0001193125-22-199821.txt : 20220722 0001193125-22-199821.hdr.sgml : 20220722 20220722121431 ACCESSION NUMBER: 0001193125-22-199821 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 9 CONFORMED PERIOD OF REPORT: 20220531 FILED AS OF DATE: 20220722 DATE AS OF CHANGE: 20220722 EFFECTIVENESS DATE: 20220722 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MASSACHUSETTS INVESTORS GROWTH STOCK FUND CENTRAL INDEX KEY: 0000063090 IRS NUMBER: 041885327 STATE OF INCORPORATION: MA FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-00859 FILM NUMBER: 221099225 BUSINESS ADDRESS: STREET 1: 111 HUNTINGTON AVENUE STREET 2: 21ST FLOOR CITY: BOSTON STATE: MA ZIP: 02199 BUSINESS PHONE: 18006372929 MAIL ADDRESS: STREET 1: 111 HUNTINGTON AVENUE STREET 2: 21ST FLOOR CITY: BOSTON STATE: MA ZIP: 02199 FORMER COMPANY: FORMER CONFORMED NAME: MASSACHUSETTS INVESTORS GROWTH STOCK FUND INC DATE OF NAME CHANGE: 19920414 0000063090 S000000695 Massachusetts Investors Growth Stock Fund C000002023 A MIGFX C000002024 R3 MIGHX C000002025 R4 MIGKX C000002029 B MIGBX C000002030 C MIGDX C000002031 I MGTIX C000002034 R1 MIGMX C000002036 R2 MIRGX C000112291 R6 MIGNX N-CSRS 1 d288042dncsrs.htm MASSACHUSETTS INVESTORS GROWTH STOCK FUND N-CSRS MASSACHUSETTS INVESTORS GROWTH STOCK FUND N-CSRS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF

REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-00859

MASSACHUSETTS INVESTORS GROWTH STOCK FUND

(Exact name of registrant as specified in charter)

111 Huntington Avenue, Boston, Massachusetts 02199

(Address of principal executive offices) (Zip code)

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: May 31, 2022

ITEM 1.

REPORTS TO STOCKHOLDERS.

Item 1(a):

Semiannual Report
May 31, 2022
Massachusetts Investors
Growth Stock Fund
MIG-SEM

Massachusetts Investors
Growth Stock Fund
CONTENTS
The report is prepared for the general information of shareholders. It is authorized for distribution to prospective investors only when preceded or accompanied by a current prospectus.
NOT FDIC INSURED  •  MAY LOSE VALUE  •  NO BANK GUARANTEE

LETTER FROM THE CHAIR AND CEO
Dear Shareholders:
Global markets have recently been buffeted by a series of crosscurrents, including rising inflation, tighter financial conditions, the continued spread of the coronavirus (particularly in Asia), and the evolving geopolitical landscape in the wake of Russia’s invasion of Ukraine. Consequently, at a time when global growth faces multiple headwinds, central banks have been presented with the challenge of reining in rising prices without tipping economies into recession. At its June meeting, the US Federal Reserve undertook a 0.75% rate hike, its largest since 1994. Additional larger-than-normal hikes are expected in coming meetings as the Fed seeks to move policy into restrictive territory by year-end to slow the economy and dampen inflation. Richly valued, rate-sensitive growth equities have been hit particularly hard by higher interest rates, and volatility in credit markets has picked up too.
There are, however, encouraging signs for the markets. The latest wave of COVID-19 cases appears to be receding in Asia, cases outside of Asia remain well below prior peaks, and fewer are seriously ill. Meanwhile, unemployment is low and there are signs that some global supply chain bottlenecks are beginning to ease, though lingering coronavirus restrictions in China and disruptions stemming from Russia’s invasion of Ukraine could hamper these advances. Additionally, easier Chinese monetary and regulatory policies and the record pace of corporate stock buybacks are supportive elements, albeit in an otherwise turbulent investment environment.
It is important to have a deep understanding of company fundamentals during times of market transition, and we have built our unique global research platform to do just that.
At MFS®, we put our clients’ assets to work responsibly by carefully navigating increasingly complex global capital markets. Our investment team is guided by a commitment to long-term fundamental investing. Our global investment platform — combining collective expertise, long-term discipline, and thoughtful risk management — seeks to uncover what we believe are the best, most durable investment ideas in markets around the world, enabling us to potentially create value for investors.
Respectfully,
Michael W. Roberge
Chair and Chief Executive Officer
MFS Investment Management
July 15, 2022
The opinions expressed in this letter are subject to change and may not be relied upon for investment advice. No forecasts can be guaranteed.
1

Portfolio Composition
Portfolio structure
Top ten holdings
Microsoft Corp. 11.3%
Alphabet, Inc., “A” 7.6%
Apple, Inc. 5.2%
Accenture PLC, “A” 3.6%
Visa, Inc., “A” 3.2%
Colgate-Palmolive Co. 2.6%
Electronic Arts, Inc. 2.5%
Amphenol Corp., “A” 2.2%
Church & Dwight Co., Inc. 2.2%
Fiserv, Inc. 2.2%
GICS equity sectors (g)
Information Technology 37.4%
Health Care 14.5%
Communication Services 11.9%
Consumer Discretionary 10.9%
Consumer Staples 8.0%
Industrials 6.3%
Financials 5.9%
Real Estate 2.1%
Materials 1.3%
Utilities 1.1%
 
(g) 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. MFS has applied its own internal sector/industry classification methodology for equity securities and non-equity securities that are unclassified by GICS.
Cash & Cash Equivalents includes any cash, investments in money market funds, short-term securities, and other assets less liabilities. Please see the Statement of Assets and Liabilities for additional information related to the fund’s cash position and other assets and liabilities.
Percentages are based on net assets as of May 31, 2022.
The portfolio is actively managed and current holdings may be different.
2

Expense Table
Fund expenses borne by the shareholders during the period,
December 1, 2021 through May 31, 2022
As a shareholder of the fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on certain purchase or redemption payments, and (2) ongoing costs, including management fees; distribution and service (12b-1) fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period December 1, 2021 through May 31, 2022.
Actual Expenses
The first line for each share class in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line for each share class in the following table provides information about hypothetical account values and hypothetical expenses based on the fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
3

Expense Table - continued
Share
Class 		  Annualized
Expense
Ratio 		Beginning
Account Value
12/01/21 		Ending
Account Value
5/31/22 		Expenses
Paid During
Period (p)
12/01/21-5/31/22
A Actual 0.71% $1,000.00 $908.52 $3.38
Hypothetical (h) 0.71% $1,000.00 $1,021.39 $3.58
B Actual 1.46% $1,000.00 $904.90 $6.93
Hypothetical (h) 1.46% $1,000.00 $1,017.65 $7.34
C Actual 1.46% $1,000.00 $905.23 $6.94
Hypothetical (h) 1.46% $1,000.00 $1,017.65 $7.34
I Actual 0.46% $1,000.00 $909.69 $2.19
Hypothetical (h) 0.46% $1,000.00 $1,022.64 $2.32
R1 Actual 1.46% $1,000.00 $905.19 $6.93
Hypothetical (h) 1.46% $1,000.00 $1,017.65 $7.34
R2 Actual 0.96% $1,000.00 $907.37 $4.57
Hypothetical (h) 0.96% $1,000.00 $1,020.14 $4.84
R3 Actual 0.71% $1,000.00 $908.42 $3.38
Hypothetical (h) 0.71% $1,000.00 $1,021.39 $3.58
R4 Actual 0.46% $1,000.00 $909.71 $2.19
Hypothetical (h) 0.46% $1,000.00 $1,022.64 $2.32
R6 Actual 0.37% $1,000.00 $910.14 $1.76
Hypothetical (h) 0.37% $1,000.00 $1,023.09 $1.87
(h) 5% class return per year before expenses.
(p) “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).  Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher.
4

Portfolio of Investments
5/31/22 (unaudited)
The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.
Issuer     Shares/Par Value ($)
Common Stocks – 99.4%
Apparel Manufacturers – 3.5%  
Adidas AG   544,618 $ 107,849,087
LVMH Moet Hennessy Louis Vuitton SE   123,636 79,266,015
NIKE, Inc., “B”   1,340,923 159,368,699
        $ 346,483,801
Automotive – 0.7%  
Aptiv PLC (a)   678,552 $ 72,089,365
Brokerage & Asset Managers – 2.0%  
Blackstone, Inc.   449,587 $ 52,956,853
Charles Schwab Corp.   2,113,371 148,147,307
        $ 201,104,160
Business Services – 7.9%  
Accenture PLC, “A”   1,177,076 $ 351,310,103
Cognizant Technology Solutions Corp., “A”   1,006,790 75,207,213
Equifax, Inc.   721,545 146,170,586
Fidelity National Information Services, Inc.   1,456,008 152,152,836
Verisk Analytics, Inc., “A”   311,211 54,437,028
        $ 779,277,766
Cable TV – 0.9%  
Charter Communications, Inc., “A” (a)   174,570 $ 88,494,770
Computer Software – 12.8%  
Adobe Systems, Inc. (a)   167,359 $ 69,701,676
Black Knight, Inc. (a)   1,203,395 81,722,555
Microsoft Corp.   4,083,786 1,110,258,900
        $ 1,261,683,131
Computer Software - Systems – 5.2%  
Apple, Inc.   3,444,810 $ 512,725,520
Construction – 2.5%  
Otis Worldwide Corp.   1,539,456 $ 114,535,526
Sherwin-Williams Co.   484,373 129,831,339
        $ 244,366,865
5

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Common Stocks – continued
Consumer Products – 5.3%  
Church & Dwight Co., Inc.   2,405,608 $ 216,649,057
Colgate-Palmolive Co.   3,222,190 253,940,794
Estee Lauder Cos., Inc., “A”   211,965 53,976,887
        $ 524,566,738
Electrical Equipment – 5.5%  
Amphenol Corp., “A”   3,105,241 $ 220,037,377
Fortive Corp.   2,851,694 176,149,139
TE Connectivity Ltd.   1,117,447 144,586,467
        $ 540,772,983
Electronics – 3.2%  
Analog Devices, Inc.   684,253 $ 115,228,205
Taiwan Semiconductor Manufacturing Co. Ltd., ADR   904,805 86,227,916
Texas Instruments, Inc.   625,922 110,637,973
        $ 312,094,094
Food & Beverages – 2.7%  
McCormick & Co., Inc.   1,360,318 $ 126,128,685
PepsiCo, Inc.   835,767 140,199,914
        $ 266,328,599
General Merchandise – 1.1%  
Dollarama, Inc.   1,884,310 $ 109,288,043
Health Maintenance Organizations – 1.1%  
Cigna Corp.   403,605 $ 108,283,185
Insurance – 2.9%  
Aon PLC   618,616 $ 170,533,873
Marsh & McLennan Cos., Inc.   713,060 114,053,947
        $ 284,587,820
Internet – 8.6%  
Alphabet, Inc., “A” (a)   328,898 $ 748,321,885
Tencent Holdings Ltd.   2,038,300 94,132,929
        $ 842,454,814
Leisure & Toys – 2.5%  
Electronic Arts, Inc.   1,746,206 $ 242,111,462
Medical & Health Technology & Services – 1.5%  
ICON PLC (a)   668,606 $ 149,627,337
6

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Common Stocks – continued
Medical Equipment – 11.5%  
Abbott Laboratories   872,007 $ 102,425,942
Agilent Technologies, Inc.   556,777 71,022,474
Becton, Dickinson and Co.   707,772 181,048,078
Boston Scientific Corp. (a)   4,600,871 188,681,720
Danaher Corp.   483,818 127,640,865
Medtronic PLC   414,052 41,467,308
STERIS PLC   548,740 125,222,468
Stryker Corp.   408,991 95,908,389
Thermo Fisher Scientific, Inc.   356,330 202,242,218
        $ 1,135,659,462
Other Banks & Diversified Financials – 7.6%  
Fiserv, Inc. (a)   2,154,964 $ 215,884,294
Mastercard, Inc., “A”   336,126 120,289,412
Moody's Corp.   306,620 92,467,393
Visa, Inc., “A”   1,494,037 316,989,830
        $ 745,630,929
Pharmaceuticals – 0.4%  
Roche Holding AG   101,630 $ 34,583,019
Railroad & Shipping – 1.3%  
Union Pacific Corp.   603,753 $ 132,692,834
Restaurants – 1.7%  
Starbucks Corp.   2,070,058 $ 162,499,553
Specialty Stores – 3.8%  
Alibaba Group Holding Ltd. (a)   9,484,712 $ 114,328,743
Ross Stores, Inc.   1,926,278 163,772,156
TJX Cos., Inc.   1,588,011 100,949,859
        $ 379,050,758
Telecommunications - Wireless – 2.1%  
American Tower Corp., REIT   787,876 $ 201,798,680
Utilities - Electric Power – 1.1%  
Xcel Energy, Inc.   1,483,364 $ 111,756,644
Total Common Stocks (Identified Cost, $5,390,951,486)   $ 9,790,012,332
7

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Investment Companies (h) – 0.5%
Money Market Funds – 0.5%  
MFS Institutional Money Market Portfolio, 0.64% (v) (Identified Cost, $55,511,472)     55,511,473 $ 55,511,473
Other Assets, Less Liabilities – 0.1%   5,557,025
Net Assets – 100.0% $ 9,851,080,830
    
(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 $55,511,473 and $9,790,012,332, respectively.      
(v) Affiliated issuer that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end.      
    
The following abbreviations are used in this report and are defined:
ADR American Depositary Receipt
REIT Real Estate Investment Trust
See Notes to Financial Statements
8

Financial Statements
Statement of Assets and Liabilities
At 5/31/22 (unaudited)
This statement represents your fund’s balance sheet, which details the assets and liabilities comprising the total value of the fund.
Assets  
Investments in unaffiliated issuers, at value (identified cost, $5,390,951,486) $9,790,012,332
Investments in affiliated issuers, at value (identified cost, $55,511,472) 55,511,473
Receivables for  
Fund shares sold 12,191,023
Dividends 10,953,773
Other assets 163,293
Total assets $9,868,831,894
Liabilities  
Payable to custodian $7,140
Payables for  
Fund shares reacquired 14,238,651
Payable to affiliates  
Investment adviser 445,288
Administrative services fee 9,896
Shareholder servicing costs 2,518,725
Distribution and service fees 197,170
Payable for independent Trustees' compensation 3,920
Accrued expenses and other liabilities 330,274
Total liabilities $17,751,064
Net assets $9,851,080,830
Net assets consist of  
Paid-in capital $5,110,640,250
Total distributable earnings (loss) 4,740,440,580
Net assets $9,851,080,830
Shares of beneficial interest outstanding 266,973,459
9

Statement of Assets and Liabilities (unaudited) – continued
  Net assets Shares
outstanding 		Net asset value
per share (a)
Class A $4,488,979,764 123,045,545 $36.48
Class B 23,454,292 803,982 29.17
Class C 58,121,698 2,011,352 28.90
Class I 1,193,859,454 31,462,198 37.95
Class R1 28,923,510 1,021,442 28.32
Class R2 89,837,735 2,563,768 35.04
Class R3 811,968,858 22,591,467 35.94
Class R4 565,529,615 15,339,271 36.87
Class R6 2,590,405,904 68,134,434 38.02
    
(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 $38.71 [100 / 94.25 x $36.48]. 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
10

Financial Statements
Statement of Operations
Six months ended 5/31/22 (unaudited)
This statement describes how much your fund earned in investment income and accrued in expenses. It also describes any gains and/or losses generated by fund operations.
Net investment income (loss)  
Income  
Dividends $53,405,137
Non-cash dividends 2,927,556
Dividends from affiliated issuers 50,650
Other 7,058
Foreign taxes withheld (750,464)
Total investment income $55,639,937
Expenses  
Management fee $17,509,659
Distribution and service fees 8,063,422
Shareholder servicing costs 4,583,207
Program manager fees 14,900
Administrative services fee 312,138
Independent Trustees' compensation 51,710
Custodian fee 214,236
Shareholder communications 146,519
Audit and tax fees 45,585
Legal fees 24,563
Miscellaneous 194,743
Total expenses $31,160,682
Fees paid indirectly (12)
Reduction of expenses by distributor (31,990)
Net expenses $31,128,680
Net investment income (loss) $24,511,257
Realized and unrealized gain (loss)
Realized gain (loss) (identified cost basis)  
Unaffiliated issuers $315,266,639
Foreign currency 146,957
Net realized gain (loss) $315,413,596
Change in unrealized appreciation or depreciation  
Unaffiliated issuers $(1,324,738,370)
Translation of assets and liabilities in foreign currencies (153,844)
Net unrealized gain (loss) $(1,324,892,214)
Net realized and unrealized gain (loss) $(1,009,478,618)
Change in net assets from operations $(984,967,361)
See Notes to Financial Statements
11

Financial Statements
Statements of Changes in Net Assets
These statements describe the increases and/or decreases in net assets resulting from operations, any distributions, and any shareholder transactions.
  Six months ended Year ended
  5/31/22
(unaudited) 		11/30/21
Change in net assets    
From operations    
Net investment income (loss) $24,511,257 $34,329,313
Net realized gain (loss) 315,413,596 1,027,136,315
Net unrealized gain (loss) (1,324,892,214) 1,122,991,859
Change in net assets from operations $(984,967,361) $2,184,457,487
Total distributions to shareholders $(966,506,911) $(874,638,159)
Change in net assets from fund share transactions $561,949,334 $209,233,618
Total change in net assets $(1,389,524,938) $1,519,052,946
Net assets    
At beginning of period 11,240,605,768 9,721,552,822
At end of period $9,851,080,830 $11,240,605,768
See Notes to Financial Statements
12

Financial Statements
Financial Highlights
The financial highlights table is intended to help you understand the fund's financial performance for the semiannual period and the past 5 fiscal years. 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 Six months
ended 		Year ended
  5/31/22
(unaudited) 		11/30/21 11/30/20 11/30/19 11/30/18 11/30/17
Net asset value, beginning of period $43.82 $38.83 $34.13 $30.34 $29.26 $24.25
Income (loss) from investment operations
Net investment income (loss) (d) $0.07 $0.09 $0.13 $0.19 $0.22 $0.21
Net realized and unrealized gain (loss) (3.64) 8.38 6.92 6.41 2.77 6.16
 Total from investment operations  $(3.57)  $8.47  $7.05  $6.60  $2.99  $6.37
Less distributions declared to shareholders
From net investment income $(0.08) $(0.06) $(0.09) $(0.27) $(0.25) $(0.18)
From net realized gain (3.69) (3.42) (2.26) (2.54) (1.66) (1.18)
 Total distributions declared to shareholders  $(3.77)  $(3.48)  $(2.35)  $(2.81)  $(1.91)  $(1.36)
 Net asset value, end of period (x)  $36.48  $43.82  $38.83  $34.13  $30.34  $29.26
 Total return (%) (r)(s)(t)(x) (9.15)(n) 23.43 21.97 24.88 10.79 27.71
Ratios (%) (to average net assets)
and Supplemental data:
Expenses before expense reductions (f) 0.71(a) 0.70 0.71 0.72 0.72 0.74
Expenses after expense reductions (f) 0.71(a) 0.70 0.70 0.70 0.70 0.72
Net investment income (loss) 0.34(a) 0.21 0.38 0.62 0.75 0.79
Portfolio turnover 7(n) 17 39 23 18 24
Net assets at end of period (000 omitted) $4,488,980 $5,146,629 $4,577,864 $4,439,886 $3,820,208 $3,672,640
See Notes to Financial Statements
13

Financial Highlights – continued
Class B Six months
ended 		Year ended
  5/31/22
(unaudited) 		11/30/21 11/30/20 11/30/19 11/30/18 11/30/17
Net asset value, beginning of period $35.82 $32.52 $29.07 $26.24 $25.54 $21.33
Income (loss) from investment operations
Net investment income (loss) (d) $(0.07) $(0.18) $(0.10) $(0.04) $(0.00)(w) $0.01
Net realized and unrealized gain (loss) (2.89) 6.90 5.81 5.47 2.41 5.39
 Total from investment operations  $(2.96)  $6.72  $5.71  $5.43  $2.41  $5.40
Less distributions declared to shareholders
From net investment income $— $— $— $(0.06) $(0.05) $(0.01)
From net realized gain (3.69) (3.42) (2.26) (2.54) (1.66) (1.18)
 Total distributions declared to shareholders  $(3.69)  $(3.42)  $(2.26)  $(2.60)  $(1.71)  $(1.19)
 Net asset value, end of period (x)  $29.17  $35.82  $32.52  $29.07  $26.24  $25.54
 Total return (%) (r)(s)(t)(x) (9.49)(n) 22.48 21.07 23.93 9.98 26.67
Ratios (%) (to average net assets)
and Supplemental data:
Expenses before expense reductions (f) 1.46(a) 1.45 1.46 1.47 1.47 1.49
Expenses after expense reductions (f) 1.46(a) 1.45 1.45 1.46 1.46 1.48
Net investment income (loss) (0.41)(a) (0.54) (0.37) (0.14) (0.02) 0.04
Portfolio turnover 7(n) 17 39 23 18 24
Net assets at end of period (000 omitted) $23,454 $30,943 $37,539 $45,867 $49,446 $58,530
See Notes to Financial Statements
14

Financial Highlights – continued
Class C Six months
ended 		Year ended
  5/31/22
(unaudited) 		11/30/21 11/30/20 11/30/19 11/30/18 11/30/17
Net asset value, beginning of period $35.52 $32.27 $28.86 $26.01 $25.34 $21.19
Income (loss) from investment operations
Net investment income (loss) (d) $(0.06) $(0.18) $(0.11) $(0.04) $(0.01) $0.01
Net realized and unrealized gain (loss) (2.87) 6.85 5.78 5.43 2.40 5.35
 Total from investment operations  $(2.93)  $6.67  $5.67  $5.39  $2.39  $5.36
Less distributions declared to shareholders
From net investment income $— $— $— $— $(0.06) $(0.03)
From net realized gain (3.69) (3.42) (2.26) (2.54) (1.66) (1.18)
 Total distributions declared to shareholders  $(3.69)  $(3.42)  $(2.26)  $(2.54)  $(1.72)  $(1.21)
 Net asset value, end of period (x)  $28.90  $35.52  $32.27  $28.86  $26.01  $25.34
 Total return (%) (r)(s)(t)(x) (9.48)(n) 22.50 21.08 23.90 9.97 26.66
Ratios (%) (to average net assets)
and Supplemental data:
Expenses before expense reductions (f) 1.46(a) 1.45 1.46 1.47 1.47 1.49
Expenses after expense reductions (f) 1.46(a) 1.45 1.46 1.47 1.47 1.49
Net investment income (loss) (0.41)(a) (0.54) (0.38) (0.15) (0.04) 0.04
Portfolio turnover 7(n) 17 39 23 18 24
Net assets at end of period (000 omitted) $58,122 $72,795 $83,412 $88,997 $87,033 $223,841
See Notes to Financial Statements
15

Financial Highlights – continued
Class I Six months
ended 		Year ended
  5/31/22
(unaudited) 		11/30/21 11/30/20 11/30/19 11/30/18 11/30/17
Net asset value, beginning of period $45.48 $40.17 $35.22 $31.23 $30.03 $24.87
Income (loss) from investment operations
Net investment income (loss) (d) $0.12 $0.19 $0.21 $0.27 $0.30 $0.27
Net realized and unrealized gain (loss) (3.79) 8.69 7.16 6.60 2.85 6.32
 Total from investment operations  $(3.67)  $8.88  $7.37  $6.87  $3.15  $6.59
Less distributions declared to shareholders
From net investment income $(0.17) $(0.15) $(0.16) $(0.34) $(0.29) $(0.25)
From net realized gain (3.69) (3.42) (2.26) (2.54) (1.66) (1.18)
 Total distributions declared to shareholders  $(3.86)  $(3.57)  $(2.42)  $(2.88)  $(1.95)  $(1.43)
 Net asset value, end of period (x)  $37.95  $45.48  $40.17  $35.22  $31.23  $30.03
 Total return (%) (r)(s)(t)(x) (9.03)(n) 23.75 22.27 25.13 11.08 27.95
Ratios (%) (to average net assets)
and Supplemental data:
Expenses before expense reductions (f) 0.46(a) 0.45 0.46 0.47 0.47 0.49
Expenses after expense reductions (f) N/A N/A N/A N/A N/A N/A
Net investment income (loss) 0.59(a) 0.46 0.61 0.85 0.98 1.03
Portfolio turnover 7(n) 17 39 23 18 24
Net assets at end of period (000 omitted) $1,193,859 $1,295,848 $1,081,555 $448,834 $321,629 $306,546
See Notes to Financial Statements
16

Financial Highlights – continued
Class R1 Six months
ended 		Year ended
  5/31/22
(unaudited) 		11/30/21 11/30/20 11/30/19 11/30/18 11/30/17
Net asset value, beginning of period $34.88 $31.74 $28.43 $25.75 $25.11 $21.01
Income (loss) from investment operations
Net investment income (loss) (d) $(0.06) $(0.18) $(0.11) $(0.04) $(0.01) $0.01
Net realized and unrealized gain (loss) (2.81) 6.74 5.68 5.34 2.38 5.30
 Total from investment operations  $(2.87)  $6.56  $5.57  $5.30  $2.37  $5.31
Less distributions declared to shareholders
From net investment income $— $— $— $(0.08) $(0.07) $(0.03)
From net realized gain (3.69) (3.42) (2.26) (2.54) (1.66) (1.18)
 Total distributions declared to shareholders  $(3.69)  $(3.42)  $(2.26)  $(2.62)  $(1.73)  $(1.21)
 Net asset value, end of period (x)  $28.32  $34.88  $31.74  $28.43  $25.75  $25.11
 Total return (%) (r)(s)(t)(x) (9.48)(n) 22.53 21.04 23.89 9.98 26.67
Ratios (%) (to average net assets)
and Supplemental data:
Expenses before expense reductions (f) 1.46(a) 1.45 1.46 1.47 1.47 1.49
Expenses after expense reductions (f) N/A 1.45 1.46 1.47 1.47 1.49
Net investment income (loss) (0.41)(a) (0.54) (0.39) (0.15) (0.02) 0.03
Portfolio turnover 7(n) 17 39 23 18 24
Net assets at end of period (000 omitted) $28,924 $34,847 $31,338 $31,740 $29,906 $31,074
See Notes to Financial Statements
17

Financial Highlights – continued
Class R2 Six months
ended 		Year ended
  5/31/22
(unaudited) 		11/30/21 11/30/20 11/30/19 11/30/18 11/30/17
Net asset value, beginning of period $42.21 $37.56 $33.08 $29.44 $28.44 $23.61
Income (loss) from investment operations
Net investment income (loss) (d) $0.02 $(0.02) $0.04 $0.10 $0.13 $0.13
Net realized and unrealized gain (loss) (3.50) 8.09 6.70 6.23 2.70 6.00
 Total from investment operations  $(3.48)  $8.07  $6.74  $6.33  $2.83  $6.13
Less distributions declared to shareholders
From net investment income $— $— $— $(0.15) $(0.17) $(0.12)
From net realized gain (3.69) (3.42) (2.26) (2.54) (1.66) (1.18)
 Total distributions declared to shareholders  $(3.69)  $(3.42)  $(2.26)  $(2.69)  $(1.83)  $(1.30)
 Net asset value, end of period (x)  $35.04  $42.21  $37.56  $33.08  $29.44  $28.44
 Total return (%) (r)(s)(t)(x) (9.26)(n) 23.11 21.66 24.53 10.51 27.35
Ratios (%) (to average net assets)
and Supplemental data:
Expenses before expense reductions (f) 0.96(a) 0.95 0.96 0.97 0.97 0.99
Expenses after expense reductions (f) N/A N/A N/A 0.97 0.97 0.99
Net investment income (loss) 0.09(a) (0.04) 0.12 0.35 0.46 0.53
Portfolio turnover 7(n) 17 39 23 18 24
Net assets at end of period (000 omitted) $89,838 $99,936 $98,154 $108,772 $116,603 $199,581
See Notes to Financial Statements
18

Financial Highlights – continued
Class R3 Six months
ended 		Year ended
  5/31/22
(unaudited) 		11/30/21 11/30/20 11/30/19 11/30/18 11/30/17
Net asset value, beginning of period $43.23 $38.35 $33.72 $30.01 $28.96 $24.03
Income (loss) from investment operations
Net investment income (loss) (d) $0.07 $0.08 $0.12 $0.18 $0.21 $0.20
Net realized and unrealized gain (loss) (3.59) 8.27 6.85 6.33 2.75 6.09
 Total from investment operations  $(3.52)  $8.35  $6.97  $6.51  $2.96  $6.29
Less distributions declared to shareholders
From net investment income $(0.08) $(0.05) $(0.08) $(0.26) $(0.25) $(0.18)
From net realized gain (3.69) (3.42) (2.26) (2.54) (1.66) (1.18)
 Total distributions declared to shareholders  $(3.77)  $(3.47)  $(2.34)  $(2.80)  $(1.91)  $(1.36)
 Net asset value, end of period (x)  $35.94  $43.23  $38.35  $33.72  $30.01  $28.96
 Total return (%) (r)(s)(t)(x) (9.16)(n) 23.43 22.00 24.83 10.79 27.61
Ratios (%) (to average net assets)
and Supplemental data:
Expenses before expense reductions (f) 0.71(a) 0.70 0.71 0.72 0.72 0.74
Expenses after expense reductions (f) N/A N/A N/A 0.72 0.72 N/A
Net investment income (loss) 0.35(a) 0.21 0.36 0.60 0.73 0.78
Portfolio turnover 7(n) 17 39 23 18 24
Net assets at end of period (000 omitted) $811,969 $666,801 $630,579 $605,466 $585,524 $493,211
See Notes to Financial Statements
19

Financial Highlights – continued
Class R4 Six months
ended 		Year ended
  5/31/22
(unaudited) 		11/30/21 11/30/20 11/30/19 11/30/18 11/30/17
Net asset value, beginning of period $44.29 $39.21 $34.43 $30.60 $29.49 $24.44
Income (loss) from investment operations
Net investment income (loss) (d) $0.12 $0.19 $0.21 $0.26 $0.29 $0.27
Net realized and unrealized gain (loss) (3.68) 8.46 6.99 6.45 2.79 6.20
 Total from investment operations  $(3.56)  $8.65  $7.20  $6.71  $3.08  $6.47
Less distributions declared to shareholders
From net investment income $(0.17) $(0.15) $(0.16) $(0.34) $(0.31) $(0.24)
From net realized gain (3.69) (3.42) (2.26) (2.54) (1.66) (1.18)
 Total distributions declared to shareholders  $(3.86)  $(3.57)  $(2.42)  $(2.88)  $(1.97)  $(1.42)
 Net asset value, end of period (x)  $36.87  $44.29  $39.21  $34.43  $30.60  $29.49
 Total return (%) (r)(s)(t)(x) (9.03)(n) 23.73 22.29 25.12 11.07 27.96
Ratios (%) (to average net assets)
and Supplemental data:
Expenses before expense reductions (f) 0.46(a) 0.45 0.46 0.47 0.47 0.49
Expenses after expense reductions (f) N/A N/A N/A N/A N/A N/A
Net investment income (loss) 0.58(a) 0.46 0.61 0.85 0.97 1.03
Portfolio turnover 7(n) 17 39 23 18 24
Net assets at end of period (000 omitted) $565,530 $926,069 $845,653 $775,528 $633,571 $836,470
See Notes to Financial Statements
20

Financial Highlights – continued
Class R6 Six months
ended 		Year ended
  5/31/22
(unaudited) 		11/30/21 11/30/20 11/30/19 11/30/18 11/30/17
Net asset value, beginning of period $45.57 $40.24 $35.27 $31.28 $30.10 $24.92
Income (loss) from investment operations
Net investment income (loss) (d) $0.14 $0.23 $0.24 $0.30 $0.32 $0.31
Net realized and unrealized gain (loss) (3.79) 8.70 7.18 6.60 2.86 6.32
 Total from investment operations  $(3.65)  $8.93  $7.42  $6.90  $3.18  $6.63
Less distributions declared to shareholders
From net investment income $(0.21) $(0.18) $(0.19) $(0.37) $(0.34) $(0.27)
From net realized gain (3.69) (3.42) (2.26) (2.54) (1.66) (1.18)
 Total distributions declared to shareholders  $(3.90)  $(3.60)  $(2.45)  $(2.91)  $(2.00)  $(1.45)
 Net asset value, end of period (x)  $38.02  $45.57  $40.24  $35.27  $31.28  $30.10
 Total return (%) (r)(s)(t)(x) (8.99)(n) 23.85 22.40 25.23 11.19 28.11
Ratios (%) (to average net assets)
and Supplemental data:
Expenses before expense reductions (f) 0.37(a) 0.36 0.37 0.37 0.38 0.39
Expenses after expense reductions (f) N/A N/A N/A N/A N/A N/A
Net investment income (loss) 0.68(a) 0.55 0.70 0.95 1.07 1.13
Portfolio turnover 7(n) 17 39 23 18 24
Net assets at end of period (000 omitted) $2,590,406 $2,902,199 $2,285,191 $1,685,286 $1,163,525 $1,411,776
    
(a) Annualized.
(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.
(n) Not annualized.
(r) Certain expenses have been reduced without which performance would have been lower.
(s) From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
(t) Total returns do not include any applicable sales charges.
(w) Per share amount was less than $0.01.
(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
21

Notes to Financial Statements
(unaudited) 
(1) Business and Organization
Massachusetts Investors Growth Stock Fund (the fund) is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended, as a diversified open-end management investment company.
The fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting 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.
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 — 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. 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, and other market data. The values of foreign securities and other assets and liabilities expressed in foreign currencies are converted to U.S. dollars using the mean of bid and asked prices for rates provided by a third-party pricing service.
22

Notes to Financial Statements (unaudited) - continued
The Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund’s investments (including any fair valuation) to the adviser pursuant to valuation policies and procedures approved by the Board. If the adviser determines that reliable market quotations are not readily available, investments are valued at fair value as determined in good faith by the adviser in accordance with such procedures under the oversight of the Board of Trustees. Under the fund’s valuation policies and procedures, market quotations are not considered to be readily available for most types of debt instruments and floating rate loans and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services. In addition, investments may be valued at fair value if the adviser determines that an investment’s value has been materially affected by events occurring after the close of the exchange or market on which the investment is principally traded (such as foreign exchange or market) and prior to the determination of the fund’s net asset value, or after the halt of trading of a specific security where trading does not resume prior to the close of the exchange or market on which the security is principally traded. Events that occur after foreign markets close (such as developments in foreign markets and significant movements in the U.S. markets) and prior to the determination of the fund’s net asset value may be deemed to have a material effect on the value of securities traded in foreign markets. Accordingly, the fund’s foreign equity securities may often be valued at fair value. The adviser generally relies on third-party pricing services or other information (such as the correlation with price movements of similar securities in the same or other markets; the type, cost and investment characteristics of the security; the business and financial condition of the issuer; and trading and other market data) to assist in determining whether to fair value and at what value to fair value an investment. The value of an investment for purposes of calculating the fund’s net asset value can differ depending on the source and method used to determine value. When fair valuation is used, the value of an investment used to determine the fund’s net asset value may differ from quoted or published prices for the same investment. There can be no assurance that the fund could obtain the fair value assigned to an investment if it were to sell the investment at the same time at which the fund determines its net asset value per share.
Various inputs are used in determining the value of the fund's assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes unobservable inputs, which may include the adviser's own assumptions in determining the fair value of investments. The following is a summary of the levels used as of May 31, 2022 in valuing the fund's assets and liabilities:
23

Notes to Financial Statements (unaudited) - continued
Financial Instruments Level 1 Level 2 Level 3 Total
Equity Securities:        
United States $9,014,709,243 $— $— $9,014,709,243
China 94,132,929 114,328,743 — 208,461,672
Ireland 149,627,337 — — 149,627,337
Canada 109,288,043 — — 109,288,043
Germany 107,849,087 — — 107,849,087
Taiwan 86,227,916 — — 86,227,916
France 79,266,015 — — 79,266,015
Switzerland 34,583,019 — — 34,583,019
Mutual Funds 55,511,473 — — 55,511,473
Total $9,731,195,062 $114,328,743 $— $9,845,523,805
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.
Indemnifications — Under the fund's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the fund. Additionally, in the normal course of business, the fund enters into agreements with service providers that may contain indemnification clauses. The fund's maximum exposure under these agreements is unknown as this would involve future claims that may be made against the fund that have not yet occurred.
Investment Transactions and Income — Investment transactions are recorded on the trade date. 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. In determining the net gain or loss on securities sold, the cost of securities is determined on the identified cost basis.
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.
24

Notes to Financial Statements (unaudited) - continued
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 six months ended May 31, 2022, 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 made during the current period will be determined at fiscal year end. The tax character of distributions declared to shareholders for the last fiscal year is as follows:
  Year ended
11/30/21
Ordinary income (including any short-term capital gains) $25,001,752
Long-term capital gains 849,636,407
Total distributions $874,638,159
25

Notes to Financial Statements (unaudited) - continued
The federal tax cost and the tax basis components of distributable earnings were as follows:
As of 5/31/22  
Cost of investments $5,459,879,681
Gross appreciation 4,583,874,699
Gross depreciation (198,230,575)
Net unrealized appreciation (depreciation) $4,385,644,124
As of 11/30/21  
Undistributed ordinary income 117,539,133
Undistributed long-term capital gain 863,836,273
Other temporary differences 156,953
Net unrealized appreciation (depreciation) 5,710,382,493
The aggregate cost above includes prior fiscal year end tax adjustments, if applicable.
Multiple Classes of Shares of Beneficial Interest — The fund offers multiple classes of shares, which differ in their respective distribution, service, and program manager fees. The fund's income, realized and unrealized gain (loss), and common expenses are allocated to shareholders based on the daily net assets of each class. Dividends are declared separately for each class. Differences in per share dividend rates are generally due to differences in separate class expenses. Class B and Class C shares will convert to Class A shares approximately eight years after purchase. Effective March 21, 2022, all Class 529B and Class 529C shares were converted into Class 529A shares. Effective May 20, 2022, all Class 529A shares were redeemed. The fund’s distributions declared to shareholders as reported in the Statements of Changes in Net Assets are presented by class as follows:
  Six months
ended
5/31/22 		  Year
ended
11/30/21
Class A $441,508,186   $411,432,344
Class B 3,173,542   3,818,345
Class C 7,563,292   8,551,247
Class I 109,751,655   96,152,941
Class R1 3,680,166   3,403,483
Class R2 8,743,664   8,852,415
Class R3 57,735,365   56,121,324
Class R4 80,553,672   76,996,863
Class R6 247,986,127   204,480,230
Class 529A 5,042,699   4,034,194
Class 529B 73,670   73,744
Class 529C 694,873   721,029
Total $966,506,911   $874,638,159
(3) Transactions with Affiliates
Note regarding references to Class 529A, Class 529B, and Class 529C shares in this “Note (3) Transactions with Affiliates”: Effective March 21, 2022, all Class 529B and Class 529C shares were converted into Class 529A shares. Effective May 20,
26

Notes to Financial Statements (unaudited) - continued
2022, all Class 529A shares were redeemed. Accordingly, information with respect to Class 529B and Class 529C shares is for the period ending March 21, 2022, and information with respect to Class 529A shares is for the period ending May 20, 2022.
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 $153,782 and $11,923 for the six months ended May 31, 2022, as its portion of the initial sales charge on sales of Class A and Class 529A shares of the fund, respectively.
The Board of Trustees has adopted a distribution plan for certain share classes pursuant to Rule 12b-1 of the Investment Company Act of 1940.
The fund's distribution plan provides that the fund will pay MFD for services provided by MFD and financial intermediaries in connection with the distribution and servicing of certain share classes. One component of the plan is a distribution fee paid to MFD and another component of the plan is a service fee paid to MFD. MFD may subsequently pay all, or a portion, of the distribution and/or service fees to financial intermediaries.
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% $ 6,066,489
Class B 0.75% 0.25% 1.00% 1.00% 137,396
Class C 0.75% 0.25% 1.00% 1.00% 332,381
Class R1 0.75% 0.25% 1.00% 1.00% 163,362
Class R2 0.25% 0.25% 0.50% 0.50% 235,311
Class R3 — 0.25% 0.25% 0.25% 1,040,093
Class 529A — 0.25% 0.25% 0.24% 69,365
Class 529B 0.75% 0.25% 1.00% 0.25% 497
Class 529C 0.75% 0.25% 1.00% 1.00% 18,528
Total Distribution and Service Fees         $8,063,422
(d) In accordance with the distribution plan for certain classes, the fund pays distribution and/or service fees equal to these annual percentage rates of each class’s average daily net assets. The distribution and service fee rates disclosed by class represent the current rates in effect at the end of the reporting period. Any rate changes, if applicable, are detailed below.
(e) The annual effective rates represent actual fees incurred under the distribution plan for the six months ended May 31, 2022 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 six months ended May 31, 2022, this rebate amounted to $27,280, $97, $4, $4,594, $2, and $13 for Class A, Class B, Class C, Class 529A, Class 529B, and Class 529C, respectively, and is included in the reduction of total expenses in the Statement of Operations. For the six months ended May 31, 2022, the 0.75% distribution fee was not imposed for Class 529B shares due to the sales charge limitations contained in Financial Industry Regulatory Authority (“FINRA”) Rule 2341.
27

Notes to Financial Statements (unaudited) - 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 and Class 529B shares are subject to a CDSC in the event of a shareholder redemption within six years of purchase. Class C and Class 529C 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 six months ended May 31, 2022, were as follows:
  Amount
Class A $11,984
Class B 4,174
Class C 854
Class 529B —
Class 529C 52
The fund has entered into and may from time to time enter into contracts with program managers and other parties which administer the tuition programs through which an investment in the fund’s 529 share classes is made. The fund has entered into an agreement with MFD pursuant to which MFD receives an annual fee of up to 0.05% of the average daily net assets attributable to each 529 share class. As described above, all Class 529A, Class 529B, and Class 529C shares were redeemed on or before May 20, 2022. Accordingly, the foregoing agreement between the fund and MFD was terminated effective May 20, 2022. The services provided by MFD, or a third party with which MFD contracts, include recordkeeping and tax reporting and account services, as well as services designed to maintain the program’s compliance with the Internal Revenue Code and other regulatory requirements. Program manager fees for the six months ended May 31, 2022, were as follows:
  Fee
Class 529A $13,874
Class 529B 99
Class 529C 927
Total Program Manager Fees $14,900
Shareholder Servicing Agent — MFS Service Center, Inc. (MFSC), a wholly-owned subsidiary of MFS, receives a fee from the fund for its services as shareholder servicing agent calculated as a percentage of the average daily net assets of the fund as determined periodically under the supervision of the fund's Board of Trustees. For the six months ended May 31, 2022, the fee was $650,595, which equated to 0.0123% 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 six months ended May 31, 2022, these out-of-pocket expenses, sub-accounting and other shareholder servicing costs amounted to $3,932,612.
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
28

Notes to Financial Statements (unaudited) - continued
services. The fund is charged an annual fixed amount of $17,500 plus a fee based on average daily net assets. The administrative services fee incurred for the six months ended May 31, 2022 was equivalent to an annual effective rate of 0.0059% of the fund's average daily net assets.
Trustees’ and Officers’ Compensation — The fund pays compensation to independent Trustees in the form of a retainer, attendance fees, and additional compensation to Board and Committee chairpersons. The fund does not pay compensation directly to Trustees or officers of the fund who are also officers of the investment adviser, all of whom receive remuneration 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 $1,467 and is included in “Independent Trustees’ compensation” in the Statement of Operations for the six months ended May 31, 2022. The liability for deferred retirement benefits payable to those former independent Trustees under the DB plan amounted to $3,920 at May 31, 2022, and is included in “Payable for independent Trustees’ compensation” in the Statement of Assets and Liabilities.
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.
The fund is permitted to engage in purchase and sale transactions with funds and accounts for which MFS serves as investment adviser or sub-adviser (“cross-trades”) pursuant to a policy adopted by the Board of Trustees. This policy has been designed to ensure that cross-trades conducted by the fund comply with Rule 17a-7 under the Investment Company Act of 1940. During the six months ended May 31, 2022, the fund engaged in purchase and sale transactions pursuant to this policy, which amounted to $4,089,688 and $6,652,805, respectively. The sales transactions resulted in net realized gains (losses) of $1,335,133.
(4) Portfolio Securities
For the six months ended May 31, 2022, purchases and sales of investments, other than short-term obligations, aggregated $725,640,903 and $1,100,496,063, respectively.
29

Notes to Financial Statements (unaudited) - continued
(5) Shares of Beneficial Interest
The fund's Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest. Transactions in fund shares were as follows:
  Six months ended
5/31/22 		  Year ended
11/30/21
  Shares Amount   Shares Amount
Shares sold          
Class A 4,146,606 $161,853,100   7,398,344 $296,665,309
Class B 3,206 100,132   3,012 99,003
Class C 87,923 2,716,550   253,382 8,336,633
Class I 3,782,696 149,358,138   3,965,994 172,379,406
Class R1 109,915 3,335,187   130,090 4,227,851
Class R2 552,272 20,637,931   359,631 14,091,041
Class R3 8,850,775 364,641,961   2,182,788 88,252,008
Class R4 1,985,211 79,673,040   4,611,772 182,734,265
Class R6 8,547,216 337,111,346   17,092,154 754,127,978
Class 529A 268,782 10,281,303   239,500 9,396,228
Class 529B 29 951   486 16,455
Class 529C 4,338 134,567   32,274 1,018,407
  28,338,969 $1,129,844,206   36,269,427 $1,531,344,584
Shares issued to shareholders
in reinvestment of distributions 		         
Class A 9,688,297 $399,836,153   9,731,516 $366,469,921
Class B 94,062 3,115,330   120,969 3,748,113
Class C 224,934 7,377,852   271,819 8,349,621
Class I 2,311,931 99,135,559   2,210,075 86,055,110
Class R1 114,469 3,680,166   112,404 3,403,483
Class R2 217,839 8,646,050   241,200 8,769,217
Class R3 1,418,502 57,676,276   1,512,366 56,121,324
Class R4 1,338,510 55,762,337   1,374,051 52,187,644
Class R6 5,212,072 223,806,380   4,638,628 180,835,259
Class 529A 120,627 4,868,506   106,013 3,921,840
Class 529B 2,267 72,723   2,423 72,793
Class 529C 20,625 643,084   23,617 694,816
  20,764,135 $864,620,416   20,345,081 $770,629,141
30

Notes to Financial Statements (unaudited) - continued
  Six months ended
5/31/22 		  Year ended
11/30/21
  Shares Amount   Shares Amount
Shares reacquired          
Class A (8,230,668) $(324,797,980)   (17,583,615) $(720,810,760)
Class B (157,030) (4,881,981)   (414,709) (13,830,324)
Class C (350,870) (10,783,082)   (1,060,872) (33,977,757)
Class I (3,126,685) (127,440,209)   (4,605,599) (192,381,533)
Class R1 (202,039) (6,087,465)   (230,619) (7,508,867)
Class R2 (573,839) (21,776,636)   (846,877) (33,267,223)
Class R3 (3,103,165) (119,792,386)   (4,714,518) (188,282,952)
Class R4 (8,892,441) (376,662,951)   (6,646,846) (270,607,159)
Class R6 (9,306,952) (374,553,281)   (14,837,107) (624,062,323)
Class 529A (1,726,479) (58,794,514)   (133,830) (5,344,477)
Class 529B (21,754) (656,618)   (4,875) (157,750)
Class 529C (214,959) (6,288,185)   (81,593) (2,508,982)
  (35,906,881) $(1,432,515,288)   (51,161,060) $(2,092,740,107)
Net change          
Class A 5,604,235 $236,891,273   (453,755) $(57,675,530)
Class B (59,762) (1,666,519)   (290,728) (9,983,208)
Class C (38,013) (688,680)   (535,671) (17,291,503)
Class I 2,967,942 121,053,488   1,570,470 66,052,983
Class R1 22,345 927,888   11,875 122,467
Class R2 196,272 7,507,345   (246,046) (10,406,965)
Class R3 7,166,112 302,525,851   (1,019,364) (43,909,620)
Class R4 (5,568,720) (241,227,574)   (661,023) (35,685,250)
Class R6 4,452,336 186,364,445   6,893,675 310,900,914
Class 529A (1,337,070) (43,644,705)   211,683 7,973,591
Class 529B (19,458) (582,944)   (1,966) (68,502)
Class 529C (189,996) (5,510,534)   (25,702) (795,759)
  13,196,223 $561,949,334   5,453,448 $209,233,618
Effective June 1, 2019, purchases of the fund’s Class B and Class 529B shares were closed to new and existing investors subject to certain exceptions. Effective after the close of business on March 18, 2022, all sales of Class 529B and Class 529C shares were suspended, and Class 529B and Class 529C shares were converted into Class 529A shares of the fund effective March 21, 2022. Effective after the close of business on May 13, 2022, all sales and redemptions of Class 529A shares were suspended, and all Class 529A shares were redeemed on May 20, 2022.
(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.
31

Notes to Financial Statements (unaudited) - continued
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 16, 2023 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 six months ended May 31, 2022, the fund’s commitment fee and interest expense were $20,727 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:
Affiliated Issuers Beginning
Value 		Purchases Sales
Proceeds 		Realized
Gain
(Loss) 		Change in
Unrealized
Appreciation or
Depreciation 		Ending
Value
MFS Institutional Money Market Portfolio  $128,489,033  $572,861,932  $645,839,492  $—  $—  $55,511,473
    
Affiliated Issuers Dividend
Income 		Capital Gain
Distributions
MFS Institutional Money Market Portfolio  $50,650  $—
(8) LIBOR Transition
Certain of the fund's investments, including investments in certain debt instruments and derivatives (if any), as well as borrowings by the fund and certain other contractual arrangements of the fund, may be based on the London Interbank Offered Rate (“LIBOR”). In 2017, the regulatory authority that oversees financial services firms in the United Kingdom announced plans to transition away from LIBOR by the end of 2021. In March 2021, the administrator of LIBOR announced the extension of the publication of the more commonly used U.S. dollar LIBOR settings to the end of June 2023. Although the full impacts of the transition away from LIBOR are not fully known, the transition may result in, among other things, an increase in volatility or illiquidity of the markets for instruments that currently rely on LIBOR to determine interest rates and this could have an adverse impact on the fund's performance. With respect to the fund's accounting for investments, including investments in certain debt instruments and derivatives, as well as borrowings by the fund and any other contractual arrangements of the fund that undergo reference rate-related modifications as a result of the transition, management will rely upon the relief provided by FASB Codification Topic 848 – Reference Rate Reform (Topic 848). The guidance in Topic 848 permits the fund to account for those modified contracts as a continuation of the existing contracts. Management is still evaluating the impact to the fund of the June 30, 2023 planned discontinuation of the more commonly used U.S. dollar LIBOR settings.
32

Notes to Financial Statements (unaudited) - continued
(9) Russia and Ukraine Conflict
The market disruptions, which began in late February 2022, associated with geopolitical events related to the conflict between Russia and Ukraine may adversely affect the value of the fund’s assets and thus the fund’s performance. Management continues to monitor these events and to evaluate the related impacts, if any, to the fund.
33

Statement Regarding Liquidity Risk Management Program
The fund has adopted and implemented a liquidity risk management program (the “Program”) as required by Rule 22e-4 under the Investment Company Act of 1940, as amended. The fund’s Board of Trustees (the “Board”) has designated MFS as the administrator of the Program. The Program is reasonably designed to assess and manage the liquidity risk of the fund. Liquidity risk is the risk that the fund could not meet requests to redeem shares issued by the fund without significant dilution of remaining investors' interests.
MFS provided a written report to the Board for consideration at its March 2022 meeting that addressed the operation of the Program and provided an assessment of the adequacy and effectiveness of the Program during the period from January 1, 2021 to December 31, 2021 (the “Covered Period”). The report concluded that during the Covered Period the Program had operated effectively in all material respects and had adequately and effectively been implemented to assess and manage the fund’s liquidity risk. MFS also reported that there were no liquidity events that impacted the fund or its ability to timely meet redemptions without dilution to existing shareholders during the Covered Period.
There can be no assurance that the Program will achieve its objectives in the future. Further information on liquidity risk, and other principal risks to which an investment in the fund may be subject, can be found in the prospectus.
34

Proxy Voting Policies and Information
MFS votes proxies on behalf of the fund pursuant to proxy voting policies and procedures that are available without charge, upon request, by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s Web site at http://www.sec.gov.
Information regarding how the fund voted proxies relating to portfolio securities during the most recent twelve-month period ended June 30 is available by August 31 of each year without charge by visiting mfs.com/proxyvoting, or by visiting the SEC’s Web site at http://www.sec.gov.
Quarterly Portfolio Disclosure
The fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund's Form N-PORT reports are available on the SEC's Web site at  http://www.sec.gov. A shareholder can obtain the portfolio holdings report for the first and third quarters of the fund's fiscal year at mfs.com/openendfunds by choosing the fund's name and then scrolling to the “Resources” section and clicking on the “Prospectus and Reports” tab.
Further Information
From time to time, MFS may post important information about the fund or the MFS Funds on the MFS Web site (mfs.com). This information is available at https://www.mfs.com/announcements or at mfs.com/openendfunds by choosing the fund’s name and then scrolling to the “Resources” section and clicking on the “Announcements” tab, if any.
Information About Fund Contracts and Legal Claims
The fund has entered into contractual arrangements with an investment adviser, administrator, distributor, shareholder servicing agent, and custodian who each provide services to the fund. Unless expressly stated otherwise, shareholders are not parties to, or intended beneficiaries of these contractual arrangements, and these contractual arrangements are not intended to create any shareholder right to enforce them against the service providers or to seek any remedy under them against the service providers, either directly or on behalf of the fund.
Under the Trust’s By-Laws and Declaration of Trust, any claims asserted against or on behalf of the MFS Funds, including claims against Trustees and Officers, must be brought in state and federal courts located within the Commonwealth of Massachusetts.
Provision of Financial Reports and Summary Prospectuses
The fund produces financial reports every six months and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund’s annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund’s records. However, any shareholder may contact MFSC (please see back cover for address and telephone number) to request that copies of these reports and summary prospectuses be sent personally to that shareholder.
35

Save paper with eDelivery.
MFS® will send you prospectuses, reports, and proxies directly via e-mail so you will get information faster with less mailbox clutter.
To sign up:
1. Go to mfs.com.
2. Log in via MFS® Access.
3. Select eDelivery.
If you own your MFS fund shares through a financial institution or a retirement plan, MFS® TALK, MFS® Access, or eDelivery may not be available to you.
CONTACT
WEB SITE
mfs.com
MFS TALK
1-800-637-8255
24 hours a day
ACCOUNT SERVICE AND LITERATURE
Shareholders
1-800-225-2606
Financial advisors
1-800-343-2829
Retirement plan services
1-800-637-1255
MAILING ADDRESS
MFS Service Center, Inc.
P.O. Box 219341
Kansas City, MO 64121-9341
OVERNIGHT MAIL
MFS Service Center, Inc.
Suite 219341
430 W 7th Street
Kansas City, MO 64105-1407

Item 1(b):

Not applicable

ITEM 2.

CODE OF ETHICS.

During the period covered by this report, the Registrant has not amended any provision in its Code of Ethics (the “Code”) that relates to an element of the Code’s 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.

 

ITEM 3.

AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable for semi-annual reports.

 

ITEM 4.

PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable for semi-annual reports.

 

ITEM 5.

AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable to the Registrant.

 

ITEM 6.

INVESTMENTS

A schedule of investments for Massachusetts Investors Growth Stock Fund is included as part of the report to shareholders under Item 1(a) of this Form N-CSR.

 

ITEM 7.

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

Not applicable to the Registrant.

 

ITEM 8.

PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to the Registrant.

 

ITEM 9.

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

Not applicable to the Registrant.

ITEM 10.

SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

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

 

ITEM 11.

CONTROLS AND PROCEDURES.

 

(a)

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

 

(b)

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

 

ITEM 12.

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

Not applicable to the Registrant.

 

ITEM 13.

EXHIBITS.

 

(a)    (1)   

Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit. Not applicable.

 

  (2)

A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2): Attached hereto as EX-99.302CERT.

 

  (3)

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.

 

  (4)

Change in the registrant’s independent public accountant. Not applicable.

(b)

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

 

By (Signature and Title)*    /S/ DAVID L. DILORENZO
  David L. DiLorenzo, President

Date: July 15, 2022

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: July 15, 2022

 

By (Signature and Title)*    /S/ JAMES O. YOST
  James O. Yost, Treasurer (Principal Financial Officer and Accounting Officer)

Date: July 15, 2022

 

*

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

EX-99.CERT 2 d288042dex99cert.htm SECTION 302 CERTIFICATIONS SECTION 302 CERTIFICATIONS

EX-99.302CERT

MASSACHUSETTS INVESTORS GROWTH STOCK FUND

CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT

I, James O. Yost, certify that:

 

1.

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

 

2.

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

 

3.

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

 

4.

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

 

  a.

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

 

  b.

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

 

  c.

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

 

  d.

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

5.

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

 

  a.

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

 

  b.

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

 

Date: July 15, 2022

    

/S/ JAMES O. YOST

   

James O. Yost

   

Treasurer (Principal Financial Officer
and Accounting Officer)

EX-99.302CERT

MASSACHUSETTS INVESTORS GROWTH STOCK FUND

CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT

I, David L. DiLorenzo, certify that:

 

1.

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

 

2.

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

 

3.

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

 

4.

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

 

  a.

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

 

  b.

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

 

  c.

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

 

  d.

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

5.

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

 

  a.

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

 

  b.

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

 

Date: July 15, 2022

    

/S/ DAVID L. DILORENZO

   

David L. DiLorenzo

   

President (Principal Executive Officer)

 EX-99.906CERT 3 d288042dex99906cert.htm SECTION 906 CERTIFICATIONS SECTION 906 CERTIFICATIONS

EX-99.906CERT

MASSACHUSETTS INVESTORS GROWTH STOCK FUND

CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT

I, James O. Yost, certify that, to my knowledge:

 

1.

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

 

2.

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

 

Date: July 15, 2022

    

/S/ JAMES O. YOST

   

James O. Yost

    Treasurer (Principal Financial Officer
and Accounting Officer)

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

EX-99.906CERT

MASSACHUSETTS INVESTORS GROWTH STOCK FUND

CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT

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

 

1.

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

 

2.

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

 

Date: July 15, 2022

    

/S/ DAVID L. DILORENZO

    David L. DiLorenzo
    President (Principal Executive Officer)

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

GRAPHIC 4 g288042img522094311.gif GRAPHIC begin 644 g288042img522094311.gif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g288042img7feded092.gif GRAPHIC begin 644 g288042img7feded092.gif M1TE&.#EAZ $/ / ((M0@ "'Y! $ $ + #H 0\ *@A(^IR^T/ MHYRTVHNSWKS[#X:B%HSFB:;JRK;N"\=**==;@.?ZSO?^#PP*A\2B\8A,*I?, MIO,)==JFEZCUBLUJM]RN]RNEBB'@LOF,3JO7[+%[P8[+Y_2Z_?O. ^[\OO\/ M.*?G%EAH>(B82#1(I>CX"!E)QU@C:7F)F1E%":/I^0D:JL/9(FIZBJI(NI+: 5ZOHZN7H"2UMKZR4[ GRAPHIC 6 g288042img90f95d4c5.jpg GRAPHIC begin 644 g288042img90f95d4c5.jpg M_]C_X 02D9)1@ ! 0$ 9 !D #_X@H@24-#7U!23T9)3$4 0$ H0 M (0 !M;G1R4D="(%A96B !A8W-P05!03 M ]M4 0 #3+ M ID97-C _ M 'QC<')T !> "AW='!T !H !1B:W!T !M !1R6%E: ! MR !1G6%E: !W !1B6%E: !\ !1R5%)# "! " QG5%)# M "! " QB5%)# "! " QD97-C ")!"!3;V9T=V%R92 R M,#$Q %A96B #S40 ! 1;,6%E:( !8 M65H@ ;Z( #CU #D%A96B !BF0 MX4 !C:6%E:( M "2@ /A ML]C=7)V ! % H #P 4 !D '@ C "@ M+0 R #< .P! $4 2@!/ %0 60!> &, : !M '( =P!\ ($ A@"+ ) E0": M )\ I "I *X L@"W +P P0#& ,L T #5 -L X #E .L \ #V /L! 0$' 0T! M$P$9 1\!)0$K 3(!. $^ 44!3 %2 5D!8 %G 6X!=0%\ 8,!BP&2 9H!H0&I M ;$!N0'! $!Z0'R ?H" P(, A0"'0(F B\". )! DL"5 )= F<" M<0)Z H0"C@*8 J("K *V L$"RP+5 N "ZP+U P #"P,6 R$#+0,X T,#3P-: M V8#<@-^ XH#E@.B ZX#N@/' ],#X /L _D$!@03!" $+00[!$@$501C!'$$ M?@2,!)H$J 2V!,0$TP3A!/ $_@4-!1P%*P4Z!4D%6 5G!7<%A@66!:8%M07% M!=4%Y07V!@8&%@8G!C<&2 99!FH&>P:,!IT&KP; !M$&XP;U!P<'&09!ZP'OP?2!^4'^ @+"!\(,@A&"%H(;@B"")8(J@B^"-((YPC[ M"1 ))0DZ"4\)9 EY"8\)I FZ"<\)Y0G["A$*)PH]"E0*:@J!"I@*K@K%"MP* M\PL+"R(+.0M1"VD+@ N8"[ +R OA"_D,$@PJ#$,,7 QU#(X,IPS #-D,\PT- M#28-0 U:#70-C@VI#<,-W@WX#A,.+@Y)#F0.?PZ;#K8.T@[N#PD/)0]!#UX/ M>@^6#[,/SP_L$ D0)A!#$&$0?A";$+D0UQ#U$1,1,1%/$6T1C!&J$)%ZX7TA?W M&!L80!AE&(H8KQC5&/H9(!E%&6L9D1FW&=T:!!HJ&E$:=QJ>&L4:[!L4&SL; M8QN*&[(;VAP"'"H<4AQ['*,0!YJ'I0>OA[I M'Q,?/A]I'Y0?OQ_J(!4@02!L()@@Q"#P(1PA2"%U(:$ASB'[(B--@U M$S5--8Y",$)R0K5"]T,Z0WU#P$0#1$=$BD3.11)%546: M1=Y&(D9G1JM&\$25^!8+UA]6,M9 M&EEI6;A:!UI66J9:]5M%6Y5;Y5PU7(9O5\/7V%?LV % M8%=@JF#\84]AHF'U8DEBG&+P8T-CEV/K9$!DE&3I93UEDF7G9CUFDF;H9SUG MDV?I:#]HEFCL:4-IFFGQ:DAJGVKW:T]KIVO_;%=LKVT(;6!MN6X2;FMNQ&\> M;WAOT7 K<(9PX'$Z<95Q\')+%V/G:;=OAW M5G>S>!%X;GC,>2IYB7GG>D9ZI7L$>V-[PGPA?(%\X7U!?:%^ 7YB?L)_(W^$ M?^6 1X"H@0J!:X'-@C""DH+T@U>#NH0=A("$XX5'A:N&#H9RAM>'.X>?B 2( M:8C.B3.)F8G^BF2*RHLPBY:+_(QCC,J-,8V8C?^.9H[.CS:/GI &D&Z0UI$_ MD:B2$9)ZDN.339.VE""4BI3TE5^5R98TEI^7"I=UE^"83)BXF229D)G\FFB: MU9M"FZ^<')R)G/>=9)W2GD">KI\=GXN?^J!IH-BA1Z&VHB:BEJ,&HW:CYJ16 MI,>E.*6IIAJFBZ;]IVZGX*A2J,2I-ZFIJARJCZL"JW6KZ:QK_UP'# [,%GP>/"7\+;PUC# MU,11Q,[%2\7(QD;&P\=!Q[_(/%$XIZ#+HO.E&Z=#J6^KEZW#K^^R&[1'MG.XH[K3O0._,\%CPY?%R\?_R MC/,9\Z?T-/3"]5#UWO9M]OOWBO@9^*CY./G'^E?ZY_MW_ ?\F/TI_;K^2_[< M_VW____; $, " 8&!P8%" <'!PD)" H,% T,"PL,&1(3#Q0=&A\>'1H<'" D M+B<@(BPC'!PH-RDL,#$T-#0?)SD].#(\+C,T,O_; $,!"0D)# L,& T-&#(A M'"$R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R M,C(R,C(R,O_ !$( -T V@,!(@ "$0$#$0'_Q ? !!0$! 0$! 0 M 0(#! 4&!P@)"@O_Q "U$ " 0,# @0#!04$! 7T! @, !!$%$B$Q M008346$'(G$4,H&1H0@C0K'!%5+1\"0S8G*""0H6%Q@9&B4F)R@I*C0U-CH.$A8:'B(F*DI.4 ME9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4U=;7V-G:X>+C MY.7FY^CIZO'R\_3U]O?X^?K_Q ? 0 # 0$! 0$! 0$! 0(#! 4& M!P@)"@O_Q "U$0 " 0($! ,$!P4$! ! G< 0(#$00%(3$&$D%1!V%Q$R(R M@0@40I&AL<$)(S-2\!5B7J"@X2%AH>(B8J2DY25EI>8F9JB MHZ2EIJ>HJ:JRL[2UMK>XN;K"P\3%QL?(RKR M\_3U]O?X^?K_V@ , P$ A$#$0 _ /9_$9GCM+2>"ZFAV7UJK+&0!(K3QH0W M&<88],50U.2>/7FFTN2YEGM8I)KR(S,T./*81Q;,X#EMK<#.%.3\PSTDL4176FI=2/+(7S)D#>N?NA@3\HPOR\ @"Q11 M10 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% M !156\U&SL# +JX2)IY5AB#'EW8@ ?4BHSK%@-3_L\S_P"D[MF-C;=^W=LW MXV[MOS;>0Q7D.NZ(J[XZOY;G0[V.UAN+BPCM;AY9[0JP\U-RA"=P(VNI+=\J! M_>% ';45Q>MVEU!J!U.VD99[E6D5%C/GI&(0'7.[&T8W 8_UC+Z\[GAO44U# M2\106\45N5A06T_G1%0BL-KX&0 V.G4&@#8HHHH **** "BBB@ HHHH **** M "BBB@ HHHH **** ,W7+6:\L(HX$WNMY:R$9 PJ3QNQY]%4G\*P+_0]1NTO M-*6W9(I]0-TM^'7:$(S@C.[<#\O3&,'/:NQHH YW1+2^-_;7-W8FR%MIZVI0 MNC!WR"2NTGY1MXS@_-T%:L\3K>6CFXD93,?D(7 ^1_09_6KM5[G_ %]G_P!= MC_Z ] %BBBB@ KA/B7XOU/PE;:=)IJP%KAW5_.0MT QC!'K7=UY+\D4444'B!1 M110 4444 %%%% !1110 4444 %%%% !1110 445R-[XMFLO$4MFYMS%#(0]N M(V\TQ"+S#*)-VWL1LQGCK0!UU5[G_7V?_78_^@/67I&J:A->1VVHQVZO<6BW M<8@!'EC(#1MDG<1E?F&,\\#'-^>Y@>\M(EFC:03'*!P2,(_:@"[1110 5Y+\ M6B_]=)?Y+0=>!_WB/\ 70\8HHHH/I0KWGX) M_P#(FWG_ &$'_P#1<=>#5[S\$_\ D3;S_L(/_P"BXZ#@S+_=WZH](HHHH/G@ MHHHH **** "BBB@ HHHH **** "BBB@ HHHH *Q)/#%I-<2-)EZ'#I6B_P#727^2 MUZU7DOQR_P"/+1?^NDO\EH.O _[Q'^NAXQ1110?2A7O/P3_Y$V\_["#_ /HN M.O!J]Y^"?_(FWG_80?\ ]%QT'!F7^[OU1Z11110?/!1110 4444 %%%% !11 M10 4444 %%%% !1110 445Y]>7=S%K]_(4TZXU47A@LH)(]UQ'&8AM>,D\+G M).%P<-SZ 'H-5[G_ %]G_P!=C_Z ];6R?/W<&3_ M *:D;]V?FXYZ"NCG6<7EH6DC,?G'"B,@_6B_\ M727^2UZU7DOQR_X\M%_ZZ2_R6@Z\#_O$?ZZ'C%%%%!]*%>\_!/\ Y$V\_P"P M@_\ Z+CKP:O>?@G_ ,B;>?\ 80?_ -%QT'!F7^[OU1Z11110?/!1110 4444 M %%%% !1110 4444 %%%% !1110 4444 %5[G_7V?_78_P#H#U8JO<_Z^S_Z M['_T!Z +%%%% !7DOQR_X\M%_P"NDO\ ):]:KR7XY?\ 'EHO_727^2T'7@?] MXC_70\8HHHH/I0KWGX)_\B;>?]A!_P#T7'7@U>\_!/\ Y$V\_P"P@_\ Z+CH M.#,O]W?JCTBBBB@^>"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ K.N]: ML[+5+73YF;SKD,00/EC 5FRY_AR$?'KM/I6C7*:CX1NKW45G&JR>1+=/-<1M M&F=C0R1!5.,\!P /3)Z]0#7TO7+?57V)!<0,T2SQ"=0OFQ-T=<$\>QPPR,@9 M%7+G_7V?_78_^@/65I&F:C%>PW6I&V#V]F+5/(=F\SD%G.5&W.U<*,XR>36A M/;0)>6DJPQK(9CEP@!.4?O0!=HHHH *\E^.7_'EHO_727^2UZU7DOQR_X\M% M_P"NDO\ ):#KP/\ O$?ZZ'C%%%%!]*%>\_!/_D3;S_L(/_Z+CKP:O>?@G_R) MMY_V$'_]%QT'!F7^[OU1Z11110?/!1110 4444 %%%% !1110 4444 %%%% M!1110 4444 %5[G_ %]G_P!=C_Z ]6*KW/\ K[/_ *['_P! >@"Q1110 5Y+ M\!_WB/]=#QBBBB@^E"O>?@G M_P B;>?]A!__ $7'7@U>\_!/_D3;S_L(/_Z+CH.#,O\ =WZH](HHHH/G@HHH MH **** "BBB@ HHHH **** "BBB@ HHHH *YS5=0N].UI&@NY;F-89+BYLMB M;8H5C;#!@-P9I H&24W;<8 MXQC% %'1;R_%_!;7MX+O[58K=[@BJ(WR RK@#*?,,9R1@Y)SQJ3RNUY:(;>1 M5$Q^M5Y+\,4444'TH5[S\$_^1-O/^P@_P#Z+CKP:O>?@G_R)MY_V$'_ /1<=!P9E_N[ M]4>D4444'SP4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !5>Y_U] MG_UV/_H#TMM?6EZ91:W4$YB;9)Y4@;8WH<=#[4ES_K[/_KL?_0'H L4444 % M>2_'+_CRT7_KI+_):]:KR7XY?\>6B_\ 727^2T'7@?\ >(_UT/&****#Z4*] MY^"?_(FWG_80?_T7'7@U>\_!/_D3;S_L(/\ ^BXZ#@S+_=WZH](HHHH/G@HH MHH **** "H);ZTM[F&VFNH(YYL^5$\@#28Z[0>3^%3UQVMVT[7VL0BTN)9[U M+86Z;68-0MWU".&*TN8HO(L&D83AP.5*$A M3M.&P 0.&P1F;5=,NKR.SO"\D.HSK;QO%&BLBR(2X;)!("$N<9^; 7OR =-' M)'*I:-U=0Q4E3D9!P1]001^%.KG_ M-?&W>UNK;R8H(T$?[AXR&RP9"7)\P MC:IWCAMV:Z"@ HHHH **** "J]]'-+I]S';/Y<[Q,L;Y^ZQ!P?SJQ10!RWAV M(M?VDD-C<6<-OI<=M*DT+1X<-\J#(&[;A^1D?-P>:VY-/EDN%E.I70".76,+ M%M&01C[F<8/K5ZB@"O\ 9I?^?VX_[YC_ /B:/LTO_/[28UZXSG*'TKIZ*"HSE!\T7 M9GFO_"D?#G_01U?_ +^Q?_&Z/^%(^'/^@CJ__?V+_P"-UZ510;?6Z_\ .SS7 M_A2/AS_H(ZO_ -_8O_C==3X:\(6OA73I+'3K^],,DQF/FF-CN( _N#C"BNAH MH)GB*LURRDVBO]FE_P"?VX_[YC_^)H^S2_\ /[_H;?AF>6Y\*Z/ M<3R-)-+8PN[L>IC:0.K0SO@#> O^K'([XSD#!ZB+0].CM6 MMFLX);?'-_9UIYL?W'\A=R_,6X...23] M234EKI]E8ES:6EO;F3&_RHPF['3.!SUH L4444 %%%% !1110 4444 %%%% M!1110 4444 >?W$GB&"^CLX$O!J5U%I9V3(R+528]SKG9)S]]?\ XFD[]#>A*G&_.C=TV9[G2[2>4YDDA1V.,9)4 M$U2TN]U#5";Q6MH;'SI(TB,3-(ZHS+N+;@%R1G&TX'?)XTK:W2UM(;>,L4B1 M44MU( QS6F!Q3,7:^A6_X2VQ M'FHT,ZW$XX[UF: MEXOA72KRXTV.28P6B77FE1M577N+USX=6]^SM=:E>32V[,T< MCI#D;EVGCR]OXXR,GG!Q56?P997-I96LMW=F&R@$$*CRP0OE[.6V9.1R1G&< M'' P :]AJ*7[7">3+!-;N$DBEV[E)4,#\I(P01WK$T7Q)-<>'K;5+Z6&YDNE MA\JWL[9HV#R '9\[D-UZ_* 2>*W;>QBMKR[ND9R]TRLX)& 54*,?@*S;7PT MEKI-OIQU.^F2U\K[-)((@\/EC VE8P#D<'<#D$T .B\3V,JW'[NX1K>*:65' M0 J(CM<=>3G\#ZT0>)+)VD\V1DC#28D:/:JA$5R" M![V[5_-N8))$*;I4D*E@V5(ZCC&,9.*NR^%+":R:U>2XV&Y%R2' .=H1EZ?= M9,J1Z,>1Q@ J:UXM33[1E6"2&ZDAWVXGV89MF\J5#;A@9Z@#((STS/?>,=,T M^:X283,L+-&7C"L&D5-[(HSN)"@\XQD$9SQ4=[X*T^^N))9;FZ423/.43RQ\ M[(4/.S<1@G )...PQ3[CP;IMQ>)C;V,LT6EWG MWEW=_:9IY[H()6D"+G9G!PBJ,_-R3SP!T H T:*** "BBB@"CK%^=+TFXO$C M\V1% CC)P&RN 3%,A1MIP1[@]B.H-5+;15@=Y'OKJ>69P9WE$>9E"%0C8 M0 *,[OE .1UP2" 8UIXFNKO2Y+U'@,DD<4T5M]CE#11.P! M0:M:5XE%Y=Q6UW);6TFTH4D)C::3=QY:L5_=1@YVC:HST')R>!SUJ%?#-J)89?M%QN0JTN-N)V63S0S9!(._) ..^4CKCIC !MT444 ?_]D! end GRAPHIC 7 g288042imga8c0660d6.jpg GRAPHIC begin 644 g288042imga8c0660d6.jpg M_]C_X 02D9)1@ ! 0$ 9 !D #_X@H@24-#7U!23T9)3$4 0$ H0 M (0 !M;G1R4D="(%A96B !A8W-P05!03 M ]M4 0 #3+ M ID97-C _ M 'QC<')T !> "AW='!T !H !1B:W!T !M !1R6%E: ! MR !1G6%E: !W !1B6%E: !\ !1R5%)# "! " QG5%)# M "! " QB5%)# "! " QD97-C ")!"!3;V9T=V%R92 R M,#$Q %A96B #S40 ! 1;,6%E:( !8 M65H@ ;Z( #CU #D%A96B !BF0 MX4 !C:6%E:( M "2@ /A ML]C=7)V ! % H #P 4 !D '@ C "@ M+0 R #< .P! $4 2@!/ %0 60!> &, : !M '( =P!\ ($ A@"+ ) E0": M )\ I "I *X L@"W +P P0#& ,L T #5 -L X #E .L \ #V /L! 0$' 0T! M$P$9 1\!)0$K 3(!. $^ 44!3 %2 5D!8 %G 6X!=0%\ 8,!BP&2 9H!H0&I M ;$!N0'! $!Z0'R ?H" P(, A0"'0(F B\". )! DL"5 )= F<" M<0)Z H0"C@*8 J("K *V L$"RP+5 N "ZP+U P #"P,6 R$#+0,X T,#3P-: M V8#<@-^ XH#E@.B ZX#N@/' ],#X /L _D$!@03!" $+00[!$@$501C!'$$ M?@2,!)H$J 2V!,0$TP3A!/ $_@4-!1P%*P4Z!4D%6 5G!7<%A@66!:8%M07% M!=4%Y07V!@8&%@8G!C<&2 99!FH&>P:,!IT&KP; !M$&XP;U!P<'&09!ZP'OP?2!^4'^ @+"!\(,@A&"%H(;@B"")8(J@B^"-((YPC[ M"1 ))0DZ"4\)9 EY"8\)I FZ"<\)Y0G["A$*)PH]"E0*:@J!"I@*K@K%"MP* M\PL+"R(+.0M1"VD+@ N8"[ +R OA"_D,$@PJ#$,,7 QU#(X,IPS #-D,\PT- M#28-0 U:#70-C@VI#<,-W@WX#A,.+@Y)#F0.?PZ;#K8.T@[N#PD/)0]!#UX/ M>@^6#[,/SP_L$ D0)A!#$&$0?A";$+D0UQ#U$1,1,1%/$6T1C!&J$)%ZX7TA?W M&!L80!AE&(H8KQC5&/H9(!E%&6L9D1FW&=T:!!HJ&E$:=QJ>&L4:[!L4&SL; M8QN*&[(;VAP"'"H<4AQ['*,0!YJ'I0>OA[I M'Q,?/A]I'Y0?OQ_J(!4@02!L()@@Q"#P(1PA2"%U(:$ASB'[(B--@U M$S5--8Y",$)R0K5"]T,Z0WU#P$0#1$=$BD3.11)%546: M1=Y&(D9G1JM&\$25^!8+UA]6,M9 M&EEI6;A:!UI66J9:]5M%6Y5;Y5PU7(9O5\/7V%?LV % M8%=@JF#\84]AHF'U8DEBG&+P8T-CEV/K9$!DE&3I93UEDF7G9CUFDF;H9SUG MDV?I:#]HEFCL:4-IFFGQ:DAJGVKW:T]KIVO_;%=LKVT(;6!MN6X2;FMNQ&\> M;WAOT7 K<(9PX'$Z<95Q\')+%V/G:;=OAW M5G>S>!%X;GC,>2IYB7GG>D9ZI7L$>V-[PGPA?(%\X7U!?:%^ 7YB?L)_(W^$ M?^6 1X"H@0J!:X'-@C""DH+T@U>#NH0=A("$XX5'A:N&#H9RAM>'.X>?B 2( M:8C.B3.)F8G^BF2*RHLPBY:+_(QCC,J-,8V8C?^.9H[.CS:/GI &D&Z0UI$_ MD:B2$9)ZDN.339.VE""4BI3TE5^5R98TEI^7"I=UE^"83)BXF229D)G\FFB: MU9M"FZ^<')R)G/>=9)W2GD">KI\=GXN?^J!IH-BA1Z&VHB:BEJ,&HW:CYJ16 MI,>E.*6IIAJFBZ;]IVZGX*A2J,2I-ZFIJARJCZL"JW6KZ:QK_UP'# [,%GP>/"7\+;PUC# MU,11Q,[%2\7(QD;&P\=!Q[_(/%$XIZ#+HO.E&Z=#J6^KEZW#K^^R&[1'MG.XH[K3O0._,\%CPY?%R\?_R MC/,9\Z?T-/3"]5#UWO9M]OOWBO@9^*CY./G'^E?ZY_MW_ ?\F/TI_;K^2_[< M_VW____; $, " 8&!P8%" <'!PD)" H,% T,"PL,&1(3#Q0=&A\>'1H<'" D M+B<@(BPC'!PH-RDL,#$T-#0?)SD].#(\+C,T,O_; $,!"0D)# L,& T-&#(A M'"$R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R M,C(R,C(R,O_ !$( ", (P,!(@ "$0$#$0'_Q ? !!0$! 0$! 0 M 0(#! 4&!P@)"@O_Q "U$ " 0,# @0#!04$! 7T! @, !!$%$B$Q M008346$'(G$4,H&1H0@C0K'!%5+1\"0S8G*""0H6%Q@9&B4F)R@I*C0U-CH.$A8:'B(F*DI.4 ME9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4U=;7V-G:X>+C MY.7FY^CIZO'R\_3U]O?X^?K_Q ? 0 # 0$! 0$! 0$! 0(#! 4& M!P@)"@O_Q "U$0 " 0($! ,$!P4$! ! G< 0(#$00%(3$&$D%1!V%Q$R(R M@0@40I&AL<$)(S-2\!5B7J"@X2%AH>(B8J2DY25EI>8F9JB MHZ2EIJ>HJ:JRL[2UMK>XN;K"P\3%QL?(RKR M\_3U]O?X^?K_V@ , P$ A$#$0 _ /6_%WBV#PQ9J HFO90?*A)X _O-[?S_ M )>2W>K>(O$DDCR3W4\:\LL>5BC'N!P/J:OZE+#K?B/4]8U.1QIUO+Y:HIPT MN,A(U],@$D]ADUBZGK5SJ06'"6]G&?W5K"-L:?AW/N>:8BJDMUIT^8;AHI!S MN@F_JIKU7X>:_KVKK)'?1?:+.,8%VYVL&_N_[7].YKSOPWX=NO$>IK;0 K"N M#--CB-?\?05[SI]A;:780V5I&$@B7:H_J?<]:!EFBBBD!XCI7A*77-;U33#? M"VEM)681NA8-\V"1R/\ 9_,5T]C\)K:.0-?ZG),H_@AC"9_$D_RJQXOT6_TO M68_%6B(6E3_CYA49W#&-V.X(X/Y^]:NC?$#0]5@4SW*6-QCYHKAMH!]F/!% M&_IVF6>DV:VMC;I#"O.U>Y]2>I/N:35KQ-.TB[O)&VK#"SYSW X'US56[\3Z M'91&2?5K0 =EE#L?H!DUPFJZQ??$*_31]'BDBTQ'#3SN.H]6]O0=S^@!A:?9 M>+M3L8[RVU#4&ADR5(N'YP2#W]0:*]ET^Q@TW3X+*V7;#"@11_7ZGK10!9KA MO&WAK1_L;7RV$:7+-R\9*Y^H!QGWHHH XSPGHNGZEK*07=OYD7F,-N]AP#QT ;->R65C:Z=;+;V=O'!"O1$7 HHH L4444 ?_9 end GRAPHIC 8 g288042imgda33a8294.gif GRAPHIC begin 644 g288042imgda33a8294.gif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end GRAPHIC 9 g288042imge8567d333.jpg GRAPHIC begin 644 g288042imge8567d333.jpg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end