FORM 13F
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Report for the Calendar Year or Quarter Ended: 6/30/2000
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: Chief Compliance Officer
Phone: 212-230-3835
Signature, Place, and Date of Signing:
/s/ Russell A. Thompson
New York, New York
August 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: 393
Form 13F Information Table Value Total: $19,012,876
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FORM 13F PAGE 1 FILE NO. 28-46
REPORTING MANAGER : MACKAY-SHIELDS FINANCIAL
6/30/2000
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<S> <S> <C> <C> <C> <C> <C>
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)
---------------------------------------------------------------------------------------------------------------------------
AGCO CP Common 00108410 539,000 44,000 44,000 44,000
AES CORP Common 00130H10 440,235,625 9,649,000 9,649,000 9,649,000
AK STL HLDG CORP Common 00154710 787,352 98,419 98,419 98,419
AMFM INC Common 00169310 200,815,875 2,910,375 2,910,375 2,910,375
AT&T CORP Common 00195710 51,871,325 1,640,200 1,640,200 1,640,200
AT & T WIRELESS GROUP Common 00195740 9,795,275 351,400 351,400 351,400
ASA LTD Common 00205010 322,500 20,000 20,000 20,000
AXA FINANCIAL INC Common 00245110 48,186,500 1,417,250 1,417,250 1,417,250
ABBOTT LABS Common 00282410 46,425,213 1,041,800 1,041,800 1,041,800
ABGENIX INC Common 00339B10 6,604,252 55,100 55,100 55,100
ABITIBI PRICE INC Common 00392410 11,245,313 1,199,500 1,199,500 1,199,500
ACLARA BIOSCIENCES INC Common 00461P10 6,433,406 126,300 126,300 126,300
ACTIVE SOFTWARE INC Common 00504E10 2,874,438 37,000 37,000 37,000
ADVANCED DIGITAL INFO Common 00752510 5,165,344 324,100 324,100 324,100
AEROFLEX INC Common 00776810 8,049,375 162,000 162,000 162,000
ADVENT SOFTWARE Common 00797410 9,907,200 153,600 153,600 153,600
AFFILIATED MANAGERS GROUP Common 00825210 9,436,700 207,400 207,400 207,400
AGILE SOFTWARE CORP Common 00846X10 12,342,038 174,600 174,600 174,600
AIR PRODUCTS & CHEMICALS Common 00915810 54,337,844 1,763,500 1,763,500 1,763,500
ALAMOSA PCS HOLDINGS INC Common 01159310 3,692,788 176,900 176,900 176,900
ALCOA INC Common 01381710 41,961,550 1,446,950 1,446,950 1,446,950
ALKERMES INC Common 01642T10 7,766,200 164,800 164,800 164,800
ALLEGHENY ENERGY INC Common 01736110 383,250 14,000 14,000 14,000
ALLERGAN INC Common 01849010 77,275,125 1,037,250 1,037,250 1,037,250
ALLIANCE GAMING CORP Common 01859P60 397,122 162,922 162,922 162,922
ALLSTATE CORP Common 02000210 30,185,574 1,356,655 1,356,655 1,356,655
------------- ---------- ---------- -----------
COLUMN TOTALS 1,087,036,181 25,735,021 25,735,021 25,735,021
FORM 13F PAGE 2 FILE NO. 28-46
REPORTING MANAGER : MACKAY-SHIELDS FINANCIAL
6/30/2000
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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 DSCRTN MANA- VOTING AUTHORITY
OF NUMBER MARKET PRINCIPAL SHARED GERS
CLASS VALUE AMOUNT SOLE SHARED OTHER SOLE SHARED NONE
(A) (B) (C) (A) (B) (C)
---------------------------------------------------------------------------------------------------------------------------
ALLTEL CORP Common 02003910 199,986,897 3,228,850 3,228,850 3,228,850
ALPHARMA INC-CL A Common 02081310 11,124,075 178,700 178,700 178,700
ALZA CORP Common 02261510 4,481,675 75,800 75,800 75,800
AMERADA HESS CORP Common 02355110 3,075,150 49,800 49,800 49,800
AMERICAN GENERAL CORP Common 02635110 111,466,154 1,827,314 1,827,314 1,827,314
AMERICAN INTL GROUP INC Common 02687410 343,217,030 2,920,996 2,920,996 2,920,996
AMERICAN PWR CONVERSN Common 02906610 4,546,513 111,400 111,400 111,400
AMERICAN STANDARD COMP Common 02971210 85,885,775 2,094,775 2,094,775 2,094,775
AMERISOURCE HEALTH CORP Common 03071P10 11,674,600 376,600 376,600 376,600
AMGEN Common 03116210 305,062,733 4,342,530 4,342,530 4,342,530
AMPHENOL CORP -CL A Common 03209510 12,853,613 194,200 194,200 194,200
ANALOG DEVICES Common 03265410 140,045,200 1,842,700 1,842,700 1,842,700
ANDRX CORP Common 03455110 47,206,308 738,500 738,500 738,500
ANNTAYLOR STORES CORP Common 03611510 6,025,438 181,900 181,900 181,900
ANTEC CORP Common 03664P10 5,033,219 121,100 121,100 121,100
APACHE CORPORATION Conv Prfd 03741160 3,156,750 61,000 61,000 61,000
APRIA HEALTHCARE GROUP I Common 03793310 17,195,325 1,403,700 1,403,700 1,403,700
APPLIED MATLS INC Common 03822210 180,035,625 1,986,600 1,986,600 1,986,600
ARCH CHEMICALS INC Common 03937R10 492,188 22,500 22,500 22,500
ARCHSTONE COMMUNITIES Conv Prfd 03958120 1,447,700 46,700 46,700 46,700
ATMEL CORP Common 04951310 1,987,563 53,900 53,900 53,900
AUDIOVOX CORP -CL A Common 05075710 2,173,156 98,500 98,500 98,500
BAKER HUGHES Common 05722410 8,000,000 250,000 250,000 250,000
BARR LABORATORIES INC Common 06830610 7,335,806 163,700 163,700 163,700
BAXTER INTERNATIONAL Common 07181310 148,369,922 2,110,150 2,110,150 2,110,150
BECTON DICKINSON Common 07588710 39,544,284 1,378,450 1,378,450 1,378,450
------------ ----------- ---------- -----------
COLUMN TOTALS 1,701,422,697 25,860,365 25,860,365 25,860,365
FORM 13F PAGE 3 FILE NO. 28-46
REPORTING MANAGER : MACKAY-SHIELDS FINANCIAL
6/30/2000
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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 DSCRTN MANA- VOTING AUTHORITY
OF NUMBER MARKET PRINCIPAL SHARED GERS
CLASS VALUE AMOUNT SOLE SHARED OTHER SOLE SHARED NONE
(A) (B) (C) (A) (B) (C)
---------------------------------------------------------------------------------------------------------------------------
BED BATH & BEYOND INC Common 07589610 143,434,000 3,956,800 3,956,800 3,956,800
BELL ATLANTIC CORP Common 07785310 42,283,622 832,150 832,150 832,150
BEVERLY ENTERPRISES Common 08785130 1,083,938 385,400 385,400 385,400
BLACKROCK INC Common 09247X10 7,203,600 248,400 248,400 248,400
BLUESTONE SOFTWARE Common 09623P10 642,188 25,000 25,000 25,000
BOOKHAM TECH-SPON ADR Common 09856Q10 1,185,000 20,000 20,000 20,000
BRISTOL-MYERS SQUIBB Common 11012210 188,467,875 3,235,500 3,235,500 3,235,500
BURLINGTON INDS INC Common 12169310 60,244 35,700 35,700 35,700
BURLINGTON NORTH SANTA FE Common 12189T10 380,763 16,600 16,600 16,600
BURLINGTON RES INC Common 12201410 49,300,425 1,288,900 1,288,900 1,288,900
C.H. ROBINSON WORLDWIDE Common 12541W10 7,954,650 160,700 160,700 160,700
CMS ENERGY CORP Common 12589610 597,375 27,000 27,000 27,000
CVS CORPORATION Common 12665010 98,712,840 2,467,821 2,467,821 2,467,821
CV THERAPEUTICS INC Common 12666710 3,257,688 47,000 47,000 47,000
CALL-NET ENTERPRISES Common 13091020 6,605,804 2,796,520 2,796,520 2,796,520
CALLAWAY GOLF CO Common 13119310 548,100 33,600 33,600 33,600
CALPINE CORPORATION Common 13134710 18,633,550 283,400 283,400 283,400
CANADIAN NATL RAILWAY Conv Pfd 13637540 3,708,000 82,400 82,400 82,400
CAPITAL ONE FINL CORP Common 14040H10 785,400 17,600 17,600 17,600
CATERPILLAR Common 14912310 680,888 20,100 20,100 20,100
CELGENE CORP Common 15102010 49,619,850 842,800 842,800 842,800
CENTURYTEL INC Common 15670010 55,067,750 1,915,400 1,915,400 1,915,400
CEPHALON INC Common 15670810 7,047,288 117,700 117,700 117,700
CERTICOM CORP Common 15691510 1,369,687 20,000 20,000 20,000
CHASE MANHATTAN CORP NEW Common 16161A10 59,931,919 1,301,100 1,301,100 1,301,100
CHESAPEAKE ENERGY Conv Pfd 16516730 2,560,000 40,000 40,000 40,000
------------ ---------- ----------- -----------
COLUMN TOTALS 751,122,441 20,217,591 20,217,591 20,217,591
FORM 13F PAGE 4 FILE NO. 28-46
REPORTING MANAGER : MACKAY-SHIELDS FINANCIAL
6/30/2000
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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 MANA- VOTING AUTHORITY
OF NUMBER MARKET PRINCIPAL SHARED GERS
CLASS VALUE AMOUNT SOLE SHARED OTHER SOLE SHARED NONE
(A) (B) (C) (A) (B) (C)
--------------------------------------------------------------------------------------------------------------------------
CHIQUITA BRANDS INTL INC Conv Pfd 17003250 2,639,150 144,700 144,700 144,700
CINERGY CORP Common 17247410 1,294,769 50,900 50,900 50,900
CIRCUIT CITY STORE INC Common 17273710 197,674,706 5,956,300 5,956,300 5,956,300
CIRRUS LOGIC INC Common 17275510 800,000 50,000 50,000 50,000
CISCO SYS INC Common 17275R10 580,161,634 9,127,420 9,127,420 9,127,420
CITADEL COMMUNICATIONS Common 17285320 6,861,725 196,400 196,400 196,400
CITIGROUP INC Common 17296710 493,190,775 8,185,739 8,185,739 8,185,739
CITIZENS COMMUNICATIONS Common 17453B10 1,725,000 100,000 100,000 100,000
CLEAR CHANNEL COMMUNICA Common 18450210 174,230,625 2,323,075 2,323,075 2,323,075
CLOROX Common 18905410 48,791,850 1,088,800 1,088,800 1,088,800
COASTAL CORP Common 19044110 92,907,425 1,526,200 1,526,200 1,526,200
COBALT NETWORKS INC Common 19074R10 7,824,700 135,200 135,200 135,200
COLGATE PALMOLIVE CO Common 19416210 305,587,031 5,103,750 5,103,750 5,103,750
COLUMBIA ENERGY GROUP Common 19764810 912,188 13,900 13,900 13,900
COMCAST CORP CONV BOND CNV PFD BD1 20030050 2,850,000 25,000 25,000 25,000
COMDISCO INC Common 20033610 780,938 35,000 35,000 35,000
COMMERCE ONE INC Common 20069310 1,179,750 26,000 26,000 26,000
CONAGRA Common 20588710 29,495,406 1,547,300 1,547,300 1,547,300
CONMED CORP Common 20741010 1,376,550 53,200 53,200 53,200
CONOCO INC-CL A Common 20825130 3,020,600 137,300 137,300 137,300
CONOCO INC-CL B Common 20825140 1,272,338 51,800 51,800 51,800
CONVERGYS CORP Common 21248510 2,152,813 41,500 41,500 41,500
COOPER CAMERON CORP Common 21664010 3,300,000 50,000 50,000 50,000
CORNING Common 21935010 728,264,434 2,698,525 2,698,525 2,698,525
CORPORATE EXECUTIVE BD Common 21988R10 7,873,563 131,500 131,500 131,500
COST PLUS INC Common 22148510 7,288,059 254,050 254,050 254,050
------------ ---------- ---------- -----------
COLUMN TOTALS 2,703,456,027 39,053,559 39,053,559 39,053,559
FORM 13F PAGE 5 FILE NO. 28-46
REPORTING MANAGER : MACKAY-SHIELDS FINANCIAL
6/30/2000
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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 MANA- VOTING AUTHORITY
OF NUMBER MARKET PRINCIPAL SHARED GERS
CLASS VALUE AMOUNT SOLE SHARED OTHER SOLE SHARED NONE
(A) (B) (C) (A) (B) (C)
--------------------------------------------------------------------------------------------------------------------------
CROMPTON CORPORATION Common 22711610 857,500 70,000 70,000 70,000
CROSSROADS SYSTEMS INC Common 22765D10 3,242,100 128,400 128,400 128,400
CYBEX COMPUTER PRODUCTS Common 23252210 8,580,938 202,500 202,500 202,500
CYPRESS SEMICONDUCTOR Common 23280610 66,945,125 1,584,500 1,584,500 1,584,500
CYTEC INDUSTRIES INC Common 23282010 859,125 34,800 34,800 34,800
CYTYC CORPORATION Common 23294610 2,556,663 47,900 47,900 47,900
DSP GROUP Common 23332B10 6,692,000 119,500 119,500 119,500
DTE ENERGY COMPANY Common 23333110 31,088,175 1,017,200 1,017,200 1,017,200
DALEEN TECHNOLOGIES INC Common 23437N10 2,290,925 148,400 148,400 148,400
DATASCOPE CORP Common 23811310 4,755,600 132,100 132,100 132,100
DESCARTES SYSTEMS GROUP Common 24990610 2,460,000 80,000 80,000 80,000
DEVELOPERS DIVERS REALTY Common 25159110 1,136,744 76,100 76,100 76,100
DIAL CORP DEL Common 25247D10 13,350,550 1,286,800 1,286,800 1,286,800
DIGENE CORP Common 25375210 5,458,700 135,200 135,200 135,200
DIGITAL LIGHTWAVE INC Common 25385510 10,116,588 100,600 100,600 100,600
DIGITAL MICROWAVE CORP Common 25385910 6,748,125 177,000 177,000 177,000
DITECH COMMUNICATIONS Common 25500M10 3,309,688 35,000 35,000 35,000
DOBSON COMMUNICATIONS Common 25606910 1,443,750 75,000 75,000 75,000
DOLLAR TREE STORES INC Common 25674710 2,427,159 61,350 61,350 61,350
DUKE ENERGY CORP Common 26439910 620,125 11,000 11,000 11,000
DYNEGY INC Common 26816Q10 33,749,791 494,050 494,050 494,050
E M C CORP MASS Common 26864810 646,140,359 8,398,250 8,398,250 8,398,250
ENI SPA-SPONSORED ADR Common 26874R10 814,625 14,000 14,000 14,000
EOG RESOURCES INC Common 26875P10 1,721,900 51,400 51,400 51,400
EASTMAN CHEM CO Common 27743210 692,375 14,500 14,500 14,500
EASTMAN KODAK CO Common 27746110 37,300,550 626,900 626,900 626,900
------------ ---------- ---------- ------------
COLUMN TOTALS 895,359,178 15,122,450 15,122,450 15,122,450
FORM 13F PAGE 6 FILE NO. 28-46
REPORTING MANAGER : MACKAY-SHIELDS FINANCIAL
6/30/2000
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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 MANA- VOTING AUTHORITY
OF NUMBER MARKET PRINCIPAL SHARED GERS
CLASS VALUE AMOUNT SOLE SHARED OTHER SOLE SHARED NONE
(A) (B) (C) (A) (B) (C)
---------------------------------------------------------------------------------------------------------------------------
EDISON INTERNATIONAL Common 28102010 512,500 25,000 25,000 25,000
EL PASO ELECTRIC COMPANY Common 28367785 167,813 15,000 15,000 15,000
EL PASO ENER CAP TRUST Conv Pfd 28367820 8,381,625 130,200 130,200 130,200
ELAN PLC Common 28413120 5,153,750 106,400 106,400 106,400
ELECTRONIC DATA SYSTEMS Common 28566110 16,079,250 389,800 389,800 389,800
EMCORE CORP Common 29084610 9,372,000 78,100 78,100 78,100
EMMIS COMMUNICATIONS Common 29152510 2,482,500 60,000 60,000 60,000
EMMIS COMMUNICATIONS Conv Pfd 29152520 580,000 10,000 10,000 10,000
ENERGY EAST CORPORATIN Common 29266M10 29,089,375 1,526,000 1,526,000 1,526,000
ENERGIZER HOLDINGS INC Common 29266R10 28,380,356 1,555,088 1,555,088 1,555,088
ENRON Common 29356110 244,713,000 3,794,000 3,794,000 3,794,000
EQUITY OFFICE PROPERTIES Common 29474110 1,708,875 62,000 62,000 62,000
EQUUS GAMING CO LP-A UTS Common 29492910 100,029 114,319 114,319 114,319
EXCHANGE APPLICATIONS Common 30086710 3,461,250 130,000 130,000 130,000
EXTENDED SYSTEMS INC Common 30197310 960,000 10,000 10,000 10,000
EXXON MOBIL CORPORATION Common 30231G10 4,829,085 61,517 61,517 61,517
FINISAR CORPORATION Common 31787A10 5,625,075 214,800 214,800 214,800
FIRST DATA CORP Common 31996310 66,085,613 1,331,700 1,331,700 1,331,700
FISERV INC Common 33773810 3,948,725 91,300 91,300 91,300
FLEET BOSTON FINANCIAL Common 33903010 71,121,540 2,091,810 2,091,810 2,091,810
FLUOR CORP Common 34386110 26,704,150 844,400 844,400 844,400
FORT JAMES CORP Common 34747110 28,559,942 1,235,025 1,235,025 1,235,025
FOX ENTERTAINMENT GRP Common 35138T10 22,933,125 755,000 755,000 755,000
FRANKLIN RESOURCES INC Common 35461310 6,957,394 229,050 229,050 229,050
FREEPORT-MC COPP SER A Conv Pfd 35671D50 239,625 18,000 18,000 18,000
GENENTECH INC Common 36871040 242,024,640 1,407,120 1,407,120 1,407,120
----------- ----------- ----------- -------------
COLUMN TOTALS 830,171,235 16,285,629 16,285,629 16,285,629
FORM 13F PAGE 7 FILE NO. 28-46
REPORTING MANAGER : MACKAY-SHIELDS FINANCIAL
6/30/2000
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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 MANA- VOTING AUTHORITY
OF NUMBER MARKET PRINCIPAL SHARED GERS
CLASS VALUE AMOUNT SOLE SHARED OTHER SOLE SHARED NONE
(A) (B) (C) (A) (B) (C)
----------------------------------------------------------------------------------------------------------------------------
GENERAL DYNAMICS Common 36955010 26,637,050 509,800 509,800 509,800
GENERAL ELEC CO Common 36960410 254,582,850 4,803,450 4,803,450 4,803,450
GENERAL SEMICONDUCTOR Common 37078710 5,820,350 394,600 394,600 394,600
GENESIS MICROCHIP INC Common 37193310 1,921,563 107,500 107,500 107,500
GEON CO Common 37246W10 3,874,825 209,450 209,450 209,450
GEORGIA-PAC(GEORGIA PAC) Common 37329810 648,375 24,700 24,700 24,700
GILDAN ACTIVEWEAR INC Common 37591610 8,239,350 224,200 224,200 224,200
GLENBOROUGH REALTY Conv Pfd 37803P20 1,275,000 75,000 75,000 75,000
GLOBESPAN INC Common 37957110 3,637,928 29,800 29,800 29,800
GOAMERICA INC Common 38020R10 9,520,306 616,700 616,700 616,700
GOLDMAN SACHS GROUP INC Common 38141G10 175,902,994 1,854,050 1,854,050 1,854,050
GUIDANT CORP Common 40169810 174,814,448 3,531,605 3,531,605 3,531,605
HANARO TELECOM INC-SPONS Common 40964920 706,250 100,000 100,000 100,000
HANOVER COMPRESSOR CO Common 41076810 10,560,200 277,900 277,900 277,900
HARLEY DAVIDSON INC Common 41282210 415,655,240 10,796,240 10,796,240 10,796,240
HARMONIC LIGHTWAVES INC Common 41316010 1,361,250 55,000 55,000 55,000
HARRAH'S ENTERTAINMENT Common 41361910 51,908,250 2,479,200 2,479,200 2,479,200
HASBRO INC Common 41805610 40,198,800 2,668,800 2,668,800 2,668,800
HEALTH CARE PPTYS INVEST Common 42191510 422,375 15,500 15,500 15,500
HEALTHSOUTH CORP. Common 42192410 1,437,500 200,000 200,000 200,000
HEALTH MGMT ASSOC INC NE Common 42193310 32,576,569 2,493,900 2,493,900 2,493,900
HEALTHCARE REALTY TRUST Common 42194610 1,407,656 82,500 82,500 82,500
HEINZ (H.J) Common 42307410 53,760,000 1,228,800 1,228,800 1,228,800
HELIX TECHNOLOGY CORP Common 42331910 8,716,500 223,500 223,500 223,500
HIGHWOODS PROPERTIES INC Common 43128410 3,242,400 135,100 135,100 135,100
HISPANIC BROADCASTING Common 43357B10 1,358,125 41,000 41,000 41,000
------------ ---------- ------------- -----------
COLUMN TOTALS 1,290,186,153 33,178,295 33,178,295 33,178,295
FORM 13F PAGE 8 FILE NO. 28-46
REPORTING MANAGER : MACKAY-SHIELDS FINANCIAL
6/30/2000
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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 MANA- VOTING AUTHORITY
OF NUMBER MARKET PRINCIPAL SHARED GERS
CLASS VALUE AMOUNT SOLE SHARED OTHER SOLE SHARED NONE
(A) (B) (C) (A) (B) (C)
---------------------------------------------------------------------------------------------------------------------------
HOME DEPOT INC Common 43707610 285,468,817 5,716,522 5,716,522 5,716,522
HONEYWELL INT'L INC Common 43851610 51,328,633 1,523,670 1,523,670 1,523,670
HOUSEHOLD INTL INC Common 44181510 91,875,984 2,210,550 2,210,550 2,210,550
IMC GLOBAL INC Common 44966910 16,027,960 1,232,920 1,232,920 1,232,920
IDEXX LABORATORIES INC Common 45168D10 1,452,563 63,500 63,500 63,500
IMMUNEX CORP Common 45252810 1,156,838 23,400 23,400 23,400
INFINITY BROADCASTING Common 45662S10 49,170,584 1,349,450 1,349,450 1,349,450
INGERSOLL-RAND Common 45686610 39,829,388 989,550 989,550 989,550
INGRAM MICRO INC Common 45715310 871,875 50,000 50,000 50,000
INHALE THERAPEUTIC SYS Common 45719110 6,565,028 64,700 64,700 64,700
INTEGRATED DEVICE TECH Common 45811810 12,280,363 205,100 205,100 205,100
INTEL CORP Common 45814010 563,762,861 4,217,020 4,217,020 4,217,020
INTERMEDIA COMM Common 45880110 1,487,500 50,000 50,000 50,000
INTERNATIONAL PAPER CO Common 46014610 27,785,250 932,000 932,000 932,000
INTERPUBLIC GROUP Common 46069010 958,900 22,300 22,300 22,300
INTERSIL HOLDING CORP Common 46069S10 2,703,125 50,000 50,000 50,000
INVITROGEN CORP Common 46185R10 8,618,279 114,600 114,600 114,600
I2 TECHNOLOGIES INC Common 46575410 2,502,375 24,000 24,000 24,000
IVAX CORP Common 46582310 74,787,150 1,802,100 1,802,100 1,802,100
JDS UNIPHASE CORP Common 46612J10 58,978,500 492,000 492,000 492,000
JABIL CIRCUIT INC Common 46631310 3,751,650 75,600 75,600 75,600
JAZZTEL PLC-ADR Common 47214R15 262,500 10,000 10,000 10,000
KERR MCGEE CORP Common 49238610 624,738 10,600 10,600 10,600
KIMBERLY-CLARK CORP Common 49436810 59,294,194 1,033,450 1,033,450 1,033,450
KING PHARMACEUTICALS Common 49558210 11,540,222 263,025 263,025 263,025
KMART FINANCING 7.75% Conv Pfd 49877820 2,222,688 61,000 61,000 61,000
---------- ------------ ----------- -----------
COLUMN TOTALS 1,375,307,963 22,587,057 22,587,057 22,587,057
FORM 13F PAGE 9 FILE NO. 28-46
REPORTING MANAGER : MACKAY-SHIELDS FINANCIAL
6/30/2000
----------------------------------------------------------------------------------------------------------------------------
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 MANA- VOTING AUTHORITY
OF NUMBER MARKET PRINCIPAL SHARED GERS
CLASS VALUE AMOUNT SOLE SHARED OTHER SOLE SHARED NONE
(A) (B) (C) (A) (B) (C)
----------------------------------------------------------------------------------------------------------------------------
KOHLS CORP Common 50025510 503,563,669 9,052,830 9,052,830 9,052,830
KROGER CO Common 50104410 7,390,938 335,000 335,000 335,000
LCC INTERNATIONAL INC Common 50181010 9,706,863 355,400 355,400 355,400
L-3 COMMUNICATIONS Common 50242410 2,773,238 48,600 48,600 48,600
LINCOLN NATIONAL CORP Common 53418710 26,598,838 736,300 736,300 736,300
LINENS 'N THINGS INC Common 53567910 5,473,825 201,800 201,800 201,800
LONDON PACIFIC GROUP Common 54207310 5,205,200 400,400 400,400 400,400
LOUDEYE TECHNOLOGIES Common 54575410 4,198,950 240,800 240,800 240,800
LUCENT TECHNOLOGIES Common 54946310 162,800,751 2,747,692 2,747,692 2,747,692
MGIC INVT CORP WIS Common 55284810 63,686,350 1,399,700 1,399,700 1,399,700
MACROVISION CORP Common 55590410 8,591,101 134,400 134,400 134,400
MANHATTAN ASSOCIATES Common 56275010 6,490,000 259,600 259,600 259,600
MANOR CARE Common 56405510 5,030,200 718,600 718,600 718,600
MARSH & MCLENNAN COS Common 57174810 166,311,497 1,592,450 1,592,450 1,592,450
MAXIM PHARMACEUTICALS Common 57772M10 8,271,375 161,000 161,000 161,000
MCK COMMUNICATIONS Common 58124310 4,514,000 195,200 195,200 195,200
MCLEODUSA INC Conv Pfd 58226620 1,114,000 2,000 2,000 2,000
MEDIMMUNE INC Common 58469910 94,128,000 1,272,000 1,272,000 1,272,000
MEDITRUST CORP-PAIRED Common 58501T30 60,000 16,000 16,000 16,000
MEDTRONIC INC Common 58505510 310,569,481 6,234,770 6,234,770 6,234,770
MERCATOR SOFTWARE INC Common 58758710 12,409,375 180,500 180,500 180,500
MERCK & CO INC Common 58933110 303,687,863 3,963,300 3,963,300 3,963,300
MERIX CORP Common 59004910 9,808,900 208,700 208,700 208,700
METROMEDIA INTL GRP Conv Pfd 59169520 1,232,000 44,000 44,000 44,000
METTLER-TOLEDO INTL Common 59268810 9,488,000 237,200 237,200 237,200
MICROSOFT CORP Common 59491810 391,655,840 4,895,698 4,895,698 4,895,698
------------ ----------- ------------ ------------
COLUMN TOTALS 2,124,760,250 35,633,940 35,633,940 35,633,940
FORM 13F PAGE 10 FILE NO. 28-46
REPORTING MANAGER : MACKAY-SHIELDS FINANCIAL
6/30/2000
-------------------------------------------------------------------------------------------------------------------------
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)
--------------------------------------------------------------------------------------------------------------------------
MICROSEMI CORP Common 59513710 13,269,563 391,000 391,000 391,000
MILLENIUM CHEMICALS Common 59990310 10,211,645 600,685 600,685 600,685
MINNESOTA MINING & MFG Common 60405910 660,000 8,000 8,000 8,000
MONSANTO 6.5% CONV PFD Conv Pfd 61166230 2,262,500 50,000 50,000 50,000
MONTANA POWER CO Common 61208510 2,344,750 66,400 66,400 66,400
MORGAN STANLEY DEAN Common 61744644 2,022,975 24,300 24,300 24,300
MOTOROLA INC Common 62007610 265,709,719 9,142,700 9,142,700 9,142,700
NABORS INDS INC Common 62956810 6,234,375 150,000 150,000 150,000
NASDAQ-100 SHARES Common 63110010 3,261,563 35,000 35,000 35,000
NATIONAL AUSTRALIA BK Conv Pfd 63252530 7,191,375 254,000 254,000 254,000
NATIONAL COMPUTER SYS Common 63551910 8,825,600 179,200 179,200 179,200
NATIONWIDE HEALTH PPTYS Common 63862010 1,162,388 83,400 83,400 83,400
NAVISTAR INTERNATIONAL Common 63934E10 313,731 10,100 10,100 10,100
NETSILOCON INC Common 64115X10 9,969,100 304,400 304,400 304,400
NETWORK PLUS CORP Common 64122D50 709,375 50,000 50,000 50,000
NETWORK PLUS Conv Pfd 64122D60 5,446,875 175,000 175,000 175,000
NEWFIELD FINANCIAL Conv Pfd 65129120 4,920,000 80,000 80,000 80,000
NEXTEL COMMUNICATIONS Common 65332V10 84,903,775 1,387,600 1,387,600 1,387,600
NEXTEL PARTNERS INC Common 65333F10 2,660,356 81,700 81,700 81,700
NIAGARA MOHAWK HOLDINGS Common 65352010 45,525,450 3,266,400 3,266,400 3,266,400
NOBLE AFFILIATES INC Common 65489410 27,267,000 732,000 732,000 732,000
NOKIA CORP Common 65490220 129,185,816 2,586,950 2,586,950 2,586,950
NUANCE COMMUNICATIONS Common 66996710 12,730,150 152,800 152,800 152,800
NVIDIA CORP Common 67066G10 18,166,163 285,800 285,800 285,800
OFFICE DEPOT INC Common 67622010 48,508,125 7,761,300 7,761,300 7,761,300
OMNICOM GROUP INC Common 68191910 177,906,797 1,997,550 1,997,550 1,997,550
----------- ---------- ---------- -----------
COLUMN TOTALS 891,369,164 29,856,285 29,856,285 29,856,285
FORM 13F PAGE 11 FILE NO. 28-46
REPORTING MANAGER : MACKAY-SHIELDS FINANCIAL
6/30/2000
--------------------------------------------------------------------------------------------------------------------------
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)
--------------------------------------------------------------------------------------------------------------------------
OPEN MARKET INC Common 68370M10 345,313 25,000 25,000 25,000
OPTIMAL ROBOTICS CORP Common 68388R20 7,632,788 198,900 198,900 198,900
ORACLE CORPORATION Common 68389X10 499,745,342 5,944,926 5,944,926 5,944,926
ORATEC INTERVENTIONS Common 68554M10 3,878,175 116,200 116,200 116,200
OWENS-ILLINOIS INC Conv Pfd 69076850 3,237,375 145,500 145,500 145,500
PECO ENERGY CO Common 69330410 846,563 21,000 21,000 21,000
PE CORP-PE BIOSYSTEMS Common 69332S10 61,003,544 926,050 926,050 926,050
PARADYNE NETWORKS INC Common 69911G10 7,544,731 231,700 231,700 231,700
PATTERSON DENTAL COMP Common 70341210 7,201,200 141,200 141,200 141,200
PAYLESS SHOESOURCE Common 70437910 307,500 6,000 6,000 6,000
PEOPLESOFT INC Common 71271310 2,093,750 125,000 125,000 125,000
PEREGRINE SYSTEMS INC Common 71366Q10 10,295,250 296,800 296,800 296,800
TELEKOMUNIK INDONESIA Common 71568410 148,352 21,384 21,384 21,384
PHELPS DODGE Common 71726510 1,082,156 29,100 29,100 29,100
PITNEY BOWES INC Common 72447910 41,000,000 1,025,000 1,025,000 1,025,000
PLACER DOME Common 72590610 10,259,750 1,072,915 1,072,915 1,072,915
PLEXUS CORP Common 72913210 14,034,600 124,200 124,200 124,200
POGO TRUST I Conv Prfd 73044P20 1,850,625 35,000 35,000 35,000
POLYMEDICA CORP Common 73173810 4,545,575 105,100 105,100 105,100
PORTAL SOFTWARE Common 73612610 2,465,575 38,600 38,600 38,600
PRIMUS TELECOMM GP Common 74192910 5,412,800 217,600 217,600 217,600
PROCTER & GAMBLE Common 74271810 3,601,025 62,900 62,900 62,900
PROFIT RECOVERY GROUP Common 74316810 3,800,475 228,600 228,600 228,600
PROJECT SOFTWARE & DEV Common 74339P10 4,611,600 256,200 256,200 256,200
PROTEIN DESIGN LABS Common 74369L10 40,347,536 244,600 244,600 244,600
PROVIDIAN CORP Common 74406A10 190,280,250 2,114,225 2,114,225 2,114,225
------------ ---------- -------------- -----------
COLUMN TOTALS 927,571,847 13,753,700 13,753,700 13,753,700
FORM 13F PAGE 12 FILE NO. 28-46
REPORTING MANAGER : MACKAY-SHIELDS FINANCIAL
6/30/2000
------------------------------------------------------------------------------------------------------------------------
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)
-------------------------------------------------------------------------------------------------------------------------
PROXIM INC Common 74428410 8,333,169 84,200 84,200 84,200
QLT, INC Common 74692710 2,419,881 31,300 31,300 31,300
QRS CORP Common 74726X10 2,738,719 111,500 111,500 111,500
QLOGIC CORP Common 74727710 7,227,238 109,400 109,400 109,400
QUALCOMM INC Common 74752510 240,000 4,000 4,000 4,000
QUANTUM EFFECT DEV Common 74764T10 684,000 12,000 12,000 12,000
QWEST COMMUNICATIONS Common 74912110 2,844,609 57,250 57,250 57,250
RPM INC OHIO Common 74968510 2,597,468 256,540 256,540 256,540
RALSTON PURINA Common 75127730 44,988,969 2,256,500 2,256,500 2,256,500
RAYTHEON CO-CLASS A Common 75511130 6,229,719 320,500 320,500 320,500
RAYTHEON CO-CLASS B Common 75511140 13,938,925 724,100 724,100 724,100
REMEC INC Common 75954310 4,120,500 98,400 98,400 98,400
RURAL CELL CORP-CL A Common 78190410 5,022,500 65,600 65,600 65,600
SCM MICROSYSTEMS INC Common 78401810 6,019,913 99,400 99,400 99,400
SEI CORPORATION Common 78411710 1,051,050 26,400 26,400 26,400
SLM HOLDING CORP Common 78442A10 4,715,628 125,960 125,960 125,960
S & P 500 Common 78462F10 6,537,656 45,000 45,000 45,000
S3 INCORPORATED Common 78484910 3,540,000 240,000 240,000 240,000
SAFEWAY INC Common 78651420 2,707,500 60,000 60,000 60,000
SANDISK CORP Common 80004C10 11,864,256 193,900 193,900 193,900
SANTA FE SNYDER CORP Common 80218K10 3,427,971 301,360 301,360 301,360
SCHERING-PLOUGH Common 80660510 262,442,743 5,196,886 5,196,886 5,196,886
SEAGATE TECHNOLOGY Common 81180410 26,862,000 488,400 488,400 488,400
SEAGRAM CO LTD Conv Pfd 81185020 2,795,000 52,000 52,000 52,000
SIMON PROPERTY GROUP Common 82880610 3,088,500 139,200 139,200 139,200
SIRIUS SATELLITE Common 82966U10 5,149,113 116,200 116,200 116,200
---------- ----------- ----------- -----------
COLUMN TOTALS 441,587,024 11,215,996 11,215,996 11,215,996
FORM 13F PAGE 13 FILE NO. 28-46
REPORTING MANAGER : MACKAY-SHIELDS FINANCIAL
6/30/2000
-------------------------------------------------------------------------------------------------------------------------
ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7 ITEM 8
NAME OF ISSUER TITLE CUSIP FAIR SHARES OR INVESTMENT DISCRETION MGRS VOTING AUTHORITY
OF NUMBER MARKET PRINCIPAL SHARED
CLASS VALUE AMOUNT SOLE SHARED OTHER SOLE SHARED NONE
(A) (B) (C) (A) (B) (C)
---------------------------------------------------------------------------------------------------------------------------
SOLUTIA INC Common 83437610 1,655,500 120,400 120,400 120,400
SONICWALL INC Common 83547010 10,083,156 114,500 114,500 114,500
SOVEREIGN CAP TR Conv Pfd 84590530 8,122,500 180,000 180,000 180,000
SPECTRASITE HOLDINGS Common 84760T10 4,054,788 142,900 142,900 142,900
STAPLES INC Common 85503010 126,533,913 8,229,848 8,229,848 8,229,848
SUN MICROSYSTEMS INC Common 86681010 574,195,744 6,314,180 6,314,180 6,314,180
SUNDAY COMMUNICATION Common 86727010 350,000 100,000 100,000 100,000
SUNOCO INC Common 86764P10 47,750,569 1,622,100 1,622,100 1,622,100
SYMBOL TECHNOLOGIES Common 87150810 3,734,100 69,150 69,150 69,150
TECHNE CORP Common 87837710 13,494,000 103,800 103,800 103,800
TELCOM SEMICONDUCTOR Common 87921P10 1,482,313 37,000 37,000 37,000
TELEFONOS DE MEXICO Common 87940378 2,285,000 40,000 40,000 40,000
TELLABS INC Common 87966410 324,503,250 4,741,600 4,741,600 4,741,600
TEMPLE INLAND INC Common 87986810 28,305,900 673,950 673,950 673,950
TENET HEALTHCARE COR Common 88033G10 47,622,600 1,763,800 1,763,800 1,763,800
TERADYNE INC Common 88077010 6,100,500 83,000 83,000 83,000
TERAYON COMMUNICA Common 88077510 5,883,869 91,600 91,600 91,600
TERRA NETWORKS SA Common 88100W10 251,634 6,900 6,900 6,900
TETRA TECH INC Common 88162G10 2,246,005 98,186 98,186 98,186
TEXACO INC Common 88169410 62,912,213 1,181,450 1,181,450 1,181,450
TEXAS INSTRS INC Common 88250810 524,470,275 7,635,600 7,635,600 7,635,600
TIBCO SOFTWARE INC Common 88632Q10 2,241,199 20,900 20,900 20,900
TIDEWATER INC Common 88642310 1,800,000 50,000 50,000 50,000
TIME WARNER INC Common 88731510 263,169,000 3,462,750 3,462,750 3,462,750
TITAN PHARMACEU Common 88831410 559,000 13,000 13,000 13,000
TOSCO CORP Common 89149030 71,098,350 2,511,200 2,511,200 2,511,200
------------ ----------- ---------- -----------
COLUMN TOTALS 2,134,905,376 39,407,814 39,407,814 39,407,814
FORM 13F PAGE 14 FILE NO. 28-46
REPORTING MANAGER : MACKAY-SHIELDS FINANCIAL
6/30/2000
------------------------------------------------------------------------------------------------------------------------
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)
-------------------------------------------------------------------------------------------------------------------------
TRIKON TECHNOLOGIES Common 89618740 2,850,000 150,000 150,000 150,000
TRITON PCS HOLDINGS Common 89677M10 1,472,625 25,500 25,500 25,500
TURNSTONE SYSTEMS Common 90042310 8,051,653 48,600 48,600 48,600
TUT SYSTEMS INC Common 90110310 7,303,838 127,300 127,300 127,300
TYCO INTL LTD Common 90212410 474,219,771 10,009,916 10,009,916 10,009,916
USX-MARATHON GROUP Common 90290582 1,293,225 51,600 51,600 51,600
USA NETWORKS INC Common 90298410 100,013,463 4,624,900 4,624,900 4,624,900
USX-US STEEL GROUP Common 90337T10 5,523,829 297,580 297,580 297,580
UNION PACIFIC RES Common 90783410 52,718,600 2,396,300 2,396,300 2,396,300
UNIROYAL TECHNOLOGY Common 90916310 4,043,344 365,500 365,500 365,500
UNISYS CORP Common 90921410 42,024,652 2,885,813 2,885,813 2,885,813
UNITED STATES CELL Common 91168410 3,150,000 50,000 50,000 50,000
UNITEDGLOBALCOM INC Conv Pfd 91324780 3,515,500 79,000 79,000 79,000
UNIV COMPRESSION Common 91343110 6,033,350 180,100 180,100 180,100
UNIVISION COMMUNICA Common 91490610 32,499,000 314,000 314,000 314,000
UNOCAL CORP Common 91528910 74,223,188 2,240,700 2,240,700 2,240,700
VALASSIS COMM Common 91886610 2,516,250 66,000 66,000 66,000
VALERO ENERGY CORP Common 91913Y10 52,674,044 1,659,025 1,659,025 1,659,025
VERITY INC Common 92343C10 5,054,000 133,000 133,000 133,000
VERISIGN INC Common 92343E10 882,500 5,000 5,000 5,000
VERTICALNET INC Common 92532L10 4,221,956 114,300 114,300 114,300
VIACOM INC-CL B Common 92552430 398,602,169 5,845,678 5,845,678 5,845,678
VIADOR INC Common 92553R10 3,675,063 231,500 231,500 231,500
VITESSE SEMICONDUC Common 92849710 6,907,519 93,900 93,900 93,900
VITRIA TECHNOLOGY Common 92849Q10 11,112,525 181,800 181,800 181,800
WHX CORP PFD B Conv Pfd 92924830 3,244,725 188,100 188,100 188,100
----------- ---------- ------------ -------------
COLUMN TOTALS 1,307,826,786 32,365,112 32,365,112 32,365,112
FORM 13F PAGE 15 FILE NO. 28-46
REPORTING MANAGER : MACKAY-SHIELDS FINANCIAL
6/30/2000
------------------------------------------------------------------------------------------------------------------------
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)
-------------------------------------------------------------------------------------------------------------------------
WASHINGTON MUTUAL Common 93932210 79,683,450 2,759,600 2,759,600 2,759,600
WASTE MANAGEMENT Common 94106L10 2,660,000 140,000 140,000 140,000
WATERS CORPORATION Common 94184810 5,941,075 47,600 47,600 47,600
WATSON PHARMACEUT Common 94268310 645,000 12,000 12,000 12,000
WENDYS INTL INC Common 95059010 3,562,500 200,000 200,000 200,000
WESTERN RESOURCES Common 95942510 1,550,000 100,000 100,000 100,000
WESTERN WIRELESS Common 95988E20 1,558,700 28,600 28,600 28,600
WILLIAMS COMMUNICA Common 96945510 1,327,500 40,000 40,000 40,000
WILLIAMS-SONOMA Common 96990410 6,432,356 198,300 198,300 198,300
WIT SOUNDVIEW Common 97738310 1,744,335 162,500 162,500 162,500
WORLDCOM INC Common 98157D10 363,848,066 7,931,293 7,931,293 7,931,293
XILINX INC Common 98391910 1,073,313 13,000 13,000 13,000
XICOR INC Common 98490310 2,675,000 400,000 400,000 400,000
YOUNG & RUBICAM Common 98742510 4,317,656 75,500 75,500 75,500
ZORAN CORP Common 98975F10 7,826,781 118,700 118,700 118,700
ZOMAX INC /MN Common 98992910 3,366,563 256,500 256,500 256,500
FLAG TELECOM HOLD Common G3529L10 3,867,500 260,000 260,000 260,000
GLOBAL CROSSING Conv Pfd G3921A12 386,875 5,000 5,000 5,000
LORAL SPACE & COMM Conv Pfd G5646214 367,350 15,800 15,800 15,800
SANTE FE INTL CORP Common G7805C10 1,746,875 50,000 50,000 50,000
BREEZECOM LIMITED Common M2038510 8,086,650 185,900 185,900 185,900
GILAT SATELLITE Common M5147410 7,860,188 113,300 113,300 113,300
M-SYSTEMS FLSH Common M7061C10 9,111,375 117,000 117,000 117,000
ORCKIT COMMUNICA Common M7531S10 7,618,613 252,900 252,900 252,900
RADWARE LTD Common M8187310 7,025,150 265,100 265,100 265,100
TTI TEAM TELECOM Common M8825810 9,540,000 265,000 265,000 265,000
----------- ---------- ---------- ----------
COLUMN TOTALS 543,822,870 14,013,593 14,013,593 14,013,593
FORM 13F PAGE 16 FILE NO. 28-46
REPORTING MANAGER : MACKAY-SHIELDS FINANCIAL
6/30/2000
-----------------------------------------------------------------------------------------------------------------------
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)
-----------------------------------------------------------------------------------------------------------------------
KPNQWEST NV Common N5091910 641,925 16,200 16,200 16,200
ASE TEST LIMITED Common Y0251610 1,177,500 40,000 40,000 40,000
FLEXTRONICS INTL Common Y2573F10 5,151,563 75,000 75,000 75,000
----------- -------- -------- ----------
COLUMN TOTALS 6,970,988 131,200 131,200 131,200
----------- -------- -------- ----------
REPORT TOTALS 19,012,876,181 374,417,607 374,417,607 374,417,607
============== ============ ============ ============
</TABLE>
