MFS Massachusetts Investors Growth Stock Fund NCSR Certified annual shareholder report (management investment company)

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 TRUST

(Exact name of registrant as specified in charter)

111 Huntington Avenue, Boston, Massachusetts 02199

(Address of principal executive offices) (Zip code)

Christopher R. Bohane

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:

November 30, 2024

ITEM 1. REPORTS TO STOCKHOLDERS.

Item 1(a):

Massachusetts Investors
Growth Stock Fund

Class A-MIGFX

Annual Shareholder Report

This annual shareholder report contains important information about Massachusetts Investors Growth Stock Fund for the period of December 1, 2023 to November 30, 2024. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1‑800‑225‑2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last year?

(based on a hypothetical $10,000 investment)
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
A	$78	0.70%

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

For the twelve months ended November 30, 2024, Class A shares of the Massachusetts Investors Growth Stock Fund (fund) provided a total return of 23.19%, at net asset value. This compares with a return of 34.49% for the fund’s benchmark, the Russell 3000^® Index. The fund's other benchmark, the Russell 1000^® Growth Index, generated a return of 38.04%.

As inflation moderated around the globe during the reporting period, several major central banks began to ease monetary policy.
Geopolitical strains remained high amid ongoing conflicts in Ukraine and in the Middle East, while relations between China and the US remained tense. At the end of the period, China unveiled a sizable stimulus package aimed at shoring up its property sector and the finances of highly indebted local governments.
Toward the end of the period, labor markets loosened modestly, particularly in the US, brightening the inflation outlook as economic growth remained solid.
Global equity markets reached record levels during the period as they withstood the adversity of the unsettled geopolitical climate and higher interest rate environment amidst optimism over wide-scale adoption of artificial intelligence and continued healthy earnings growth.

Top contributors to performance relative to the Russell 1000^® Growth Index:
- Security selection within the industrial sector benefited relative performance.

Top detractors from performance relative to the Russell 1000^® Growth Index:
- Stock selection within the information technology, consumer discretionary, and consumer staples sectors weakened relative performance.

FUND PERFORMANCE

The fund’s past performance is not a good predictor of the fund’s future performance. The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment

This graph shows the performance of a hypothetical $10,000 investment in Class A over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests. This graph includes the deduction of the maximum applicable sales charge, if any.

Average Annual Total Returns through 11/30/24

This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.

Share Class	1-yr	5-yr	10-yr
A without sales charge	23.19%	13.80%	13.55%
A with initial sales charge (5.75%)	16.11%	12.46%	12.88%
Comparative Benchmark(s)
Russell 3000^® Index +∆	34.49%	15.23%	12.89%
Russell 1000^® Growth Index +∆	38.04%	19.46%	16.55%

+	Effective May 1, 2024, the Russell 3000^® Index replaced the Russell 1000^® Growth Index as a broad measure of market performance in accordance with new regulatory disclosure requirements. The fund continues to use the Russell 1000^® Growth Index as an additional benchmark that MFS believes more closely reflects the market segments in which the fund invests.
∆	Source: FactSet Research Systems Inc.

Notes to Fund Performance

Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/a for more recent performance information.

FUND STATISTICS AS OF 11/30/24

Net Assets ($):	13,092,967,988		Total Management Fee ($)#:	41,469,609
Total Number of Holdings:	56		Portfolio Turnover Rate (%):	19

# Includes the effect of any management fee waivers, if applicable.

Where the fund holds derivatives, they are not included in the total number of portfolio holdings.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 11/30/24)

Portfolio structure

Equities	99.0%
Money Market Funds	1.0%

Equity sectors

Information Technology	37.0%
Financials	14.9%
Health Care	12.3%
Industrials	8.6%
Consumer Discretionary	7.7%
Communication Services	7.6%
Consumer Staples	6.4%
Real Estate	1.9%
Utilities	1.3%
Materials	1.3%

Top ten holdings

Microsoft Corp.	12.3%
Apple, Inc.	5.9%
NVIDIA Corp.	5.5%
Alphabet, Inc., "A"	4.3%
Visa, Inc., "A"	4.2%
Accenture PLC, "A"	3.6%
Aon PLC	2.6%
Church & Dwight Co., Inc.	2.5%
Salesforce, Inc.	2.3%
Agilent Technologies, Inc.	2.2%

MFS uses the Global Industry Classification Standard (GICS^®) for sector/industry reporting. MFS has applied its own internal sector/industry classification methodology for equity securities and non-equity securities that are unclassified by GICS.

ADDITIONAL INFORMATION

You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.

IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS

The fund produces financial annual and semiannual reports 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 the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.

MIGA-ANN

The Global Industry Classification Standard (GICS^®) was developed by and/or is the exclusive property of MSCI, Inc. and S&P Global Market Intelligence Inc. (“S&P Global Market Intelligence”). GICS is a service mark of MSCI and S&P Global Market Intelligence and has been licensed for use by MFS.

Frank Russell Company ("Russell") is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell^® is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes and/or Russell ratings or underlying data and no party may rely on any Russell Indexes and/or Russell ratings and/or underlying data contained in this document. No further distribution of Russell Data is permitted without Russell's express written consent. Russell does not promote, sponsor, or endorse the content of this document.

Massachusetts Investors
Growth Stock Fund

Class B-MIGBX

Annual Shareholder Report

FUND EXPENSES

What were the fund costs for the last year?

(based on a hypothetical $10,000 investment)
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
B	$161	1.45%

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

For the twelve months ended November 30, 2024, Class B shares of the Massachusetts Investors Growth Stock Fund (fund) provided a total return of 22.25%, at net asset value. This compares with a return of 34.49% for the fund’s benchmark, the Russell 3000^® Index. The fund's other benchmark, the Russell 1000^® Growth Index, generated a return of 38.04%.

As inflation moderated around the globe during the reporting period, several major central banks began to ease monetary policy.
Geopolitical strains remained high amid ongoing conflicts in Ukraine and in the Middle East, while relations between China and the US remained tense. At the end of the period, China unveiled a sizable stimulus package aimed at shoring up its property sector and the finances of highly indebted local governments.
Toward the end of the period, labor markets loosened modestly, particularly in the US, brightening the inflation outlook as economic growth remained solid.
Global equity markets reached record levels during the period as they withstood the adversity of the unsettled geopolitical climate and higher interest rate environment amidst optimism over wide-scale adoption of artificial intelligence and continued healthy earnings growth.

Top contributors to performance relative to the Russell 1000^® Growth Index:
- Security selection within the industrial sector benefited relative performance.

Top detractors from performance relative to the Russell 1000^® Growth Index:
- Stock selection within the information technology, consumer discretionary, and consumer staples sectors weakened relative performance.

FUND PERFORMANCE

Growth of a Hypothetical $10,000 Investment

This graph shows the performance of a hypothetical $10,000 investment in Class B over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests. This graph includes the deduction of the maximum applicable sales charge, if any.

Average Annual Total Returns through 11/30/24

Share Class	1-yr	5-yr	10-yr
B without sales charge	22.25%	12.94%	12.70%
B with CDSC (declining over six years from 4% to 0%)^×	18.25%	12.70%	12.70%
Comparative Benchmark(s)
Russell 3000^® Index +∆	34.49%	15.23%	12.89%
Russell 1000^® Growth Index +∆	38.04%	19.46%	16.55%

+	Effective May 1, 2024, the Russell 3000^® Index replaced the Russell 1000^® Growth Index as a broad measure of market performance in accordance with new regulatory disclosure requirements. The fund continues to use the Russell 1000^® Growth Index as an additional benchmark that MFS believes more closely reflects the market segments in which the fund invests.
∆	Source: FactSet Research Systems Inc.
×	Assuming redemption at the end of the applicable period.

CDSC – Contingent Deferred Sales Charge.

Notes to Fund Performance

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/b for more recent performance information.

FUND STATISTICS AS OF 11/30/24

Net Assets ($):	13,092,967,988		Total Management Fee ($)#:	41,469,609
Total Number of Holdings:	56		Portfolio Turnover Rate (%):	19

# Includes the effect of any management fee waivers, if applicable.

Where the fund holds derivatives, they are not included in the total number of portfolio holdings.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 11/30/24)

Portfolio structure

Equities	99.0%
Money Market Funds	1.0%

Equity sectors

Information Technology	37.0%
Financials	14.9%
Health Care	12.3%
Industrials	8.6%
Consumer Discretionary	7.7%
Communication Services	7.6%
Consumer Staples	6.4%
Real Estate	1.9%
Utilities	1.3%
Materials	1.3%

Top ten holdings

Microsoft Corp.	12.3%
Apple, Inc.	5.9%
NVIDIA Corp.	5.5%
Alphabet, Inc., "A"	4.3%
Visa, Inc., "A"	4.2%
Accenture PLC, "A"	3.6%
Aon PLC	2.6%
Church & Dwight Co., Inc.	2.5%
Salesforce, Inc.	2.3%
Agilent Technologies, Inc.	2.2%

ADDITIONAL INFORMATION

IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS

MIGB-ANN

Massachusetts Investors
Growth Stock Fund

Class C-MIGDX

Annual Shareholder Report

FUND EXPENSES

What were the fund costs for the last year?

(based on a hypothetical $10,000 investment)
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
C	$161	1.45%

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

For the twelve months ended November 30, 2024, Class C shares of the Massachusetts Investors Growth Stock Fund (fund) provided a total return of 22.25%, at net asset value. This compares with a return of 34.49% for the fund’s benchmark, the Russell 3000^® Index. The fund's other benchmark, the Russell 1000^® Growth Index, generated a return of 38.04%.

As inflation moderated around the globe during the reporting period, several major central banks began to ease monetary policy.
Geopolitical strains remained high amid ongoing conflicts in Ukraine and in the Middle East, while relations between China and the US remained tense. At the end of the period, China unveiled a sizable stimulus package aimed at shoring up its property sector and the finances of highly indebted local governments.
Toward the end of the period, labor markets loosened modestly, particularly in the US, brightening the inflation outlook as economic growth remained solid.
Global equity markets reached record levels during the period as they withstood the adversity of the unsettled geopolitical climate and higher interest rate environment amidst optimism over wide-scale adoption of artificial intelligence and continued healthy earnings growth.

Top contributors to performance relative to the Russell 1000^® Growth Index:
- Security selection within the industrial sector benefited relative performance.

Top detractors from performance relative to the Russell 1000^® Growth Index:
- Stock selection within the information technology, consumer discretionary, and consumer staples sectors weakened relative performance.

FUND PERFORMANCE

Growth of a Hypothetical $10,000 Investment

This graph shows the performance of a hypothetical $10,000 investment in Class C over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests. This graph includes the deduction of the maximum applicable sales charge, if any.

Average Annual Total Returns through 11/30/24

Share Class	1-yr	5-yr	10-yr
C without sales charge	22.25%	12.95%	12.69%
C with CDSC (1% for 12 months)^×	21.25%	12.95%	12.69%
Comparative Benchmark(s)
Russell 3000^® Index +∆	34.49%	15.23%	12.89%
Russell 1000^® Growth Index +∆	38.04%	19.46%	16.55%

+	Effective May 1, 2024, the Russell 3000^® Index replaced the Russell 1000^® Growth Index as a broad measure of market performance in accordance with new regulatory disclosure requirements. The fund continues to use the Russell 1000^® Growth Index as an additional benchmark that MFS believes more closely reflects the market segments in which the fund invests.
∆	Source: FactSet Research Systems Inc.
×	Assuming redemption at the end of the applicable period.

CDSC – Contingent Deferred Sales Charge.

If the 1-year without sales charge return included adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles, the return would be 22.29%.

Notes to Fund Performance

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/c for more recent performance information.

FUND STATISTICS AS OF 11/30/24

Net Assets ($):	13,092,967,988		Total Management Fee ($)#:	41,469,609
Total Number of Holdings:	56		Portfolio Turnover Rate (%):	19

# Includes the effect of any management fee waivers, if applicable.

Where the fund holds derivatives, they are not included in the total number of portfolio holdings.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 11/30/24)

Portfolio structure

Equities	99.0%
Money Market Funds	1.0%

Equity sectors

Information Technology	37.0%
Financials	14.9%
Health Care	12.3%
Industrials	8.6%
Consumer Discretionary	7.7%
Communication Services	7.6%
Consumer Staples	6.4%
Real Estate	1.9%
Utilities	1.3%
Materials	1.3%

Top ten holdings

Microsoft Corp.	12.3%
Apple, Inc.	5.9%
NVIDIA Corp.	5.5%
Alphabet, Inc., "A"	4.3%
Visa, Inc., "A"	4.2%
Accenture PLC, "A"	3.6%
Aon PLC	2.6%
Church & Dwight Co., Inc.	2.5%
Salesforce, Inc.	2.3%
Agilent Technologies, Inc.	2.2%

ADDITIONAL INFORMATION

IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS

MIGC-ANN

Massachusetts Investors
Growth Stock Fund

Class I-MGTIX

Annual Shareholder Report

FUND EXPENSES

What were the fund costs for the last year?

(based on a hypothetical $10,000 investment)
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
I	$51	0.46%

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

For the twelve months ended November 30, 2024, Class I shares of the Massachusetts Investors Growth Stock Fund (fund) provided a total return of 23.49%, at net asset value. This compares with a return of 34.49% for the fund’s benchmark, the Russell 3000^® Index. The fund's other benchmark, the Russell 1000^® Growth Index, generated a return of 38.04%.

As inflation moderated around the globe during the reporting period, several major central banks began to ease monetary policy.
Geopolitical strains remained high amid ongoing conflicts in Ukraine and in the Middle East, while relations between China and the US remained tense. At the end of the period, China unveiled a sizable stimulus package aimed at shoring up its property sector and the finances of highly indebted local governments.
Toward the end of the period, labor markets loosened modestly, particularly in the US, brightening the inflation outlook as economic growth remained solid.
Global equity markets reached record levels during the period as they withstood the adversity of the unsettled geopolitical climate and higher interest rate environment amidst optimism over wide-scale adoption of artificial intelligence and continued healthy earnings growth.

Top contributors to performance relative to the Russell 1000^® Growth Index:
- Security selection within the industrial sector benefited relative performance.

Top detractors from performance relative to the Russell 1000^® Growth Index:
- Stock selection within the information technology, consumer discretionary, and consumer staples sectors weakened relative performance.

FUND PERFORMANCE

Growth of a Hypothetical $10,000 Investment

This graph shows the performance of a hypothetical $10,000 investment in Class I over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests. This graph includes the deduction of the maximum applicable sales charge, if any.

Average Annual Total Returns through 11/30/24

Share Class	1-yr	5-yr	10-yr
I without sales charge	23.49%	14.08%	13.82%
Comparative Benchmark(s)
Russell 3000^® Index +∆	34.49%	15.23%	12.89%
Russell 1000^® Growth Index +∆	38.04%	19.46%	16.55%

+	Effective May 1, 2024, the Russell 3000^® Index replaced the Russell 1000^® Growth Index as a broad measure of market performance in accordance with new regulatory disclosure requirements. The fund continues to use the Russell 1000^® Growth Index as an additional benchmark that MFS believes more closely reflects the market segments in which the fund invests.
∆	Source: FactSet Research Systems Inc.

Notes to Fund Performance

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/i for more recent performance information.

FUND STATISTICS AS OF 11/30/24

Net Assets ($):	13,092,967,988		Total Management Fee ($)#:	41,469,609
Total Number of Holdings:	56		Portfolio Turnover Rate (%):	19

# Includes the effect of any management fee waivers, if applicable.

Where the fund holds derivatives, they are not included in the total number of portfolio holdings.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 11/30/24)

Portfolio structure

Equities	99.0%
Money Market Funds	1.0%

Equity sectors

Information Technology	37.0%
Financials	14.9%
Health Care	12.3%
Industrials	8.6%
Consumer Discretionary	7.7%
Communication Services	7.6%
Consumer Staples	6.4%
Real Estate	1.9%
Utilities	1.3%
Materials	1.3%

Top ten holdings

Microsoft Corp.	12.3%
Apple, Inc.	5.9%
NVIDIA Corp.	5.5%
Alphabet, Inc., "A"	4.3%
Visa, Inc., "A"	4.2%
Accenture PLC, "A"	3.6%
Aon PLC	2.6%
Church & Dwight Co., Inc.	2.5%
Salesforce, Inc.	2.3%
Agilent Technologies, Inc.	2.2%

ADDITIONAL INFORMATION

IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS

MIGI-ANN

Massachusetts Investors
Growth Stock Fund

Class R1-MIGMX

Annual Shareholder Report

FUND EXPENSES

What were the fund costs for the last year?

(based on a hypothetical $10,000 investment)
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
R1	$161	1.45%

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

For the twelve months ended November 30, 2024, Class R1 shares of the Massachusetts Investors Growth Stock Fund (fund) provided a total return of 22.27%, at net asset value. This compares with a return of 34.49% for the fund’s benchmark, the Russell 3000^® Index. The fund's other benchmark, the Russell 1000^® Growth Index, generated a return of 38.04%.

As inflation moderated around the globe during the reporting period, several major central banks began to ease monetary policy.
Geopolitical strains remained high amid ongoing conflicts in Ukraine and in the Middle East, while relations between China and the US remained tense. At the end of the period, China unveiled a sizable stimulus package aimed at shoring up its property sector and the finances of highly indebted local governments.
Toward the end of the period, labor markets loosened modestly, particularly in the US, brightening the inflation outlook as economic growth remained solid.
Global equity markets reached record levels during the period as they withstood the adversity of the unsettled geopolitical climate and higher interest rate environment amidst optimism over wide-scale adoption of artificial intelligence and continued healthy earnings growth.

Top contributors to performance relative to the Russell 1000^® Growth Index:
- Security selection within the industrial sector benefited relative performance.

Top detractors from performance relative to the Russell 1000^® Growth Index:
- Stock selection within the information technology, consumer discretionary, and consumer staples sectors weakened relative performance.

FUND PERFORMANCE

Growth of a Hypothetical $10,000 Investment

This graph shows the performance of a hypothetical $10,000 investment in Class R1 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests. This graph includes the deduction of the maximum applicable sales charge, if any.

Average Annual Total Returns through 11/30/24

Share Class	1-yr	5-yr	10-yr
R1 without sales charge	22.27%	12.95%	12.69%
Comparative Benchmark(s)
Russell 3000^® Index +∆	34.49%	15.23%	12.89%
Russell 1000^® Growth Index +∆	38.04%	19.46%	16.55%

+	Effective May 1, 2024, the Russell 3000^® Index replaced the Russell 1000^® Growth Index as a broad measure of market performance in accordance with new regulatory disclosure requirements. The fund continues to use the Russell 1000^® Growth Index as an additional benchmark that MFS believes more closely reflects the market segments in which the fund invests.
∆	Source: FactSet Research Systems Inc.

Notes to Fund Performance

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/r1 for more recent performance information.

FUND STATISTICS AS OF 11/30/24

Net Assets ($):	13,092,967,988		Total Management Fee ($)#:	41,469,609
Total Number of Holdings:	56		Portfolio Turnover Rate (%):	19

# Includes the effect of any management fee waivers, if applicable.

Where the fund holds derivatives, they are not included in the total number of portfolio holdings.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 11/30/24)

Portfolio structure

Equities	99.0%
Money Market Funds	1.0%

Equity sectors

Information Technology	37.0%
Financials	14.9%
Health Care	12.3%
Industrials	8.6%
Consumer Discretionary	7.7%
Communication Services	7.6%
Consumer Staples	6.4%
Real Estate	1.9%
Utilities	1.3%
Materials	1.3%

Top ten holdings

Microsoft Corp.	12.3%
Apple, Inc.	5.9%
NVIDIA Corp.	5.5%
Alphabet, Inc., "A"	4.3%
Visa, Inc., "A"	4.2%
Accenture PLC, "A"	3.6%
Aon PLC	2.6%
Church & Dwight Co., Inc.	2.5%
Salesforce, Inc.	2.3%
Agilent Technologies, Inc.	2.2%

ADDITIONAL INFORMATION

IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS

MIGR1-ANN

Massachusetts Investors
Growth Stock Fund

Class R2-MIRGX

Annual Shareholder Report

FUND EXPENSES

What were the fund costs for the last year?

(based on a hypothetical $10,000 investment)
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
R2	$106	0.95%

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

For the twelve months ended November 30, 2024, Class R2 shares of the Massachusetts Investors Growth Stock Fund (fund) provided a total return of 22.87%, at net asset value. This compares with a return of 34.49% for the fund’s benchmark, the Russell 3000^® Index. The fund's other benchmark, the Russell 1000^® Growth Index, generated a return of 38.04%.

As inflation moderated around the globe during the reporting period, several major central banks began to ease monetary policy.
Geopolitical strains remained high amid ongoing conflicts in Ukraine and in the Middle East, while relations between China and the US remained tense. At the end of the period, China unveiled a sizable stimulus package aimed at shoring up its property sector and the finances of highly indebted local governments.
Toward the end of the period, labor markets loosened modestly, particularly in the US, brightening the inflation outlook as economic growth remained solid.
Global equity markets reached record levels during the period as they withstood the adversity of the unsettled geopolitical climate and higher interest rate environment amidst optimism over wide-scale adoption of artificial intelligence and continued healthy earnings growth.

Top contributors to performance relative to the Russell 1000^® Growth Index:
- Security selection within the industrial sector benefited relative performance.

Top detractors from performance relative to the Russell 1000^® Growth Index:
- Stock selection within the information technology, consumer discretionary, and consumer staples sectors weakened relative performance.

FUND PERFORMANCE

Growth of a Hypothetical $10,000 Investment

This graph shows the performance of a hypothetical $10,000 investment in Class R2 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests. This graph includes the deduction of the maximum applicable sales charge, if any.

Average Annual Total Returns through 11/30/24

Share Class	1-yr	5-yr	10-yr
R2 without sales charge	22.87%	13.51%	13.25%
Comparative Benchmark(s)
Russell 3000^® Index +∆	34.49%	15.23%	12.89%
Russell 1000^® Growth Index +∆	38.04%	19.46%	16.55%

+	Effective May 1, 2024, the Russell 3000^® Index replaced the Russell 1000^® Growth Index as a broad measure of market performance in accordance with new regulatory disclosure requirements. The fund continues to use the Russell 1000^® Growth Index as an additional benchmark that MFS believes more closely reflects the market segments in which the fund invests.
∆	Source: FactSet Research Systems Inc.

Notes to Fund Performance

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/r2 for more recent performance information.

FUND STATISTICS AS OF 11/30/24

Net Assets ($):	13,092,967,988		Total Management Fee ($)#:	41,469,609
Total Number of Holdings:	56		Portfolio Turnover Rate (%):	19

# Includes the effect of any management fee waivers, if applicable.

Where the fund holds derivatives, they are not included in the total number of portfolio holdings.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 11/30/24)

Portfolio structure

Equities	99.0%
Money Market Funds	1.0%

Equity sectors

Information Technology	37.0%
Financials	14.9%
Health Care	12.3%
Industrials	8.6%
Consumer Discretionary	7.7%
Communication Services	7.6%
Consumer Staples	6.4%
Real Estate	1.9%
Utilities	1.3%
Materials	1.3%

Top ten holdings

Microsoft Corp.	12.3%
Apple, Inc.	5.9%
NVIDIA Corp.	5.5%
Alphabet, Inc., "A"	4.3%
Visa, Inc., "A"	4.2%
Accenture PLC, "A"	3.6%
Aon PLC	2.6%
Church & Dwight Co., Inc.	2.5%
Salesforce, Inc.	2.3%
Agilent Technologies, Inc.	2.2%

ADDITIONAL INFORMATION

IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS

MIGR2-ANN

Massachusetts Investors
Growth Stock Fund

Class R3-MIGHX

Annual Shareholder Report

FUND EXPENSES

What were the fund costs for the last year?

(based on a hypothetical $10,000 investment)
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
R3	$78	0.70%

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

For the twelve months ended November 30, 2024, Class R3 shares of the Massachusetts Investors Growth Stock Fund (fund) provided a total return of 23.19%, at net asset value. This compares with a return of 34.49% for the fund’s benchmark, the Russell 3000^® Index. The fund's other benchmark, the Russell 1000^® Growth Index, generated a return of 38.04%.

As inflation moderated around the globe during the reporting period, several major central banks began to ease monetary policy.
Geopolitical strains remained high amid ongoing conflicts in Ukraine and in the Middle East, while relations between China and the US remained tense. At the end of the period, China unveiled a sizable stimulus package aimed at shoring up its property sector and the finances of highly indebted local governments.
Toward the end of the period, labor markets loosened modestly, particularly in the US, brightening the inflation outlook as economic growth remained solid.
Global equity markets reached record levels during the period as they withstood the adversity of the unsettled geopolitical climate and higher interest rate environment amidst optimism over wide-scale adoption of artificial intelligence and continued healthy earnings growth.

Top contributors to performance relative to the Russell 1000^® Growth Index:
- Security selection within the industrial sector benefited relative performance.

Top detractors from performance relative to the Russell 1000^® Growth Index:
- Stock selection within the information technology, consumer discretionary, and consumer staples sectors weakened relative performance.

FUND PERFORMANCE

Growth of a Hypothetical $10,000 Investment

This graph shows the performance of a hypothetical $10,000 investment in Class R3 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests. This graph includes the deduction of the maximum applicable sales charge, if any.

Average Annual Total Returns through 11/30/24

Share Class	1-yr	5-yr	10-yr
R3 without sales charge	23.19%	13.80%	13.54%
Comparative Benchmark(s)
Russell 3000^® Index +∆	34.49%	15.23%	12.89%
Russell 1000^® Growth Index +∆	38.04%	19.46%	16.55%

+	Effective May 1, 2024, the Russell 3000^® Index replaced the Russell 1000^® Growth Index as a broad measure of market performance in accordance with new regulatory disclosure requirements. The fund continues to use the Russell 1000^® Growth Index as an additional benchmark that MFS believes more closely reflects the market segments in which the fund invests.
∆	Source: FactSet Research Systems Inc.

Notes to Fund Performance

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/r3 for more recent performance information.

FUND STATISTICS AS OF 11/30/24

Net Assets ($):	13,092,967,988		Total Management Fee ($)#:	41,469,609
Total Number of Holdings:	56		Portfolio Turnover Rate (%):	19

# Includes the effect of any management fee waivers, if applicable.

Where the fund holds derivatives, they are not included in the total number of portfolio holdings.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 11/30/24)

Portfolio structure

Equities	99.0%
Money Market Funds	1.0%

Equity sectors

Information Technology	37.0%
Financials	14.9%
Health Care	12.3%
Industrials	8.6%
Consumer Discretionary	7.7%
Communication Services	7.6%
Consumer Staples	6.4%
Real Estate	1.9%
Utilities	1.3%
Materials	1.3%

Top ten holdings

Microsoft Corp.	12.3%
Apple, Inc.	5.9%
NVIDIA Corp.	5.5%
Alphabet, Inc., "A"	4.3%
Visa, Inc., "A"	4.2%
Accenture PLC, "A"	3.6%
Aon PLC	2.6%
Church & Dwight Co., Inc.	2.5%
Salesforce, Inc.	2.3%
Agilent Technologies, Inc.	2.2%

ADDITIONAL INFORMATION

IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS

MIGR3-ANN

Massachusetts Investors
Growth Stock Fund

Class R4-MIGKX

Annual Shareholder Report

FUND EXPENSES

What were the fund costs for the last year?

(based on a hypothetical $10,000 investment)
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
R4	$50	0.45%

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

For the twelve months ended November 30, 2024, Class R4 shares of the Massachusetts Investors Growth Stock Fund (fund) provided a total return of 23.48%, at net asset value. This compares with a return of 34.49% for the fund’s benchmark, the Russell 3000^® Index. The fund's other benchmark, the Russell 1000^® Growth Index, generated a return of 38.04%.

As inflation moderated around the globe during the reporting period, several major central banks began to ease monetary policy.
Geopolitical strains remained high amid ongoing conflicts in Ukraine and in the Middle East, while relations between China and the US remained tense. At the end of the period, China unveiled a sizable stimulus package aimed at shoring up its property sector and the finances of highly indebted local governments.
Toward the end of the period, labor markets loosened modestly, particularly in the US, brightening the inflation outlook as economic growth remained solid.
Global equity markets reached record levels during the period as they withstood the adversity of the unsettled geopolitical climate and higher interest rate environment amidst optimism over wide-scale adoption of artificial intelligence and continued healthy earnings growth.

Top contributors to performance relative to the Russell 1000^® Growth Index:
- Security selection within the industrial sector benefited relative performance.

Top detractors from performance relative to the Russell 1000^® Growth Index:
- Stock selection within the information technology, consumer discretionary, and consumer staples sectors weakened relative performance.

FUND PERFORMANCE

Growth of a Hypothetical $10,000 Investment

This graph shows the performance of a hypothetical $10,000 investment in Class R4 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests. This graph includes the deduction of the maximum applicable sales charge, if any.

Average Annual Total Returns through 11/30/24

Share Class	1-yr	5-yr	10-yr
R4 without sales charge	23.48%	14.08%	13.82%
Comparative Benchmark(s)
Russell 3000^® Index +∆	34.49%	15.23%	12.89%
Russell 1000^® Growth Index +∆	38.04%	19.46%	16.55%

+	Effective May 1, 2024, the Russell 3000^® Index replaced the Russell 1000^® Growth Index as a broad measure of market performance in accordance with new regulatory disclosure requirements. The fund continues to use the Russell 1000^® Growth Index as an additional benchmark that MFS believes more closely reflects the market segments in which the fund invests.
∆	Source: FactSet Research Systems Inc.

Notes to Fund Performance

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/r4 for more recent performance information.

FUND STATISTICS AS OF 11/30/24

Net Assets ($):	13,092,967,988		Total Management Fee ($)#:	41,469,609
Total Number of Holdings:	56		Portfolio Turnover Rate (%):	19

# Includes the effect of any management fee waivers, if applicable.

Where the fund holds derivatives, they are not included in the total number of portfolio holdings.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 11/30/24)

Portfolio structure

Equities	99.0%
Money Market Funds	1.0%

Equity sectors

Information Technology	37.0%
Financials	14.9%
Health Care	12.3%
Industrials	8.6%
Consumer Discretionary	7.7%
Communication Services	7.6%
Consumer Staples	6.4%
Real Estate	1.9%
Utilities	1.3%
Materials	1.3%

Top ten holdings

Microsoft Corp.	12.3%
Apple, Inc.	5.9%
NVIDIA Corp.	5.5%
Alphabet, Inc., "A"	4.3%
Visa, Inc., "A"	4.2%
Accenture PLC, "A"	3.6%
Aon PLC	2.6%
Church & Dwight Co., Inc.	2.5%
Salesforce, Inc.	2.3%
Agilent Technologies, Inc.	2.2%

ADDITIONAL INFORMATION

IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS

MIGR4-ANN

Massachusetts Investors
Growth Stock Fund

Class R6-MIGNX

Annual Shareholder Report

FUND EXPENSES

What were the fund costs for the last year?

(based on a hypothetical $10,000 investment)
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
R6	$41	0.37%

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

For the twelve months ended November 30, 2024, Class R6 shares of the Massachusetts Investors Growth Stock Fund (fund) provided a total return of 23.61%, at net asset value. This compares with a return of 34.49% for the fund’s benchmark, the Russell 3000^® Index. The fund's other benchmark, the Russell 1000^® Growth Index, generated a return of 38.04%.

As inflation moderated around the globe during the reporting period, several major central banks began to ease monetary policy.
Geopolitical strains remained high amid ongoing conflicts in Ukraine and in the Middle East, while relations between China and the US remained tense. At the end of the period, China unveiled a sizable stimulus package aimed at shoring up its property sector and the finances of highly indebted local governments.
Toward the end of the period, labor markets loosened modestly, particularly in the US, brightening the inflation outlook as economic growth remained solid.
Global equity markets reached record levels during the period as they withstood the adversity of the unsettled geopolitical climate and higher interest rate environment amidst optimism over wide-scale adoption of artificial intelligence and continued healthy earnings growth.

Top contributors to performance relative to the Russell 1000^® Growth Index:
- Security selection within the industrial sector benefited relative performance.

Top detractors from performance relative to the Russell 1000^® Growth Index:
- Stock selection within the information technology, consumer discretionary, and consumer staples sectors weakened relative performance.

FUND PERFORMANCE

Growth of a Hypothetical $10,000 Investment

This graph shows the performance of a hypothetical $10,000 investment in Class R6 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests. This graph includes the deduction of the maximum applicable sales charge, if any.

Average Annual Total Returns through 11/30/24

Share Class	1-yr	5-yr	10-yr
R6 without sales charge	23.61%	14.19%	13.93%
Comparative Benchmark(s)
Russell 3000^® Index +∆	34.49%	15.23%	12.89%
Russell 1000^® Growth Index +∆	38.04%	19.46%	16.55%

+	Effective May 1, 2024, the Russell 3000^® Index replaced the Russell 1000^® Growth Index as a broad measure of market performance in accordance with new regulatory disclosure requirements. The fund continues to use the Russell 1000^® Growth Index as an additional benchmark that MFS believes more closely reflects the market segments in which the fund invests.
∆	Source: FactSet Research Systems Inc.

Notes to Fund Performance

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/r6 for more recent performance information.

FUND STATISTICS AS OF 11/30/24

Net Assets ($):	13,092,967,988		Total Management Fee ($)#:	41,469,609
Total Number of Holdings:	56		Portfolio Turnover Rate (%):	19

# Includes the effect of any management fee waivers, if applicable.

Where the fund holds derivatives, they are not included in the total number of portfolio holdings.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 11/30/24)

Portfolio structure

Equities	99.0%
Money Market Funds	1.0%

Equity sectors

Information Technology	37.0%
Financials	14.9%
Health Care	12.3%
Industrials	8.6%
Consumer Discretionary	7.7%
Communication Services	7.6%
Consumer Staples	6.4%
Real Estate	1.9%
Utilities	1.3%
Materials	1.3%

Top ten holdings

Microsoft Corp.	12.3%
Apple, Inc.	5.9%
NVIDIA Corp.	5.5%
Alphabet, Inc., "A"	4.3%
Visa, Inc., "A"	4.2%
Accenture PLC, "A"	3.6%
Aon PLC	2.6%
Church & Dwight Co., Inc.	2.5%
Salesforce, Inc.	2.3%
Agilent Technologies, Inc.	2.2%

ADDITIONAL INFORMATION

IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS

MIGR6-ANN

Item 1(b):

Not applicable.

ITEM 2. CODE OF ETHICS.

The Registrant has adopted a Code of Ethics (the “Code”) pursuant to Section 406 of the Sarbanes-Oxley Act and as defined in Form N-CSR that applies to the Registrant’s principal executive officer and principal financial and accounting officer. During the period covered by this report, the Registrant has not amended any provision in the Code that relates to an element of the Code’s definition 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. David L. DiLorenzo (Principal Executive Officer) and James O. Yost (Principal Financial Officer) were the two persons covered by the Code prior to April 1, 2024. Beginning April 1, 2024, David L. DiLorenzo (Principal Executive Officer) and Kasey L. Phillips (Principal Financial Officer) are the two persons covered by the Code. A copy of the Code is attached hereto as EX-99.COE.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Messrs. Steven E. Buller, Clarence Otis, Jr., and Darrell A. Williams, members of the Audit Committee, have been determined by the Board of Trustees in their reasonable business judgment to meet the definition of “audit committee financial expert” as such term is defined in Form N-CSR. In addition, Messrs. Buller, Otis, and Williams are “independent” members of the Audit Committee (as such term has been defined by the Securities and Exchange Commission in regulations implementing Section 407 of the Sarbanes-Oxley Act of 2002). The Securities and Exchange Commission has stated that the designation of a person as an audit committee financial expert pursuant to this Item 3 on the Form N-CSR does not impose on such a person any duties, obligations or liability that are greater than the duties, obligations or liability imposed on such person as a member of the Audit Committee and the Board of Trustees in the absence of such designation or identification.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Items 4(a) through 4(d) and 4(g):

The Board of Trustees has appointed Ernst & Young LLP (“E&Y”) to serve as independent accountants to the Registrant (hereinafter the "Registrant" or the “Fund”). The tables below set forth the audit fees billed to the Fund as well as fees for non-audit services provided to the Fund and/or to the Fund’s investment adviser, Massachusetts Financial Services Company (“MFS”), and to various entities either controlling, controlled by, or under common control with MFS that provide ongoing services to the Fund (“MFS Related Entities”).

For the fiscal years ended November 30, 2024 and 2023, audit fees billed to the Fund by E&Y were as follows:

Fees billed by E&Y:		Audit Fees
	2024		2023
Massachusetts Investors Growth Stock Fund	65,558		63,248

For the fiscal years ended November 30, 2024 and 2023, fees billed by E&Y for audit-related, tax and other services provided to the Fund and for audit-related, tax and other services provided to MFS and MFS Related Entities were as follows:

Fees billed by E&Y:	Audit-Related Fees1			Tax Fees2		All Other Fees3
	2024	2023		2024	2023	2024	2023
To Massachusetts Investors	0	0		660	636	0	0
Growth Stock Fund

Fees billed by E&Y:	Audit-Related Fees1			Tax Fees2		All Other Fees3
	2024	2023		2024	2023	2024	2023
To MFS and MFS Related	0	0		0	0	3,600	3,600
Entities of Massachusetts
Investors Growth Stock Fund*

Fees Billed by E&Y:			Aggregate Fees for Non-audit Services
			2024			2023
To Massachusetts Investors Growth Stock			310,200			178,986
Fund, MFS and MFS Related Entities#

*This amount reflects the fees billed to MFS and MFS Related Entities for non-audit services relating directly to the operations and financial reporting of the Fund (portions of which services also related to the operations and financial reporting of other funds within the MFS Funds complex).

# This amount reflects the aggregate fees billed by E&Y for non-audit services rendered to the Fund and for non- audit services rendered to MFS and the MFS Related Entities.

1 The fees included under “Audit-Related Fees” are fees related to assurance and related services that are reasonably related to the performance of the audit or review of financial statements, but not reported under ‘‘Audit Fees,’’ including accounting consultations, agreed-upon procedure reports, attestation reports, comfort letters and internal control reviews.

2 The fees included under “Tax Fees” are fees associated with tax compliance, tax advice and tax planning, including services relating to the filing or amendment of federal, state or local income tax returns, regulated investment company qualification reviews and tax distribution and analysis.

3 The fees included under “All Other Fees” are fees for products and services provided by E&Y other than those reported under “Audit Fees,” “Audit-Related Fees” and “Tax Fees”.

Item 4(e)(1):

Set forth below are the policies and procedures established by the Audit Committee of the Board of Trustees relating to the pre-approval of audit and non-audit related services:

To the extent required by applicable law, pre-approval by the Audit Committee of the Board is needed for all audit and permissible non-audit services rendered to the Fund and all permissible non-audit services rendered to MFS or MFS Related Entities if the services relate directly to the operations and financial reporting of the Registrant. Pre- approval is currently on an engagement-by-engagement basis. In the event pre-approval of such services is necessary between regular meetings of the Audit Committee and it is not practical to wait to seek pre-approval at the next regular meeting of the Audit Committee, pre-approval of such services may be referred to the Chair of the Audit Committee for approval; provided that the Chair may not pre-approve any individual engagement for such services exceeding $50,000 or multiple engagements for such services in the aggregate exceeding $100,000 between such regular meetings of the Audit Committee. Any engagement pre-approved by the Chair between regular meetings of the Audit Committee shall be presented for ratification by the entire Audit Committee at its next regularly scheduled meeting.

Item 4(e)(2):

None, or 0%, of the services relating to the Audit-Related Fees, Tax Fees and All Other Fees paid by the Fund and MFS and MFS Related Entities relating directly to the operations and financial reporting of the Registrant disclosed above were approved by the audit committee pursuant to paragraphs (c)(7)(i)(C) of Rule 2-01 of Regulation S-X (which permits audit committee approval after the start of the engagement with respect to services other than audit, review or attest services, if certain conditions are satisfied).

Item 4(f):

Not applicable.

Item 4(h):

The Registrant’s Audit Committee has considered whether the provision by a Registrant’s independent registered public accounting firm of non-audit services to MFS and MFS Related Entities that were not pre-approved by the Committee (because such services were provided prior to the effectiveness of SEC rules requiring pre-approval or because such services did not relate directly to the operations and financial reporting of the Registrant) was compatible with maintaining the independence of the independent registered public accounting firm as the Registrant’s principal auditors.

Item 4(i):

Not applicable.

Item 4(j):

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable to the Registrant.

ITEM 6. INVESTMENTS

A schedule of investments for each series covered by this Form N-CSR is included in the financial statements of such series under Item 7 of this Form N-CSR.

Massachusetts Investors Growth Stock Fund

ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Massachusetts Investors Growth Stock Fund

Portfolio of Investments − 11/30/24

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 – 99.4%
Apparel Manufacturers – 2.7%
LVMH Moet Hennessy Louis Vuitton SE	237,218	$ 148,745,827
NIKE, Inc., “B”	2,628,224	207,025,205
		$355,771,032
Automotive – 0.9%
Aptiv PLC (a)	2,164,792	$ 120,210,900
Broadcasting – 1.2%
Walt Disney Co.	1,373,383	$ 161,331,301
Brokerage & Asset Managers – 2.2%
Brookfield Asset Management Ltd. (l)	2,448,457	$ 140,438,940
Charles Schwab Corp.	1,779,803	147,296,496
		$287,735,436
Business Services – 6.8%
Accenture PLC, “A”	1,288,087	$ 466,764,086
Fiserv, Inc. (a)	1,191,101	263,185,677
TransUnion	1,553,568	157,687,152
		$887,636,915
Computer Software – 14.6%
Microsoft Corp.	3,791,548	$ 1,605,568,916
Salesforce, Inc.	930,036	306,902,580
		$1,912,471,496
Computer Software - Systems – 6.0%
Apple, Inc.	3,277,722	$ 777,901,762
Construction – 2.5%
Otis Worldwide Corp.	1,482,300	$ 152,647,254
Sherwin-Williams Co.	425,251	168,994,747
		$321,642,001
Consumer Products – 3.6%
Church & Dwight Co., Inc.	2,931,932	$ 322,893,671
Estée Lauder Cos., Inc., “A”	2,038,611	147,024,626
		$469,918,297
Electrical Equipment – 5.7%
Amphenol Corp., “A”	3,438,131	$ 249,780,217
Hubbell, Inc.	473,195	217,712,288
Schneider Electric SE	452,489	116,604,628
TE Connectivity PLC	1,075,961	162,599,226
		$746,696,359

MIGFS-ANN

Massachusetts Investors Growth Stock Fund

Portfolio of Investments – continued

Issuer	Shares/Par	Value ($)
Common Stocks – continued
Electronics – 8.7%
Analog Devices, Inc.	547,902	$ 119,470,031
NVIDIA Corp.	5,204,435	719,513,139
Taiwan Semiconductor Manufacturing Co. Ltd., ADR	1,163,711	214,890,873
Texas Instruments, Inc.	440,669	88,587,689
		$1,142,461,732
Food & Beverages – 2.8%
McCormick & Co., Inc.	2,104,281	$ 164,996,673
PepsiCo, Inc.	1,263,253	206,478,703
		$371,475,376
Gaming & Lodging – 0.9%
Hilton Worldwide Holdings, Inc.	463,073	$ 117,361,221
Insurance – 3.8%
Aon PLC	873,613	$ 342,054,434
Marsh & McLennan Cos., Inc.	686,584	160,131,986
		$502,186,420
Internet – 5.4%
Alphabet, Inc., “A”	3,291,991	$ 556,181,879
Gartner, Inc. (a)	294,347	152,451,142
		$708,633,021
Leisure & Toys – 2.1%
Electronic Arts, Inc.	616,597	$ 100,918,431
Tencent Holdings Ltd.	3,502,200	179,129,154
		$280,047,585
Machinery & Tools – 2.8%
Eaton Corp. PLC	710,396	$ 266,696,866
Graco, Inc.	1,025,498	93,402,358
		$360,099,224
Medical & Health Technology & Services – 1.8%
ICON PLC (a)	599,159	$ 125,973,180
Veeva Systems, Inc. (a)	479,709	109,301,695
		$235,274,875
Medical Equipment – 10.6%
Agilent Technologies, Inc.	2,061,079	$ 284,367,070
Becton, Dickinson and Co.	930,880	206,562,272
Boston Scientific Corp. (a)	1,982,645	179,746,596
Danaher Corp.	680,597	163,132,295
Mettler-Toledo International, Inc. (a)	115,236	144,183,283
STERIS PLC	1,024,375	224,399,587
Stryker Corp.	147,027	57,656,638
Thermo Fisher Scientific, Inc.	244,518	129,504,068
		$1,389,551,809

Massachusetts Investors Growth Stock Fund

Portfolio of Investments – continued

Issuer	Shares/Par	Value ($)
Common Stocks – continued
Other Banks & Diversified Financials – 6.9%
Mastercard, Inc., “A”	323,645	$ 172,483,366
Moody's Corp.	346,575	173,280,569
Visa, Inc., “A”	1,763,376	555,604,510
		$901,368,445
Railroad & Shipping – 1.0%
Canadian Pacific Kansas City Ltd.	1,708,089	$ 130,822,537
Restaurants – 0.7%
Starbucks Corp.	845,149	$ 86,593,967
Specialty Stores – 2.5%
Ross Stores, Inc.	1,231,624	$ 190,741,609
TJX Cos., Inc.	1,090,114	137,016,429
		$327,758,038
Telecommunications - Wireless – 1.9%
American Tower Corp., REIT	1,195,021	$ 249,759,389
Utilities - Electric Power – 1.3%
CMS Energy Corp.	2,430,090	$ 169,401,574
Total Common Stocks (Identified Cost, $6,369,600,519)		$13,014,110,712
Investment Companies (h) – 0.5%
Money Market Funds – 0.5%
MFS Institutional Money Market Portfolio, 4.66% (v) (Identified Cost, $71,131,025)	71,126,595	$ 71,133,707
Collateral for Securities Loaned – 0.5%
JPMorgan U.S. Government Money Market Fund - Class IM Shares, 4.59% (j) (Identified Cost, $62,972,798)	62,972,798	$ 62,972,798
Other Assets, Less Liabilities – (0.4)%		(55,249,229)
Net Assets – 100.0%		$13,092,967,988

(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 $71,133,707 and $13,077,083,510, respectively.
(j)	The rate quoted is the annualized seven-day yield of the fund at period end.
(l)	A portion of this security is on loan. See Note 2 for additional information.
(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 Notes to Financial Statements

Massachusetts Investors Growth Stock Fund

Financial Statements

Statement of Assets and Liabilities

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

At 11/30/24 Assets
Investments in unaffiliated issuers, at value, including $59,801,726 of securities on loan (identified cost, $6,432,573,317)	$13,077,083,510
Investments in affiliated issuers, at value (identified cost, $71,131,025)	71,133,707
Foreign currency, at value (identified cost, $42)	43
Receivables for
Fund shares sold	6,083,462
Interest and dividends	11,899,062
Total assets	$13,166,199,784
Liabilities
Payables for
Fund shares reacquired	$6,972,088
Collateral for securities loaned, at value	62,972,798
Payable to affiliates
Investment adviser	471,338
Administrative services fee	6,736
Shareholder servicing costs	2,123,310
Distribution and service fees	174,636
Payable for independent Trustees' compensation	57
Accrued expenses and other liabilities	510,833
Total liabilities	$73,231,796
Net assets	$13,092,967,988
Net assets consist of
Paid-in capital	$5,386,872,900
Total distributable earnings (loss)	7,706,095,088
Net assets	$13,092,967,988
Shares of beneficial interest outstanding	274,083,650

	Net assets	Shares outstanding	Net asset value per share (a)
Class A	$5,291,496,353	112,916,551	$46.86
Class B	9,976,391	274,495	36.34
Class C	56,274,847	1,564,711	35.97
Class I	2,058,691,213	42,038,303	48.97
Class R1	9,558,514	271,800	35.17
Class R2	68,428,599	1,525,974	44.84
Class R3	803,036,644	17,408,543	46.13
Class R4	598,589,480	12,611,314	47.46
Class R6	4,196,915,947	85,471,959	49.10

(a)

Maximum offering price per share was equal to the net asset value per share for all share classes, except for Class A, for which the maximum offering price per share was $49.72 [100 / 94.25 x $46.86]. On sales of $50,000 or more, the maximum offering price of Class A shares is reduced. A contingent deferred sales charge may be imposed on redemptions of Class A, Class B, and Class C shares. Redemption price per share was equal to the net asset value per share for Classes I, R1, R2, R3, R4, and R6.

See Notes to Financial Statements

Massachusetts Investors Growth Stock Fund

Financial Statements

Statement of Operations

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.

Year ended 11/30/24 Net investment income (loss)
Income
Dividends from unaffiliated issuers	$122,879,228
Dividends from affiliated issuers	3,937,804
Income on securities loaned	23,705
Other	1,609
Foreign taxes withheld	(881,165)
Total investment income	$125,961,181
Expenses
Management fee	$41,469,609
Distribution and service fees	15,691,808
Shareholder servicing costs	9,873,817
Administrative services fee	614,777
Independent Trustees' compensation	129,929
Custodian fee	427,545
Shareholder communications	661,635
Audit and tax fees	81,735
Legal fees	65,378
Miscellaneous	344,765
Total expenses	$69,360,998
Fees paid indirectly	(3,925)
Reduction of expenses by distributor	(41,174)
Net expenses	$69,315,899
Net investment income (loss)	$56,645,282
Realized and unrealized gain (loss)
Realized gain (loss) (identified cost basis)
Unaffiliated issuers	$1,116,903,504
Affiliated issuers	(23,859)
Foreign currency	37,961
Net realized gain (loss)	$1,116,917,606
Change in unrealized appreciation or depreciation
Unaffiliated issuers	$1,444,140,717
Affiliated issuers	(87)
Translation of assets and liabilities in foreign currencies	(66,201)
Net unrealized gain (loss)	$1,444,074,429
Net realized and unrealized gain (loss)	$2,560,992,035
Change in net assets from operations	$2,617,637,317

See Notes to Financial Statements

Massachusetts Investors Growth Stock Fund

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.

	Year ended
	11/30/24	11/30/23
Change in net assets
From operations
Net investment income (loss)	$56,645,282	$59,740,345
Net realized gain (loss)	1,116,917,606	508,938,281
Net unrealized gain (loss)	1,444,074,429	925,180,618
Change in net assets from operations	$2,617,637,317	$1,493,859,244
Total distributions to shareholders	$(486,396,695)	$(404,444,258)
Change in net assets from fund share transactions	$(844,776,464)	$720,484,361
Total change in net assets	$1,286,464,158	$1,809,899,347
Net assets
At beginning of period	11,806,503,830	9,996,604,483
At end of period	$13,092,967,988	$11,806,503,830

See Notes to Financial Statements

Massachusetts Investors Growth Stock Fund

Financial Statements

Financial Highlights

The financial highlights table is intended to help you understand the fund's financial performance for the past 5 years. Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that 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.

Class A	Year ended
	11/30/24	11/30/23	11/30/22	11/30/21	11/30/20
Net asset value, beginning of period	$39.62	$36.07	$43.82	$38.83	$34.13
Income (loss) from investment operations
Net investment income (loss) (d)	$0.13	$0.15	$0.12	$0.09	$0.13
Net realized and unrealized gain (loss)	8.74	4.82	(4.04)	8.38	6.92
Total from investment operations	$8.87	$4.97	$(3.92)	$8.47	$7.05
Less distributions declared to shareholders
From net investment income	$(0.16)	$(0.14)	$(0.08)	$(0.06)	$(0.09)
From net realized gain	(1.47)	(1.28)	(3.75)	(3.42)	(2.26)
Total distributions declared to shareholders	$(1.63)	$(1.42)	$(3.83)	$(3.48)	$(2.35)
Net asset value, end of period (x)	$46.86	$39.62	$36.07	$43.82	$38.83
Total return (%) (r)(s)(t)(x)	23.19	14.38	(10.03)	23.43	21.97
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)	0.70	0.72	0.71	0.70	0.71
Expenses after expense reductions (f)	0.70	0.71	0.71	0.70	0.70
Net investment income (loss)	0.30	0.42	0.32	0.21	0.38
Portfolio turnover rate	19	20	20	17	39
Net assets at end of period (000 omitted)	$5,291,496	$4,680,572	$4,348,372	$5,146,629	$4,577,864

Class B	Year ended
	11/30/24	11/30/23	11/30/22	11/30/21	11/30/20
Net asset value, beginning of period	$31.15	$28.72	$35.82	$32.52	$29.07
Income (loss) from investment operations
Net investment income (loss) (d)	$(0.15)	$(0.09)	$(0.13)	$(0.18)	$(0.10)
Net realized and unrealized gain (loss)	6.81	3.80	(3.22)	6.90	5.81
Total from investment operations	$6.66	$3.71	$(3.35)	$6.72	$5.71
Less distributions declared to shareholders
From net investment income	$—	$—	$—	$—	$—
From net realized gain	(1.47)	(1.28)	(3.75)	(3.42)	(2.26)
Total distributions declared to shareholders	$(1.47)	$(1.28)	$(3.75)	$(3.42)	$(2.26)
Net asset value, end of period (x)	$36.34	$31.15	$28.72	$35.82	$32.52
Total return (%) (r)(s)(t)(x)	22.25	13.54	(10.71)	22.48	21.07
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)	1.45	1.46	1.46	1.45	1.46
Expenses after expense reductions (f)	1.45	1.46	1.46	1.45	1.45
Net investment income (loss)	(0.45)	(0.33)	(0.44)	(0.54)	(0.37)
Portfolio turnover rate	19	20	20	17	39
Net assets at end of period (000 omitted)	$9,976	$14,849	$19,508	$30,943	$37,539

See Notes to Financial Statements

Massachusetts Investors Growth Stock Fund

Financial Highlights - continued

Class C	Year ended
	11/30/24	11/30/23	11/30/22	11/30/21	11/30/20
Net asset value, beginning of period	$30.84	$28.45	$35.52	$32.27	$28.86
Income (loss) from investment operations
Net investment income (loss) (d)	$(0.15)	$(0.09)	$(0.13)	$(0.18)	$(0.11)
Net realized and unrealized gain (loss)	6.75	3.76	(3.19)	6.85	5.78
Total from investment operations	$6.60	$3.67	$(3.32)	$6.67	$5.67
Less distributions declared to shareholders
From net investment income	$—	$—	$—	$—	$—
From net realized gain	(1.47)	(1.28)	(3.75)	(3.42)	(2.26)
Total distributions declared to shareholders	$(1.47)	$(1.28)	$(3.75)	$(3.42)	$(2.26)
Net asset value, end of period (x)	$35.97	$30.84	$28.45	$35.52	$32.27
Total return (%) (r)(s)(t)(x)	22.29	13.53	(10.71)	22.50	21.08
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)	1.45	1.47	1.46	1.45	1.46
Expenses after expense reductions (f)	1.45	1.47	1.46	1.45	1.46
Net investment income (loss)	(0.45)	(0.33)	(0.44)	(0.54)	(0.38)
Portfolio turnover rate	19	20	20	17	39
Net assets at end of period (000 omitted)	$56,275	$53,149	$53,969	$72,795	$83,412

Class I	Year ended
	11/30/24	11/30/23	11/30/22	11/30/21	11/30/20
Net asset value, beginning of period	$41.33	$37.57	$45.48	$40.17	$35.22
Income (loss) from investment operations
Net investment income (loss) (d)	$0.24	$0.25	$0.22	$0.19	$0.21
Net realized and unrealized gain (loss)	9.13	5.03	(4.21)	8.69	7.16
Total from investment operations	$9.37	$5.28	$(3.99)	$8.88	$7.37
Less distributions declared to shareholders
From net investment income	$(0.26)	$(0.24)	$(0.17)	$(0.15)	$(0.16)
From net realized gain	(1.47)	(1.28)	(3.75)	(3.42)	(2.26)
Total distributions declared to shareholders	$(1.73)	$(1.52)	$(3.92)	$(3.57)	$(2.42)
Net asset value, end of period (x)	$48.97	$41.33	$37.57	$45.48	$40.17
Total return (%) (r)(s)(t)(x)	23.49	14.66	(9.81)	23.75	22.27
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)	0.46	0.47	0.46	0.45	0.46
Expenses after expense reductions (f)	N/A	N/A	N/A	N/A	N/A
Net investment income (loss)	0.55	0.66	0.57	0.46	0.61
Portfolio turnover rate	19	20	20	17	39
Net assets at end of period (000 omitted)	$2,058,691	$1,819,214	$1,392,387	$1,295,848	$1,081,555

See Notes to Financial Statements

Massachusetts Investors Growth Stock Fund

Financial Highlights - continued

Class R1	Year ended
	11/30/24	11/30/23	11/30/22	11/30/21	11/30/20
Net asset value, beginning of period	$30.19	$27.88	$34.88	$31.74	$28.43
Income (loss) from investment operations
Net investment income (loss) (d)	$(0.15)	$(0.09)	$(0.13)	$(0.18)	$(0.11)
Net realized and unrealized gain (loss)	6.60	3.68	(3.12)	6.74	5.68
Total from investment operations	$6.45	$3.59	$(3.25)	$6.56	$5.57
Less distributions declared to shareholders
From net investment income	$—	$—	$—	$—	$—
From net realized gain	(1.47)	(1.28)	(3.75)	(3.42)	(2.26)
Total distributions declared to shareholders	$(1.47)	$(1.28)	$(3.75)	$(3.42)	$(2.26)
Net asset value, end of period (x)	$35.17	$30.19	$27.88	$34.88	$31.74
Total return (%) (r)(s)(t)(x)	22.27	13.52	(10.71)	22.53	21.04
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)	1.45	1.46	1.46	1.45	1.46
Expenses after expense reductions (f)	N/A	N/A	N/A	1.45	1.46
Net investment income (loss)	(0.45)	(0.34)	(0.44)	(0.54)	(0.39)
Portfolio turnover rate	19	20	20	17	39
Net assets at end of period (000 omitted)	$9,559	$9,794	$26,186	$34,847	$31,338

Class R2	Year ended
	11/30/24	11/30/23	11/30/22	11/30/21	11/30/20
Net asset value, beginning of period	$37.94	$34.60	$42.21	$37.56	$33.08
Income (loss) from investment operations
Net investment income (loss) (d)	$0.02	$0.06	$0.02	$(0.02)	$0.04
Net realized and unrealized gain (loss)	8.37	4.62	(3.88)	8.09	6.70
Total from investment operations	$8.39	$4.68	$(3.86)	$8.07	$6.74
Less distributions declared to shareholders
From net investment income	$(0.02)	$(0.06)	$—	$—	$—
From net realized gain	(1.47)	(1.28)	(3.75)	(3.42)	(2.26)
Total distributions declared to shareholders	$(1.49)	$(1.34)	$(3.75)	$(3.42)	$(2.26)
Net asset value, end of period (x)	$44.84	$37.94	$34.60	$42.21	$37.56
Total return (%) (r)(s)(t)(x)	22.87	14.10	(10.26)	23.11	21.66
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)	0.95	0.96	0.96	0.95	0.96
Expenses after expense reductions (f)	N/A	N/A	N/A	N/A	N/A
Net investment income (loss)	0.05	0.17	0.06	(0.04)	0.12
Portfolio turnover rate	19	20	20	17	39
Net assets at end of period (000 omitted)	$68,429	$69,208	$86,456	$99,936	$98,154

See Notes to Financial Statements

Massachusetts Investors Growth Stock Fund

Financial Highlights - continued

Class R3	Year ended
	11/30/24	11/30/23	11/30/22	11/30/21	11/30/20
Net asset value, beginning of period	$39.01	$35.53	$43.23	$38.35	$33.72
Income (loss) from investment operations
Net investment income (loss) (d)	$0.13	$0.15	$0.12	$0.08	$0.12
Net realized and unrealized gain (loss)	8.61	4.75	(3.99)	8.27	6.85
Total from investment operations	$8.74	$4.90	$(3.87)	$8.35	$6.97
Less distributions declared to shareholders
From net investment income	$(0.15)	$(0.14)	$(0.08)	$(0.05)	$(0.08)
From net realized gain	(1.47)	(1.28)	(3.75)	(3.42)	(2.26)
Total distributions declared to shareholders	$(1.62)	$(1.42)	$(3.83)	$(3.47)	$(2.34)
Net asset value, end of period (x)	$46.13	$39.01	$35.53	$43.23	$38.35
Total return (%) (r)(s)(t)(x)	23.19	14.40	(10.05)	23.43	22.00
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)	0.70	0.72	0.71	0.70	0.71
Expenses after expense reductions (f)	N/A	N/A	N/A	N/A	N/A
Net investment income (loss)	0.30	0.41	0.32	0.21	0.36
Portfolio turnover rate	19	20	20	17	39
Net assets at end of period (000 omitted)	$803,037	$894,105	$767,181	$666,801	$630,579

Class R4	Year ended
	11/30/24	11/30/23	11/30/22	11/30/21	11/30/20
Net asset value, beginning of period	$40.11	$36.50	$44.29	$39.21	$34.43
Income (loss) from investment operations
Net investment income (loss) (d)	$0.24	$0.24	$0.21	$0.19	$0.21
Net realized and unrealized gain (loss)	8.84	4.89	(4.08)	8.46	6.99
Total from investment operations	$9.08	$5.13	$(3.87)	$8.65	$7.20
Less distributions declared to shareholders
From net investment income	$(0.26)	$(0.24)	$(0.17)	$(0.15)	$(0.16)
From net realized gain	(1.47)	(1.28)	(3.75)	(3.42)	(2.26)
Total distributions declared to shareholders	$(1.73)	$(1.52)	$(3.92)	$(3.57)	$(2.42)
Net asset value, end of period (x)	$47.46	$40.11	$36.50	$44.29	$39.21
Total return (%) (r)(s)(t)(x)	23.48	14.67	(9.81)	23.73	22.29
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)	0.45	0.47	0.46	0.45	0.46
Expenses after expense reductions (f)	N/A	N/A	N/A	N/A	N/A
Net investment income (loss)	0.55	0.67	0.56	0.46	0.61
Portfolio turnover rate	19	20	20	17	39
Net assets at end of period (000 omitted)	$598,589	$623,207	$542,762	$926,069	$845,653

See Notes to Financial Statements

Massachusetts Investors Growth Stock Fund

Financial Highlights - continued

Class R6	Year ended
	11/30/24	11/30/23	11/30/22	11/30/21	11/30/20
Net asset value, beginning of period	$41.43	$37.66	$45.57	$40.24	$35.27
Income (loss) from investment operations
Net investment income (loss) (d)	$0.28	$0.29	$0.25	$0.23	$0.24
Net realized and unrealized gain (loss)	9.15	5.03	(4.20)	8.70	7.18
Total from investment operations	$9.43	$5.32	$(3.95)	$8.93	$7.42
Less distributions declared to shareholders
From net investment income	$(0.29)	$(0.27)	$(0.21)	$(0.18)	$(0.19)
From net realized gain	(1.47)	(1.28)	(3.75)	(3.42)	(2.26)
Total distributions declared to shareholders	$(1.76)	$(1.55)	$(3.96)	$(3.60)	$(2.45)
Net asset value, end of period (x)	$49.10	$41.43	$37.66	$45.57	$40.24
Total return (%) (r)(s)(t)(x)	23.61	14.75	(9.72)	23.85	22.40
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)	0.37	0.37	0.37	0.36	0.37
Expenses after expense reductions (f)	N/A	N/A	N/A	N/A	N/A
Net investment income (loss)	0.63	0.76	0.66	0.55	0.70
Portfolio turnover rate	19	20	20	17	39
Net assets at end of period (000 omitted)	$4,196,916	$3,642,406	$2,759,785	$2,902,199	$2,285,191

(d)	Per share data is based on average shares outstanding.
(f)	Ratios do not reflect reductions from fees paid indirectly, if applicable. See Note 2 in the Notes to Financial Statements for additional information.
(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.
(t)	Total returns do not include any applicable sales charges.
(x)	The net asset values 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

Massachusetts Investors Growth Stock Fund

Notes to Financial Statements

(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 Standards 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 November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which affects all public entities that are required to report segment information in accordance with Topic 280. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. The intent of ASU 2023-07 is, through improved segment disclosures, to enable investors to better understand an entity’s overall performance and to assess its potential future cash flows. Although management is still evaluating the disclosures required by ASU 2023-07, adoption of the standard will not affect the fund's financial position or its results of operations.

Balance Sheet Offsetting — 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, or similar 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 — 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. 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

Massachusetts Investors Growth Stock Fund

Notes to Financial Statements - continued

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 November 30, 2024 in valuing the fund's assets and liabilities:

Financial Instruments	Level 1	Level 2	Level 3	Total
Equity Securities	$13,014,110,712	$—	$—	$13,014,110,712
Mutual Funds	134,106,505	—	—	134,106,505
Total	$13,148,217,217	$—	$—	$13,148,217,217

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., as lending agent, loans the securities of the fund to certain qualified institutions (the “Borrowers”) approved by the fund. Security loans can be terminated at the discretion of either the lending agent or the fund and the related securities must be returned within the earlier of the standard trade settlement period for such securities or within three business days. 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. On loans collateralized by cash, the cash collateral is invested in a money market fund. 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. The lending agent provides the fund with indemnification against Borrower default. In the event of Borrower default, the lending agent 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, the lending agent assumes the fund's rights to the related collateral. If the collateral value is less than the cost to purchase identical securities, the lending agent 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 reinvestment for which the fund bears the risk of loss. At period end, the fund had investment securities on loan, all of which were classified as equity securities in the fund's Portfolio of Investments, with a fair value of $59,801,726. The fair value of the fund's investment securities on loan and a related liability of $62,972,798 for the obligation to return cash collateral received on securities loaned are both presented gross in the Statement of Assets and Liabilities. The collateral on securities loaned exceeded the value of securities on loan at period end. The liability for cash collateral for securities loaned is carried at fair value, which is categorized as level 2 within the fair value hierarchy. 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 separately reported 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.

Massachusetts Investors Growth Stock Fund

Notes to Financial Statements - continued

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 — 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 payments received in additional securities are recorded on the ex-dividend 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.

Investment transactions are recorded on the trade date. In determining the net gain or loss on securities sold, the cost of securities is determined on the identified cost basis.

Fees Paid Indirectly — The fund's custody fee may be reduced by a credit earned under an arrangement that measures the value of U.S. dollars deposited with the custodian by the fund. The amount of the credit, for the year ended November 30, 2024, 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. 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.

Book/tax differences primarily relate to wash sale loss deferrals and treating a portion of the proceeds from redemptions as a distribution for tax purposes.

The tax character of distributions declared to shareholders for the last two fiscal years is as follows:

	Year ended 11/30/24	Year ended 11/30/23
Ordinary income (including any short-term capital gains)	$85,972,594	$53,001,905
Long-term capital gains	400,424,101	351,442,353
Total distributions	$486,396,695	$404,444,258

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

As of 11/30/24
Cost of investments	$6,529,268,538
Gross appreciation	6,908,369,062
Gross depreciation	(289,420,383)
Net unrealized appreciation (depreciation)	$6,618,948,679
Undistributed ordinary income	100,495,916
Undistributed long-term capital gain	986,705,474
Other temporary differences	(54,981)
Total distributable earnings (loss)	$7,706,095,088

Massachusetts Investors Growth Stock Fund

Notes to Financial Statements - continued

Multiple Classes of Shares of Beneficial Interest — The fund offers multiple classes of shares, which differ in their respective distribution and service 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 C shares will convert to Class A shares approximately eight years after purchase. The fund’s distributions declared to shareholders as reported in the Statements of Changes in Net Assets are presented by class as follows:

	Year ended 11/30/24	Year ended 11/30/23
Class A	$191,997,563	$171,644,615
Class B	668,477	865,420
Class C	2,506,855	2,425,700
Class I	75,705,533	56,609,088
Class R1	480,982	1,188,713
Class R2	2,708,570	3,357,718
Class R3	30,211,788	30,673,601
Class R4	26,631,457	22,412,616
Class R6	155,485,470	115,266,787
Total	$486,396,695	$404,444,258

(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 $268,404 for the year ended November 30, 2024, as its portion of the initial sales charge on sales of Class A shares of the fund.

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. The distribution and service fees are computed daily and paid monthly.

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%	0.25%	$ 12,611,275
Class B	0.75%	0.25%	1.00%	1.00%	126,176
Class C	0.75%	0.25%	1.00%	1.00%	554,103
Class R1	0.75%	0.25%	1.00%	1.00%	108,288
Class R2	0.25%	0.25%	0.50%	0.50%	360,463
Class R3	—	0.25%	0.25%	0.25%	1,931,503
Total Distribution and Service Fees					$15,691,808

(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 year ended November 30, 2024 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 there is no financial intermediary specified on the account except for accounts attributable to MFS or its affiliates' seed money. For the year ended November 30, 2024, this rebate amounted to $41,070, $3, and $101 for Class A, Class B, and Class C shares, respectively, and is included in the reduction of total expenses in the Statement of Operations.

Massachusetts Investors Growth Stock Fund

Notes to Financial Statements - continued

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. Class B shares are subject to a CDSC in the event of a shareholder redemption within six years of purchase. Class C shares are subject to a CDSC in the event of a shareholder redemption within 12 months of purchase. All contingent deferred sales charges are paid to MFD and during the year ended November 30, 2024, were as follows:

	Amount
Class A	$56,190
Class B	1,426
Class C	7,143

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 year ended November 30, 2024, the fee was $1,525,891, which equated to 0.0121% annually of the fund's average daily net assets. MFSC also receives reimbursement 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 R6 shares do not incur sub-accounting fees. For the year ended November 30, 2024, these out-of-pocket expenses, sub-accounting and other shareholder servicing costs amounted to $8,347,926.

Administrator — MFS provides certain financial, legal, shareholder communications, compliance, and other administrative services to the fund. Under an administrative services agreement, the fund 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 is computed daily and paid monthly. The administrative services fee incurred for the year ended November 30, 2024 was equivalent to an annual effective rate of 0.0049% 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. Independent Trustees’ compensation is accrued daily and paid subsequent to each Trustee Board meeting. 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 from MFS for their services to the fund. 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. The DB plan resulted in a pension expense of $877 and is included in “Independent Trustees’ compensation” in the Statement of Operations for the year ended November 30, 2024. The deferred retirement benefits compensation fee is accrued daily and paid monthly.

Other — 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. This money market fund does not pay a management fee to MFS but does incur investment and operating costs.

MFS purchased or redeemed fund shares on the dates indicated:

Date	Transaction	Class	Shares	Amount
8/19/2024	Redemption	Class A	8	$367
8/19/2024	Redemption	Class B	7	257
8/19/2024	Redemption	Class I	4	179
8/19/2024	Redemption	Class R1	4	144
8/19/2024	Redemption	Class R2	4	156
8/19/2024	Redemption	Class R3	4	181
8/19/2024	Redemption	Class R4	4	190
8/19/2024	Redemption	Class R6	5	212

During the year ended November 30, 2024, pursuant to a policy adopted by the Board of Trustees and designed to comply with Rule 17a-7 under the Investment Company Act of 1940 (the “Act”) and relevant guidance, the fund engaged in purchase transactions with funds and accounts for which MFS serves as investment adviser or sub-adviser (“cross-trades”) which amounted to $5,210,908.

Massachusetts Investors Growth Stock Fund

Notes to Financial Statements - continued

(4) Portfolio Securities

For the year ended November 30, 2024, purchases and sales of investments, other than short-term obligations, aggregated $2,408,959,956 and $3,598,019,176, 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:

	Year ended 11/30/24		Year ended 11/30/23
	Shares	Amount	Shares	Amount
Shares sold
Class A	5,362,646	$226,664,208	8,556,850	$308,734,393
Class B	1,571	53,935	4,398	121,592
Class C	206,662	6,705,262	344,909	9,680,294
Class I	7,600,662	336,379,504	16,890,214	630,446,226
Class R1	45,746	1,466,238	140,617	3,942,885
Class R2	212,077	8,506,490	394,429	13,683,553
Class R3	2,136,141	89,468,621	4,726,059	171,273,629
Class R4	1,856,721	78,566,386	4,448,353	160,299,284
Class R6	17,403,894	770,536,383	32,627,533	1,237,248,246
	34,826,120	$1,518,347,027	68,133,362	$2,535,430,102
Shares issued to shareholders in reinvestment of distributions
Class A	4,469,508	$175,381,763	4,508,174	$155,712,370
Class B	21,756	666,701	31,304	856,172
Class C	79,349	2,406,759	85,785	2,323,051
Class I	1,705,334	69,765,052	1,418,816	50,992,250
Class R1	16,215	480,982	44,840	1,188,713
Class R2	71,140	2,677,603	100,277	3,324,192
Class R3	782,121	30,211,788	901,900	30,673,601
Class R4	372,265	14,757,064	346,327	12,079,885
Class R6	3,456,110	141,664,917	2,925,187	105,306,704
	10,973,798	$438,012,629	10,362,610	$362,456,938
Shares reacquired
Class A	(15,047,647)	$(643,642,266)	(15,486,604)	$(560,521,449)
Class B	(225,547)	(7,525,877)	(238,141)	(6,763,329)
Class C	(444,745)	(14,631,969)	(604,203)	(16,869,756)
Class I	(11,288,003)	(501,952,109)	(11,353,625)	(434,607,560)
Class R1	(114,604)	(3,874,941)	(800,301)	(22,428,848)
Class R2	(581,556)	(24,045,675)	(1,169,154)	(41,890,460)
Class R3	(8,430,104)	(342,965,616)	(4,297,497)	(152,872,429)
Class R4	(5,156,720)	(222,100,007)	(4,126,817)	(151,826,797)
Class R6	(23,301,663)	(1,040,397,660)	(20,928,538)	(789,622,051)
	(64,590,589)	$(2,801,136,120)	(59,004,880)	$(2,177,402,679)

Massachusetts Investors Growth Stock Fund

Notes to Financial Statements - continued

	Year ended 11/30/24		Year ended 11/30/23
	Shares	Amount	Shares	Amount
Net change
Class A	(5,215,493)	$(241,596,295)	(2,421,580)	$(96,074,686)
Class B	(202,220)	(6,805,241)	(202,439)	(5,785,565)
Class C	(158,734)	(5,519,948)	(173,509)	(4,866,411)
Class I	(1,982,007)	(95,807,553)	6,955,405	246,830,916
Class R1	(52,643)	(1,927,721)	(614,844)	(17,297,250)
Class R2	(298,339)	(12,861,582)	(674,448)	(24,882,715)
Class R3	(5,511,842)	(223,285,207)	1,330,462	49,074,801
Class R4	(2,927,734)	(128,776,557)	667,863	20,552,372
Class R6	(2,441,659)	(128,196,360)	14,624,182	552,932,899
	(18,790,671)	$(844,776,464)	19,491,092	$720,484,361

Effective June 1, 2019, purchases of the fund’s Class B shares were closed to new and existing investors subject to certain exceptions.

Effective September 29, 2023, purchases of the fund's Class R1 and Class R2 shares were closed to new eligible investors.

(6) Line of Credit

The fund and certain other funds managed by MFS participate in a $1.45 billion unsecured committed line of credit of which $1.2 billion is reserved for use by the fund and certain other MFS U.S. funds. The line of credit is provided by a syndicate 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 highest of 1) Daily Simple SOFR (Secured Overnight Financing Rate) plus 0.10%, 2) the Federal Funds Effective Rate, or 3) the Overnight Bank Funding Rate, each 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. The line of credit expires on March 13, 2025 unless extended or renewed. 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 rates equal to customary reference rates plus an agreed upon spread. For the year ended November 30, 2024, the fund’s commitment fee and interest expense were $61,498 and $0, respectively, and are included in “Miscellaneous” expense in the Statement of Operations.

(7) 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 for the year ended November 30, 2024:

Affiliated Issuers	Beginning Value	Purchases	Sales Proceeds	Realized Gain (Loss)	Change in Unrealized Appreciation or Depreciation	Ending Value
MFS Institutional Money Market Portfolio	$79,216,460	$1,681,863,997	$1,689,922,804	$(23,859)	$(87)	$71,133,707

Affiliated Issuers	Dividend Income	Capital Gain Distributions
MFS Institutional Money Market Portfolio	$3,937,804	$—

Massachusetts Investors Growth Stock Fund

Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Trustees of Massachusetts Investors Growth Stock Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Massachusetts Investors Growth Stock Fund (the “Fund”), including the portfolio of investments, as of November 30, 2024, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund at November 30, 2024, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of the Fund’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of November 30, 2024, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ Ernst & Young LLP

We have served as the auditor of one or more MFS investment companies since 1993.

Boston, Massachusetts
January 14, 2025

Massachusetts Investors Growth Stock Fund

Results of Shareholder Meeting (unaudited)

At a special meeting of shareholders of Massachusetts Investors Growth Stock Fund, which was held on November 14, 2024, the following action was taken:

Item 1: To elect the following individuals as Trustees, effective January 1, 2025:

	Number of Dollars
Nominee	For	Against/Withheld
Steven E. Buller	7,925,755,899.481	295,690,327.995
John A. Caroselli	7,944,073,445.417	277,372,782.059
Maureen R. Goldfarb	7,949,330,265.074	272,115,962.401
Peter D. Jones	7,953,117,490.906	268,328,736.569
John P. Kavanaugh	7,973,689,775.459	247,756,452.016
James W. Kilman, Jr.	7,975,349,531.206	246,096,696.270
Clarence Otis, Jr.	7,929,247,539.562	292,198,687.914
Michael W. Roberge	8,012,189,076.165	209,257,151.311
Maryanne L. Roepke	7,960,050,337.812	261,395,889.664
Paula E. Smith	8,007,029,698.891	214,416,528.585
Laurie J. Thomsen	7,945,905,120.614	275,541,106.861
Darrell A. Williams	7,974,657,528.000	246,788,699.475

Massachusetts Investors Growth Stock Fund

Federal Tax Information (unaudited)

The fund will notify shareholders of amounts for use in preparing 2024 income tax forms in January 2025. The following information is provided pursuant to provisions of the Internal Revenue Code.

The fund designates the maximum amount allowable as qualified dividend income eligible to be taxed at the same rate as long-term capital gain.

The fund designates $529,726,000 as capital gain dividends paid during the fiscal year.

For corporate shareholders, 100.00% of the ordinary income dividends paid during the prior calendar year qualify for the corporate dividends received deduction.

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

There is nothing to report for this item for Massachusetts Investors Growth Stock Fund.

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

This information is disclosed as part of the financial statements included in Item 7 above for Massachusetts Investors Growth Stock Fund.

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

This information is disclosed as part of the financial statements included in Item 7 above for Massachusetts Investors Growth Stock Fund.

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

Massachusetts Investors Growth Stock Fund

Board Review of Investment Advisory Agreement

Massachusetts Investors Growth Stock Fund

The Investment Company Act of 1940 requires that both the full Board of Trustees and a majority of the non-interested (“independent”) Trustees, voting separately, annually approve the continuation of the Fund’s investment advisory agreement with MFS. The Trustees consider matters bearing on the Fund and its advisory arrangements at their meetings throughout the year, including a review of performance data at each regular meeting. In addition, the independent Trustees met several times over the course of three months beginning in May and ending in July, 2024 (“contract review meetings”) for the specific purpose of considering whether to approve the continuation of the investment advisory agreement for the Fund and the other investment companies that the Board oversees (the “MFS Funds”). The independent Trustees were assisted in their evaluation of the Fund’s investment advisory agreement by independent legal counsel, from whom they received separate legal advice and with whom they met separately from MFS during various contract review meetings. The independent Trustees were also assisted in this process by an independent consultant who was retained by and reported to the independent Trustees.

In connection with their deliberations regarding the continuation of the investment advisory agreement, the Trustees, including the independent Trustees, considered such information and factors as they believed, in light of the legal advice furnished to them and their own business judgment, to be relevant. The investment advisory agreement for the Fund was considered separately, although the Trustees also took into account the common interests of all MFS Funds in their review. As described below, the Trustees considered the nature, quality, and extent of the various investment advisory, administrative, and shareholder services performed by MFS under the existing investment advisory agreement and other arrangements with the Fund.

In connection with their contract review meetings, the Trustees received and relied upon materials that included, among other items: (i) information provided by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent third party, on the investment performance of the Fund for various time periods ended December 31, 2023 and the investment performance of a group of funds with substantially similar investment classifications/objectives (the “Broadridge performance universe”), (ii) information provided by Broadridge on the Fund’s advisory fees and other expenses and the advisory fees and other expenses of comparable funds identified by Broadridge as well as all other funds in the same investment classification/category (the “Broadridge expense group and universe”), (iii) information provided by MFS on the advisory fees of portfolios of other clients of MFS, including institutional separate accounts and other clients, (iv) information as to whether and to what extent applicable expense waivers, reimbursements or fee “breakpoints” are observed for the Fund, (v) information regarding MFS’ financial results and financial condition, including MFS’ and certain of its affiliates’ estimated profitability from services performed for the Fund and the MFS Funds as a whole, and compared to MFS’ institutional business, (vi) MFS’ views regarding the outlook for the mutual fund industry and the strategic business plans of MFS, (vii) descriptions of various functions performed by MFS for the Funds, such as compliance monitoring and portfolio trading practices, and (viii) information regarding the overall organization of MFS, including information about MFS’ senior management and other personnel providing investment advisory, administrative and other services to the Fund and the other MFS Funds. The comparative performance, fee and expense information prepared and provided by Broadridge was not independently verified and the independent Trustees did not independently verify any information provided to them by MFS.

The Trustees’ conclusion as to the continuation of the investment advisory agreement was based on a comprehensive consideration of all information provided to the Trustees and not the result of any single factor. Some of the factors that figured particularly in the Trustees’ deliberations are described below, although individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors. It is also important to recognize that the fee arrangements for the Fund and other MFS Funds are the result of years of review and discussion between the independent Trustees and MFS, that certain aspects of such arrangements may receive greater scrutiny in some years than in others, and that the Trustees’ conclusions may be based, in part, on their consideration of these same arrangements during the course of the year and in prior years.

Based on information provided by Broadridge and MFS, the Trustees reviewed the Fund’s total return investment performance as well as the Broadridge performance universe over various time periods. The Trustees placed particular emphasis on the total return performance of the Fund’s Class I shares in comparison to the performance of funds in its Broadridge performance universe over the five-year period ended December 31, 2023, which the Trustees believed was a long enough period to reflect differing market conditions. The total return performance of the Fund’s Class I shares was in the 2nd quintile relative to the other funds in the universe for this five-year period (the 1st quintile being the best performers and the 5th quintile being the worst performers). The total return performance of the Fund’s Class I shares was in the 5th quintile for the one-year period and the 1st quintile for the three-year period ended December 31, 2023 relative to the Broadridge performance universe. Because of the passage of time, these performance results may differ from the performance results for more recent periods, including those shown elsewhere in this report.

Massachusetts Investors Growth Stock Fund

Board Review of Investment Advisory Agreement - continued

In the course of their deliberations, the Trustees took into account information provided by MFS in connection with the contract review meetings, as well as during investment review meetings conducted with portfolio management personnel during the course of the year regarding the Fund’s performance. After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding the investment advisory agreement, that they were satisfied with MFS’ responses and efforts relating to investment performance.

In assessing the reasonableness of the Fund’s advisory fee, the Trustees considered, among other information, the Fund’s advisory fee and the total expense ratio of the Fund’s Class I shares as a percentage of average daily net assets and the advisory fee and total expense ratios of the Broadridge expense group based on information provided by Broadridge. The Trustees considered that, according to the data provided by Broadridge (which takes into account any fee reductions or expense limitations that were in effect during the Fund’s last fiscal year), the Fund’s effective advisory fee rate and total expense ratio were each lower than the Broadridge expense group median.

The Trustees also considered the advisory fees charged by MFS to any institutional separate accounts advised by MFS (“separate accounts”) and unaffiliated investment companies for which MFS serves as subadviser (“subadvised funds”) that have comparable investment strategies to the Fund, if any. In comparing these fees, the Trustees considered information provided by MFS as to the generally broader scope of services provided by MFS to the Fund, as well as the more extensive regulatory burdens imposed on MFS in managing the Fund, in comparison to separate accounts and subadvised funds. The Trustees also considered the higher demands placed on MFS’ investment personnel and trading infrastructure as a result of the daily cash in-flows and out-flows of the Fund in comparison to separate accounts.

The Trustees also considered whether the Fund may benefit from any economies of scale in the management of the Fund in the event of growth in assets of the Fund. They noted that the Fund’s advisory fee rate schedule is not subject to any breakpoints. Taking into account that the Fund’s effective advisory fee rate was lower than the Broadridge expense group median described above, the Trustees determined not to recommend any advisory fee breakpoints for the Fund at this time.

The Trustees also considered information prepared by MFS relating to MFS’ costs and profits with respect to the Fund, the MFS Funds considered as a group, and other investment companies and accounts advised by MFS, as well as MFS’ methodologies used to determine and allocate its costs to the MFS Funds, the Fund and other accounts and products for purposes of estimating profitability.

After reviewing these and other factors described herein, the Trustees concluded, within the context of their overall conclusions regarding the investment advisory agreement, that the advisory fees charged to the Fund represent reasonable compensation in light of the services being provided by MFS to the Fund.

In addition, the Trustees considered MFS’ resources and related efforts to continue to retain, attract and motivate capable personnel to serve the Fund. The Trustees also considered current and developing conditions in the financial services industry, including the presence of large and well-capitalized companies which are spending, and appear to be prepared to continue to spend, substantial sums to engage personnel and to provide services to competing investment companies. In this regard, the Trustees also considered the financial resources of MFS and its ultimate parent, Sun Life Financial Inc. The Trustees also considered the advantages and possible disadvantages to the Fund of having an adviser that also serves other investment companies as well as other accounts.

The Trustees also considered the nature, quality, cost, and extent of administrative, transfer agency, and distribution services provided to the Fund by MFS and its affiliates under agreements and plans other than the investment advisory agreement, including any 12b-1 fees the Fund pays to MFS Fund Distributors, Inc., an affiliate of MFS. The Trustees also considered the nature, extent and quality of certain other services MFS performs or arranges for on the Fund’s behalf, which may include securities lending programs, directed expense payment programs, class action recovery programs, and MFS’ interaction with third-party service providers, principally custodians and sub-custodians. The Trustees concluded that the various non-advisory services provided by MFS and its affiliates on behalf of the Fund were satisfactory.

The Trustees considered so-called “fall-out benefits” to MFS such as reputational value derived from serving as investment manager to the MFS Funds. The Trustees also considered that MFS discontinued its historic practice of obtaining investment research from portfolio brokerage commissions paid by certain MFS Funds effective January 2018, and directly pays or voluntarily reimburses a Fund, if applicable, for the costs of external research acquired through the use of the Fund’s portfolio brokerage commissions.

Based on their evaluation of factors that they deemed to be material, including those factors described above, the Board of Trustees, including the independent Trustees, concluded that the Fund’s investment advisory agreement with MFS should be continued for an additional one-year period, commencing August 1, 2024.

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to the Registrant.

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to the Registrant.

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable to the Registrant.

ITEM 15. 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 16. CONTROLS AND PROCEDURES.

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.
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 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 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to the Registrant.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

Not applicable to the Registrant.

ITEM 19. EXHIBITS.

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: Attached hereto as EX-99.COE.
Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant’s securities are listed. Not applicable.
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 as EX-99.302CERT.
Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable.
Change in the registrant's independent public accountant. Not applicable.
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 as EX-99.906CERT.

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 TRUST

By (Signature and Title)*

/S/ DAVID L. DILORENZO

David L. DiLorenzo, President

Date: January 14, 2025

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)*

/S/ DAVID L. DILORENZO

David L. DiLorenzo, President (Principal Executive Officer)

Date: January 14, 2025

By (Signature and Title)*

/S/ KASEY L. PHILLIPS

Kasey L. Phillips, Treasurer (Principal Financial Officer and Accounting Officer)

Date: January 14, 2025

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

MFS Massachusetts Investors Growth Stock Fund (MIGHX) N-CSRCertified annual shareholder report (management investment company)