FORM 13F
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Report for the Calendar Year or Quarter Ended: 12/31/99
Check here if Amendment [ ]: Amendment Number:
This Amendment (check only one):
[ ] is a restatement.
[ ] adds new holdings entries.
Institutional Investment Manager filing this report:
Name: MacKay Shields 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
February 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: 400
Form 13F Information Table Value Total: $20,113,739
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FORM 13F FILE NO. 28-46
REPORTING MANAGER : MACKAY SHIELDS LLC
12/31/99
- ---------------------------------------------------------------------------------------------------------------------------------
ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7 ITEM 8
NAME OF ISSUER TITLE CUSIP FAIR SHARES OR INVEST DISCRET MANA- VOTING AUTHORITY
OF NUMBER MARKET PRINCIPAL SHARED GERS
CLASS VALUE AMOUNT SOLE SHARED OTHER SOLE SHARED NONE
(A) (B) (C) (A) (B) (C)
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <S> <C> <C> <C> <C> <C>
AGCO CP Common 00108410 591,250 44,000 44,000 44,000
AES CORP Common 00130H10 277,666,350 3,714,600 3,714,600 3,714,600
AK STL HLDG CORP Common 00154710 1,857,659 98,419 98,419 98,419
AMFM INC Common 00169310 233,167,394 2,979,775 2,979,775 2,979,775
AT&T CORP Common 00195710 122,913,963 2,421,950 2,421,950 2,421,950
ASA LTD Common 00205010 378,750 20,000 20,000 20,000
AXA FINANCIAL INC Common 00245110 110,779,719 3,270,250 3,270,250 3,270,250
ADAPTEC INC Common 00651F10 41,217,548 826,417 826,417 826,417
ADVANCED DIGITAL INFO CORP Common 00752510 1,361,500 28,000 28,000 28,000
ADVENT SOFTWARE Common 00797410 3,331,419 51,700 51,700 51,700
AGENCY.COM LTD Common 00844710 3,034,500 59,500 59,500 59,500
AGILENT TECHNOLOGIES Common 00846U10 30,955,925 400,400 400,400 400,400
AGILE SOFTWARE CORP Common 00846X10 5,430,859 25,000 25,000 25,000
AIR PRODUCTS & CHEMICALS Common 00915810 59,294,869 1,766,700 1,766,700 1,766,700
AIRGATE PCS INC Common 00936710 3,639,750 69,000 69,000 69,000
AKAMAI TECHNOLOGIES Common 00971T10 3,865,975 11,800 11,800 11,800
ALCOA INC Common 01381710 340,300 4,100 4,100 4,100
ALKERMES INC Common 01642T10 1,385,325 28,200 28,200 28,200
ALLEGHENY ENERGY INC Common 01736110 377,125 14,000 14,000 14,000
ALLIANCE GAMING CORP Common 01859P60 442,944 162,922 162,922 162,922
ALLSTATE CORP Common 02000210 81,263,232 3,385,968 3,385,968 3,385,968
ALLTEL CORP Common 02003910 319,454,888 3,863,400 3,863,400 3,863,400
AMERADA HESS CORP Common 02355110 2,826,150 49,800 49,800 49,800
AMERICA ONLINE INC Common 02364J10 173,178,097 2,295,650 2,295,650 2,295,650
AMERICAN GENERAL CORP Common 02635110 116,997,960 1,541,983 1,541,983 1,541,983
AMERICAN GENERAL SERIES A Conv Prfd 02637G20 7,577,063 80,500 80,500 80,500
----------- ----------- ----------- -------------
COLUMN TOTALS 1,603,330,511 27,214,034 27,214,034 27,214,034
<PAGE>
FORM 13F FILE NO. 28-46
REPORTING MANAGER : MACKAY SHIELDS LLC
12/31/99
- -------------------------------------------------------------------------------------------------------------------------------
ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7 ITEM 8
NAME OF ISSUER TITLE CUSIP FAIR SHARES OR INVEST DISCRETION MANA- VOTING AUTHORITY
OF NUMBER MARKET PRINCIPAL SHARED GERS
CLASS VALUE AMOUNT SOLE SHARED OTHER SOLE SHARED NONE
(A) (B) (C) (A) (B) (C)
- --------------------------------------------------------------------------------------------------------------------------------
AMERICAN INTL GROUP INC Common 02687410 430,265,705 3,979,336 3,979,336 3,979,336
AMERICAN ITALIAN PASTA CO - A Common 02707010 922,500 30,000 30,000 30,000
AMERICAN STANDARD COMPANIES Common 02971210 127,297,391 2,774,875 2,774,875 2,774,875
AMGEN Common 03116210 252,169,403 4,198,450 4,198,450 4,198,450
ANCOR COMMUNICATIONS INC Common 03332K10 2,681,063 39,500 39,500 39,500
ANDRX CORP Common 03455110 3,990,069 94,300 94,300 94,300
APACHE CORPORATION Conv Prfd 03741160 5,573,500 157,000 157,000 157,000
APPLIED PWR INC Common 03822510 3,189,900 86,800 86,800 86,800
ARCH CJEMICALS INC Common 03937R10 471,094 22,500 22,500 22,500
ARCHSTONE COMMUNITIES TRUST Conv Prfd 03958120 1,272,575 46,700 46,700 46,700
ASHLAND INC Common 04420410 329,375 10,000 10,000 10,000
AUDIOVOX CORP -CL A Common 05075710 2,347,988 77,300 77,300 77,300
BJ SVCS CO Common 05548210 1,672,500 40,000 40,000 40,000
BAKER HUGHES Common 05722410 4,212,500 200,000 200,000 200,000
BECTON DICKINSON Common 07588710 67,629,350 2,528,200 2,528,200 2,528,200
BED BATH & BEYOND INC Common 07589610 138,849,185 3,995,660 3,995,660 3,995,660
BELL ATLANTIC CORP Common 07785310 101,559,656 1,649,700 1,649,700 1,649,700
BEVERLY ENTERPRISES Common 08785130 1,686,125 385,400 385,400 385,400
BLACKROCK INC Common 09247X10 1,220,313 71,000 71,000 71,000
BORDERS GROUP, INC. Common 09970910 1,445,625 90,000 90,000 90,000
BROADWING INC Common 11162010 1,021,438 27,700 27,700 27,700
BUILDING ONE SERVICES CORP Common 12011410 433,889 45,975 45,975 45,975
BURLINGTON INDS INC Common 12169310 142,800 35,700 35,700 35,700
BURLINGTON NORTHERN SANTA FE Common 12189T10 402,550 16,600 16,600 16,600
BURLINGTON RES INC Common 12201410 54,477,081 1,647,700 1,647,700 1,647,700
BURNHAM PACIFIC PPTY INC Common 12232C10 1,406,250 150,000 150,000 150,000
----------- ----------- ------------ -----------
COLUMN TOTALS 1,206,669,823 22,400,396 22,400,396 22,400,396
<PAGE>
FORM 13F FILE NO. 28-46
REPORTING MANAGER : MACKAY SHIELDS LLC
12/31/99
- ------------------------------------------------------------------------------------------------------------------------------
ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7 ITEM 8
NAME OF ISSUER TITLE CUSIP FAIR SHARES OR INVEST DISCRETION MANA- VOTING AUTHORITY
OF NUMBER MARKET PRINCIPAL SHARED GERS
CLASS VALUE AMOUNT SOLE SHARED OTHER SOLE SHARED NONE
(A) (B) (C) (A) (B) (C)
- ------------------------------------------------------------------------------------------------------------------------------
CBS CORPORATION Common 12490K10 182,116,378 2,848,350 2,848,350 2,848,350
CK WITCO CORPORATION Common 12562C10 936,250 70,000 70,000 70,000
CMS ENERGY Conv Prfd 12589630 4,166,625 123,000 123,000 123,000
CVS CORPORATION Common 12665010 112,186,874 2,809,061 2,809,061 2,809,061
CALL-NET ENTERPRISES INC-B Common 13091020 10,237,032 3,063,300 3,063,300 3,063,300
CALLAWAY GOLF CO Common 13119310 25,312,581 1,431,100 1,431,100 1,431,100
CALPINE CORPORATION Common 13134710 6,720,000 105,000 105,000 105,000
CANADIAN NATL RAILWAY Conv Prfd 13637540 2,877,000 68,500 68,500 68,500
CARDINAL HEALTH INC Common 14149Y10 76,270,668 1,593,121 1,593,121 1,593,121
CARNIVAL CORP CLASS A Common 14365810 233,475,609 4,883,150 4,883,150 4,883,150
CATERPILLAR Common 14912310 602,400 12,800 12,800 12,800
CELGENE CORP Common 15102010 2,156,000 30,800 30,800 30,800
CENDANT CORPORATION Common 15131310 149,097,942 5,613,099 5,613,099 5,613,099
CHARTER COMMUNICATIONS INC-A Common 16117M10 8,804,688 402,500 402,500 402,500
CHASE MANHATTAN CORP NEW Common 16161A10 68,687,403 884,150 884,150 884,150
CHESAPEAKE ENERGY CNVPFD 7% Conv Prfd 16516730 1,015,000 40,000 40,000 40,000
CHIQUITA BRANDS INTL INC Conv Prfd 17003250 3,382,800 144,700 144,700 144,700
CINERGY CORP Common 17247410 1,227,963 50,900 50,900 50,900
CIRCUIT CITY STORE INC Common 17273710 298,766,628 6,630,050 6,630,050 6,630,050
CIRRUS LOGIC INC Common 17275510 665,625 50,000 50,000 50,000
CISCO SYS INC Common 17275R10 522,685,907 4,879,215 4,879,215 4,879,215
CITADEL COMMUNICATIONS CORP Common 17285320 5,488,425 84,600 84,600 84,600
CITIGROUP INC Common 17296710 473,224,757 8,516,981 8,516,981 8,516,981
CITIZENS UTILITIES CO - CL B Common 17734220 2,837,500 200,000 200,000 200,000
CLARIFY INC. Common 18049210 2,268,000 18,000 18,000 18,000
CLASSIC COMMUN INC-CL A Common 18272820 3,857,344 105,500 105,500 105,500
----------- ----------- ----------- ----------
COLUMN TOTALS 2,199,067,399 44,657,877 44,657,877 44,657,877
<PAGE>
FORM 13F FILE NO. 28-46
REPORTING MANAGER : MACKAY SHIELDS LLC
12/31/99
- ------------------------------------------------------------------------------------------------------------------------------
ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7 ITEM 8
NAME OF ISSUER TITLE CUSIP FAIR SHARES OR INVEST DISCRETION MANA- VOTING AUTHORITY
OF NUMBER MARKET PRINCIPAL SHARED GERS
CLASS VALUE AMOUNT SOLE SHARED OTHER SOLE SHARED NONE
(A) (B) (C) (A) (B) (C)
- -------------------------------------------------------------------------------------------------------------------------------
CLEAR CHANNEL COMMUNICA Common 18450210 356,462,269 3,993,975 3,993,975 3,993,975
COASTAL CORP Common 19044110 85,837,882 2,422,233 2,422,233 2,422,233
COBALT NETWORKS INC Common 19074R10 541,875 5,000 5,000 5,000
COLGATE PALMOLIVE CO Common 19416210 386,051,250 5,939,250 5,939,250 5,939,250
COLUMBIA ENERGY GROUP Common 19764810 5,104,275 80,700 80,700 80,700
COMCAST CORP-SPECIAL Common 20030020 202,796,075 4,010,800 4,010,800 4,010,800
COMCAST CORP CONV BOND CNV PREF 1 20030050 2,478,125 25,000 25,000 25,000
COMDISCO INC Common 20033610 4,283,750 115,000 115,000 115,000
COMMERCE ONE INC Common 20069310 5,010,750 25,500 25,500 25,500
COMPUWARE CORP Common 20563810 364,739,335 9,791,660 9,791,660 9,791,660
CONAGRA Common 20588710 60,597,234 2,685,750 2,685,750 2,685,750
CONMED CORP Common 20741010 2,243,363 86,700 86,700 86,700
CONOCO INC-CL A Common 20825130 5,677,650 229,400 229,400 229,400
CONOCO INC-CL B Common 20825140 574,613 23,100 23,100 23,100
CONSECO INC Common 20846410 35,525,705 1,987,452 1,987,452 1,987,452
CONSOLIDATED EDISON INC Common 20911510 1,725,000 50,000 50,000 50,000
COOPER CAMERON CORP Common 21664010 2,936,250 60,000 60,000 60,000
CORNING Common 21935010 350,948,534 2,721,850 2,721,850 2,721,850
CORPORATE EXEC BOARD CO Common 21988R10 1,452,750 26,000 26,000 26,000
COST PLUS INC Common 22148510 2,862,469 80,350 80,350 80,350
CROSSROADS SYSTEMS INC Common 22765D10 2,535,000 30,000 30,000 30,000
CYBEX COMPUTER PRODUCTS CORP Common 23252210 1,915,650 47,300 47,300 47,300
CYTEC INDUSTRIES INC Common 23282010 994,375 43,000 43,000 43,000
DTE ENERGY COMPANY Common 23333110 47,137,800 1,502,400 1,502,400 1,502,400
DALEEN TECHNOLOGIES INC Common 23437N10 1,566,250 71,600 71,600 71,600
DANA CORP Common 23581110 45,826,649 1,530,744 1,530,744 1,530,744
----------- ---------- ---------- -----------
COLUMN TOTALS 1,977,824,876 37,584,764 37,584,764 37,584,764
<PAGE>
FORM 13F FILE NO. 28-46
REPORTING MANAGER : MACKAY SHIELDS LLC
12/31/99
- -----------------------------------------------------------------------------------------------------------------------------
ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7 ITEM 8
NAME OF ISSUER TITLE CUSIP FAIR SHARES OR INVEST DISCRETION MANA- VOTING AUTHORITY
OF NUMBER MARKET PRINCIPAL SHARED GERS
CLASS VALUE AMOUNT SOLE SHARED OTHER SOLE SHARED NONE
(A) (B) (C) (A) (B) (C)
- ------------------------------------------------------------------------------------------------------------------------------
DANAHER CORP Common 23585110 4,771,925 98,900 98,900 98,900
DATASCOPE CORP Common 23811310 400,000 10,000 10,000 10,000
DEVELOPERS DIVERS REALTY Common 25159110 979,788 76,100 76,100 76,100
DEVON ENERGY CORPORATION Common 25179M10 1,314,704 39,991 39,991 39,991
DIGEX INC Common 25375610 2,509,375 36,500 36,500 36,500
DIONEX CORP Common 25454610 1,359,188 33,000 33,000 33,000
DOLLAR GEN CORP Common 25666910 126,542,712 5,562,317 5,562,317 5,562,317
DOLLAR TREE STORES INC Common 25674710 2,179,688 45,000 45,000 45,000
DUANE READE INC Common 26357810 1,764,000 64,000 64,000 64,000
DUKE ENERGY CORP Common 26439910 551,375 11,000 11,000 11,000
DYCOM INDUSTRIES INC Common 26747510 1,321,875 30,000 30,000 30,000
E M C CORP MASS Common 26864810 603,999,550 5,528,600 5,528,600 5,528,600
ENI SPA-SPONSORED ADR Common 26874R10 771,750 14,000 14,000 14,000
EOG RESOURCES INC Common 26875P10 902,713 51,400 51,400 51,400
EASTMAN CHEM CO Common 27743210 1,812,125 38,000 38,000 38,000
EBOOKERS.COM PLC SPONS ADR Foreign 27872510 173,125 10,000 10,000 10,000
EDISON INT'L (SCE CORP Common 28102010 654,688 25,000 25,000 25,000
EDISON SCHOOLS INC Common 28103310 787,500 50,000 50,000 50,000
EL PASO ELECTRIC COMPANY Common 28367785 574,031 58,500 58,500 58,500
EL PASO ENER CAP TRUST Conv Prfd 28367820 6,558,825 130,200 130,200 130,200
EL PASO ENERGY CORP Common 28390510 66,664,350 1,717,600 1,717,600 1,717,600
ELAN PLC Common 28413120 1,693,300 57,400 57,400 57,400
ELDERTRUST Common 28456010 314,213 51,300 51,300 51,300
EMBRATEL PARTICIPACOES-ADR Common 29081N10 648,959 23,815 23,815 23,815
EMMIS COMMUNICATIONS -CL A Common 29152510 3,315,440 26,600 26,600 26,600
EMMIS COMMUNICATIONS CORP Conv Prfd 29152520 4,770,000 60,000 60,000 60,000
---------- ---------- ---------- -----------
COLUMN TOTALS 837,335,196 13,849,223 13,849,223 13,849,223
<PAGE>
FORM 13F FILE NO. 28-46
REPORTING MANAGER : MACKAY SHIELDS LLC
12/31/99
- -----------------------------------------------------------------------------------------------------------------------------
ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7 ITEM 8
NAME OF ISSUER TITLE CUSIP FAIR SHARES OR INVEST DISCRETION MANA- VOTING AUTHORITY
OF NUMBER MARKET PRINCIPAL SHARED GERS
CLASS VALUE AMOUNT SOLE SHARED OTHER SOLE SHARED NONE
(A) (B) (C) (A) (B) (C)
- ------------------------------------------------------------------------------------------------------------------------------
EMULEX CORP Common 29247520 3,532,500 31,400 31,400 31,400
ENERGY EAST CORPORATION Common 29266M10 41,781,781 2,007,533 2,007,533 2,007,533
ENGAGE TECHNOLOGIES INC Common 29282710 4,218,000 70,300 70,300 70,300
EQUITABLE RES INC Common 29454910 420,525 12,600 12,600 12,600
EQUITY OFFICE PROP TR Common 29474110 38,726,014 1,572,630 1,572,630 1,572,630
EQUUS GAMING CO LP-A UTS Common 29492910 117,891 114,319 114,319 114,319
EXCHANGE APPLICATIONS INC Common 30086710 4,917,000 88,000 88,000 88,000
EXPEDITORS INTL WASH INC Common 30213010 4,043,894 92,300 92,300 92,300
EXXON MOBIL CORPORATION Common 30231G10 4,955,963 61,517 61,517 61,517
FEDERAL MOGUL CORP Common 31354910 18,808,483 934,583 934,583 934,583
FEDERATED DEPT STORES Common 31410H10 88,216,798 1,744,708 1,744,708 1,744,708
FINISAR CORPORATION Common 31787A10 1,797,500 20,000 20,000 20,000
FIRSTAR CORP Common 33763V10 72,454,525 3,429,800 3,429,800 3,429,800
FISERV INC Common 33773810 4,095,606 106,900 106,900 106,900
FLEET BOSTON FINANCIAL CORP Common 33903010 82,643,413 2,373,958 2,373,958 2,373,958
FLUOR CORP Common 34386110 87,804,750 1,914,000 1,914,000 1,914,000
FOX ENTERTAINMENT GRP INC-A Common 35138T10 22,319,063 895,000 895,000 895,000
FRANKLIN RESOURCES INC Common 35461310 9,139,416 285,050 285,050 285,050
FREEMARKETS INC Common 35660210 1,979,613 5,800 5,800 5,800
FREEPORT-MC COPP SERIES A Conv Prfd 35671D50 343,125 18,000 18,000 18,000
FRIEDE GOLDMAN HALTER INC Common 35843010 170,038 24,510 24,510 24,510
GST TELECOMMUNICATIONS INC Common 36194210 870,000 96,000 96,000 96,000
GENENTECH INC Common 36871040 196,497,775 1,460,950 1,460,950 1,460,950
GENERAL ELEC CO Common 36960410 350,307,575 2,263,700 2,263,700 2,263,700
GENERAL INSTRUMENT CORP Common 37012010 1,700,000 20,000 20,000 20,000
GENTEK INC Common 37245X10 334,000 32,000 32,000 32,000
---------- ---------- ---------- ----------
COLUMN TOTALS 1,042,195,247 19,675,558 19,675,558 19,675,558
<PAGE>
FORM 13F FILE NO. 28-46
REPORTING MANAGER : MACKAY SHIELDS LLC
12/31/99
- ------------------------------------------------------------------------------------------------------------------------------
ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7 ITEM 8
NAME OF ISSUER TITLE CUSIP FAIR SHARES OR INVEST DISCRETION MANA- VOTING AUTHORITY
OF NUMBER MARKET PRINCIPAL SHARED GERS
CLASS VALUE AMOUNT SOLE SHARED OTHER SOLE SHARED NONE
(A) (B) (C) (A) (B) (C)
- -------------------------------------------------------------------------------------------------------------------------------
GEON CO Common 37246W10 18,049,948 555,383 555,383 555,383
GEORGIA-PAC(GEORGIA PAC GRP) Common 37329810 116,984,688 2,305,117 2,305,117 2,305,117
GIBRALTAR STEEL CORP Common 37476F10 490,875 21,000 21,000 21,000
GILDAN ACTIVEWEAR INC-CL A Common 37591610 2,537,500 140,000 140,000 140,000
GLENBOROUGH REALTY PFD A Conv Prfd 37803P20 1,031,250 75,000 75,000 75,000
GLOBAL TELESYSTEMS GROUP INC Common 37936U10 2,077,500 60,000 60,000 60,000
GLOBESPAN INC Common 37957110 950,825 14,600 14,600 14,600
GOLDMAN SACHS GROUP INC Common 38141G10 67,108,594 712,500 712,500 712,500
GRAND UNION CO Common 38653240 930,589 91,910 91,910 91,910
GREAT PLAINS SOFTWARE INC Common 39119E10 3,834,675 51,300 51,300 51,300
GUIDANT CORP Common 40169810 202,243,585 4,303,055 4,303,055 4,303,055
HRPT PROPERTIES TRUST Common 40426W10 2,510,640 278,960 278,960 278,960
HARLEY DAVIDSON INC Common 41282210 368,981,742 5,759,715 5,759,715 5,759,715
HARRAH'S ENTERTAINMENT INC Common 41361910 61,129,660 2,312,233 2,312,233 2,312,233
HASBRO INC Common 41805610 74,942,313 3,931,400 3,931,400 3,931,400
HEALTH CARE PPTYS INVEST INC Common 42191510 546,738 22,900 22,900 22,900
HEALTHSOUTH CORP. Common 42192410 279,500 52,000 52,000 52,000
HEALTH MGMT ASSOC NE CLS A Common 42193310 45,971,213 3,437,100 3,437,100 3,437,100
HEALTHCARE REALTY TRUST INC Common 42194610 1,289,063 82,500 82,500 82,500
HEICO CORP Common 42280610 436,250 20,000 20,000 20,000
HEICO CORP-CL A Common 42280620 443,625 21,000 21,000 21,000
HEINZ (H.J) Common 42307410 72,219,875 1,814,000 1,814,000 1,814,000
HELIX TECHNOLOGY CORP Common 42331910 3,360,938 75,000 75,000 75,000
HIGHWOODS PROPERTIES INC Common 43128410 5,402,138 232,350 232,350 232,350
HILLENBRAND INDUSTRIES Common 43157310 316,875 10,000 10,000 10,000
HISPANIC BROADCASTING CORP Common 43357B10 1,890,484 20,500 20,500 20,500
----------- --------- ---------- -----------
COLUMN TOTALS 1,055,961,079 26,399,523 26,399,523 26,399,523
<PAGE>
FORM 13F FILE NO. 28-46
REPORTING MANAGER : MACKAY SHIELDS LLC
12/31/99
- -----------------------------------------------------------------------------------------------------------------------------
ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7 ITEM 8
NAME OF ISSUER TITLE CUSIP FAIR SHARES OR INVEST DISCRETION 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 547,331,284 7,982,954 7,982,954 7,982,954
HONEYWELL INTERNATIONAL INC Common 43851610 344,081,565 5,964,578 5,964,578 5,964,578
ICG COMMUNICATIONS INC Common 44924610 937,500 50,000 50,000 50,000
IMC GLOBAL INC Common 44966910 55,367,478 3,381,220 3,381,220 3,381,220
IMS HEALTH INC Common 44993410 170,750,414 6,280,475 6,280,475 6,280,475
IXL ENTERPRISES INC Common 45071810 5,716,500 103,000 103,000 103,000
IDEXX LABORATORIES INC Common 45168D10 738,525 45,800 45,800 45,800
ILLINOVA CORP Common 45231710 97,589,016 2,808,317 2,808,317 2,808,317
IMMERSION CORPORATION Common 45252110 1,535,000 40,000 40,000 40,000
INDEPENDENT ENERGY HLDGS Common 45384X10 1,898,813 57,000 57,000 57,000
INFINITY BROADCASTING Common 45662S10 52,061,147 1,438,650 1,438,650 1,438,650
INGERSOLL-RAND Common 45686610 74,502,316 1,353,050 1,353,050 1,353,050
INSIGHT COMMUNICATIONS INC Common 45768V10 4,221,563 142,500 142,500 142,500
INTEL CORP Common 45814010 311,346,208 3,782,490 3,782,490 3,782,490
INTERMEDIA COMM Common 45880110 4,851,563 125,000 125,000 125,000
IBM Common 45920010 20,822,400 192,800 192,800 192,800
INTERNATIONAL PAPER CO Common 46014610 3,414,469 60,500 60,500 60,500
INTERNET CAPITAL GROUP INC Common 46059C10 3,060,000 18,000 18,000 18,000
INTERTRUST TECHNOLOGIES Common 46113Q10 1,176,250 10,000 10,000 10,000
INTERWORLD CORP Common 46114Q10 1,707,500 20,000 20,000 20,000
INTERVU INC Common 46114R10 7,560,000 72,000 72,000 72,000
IRON MOUNTAIN INC Common 46284P10 2,569,072 65,350 65,350 65,350
I2 TECHNOLOGIES INC Common 46575410 4,192,500 21,500 21,500 21,500
JDS UNIPHASE CORP Common 46612J10 46,135,375 286,000 286,000 286,000
JNI CORP Common 46622G10 3,511,200 53,200 53,200 53,200
JAZZTEL PLC-ADR Common 47214R15 651,250 10,000 10,000 10,000
---------- ---------- ---------- ----------
COLUMN TOTALS 1,767,728,904 34,364,384 34,364,384 34,364,384
<PAGE>
FORM 13F FILE NO. 28-46
REPORTING MANAGER : MACKAY SHIELDS LLC
12/31/99
- ------------------------------------------------------------------------------------------------------------------------------
ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7 ITEM 8
NAME OF ISSUER TITLE CUSIP FAIR SHARES OR INVEST DISCRETION MANA- VOTING AUTHORITY
OF NUMBER MARKET PRINCIPAL SHARED GERS
CLASS VALUE AMOUNT SOLE SHARED OTHER SOLE SHARED NONE
(A) (B) (C) (A) (B) (C)
- ------------------------------------------------------------------------------------------------------------------------------
JEFFERSON-PILOT Common 47507010 3,412,500 50,000 50,000 50,000
JOHNSON & JOHNSON Common 47816010 143,211,443 1,537,841 1,537,841 1,537,841
KERR MCGEE CORP Common 49238610 55,670,110 897,905 897,905 897,905
KEYSPAN CORPORATION Common 49337W10 419,972 18,112 18,112 18,112
KING PHARMACEUTICALS INC Common 49558210 6,346,275 113,200 113,200 113,200
KMART FINANCING 7.75% Conv Prfd 49877820 2,668,750 61,000 61,000 61,000
KOHLS CORP Common 50025510 364,383,370 5,047,735 5,047,735 5,047,735
LCC INTERNATIONAL INC Common 50181010 4,107,125 206,000 206,000 206,000
LNR PROPERTY CORP Common 50194010 572,400 28,800 28,800 28,800
L-3 COMMUNICATIONS HLDGS Common 50242410 1,802,363 43,300 43,300 43,300
LASON INC Common 51808R10 303,600 27,600 27,600 27,600
LEGATO SYSTEMS Common 52465110 1,513,875 22,000 22,000 22,000
LINENS 'N THINGS INC Common 53567910 1,934,513 65,300 65,300 65,300
LOEWS CINEPLEX ENTERTAIN Common 54042310 1,930,701 328,630 328,630 328,630
LUCENT TECHNOLOGIES INC Common 54946310 449,613,549 6,009,872 6,009,872 6,009,872
MCI WORLDCOM INC Common 55268B10 391,537,469 7,378,798 7,378,798 7,378,798
MGIC INVT CORP WIS Common 55284810 68,447,211 1,137,233 1,137,233 1,137,233
MACDERMID INC Common 55427310 2,299,500 56,000 56,000 56,000
MACROVISION CORP Common 55590410 1,702,000 23,000 23,000 23,000
MANITOWOC COMPANY INC Common 56357110 1,037,000 30,500 30,500 30,500
MANOR CARE Common 56405510 23,294,400 1,455,900 1,455,900 1,455,900
MANUGISTICS GROUP INC Common 56501110 5,735,469 177,500 177,500 177,500
MARK IV INDUSTRIES INC Common 57038710 27,264,308 1,541,445 1,541,445 1,541,445
MARSH & MCLENNAN COS Common 57174810 32,433,278 338,950 338,950 338,950
MAXIMUS INC Common 57793310 2,090,550 61,600 61,600 61,600
MEDIA METRIX INC Common 58440X10 1,251,250 35,000 35,000 35,000
----------- ---------- ---------- ------------
COLUMN TOTALS 1,594,982,981 26,693,221 26,693,221 26,693,221
<PAGE>
FORM 13F FILE NO. 28-46
REPORTING MANAGER : MACKAY SHIELDS LLC
12/31/99
- ------------------------------------------------------------------------------------------------------------------------------
ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7 ITEM 8
NAME OF ISSUER TITLE CUSIP FAIR SHARES OR INVEST DISCRETION MANA- VOTING AUTHORITY
OF NUMBER MARKET PRINCIPAL SHARED GERS
CLASS VALUE AMOUNT SOLE SHARED OTHER SOLE SHARED NONE
(A) (B) (C) (A) (B) (C)
- ------------------------------------------------------------------------------------------------------------------------------
MEDQUIST INC Common 58494910 1,058,313 41,000 41,000 41,000
MEDITRUST CORP-PAIRED Common 58501T30 88,000 16,000 16,000 16,000
MEDTRONIC INC Common 58505510 206,564,916 5,669,020 5,669,020 5,669,020
THE MEN'S WEARHOUSE INC Common 58711810 2,408,721 81,999 81,999 81,999
MERCK & CO INC Common 58933110 134,230,288 2,001,570 2,001,570 2,001,570
METAMOR WORLDWIDE Common 59133P10 1,019,375 35,000 35,000 35,000
METROMEDIA INTL GROUP Conv Prfd 59169520 1,320,000 44,000 44,000 44,000
METTLER-TOLEDO INT'L Common 59268810 3,769,106 98,700 98,700 98,700
MICROSOFT CORP Common 59491810 512,791,802 4,392,221 4,392,221 4,392,221
MILLENNIUM PHARMACEUT Common 59990210 18,373,200 150,600 150,600 150,600
MILLENIUM CHEMICALS INC Common 59990310 11,583,671 586,515 586,515 586,515
MONSANTO 6.5% CONV PFD Conv Prfd 61166230 1,656,250 50,000 50,000 50,000
MONTANA POWER CO Common 61208510 2,394,550 66,400 66,400 66,400
MOTOROLA INC Common 62007610 348,076,913 2,363,850 2,363,850 2,363,850
MYLAN LABS Common 62853010 25,858,747 1,026,650 1,026,650 1,026,650
NCO GROUP INC Common 62885810 1,310,438 43,500 43,500 43,500
NASDAQ-100 SHARES Common 63110010 5,025,625 27,500 27,500 27,500
NATIONAL INFO CONSORTIUM Common 63649110 1,376,000 43,000 43,000 43,000
NATIONAL STEEL CORP-CL B Common 63784430 446,250 60,000 60,000 60,000
NATIONWIDE HEALTH PPTYS Common 63862010 1,146,750 83,400 83,400 83,400
NAVISTAR INTERNATIONAL Common 63934E10 1,662,863 35,100 35,100 35,100
NETWORK PLUS CORP Common 64122D50 1,050,000 50,000 50,000 50,000
NEWELL RUBBERMAID INC Common 65122910 28,957,950 998,550 998,550 998,550
NEWFIELD FINANCIAL TRST I Conv Prfd 65129120 3,740,000 80,000 80,000 80,000
NEXTEL COMMUNICATIONS Common 65332V10 49,809,375 483,000 483,000 483,000
NIAGARA MOHAWK HOLDINGS Common 65352010 62,761,496 4,503,067 4,503,067 4,503,067
------------- ---------- ---------- ----------
COLUMN TOTALS 1,428,480,597 23,030,642 23,030,642 23,030,642
<PAGE>
FORM 13F FILE NO. 28-46
REPORTING MANAGER : MACKAY SHIELDS LLC
12/31/99
- ------------------------------------------------------------------------------------------------------------------------------
ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7 ITEM 8
NAME OF ISSUER TITLE CUSIP FAIR SHARES OR INVEST DISCRETION MANA- VOTING AUTHORITY
OF NUMBER MARKET PRINCIPAL SHARED GERS
CLASS VALUE AMOUNT SOLE SHARED OTHER SOLE SHARED NONE
(A) (B) (C) (A) (B) (C)
- -------------------------------------------------------------------------------------------------------------------------------
NIPPON TELEGRAPH&TELE Common 65462410 52,320,938 607,500 607,500 607,500
NOBLE AFFILIATES INC Common 65489410 80,740,764 3,766,333 3,766,333 3,766,333
NVIDIA CORP Common 67066G10 4,064,788 86,600 86,600 86,600
OGE ENERGY CORP Common 67083710 712,500 37,500 37,500 37,500
OFFICE DEPOT INC Common 67622010 77,836,719 7,116,500 7,116,500 7,116,500
OLIN CORP-PAR $1.00 Common 68066520 665,700 33,600 33,600 33,600
OMNICOM GROUP INC Common 68191910 237,920,000 2,379,200 2,379,200 2,379,200
OPTIMAL ROBOTICS CORP Common 68388R20 7,226,500 194,000 194,000 194,000
ORACLE CORPORATION Common 68389X10 522,736,263 4,664,685 4,664,685 4,664,685
OWENS ILLINOIS INC Common 69076840 60,276,566 2,405,050 2,405,050 2,405,050
OWENS-ILLINOIS INC Conv Prfd 69076850 2,703,125 86,500 86,500 86,500
PECO ENERGY CO Common 69330410 729,750 21,000 21,000 21,000
PE CORP-PE BIOSYSTEMS GRP Common 69332S10 39,245,938 326,200 326,200 326,200
PARADYNE NETWORKS INC Common 69911G10 2,520,625 92,500 92,500 92,500
PATTERSON DENTAL COMPANY Common 70341210 2,834,563 66,500 66,500 66,500
PAYLESS SHOESOURCE INC Common 70437910 39,764,726 846,058 846,058 846,058
PEOPLESOFT INC Common 71271310 1,065,625 50,000 50,000 50,000
PEREGRINE SYSTEMS INC Common 71366Q10 2,441,438 29,000 29,000 29,000
TELEKOMUNIK INDONESIA Common 71568410 235,224 21,384 21,384 21,384
PHELPS DODGE Common 71726510 1,221,675 18,200 18,200 18,200
PHILIP MORRIS COS INC Common 71815410 1,219,663 52,600 52,600 52,600
PHOTOTRONICS INC Common 71940510 1,001,875 35,000 35,000 35,000
PLACER DOME Common 72590610 5,420,634 504,245 504,245 504,245
POGO TRUST I Conv Prfd 73044P20 1,723,750 35,000 35,000 35,000
POLYMEDICA CORP Common 73173810 1,734,375 75,000 75,000 75,000
PORTAL SOFTWARE Common 73612610 3,497,750 34,000 34,000 34,000
------------- ---------- ---------- ----------
COLUMN TOTALS 1,151,861,470 23,584,155 23,584,155 23,584,155
<PAGE>
FORM 13F FILE NO. 28-46
REPORTING MANAGER : MACKAY SHIELDS LLC
12/31/99
- -------------------------------------------------------------------------------------------------------------------------------
ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7 ITEM 8
NAME OF ISSUER TITLE CUSIP FAIR SHARES OR INVEST DISCRETION MANA- VOTING AUTHORITY
OF NUMBER MARKET PRINCIPAL SHARED GERS
CLASS VALUE AMOUNT SOLE SHARED OTHER SOLE SHARED NONE
(A) (B) (C) (A) (B) (C)
- --------------------------------------------------------------------------------------------------------------------------------
PRE PAID LEGAL SVCS Common 74006510 1,310,400 54,600 54,600 54,600
PREMIER PARKS INC Common 74054020 1,126,125 39,000 39,000 39,000
PRIMUS TELECOMM GP Common 74192910 2,333,250 61,000 61,000 61,000
PROF RECOVERY GRP INTL Common 74316810 2,105,078 79,250 79,250 79,250
PROJECT SOFTWARE & DEV Common 74339P10 1,776,000 32,000 32,000 32,000
PROTEIN DESIGN LABS INC Common 74369L10 3,675,000 52,500 52,500 52,500
PROVIDIAN CORP Common 74406A10 216,330,352 2,375,625 2,375,625 2,375,625
QRS CORP Common 74726X10 5,935,381 56,900 56,900 56,900
QLOGIC CORP Common 74727710 1,598,750 10,000 10,000 10,000
QUEST DIAGNOSTICS INC Common 74834L10 14,188,641 464,250 464,250 464,250
QWEST COMMUNICATIONS INT Common 74912110 3,850,650 89,550 89,550 89,550
RPM INC OHIO Common 74968510 2,613,503 256,540 256,540 256,540
RAVISENT TECHNOLOGIES Common 75444010 5,957,813 155,000 155,000 155,000
REX STORES CORP Common 76162410 2,380,000 68,000 68,000 68,000
REYNOLDS METALS CO Common 76176310 81,886,609 1,068,667 1,068,667 1,068,667
RITE AID Common 76775410 1,678,125 150,000 150,000 150,000
SBC COMMUNICATIONS Common 78387G10 2,575,901 52,839 52,839 52,839
SCM MICROSYSTEMS INC Common 78401810 2,621,438 41,000 41,000 41,000
SLM HOLDING CORP Common 78442A10 27,342,510 647,160 647,160 647,160
S & P 500 DEPOSITORY REC Common 78462F10 12,219,266 83,195 83,195 83,195
S3 INCORPORATED Common 78484910 3,757,813 325,000 325,000 325,000
SALTON INC Common 79575710 1,909,281 57,100 57,100 57,100
SANCHEZ COMPUTER ASSOC Common 79970210 1,029,688 25,000 25,000 25,000
SANDISK CORP Common 80004C10 7,873,250 81,800 81,800 81,800
SANTA FE SNYDER CORP Common 80218K10 4,135,680 516,960 516,960 516,960
SCANA CORP Common 80589810 537,500 20,000 20,000 20,000
------------ --------- --------- ----------
COLUMN TOTALS 412,748,002 6,862,936 6,862,936 6,862,936
<PAGE>
FORM 13F FILE NO. 28-46
REPORTING MANAGER : MACKAY SHIELDS LLC
12/31/99
- ------------------------------------------------------------------------------------------------------------------------------
ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7 ITEM 8
NAME OF ISSUER TITLE CUSIP FAIR SHARES OR INVEST DISCRETION MANA- VOTING AUTHORITY
OF NUMBER MARKET PRINCIPAL SHARED GERS
CLASS VALUE AMOUNT SOLE SHARED OTHER SOLE SHARED NONE
(A) (B) (C) (A) (B) (C)
- ------------------------------------------------------------------------------------------------------------------------------
SCHERING-PLOUGH Common 80660510 245,962,659 5,830,226 5,830,226 5,830,226
SCIENTIFIC ATLANTA Common 80865510 1,835,625 33,000 33,000 33,000
SCIQUEST.COM INC Common 80908Q10 1,518,450 19,100 19,100 19,100
SCOTTISH PWR PLC-ADR Common 81013T70 422,240 15,080 15,080 15,080
SEAGATE TECHNOLOGY Common 81180410 119,716,844 2,571,100 2,571,100 2,571,100
SEAGRAM CO LTD Conv Prfd 81185020 2,340,000 52,000 52,000 52,000
SHAW INDUSTRIES INC Common 82028610 54,875,172 3,554,667 3,554,667 3,554,667
SILVERSTREAM SOFTWARE Common 82790710 1,785,000 15,000 15,000 15,000
SIMON PROPERTY GROUP, Common 82880610 3,307,588 144,200 144,200 144,200
SMARTDISK CORPORATION Common 83169Q10 1,801,250 55,000 55,000 55,000
SMURFIT-STONE CONTAINER Common 83272710 102,285,859 4,174,933 4,174,933 4,174,933
SOLUTIA INC Common 83437610 546,488 35,400 35,400 35,400
SPIEKER PROPERTIES INC Common 84849710 2,393,944 65,700 65,700 65,700
STAPLES INC Common 85503010 200,767,206 9,675,528 9,675,528 9,675,528
STARWOOD HOTELS & RESORT Common 85590A20 24,355,400 1,036,400 1,036,400 1,036,400
SUN MICROSYSTEMS INC Common 86681010 577,902,124 7,462,820 7,462,820 7,462,820
SUNOCO INC Common 86764P10 36,963,150 1,572,900 1,572,900 1,572,900
SYCAMORE NETWORKS INC Common 87120610 5,852,000 19,000 19,000 19,000
SYMBOL TECHNOLOGIES INC Common 87150810 2,612,419 41,100 41,100 41,100
SYNCOR INTL CORP-DEL Common 87157J10 1,718,375 59,000 59,000 59,000
THQ INC Common 87244340 1,276,472 55,050 55,050 55,050
TSI INTL SOFTWARE LTD Common 87287910 3,148,350 55,600 55,600 55,600
TALBOTS INC Common 87416110 3,659,250 82,000 82,000 82,000
TECHNE CORP Common 87837710 2,967,869 53,900 53,900 53,900
TELCOM SEMICONDUCTOR INC Common 87921P10 1,092,000 52,000 52,000 52,000
TELECENTRO SUL PARTICIPA Common 87923910 433,331 4,775 4,775 4,775
---------- ----------- ----------- -----------
COLUMN TOTALS 1,401,539,063 36,735,479 36,735,479 36,735,479
<PAGE>
FORM 13F FILE NO. 28-46
REPORTING MANAGER : MACKAY SHIELDS LLC
12/31/99
- -----------------------------------------------------------------------------------------------------------------------------
ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7 ITEM 8
NAME OF ISSUER TITLE CUSIP FAIR SHARES OR INVEST DISCRETION MANA- VOTING AUTHORITY
OF NUMBER MARKET PRINCIPAL SHARED GERS
CLASS VALUE AMOUNT SOLE SHARED OTHER SOLE SHARED NONE
(A) (B) (C) (A) (B) (C)
- ------------------------------------------------------------------------------------------------------------------------------
TELENORTE LESTE PARTICIP-ADR Common 87924610 607,538 23,825 23,825 23,825
TELEBRAS-SPONS ADR PFD BLOCK Common 87928730 291,053 2,265 2,265 2,265
TELECORP PCS INC Common 87929910 1,900,000 50,000 50,000 50,000
TELESP PARTICIPACOES SA-ADR Common 87952K10 583,445 23,875 23,875 23,875
TELESP CELULAR PARTICIPA-ADR Common 87952L10 404,681 9,550 9,550 9,550
TEMPLE INLAND INC Common 87986810 53,841,266 816,550 816,550 816,550
TERAYON COMMUNICATION SYS Common 88077510 1,130,625 18,000 18,000 18,000
TERRA NETWORKS SA-SPONSORED Common 88100W10 547,500 10,000 10,000 10,000
TEVA PHARMACEUTICAL INDS Common 88162420 2,509,063 35,000 35,000 35,000
TETRA TECH INC Common 88162G10 1,509,610 98,186 98,186 98,186
TEXACO INC Common 88169410 56,357,366 1,037,650 1,037,650 1,037,650
TEXAS INSTRS INC Common 88250810 365,456,094 3,772,450 3,772,450 3,772,450
TEXAS UTILITIES CO (HLDG) Common 88284810 79,203,626 2,227,167 2,227,167 2,227,167
TIBCO SOFTWARE INC Common 88632Q10 3,672,000 24,000 24,000 24,000
TIME WARNER INC Common 88731510 291,144,422 4,019,250 4,019,250 4,019,250
TITAN PHARMACEUTICALS INC Common 88831410 247,000 13,000 13,000 13,000
TOSCO CORP Common 89149030 95,339,303 3,506,733 3,506,733 3,506,733
TRANS WORLD ENTERTAINMENT CP Common 89336Q10 911,558 86,815 86,815 86,815
TRITON PCS HOLDINGS INC CL A Common 89677M10 1,274,000 28,000 28,000 28,000
TUT SYSTEMS INC Common 90110310 1,984,125 37,000 37,000 37,000
TYCO INTL LTD Common 90212410 397,100,972 10,214,816 10,214,816 10,214,816
USX-MARATHON GROUP Common 90290582 533,250 21,600 21,600 21,600
USA NETWORKS INC Common 90298410 120,375,938 2,178,750 2,178,750 2,178,750
USX-US STEEL GROUP Common 90337T10 90,610,311 2,745,767 2,745,767 2,745,767
UNION PACIFIC RESOURCES Common 90783410 120,800,513 9,474,550 9,474,550 9,474,550
UNISYS CORP Common 90921410 3,088,771 96,713 96,713 96,713
------------ ------------- ---------- ----------
COLUMN TOTALS 1,691,424,028 40,571,512 40,571,512 40,571,512
<PAGE>
FORM 13F FILE NO. 28-46
REPORTING MANAGER : MACKAY SHIELDS LLC
12/31/99
- -----------------------------------------------------------------------------------------------------------------------------
ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7 ITEM 8
NAME OF ISSUER TITLE CUSIP FAIR SHARES OR INVEST DISCRETION MANA- VOTING AUTHORITY
OF NUMBER MARKET PRINCIPAL SHARED GERS
CLASS VALUE AMOUNT SOLE SHARED OTHER SOLE SHARED NONE
(A) (B) (C) (A) (B) (C)
- ------------------------------------------------------------------------------------------------------------------------------
UNITED HEALTHCARE CORP Common 91058110 60,595,544 1,140,622 1,140,622 1,140,622
UNITED PARCEL SERV CL B Common 91131210 31,050,000 450,000 450,000 450,000
UNITEDGLOBALCOM INC Conv Prfd 91324720 4,186,000 46,000 46,000 46,000
UNITEDGLOBALCOM INC SER D Conv Prfd 91324780 1,833,750 30,000 30,000 30,000
UNIVISION COMMUNICATIONS Common 91490610 39,240,000 384,000 384,000 384,000
UNOCAL CORP Common 91528910 83,293,466 2,481,742 2,481,742 2,481,742
VALASSIS COMM Common 91886610 4,339,075 102,700 102,700 102,700
VALERO ENERGY CORP Common 91913Y10 69,045,591 3,473,992 3,473,992 3,473,992
VEECO INSTRUMENTS INC Common 92241710 936,250 20,000 20,000 20,000
VERITY INC Common 92343C10 1,336,463 31,400 31,400 31,400
VERTICALNET INC Common 92532L10 2,296,000 14,000 14,000 14,000
VIANT CORP Common 92553N10 2,831,400 28,600 28,600 28,600
VIADOR INC Common 92553R10 4,979,063 117,500 117,500 117,500
VITRIA TECHNOLOGY INC Common 92849Q10 5,148,000 22,000 22,000 22,000
WHX CORP PFD B Conv Prfd 92924830 4,855,331 188,100 188,100 188,100
WASHINGTON MUT SAVINGS BK Common 93932210 66,065,142 2,540,967 2,540,967 2,540,967
WATERS CORPORATION Common 94184810 4,043,900 76,300 76,300 76,300
WELLPOINT HEALTH NETWORKS Common 94973H10 3,296,875 50,000 50,000 50,000
WELLS FARGO COMPANY Common 94974610 174,032,688 4,303,745 4,303,745 4,303,745
WENDYS FINANCE I SERIES A Conv Prfd 95058820 5,266,250 110,000 110,000 110,000
WILLIAMS COMMUNICATIONS GRP Common 96945510 5,787,500 200,000 200,000 200,000
WIT CAPITAL GROUP INC Common 97737K30 1,768,000 104,000 104,000 104,000
WORLDGATE COMMUNICATIONS Common 98156L30 1,902,500 40,000 40,000 40,000
WORTHINGTON INDUSTRIES Common 98181110 607,844 36,700 36,700 36,700
YOUNG & RUBICAM INC Common 98742510 8,879,125 125,500 125,500 125,500
ZORAN CORP Common 98975F10 2,118,500 38,000 38,000 38,000
------------ ---------- ----------- ----------
COLUMN TOTALS 589,734,256 16,155,868 16,155,868 16,155,868
<PAGE>
FORM 13F FILE NO. 28-46
REPORTING MANAGER : MACKAY SHIELDS LLC
12/31/99
- -------------------------------------------------------------------------------------------------------------------------------
ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7 ITEM 8
NAME OF ISSUER TITLE CUSIP FAIR SHARES OR INVEST DISCRETION MANA- VOTING AUTHORITY
OF NUMBER MARKET PRINCIPAL SHARED GERS
CLASS VALUE AMOUNT SOLE SHARED OTHER SOLE SHARED NONE
(A) (B) (C) (A) (B) (C)
- -------------------------------------------------------------------------------------------------------------------------------
GLOBAL CROSSING LTD Common G3921A10 134,937,850 2,698,757 2,698,757 2,698,757
LORAL SPACE & COMM CNV PFD C Conv Prfd G5646214 1,021,075 15,800 15,800 15,800
GILAT SATELLITE NETWORKS LTD Common M5147410 7,255,625 61,100 61,100 61,100
ORCKIT COMMUNICATIONS LTD Common M7531S10 1,372,500 40,000 40,000 40,000
RADWARE LTD Common M8187310 2,037,656 47,250 47,250 47,250
TARO PHAMECUETICALS INDUS Common M8737E10 1,679,100 115,800 115,800 115,800
BAAN COMPANY N.V. Common N0804410 1,977,500 140,000 140,000 140,000
CNH GLOBAL N.V Common N2093510 379,406 28,500 28,500 28,500
KPNQWEST NV Common N5091910 1,829,625 28,700 28,700 28,700
ASE TEST LIMITED Common Y0251610 365,625 15,000 15,000 15,000
------------ --------- --------- ---------
COLUMN TOTALS 152,855,963 3,190,907 3,190,907 3,190,907
------------ --------- --------- ---------
REPORT TOTALS 20,113,739,394 402,970,479 402,970,479 402,970,479
=============== =========== =========== ============
</TABLE>
