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<SEC-DOCUMENT>0000950156-04-000251.txt : 20041105
<SEC-HEADER>0000950156-04-000251.hdr.sgml : 20041105
<ACCEPTANCE-DATETIME>20041105132009
ACCESSION NUMBER:		0000950156-04-000251
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20040831
FILED AS OF DATE:		20041105
DATE AS OF CHANGE:		20041105
EFFECTIVENESS DATE:		20041105

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MFS GOVERNMENT MARKETS INCOME TRUST
		CENTRAL INDEX KEY:			0000811922
		IRS NUMBER:				046565627
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1130

	FILING VALUES:
		FORM TYPE:		N-Q
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05078
		FILM NUMBER:		041122047

	BUSINESS ADDRESS:	
		STREET 1:		500 BOYLSTON ST
		STREET 2:		15TH FLOOR
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02116
		BUSINESS PHONE:		18006372929

	MAIL ADDRESS:	
		STREET 1:		500 BOYLSTON STREET
		STREET 2:		15TH FLOOR
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02116
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-Q
<SEQUENCE>1
<FILENAME>d61567.txt
<DESCRIPTION>GOVERNMENT MARKETS INCOME TRUST
<TEXT>
<PAGE>

                                  UNITED STATES

                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                                    FORM N-Q

                   QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF
                   REGISTERED MANAGEMENT INVESTMENT COMPANIES

                  Investment Company Act file number 811-5078
- -------------------------------------------------------------------------------

                       MFS GOVERNMENT MARKETS INCOME TRUST
- -------------------------------------------------------------------------------
               (Exact name of registrant as specified in charter)

                500 Boylston Street, Boston, Massachusetts 02116
- -------------------------------------------------------------------------------
               (Address of principal executive offices) (Zip code)

                             James R. Bordewick, Jr.
                    Massachusetts Financial Services Company
                               500 Boylston Street
                           Boston, Massachusetts 02116
- -------------------------------------------------------------------------------
                    (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: August 31, 2004
- -------------------------------------------------------------------------------
<PAGE>
ITEM 1. SCHEDULE OF INVESTMENTS.

MFS(R) Mutual Funds

QUARTERLY PORTFOLIO HOLDINGS 8/31/04

MFS(R) GOVERNMENT
MARKETS INCOME TRUST

[graphic omitted]

<PAGE>

The Trust is a closed-end investment product. Shares of the Trust are only
available for purchase/sale on the NYSE at the current market price. Shares may
trade at a discount to NAV.

Visit MFS.COM for the latest information about your investment.

o   Annual and semiannual reports contain information regarding the specific
    securities held in the fund and how the fund has performed over the period.

o   Week in Review provides a look at key events influencing U.S. and global
    financial markets for the week.

o   MFS Global Perspective is a commentary and analysis of markets around the
    globe.

o   Chief Investment Strategist Corner is a commentary by James Swanson, MFS'
    Chief Investment Strategist.

A fact sheet, annual, and semiannual report for the fund can be accessed by
clicking "Closed End Funds" on the home page. Week in Review, MFS Global
Perspective, and Chief Investment Strategist Corner are located under "Updates
and Announcements."

The portfolio is actively managed, and current holdings may be different.
<PAGE>
<TABLE>
- ---------------------------------------------------------------------------------------------------------------------------
PORTFOLIO OF INVESTMENTS (UNAUDITED) 08/31/2004     MFS(R) GOVERNMENT MARKETS INCOME TRUST
- ---------------------------------------------------------------------------------------------------------------------------
<CAPTION>
ISSUER                                                                                      PAR AMOUNT           $ VALUE
- ---------------------------------------------------------------------------------------------------------------------------
<S>                                                                                      <C>                 <C>
BONDS - 97.8%
- ---------------------------------------------------------------------------------------------------------------------------
U.S. BONDS - 83.9%
- ---------------------------------------------------------------------------------------------------------------------------
Agency - Other - 5.7%
- ---------------------------------------------------------------------------------------------------------------------------
Financing Corp., 10.7%, 2017                                                                $4,095,000           $6,370,039
- ---------------------------------------------------------------------------------------------------------------------------
Financing Corp., 9.8%, 2018                                                                  4,350,000            6,416,220
- ---------------------------------------------------------------------------------------------------------------------------
Financing Corp., 10.35%, 2018                                                                6,820,000           10,475,513
- ---------------------------------------------------------------------------------------------------------------------------
                                                                                                                $23,261,772
- ---------------------------------------------------------------------------------------------------------------------------
Asset Backed & Securitized - 0.2%
- ---------------------------------------------------------------------------------------------------------------------------
Freddie Mac,  3.108%, 2035                                                                    $660,000             $659,022
- ---------------------------------------------------------------------------------------------------------------------------
Financial Institutions - 0.8%
- ---------------------------------------------------------------------------------------------------------------------------
SLM Corp., 1.88%, 2007                                                                      $3,205,000           $3,211,083
- ---------------------------------------------------------------------------------------------------------------------------
Mortgage Backed - 54.8%
- ---------------------------------------------------------------------------------------------------------------------------
Fannie Mae,  6.942%, 2007                                                                   $5,044,551           $5,437,372
- ---------------------------------------------------------------------------------------------------------------------------
Fannie Mae, 6.5%, 2016 - 2033                                                               21,211,436           22,402,062
- ---------------------------------------------------------------------------------------------------------------------------
Fannie Mae, 6%, 2016 - 2034                                                                 43,390,707           45,126,412
- ---------------------------------------------------------------------------------------------------------------------------
Fannie Mae, 5.5%, 2017 - 2034                                                               55,560,572           56,982,812
- ---------------------------------------------------------------------------------------------------------------------------
Fannie Mae, 5%, 2018 - 2019                                                                 47,523,175           48,521,066
- ---------------------------------------------------------------------------------------------------------------------------
Fannie Mae, 4.5%, 2019                                                                      25,319,797           25,337,948
- ---------------------------------------------------------------------------------------------------------------------------
Fannie Mae, 8.5%, 2022                                                                      10,100,000           11,336,010
- ---------------------------------------------------------------------------------------------------------------------------
Freddie Mac, 7.5%, 2027 - 2028                                                                 167,288              180,285
- ---------------------------------------------------------------------------------------------------------------------------
Ginnie Mae, 7  .5%, 2022 - 2032                                                                963,214            1,037,011
- ---------------------------------------------------------------------------------------------------------------------------
Ginnie Mae, 6.5%, 2028 - 2032                                                                4,634,499            4,901,784
- ---------------------------------------------------------------------------------------------------------------------------
                                                                                                               $221,262,762
- ---------------------------------------------------------------------------------------------------------------------------
U.S. Government Agencies - 7.1%
- ---------------------------------------------------------------------------------------------------------------------------
Fannie Mae, 3.41%, 2007                                                                     $3,945,000           $3,946,973
- ---------------------------------------------------------------------------------------------------------------------------
Small Business Administration, 8.875%, 2011                                                    430,562              463,376
- ---------------------------------------------------------------------------------------------------------------------------
Small Business Administration, 6.34%, 2021                                                   1,615,103            1,748,112
- ---------------------------------------------------------------------------------------------------------------------------
Small Business Administration, 6.35%, 2021                                                   1,954,524            2,116,254
- ---------------------------------------------------------------------------------------------------------------------------
Small Business Administration, 6.44%, 2021                                                   1,570,275            1,705,740
- ---------------------------------------------------------------------------------------------------------------------------
Small Business Administration, 6.625%, 2021                                                  1,580,003            1,727,817
- ---------------------------------------------------------------------------------------------------------------------------
Small Business Administration, 4.98%, 2023                                                     977,766              993,210
- ---------------------------------------------------------------------------------------------------------------------------
Small Business Administration, 4.34%, 2024                                                   1,403,000            1,369,769
- ---------------------------------------------------------------------------------------------------------------------------
Small Business Administration, 4.72%, 2024                                                   2,616,923            2,617,684
- ---------------------------------------------------------------------------------------------------------------------------
Small Business Administration, 4.77%, 2024                                                   2,538,000            2,545,031
- ---------------------------------------------------------------------------------------------------------------------------
Small Business Administration, 5.52%, 2024                                                   1,532,000            1,593,241
- ---------------------------------------------------------------------------------------------------------------------------
U.S. Department of Housing & Urban Development, 6.36%, 2016                                  1,580,000            1,767,160
- ---------------------------------------------------------------------------------------------------------------------------
U.S. Department of Housing & Urban Development, 6.59%, 2016                                  5,612,000            6,110,587
- ---------------------------------------------------------------------------------------------------------------------------
                                                                                                                $28,704,954
- ---------------------------------------------------------------------------------------------------------------------------
U.S. Treasury Obligations - 15.3%
- ---------------------------------------------------------------------------------------------------------------------------
U.S. Treasury Bonds, 10.375%, 2009 - 2012                                                  $14,600,000          $16,622,462
- ---------------------------------------------------------------------------------------------------------------------------
U.S. Treasury Bonds, 12%, 2013                                                               3,036,000            4,034,085
- ---------------------------------------------------------------------------------------------------------------------------
U.S. Treasury Bonds, 8.875%, 2017                                                            6,000,000            8,553,048
- ---------------------------------------------------------------------------------------------------------------------------
U.S. Treasury Notes, 3.375%, 2007                                                           16,103,672           17,259,867
- ---------------------------------------------------------------------------------------------------------------------------
U.S. Treasury Notes, 3.625%, 2008###                                                        11,081,061           12,180,945
- ---------------------------------------------------------------------------------------------------------------------------
U.S. Treasury STRIPS (Interest),0%, 2012                                                     4,195,000            3,027,980
- ---------------------------------------------------------------------------------------------------------------------------
                                                                                                                $61,678,387
- ---------------------------------------------------------------------------------------------------------------------------
Total U.S. Bonds                                                                          $338,777,980
- ---------------------------------------------------------------------------------------------------------------------------

FOREIGN BONDS - 13.9%
- ---------------------------------------------------------------------------------------------------------------------------
Australia - 0.1%
- ---------------------------------------------------------------------------------------------------------------------------
Government of Australia, 6.25%, 2015 (International Market Sovereign)                      AUD 798,000             $593,256
- ---------------------------------------------------------------------------------------------------------------------------
Austria - 0.7%
- ---------------------------------------------------------------------------------------------------------------------------
Republic of Austria, 5.5%, 2007 (International Market Sovereign)                         EUR 2,084,000           $2,736,107
- ---------------------------------------------------------------------------------------------------------------------------
Republic of Austria, 4.65%, 2018 (International Market Sovereign)                              118,000              148,585
- ---------------------------------------------------------------------------------------------------------------------------
                                                                                                                 $2,884,692
- ---------------------------------------------------------------------------------------------------------------------------
Belgium - 0.4%
- ---------------------------------------------------------------------------------------------------------------------------
Kingdom of Belgium, 3.75%, 2009 (International Market Sovereign)                           EUR 784,000             $975,460
- ---------------------------------------------------------------------------------------------------------------------------
Kingdom of Belgium, 5 %, 2012 (International Market Sovereign)                                 483,000              632,284
- ---------------------------------------------------------------------------------------------------------------------------
                                                                                                                 $1,607,744
- ---------------------------------------------------------------------------------------------------------------------------
Brazil - 0.4%
- ---------------------------------------------------------------------------------------------------------------------------
Federal Republic of Brazil, 8 %, 2014 (Emerging Market Sovereign)                           $1,538,674           $1,505,977
- ---------------------------------------------------------------------------------------------------------------------------
Canada - 1.1%
- ---------------------------------------------------------------------------------------------------------------------------
Government of Canada, 5.25%, 2008 (International Market Sovereign)                          $2,735,000           $2,935,973
- ---------------------------------------------------------------------------------------------------------------------------
Government of Canada, 5.5%, 2009 - 2010 (International Market Sovereign)                 CAD 1,635,000            1,330,123
- ---------------------------------------------------------------------------------------------------------------------------
Government of Canada, 5.25%, 2012 (International Market Sovereign)                              47,000               37,675
- ---------------------------------------------------------------------------------------------------------------------------
Government of Canada, 8 %, 2023 (International Market Sovereign)                                74,000               76,531
- ---------------------------------------------------------------------------------------------------------------------------
                                                                                                                 $4,380,302
- ---------------------------------------------------------------------------------------------------------------------------
Chile - 0.1%
- ---------------------------------------------------------------------------------------------------------------------------
HQI Transelec Chile S.A., 7.875%, 2011 (Utilities - Electric Power)                           $314,000             $364,761
- ---------------------------------------------------------------------------------------------------------------------------
Denmark - 0.5%
- ---------------------------------------------------------------------------------------------------------------------------
Kingdom of Denmark, 7 %, 2007 (International Market Sovereign)                           DKK 5,466,000           $1,003,620
- ---------------------------------------------------------------------------------------------------------------------------
Kingdom of Denmark, 6 %, 2009 (International Market Sovereign)                               3,516,000              642,201
- ---------------------------------------------------------------------------------------------------------------------------
Kingdom of Denmark, 5 %, 2013 (International Market Sovereign)                               2,358,000              409,317
- ---------------------------------------------------------------------------------------------------------------------------
                                                                                                                 $2,055,138
- ---------------------------------------------------------------------------------------------------------------------------
El Salvador
- ---------------------------------------------------------------------------------------------------------------------------
Republic of El Salvador, 8.25%, 2032 (Emerging Market Sovereign)                              $181,000             $177,380
- ---------------------------------------------------------------------------------------------------------------------------
Finland - 0.8%
- ---------------------------------------------------------------------------------------------------------------------------
Republic of Finland, 2.75%, 2006 (International Market Sovereign)                        EUR 1,323,000           $1,620,507
- ---------------------------------------------------------------------------------------------------------------------------
Republic of Finland, 3 %, 2008 (International Market Sovereign)                              1,471,000            1,789,170
- ---------------------------------------------------------------------------------------------------------------------------
                                                                                                                 $3,409,677
- ---------------------------------------------------------------------------------------------------------------------------
France - 0.7%
- ---------------------------------------------------------------------------------------------------------------------------
Republic of France, 4.75%, 2007 (International Market Sovereign)                           EUR 985,000           $1,265,660
- ---------------------------------------------------------------------------------------------------------------------------
Republic of France, 4 %, 2009 (International Market Sovereign)                               1,224,000            1,535,322
- ---------------------------------------------------------------------------------------------------------------------------
                                                                                                                 $2,800,982
Germany - 1.7%
- ---------------------------------------------------------------------------------------------------------------------------
Federal Republic of Germany, 4 %, 2007 - 2009 (International Market Sovereign)             EUR 788,000             $990,861
- ---------------------------------------------------------------------------------------------------------------------------
Federal Republic of Germany, 3.5%, 2008 (International Market Sovereign)                     3,628,000            4,489,218
- ---------------------------------------------------------------------------------------------------------------------------
Federal Republic of Germany, 5.25%, 2010 (International Market Sovereign)                      243,000              322,806
- ---------------------------------------------------------------------------------------------------------------------------
Kreditanstalt fur Wiederaufbau, 3.25%, 2008 (International Market Agencies)                    709,000              871,078
- ---------------------------------------------------------------------------------------------------------------------------
                                                                                                                 $6,673,963
- ---------------------------------------------------------------------------------------------------------------------------
Ireland - 0.9%
- ---------------------------------------------------------------------------------------------------------------------------
Republic of Ireland, 4.25%, 2007 (International Market Sovereign)                        EUR 2,719,000           $3,451,463
- ---------------------------------------------------------------------------------------------------------------------------
Malaysia - 0.2%
- ---------------------------------------------------------------------------------------------------------------------------
Petroliam Nasional Berhad, 7.75%, 2015 (Emerging Market Agencies)                             $537,000             $635,908
- ---------------------------------------------------------------------------------------------------------------------------
Mexico - 1.3%
- ---------------------------------------------------------------------------------------------------------------------------
BBVA Bancomer Capital Trust I, 1 0.5%, 2011 (Banks & Credit Companies)##                    $1,502,000           $1,648,445
- ---------------------------------------------------------------------------------------------------------------------------
Pemex Project Funding Master Trust, 8.625%, 2022 (Emerging Market Agencies)                    987,000            1,125,180
- ---------------------------------------------------------------------------------------------------------------------------
Petroleos Mexicanos, 9.375%, 2008 (Emerging Market Agencies)                                 1,072,000            1,262,280
- ---------------------------------------------------------------------------------------------------------------------------
United Mexican States, 8.125%, 2019 (Emerging Market Sovereign)                              1,040,000            1,196,000
- ---------------------------------------------------------------------------------------------------------------------------
United Mexican States, 8 %, 2022 (Emerging Market Sovereign)                                    89,000              100,348
- ---------------------------------------------------------------------------------------------------------------------------
                                                                                                                 $5,332,253
- ---------------------------------------------------------------------------------------------------------------------------
Netherlands - 1.0%
- ---------------------------------------------------------------------------------------------------------------------------
Kingdom of Netherlands, 5.75%, 2007 (International Market Sovereign)                     EUR 1,519,000           $1,985,109
- ---------------------------------------------------------------------------------------------------------------------------
Kingdom of Netherlands, 3.75%, 2009 (International Market Sovereign)                         1,601,000            1,990,480
- ---------------------------------------------------------------------------------------------------------------------------
                                                                                                                 $3,975,589
- ---------------------------------------------------------------------------------------------------------------------------
New Zealand - 0.6%
- ---------------------------------------------------------------------------------------------------------------------------
Government of New Zealand, 7 %, 2009 (International Market Sovereign)                      NZD 785,000             $532,371
- ---------------------------------------------------------------------------------------------------------------------------
Government of New Zealand, 6.5%, 2013 (International Market Sovereign)                       2,791,000            1,866,436
- ---------------------------------------------------------------------------------------------------------------------------
                                                                                                                 $2,398,807
- ---------------------------------------------------------------------------------------------------------------------------
Panama - 0.2%
- ---------------------------------------------------------------------------------------------------------------------------
Republic of Panama, 9.375%, 2023 - 2029 (Emerging Market Sovereign)                           $646,000             $713,942
- ---------------------------------------------------------------------------------------------------------------------------
Republic of Panama, 8.875%, 2027 (Emerging Market Sovereign)                                   206,000              213,210
- ---------------------------------------------------------------------------------------------------------------------------
                                                                                                                   $927,152
- ---------------------------------------------------------------------------------------------------------------------------
Portugal - 0.2%
- ---------------------------------------------------------------------------------------------------------------------------
Republic of Portugal, 5.45%, 2013 (International Market Sovereign)                         EUR 565,000             $761,928
- ---------------------------------------------------------------------------------------------------------------------------
Qatar - 0.3%
- ---------------------------------------------------------------------------------------------------------------------------
State of Qatar, 9.75%, 2030 (Emerging Market Sovereign)                                       $990,000           $1,408,275
- ---------------------------------------------------------------------------------------------------------------------------
Russia - 0.4%
- ---------------------------------------------------------------------------------------------------------------------------
Aries Vermogensverwaltungs, 9.6%, 2014 (Emerging Market Sovereign)##                          $500,000             $556,250
- ---------------------------------------------------------------------------------------------------------------------------
Gazprom OAO, 9.625%, 2013 (Oils)                                                               370,000              401,450
- ---------------------------------------------------------------------------------------------------------------------------
Russian Ministry of Finance, 12.75%, 2028 (Emerging Market Sovereign)                          443,000              672,252
- ---------------------------------------------------------------------------------------------------------------------------
                                                                                                                 $1,629,952
- ---------------------------------------------------------------------------------------------------------------------------
South Africa - 0.5%
- ---------------------------------------------------------------------------------------------------------------------------
Republic of South Africa, 9.125%, 2009 (Emerging Market Sovereign)                            $855,000           $1,014,244
- ---------------------------------------------------------------------------------------------------------------------------
Republic of South Africa, 8.5%, 2017 (Emerging Market Sovereign)                               843,000            1,005,278
- ---------------------------------------------------------------------------------------------------------------------------
                                                                                                                 $2,019,522
- ---------------------------------------------------------------------------------------------------------------------------
Spain - 1.4%
- ---------------------------------------------------------------------------------------------------------------------------
Kingdom of Spain, 7 %, 2005 (International Market Sovereign)                                $3,600,000           $3,750,703
- ---------------------------------------------------------------------------------------------------------------------------
Kingdom of Spain, 6 %, 2008 (International Market Sovereign)                                EUR 13,000               17,397
- ---------------------------------------------------------------------------------------------------------------------------
Kingdom of Spain, 5.35%, 2011 (International Market Sovereign)                               1,424,000            1,903,566
- ---------------------------------------------------------------------------------------------------------------------------
                                                                                                                 $5,671,666
- ---------------------------------------------------------------------------------------------------------------------------
United Kingdom - 0.4%
- ---------------------------------------------------------------------------------------------------------------------------
United Kingdom Treasury, 7.25%, 2007 (International Market Sovereign)                      GBP 149,000             $288,170
- ---------------------------------------------------------------------------------------------------------------------------
United Kingdom Treasury, 5.75%, 2009 (International Market Sovereign)                          192,000              360,144
- ---------------------------------------------------------------------------------------------------------------------------
United Kingdom Treasury, 5 %, 2012 (International Market Sovereign)                            581,000            1,053,644
- ---------------------------------------------------------------------------------------------------------------------------
                                                                                                                 $1,701,958
- ---------------------------------------------------------------------------------------------------------------------------
Total Foreign Bonds                                                                                             $56,368,345
- ---------------------------------------------------------------------------------------------------------------------------
Total Bonds (Identified Cost, $384,888,572)                                                                    $395,146,325
- ---------------------------------------------------------------------------------------------------------------------------
REPURCHASE AGREEMENT - 2.4%
- ---------------------------------------------------------------------------------------------------------------------------
Goldman Sachs, 1.58%,  dated 08/31/2004, due 09/01/2004,
total to be received $9,570,420 (secured by various U.S. Treasury
and Federal Agency obligations in a jointly traded account),at Cost                         $9,570,000           $9,570,000
- ---------------------------------------------------------------------------------------------------------------------------
Total Investments (Identified Cost, $394,458,572)                                                              $404,716,325
- ---------------------------------------------------------------------------------------------------------------------------
OTHER ASSETS, LESS LIABILITIES - (0.2)%                                                                            (971,471)
- ---------------------------------------------------------------------------------------------------------------------------
Net Assets - 100.0%                                                                                            $403,744,854
- ---------------------------------------------------------------------------------------------------------------------------
 ## SEC Rule 144A restriction.
### Security segregated as collateral for open futures contracts.
Abbreviations have been used throughout this report to indicate amounts shown in currencies other than the U.S.dollar.
A list of abbreviations is shown below

AUD = Australian Dollar
CAD = Canadian Dollar
DKK = Danish Krone
EUR = Euro
GBP = British Pound
NZD = New Zealand Dollar
SEK = Swedish Krona

SEE ATTACHED SCHEDULES.

FOR MORE INFORMATION SEE NOTES TO FINANCIAL STATEMENTS AS DISCLOSED IN THE MOST RECENT SEMI-ANNUAL OR ANNUAL REPORT.
</TABLE>
<PAGE>

(1) PORTFOLIO SECURITIES

The cost and unrealized appreciation and depreciation in the value of the
investments owned by the trust, as computed on a federal income tax basis, are
as follows:

Aggregate cost                                  $399,479,364
                                                ------------
Gross unrealized appreciation                     $8,385,361
                                                ------------
Gross unrealized depreciation                     (3,148,400)
                                                ------------
Net unrealized appreciation                        5,236,961
                                                ------------

(2) FINANCIAL INSTRUMENTS

The trust trades financial instruments with off-balance-sheet risk in the normal
course of its investing activities in order to manage exposure to market risks
such as interest rates and foreign currency exchange rates. These financial
instruments include forward foreign currency exchange contract and futures
contracts. The notional or contractual amounts of these instruments represent
the investment the trust has in particular classes of financial instruments and
does not necessarily represent the amounts potentially subject to risk. The
measurement of the risks associated with these instruments is meaningful only
when all related and offsetting transactions are considered.

<TABLE>
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS

<CAPTION>
                                                                                         NET UNREALIZED
                         CONTRACTS TO                                CONTRACTS            APPRECIATION
     SETTLEMENT DATE   DELIVER/RECEIVE      IN EXCHANGE FOR          AT VALUE            (DEPRECIATION)
- --------------------------------------------------------------------------------------------------------
SALES
<S>                     <C>                   <C>                  <C>                      <C>
        10/12/04        AUD 641,743              $455,654             $451,429                $4,225
        11/16/04        DKK 12,375,523          2,032,840            2,025,191                 7,649
  10/6/04 - 11/15/04    EUR 21,072,207         25,674,559           25,655,279                19,280
        11/16/04        GBP 896,237             1,624,765            1,606,638                18,127
        10/12/04        NZD 3,709,481           2,373,103            2,421,671               (48,568)
                                              ------------------------------------------------------
                                              $32,160,921          $32,160,208                  $713
                                              ------------------------------------------------------
PURCHASES
        9/13/04         CAD 236,019              $180,373             $179,601                 ($772)
  10/6/04 - 11/15/04    EUR 1,201,803           1,463,261            1,463,351                    90
       11/16/04         SEK 15,487,767          2,059,737            2,064,554                 4,817
                                              ------------------------------------------------------
                                               $3,703,371           $3,707,506                $4,135
                                              ------------------------------------------------------

At August 31,2004, forward foreign currency purchases and sales under master netting agreements excluded above
amounted to a net receivable of $50,287 with Merrill Lynch International.

At August 31,2004, the trust had sufficient cash and/or securities to cover any commitments under these contracts.

FUTURES CONTRACTS
                                                                                  Unrealized
                                                                                 Appreciation
Description                   Expiration     Contracts        Position          (Depreciation)
                                              ------------------------------------------------------
U.S. Treasury Note 2 Year       Dec-04          174             Short           ($52,373)
U.S. Treasury Note 10 Year      Dec-04          50              Long              20,887
                                                                                --------
                                                                                ($31,486)
                                                                                --------
At August 31, 2004, the trust had sufficient cash and/or securities to cover any margin requirements under these contracts.
</TABLE>
<PAGE>

ITEM 2. CONTROLS AND PROCEDURES.

(a) Based upon their evaluation of the registrant's disclosure controls and
    procedures as conducted within 90 days of the filing date of this Form N-Q,
    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 Investment Company Act of
    1940 (the "Act")) that occurred during the registrant's last fiscal quarter
    that has materially affected, or is reasonably likely to materially affect,
    the registrant's internal control over financial reporting.

ITEM 3. EXHIBITS.

File as exhibits as part of this Form 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.

<PAGE>

                                   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: MFS GOVERNMENT MARKETS INCOME TRUST
            ----------------------------------------------------------


By (Signature and Title)*       ROBERT J. MANNING
                                -----------------------------------------------
                                Robert J. Manning, President

Date:   October 25, 2004
        ----------------

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)*       ROBERT J. MANNING
                                --------------------------------------------
                                Robert J. Manning, President
                                (Principal Executive Officer)

Date:   October 25, 2004
        ----------------

By (Signature and Title)*       RICHARD M. HISEY
                                --------------------------------------------
                                Richard M. Hisey, Treasurer (Principal Financial
                                Officer and Accounting Officer)

Date:   October 25, 2004
        ----------------

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

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>ex99_cert-61567.txt
<DESCRIPTION>CERTIFICATION
<TEXT>
<PAGE>
                                                                      EX-99.CERT

                       MFS GOVERNMENT MARKETS INCOME TRUST
                                  CERTIFICATION

I, Richard M. Hisey, certify that:

1. I have reviewed this report on Form N-Q of MFS Government Markets Income
   Trust;

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 schedules of investments included in this report
   fairly present in all material respects the investments of the registrant as
   of the end of the fiscal quarter for which the report is filed;

4. The registrant's other certifying officer(s) 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) 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. 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

     c. disclosed in this report any change in the registrant's internal
        control over financial reporting that occurred during the registrant's
        most recent fiscal quarter 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(s) 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:     October 25, 2004            RICHARD M. HISEY
          ----------------            ------------------------------------
                                      Richard M. Hisey
                                      Treasurer (Principal Financial Officer and
                                      Accounting Officer)
<PAGE>
                                                                     EX-99.CERT

                       MFS GOVERNMENT MARKETS INCOME TRUST
                                  CERTIFICATION

I, Robert J. Manning, certify that:

1. I have reviewed this report on Form N-Q of MFS Government Markets Income
   Trust;

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 schedules of investments included in this report
   fairly present in all material respects the investments of the registrant as
   of the end of the fiscal quarter for which the report is filed;

4. The registrant's other certifying officer(s) 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) 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. 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

     c. disclosed in this report any change in the registrant's internal
        control over financial reporting that occurred during the registrant's
        most recent fiscal quarter 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(s) 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:  October 25, 2004               ROBERT J. MANNING
       ----------------               ---------------------------
                                      Robert J. Manning
                                      President (Principal Executive Officer)

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