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<PAGE> PAGE 10
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 18
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<PAGE> PAGE 20
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063 B000500 8.8
064 A000500 N
064 B000500 N
066 A000500 N
067 000500 N
068 A000500 N
068 B000500 N
069 000500 N
070 A010500 Y
070 A020500 N
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070 E010500 N
070 E020500 N
070 F010500 N
070 F020500 N
070 G010500 N
070 G020500 N
070 H010500 N
070 H020500 N
070 I010500 N
070 I020500 N
070 J010500 Y
070 J020500 N
070 K010500 N
070 K020500 N
070 L010500 Y
070 L020500 Y
070 M010500 Y
070 M020500 N
070 N010500 Y
070 N020500 N
070 O010500 N
070 O020500 N
070 P010500 Y
<PAGE> PAGE 22
070 P020500 N
070 Q010500 N
070 Q020500 N
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070 R020500 N
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<PAGE> PAGE 23
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008 A000601 MACKAY-SHIELDS FINANCIAL CORPORATION
008 B000601 A
008 C000601 801-5594
008 D010601 NEW YORK
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008 D030601 10019
015 A000601 BANK OF NEW YORK
015 B000601 C
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<PAGE> PAGE 24
028 C030600 0
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062 E000600 0.0
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062 L000600 -16.7
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063 B000600 9.5
064 A000600 N
064 B000600 N
066 A000600 N
067 000600 N
068 A000600 N
068 B000600 N
069 000600 N
070 A010600 Y
070 A020600 N
<PAGE> PAGE 25
070 B010600 Y
070 B020600 N
070 C010600 Y
070 C020600 N
070 D010600 Y
070 D020600 N
070 E010600 Y
070 E020600 N
070 F010600 N
070 F020600 N
070 G010600 Y
070 G020600 N
070 H010600 N
070 H020600 N
070 I010600 N
070 I020600 N
070 J010600 Y
070 J020600 N
070 K010600 N
070 K020600 N
070 L010600 N
070 L020600 N
070 M010600 N
070 M020600 N
070 N010600 Y
070 N020600 N
070 O010600 Y
070 O020600 N
070 P010600 Y
070 P020600 N
070 Q010600 N
070 Q020600 N
070 R010600 Y
070 R020600 N
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071 B000600 117160
071 C000600 68027
071 D000600 172
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<PAGE> PAGE 26
072 N000600 0
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<PAGE> PAGE 27
074 W000600 0.0000
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008 A000701 MACKAY-SHIELDS FINANCIAL CORPORATION
008 B000701 A
008 C000701 801-5594
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008 D030701 10019
015 A000701 BANK OF NEW YORK
015 B000701 C
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015 E010701 X
024 000700 Y
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<PAGE> PAGE 28
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<PAGE> PAGE 29
070 E010700 N
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070 F020700 N
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070 I020700 N
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<PAGE> PAGE 30
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<PAGE> PAGE 31
008 A000801 MACKAY-SHIELDS FINANCIAL CORPORATION
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015 A000801 BANK OF NEW YORK
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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008 A000901 MACKAY-SHIELDS FINANCIAL CORPORATION
008 B000901 A
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015 A000901 BANK OF NEW YORK
015 B000901 C
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015 E010901 X
024 000900 Y
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<PAGE> PAGE 36
025 A000906 BANK OF AMERICA (FORWARD CONTRACT)
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025 A000907 SMITH BARNEY INC. (FORWARD CONTRACT)
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<PAGE> PAGE 37
025 A000923 SMITH BARNEY INC. (FORWARD CONTRACT)
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<PAGE> PAGE 38
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<PAGE> PAGE 39
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<PAGE> PAGE 40
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008 A001001 MACKAY-SHIELDS FINANCIAL CORPORATION
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008 C001001 801-5594
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008 D021001 NY
008 D031001 10019
015 A001001 BANK OF NEW YORK
015 B001001 C
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024 001000 Y
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025 D001001 1030
025 A001002 FORD MOTOR CREDIT
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<PAGE> PAGE 42
025 A001003 TRAVELERS GROUP INC.
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SIGNATURE JENNIFER B. MCHUGH
TITLE ATTORNEY
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