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
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MFS GOVERNMENT MARKETS INCOME TRUST
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(Exact name of registrant as specified in charter)
500 Boylston Street, Boston, Massachusetts 02116
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(Address of principal executive offices) (Zip code)
James R. Bordewick, Jr.
Massachusetts Financial Services Company
500 Boylston Street
Boston, Massachusetts 02116
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(Name and address of agents for service)
Registrant's telephone number, including area code: (617) 954-5000
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Date of fiscal year end: November 30
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Date of reporting period: August 31, 2004
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ITEM 1. SCHEDULE OF INVESTMENTS.
MFS(R) Mutual Funds
QUARTERLY PORTFOLIO HOLDINGS 8/31/04
MFS(R) GOVERNMENT
MARKETS INCOME TRUST
[graphic omitted]
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.
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PORTFOLIO OF INVESTMENTS (UNAUDITED) 08/31/2004 MFS(R) GOVERNMENT MARKETS INCOME TRUST
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ISSUER PAR AMOUNT $ VALUE
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BONDS - 97.8%
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U.S. BONDS - 83.9%
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Agency - Other - 5.7%
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Financing Corp., 10.7%, 2017 $4,095,000 $6,370,039
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Financing Corp., 9.8%, 2018 4,350,000 6,416,220
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Financing Corp., 10.35%, 2018 6,820,000 10,475,513
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$23,261,772
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Asset Backed & Securitized - 0.2%
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Freddie Mac, 3.108%, 2035 $660,000 $659,022
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Financial Institutions - 0.8%
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SLM Corp., 1.88%, 2007 $3,205,000 $3,211,083
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Mortgage Backed - 54.8%
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Fannie Mae, 6.942%, 2007 $5,044,551 $5,437,372
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Fannie Mae, 6.5%, 2016 - 2033 21,211,436 22,402,062
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Fannie Mae, 6%, 2016 - 2034 43,390,707 45,126,412
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Fannie Mae, 5.5%, 2017 - 2034 55,560,572 56,982,812
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Fannie Mae, 5%, 2018 - 2019 47,523,175 48,521,066
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Fannie Mae, 4.5%, 2019 25,319,797 25,337,948
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Fannie Mae, 8.5%, 2022 10,100,000 11,336,010
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Freddie Mac, 7.5%, 2027 - 2028 167,288 180,285
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Ginnie Mae, 7 .5%, 2022 - 2032 963,214 1,037,011
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Ginnie Mae, 6.5%, 2028 - 2032 4,634,499 4,901,784
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$221,262,762
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U.S. Government Agencies - 7.1%
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Fannie Mae, 3.41%, 2007 $3,945,000 $3,946,973
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Small Business Administration, 8.875%, 2011 430,562 463,376
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Small Business Administration, 6.34%, 2021 1,615,103 1,748,112
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Small Business Administration, 6.35%, 2021 1,954,524 2,116,254
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Small Business Administration, 6.44%, 2021 1,570,275 1,705,740
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Small Business Administration, 6.625%, 2021 1,580,003 1,727,817
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Small Business Administration, 4.98%, 2023 977,766 993,210
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Small Business Administration, 4.34%, 2024 1,403,000 1,369,769
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Small Business Administration, 4.72%, 2024 2,616,923 2,617,684
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Small Business Administration, 4.77%, 2024 2,538,000 2,545,031
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Small Business Administration, 5.52%, 2024 1,532,000 1,593,241
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U.S. Department of Housing & Urban Development, 6.36%, 2016 1,580,000 1,767,160
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U.S. Department of Housing & Urban Development, 6.59%, 2016 5,612,000 6,110,587
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$28,704,954
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U.S. Treasury Obligations - 15.3%
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U.S. Treasury Bonds, 10.375%, 2009 - 2012 $14,600,000 $16,622,462
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U.S. Treasury Bonds, 12%, 2013 3,036,000 4,034,085
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U.S. Treasury Bonds, 8.875%, 2017 6,000,000 8,553,048
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U.S. Treasury Notes, 3.375%, 2007 16,103,672 17,259,867
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U.S. Treasury Notes, 3.625%, 2008### 11,081,061 12,180,945
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U.S. Treasury STRIPS (Interest),0%, 2012 4,195,000 3,027,980
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$61,678,387
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Total U.S. Bonds $338,777,980
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FOREIGN BONDS - 13.9%
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Australia - 0.1%
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Government of Australia, 6.25%, 2015 (International Market Sovereign) AUD 798,000 $593,256
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Austria - 0.7%
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Republic of Austria, 5.5%, 2007 (International Market Sovereign) EUR 2,084,000 $2,736,107
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Republic of Austria, 4.65%, 2018 (International Market Sovereign) 118,000 148,585
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$2,884,692
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Belgium - 0.4%
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Kingdom of Belgium, 3.75%, 2009 (International Market Sovereign) EUR 784,000 $975,460
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Kingdom of Belgium, 5 %, 2012 (International Market Sovereign) 483,000 632,284
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$1,607,744
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Brazil - 0.4%
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Federal Republic of Brazil, 8 %, 2014 (Emerging Market Sovereign) $1,538,674 $1,505,977
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Canada - 1.1%
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Government of Canada, 5.25%, 2008 (International Market Sovereign) $2,735,000 $2,935,973
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Government of Canada, 5.5%, 2009 - 2010 (International Market Sovereign) CAD 1,635,000 1,330,123
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Government of Canada, 5.25%, 2012 (International Market Sovereign) 47,000 37,675
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Government of Canada, 8 %, 2023 (International Market Sovereign) 74,000 76,531
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$4,380,302
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Chile - 0.1%
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HQI Transelec Chile S.A., 7.875%, 2011 (Utilities - Electric Power) $314,000 $364,761
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Denmark - 0.5%
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Kingdom of Denmark, 7 %, 2007 (International Market Sovereign) DKK 5,466,000 $1,003,620
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Kingdom of Denmark, 6 %, 2009 (International Market Sovereign) 3,516,000 642,201
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Kingdom of Denmark, 5 %, 2013 (International Market Sovereign) 2,358,000 409,317
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$2,055,138
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El Salvador
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Republic of El Salvador, 8.25%, 2032 (Emerging Market Sovereign) $181,000 $177,380
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Finland - 0.8%
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Republic of Finland, 2.75%, 2006 (International Market Sovereign) EUR 1,323,000 $1,620,507
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Republic of Finland, 3 %, 2008 (International Market Sovereign) 1,471,000 1,789,170
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$3,409,677
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France - 0.7%
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Republic of France, 4.75%, 2007 (International Market Sovereign) EUR 985,000 $1,265,660
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Republic of France, 4 %, 2009 (International Market Sovereign) 1,224,000 1,535,322
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$2,800,982
Germany - 1.7%
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Federal Republic of Germany, 4 %, 2007 - 2009 (International Market Sovereign) EUR 788,000 $990,861
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Federal Republic of Germany, 3.5%, 2008 (International Market Sovereign) 3,628,000 4,489,218
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Federal Republic of Germany, 5.25%, 2010 (International Market Sovereign) 243,000 322,806
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Kreditanstalt fur Wiederaufbau, 3.25%, 2008 (International Market Agencies) 709,000 871,078
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$6,673,963
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Ireland - 0.9%
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Republic of Ireland, 4.25%, 2007 (International Market Sovereign) EUR 2,719,000 $3,451,463
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Malaysia - 0.2%
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Petroliam Nasional Berhad, 7.75%, 2015 (Emerging Market Agencies) $537,000 $635,908
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Mexico - 1.3%
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BBVA Bancomer Capital Trust I, 1 0.5%, 2011 (Banks & Credit Companies)## $1,502,000 $1,648,445
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Pemex Project Funding Master Trust, 8.625%, 2022 (Emerging Market Agencies) 987,000 1,125,180
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Petroleos Mexicanos, 9.375%, 2008 (Emerging Market Agencies) 1,072,000 1,262,280
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United Mexican States, 8.125%, 2019 (Emerging Market Sovereign) 1,040,000 1,196,000
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United Mexican States, 8 %, 2022 (Emerging Market Sovereign) 89,000 100,348
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$5,332,253
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Netherlands - 1.0%
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Kingdom of Netherlands, 5.75%, 2007 (International Market Sovereign) EUR 1,519,000 $1,985,109
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Kingdom of Netherlands, 3.75%, 2009 (International Market Sovereign) 1,601,000 1,990,480
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$3,975,589
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New Zealand - 0.6%
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Government of New Zealand, 7 %, 2009 (International Market Sovereign) NZD 785,000 $532,371
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Government of New Zealand, 6.5%, 2013 (International Market Sovereign) 2,791,000 1,866,436
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$2,398,807
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Panama - 0.2%
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Republic of Panama, 9.375%, 2023 - 2029 (Emerging Market Sovereign) $646,000 $713,942
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Republic of Panama, 8.875%, 2027 (Emerging Market Sovereign) 206,000 213,210
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$927,152
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Portugal - 0.2%
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Republic of Portugal, 5.45%, 2013 (International Market Sovereign) EUR 565,000 $761,928
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Qatar - 0.3%
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State of Qatar, 9.75%, 2030 (Emerging Market Sovereign) $990,000 $1,408,275
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Russia - 0.4%
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Aries Vermogensverwaltungs, 9.6%, 2014 (Emerging Market Sovereign)## $500,000 $556,250
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Gazprom OAO, 9.625%, 2013 (Oils) 370,000 401,450
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Russian Ministry of Finance, 12.75%, 2028 (Emerging Market Sovereign) 443,000 672,252
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$1,629,952
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South Africa - 0.5%
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Republic of South Africa, 9.125%, 2009 (Emerging Market Sovereign) $855,000 $1,014,244
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Republic of South Africa, 8.5%, 2017 (Emerging Market Sovereign) 843,000 1,005,278
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$2,019,522
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Spain - 1.4%
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Kingdom of Spain, 7 %, 2005 (International Market Sovereign) $3,600,000 $3,750,703
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Kingdom of Spain, 6 %, 2008 (International Market Sovereign) EUR 13,000 17,397
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Kingdom of Spain, 5.35%, 2011 (International Market Sovereign) 1,424,000 1,903,566
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$5,671,666
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United Kingdom - 0.4%
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United Kingdom Treasury, 7.25%, 2007 (International Market Sovereign) GBP 149,000 $288,170
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United Kingdom Treasury, 5.75%, 2009 (International Market Sovereign) 192,000 360,144
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United Kingdom Treasury, 5 %, 2012 (International Market Sovereign) 581,000 1,053,644
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$1,701,958
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Total Foreign Bonds $56,368,345
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Total Bonds (Identified Cost, $384,888,572) $395,146,325
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REPURCHASE AGREEMENT - 2.4%
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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
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Total Investments (Identified Cost, $394,458,572) $404,716,325
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OTHER ASSETS, LESS LIABILITIES - (0.2)% (971,471)
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Net Assets - 100.0% $403,744,854
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## 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.
(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
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Gross unrealized appreciation $8,385,361
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Gross unrealized depreciation (3,148,400)
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Net unrealized appreciation 5,236,961
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(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.
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS
NET UNREALIZED
CONTRACTS TO CONTRACTS APPRECIATION
SETTLEMENT DATE DELIVER/RECEIVE IN EXCHANGE FOR AT VALUE (DEPRECIATION)
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SALES
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)
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$32,160,921 $32,160,208 $713
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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
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$3,703,371 $3,707,506 $4,135
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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)
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U.S. Treasury Note 2 Year Dec-04 174 Short ($52,373)
U.S. Treasury Note 10 Year Dec-04 50 Long 20,887
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($31,486)
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At August 31, 2004, the trust had sufficient cash and/or securities to cover any margin requirements under these contracts.
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.
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
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By (Signature and Title)* ROBERT J. MANNING
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Robert J. Manning, President
Date: October 25, 2004
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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
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Robert J. Manning, President
(Principal Executive Officer)
Date: October 25, 2004
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By (Signature and Title)* RICHARD M. HISEY
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Richard M. Hisey, Treasurer (Principal Financial
Officer and Accounting Officer)
Date: October 25, 2004
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* Print name and title of each signing officer under his or her signature.