Quarterly Report

February 28, 2023

Massachusetts Investors
Growth Stock Fund

MIG-Q1

Portfolio of Investments

2/28/23 (unaudited)

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

Issuer	Shares/Par	Value ($)
Common Stocks – 98.7%
Apparel Manufacturers – 3.0%
LVMH Moet Hennessy Louis Vuitton SE	145,149	$121,130,514
NIKE, Inc., “B”	1,536,266	182,493,038
		$303,623,552
Automotive – 2.1%
Aptiv PLC (a)	1,767,510	$205,526,063
Brokerage & Asset Managers – 1.9%
Blackstone, Inc.	470,397	$42,712,048
Charles Schwab Corp.	1,933,986	150,696,189
		$193,408,237
Business Services – 9.3%
Accenture PLC, “A”	1,419,579	$376,969,203
Cognizant Technology Solutions Corp., “A”	1,053,391	65,973,878
Equifax, Inc.	611,814	123,910,689
Fidelity National Information Services, Inc.	1,523,402	96,537,985
Fiserv, Inc. (a)	1,859,006	213,953,001
Verisk Analytics, Inc., “A”	325,617	55,716,325
		$933,061,081
Computer Software – 14.1%
Adobe Systems, Inc. (a)	625,979	$202,785,897
Black Knight, Inc. (a)	2,369,435	141,218,326
Microsoft Corp.	4,272,811	1,065,724,520
		$1,409,728,743
Computer Software - Systems – 5.3%
Apple, Inc.	3,604,258	$531,303,672
Construction – 2.5%
Otis Worldwide Corp.	1,610,713	$136,298,534
Sherwin-Williams Co.	506,793	112,178,631
		$248,477,165
Consumer Products – 5.1%
Church & Dwight Co., Inc.	3,674,044	$307,811,406
Colgate-Palmolive Co.	1,293,223	94,793,246
Estee Lauder Cos., Inc., “A”	443,630	107,824,272
		$510,428,924
Electrical Equipment – 6.0%
Amphenol Corp., “A”	3,248,973	$251,860,387
Fortive Corp.	2,983,689	198,892,709
TE Connectivity Ltd.	1,169,169	148,858,597
		$599,611,693
Electronics – 3.9%
Analog Devices, Inc.	1,020,822	$187,290,212
Taiwan Semiconductor Manufacturing Co. Ltd., ADR	1,391,311	121,141,449
Texas Instruments, Inc.	478,844	82,097,804
		$390,529,465

1

Portfolio of Investments (unaudited) – continued

Issuer	Shares/Par	Value ($)
Common Stocks – continued
Food & Beverages – 2.7%
McCormick & Co., Inc.	1,900,925	$141,276,746
PepsiCo, Inc.	763,526	132,494,667
		$273,771,413
Health Maintenance Organizations – 0.7%
Cigna Group	233,875	$68,314,887
Insurance – 3.7%
Aon PLC	825,493	$250,991,147
Marsh & McLennan Cos., Inc.	746,066	120,967,141
		$371,958,288
Internet – 8.5%
Alphabet, Inc., “A” (a)	6,882,432	$619,831,826
Gartner, Inc. (a)	362,115	118,704,918
Tencent Holdings Ltd.	2,628,300	115,051,326
		$853,588,070
Leisure & Toys – 2.0%
Electronic Arts, Inc.	1,827,031	$202,690,819
Medical & Health Technology & Services – 2.2%
ICON PLC (a)	978,530	$220,785,724
Medical Equipment – 10.9%
Abbott Laboratories	912,370	$92,806,276
Agilent Technologies, Inc.	981,800	139,386,146
Becton, Dickinson and Co.	620,342	145,501,216
Boston Scientific Corp. (a)	4,813,830	224,902,138
Danaher Corp.	506,213	125,302,904
STERIS PLC	771,602	145,084,324
Stryker Corp.	306,096	80,466,517
Thermo Fisher Scientific, Inc.	265,699	143,945,090
		$1,097,394,611
Other Banks & Diversified Financials – 6.7%
Mastercard, Inc., “A”	351,684	$124,949,808
Moody's Corp.	459,736	133,392,401
Visa, Inc., “A”	1,897,045	417,236,077
		$675,578,286
Railroad & Shipping – 1.4%
Canadian Pacific Railway Ltd.	1,856,060	$140,949,196
Restaurants – 1.1%
Starbucks Corp.	1,082,044	$110,465,872
Specialty Stores – 3.2%
Meituan, “B” (a)	259,310	$4,496,151
Ross Stores, Inc.	1,698,526	187,755,064
TJX Cos., Inc.	1,661,515	127,272,049
		$319,523,264
Telecommunications - Wireless – 1.5%
American Tower Corp., REIT	755,032	$149,503,886

2

Portfolio of Investments (unaudited) – continued

Issuer	Shares/Par	Value ($)
Common Stocks – continued
Utilities - Electric Power – 0.9%
Xcel Energy, Inc.	1,413,763	$91,286,677
Total Common Stocks		$9,901,509,588
Investment Companies (h) – 1.2%
Money Market Funds – 1.2%
MFS Institutional Money Market Portfolio, 4.55% (v)	121,537,125	$121,537,125
Other Assets, Less Liabilities – 0.1%		11,693,090
Net Assets – 100.0%		$10,034,739,803

(a)	Non-income producing security.
(h)	An affiliated issuer, which 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. At period end, the aggregate values of the fund's investments in affiliated issuers and in unaffiliated issuers were $121,537,125 and $9,901,509,588, respectively.
(v)	Affiliated issuer 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
REIT	Real Estate Investment Trust

See attached supplemental information. For more information see notes to financial statements as disclosed in the most recent semiannual or annual report.

3

Supplemental Information

2/28/23 (unaudited)

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

(1) Investment Valuations

Subject to its oversight, the fund's Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund’s investments to MFS as the fund's adviser, pursuant to the fund’s valuation policy and procedures which have been adopted by the adviser and approved by the Board. Effective September 8, 2022, and in accordance with Rule 2a-5 under the Investment Company Act of 1940, the Board of Trustees designated the adviser as the “valuation designee” of the fund. If the adviser, as valuation designee, determines that reliable market quotations are not readily available for an investment, the investment is valued at fair value as determined in good faith by the adviser in accordance with the adviser’s fair valuation policy and procedures.

Under the fund's valuation policy and procedures, equity securities, including restricted equity securities, are generally valued at the last sale or official closing price on their primary market or exchange as provided by a third-party pricing service. Equity securities, for which there were no sales reported that day, are generally valued at the last quoted daily bid quotation on their primary market or exchange as provided by a third-party pricing service. Short-term instruments with a maturity at issuance of 60 days or less may be valued at amortized cost, which approximates market value. Open-end investment companies are generally valued at net asset value per share. 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.

Under the fund’s valuation policy and procedures, market quotations are not considered to be readily available for debt instruments, floating rate loans, and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services or otherwise determined by the adviser in accordance with the adviser’s fair valuation policy and procedures. 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. In determining values, third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, spreads and other market data. An investment may also be valued at fair value if the adviser determines that the 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 halt 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 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.

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 significant 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 February 28, 2023 in valuing the fund's assets and liabilities:

Financial Instruments	Level 1	Level 2	Level 3	Total
Equity Securities	$9,901,509,588	$—	$—	$9,901,509,588
Mutual Funds	121,537,125	—	—	121,537,125
Total	$10,023,046,713	$—	$—	$10,023,046,713

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

4

Supplemental Information (unaudited) – continued

(2) Investments in 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 following were affiliated issuers:

Affiliated Issuers	Beginning Value	Purchases	Sales Proceeds	Realized Gain (Loss)	Change in Unrealized Appreciation or Depreciation	Ending Value
MFS Institutional Money Market Portfolio	$114,818,204	$350,211,256	$343,489,158	$1,985	$(5,162)	$121,537,125

Affiliated Issuers	Dividend Income	Capital Gain Distributions
MFS Institutional Money Market Portfolio	$1,015,248	$—

5