FORM 13F
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Report for the Calendar Year or Quarter Ended: 9/30/99
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
November 8, 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: 370
Form 13F Information Table Value Total: $17,541,651
<PAGE>
<TABLE>
<C> <C>
<CAPTION>
FORM 13F
REPORTING MANAGER : MACKAY-SHIELDS FINANCIAL
13F 9/30/99
- ----------------------------------------------------------------------------------------------------------------------------
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
OF NUMBER MARKET PRINCIPAL SHARED GERS AUTHORITY
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 Stk 00108410 572,000 44,000 44,000 44,000
AK STL HLDG CORP Common Stk 00154710 456,250 25,000 25,000 25,000
AMFM INC Common Stk 00169310 179,481,319 2,954,425 2,954,425 2,954,425
AT&T CORP Common Stk 00195710 106,211,862 2,441,652 2,441,652 2,441,652
AXA FINANCIAL INC Common Stk 00245110 87,519,581 1,568,100 1,568,100 1,568,100
AXCIOM CORP Common Stk 00512510 1,405,422 71,500 71,500 71,500
ADAPTEC INC Common Stk 00651F10 89,317,393 2,250,517 2,250,517 2,250,517
ADVANCED DIGITAL INFO CORP Common Stk 00752510 778,750 28,000 28,000 28,000
ADVENT SOFTWARE Common Stk 00797410 2,533,575 40,700 40,700 40,700
AGILE SOFTWARE CORP Common Stk 00846X10 1,600,000 25,000 25,000 25,000
AIR PRODUCTS & CHEMICALS Common Stk 00915810 468,000 16,000 16,000 16,000
ALCOA INC Common Stk 01381710 254,456 4,100 4,100 4,100
ALKERMES INC Common Stk 01642T10 273,719 9,500 9,500 9,500
ALLEGHENY ENERGY INC Common Stk 01736110 446,250 14,000 14,000 14,000
ALLIANCE GAMING CORP Common Stk 01859P60 1,298,285 162,922 162,922 162,922
ALLSTATE CORP Common Stk 02000210 96,102,641 3,853,740 3,853,740 3,853,740
ALLTEL CORP Common Stk 02003910 231,632,275 3,291,400 3,291,400 3,291,400
ALTERA CORP Common Stk 02144110 1,518,125 35,000 35,000 35,000
AMERADA HESS CORP Common Stk 02355110 3,540,250 57,800 57,800 57,800
AMERICA ONLINE INC Common Stk 02364J10 95,766,117 920,275 920,275 920,275
AMERICAN GENERAL CORP Common Stk 02635110 75,272,750 1,190,083 1,190,083 1,190,083
AMERICAN GENERAL SERIES A Conv Pfd Stk 02637G20 9,640,000 120,500 120,500 120,500
AMERICAN INTL GROUP INC Common Stk 02687410 399,576,574 4,596,136 4,596,136 4,596,136
AMERICAN ITALIAN PASTA CO-A Common Stk 02707010 572,500 20,000 20,000 20,000
AMERICAN STANDARD COMPANIES Common Stk 02971210 109,400,484 2,832,375 2,832,375 2,832,375
AMERISOURCE HEALTH CORP Common Stk 03071P10 1,738,663 73,400 73,400 73,400
<PAGE>
FORM 13F
REPORTING MANAGER : MACKAY-SHIELDS FINANCIAL
13F 9/30/99
- ------------------------------------------------------------------------------------------------------------------------------
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
OF NUMBER MARKET PRINCIPAL SHARED GERS AUTHORITY
CLASS VALUE AMOUNT SOLE SHARED OTHER SOLE SHARED NONE
(A) (B) (C) (A) (B) (C)
- -------------------------------------------------------------------------------------------------------------------------------
AMWAY JAPAN LTD Common Stk 03234J10 1,022,166 227,148 227,148 227,148
ANCOR COMMUNICATIONS INC Common Stk 03332K10 509,250 21,000 21,000 21,000
ANDRX CORP Common Stk 03455110 4,284,488 73,200 73,200 73,200
APACHE CORPORATION Conv Pfd Stk 03741160 3,600,000 90,000 90,000 90,000
APOLLO GROUP INC -CLS A Common Stk 03760410 359,125 17,000 17,000 17,000
APPLIED PWR INC Common Stk 03822510 2,341,913 77,100 77,100 77,100
ARCH CJEMICALS INC Common Stk 03937R10 364,219 22,500 22,500 22,500
ARCHSTONE COMMUNITIES TRUST Conv Pfd Stk 03958120 1,243,388 46,700 46,700 46,700
ARIBA INC Common Stck 04033V10 1,517,250 10,500 10,500 10,500
ARMCO INC CONV $3.625 PFD B Conv Pfd Stk 04217040 1,256,600 24,400 24,400 24,400
ASSOCIATES FIRST CAPTL CORP Common Stk 04600810 224,074,440 6,224,290 6,224,290 6,224,290
ASYST TECHNOLOGIES INC Common Stk 04648X10 858,000 26,000 26,000 26,000
BJ SVCS CO Common Stk 05548210 1,590,625 50,000 50,000 50,000
BMC SOFTWARE INC Common Stk 05592110 2,118,250 29,600 29,600 29,600
BAKER HUGHES Common Stk 05722410 2,610,000 90,000 90,000 90,000
BANK OF AMERICA CORP Common Stk 06050510 86,125,174 1,546,580 1,546,580 1,546,580
BANK NEW YORK INC Common Stk 06405710 2,006,250 60,000 60,000 60,000
BANKBOSTON CORPORATION Common Stk 06605R10 45,524,231 1,049,550 1,049,550 1,049,550
BECTON DICKINSON Common Stk 07588710 49,371,759 1,759,350 1,759,350 1,759,350
BED BATH & BEYOND INC Common Stk 07589610 138,964,256 3,977,510 3,977,510 3,977,510
BELL ATLANTIC CORP Common Stk 07785310 68,433,253 1,016,650 1,016,650 1,016,650
BENCHMARK ELECTRONICS INC Common Stk 08160H10 2,161,125 61,200 61,200 61,200
BEVERLY ENTERPRISES Common Stk 08785130 1,276,700 300,400 300,400 300,400
BORDERS GROUP, INC. Common Stk 09970910 1,028,125 70,000 70,000 70,000
BOSTON SCIENTIFIC CORP Common Stk 10113710 742,500 30,000 30,000 30,000
BROCADE COMMUNICATIONS SYS Common Stk 11162110 2,142,000 10,200 10,200 10,200
<PAGE>
FORM 13F
REPORTING MANAGER : MACKAY-SHIELDS FINANCIAL
13F 9/30/99
- ------------------------------------------------------------------------------------------------------------------------------
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)
- ------------------------------------------------------------------------------------------------------------------------------
BUILDING ONE SERV CORP Common Stk 12011410 621,258 50,975 50,975 50,975
BURLINGTON INDS INC Common Stk 12169310 160,650 35,700 35,700 35,700
BURLINGTON NORTHN SANTA FE Common Stk 12189T10 456,500 16,600 16,600 16,600
CMS ENERGY Conv Pfd Stk 12589630 4,497,188 123,000 123,000 123,000
CVS CORPORATION Common Stk 12665010 242,518,527 5,942,261 5,942,261 5,942,261
CALLAWAY GOLF CO Common Stk 13119310 20,539,594 1,685,300 1,685,300 1,685,300
CALPINE CORPORATION Common Stk 13134710 4,465,781 52,500 52,500 52,500
CANADIAN NATL RAILWAY Conv Pfd Stk 13637540 6,641,844 128,500 128,500 128,500
CARDINAL HEALTH INC Common Stk 14149Y10 184,309,245 3,381,821 3,381,821 3,381,821
CARNIVAL CORP CLASS A Common Stk 14365810 164,999,850 3,793,100 3,793,100 3,793,100
CATERPILLAR Common Stk 14912310 427,538 7,800 7,800 7,800
CENDANT CORPORATION Common Stk 15131310 141,305,265 7,960,860 7,960,860 7,960,860
CENTOCOR INC Common Stk 15234210 1,253,238 21,400 21,400 21,400
CHASE MANHATTAN CORP NEW Common Stk 16161A10 46,532,756 617,350 617,350 617,350
CHATTEM INC Common Stk 16245610 1,227,668 55,645 55,645 55,645
CHESAPEAKE ENERGY CNVPFD 7% Conv Pfd Stk 16516730 1,320,000 40,000 40,000 40,000
CHIQUITA BRANDS INTL INC Conv Pfd Stk 17003250 5,612,756 203,100 203,100 203,100
CINCINNATI BELL Common Stk 17187010 369,313 19,000 19,000 19,000
CINERGY CORP Common Stk 17247410 659,681 23,300 23,300 23,300
CIRCUIT CITY STORE INC Common Stk 17273710 274,288,359 6,501,650 6,501,650 6,501,650
CIRRUS LOGIC INC Common Stk 17275510 550,000 50,000 50,000 50,000
CISCO SYS INC Common Stk 17275R10 474,758,494 6,924,463 6,924,463 6,924,463
CITADEL COMMUNICATIONS CORP Common Stk 17285320 2,682,225 78,600 78,600 78,600
CITIGROUP INC Common Stk 17296710 414,948,644 9,430,651 9,430,651 9,430,651
CITIZENS UTILITIES CO-CL B Common Stk 17734220 2,262,500 200,000 200,000 200,000
CLARIFY INC. Common Stk 18049210 905,625 18,000 18,000 18,000
<PAGE>
FORM 13F
REPORTING MANAGER : MACKAY-SHIELDS FINANCIAL
13F 9/30/99
- -----------------------------------------------------------------------------------------------------------------------------
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)
- -----------------------------------------------------------------------------------------------------------------------------
CLEAR CHANNEL COMMUNICA Common Stk 18450210 277,196,203 3,470,375 3,470,375 3,470,375
COASTAL CORP Common Stk 19044110 109,298,335 2,669,883 2,669,883 2,669,883
COINSTAR INC Common Stk 19259P30 599,231 60,300 60,300 60,300
COLGATE PALMOLIVE CO Common Stk 19416210 211,824,788 4,630,050 4,630,050 4,630,050
COLUMBIA ENERGY GROUP Common Stk 19764810 4,468,763 80,700 80,700 80,700
COMDISCO INC Common Stk 20033610 4,731,563 245,000 245,000 245,000
COMMERCE ONE INC Common Stk 20069310 1,954,375 20,000 20,000 20,000
COMPUWARE CORP Common Stk 20563810 240,029,370 9,209,760 9,209,760 9,209,760
CONAGRA Common Stk 20588710 43,044,738 1,907,800 1,907,800 1,907,800
CONMED CORP Common Stk 20741010 1,756,650 71,700 71,700 71,700
CONOCO INC-CL A Common Stk 20825130 7,567,425 272,700 272,700 272,700
CONOCO INC-CL B Common Stk 20825140 632,363 23,100 23,100 23,100
CONSECO INC Common Stk 20846410 40,594,488 2,136,552 2,136,552 2,136,552
CONSOLIDATED GRAPHICS INC Common Stk 20934110 1,086,825 25,800 25,800 25,800
CONSOLIDATED NATURAL GAS Common Stk 20961510 16,212,323 259,917 259,917 259,917
COOPER CAMERON CORP Common Stk 21664010 1,887,500 50,000 50,000 50,000
CORNING Common Stk 21935010 185,194,169 2,701,100 2,701,100 2,701,100
CORPORATE EXEC BOARD CO Common Stk 21988R10 1,059,500 26,000 26,000 26,000
COST PLUS INC Common Stk 22148510 2,226,150 45,900 45,900 45,900
COVAD COMMUNICA GROUP Common Stk 22281420 915,469 21,000 21,000 21,000
CYTEC INDUSTRIES INC Common Stk 23282010 540,500 23,000 23,000 23,000
DQE INC Common Stk 23329J10 704,250 18,000 18,000 18,000
DSP COMMUNICATIONS INC Common Stk 23332K10 475,000 25,000 25,000 25,000
DTE ENERGY COMPANY Common Stk 23333110 60,487,988 1,662,900 1,662,900 1,662,900
DANA CORP Common Stk 23581110 31,687,079 853,524 853,524 853,524
DANAHER CORP Common Stk 23585110 5,795,625 110,000 110,000 110,000
<PAGE>
FORM 13F
REPORTING MANAGER : MACKAY-SHIELDS FINANCIAL
13F 9/30/99
- ----------------------------------------------------------------------------------------------------------------------------
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)
- ----------------------------------------------------------------------------------------------------------------------------
DEVELOP DIVERS RLTY CORP Common Stk 25159110 1,065,400 76,100 76,100 76,100
DEVON ENERGY CORPORATION Common Stk 25179M10 621,190 14,991 14,991 14,991
DIGEX INC Common Stk 25375610 864,594 36,500 36,500 36,500
DIONEX CORP Common Stk 25454610 619,875 14,500 14,500 14,500
DOLLAR GEN CORP Common Stk 25666910 171,617,730 5,558,469 5,558,469 5,558,469
DOLLAR TREE STORES INC Common Stk 25674710 2,036,813 51,000 51,000 51,000
DUANE READE INC Common Stk 26357810 1,928,000 64,000 64,000 64,000
DUKE ENERGY CORP Common Stk 26439910 606,375 11,000 11,000 11,000
E M C CORP MASS Common Stk 26864810 517,318,863 7,247,900 7,247,900 7,247,900
EOG RESOURCES INC Common Stk 26875P10 2,154,750 101,400 101,400 101,400
EASTMAN CHEM CO Common Stk 27743210 1,116,500 28,000 28,000 28,000
EDISON INTL (SCE CORP Common Stk 28102010 607,813 25,000 25,000 25,000
EL PASO ELECTRIC CO Common Stk 28367785 526,500 58,500 58,500 58,500
EL PASO ENER CAP TRUST Conv Pfd Stk 28367820 8,149,550 155,600 155,600 155,600
EL PASO ENERGY CORP Common Stk 28390510 70,630,700 1,754,800 1,754,800 1,754,800
ELAN PLC Common Stk 28413120 133,741,193 3,984,840 3,984,840 3,984,840
ELDERTRUST Common Stk 28456010 397,575 51,300 51,300 51,300
EMBRATEL PARTICIPACOES-ADR Common Stk 29081N10 273,873 23,815 23,815 23,815
EMULEX CORP Common Stk 29247520 2,035,238 23,700 23,700 23,700
ENERGY EAST CORPORATION Common Stk 29266M10 50,633,409 2,131,933 2,131,933 2,131,933
ENGAGE TECHNOLOGIES INC Common Stk 29282710 2,272,556 60,300 60,300 60,300
EQUITABLE RES INC Common Stk 29454910 476,438 12,600 12,600 12,600
EQUITY OFFICE PROPERTIES TR Common Stk 29474110 4,929,000 212,000 212,000 212,000
EQUITY OFFICE PROPERTIES TR Conv Pfd Stk 29474150 3,657,500 95,000 95,000 95,000
EXCHANGE APPLICATIONS INC Common Stk 30086710 2,237,813 77,000 77,000 77,000
EXPEDITORS INTL WASH INC Common Stk 30213010 2,914,113 90,800 90,800 90,800
<PAGE>
FORM 13F
REPORTING MANAGER : MACKAY-SHIELDS FINANCIAL
13F 9/30/99
- ---------------------------------------------------------------------------------------------------------------------------
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)
- ----------------------------------------------------------------------------------------------------------------------------
FEDERAL MOGUL CORP Common Stk 31354910 45,846,994 1,663,383 1,663,383 1,663,383
FEDERATED DEPT STORES Common Stk 31410H10 79,865,468 1,828,108 1,828,108 1,828,108
FIRSTAR CORP Common Stk 33763V10 45,922,563 1,792,100 1,792,100 1,792,100
FISERV INC Common Stk 33773810 3,581,500 110,200 110,200 110,200
FLUOR CORP Common Stk 34386110 81,236,575 2,018,300 2,018,300 2,018,300
FOX ENTERTAIN GRP INC-A Common Stk 35138T10 22,505,281 1,068,500 1,068,500 1,068,500
FREEPORT-MC COPP SERIES A Conv Pfd Stk 35671D50 317,250 18,000 18,000 18,000
GST TELECOMMUNICATIONS INC Common Stk 36194210 991,406 141,000 141,000 141,000
GADZOOX NETWORKS INC Common Stk 36255510 1,077,500 20,000 20,000 20,000
GENENTECH INC Common Stk 36871040 21,039,738 143,800 143,800 143,800
GENERAL INSTRUMENT CORP Common Stk 37012010 960,000 20,000 20,000 20,000
GENTEK INC Common Stk 37245X10 364,000 32,000 32,000 32,000
GEON CO Common Stk 37246W10 15,239,700 591,833 591,833 591,833
GEORGIA-PAC(GA PAC GRP) Common Stk 37329810 92,131,466 2,278,367 2,278,367 2,278,367
GIBRALTAR STEEL CORP Common Stk 37476F10 442,313 21,000 21,000 21,000
GILDAN ACTIVEWEAR INC-CL A Common Stk 37591610 1,552,500 90,000 90,000 90,000
GLENBOROUGH REALTY PFD A Conv Pfd Stk 37803P20 1,232,813 75,000 75,000 75,000
GLOBESPAN INC Common Stk 37957110 599,688 9,500 9,500 9,500
GOLDMAN SACHS GROUP INC Common Stk 38141G10 10,705,500 175,500 175,500 175,500
GOODRICH (B.F.) CO Common Stk 38238810 623,616 21,504 21,504 21,504
GRAND UNION CO Common Stk 38653240 860,344 63,000 63,000 63,000
GREAT PLAINS SOFTWARE INC Common Stk 39119E10 2,049,700 39,800 39,800 39,800
GUIDANT CORP Common Stk 40169810 336,765,268 6,280,005 6,280,005 6,280,005
HANGER ORTHOPEDIC GRP INC Common Stk 41043F20 387,150 26,700 26,700 26,700
HARLEY DAVIDSON INC Common Stk 41282210 276,395,813 5,521,015 5,521,015 5,521,015
HARRAH'S ENTERTAINMENT INC Common Stk 41361910 92,930,116 3,348,833 3,348,833 3,348,833
<PAGE>
FORM 13F
REPORTING MANAGER : MACKAY-SHIELDS FINANCIAL
13F 9/30/99
- ---------------------------------------------------------------------------------------------------------------------------
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)
- ---------------------------------------------------------------------------------------------------------------------------
HlTH CARE PPTYS INVEST INC Common Stk 42191510 406,875 15,500 15,500 15,500
HEALTHSOUTH CORP. Common Stk 42192410 318,500 52,000 52,000 52,000
HEALTHCARE REALTY TRST INC Common Stk 42194610 421,875 22,500 22,500 22,500
HEICO CORP-CL A Common Stk 42280620 404,250 21,000 21,000 21,000
HEINZ (H.J) Common Stk 42307410 56,407,400 1,311,800 1,311,800 1,311,800
HIGHWOODS PROPERTIES INC Common Stk 43128410 8,528,400 329,600 329,600 329,600
HILLENBRAND INDUSTRIES Common Stk 43157310 263,750 10,000 10,000 10,000
HOME DEPOT INC Common Stk 43707610 375,769,569 5,475,695 5,475,695 5,475,695
HONEYWELL INC Common Stk 43850610 220,009,156 1,976,500 1,976,500 1,976,500
ICG COMMUNICATIONS INC Common Stk 44924610 778,125 50,000 50,000 50,000
IMC GLOBAL INC Common Stk 44966910 51,801,579 3,557,190 3,557,190 3,557,190
IMS HEALTH INC Common Stk 44993410 140,719,477 6,168,525 6,168,525 6,168,525
IXL ENTERPRISES INC Common Stk 45071810 3,650,063 103,000 103,000 103,000
IDEXX LABORATORIES INC Common Stk 45168D10 788,619 45,800 45,800 45,800
ILLINOVA CORP Common Stk 45231710 79,717,621 2,840,717 2,840,717 2,840,717
INFINITY BROADCASTING Common Stk 45662S10 41,518,225 1,416,400 1,416,400 1,416,400
INSIGHT COMMUNICATIONS INC Common Stk 45768V10 4,079,063 142,500 142,500 142,500
INTEL CORP Common Stk 45814010 274,130,638 3,688,890 3,688,890 3,688,890
INTERMEDIA COMM Common Stk 45880110 870,000 40,000 40,000 40,000
IBM Common Stk 45920010 21,876,800 180,800 180,800 180,800
INTERNET CAPITAL GROUP INC Common Stk 46059C10 4,393,750 50,000 50,000 50,000
INTERVU INC Common Stk 46114R10 2,097,563 56,500 56,500 56,500
IRON MOUNTAIN INC Common Stk 46284P10 2,310,919 68,219 68,219 68,219
ISLE OF CAPRIS CASINOS INC Common Stk 46459210 2,339,810 233,981 233,981 233,981
I2 TECHNOLOGIES INC Common Stk 46575410 2,425,781 62,500 62,500 62,500
JDS UNIPHASE CORP Common Stk 46612J10 28,453,125 250,000 250,000 250,000
<PAGE>
FORM 13F
REPORTING MANAGER : MACKAY-SHIELDS FINANCIAL
13F 9/30/99
- ----------------------------------------------------------------------------------------------------------------------------
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)
- ----------------------------------------------------------------------------------------------------------------------------
JABIL CIRCUIT INC Common Stk 46631310 2,277,000 46,000 46,000 46,000
JOHNSON & JOHNSON Common Stk 47816010 283,908,542 3,090,161 3,090,161 3,090,161
K MART CORP Common Stk 48258410 46,415,738 3,971,400 3,971,400 3,971,400
KERR MCGEE CORP Common Stk 49238610 91,777,624 1,666,790 1,666,790 1,666,790
KEYSPAN CORPORATION Common Stk 49337W10 9,875,425 344,993 344,993 344,993
KING PHARMACEUTICALS INC Common Stk 49558210 1,515,500 43,300 43,300 43,300
KMART FINANCING 7.75% Conv Pfd Stk 49877820 2,905,125 61,000 61,000 61,000
KOHLS CORP Common Stk 50025510 328,187,302 4,963,135 4,963,135 4,963,135
KROGER CO Common Stk 50104410 242,744,642 11,002,590 11,002,590 11,002,590
LCC INTERNATIONAL INC Common Stk 50181010 622,619 102,700 102,700 102,700
LNR PROPERTY CORP Common Stk 50194010 394,256 19,350 19,350 19,350
L-3 COMMUNICA HLDGS INC Common Stk 50242410 1,762,925 46,700 46,700 46,700
LASON INC Common Stk 51808R10 1,981,641 44,500 44,500 44,500
LEGATO SYSTEMS Common Stk 52465110 959,063 22,000 22,000 22,000
LINENS 'N THINGS INC Common Stk 53567910 2,136,375 63,300 63,300 63,300
LIZ CLAIBORNE Common Stk 53932010 55,012,073 1,774,583 1,774,583 1,774,583
LOEWS CINEPLEX ENTERTAIN Common Stk 54042310 2,517,086 319,630 319,630 319,630
LUCENT TECHNOLOGIES INC Common Stk 54946310 446,832,531 6,887,592 6,887,592 6,887,592
LYONDELL CHEMICAL CO Common Stk 55207810 10,793,625 807,000 807,000 807,000
MCI WORLDCOM INC Common Stk 55268B10 379,273,522 5,276,849 5,276,849 5,276,849
MGIC INVT CORP WIS Common Stk 55284810 96,162,913 2,013,883 2,013,883 2,013,883
MACDERMID INC Common Stk 55427310 1,566,875 46,000 46,000 46,000
MANITOWOC COMPANY INC Common Stk 56357110 1,511,738 44,300 44,300 44,300
MANUGISTICS GROUP INC Common Stk 56501110 1,050,000 100,000 100,000 100,000
MARK IV INDUSTRIES INC Common Stk 57038710 43,879,266 2,221,735 2,221,735 2,221,735
MATTEL INC Common Stk 57708110 23,351,000 1,229,000 1,229,000 1,229,000
<PAGE>
FORM 13F
REPORTING MANAGER : MACKAY-SHIELDS FINANCIAL
13F 9/30/99
- --------------------------------------------------------------------------------------------------------------------------
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)
- --------------------------------------------------------------------------------------------------------------------------
MAXIMUS INC Common Stk 7793310 1,314,256 43,900 43,900 43,900
MEDIA METRIX INC Common Stk 58440X10 419,250 6,000 6,000 6,000
MEDQUIST INC Common Stk 58494910 769,063 23,000 23,000 23,000
MEDITRUST CORP-PAIRED Common Stk 58501T30 136,000 16,000 16,000 16,000
MEDTRONIC INC Common Stk 58505510 336,126,793 9,451,720 9,451,720 9,451,720
THE MEN'S WEARHOUSE Common Stk 58711810 1,418,979 65,999 65,999 65,999
MERCK & CO INC Common Stk 58933110 151,205,618 2,332,970 2,332,970 2,332,970
METROMEDIA INTL GRP Conv Pfd Stk 59169520 1,083,500 44,000 44,000 44,000
METTLER-TOLEDO INTL Common Stk 59268810 2,334,450 78,800 78,800 78,800
MICROSOFT CORP Common Stk 59491810 428,653,866 4,733,238 4,733,238 4,733,238
MICROSOFT CONV PFD 2.196 Conv Pfd Stk 59491820 27,890,438 277,000 277,000 277,000
MILLENIUM CHEMICALS INC Common Stk 59990310 9,763,300 477,715 477,715 477,715
MOBIL Common Stk 60705910 4,694,950 46,600 46,600 46,600
MONSANTO 6.5% CONV PFD Conv Pfd Stk 61166230 1,800,000 50,000 50,000 50,000
MONTANA POWER CO Common Stk 61208510 2,154,975 70,800 70,800 70,800
MOTOROLA INC Common Stk 62007610 166,575,200 1,892,900 1,892,900 1,892,900
MP3.COM INC Common Stk 62473M10 1,878,125 50,000 50,000 50,000
NCO GROUP INC Common Stk 62885810 775,500 16,500 16,500 16,500
NASDAQ-100 SHARES Common Stk 63110010 2,407,500 20,000 20,000 20,000
NATL INFO CONSORTIUM Common Stk 63649110 938,125 38,000 38,000 38,000
NATIONAL STEEL COR-CL B Common Stk 63784430 416,250 60,000 60,000 60,000
NATIONWIDE HEALTH PPTYS Common Stk 63862010 389,025 23,400 23,400 23,400
NAVISTAR INTERNATIONAL Common Stk 63934E10 609,150 13,100 13,100 13,100
NAVIGANT CONSULTING CO Common Stk 63935N10 830,113 17,900 17,900 17,900
NETWORK PLUS CORP Common Stk 64122D50 690,625 50,000 50,000 50,000
NEWFIELD FIN TRUST I Conv Pfd Stk 65129120 3,270,000 60,000 60,000 60,000
<PAGE>
FORM 13F
REPORTING MANAGER : MACKAY-SHIELDS FINANCIAL
13F 9/30/99
- ------------------------------------------------------------------------------------------------------------------------
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 DCRETN MANA- VOTING AUTHORITY
OF NUMBER MARKET PRINCIPAL SHARED GERS
CLASS VALUE AMOUNT SOLE SHARED OTHER SOLE SHARED NONE
(A) (B) (C) (A) (B) (C)
- ------------------------------------------------------------------------------------------------------------------------
NIAGARA MOHAWK HLD INC Common Stk 65352010 73,839,658 4,744,717 4,744,717 4,744,717
NIPPON TELEGRAPH&TELE Common Stk 65462410 77,229,666 1,251,950 1,251,950 1,251,950
NOBLE AFFILIATES INC Common Stk 65489410 84,163,307 2,902,183 2,902,183 2,902,183
NORDSTROM INC Common Stk 65566410 80,383,050 2,977,150 2,977,150 2,977,150
NORTHWEST AIRLS COR Common Stk 66728010 29,242,559 1,146,767 1,146,767 1,146,767
NVIDIA CORP Common Stk 67066G10 1,474,550 76,600 76,600 76,600
OGE ENERGY CORP Common Stk 67083710 5,613,675 252,300 252,300 252,300
OCEAN ENERGY INC Common Stk 67481E10 54,888,895 5,387,867 5,387,867 5,387,867
OCULAR SCIENCES INC Common Stk 67574410 395,250 20,400 20,400 20,400
OFFICE DEPOT INC Common Stk 67622010 1,050,000 100,000 100,000 100,000
OLIN CORP-PAR $1.00 Common Stk 68066520 457,800 33,600 33,600 33,600
OMNICOM GROUP INC Common Stk 68191910 183,722,919 2,320,100 2,320,100 2,320,100
OPTIMAL ROBOTICS CORP Common Stk 68388R20 2,934,000 163,000 163,000 163,000
ORACLE CORPORATION Common Stk 68389X10 262,767,505 5,775,110 5,775,110 5,775,110
OWENS ILLINOIS INC Common Stk 69076840 50,902,275 2,569,200 2,569,200 2,569,200
OWENS-ILLINOIS INC Conv Pfd Stk 69076850 2,014,125 61,500 61,500 61,500
PACIFICORP Common Stk 69511410 523,250 26,000 26,000 26,000
PARADYNE NETWORKS INC Common Stk 69911G10 2,016,000 72,000 72,000 72,000
PATTERSON DENTAL COMPANY Common Stk 70341210 2,587,163 52,200 52,200 52,200
PAYLESS SHOESOURCE INC Common Stk 70437910 46,707,854 924,908 924,908 924,908
PERCLOSE INC Common Stk 71361C10 1,140,781 24,500 24,500 24,500
PEREGRINE SYSTEMS INC Common Stk 71366Q10 1,181,750 29,000 29,000 29,000
TELEKOMUNIK INDONESIA Common Stk 71568410 148,352 21,384 21,384 21,384
PFIZER INC Common Stk 71708110 182,982,877 5,100,568 5,100,568 5,100,568
PHELPS DODGE Common Stk 71726510 506,575 9,200 9,200 9,200
PHILIP MORRIS COS INC Common Stk 71815410 107,645,395 3,148,677 3,148,677 3,148,677
<PAGE>
FORM 13F
REPORTING MANAGER : MACKAY-SHIELDS FINANCIAL
13F 9/30/99
- ------------------------------------------------------------------------------------------------------------------------
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)
- ------------------------------------------------------------------------------------------------------------------------
POGO TRUST I Conv Pfd Stk 73044P20 1,855,000 35,000 35,000 35,000
PORTAL SOFTWARE Common Stk 73612610 1,317,500 34,000 34,000 34,000
POSSIS MEDICAL INC Common Stk 73740710 699,563 61,500 61,500 61,500
PRE PAID LEGAL SVCS Common Stk 74006510 2,886,188 73,300 73,300 73,300
PREMIER PARKS INC Common Stk 74054020 1,252,800 43,200 43,200 43,200
PROFIT RECOVERY GRP INTL Common Stk 74316810 1,278,506 28,650 28,650 28,650
PROTEIN DESIGN LABS INC Common Stk 74369L10 361,250 10,000 10,000 10,000
PROVIDIAN CORP Common Stk 74406A10 219,042,523 2,766,125 2,766,125 2,766,125
QRS CORP Common Stk 74726X10 3,328,088 51,900 51,900 51,900
QLOGIC CORP Common Stk 74727710 1,326,438 19,000 19,000 19,000
QUALCOMM INC Common Stk 74752510 11,824,219 62,500 62,500 62,500
QUANTA SERVICES INC Common Stk 74762E10 935,069 31,900 31,900 31,900
QUEST DIAGNOSTICS INC Common Stk 74834L10 18,978,440 729,940 729,940 729,940
QWEST COMMUNICATIONS Common Stk 74912110 2,662,103 90,050 90,050 90,050
RPM INC OHIO Common Stk 74968510 3,126,583 256,540 256,540 256,540
RAVISENT TECHNOLOGIES Common Stk 75444010 1,610,000 112,000 112,000 112,000
RAYTHEON CO - CLASS A Common Stk 75511130 31,171,775 642,717 642,717 642,717
RAYTHEON CO - CLASS B Common Stk 75511140 213,388 4,300 4,300 4,300
REDBACK NETWORKS Common Stk 75720910 864,000 8,000 8,000 8,000
REX STORES CORP Common Stk 76162410 837,000 27,000 27,000 27,000
REYNOLDS METALS CO Common Stk 76176310 79,611,501 1,318,617 1,318,617 1,318,617
RITE AID Common Stk 76775410 23,946,731 1,733,700 1,733,700 1,733,700
SBC COMMUNICATIONS (SW) Common Stk 78387G10 2,698,091 52,839 52,839 52,839
SLM HOLDING CORP Common Stk 78442A10 46,507,080 1,081,560 1,081,560 1,081,560
S & P 500 DEPOSITORY Common Stk 78462F10 2,751,388 21,370 21,370 21,370
S3 INCORPORATED Common Stk 78484910 521,875 50,000 50,000 50,000
<PAGE>
FORM 13F
REPORTING MANAGER : MACKAY-SHIELDS FINANCIAL
13F 9/30/99
- -----------------------------------------------------------------------------------------------------------------------
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)
- -----------------------------------------------------------------------------------------------------------------------
SAFEWAY INC Common Stk 78651420 175,010,614 4,597,980 4,597,980 4,597,980
SALTON INC Common Stk 79575710 933,100 30,100 30,100 30,100
SANCHEZ COMPUTER ASSOC Common Stk 79970210 878,125 25,000 25,000 25,000
SANDISK CORP Common Stk 80004C10 4,484,900 68,800 68,800 68,800
SANTA FE SNYDER CORP Common Stk 80218K10 63,997,137 7,110,793 7,110,793 7,110,793
SCANA CORP Common Stk 80589810 483,750 20,000 20,000 20,000
SCHERING-PLOUGH Common Stk 80660510 311,226,247 7,134,126 7,134,126 7,134,126
SEAGATE TECHNOLOGY Common Stk 81180410 98,846,781 3,227,650 3,227,650 3,227,650
SEAGRAM CO LTD Conv Pfd Stk 1185020 7,058,500 152,000 152,000 152,000
SERVICE CORP. INTL Common Stk 81756510 50,933,083 4,822,067 4,822,067 4,822,067
SHAW INDUSTRIES INC Common Stk 82028610 56,943,101 3,586,967 3,586,967 3,586,967
SHERWIN-WILLIAMS Common Stk 82434810 13,657,887 652,317 652,317 652,317
SIMON PROPERTY GRP INC Common Stk 82880610 3,235,488 144,200 144,200 144,200
SMURFIT-STONE CONTAINER Common Stk 83272710 104,903,589 4,851,033 4,851,033 4,851,033
SOLUTIA INC Common Stk 83437610 632,775 35,400 35,400 35,400
SPIEKER PROPERTIES INC Common Stk 84849710 2,278,969 65,700 65,700 65,700
STAPLES INC Common Stk 85503010 238,189,294 10,919,853 10,919,853 10,919,853
STARMEDIA NETWORK INC Common Stk 85554610 1,468,750 40,000 40,000 40,000
STARWOOD HOTELS & RES Common Stk 85590A20 16,468,856 738,100 738,100 738,100
SUN MICROSYSTEMS INC Common Stk 86681010 521,265,000 5,605,000 5,605,000 5,605,000
SUNGARD DATA SYSTEMS Common Stk 86736310 2,865,431 108,900 108,900 108,900
SUPERVALU Common Stk 86853610 231,656 10,500 10,500 10,500
SYLVAN LEARNING SYS Common Stk 87139910 1,336,875 69,000 69,000 69,000
SYMBOL TECHNOLOGIES Common Stk 87150810 1,593,825 47,400 47,400 47,400
SYNCOR INTL CORP-DEL Common Stk 87157J10 1,912,500 51,000 51,000 51,000
SYSTEM SOFTWARE ASSOC Common Stk 87183920 24,219 12,500 12,500 12,500
<PAGE>
FORM 13F
REPORTING MANAGER : MACKAY-SHIELDS FINANCIAL
13F 9/30/99
- ------------------------------------------------------------------------------------------------------------------------
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)
- ------------------------------------------------------------------------------------------------------------------------
TALBOTS INC Common 87416110 3,664,375 82,000 82,000 82,000
TELCOM SEMICONDUCTOR Common 87921P10 663,000 52,000 52,000 52,000
TELECENTRO SUL PARTICIPA Common 87923910 265,013 4,775 4,775 4,775
TELENORTE LESTE PARTICIP Common 87924610 369,288 23,825 23,825 23,825
TELEBRAS-SPONS ADR PFD BLK Common 87928730 670,849 9,035 9,035 9,035
TELESP PARTICIPACOES SA-ADR Common 87952K10 376,031 23,875 23,875 23,875
TELESP CELULAR PARTICIPA-ADR Common 87952L10 249,494 9,550 9,550 9,550
TEMPLE INLAND INC Common 87986810 37,380,800 612,800 612,800 612,800
TEVA PHARMACEUTICAL INDS Common 88162420 2,515,625 50,000 50,000 50,000
TETRA TECH INC Common 88162G10 2,389,667 143,201 143,201 143,201
TEXACO INC Common 88169410 94,173,031 1,491,850 1,491,850 1,491,850
TEXAS INSTRS INC Common 88250810 165,791,325 2,015,700 2,015,700 2,015,700
TEXAS UTILITIES CO (HLDG) Common 88284810 86,776,450 2,325,667 2,325,667 2,325,667
TIBCO SOFTWARE INC Common 88632Q10 812,531 27,000 27,000 27,000
TIME WARNER INC Common 88731510 191,720,925 3,155,900 3,155,900 3,155,900
TOSCO CORP Common 89149030 111,312,933 4,408,433 4,408,433 4,408,433
TOWNE SERVICES INC Common 89214810 159,375 50,000 50,000 50,000
TRANS WORLD ENTERTAINMENT CP Common 89336Q10 517,650 40,800 40,800 40,800
TUPPERWARE CORP Common 89989610 405,000 20,000 20,000 20,000
TUT SYSTEMS INC Common 90110310 516,250 20,000 20,000 20,000
TYCO INTL LTD Common 90212410 531,169,419 5,144,498 5,144,498 5,144,498
USX-MARATHON GROUP Common 90290582 15,344,550 524,600 524,600 524,600
USX-US STEEL GROUP Common 90337T10 65,839,840 2,556,887 2,556,887 2,556,887
UNILAB CORP Common 90476310 2,466,100 433,600 433,600 433,600
UNICOM CORP Common 90491110 421,088 11,400 11,400 11,400
UNION PACIFIC RESOURCES Common 90783410 163,545,688 10,064,350 10,064,350 10,064,350
<PAGE>
FORM 13F
REPORTING MANAGER : MACKAY-SHIELDS FINANCIAL
13F 9/30/99
- -----------------------------------------------------------------------------------------------------------------------
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)
- ------------------------------------------------------------------------------------------------------------------------
UNISYS CORP Common Stk 90921410 8,876,674 196,713 196,713 196,713
UNITED HEALTHCARE CORP Common Stk 91058110 87,843,059 1,804,222 1,804,222 1,804,222
UNIVISION COMMUNICATIONS Common Stk 91490610 31,549,088 387,700 387,700 387,700
UNOCAL CORP Common Stk 91528910 95,418,963 2,574,542 2,574,542 2,574,542
VALASSIS COMM Common Stk 91886610 3,787,413 86,200 86,200 86,200
VALERO ENERGY CORP Common Stk 91913Y10 66,239,096 3,440,992 3,440,992 3,440,992
VANTIVE CORP Common Stk 92209110 738,438 85,000 85,000 85,000
VERITY INC Common Stk 92343C10 1,080,356 15,700 15,700 15,700
VERTICALNET INC Common Stk 92532L10 518,000 14,000 14,000 14,000
VIANT CORP Common Stk 92553N10 1,161,000 24,000 24,000 24,000
VISUAL DATA CORPORATION Common Stk 92842820 450,000 50,000 50,000 50,000
WHX CORP PFD B Conv Pfd 92924830 6,277,838 188,100 188,100 188,100
WASHINGTON MUT SAV BANK Common Stk 93932210 79,240,210 2,709,067 2,709,067 2,709,067
WATERS CORPORATION Common Stk 94184810 4,742,044 78,300 78,300 78,300
WELLS FARGO COMPANY Common Stk 94974610 169,032,127 4,265,795 4,265,795 4,265,795
WENDYS FINANCE I SERIES A Conv Pfd 95058820 2,678,100 47,400 47,400 47,400
WILLIAMS COS Common Stk 96945710 14,485,625 385,000 385,000 385,000
WIT CAPITAL GROUP INC Common Stk 97737K30 985,500 54,000 54,000 54,000
WORTHINGTON INDUSTRIES Common Stk 98181110 623,900 36,700 36,700 36,700
XOMED SURGICAL PRODUCTS INC Common Stk 98412V10 1,852,500 32,500 32,500 32,500
YOUNG & RUBICAM INC Common Stk 98742510 5,733,200 130,300 130,300 130,300
GLOBAL CROSSING LTD Common Stk G3921A10 1,572,961 59,357 59,357 59,357
LORAL SPACE & COMM Conv Pfd G5646214 778,150 15,800 15,800 15,800
TRANSOCEAN OFFSHORE INC Common Stk G9007610 3,062,500 100,000 100,000 100,000
FUNDTECH LTD. Common Stk M4709510 334,688 15,000 15,000 15,000
GILAT SATELLITE NETWORKS Common Stk M5147410 2,740,238 51,100 51,100 51,100
<PAGE>
FORM 13F
REPORTING MANAGER : MACKAY-SHIELDS FINANCIAL
13F 9/30/99
- -------------------------------------------------------------------------------------------------------------------------
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)
- --------------------------------------------------------------------------------------------------------------------------
ORCKIT COMMUNICATIONS LTD Common Stk M7531S10 884,375 25,000 25,000 25,000
TARO PHAMECUETICALS INDUS Common Stk M8737E10 1,003,450 65,800 65,800 65,800
BAAN COMPANY N.V. Common Stk N0804410 2,030,000 140,000 140,000 140,000
NEW HOLLAND NV Common Stk N6264810 912,000 57,000 57,000 57,000
STEINER LEISURE LTD Common Stk P8744Y10 1,467,500 58,700 58,700 58,700
ASE TEST LIMITED Common Stk Y0251610 363,750 15,000 15,000 15,000
REPORT TOTALS 17,541,651,303 418,408,495 418,408,495 418,408,495
============== =========== ============ ===============
</TABLE>
