the respective constituent series of the Registrant.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) MASSACHUSETTS INVESTORS GROWTH STOCK FUND

By (Signature and Title)*	JOHN M. CORCORAN
	John M. Corcoran, President

Date: July 16, 2014

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)*	JOHN M. CORCORAN
	John M. Corcoran, President (Principal Executive Officer)

Date: July 16, 2014

By (Signature and Title)*	DAVID L. DILORENZO
	David L. DiLorenzo, Treasurer (Principal Financial Officer and Accounting Officer)

Date: July 16, 2014

* Print name and title of each signing officer under his or her signature.

EX-99.CERT

EX-99.302CERT

MASSACHUSETTS INVESTORS GROWTH STOCK FUND

CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT

I, David L. DiLorenzo, certify that:

1. I have reviewed this report on Form N-CSR of Massachusetts Investors Growth Stock Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d. Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by the report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: July 16, 2014	DAVID L. DILORENZO
	David L. DiLorenzo
	Treasurer (Principal Financial Officer and Accounting Officer)

EX-99.302CERT

MASSACHUSETTS INVESTORS GROWTH STOCK FUND

CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT

I, John M. Corcoran, certify that:

1. I have reviewed this report on Form N-CSR of Massachusetts Investors Growth Stock Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d. Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by the report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: July 16, 2014	JOHN M. CORCORAN
	John M. Corcoran
	President (Principal Executive Officer)

EX-99.906CERT

EX-99.906CERT

MASSACHUSETTS INVESTORS GROWTH STOCK FUND

CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT

I, David L. DiLorenzo, certify that, to my knowledge:

1. The Form N-CSR (the “Report”) of Massachusetts Investors Growth Stock Fund (the “Registrant”) fully complies for the period covered by the Report with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: July 16, 2014	DAVID L. DILORENZO
	David L. DiLorenzo
	Treasurer (Principal Financial Officer and Accounting Officer)

A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.

EX-99.906CERT

MASSACHUSETTS INVESTORS GROWTH STOCK FUND

CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT

I, John M. Corcoran, certify that, to my knowledge:

1. The Form N-CSR (the “Report”) of Massachusetts Investors Growth Stock Fund (the “Registrant”) fully complies for the period covered by the Report with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: July 16, 2014	JOHN M. CORCORAN
	John M. Corcoran
	President (Principal Executive Officer)

A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.