Massachusetts Investors Trust
AMERICA’S FIRST
MUTUAL FUND
A guide for long-term investors
This brochure provides year-end performance. When data for subsequent quarters are
available, the brochure must be accompanied by a performance supplement insert.
MASSACHUSETTS INVESTORS TRUST
America’s first mutual fund
1
Investing
in stocks
2
Risks of
“too-safe”
investing
3
Investing
in MIT
4
MIT’s
blue-chip
portfolio
5
Investing
in names
you know
6
Decades of
experience
Mutual funds are woven
into the fabric of American
life, helping investors pursue
dreams of educating their
children and enjoying
comfortable retirements. In
1924, though, Massachusetts
Investors Trust (MIT) was a
revolutionary idea — a pool
Copy of the original certificate issued to MIT shareholders
of investments, professionally
managed, that would make the stock market accessible for
individual investors. Now, more than nine decades later, after
helping generations of families, that revolutionary concept
continues to thrive. And MIT, America’s first and longest-lasting
mutual fund, continues to offer investors
Fund information, Class A, as of 12/31/16
8
MIT
investment
growth:
1924 – 2016
12
Time in,
not timing
13
MIT’s
management
team
14
Unparalleled
track record
15
Growth
and income
delivered
Massachusetts Investors Trust, without sales charge
with maximum 5.75% sales charge
■
a high-quality portfolio
of primarily large, wellknown companies with
long track records of
success
■
a time-tested strategy
that has worked to
help investors’ assets
grow over more than
nine decades
■
experienced managers
with a proven strategy
for pursuing solid
returns while seeking
to manage risk
Average annual returns (%)
Expense ratios (%)
Inception
1 yr.
5 yr.
10 yr.
Gross
Net
07/15/24
8.77
13.73
7.05
0.72
0.72
2.52
12.39
6.42
0.72
0.72
Performance data shown represent past performance and are no guarantee of future results. Investment
return and principal value fluctuate, so your shares, when sold, may be worth more or less than the
original cost; current performance may be lower or higher than quoted. For most recent month-end
performance, please visit mfs.com.
Other share classes are available for which p
­ erformance and expenses will differ and r­atings may vary. Performance
results reflect any applicable expense subsidies and waivers in effect d
­ uring the periods shown. Without such
subsidies and waivers the fund’s performance results would be less f­avorable. All results are h
­ istorical and assume
the r­einvestment of d
­ ividends and c­ apital gains.
Important risk considerations: The fund may not achieve its objective and/or you could lose money on your
investment in the fund. • Stock markets and investments in individual stocks are volatile and can decline
significantly in response to issuer, market, economic, industry, political, regulatory, geopolitical, and other
conditions. • Please see the prospectus for further information on these and other risk considerations.
16
MFS
investment
process
NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
WHY STOCKS BELONG IN
LONG-TERM PORTFOLIOS
A smart way to help temper inflation
As shown below, stocks have experienced periods of tremendous volatility over the past 30
years, reflecting short-term economic and political uncertainty around the world. You can also
see that stocks have produced greater returns than bonds and cash and have been the most
effective hedge against inflation. Keep in mind when planning ahead that even a low level of
inflation erodes purchasing power over time.
Over the long term, stocks have led the way
Hypothetical growth of $1 investment over 30 years
Subprime
crisis
causes
economic
turmoil
Dot.com
bubble
aftermath
n U.S. Stocks
n U.S. bonds
n Cash
n Inflation
1
2
3
$18.23
4
$6.32
$2.68
$2.18
1/87
1/92
1/97
1/02
1/07
1/12
12/16
Over time, stocks have played an important role for investors seeking to build and preserve wealth.
The historical performance of the indices is provided to illustrate market trends; it does not represent the performance of any investment product.
Index returns do not include any investment-related fees or expenses. It is not possible to invest directly in an index.
The Standard & Poor’s 500 Stock Index measures the broad U.S. stock market.
2
The Bloomberg Barclays U.S. Aggregate Bond Index measures the U.S. bond market.
3
The Citigroup Three-month Treasury Bill Index is derived from secondary-market Treasury bill rates published by the Federal Reserve Bank.
4
The Consumer Price Index (CPI) is a measure of inflation.
1
Past p
­ erformance is no guarantee of future results.
Investing in stocks
1
THE RISKS OF
“TOO-SAFE” INVESTING
The price you pay for “safety”
To ride out turbulent markets, some investors may be tempted to take their money out of stocks
(because their principal and yield fluctuate with changes in market conditions) and put it into
“safer” investments. But is favoring investments with a fixed rate of return, such as CDs, really a
good approach for pursuing financial goals that may be five or more years down the road?
While CDs offer the principal and interest protection that other types of investments cannot, you
may want to consider whether they can provide the growth potential needed for you to reach
long-term financial goals.5
While CDs and
U.S. Treasuries
do have shortterm merits,
stocks have
delivered
greater longterm returns.
Growth potential matters
Average annual returns before and after inflation, 1992 – 2016
Standard & Poor’s 500 Stock Index
BEFORE
9.15%
AFTER
6.88%
10-year U.S. Treasury
BEFORE
4.45%
AFTER
2.18%
Six-month CD6
BEFORE
3.14%
AFTER
0.87%
If you had put your money in CDs or U.S. Treasuries, you would have missed out on some
of the best opportunities to help build wealth over the past 25 years.
Source for annual inflation: Consumer Price Index
CDs (certificates of deposit) are FDIC insured generally up to $250,000 and have principal and interest guarantees. Unlike most FDIC-insured CDs, the share price of
other types of investments (e.g., stocks, bonds, and mutual funds) is subject to fluctuation and is not guaranteed. Therefore, there are greater investment risks involved,
which may result in a loss of principal.
6 Six-month CD represented by the Citigroup 6-month CD Index. Keep in mind that CDs may be purchased for longer periods than illustrated. Had longer-term CDs been
used, the results would have been different.
5
2
Risks of “too-safe” investing
Past ­performance is no guarantee of future results.
PURSUING LONG-TERM
GROWTH AND INCOME
Meet the Joneses
On New Year’s Eve 1990, the Joneses made a hypothetical
$10,000 investment in MIT, Class A.
On New Year’s Eve 1991, they retired and started using their
MIT investment as an income source, making an initial
retirement withdrawal equal to 4% of its ending value.
Adjusting for inflation, the Joneses then chose to increase the dollar amount of their
systematic retirement withdrawals by 3% on the last business day of each of the next 25 years.
By New Year’s Eve 2016, their one-time investment in MIT would have supported $18,556 in
retirement income withdrawals while its value would have grown to $43,398.
Path of hypothetical $10,000 investment in MIT
Class A, including maximum 5.75% sales charge and annual withdrawals
Total investment value
Income withdrawals
$50,000
$43,398
Total
investment
value
$30,000
$18,556
Income
withdrawals
$10,000
12/31/91
12/31/96
12/31/01
12/31/06
12/31/11
12/31/16
While growing to more than $43,000, the Joneses’ one-time investment also would have supported
more than $18,000 in income withdrawals.
This example is hypothetical and does not represent a complete retirement investment portfolio.
Performance results shown are not intended to represent the future performance of any MFS® product.
Past p
­ erformance is no guarantee of future results.
Investing in MIT
3
MIT’S TRADITION OF FOCUSING
ON BLUE-CHIP STOCKS
TOP 45 SECURITIES OWNED BY
SECURITIES OWNED BY
Of the fund’s 45
original holdings
from July 1924:
n 35 companies are still
in operation in some
form or fashion
7 of those still have
their original names
and continue to be in
the same lines of
business
At least 2 of the fund’s
original holdings are
among the fund’s
overall holdings as of
12/31/16: American Gas &
Electric was a predecessor to
today’s American Electric
Power Company; and Illinois
Central Railroad to Canadian
National Railway.
7Individual securities listed are
for illustrative purposes only
and should not be construed
as a recommendation to buy
or sell any of the securities.
8The portfolio is actively managed,
and current holdings may be
different. For a full list of current
holdings, please go to mfs.com.
4
MIT’s blue-chip portfolio
Massachusetts Investors Trust
as of December 31, 20168
Massachusetts Investors Trust
as of July 15, 19247
BANK AND INSURANCE
SHARESCOMPANY
PERCENT
COST
4.26
3
Boston Insurance Company 682 1/4
3.55
5
Springfield Fire & Marine Ins. Co.
325
2.91
2.60
INDUSTRIAL AND MISCELLANEOUS
1
2.52
10
American Radiator Co. 102
/8
2.44
5
American Tobacco Co. 145 1/4
2.44
10
Bates Manufacturing Co.
200
10
Eastman Kodak Co. of N.J.107 5/8
2.27
3
5
Farr Alpaca Co.172
/4
2.27
1
5
General Electric Co.232
/4
2.19
1
50
General Motors Co.13
/4
2.14
1
10
Island Creek Coal Co.102
/2
2.05
10
Lowell Bleachery Co.
120
2.03
5
/8
10
Nash Motors Co.109
1.96
5
SECURITY
JPMORGAN CHASE & CO
BANK OF AMERICA CORP
VISA INC
ALPHABET INC CLASS A
GOLDMAN SACHS GROUP INC
THERMO FISHER SCIENTIFIC INC
AMERICAN TOWER CORP REIT
BROADCOM LTD
SCHLUMBERGER LTD
DANAHER CORP
COMCAST CORP
ACCENTURE PLC
ALPHABET INC CLASS C
COGNIZANT TECHNOLOGY
5
National Lead Co.145 /8
SOLUTIONS CORP
1
10
Naumkeag Steam Cotton Co.176
/4
1.91
MASTERCARD INC
20
Punta Alegre Sugar Co.50 3/4
1.88
MONDELEZ INTERNATIONAL INC
20
Standard Oil of Indiana57
1.87
CANADIAN NATIONAL RAILWAY CO
1
/4
20
Standard Oil of New York40
1.84
FIDELITY NATIONAL INFORMATION
20
Texas Company38 7/8
SERVICES INC
1
5
United Fruit Co. 195
/4
1.79
EOG RESOURCES INC
10
U.S. Steel Corp. 97
1.76
JOHNSON & JOHNSON
15
West Point Mfg. Co. 135
1.75
NEWELL BRANDS INC
RAILROAD AND EQUIPMENT
1.73
HONEYWELL INTERNATIONAL INC
1
5
American Car Foundry Co.160
/4
1.69
MONSANTO CO
15
American Locomotive Co. 73 1/2
1.56
BLACKROCK INC
10
Atchison, Topeka & San. Fe Ry. Co. 104
1.43
LVMH MOET HENNESSY LOUIS
5
10
Atlantic Coast Line Railroad Co. 120 /8
VUITTON SE
10
Baldwin Locomotive Co. 112 3/8
1.42
CROWN HOLDINGS INC
20
Baltimore & Ohio R.R. Co. 57 1/4
1.40
TIME WARNER INC
3
5
Canadian Pacific Railway 147
/8
1.40
ELI LILLY & CO
3
10
Illinois Central Railroad Co. 106
/8
1.39
ALLERGAN PLC
3
10
New York Central Railroad Co. 104
/4
1.39
STRYKER CORP
20
Northern Pacific Railway Co. 56
1.33
MEDTRONIC PLC
1
/4
10
Pullman Co.125
1.28
MORGAN STANLEY
10
Southern Pacific Company93 5/8
1.24
US BANCORP
20
Southern Railway Company60 3/4
1.22
CHUBB LTD
10
Union Pacific Railroad Co. 135
1.21
PERNOD RICARD SA
PUBLIC UTILITIES
1.19
DANONE SA
1
5
American Gas & Electric Co. 70
/2
1.16
ROSS STORES INC
5
American Power & Light Co. 261
1.11
NASDAQ INC
1
/4
10
American Tel. & Tel. Co. 121
1.02
ZOETIS INC
3
10
Brooklyn Edison Co. 111
/8
1.02
HEWLETT PACKARD ENTERPRISE CO
1
15
Con. Gas of New York 68
/4
1.02
SHERWIN-WILLIAMS CO
10
Edison Electric of Boston 175
1
1.01
COLGATE-PALMOLIVE CO
/2
15
Mass. Gas Companies71
0.99
TWENTY-FIRST CENTURY FOX INC
40
North American Co. 26 3/4
1
0.95
TEXAS INSTRUMENTS INC
10
Southern California Edison Co.101
/4
0.92
MCKESSON CORP
10
Western Union Telegraph Co. 109 5/8
A DAY IN THE LIFE
WITH MIT
Quality endures
Established in 1924, MIT invested in some of the best corporations of the day. That tradition of
pursuing the best opportunities for the fund’s shareholders continues today.
Below are some companies that were held in the portfolio (and each holding’s percentage of
the total portfolio) as of 12/31/16.
This innovative fund invests in some of the world’s largest and best-known companies, names,
and brands you probably recognize. On a typical day, you may already be using many of their
products, including those shown here.
Please note that an investment in the portfolio does not constitute ownership in the individual
securities that make up the portfolio. Rather, it constitutes ownership in shares of the fund.
Names you know and rely on
6 a.m.
8 a.m.
9 a.m.
Noon
2 p.m.
6 p.m.
8 p.m.
Take your daily
morning run in
a pair of Nike®
(0.56%) sneakers.
On the way to
work, deposit a
check at a Bank
of America®
(3.55%) ATM.
You get to work
and power up
your Hewlett
Packard®
(1.02%)
computer.
On your lunch
break, do some
shopping at Ross
Stores® (1.16%)
and pay for your
purchases with
a Mastercard®
(1.91%) credit
card.
Because you went
shopping and
missed lunch,
grab a Dannon
yogurt (Danone®,
1.19%) to help
keep you going
through the afternoon.
Pick up a few
items at Costco®
(0.88%) on your
way home.
E-mail photos
of your recent
Disney® (0.85%)
vacation to family
and friends.
The portfolio is actively managed, and current
holdings may be different. For a full list of
current holdings, please go to mfs.com.
Original ledger of
Massachusetts Investors
Trust (1924)
Investing in names you know
5
TRACKING MIT’S RESULTS
THROUGH MORE THAN NINE DECADES
MIT posted positive returns in 9 out of 10 decades9
Growth of hypothetical $10,000 investments in MIT, Class A, at NAV
$52,974
$23,488
$22,553
$20,232
$8,419
$10,000
20s
30s
7/15/24 – 12/31/29
40s
50s
60s
■
Great Depression begins
■
FDR launches New Deal
■
Pearl Harbor attacked
■
Korean War
■
Cuban missile crisis
■
First Olympic Winter
Games
■
World War II begins
■
United Nations founded
■
Color TV introduced
■
■
■
Babe Ruth dies
■
Soviets launch Sputnik
■
Frozen food invented
Amelia Earhart flies
solo across Atlantic
Neil Armstrong first
man on the moon
■
First Super Bowl
1924
Massachusetts Investors
Trust opens as the nation’s
first mutual fund.
1936
MIT’s chairman and other
industry leaders personally
convince President Franklin
Delano Roosevelt not to
add another layer of taxation on mutual funds.
1940
MIT’s trustees help with
development of the
Investment Company Act,
landmark legislation to
govern mutual funds.
1959
Time features MIT
Chairman Dwight
Robinson on its cover.
9Results assume investments made at net asset value with reinvestment of dividend and capital gain distributions.
6
Decades of experience
1969
MIT’s partners form a
company, MFS, to offer
a full family of mutual
funds to investors.
Over its 92-year history (7/15/24
to 12/31/16), a hypothetical
$1,000 investment in MIT would
have grown to $3.0 million;
$10,000, to $30.7 million.
$45,316
$43,329
$20,815
$15,402
$10,223
$10,000
70s
■
U.S. President Nixon
resigns
■
Gasoline crisis
■
Disco rules the radio
waves
1974
MIT celebrates its
50th anniversary.
90s
80s
■
Berlin Wall falls
■
■
Black Monday stock
market crash
Collapse of the Soviet
Union
■
Internet use becomes
widespread
■
Personal computers
(PCs) introduced
1989
MIT celebrates
65 years in business.
Past p
­ erformance is no guarantee of future results.
1999
Marking MIT’s 75th
anniversary, the Ame­­rican
Museum of Financial
History features MIT in
an exhibit on the birth
of the industry.
10s
00s
1/1/10 – 12/31/16
■
9/11 attacks on the U.S.
■
Gulf oil spill
■
Iraq War
■
Haiti earthquake
■
Hybrid cars introduced
■
Smartphone/tablet use
surges
2002
Forbes magazine
names MIT one of the
85 innovations that
changed the world.
2016
MIT marks its 92nd year
helping investors pursue
long-term financial goals.
Decades of experience
7
AMERICA’S FIRST MUTUAL FUND
MASSACHUSETTS INVESTORS TRUST (MITTX)
Growth of a $10,000 investment from 1924 through 2016 (at NAV, dividends and capital gains reinvested)*
$100,000,000
$50,000,000
$30,000,000
$20,000,000
$10,000,000
$8,000,000
$6,000,000
$4,000,000
Penicillin launches an antibiotic revolution
Market crashes on “Black Tuesday”
MIT establishes one of industry’s
first internal research departments
MIT one of first funds to register
under Securities Act of 1933
Graham and Dodd publish seminal book
on value investing
MIT’s Merrill Griswold and industry leaders meet with
FDR to argue against increased taxes on mutual funds
Nylon is patented by E. I. du Pont
Britain and France attempt to appease Hitler
World War II begins
MIT’s trustees help
draft Investment Company Act
Pearl Harbor attacked
Scientists achieve first man-made
nuclear chain reaction
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1
Works Progress Administration (WPA) begins
to help combat Great Depression
Empire State Building construction completed
$20,000
Frozen food invented
$50,000
$40,000
Scopes Monkey Trial held in Tennessee
$100,000
Massachusetts Investors Trust
opens as America’s first mutual fund
$500,000
World Bank established
The Jazz Singer is first talking movie
1926
$1,000,000
Tide of war turns in favor of Allied Powers
U.S. auto production reaches 4 million
$2,000,000
$10,000
$5,000
$1,000
Year-end
December 31
8
1924** 1925
Net Asset Value ($)
4.08
4.86
5.10
6.42
7.81
6.91
4.87
2.60
2.35
2.95
3.14
4.01
4.83
3.11
3.71
3.50
3.02
2.60
2.82
3.37
3.90
4
Value at year-end
($ in 000)
10.8
13.6
15.1
19.9
25.6
23.5
17.3
9.8
9.5
12.5
13.9
18.5
24.0
16.2
20.1
19.8
18.0
16.4
18.9
23.6
28.5
3
Total return (%)
7.74
26.27
10.86
32.15
28.64
-8.40
-3.28
31.45
11.28
32.92
-1.62
-9.20
-8.61
14.91
24.91
20.81
MIT investment growth: 1924 – 2016
-26.36 -43.26
29.80 -32.56 24.39
*Results are at NAV, with dividends and capital gains reinvested. Results would
have been less favorable if sales charges were included.
** All values calculated from inception date (7/15/24).
3
U.S. railroads shift from coal-fired steam
to diesel-electric locomotives
World’s first civil jet plane flown in Britain
Remington Rand introduces Univac
computer for businesses
17 million U.S. homes have TVs
Dwight Robinson succeeds
Merrill Griswold as chairman of MIT
First U.S. solar-heated home built
Dow closes above 500 for first time
Soviets launch Sputnik
MIT Chairman Robinson featured
on cover of Time
Bulova introduces first electronic wristwatch
First manned spaceship circles the earth
Wal-Mart opens its first store
President Kennedy assassinated
Meet the Beatles! is released
in the United States
MIT surpasses $2 billion in assets
Panasonic exports first Japanese-made
color TVs to the United States
Martin Luther King, Jr.,
Robert F. Kennedy are assassinated
MIT’s trustees establish Massachusetts
Financial Services Company
Concorde supersonic jet exceeds twice
the speed of sound
Korean War ends
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
4.89
4.34
4.23
4.05
4.61
5.55
6.30
6.81
6.51
9.33
10.95
11.63
9.72
13.35
13.93
13.17
15.55
13.32
15.25
17.04
17.68
15.10
16.53
16.66
14.82
13.46
37.7
35.7
36.6
37.0
44.6
56.8
69.9
80.2
80.5
123.1
153.6
171.0
151.0
216.5
236.2
234.3
294.8
266.4
320.0
371.1
409.3
378.0
454.2
501.9
478.0
482.3
32.41
-5.11
2.31
1.16
20.53
27.37
23.06
14.77
0.39
52.88
24.79
11.32 -11.71 43.35
9.14
-0.83
25.81
-9.64
20.13
15.98
10.31
-7.66
20.18
10.49
-4.76
0.90
Past p
­ erformance is no guarantee of future results.
Antiwar demonstrators march on Pentagon
4
19
American Express and Visa
credit cards introduced
SHED
World’s first regional shopping
center opens in Seattle
BLI
MA SSAC
TRUST
TA
H
st
RS
Jackie Robinson begins playing
for Brooklyn Dodgers
SE
O
First automatic electronic digital
computer introduced
UAL
D
ES
1945
World War II ends
RICA’S
U
T TS I NVEST
Massachusetts Investors Trust has been helping investors pursue
their financial goals for over nine decades — and through a host of
global economic, political, and cultural events.
2
OPEC oil embargo initiates oil crisis
MIT celebrates 50th anniversary
Pan Am begins nonstop
New York-to-Tokyo service
Sun Life Financial acquires MFS
Sally Ride is first woman in space
AT&T divests into 22 Bell
operating companies
Alan Greenspan named Fed Chairman
First flat-screen TVs developed by Sharp
Mall of America, the world’s largest,
opens in Minnesota
401(k) plans created
President Reagan and
Pope John Paul II are shot
Soviet Union collapses
First MRI scanner tested
Double-digit inflation continues
U.S. Fed raises interest rates six times
U.S. withdraws from Vietnam
First computerized spreadsheet released
NAFTA signed into law
President Nixon visits China
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
6
12.52
12.89
10.74
7.60
9.57
11.24
9.43
9.59
10.83
12.65
10.63
11.04
11.61
11.02
12.12
12.09
11.26
11.22
13.55
12.28
13.87
12.31
11.50
10.07
12.71
3
526.1
584.9
511.2
380.0
505.9
625.4
556.3
602.9
736.2
961.5
914.6
1,087.3 1,314.5 1,353.1 1,685.4 1,975.4 2,122.9 2,343.3 3,189.7 3,186.5 4,068.2 4,368.6 4,806.7 4,757.7 6,629.5 8
0
9.09
11.17 -12.60 -25.66 33.12
8.38
22.11
30.62
-4.89
18.89
23.63 -11.06
20.89
2.94
24.56
17.21
7.46
10.38
36.12
-0.10
27.67
7.38
10.03
-1.02
eBay starts its online
auction business
Germany reunites
Time Inc. merges with
Warner Communications
U.S. national debt tops $2 trillion
Savings & Loan crisis erupts
Intel offers world’s first microprocessor
0
39.34
1
2
Great Britain
votes to exit EU
World oil prices
plunge to
5-year low
Climate change
deal reached by
200 countries
Boston Marathon
bombings
Looming US
“Fiscal Cliff” crisis
Eurozone sovereign
debt crisis
BP oil spill in
Gulf of Mexico
MIT celebrates
85th anniversary
Subprime crisis causes
economic turmoil
Rupert Murdoch
purchases The Wall
Street Journal
Dow tops 12,000
Hurricane Katrina hits
Facebook founded
United States invades Iraq
Forbes names MIT one of
85 innovations that
“changed the way we live”
Terrorists attack
US on 9/11
Scientists map
the human genome
MIT celebrates
75th anniversary
Google starts operations
Toyota introduces
the hybrid Prius
PalmPilot introduced
Initial $10,000
MIT investment
final value return
$30,758,281
Initial $1,000
MIT investment
final value return
$3,075,828
­­­­­
Fund information, Class A, as of 12/31/16
Average annual returns (%)
Massachusetts Investors Trust, without sales charge
Expense ratios (%)
Inception
1 yr.
3 yr.
5 yr.
10 yr.
Gross
Net
07/15/24
8.77
6.58
13.73
7.05
0.72
0.72
2.52
4.50
12.39
6.42
0.72
0.72
with maximum 5.75% sales charge
Performance data shown represent past performance and are no guarantee of future results. Investment return and principal value fluctuate, so
your shares, when sold, may be worth more or less than the original cost; current performance may be lower or higher than quoted. For most recent
month-end performance, please visit mfs.com.
Other share classes are available for which p­ erformance and expenses will differ and r­atings may vary. Performance results reflect any applicable expense
subsidies and waivers in effect d­ uring the periods shown. Without such subsidies and waivers the fund’s performance results would be less f­avorable.
All results are h­ istorical and assume the ­reinvestment of d­ ividends and ­capital gains.
Gross Expense Ratio is the fund’s total operating expense ratio from the fund’s most recent prospectus. Net Expense Ratio reflects the reduction of
expenses from fee waivers and reimbursements. Elimination of these reductions will result in higher expenses and lower performance.
Original investment
$10,000
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
14.46
17.52
20.25
20.95
20.02
16.58
12.87
15.62
17.26
18.45
20.71
21.12
13.80
17.37
19.22
18.68
21.48
27.72
28.82
27.26
27.94
8,346.5 10,991.7 13,514.3 14,454.3 14,405.0 12,065.7 9,411.1 11,494.6 12,817.4 13,752.0 15,567.2 17,219.1 11,568.7­­ 14,777.0 16,466.2 16,165.2 19,261.4 25,405.9 $28,199.1 $28,277.5 $30,758.3
25.90
31.69
22.95
6.96
-0.34
-16.24 -22.00 22.14
11.51
7.29
13.20
10.61 ­-32.81 27.73
11.43
-1.83
19.15
31.90
10.99
0.28
8.77
Average
annualized total
return
for 92 years:
+9.07%*
MIT investment growth: 1924 – 2016
11
TIME IN, NOT TIMING,
IS KEY TO LONG-TERM SUCCESS
Take the guesswork out of investing
When investing
long term, there
is no real benefit
to trying to time
the market.
Today could be one of the best-performing days in the stock market’s history. Or it could be one
of its worst days. You never know. Even the most experienced investors cannot be sure of the
outcome on any given day.
That is why trying to time the market — an investment strategy that seeks to identify the
best time to buy or sell in order to reap the greatest rewards — is nearly impossible.
It is also fraught with risk.
For example, consider these hypothetical market timing scenarios (for illustrative purposes only;
hypothetical investments in MIT - Class A shares, not including sales charges).
■
Scenario #1: Hypothetical investments in MIT made on the worst possible day each year.
■
Scenario #2: Hypothetical investments in MIT made on the best possible day each year.
WORST-DAY INVESTMENTS (MARKET HIGHS)
Date of
market high
Investment ($)
BEST-DAY INVESTMENTS (MARKET LOWS)
Account value
at year end ($)
Date of
market low
Investment ($)
Account value
at year end ($)
8/6/97
10,000
10,302
4/11/97
10,000
13,271
11/23/98
10,000
22,970
8/31/98
10,000
28,777
12/31/99
10,000
34,569
1/22/99
10,000
41,757
1/14/00
10,000
44,432
3/7/00
10,000
52,399
5/21/01
10,000
45,950
9/21/01
10,000
55,510
3/19/02
10,000
43,466
10/9/02
10,000
54,400
12/31/03
10,000
63,089
3/11/03
10,000
79,902
12/28/04
10,000
80,334
10/25/04
10,000
100,277
3/4/05
10,000
96,718
4/20/05
10,000
118,860
12/27/06
10,000
119,423
1/20/06
10,000
145,682
10/9/07
10,000
141,801
3/5/07
10,000
172,496
5/2/08
10,000
102,071
11/20/08
10,000
127,762
12/30/09
10,000
140,301
3/9/09
10,000
179,680
12/29/10
10,000
166,322
7/2/10
10,000
212,400
4/29/11
10,000
172,341
10/3/11
10,000
219,878
10/5/12
10,000
215,283
6/4/12
10,000
273,591
12/31/13
10,000
293,958
1/2/13
10,000
374,056
12/26/14
10,000
336,134
2/3/14
10,000
426,899
5/19/15
10,000
346,716
8/25/15
10,000
438,848
12/20/16
10,000
387,003
2/11/16
10,000
489,552
Account value on 12/31/16: $387,003
Account value on 12/31/16: $489,552
Chart covers period for which daily fund performance data is available.
Market high/low measured by the Dow Jones Industrial Average. Index performance does not include any investment-related fees or expenses. Fund performance
does not include any sales charges. Results would have been less favorable if sales charges of 5.75% were included.
Performance results shown are not intended to represent the future performance of any MFS product.
12
Time in, not timing
Past ­performance is no guarantee of future results.
A PROVEN APPROACH FROM
AN EXPERIENCED TEAM
MIT’s management team
Kevin Beatty and Ted Maloney serve as comanagers of
Massachusetts Investors Trust. Kevin is a 31-year veteran of
the investment industry. He also serves as Chief Investment
Officer — Global Equity. He joined MFS in 2002 as an equity
research analyst.
Ted serves as Director of U.S. Research at the firm and is also
a portfolio manager on MFS’ US Core Equity strategies. He
has 16 years of experience in the investment industry, and he
joined MFS in 2005 as an equity research analyst. The team
manages large-cap core portfolios for variable annuities and
institutional accounts. Both managers recognize the
importance of the legacy they carry on. Day in, day out,
they are part of and supported by a fully integrated global
research platform that has proven its value through vastly
different market environments and over time.
Kevin Beatty
Ted Maloney
Portfolio Manager
Portfolio Manager
• 15 years at MFS
• 12 years at MFS
• 31 years in industry
• 16 years in industry
Their disciplined daily process
Putting the fund’s charter into practice, Kevin and Ted
A consistent approach
With Massachusetts Investors Trust, MFS brings over nine
decades of experience to a straightforward investment strategy:
■
invest in undervalued, high-quality, blue-chip companies
selling at attractive prices
■
aim to provide investors capital appreciation
■
strive to perform better and with less risk than the overall
market across full market cycles
■
look for companies with durable franchises, solid balance
sheets, and strong management teams
■
focus on stock valuations by aiming to take advantage of
the market’s frequent underestimation of how sustainable
the returns from high-quality franchises can be
■
seek to manage risk using quantitative analysis to assess the
risks associated with each security and the entire portfolio’s
risk exposure
MFS’ nine worldwide investment offices
TORONTO
LONDON
BOSTON
TOKYO
HONG KONG
MEXICO CITY
Our research platform
includes more than 260
professionals, stationed
around the world and
working together to find
the most promising
investment opportunities
in more than 80 countries.
SINGAPORE
SÃO PAULO
SYDNEY
MIT’s management team
13
OUR CONSISTENT APPROACH
HAS HISTORICALLY PAID OFF
Helping generations of investors
Since its inception, MIT has always focused on high-quality, blue-chip stocks. This consistent
approach has served investors through over nine decades that have included the Great Depression,
15 recessions, 6 major wars, and almost every type of boom and bust cycle imaginable.
How has our approach worked? As one measure, check MIT’s record of positive returns over
various monthly rolling periods, from 1924 through 2016.
Our consistent approach has paid off10
Annualized average returns for MIT, Class A at NAV
Over any calendar
period this long
MIT posted positive returns
5 YEARS
10 YEARS
15 YEARS
20 YEARS
86%
OF THE TIME
907 out of
1,050 total periods
94%
OF THE TIME
933 out of
990 total periods
98%
OF THE TIME
907 out of
930 total periods
100%
OF THE TIME
870 out of
870 total periods
Here’s the best you
would have done
Here’s the worst you
would have done
27.81%
-17.04%
June 1932
to May 1937
July 1927
to June 1932
20.35%
-5.87%
June 1949
to May 1959
Sept. 1929
to Aug. 1939
18.66%
-1.45%
Aug. 1982
to July 1997
Oct. 1929
to Sept. 1944
17.14%
0.91%
Apr. 1978
to Mar. 1998
Sept. 1929
to Aug. 1949
And here’s the average
rolling period return
9.09%
9.17%
9.43%
9.90%
Results would have been less favorable had sales charges of 5.75% been included. Past performance is no guarantee of future results.
10
The percentages shown represent the average of all annualized returns for each of the periods depicted. Rolling periods are typically defined by length in years and follow
consecutively. For example, 8/84 – 7/89 is a 5-year rolling period, as are 9/84 – 8/89, 10/84 – 9/89, 11/84 – 10/89, and so on.
For the fund’s most recent month-end performance, please visit mfs.com.
14
Unparalleled track record
CREATE A LONG-TERM PLAN
THAT WORKS FOR YOU
Meet Steve Marsh
Working closely with his financial advisor, Steve, age 45, decided to add MIT to his overall
retirement portfolio, which included other assets, including savings.
After evaluating his options, Steve invested $1,000 per month in MIT, Class A, from January
1970 through December 1989 ($240,000 total investment).
By that time Steve’s account value had grown to $969,611. He then retired at age 65, took an
initial withdrawal of 5% at the end of the first year, and then inflated that dollar amount by 3%
each subsequent year-end to help meet his income needs. He was also receiving annual income
from a pension and Social Security.
His result
Growth and income delivered
Growth of a hypothetical $240,000 total investment in MIT, Class A, with annual withdrawals,
including the applicable sales charge, up to a maximum of 5.75% sales charge (1/1970 – 12/2016)
Investment
phase
$3,851,379
Withdrawal
phase
From the part of his portfolio
invested in MIT, Steve was
able to draw $1,971,227
over 27 years, while the
value of his investment
grew to $3,851,379 (as of
December 31, 2016).
By investing a specific
amount in MIT on a regular
basis, Steve was able to take
the emotion out of investing
and use the market’s ups
and downs over the years to
his advantage.
This example is hypothetical and does
not represent the investor’s complete
retirement investment portfolio. These
results may not be representative of
those of other investors.
Systematic investing programs do
not ensure a profit or protect against
loss in declining markets. You should
consider your financial ability to
continue to invest or withdraw income,
even when prices are low or the
financial markets are in decline.
$969,611
$0
12/31/70
12/31/89
12/31/16
Steve was able to draw more than $1.9 million in income over 27 years
while his account value grew to more than $3.8 million.
Past p
­ erformance is no guarantee of future results.
Growth and income delivered
15
PUT OUR CONSISTENT INVESTMENT
APPROACH TO WORK FOR YOU
“Our commitment to
fundamental research,
rigorous risk management,
and a strict adherence to
the core principles of
portfolio construction allows
us to pursue consistent
performance over time.”
Michael Roberge,
MFS CEO, President and
Chief Investment Officer
16
MFS investment process
Integrated
research
Global
collaboration
Active risk
management
MFS was one of the
first firms in the
industry to establish
an in-house research
department.
Living in the regions
where they invest gives
MFS analysts a better
understanding of the
local customs and
traditions that affect
businesses.
Quantitative analysis
helps MFS manage risk
and maintain its funds’
style disciplines.
■
We begin with a close look
at individual securities so
that we can develop our
own earnings forecasts.
We believe earnings are
what drive stock prices
over the long term.
■
8 global sector teams,
consisting of analysts who
cover the same industries
around the world so that
they develop and maintain
a global perspective on
every company they follow
■
We apply careful risk
management — at the
security and portfolio
levels — so that each
portfolio undertakes only
the appropriate amount
of risk.
■
We focus on the
fundamentals of each
company — assessing its
financial strength, market
share, earnings, and
management team.
■
9 worldwide investment
offices, tracking securities
in more than 80 countries
■
■
One globally integrated
investment staff of global
stock analysts, fixedincome analysts, portfolio
managers, and quantitative
researchers working
alongside each other and
sharing insights daily
Our stock, value, and
blended portfolios have
remained style consistent
— because we want
investors and their advisors
to feel comfortable that
they can build properly
diversified portfolios.
■
We employ strict sell
criteria, also informed by
firsthand research and
data analysis, so that
selling decisions are made
with the same rigor as
buying decisions.
■
We use quantitative
analysis to give us an even
more detailed picture of
more than 5,000 securities
daily, looking at data such
as a stock’s historical value
and price momentum.
T TS I NVEST
TRUST
2
4
ES
TA
RS
st
MA SSAC
U
SE
O
AMERICA’S
FIRST
MUTUAL
FUND
H
Talk to your financial advisor today and consider
adding Massachusetts Investors Trust, a true
American original, to your core equity holdings.
BLI
SHED
19
MFS investment process
iii
WE BELIEVE IN THE POWER OF ACTIVE MANAGEMENTSM
MFS® is a global investment manager committed to skilled active management
as the most powerful way to meet investors’ need for strong returns over the
long term. We bring you the value of our insights and expertise through:
Integrated Research
Taking advantage of the depth and reach of our research teams around the
world and across equity, fixed income and quantitative disciplines, we uncover
investment opportunities and thoroughly analyze our best ideas to develop a
full perspective on the securities we select for our portfolios.
Global Collaboration
We believe good decision making, driven by our ability to work together, share
information and actively debate different viewpoints, leads to better investment
outcomes for our clients.
Active Risk Management
To help protect capital and generate alpha, we seek segments where risk is
appropriately rewarded, focus on selecting investments with the potential to hold
their value through challenging markets and apply systematic risk reviews on
multiple levels.
Long-Term Conviction
Developing our insights, differentiating meaningfully from the benchmark
and staying true to our convictions over the long term allows the market time
to potentially reward our investment ideas.
SYMBOLS
CLASS A
CLASS I
CLASS R6
Massachusetts Investors Trust
MITTX
MITIX
MITJX
The investments you choose should correspond to your financial needs, goals, and risk tolerance. For assistance in determining your financial situation,
please consult an investment professional.
Before investing, consider the fund’s investment objectives, risks, charges, and expenses. For a prospectus or summary prospectus
containing this and other information, contact your investment professional or view online at mfs.com. Please read it carefully.
Please note: Not all of the funds listed may be available for sale at a specific broker/dealer firm. Please check with your financial advisor.
MFS Fund Distributors, Inc., Boston, MA
MFSP-MITMFS-BRO­-3/17
20305.40
Performance supplement
for public use
MASSACHUSETTS INVESTORS TRUST
Must accompany brochure titled “America’s first mutual fund:
A guide for long-term investors” as of 3/31/17
A focus on quality, risk management, and lower expenses
From inside front cover
Average annual returns and expense ratios table
FUND INFORMATION, CLASS A, AS OF 3/31/17
Average annual returns (%)
Expense ratios
Inception
1 yr.
3 yrs.
5 yrs.
10 yrs.
Gross Net
Massachusetts Investors Trust, without sales charge07/15/24
17.44 8.51 12.24 7.68
0.72 0.72
with maximum 5.75% sales charge
10.68 6.39 10.92 7.05
0.720.72
Performance data shown represent past performance and are no guarantee of future results. Investment return
and principal value fluctuate, so your shares, when sold, may be worth more or less than the original cost; current
performance may be lower or higher than quoted. For most recent month-end performance, please visit mfs.com.
Other share classes are available for which ­performance and expenses will differ and ­ratings may vary. Performance results reflect any applicable expense subsidies and waivers in
effect d­ uring the periods shown. Without such subsidies and waivers the fund’s performance results would be less f­avorable.
All results are h­ istorical and assume the ­reinvestment of ­dividends and ­capital gains.
Gross Expense Ratio is the fund’s total operating expense ratio from the fund’s most recent prospectus. Net Expense Ratio reflects the reduction of expenses from fee waivers,
reimbursements, and the exclusion of interest and fees. More current expense ratios may be higher.
From page 4 (“MIT’s tradition of focusing on blue-chip stocks”)
SECURITIES OWNED BY MIT AS OF 3/31/17 (%)
JPMorgan Chase & Co
4.15
Honeywell International Inc
1.79
Starbucks Corp
1.11
Bank of America Corp
3.63
Medtronic PLC
1.75
Texas Instruments Inc
1.11
Visa Inc
3.17
Mondelez International Inc
1.75
Twenty-First Century Fox Inc
1.10
American Tower Corp REIT
2.69
Monsanto Co
1.75
Apple Inc
1.09
Alphabet Inc Class A
2.66
Allergan plc
1.62
Zoetis Inc
1.08
2.55
Crown Holdings Inc
1.57
BlackRock Inc
1.06
Broadcom Ltd
2.49
EOG Resources Inc
1.56
Abbott Laboratories
1.06
Goldman Sachs Group Inc
2.32
Eli Lilly & Co
1.53
Danaher Corp
2.30
LVMH Moet Hennessy Louis Vuitton SE
1.46
Comcast Corp
2.23
Time Warner Inc
1.36
Alphabet Inc Class C
2.09
Stryker Corp
1.36
Schlumberger Ltd
2.02
Colgate-Palmolive Co
1.29
2.01
Pernod Ricard SA
1.26
1.99
Morgan Stanley
1.24
MasterCard Inc
1.99
Danone SA
1.23
Canadian National Railway Co
1.97
Chubb Ltd
1.21
1.87
Nasdaq Inc
1.20
1.86
US Bancorp
1.19
1.83
Sherwin-Williams Co
1.18
Thermo Fisher Scientific Inc
Accenture PLC
Cognizant Technology Solutions Corp
Newell Brands Inc
Fidelity National Information Services Inc
Johnson & Johnson
NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
The portfolio is actively managed and more recent
holdings may differ. This is not a recommendation
to buy or sell any of the securities listed. Portfolio
characteristics are based on equivalent exposure, which
measures how a portfolio’s value would change due
to price changes in an asset held either directly or, in
the case of a derivative contract, indirectly. The market
value of the holding may differ.
See the reverse side for other important information.
From page 5 (“Names you know and rely on”)
HOLDINGS’ PERCENTAGES OF TOTAL PORTFOLIO AS OF 3/31/17 (%)
NIKE Inc
0.78
Bank of America Corp
3.63
Hewlett Packard Enterprise Co
1.00
Ross Stores
1.02
MasterCard Inc
1.99
Danone SA
1.23
Costco
0.89
Disney
0.74
Important risk considerations: The fund may not achieve its objective and/or you could lose money on your investment in the fund. • Stock markets
and investments in individual stocks are volatile and can decline significantly in response to issuer, market, economic, industry, political, regulatory,
geopolitical, and other conditions. • Please see the prospectus for further information on these and other risk considerations.
Before investing, consider the fund’s investment objectives, risks, charges, and expenses. For a prospectus, or summary prospectus,
containing this and other information, contact your investment professional or view online at mfs.com. Please read it carefully.
MFS Fund Distributors, Inc., Boston, MA
MFSP-MITMFS-SUP-4/17
20305.41