FORM 13F
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Report for the Calendar Year or Quarter Ended: 9/30/2000
Check here if Amendment [ x ]: Amendment Number: 1
This Amendment (check only one):
[ x ] 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: Chief Compliance Officer
Phone: 212-230-3835
Signature, Place, and Date of Signing:
/s/ Russell A. Thompson
New York, New York
November 13, 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: 447
Form 13F Information Table Value Total: $20,172,886
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FORM 13F PAGE 1 FILE NO. 28-46
REPORTING MANAGER : MACKAY-SHIELDS FINANCIAL
9/30/2000
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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 DSCRTION MGRS VOTING AUTHORITY
OF NUMBER MARKET PRINCIPAL SHARED
CLASS VALUE AMOUNT SOLE SHARED OTHER SOLE SHARED NONE
(A) (B) (C) (A) (B) (C)
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AGCO CP Common 00108410 522,500 44,000 44,000 44,000
AES CORP Common 00130H10 661,470,250 9,656,500 9,656,500 9,656,500
AK STL HLDG CORP Common 00154710 922,678 98,419 98,419 98,419
AT&T CORP Common 00195710 74,638,938 2,540,900 2,540,900 2,540,900
ASA LTD Common 00205010 335,000 20,000 20,000 20,000
ABBOTT LABS Common 00282410 36,432,875 766,000 766,000 766,000
ABGENIX INC Common 00339B10 9,253,031 114,500 114,500 114,500
ABITIBI PRICE INC Common 00392410 11,288,766 1,204,135 1,204,135 1,204,135
ACTIVE POWER INC Common 00504W10 930,000 15,000 15,000 15,000
ADAPTEC INC CNV Conv Bnd P2 00651FAC 6,470,870 7,624,000 7,624,000 7,624,000
ADELPHIA COMMUNICATIONS-CL A Common 00684810 2,756,250 100,000 100,000 100,000
ADVANTAGE LEARNING SYS INC Common 00757K10 6,121,913 174,600 174,600 174,600
AEROFLEX INC Common 00776810 10,216,113 210,100 210,100 210,100
ADVANCED ENERGY IND CONV BOND Conv Bnd P2 007973AA 5,769,094 6,195,000 6,195,000 6,195,000
ADVENT SOFTWARE Common 00797410 10,998,325 157,400 157,400 157,400
AFFILIATED MANAGERS GROUP Common 00825210 12,161,850 213,600 213,600 213,600
AGILE SOFTWARE CORP Common 00846X10 13,589,556 151,100 151,100 151,100
AGNICO EAGLE MINES CNV Conv Bnd P2 008474AA 6,527,958 10,129,000 10,129,000 10,129,000
AIR PRODUCTS & CHEMICALS Common 00915810 50,281,200 1,396,700 1,396,700 1,396,700
ALAMOSA PCS HOLDINGS INC Common 01159310 2,902,419 179,300 179,300 179,300
ALCOA INC Common 01381710 36,845,736 1,455,634 1,455,634 1,455,634
ALKERMES INC Common 01642T10 6,531,488 169,100 169,100 169,100
ALLEGHENY ENERGY INC Common 01736110 2,063,080 54,025 54,025 54,025
ALLERGAN INC Common 01849010 170,196,447 2,015,650 2,015,650 2,015,650
ALLIED RISER CNV 144A Conv Bnd P2 019496AA 7,125,000 12,000,000 12,000,000 12,000,000
ALLSTATE CORP Common 02000210 46,902,944 1,349,725 1,349,725 1,349,725
----------- ---------- ---------- -----------
COLUMN TOTALS 1,193,254,278 58,034,388 58,034,388 58,034,388
<PAGE>
FORM 13F PAGE 2 FILE NO. 28-46
REPORTING MANAGER : MACKAY-SHIELDS FINANCIAL
9/30/2000
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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)
---------------------------------------------------------------------------------------------------------------------------------
ALPHA INDUSTRIES INC Common 02075310 7,190,594 211,100 211,100 211,100
ALPHARMA INC-CL A Common 02081310 13,410,825 219,400 219,400 219,400
ALZA CORP Common 02261510 6,556,700 75,800 75,800 75,800
AMERADA HESS CORP Common 02355110 3,333,488 49,800 49,800 49,800
AMERICA ONLINE INC Common 02364J10 4,837,500 90,000 90,000 90,000
AMERICA ONLINE INC CONV BOND Conv Bnd P2 02364JAC 8,351,875 16,100,000 16,100,000 16,100,000
AMERICAN GENERAL CORP Common 02635110 119,793,445 1,535,813 1,535,813 1,535,813
AMERICAN INTL GROUP INC Common 02687410 420,436,043 4,393,845 4,393,845 4,393,845
AMERICAN STANDARD COMPANIES Common 02971210 90,586,955 2,038,525 2,038,525 2,038,525
AMERICAN TOWER CORP CONV BD Conv Bnd P2 029912AF 5,730,000 6,000,000 6,000,000 6,000,000
AMERICREDIT CORP Common 03060R10 8,983,738 311,800 311,800 311,800
AMERISOURCE HEALTH CORP Common 03071P10 17,803,600 378,800 378,800 378,800
AMGEN Common 03116210 306,858,321 4,394,480 4,394,480 4,394,480
AMPHENOL CORP -CL A Common 03209510 9,013,206 158,300 158,300 158,300
ANADARKO PETE CORP Common 03251110 8,934,351 134,432 134,432 134,432
ANALOG DEVICES Common 03265410 206,769,525 2,504,400 2,504,400 2,504,400
ANDRX CORP Common 03455310 56,585,250 606,000 606,000 606,000
ANIXTER INTL INC CONV Conv Bnd P2 035290AA 4,943,750 17,500,000 17,500,000 17,500,000
ANNTAYLOR STORES CORP Common 03611510 7,822,031 203,500 203,500 203,500
ANTEC CORP Common 03664P10 1,728,700 58,600 58,600 58,600
ANTEC CORP CNV Conv Bnd P2 03664PAB 3,521,188 2,650,000 2,650,000 2,650,000
APACHE CORPORATION CNVPFD Conv Prfd 03741160 3,130,063 61,000 61,000 61,000
APRIA HEALTHCARE GROUP I Common 03793310 20,212,163 1,450,200 1,450,200 1,450,200
APPLIED MATLS INC Common 03822210 122,851,016 2,071,250 2,071,250 2,071,250
ARCH CHEMICALS INC Common 03937R10 410,625 22,500 22,500 22,500
ARGOSY GAMING CO Common 04022810 13,660,813 753,700 753,700 753,700
---------- ---------- ----------- ------------
COLUMN TOTALS 1,473,455,762 63,973,245 63,973,245 63,973,245
<PAGE>
FORM 13F PAGE 3 FILE NO. 28-46
REPORTING MANAGER : MACKAY-SHIELDS FINANCIAL
9/30/2000
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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)
-------------------------------------------------------------------------------------------------------------------------------
AT HOME CORP REG CNV Conv Bnd P2 045919AF 33,969,667 49,875,000 49,875,000 49,875,000
ASSOCIATES FIRST CAPITAL Common 04600810 1,903,800 50,100 50,100 50,100
ATMEL CORP Common 04951310 2,812,725 185,200 185,200 185,200
AURORA BIOSCIENCES CORP Common 05192010 6,528,000 96,000 96,000 96,000
AVICI SYSTEMS INC Common 05367L10 8,057,088 84,700 84,700 84,700
AVOCENT CORPORATION Common 05389310 11,554,200 209,600 209,600 209,600
THE BISYS GROUP INC Common 05547210 10,429,456 134,900 134,900 134,900
BAKER HUGHES Common 05722410 5,568,750 150,000 150,000 150,000
BARR LABORATORIES INC Common 06830610 10,669,681 160,900 160,900 160,900
BAXTER INTERNATIONAL Common 07181310 225,123,128 2,820,650 2,820,650 2,820,650
BEAS SYSTEMS CONV REG Conv Bnd P2 073325AD 11,881,250 5,000,000 5,000,000 5,000,000
BECTON DICKINSON Common 07588710 29,183,034 1,103,850 1,103,850 1,103,850
BED BATH & BEYOND INC Common 07589610 192,671,343 7,899,400 7,899,400 7,899,400
BEVERLY ENTERPRISES Common 08785130 2,288,313 385,400 385,400 385,400
BLACKROCK INC Common 09247X10 8,195,200 256,100 256,100 256,100
BLUESTONE SOFTWARE Common 09623P10 434,375 25,000 25,000 25,000
BOSTON SCIENTIFIC CORP Common 10113710 5,999,688 365,000 365,000 365,000
BRISTOL-MYERS SQUIBB Common 11012210 344,446,613 6,029,700 6,029,700 6,029,700
BURLINGTON INDS INC Common 12169310 44,625 35,700 35,700 35,700
BURLINGTON NORTH SANTA FE Common 12189T10 357,938 16,600 16,600 16,600
BURLINGTON RES INC Common 12201410 46,836,544 1,272,300 1,272,300 1,272,300
C.H. ROBINSON WORLDWIDE Common 12541W10 9,288,026 164,800 164,800 164,800
CVS CORPORATION Common 12665010 114,788,819 2,478,571 2,478,571 2,478,571
CV THERAPEUTICS INC Common 12666710 3,655,719 47,000 47,000 47,000
CV THERAPEUTICS INC Conv Bnd P2 126667AB 8,158,275 6,060,000 6,060,000 6,060,000
CALL-NET ENTERPRISES INC-B Common 13091020 4,089,023 2,796,520 2,796,520 2,796,520
----------- ---------- ----------- -----------
COLUMN TOTALS 1,098,935,278 87,702,991 87,702,991 87,702,991
<PAGE>
FORM 13F PAGE 4 FILE NO. 28-46
REPORTING MANAGER : MACKAY-SHIELDS FINANCIAL
9/30/2000
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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)
------------------------------------------------------------------------------------------------------------------------------
CALLAWAY GOLF CO Common 13119310 438,188 28,500 28,500 28,500
CALPINE CORPORATION Common 13134710 62,176,188 595,700 595,700 595,700
CANADIAN NATL RAILWAY Conv Prfd 13637540 10,370,850 232,400 232,400 232,400
CAPITAL ONE FINL CORP Common 14040H10 1,702,519 24,300 24,300 24,300
MERISTAR HOSPITALITY COR Conv Bnd P2 140918AC 8,564,844 10,963,000 10,963,000 10,963,000
CATERPILLAR Common 14912310 678,375 20,100 20,100 20,100
CELL THERAPEUTICS INC Common 15093410 8,996,144 134,900 134,900 134,900
CELGENE CORP Common 15102010 50,456,000 848,000 848,000 848,000
CENTURYTEL INC Common 15670010 51,930,325 1,905,700 1,905,700 1,905,700
CEPHALON INC Common 15670810 7,226,500 149,000 149,000 149,000
CERTICOM CORP Common 15691510 1,585,000 40,000 40,000 40,000
CHARLES RIVER LABORATOR Common 15986410 6,351,200 186,800 186,800 186,800
CHASE MANHATTAN CORP NEW Common 16161A10 58,357,906 1,263,500 1,263,500 1,263,500
CHESAPEAKE ENRGY CVPFD 7% Conv Prfd 16516730 2,380,000 40,000 40,000 40,000
CHEVRON Common 16675110 28,141,025 330,100 330,100 330,100
CHIQUITA BRANDS CNVPFD Conv Prfd 17003250 2,402,763 144,700 144,700 144,700
CINERGY CORP Common 17247410 605,044 18,300 18,300 18,300
CIRRUS LOGIC INC CNV Conv Bnd P2 172755AC 1,673,750 1,000,000 1,000,000 1,000,000
CISCO SYS INC Common 17275R10 548,336,581 9,924,644 9,924,644 9,924,644
CITADEL COMMUNICA CORP Common 17285320 3,389,800 199,400 199,400 199,400
CITIGROUP INC Common 17296710 592,341,404 10,956,604 10,956,604 10,956,604
CITIZENS COMMUNICATIONS Common 17453B10 1,343,750 100,000 100,000 100,000
CLEAR CHANNEL COMMUNICA Common 18450210 193,167,907 3,418,901 3,418,901 3,418,901
CLOROX Common 18905410 60,732,394 1,535,100 1,535,100 1,535,100
COASTAL CORP Common 19044110 65,823,000 888,000 888,000 888,000
COBALT NETWORKS INC Common 19074R10 8,044,625 139,000 139,000 139,000
------------ ---------- ----------- -----------
COLUMN TOTALS 1,777,216,079 45,086,649 45,086,649 45,086,649
<PAGE>
FORM 13F PAGE 5 FILE NO. 28-46
REPORTING MANAGER : MACKAY-SHIELDS FINANCIAL
9/30/2000
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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)
-------------------------------------------------------------------------------------------------------------------------------
COEUR D'ALENE MINES CNV Conv Bnd P2 192108AG 4,868,938 10,850,000 10,850,000 10,850,000
COLGATE PALMOLIVE CO Common 19416210 222,951,560 4,723,550 4,723,550 4,723,550
COLUMBIA ENERGY GROUP Common 19764810 234,300 3,300 3,300 3,300
COMCAST CORP CONV BOND CNVPRF BND 1 20030050 752,125 11,000 11,000 11,000
COMDISCO INC Common 20033610 667,188 35,000 35,000 35,000
COMMERCE ONE INC Common 20069310 2,041,000 26,000 26,000 26,000
COMVERSE TECHNOLOGY CNV Cnv Bnd P2 205862AG 12,710,250 2,520,000 2,520,000 2,520,000
CONAGRA FOODS INC Common 20588710 57,015,619 2,841,900 2,841,900 2,841,900
CONOCO INC-CL B Common 20825140 2,066,106 76,700 76,700 76,700
CONVERGYS CORP Common 21248510 2,289,738 58,900 58,900 58,900
COOPER CAMERON CORP Common 21664010 4,421,250 60,000 60,000 60,000
CORR THERAP CV BD 144A Cnv Bnd P2 217753AC 2,459,375 1,250,000 1,250,000 1,250,000
CORNING Common 21935010 706,276,395 2,378,035 2,378,035 2,378,035
CORPORATE EXECUTIVE BOARD Common 21988R10 10,980,200 272,800 272,800 272,800
COST PLUS INC Common 22148510 7,846,056 260,450 260,450 260,450
COX COMMUNICATIONS Common 22404410 2,295,000 60,000 60,000 60,000
CRITICAL PATH CONV BOND Cnv Bnd P2 22674VAB 6,195,000 7,000,000 7,000,000 7,000,000
CROMPTON CORPORATION Common 22711610 748,125 95,000 95,000 95,000
CYPRESS SEMICONDUCTOR CORP Common 23280610 75,398,531 1,814,100 1,814,100 1,814,100
CYPRESS SEMICONDUCTOR CNV Cnv Bnd P2 232806AE 10,192,500 9,000,000 9,000,000 9,000,000
CYTEC INDUSTRIES INC Common 23282010 1,163,625 34,800 34,800 34,800
DMC STRATEX NETWORKS INC Common 23322L10 3,087,213 192,200 192,200 192,200
DSP GROUP Common 23332B10 4,563,488 122,100 122,100 122,100
DTE ENERGY COMPANY Common 23333110 38,747,250 1,013,000 1,013,000 1,013,000
DATA RETURN CORP Common 23785M10 6,536,700 322,800 322,800 322,800
DESCARTES SYSTEMS GROUP Common 24990610 4,702,500 95,000 95,000 95,000
----------- ---------- ----------- ----------
COLUMN TOTALS 1,191,210,030 45,116,635 45,116,635 45,116,635
<PAGE>
FORM 13F PAGE 6 FILE NO. 28-46
REPORTING MANAGER : MACKAY-SHIELDS FINANCIAL
9/30/2000
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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)
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DEVELOPERS DIVERS REALTY Common 25159110 979,788 76,100 76,100 76,100
DEVON ENERGY CORPORATION Common 25179M10 3,347,949 55,660 55,660 55,660
DIAL CORP DEL Common 25247D10 445,238 38,300 38,300 38,300
DIGENE CORP Common 25375210 5,061,600 140,600 140,600 140,600
DIGITAL LIGHTWAVE INC Common 25385510 7,160,825 98,600 98,600 98,600
DIGITAL ISLAND INC CNVBND CnvBnd P2 25385NAA 23,529,048 39,515,000 39,515,000 39,515,000
DISNEY (WALT) Common 25468710 114,378,975 2,990,300 2,990,300 2,990,300
DITECH COMMUNICATIONS Common 25500M10 1,435,000 35,000 35,000 35,000
DOLLAR TREE STORES INC Common 25674710 2,488,509 61,350 61,350 61,350
DUKE ENERGY CORP Common 26439910 943,250 11,000 11,000 11,000
DYNEGY INC Common 26816Q10 30,483,600 534,800 534,800 534,800
E M C CORP MASS Common 26864810 786,844,338 7,937,900 7,937,900 7,937,900
ECHOSTAR COMMUNICA CNV CnvBnd P2 278762AD 662,500 500,000 500,000 500,000
EDISON INTL (SCE CORP Common 28102010 31,058,363 1,608,200 1,608,200 1,608,200
EFFICIENT NETWORKS CONV BD CnvBnd P2 282056AB 35,458,810 54,590,000 54,590,000 54,590,000
EL PASO ELECTRIC COMPANY Common 28367785 206,550 15,000 15,000 15,000
EL PASO ENER CAP TR CNVPFD CnvPfd 28367820 6,265,625 80,200 80,200 80,200
ELAN PLC Common 28413120 5,825,400 106,400 106,400 106,400
ELECTRONIC DATA SYSTEMS Common 28566110 21,986,700 529,800 529,800 529,800
EMCORE CORP Common 29084610 8,831,195 212,400 212,400 212,400
EMMIS COMMUNICA -CL A Common 29152510 1,485,000 60,000 60,000 60,000
EMMIS COMM CORP CNVPFD CnvPfd 29152520 395,000 10,000 10,000 10,000
ENERGY EAST CORPORATION Common 29266M10 10,400,713 459,700 459,700 459,700
ENERGIZER HOLDINGS INC Common 29266R10 37,949,398 1,548,955 1,548,955 1,548,955
ENRON Common 29356110 356,348,969 4,066,750 4,066,750 4,066,750
ENTERGY Common 29364G10 1,043,000 28,000 28,000 28,000
----------- ----------- ------------ -------------
COLUMN TOTALS 1,495,015,341 115,310,015 115,310,015 115,310,015
<PAGE>
FORM 13F PAGE 7 FILE NO. 28-46
REPORTING MANAGER : MACKAY-SHIELDS FINANCIAL
9/30/2000
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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)
--------------------------------------------------------------------------------------------------------------------------
EQUUS GAMING CO LP-A UTS Common 29492910 135,754 114,319 114,319 114,319
EXE TECHNOLOGIES INC Common 30150410 8,253,000 550,200 550,200 550,200
EXTENDED SYSTEMS INC Common 30197310 537,500 10,000 10,000 10,000
EXFO ELECTRO-OPTICAL ENGIN Common 30204310 4,909,494 112,700 112,700 112,700
EXXON MOBIL CORPORATION Common 30231G10 5,482,703 61,517 61,517 61,517
FEDERATED DEPT STORES Common 31410H10 20,628,300 789,600 789,600 789,600
FISERV INC Common 33773810 5,466,588 91,300 91,300 91,300
FLEET BOSTON FINANCIAL Common 33903010 76,278,423 1,955,857 1,955,857 1,955,857
FORT JAMES CORP Common 34747110 5,351,494 175,100 175,100 175,100
FRANKLIN RESOURCES INC Common 35461310 9,745,721 219,350 219,350 219,350
FREEPORT-MC COPP SER A Cnv Pfd 35671D50 225,000 18,000 18,000 18,000
GENENTECH INC Common 36871040 262,712,532 1,414,810 1,414,810 1,414,810
GENERAL DYNAMICS Common 36955010 31,431,375 500,400 500,400 500,400
GENERAL ELEC CO Common 36960410 467,150,491 8,097,950 8,097,950 8,097,950
GENERAL SEMICONDUCTOR INC Common 37078710 4,970,063 407,800 407,800 407,800
GEORGIA-PAC(GRP) Common 37329810 580,450 24,700 24,700 24,700
GETTY IMAGES INC CONV BOND CnvBnd P2 374276AE 6,230,000 8,000,000 8,000,000 8,000,000
GILDAN ACTIVEWEAR INC-CL A Common 37591610 7,576,125 227,000 227,000 227,000
GLENBOROUGH REAL CNVPFD A CnvPfd 37803P20 1,256,250 75,000 75,000 75,000
GLOBESPAN INC Common 37957110 3,635,600 29,800 29,800 29,800
GOLDMAN SACHS GROUP INC Common 38141G10 246,817,109 2,166,250 2,166,250 2,166,250
GUIDANT CORP Common 40169810 297,877,478 4,214,005 4,214,005 4,214,005
HANOVER COMPRESSOR CO Common 41076810 10,783,738 327,400 327,400 327,400
HARLEY DAVIDSON INC Common 41282210 517,902,175 10,817,800 10,817,800 10,817,800
HARRAH'S ENTERTAINMENT INC Common 41361910 31,979,750 1,162,900 1,162,900 1,162,900
HEALTH CARE PPTYS INVEST Common 42191510 459,188 15,500 15,500 15,500
------------ ---------- ----------- -----------
COLUMN TOTALS 2,028,376,298 41,579,258 41,579,258 41,579,258
<PAGE>
FORM 13F PAGE 8 FILE NO. 28-46
REPORTING MANAGER : MACKAY-SHIELDS FINANCIAL
9/30/2000
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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)
--------------------------------------------------------------------------------------------------------------------------
HEALTHSOUTH CORP. Common 42192410 3,493,750 430,000 430,000 430,000
HEALTH MGMT ASSOC NE CLS A Common 42193310 24,914,644 1,197,100 1,197,100 1,197,100
HEALTH MANAGEMENT CV 144A ConvBond P2 421933AA 6,531,250 9,500,000 9,500,000 9,500,000
HEALTHCARE REALTY TRUST Common 42194610 475,313 22,500 22,500 22,500
HEINZ (H.J) Common 42307410 45,368,206 1,224,100 1,224,100 1,224,100
HELIX TECHNOLOGY CORP Common 42331910 1,897,063 63,500 63,500 63,500
HEWLETT PACKARD CO Common 42823610 61,148,800 630,400 630,400 630,400
HIGHWOODS PROPERTIES INC Common 43128410 3,191,738 135,100 135,100 135,100
HOME DEPOT INC Common 43707610 244,027,646 4,598,872 4,598,872 4,598,872
HONEYWELL INTERNATIONAL Common 43851610 58,908,894 1,653,583 1,653,583 1,653,583
HOUSEHOLD INTL INC Common 44181510 267,550,294 4,724,950 4,724,950 4,724,950
IMC GLOBAL INC Common 44966910 5,877,430 405,340 405,340 405,340
IDEXX LABORATORIES INC Common 45168D10 1,698,625 63,500 63,500 63,500
ILLUMINA INC Common 45232710 3,716,213 81,900 81,900 81,900
IMMUNEX CORP Common 45252810 1,017,900 23,400 23,400 23,400
INFINITY BROADCASTING Common 45662S10 44,657,250 1,353,250 1,353,250 1,353,250
INGERSOLL-RAND Common 45686610 42,657,094 1,259,250 1,259,250 1,259,250
INHALE THERAPEUTIC SYSTEMS Common 45719110 10,158,775 180,200 180,200 180,200
INTEGRATED DEVICE TECH Common 45811810 8,154,050 90,100 90,100 90,100
INTEGRATED CIRCUIT SYSTEMS Common 45811K20 6,756,200 365,200 365,200 365,200
INTEL CORP Common 45814010 309,160,994 7,438,460 7,438,460 7,438,460
INTEGRATED TELECOM EXPRESS Common 45817U10 5,685,500 274,000 274,000 274,000
INTERLIANT CONV BOND 144A ConvBond P2 458742AB 413,750 1,000,000 1,000,000 1,000,000
INTERMEDIA COMM Common 45880110 973,500 33,000 33,000 33,000
IBM Common 45920010 20,598,750 183,100 183,100 183,100
INTERNATIONAL PAPER CO Common 46014610 30,750,131 1,071,900 1,071,900 1,071,900
------------ ---------- ---------- ------------
COLUMN TOTALS 1,209,783,757 38,002,705 38,002,705 38,002,705
<PAGE>
FORM 13F PAGE 9 FILE NO. 28-46
REPORTING MANAGER : MACKAY-SHIELDS FINANCIAL
9/30/2000
--------------------------------------------------------------------------------------------------------------------------
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 RINCIPAL SHARED
CLASS VALUE AMOUNT SOLE SHARED OTHER SOLE SHARED NONE
(A) (B) (C) (A) (B) (C)
---------------------------------------------------------------------------------------------------------------------------
INTERNET CAPITAL GROUP CnvBnd P2 46059CAA 23,221,073 43,960,000 43,960,000 43,960,000
INTERSIL HOLDING CORP Common 46069S10 1,496,250 30,000 30,000 30,000
INVITROGEN CORP Common 46185R10 10,142,425 142,600 142,600 142,600
INVESTORS FINAN SVCS CP Common 46191510 5,763,313 91,300 91,300 91,300
I2 TECHNOLOGIES INC Common 46575410 4,489,500 24,000 24,000 24,000
I2 TECHNOLOGIES CONV BOND CnvBnd P2 465754AF 5,802,188 2,250,000 2,250,000 2,250,000
IVAX CORP Common 46582310 108,373,700 2,355,950 2,355,950 2,355,950
IVAX CORP CONV BOND 144A CnvBnd P2 465823AB 6,430,250 4,450,000 4,450,000 4,450,000
JDS UNIPHASE CORP Common 46612J10 18,028,500 190,400 190,400 190,400
JABIL CIRCUIT INC Common 46631310 4,290,300 75,600 75,600 75,600
JAZZTEL PLC-ADR Common 47214R15 225,000 10,000 10,000 10,000
JUNIPER NETWORKS CNVBND CnvBnd P2 48203RAA 2,664,375 1,750,000 1,750,000 1,750,000
KERR-MCGEE CORP CONV BOND CnvBnd P2 492386AL 3,945,000 4,000,000 4,000,000 4,000,000
KIMBERLY-CLARK CORP Common 49436810 58,848,700 1,054,400 1,054,400 1,054,400
KING PHARMACEUTICALS INC Common 49558210 9,450,273 282,625 282,625 282,625
KOHLS CORP Common 50025510 522,617,022 9,059,450 9,059,450 9,059,450
KROGER CO Common 50104410 5,302,188 235,000 235,000 235,000
KULICKE & SOFFA IND CNV CnvBnd P2 501242AE 4,381,000 5,200,000 5,200,000 5,200,000
LCC INTERNATIONAL INC Common 50181010 4,133,950 285,100 285,100 285,100
LSI LOGIC CORP CONV CnvBnd P2 502161AD 1,744,600 880,000 880,000 880,000
LSI LOGIC CORP CONV BOND CnvBnd P2 502161AE 1,216,875 1,500,000 1,500,000 1,500,000
L-3 COMMUNICATIONS HLDGS Common 50242410 2,745,900 48,600 48,600 48,600
LAMAR ADVERTISING CNVBND CnvBnd P2 512815AF 8,010,000 8,000,000 8,000,000 8,000,000
LATTICE SEMICONDUCTOR Common 51841510 2,096,250 39,000 39,000 39,000
LATTICE SEMICONDUCTOR CnvBnd P2 518415AC 9,929,113 6,830,000 6,830,000 6,830,000
LIFEPOINT HOSPITALS INC Common 53219L10 5,967,550 168,100 168,100 168,100
------------ ---------- ---------- -----------
COLUMN TOTALS 831,315,293 92,912,125 92,912,125 92,912,125
<PAGE>
FORM 13F PAGE 10 FILE NO. 28-46
REPORTING MANAGER : MACKAY-SHIELDS FINANCIAL
9/30/2000
-------------------------------------------------------------------------------------------------------------------------
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)
--------------------------------------------------------------------------------------------------------------------------
LINCOLN NATIONAL CORP Common 53418710 45,328,938 941,900 941,900 941,900
LINENS 'N THINGS INC Common 53567910 5,326,950 208,900 208,900 208,900
LOUIS DREYFUS NAT GAS Common 54601110 5,848,650 147,600 147,600 147,600
MBNA CORP Common 55262L10 181,858,600 4,723,600 4,723,600 4,723,600
MITSUBISHI BANK CVB CnvBond P2 55262XAA 8,166,625 7,900,000 7,900,000 7,900,000
MGIC INVT CORP WIS Common 55284810 60,440,400 988,800 988,800 988,800
MRV COMMUNICATIONS INC CnvBond P2 553477AB 5,619,625 1,675,000 1,675,000 1,675,000
MACROVISION CORP Common 55590410 12,482,100 154,100 154,100 154,100
MANHATTAN ASSOCIATES INC Common 56275010 16,464,000 268,800 268,800 268,800
MANUGISTICS GROUP INC Common 56501110 10,882,063 110,900 110,900 110,900
MARSH & MCLENNAN COS Common 57174810 212,074,763 1,597,550 1,597,550 1,597,550
MATTEL INC Common 57708110 2,237,500 200,000 200,000 200,000
MAXIM PHARMACEUTICALS Common 57772M10 10,023,750 165,000 165,000 165,000
MCDATA CORPORATION Common 58003110 1,843,359 15,000 15,000 15,000
MCDONALD'S CORP Common 58013510 45,133,331 1,495,100 1,495,100 1,495,100
MCLEODUSA INC CNVPFD CnvPfd 58226620 802,500 2,000 2,000 2,000
MEDIMMUNE INC Common 58469910 105,233,813 1,362,250 1,362,250 1,362,250
MEDITRUST CORP-PAIRED Common 58501T30 47,000 16,000 16,000 16,000
MEDTRONIC INC Common 58505510 331,999,474 6,407,710 6,407,710 6,407,710
MERCATOR SOFTWARE INC Common 58758710 579,688 35,000 35,000 35,000
MERCK & CO INC Common 58933110 297,476,070 3,996,320 3,996,320 3,996,320
MERCURY INTERACTIVE CnvBond P2 589405AA 4,661,250 3,000,000 3,000,000 3,000,000
MERIX CORP Common 59004910 21,109,431 325,700 325,700 325,700
METAWAVE COM-PP Common 59140910 6,836,459 373,322 373,322 373,322
METRIS COMPANIES INC Common 59159810 9,863,150 249,700 249,700 249,700
METROMEDIA INTL GROUP CnvPfd 59169520 1,001,000 44,000 44,000 44,000
------------ ---------- ----------- -----------
COLUMN TOTALS 1,403,340,488 36,404,252 36,404,252 36,404,252
<PAGE>
FORM 13F PAGE 11 FILE NO. 28-46
REPORTING MANAGER : MACKAY-SHIELDS FINANCIAL
9/30/2000
-----------------------------------------------------------------------------------------------------------------------
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)
-----------------------------------------------------------------------------------------------------------------------
METTLER-TOLEDO INT'L Common 59268810 11,294,800 256,700 256,700 256,700
MICROSOFT CORP Common 59491810 285,980,042 4,741,638 4,741,638 4,741,638
MICROSEMI CORP Common 59513710 15,497,813 406,500 406,500 406,500
MICROTUNE INC Common 59514P10 12,678,244 236,700 236,700 236,700
MILLENIUM CHEMICALS INC Common 59990310 8,897,647 600,685 600,685 600,685
MINNESOTA MINING & MFG Common 60405910 729,000 8,000 8,000 8,000
MONSANTO 6.5% CONV PFD Conv Prfd 61166230 2,618,750 50,000 50,000 50,000
MONTANA POWER CO Common 61208510 1,201,500 36,000 36,000 36,000
MORGAN (J.P) Common 61688010 29,162,438 178,500 178,500 178,500
MORGAN STANLEY DEAN WIT Common 61744644 1,929,331 21,100 21,100 21,100
MOTOROLA INC Common 62007610 255,659,675 9,049,900 9,049,900 9,049,900
MYRIAD GENETICS INC Common 62855J10 8,922,538 103,300 103,300 103,300
NRG ENERGY INC Common 62937710 3,847,100 105,400 105,400 105,400
NABORS INDS INC Common 62956810 1,572,000 30,000 30,000 30,000
NASDAQ-100 SHARES Common 63110010 10,199,063 115,000 115,000 115,000
NATIONAL AUSTRALIA BK Conv Prfd 63252530 6,429,375 254,000 254,000 254,000
NATIONAL-OILWELL INC Common 63707110 1,562,500 50,000 50,000 50,000
NATIONWIDE HEALTH PPTYS Common 63862010 372,938 23,400 23,400 23,400
NAVISTAR INTERNATIONAL Common 63934E10 302,369 10,100 10,100 10,100
NETWORK ASSOC INC CVB CnvBnd P1 640938AB 17,174,250 44,900,000 44,900,000 44,900,000
NETSILOCON INC Common 64115X10 6,563,906 313,500 313,500 313,500
NETWORK ENGINES INC. Common 64121A10 8,731,969 213,300 213,300 213,300
NETWORK PLUS CORP Common 64122D50 87,811 10,181 10,181 10,181
NETWORK PLU CNVPFD Conv Prfd 64122D60 1,712,500 100,000 100,000 100,000
NEWFIELD FINANCIAL TR I Conv Prfd 65129120 5,600,000 80,000 80,000 80,000
NEXTEL COMMUNICATIONS Common 65332V10 60,831,100 1,301,200 1,301,200 1,301,200
------------ ----------- ----------- ------------
COLUMN TOTALS 759,558,656 63,195,104 63,195,104 63,195,104
<PAGE>
FORM 13F PAGE 12 FILE NO. 28-46
REPORTING MANAGER : MACKAY-SHIELDS FINANCIAL
9/30/2000
-----------------------------------------------------------------------------------------------------------------------
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)
-----------------------------------------------------------------------------------------------------------------------
NEXTEL PARTNERS -CL A Common 65333F10 2,379,513 81,700 81,700 81,700
NIAGARA MOHAWK HOLDINGS Common 65352010 51,233,175 3,252,900 3,252,900 3,252,900
NOKIA CORP Common 65490220 103,269,644 2,593,900 2,593,900 2,593,900
NORTEL NETWORKS CORP Common 65656810 55,839,844 937,500 937,500 937,500
NUANCE COMMUNICATIONS Common 66996710 16,306,125 134,000 134,000 134,000
NVIDIA CORP Common 67066G10 10,512,750 128,400 128,400 128,400
OFFICE DEPOT INC Common 67622010 47,100,000 6,028,800 6,028,800 6,028,800
OFFICE DEPOT INC CNV CnvBnd P2 676220AB 3,060,000 4,250,000 4,250,000 4,250,000
OMNICOM GROUP INC Common 68191910 146,163,103 2,003,950 2,003,950 2,003,950
OPEN MARKET INC Common 68370M10 157,031 25,000 25,000 25,000
OPTIMAL ROBOTICS CORP Common 68388R20 8,202,950 203,800 203,800 203,800
ORACLE CORPORATION Common 68389X10 467,572,298 5,937,426 5,937,426 5,937,426
ORTHODONTIC CNTRS Common 68750P10 6,655,838 199,800 199,800 199,800
OWENS-ILLINOIS INC CnvPfd 69076850 2,509,875 145,500 145,500 145,500
PECO ENERGY CO Common 69330410 1,271,813 21,000 21,000 21,000
PG & E CORPORATION Common 69331C10 39,948,075 1,651,600 1,651,600 1,651,600
PE CORP-PE BIOSYSTEMS Common 69332S10 108,525,575 931,550 931,550 931,550
PMC - SIERRA INC Common 69344F10 497,012 2,309 2,309 2,309
PPL CORPORATION Common 69351T10 1,043,750 25,000 25,000 25,000
PATTERSON DENTAL COMPANY Common 70341210 6,484,500 288,200 288,200 288,200
PATTERSON ENERGY INC Common 70341410 6,424,688 186,900 186,900 186,900
PAYLESS SHOESOURCE INC Common 70437910 336,000 6,000 6,000 6,000
PEOPLESOFT INC Common 71271310 2,793,750 100,000 100,000 100,000
PERKINELMER INC Common 71404610 2,191,875 21,000 21,000 21,000
TELEKOMUNIK INDONESIA Common 71568410 133,650 21,384 21,384 21,384
PHELPS DODGE Common 71726510 1,214,925 29,100 29,100 29,100
------------ ----------- ----------- -----------
COLUMN TOTALS 1,091,827,757 29,206,719 29,206,719 29,206,719
<PAGE>
FORM 13F PAGE 13 FILE NO. 28-46
REPORTING MANAGER : MACKAY-SHIELDS FINANCIAL
9/30/2000
-----------------------------------------------------------------------------------------------------------------------
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)
------------------------------------------------------------------------------------------------------------------------
PHOTOTRONICS INC CVB CnvBnd P2 719405AA 8,707,500 9,000,000 9,000,000 9,000,000
PITNEY BOWES INC Common 72447910 40,600,906 1,029,500 1,029,500 1,029,500
PLACER DOME Common 72590610 10,194,529 1,080,215 1,080,215 1,080,215
PLEXUS CORP Common 72913210 17,166,750 243,500 243,500 243,500
POLYONE CORPORATION Common 73179P10 2,436,525 333,200 333,200 333,200
PORTAL SOFTWARE Common 73612610 1,544,000 38,600 38,600 38,600
PRIDE INTERNATIONAL INC Common 74193210 6,116,200 230,800 230,800 230,800
PROCTER & GAMBLE Common 74271810 53,713,900 801,700 801,700 801,700
PROFIT RECOVERY GROUP Common 74316810 2,300,875 233,000 233,000 233,000
PLC CAP TRUST CNVPFD CnvPfd 74367420 2,128,500 43,000 43,000 43,000
PROTEIN DESIGN LABS INC Common 74369L10 59,442,650 493,300 493,300 493,300
PROVIDIAN CORP Common 74406A10 289,480,625 2,279,375 2,279,375 2,279,375
PROVIDIAN FINANCIAL CnvBnd P2 74406AAA 7,866,250 7,000,000 7,000,000 7,000,000
PROXIM INC Common 74428410 7,729,650 173,700 173,700 173,700
PUBLIC SV ENTERPRISE Common 74457310 1,072,500 24,000 24,000 24,000
QLT, INC Common 74692710 2,835,000 40,000 40,000 40,000
QLOGIC CORP Common k 74727710 2,675,200 30,400 30,400 30,400
QUADRAMED CNV CnvBnd P2 74730WAC 173,125 500,000 500,000 500,000
QUALCOMM INC Common 74752510 285,000 4,000 4,000 4,000
QUANTA SERVICES CnvBnd P2 74762EAA 3,190,000 4,000,000 4,000,000 4,000,000
R & B FALCON CORP Common 74912E10 752,625 27,000 27,000 27,000
RPM INC OHIO Common 74968510 2,324,894 256,540 256,540 256,540
RADYSIS CORP Common 75045910 991,025 19,600 19,600 19,600
RADISYS CORP CONV BOND CnvBnd P2 750459AA 11,169,375 11,500,000 11,500,000 11,500,000
RALSTON-RALSTON PURINA Common 75127730 53,178,438 2,245,000 2,245,000 2,245,000
RATIONAL SOFTWARE CORP CnvBnd P2 75409PAC 12,450,000 6,000,000 6,000,000 6,000,000
------------ ----------- ----------- -----------
COLUMN TOTALS 600,526,042 47,626,430 47,626,430 47,626,430
<PAGE>
FORM 13F PAGE 14 FILE NO. 28-46
REPORTING MANAGER : MACKAY-SHIELDS FINANCIAL
9/30/2000
------------------------------------------------------------------------------------------------------------------------
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)
------------------------------------------------------------------------------------------------------------------------
RAYTHEON CO - CLASS B Common 75511140 38,023,781 1,337,100 1,337,100 1,337,100
READ-RITE CORP Common 75524610 1,125,000 100,000 100,000 100,000
REHABCARE GROUP INC Common 75914810 6,183,750 145,500 145,500 145,500
REMEC INC Common 75954310 5,281,088 179,400 179,400 179,400
ROGERS COMM CVB SDCV CnvBnd P2 775109AE 1,648,250 1,900,000 1,900,000 1,900,000
RURAL CELLULAR -CL A Common 78190410 4,557,563 66,900 66,900 66,900
SBC COMMUNICATIONS SW Common 78387G10 86,432,500 1,728,650 1,728,650 1,728,650
SCI SYSTEMS INC CnvBnd P2 783890AF 10,012,500 10,000,000 10,000,000 10,000,000
SCM MICROSYSTEMS Common 78401810 3,934,119 103,700 103,700 103,700
SEI CORPORATION Common 78411710 2,094,200 29,600 29,600 29,600
S & P 500 DEPOSITORY Common 78462F10 13,644,375 95,000 95,000 95,000
S3 INCORPORATED Common 78484910 4,202,344 407,500 407,500 407,500
S3 INCORPORATED CnvBnd P2 784849AC 7,245,631 7,865,000 7,865,000 7,865,000
SAFEGUARD SCIENTIFIC CnvBnd P2 786449AE 499,375 500,000 500,000 500,000
SAFEWAY INC Common 78651420 2,334,375 50,000 50,000 50,000
ST PAUL COS INC Common 79286010 2,465,625 50,000 50,000 50,000
SANDISK CORP Common 80004C10 4,752,600 71,200 71,200 71,200
SANMINA CORP Common 80090710 2,621,500 28,000 28,000 28,000
SANMINA CORP CONV CnvBnd P2 800907AB 3,215,375 1,450,000 1,450,000 1,450,000
SANMINA CORP CVBD 144A CnvBnd P2 800907AC 1,491,875 3,500,000 3,500,000 3,500,000
SAWTEK INC Common 80546810 6,840,376 177,600 177,600 177,600
SCHERING-PLOUGH Common 80660510 242,470,809 5,214,426 5,214,426 5,214,426
SEAGRAM CO LTD CNVPFD CnvPfd 81185020 2,710,500 52,000 52,000 52,000
SEARS ROEBUCK & CO Common 81238710 28,873,900 890,620 890,620 890,620
SEMTECH CORP CONV BOND CnvBnd P2 816850AD 298,125 250,000 250,000 250,000
SIEBEL SYSTEMS CNV CnvBnd P2 826170AC 9,389,588 1,935,000 1,935,000 1,935,000
----------- ---------- ----------- ------------
COLUMN TOTALS 492,349,123 38,127,196 38,127,196 38,127,196
<PAGE>
FORM 13F PAGE 15 FILE NO. 28-46
REPORTING MANAGER : MACKAY-SHIELDS FINANCIAL
9/30/2000
------------------------------------------------------------------------------------------------------------------------
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)
------------------------------------------------------------------------------------------------------------------------
SIMON PROPERTY GROUP Common 82880610 3,262,500 139,200 139,200 139,200
SIRIUS SATELLITE Common 82966U10 6,360,863 120,300 120,300 120,300
SMITH INTL INC Common 83211010 4,078,125 50,000 50,000 50,000
SOLECTRON COR CNV CnvBnd P2 834182AK 2,025,000 3,000,000 3,000,000 3,000,000
SOLUTIA INC Common 83437610 1,369,550 120,400 120,400 120,400
SONICWALL INC Common 83547010 6,743,100 236,600 236,600 236,600
SOVEREIGN CAP TRUST II CnvPfd 84590530 4,350,000 80,000 80,000 80,000
SPEECHWORKS INT'L Common 84764M10 7,024,600 113,300 113,300 113,300
SPRINT CORP Common 85206110 527,625 18,000 18,000 18,000
STAPLES INC Common 85503010 79,814,590 5,625,698 5,625,698 5,625,698
STRATOS LIGHTWAVE INC Common 86310010 6,469,350 200,600 200,600 200,600
SUN MICROSYSTEMS INC Common 86681010 726,850,475 6,225,700 6,225,700 6,225,700
SUNOCO INC Common 86764P10 42,685,163 1,584,600 1,584,600 1,584,600
SYMBOL TECHNOLOGIES Common 87150810 2,485,078 69,150 69,150 69,150
TJX COMPANIES INC Common 87254010 15,860,250 704,900 704,900 704,900
TECHNE CORP Common 87837710 12,667,200 113,100 113,100 113,100
TEKELEC Common 87910110 1,084,875 33,000 33,000 33,000
TEKELEC INC CONV BOND CnvBnd P2 879101AC 823,438 425,000 425,000 425,000
TELEFONOS DE MEXICO Common 87940378 1,063,750 20,000 20,000 20,000
TELLABS INC Common 87966410 224,029,869 4,691,725 4,691,725 4,691,725
TEMPLE INLAND INC Common 87986810 25,427,381 671,350 671,350 671,350
TENET HEALTHCARE CORP Common 88033G10 47,356,613 1,301,900 1,301,900 1,301,900
TERAYON COMMUNICATION Common 88077510 3,220,669 94,900 94,900 94,900
TERAYON COMMUNICATION CnvBnd P2 880775AA 3,343,750 5,000,000 5,000,000 5,000,000
TERRA NETWORKS Common 88100W10 253,575 6,900 6,900 6,900
TETRA TECH INC Common 88162G10 2,804,438 98,186 98,186 98,186
----------- ------------- ----------- -----------
COLUMN TOTALS 1,231,981,825 30,744,509 30,744,509 30,744,509
<PAGE>
FORM 13F PAGE 16 FILE NO. 28-46
REPORTING MANAGER : MACKAY-SHIELDS FINANCIAL
9/30/2000
------------------------------------------------------------------------------------------------------------------------
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)
------------------------------------------------------------------------------------------------------------------------
TEXACO INC Common 88169410 63,212,625 1,204,050 1,204,050 1,204,050
TEXAS INSTRS INC Common 88250810 285,257,875 6,045,200 6,045,200 6,045,200
THERMO INS SYS CONV CovBnd 883556AH 5,940,000 6,750,000 6,750,000 6,750,000
THERMO FIBERTEK INC CnvBnd P2 88355WAA 2,864,500 3,400,000 3,400,000 3,400,000
TIBCO SOFTWARE INC Common 88632Q10 1,764,744 20,900 20,900 20,900
TIDEWATER INC Common 88642310 2,275,000 50,000 50,000 50,000
TIME WARNER INC Common 88731510 243,956,113 3,117,650 3,117,650 3,117,650
TOSCO CORP Common 89149030 68,465,919 2,195,300 2,195,300 2,195,300
TOWER AUTOMOTIVE CnvBnd P2 891707AE 1,600,000 2,000,000 2,000,000 2,000,000
TRIARC COMPANIES CnvBnd P2 895927AB 15,457,572 50,105,000 50,105,000 50,105,000
TRIKON TECHNOLOGIES Common 89618740 1,553,750 110,000 110,000 110,000
TURNSTONE SYSTEMS Common 90042310 4,600,400 99,200 99,200 99,200
TUT SYSTEMS INC Common 90110310 11,289,675 130,800 130,800 130,800
TYCO INTL LTD Common 90212410 525,245,580 10,125,216 10,125,216 10,125,216
USA NETWORKS INC Common 90298410 62,952,398 2,869,625 2,869,625 2,869,625
USX-US STEEL GROUP Common 90337T10 9,254,503 609,350 609,350 609,350
UNISYS CORP Common 90921410 33,112,271 2,943,313 2,943,313 2,943,313
UNITEDGLOBALCOM INC CnvPfd 91324780 3,432,000 104,000 104,000 104,000
UNIVERSAL COMPRESSION Common 91343110 5,763,656 186,300 186,300 186,300
UNIVISION COMMUNICA Common 91490610 17,641,000 472,000 472,000 472,000
UNOCAL CORP Common 91528910 47,253,248 1,333,425 1,333,425 1,333,425
USINTERNETWORKING CnvBnd P2 917311AH 2,218,125 3,500,000 3,500,000 3,500,000
VALERO ENERGY CORP Common 91913Y10 33,147,505 942,025 942,025 942,025
VERITY INC Common 92343C10 5,824,200 163,200 163,200 163,200
VERISIGN INC Common 92343E10 1,012,813 5,000 5,000 5,000
VERIZON COMMUNICA Common 92343V10 71,074,766 1,467,350 1,467,350 1,467,350
------------ ----------- ----------- -----------
COLUMN TOTALS 1,526,170,237 99,948,904 99,948,904 99,948,904
<PAGE>
FORM 13F PAGE 17 FILE NO. 28-46
REPORTING MANAGER : MACKAY-SHIELDS FINANCIAL
9/30/2000
----------------------------------------------------------------------------------------------------------------------
ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7 ITEM 8
NAME OF ISSUER TITLE CUSIP FAIR SHARES OR INVESTT DSCRETN MGRS VOTING AUTHORITY
OF NUMBER MARKET PRINCIPAL SHARED
CLASS VALUE AMOUNT SOLE SHARED OTHER SOLE SHARED NONE
(A) (B) (C) (A) (B) (C)
-----------------------------------------------------------------------------------------------------------------------
VIACOM INC-CL B Common 92552430 341,953,385 5,845,357 5,845,357 5,845,357
VITESSE SEMICONDUCT Common 92849710 8,351,231 93,900 93,900 93,900
VITRIA TECHNOLOGY Common 92849Q10 1,865,000 40,000 40,000 40,000
WHX CORP CNVPFD B CnvPfd 92924830 1,234,406 188,100 188,100 188,100
WASHINGTON MUTUAL Common 93932210 87,718,881 2,203,300 2,203,300 2,203,300
WASTE CONNECTIONS INC Common 94105310 7,272,375 283,800 283,800 283,800
WASTE MANAGEMENT INC Common 94106L10 3,365,438 193,000 193,000 193,000
WASTE MANAGEMENT CnvBnd P2 94106LAA 4,675,000 5,000,000 5,000,000 5,000,000
WATERS CORPORATION Common 94184810 10,074,800 113,200 113,200 113,200
WATSON PHARMACEUT Common 94268310 778,500 12,000 12,000 12,000
WEBMETHODS INC Common 94768C10 8,380,985 72,799 72,799 72,799
WENDYS INTL INC Common 95059010 4,815,000 240,000 240,000 240,000
WESTERN RESOURCES INC Common 95942510 1,081,250 50,000 50,000 50,000
WILLIAMS-SONOMA INC Common 96990410 7,711,025 221,900 221,900 221,900
WORLDCOM INC Common 98157D10 196,434,457 6,466,978 6,466,978 6,466,978
XILINX INC Common 98391910 1,113,125 13,000 13,000 13,000
XICOR INC Common 98490310 1,031,250 125,000 125,000 125,000
ZORAN CORP Common 98975F10 5,957,250 122,200 122,200 122,200
CHINA.COM CORP -CL A Common G2108N10 665,625 50,000 50,000 50,000
GLOBAL CROSSING HLDG CnvPfd G3921A12 439,375 5,000 5,000 5,000
LORAL SPACE & COMM CnvPfd G5646214 331,800 15,800 15,800 15,800
TYCOM LTD Common G9144B10 9,593,750 250,000 250,000 250,000
BREEZECOM LIMITED Common M2038510 6,340,469 192,500 192,500 192,500
CERAGON NETWORKS LTD Common M2201310 7,076,188 263,300 263,300 263,300
PRECISE SOFTWARE Common M4145010 10,643,250 246,800 246,800 246,800
GILAT SATELLITE NET Common M5147410 8,971,313 116,700 116,700 116,700
------------ ---------- ----------- -----------
COLUMN TOTALS 737,875,126 22,424,634 22,424,634 22,424,634
<PAGE>
FORM 13F PAGE 18 FILE NO. 28-46
REPORTING MANAGER : MACKAY-SHIELDS FINANCIAL
9/30/2000
-----------------------------------------------------------------------------------------------------------------------
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)
-----------------------------------------------------------------------------------------------------------------------
M-SYSTEMS FLSH DISK Common M7061C10 9,245,194 242,100 242,100 242,100
RADWARE LTD Common M8187310 8,214,000 273,800 273,800 273,800
TTI TEAM TELECOM Common M8825810 5,456,425 267,800 267,800 267,800
ASE TEST LIMITED Common Y0251610 840,000 40,000 40,000 40,000
FLEXTRONICS INTL LTD Common Y2573F10 6,939,563 84,500 84,500 84,500
----------- -------- --------- ---------
COLUMN TOTALS 30,695,181 908,200 908,200 908,200
----------- -------- --------- ---------
REPORT TOTALS 20,172,886,549 956,303,959 956,303,959 956,303,959
=============== ============ =============== ===========
</TABLE>
