FORM 13F
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Report for the Calendar Year or Quarter Ended: 3/31/2000
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 LLC
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: Russell A. Thompson
Title: Senior Compliance Officer
Phone: 212-230-3835
Signature, Place, and Date of Signing:
/s/ Russell A. Thompson
New York, New York
May 8, 2000
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: 417
Form 13F Information Table Value Total: $20,058,850
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FORM 13F FILE NO. 28-46
REPORTING MANAGER : MACKAY SHIELDS LLC
March 31, 2000 PAGE 1
- -----------------------------------------------------------------------------------------------------------------------------
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 MGRS VOTING AUTHORITY
OF NUMBER MARKET PRINCIPAL SHARED
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 500,500 44,000 44,000 44,000
AES CORP Common 00130H10 336,636,563 4,274,750 4,274,750 4,274,750
AK STL HLDG CORP Common 00154710 1,021,097 98,419 98,419 98,419
AMFM INC Common 00169310 180,322,472 2,902,575 2,902,575 2,902,575
AT&T CORP Common 00195710 111,194,663 1,974,600 1,974,600 1,974,600
ASA LTD Common 00205010 346,250 20,000 20,000 20,000
AXA FINANCIAL INC Common 00245110 92,709,969 2,584,250 2,584,250 2,584,250
ABBOTT LABS Common 00282410 51,873,413 1,474,200 1,474,200 1,474,200
ABGENIX INC Common 00339B10 1,961,375 14,200 14,200 14,200
ABITIBI PRICE INC Common 00392410 8,601,469 899,500 899,500 899,500
ADOBE SYSTEMS INC Common 00724F10 4,452,500 40,000 40,000 40,000
ADVANCED DIGITAL INFO CORP Common 00752510 10,281,850 300,200 300,200 300,200
AEROFLEX INC Common 00776810 5,355,900 108,200 108,200 108,200
ADVENT SOFTWARE Common 00797410 6,697,750 146,000 146,000 146,000
AFFILIATED MANAGERS GROUP Common 00825210 3,073,250 64,700 64,700 64,700
AGILENT TECHNOLOGIES Common 00846U10 19,541,600 187,900 187,900 187,900
AGILE SOFTWARE CORP Common 00846X10 6,968,750 111,500 111,500 111,500
AIR PRODUCTS & CHEMICALS Common 00915810 42,630,656 1,499,100 1,499,100 1,499,100
AIRGATE PCS INC Common 00936710 12,248,550 116,100 116,100 116,100
ALCOA INC Common 01381710 288,025 4,100 4,100 4,100
ALKERMES INC Common 01642T10 4,282,750 46,300 46,300 46,300
ALLEGHENY ENERGY INC Common 01736110 387,625 14,000 14,000 14,000
ALLIANCE GAMING CORP Common 01859P60 397,122 162,922 162,922 162,922
ALLIED RISER COMMUNICATION Common 01949610 4,343,750 125,000 125,000 125,000
ALLSCRIPTS INC Common 01988610 5,170,750 86,000 86,000 86,000
ALLSTATE CORP Common 02000210 51,640,550 2,168,632 2,168,632 2,168,632
------- --------- --------- ----------
COLUMN TOTALS 962,929,147 19,467,148 19,467,148 19,467,148
<PAGE>
FORM 13F FILE NO. 28-46
REPORTING MANAGER : MACKAY SHIELDS LLC PAGE 2
March 31, 2000
- -----------------------------------------------------------------------------------------------------------------------------
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 MGRS VOTING AUTHORITY
OF NUMBER MARKET PRINCIPAL SHARED
CLASS VALUE AMOUNT SOLE SHARED OTHER SOLE SHARED NONE
(A) (B) (C) (A) (B) (C)
- -----------------------------------------------------------------------------------------------------------------------------
ALLTEL CORP Common 02003910 204,057,150 3,226,200 3,226,200 3,226,200
AMERADA HESS CORP Common 02355110 3,218,325 49,800 49,800 49,800
AMERICAN GENERAL CORP Common 02635110 103,151,183 1,837,883 1,837,883 1,837,883
AMERICAN GENERAL SERIES A Conv Prfd 02637G20 9,471,400 133,400 133,400 133,400
AMERICAN INTL GROUP INC Common 02687410 318,991,130 2,913,161 2,913,161 2,913,161
AMER MOBILE SATELLITE CP Common 02755R10 4,142,400 172,600 172,600 172,600
AMERICAN PWR CONVERSN Common 02906610 4,390,400 102,400 102,400 102,400
AMERICAN STANDARD CO Common 02971210 85,543,075 2,311,975 2,311,975 2,311,975
AMER SUPERCONDUCTOR CORP Common 03011110 1,713,250 38,500 38,500 38,500
AMER XTAL TECHNOLOGY INC Common 03051410 1,133,125 35,000 35,000 35,000
AMGEN Common 03116210 265,777,073 4,330,380 4,330,380 4,330,380
AMPHENOL CORP -CL A Common 03209510 7,781,225 76,100 76,100 76,100
ANALOG DEVICES Common 03265410 147,476,805 1,832,010 1,832,010 1,832,010
ANDRX CORP Common 03455110 12,624,150 109,300 109,300 109,300
ANTEC CORP Common 03664P10 985,875 22,000 22,000 22,000
APACHE CORPORATION Conv Prfd 03741160 2,745,000 61,000 61,000 61,000
APRIA HEALTHCARE GROUP I Common 03793310 6,800,063 471,000 471,000 471,000
APPLIED MATLS INC Common 03822210 184,343,575 1,955,900 1,955,900 1,955,900
ARADIGM CORP Common 03850510 668,000 32,000 32,000 32,000
ARCH CHEMICALS INC Common 03937R10 450,000 22,500 22,500 22,500
ARCHSTONE COMMUNITIES TRST Conv Prfd 03958120 1,260,900 46,700 46,700 46,700
ASIAINFO HOLDINGS INC Common 04518A10 1,500,400 24,800 24,800 24,800
AUDIOVOX CORP -CL A Common 05075710 9,043,463 207,300 207,300 207,300
AVANEX CORP Common 05348W10 1,987,925 13,100 13,100 13,100
AVENUE A INC Common 05356610 610,000 20,000 20,000 20,000
BAKER HUGHES Common 05722410 7,562,500 250,000 250,000 250,000
---------- ----------- ---------- -----------
COLUMN TOTALS 1,387,428,390 20,295,009 20,295,009 20,295,009
<PAGE>
FORM 13F FILE NO. 28-46
REPORTING MANAGER : MACKAY SHIELDS LLC PAGE 3
March 31, 2000
- ---------------------------------------------------------------------------------------------------------------------------
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 MGRS VOTING AUTHORITY
OF NUMBER MARKET PRINCIPAL SHARED
CLASS VALUE AMOUNT SOLE SHARED OTHER SOLE SHARED NONE
(A) (B) (C) (A) (B) (C)
- ----------------------------------------------------------------------------------------------------------------------------
BANK NEW YORK INC Common 06405710 2,078,125 50,000 50,000 50,000
BANK ONE CORP Common 06423A10 13,775,850 399,300 399,300 399,300
BECTON DICKINSON Common 07588710 34,024,694 1,293,100 1,293,100 1,293,100
BED BATH & BEYOND INC Common 07589610 156,903,863 3,984,860 3,984,860 3,984,860
BELL ATLANTIC CORP Common 07785310 110,825,738 1,813,100 1,813,100 1,813,100
BEVERLY ENTERPRISES Common 08785130 1,421,163 385,400 385,400 385,400
BLACKROCK INC Common 09247X10 4,406,400 217,600 217,600 217,600
BLUESTONE SOFTWARE Common 09623P10 843,750 25,000 25,000 25,000
BORDERS GROUP, INC. Common 09970910 1,546,875 90,000 90,000 90,000
BRISTOL-MYERS SQUIBB Common 11012210 1,732,500 30,000 30,000 30,000
BROADWING INC Common 11162010 1,030,094 27,700 27,700 27,700
BURLINGTON INDS INC Common 12169310 156,188 35,700 35,700 35,700
BURLINGTON NRTH SANTA FE Common 12189T10 377,650 16,600 16,600 16,600
BURLINGTON RES INC Common 12201410 53,180,100 1,437,300 1,437,300 1,437,300
CBS CORPORATION Common 12490K10 305,044,538 5,387,100 5,387,100 5,387,100
CH ROBINSON WORLDWIDE INC Common 12541W10 3,576,000 96,000 96,000 96,000
CK WITCO CORPORATION Common 12562C10 713,125 70,000 70,000 70,000
CVS CORPORATION Common 12665010 92,321,526 2,457,811 2,457,811 2,457,811
CALL-NET ENTERPRISES Common 13091020 15,506,258 2,796,520 2,796,520 2,796,520
CALLAWAY GOLF CO Common 13119310 14,621,150 943,300 943,300 943,300
CALPINE CORPORATION Common 13134710 13,432,600 142,900 142,900 142,900
CANADIAN NATL RAILWAY Conv Prfd 13637540 7,029,500 165,400 165,400 165,400
CATERPILLAR Common 14912310 1,660,319 42,100 42,100 42,100
CELGENE CORP Common 15102010 32,049,169 321,900 321,900 321,900
CENTURYTEL INC Common 15670010 47,393,775 1,276,600 1,276,600 1,276,600
CEPHALON INC Common 15670810 1,875,000 50,000 50,000 50,000
----------- ----------- ----------- -----------
COLUMN TOTALS 917,525,947 23,555,291 23,555,291 23,555,291
<PAGE>
FORM 13F FILE NO. 28-46
REPORTING MANAGER : MACKAY SHIELDS LLC PAGE 4
March 31, 2000
- ------------------------------------------------------------------------------------------------------------------------------
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 MGRS VOTING AUTHORITY
OF NUMBER MARKET PRINCIPAL SHARED
CLASS VALUE AMOUNT SOLE SHARED OTHER SOLE SHARED NONE
(A) (B) (C) (A) (B) (C)
- ------------------------------------------------------------------------------------------------------------------------------
CERIDIAN CORP Common 15677T10 197,631 10,300 10,300 10,300
CHARTER COMMUNICATIONS Common 16117M10 2,152,085 150,200 150,200 150,200
CHASE MANHATTAN CORP NEW Common 16161A10 59,283,141 679,950 679,950 679,950
CHESAPEAKE ENRGY Conv Prfd 16516730 1,500,000 40,000 40,000 40,000
CHIQUITA BRANDS INTL INC Conv Prfd 17003250 2,860,900 144,700 144,700 144,700
CINERGY CORP Common 17247410 1,094,350 50,900 50,900 50,900
CIRCUIT CITY STORE INC Common 17273710 394,905,256 6,487,150 6,487,150 6,487,150
CIRRUS LOGIC INC Common 17275510 912,500 50,000 50,000 50,000
CISCO SYS INC Common 17275R10 747,788,921 9,672,290 9,672,290 9,672,290
CITADEL COMMUNICATIONS Common 17285320 5,062,500 120,000 120,000 120,000
CITIGROUP INC Common 17296710 487,766,119 8,146,407 8,146,407 8,146,407
CITIZENS UTILITIES CO Common 17734220 1,637,500 100,000 100,000 100,000
CLARUS CORP Common 18270710 4,039,750 57,200 57,200 57,200
CLASSIC COMMUN INC-CL A Common 18272820 1,110,375 70,500 70,500 70,500
CLEAR CHANNEL COMMUN Common 18450210 268,644,492 3,889,875 3,889,875 3,889,875
COASTAL CORP Common 19044110 98,009,118 2,130,633 2,130,633 2,130,633
COLGATE PALMOLIVE CO Common 19416210 316,060,800 5,606,400 5,606,400 5,606,400
COLUMBIA ENERGY GROUP Common 19764810 1,078,350 18,200 18,200 18,200
COMCAST CORP-SPECIAL Common 20030020 169,492,150 3,907,600 3,907,600 3,907,600
COMCAST CORP CONV BOND CV PF BND 1 20030050 3,153,125 25,000 25,000 25,000
COMDISCO INC Common 20033610 2,868,125 65,000 65,000 65,000
COMMERCE ONE INC Common 20069310 3,805,875 25,500 25,500 25,500
COMPAQ COMPUTER CORP Common 20449310 67,783,500 2,510,500 2,510,500 2,510,500
COMPUWARE CORP Common 20563810 34,944,794 1,659,100 1,659,100 1,659,100
CONAGRA Common 20588710 26,414,469 1,457,350 1,457,350 1,457,350
CONMED CORP Common 20741010 1,145,356 45,700 45,700 45,700
------------- ---------- ----------- -----------
COLUMN TOTALS 2,703,711,182 47,120,455 47,120,455 47,120,455
<PAGE>
FORM 13F FILE NO. 28-46
REPORTING MANAGER : MACKAY SHIELDS LLC PAGE 5
March 31, 2000
- --------------------------------------------------------------------------------------------------------------------------
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 MGRS VOTING AUTHORITY
OF NUMBER MARKET PRINCIPAL SHARED
CLASS VALUE AMOUNT SOLE SHARED OTHER SOLE SHARED NONE
(A) (B) (C) (A) (B) (C)
- --------------------------------------------------------------------------------------------------------------------------
CONOCO INC-CL A Common 20825130 4,846,200 196,800 196,800 196,800
CONOCO INC-CL B Common 20825140 1,411,938 55,100 55,100 55,100
CONSOLIDATED EDISON Common 20911510 1,450,000 50,000 50,000 50,000
CONVERGYS CORP Common 21248510 1,004,250 26,000 26,000 26,000
COOPER CAMERON CORP Common 21664010 5,015,625 75,000 75,000 75,000
CORNING Common 21935010 538,369,400 2,775,100 2,775,100 2,775,100
CORP EXECUTIVE BOARD CO Common 21988R10 6,338,675 124,900 124,900 124,900
COST PLUS INC Common 22148510 9,543,578 282,250 282,250 282,250
CROSSROADS SYSTEMS INC Common 22765D10 8,198,050 79,400 79,400 79,400
CYBEX COMPUTER PROD CORP Common 23252210 4,975,906 132,250 132,250 132,250
CYTEC INDUSTRIES INC Common 23282010 1,623,125 53,000 53,000 53,000
CYTYC CORPORATION Common 23294610 5,852,725 121,300 121,300 121,300
DTE ENERGY COMPANY Common 23333110 32,952,688 1,129,000 1,129,000 1,129,000
DALEEN TECHNOLOGIES INC Common 23437N10 5,169,413 251,400 251,400 251,400
DANA CORP Common 23581110 47,313,395 1,678,524 1,678,524 1,678,524
DATASCOPE CORP Common 23811310 4,060,825 127,900 127,900 127,900
DATASTREAM SYSTEMS INC Common 23812410 4,292,000 148,000 148,000 148,000
DESCARTES SYSTEMS GROUP Common 24990610 3,770,000 80,000 80,000 80,000
DEVELOPERS DIVERS REALTY Common 25159110 1,055,888 76,100 76,100 76,100
DIGENE CORP Common 25375210 4,830,000 105,000 105,000 105,000
DIGEX INC Common 25375610 5,158,594 46,500 46,500 46,500
DIGITAL LIGHTWAVE INC Common 25385510 5,377,569 86,300 86,300 86,300
DIVERSA CORP Common 25506410 470,000 10,000 10,000 10,000
DOBSON COMMUNICATIONS Common 25606910 1,725,000 75,000 75,000 75,000
DOLLAR TREE STORES INC Common 25674710 2,345,625 45,000 45,000 45,000
DUKE ENERGY CORP Common 26439910 577,500 11,000 11,000 11,000
----------- --------- --------- ----------
COLUMN TOTALS 707,727,967 7,840,824 7,840,824 7,840,824
<PAGE>
FORM 13F FILE NO. 28-46
REPORTING MANAGER : MACKAY SHIELDS LLC PAGE 6
March 31, 2000
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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 MGRS VOTING AUTHORITY
OF NUMBER MARKET PRINCIPAL SHARED
CLASS VALUE AMOUNT SOLE SHARED OTHER SOLE SHARED NONE
(A) (B) (C) (A) (B) (C)
- ----------------------------------------------------------------------------------------------------------------------------
DYNEGY INC Common 26816Q10 55,398,968 883,017 883,017 883,017
E M C CORP MASS Common 26864810 574,024,500 4,555,750 4,555,750 4,555,750
ENI SPA-SPONSORED ADR Common 26874R10 710,500 14,000 14,000 14,000
EOG RESOURCES INC Common 26875P10 1,089,038 51,400 51,400 51,400
EASTMAN CHEM CO Common 27743210 659,750 14,500 14,500 14,500
EDISON INTERNATIONAL Common 28102010 414,063 25,000 25,000 25,000
EL PASO ELECTRIC COMPANY Common 28367785 606,938 58,500 58,500 58,500
EL PASO ENER CAP TRUST Conv Prfd 28367820 6,835,500 130,200 130,200 130,200
EL PASO ENERGY CORP Common 28390510 44,618,413 1,105,100 1,105,100 1,105,100
ELAN PLC Common 28413120 2,726,500 57,400 57,400 57,400
ELCOR CORP Common 28444310 5,557,950 161,100 161,100 161,100
EMCORE CORP Common 29084610 7,697,681 66,900 66,900 66,900
EMMIS COMMUNICATIONS Common 29152510 11,080,950 238,300 238,300 238,300
EMMIS COMMUNICATIONS Conv Prfd 29152520 645,000 10,000 10,000 10,000
EMULEX CORP Common 29247520 5,870,925 53,800 53,800 53,800
ENERGY EAST CORPORATION Common 29266M10 34,038,529 1,718,033 1,718,033 1,718,033
ENGAGE TECHNOLOGIES INC Common 29282710 5,555,550 72,800 72,800 72,800
ENRON Common 29356110 173,796,106 2,321,150 2,321,150 2,321,150
EQUITY OFFICE PROP TR Common 29474110 11,794,429 469,430 469,430 469,430
EQUUS GAMING CO LP-A UTS Common 29492910 123,250 114,319 114,319 114,319
EXCHANGE APPLICATIONS Common 30086710 11,960,345 226,000 226,000 226,000
EXTENDED SYSTEMS INC Common 30197310 1,100,000 10,000 10,000 10,000
EXTENSITY INC Common 30225510 2,400,000 50,000 50,000 50,000
EXXON MOBIL CORPORATION Common 30231G10 4,794,481 61,517 61,517 61,517
FEDERATED DEPT STORES Common 31410H10 50,618,796 1,198,078 1,198,078 1,198,078
FINISAR CORPORATION Common 31787A10 8,732,332 59,600 59,600 59,600
------------ ---------- ---------- -------------
COLUMN TOTALS 1,022,850,491 13,725,894 13,725,894 13,725,894
<PAGE>
FORM 13F FILE NO. 28-46
REPORTING MANAGER : MACKAY SHIELDS LLC PAGE 7
March 31, 2000
- ---------------------------------------------------------------------------------------------------------------------------
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 MGRS VOTING AUTHORITY
OF NUMBER MARKET PRINCIPAL SHARED
CLASS VALUE AMOUNT SOLE SHARED OTHER SOLE SHARED NONE
(A) (B) (C) (A) (B) (C)
- ----------------------------------------------------------------------------------------------------------------------------
FISERV INC Common 33773810 3,120,031 83,900 83,900 83,900
FLEET BOSTON FINANCIAL Common 33903010 99,729,972 2,732,328 2,732,328 2,732,328
FLUOR CORP Common 34386110 49,978,200 1,612,200 1,612,200 1,612,200
FOX ENTERTAINMENT GRP Common 35138T10 26,794,063 895,000 895,000 895,000
FRANKLIN RESOURCES INC Common 35461310 10,624,766 317,750 317,750 317,750
FREEPORT-MC COPP SER A Conv Prfd 35671D50 266,625 18,000 18,000 18,000
GENENTECH INC Common 36871040 214,373,200 1,410,350 1,410,350 1,410,350
GENERAL DYNAMICS Common 36955010 49,048,525 985,900 985,900 985,900
GENERAL ELEC CO Common 36960410 248,315,250 1,595,600 1,595,600 1,595,600
GENERAL SEMICONDUCTOR Common 37078710 4,288,350 248,600 248,600 248,600
GEON CO Common 37246W10 7,382,735 343,383 343,383 343,383
GEORGIA-PAC Common 37329810 66,192,691 1,673,117 1,673,117 1,673,117
GILDAN ACTIVEWEAR Common 37591610 6,890,400 211,200 211,200 211,200
GLENBOROUGH REALTY Conv Prfd 37803P20 1,125,000 75,000 75,000 75,000
GLOBAL TELESYSTEMS GRP Common 37936U10 1,791,700 87,400 87,400 87,400
GLOBESPAN INC Common 37957110 4,464,863 43,800 43,800 43,800
GOLDMAN SACHS GROUP INC Common 38141G10 158,538,075 1,506,300 1,506,300 1,506,300
GREAT PLAINS SOFTWARE Common 39119E10 9,228,538 172,900 172,900 172,900
GUIDANT CORP Common 40169810 266,271,313 4,522,655 4,522,655 4,522,655
HARLEY DAVIDSON INC Common 41282210 445,874,378 5,617,315 5,617,315 5,617,315
HARRAH'S ENTERTAINMENT Common 41361910 44,528,338 2,398,833 2,398,833 2,398,833
HASBRO INC Common 41805610 60,475,500 3,624,000 3,624,000 3,624,000
HEALTH CARE PPTYS INVEST Common 42191510 582,519 22,900 22,900 22,900
HEALTHSOUTH CORP. Common 42192410 295,750 52,000 52,000 52,000
HEALTH MGMT ASSOC INC NE Common 42193310 31,385,625 2,202,500 2,202,500 2,202,500
HEALTHCARE REALTY TRUST Common 42194610 1,381,875 82,500 82,500 82,500
------------ ---------- ---------- -----------
COLUMN TOTALS 1,812,948,280 32,535,431 32,535,431 32,535,431
<PAGE>
FORM 13F FILE NO. 28-46
REPORTING MANAGER : MACKAY SHIELDS LLC PAGE 8
March 31, 2000
- --------------------------------------------------------------------------------------------------------------------------
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 MGRS VOTING AUTHORITY
OF NUMBER MARKET PRINCIPAL SHARED
CLASS VALUE AMOUNT SOLE SHARED OTHER SOLE SHARED NONE
(A) (B) (C) (A) (B) (C)
- ---------------------------------------------------------------------------------------------------------------------------
HEINZ (H.J) Common 42307410 49,250,475 1,412,200 1,412,200 1,412,200
HELIX TECHNOLOGY CORP Common 42331910 450,469 7,500 7,500 7,500
HI/FN INC Common 42835810 4,782,094 73,500 73,500 73,500
HIGHWOODS PROPERTIES INC Common 43128410 2,887,763 135,100 135,100 135,100
HILLENBRAND INDUSTRIES Common 43157310 340,000 10,000 10,000 10,000
HISPANIC BROADCASTING Common 43357B10 2,321,625 20,500 20,500 20,500
HOME DEPOT INC Common 43707610 438,518,859 6,798,742 6,798,742 6,798,742
HONEYWELL INTERNATIONAL Common 43851610 66,066,437 1,253,930 1,253,930 1,253,930
ICG COMMUNICATIONS INC Common 44924610 903,125 25,000 25,000 25,000
IMC GLOBAL INC Common 44966910 21,056,147 1,433,610 1,433,610 1,433,610
IXL ENTERPRISES INC Common 45071810 6,300,000 225,000 225,000 225,000
IDEXX LABORATORIES INC Common 45168D10 1,067,713 45,800 45,800 45,800
IMMERSION CORPORATION Common 45252110 7,722,000 128,700 128,700 128,700
IMMUNEX CORP Common 45252810 1,484,438 23,400 23,400 23,400
INDEPENDENT ENERGY HLDGS Common 45384X10 7,458,225 166,200 166,200 166,200
INFINITY BROADCASTING Common 45662S10 43,285,375 1,337,000 1,337,000 1,337,000
INFORTE CORP Common 45677R10 1,225,000 25,000 25,000 25,000
INGERSOLL-RAND Common 45686610 49,849,838 1,126,550 1,126,550 1,126,550
INGRAM MICRO INC Common 45715310 768,750 50,000 50,000 50,000
INHALE THERAPEUTIC SYSTEMS Common 45719110 3,531,300 47,400 47,400 47,400
INSIGHT COMMUNICATIONS INC Common 45768V10 2,939,063 142,500 142,500 142,500
INTEGRATED DEVICE TECH Common 45811810 3,130,375 79,000 79,000 79,000
INTEL CORP Common 45814010 561,247,612 4,253,890 4,253,890 4,253,890
IBM Common 45920010 18,372,600 155,700 155,700 155,700
INTERNATIONAL PAPER CO Common 46014610 23,427,000 548,000 548,000 548,000
INTERNET CAPITAL GROUP Common 46059C10 1,625,625 18,000 18,000 18,000
----------- ----------- ---------- -----------
COLUMN TOTALS 1,320,011,905 19,542,222 19,542,222 19,542,222
<PAGE>
FORM 13F FILE NO. 28-46
REPORTING MANAGER : MACKAY SHIELDS LLC PAGE 9
March 31, 2000
- ---------------------------------------------------------------------------------------------------------------------------
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 MGRS VOTING AUTHORITY
OF NUMBER MARKET PRINCIPAL SHARED
CLASS VALUE AMOUNT SOLE SHARED OTHER SOLE SHARED NONE
(A) (B) (C) (A) (B) (C)
- ----------------------------------------------------------------------------------------------------------------------------
INTERPUBLIC GROUP OF COS Common 46069010 1,053,675 22,300 22,300 22,300
INTERWORLD CORP Common 46114Q10 5,344,900 94,600 94,600 94,600
INTERVU INC Common 46114R10 6,480,000 72,000 72,000 72,000
INVITROGEN CORP Common 46185R10 4,406,944 75,900 75,900 75,900
I2 TECHNOLOGIES INC Common 46575410 2,931,000 24,000 24,000 24,000
JDS UNIPHASE CORP Common 46612J10 69,323,438 575,000 575,000 575,000
JNI CORP Common 46622G10 2,696,375 53,000 53,000 53,000
JAZZTEL PLC-ADR Common 47214R15 809,375 10,000 10,000 10,000
JEFFERSON-PILOT Common 47507010 3,328,125 50,000 50,000 50,000
KERR MCGEE CORP Common 49238610 612,150 10,600 10,600 10,600
KEYSPAN CORPORATION Common 49337W10 500,344 18,112 18,112 18,112
KING PHARMACEUTICALS INC Common 49558210 4,164,300 132,200 132,200 132,200
KMART FINANCING 7.75% Conv Prfd 49877820 2,626,813 61,000 61,000 61,000
KOHLS CORP Common 50025510 509,756,588 4,973,235 4,973,235 4,973,235
KROGER CO Common 50104410 5,444,375 310,000 310,000 310,000
LCC INTERNATIONAL INC Common 50181010 12,252,050 309,200 309,200 309,200
L-3 COMMUNICATIONS HLDGS Common 50242410 2,248,894 43,300 43,300 43,300
LENDINGTREE INC Common 52602Q10 2,155,950 159,700 159,700 159,700
LILLY (ELI) & CO. Common 53245710 1,890,000 30,000 30,000 30,000
LONDON PACIFIC GROUP Common 54207310 7,333,050 315,400 315,400 315,400
LOUDEYE TECHNOLOGIES INC Common 54575410 1,743,750 50,000 50,000 50,000
LUCENT TECHNOLOGIES INC Common 54946310 167,431,285 2,733,572 2,733,572 2,733,572
MBIA INC Common 55262C10 6,768,125 130,000 130,000 130,000
MCI WORLDCOM INC Common 55268B10 328,490,613 7,249,448 7,249,448 7,249,448
MGIC INVT CORP WIS Common 55284810 65,779,215 1,507,833 1,507,833 1,507,833
MACROVISION CORP Common 55590410 10,059,400 116,800 116,800 116,800
------------ ---------- ----------- ------------
COLUMN TOTALS 1,225,630,731 19,127,200 19,127,200 19,127,200
<PAGE>
FORM 13F FILE NO. 28-46
REPORTING MANAGER : MACKAY SHIELDS LLC PAGE 10
March 31, 2000
- ----------------------------------------------------------------------------------------------------------------------------
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 MGRS VOTING AUTHORITY
OF NUMBER MARKET PRINCIPAL SHARED
CLASS VALUE AMOUNT SOLE SHARED OTHER SOLE SHARED NONE
(A) (B) (C) (A) (B) (C)
- -----------------------------------------------------------------------------------------------------------------------------
MANHATTAN ASSOCIATES Common 56275010 6,123,900 178,800 178,800 178,800
MANOR CARE Common 56405510 24,776,550 1,835,300 1,835,300 1,835,300
MANUGISTICS GROUP INC Common 56501110 2,763,750 55,000 55,000 55,000
MARSH & MCLENNAN COS Common 57174810 174,266,172 1,579,750 1,579,750 1,579,750
MASCO CORP Common 57459910 2,870,000 140,000 140,000 140,000
MAXIM PHARMACEUTICALS Common 57772M10 6,998,381 149,100 149,100 149,100
MAXIMUS INC Common 57793310 4,148,000 136,000 136,000 136,000
MEDIAPLEX INC Common 58446B10 1,560,000 30,000 30,000 30,000
MEDIMMUNE INC Common 58469910 73,010,613 419,300 419,300 419,300
MEDITRUST CORP Common 58501T30 29,000 16,000 16,000 16,000
MEDTRONIC INC Common 58505510 319,921,704 6,219,620 6,219,620 6,219,620
THE MEN'S WEARHOUSE Common 58711810 5,840,569 197,150 197,150 197,150
MERCK & CO INC Common 58933110 121,986,786 1,963,570 1,963,570 1,963,570
METROMEDIA INTL GRP Conv Prfd 59169520 1,408,000 44,000 44,000 44,000
METTLER-TOLEDO INTL Common 59268810 7,479,281 182,700 182,700 182,700
MICROSOFT CORP Common 59491810 579,686,294 5,455,871 5,455,871 5,455,871
MICROSEMI CORP Common 59513710 2,568,750 75,000 75,000 75,000
MILLENIUM CHEMICALS INC Common 59990310 16,013,700 800,685 800,685 800,685
MONSANTO 6.5% CONV PFD Conv Prfd 61166230 2,287,500 50,000 50,000 50,000
MONTANA POWER CO Common 61208510 4,249,600 66,400 66,400 66,400
MOTOROLA INC Common 62007610 432,422,800 2,961,800 2,961,800 2,961,800
MYLAN LABS Common 62853010 37,676,375 1,370,050 1,370,050 1,370,050
NABORS INDS INC Common 62956810 7,762,500 200,000 200,000 200,000
NATIONAL AUSTRALIA BK Conv Prfd 63252530 6,143,625 254,000 254,000 254,000
NATIONWIDE HEALTH PPTYS Common 63862010 870,488 83,400 83,400 83,400
NAVISTAR INTERNATIONAL Common 63934E10 405,263 10,100 10,100 10,100
----------- ----------- ---------- -----------
COLUMN TOTALS 1,843,269,599 24,473,596 24,473,596 24,473,596
<PAGE>
FORM 13F FILE NO. 28-46
REPORTING MANAGER : MACKAY SHIELDS LLC PAGE 11
March 31, 2000
- ---------------------------------------------------------------------------------------------------------------------------
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 MGRS VOTING AUTHORITY
OF NUMBER MARKET PRINCIPAL SHARED
CLASS VALUE AMOUNT SOLE SHARED OTHER SOLE SHARED NONE
(A) (B) (C) (A) (B) (C)
- ----------------------------------------------------------------------------------------------------------------------------
NETSILOCON INC Common 64115X10 4,675,325 216,200 216,200 216,200
NETWORK PLUS CORP Common 64122D50 2,025,000 50,000 50,000 50,000
NEWFIELD FINAN TRUST I Conv Prfd 65129120 4,625,000 80,000 80,000 80,000
NEXTEL COMMUNICATIONS Common 65332V10 102,692,775 692,700 692,700 692,700
NEXTEL PARTNERS INC Common 65333F10 3,941,100 135,900 135,900 135,900
NIAGARA MOHAWK HLDINGS Common 65352010 50,696,105 3,755,267 3,755,267 3,755,267
NOBLE AFFILIATES INC Common 65489410 81,969,989 2,498,133 2,498,133 2,498,133
NOKIA CORP Common 65490220 143,145,600 644,800 644,800 644,800
NVIDIA CORP Common 67066G10 14,658,040 173,500 173,500 173,500
OGE ENERGY CORP Common 67083710 719,531 37,500 37,500 37,500
OFFICE DEPOT INC Common 67622010 71,415,781 6,176,500 6,176,500 6,176,500
OMNICOM GROUP INC Common 68191910 217,060,200 2,318,400 2,318,400 2,318,400
OPEN MARKET INC Common 68370M10 643,750 25,000 25,000 25,000
OPTIMAL ROBOTICS CORP Common 68388R20 14,621,700 311,100 311,100 311,100
ORACLE CORPORATION Common 68389X10 568,761,033 7,285,970 7,285,970 7,285,970
OWENS ILLINOIS INC Common 69076840 18,327,094 1,086,050 1,086,050 1,086,050
OWENS-ILLINOIS INC Conv Prfd 69076850 3,937,594 145,500 145,500 145,500
PECO ENERGY CO Common 69330410 774,375 21,000 21,000 21,000
PE CORP-PE BIOSYSTEMS Common 69332S10 100,321,400 1,039,600 1,039,600 1,039,600
PACKETEER INC Common 69521010 4,382,000 125,200 125,200 125,200
PALM INC Common 69664210 1,530,238 34,100 34,100 34,100
PARADYNE NETWORKS INC Common 69911G10 6,485,200 209,200 209,200 209,200
PATTERSON DENTAL CO Common 70341210 1,897,200 49,600 49,600 49,600
PAYLESS SHOESOURCE INC Common 70437910 11,870,731 228,558 228,558 228,558
PEGASUS COMM Common 70590410 10,373,275 73,700 73,700 73,700
PEOPLESOFT INC Common 71271310 2,500,000 125,000 125,000 125,000
----------- ---------- ----------- -----------
COLUMN TOTALS 1,444,050,035 27,538,478 27,538,478 27,538,478
<PAGE>
FORM 13F FILE NO. 28-46
REPORTING MANAGER : MACKAY SHIELDS LLC PAGE 12
March 31, 2000
- ---------------------------------------------------------------------------------------------------------------------------
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 MGRS VOTING AUTHORITY
OF NUMBER MARKET PRINCIPAL SHARED
CLASS VALUE AMOUNT SOLE SHARED OTHER SOLE SHARED NONE
(A) (B) (C) (A) (B) (C)
- ----------------------------------------------------------------------------------------------------------------------------
PEREGRINE SYSTEMS INC Common 71366Q10 9,576,525 142,800 142,800 142,800
TELEKOMUNIK INDONESIA Common 71568410 203,148 21,384 21,384 21,384
PHELPS DODGE Common 71726510 1,378,613 29,100 29,100 29,100
PHILIP MORRIS COS INC Common 71815410 411,938 19,500 19,500 19,500
PHOTOTRONICS INC Common 71940510 1,235,938 35,000 35,000 35,000
PLACER DOME Common 72590610 8,717,434 1,072,915 1,072,915 1,072,915
PLEXUS CORP Common 72913210 9,633,975 144,600 144,600 144,600
POGO TRUST I Conv Prfd 73044P20 2,283,750 35,000 35,000 35,000
POLYMEDICA CORP Common 73173810 9,682,000 164,800 164,800 164,800
PORTAL SOFTWARE Common 73612610 4,782,750 84,000 84,000 84,000
PRICELINE.COM INC Common 74150310 66,912,000 836,400 836,400 836,400
PRIMUS TELECOMM GP Common 74192910 11,252,369 217,700 217,700 217,700
PROFIT RECOVERY GROUP Common 74316810 4,444,625 240,250 240,250 240,250
PROGENICS PHARMACEUTIC Common 74318710 3,731,000 53,300 53,300 53,300
PROJECT SOFTWARE & DEV Common 74339P10 6,378,850 112,900 112,900 112,900
PROTEIN DESIGN LABS INC Common 74369L10 18,412,200 231,600 231,600 231,600
PROVIDIAN CORP Common 74406A10 181,750,078 2,098,125 2,098,125 2,098,125
PROXIM INC Common 74428410 6,690,531 55,900 55,900 55,900
QLT PHOTOTHERAPEUTICS Common 74692710 1,729,325 31,300 31,300 31,300
QRS CORP Common 74726X10 8,977,325 119,300 119,300 119,300
QLOGIC CORP Common 74727710 4,661,200 34,400 34,400 34,400
QUALCOMM INC Common 74752510 597,250 4,000 4,000 4,000
QUANTUM EFFECT DEVICES Common 74764T10 955,500 12,000 12,000 12,000
QWEST COMMUNICATIONS Common 74912110 4,212,000 87,750 87,750 87,750
RPM INC OHIO Common 74968510 2,821,940 256,540 256,540 256,540
RALSTON-RALSTON PURINA Common 75127730 58,434,750 2,124,900 2,124,900 2,124,900
----------- ----------- ---------- ----------
COLUMN TOTALS 429,867,013 8,265,464 8,265,464 8,265,464
<PAGE>
FORM 13F FILE NO. 28-46
REPORTING MANAGER : MACKAY SHIELDS LLC PAGE 13
March 31, 2000
- ---------------------------------------------------------------------------------------------------------------------------
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 MGRS VOTING AUTHORITY
OF NUMBER MARKET PRINCIPAL SHARED
CLASS VALUE AMOUNT SOLE SHARED OTHER SOLE SHARED NONE
(A) (B) (C) (A) (B) (C)
- ----------------------------------------------------------------------------------------------------------------------------
RAVISENT TECHNOLOGIES Common 75444010 4,172,213 300,700 300,700 300,700
RAYTHEON CO - CLASS A Common 75511130 7,028,350 373,600 373,600 373,600
RAYTHEON CO - CLASS B Common 75511140 12,398,375 698,500 698,500 698,500
REYNOLDS METALS CO Common 76176310 41,560,606 621,467 621,467 621,467
RURAL CELLULAR CORP-CL A Common 78190410 4,459,125 66,000 66,000 66,000
SBC COMMUNICATIONS Common 78387G10 2,225,843 52,839 52,839 52,839
SCM MICROSYSTEMS INC Common 78401810 8,885,200 91,600 91,600 91,600
SLM HOLDING CORP Common 78442A10 6,338,036 190,260 190,260 190,260
S&P 500 DEPOSITORY Common 78462F10 5,829,287 38,765 38,765 38,765
S3 INCORPORATED Common 78484910 5,040,000 240,000 240,000 240,000
SAFEWAY INC Common 78651420 3,167,500 70,000 70,000 70,000
SALTON INC Common 79575710 5,001,138 115,300 115,300 115,300
SANDISK CORP Common 80004C10 22,895,250 186,900 186,900 186,900
SANTA FE SNYDER CORP Common 80218K10 2,900,590 301,360 301,360 301,360
SCHERING-PLOUGH Common 80660510 188,048,372 5,065,276 5,065,276 5,065,276
SEAGATE TECHNOLOGY Common 81180410 29,071,900 470,800 470,800 470,800
SEAGRAM CO LTD Conv Prfd 81185020 2,886,000 52,000 52,000 52,000
SEQUENOM INC Common 81733710 1,575,000 40,000 40,000 40,000
SHAW INDUSTRIES INC Common 82028610 32,925,999 2,167,967 2,167,967 2,167,967
SILVERSTREAM SOFTWARE Common 82790710 3,132,300 42,400 42,400 42,400
SIMON PROPERTY GROUP Common 82880610 3,340,800 139,200 139,200 139,200
SMURFIT-STONE CONTAINER Common 83272710 52,278,153 3,086,533 3,086,533 3,086,533
SOLUTIA INC Common 83437610 674,100 50,400 50,400 50,400
SONICWALL INC Common 83547010 5,516,550 82,800 82,800 82,800
SOVEREIGN CAP TRUST II Conv Prfd 84590530 7,556,250 155,000 155,000 155,000
SPECTRASITE HOLDINGS INC Common 84760T10 8,360,681 295,300 295,300 295,300
----------- ---------- ----------- ----------
COLUMN TOTALS 467,267,616 14,994,967 14,994,967 14,994,967
<PAGE>
FORM 13F FILE NO. 28-46
REPORTING MANAGER : MACKAY SHIELDS LLC PAGE 14
March 31, 2000
- ----------------------------------------------------------------------------------------------------------------------------
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 MGRS VOTING AUTHORITY
OF NUMBER MARKET PRINCIPAL SHARED
CLASS VALUE AMOUNT SOLE SHARED OTHER SOLE SHARED NONE
(A) (B) (C) (A) (B) (C)
- -----------------------------------------------------------------------------------------------------------------------------
SPIEKER PROPERTIES INC Common 84849710 2,923,650 65,700 65,700 65,700
STAPLES INC Common 85503010 164,243,600 8,212,180 8,212,180 8,212,180
STARWOOD HOTELS & RESORTS Common 85590A20 12,049,800 459,040 459,040 459,040
SUN MICROSYSTEMS INC Common 86681010 606,664,049 6,474,320 6,474,320 6,474,320
SUNDAY COMMUNICATION ADR Common 86727010 2,460,000 240,000 240,000 240,000
SUNOCO INC Common 86764P10 49,778,700 1,818,400 1,818,400 1,818,400
SYMBOL TECHNOLOGIES INC Common 87150810 3,794,606 46,100 46,100 46,100
TSI INTL SOFTWARE LTD Common 87287910 9,892,744 119,100 119,100 119,100
TECHNE CORP Common 87837710 5,595,900 81,100 81,100 81,100
TELCOM SEMICONDUCTOR INC Common 87921P10 1,119,250 37,000 37,000 37,000
TELEFONOS DE MEXICO Common 87940378 2,680,000 40,000 40,000 40,000
TELLABS INC Common 87966410 298,098,772 4,732,900 4,732,900 4,732,900
TEMPLE INLAND INC Common 87986810 33,745,478 677,450 677,450 677,450
TENET HEALTHCARE CORP Common 88033G10 47,013,825 2,022,100 2,022,100 2,022,100
TERADYNE INC Common 88077010 6,822,400 83,200 83,200 83,200
TERAYON COMMUNICATION SYS Common 88077510 4,940,500 24,100 24,100 24,100
TERRA NETWORKS Common 88100W10 541,650 6,900 6,900 6,900
TEVA PHARMACEUTICAL INDS Common 88162420 3,731,250 100,000 100,000 100,000
TETRA TECH INC Common 88162G10 2,331,918 98,186 98,186 98,186
TEXACO INC Common 88169410 68,345,813 1,271,550 1,271,550 1,271,550
TEXAS INSTRS INC Common 88250810 610,816,000 3,817,600 3,817,600 3,817,600
TEXAS UTILITIES CO (HLDG) Common 88284810 397,813 13,400 13,400 13,400
TIBCO SOFTWARE INC Common 88632Q10 4,034,250 49,500 49,500 49,500
TIME WARNER INC Common 88731510 345,455,000 3,454,550 3,454,550 3,454,550
TITAN PHARMACEUTICALS INC Common 88831410 403,000 13,000 13,000 13,000
TOSCO CORP Common 89149030 91,190,011 2,977,633 2,977,633 2,977,633
------------ ----------- ----------- -----------
COLUMN TOTALS 2,379,069,977 36,935,009 36,935,009 36,935,009
<PAGE>
FORM 13F FILE NO. 28-46
REPORTING MANAGER : MACKAY SHIELDS LLC PAGE 15
March 31, 2000
- -----------------------------------------------------------------------------------------------------------------------------
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 MGRS VOTING AUTHORITY
OF NUMBER MARKET PRINCIPAL SHARED
CLASS VALUE AMOUNT SOLE SHARED OTHER SOLE SHARED NONE
(A) (B) (C) (A) (B) (C)
- -----------------------------------------------------------------------------------------------------------------------------
TRITON PCS HLDGS CL A Common 89677M10 1,523,625 25,500 25,500 25,500
TURNSTONE SYSTEMS INC Common 90042310 2,104,500 18,300 18,300 18,300
TUT SYSTEMS INC Common 90110310 9,786,119 164,300 164,300 164,300
TYCO INTL LTD Common 90212410 498,789,665 9,950,916 9,950,916 9,950,916
USX-MARATHON GROUP Common 90290582 2,017,238 77,400 77,400 77,400
USA NETWORKS INC Common 90298410 140,977,269 6,248,300 6,248,300 6,248,300
USX-US STEEL GROUP Common 90337T10 45,776,675 1,831,067 1,831,067 1,831,067
UNION PACIFIC RESOURCES Common 90783410 116,819,250 8,056,500 8,056,500 8,056,500
UNIROYAL TECHNOLOGY CORP Common 90916310 5,264,000 112,000 112,000 112,000
UNISYS CORP Common 90921410 48,251,734 1,878,413 1,878,413 1,878,413
UNITED STATES CELLULAR Common 91168410 3,550,000 50,000 50,000 50,000
UNITEDGLOBALCOM SER D Conv Prfd 91324780 6,392,000 94,000 94,000 94,000
UNIVISION COMMUNICA Common 91490610 41,132,000 364,000 364,000 364,000
UNOCAL CORP Common 91528910 55,902,987 1,879,092 1,879,092 1,879,092
VALASSIS COMM Common 91886610 2,198,625 66,000 66,000 66,000
VALERO ENERGY CORP Common 91913Y10 66,404,436 2,163,892 2,163,892 2,163,892
VERITY INC Common 92343C10 5,395,300 132,400 132,400 132,400
VERITAS DGC INC Common 92343P10 272,813 9,700 9,700 9,700
VERSATA INC Common 92529810 2,148,694 35,700 35,700 35,700
VERTICALNET INC Common 92532L10 2,312,000 17,000 17,000 17,000
VIADOR INC Common 92553R10 13,118,050 268,400 268,400 268,400
VICINITY CORP Common 92565310 3,127,500 90,000 90,000 90,000
VITESSE SEMICONDUCTOR Common 92849710 9,037,875 93,900 93,900 93,900
VITRIA TECHNOLOGY INC Common 92849Q10 5,443,875 54,000 54,000 54,000
VOICESTREAM WIRELESS CORP Common 92861510 60,355,097 468,550 468,550 468,550
WHX CORP PFD B Conv Prfd 92924830 4,326,300 188,100 188,100 188,100
----------- ----------- ---------- ----------
COLUMN TOTALS 1,152,427,624 34,337,430 34,337,430 34,337,430
<PAGE>
FORM 13F FILE NO. 28-46
REPORTING MANAGER : MACKAY SHIELDS LLC PAGE 16
March 31, 2000
- -----------------------------------------------------------------------------------------------------------------------------
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 MGRS VOTING AUTHORITY
OF NUMBER MARKET PRINCIPAL SHARED
CLASS VALUE AMOUNT SOLE SHARED OTHER SOLE SHARED NONE
(A) (B) (C) (A) (B) (C)
- -----------------------------------------------------------------------------------------------------------------------------
WASHINGTON MUTL SAVINGS Common 93932210 78,060,176 2,945,667 2,945,667 2,945,667
WATERS CORPORATION Common 94184810 4,752,975 49,900 49,900 49,900
WEBMETHODS INC Common 94768C10 3,620,625 15,000 15,000 15,000
WELLPOINT HEALTH NETWORKS Common 94973H10 3,493,750 50,000 50,000 50,000
WENDYS FINANCE I SER A Conv Prfd 95058820 7,802,000 166,000 166,000 166,000
WESTERN WIRELESS CORP Common 95988E20 1,310,238 28,600 28,600 28,600
WILLIAMS COMMUNICATIONS Common 96945510 2,075,000 40,000 40,000 40,000
WIT CAPITAL GROUP INC Common 97737K30 4,276,113 249,700 249,700 249,700
WORLDGATE COMMUNICATIONS Common 98156L30 3,926,163 130,600 130,600 130,600
WORTHINGTON INDUSTRIES Common 98181110 454,163 36,700 36,700 36,700
XICOR INC Common 98490310 4,590,625 325,000 325,000 325,000
YOUNG & RUBICAM INC Common 98742510 5,898,500 125,500 125,500 125,500
ZORAN CORP Common 98975F10 4,747,144 84,300 84,300 84,300
FLAG TELECOM HOLDINGS LTD Common G3529L10 6,561,250 290,000 290,000 290,000
GLOBAL CROSSING LTD Common G3921A10 106,521,708 2,602,057 2,602,057 2,602,057
INTERWAVE COMM INTL LTD Common G4911N10 301,250 10,000 10,000 10,000
LORAL SPACE & COMM Conv Prfd G5646214 509,550 15,800 15,800 15,800
BACKWEB TECHNOLOGIES LTD Common M1563310 3,832,813 111,500 111,500 111,500
GILAT SATELLITE NETWORKS Common M5147410 11,584,300 98,800 98,800 98,800
M-SYS FLSH DISK PIONEER Common M7061C10 5,268,200 99,400 99,400 99,400
OPTIBASE LTD Common M7524R10 3,852,250 162,200 162,200 162,200
ORCKIT COMMUNICATIONS LTD Common M7531S10 9,051,700 135,100 135,100 135,100
RADWARE LTD Common M8187310 4,434,938 114,450 114,450 114,450
TTI TEAM TELECOM INTL LTD Common M8825810 2,656,500 80,500 80,500 80,500
CNH GLOBAL N.V Common N2093510 804,813 81,500 81,500 81,500
KPNQWEST NV Common N5091910 1,312,850 24,200 24,200 24,200
----------- --------- ----------- ----------
COLUMN TOTALS 281,699,590 8,072,474 8,072,474 8,072,474
<PAGE>
FORM 13F FILE NO. 28-46
REPORTING MANAGER : MACKAY SHIELDS LLC PAGE 17
March 31, 2000
- -----------------------------------------------------------------------------------------------------------------------------
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 MGRS VOTING AUTHORITY
OF NUMBER MARKET PRINCIPAL SHARED
CLASS VALUE AMOUNT SOLE SHARED OTHER SOLE SHARED NONE
(A) (B) (C) (A) (B) (C)
- -----------------------------------------------------------------------------------------------------------------------------
ASE TEST LIMITED Common Y0251610 435,000 15,000 15,000 15,000
---------- --------- ---------- ------------
COLUMN TOTALS 435,000 15,000 15,000 15,000
----------- --------- ---------- ------------
REPORT TOTALS 20,058,850,495 357,841,892 357,841,892 357,841,892
=============== =========== ============ ============
</TABLE>
