FORM 13F
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Report for the Calendar Year or Quarter Ended: 6/30/99
Check here if Amendment [ ]: Amendment Number:
This Amendment (check only one):
[ ] is a restatement.
[ ] adds new holdings entries.
Institutional Investment Manager filing this report:
Name: MacKay-Shields Financial Corporation
Address: 9 West 57th Street
New York, New York 10019
Form 13F File Number: 28-46
The institutional investment manager filing this report and the
person by whom it is signed hereby represent that the person
signing the report is authorized to submit it, that all
information contained herein is true, correct and complete,
and that it is understood that all required items, statements,
schedules, lists, and tables, are considered integral parts
of this form.
Person Signing this Report on Behalf of Reporting Manager:
Name: Robert A. Nisi
Title: General Counsel
Phone: 212-230-3025
Signature, Place, and Date of Signing:
/s/ Robert A. Nisi
New York, New York
August 2, 1999
Report Type (Check only one):
[X] 13F HOLDINGS REPORT
[ ] 13F NOTICE
[ ] 13F COMBINATION REPORT
Form 13F Summary Page
Number of Other Included Managers: 0
Form 13F Information Table Entry Total: 355
Form 13F Information Table Value Total: $18,812,537
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FORM 13F
REPORTING MANAGER : MACKAY-SHIELDS FINANCIAL
6/30/99
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ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7 ITEM 8
NAME OF ISSUER TITLE CUSIP FAIR SHARES OR INVEST DSCRETN MANA- VOTING AUTHORITY
OF NUMBER MARKET PRINCIPAL SHARED GERS
CLASS VALUE AMOUNT SOLE SHARED OTHER SOLE SHARED NONE
(A) (B) (C) (A) (B) (C)
- ----------------------------------------------------------------------------------------------------------------------------
<S> <S> <C> <C> <C> <C> <C>
AGCO CP Common 00108410 248,875 22,000 22,000 22,000
AK STL HLDG CORP Common 00154710 562,500 25,000 25,000 25,000
AT&T CORP Common 00195710 103,225,330 1,849,502 1,849,502 1,849,502
ABGENIX INC Common 00339B10 3,458,250 174,000 174,000 174,000
AXCIOM CORP Common 00512510 1,783,031 71,500 71,500 71,500
ADAPTEC INC Common 00651F10 116,095,141 3,287,650 3,287,650 3,287,650
ADELPHIA COMMUNICATIONS-CL A Common 00684810 2,545,000 40,000 40,000 40,000
ADELPHIA COMMUNICATIONS CORP C Conv Pfd 00684840 5,778,750 30,000 30,000 30,000
ADVENT SOFTWARE Common 00797410 1,675,000 25,000 25,000 25,000
AGRIBRANDS INTERNATIONAL Common 00849R10 445,078 11,250 11,250 11,250
ALCOA INC Common 01381710 253,688 4,100 4,100 4,100
ALKERMES INC 6.5% CNV PFD Conv Pfd 01642T40 1,175,000 25,000 25,000 25,000
ALLEGHENY ENERGY INC Common 01736110 448,875 14,000 14,000 14,000
ALLIANCE GAMING CORP Common 01859P60 610,958 162,922 162,922 162,922
ALLSTATE CORP Common 02000210 133,340,666 3,716,813 3,716,813 3,716,813
ALLTEL CORP Common 02003910 231,352,550 3,235,700 3,235,700 3,235,700
AMAZON.COM INC Common 02313510 387,888 3,100 3,100 3,100
AMERADA HESS CORP Common 02355110 3,439,100 57,800 57,800 57,800
AMERICA ONLINE INC Common 02364J10 66,899,250 608,175 608,175 608,175
AMERICAN INTL GROUP INC Common 02687410 444,688,447 3,792,652 3,792,652 3,792,652
AMERICAN ITALIAN PASTA CO - A Common 02707010 1,761,750 58,000 58,000 58,000
AMERICAN PWR CONVERSN Common 02906610 201,250 10,000 10,000 10,000
AMERICAN STANDARD COMPANIES Common 02971210 133,206,000 2,775,125 2,775,125 2,775,125
AMERISOURCE HEALTH CORP Common 03071P10 1,718,700 67,400 67,400 67,400
AMWAY JAPAN LTD Common 03234J10 1,135,740 227,148 227,148 227,148
ANALOG DEVICES Common 03265410 4,015,000 80,000 80,000 80,000
<PAGE>
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ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7 ITEM 8
NAME OF ISSUER TITLE CUSIP FAIR SHARES OR INVEST DSCRETN MANA- VOTING AUTHORITY
OF NUMBER MARKET PRINCIPAL SHARED GERS
CLASS VALUE AMOUNT SOLE SHARED OTHER SOLE SHARED NONE
(A) (B) (C) (A) (B) (C)
- -------------------------------------------------------------------------------------------------------------------------
ANDRX CORP Common 03455110 5,121,100 66,400 66,400 66,400
APACHE CORPORATION Conv Pfd 03741160 6,475,000 175,000 175,000 175,000
APOLLO GROUP INC -CLS A Common 03760410 451,563 17,000 17,000 17,000
APPLIED PWR INC Common 03822510 2,105,794 77,100 77,100 77,100
ARCHSTONE COMMUNITIES TRUST Conv Pfd 03958120 1,371,813 46,700 46,700 46,700
ARMCO INC CONV $3.625 PFD B Conv Pfd 04217040 1,226,100 24,400 24,400 24,400
ASSOCIATES FIRST CAPITAL CORP Common 04600810 334,868,596 7,589,090 7,589,090 7,589,090
AVONDALE INDUSTRIES INC Common 05435010 1,236,300 31,700 31,700 31,700
BJ SVCS CO Common 05548210 2,502,188 85,000 85,000 85,000
BMC SOFTWARE INC Common 05592110 3,542,400 65,600 65,600 65,600
BAKER HUGHES Common 05722410 670,000 20,000 20,000 20,000
BANK OF AMERICA CORP Common 06050510 107,806,471 1,470,506 1,470,506 1,470,506
BANK NEW YORK INC Common 06405710 1,174,000 32,000 32,000 32,000
BED BATH & BEYOND INC Common 07589610 152,610,535 3,963,910 3,963,910 3,963,910
BELL ATLANTIC CORP Common 07785310 6,828,419 104,450 104,450 104,450
BENCHMARK ELECTRONICS INC Common 08160H10 1,976,563 55,000 55,000 55,000
BEVERLY ENTERPRISES Common 08785130 6,033,975 748,400 748,400 748,400
BORDERS GROUP, INC. Common 09970910 1,106,875 70,000 70,000 70,000
BOSTON SCIENTIFIC CORP Common 10113710 263,625 6,000 6,000 6,000
BOWATER INC Common 10218310 36,225,294 764,650 764,650 764,650
BOYDS COLLECTION LTD Common 10335410 302,969 17,500 17,500 17,500
BRIGHT HORIZONS FAMILY SOLUTIO Common 10919510 509,625 27,000 27,000 27,000
BRISTOL-MYERS SQUIBB Common 11012210 1,408,750 20,000 20,000 20,000
BROCADE COMMUNICATIONS SYS Common 11162110 983,663 10,200 10,200 10,200
BROWNING FERRIS INDS INC Common 11588510 84,239,150 1,959,050 1,959,050 1,959,050
BUILDING ONE SERVICES CORP Common 12011410 680,569 49,050 49,050 49,050
<PAGE>
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ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7 ITEM 8
NAME OF ISSUER TITLE CUSIP FAIR SHARES OR INVEST DSCRETN MANA- VOTING AUTHORITY
OF NUMBER MARKET PRINCIPAL SHARED GERS
CLASS VALUE AMOUNT SOLE SHARED OTHER SOLE SHARED NONE
(A) (B) (C) (A) (B) (C)
- ------------------------------------------------------------------------------------------------------------------------
BURLINGTON INDS INC Common 12169310 330,225 35,700 35,700 35,700
BURLINGTON NORTHERN SANTA FE Common 12189T10 514,600 16,600 16,600 16,600
CIGNA CORP Common 12550910 112,402,550 1,262,950 1,262,950 1,262,950
C.I.T. GROUP INC -A Common 12557710 1,940,400 67,200 67,200 67,200
CVS CORPORATION Common 12665010 295,000,158 5,812,811 5,812,811 5,812,811
CALLAWAY GOLF CO Common 13119310 21,615,750 1,478,000 1,478,000 1,478,000
CALPINE CORPORATION Common 13134710 2,592,000 48,000 48,000 48,000
CARDINAL HEALTH INC Common 14149Y10 211,993,787 3,305,946 3,305,946 3,305,946
CARNIVAL CORP CLASS A Common 14365810 154,986,600 3,195,600 3,195,600 3,195,600
CENDANT CORPORATION Common 15131310 164,692,839 8,033,797 8,033,797 8,033,797
CENTEX CORP Common 15231210 281,719 7,500 7,500 7,500
CENTOCOR INC Common 15234210 1,734,450 37,200 37,200 37,200
CHANCELLOR MEDIA CORP Common 15891510 163,154,841 2,959,725 2,959,725 2,959,725
CHESAPEAKE ENERGY CNVPFD 7% Conv Pfd 16516730 1,040,000 40,000 40,000 40,000
CHIQUITA BRANDS INTL INC Conv Pfd 17003250 7,791,450 203,100 203,100 203,100
CHUBB CORP Common 17123210 105,970,125 1,524,750 1,524,750 1,524,750
CINERGY CORP Common 17247410 745,600 23,300 23,300 23,300
CIRCUIT CITY STORE INC Common 17273710 302,970,750 3,257,750 3,257,750 3,257,750
CIRRUS LOGIC INC Common 17275510 674,500 76,000 76,000 76,000
CISCO SYS INC Common 17275R10 488,487,027 7,580,788 7,580,788 7,580,788
CITADEL COMMUNICATIONS CORP Common 17285320 2,844,338 78,600 78,600 78,600
CITIGROUP INC Common 17296710 446,756,880 9,405,408 9,405,408 9,405,408
CLARIFY INC. Common 18049210 742,500 18,000 18,000 18,000
CLEAR CHANNEL COMMUNICATIONS Common 18450210 234,182,411 3,397,025 3,397,025 3,397,025
COASTAL CORP Common 19044110 140,752,238 3,496,950 3,496,950 3,496,950
COINSTAR INC Common 19259P30 1,729,856 60,300 60,300 60,300
<PAGE>
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ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7 ITEM 8
NAME OF ISSUER TITLE CUSIP FAIR SHARES OR INVEST DSCRETN MANA- VOTING AUTHORITY
OF NUMBER MARKET PRINCIPAL SHARED GERS
CLASS VALUE AMOUNT SOLE SHARED OTHER SOLE SHARED NONE
(A) (B) (C) (A) (B) (C)
- -------------------------------------------------------------------------------------------------------------------------
COLGATE PALMOLIVE CO Common 19416210 228,891,838 2,323,775 2,323,775 2,323,775
COLTEC INDUSTRIES Common 19687910 832,800 38,400 38,400 38,400
COLUMBIA ENERGY GROUP Common 19764810 5,058,881 80,700 80,700 80,700
COMDISCO INC Common 20033610 5,125,000 200,000 200,000 200,000
COMPLETE BUSINESS SOLUTIONS Common 20452F10 304,938 17,000 17,000 17,000
COMPUWARE CORP Common 20563810 305,715,262 9,609,910 9,609,910 9,609,910
CONAGRA Common 20588710 54,461,438 2,045,500 2,045,500 2,045,500
CONMED CORP Common 20741010 2,195,813 71,700 71,700 71,700
CONOCO INC-CL A Common 0825130 13,538,888 485,700 485,700 485,700
CONSECO INC Common 20846410 69,725,768 2,290,785 2,290,785 2,290,785
CONSOLIDATED GRAPHICS INC Common 20934110 1,290,000 25,800 25,800 25,800
CONSOLIDATED NATURAL GAS Common 20961510 53,353,688 878,250 878,250 878,250
COOPER CAMERON CORP Common 21664010 370,625 10,000 10,000 10,000
CORPORATE EXECUTIVE BOARD CO Common 21988R10 924,625 26,000 26,000 26,000
COST PLUS INC Common 22148510 1,888,250 41,500 41,500 41,500
COVAD COMMUNICATIONS GROUP Common 22281420 1,119,563 21,000 21,000 21,000
CULLEN/FROST BANKERS INC Common 22989910 1,929,375 70,000 70,000 70,000
CYPRUS AMAX MINERALS CO Common 3280910 8,299,050 544,200 544,200 544,200
CYTEC INDUSTRIES INC Common 23282010 472,500 15,000 15,000 15,000
DQE INC Common 23329J10 722,250 18,000 18,000 18,000
DTE ENERGY COMPANY Common 23333110 72,905,825 1,789,100 1,789,100 1,789,100
DANA CORP Common 23581110 42,531,855 923,351 923,351 923,351
DANAHER CORP Common 23585110 6,021,750 103,600 103,600 103,600
DEVELOPERS DIVERS REALTY CORP Common 25159110 1,284,188 76,100 76,100 76,100
DOLLAR GEN CORP Common 25666910 161,777,283 5,578,527 5,578,527 5,578,527
DOLLAR TREE STORES INC Common 25674710 2,244,000 51,000 51,000 51,000
<PAGE>
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ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7 ITEM 8
NAME OF ISSUER TITLE CUSIP FAIR SHARES OR INVEST DSCRETN MANA- VOTING AUTHORITY
OF NUMBER MARKET PRINCIPAL SHARED GERS
CLASS VALUE AMOUNT SOLE SHARED OTHER SOLE SHARED NONE
(A) (B) (C) (A) (B) (C)
- -------------------------------------------------------------------------------------------------------------------------
DUANE READE INC Common 26357810 1,952,000 64,000 64,000 64,000
DUKE ENERGY CORP Common 26439910 598,813 11,000 11,000 11,000
E M C CORP MASS Common 26864810 409,824,250 7,451,350 7,451,350 7,451,350
EASTMAN CHEM CO Common 27743210 931,500 18,000 18,000 18,000
EDISON INTL (SCE CORP Common 28102010 668,750 25,000 25,000 25,000
EL PASO ELECTRIC COMPANY Common 28367785 522,844 58,500 58,500 58,500
EL PASO ENER CAP TRUST Conv Pfd 8367820 7,702,200 155,600 155,600 155,600
EL PASO ENERGY CORP Common 28390510 66,022,306 1,876,300 1,876,300 1,876,300
ELAN PLC Common 28413120 127,694,123 4,601,590 4,601,590 4,601,590
EMBRATEL PARTICIPACOES-ADR Common 29081N10 330,433 23,815 23,815 23,815
EMULEX CORP Common 29247520 589,294 5,300 5,300 5,300
ENERGY EAST CORPORATION Common 29266M10 59,553,000 2,290,500 2,290,500 2,290,500
ENRON OIL & GAS CO Common 29356210 5,698,350 281,400 281,400 281,400
EQUIFAX INC Common 29442910 103,496,783 2,900,085 2,900,085 2,900,085
EQUITABLE COMPS INC Common 29444G10 82,095,100 1,225,300 1,225,300 1,225,300
EQUITY OFFICE PROPERTIES TR Common 29474110 1,588,750 62,000 62,000 62,000
EQUITY OFFICE PROPERTIES TR Conv Pfd 29474150 4,049,375 95,000 95,000 95,000
EVEREST REINSURANCE HLDGS Common 29980810 3,445,200 105,600 105,600 105,600
EXCHANGE APPLICATIONS INC Common 30086710 2,730,250 67,000 67,000 67,000
EXPEDITORS INTL WASH INC Common 30213010 2,474,300 90,800 90,800 90,800
FEDERAL HOME LOAN MTG CORP Common 31340030 124,338,950 2,143,775 2,143,775 2,143,775
FEDERAL MOGUL CORP Common 31354910 32,874,400 632,200 632,200 632,200
FEDERATED DEPT STORES Common 31410H10 110,484,533 2,087,075 2,087,075 2,087,075
FIRSTAR CORP Common 33763V10 77,938,000 2,783,500 2,783,500 2,783,500
FISERV INC Common 33773810 2,852,569 91,100 91,100 91,100
FLUOR CORP Common 34386110 87,504,300 2,160,600 2,160,600 2,160,600
<PAGE>
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ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7 ITEM 8
NAME OF ISSUER TITLE CUSIP FAIR SHARES OR INVEST DSCRETN MANA- VOTING AUTHORITY
OF NUMBER MARKET PRINCIPAL SHARED GERS
CLASS VALUE AMOUNT SOLE SHARED OTHER SOLE SHARED NONE
(A) (B) (C) (A) (B) (C)
- -------------------------------------------------------------------------------------------------------------------------
FOX ENTERTAINMENT GRP INC-A Common 35138T10 32,303,450 1,199,200 1,199,200 1,199,200
FREEPORT-MC COPP SERIES A Conv Pfd 35671D50 337,500 18,000 18,000 18,000
GST TELECOMMUNICATIONS INC Common 36194210 1,859,438 141,000 141,000 141,000
GENERAL ELEC CO Common 36960410 768,400 6,800 6,800 6,800
GENERAL INSTRUMENT CORP Common 37012010 2,924,000 68,800 68,800 68,800
GEON CO Common 37246W10 21,372,075 662,700 662,700 662,700
GEORGIA-PAC(GEORGIA PAC GRP) Common 37329810 76,946,475 1,624,200 1,624,200 1,624,200
GIBRALTAR STEEL CORP Common 37476F10 519,750 21,000 21,000 21,000
GILDAN ACTIVEWEAR INC-CL A Common 37591610 1,265,625 75,000 75,000 75,000
GLENBOROUGH REALTY PFD A Conv Pfd 37803P20 1,425,000 75,000 75,000 75,000
GOLDMAN SACHS GROUP INC Common 38141G10 13,221,750 183,000 183,000 183,000
GRAND UNION CO Common 38653240 220,575 20,400 20,400 20,400
GREAT PLAINS SOFTWARE INC Common 39119E10 1,679,875 35,600 35,600 35,600
GUIDANT CORP Common 40169810 314,572,381 6,153,005 6,153,005 6,153,005
HALLIBURTON Common 40621610 2,262,500 50,000 50,000 50,000
HANGER ORTHOPEDIC GROUP INC Common 41043F20 378,806 26,700 26,700 26,700
HARLEY DAVIDSON INC Common 41282210 297,929,597 5,479,165 5,479,165 5,479,165
HARRAH'S ENTERTAINMENT INC Common 41361910 108,337,906 4,910,500 4,910,500 4,910,500
HEALTH CARE PPTYS INVEST INC Common 42191510 447,563 15,500 15,500 15,500
HEALTHSOUTH CORP. Common 42192410 5,236,000 352,000 352,000 352,000
HEALTHCARE REALTY TRUST INC Common 42194610 475,313 22,500 22,500 22,500
HEICO CORP-CL A Common 42280620 509,250 21,000 21,000 21,000
HIGHWOODS PROPERTIES INC Common 43128410 9,043,400 329,600 329,600 329,600
HOME DEPOT INC Common 43707610 350,497,793 5,439,345 5,439,345 5,439,345
HONEYWELL INC Common 43850610 80,347,725 693,400 693,400 693,400
ICG COMMUNICATIONS INC Common 44924610 696,825 32,600 32,600 32,600
<PAGE>
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ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7 ITEM 8
NAME OF ISSUER TITLE CUSIP FAIR SHARES OR INVEST DSCRETN MANA- VOTING AUTHORITY
OF NUMBER MARKET PRINCIPAL SHARED GERS
CLASS VALUE AMOUNT SOLE SHARED OTHER SOLE SHARED NONE
(A) (B) (C) (A) (B) (C)
- ------------------------------------------------------------------------------------------------------------------------
IMC GLOBAL INC Common 44966910 66,396,304 3,821,370 3,821,370 3,821,370
IMS HEALTH INC Common 44993410 167,921,094 5,373,475 5,373,475 5,373,475
IXL ENTERPRISES INC Common 45071810 2,687,500 100,000 100,000 100,000
IDEXX LABORATORIES INC Common 45168D10 1,860,338 79,800 79,800 79,800
ILLINOVA CORP Common 45231710 82,895,863 3,042,050 3,042,050 3,042,050
INFINITY BROADCASTING Common 45662S10 36,846,700 1,246,400 1,246,400 1,246,400
INTEL CORP Common 45814010 220,205,930 3,700,940 3,700,940 3,700,940
INTERMEDIA COMM Common 45880110 1,500,000 50,000 50,000 50,000
IBM Common 45920010 23,368,400 180,800 180,800 180,800
INTERNATIONAL PAPER CO Common 46014610 56,729,738 1,128,950 1,128,950 1,128,950
INTERVU INC Common 46114R10 1,532,500 40,000 40,000 40,000
IRON MOUNTAIN INC Common 46284P10 2,239,019 78,219 78,219 78,219
ISLE OF CAPRIS CASINOS INC Common 46459210 1,608,619 233,981 233,981 233,981
I2 TECHNOLOGIES INC Common 46575410 2,687,500 62,500 62,500 62,500
JABIL CIRCUIT INC Common 46631310 3,384,375 75,000 75,000 75,000
JOHNSON & JOHNSON Common 47816010 304,417,106 3,106,297 3,106,297 3,106,297
K MART CORP Common 48258410 70,400,550 4,266,700 4,266,700 4,266,700
KERR MCGEE CORP Common 49238610 107,983,425 2,151,600 2,151,600 2,151,600
KMART FINANCING 7.75% Conv Pfd 49877820 3,568,500 61,000 61,000 61,000
KOHLS CORP Common 50025510 377,155,284 4,906,085 4,906,085 4,906,085
KROGER CO Common 50104410 301,054,221 10,775,990 10,775,990 10,775,990
L-3 COMMUNICATIONS HLDGS INC Common 50242410 2,091,931 43,300 43,300 43,300
LAKES GAMING INC Common 51206P10 1,094,844 100,100 100,100 100,100
LASON INC Common 51808R10 2,208,313 44,500 44,500 44,500
LEGATO SYSTEMS Common 52465110 635,250 11,000 11,000 11,000
LINENS 'N THINGS INC Common 53567910 2,546,250 58,200 58,200 58,200
<PAGE>
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ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7 ITEM 8
NAME OF ISSUER TITLE CUSIP FAIR SHARES OR INVEST DSCRETN MANA- VOTING AUTHORITY
OF NUMBER MARKET PRINCIPAL SHARED GERS
CLASS VALUE AMOUNT SOLE SHARED OTHER SOLE SHARED NONE
(A) (B) (C) (A) (B) (C)
- ------------------------------------------------------------------------------------------------------------------------------------
LIZ CLAIBORNE Common 53932010 81,805,625 2,241,250 2,241,250 2,241,250
LOEWS CINEPLEX ENTERTAIN Common 54042310 2,446,875 225,000 225,000 225,000
LUCENT TECHNOLOGIES INC Common 54946310 467,948,273 6,938,992 6,938,992 6,938,992
LYONDELL PETROCHEMICAL Common 55207810 37,061,063 1,796,900 1,796,900 1,796,900
MCN ENERGY GROUP, INC. Common 55267J10 2,075,000 100,000 100,000 100,000
MCI WORLDCOM INC Common 55268B10 447,430,245 5,198,899 5,198,899 5,198,899
MGIC INVT CORP WIS Common 55284810 100,165,069 2,059,950 2,059,950 2,059,950
MACDERMID INC Common 55427310 2,139,000 46,000 46,000 46,000
MANITOWOC COMPANY INC Common 56357110 1,710,788 41,100 41,100 41,100
MARIMBA Common 56781Q10 263,438 5,000 5,000 5,000
MARK IV INDUSTRIES INC Common 57038710 54,674,563 2,588,145 2,588,145 2,588,145
MASCO CORP Common 57459910 3,337,950 115,600 115,600 115,600
MATTEL INC Common 57708110 65,124,400 2,492,800 2,492,800 2,492,800
MAXIMUS INC Common 57793310 1,262,125 43,900 43,900 43,900
MEDE AMERICA CORP Common 58406710 641,750 17,000 17,000 17,000
MEDIA METRIX INC Common 58440X10 319,500 6,000 6,000 6,000
MEDQUIST INC Common 58494910 765,625 17,500 17,500 17,500
MEDITRUST CORP-PAIRED STOCK Common 58501T30 209,000 16,000 16,000 16,000
MEDTRONIC INC Common 58505510 357,700,123 4,593,260 4,593,260 4,593,260
THE MEN'S WEARHOUSE INC Common 58711810 1,448,375 56,799 56,799 56,799
MERCK & CO INC Common 58933110 173,929,491 2,362,370 2,362,370 2,362,370
METROMEDIA INTL GRP CV PFD Conv Pfd 59169520 1,534,500 44,000 44,000 44,000
METTLER-TOLEDO INTL Common 59268810 1,802,850 70,700 70,700 70,700
METZLER GROUP INC Common 59290310 1,256,938 45,500 45,500 45,500
MICROSOFT CORP Common 59491810 413,170,402 4,581,238 4,581,238 4,581,238
MICROSOFT CONV PFD 2.196 Conv Pfd 59491820 28,132,406 281,500 281,500 281,500
<PAGE>
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ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7 ITEM 8
NAME OF ISSUER TITLE CUSIP FAIR SHARES OR INVEST DSCRETN MANA- VOTING AUTHORITY
OF NUMBER MARKET PRINCIPAL SHARED GERS
CLASS VALUE AMOUNT SOLE SHARED OTHER SOLE SHARED NONE
(A) (B) (C) (A) (B) (C)
- ------------------------------------------------------------------------------------------------------------------------
MOBIL Common 60705910 6,122,500 62,000 62,000 62,000
MONTANA POWER CO Common 61208510 3,905,700 55,400 55,400 55,400
MOTOROLA INC Common 62007610 156,176,425 1,648,300 1,648,300 1,648,300
MUTUAL RISK MGMT LTD Common 62835110 1,435,125 43,000 43,000 43,000
NCO GROUP INC Common 62885810 627,000 16,500 16,500 16,500
NASDAQ-100 SHARES Common 63110010 5,762,500 50,000 50,000 50,000
NATIONAL STEEL CORP-CL B Common 63784430 502,500 60,000 60,000 60,000
NATIONWIDE HLTH PPTYS INC Common 63862010 446,063 23,400 23,400 23,400
NIAGARA MOHAWK HOLDINGS INC Common 65352010 81,815,147 5,093,550 5,093,550 5,093,550
NIPPON TELEGRAPH&TEL SP/ADR Common 65462410 85,173,131 1,360,050 1,360,050 1,360,050
NOBLE AFFILIATES INC Common 65489410 88,102,850 3,125,600 3,125,600 3,125,600
NORDSTROM INC Common 65566410 113,868,175 3,399,050 3,399,050 3,399,050
NORTHWEST AIRLS CORP CL A Common 66728010 42,113,500 1,295,800 1,295,800 1,295,800
OGE ENERGY CORP Common 67083710 7,015,750 295,400 295,400 295,400
OCEAN ENERGY INC Common 67481E10 54,406,275 5,652,600 5,652,600 5,652,600
OCULAR SCIENCES INC Common 67574410 354,450 20,400 20,400 20,400
OMNICOM GROUP INC Common 68191910 185,100,000 2,313,750 2,313,750 2,313,750
OPTIMAL ROBOTICS CORP Common 68388R20 993,750 100,000 100,000 100,000
ORACLE CORPORATION Common 68389X10 215,664,805 5,809,153 5,809,153 5,809,153
OWENS ILLINOIS INC Common 69076840 89,714,113 2,744,600 2,744,600 2,744,600
OWENS-ILLINOIS INC Conv Pfd 69076850 4,510,000 102,500 102,500 102,500
PACIFICORP Common 69511410 477,750 26,000 26,000 26,000
PATRIOT AMERN HOSPITLTY IN Common 70335220 338,400 75,200 75,200 75,200
PATTERSON DENTAL COMPANY Common 70341210 1,713,175 49,300 49,300 49,300
PAYLESS SHOESOURCE INC Common 70437910 55,023,413 1,028,475 1,028,475 1,028,475
PENNZENERGY COMPANY Common 70931Q10 556,938 33,500 33,500 33,500
<PAGE>
- -----------------------------------------------------------------------------------------------------------------------
ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7 ITEM 8
NAME OF ISSUER TITLE CUSIP FAIR SHARES OR INVEST DSCRETN MANA- VOTING AUTHORITY
OF NUMBER MARKET PRINCIPAL SHARED GERS
CLASS VALUE AMOUNT SOLE SHARED OTHER SOLE SHARED NONE
(A) (B) (C) (A) (B) (C)
- -----------------------------------------------------------------------------------------------------------------------
PERCLOSE INC Common 71361C10 1,643,738 34,200 34,200 34,200
PEREGRINE SYSTEMS INC Common 71366Q10 642,188 25,000 25,000 25,000
TELEKOMUNIK INDONESIA-SP AD Common 71568410 246,263 19,800 19,800 19,800
PFIZER INC Common 71708110 187,398,904 1,719,256 1,719,256 1,719,256
PHELPS DODGE Common 71726510 569,825 9,200 9,200 9,200
PHILIP MORRIS COS INC Common 71815410 137,823,433 3,429,510 3,429,510 3,429,510
PLANTRONICS INC Common 72749310 2,031,900 31,200 31,200 31,200
PLAYERS INTL INC Common 72790310 449,219 62,500 62,500 62,500
POGO TRUST I Conv Pfd 73044P20 1,765,313 35,000 35,000 35,000
PORTAL SOFTWARE Common 73612610 2,315,625 50,000 50,000 50,000
PRE PAID LEGAL SVCS Common 74006510 1,988,263 73,300 73,300 73,300
PREMIER PARKS INC Common 74054020 1,587,600 43,200 43,200 43,200
PRIORITY HEALTHCARE CORP-B Common 74264T10 241,500 7,000 7,000 7,000
PROFIT RECOVERY GROUP INTL Common 74316810 903,669 19,100 19,100 19,100
PROVIDIAN CORP Common 74406A10 258,917,950 2,776,600 2,776,600 2,776,600
PSINET INC Common 74437C10 735,000 16,800 16,800 16,800
PSINET INC Conv Pfd 74437C30 2,412,500 50,000 50,000 50,000
QRS CORP Common 74726X10 2,698,800 34,600 34,600 34,600
QLOGIC CORP Common 74727710 1,254,000 9,500 9,500 9,500
QUANTA SERVICES INC Common 74762E10 880,000 20,000 20,000 20,000
QUEST DIAGNOSTICS INC Common 74834L10 19,955,006 728,950 728,950 728,950
QWEST COMMUNICATIONS INTL Common 74912110 4,927,966 149,050 149,050 149,050
RPM INC OHIO Common 74968510 3,639,663 256,540 256,540 256,540
RAYTHEON CO - CLASS A Common 75511130 48,346,806 701,950 701,950 701,950
RAYTHEON CO - CLASS B Common 75511140 303,150 4,300 4,300 4,300
REDBACK NETWORKS Common 75720910 640,369 5,100 5,100 5,100
<PAGE>
- -----------------------------------------------------------------------------------------------------------------------
ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7 ITEM 8
NAME OF ISSUER TITLE CUSIP FAIR SHARES OR INVEST DSCRETN MANA- VOTING AUTHORITY
OF NUMBER MARKET PRINCIPAL SHARED GERS
CLASS VALUE AMOUNT SOLE SHARED OTHER SOLE SHARED NONE
(A) (B) (C) (A) (B) (C)
- -----------------------------------------------------------------------------------------------------------------------
REPSOL SPONS ADR Common 76026T20 260,000 12,800 12,800 12,800
REYNOLDS METALS CO Common 76176310 89,623,950 1,519,050 1,519,050 1,519,050
RJ REYNOLDS TOBACCO HLDGS Common 76182K10 9,476,169 298,462 298,462 298,462
ROGERS COMMUNICA IN CL B Common 77510920 1,725,694 108,000 108,000 108,000
SBC COMMUNICA (SOUTHWESTE Common 78387G10 3,064,662 52,839 52,839 52,839
SFX ENTERTAINMENT INC-CL A Common 78417810 204,800 3,200 3,200 3,200
SLM HOLDING CORP Common 78442A10 53,823,274 1,174,860 1,174,860 1,174,860
S & P 500 DEPOSIT RECEIPT Common 78462F10 1,271,360 9,280 9,280 9,280
SAFEWAY INC Common 78651420 229,404,285 4,634,430 4,634,430 4,634,430
SAKS INCORPORATED Common 79377W10 37,791,600 1,308,800 1,308,800 1,308,800
SANCHEZ COMPUTER ASSOC Common 79970210 865,625 25,000 25,000 25,000
SANDISK CORP Common 80004C10 3,240,000 72,000 72,000 72,000
SANTA FE SNYDER CORP Common 80218K10 49,511,680 6,188,960 6,188,960 6,188,960
SCHERING-PLOUGH Common 80660510 372,278,865 7,091,026 7,091,026 7,091,026
SEAGATE TECHNOLOGY Common 81180410 75,861,531 2,960,450 2,960,450 2,960,450
SEAGRAM CO LTD Conv Pfd 81185020 9,912,500 200,000 200,000 200,000
SEALED AIR CORP Conv Pfd 81211K20 2,687,500 43,000 43,000 43,000
SERVICE CORP. INTL Common 81756510 77,815,238 4,042,350 4,042,350 4,042,350
SHAW INDUSTRIES INC Common 82028610 52,764,250 3,015,100 3,015,100 3,015,100
SHERWIN-WILLIAMS Common 82434810 54,821,513 1,975,550 1,975,550 1,975,550
SIMON PROPERTY GROUP, INC Common 82880610 3,659,075 144,200 144,200 144,200
SMURFIT-STONE CONTAINER COR Common 83272710 106,887,988 5,198,200 5,198,200 5,198,200
SOLUTIA INC Common 83437610 426,250 20,000 20,000 20,000
SPIEKER PROPERTIES INC Common 84849710 2,554,088 65,700 65,700 65,700
STAPLES INC Common 85503010 328,950,023 10,632,728 10,632,728 10,632,728
STARMEDIA NETWORK INC Common 85554610 2,565,000 40,000 40,000 40,000
<PAGE>
- -----------------------------------------------------------------------------------------------------------------------
ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7 ITEM 8
NAME OF ISSUER TITLE CUSIP FAIR SHARES OR INVEST DSCRETN MANA- VOTING AUTHORITY
OF NUMBER MARKET PRINCIPAL SHARED GERS
CLASS VALUE AMOUNT SOLE SHARED OTHER SOLE SHARED NONE
(A) (B) (C) (A) (B) (C)
- -----------------------------------------------------------------------------------------------------------------------
STERLING COMMERCE INC Common 85920510 1,711,448 46,570 46,570 46,570
SUN MICROSYSTEMS INC Common 86681010 495,210,561 7,189,990 7,189,990 7,189,990
SUN HEALTHCARE GROUP INC Common 86693310 6,825 18,200 18,200 18,200
SUNGARD DATA SYSTEMS INC Common 86736310 3,632,850 105,300 105,300 105,300
SUPERVALU Common 86853610 271,688 10,500 10,500 10,500
SYLVAN LEARNING SYSTEMS INC Common 87139910 2,022,750 74,400 74,400 74,400
SYMBOL TECHNOLOGIES INC Common 87150810 232,313 6,300 6,300 6,300
SYSTEM SOFTWARE ASSOC INC Common 87183910 82,813 50,000 50,000 50,000
TALBOTS INC Common 87416110 3,126,250 82,000 82,000 82,000
TELECENTRO SUL PARTICIPA-ADR Common 87923910 265,013 4,775 4,775 4,775
TELENORTE LESTE PARTICIP-ADR Common 87924610 442,252 23,825 23,825 23,825
TELESP PARTICIPACOES SA-ADR Common 87952K10 546,141 23,875 23,875 23,875
TELESP CELULAR PARTICIPA-ADR Common 87952L10 255,463 9,550 9,550 9,550
TEMPLE INLAND INC Common 87986810 43,048,463 627,300 627,300 627,300
TESORO PETROLEUM CORP Common 88160910 2,121,281 133,100 133,100 133,100
TEVA PHARMACEUTICAL INDS Common 88162420 2,915,500 59,500 59,500 59,500
TETRA TECH INC Common 88162G10 2,362,817 143,201 143,201 143,201
TEXACO INC Common 88169410 107,247,575 1,719,400 1,719,400 1,719,400
TEXAS UTILITIES CO (HLDG) Common 88284810 106,792,725 2,577,200 2,577,200 2,577,200
THESTREET.COM INC Common 88368Q10 1,080,000 30,000 30,000 30,000
TIME WARNER INC Common 88731510 177,506,394 2,444,150 2,444,150 2,444,150
TIME WARNER TELECOM -CL A Common 88731910 319,000 11,000 11,000 11,000
TOSCO CORP Common 89149030 122,462,609 4,721,450 4,721,450 4,721,450
TOWNE SERVICES INC Common 89214810 354,375 45,000 45,000 45,000
TRANS WORLD ENTERTAINMENT CP Common 89336Q10 448,875 39,900 39,900 39,900
TUPPERWARE CORP Common 89989610 510,000 20,000 20,000 20,000
<PAGE>
- -----------------------------------------------------------------------------------------------------------------------
ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7 ITEM 8
NAME OF ISSUER TITLE CUSIP FAIR SHARES OR INVEST DSCRETN MANA- VOTING AUTHORITY
OF NUMBER MARKET PRINCIPAL SHARED GERS
CLASS VALUE AMOUNT SOLE SHARED OTHER SOLE SHARED NONE
(A) B) (C) (A) (B) (C)
- ------------------------------------------------------------------------------------------------------------------------
TUT SYSTEMS INC Common 90110310 734,063 15,000 15,000 15,000
TYCO INTL LTD Common 90212410 598,521,348 6,316,848 6,316,848 6,316,848
UCAR INTERNATIONAL INC Common 90262K10 30,292,425 1,199,700 1,199,700 1,199,700
UGI CORP Common 90268110 853,326 42,270 42,270 42,270
USX-MARATHON GROUP Common 90290582 17,082,288 524,600 524,600 524,600
US CONCRETE INC Common 90333L10 807,500 85,000 85,000 85,000
USX-US STEEL GROUP Common 90337T10 74,544,840 2,760,920 2,760,920 2,760,920
UNILAB CORP Common 90476310 92,400 15,400 15,400 15,400
UNICOM CORP Common 90491110 439,613 11,400 11,400 11,400
UNION PACIFIC RESOURCES Common 90783410 170,921,559 10,477,950 10,477,950 10,477,950
UNISYS CORP Common 90921410 3,776,587 96,991 96,991 96,991
UNISYS CORP Conv Pfd 90921420 8,293,669 127,350 127,350 127,350
UNITED HEALTHCARE CORP Common 91058110 139,663,457 2,230,155 2,230,155 2,230,155
US INDUSTRIES INC Common 91208010 306,000 18,000 18,000 18,000
UNIVISION COMMUNICATIONS INC Common 91490610 25,200,500 387,700 387,700 387,700
UNOCAL CORP Common 91528910 110,245,032 2,782,209 2,782,209 2,782,209
VALASSIS COMM Common 91886610 2,461,200 67,200 67,200 67,200
VALERO ENERGY CORP Common 91913Y10 79,237,823 3,696,225 3,696,225 3,696,225
VERTICALNET INC Common 92532L10 735,000 7,000 7,000 7,000
VETERINARY CTRS OF AMERICA Common 92551410 585,900 43,200 43,200 43,200
VIAD CORP Common 92552R10 201,094 6,500 6,500 6,500
WHX CORP PFD B Conv Pfd 92924830 6,042,713 188,100 188,100 188,100
WASHINGTON MUTUAL SAVINGS Common 93932210 103,526,883 2,911,125 2,911,125 2,911,125
WATERS CORPORATION Common 94184810 4,473,125 84,200 84,200 84,200
WELLS FARGO COMPANY Common 94974610 182,841,536 4,276,995 4,276,995 4,276,995
WENDYS FINANCE I SERIES A Conv Pfd 95058820 1,512,500 25,000 25,000 25,000
<PAGE>
- -----------------------------------------------------------------------------------------------------------------------
ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7 ITEM 8
NAME OF ISSUER TITLE CUSIP FAIR SHARES OR INVEST DSCRETN MANA- VOTING AUTHORITY
OF NUMBER MARKET PRINCIPAL SHARED GERS
CLASS VALUE AMOUNT SOLE SHARED OTHER SOLE SHARED NONE
(A) (B) (C) (A) (B) (C)
- ------------------------------------------------------------------------------------------------------------------------
WENDYS INTL INC Common 95059010 1,026,000 36,000 36,000 36,000
WILLIAMS COS Common 96945710 16,386,563 385,000 385,000 385,000
WIT CAPITAL GROUP INC Common 97737K30 1,360,000 40,000 40,000 40,000
WORTHINGTON INDUSTRIES Common 98181110 603,256 36,700 36,700 36,700
XILINX INC Common 98391910 3,121,041 54,516 54,516 54,516
XOMED SURGICAL PRODUCTS INC Common 98412V10 2,509,841 51,550 51,550 51,550
XOOM.COM INC Common 98413F10 1,309,375 25,000 25,000 25,000
YOUNG & RUBICAM INC Common 98742510 5,920,506 130,300 130,300 130,300
GLOBAL CROSSING LTD Common G3921A10 2,530,092 59,357 59,357 59,357
LORAL SPACE & COMM CNV PFD C Conv Pfd G5646214 801,850 15,800 15,800 15,800
TRANSOCEAN OFFSHORE INC Common G9007610 3,237,500 50,000 50,000 50,000
BACKWEB TECHNOLOGIES LTD Common M1563310 1,779,375 65,000 65,000 65,000
FUNDTECH LTD. Common M4709510 389,063 15,000 15,000 15,000
GILAT SATELLITE NETWORKS LTD Common M5147410 2,682,750 51,100 51,100 51,100
ORCKIT COMMUNICATIONS LTD Common M7531S10 618,750 25,000 25,000 25,000
NEW HOLLAND NV Common N6264810 599,375 35,000 35,000 35,000
FLEXTRONICS INTL LTD Common Y2573F10 3,607,500 65,000 65,000 65,000
----------- --------- ------------ ------------
REPORT TOTALS 18,812,536,648 415,698,522 415,698,522 415,698,522
=============== =========== ============= =============
</TABLE>
