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MASSACHUSETTS INVESTORS TRUST
Supplement to the May 1, 1998 Prospectus
The section of the Prospectus entitled "Expense Summary" is hereby revised as
follows:
1. EXPENSE SUMMARY
<TABLE>
<S> <C> <C> <C>
Shareholder Transaction Expenses: Class A Class B Class C
Maximum Initial Sales Charge Imposed on Purchases of
Fund Shares (as a percentage of offering price)............................. 5.75% 0.00% 0.00%
Maximum Contingent Deferred Sales Charge (as a
percentage of original purchase price or
redemption proceeds, as applicable).........................................See Below1 4.00% 1.00%
Annual Operating Expenses of the Fund (as a percentage of average daily net
assets):
Management Fees................................................................ 0.19% 0.19% 0.19%
Rule 12b-1 Fees................................................................ 0.35%(2) 1.00%(3) 1.00%(3)
Other Expenses(4).............................................................. 0.22% 0.22% 0.22%
----- ----- -----
Total Operating Expenses....................................................... 0.76% 1.41% 1.41%
</TABLE>
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1. Purchases of $1 million or more and certain purchases by retirement plans
are not subject to an initial sales charge; however, a contingent deferred
sales charge ("CDSC") of 1% will be imposed on such purchases in the event
of certain redemption transactions within 12 months following such
purchases (see "Information Concerning Shares of the Fund Purchases"
below).
2. The Fund has adopted a distribution plan for its shares in accordance with
Rule 12b-1 under the Investment Company Act of 1940, as amended (the "1940
Act") (the "Distribution Plan"), which provides that it will pay
distribution/service fees aggregating up to (but not necessarily all of)
0.35% per annum of the average daily net assets attributable to Class A
shares. The 0.25% per annum service fee is reduced to 0.15% per annum for
shares purchased prior to January 2, 1991. Distribution expenses paid
under this Plan, together with the initial sales charge, may cause
long-term shareholders to pay more than the maximum sales charge that
would have been permissible if imposed entirely as an initial sales
charge. (See "Information Concerning Shares of the Fund - Distribution
Plan" below).
3. The Fund's Distribution Plan provides that it will pay
distribution/service fees aggregating up to 1.00% per annum of the average
daily net assets attributable to Class B and Class C shares, respectively.
Distribution expenses paid under the Distribution Plan with respect to
Class B or Class C shares, together with any CDSC, may cause long-term
shareholders to pay more than the maximum sales charge that would have
been permissible if imposed entirely as an initial sales charge. (See
"Information Concerning Shares of the Fund - Distribution Plan" below.)
4. The Fund has an expense offset arrangement which reduces the Fund's
custodian fee based upon the amount of cash maintained by the Fund with
its custodian and dividend disbursing agent, and may enter into other such
arrangements and directed brokerage arrangements (which would also have
the effect of reducing the Fund's expenses). Any such fee reductions are
not reflected under "Other Expenses."
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Example of Expenses
An investor would pay the following dollar amounts of expenses on a $1,000
investment in the Fund, assuming (a) a 5% annual return and (b) redemption at
the end of each of the time periods indicated (unless otherwise noted):
<TABLE>
<S> <C> <C> <C>
Period Class A Class B Class C
------ ------- ------- -------
(1) (1)
1 year.................... $ 65 $ 54 $ 14 $ 24 $ 14
3 years................... 80 75 45 45 45
5 years................... 97 97 77 77 77
10 years.................. 146 151(2) 151(2) 169 169
</TABLE>
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1. Assumes no redemption.
2. Class B shares convert to Class A shares approximately eight years after
purchase; therefore, years nine and ten reflect Class A expenses.
The purpose of the expense table above is to assist investors in
understanding the various costs and expenses that a shareholder of the Fund will
bear directly or indirectly. More complete descriptions of the following Fund
expenses are set forth in the following sections: (i) varying sales charges on
shares purchases - "Purchases"; (ii) varying CDSCs "Purchases"; (iii) management
fees - "Investment Adviser"; and (iv) Rule 12b-1 (i.e., distribution plan) fees
"Distribution Plan."
The "Example" set forth above should not be considered a representation of
past or future expenses of the Fund; actual expenses may be greater or less than
those shown.
***
The section entitled "Current Level of Distribution and Service Fees" on
page 32 of the Prospectus is revised as follows: The Fund's Class A, Class B and
Class C distribution and service fees for its current fiscal year are 0.35%,
1.00% and 1.00% per annum, respectively. The 0.25% per annum Class A service fee
is reduced to 0.15% per annum for shares purchased prior to January 2, 1991.
The date of this Supplement is June 1, 1998.
