Mackay Shields LLC – ‘13F-HR’ for 9/30/03

On:  Monday, 11/10/03, at 4:21pm ET   ·   Effective:  11/10/03   ·   For:  9/30/03   ·   Accession #:  61227-3-28   ·   File #:  28-00046

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Quarterly Holdings and Combination Report by a Money Manager   —   Form 13F
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Document/Exhibit                   Description                      Pages   Size 

 1: 13F-HR      Quarterly Holdings and Combination Report by a        18±   111K 
                Money Manager                                                    

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10-02-2003                     FORM 13F                                 PAGE  1         FILE NO. 28-46                    
                         REPORTING MANAGER : MACKAY-SHIELDS FINANCIAL                                                     
                               09/30/2003                                                                                 
------------------------------------------------------------------------------------------------------------------------- 
                                                                                                                          
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        MANA-   VOTING AUTHORITY   
                               OF           NUMBER   MARKET      PRINCIPAL   DISCRETION        GERS                       
                               CLASS                 VALUE       AMOUNT      SOLE SHARED OTHER         SOLE SHARED NONE   
                                                                             (A)  (B)    (C)           (A)  (B)    (C)    
------------------------------------------------------------------------------------------------------------------------  
AC MOORE ARTS & CRAFTS INC     Common Stock 00086T10 5,136,139   230,528     230,528                   230,528            
AFLAC INC                      Common Stock 00105510 1,587,061   49,135      49,135                    49,135             
AGCO CP                        Common Stock 00108410 18,817,869  1,097,892   1,097,892                 1,097,892          
AK STL HLDG CORP               Common Stock 00154710 1,137,900   568,950     568,950                   568,950            
AOL TIME WARNER                Common Stock 00184A10 1,195,201   79,100      79,100                    79,100             
ATI TECHNOLOGIES INC           Common Stock 00194110 1,476,090   99,400      99,400                    99,400             
ATMI INC                       Common Stock 00207R10 5,449,813   215,660     215,660                   215,660            
AT & T WIRELESS SERVICES INC   Common Stock 00209A10 590,956     72,244      72,244                    72,244             
ABERCROMBIE & FITCH CO CLS A   Common Stock 00289620 1,042,450   37,620      37,620                    37,620             
ABLE LABORATORIES INC          Common Stock 00371N40 2,590,895   138,471     138,471                   138,471            
ABITIBI-CONSOLIDATED INC       Common Stock 00392410 14,568,050  2,081,150   2,081,150                 2,081,150          
ACTIVISION INC                 Common Stock 00493020 1,235,630   103,400     103,400                   103,400            
ADVANCE AUTO PARTS             Common Stock 00751Y10 4,603,395   64,928      64,928                    64,928             
ADVANCED FIBRE COMMUNICATION   Common Stock 00754A10 1,718,492   81,950      81,950                    81,950             
ADVANCED MICRO DEVICES         Common Stock 00790310 17,647,913  1,588,471   1,588,471                 1,588,471          
ADVANCED MICRO DEVICES CONV BD Conv Bond P2 007903AF 3,551,025   2,095,000   2,095,000                 2,095,000          
ADVANCEPCS                     Common Stock 00790K10 7,895,686   173,265     173,265                   173,265            
ADVANCED ENERGY INDUSTRIES     Common Stock 00797310 5,220,989   276,682     276,682                   276,682            
AETHER SYSTEMS INC CV BD       Conv Bond P2 00808VAA 2,453,125   2,500,000   2,500,000                 2,500,000          
AFFILIATED COMPUTER SVSC       Common Stock 00819010 2,006,028   41,200      41,200                    41,200             
AFFILIATED MANAGERS GROUP      Common Stock 00825210 9,496,177   151,213     151,213                   151,213            
AFFILIATED MANAGERS GRP CONV B Conv Bond P1 008252AC 5,863,725   6,205,000   6,205,000                 6,205,000          
AGILENT TECHNOLOGIES           Common Stock 00846U10 72,177,874  3,264,490   3,264,490                 3,264,490          
AGILENT TECHNOLOGIES INC CVB R Conv Bond P2 00846UAB 162,200     160,000     160,000                   160,000            
AIR PRODUCTS & CHEMICALS       Common Stock 00915810 98,594,463  2,186,130   2,186,130                 2,186,130          
AIR GAS INC                    Common Stock 00936310 22,944      1,289       1,289                     1,289              
AKAMAI TECHNOLOGIES INC        Conv Bond P2 00971TAC 3,505,950   4,410,000   4,410,000                 4,410,000          
                                                     ----------- ----------- --------------            --------------     
 COLUMN TOTALS                                       289,748,040 27,973,168  27,973,168                27,973,168         

                                       * ITEM 7: MANAGERS - 1                    PAGE  3  OF                              

10-02-2003                     FORM 13F                                          PAGE  2               FILE NO. 28-46     
                         REPORTING MANAGER : MACKAY-SHIELDS FINANCIAL                                                     
                               09/30/2003                                                                                 
------------------------------------------------------------------------------------------------------------------------  
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        MANA-   VOTING AUTHORITY   
                               OF           NUMBER   MARKET      PRINCIPAL   DISCRETION        GERS                       
                               CLASS                 VALUE       AMOUNT      SOLE SHARED OTHER         SOLE SHARED NONE   
                                                                             (A)  (B)    (C)           (A)   (B)   (C)    
------------------------------------------------------------------------------------------------------------------------  
ALBERTON'S INC                 Common Stock 01310410 108,322     5,266       5,266                     5,266              
ALCOA INC                      Common Stock 01381710 62,825,935  2,401,603   2,401,603                 2,401,603          
ALLIANCE DATA SYSTEMS CORP     Common Stock 01858110 2,712,600   102,750     102,750                   102,750            
ALLIANT TECHSYSTEMS INC        Common Stock 01880410 1,352,608   28,150      28,150                    28,150             
ALLSTATE CORP                  Common Stock 02000210 46,434,196  1,271,125   1,271,125                 1,271,125          
ALLTEL CORP                    Common Stock 02003910 39,749,247  857,774     857,774                   857,774            
ALLTEL CORP CONV               Conv Bond    02003982 138,589     4,875       4,875                     4,875              
ALTERA CORP                    Common Stock 02144110 1,374,030   72,700      72,700                    72,700             
ALTIRIS INC                    Common Stock 02148M10 11,311,093  430,410     430,410                   430,410            
ALZA CORP CONV BOND            Conv Bond P2 02261WAB 8,261,387   11,910,000  11,910,000                11,910,000         
AMERICA ONLINE INC (CV BND)    Conv Bond P1 02364JAC 3,851,750   6,200,000   6,200,000                 6,200,000          
AMERICAN EXPRESS               Common Stock 02581610 153,761,572 3,412,374   3,412,374                 3,412,374          
AMERICAN INTL GROUP CONV BND   Conv Bond P2 026874AN 28,183,438  29,905,000  29,905,000                29,905,000         
AMERICAN PHARMACEUTICAL PARTNE Common Stock 02886P10 11,279,678  359,798     359,798                   359,798            
AMERICAN STANDARD COMPANIES    Common Stock 02971210 50,074,746  594,359     594,359                   594,359            
AMERISOURCEBERGEN CORP         Common Stock 03073E10 1,348,548   24,950      24,950                    24,950             
AMGEN                          Common Stock 03116210 126,875,401 1,964,928   1,964,928                 1,964,928          
AMGEN INC CONV BD REG          Conv Bond P1 031162AE 15,750,269  20,555,000  20,555,000                20,555,000         
AMPHENOL CORP -CL A            Common Stock 03209510 14,288,454  274,514     274,514                   274,514            
ANALOG DEVICES                 Common Stock 03265410 110,365,597 2,902,830   2,902,830                 2,902,830          
ANALOG DEVICES INC CONV BND RE Conv Bond P2 032654AD 12,060,388  11,795,000  11,795,000                11,795,000         
ANDRX CORP                     Common Stock 03455310 1,190,193   64,300      64,300                    64,300             
ANTHEM INC                     Common Stock 03674B10 1,622,401   22,745      22,745                    22,745             
APOLLO GROUP INC-CL A          Common Stock 03760410 1,492,278   22,600      22,600                    22,600             
APRIA HEALTHCARE GROUP I       Common Stock 03793310 45,432,428  1,659,329   1,659,329                 1,659,329          
APPLIED FILMS CORP             Common Stock 03819710 7,803,957   262,492     262,492                   262,492            
APPLIED MATLS INC              Common Stock 03822210 72,448,566  3,993,857   3,993,857                 3,993,857          
ARCH CHEMICALS INC             Common Stock 03937R10 8,496,092   408,466     408,466                   408,466            
                                                     ----------- ----------- --------------            --------------     
 COLUMN TOTALS                                       840,593,763 101,507,195 101,507,195               101,507,195        

                                       * ITEM 7: MANAGERS - 1                PAGE  4  OF                                  

10-02-2003                     FORM 13F                                      PAGE  3               FILE NO. 28-46         
                         REPORTING MANAGER : MACKAY-SHIELDS FINANCIAL                                                     
                               09/30/2003                                                                                 
------------------------------------------------------------------------------------------------------------------------  
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        MANA-   VOTING AUTHORITY   
                               OF           NUMBER   MARKET      PRINCIPAL   DISCRETION        GERS                       
                               CLASS                 VALUE       AMOUNT      SOLE SHARED OTHER         SOLE SHARED NONE   
                                                                             (A)  (B)    (C)           (A)  (B)    (C)    
------------------------------------------------------------------------------------------------------------------------  
ARTISAN COMPONENTS INC         Common Stock 04292310 3,408,117   202,744     202,744                   202,744            
ASPEN TECHNOLOGY INC CONV BD   Conv Bond P2 045327AB 9,334,903   9,562,000   9,562,000                 9,562,000          
ATMEL CORP CNV BND REG         Conv Bond P1 049513AE 26,349,395  65,695,000  65,695,000                65,695,000         
AUGUST TECHNOLOGY CORP         Common Stock 05106U10 1,879,680   132,000     132,000                   132,000            
AUTODESK INC                   Common Stock 05276910 4,397,117   258,350     258,350                   258,350            
AUTOLIV INC                    Common Stock 05280010 1,592,976   52,800      52,800                    52,800             
AUTOZONE INC                   Common Stock 05333210 2,435,216   27,200      27,200                    27,200             
AVAYA INC CONV BD              Conv Bond P1 053499AA 14,244,525  25,380,000  25,380,000                25,380,000         
AVOCENT CORPORATION            Common Stock 05389310 11,999,232  396,145     396,145                   396,145            
BB&T CORPORATION               Common Stock 05493710 2,868,958   79,893      79,893                    79,893             
THE BISYS GROUP INC            Common Stock 05547210 3,676,871   279,610     279,610                   279,610            
BJ SVCS CO                     Common Stock 05548210 60,650,383  1,774,960   1,774,960                 1,774,960          
BJ SERVICES CO CNVT BD REG     Conv Bond P2 055482AF 47,299,287  57,597,000  57,597,000                57,597,000         
BP AMOCO PLC ADR AMERICAN SHAR Common Stock 05562210 568,350     13,500      13,500                    13,500             
BAKER HUGHES                   Common Stock 05722410 69,338,395  2,343,305   2,343,305                 2,343,305          
BANK OF AMERICA CORP           Common Stock 06050510 198,886,111 2,548,515   2,548,515                 2,548,515          
BANK NEW YORK INC              Common Stock 06405710 8,299,261   285,100     285,100                   285,100            
BANK ONE CORP                  Common Stock 06423A10 28,780,993  744,657     744,657                   744,657            
BANKNORTH GROUP INC            Common Stock 06646R10 673,950     23,882      23,882                    23,882             
BARNES GROUP INC               Common Stock 06780610 3,947,218   152,050     152,050                   152,050            
BARR LABORATORIES INC          Common Stock 06830610 1,677,966   24,600      24,600                    24,600             
BAXTER INTERNATIONAL           Common Stock 07181310 62,941,054  2,165,900   2,165,900                 2,165,900          
BAXTER INTERNATIONAL CONV PFD  ConvPfdStock 07181340 5,265,000   100,000     100,000                   100,000            
BE AEROSPACE INC               Common Stock 07330210 2,288,367   520,320     520,320                   520,320            
BEAS SYSTEMS CONV REG          Conv Bond    073325AD 254,150     260,000     260,000                   260,000            
BECTON DICKINSON AND CO        Common Stock 07588710 127,070     3,518       3,518                     3,518              
BED BATH & BEYOND INC          Common Stock 07589610 104,602,701 2,739,725   2,739,725                 2,739,725          
BELLSOUTH                      Common Stock 07986010 26,116,199  1,102,880   1,102,880                 1,102,880          
                                                     ----------- ----------- --------------            --------------     
 COLUMN TOTALS                                       703,903,445 174,465,654 174,465,654               174,465,654        

                                       * ITEM 7: MANAGERS - 1                    PAGE  5  OF                              

10-02-2003                     FORM 13F                                          PAGE  4        FILE NO. 28-46            
                         REPORTING MANAGER : MACKAY-SHIELDS FINANCIAL                                                     
                               09/30/2003                                                                                 
------------------------------------------------------------------------------------------------------------------------  
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        MANA-   VOTING AUTHORITY   
                               OF           NUMBER   MARKET      PRINCIPAL   DISCRETION        GERS                       
                               CLASS                 VALUE       AMOUNT      SOLE SHARED OTHER         SOLE SHARED NONE   
                                                                             (A)  (B)    (C)           (A)  (B)    (C)    
------------------------------------------------------------------------------------------------------------------------  
BERKLEY (WR) GROUP             Common Stock 08442310 2,871,605   83,818      83,818                    83,818             
BEST BUY CONV BD REG           Conv Bond P2 086516AF 203,775     195,000     195,000                   195,000            
BEVERLY ENTERPRISES            Common Stock 08785130 915,232     154,600     154,600                   154,600            
BIOVAIL CORP                   Common Stock 09067J10 1,266,815   34,100      34,100                    34,100             
BOEING CO                      Common Stock 09702310 30,911,384  900,419     900,419                   900,419            
BOISE CASCADE                  Common Stock 09738310 16,513,604  598,319     598,319                   598,319            
BOSTON SCIENTIFIC CORP         Common Stock 10113710 96,026,337  1,505,115   1,505,115                 1,505,115          
BOWATER INC                    Common Stock 10218310 73,190,205  1,740,138   1,740,138                 1,740,138          
BRINKER INTERNATIONAL CONV BD  Conv Bond P2 109641AC 11,707,138  17,155,000  17,155,000                17,155,000         
BRISTOL-MYERS SQUIBB           Common Stock 11012210 27,155,824  1,058,294   1,058,294                 1,058,294          
BROCADE COMMUNICATIONS SYS CON Conv Bond P2 111621AB 14,017,500  16,020,000  16,020,000                16,020,000         
BROOKS AUTOMAT CNV BND REG     Conv Bond P2 11434AAB 3,711,656   3,975,000   3,975,000                 3,975,000          
BURLINGTON NORTHERN SANTA FE   Common Stock 12189T10 58,489,668  2,025,967   2,025,967                 2,025,967          
BURLINGTON RES INC             Common Stock 12201410 7,236,796   150,141     150,141                   150,141            
BUSINESS OBJECTS SA-SP ADR     Common Stock 12328X10 8,806,365   352,960     352,960                   352,960            
CBRL GROUP INC CNV BND         Conv Bond P1 12489VAB 139,925     290,000     290,000                   290,000            
CDW CORPORATION                Common Stock 12512N10 1,521,449   26,350      26,350                    26,350             
CNET INC CONV BND              Conv Bond P2 125945AC 27,691,889  25,715,000  25,715,000                25,715,000         
CNF INC                        Common Stock 12612W10 562,606     17,554      17,554                    17,554             
CSX CORP                       Common Stock 12640810 4,856,407   166,031     166,031                   166,031            
CVS CORPORATION                Common Stock 12665010 72,143,124  2,322,702   2,322,702                 2,322,702          
CV THERAPEUTICS INC            Common Stock 12666710 1,771,074   80,503      80,503                    80,503             
CACI INTERTNATIONAL INC CLA    Common Stock 12719030 6,881,410   160,593     160,593                   160,593            
CALLAWAY GOLF CO               Common Stock 13119310 7,496,388   525,325     525,325                   525,325            
CALPINE CORP CNV BND REG       Conv Bond P2 131347BA 5,315,613   5,770,000   5,770,000                 5,770,000          
CANON INC - SP ADR             Common Stock 13800630 2,450,567   50,299      50,299                    50,299             
                                                     ----------- ----------  --------------            --------------     
 COLUMN TOTALS                                       483,854,356 81,073,228  81,073,228                81,073,228         

                                       * ITEM 7: MANAGERS - 1                    PAGE  6  OF                              

10-02-2003                     FORM 13F                                          PAGE  5        FILE NO. 28-46            
                         REPORTING MANAGER : MACKAY-SHIELDS FINANCIAL                                                     
                               09/30/2003                                                                                 
------------------------------------------------------------------------------------------------------------------------  
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        MANA-   VOTING AUTHORITY   
                               OF           NUMBER   MARKET      PRINCIPAL   DISCRETION        GERS                       
                               CLASS                 VALUE       AMOUNT      SOLE SHARED OTHER         SOLE SHARED NONE   
                                                                             (A) (B)     (C)           (A)  (B)    (C)    
------------------------------------------------------------------------------------------------------------------------  
CAPITAL ONE FINL CORP          Common Stock 14040H10 1,591,416   27,900      27,900                    27,900             
CARDINAL HEALTH INC            Common Stock 14149Y10 116,181,211 1,989,745   1,989,745                 1,989,745          
CAREER EDUCATION CORP          Common Stock 14166510 1,797,957   39,690      39,690                    39,690             
CAREMARK RX INC                Common Stock 14170510 2,404,640   106,400     106,400                   106,400            
CARMAX INC                     Common Stock 14313010 1,306,400   40,000      40,000                    40,000             
CELESTICA INC CNV BND          Conv Bond P2 15101QAA 8,606,250   16,200,000  16,200,000                16,200,000         
CELGENE CORP                   Common Stock 15102010 2,727,624   62,950      62,950                    62,950             
CENDANT CORPORATION            Common Stock 15131310 121,004,125 6,474,271   6,474,271                 6,474,271          
CENDANT CORP CNV BND REG       Conv Bond P2 151313AF 9,049,579   13,187,000  13,187,000                13,187,000         
CENTERPOINT ENERGY INC         Common Stock 15189T10 1,088,250   118,675     118,675                   118,675            
CENTEX CORP                    Common Stock 15231210 1,510,872   19,400      19,400                    19,400             
CENTURYTEL INC                 Common Stock 15670010 803,261     23,702      23,702                    23,702             
CHARLES RIVER LAB              Common Stock 15986410 25,872      843         843                       843                
CHESAPEAKE ENERGY CORP         Common Stock 16516710 4,707,626   436,700     436,700                   436,700            
CHEVRON TEXACO CORP            Common Stock 16676410 64,923,472  908,656     908,656                   908,656            
CHICO'S FAS INC.               Common Stock 16861510 2,916,775   95,195      95,195                    95,195             
CIENA CORP CONV BOND           Conv Bond P2 171779AA 86,971,602  99,430,000  99,430,000                99,430,000         
CISCO SYS INC                  Common Stock 17275R10 150,999,747 7,727,725   7,727,725                 7,727,725          
CITADEL BROADCASTING CORP      Common Stock 17285T10 988,000     50,000      50,000                    50,000             
CITIGROUP INC                  Common Stock 17296710 200,795,809 4,412,125   4,412,125                 4,412,125          
CALIF FED BK - GOODWILL CERTIF Common Stock 17306J20 39,689      45,619      45,619                    45,619             
UNION PAC / CITIGROUP GL CNV B Conv Bond P2 173073AT 8,882,081   9,145,000   9,145,000                 9,145,000          
CITRIX SYSTEMS INC             Common Stock 17737610 4,741,680   214,750     214,750                   214,750            
CITY NATIONAL CORP             Common Stock 17856610 586,753     11,514      11,514                    11,514             
CLAIRE'S STORES INC            Common Stock 17958410 1,245,582   37,226      37,226                    37,226             
CLARCOR INC                    Common Stock 17989510 7,479,030   191,770     191,770                   191,770            
CLEAR CHANNEL COMMUNICATIONS   Common Stock 18450210 116,525,873 3,042,451   3,042,451                 3,042,451          
                                                     ----------- ----------- --------------            --------------     
 COLUMN TOTALS                                       919,901,176 164,039,307 164,039,307               164,039,307        

                                       * ITEM 7: MANAGERS - 1                    PAGE  7  OF                              

10-02-2003                     FORM 13F                                          PAGE  6               FILE NO. 28-46     
                         REPORTING MANAGER : MACKAY-SHIELDS FINANCIAL                                                     
                               09/30/2003                                                                                 
------------------------------------------------------------------------------------------------------------------------  
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        MANA-   VOTING AUTHORITY   
                               OF           NUMBER   MARKET      PRINCIPAL   DISCRETION        GERS                       
                               CLASS                 VALUE       AMOUNT      SOLE SHARED OTHER         SOLE SHARED NONE   
                                                                             (A) (B) (C)               (A)  (B)    (C)    
------------------------------------------------------------------------------------------------------------------------  
COACH INC                      Common Stock 18975410 1,696,422   31,070      31,070                    31,070             
COCA-COLA CO                   Common Stock 19121610 76,452,948  1,779,631   1,779,631                 1,779,631          
COLGATE PALMOLIVE CO           Common Stock 19416210 97,333,832  1,741,525   1,741,525                 1,741,525          
COLUMBUS MCKINNON CORP/NY      Common Stock 19933310 1,128,578   238,600     238,600                   238,600            
COMCAST CORP-SPECIAL CL A      Common Stock 20030N20 2,032,352   68,800      68,800                    68,800             
COMMONWEALTH INDUSTRIES INC    Common Stock 20300410 1,607,305   338,380     338,380                   338,380            
COMPASS BANCSHARES INC         Common Stock 20449H10 10,984,091  317,618     317,618                   317,618            
COMPUTER SCIENCES CORP         Common Stock 20536310 56,459,144  1,502,772   1,502,772                 1,502,772          
COMVERSE TECHNOLOGY CNV BND    Conv Bond P2 205862AJ 5,261,231   5,445,000   5,445,000                 5,445,000          
CONOCOPHILLIPS                 Common Stock 20825C10 70,647,976  1,290,374   1,290,374                 1,290,374          
CONSTAR INTERNATIONAL INC      Common Stock 21036U10 1,064,190   186,700     186,700                   186,700            
CONSTELLATION ENERGY GROUP     Common Stock 21037110 962,482     26,900      26,900                    26,900             
CONTINENTAL AIRLS INC CL B     Common Stock 21079530 1,320,050   79,617      79,617                    79,617             
COOPER CAMERON CORP            Common Stock 21664010 420,511     9,100       9,100                     9,100              
COOPER CAMERON CORP CNV BND    Conv Bond P2 216640AB 23,983,975  24,350,000  24,350,000                24,350,000         
COOPER COMPANIES INC           Common Stock 21664840 1,780,775   43,700      43,700                    43,700             
COORS ADOLPH CO CL B           Common Stock 21701610 710,492     13,216      13,216                    13,216             
CORINTHIAN COLLEGES INC        Common Stock 21886810 8,661,555   151,532     151,532                   151,532            
CORN PRODUCTS INTL INC         Common Stock 21902310 625,407     19,636      19,636                    19,636             
CORNING INC CONV BD            Conv Bond P2 219350AK 5,787,150   4,920,000   4,920,000                 4,920,000          
CORPORATE EXECUTIVE BOARD CO   Common Stock 21988R10 6,435,465   137,069     137,069                   137,069            
COVENTRY HEALTH CARE INC       Common Stock 22286210 12,731,014  241,392     241,392                   241,392            
CRANE CO                       Common Stock 22439910 338,883     14,476      14,476                    14,476             
CREDIT SUISSE GROUP - SPON ADR Common Stock 22540110 882,372     27,600      27,600                    27,600             
CROMPTON CORPORATION           Common Stock 22711610 2,277,258   391,955     391,955                   391,955            
CUMMINS, INC                   Common Stock 23102110 28,172,218  634,081     634,081                   634,081            
                                                     ----------- ----------- --------------            --------------     
 COLUMN TOTALS                                       419,757,676 44,000,744  44,000,744                44,000,744         

                                       * ITEM 7: MANAGERS - 1                    PAGE  8  OF                              

10-02-2003                     FORM 13F                                          PAGE  7               FILE NO. 28-46     
                         REPORTING MANAGER : MACKAY-SHIELDS FINANCIAL                                                     
                               09/30/2003                                                                                 
------------------------------------------------------------------------------------------------------------------------  
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        MANA-   VOTING AUTHORITY   
                               OF           NUMBER   MARKET      PRINCIPAL   DISCRETION        GERS                       
                               CLASS                 VALUE       AMOUNT      SOLE SHARED OTHER         SOLE SHARED NONE   
                                                                             (A)  (B)    (C)           (A)  (B)    (C)    
------------------------------------------------------------------------------------------------------------------------  
CYMER INC                      Common Stock 23257210 7,101,486   172,367     172,367                   172,367            
CYTYC CORPORATION              Common Stock 23294610 5,288,064   351,600     351,600                   351,600            
D.R. HORTON INC                Common Stock 23331A10 2,489,288   76,125      76,125                    76,125             
DTE ENERGY COMPANY             Common Stock 23333110 12,690,381  344,006     344,006                   344,006            
DANAHER CORP                   Common Stock 23585110 107,068,195 1,449,610   1,449,610                 1,449,610          
DELPHI CORP                    Common Stock 24712610 36,922,860  4,079,874   4,079,874                 4,079,874          
DELTA AIR LINES                Common Stock 24736110 1,081,224   81,295      81,295                    81,295             
DIAGEO PLC -SPONS ADR          Common Stock 25243Q20 1,378,849   31,231      31,231                    31,231             
DIAGNOSTICS PRODS CORP         Common Stock 25245010 15,113      416         416                       416                
DIAMOND OFFSHORE DRILL CNV BND Conv Bond P2 25271CAE 119,275     130,000     130,000                   130,000            
DIAMONDS TRUST SERIES I        Common Stock 25278710 10,291,779  110,700     110,700                   110,700            
DICK'S SPORTING GOODS INC      Common Stock 25339310 3,289,654   88,100      88,100                    88,100             
DIGITAS INC                    Common Stock 25388K10 5,835,588   803,800     803,800                   803,800            
DIME COMMUNITY BANCSHARES      Common Stock 25392210 4,447,556   193,372     193,372                   193,372            
DIRECT GENERAL CORP            Common Stock 25456W20 2,035,684   81,200      81,200                    81,200             
DOCUMENTUM INC                 Common Stock 25615910 8,179,591   383,836     383,836                   383,836            
DORAL FINANCIAL CORP           Common Stock 25811P10 4,604,637   97,971      97,971                    97,971             
DYNEGY INC                     Common Stock 26816Q10 1,249,920   347,200     347,200                   347,200            
E M C CORP MASS                Common Stock 26864810 1,667,160   132,000     132,000                   132,000            
ENSCO INTL INC                 Common Stock 26874Q10 16,523,936  616,105     616,105                   616,105            
ENI SPA - SPONSORED ADR        Common Stock 26874R10 727,035     9,500       9,500                     9,500              
EDUCATION MANAGEMENT CORP      Common Stock 28139T10 6,483,267   112,419     112,419                   112,419            
EDWARDS (A.G.) INC             Common Stock 28176010 3,015,185   78,500      78,500                    78,500             
ELECTRONIC ARTS INC            Common Stock 28551210 103,081,782 1,117,660   1,117,660                 1,117,660          
EMPRESA BRASILIERA DE AE - ADR Common Stock 29081M10 1,411,590   66,900      66,900                    66,900             
EMULEX CORP                    Common Stock 29247520 1,370,286   53,800      53,800                    53,800             
ENDO PHARMACEUTICALS HLDGS INC Common Stock 29264F20 674,850     33,000      33,000                    33,000             
                                                     ----------- ----------  -----------               --------------     
 COLUMN TOTALS                                       349,044,235 11,042,587  11,042,587                11,042,587         

                                       * ITEM 7: MANAGERS - 1                    PAGE  9  OF                              

10-02-2003                     FORM 13F                                          PAGE  8               FILE NO. 28-46     
                      REPORTING MANAGER : MACKAY-SHIELDS FINANCIAL                                                        
                               09/30/2003                                                                                 
------------------------------------------------------------------------------------------------------------------------  
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        MANA-   VOTING AUTHORITY   
                               OF           NUMBER   MARKET      PRINCIPAL   DISCRETION        GERS                       
                               CLASS                 VALUE       AMOUNT      SOLE SHARED OTHER         SOLE SHARED NONE   
                                                                             (A)  (B)    (C)           (A)  (B)    (C)    
------------------------------------------------------------------------------------------------------------------------  
ENERGY EAST CORPORATION        Common Stock 29266M10 8,560,118   381,637     381,637                   381,637            
ENERGIZER HOLDINGS INC         Common Stock 29266R10 7,136,285   194,079     194,079                   194,079            
ENTERGY                        Common Stock 29364G10 6,585,723   121,620     121,620                   121,620            
EON LABS INC                   Common Stock 29412E10 613,600     16,000      16,000                    16,000             
EQUITABLE RES INC              Common Stock 29454910 700,673     17,048      17,048                    17,048             
EQUITY OFFICE PROPERTIES TRUST ConvPfdStock 29474150 5,306,700   108,300     108,300                   108,300            
ESCO TECHNOLOGIES INC          Common Stock 29631510 5,110,213   112,883     112,883                   112,883            
EVREGREEN RESOURCES INC        Common Stock 29990030 5,101,137   188,931     188,931                   188,931            
EXTREME NETWORKS INC CONV BD R Conv Bond P2 30226DAB 6,450,750   7,050,000   7,050,000                 7,050,000          
EXXON MOBIL CORPORATION        Common Stock 30231G10 61,192,015  1,671,913   1,671,913                 1,671,913          
FEI COMPANY                    Common Stock 30241L10 1,680,480   72,000      72,000                    72,000             
FLIR SYSTEMS INC               Common Stock 30244510 8,721,577   340,429     340,429                   340,429            
FACTSET RESEARCH SYSTEMS INC   Common Stock 30307510 1,516,770   34,200      34,200                    34,200             
FAIRCHILD SEMICON INTL         Common Stock 30372610 14,159,735  854,025     854,025                   854,025            
FAIRCHILD SEMICONDUCTOR CONV B Conv Bond P2 303727AJ 11,789,244  11,985,000  11,985,000                11,985,000         
FANNIE MAE                     Common Stock 31358610 109,136,430 1,554,650   1,554,650                 1,554,650          
FEDERATED DEPT STORES          Common Stock 31410H10 3,764,631   89,848      89,848                    89,848             
FEDEX CORPORATION              Common Stock 31428X10 107,418,985 1,667,220   1,667,220                 1,667,220          
FELCOR LODGING TRUST INC       Common Stock 31430F10 1,740,480   168,000     168,000                   168,000            
FIFTH THIRD BANCORP            Common Stock 31677310 81,175,602  1,468,710   1,468,710                 1,468,710          
FINISAR CORP CONV BD           Conv Bond P2 31787AAC 4,187,350   5,045,000   5,045,000                 5,045,000          
FIRST DATA CORP                Common Stock 31996310 104,296,799 2,610,030   2,610,030                 2,610,030          
FIRST DATA CORP CNV BND        Conv Bond P2 319963AD 4,459,350   4,110,000   4,110,000                 4,110,000          
FISERV INC                     Common Stock 33773810 749,961     20,700      20,700                    20,700             
FIRSTENERGY CORP               Common Stock 33793210 16,633,043  521,412     521,412                   521,412            
FISHER SCIENTIFIC INTL         Common Stock 33803220 4,645,913   117,055     117,055                   117,055            
                                                     ----------- ----------- --------------            --------------     
 COLUMN TOTALS                                       582,833,564 40,520,690  40,520,690                40,520,690         

                                       * ITEM 7: MANAGERS - 1                   PAGE  10  OF                              

10-02-2003                    FORM 13F                                          PAGE  9               FILE NO. 28-46      
                        REPORTING MANAGER : MACKAY-SHIELDS FINANCIAL                                                      
                              09/30/2003                                                                                  
------------------------------------------------------------------------------------------------------------------------  
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        MANA-   VOTING AUTHORITY   
                               OF           NUMBER   MARKET      PRINCIPAL   DISCRETION        GERS                       
                               CLASS                 VALUE       AMOUNT      SOLE SHARED OTHER         SOLE SHARED NONE   
                                                                             (A) (B) (C)               (A)  (B)    (C)    
------------------------------------------------------------------------------------------------------------------------  
FLEET BOSTON FINANCIAL CORP    Common Stock 33903010 32,354,387  1,073,114   1,073,114                 1,073,114          
FLUOR CORP                     Common Stock 34341210 1,440,938   38,600      38,600                    38,600             
FLOWSERVE CORPORATION          Common Stock 34354P10 812,751     40,037      40,037                    40,037             
FORD MOTOR CO CAP TR II  CV PF ConvPfdStock 34539520 23,996,339  554,060     554,060                   554,060            
FOREST LABORATORIES INC        Common Stock 34583810 111,758,918 2,172,185   2,172,185                 2,172,185          
FORTUNE BRANDS INC             Common Stock 34963110 5,831,233   102,753     102,753                   102,753            
FOSSIL INC                     Common Stock 34988210 5,099,982   210,479     210,479                   210,479            
FRED'S INC                     Common Stock 35610810 9,530,153   289,143     289,143                   289,143            
FREEPORT-MC C & G CNV BND      Conv Bond P2 35671DAK 127,538     95,000      95,000                    95,000             
GATX CORP CNV BND REG          Conv Bond P2 361448AC 188,775     180,000     180,000                   180,000            
GANNETT CO                     Common Stock 36473010 95,923,881  1,236,770   1,236,770                 1,236,770          
GAP INC DEL                    Common Stock 36476010 17,752,190  1,036,927   1,036,927                 1,036,927          
GAP INC CNV BD REG             Conv Bond P2 364760AJ 12,424,508  9,881,000   9,881,000                 9,881,000          
GATEWAY INC                    Common Stock 36762610 1,637,212   289,260     289,260                   289,260            
GENENTECH INC                  Common Stock 36871040 41,264,086  514,900     514,900                   514,900            
GENERAL ELEC CO                Common Stock 36960410 106,785,084 3,582,190   3,582,190                 3,582,190          
GENERAL GROWTH PROPERTIES      Common Stock 37002110 1,576,826   21,992      21,992                    21,992             
GENERAL MILLS INC CONV BD REG  Conv Bond P2 370334AU 6,874,231   9,665,000   9,665,000                 9,665,000          
GENERAL MOTORS CNV PFD         ConvPfdStock 37044271 27,497,085  1,020,300   1,020,300                 1,020,300          
GENERAL MOTORS CONV PFD        ConvPfdStock 37044273 15,077,037  621,542     621,542                   621,542            
GENZYME CORP CNV BND REG       Conv Bond P2 372917AK 15,574,261  15,401,000  15,401,000                15,401,000         
GETTY IMAGES INC               Common Stock 37427610 2,591,292   73,700      73,700                    73,700             
GILEAD SCIENCES INC            Common Stock 37555810 1,697,140   30,344      30,344                    30,344             
GLENBOROUGH REALTY CNVPFD A    ConvPfdStock 37803P20 1,551,875   65,000      65,000                    65,000             
GLOBAL IMAGING SYSTEMS INC     Common Stock 37934A10 10,439,540  424,371     424,371                   424,371            
GOLDMAN SACHS GROUP INC        Common Stock 38141G10 57,984,549  691,115     691,115                   691,115            
                                                     ----------- ----------  --------------            --------------     
COLUMN TOTALS                                        607,791,811 49,310,782  49,310,782                49,310,782         

                                      * ITEM 7: MANAGERS - 1                     PAGE  11  OF                             

10-02-2003                     FORM 13F                                          PAGE  10              FILE NO. 28-46     
                         REPORTING MANAGER : MACKAY-SHIELDS FINANCIAL                                                     
                               09/30/2003                                                                                 
------------------------------------------------------------------------------------------------------------------------  
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        MANA-   VOTING AUTHORITY   
                               OF           NUMBER   MARKET      PRINCIPAL   DISCRETION        GERS                       
                               CLASS                 VALUE       AMOUNT      SOLE SHARED OTHER         SOLE SHARED NONE   
                                                                             (A)  (B)    (C)           (A)  (B)    (C)    
------------------------------------------------------------------------------------------------------------------------  
GOLDMAN SACHS GROUP INC CNV BN Conv Bond P1 38141GCH 15,773,400  16,560,000  16,560,000                16,560,000         
GOODYEAR TIRE & RUBBER         Common Stock 38255010 2,233,800   340,000     340,000                   340,000            
GREY WOLF INC                  Common Stock 39788810 3,849,576   1,106,200   1,106,200                 1,106,200          
GTECH HOLDINGS CORP CNV BND RE Conv Bond P2 400518AB 8,912,425   5,510,000   5,510,000                 5,510,000          
GUITAR CENTER INC              Common Stock 40204010 5,565,852   173,067     173,067                   173,067            
HCA INC                        Common Stock 40411910 117,986,464 3,200,935   3,200,935                 3,200,935          
HCC INSURANCE HOLDINGS CNV BND Conv Bond P2 404132AA 256,738     235,000     235,000                   235,000            
HDFC BANK LTD - ADR            Common Stock 40415F10 1,926,400   89,600      89,600                    89,600             
HALLIBURTON                    Common Stock 40621610 5,046,425   208,100     208,100                   208,100            
HARLEY DAVIDSON INC            Common Stock 41282210 150,440,153 3,121,165   3,121,165                 3,121,165          
HARMAN INTL INDS INC NEW       Common Stock 41308610 13,474,343  137,004     137,004                   137,004            
HARRAH'S ENTERTAINMENT INC     Common Stock 41361910 3,499,341   83,100      83,100                    83,100             
HARRIS CORP CNV BND REG        Conv Bond P2 413875AH 204,963     190,000     190,000                   190,000            
HARTFORD FINANCIAL SVCS GROUP  Common Stock 41651510 65,289,252  1,240,533   1,240,533                 1,240,533          
HASBRO INC                     Common Stock 41805610 725,456     38,836      38,836                    38,836             
HEALTH CARE PPTYS INVEST INC   Common Stock 42191510 6,401,029   137,067     137,067                   137,067            
HEALTH MGMT ASSOC INC NE CLS A Common Stock 42193310 2,165,733   99,300      99,300                    99,300             
HEINZ (H.J)                    Common Stock 42307410 230,704     6,730       6,730                     6,730              
HERLEY INDS INC                Common Stock 42739810 13,650      780         780                       780                
HEWLETT PACKARD CO             Common Stock 42823610 119,304,451 6,162,420   6,162,420                 6,162,420          
HIBBETT SPORTING GOODS INC     Common Stock 42856510 5,705,840   238,534     238,534                   238,534            
HIBERNIA CORP CL A             Common Stock 42865610 4,110,085   202,867     202,867                   202,867            
HIGHWOODS PROPERTIES INC       Common Stock 43128410 6,117,895   256,408     256,408                   256,408            
HOSPITALITY PROPERTIES TRUST   Common Stock 44106M10 680,762     19,406      19,406                    19,406             
HOT TOPIC INC                  Common Stock 44133910 9,439,775   418,801     418,801                   418,801            
ICN PHARMACEUTICALS INC CNV BD Conv Bond P2 448924AM 37,815,040  37,385,000  37,385,000                37,385,000         
ICOS CORPORATION               Common Stock 44929510 2,063,532   53,850      53,850                    53,850             
                                                     ----------- ----------  --------------            --------------     
 COLUMN TOTALS                                       589,233,084 77,214,703  77,214,703                77,214,703         

                                       * ITEM 7: MANAGERS - 1                  PAGE  12  OF                               

10-02-2003                   FORM 13F                                          PAGE  11              FILE NO. 28-46       
                       REPORTING MANAGER : MACKAY-SHIELDS FINANCIAL                                                       
                             09/30/2003                                                                                   
------------------------------------------------------------------------------------------------------------------------  
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        MANA-   VOTING AUTHORITY   
                               OF           NUMBER   MARKET      PRINCIPAL   DISCRETION        GERS                       
                               CLASS                 VALUE       AMOUNT      SOLE SHARED OTHER         SOLE SHARED NONE   
                                                                             (A) (B)     (C)           (A)  (B)    (C)    
------------------------------------------------------------------------------------------------------------------------  
IMC GLOBAL INC                 Common Stock 44966910 507,121     79,114      79,114                    79,114             
IDEXX LABORATORIES INC         Common Stock 45168D10 3,320,594   78,150      78,150                    78,150             
ILEX ONCOLOGY INC              Common Stock 45192310 3,586,780   215,932     215,932                   215,932            
ILLINOIS TOOL WORKS            Common Stock 45230810 122,541,244 1,849,400   1,849,400                 1,849,400          
IMAGISTICS INTL INC            Common Stock 45247T10 412,443     14,232      14,232                    14,232             
IMPERIAL CHEMICAL SPONS ADR    Common Stock 45270450 8,476,932   760,263     760,263                   760,263            
INTEGRATED CIRCUIT SYSTEMS     Common Stock 45811K20 12,213,243  406,566     406,566                   406,566            
INTEL CORP                     Common Stock 45814010 153,668,479 5,585,913   5,585,913                 5,585,913          
INTER-TEL INC                  Common Stock 45837210 8,622,697   351,230     351,230                   351,230            
INTERACTIVECORP                Common Stock 45840Q10 94,428,973  2,857,155   2,857,155                 2,857,155          
IBM                            Common Stock 45920010 156,624,724 1,773,177   1,773,177                 1,773,177          
INTL GAME TECHNOLOGY CNV BND   Conv Bond P1 459902AL 9,858,331   14,635,000  14,635,000                14,635,000         
INTERNATIONAL PAPER CO         Common Stock 46014610 66,859,951  1,713,479   1,713,479                 1,713,479          
INTL PAPER CO CONV BD          Conv Bond P1 460146BM 11,791,819  21,995,000  21,995,000                21,995,000         
INTL RECTIFIER CORP CNV BND RE Conv Bond P2 460254AE 7,923,313   8,275,000   8,275,000                 8,275,000          
INTERSIL HOLDING CORP          Common Stock 46069S10 4,458,930   187,350     187,350                   187,350            
INTERWOVEN INC                 Common Stock 46114T10 1,206,015   455,100     455,100                   455,100            
INVITROGEN INC CONV BND REG    Conv Bond P2 46185RAD 5,973,716   6,057,000   6,057,000                 6,057,000          
ISHARES MSCI UNITED KINGDOM -  Common Stock 46428669 2,160,351   161,100     161,100                   161,100            
ISHARES MSCI JAPAN INDEX FUND  Common Stock 46428684 3,320,916   379,100     379,100                   379,100            
ISHARES TRUST - RUSSELL 1000V  Common Stock 46428759 27,967,040  544,000     544,000                   544,000            
JACOBS ENGINEERING GROUP INC   Common Stock 46981410 5,518,436   122,360     122,360                   122,360            
JEFFERIES GROUP INC (NEW)      Common Stock 47231910 10,206,998  355,026     355,026                   355,026            
JETBLUE AIRWAYS CORP           Common Stock 47714310 2,452,917   40,100      40,100                    40,100             
JOHNSON & JOHNSON              Common Stock 47816010 115,363,377 2,329,632   2,329,632                 2,329,632          
JOY GLOBAL INC-INCOMPLETE REOR Common Stock 48116510 14,792,744  942,213     942,213                   942,213            
                                                     ----------- ----------- --------------            --------------     
 COLUMN TOTALS                                       854,258,084 72,162,592  72,162,592                72,162,592         

                                       * ITEM 7: MANAGERS - 1                    PAGE  13  OF                             

10-02-2003                     FORM 13F                                          PAGE  12              FILE NO. 28-46     
                        REPORTING MANAGER : MACKAY-SHIELDS FINANCIAL                                                      
                               09/30/2003                                                                                 
------------------------------------------------------------------------------------------------------------------------  
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        MANA-   VOTING AUTHORITY   
                               OF           NUMBER   MARKET      PRINCIPAL   DISCRETION        GERS                       
                               CLASS                 VALUE       AMOUNT      SOLE SHARED OTHER         SOLE SHARED NONE   
                                                                             (A) (B)     (C)           (A)  (B)    (C)    
------------------------------------------------------------------------------------------------------------------------  
JUNIPER NETWORKS CONV BOND REG Conv Bond P2 48203RAA 5,566,400   5,680,000   5,680,000                 5,680,000          
KLA-TENCOR CORP                Common Stock 48248010 69,658,308  1,355,220   1,355,220                 1,355,220          
KV PHARMACEUTICAL CO CL A      Common Stock 48274020 3,886,268   172,723     172,723                   172,723            
KB HOME                        Common Stock 48666K10 4,908,527   82,275      82,275                    82,275             
KENNAMETAL INC                 Common Stock 48917010 672,302     17,976      17,976                    17,976             
KENSEY NASH CORP               Common Stock 49005710 2,350,307   100,097     100,097                   100,097            
KERR MCGEE CORP                Common Stock 49238610 43,053,316  964,456     964,456                   964,456            
KEY ENERGY SERVICES INC        Common Stock 49291410 6,528,901   676,570     676,570                   676,570            
KIMBERLY-CLARK CORP            Common Stock 49436810 12,439,506  242,391     242,391                   242,391            
KNIGHT TRANSPORTATION INC      Common Stock 49906410 3,538,631   141,150     141,150                   141,150            
KOHLS CORP                     Common Stock 50025510 115,329,148 2,155,685   2,155,685                 2,155,685          
AHOLD FINANCE USA INC - SP ADR Common Stock 50046730 1,475,361   154,650     154,650                   154,650            
KRAFT FOOD INC-A               Common Stock 50075N10 26,345,035  893,052     893,052                   893,052            
KRISPY KREME DOUGHNUTS INC     Common Stock 50101410 1,986,600   51,600      51,600                    51,600             
KROGER CO                      Common Stock 50104410 52,287,995  2,926,021   2,926,021                 2,926,021          
KROLL INC                      Common Stock 50104910 6,065,962   326,127     326,127                   326,127            
KULICKE & SOFFA IND CNV        Conv Bond P2 501242AE 25,265,438  28,670,000  28,670,000                28,670,000         
LSI LOGIC CORP                 Common Stock 50216110 614,197     68,320      68,320                    68,320             
LSI LOGIC CORP CONV BOND       Conv Bond P2 502161AE 794,000     800,000     800,000                   800,000            
LSI LOGIC CORP CONV BD REG     Conv Bond P2 502161AG 135,411,525 134,144,000 134,144,000               134,144,000        
L-3 COMMUNICATIONS HLDGS INC   Common Stock 50242410 2,054,375   47,500      47,500                    47,500             
LABONE INC                     Common Stock 50540L10 1,062,658   45,549      45,549                    45,549             
LABORATORY CORP OF AMERICA HLD Common Stock 50540R40 6,981,964   243,274     243,274                   243,274            
LABORATORY CP CONV BND REG     Conv Bond P2 50540RAC 18,665,326  26,620,000  26,620,000                26,620,000         
LAM RESEARCH CORP CNV BND REG  Conv Bond P2 512807AE 7,790,000   8,000,000   8,000,000                 8,000,000          
LAMAR ADVERTISING CO CNV BND   Conv Bond P2 512815AG 16,670,498  18,071,000  18,071,000                18,071,000         
                                                     ----------- ----------- --------------            --------------     
 COLUMN TOTALS                                       571,402,548 232,649,636 232,649,636               232,649,636        

                                       * ITEM 7: MANAGERS - 1                    PAGE  14  OF                             

10-02-2003                     FORM 13F                                          PAGE  13              FILE NO. 28-46     
                         REPORTING MANAGER : MACKAY-SHIELDS FINANCIAL                                                     
                               09/30/2003                                                                                 
------------------------------------------------------------------------------------------------------------------------  
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        MANA-   VOTING AUTHORITY   
                               OF           NUMBER   MARKET      PRINCIPAL   DISCRETION        GERS                       
                               CLASS                 VALUE       AMOUNT      SOLE SHARED OTHER         SOLE SHARED NONE   
                                                                             (A)  (B)    (C)           (A)  (B)    (C)    
------------------------------------------------------------------------------------------------------------------------  
LEAR CORPORATION               Common Stock 52186510 687,005     13,051      13,051                    13,051             
LEGG MASON INC                 Common Stock 52490110 5,232,045   72,466      72,466                    72,466             
LEGG MASON INC CONV BD         Conv Bond P2 524901AG 13,709,300  22,660,000  22,660,000                22,660,000         
LEHMAN BROTHERS HOLDINGS INC   Common Stock 52490810 1,070,740   15,500      15,500                    15,500             
LEHMAN BROS HLDG/KROGER CONV B Conv Bond P2 524908FB 4,660,819   4,655,000   4,655,000                 4,655,000          
IP/LEHMAN CONV BD (SYNTH)      Conv Bond P2 524908FN 34,809,188  32,570,000  32,570,000                32,570,000         
LEHMAN / CATERPILLAR CONV BD ( Conv Bond P2 524908FP 24,113,125  20,500,000  20,500,000                20,500,000         
LENNAR CORP                    Common Stock 52605710 2,126,001   27,330      27,330                    27,330             
LENNAR CORP - B SHARES         Common Stock 52605730 217,667     2,903       2,903                     2,903              
VIACOM-LIBERTY MEDIA CONV BD R Conv Bond P2 530715AR 334,825     345,000     345,000                   345,000            
LIFEPOINT HOSPITALS INC        Common Stock 53219L10 11,998      496         496                       496                
LIMITED BRANDS INC             Common Stock 53271610 1,566,812   103,900     103,900                   103,900            
LIZ CLAIBORNE                  Common Stock 53932010 1,930,635   56,700      56,700                    56,700             
LLOYDS TSB GOUP PLC SP ADR     Common Stock 53943910 2,414,536   87,325      87,325                    87,325             
LOCKHEED MARTIN CORP           Common Stock 53983010 75,386,948  1,633,520   1,633,520                 1,633,520          
LOWES COS INC                  Common Stock 54866110 98,661,900  1,901,000   1,901,000                 1,901,000          
LOWE'S COMPANIES INC CONV BD   Conv Bond P1 548661CF 7,765,931   8,965,000   8,965,000                 8,965,000          
LOEW'S COMPANIES INC CONV BD   Conv Bond P2 548661CG 209,250     200,000     200,000                   200,000            
MDC HOLDINGS INC               Common Stock 55267610 9,750,780   180,570     180,570                   180,570            
MEMC ELECTRONIC MATERIALS      Common Stock 55271510 2,943,518   269,800     269,800                   269,800            
MGI PHARMA INC                 Common Stock 55288010 3,795,654   96,688      96,688                    96,688             
MKS INSTRUMENTS INC            Common Stock 55306N10 5,217,212   250,226     250,226                   250,226            
MSC INDUSTRIAL DIRECT CO CL-A  Common Stock 55353010 5,195,820   249,200     249,200                   249,200            
MACK-CALI REALTY CORP          Common Stock 55448910 4,754,450   121,287     121,287                   121,287            
MAIL-WELL INC                  Common Stock 56032120 1,589,210   454,060     454,060                   454,060            
MANHATTAN ASSOCIATES INC       Common Stock 56275010 7,862,120   303,672     303,672                   303,672            
MANITOWOC COMPANY INC          Common Stock 56357110 448,137     20,661      20,661                    20,661             
                                                     ----------- ----------- --------------            --------------     
 COLUMN TOTALS                                       316,441,759 95,744,934  95,744,934                95,744,934         

                                       * ITEM 7: MANAGERS - 1                    PAGE  15  OF                             

10-02-2003                     FORM 13F                                          PAGE  14              FILE NO. 28-46     
                         REPORTING MANAGER : MACKAY-SHIELDS FINANCIAL                                                     
                               09/30/2003                                                                                 
------------------------------------------------------------------------------------------------------------------------  
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        MANA-   VOTING AUTHORITY   
                               OF           NUMBER   MARKET      PRINCIPAL   DISCRETION        GERS                       
                               CLASS                 VALUE       AMOUNT      SOLE SHARED OTHER         SOLE SHARED NONE   
                                                                             (A)  (B)    (C)           (A)  (B)    (C)    
------------------------------------------------------------------------------------------------------------------------  
MANUGISTICS GP CNV BND REG     Conv Bond P2 565011AB 2,544,563   3,075,000             3,075,000       3,075,000          
MARSH & MCLENNAN COS           Common Stock 57174810 96,257,089  2,021,783             2,021,783       2,021,783          
MARSHALL & ILSLEY CORP         Common Stock 57183410 4,016,751   127,435               127,435         127,435            
MASCO CORP CONV BND            Conv Bond P1 574599AW 8,473,875   19,150,000            19,150,000      19,150,000         
MASSEY ENERGY CO               Common Stock 57620610 985,530     74,100                74,100          74,100             
MAXIM INTEGRATED PRODUCTS      Common Stock 57772K10 786,050     19,900                19,900          19,900             
MCDERMOTT INTERNATIONAL        Common Stock 58003710 363,156     63,600                63,600          63,600             
MCGRAW-HILL                    Common Stock 58064510 894,672     14,400                14,400          14,400             
MEADWESTVACO CORP              Common Stock 58333410 53,603,372  2,102,093             2,102,093       2,102,093          
MEDCO HEALTH SOLUTIONS INC     Common Stock 58405U10 6,003,339   231,521               231,521         231,521            
MEDICIS PHARMACEUTICALS-CL A   Common Stock 58469030 8,700,635   148,475               148,475         148,475            
MEDIMMUNE INC                  Common Stock 58469910 1,178,457   35,700                35,700          35,700             
MEDTRONIC INC                  Common Stock 58505510 91,915,623  1,958,986             1,958,986       1,958,986          
MEDTRONIC INC CONV BND REG     Conv Bond P2 585055AB 28,860,081  28,055,000            28,055,000      28,055,000         
MERCK & CO INC                 Common Stock 58933110 36,210,207  715,334               715,334         715,334            
MERCURY INTERACTIVE CORP       Common Stock 58940510 2,958,462   65,150                65,150          65,150             
MERISTAR HOSPITALITY CORP CNV  Conv Bond P2 58984YAJ 2,070,000   1,800,000             1,800,000       1,800,000          
MERITAGE CORPORATION           Common Stock 59001A10 7,597,895   160,802               160,802         160,802            
MERRILL LYNCH                  Common Stock 59018810 55,248,259  1,032,099             1,032,099       1,032,099          
MEADWESTVACO CRP/MERRIL CNV BD Conv Bond P2 59018YRQ 13,455,000  13,000,000            13,000,000      13,000,000         
MESA AIR GROUP INC             Common Stock 59047910 4,674,619   421,133               421,133         421,133            
METLIFE INC                    Common Stock 59156R10 548,630     19,559                19,559          19,559             
MICHAELS STORES INC            Common Stock 59408710 5,840,500   143,290               143,290         143,290            
MICROSOFT CORP                 Common Stock 59491810 177,715,327 6,394,938             6,394,938       6,394,938          
MICRON TECHNOLOGY INC          Common Stock 59511210 53,935      4,019                 4,019           4,019              
MICRON TECHNOLOGY CONV BD REG  Conv Bond P2 595112AG 4,846,050   3,630,000             3,630,000       3,630,000          
MID ATLANTIC MEDICAL SVCS      Common Stock 59523C10 9,661,280   187,853               187,853         187,853            
                                                     ----------- -------------         --------------  --------------     
 COLUMN TOTALS                                       625,463,357 84,652,170            84,652,170      84,652,170         

                                       * ITEM 7: MANAGERS - 1                   PAGE  16  OF                              

10-02-2003                    FORM 13F                                          PAGE  15              FILE NO. 28-46      
                       REPORTING MANAGER : MACKAY-SHIELDS FINANCIAL                                                       
                              09/30/2003                                                                                  
------------------------------------------------------------------------------------------------------------------------  
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        MANA-   VOTING AUTHORITY   
                               OF           NUMBER   MARKET      PRINCIPAL   DISCRETION        GERS                       
                               CLASS                 VALUE       AMOUNT      SOLE SHARED OTHER         SOLE SHARED NONE   
                                                                             (A)  (B)    (C)           (A)  (B)    (C)    
------------------------------------------------------------------------------------------------------------------------  
MINERALS TECHNOLOGIES INC      Common Stock 60315810 934,829     18,366      18,366                    18,366             
MINORPLANET SYSTEMS USA INC    Common Stock 60436310 6,312,878   10,699,794  10,699,794                10,699,794         
MOORE WALLACE INC              Common Stock 61585710 1,286,520   90,600      90,600                    90,600             
MORGAN STANLEY                 Common Stock 61744644 121,959,297 2,416,950   2,416,950                 2,416,950          
MOTOROLA INC                   Common Stock 62007610 34,209,198  2,857,919   2,857,919                 2,857,919          
MOTOROLA INC 7.00% CONV PFD    ConvPfdStock 62007620 4,349,424   114,700     114,700                   114,700            
MOVIE GALLERY INC              Common Stock 62458110 2,955,458   150,405     150,405                   150,405            
NEXTEL INTERNATIONAL           Common Stock 62913F20 42,254,193  707,894     707,894                   707,894            
NPS PHARMACEUTICALS INC        Common Stock 62936P10 6,178,668   221,855     221,855                   221,855            
NABORS INDUSTRIES INC          Conv Bond P2 629568AF 7,779,181   11,945,000  11,945,000                11,945,000         
NASDAQ-100 SHARES              Common Stock 63110010 4,448,024   137,200     137,200                   137,200            
NATIONAL-OILWELL INC           Common Stock 63707110 2,370,245   130,664     130,664                   130,664            
NAVISTAR FINANCIAL CORP CNV BN Conv Bond P2 638902AM 20,092,050  20,295,000  20,295,000                20,295,000         
NAVISTAR INTERNATIONAL         Common Stock 63934E10 112,448,074 3,016,311   3,016,311                 3,016,311          
NAVISTAR INTERNATIONAL CNV BND Conv Bond P2 63934EAG 6,622,263   5,110,000   5,110,000                 5,110,000          
NETFLIX INC                    Common Stock 64110L10 9,407,322   279,898     279,898                   279,898            
NETGEAR INC                    Common Stock 64111Q10 2,907,008   174,700     174,700                   174,700            
NETIQ CORP                     Common Stock 64115P10 4,107,145   343,982     343,982                   343,982            
NETSCREEN TECHNOLOGIES INC     Common Stock 64117V10 7,901,209   355,430     355,430                   355,430            
NEUROCRINE BIOSCIENCES INC     Common Stock 64125C10 7,068,174   142,734     142,734                   142,734            
NEW YORK COMMUNITY BANCORP     Common Stock 64944510 2,537,784   80,539      80,539                    80,539             
NEWS AMERICA INC CNV BND REG   Conv Bond P2 652482AZ 15,741,664  28,173,000  28,173,000                28,173,000         
99 CENTS ONLY STORES           Common Stock 65440K10 1,301,523   40,245      40,245                    40,245             
NOBLE ENERGY INC               Common Stock 65504410 641,295     16,744      16,744                    16,744             
NORTEL NETWORKS CORP CNV BND R Conv Bond P2 656568AB 104,819,142 113,508,000 113,508,000               113,508,000        
NORTHROP GRUMMAN CORP          Common Stock 66680710 24,081,247  279,300     279,300                   279,300            
                                                     ----------- ----------- --------------            --------------     
COLUMN TOTALS                                        554,713,815 201,307,230 201,307,230               201,307,230        

                                       * ITEM 7: MANAGERS - 1                    PAGE  17  OF                             

10-02-2003                     FORM 13F                                          PAGE  16              FILE NO. 28-46     
                         REPORTING MANAGER : MACKAY-SHIELDS FINANCIAL                                                     
                               09/30/2003                                                                                 
------------------------------------------------------------------------------------------------------------------------- 
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        MANA-   VOTING AUTHORITY   
                               OF           NUMBER   MARKET      PRINCIPAL   DISCRETION        GERS                       
                               CLASS                 VALUE       AMOUNT      SOLE SHARED OTHER         SOLE SHARED NONE   
                                                                             (A)  (B)    (C)           (A)  (B)    (C)    
------------------------------------------------------------------------------------------------------------------------- 
NORTHWESTERN CORPORATION       Common Stock 66807410 350,342     1,187,600   1,187,600                 1,187,600          
NORVARTIS AG-ADR               Common Stock 66987V10 924,392     23,800      23,800                    23,800             
NOVELLUS SYSTEMS INC           Common Stock 67000810 1,302,750   38,600      38,600                    38,600             
NVIDIA CORP                    Common Stock 67066G10 1,401,759   88,100      88,100                    88,100             
OSI PHARMACEUTICALS INC        Common Stock 67104010 3,423,357   105,429     105,429                   105,429            
ODYSSEY HEALTHCARE INC         Common Stock 67611V10 10,324,549  346,229     346,229                   346,229            
OLIN CORP                      Common Stock 68066520 3,767,122   238,124     238,124                   238,124            
OMNICOM GROUP INC              Common Stock 68191910 121,644,206 1,693,030   1,693,030                 1,693,030          
OMNICOM GROUP INC CNV BND REG  Conv Bond P2 681919AK 7,310,769   7,285,000   7,285,000                 7,285,000          
ORACLE CORPORATION             Common Stock 68389X10 102,497,774 9,135,274   9,135,274                 9,135,274          
OWENS ILLINOIS INC             Common Stock 69076840 14,032,485  1,228,764   1,228,764                 1,228,764          
OXFORD HEALTH PLANS            Common Stock 69147110 2,040,466   49,394      49,394                    49,394             
PG & E CORPORATION             Common Stock 69331C10 3,518,702   147,226     147,226                   147,226            
P.F. CHANGS CHINA BISTRO INC   Common Stock 69333Y10 5,870,149   129,441     129,441                   129,441            
PMI GROUP INC                  Common Stock 69344M10 3,078,169   91,205      91,205                    91,205             
PMI GROUP INC CNV BND REG      Conv Bond P2 69344MAE 260,313     245,000     245,000                   245,000            
PNC FINANCIAL SERVICES GROUP   Common Stock 69347510 44,848,717  942,596     942,596                   942,596            
PPL CORPORATION                Common Stock 69351T10 10,262,930  250,621     250,621                   250,621            
PALL CORP                      Common Stock 69642930 770,275     34,326      34,326                    34,326             
PAN PACIFIC RETAIL PPTYS INC   Common Stock 69806L10 817,516     19,012      19,012                    19,012             
PANERA BREAD COMPANY-CL A      Common Stock 69840W10 6,868,089   167,677     167,677                   167,677            
PARK PLACE ENTERTAINMENT       Common Stock 70069010 3,668,791   407,191     407,191                   407,191            
PARKER DRILLING CO             Common Stock 70108110 2,860,832   1,212,217   1,212,217                 1,212,217          
PARKER DRILLING CORP CONV BD   Conv Bond P2 701081AD 7,058,832   5,543,000   5,543,000                 5,543,000          
PATTERSON DENTAL COMPANY       Common Stock 70341210 5,915,654   102,738     102,738                   102,738            
PAYLESS SHOESOURCE INC         Common Stock 70437910 4,752,940   367,306     367,306                   367,306            
                                                     ----------- ----------- --------------            --------------     
COLUMN TOTALS                                        369,571,880 31,078,900  31,078,900                31,078,900         

                                       * ITEM 7: MANAGERS - 1                      PAGE  18  OF                           

10-02-2003                       FORM 13F                                          PAGE  17              FILE NO. 28-46   
                           REPORTING MANAGER : MACKAY-SHIELDS FINANCIAL                                                   
                                 09/30/2003                                                                               
------------------------------------------------------------------------------------------------------------------------  
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        MANA-   VOTING AUTHORITY   
                               OF           NUMBER   MARKET      PRINCIPAL   DISCRETION        GERS                       
                               CLASS                 VALUE       AMOUNT      SOLE SHARED OTHER         SOLE SHARED NONE   
                                                                             (A)  (B)    (C)           (A)  (B)    (C)    
------------------------------------------------------------------------------------------------------------------------  
JC PENNEY CO INC (HLDG CO)     Common Stock 70816010 746,198     34,918      34,918                    34,918             
PEPSICO                        Common Stock 71344810 88,124,949  1,922,866   1,922,866                 1,922,866          
PERFORMANCE FOOD GROUP CP      Common Stock 71375510 8,662,328   212,781     212,781                   212,781            
PETCO ANIMAL SUPPLIES INC      Common Stock 71601620 5,905,171   189,268     189,268                   189,268            
PFIZER INC                     Common Stock 71708110 139,055,852 4,577,217   4,577,217                 4,577,217          
PHARMACEUTICAL PRODUCT DEVEL   Common Stock 71712410 1,115,535   46,500      46,500                    46,500             
PIER 1 IMPORTS INC             Common Stock 72027910 1,156,324   60,100      60,100                    60,100             
PINNACLE WEST CAPITAL          Common Stock 72348410 749,192     21,104      21,104                    21,104             
PITNEY BOWES INC               Common Stock 72447910 12,809,763  334,284     334,284                   334,284            
PLACER DOME INC                Common Stock 72590610 5,225,413   380,030     380,030                   380,030            
POLYONE CORPORATION            Common Stock 73179P10 866,227     220,414     220,414                   220,414            
PRAXAIR INC                    Common Stock 74005P10 115,088,232 1,857,760   1,857,760                 1,857,760          
PREMCOR INC                    Common Stock 74045Q10 10,490,843  452,777     452,777                   452,777            
PREMIERE TECHNOLOGIES CNV BD   Conv Bond P2 74058FAC 18,953,022  19,036,000  19,036,000                19,036,000         
PRIDE INTERNATIONAL INC        Common Stock 74153Q10 12,021,788  709,250     709,250                   709,250            
PRIDE INTERNATIONAL CONV BND   Conv Bond    741932AB 271,256     555,000     555,000                   555,000            
PRIORITY HEALTHCARE CORP-B     Common Stock 74264T10 1,243,574   60,544      60,544                    60,544             
PROCTER & GAMBLE               Common Stock 74271810 3,856,114   41,544      41,544                    41,544             
PROGRESS SOFTWARE CORP         Common Stock 74331210 7,048,994   327,852     327,852                   327,852            
PROVINCE HEALTHCARE CO CNV BND Conv Bond P2 743977AC 6,841,700   6,860,000   6,860,000                 6,860,000          
PROVINCE HEALTHCARE CONV BD    Conv Bond P2 743977AE 31,813,150  32,045,000  32,045,000                32,045,000         
PROVIDIAN FINANCIAL CNV BND    Conv Bond P2 74406AAA 43,808,146  44,805,000  44,805,000                44,805,000         
PROVIDIAN FINANCIAL CORP       Conv Bond P2 74406AAC 5,423,000   4,675,000   4,675,000                 4,675,000          
PRUDENTIAL FINANCIAL INC       Common Stock 74432010 48,918,773  1,309,389   1,309,389                 1,309,389          
QLOGIC CORP                    Common Stock 74727710 6,059,589   128,900     128,900                   128,900            
QUEBECOR WORLD INC             Common Stock 74820310 1,672,008   89,700      89,700                    89,700             
QUEST DIAGNOSTICS INC          Common Stock 74834L10 2,245,439   37,029      37,029                    37,029             
                                                     ----------- ----------- --------------            --------------     
 COLUMN TOTALS                                       580,172,580 120,990,227 120,990,227               120,990,227        

                                       * ITEM 7: MANAGERS - 1                   PAGE  19  OF                              

10-02-2003                    FORM 13F                                          PAGE  18              FILE NO. 28-46      
                        REPORTING MANAGER : MACKAY-SHIELDS FINANCIAL                                                      
                              09/30/2003                                                                                  
------------------------------------------------------------------------------------------------------------------------- 
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        MANA-   VOTING AUTHORITY   
                               OF           NUMBER   MARKET      PRINCIPAL   DISCRETION        GERS                       
                               CLASS                 VALUE       AMOUNT      SOLE SHARED OTHER         SOLE SHARED NONE   
                                                                             (A)  (B)    (C)           (A)  (B)    (C)    
------------------------------------------------------------------------------------------------------------------------- 
QUEST DIAGNOSTIC INC CONV BD   Conv Bond P2 74834LAF 18,823,499  18,569,000  18,569,000                18,569,000         
QUEST SOFTWARE INC             Common Stock 74834T10 1,055,120   87,200      87,200                    87,200             
RADIAN GROUP INC               Common Stock 75023610 7,484,508   168,570     168,570                   168,570            
RADIO ONE INC - CL D           Common Stock 75040P40 7,236,076   503,905     503,905                   503,905            
RAYTHEON COMPANY               Common Stock 75511150 46,670,288  1,666,796   1,666,796                 1,666,796          
RESPIRONICS INC                Common Stock 76123010 6,741,811   161,364     161,364                   161,364            
ROPER INDUSTRIES INC           Common Stock 77669610 8,653,168   198,695     198,695                   198,695            
ROWAN COMPANIES INC            Common Stock 77938210 22,030,562  896,280     896,280                   896,280            
RUDOLPH TECHNOLOGIES INC       Common Stock 78127010 5,488,795   284,244     284,244                   284,244            
RYANAIR HOLDINGS PLC-ADR       Common Stock 78351310 1,243,350   30,700      30,700                    30,700             
RYLAND GROUP INC               Common Stock 78376410 8,354,499   114,273     114,273                   114,273            
SBC COMMUNICATIONS (SOUTHWESTE Common Stock 78387G10 24,364,529  1,095,035   1,095,035                 1,095,035          
SCI SYSTEMS INC CONV BOND      Conv Bond P2 783890AF 1,448,888   1,590,000   1,590,000                 1,590,000          
SL GREEN REALTY CORP           Common Stock 78440X10 741,699     20,540      20,540                    20,540             
S & P 500 DEPOSITORY RECEIPT   Common Stock 78462F10 5,595,520   56,000      56,000                    56,000             
SPX CORP                       Common Stock 78463510 4,012,985   88,626      88,626                    88,626             
SPX CORP CNV BND REG           Conv Bond P2 784635AD 14,529,663  22,795,000  22,795,000                22,795,000         
SAFEWAY INC                    Common Stock 78651420 20,261,182  883,225     883,225                   883,225            
ST JUDE MEDICAL INC            Common Stock 79084910 1,263,595   23,500      23,500                    23,500             
ST PAUL COMPANIES              Common Stock 79286010 12,520,843  338,127     338,127                   338,127            
SCANA CORP                     Common Stock 80589M10 722,744     21,102      21,102                    21,102             
SCANSOURCE INC                 Common Stock 80603710 7,765,998   212,535     212,535                   212,535            
HENRY SCHEIN INC               Common Stock 80640710 8,756,355   154,433     154,433                   154,433            
SCHOLASTIC CORP                Common Stock 80706610 297,429     10,331      10,331                    10,331             
SELECT COMFORT CORPORATION     Common Stock 81616X10 10,025,902  378,334     378,334                   378,334            
SEMTECH CORP                   Common Stock 81685010 1,381,639   74,845      74,845                    74,845             
                                                     ----------- ----------- --------------            --------------     
 COLUMN TOTALS                                       247,470,647 50,422,660  50,422,660                50,422,660         

                                       * ITEM 7: MANAGERS - 1                   PAGE  20  OF                              

10-02-2003                    FORM 13F                                          PAGE  19              FILE NO. 28-46      
                        REPORTING MANAGER : MACKAY-SHIELDS FINANCIAL                                                      
                              09/30/2003                                                                                  
------------------------------------------------------------------------------------------------------------------------- 
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        MANA-   VOTING AUTHORITY   
                               OF           NUMBER   MARKET      PRINCIPAL   DISCRETION        GERS                       
                               CLASS                 VALUE       AMOUNT      SOLE SHARED OTHER         SOLE SHARED NONE   
                                                                             (A)  (B)    (C)           (A)  (B)    (C)    
--------------------------------------------------------------------------------------------------------------------------
SERENA SOFTWARE INC            Common Stock 81749210 8,292,655   445,855     445,855                   445,855            
SHARPER IMAGE CORP             Common Stock 82001310 4,835,295   209,679     209,679                   209,679            
SHAW GROUP INC CONV BD REG     Conv Bond P1 820280AC 9,927,399   12,820,000  12,820,000                12,820,000         
SHUFFLE MASTER INC             Common Stock 82554910 4,037,352   148,541     148,541                   148,541            
SICOR INC                      Common Stock 82584610 1,251,272   64,900      64,900                    64,900             
SIEBEL SYSTEMS INC             Common Stock 82617010 2,606,904   268,200     268,200                   268,200            
SILICON LABORATORIES INC       Common Stock 82691910 629,300     14,000      14,000                    14,000             
SINCLAIR BROADCAST GROUP-A     Common Stock 82922610 2,003,349   197,180     197,180                   197,180            
SKYWEST INC                    Common Stock 83087910 10,092,173  582,689     582,689                   582,689            
SKYWORKS SOLUTIONS INC CNV BND Conv Bond P2 83088MAB 1,554,631   1,255,000   1,255,000                 1,255,000          
SMITH & WOLENSKY RESTAURANT    Common Stock 83175810 2,559,862   427,356     427,356                   427,356            
SMURFIT-STONE CONTAINER CORP   Common Stock 83272710 84,745,275  5,657,320   5,657,320                 5,657,320          
SOUTHERN COMPANY               Common Stock 84258710 293,200     10,000      10,000                    10,000             
SOUTHTRUST CORP                Common Stock 84473010 10,399,196  353,844     353,844                   353,844            
SOUTHWEST BANCORP OF TEXAS     Common Stock 84476R10 9,369,984   256,642     256,642                   256,642            
SOVEREIGN BANCORP INC          Common Stock 84590510 9,254,354   498,887     498,887                   498,887            
STATION CASINOS                Common Stock 85768910 10,450,696  341,526     341,526                   341,526            
STERICYCLE INC                 Common Stock 85891210 3,988,224   84,550      84,550                    84,550             
STORAGE TECHNOLOGY CORP-PAR $. Common Stock 86211120 4,078,212   168,940     168,940                   168,940            
SUNOCO INC                     Common Stock 86764P10 34,437,410  856,226     856,226                   856,226            
SUPERIOR ENERGY SERVICES INC   Common Stock 86815710 4,270,213   435,736     435,736                   435,736            
SUPERVALU INC. CNV BND REG     Conv Bond P1 868536AP 19,223,050  61,040,000  61,040,000                61,040,000         
SYMANTEC CORP                  Common Stock 87150310 124,931,478 1,982,410   1,982,410                 1,982,410          
SYNOPSYS INC                   Common Stock 87160710 5,541,123   180,082     180,082                   180,082            
SYSCO                          Common Stock 87182910 103,061,033 3,150,750   3,150,750                 3,150,750          
TJX COMPANIES INC              Common Stock 87254010 98,193,734  5,056,320   5,056,320                 5,056,320          
                                                     ----------- ----------- --------------            --------------     
 COLUMN TOTALS                                       570,027,374 96,506,633  96,506,633                96,506,633         

                                       * ITEM 7: MANAGERS - 1                       PAGE  21  OF                          

10-02-2003                        FORM 13F                                          PAGE  20              FILE NO. 28-46  
                           REPORTING MANAGER : MACKAY-SHIELDS FINANCIAL                                                   
                                  09/30/2003                                                                              
------------------------------------------------------------------------------------------------------------------------- 
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        MANA-   VOTING AUTHORITY   
                               OF           NUMBER   MARKET      PRINCIPAL   DISCRETION        GERS                       
                               CLASS                 VALUE       AMOUNT      SOLE SHARED OTHER         SOLE SHARED NONE   
                                                                             (A)  (B)    (C)           (A)  (B)    (C)    
------------------------------------------------------------------------------------------------------------------------- 
TAIWAN SEMICONDUCTOR - SP ADR  Common Stock 87403910 1,595,389   147,312     147,312                   147,312            
TARGET CORP                    Common Stock 87612E10 124,416,596 3,306,314   3,306,314                 3,306,314          
TECHNE CORP                    Common Stock 87837710 5,454,878   171,591     171,591                   171,591            
TELLABS INC                    Common Stock 87966410 2,099,287   309,087     309,087                   309,087            
TEMPLE INLAND INC              Common Stock 87986810 32,690,269  673,332     673,332                   673,332            
TEREX CORP                     Common Stock 88077910 589,940     31,837      31,837                    31,837             
TESORO PETROLEUM CORP          Common Stock 88160910 3,464,869   409,559     409,559                   409,559            
TEVA PHARMACEUTICAL INDS       Common Stock 88162420 83,704,462  1,464,645   1,464,645                 1,464,645          
TEVA PHAMACEUT FIN NV CONV BD  Conv Bond P2 88163XAB 31,641,350  23,224,000  23,224,000                23,224,000         
TEXAS INSTRS INC               Common Stock 88250810 115,889,140 5,082,857   5,082,857                 5,082,857          
TIMKEN CO                      Common Stock 88738910 476,235     31,249      31,249                    31,249             
TORO CO                        Common Stock 89109210 5,396,580   119,924     119,924                   119,924            
TRAVELERS PPTY CASUALTY CV PFD ConvPfdStock 89420G30 13,217,110  576,160     576,160                   576,160            
TRAVELERS PROPERTY CASUALTY -  Common Stock 89420G40 42,216,090  2,658,444   2,658,444                 2,658,444          
TRIMBLE NAVIGATION LTD         Common Stock 89623910 4,643,997   200,609     200,609                   200,609            
TRIMERIS INC                   Common Stock 89626310 6,042       241         241                       241                
TUPPERWARE CORP                Common Stock 89989610 378,320     28,275      28,275                    28,275             
TYCO INTL GROUP CONV BD SERIES Conv Bond P2 902118BE 539,400     480,000     480,000                   480,000            
TYCO INTL GROUP CONV BND SERIE Conv Bond P2 902118BF 19,293,900  17,520,000  17,520,000                17,520,000         
TYCO INTL GROUP CONV BD SERIES Conv Bond P2 902118BG 19,657,963  17,435,000  17,435,000                17,435,000         
UCBH HOLDINGS INC              Common Stock 90262T30 10,222,628  338,162     338,162                   338,162            
UGC EUROPE INC                 Common Stock 90268P10 105,766,207 1,944,886   1,944,886                 1,944,886          
USF&G CORP CONV BND            Conv Bond P2 903290AD 6,336,000   7,920,000   7,920,000                 7,920,000          
UNILEVER NV NY SHARES          Common Stock 90478470 4,561,358   77,076      77,076                    77,076             
UNISYS CORP                    Common Stock 90921410 185,063     13,678      13,678                    13,678             
UNITED DEFENSE INDS INC        Common Stock 91018B10 1,430,856   50,400      50,400                    50,400             
UNITED TECHNOLOGIES CORP       Common Stock 91301710 132,725,309 1,717,460   1,717,460                 1,717,460          
                                                     ----------- ----------- --------------            --------------     
COLUMN TOTALS                                        768,599,238 85,932,098  85,932,098                85,932,098         

                                       * ITEM 7: MANAGERS - 1                    PAGE  22  OF                             

10-02-2003                     FORM 13F                                          PAGE  21              FILE NO. 28-46     
                         REPORTING MANAGER : MACKAY-SHIELDS FINANCIAL                                                     
                               09/30/2003                                                                                 
------------------------------------------------------------------------------------------------------------------------- 
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        MANA-   VOTING AUTHORITY   
                               OF           NUMBER   MARKET      PRINCIPAL   DISCRETION        GERS                       
                               CLASS                 VALUE       AMOUNT      SOLE SHARED OTHER         SOLE SHARED NONE   
                                                                             (A)  (B)    (C)           (A)  (B)    (C)    
------------------------------------------------------------------------------------------------------------------------- 
UNITEDHEALTH GROUP             Common Stock 91324P10 157,961,122 3,139,132   3,139,132                 3,139,132          
UNIVERSAL HEALTH SERV CNV BND  Conv Bond P2 913903AL 2,020,000   3,200,000   3,200,000                 3,200,000          
UNOCAL CORP                    Common Stock 91528910 18,357,059  582,394     582,394                   582,394            
UTSTARCOM INC                  Common Stock 91807610 5,596,970   175,950     175,950                   175,950            
VCA ANTECH INC                 Common Stock 91819410 5,881,636   249,751     249,751                   249,751            
VALERO ENERGY CORP             Common Stock 91913Y10 27,660,102  722,762     722,762                   722,762            
VARIAN SEMICONDUCTOR EQUIP     Common Stock 92220710 4,978,978   132,950     132,950                   132,950            
VERITAS SOFTWARE CORP          Common Stock 92343610 111,977,110 3,566,150   3,566,150                 3,566,150          
VERIZON COMMUNICATIONS         Common Stock 92343V10 43,800,391  1,350,197   1,350,197                 1,350,197          
VERIZON GLOBAL FDG CORP CNV BN Conv Bond P1 92344GAN 12,866,388  21,355,000  21,355,000                21,355,000         
VERTEX PHARMACEUTICALS CONV BD Conv Bond P2 92532FAD 34,020,634  37,398,000  37,398,000                37,398,000         
VIACOM INC-CL B                Common Stock 92552430 99,718,263  2,603,610   2,603,610                 2,603,610          
VISTEON CORP                   Common Stock 92839U10 2,244,000   340,000     340,000                   340,000            
VITESSE SEMICONDUCTOR CNV      Conv Bond P2 928497AB 12,785,586  13,301,000  13,301,000                13,301,000         
W-H ENERGY SERVICES INC        Common Stock 92925E10 4,266,624   239,698     239,698                   239,698            
WMS INDS INC                   Common Stock 92929710 5,435,749   239,883     239,883                   239,883            
WABASH NATIONAL CORP           Common Stock 92956610 4,516,498   283,166     283,166                   283,166            
WACHOVIA CORP                  Common Stock 92990310 36,791,691  893,219     893,219                   893,219            
WAL MART STORES INC            Common Stock 93114210 118,746,036 2,126,160   2,126,160                 2,126,160          
WALGREEN                       Common Stock 93142210 106,103,869 3,462,920   3,462,920                 3,462,920          
WASHINGTON MUTUAL SAVINGS BANK Common Stock 93932210 45,438,885  1,154,150   1,154,150                 1,154,150          
WASTE CONNECTIONS CNV BND      Conv Bond P2 941053AB 59,331      55,000      55,000                    55,000             
WEINGARTEN RLTY INVESTORS      Common Stock 94874110 803,070     17,846      17,846                    17,846             
WELLPOINT HEALTH NETWORKS      Common Stock 94973H10 128,041,827 1,661,155   1,661,155                 1,661,155          
WERNER ENTERPRISES INC         Common Stock 95075510 4,095,238   178,989     178,989                   178,989            
WEST CORP                      Common Stock 95235510 3,062,963   128,750     128,750                   128,750            
                                                     ----------- ----------- --------------            --------------     
 COLUMN TOTALS                                       997,230,020 98,557,832  98,557,832                98,557,832         

                                       * ITEM 7: MANAGERS - 1                      PAGE  23  OF                           

10-02-2003                       FORM 13F                                          PAGE  22              FILE NO. 28-46   
                           REPORTING MANAGER : MACKAY-SHIELDS FINANCIAL                                                   
                                 09/30/2003                                                                               
------------------------------------------------------------------------------------------------------------------------- 
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        MANA-   VOTING AUTHORITY   
                               OF           NUMBER   MARKET      PRINCIPAL   DISCRETION        GERS                       
                               CLASS                 VALUE       AMOUNT      SOLE SHARED OTHER         SOLE SHARED NONE   
                                                                             (A)  (B)    (C)           (A)  (B)    (C)    
------------------------------------------------------------------------------------------------------------------------- 
WESTELL TECHNOLOGIES INC - A   Common Stock 95754110 6,361,055   849,273     849,273                   849,273            
WESTCORP                       Common Stock 95790710 10,244,369  293,115     293,115                   293,115            
WILSON GREATBATCH TECHNOLOGIES Common Stock 97223210 7,162,667   198,687     198,687                   198,687            
WINNEBAGO INDUSTRIES           Common Stock 97463710 7,322,087   164,246     164,246                   164,246            
WINTRUST FINANCIAL CORP        Common Stock 97650W10 8,906,346   236,428     236,428                   236,428            
WIRELESS FACILITIES INC        Common Stock 97653A10 6,001,170   504,300     504,300                   504,300            
QUEBECOR WORLD INC CNV BND     Conv Bond P2 981443AA 6,660,555   6,546,000   6,546,000                 6,546,000          
XL CAPITAL LTD CONV BOND       Conv Bond P1 98372PAB 16,692,550  26,085,000  26,085,000                26,085,000         
XEROX CORP CONV PFD            ConvpfdStock 98412150 5,352,382   52,300      52,300                    52,300             
YANKEE CANDLE COMPANY          Common Stock 98475710 8,805,684   345,592     345,592                   345,592            
YELLOW CORPORATION             Common Stock 98550910 587,650     19,667      19,667                    19,667             
YUM! BRANDS INC                Common Stock 98849810 7,233,767   244,219     244,219                   244,219            
ZORAN CORP                     Common Stock 98975F10 3,385,640   173,620     173,620                   173,620            
AMDOCS LTD                     Common Stock G0260210 1,267,120   67,400      67,400                    67,400             
AXIS CAPITAL HOLDINGS LTD      Common Stock G0692U10 508,980     20,400      20,400                    20,400             
COOPER INDUSTRIES CL A         Common Stock G2418210 60,108,969  1,251,488   1,251,488                 1,251,488          
EVEREST RE GROUP LTD           Common Stock G3223R10 1,222,026   16,259      16,259                    16,259             
FRESH DEL MONTE PRODUCE INC    Common Stock G3673810 3,665,400   149,000     149,000                   149,000            
GARMIN LTD                     Common Stock G3726010 1,499,304   35,800      35,800                    35,800             
GLOBALSANTAFE CORP             Common Stock G3930E10 4,085,846   170,599     170,599                   170,599            
INGERSOLL-RAND CO CLASS A      Common Stock G4776G10 4,425,794   82,818      82,818                    82,818             
TRANSOCEAN SEDCO FOREX INC     Common Stock G9007810 43,670,200  2,183,510   2,183,510                 2,183,510          
WEATHERFORD INTERNATIONAL      Common Stock G9508910 43,234,676  1,144,380   1,144,380                 1,144,380          
XOMA LTD                       Common Stock G9825R10 3,807,887   514,563     514,563                   514,563            
UBS AG-REGISTERED              Common Stock H8920M85 1,551,273   27,588      27,588                    27,588             
RADWARE LTD                    Common Stock M8187310 5,554,219   306,018     306,018                   306,018            
                                                     ----------- ----------  -----------               --------------     
 COLUMN TOTALS                                       269,317,616 41,682,270  41,682,270                41,682,270         

                                       * ITEM 7: MANAGERS - 1                     PAGE  24  OF                            

10-02-2003                      FORM 13F                                          PAGE  23              FILE NO. 28-46    
                          REPORTING MANAGER : MACKAY-SHIELDS FINANCIAL                                                    
                                09/30/2003                                                                                
--------------------------------------------------------------------------------------------------------------------------
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        MANA-   VOTING AUTHORITY   
                               OF           NUMBER   MARKET      PRINCIPAL   DISCRETION        GERS                       
                               CLASS                 VALUE       AMOUNT      SOLE SHARED OTHER         SOLE SHARED NONE   
                                                                             (A)  (B)    (C)           (A)  (B)    (C)    
--------------------------------------------------------------------------------------------------------------------------
TARO PHARMACEUTICALS INDUS     Common Stock M8737E10 12,984,659  230,391       230,391                   230,391          
ASM INTERNATIONAL N.V          Common Stock N0704510 4,289,531   290,818       290,818                   290,818          
ASE TEST LIMITED               Common Stock Y0251610 6,596,579   759,100       759,100                   759,100          
                                                     ----------  ---------     --------------            ---------        
 COLUMN TOTALS                                       23,870,769  1,280,309     1,280,309                 1,280,309        
                                                     ----------  ---------     --------------            ---------        

 REPORT TOTALS                                   12,535,200,837 1,984,110,309  1,984,110,309             1,984,110,309    
                                                 ============== =============  ===============           ===============  

                                       * ITEM 7: MANAGERS - 1                                    PAGE  25  OF