13F-HR 1 f13.txt
01-23-2003 FORM 13F PAGE 1 FILE NO. 28-46 REPORTING MANAGER : MACKAY-SHIELDS FINANCIAL 12/31/2002 --------------------------------------------------------------------------------------------------------------------------- ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7* ITEM 8 NAME OF ISSUER TITLE CUSIP FAIR SHARES OR INVESTMENT DISCRETION MANA- VOTING AUTHORITY OF NUMBER MARKET PRINCIPAL SHARED GERS CLASS VALUE AMOUNT SOLE SHARED OTHER SOLE SHARED NONE (A) (B) (C) (A) (B) (C) ---------------------------------------------------------------------------------------------------------- ---------------- AC MOORE ARTS & CRAFTS INC Common Stock 00086T10 3,548,467 279,800 279,800 279,800 AFLAC INC Common Stock 00105510 3,861,836 128,215 128,215 128,215 AGCO CP Common Stock 00108410 11,187,484 506,221 506,221 506,221 AES CORP Common Stock 00130H10 157,886 52,280 52,280 52,280 AOL TIME WARNER Common Stock 00184A10 2,084,210 159,100 159,100 159,100 ATMI INC Common Stock 00207R10 3,815,416 206,031 206,031 206,031 AT & T WIRELESS SERVICES INC Common Stock 00209A10 938,985 166,192 166,192 166,192 ABERCROMBIE & FITCH CO CLS A Common Stock 00289620 450,120 22,000 22,000 22,000 ABRAXAS PETROLEUM CORP (NEW) Common Stock 00383010 5,916 10,565 10,565 10,565 ABITIBI-CONSOLIDATED INC Common Stock 00392410 14,669,354 1,902,640 1,902,640 1,902,640 ACCREDO HEALTH INC Common Stock 00437V10 676,800 19,200 19,200 19,200 ADAPTEC INC CNV BND REG Conv Bond P2 00651FAC 7,333,035 7,599,000 7,599,000 7,599,000 ADVANCE AUTO PARTS Common Stock 00751Y10 6,256,853 127,952 127,952 127,952 ADVANCED MICRO DEVICES Common Stock 00790310 33,780,115 5,229,120 5,229,120 5,229,120 ADVANCED MICRO DEVICES CONV BD Conv Bond P2 007903AF 16,852,413 23,565,000 23,565,000 23,565,000 ADVANCEPCS Common Stock 00790K10 4,223,809 190,176 19,176 190,176 AFFILIATED COMPUTER SVSC Common Stock 00819010 5,385,042 102,280 102,280 102,280 AFFILIATED MANAGERS GROUP Common Stock 00825210 9,592,310 190,702 190,702 190,702 AFFILIATED MANAGERS GRP CONV B Conv Bond P1 008252AC 9,985,850 11,080,000 11,080,000 11,080,000 AFFYMETRIX INC Common Stock 00826T10 5,234,325 228,673 228,673 228,673 AFFYMETRIX INC Conv Bond P2 00826TAB 11,608,564 12,399,000 12,399,000 12,399,000 AGILENT TECHNOLOGIES Common Stock 00846U10 15,761,696 877,600 877,600 877,600 AIR PRODUCTS & CHEMICALS Common Stock 00915810 89,818,092 2,101,008 2,101,008 2,101,008 AIRGAS INC Common Stock 00936310 3,982,335 230,860 230,860 230,860 AKAMAI TECHNOLOGIES INC Conv Bond P2 00971TAC 686,375 1,700,000 1,700,000 1,700,000 ALCOA INC Common Stock 01381710 57,599,571 2,528,515 2,528,515 2,528,515 ----------- ----------- ----------- -------------- COLUMN TOTALS 319,496,859 71,602,130 71,602,130 71,602,130 * ITEM 7: MANAGERS - 1 PAGE 3 OF 01-23-2003 FORM 13F PAGE 2 FILE NO. 28-46 REPORTING MANAGER : MACKAY-SHIELDS FINANCIAL 12/31/2002 --------------------------------------------------------------------------------------------------------------------------- ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7* ITEM 8 NAME OF ISSUER TITLE CUSIP FAIR SHARES OR INVESTMENT DISCRETION MANA- VOTING AUTHORITY OF NUMBER MARKET PRINCIPAL SHARED GERS CLASS VALUE AMOUNT SOLE SHARED OTHER SOLE SHARED NONE (A) (B) (C) (A) (B) (C) -------------------------------------------------------------------------------------------------------------------------- ALLIANCE GAMING CORP Common Stock 01859P60 4,217,224 247,635 247,635 247,635 ALLIANT TECHSYSTEMS INC Common Stock 01880410 5,890,392 94,473 94,473 94,473 ALLSTATE CORP Common Stock 02000210 45,603,269 1,232,854 1,232,854 1,232,854 ALLTEL CORP Common Stock 02003910 47,930,259 939,809 939,809 939,809 ALLTEL CORP CNV PFD ConvPfdStock 02003982 9,049,479 176,300 176,300 176,300 ALTIRIS INC Common Stock 02148M10 961,568 60,400 60,400 60,400 ALZA CORP CONV BOND Conv Bond P2 02261WAB 8,258,113 10,555,000 10,555,000 10,555,000 AMERICA ONLINE INC CONV BOND Conv Bond P1 02364JAC 6,465,750 11,650,000 11,650,000 11,650,000 AMERICAN AXLE & MFG HOLDINGS Common Stock 02406110 676,838 28,900 28,900 28,900 AMERICAN EXPRESS Common Stock 02581610 145,117,901 4,105,174 4,105,174 4,105,174 AMERICAN INTL GROUP CONV BND Conv Bond P2 026874AN 29,174,947 30,957,000 30,957,000 30,957,000 AMERICAN ITALIAN PASTA CO - A Common Stock 02707010 3,898,181 108,343 108,343 108,343 AMERICAN STANDARD COMPANIES Common Stock 02971210 75,655,541 1,063,474 1,063,474 1,063,474 AMERISTAR CASINOS INC Common Stock 03070Q10 2,385,762 169,203 169,203 169,203 AMERISOURCEBERGEN CORP Common Stock 03073E10 1,667,317 30,700 30,700 30,700 AMGEN Common Stock 03116210 91,485,770 1,892,548 1,892,548 1,892,548 AMGEN INC CONV BD REG Conv Bond P1 031162AE 14,617,450 19,720,000 19,720,000 19,720,000 AMKOR TECHNOLOGIES INC CONV BD Conv Bond P2 031652AN 1,108,800 1,920,000 1,920,000 1,920,000 AMPHENOL CORP -CL A Common Stock 03209510 11,415,694 300,413 300,413 300,413 ANALOG DEVICES Common Stock 03265410 70,509,116 2,953,880 2,953,880 2,953,880 ANALOG DEVICES INC CONV BND RE Conv Bond P2 032654AD 9,987,500 10,000,000 10,000,000 10,000,000 ANTHEM INC Common Stock 03674B10 1,990,471 31,645 31,645 31,645 APPLE COMPUTER INC Common Stock 03783310 36,029,002 2,514,236 2,514,236 2,514,236 APRIA HEALTHCARE GROUP I Common Stock 03793310 35,953,339 1,616,607 1,616,607 1,616,607 APPLIED MATLS INC Common Stock 03822210 49,948,251 3,833,327 3,833,327 3,833,327 ARCH CHEMICALS INC Common Stock 03937R10 5,140,989 281,698 281,698 281,698 ------------- ----------- -------------- -------------- COLUMN TOTALS 715,138,922 106,453,619 106,453,619 106,453,619 * ITEM 7: MANAGERS - 1 PAGE 4 OF 01-23-2003 FORM 13F PAGE 3 FILE NO. 28-46 REPORTING MANAGER : MACKAY-SHIELDS FINANCIAL 12/31/2002 --------------------------------------------------------------------------------------------------------------------------- ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7* ITEM 8 NAME OF ISSUER TITLE CUSIP FAIR SHARES OR INVESTMENT DISCRETION MANA- VOTING AUTHORITY OF NUMBER MARKET PRINCIPAL SHARED GERS CLASS VALUE AMOUNT SOLE SHARED OTHER SOLE SHARED NONE (A) (B) (C) (A) (B) (C) --------------------------------------------------------------------------------------------------------------------------- ARGOSY GAMING CO Common Stock 04022810 562,694 29,725 29,725 29,725 ARROW ELECTRONIC INC. CNV BND Conv Bond P2 042735AY 11,134,085 25,028,000 25,028,000 25,028,000 ARVINMERITOR INC Common Stock 04335310 833,500 50,000 50,000 50,000 ASSOCIATED BANC CORP Common Stock 04548710 604,132 17,800 17,800 17,800 ATMEL CORP CNV BND REG Conv Bond P1 049513AE 743,094 2,765,000 2,765,000 2,765,000 AUTOZONE INC Common Stock 05333210 720,630 10,200 10,200 10,200 AVAYA INC CONV BD Conv Bond P1 053499AA 780,850 1,940,000 1,940,000 1,940,000 AVOCENT CORPORATION Common Stock 05389310 11,928,163 536,821 536,821 536,821 BB&T CORPORATION Common Stock 05493710 91,415,643 2,471,361 2,471,361 2,471,361 THE BISYS GROUP INC Common Stock 05547210 8,012,821 503,951 503,951 503,951 BJ SVCS CO Common Stock 05548210 57,329,572 1,774,360 1,774,360 1,774,360 BJ SERVICES CO CNVT BD REG Conv Bond P2 055482AF 47,038,170 57,192,000 57,192,000 57,192,000 BP AMOCO PLC ADR AMERICAN SHAR Common Stock 05562210 2,828,915 69,592 69,592 69,592 BAKER HUGHES Common Stock 05722410 60,087,785 1,866,660 1,866,660 1,866,660 BANK OF AMERICA CORP Common Stock 06050510 225,446,385 3,240,569 3,240,569 3,240,569 BANK NEW YORK INC Common Stock 06405710 6,979,548 291,300 291,300 291,300 BANKNORTH GROUP INC Common Stock 06646R10 535,213 23,682 23,682 23,682 BARR LABORATORIES INC Common Stock 06830610 22,399,812 344,136 344,136 344,136 BAUSCH & LOMB INC Common Stock 07170710 11,838,132 328,837 328,837 328,837 BAXTER INTERNATIONAL Common Stock 07181310 106,796,760 3,814,170 3,814,170 3,814,170 BAXTER INTERNATIONAL CONV PFD ConvPfdStock 07181340 5,010,000 100,000 100,000 100,000 BEAS SYSTEMS CONV BND REG Conv Bond P2 073325AD 14,851,720 16,322,000 16,322,000 16,322,000 BECKMAN COULTER INC Common Stock 07581110 3,236,691 109,644 109,644 109,644 BECTON DICKINSON Common Stock 07588710 7,346,234 239,369 239,369 239,369 BED BATH & BEYOND INC Common Stock 07589610 117,116,610 3,391,735 3,391,735 3,391,735 BELLSOUTH Common Stock 07986010 39,785,628 1,537,906 1,537,906 1,537,906 ----------- ----------- -------------- -------------- COLUMN TOTALS 855,362,787 123,998,818 123,998,818 123,998,818 * ITEM 7: MANAGERS - 1 PAGE 5 OF 01-23-2003 FORM 13F PAGE 4 FILE NO. 28-46 REPORTING MANAGER : MACKAY-SHIELDS FINANCIAL 12/31/2002 ----------------------------------------------------------------------------------------------------------------------------- ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7* ITEM 8 NAME OF ISSUER TITLE CUSIP FAIR SHARES OR INVESTMENT DISCRETION MANA- VOTING AUTHORITY OF NUMBER MARKET PRINCIPAL SHARED GERS CLASS VALUE AMOUNT SOLE SHARED OTHER SOLE SHARED NONE (A) (B) (C) (A) (B) (C) ----------------------------------------------------------------------------------------------------------------------------- BERKLEY (WR) GROUP Common Stock 08442310 4,504,806 113,729 113,729 113,729 BEVERLY ENTERPRISES Common Stock 08785130 895,598 314,245 314,245 314,245 MERRILL LYNCH-BIOTECH HOLDERS Common Stock 09067D20 5,073,600 60,000 60,000 60,000 BOISE CASCADE Common Stock 09738310 5,449,286 216,070 216,070 216,070 BOSTON SCIENTIFIC CORP Common Stock 10113710 6,475,371 152,290 152,290 152,290 BOWATER INC Common Stock 10218310 5,731,209 136,620 136,620 136,620 BOYD GAMING CORP Common Stock 10330410 577,455 41,100 41,100 41,100 BRINKER INTL INC Common Stock 10964110 3,313,655 102,749 102,749 102,749 BRINKER INTERNATIONAL CONV BD Conv Bond P2 109641AC 9,909,069 14,285,000 14,285,000 14,285,000 BRISTOL-MYERS SQUIBB Common Stock 11012210 23,747,270 1,025,800 1,025,800 1,025,800 BROCADE COMMUNICATIONS SYS CON Conv Bond P2 111621AB 18,377,164 26,500,000 26,500,000 26,500,000 BROOKS AUTOMAT CNV BND REG Conv Bond P2 11434AAB 6,195,000 8,400,000 8,400,000 8,400,000 BROWN & BROWN INC Common Stock 11523610 536,512 16,600 16,600 16,600 BURLINGTON NORTHERN SANTA FE Common Stock 12189T10 58,976,973 2,267,473 2,267,473 2,267,473 BURLINGTON RES INC Common Stock 12201410 6,213,081 145,676 145,676 145,676 CNET INC CONV BND Conv Bond P2 125945AC 11,650,289 15,830,000 15,830,000 15,830,000 CNF INC Common Stock 12612W10 576,847 17,354 17,354 17,354 CSX CORP Common Stock 12640810 3,302,418 116,652 116,652 116,652 CVS CORPORATION Common Stock 12665010 41,957,690 1,680,324 1,680,324 1,680,324 CABOT MICROELECTRONICS CORP Common Stock 12709P10 3,152,960 66,800 66,800 66,800 CACI INTERTNATIONAL INC CLA Common Stock 12719030 5,699,121 159,908 159,908 159,908 CAL DIVE INTERNATIONAL INC Common Stock 12791410 6,509,288 276,991 276,991 276,991 CALLAWAY GOLF CO Common Stock 13119310 4,875,695 367,977 367,977 367,977 CALPINE CORP CNV BND REG Conv Bond P2 131347BA 3,012,363 6,055,000 6,055,000 6,055,000 CAMBREX CORP Common Stock 13201110 1,887,702 62,486 62,486 62,486 CANADIAN NATL RAILWAY CO Common Stock 13637510 1,599,561 38,488 38,488 38,488 ----------- ----------- -------------- -------------- COLUMN TOTALS 240,199,983 78,449,332 78,449,332 78,449,332 * ITEM 7: MANAGERS - 1 PAGE 6 OF 01-23-2003 FORM 13F PAGE 5 FILE NO. 28-46 REPORTING MANAGER : MACKAY-SHIELDS FINANCIAL 12/31/2002 ---------------------------------------------------------------------------------------------------------------------------- ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7* ITEM 8 NAME OF ISSUER TITLE CUSIP FAIR SHARES OR INVESTMENT DISCRETION MANA- VOTING AUTHORITY OF NUMBER MARKET PRINCIPAL SHARED GERS CLASS VALUE AMOUNT SOLE SHARED OTHER SOLE SHARED NONE (A) (B) (C) (A) (B) (C) ---------------------------------------------------------------------------------------------------------------------------- CANON INC - SP ADR Common Stock 13800630 1,831,408 49,699 49,699 49,699 MERISTAR HOSPITALITY COR CNV B Conv Bond P2 140918AC 13,160,002 14,001,000 14,001,000 14,001,000 CARDINAL HEALTH INC Common Stock 14149Y10 106,376,268 1,797,200 1,797,200 1,797,200 CAREER EDUCATION CORP Common Stock 14166510 604,000 15,100 15,100 15,100 CAREMARK RX INC Common Stock 14170510 3,926,114 241,607 241,607 241,607 CELESTICA INC CNV BND Conv Bond P2 15101QAA 7,512,750 16,200,000 16,200,000 16,200,000 CELGENE CORP Common Stock 15102010 5,088,068 236,985 236,985 236,985 CENDANT CORPORATION Common Stock 15131310 68,622,526 6,547,951 6,547,951 6,547,951 CENDANT CORP CNV BND REG Conv Bond P2 151313AF 18,523,441 29,117,000 29,117,000 29,117,000 CENDANT CORP CNV BND REG (STEP Conv Bond P2 151313AH 20,221,500 20,400,000 20,400,000 20,400,000 CENTURYTEL INC Common Stock 15670010 690,489 23,502 23,502 23,502 CHARLES RIVER LABORATORIES Common Stock 15986410 8,911,507 231,588 231,588 231,588 CHARTER COMMUNICATIONS INC-A Common Stock 16117M10 557,001 472,035 472,035 472,035 THE CHEESECAKE FACTORY Common Stock 16307210 4,991,628 138,081 138,081 138,081 CHESAPEAKE ENERGY CORP Common Stock 16516710 1,161,000 150,000 150,000 150,000 CHEVRON TEXACO CORP Common Stock 16676410 49,482,925 744,328 744,328 744,328 CHICO'S FAS INC. Common Stock 16861510 5,502,432 290,980 290,980 290,980 CHIQUITA BRANDS Common Stock 17003280 14,660,413 1,063,467 1,063,467 1,063,467 CHRISTOPHER & BANKS CORP Common Stock 17104610 682,675 32,900 32,900 32,900 CHUBB CORP Common Stock 17123210 21,269,568 407,463 407,463 407,463 CHUBB CORPORATION CONV PFD ConvPfdStock 17123230 7,432,164 310,320 310,320 310,320 CIENA CORP CONV BOND Conv Bond P2 171779AA 60,491,050 83,440,000 83,440,000 83,440,000 CIRRUS LOGIC INC Common Stock 17275510 532,800 185,000 185,000 185,000 CISCO SYS INC Common Stock 17275R10 121,604,706 9,282,802 9,282,802 9,282,802 CITIGROUP INC Common Stock 17296710 135,508,314 3,850,762 3,850,762 3,850,762 CITIZENS UTILITIES TRUST 5.00 ConvPfdStock 17735120 2,009,725 42,310 42,310 42,310 ----------- ----------- -------------- -------------- COLUMN TOTALS 681,654,474 189,272,080 189,272,080 189,272,080 * ITEM 7: MANAGERS - 1 PAGE 7 OF 01-23-2003 FORM 13F PAGE 6 FILE NO. 28-46 REPORTING MANAGER : MACKAY-SHIELDS FINANCIAL 12/31/2002 --------------------------------------------------------------------------------------------------------------------------- ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7* ITEM 8 NAME OF ISSUER TITLE CUSIP FAIR SHARES OR INVESTMENT DISCRETION MANA- VOTING AUTHORITY OF NUMBER MARKET PRINCIPAL SHARED GERS CLASS VALUE AMOUNT SOLE SHARED OTHER SOLE SHARED NONE (A) (B) (C) (A) (B) (C) --------------------------------------------------------------------------------------------------------------------------- CITRIX SYSTEMS INC Common Stock 17737610 3,479,168 282,400 282,400 282,400 CITY NATIONAL CORP Common Stock 17856610 502,102 11,414 11,414 11,414 CLEAR CHANNEL COMMUNICATIONS Common Stock 18450210 89,680,250 2,404,941 2,404,941 2,404,941 CLEAR CHANNEL COMM CNV BND Conv Bond P2 184502AB 15,390,428 15,429,000 15,429,000 15,429,000 CLOROX Common Stock 18905410 2,154,900 52,240 52,240 52,240 COACH INC Common Stock 18975410 6,491,725 197,197 197,197 197,197 COCA-COLA CO Common Stock 19121610 85,719,519 1,955,281 1,955,281 1,955,281 COLGATE PALMOLIVE CO Common Stock 19416210 92,241,934 1,759,335 1,759,335 1,759,335 COMMERCE BANCORP INC/NJ Common Stock 20051910 3,379,747 78,253 78,253 78,253 COMPASS BANCSHARES INC Common Stock 20449H10 6,993,004 223,633 223,633 223,633 COMPUTER NETWORK TECH Conv Bond P2 204925AC 4,836,825 4,000,000 4,000,000 4,000,000 COMPUTER SCIENCES CORP Common Stock 20536310 35,264,364 1,023,639 1,023,639 1,023,639 COMVERSE TECHNOLOGY CNV BND Conv Bond P2 205862AJ 20,178,231 22,544,000 22,544,000 22,544,000 CONOCOPHILLIPS Common Stock 20825C10 66,386,773 1,371,911 1,371,911 1,371,911 CONSTELLATION ENERGY GROUP Common Stock 21037110 556,400 20,000 20,000 20,000 CONTINENTAL AIRLINES INC CNV B Conv Bond P2 210795PD 4,681,037 10,825,000 10,825,000 10,825,000 COOPER CAMERON CORP Common Stock 21664010 2,476,054 49,700 49,700 49,700 COOPER CAMERON CORP CNV BND Conv Bond P2 216640AB 24,310,175 24,190,000 24,190,000 24,190,000 COOPER COMPANIES INC Common Stock 21664840 800,640 32,000 32,000 32,000 COORS ADOLPH CO CL B Common Stock 21701610 803,355 13,116 13,116 13,116 CORINTHIAN COLLEGES INC Common Stock 21886810 11,694,954 308,900 308,900 308,900 CORN PRODUCTS INTL INC Common Stock 21902310 585,607 19,436 19,436 19,436 CORPORATE EXECUTIVE BOARD CO Common Stock 21988R10 3,534,406 110,727 110,727 110,727 COVENTRY HEALTH CARE INC Common Stock 22286210 10,638,217 366,456 366,456 366,456 PCS/COX COMM CONV BOND Conv Bond P2 224044AX 29,640,520 58,950,000 58,950,000 58,950,000 CRANE CO Common Stock 22439910 555,569 27,876 27,876 27,876 ----------- ----------- -------------- -------------- COLUMN TOTALS 522,975,904 146,246,455 146,246,455 146,246,455 * ITEM 7: MANAGERS - 1 PAGE 8 OF 01-23-2003 FORM 13F PAGE 7 FILE NO. 28-46 REPORTING MANAGER : MACKAY-SHIELDS FINANCIAL 12/31/2002 ----------------------------------------------------------------------------------------------------------------------------- ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7* ITEM 8 NAME OF ISSUER TITLE CUSIP FAIR SHARES OR INVESTMENT DISCRETION MANA- VOTING AUTHORITY OF NUMBER MARKET PRINCIPAL SHARED GERS CLASS VALUE AMOUNT SOLE SHARED OTHER SOLE SHARED NONE (A) (B) (C) (A) (B) (C) ----------------------------------------------------------------------------------------------------------------------------- CROMPTON CORPORATION Common Stock 22711610 2,663,315 447,616 447,616 447,616 CUMMINS, INC Common Stock 23102110 4,982,695 177,131 177,131 177,131 CURAGEN CORP CONV BND Conv Bond P2 23126RAC 13,389,092 18,588,000 18,588,000 18,588,000 CYMER INC Common Stock 23257210 7,486,128 232,128 232,128 232,128 CYPRESS SEMICONDUCTOR CORP Common Stock 23280610 572,000 100,000 100,000 100,000 CYPRESS SEMICONDUCTOR CNV BND Conv Bond P2 232806AE 3,573,075 4,260,000 4,260,000 4,260,000 D & K HEALTHCARE RESOURCES Common Stock 23286110 1,244,804 121,551 121,551 121,551 DQE INC Common Stock 23329J10 584,957 38,383 38,383 38,383 DRS TECHNOLOGIES INC Common Stock 23330X10 7,340,368 234,292 234,292 234,292 D.R. HORTON INC Common Stock 23331A10 1,044,470 60,200 60,200 60,200 DTE ENERGY COMPANY Common Stock 23333110 12,773,549 275,292 275,292 275,292 DANAHER CORP Common Stock 23585110 83,577,627 1,272,110 1,272,110 1,272,110 DEAN FOODS CO Common Stock 24237010 3,123,004 84,178 84,178 84,178 DEL MONTE FOODS CO Common Stock 24522P10 331,208 43,014 43,014 43,014 DELPHI CORP Common Stock 24712610 30,314,272 3,765,751 3,765,751 3,765,751 DELTA AIR LINES Common Stock 24736110 602,157 49,765 49,765 49,765 DEVELOPERS DIVERS REALTY CORP Common Stock 25159110 4,415,922 200,815 200,815 200,815 DEVON ENERGY CNV BND Conv Bond P1 25179MAD 3,309,975 6,260,000 6,260,000 6,260,000 DIAGEO PLC -SPONS ADR Common Stock 25243Q20 1,596,554 36,451 36,451 36,451 DIAGNOSTIC PRODS CORP Common Stock 25245010 7,298,098 188,972 188,972 188,972 DIAMONDS TRUST SERIES I Common Stock 25278710 9,369,822 112,200 112,200 112,200 DIANON SYSTEMS INC Common Stock 25282610 3,120,616 65,408 65,408 65,408 DORAL FINANCIAL CORP Common Stock 25811P10 10,510,500 367,500 367,500 367,500 E M C CORP MASS Common Stock 26864810 2,104,178 342,700 342,700 342,700 ENSCO INTL INC Common Stock 26874Q10 8,213,634 278,901 278,901 278,901 EOP OPERATING LP CNV BND REG Conv Bond P2 268766BR 9,703,969 9,275,000 9,275,000 9,275,000 ----------- ----------- -------------- -------------- COLUMN TOTALS 233,245,989 46,877,358 46,877,358 46,877,358 * ITEM 7: MANAGERS - 1 PAGE 9 OF 01-23-2003 FORM 13F PAGE 8 FILE NO. 28-46 REPORTING MANAGER : MACKAY-SHIELDS FINANCIAL 12/31/2002 --------------------------------------------------------------------------------------------------------------------------- ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7* ITEM 8 NAME OF ISSUER TITLE CUSIP FAIR SHARES OR INVESTMENT DISCRETION MANA- VOTING AUTHORITY OF NUMBER MARKET PRINCIPAL SHARED GERS CLASS VALUE AMOUNT SOLE SHARED OTHER SOLE SHARED NONE (A) (B) (C) (A) (B) (C) --------------------------------------------------------------------------------------------------------------------------- E*TRADE GROUP INC CONV BD Conv Bond P2 269246AB 969,631 1,295,000 1,295,000 1,295,000 EAST WEST BANCORP INC Common Stock 27579R10 8,197,052 227,191 227,191 227,191 EDUCATION MANAGEMENT CORP Common Stock 28139T10 3,647,689 97,013 97,013 97,013 EL PASO ENER CAP TR CNVPFD ConvPfdStock 28367820 24,343,296 1,250,555 1,250,555 1,250,555 ELECTRONIC ARTS INC Common Stock 28551210 50,089,523 1,006,420 1,006,420 1,006,420 EMULEX CORP Common Stock 29247520 3,802,769 205,001 205,001 205,001 ENERGY EAST CORPORATION Common Stock 29266M10 8,831,604 399,801 399,801 399,801 ENERGIZER HOLDINGS INC Common Stock 29266R10 3,512,219 125,886 125,886 125,886 ENTERGY Common Stock 29364G10 3,621,532 79,437 79,437 79,437 ENTRAVISION COMMUNICAT CL A Common Stock 29382R10 1,340,953 134,364 134,364 134,364 EQUITABLE RES INC Common Stock 29454910 590,354 16,848 16,848 16,848 EQUITY OFFICE PROPERTIES TRUST ConvPfdStock 29474150 4,805,813 108,300 108,300 108,300 ESCO TECHNOLOGIES INC Common Stock 29631510 4,538,642 122,666 122,666 122,666 EXTREME NETWORKS INC CONV BD R Conv Bond P2 30226DAB 5,530,875 7,350,000 7,350,000 7,350,000 EXXON MOBIL CORPORATION Common Stock 30231G10 60,156,583 1,721,711 1,721,711 1,721,711 FLIR SYSTEMS INC Common Stock 30244510 8,177,270 167,567 167,567 167,567 FAIRCHILD SEMICON INTL -CL A Common Stock 30372610 10,618,610 934,324 934,324 934,324 FAIRCHILD SEMICONDUCTOR CONV B Conv Bond P2 303727AJ 11,349,800 12,612,000 12,612,000 12,612,000 FANNIE MAE Common Stock 31358610 108,742,789 1,690,390 1,690,390 1,690,390 FEDERATED DEPT STORES Common Stock 31410H10 2,471,203 85,925 85,925 85,925 FEDEX CORPORATION Common Stock 31428X10 114,495,832 2,111,690 2,111,690 2,111,690 FELCOR LODGING TRUST INC Common Stock 31430F10 2,116,400 185,000 185,000 185,000 FELCOR LODGING TRUST INC CONV ConvPfdStock 31430F20 513,000 24,000 24,000 24,000 FIBERMARK INC Common Stock 31564610 283,530 37,405 37,405 37,405 FIFTH THIRD BANCORP Common Stock 31677310 101,138,099 1,727,380 1,727,380 1,727,380 FIRST COMMUNITY BANCORP CA Common Stock 31983B10 1,027,447 31,200 31,200 31,200 ----------- ----------- -------------- -------------- COLUMN TOTALS 544,912,515 33,747,074 33,747,074 33,747,074 * ITEM 7: MANAGERS - 1 PAGE 10 OF 01-23-2003 FORM 13F PAGE 9 FILE NO. 28-46 REPORTING MANAGER : MACKAY-SHIELDS FINANCIAL 12/31/2002 ----------------------------------------------------------------------------------------------------------------------------- ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7* ITEM 8 NAME OF ISSUER TITLE CUSIP FAIR SHARES OR INVESTMENT DISCRETION MANA- VOTING AUTHORITY OF NUMBER MARKET PRINCIPAL SHARED GERS CLASS VALUE AMOUNT SOLE SHARED OTHER SOLE SHARED NONE (A) (B) (C) (A) (B) (C) ----------------------------------------------------------------------------------------------------------------------------- FIRST DATA CORP Common Stock 31996310 86,984,311 2,456,490 2,456,490 2,456,490 FIRST VIRGINIA BANKS INC Common Stock 33747710 632,240 16,982 16,982 16,982 FISERV INC Common Stock 33773810 972,668 28,650 28,650 28,650 FIRSTENERGY CORO Common Stock 33793210 29,735,907 901,908 901,908 901,908 FISHER SCIENTIFIC INTL Common Stock 33803220 3,639,830 121,005 121,005 121,005 FLEET BOSTON FINANCIAL CORP Common Stock 33903010 23,472,075 965,929 965,929 965,929 FLEMING COS INC Common Stock 33913010 296,800 45,175 45,175 45,175 FLEMING COS INC CNV REG Conv Bond P2 339130AR 526,588 1,030,000 1,030,000 1,030,000 FLOWERS FOODS INC Common Stock 34349810 472,513 24,219 24,219 24,219 FLOWSERVE CORPORATION Common Stock 34354P10 584,752 39,537 39,537 39,537 FORD MOTOR CO CAP TR II CV PF ConvPfdStock 34539520 22,640,704 554,240 554,240 554,240 FORTUNE BRANDS INC Common Stock 34963110 3,201,795 68,841 68,841 68,841 FOSSIL INC Common Stock 34988210 4,341,593 213,451 213,451 213,451 FRANKLIN RESOURCES INC CNV BND Conv Bond P2 354613AC 6,250,475 10,505,000 10,505,000 10,505,000 FRED'S INC Common Stock 35610810 3,983,217 154,989 154,989 154,989 GALLAGHER (ARTHUR J.) & CO Common Stock 36357610 3,210,059 109,260 109,260 109,260 GANNETT CO Common Stock 36473010 101,880,610 1,418,950 1,418,950 1,418,950 GAP INC CNV BD REG Conv Bond P2 364760AJ 16,971,778 13,551,000 13,551,000 13,551,000 GATEWAY INC Common Stock 36762610 994,940 316,860 316,860 316,860 GENERAL DYNAMICS Common Stock 36955010 112,347,441 1,415,490 1,415,490 1,415,490 GENERAL GROWTH PROPERTIES Common Stock 37002110 659,152 12,676 12,676 12,676 GENERAL MTRS CORP Common Stock 37044210 22,853,385 620,005 620,005 620,005 GENERAL MOTORS CONV PFD ConvPfdStock 37044273 27,490,516 1,145,145 1,145,145 1,145,145 GENESIS HEALTH VENTURES Common Stock 37183F10 17,567,367 1,138,769 1,138,769 1,138,769 GENZYME CORP CNV BND REG Conv Bond P2 372917AK 14,627,603 15,771,000 15,771,000 15,771,000 GETTY IMAGES INC CONV BOND REG Conv Bond P2 374276AE 8,605,798 9,266,000 9,266,000 9,266,000 ----------- ----------- -------------- -------------- COLUMN TOTALS 514,944,117 61,891,571 61,891,571 61,891,571 * ITEM 7: MANAGERS - 1 PAGE 11 OF 01-23-2003 FORM 13F PAGE 10 FILE NO. 28-46 REPORTING MANAGER : MACKAY-SHIELDS FINANCIAL 12/31/2002 ----------------------------------------------------------------------------------------------------------------------------- ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7* ITEM 8 NAME OF ISSUER TITLE CUSIP FAIR SHARES OR INVESTMENT DISCRETION MANA- VOTING AUTHORITY OF NUMBER MARKET PRINCIPAL SHARED GERS CLASS VALUE AMOUNT SOLE SHARED OTHER SOLE SHARED NONE (A) (B) (C) (A) (B) (C) ----------------------------------------------------------------------------------------------------------------------------- GLAXOSMITHKLINE PLC-ADR Common Stock 37733W10 410,262 10,952 10,952 10,952 GLENBOROUGH REALTY CNVPFD A ConvPfdStock 37803P20 1,373,125 65,000 65,000 65,000 GLOBAL IMAGING SYSTEMS INC Common Stock 37934A10 8,759,577 476,582 476,582 476,582 GLOBAL MARINE CONV BOND REG Conv Bond P2 379352AN 8,479,110 15,558,000 15,558,000 15,558,000 GOLDMAN SACHS GROUP INC Common Stock 38141G10 45,599,215 669,592 669,592 669,592 GOLDMAN SACHS GROUP INC CNV BN Conv Bond P1 38141GCH 15,065,313 17,750,000 17,750,000 17,750,000 GOLDMAN SACHS CONV BND Conv Bond P2 38141GCL 12,837,500 13,000,000 13,000,000 13,000,000 GREY WOLF INC Common Stock 39788810 541,443 135,700 135,700 135,700 HCA INC Common Stock 40411910 99,483,800 2,397,200 2,397,200 2,397,200 HDFC BANK LTD - ADR Common Stock 40415F10 152,098 11,300 11,300 11,300 HANOVER COMPRESSOR CO Common Stock 41076810 1,799,124 195,983 195,983 195,983 HARLEY DAVIDSON INC Common Stock 41282210 199,450,482 4,317,110 4,317,110 4,317,110 HARMAN INTL INDS INC NEW Common Stock 41308610 12,778,340 214,762 214,762 214,762 HARRAH'S ENTERTAINMENT INC Common Stock 41361910 3,107,570 78,474 78,474 78,474 HARTFORD FINANCIAL SVCS GROUP Common Stock 41651510 61,843,541 1,361,293 1,361,293 1,361,293 HASBRO INC Common Stock 41805610 443,936 38,436 38,436 38,436 HEALTH CARE PPTYS INVEST INC Common Stock 42191510 3,451,557 90,119 90,119 90,119 HEALTH MGMT ASSOC INC NE CLS A Common Stock 42193310 3,625,180 202,524 202,524 202,524 HEALTHCARE REALTY TRUST INC Common Stock 42194610 3,812,650 130,347 130,347 130,347 HEARTLAND EXPRESS INC Common Stock 42234710 3,779,422 164,961 164,961 164,961 HEINZ (H.J) Common Stock 42307410 3,165,973 96,318 96,318 96,318 HERLEY INDUSTRIES INC Common Stock 42739810 3,780,861 217,191 217,191 217,191 HEWLETT PACKARD CO Common Stock 42823610 95,034,195 5,474,320 5,474,320 5,474,320 HIBERNIA CORP CL A Common Stock 42865610 2,958,718 153,620 153,620 153,620 HIGHWOODS PROPERTIES INC Common Stock 43128410 5,274,474 238,664 238,664 238,664 HILB, ROGAL & HAMILTON CO Common Stock 43129410 3,188,932 77,969 77,969 77,969 ----------- ----------- -------------- -------------- COLUMN TOTALS 600,196,398 63,126,417 63,126,417 63,126,417 * ITEM 7: MANAGERS - 1 PAGE 12 OF 01-23-2003 FORM 13F PAGE 11 FILE NO. 28-46 REPORTING MANAGER : MACKAY-SHIELDS FINANCIAL 12/31/2002 --------------------------------------------------------------------------------------------------------------------------- ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7* ITEM 8 NAME OF ISSUER TITLE CUSIP FAIR SHARES OR INVESTMENT DISCRETION MANA- VOTING AUTHORITY OF NUMBER MARKET PRINCIPAL SHARED GERS CLASS VALUE AMOUNT SOLE SHARED OTHER SOLE SHARED NONE (A) (B) (C) (A) (B) (C) --------------------------------------------------------------------------------------------------------------------------- HOSPITALITY PROPERTIES TRUST Common Stock 44106M10 676,051 19,206 19,206 19,206 HOT TOPIC INC Common Stock 44133910 4,262,796 186,311 186,311 186,311 ICN PHARMACEUTICALS INC CNV BD Conv Bond P2 448924AM 29,353,899 32,300,000 32,300,000 32,300,000 HYPERION SOLUTIONS CORP Common Stock 44914M10 2,202,486 85,800 85,800 85,800 IMC GLOBAL INC Common Stock 44966910 813,203 76,214 76,214 76,214 IDEXX LABORATORIES INC Common Stock 45168D10 3,670,988 111,750 111,750 111,750 ILLINOIS TOOL WORKS Common Stock 45230810 125,672,087 1,937,590 1,937,590 1,937,590 IMAGISTICS INTL INC Common Stock 45247T10 264,640 13,232 13,232 13,232 IMPERIAL CHEMICAL SPONS ADR Common Stock 45270450 4,272,995 296,942 296,942 296,942 INCYTE GENOMICS INC CNV BND Conv Bond P2 45337CAC 10,181,669 12,516,000 12,516,000 12,516,000 INSIGHT ENTERPRISES INC Common Stock 45765U10 801,774 96,483 96,483 96,483 INTEGRATED CIRCUIT SYSTEMS Common Stock 45811K20 8,456,064 463,346 463,346 463,346 INTEL CORP Common Stock 45814010 121,198,126 7,784,080 7,784,080 7,784,080 IBM Common Stock 45920010 107,170,742 1,380,447 1,380,447 1,380,447 INTERNATIONAL PAPER CO Common Stock 46014610 63,789,721 1,824,127 1,824,127 1,824,127 INTL PAPER CO CONV BD Conv Bond P1 460146BM 20,001,563 37,650,000 37,650,000 37,650,000 INTL RECTIFIER CORP CNV BND RE Conv Bond P2 460254AE 7,106,156 8,275,000 8,275,000 8,275,000 INTERNET SECURITIES SYSTEMS Common Stock 46060X10 2,249,091 122,700 122,700 122,700 INTERPUBLIC GROUP COS Conv Bond P2 460690AF 18,533,782 18,535,000 18,535,000 18,535,000 INTERPUBLIC GRP COS CBR (NO SE Conv Bond P2 460690AQ 3,790,650 5,060,000 5,060,000 5,060,000 INTERSIL HOLDING CORP Common Stock 46069S10 2,648,600 190,000 190,000 190,000 INTERWOVEN INC Common Stock 46114T10 754,000 290,000 290,000 290,000 INVITROGEN INC CONV BND REG Conv Bond P2 46185RAD 5,488,866 6,467,000 6,467,000 6,467,000 ISHARES TRUST - RUSSELL 1000V Common Stock 46428759 19,398,780 423,000 423,000 423,000 IVAX CORP Common Stock 46582310 622,269 51,300 51,300 51,300 IVAX CORP REG CNV BND REG Conv Bond P2 465823AG 10,550,625 12,750,000 12,750,000 12,750,000 ----------- ----------- -------------- -------------- COLUMN TOTALS 573,931,623 162,129,828 162,129,828 162,129,828 * ITEM 7: MANAGERS - 1 PAGE 13 OF 01-23-2003 FORM 13F PAGE 12 FILE NO. 28-46 REPORTING MANAGER : MACKAY-SHIELDS FINANCIAL 12/31/2002 ----------------------------------------------------------------------------------------------------------------------------- ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7* ITEM 8 NAME OF ISSUER TITLE CUSIP FAIR SHARES OR INVESTMENT DISCRETION MANA- VOTING AUTHORITY OF NUMBER MARKET PRINCIPAL SHARED GERS CLASS VALUE AMOUNT SOLE SHARED OTHER SOLE SHARED NONE (A) (B) (C) (A) (B) (C) ----------------------------------------------------------------------------------------------------------------------------- JDA SOFTWARE GROUP INC Common Stock 46612K10 1,090,276 112,865 112,865 112,865 JACOBS ENGINEERING GROUP INC Common Stock 46981410 3,406,920 95,700 95,700 95,700 CCU/JACOR COMM INC CNV BND Conv Bond P2 469858AB 21,466,500 42,933,000 42,933,000 42,933,000 JETBLUE AIRWAYS CORP Common Stock 47714310 680,400 25,200 25,200 25,200 JOHNSON & JOHNSON Common Stock 47816010 119,500,292 2,224,917 2,224,917 2,224,917 JOY GLOBAL INC-INCOMPLETE REOR Common Stock 48116510 11,943,426 1,060,695 1,060,695 1,060,695 JUNIPER NETWORKS CONV BOND REG Conv Bond P2 48203RAA 67,140,033 82,847,000 82,847,000 82,847,000 KLA-TENCOR CORP Common Stock 48248010 54,537,003 1,541,900 1,541,900 1,541,900 KV PHARMACEUTICAL CO CL A Common Stock 48274020 2,569,354 110,748 110,748 110,748 KB HOME Common Stock 48666K10 2,597,781 60,625 60,625 60,625 KENNAMETAL INC Common Stock 48917010 612,916 17,776 17,776 17,776 KERR MCGEE CORP Common Stock 49238610 6,674,061 150,656 150,656 150,656 KEYSTONE AUTOMOTIVE INDS INC Common Stock 49338N10 821,594 54,700 54,700 54,700 KIMBERLY-CLARK CORP Common Stock 49436810 11,260,359 237,210 237,210 237,210 KNIGHT TRANSPORTATION INC Common Stock 49906410 4,644,864 221,184 221,184 221,184 KOHLS CORP Common Stock 50025510 143,610,502 2,566,765 2,566,765 2,566,765 KRAFT FOOD INC-A Common Stock 50075N10 87,500,975 2,247,649 2,247,649 2,247,649 KROGER CO Common Stock 50104410 37,121,591 2,402,692 2,402,692 2,402,692 KROLL INC Common Stock 50104910 6,899,843 361,627 361,627 361,627 KULICKE & SOFFA IND CNV Conv Bond P2 501242AE 726,375 1,300,000 1,300,000 1,300,000 LSI LOGIC CORP Common Stock 50216110 390,167 67,620 67,620 67,620 LSI LOGIC CORP CONV BOND Conv Bond P2 502161AE 95,126,583 99,379,000 99,379,000 99,379,000 LSI LOGIC CORP CONV BD REG Conv Bond P2 502161AG 17,556,200 21,410,000 21,410,000 21,410,000 L-3 COMMUNICATIONS HLDGS INC Common Stock 50242410 5,199,545 115,777 115,777 115,777 LABORATORY CP CONV BND REG Conv Bond P2 50540RAC 7,821,468 11,655,000 11,655,000 11,655,000 LAM RESEARCH CORP CNV BND REG Conv Bond P2 512807AE 7,000,000 8,000,000 8,000,000 8,000,000 ----------- ----------- -------------- -------------- COLUMN TOTALS 717,899,028 281,200,306 281,200,306 281,200,306 * ITEM 7: MANAGERS - 1 PAGE 14 OF 01-23-2003 FORM 13F PAGE 13 FILE NO. 28-46 REPORTING MANAGER : MACKAY-SHIELDS FINANCIAL 12/31/2002 ----------------------------------------------------------------------------------------------------------------------------- ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7* ITEM 8 NAME OF ISSUER TITLE CUSIP FAIR SHARES OR INVESTMENT DISCRETION MANA- VOTING AUTHORITY OF NUMBER MARKET PRINCIPAL SHARED GERS CLASS VALUE AMOUNT SOLE SHARED OTHER SOLE SHARED NONE (A) (B) (C) (A) (B) (C) ----------------------------------------------------------------------------------------------------------------------------- LAMAR ADVERTISING CONV BOND Conv Bond P2 512815AF 13,708,250 13,540,000 13,540,000 13,540,000 LATTICE SEMICONDUCTOR CNV BND Conv Bond P2 518415AC 7,818,344 8,675,000 8,675,000 8,675,000 LEAR CORPORATION Common Stock 52186510 431,009 12,951 12,951 12,951 LEGG MASON INC Common Stock 52490110 4,381,512 90,266 90,266 90,266 LEGG MASON INC CONV BD Conv Bond P2 524901AG 11,541,300 22,630,000 22,630,000 22,630,000 LEHMAN BROTHERS HOLDINGS INC Common Stock 52490810 7,185,144 134,831 134,831 134,831 LEHMAN BROS HLDG/KROGER CONV B Conv Bond P2 524908FB 9,937,500 10,000,000 10,000,000 10,000,000 LENNAR CORP Common Stock 52605710 1,238,400 24,000 24,000 24,000 VIACOM-LIBERTY MEDIA CONV BD R Conv Bond P2 530715AR 15,819,255 16,786,000 16,786,000 16,786,000 LIFEPOINT HOSPITALS INC Common Stock 53219L10 4,174,746 139,479 139,479 139,479 LIMITED BRANDS INC Common Stock 53271610 1,432,004 102,800 102,800 102,800 LINENS 'N THINGS INC Common Stock 53567910 4,796,059 212,215 212,215 212,215 LIZ CLAIBORNE Common Stock 53932010 1,079,260 36,400 36,400 36,400 LLOYDS TSB GOUP PLC SP ADR Common Stock 53943910 926,459 32,405 32,405 32,405 LOCKHEED MARTIN CORP Common Stock 53983010 85,542,188 1,481,250 1,481,250 1,481,250 LOWES CORP CNV BND Conv Bond P2 540424AL 23,742,000 26,380,000 26,380,000 26,380,000 LOWES COS INC Common Stock 54866110 58,967,625 1,572,470 1,572,470 1,572,470 LUCENT TECHNOLOGIES INC Common Stock 54946310 235,582 186,970 186,970 186,970 M & T BANK CORPORATION Common Stock 55261F10 2,870,089 36,170 36,170 36,170 MDC HOLDINGS INC Common Stock 55267610 7,325,374 191,463 191,463 191,463 MSC INDUSTRIAL DIRECT CO CL-A Common Stock 55353010 3,608,113 203,274 203,274 203,274 MACK-CALI REALTY CORP Common Stock 55448910 5,156,030 170,166 170,166 170,166 MANDALAY RESORT GROUP Common Stock 56256710 434,662 14,200 14,200 14,200 MANHATTAN ASSOCIATES INC Common Stock 56275010 8,727,015 368,851 368,851 368,851 MANITOWOC COMPANY INC Common Stock 56357110 565,896 22,192 22,192 22,192 MANOR CARE Common Stock 56405510 447,105 24,025 24,025 24,025 ------------ ----------- -------------- -------------- COLUMN TOTALS 282,090,921 103,067,378 103,067,378 103,067,378 * ITEM 7: MANAGERS - 1 PAGE 15 OF 01-23-2003 FORM 13F PAGE 14 FILE NO. 28-46 REPORTING MANAGER : MACKAY-SHIELDS FINANCIAL 12/31/2002 ----------------------------------------------------------------------------------------------------------------------------- ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7* ITEM 8 NAME OF ISSUER TITLE CUSIP FAIR SHARES OR INVESTMENT DISCRETION MANA- VOTING AUTHORITY OF NUMBER MARKET PRINCIPAL SHARED 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 3,000,480 6,016,000 6,016,000 6,016,000 MARSH & MCLENNAN COS Common Stock 57174810 95,475,313 2,066,118 2,066,118 2,066,118 MARSHALL & ILSLEY CORP Common Stock 57183410 2,533,252 92,522 92,522 92,522 MCDERMOTT INTERNATIONAL Common Stock 58003710 657,000 150,000 150,000 150,000 MCDONALD'S CORP Common Stock 58013510 20,357,457 1,266,011 1,266,011 1,266,011 MCGRAW-HILL Common Stock 58064510 870,336 14,400 14,400 14,400 MEADWESTVACO CORP Common Stock 58333410 71,059,362 2,875,362 2,875,362 2,875,362 MEDIACOM COMMUNICATIONS CNV BN Conv Bond P2 58446KAA 7,230,138 8,633,000 8,633,000 8,633,000 MEDICIS PHARMACEUTICALS-CL A Common Stock 58469030 9,777,192 196,843 196,843 196,843 MEDTRONIC INC Common Stock 58505510 84,689,278 1,857,221 1,857,221 1,857,221 MEDTRONIC INC CONV BND REG Conv Bond P2 585055AB 22,789,335 21,654,000 21,654,000 21,654,000 MERCK & CO INC Common Stock 58933110 25,631,196 452,768 452,768 452,768 MERISTAR HOSPITALITY CORP Common Stock 58984Y10 263,274 39,890 39,890 39,890 MERITAGE CORPORATION Common Stock 59001A10 4,891,902 145,376 145,376 145,376 MERIX CORP Common Stock 59004910 2,583,092 307,511 307,511 307,511 MERRILL LYNCH Common Stock 59018810 45,739,921 1,205,268 1,205,268 1,205,268 MERRILL LYNCH & CO CONV BOND Conv Bond P1 590188A6 5,598,225 10,740,000 10,740,000 10,740,000 MERRILL LYNCH & CO CONV BD Conv Bond P4 590188A7 10,263,750 10,500,000 10,500,000 10,500,000 MICHAELS STORES INC Common Stock 59408710 6,870,257 219,497 219,497 219,497 MICROSOFT CORP Common Stock 59491810 199,414,500 3,857,147 3,857,147 3,857,147 MICRON TECHNOLOGY INC Common Stock 59511210 665,242 68,300 68,300 68,300 MID ATLANTIC MEDICAL SVCS Common Stock 59523C10 7,561,253 233,372 233,372 233,372 MINERALS TECHNOLOGIES INC Common Stock 60315810 783,863 18,166 18,166 18,166 MINORPLANET SYSTEMS USA INC Common Stock 60436310 8,247,410 10,710,922 10,710,922 10,710,922 MOORE CORP LTD Common Stock 61578510 910,000 100,000 100,000 100,000 MORGAN STANLEY Common Stock 61744644 80,649,378 2,020,275 2,020,275 2,020,275 ----------- ---------- -------------- -------------- COLUMN TOTALS 718,512,406 85,339,969 85,339,969 85,339,969 * ITEM 7: MANAGERS - 1 PAGE 16 OF 01-23-2003 FORM 13F PAGE 15 FILE NO. 28-46 REPORTING MANAGER : MACKAY-SHIELDS FINANCIAL 12/31/2002 --------------------------------------------------------------------------------------------------------------------------- ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7* ITEM 8 NAME OF ISSUER TITLE CUSIP FAIR SHARES OR INVESTMENT DISCRETION MANA- VOTING AUTHORITY OF NUMBER MARKET PRINCIPAL SHARED GERS CLASS VALUE AMOUNT SOLE SHARED OTHER SOLE SHARED NONE (A) (B) (C) (A) (B) (C) --------------------------------------------------------------------------------------------------------------------------- MOTOROLA INC Common Stock 62007610 36,095,048 4,172,838 4,172,838 4,172,838 MOVIE GALLERY INC Common Stock 62458110 1,692,665 130,205 130,205 130,205 MYRIAD GENETICS INC Common Stock 62855J10 1,264,360 86,600 86,600 86,600 NPS PHARMACEUTICALS INC Common Stock 62936P10 4,288,062 170,364 170,364 170,364 NABORS INDUSTRIES INC Conv Bond P2 629568AF 8,061,288 12,670,000 12,670,000 12,670,000 NASDAQ-100 SHARES Common Stock 63110010 4,700,973 192,900 192,900 192,900 NATIONAL-OILWELL INC Common Stock 63707110 8,440,068 386,450 386,450 386,450 NAVISTAR FINANCIAL CORP CNV BN Conv Bond P2 638902AM 17,816,161 23,253,000 23,253,000 23,253,000 NAUTILUS GROUP INC Common Stock 63910B10 616,297 46,130 46,130 46,130 NAVISTAR INTERNATIONAL Common Stock 63934E10 85,312,955 3,509,377 3,509,377 3,509,377 NETWORK ASSOC INC CNV BND Conv Bond P1 640938AB 483,750 1,000,000 1,000,000 1,000,000 NEUROCRINE BIOSCIENCES INC Common Stock 64125C10 7,549,196 165,335 165,335 165,335 NEW YORK COMMUNITY BANCORP Common Stock 64944510 3,841,040 133,000 133,000 133,000 NEW YORK TIMES CO CLS A Common Stock 65011110 553,333 12,100 12,100 12,100 NEWS AMERICA INC CNV BND REG Conv Bond P2 652482AZ 15,607,789 29,943,000 29,943,000 29,943,000 99 CENTS ONLY STORES Common Stock 65440K10 617,780 23,000 23,000 23,000 NOBLE ENERGY INC Common Stock 65504410 621,227 16,544 16,544 16,544 NORTEL NETWORKS CORP CNV BND R Conv Bond P2 656568AB 22,602,225 37,458,000 37,458,000 37,458,000 NVIDIA CORP Common Stock 67066G10 437,380 38,000 38,000 38,000 ODYSSEY HEALTHCARE INC Common Stock 67611V10 6,542,165 188,535 188,535 188,535 OLIN CORP Common Stock 68066520 2,625,680 168,854 168,854 168,854 OMNICOM GROUP INC Common Stock 68191910 113,491,218 1,756,830 1,756,830 1,756,830 OMNICOM GROUP INC CNV BND REG Conv Bond P2 681919AK 15,683,750 15,325,220 15,325,220 15,325,220 ORACLE CORPORATION Common Stock 68389X10 96,375,269 8,923,636 8,923,636 8,923,636 OSHKOSH TRUCK CORP Common Stock 68823920 3,238,037 52,651 52,651 52,651 OWENS ILLINOIS INC Common Stock 69076840 12,610,971 864,950 864,950 864,950 ----------- ----------- -------------- -------------- COLUMN TOTALS 471,168,687 140,687,519 140,687,519 140,687,519 * ITEM 7: MANAGERS - 1 PAGE 17 OF 01-23-2003 FORM 13F PAGE 16 FILE NO. 28-46 REPORTING MANAGER : MACKAY-SHIELDS FINANCIAL 12/31/2002 ---------------------------------------------------------------------------------------------------------------------------- ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7* ITEM 8 NAME OF ISSUER TITLE CUSIP FAIR SHARES OR INVESTMENT DISCRETION MANA- VOTING AUTHORITY OF NUMBER MARKET PRINCIPAL SHARED GERS CLASS VALUE AMOUNT SOLE SHARED OTHER SOLE SHARED NONE (A) (B) (C) (A) (B) (C) ---------------------------------------------------------------------------------------------------------------------------- OXFORD HEALTH PLANS Common Stock 69147110 1,384,881 37,994 37,994 37,994 PG & E CORPORATION Common Stock 69331C10 11,958,614 860,332 860,332 860,332 P.F. CHANGS CHINA BISTRO INC Common Stock 69333Y10 6,040,247 166,398 166,398 166,398 PMC SIERRA INC CONV BD Conv Bond P2 69344FAB 28,024,120 35,040,000 35,040,000 35,040,000 PNC FINANCIAL SERVICES GROUP Common Stock 69347510 34,746,413 829,270 829,270 829,270 PPL CORPORATION Common Stock 69351T10 13,276,475 382,828 382,828 382,828 PALL CORP Common Stock 69642930 567,554 34,026 34,026 34,026 PAN PACIFIC RETAIL PPTYS INC Common Stock 69806L10 687,202 18,812 18,812 18,812 PANERA BREAD COMPANY-CL A Common Stock 69840W10 6,351,537 182,463 182,463 182,463 PARK PLACE ENTERTAINMENT Common Stock 70069010 7,896,655 940,078 940,078 940,078 PARKER DRILLING CO Common Stock 70108110 412,199 185,675 185,675 185,675 PARKER DRILLING CORP CONV BD Conv Bond P2 701081AD 6,642,132 5,588,000 5,588,000 5,588,000 PATTERSON DENTAL COMPANY Common Stock 70341210 3,782,985 86,488 86,488 86,488 PATTERSON-UTI ENERGY INC Common Stock 70348110 5,824,439 193,054 193,054 193,054 PAYLESS SHOESOURCE INC Common Stock 70437910 4,511,140 87,646 87,646 87,646 PENN NATIONAL GAMING INC Common Stock 70756910 7,479,053 471,567 471,567 471,567 JC PENNEY CO INC (HLDG CO) Common Stock 70816010 794,259 34,518 34,518 34,518 PEPSI BOTTLING GROUP INC Common Stock 71340910 2,056,000 80,000 80,000 80,000 PEPSICO Common Stock 71344810 91,823,265 2,174,876 2,174,876 2,174,876 PERFORMANCE FOOD GROUP CP Common Stock 71375510 10,232,356 301,315 301,315 301,315 PFIZER INC Common Stock 71708110 134,651,893 4,404,707 4,404,707 4,404,707 PIER 1 IMPORTS INC Common Stock 72027910 8,682,794 458,679 458,679 458,679 PINNACLE WEST CAPITAL Common Stock 72348410 712,617 20,904 20,904 20,904 PITNEY BOWES INC Common Stock 72447910 7,381,454 226,009 226,009 226,009 PLACER DOME INC Common Stock 72590610 17,529,968 1,524,345 1,524,345 1,524,345 PLANAR SYSTEMS INC Common Stock 72690010 5,244,847 254,234 254,234 254,234 ----------- ----------- -------------- -------------- COLUMN TOTALS 418,695,099 54,584,218 54,584,218 54,584,218 * ITEM 7: MANAGERS - 1 PAGE 18 OF 01-23-2003 FORM 13F PAGE 17 FILE NO. 28-46 REPORTING MANAGER : MACKAY-SHIELDS FINANCIAL 12/31/2002 ---------------------------------------------------------------------------------------------------------------------------- ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7* ITEM 8 NAME OF ISSUER TITLE CUSIP FAIR SHARES OR INVESTMENT DISCRETION MANA- VOTING AUTHORITY OF NUMBER MARKET PRINCIPAL SHARED GERS CLASS VALUE AMOUNT SOLE SHARED OTHER SOLE SHARED NONE (A) (B) (C) (A) (B) (C) ---------------------------------------------------------------------------------------------------------------------------- PLEXUS CORP Common Stock 72913210 1,818,461 207,114 207,114 207,114 POLYONE CORPORATION Common Stock 73179P10 870,687 222,114 222,114 222,114 PRAXAIR INC Common Stock 74005P10 82,527,334 1,428,550 1,428,550 1,428,550 PREMCOR INC Common Stock 74045Q10 3,943,935 177,415 177,415 177,415 PREMIERE TECHNOLOGIES CNV BD Conv Bond P2 74058FAC 24,395,087 28,240,000 28,240,000 28,240,000 PRIDE INTERNATIONAL INC Common Stock 74153Q10 5,553,364 372,709 372,709 372,709 PRIDE INTERNATIONAL INC CONV B Conv Bond P2 74153QAB 19,017,403 16,501,000 16,501,000 16,501,000 PROCTER & GAMBLE Common Stock 74271810 9,766,565 113,644 113,644 113,644 PROVINCE HEALTHCARE CO CNV BND Conv Bond P2 743977AC 6,326,675 7,140,000 7,140,000 7,140,000 PROVIDIAN FINANCIAL CNV BND Conv Bond P2 74406AAA 23,628,416 29,710,000 29,710,000 29,710,000 PRUDENTIAL FINANCIAL INC Common Stock 74432010 67,747,285 2,134,445 2,134,445 2,134,445 QLOGIC CORP Common Stock 74727710 3,192,175 92,500 92,500 92,500 QUADRAMED CNV BD Conv Bond P2 74730WAC 16,533,511 24,765,000 24,765,000 24,765,000 QUEST DIAGNOSTICS INC Common Stock 74834L10 545,387 9,585 9,585 9,585 QUEST DIAGNOSTIC INC CONV BD Conv Bond P2 74834LAF 19,816,875 18,874,000 18,874,000 18,874,000 QUEST SOFTWARE INC Common Stock 74834T10 773,250 75,000 75,000 75,000 RF MICRO DEVICES INC CNV BND Conv Bond P2 749941AB 587,250 675,000 675,000 675,000 RADIO ONE INC - CL D Common Stock 75040P40 7,602,821 526,876 526,876 526,876 RARE HOSPITALITY INTL INC Common Stock 75382010 7,941,938 287,543 287,543 287,543 RATIONAL SOFTWARE CORP CNV BND Conv Bond P2 75409PAC 7,877,923 7,714,000 7,714,000 7,714,000 RAYMOND JAMES FINANCIAL INC Common Stock 75473010 3,841,555 129,870 129,870 129,870 RAYTHEON COMPANY Common Stock 75511150 57,370,183 1,865,697 1,865,697 1,865,697 ROSYLN BANCORP INC Common Stock 77816210 762,669 42,300 42,300 42,300 RUDOLPH TECHNOLOGIES INC Common Stock 78127010 5,208,838 271,860 271,860 271,860 RURAL CELLULAR CORP-CL A Common Stock 78190410 21,675 25,500 25,500 25,500 RYLAND GROUP INC Common Stock 78376410 4,228,413 126,789 126,789 126,789 ----------- ----------- -------------- -------------- COLUMN TOTALS 381,899,675 141,728,511 141,728,511 141,728,511 * ITEM 7: MANAGERS - 1 PAGE 19 OF 01-23-2003 FORM 13F PAGE 18 FILE NO. 28-46 REPORTING MANAGER : MACKAY-SHIELDS FINANCIAL 12/31/2002 ----------------------------------------------------------------------------------------------------------------------------- ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7* ITEM 8 NAME OF ISSUER TITLE CUSIP FAIR SHARES OR INVESTMENT DISCRETION MANA- VOTING AUTHORITY OF NUMBER MARKET PRINCIPAL SHARED GERS CLASS VALUE AMOUNT SOLE SHARED OTHER SOLE SHARED NONE (A) (B) (C) (A) (B) (C) ----------------------------------------------------------------------------------------------------------------------------- SBC COMMUNICATIONS (SOUTHWESTE Common Stock 78387G10 62,165,372 2,293,079 2,293,079 2,293,079 SCI SYSTEMS INC CONV BOND Conv Bond P2 783890AF 2,590,913 3,630,000 3,630,000 3,630,000 SL GREEN REALTY CORP Common Stock 78440X10 642,744 20,340 20,340 20,340 S & P 500 DEPOSITORY RECEIPT Common Stock 78462F10 10,049,397 113,900 113,900 113,900 SPX CORP Common Stock 78463510 3,212,311 85,776 85,776 85,776 SPX CORP CNV BND REG Conv Bond P2 784635AD 9,840,970 15,876,000 15,876,000 15,876,000 S3 INCORPORATED CNV BND Conv Bond P2 784849AC 307,725 1,865,000 1,865,000 1,865,000 SAFEWAY INC Common Stock 78651420 17,410,956 745,332 745,332 745,332 SALEM COMMUNICATIONS CL A Common Stock 79409310 2,721,730 109,000 109,000 109,000 SALTON INC Common Stock 79575710 150,842 15,680 15,680 15,680 SCANA CORP Common Stock 80589M10 647,126 20,902 20,902 20,902 HENRY SCHEIN INC Common Stock 80640710 10,431,045 231,801 231,801 231,801 SCHOLASTIC CORP Common Stock 80706610 367,804 10,231 10,231 10,231 SCIENTIFIC GAMES CORP-A Common Stock 80874P10 3,986,401 549,091 549,091 549,091 SCIOS INC Common Stock 80890510 2,547,756 78,200 78,200 78,200 SEMTECH CORP Common Stock 81685010 538,248 49,200 49,200 49,200 SERENA SOFTWARE INC Common Stock 81749210 7,164,412 453,731 453,731 453,731 SERVICEMASTER COMPANY Common Stock 81760N10 3,144,630 283,300 283,300 283,300 SHAW GROUP INC CONV BD REG Conv Bond P1 820280AC 18,370,672 28,220,000 28,220,000 28,220,000 SIEBEL SYSTEMS CNV BND REG Conv Bond P2 826170AC 10,076,073 10,361,000 10,361,000 10,361,000 SIX FLAGS INC Common Stock 83001P10 346,254 60,640 60,640 60,640 SMITH & WOLENSKY RESTAURANT Common Stock 83175810 1,543,696 441,056 441,056 441,056 SMITHFIELD FOODS INC Common Stock 83224810 1,342,989 67,691 67,691 67,691 SMURFIT-STONE CONTAINER CORP Common Stock 83272710 51,335,435 3,335,499 3,335,499 3,335,499 SOUTHTRUST CORP Common Stock 84473010 5,802,674 233,508 233,508 233,508 SOUTHWEST BANCORP OF TEXAS Common Stock 84476R10 7,275,419 252,531 252,531 252,531 ----------- ----------- -------------- -------------- COLUMN TOTALS 234,013,594 69,402,488 69,402,488 69,402,488 * ITEM 7: MANAGERS - 1 PAGE 20 OF 01-23-2003 FORM 13F PAGE 19 FILE NO. 28-46 REPORTING MANAGER : MACKAY-SHIELDS FINANCIAL 12/31/2002 --------------------------------------------------------------------------------------------------------------------------- ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7* ITEM 8 NAME OF ISSUER TITLE CUSIP FAIR SHARES OR INVESTMENT DISCRETION MANA- VOTING AUTHORITY OF NUMBER MARKET PRINCIPAL SHARED GERS CLASS VALUE AMOUNT SOLE SHARED OTHER SOLE SHARED NONE (A) (B) (C) (A) (B) (C) --------------------------------------------------------------------------------------------------------------------------- SOVEREIGN BANCORP INC Common Stock 84590510 5,027,568 357,834 357,834 357,834 STATION CASINOS Common Stock 85768910 6,742,355 380,924 380,924 380,924 STERICYCLE INC Common Stock 85891210 6,910,618 213,429 213,429 213,429 STEWART ENTERPRISES INC CLS A Common Stock 86037010 579,607 104,040 104,040 104,040 SUNGARD DATA SYSTEMS INC Common Stock 86736310 26,087,988 1,107,300 1,107,300 1,107,300 SUNOCO INC Common Stock 86764P10 29,714,017 895,540 895,540 895,540 SUPERVALU INC. CNV BND REG Conv Bond P1 868536AP 17,699,837 61,210,000 61,210,000 61,210,000 SYMANTEC CORP Common Stock 87150310 676,517 16,700 16,700 16,700 SYNOPSYS INC Common Stock 87160710 3,396,640 73,600 73,600 73,600 SYSCO Common Stock 87182910 99,335,053 3,334,510 3,334,510 3,334,510 TJX COMPANIES INC Common Stock 87254010 87,877,674 4,501,930 4,501,930 4,501,930 TAIWAN SEMICONDUCTOR - SP ADR Common Stock 87403910 1,057,500 150,000 150,000 150,000 TARGET CORP Common Stock 87612E10 102,920,400 3,430,680 3,430,680 3,430,680 TECH DATA CORP Common Stock 87823710 3,207,404 118,969 118,969 118,969 TECHNE CORP Common Stock 87837710 6,610,378 231,391 231,391 231,391 TEKELEC INC CONV BOND REG Conv Bond P2 879101AC 5,715,200 6,080,000 6,080,000 6,080,000 TELLABS INC Common Stock 87966410 1,491,339 205,136 205,136 205,136 TEMPLE INLAND INC Common Stock 87986810 22,724,092 507,121 507,121 507,121 TENET HEALTHCARE CORP Common Stock 88033G10 52,625,304 3,208,860 3,208,860 3,208,860 TEREX CORP Common Stock 88077910 497,925 44,697 44,697 44,697 TEVA PHAMACEUT FIN NV CONV BD Conv Bond P2 88163XAB 37,938,206 35,499,000 35,499,000 35,499,000 TEXAS INSTRS INC Common Stock 88250810 77,317,966 5,151,097 5,151,097 5,151,097 THERMO INS SYS CONV BOND Conv Bond P2 883556AH 16,624,375 16,750,000 16,750,000 16,750,000 TIDEWATER INC Common Stock 88642310 387,226 12,451 12,451 12,451 TIFFANY & CO NEW Common Stock 88654710 537,975 22,500 22,500 22,500 TIMKEN CO Common Stock 88738910 591,126 30,949 30,949 30,949 ----------- ----------- -------------- -------------- COLUMN TOTALS 614,294,290 143,638,658 143,638,658 143,638,658 * ITEM 7: MANAGERS - 1 PAGE 21 OF 01-23-2003 FORM 13F PAGE 20 FILE NO. 28-46 REPORTING MANAGER : MACKAY-SHIELDS FINANCIAL 12/31/2002 ---------------------------------------------------------------------------------------------------------------------------- ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7* ITEM 8 NAME OF ISSUER TITLE CUSIP FAIR SHARES OR INVESTMENT DISCRETION MANA- VOTING AUTHORITY OF NUMBER MARKET PRINCIPAL SHARED GERS CLASS VALUE AMOUNT SOLE SHARED OTHER SOLE SHARED NONE (A) (B) (C) (A) (B) (C) ---------------------------------------------------------------------------------------------------------------------------- TORO CO Common Stock 89109210 4,633,517 72,512 72,512 72,512 TRAVELERS PROPERTY CASUALTY - Common Stock 89420G40 16,944,351 1,156,351 1,156,351 1,156,351 TRIAD HOSPITALS INC Common Stock 89579K10 790,495 26,500 26,500 26,500 TUPPERWARE CORP Common Stock 89989610 421,863 27,975 27,975 27,975 TYCO INTL GROUP SA CONV BD Conv Bond P1 902118AW 8,733,213 11,510,000 11,510,000 11,510,000 UCBH HOLDINGS INC Common Stock 90262T30 10,934,314 257,581 257,581 257,581 USF&G CORP CONV BND Conv Bond P2 903290AD 6,619,375 8,500,000 8,500,000 8,500,000 UNILEVER NV Common Stock 90478470 4,555,802 73,826 73,826 73,826 UNISYS CORP Common Stock 90921410 135,412 13,678 13,678 13,678 UNITED DEFENSE INDS INC Common Stock 91018B10 664,050 28,500 28,500 28,500 UNITED TECHNOLOGIES CORP Common Stock 91301710 147,739,288 2,385,200 2,385,200 2,385,200 UNITEDHEALTH GROUP Common Stock 91324P10 200,966,214 2,406,781 2,406,781 2,406,781 UNIVERSAL HEALTH SVCS INC CL B Common Stock 91390310 1,136,520 25,200 25,200 25,200 UNIVERSAL HEALTH SERV CNV BND Conv Bond P2 913903AL 2,250,240 3,516,000 3,516,000 3,516,000 UNOCAL CORP Common Stock 91528910 34,101,593 1,115,593 1,115,593 1,115,593 UTSTARCOM INC Common Stock 91807610 4,013,592 202,400 202,400 202,400 VALERO ENERGY CORP Common Stock 91913Y10 7,345,815 198,858 198,858 198,858 VERITAS SOFTWARE CORP Common Stock 92343610 74,884,779 4,794,160 4,794,160 4,794,160 VERITAS SOFTWARE CONV BOND Conv Bond P2 92343RAA 16,372,442 19,207,000 19,207,000 19,207,000 VERIZON COMMUNICATIONS Common Stock 92343V10 69,508,355 1,793,764 1,793,764 1,793,764 VERIZON GLOBAL FDG CORP CNV BN Conv Bond P1 92344GAN 19,775,875 33,950,000 33,950,000 33,950,000 VERTEX PHARMACEUTICALS CONV BD Conv Bond P2 92532FAD 30,918,978 38,333,000 38,333,000 38,333,000 VIACOM INC-CL B Common Stock 92552430 93,510,655 2,294,177 2,294,177 2,294,177 VITESSE SEMICONDUCTOR CNV Conv Bond P2 928497AB 29,950,293 35,226,000 35,226,000 35,226,000 WAL MART STORES INC Common Stock 93114210 117,390,796 2,324,110 2,324,110 2,324,110 WALGREEN Common Stock 93142210 105,639,194 3,619,020 3,619,020 3,619,020 ----------- ----------- -------------- -------------- COLUMN TOTALS 1,009,937,021 173,058,186 173,058,186 173,058,186 * ITEM 7: MANAGERS - 1 PAGE 22 OF 01-23-2003 FORM 13F PAGE 21 FILE NO. 28-46 REPORTING MANAGER : MACKAY-SHIELDS FINANCIAL 12/31/2002 ---------------------------------------------------------------------------------------------------------------------------- ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7* ITEM 8 NAME OF ISSUER TITLE CUSIP FAIR SHARES OR INVESTMENT DISCRETION MANA- VOTING AUTHORITY OF NUMBER MARKET PRINCIPAL SHARED GERS CLASS VALUE AMOUNT SOLE SHARED OTHER SOLE SHARED NONE (A) (B) (C) (A) (B) (C) ---------------------------------------------------------------------------------------------------------------------------- WASHINGTON MUTUAL SAVINGS BANK Common Stock 93932210 56,204,066 1,627,688 1,627,688 1,627,688 WASTE CONNECTIONS INC Common Stock 94105310 10,362,383 268,386 268,386 268,386 WATSON PHARMACEUTICALS INC Common Stock 94268310 40,086,351 1,417,982 1,417,982 1,417,982 WEATHERFORD INTL INC CNV BND Conv Bond P2 947074AB 4,809,375 7,500,000 7,500,000 7,500,000 WEIGHT WATCHERS INTL Common Stock 94862610 2,096,002 45,595 45,595 45,595 WEINGARTEN RLTY INVESTORS Common Stock 94874110 650,432 17,646 17,646 17,646 WELLPOINT HEALTH NETWORKS Common Stock 94973H10 108,696,900 1,527,500 1,527,500 1,527,500 WERNER ENTERPRISES INC Common Stock 95075510 3,659,088 169,953 169,953 169,953 WILLIAMS-SONOMA INC Common Stock 96990410 2,992,690 110,228 110,228 110,228 WINNEBAGO INDUSTRIES Common Stock 97463710 855,214 21,800 21,800 21,800 WINTRUST FINANCIAL CORP Common Stock 97650W10 7,949,830 253,826 253,826 253,826 QUEBECOR WORLD INC CNV BND Conv Bond P2 981443AA 7,544,936 7,281,000 7,281,000 7,281,000 XL CAPITAL LTD CONV BOND Conv Bond P1 98372PAB 25,052,538 39,301,000 39,301,000 39,301,000 YELLOW CORPORATION Common Stock 98550910 490,393 19,467 19,467 19,467 YOUNG & RUBICAM INC CNV BND Conv Bond P2 987425AC 14,325,000 15,000,000 15,000,000 15,000,000 YOUNG BROADCASTING INC-A Common Stock 98743410 373,896 28,390 28,390 28,390 YUM! BRANDS INC Common Stock 98849810 3,990,342 164,754 164,754 164,754 COOPER INDUSTRIES CL A Common Stock G2418210 78,897,957 2,164,553 2,164,553 2,164,553 EVEREST RE GROUP LTD Common Stock G3223R10 888,063 16,059 16,059 16,059 GLOBALSANTAFE CORP Common Stock G3930E10 3,071,543 126,297 126,297 126,297 INGERSOLL-RAND CO CLASS A Common Stock G4776G10 1,946,613 45,207 45,207 45,207 PLATINUM UNDERWRITERS HLDGS Common Stock G7127P10 1,678,495 63,700 63,700 63,700 RENAISSANCERE HOLDINGS LTD Common Stock G7496G10 9,886,457 249,658 249,658 249,658 TRANSOCEAN SEDCO FOREX INC Common Stock G9007810 1,899,778 81,887 81,887 81,887 WEATHERFORD INTERNATIONAL Common Stock G9508910 52,150,976 1,306,060 1,306,060 1,306,060 WILLIS GROUP HOLDINGS LTD Common Stock G9665510 3,424,832 119,457 119,457 119,457 ----------- ----------- -------------- -------------- COLUMN TOTALS 443,984,150 78,928,093 78,928,093 78,928,093 * ITEM 7: MANAGERS - 1 PAGE 23 OF 01-23-2003 FORM 13F PAGE 22 FILE NO. 28-46 REPORTING MANAGER : MACKAY-SHIELDS FINANCIAL 12/31/2002 ----------------------------------------------------------------------------------------------------------------------------- ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7* ITEM 8 NAME OF ISSUER TITLE CUSIP FAIR SHARES OR INVESTMENT DISCRETION MANA- VOTING AUTHORITY OF NUMBER MARKET PRINCIPAL SHARED GERS CLASS VALUE AMOUNT SOLE SHARED OTHER SOLE SHARED NONE (A) (B) (C) (A) (B) (C) ----------------------------------------------------------------------------------------------------------------------------- UBS AG-REGISTERED Common Stock H8920M85 2,665,271 55,388 55,388 55,388 PRECISE SOFTWARE SOLUTIONS Common Stock M4145010 10,032,103 607,638 607,638 607,638 TARO PHARMACEUTICALS INDUS Common Stock M8737E10 9,819,654 261,161 261,161 261,161 ASM INTERNATIONAL N.V Common Stock N0704510 3,639,051 282,097 282,097 282,097 ORTHOFIX INTERNATIONAL NV Common Stock N6748L10 1,546,281 54,932 54,932 54,932 ASE TEST LIMITED Common Stock Y0251610 2,264,000 566,000 566,000 566,000 Albertsons Inc Common Stock 01310410 30,318 1,362 1,362 1,362 Amerisource Health Corp Convert 03071PAD 242,250 190,000 190,000 190,000 Baxter International Inc Convert 071813AR 316,800 320,000 320,000 320,000 Health Management CV Convert 421933AB 231,437 350,000 350,000 350,000 Intermune Inc Com Common Stock 45884X10 2,219 87 87 87 Pride International Inc Convert 741932AB 267,094 555,000 555,000 555,000 Racing Champions Ertl Common Stock 75006910 2,866 210 210 210 Scherling Plough Corp Common Stock 80660510 32,634 1,470 1,470 1,470 Symantec Corp Convert 871503AB 98,612 70,000 70,000 70,000 ----------- ----------- -------------- -------------- COLUMN TOTALS 31,190,596 3,315,345 3,315,345 3,315,345 -------------- ----------- -------------- -------------- REPORT TOTALS 11,125,445,033 2,358,745,353 2,358,745,353 2,358,745,353 ============== ============= =============== =============== * ITEM 7: MANAGERS - 1 PAGE 24 OF