13F-HR 1 f13.txt
04-02-2003 FORM 13F PAGE 1 FILE NO. 28-46 REPORTING MANAGER : MACKAY-SHIELDS FINANCIAL 03/31/2003 --------------------------------------------------------------------------------------------------------------------------- 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 3,947,455 285,455 285,455 285,455 AFLAC INC Common Stock 00105510 3,051,641 95,215 95,215 95,215 AGCO CP Common Stock 00108410 10,998,892 683,131 683,131 683,131 AES CORP Common Stock 00130H10 292,713 80,860 80,860 80,860 AOL TIME WARNER Common Stock 00184A10 859,026 79,100 79,100 79,100 ATMI INC Common Stock 00207R10 4,059,469 210,772 210,772 210,772 AT & T WIRELESS SERVICES INC Common Stock 00209A10 2,382,296 360,954 360,954 360,954 AAIPHARMA INC Common Stock 00252W10 508,537 58,995 58,995 58,995 ABERCROMBIE & FITCH CO CLS A Common Stock 00289620 60,660 22,000 22,000 22,000 ABITIBI-CONSOLIDATED INC Common Stock 00392410 13,877,517 1,996,765 1,996,765 1,996,765 ACCREDO HEALTH INC Common Stock 00437V10 545,194 22,400 22,400 22,400 ADAPTEC INC CNV BND REG Conv Bond P2 00651FAC 7,166,873 7,149,000 7,149,000 7,149,000 ADVANCE AUTO PARTS Common Stock 00751Y10 5,290,214 114,383 114,383 114,383 ADVANCED MICRO DEVICES Common Stock 00790310 35,681,089 5,773,639 5,773,639 5,773,639 ADVANCED MICRO DEVICES CONV BD Conv Bond P2 007903AF 20,065,513 25,580,000 25,580,000 25,580,000 ADVANCEPCS Common Stock 00790K10 4,255,194 150,148 150,148 150,148 ADVANCED ENERGY INDUSTRIES Common Stock 00797310 2,322,599 270,384 270,384 270,384 AFFILIATED COMPUTER SVSC Common Stock 00819010 2,526,361 57,080 57,080 57,080 AFFILIATED MANAGERS GROUP Common Stock 00825210 7,784,565 187,264 187,264 187,264 AFFILIATED MANAGERS GRP CONV B Conv Bond P1 008252AC 9,760,500 10,845,000 10,845,000 10,845,000 AFFYMETRIX INC Common Stock 00826T10 6,220,292 239,242 239,242 239,242 AGILENT TECHNOLOGIES Common Stock 00846U10 28,944,465 2,201,100 2,201,100 2,201,100 AIR PRODUCTS & CHEMICALS Common Stock 00915810 94,444,077 2,279,606 2,279,606 2,279,606 AIRGAS INC Common Stock 00936310 5,141,856 277,788 277,788 277,788 AKAMAI TECHNOLOGIES INC Conv Bond P2 00971TAC 1,704,094 3,285,000 3,285,000 3,285,000 ALCOA INC Common Stock 01381710 49,199,521 2,538,675 2,538,675 2,538,675 ----------- ----------- -------------- -------------- COLUMN TOTALS 321,090,613 64,843,956 64,843,956 64,843,956 * ITEM 7: MANAGERS - 1 PAGE 3 OF 04-02-2003 FORM 13F PAGE 2 FILE NO. 28-46 REPORTING MANAGER : MACKAY-SHIELDS FINANCIAL 03/31/2003 ---------------------------------------------------------------------------------------------------------------------------- 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) ---------------------------------------------------------------------------------------------------------------------------- ALLIANCE GAMING CORP Common Stock 01859P60 4,169,580 277,972 277,972 277,972 ALLIANT TECHSYSTEMS INC Common Stock 01880410 569,806 10,550 10,550 10,550 ALLSTATE CORP Common Stock 02000210 41,680,891 1,256,584 1,256,584 1,256,584 ALLTEL CORP Common Stock 02003910 37,507,447 835,968 835,968 835,968 ALTERA CORP Common Stock 02144110 568,680 42,000 42,000 42,000 ALTIRIS INC Common Stock 02148M10 758,143 60,700 60,700 60,700 ALZA CORP CONV BOND Conv Bond P2 02261WAB 8,451,776 10,340,000 10,340,000 10,340,000 AMERICAN EXPRESS Common Stock 02581610 131,419,134 3,954,834 3,954,834 3,954,834 AMERICAN INTL GROUP CONV BND Conv Bond P2 026874AN 27,832,410 30,132,000 30,132,000 30,132,000 AMERICAN ITALIAN PASTA CO - A Common Stock 02707010 4,787,732 110,699 110,699 110,699 AMERICAN STANDARD COMPANIES Common Stock 02971210 68,139,723 990,835 990,835 990,835 AMERISTAR CASINOS INC Common Stock 03070Q10 3,846,475 358,813 358,813 358,813 AMERISOURCEBERGEN CORP Common Stock 03073E10 808,500 15,400 15,400 15,400 AMGEN Common Stock 03116210 114,444,966 1,988,618 1,988,618 1,988,618 AMGEN INC CONV BD REG Conv Bond P1 031162AE 15,129,606 19,745,000 19,745,000 19,745,000 AMKOR TECHNOLOGIES INC CONV BD Conv Bond P2 031652AN 2,911,563 3,850,000 3,850,000 3,850,000 AMPHENOL CORP -CL A Common Stock 03209510 11,412,975 280,073 280,073 280,073 ANALOG DEVICES Common Stock 03265410 80,263,975 2,918,690 2,918,690 2,918,690 ANALOG DEVICES INC CONV BND RE Conv Bond P2 032654AD 10,150,000 10,000,000 10,000,000 10,000,000 ANTHEM INC Common Stock 03674B10 937,106 14,145 14,145 14,145 APOLLO GROUP INC-CL A Common Stock 03760410 808,380 16,200 16,200 16,200 APPLE COMPUTER INC Common Stock 03783310 36,234,612 2,562,561 2,562,561 2,562,561 APRIA HEALTHCARE GROUP I Common Stock 03793310 38,322,010 1,640,497 1,640,497 1,640,497 APPLIED FILMS CORP Common Stock 03819710 5,008,515 310,144 310,144 310,144 APPLIED MATLS INC Common Stock 03822210 50,736,109 4,033,077 4,033,077 4,033,077 ARCH CHEMICALS INC Common Stock 03937R10 6,989,724 373,782 373,782 373,782 ----------- ----------- ------------- -------------- COLUMN TOTALS 703,889,838 96,119,142 96,119,142 96,119,142 * ITEM 7: MANAGERS - 1 PAGE 4 OF 04-02-2003 FORM 13F PAGE 3 FILE NO. 28-46 REPORTING MANAGER : MACKAY-SHIELDS FINANCIAL 03/31/2003 ---------------------------------------------------------------------------------------------------------------------------- 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) ---------------------------------------------------------------------------------------------------------------------------- ARGOSY GAMING CO Common Stock 04022810 2,101,656 105,188 105,188 105,188 ARROW ELECTRONIC INC. CNV BND Conv Bond P2 042735AY 11,289,785 24,028,000 24,028,000 24,028,000 ASPEN TECHNOLOGY INC CONV BD Conv Bond P2 045327AB 2,466,888 3,262,000 3,262,000 3,262,000 ATMEL CORP CNV BND REG Conv Bond P1 049513AE 2,265,275 7,220,000 7,220,000 7,220,000 AUTODESK INC Common Stock 05276910 2,728,488 178,800 178,800 178,800 AUTOZONE INC Common Stock 05333210 700,842 10,200 10,200 10,200 AVAYA INC CONV BD Conv Bond P1 053499AA 3,812,900 8,380,000 8,380,000 8,380,000 AVENTIS SPON ADR Common Stock 05356110 331,125 7,500 7,500 7,500 AVOCENT CORPORATION Common Stock 05389310 10,045,942 430,803 430,803 430,803 BB&T CORPORATION Common Stock 05493710 4,811,022 153,071 153,071 153,071 THE BISYS GROUP INC Common Stock 05547210 7,969,056 488,300 488,300 488,300 BJ SVCS CO Common Stock 05548210 60,358,233 1,755,110 1,755,110 1,755,110 BJ SERVICES CO CNVT BD REG Conv Bond P2 055482AF 47,200,925 56,362,000 56,362,000 56,362,000 BP AMOCO PLC ADR AMERICAN SHAR Common Stock 05562210 1,250,316 32,400 32,400 32,400 BAKER HUGHES Common Stock 05722410 70,064,185 2,340,935 2,340,935 2,340,935 BANK OF AMERICA CORP Common Stock 06050510 195,515,623 2,925,129 2,925,129 2,925,129 BANK NEW YORK INC Common Stock 06405710 5,971,650 291,300 291,300 291,300 BANKNORTH GROUP INC Common Stock 06646R10 516,504 23,682 23,682 23,682 BARR LABORATORIES INC Common Stock 06830610 12,868,662 225,766 225,766 225,766 BAUSCH & LOMB INC Common Stock 07170710 14,679,728 446,328 446,328 446,328 BAXTER INTERNATIONAL Common Stock 07181310 51,841,009 2,781,170 2,781,170 2,781,170 BAXTER INTERNATIONAL CONV PFD ConvPfdStock 07181340 3,851,000 100,000 100,000 100,000 BECTON DICKINSON Common Stock 07588710 9,018,906 261,873 261,873 261,873 BED BATH & BEYOND INC Common Stock 07589610 101,060,068 2,925,885 2,925,885 2,925,885 BELLSOUTH Common Stock 07986010 23,613,799 1,089,700 1,089,700 1,089,700 BERKLEY (WR) GROUP Common Stock 08442310 4,089,133 95,429 95,429 95,429 ----------- ----------- -------------- -------------- COLUMN TOTALS 650,422,720 115,920,569 115,920,569 115,920,569 * ITEM 7: MANAGERS - 1 PAGE 5 OF 04-02-2003 FORM 13F PAGE 4 FILE NO. 28-46 REPORTING MANAGER : MACKAY-SHIELDS FINANCIAL 03/31/2003 --------------------------------------------------------------------------------------------------------------------------- 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) --------------------------------------------------------------------------------------------------------------------------- BEVERLY ENTERPRISES Common Stock 08785130 312,292 154,600 154,600 154,600 MERRILL LYNCH-BIOTECH HOLDERS Common Stock 09067D20 5,082,125 54,500 54,500 54,500 BIOVAIL CORP Common Stock 09067J10 637,920 16,000 16,000 16,000 BOISE CASCADE Common Stock 09738310 6,178,656 282,776 282,776 282,776 BOSTON SCIENTIFIC CORP Common Stock 10113710 3,151,849 77,327 77,327 77,327 BOWATER INC Common Stock 10218310 6,628,340 178,421 178,421 178,421 BRINKER INTL INC Common Stock 10964110 3,100,295 101,649 101,649 101,649 BRINKER INTERNATIONAL CONV BD Conv Bond P2 109641AC 9,571,351 14,000,000 14,000,000 14,000,000 BRISTOL-MYERS SQUIBB Common Stock 11012210 22,102,403 1,046,020 1,046,020 1,046,020 BROCADE COMMUNICATIONS SYS CON Conv Bond P2 111621AB 19,572,987 25,760,000 25,760,000 25,760,000 BROOKS AUTOMAT CNV BND REG Conv Bond P2 11434AAB 6,873,975 8,220,000 8,220,000 8,220,000 BURLINGTON NORTHERN SANTA FE Common Stock 12189T10 59,237,897 2,379,032 2,379,032 2,379,032 BURLINGTON RES INC Common Stock 12201410 9,167,763 192,156 192,156 192,156 BUSINESS OBJECTS SA-SP ADR Common Stock 12328X10 5,766,956 352,719 352,719 352,719 CNET INC CONV BND Conv Bond P2 125945AC 13,293,118 15,830,000 15,830,000 15,830,000 CNF INC Common Stock 12612W10 528,429 17,354 17,354 17,354 CSX CORP Common Stock 12640810 4,295,767 150,623 150,623 150,623 CVS CORPORATION Common Stock 12665010 52,353,875 2,195,131 2,195,131 2,195,131 CABOT MICROELECTRONICS CORP Common Stock 12709P10 2,122,809 50,700 50,700 50,700 CACI INTERTNATIONAL INC CLA Common Stock 12719030 6,823,187 204,532 204,532 204,532 CALLAWAY GOLF CO Common Stock 13119310 5,728,049 482,159 482,159 482,159 CALPINE CORP CNV BND REG Conv Bond P2 131347BA 3,996,300 6,055,000 6,055,000 6,055,000 CANADIAN NATL RAILWAY CO Common Stock 13637510 2,914,723 68,101 68,101 68,101 CANON INC - SP ADR Common Stock 13800630 1,743,938 49,699 49,699 49,699 CAPITAL ONE FINL CORP Common Stock 14040H10 435,145 14,500 14,500 14,500 CARDINAL HEALTH INC Common Stock 14149Y10 103,567,472 1,817,930 1,817,930 1,817,930 ----------- ----------- -------------- -------------- COLUMN TOTALS 355,187,621 79,750,929 79,750,929 79,750,929 * ITEM 7: MANAGERS - 1 PAGE 6 OF 04-02-2003 FORM 13F PAGE 5 FILE NO. 28-46 REPORTING MANAGER : MACKAY-SHIELDS FINANCIAL 03/31/2003 --------------------------------------------------------------------------------------------------------------------------- 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) --------------------------------------------------------------------------------------------------------------------------- CAREER EDUCATION CORP Common Stock 14166510 738,692 15,100 15,100 15,100 CAREMARK RX INC Common Stock 14170510 5,252,737 289,407 289,407 289,407 CELESTICA INC CNV BND Conv Bond P2 15101QAA 8,100,000 16,200,000 16,200,000 16,200,000 CELGENE CORP Common Stock 15102010 8,004,108 306,906 306,906 306,906 CENDANT CORPORATION Common Stock 15131310 95,104,598 7,488,551 7,488,551 7,488,551 CENDANT CORP CNV BND REG Conv Bond P2 151313AF 11,806,043 18,097,000 18,097,000 18,097,000 CENDANT CORP CNV BND REG (STEP Conv Bond P2 151313AH 9,198,488 9,210,000 9,210,000 9,210,000 CENTEX CORP Common Stock 15231210 706,680 13,000 13,000 13,000 CENTURYTEL INC Common Stock 15670010 648,655 23,502 23,502 23,502 CHARLES RIVER LABORATORIES Common Stock 15986410 3,761,239 147,384 147,384 147,384 THE CHEESECAKE FACTORY Common Stock 16307210 4,548,134 140,940 140,940 140,940 CHESAPEAKE ENERGY CORP Common Stock 16516710 3,015,882 383,700 383,700 383,700 CHEVRON TEXACO CORP Common Stock 16676410 48,820,965 755,158 755,158 755,158 CHICO'S FAS INC. Common Stock 16861510 5,820,360 291,018 291,018 291,018 CHIQUITA BRANDS Common Stock 17003280 3,864,369 352,267 352,267 352,267 CHUBB CORP Common Stock 17123210 8,917,096 201,198 201,198 201,198 CHUBB CORPORATION CONV PFD ConvPfdStock 17123230 6,690,068 312,620 312,620 312,620 CIENA CORP CONV BOND Conv Bond P2 171779AA 69,284,065 88,765,000 88,765,000 88,765,000 CISCO SYS INC Common Stock 17275R10 121,659,410 9,430,962 9,430,962 9,430,962 CITIGROUP INC Common Stock 17296710 140,328,630 4,073,400 4,073,400 4,073,400 CALIF FED BK - GOODWILL CERTIF Common Stock 17306J20 47,444 45,619 45,619 45,619 CITIZENS UTILITIES TRUST 5.00 ConvPfdStock 17735120 3,542,880 73,810 73,810 73,810 CITRIX SYSTEMS INC Common Stock 17737610 3,666,376 278,600 278,600 278,600 CITY NATIONAL CORP Common Stock 17856610 501,531 11,414 11,414 11,414 CLAIRE'S STORES INC Common Stock 17958410 602,055 25,500 25,500 25,500 CLARCOR INC Common Stock 17989510 6,446,568 178,082 178,082 178,082 ----------- ----------- -------------- -------------- COLUMN TOTALS 571,077,073 157,110,138 157,110,138 157,110,138 * ITEM 7: MANAGERS - 1 PAGE 7 OF 04-02-2003 FORM 13F PAGE 6 FILE NO. 28-46 REPORTING MANAGER : MACKAY-SHIELDS FINANCIAL 03/31/2003 -------------------------------------------------------------------------------------------------------------------------- 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) -------------------------------------------------------------------------------------------------------------------------- CLEAR CHANNEL COMMUNICATIONS Common Stock 18450210 101,181,155 2,982,935 2,982,935 2,982,935 CLEAR CHANNEL COMM CNV BND Conv Bond P2 184502AB 6,617,261 6,609,000 6,609,000 6,609,000 CLOROX Common Stock 18905410 3,639,812 78,835 78,835 78,835 COACH INC Common Stock 18975410 4,229,217 110,337 110,337 110,337 COCA-COLA CO Common Stock 19121610 71,230,672 1,759,651 1,759,651 1,759,651 COLGATE PALMOLIVE CO Common Stock 19416210 93,696,956 1,721,105 1,721,105 1,721,105 COMCAST CORP-SPECIAL CL A Common Stock 20030N20 6,564,612 238,800 238,800 238,800 COMMERCE BANCORP INC/NJ Common Stock 20051910 2,311,000 58,153 58,153 58,153 COMMONWEALTH INDUSTRIES INC Common Stock 20300410 878,357 177,805 177,805 177,805 COMPASS BANCSHARES INC Common Stock 20449H10 9,092,002 290,758 290,758 290,758 COMPUTER SCIENCES CORP Common Stock 20536310 22,049,338 677,399 677,399 677,399 COMVERSE TECHNOLOGY CNV BND Conv Bond P2 205862AJ 22,775,852 23,684,000 23,684,000 23,684,000 CONOCOPHILLIPS Common Stock 20825C10 73,997,533 1,380,551 1,380,551 1,380,551 CONSTELLATION ENERGY GROUP Common Stock 21037110 601,741 21,700 21,700 21,700 COOPER CAMERON CORP Common Stock 21664010 2,425,990 49,000 49,000 49,000 COOPER CAMERON CORP CNV BND Conv Bond P2 216640AB 24,194,338 24,015,000 24,015,000 24,015,000 COOPER COMPANIES INC Common Stock 21664840 4,092,981 136,889 136,889 136,889 COORS ADOLPH CO CL B Common Stock 21701610 636,126 13,116 13,116 13,116 CORINTHIAN COLLEGES INC Common Stock 21886810 8,263,874 209,212 209,212 209,212 CORN PRODUCTS INTL INC Common Stock 21902310 566,754 19,436 19,436 19,436 CORNING INC CONV BOND Conv Bond P2 219350AJ 6,552,000 9,600,000 9,600,000 9,600,000 CORNING INC CONV BD Conv Bond P2 219350AK 3,224,188 3,265,000 3,265,000 3,265,000 CORPORATE EXECUTIVE BOARD CO Common Stock 21988R10 4,774,042 134,027 134,027 134,027 COVENTRY HEALTH CARE INC Common Stock 22286210 11,008,040 334,608 334,608 334,608 PCS/COX COMM CONV BOND Conv Bond P2 224044AX 29,738,512 56,125,000 56,125,000 56,125,000 CRANE CO Common Stock 22439910 250,430 14,376 14,376 14,376 ----------- ----------- -------------- -------------- COLUMN TOTALS 514,592,783 133,706,693 133,706,693 133,706,693 * ITEM 7: MANAGERS - 1 PAGE 8 OF 04-02-2003 FORM 13F PAGE 7 FILE NO. 28-46 REPORTING MANAGER : MACKAY-SHIELDS FINANCIAL 03/31/2003 ---------------------------------------------------------------------------------------------------------------------------- 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) ---------------------------------------------------------------------------------------------------------------------------- CROMPTON CORPORATION Common Stock 22711610 1,426,508 352,224 352,224 352,224 CUMMINS, INC Common Stock 23102110 5,530,621 224,822 224,822 224,822 CYMER INC Common Stock 23257210 5,116,708 216,351 216,351 216,351 CYPRESS SEMICONDUCTOR CNV BND Conv Bond P2 232806AE 3,655,438 4,090,000 4,090,000 4,090,000 CYPRESS SEMICONDUCTOR CONV BD Conv Bond P2 232806AF 3,027,575 3,490,000 3,490,000 3,490,000 CYTYC CORPORATION Common Stock 23294610 2,452,095 187,900 187,900 187,900 DQE INC Common Stock 23329J10 467,889 38,383 38,383 38,383 DRS TECHNOLOGIES INC Common Stock 23330X10 5,913,840 236,459 236,459 236,459 D.R. HORTON INC Common Stock 23331A10 1,155,840 60,200 60,200 60,200 DTE ENERGY COMPANY Common Stock 23333110 12,951,577 335,099 335,099 335,099 DAN RIVER INC - CL A Common Stock 23577410 822,120 241,800 241,800 241,800 DANAHER CORP Common Stock 23585110 93,750,086 1,425,640 1,425,640 1,425,640 DEAN FOODS CO Common Stock 24237010 2,603,693 60,678 60,678 60,678 DEL MONTE FOODS CO Common Stock 24522P10 303,115 40,632 40,632 40,632 DELL COMPUTER CORP Common Stock 24702510 33,413,785 1,223,500 1,223,500 1,223,500 DELPHI CORP Common Stock 24712610 27,403,545 4,012,232 4,012,232 4,012,232 DEVELOPERS DIVERS REALTY CORP Common Stock 25159110 5,594,927 231,674 231,674 231,674 DEVON ENERGY CNV BND Conv Bond P1 25179MAD 3,081,650 5,720,000 5,720,000 5,720,000 DIAGEO PLC -SPONS ADR Common Stock 25243Q20 470,043 11,431 11,431 11,431 DIAGNOSTIC PRODS CORP Common Stock 25245010 7,078,460 189,517 189,517 189,517 DIAMONDS TRUST SERIES I Common Stock 25278710 8,953,560 112,200 112,200 112,200 DIME COMMUNITY BANCSHARES Common Stock 25392210 3,089,926 135,345 135,345 135,345 DORAL FINANCIAL CORP Common Stock 25811P10 9,873,255 279,300 279,300 279,300 ENSCO INTL INC Common Stock 26874Q10 7,086,525 277,794 277,794 277,794 EOP OPERATING LP CNV BND REG Conv Bond P2 268766BR 9,738,750 9,275,000 9,275,000 9,275,000 E*TRADE GROUP INC CONV BD Conv Bond P2 269246AB 3,299,250 4,150,000 4,150,000 4,150,000 ----------- ----------- -------------- -------------- COLUMN TOTALS 258,260,761 36,618,181 36,627,181 36,627,181 * ITEM 7: MANAGERS - 1 PAGE 9 OF 04-02-2003 FORM 13F PAGE 8 FILE NO. 28-46 REPORTING MANAGER : MACKAY-SHIELDS FINANCIAL 03/31/2003 --------------------------------------------------------------------------------------------------------------------------- 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) ---------------------------------------------------------------------------------------------------------------------------- EAST WEST BANCORP INC Common Stock 27579R10 4,821,516 156,289 156,289 156,289 EDUCATION MANAGEMENT CORP Common Stock 28139T10 3,935,122 98,947 98,947 98,947 EL PASO ENER CAP TR CNVPFD ConvPfdStock 28367820 26,410,932 1,091,010 1,091,010 1,091,010 ELECTRONIC ARTS INC Common Stock 28551210 82,779,742 1,411,660 1,411,660 1,411,660 EMULEX CORP Common Stock 29247520 4,801,403 250,726 250,726 250,726 ENERGY EAST CORPORATION Common Stock 29266M10 7,206,793 404,876 404,876 404,876 ENERGIZER HOLDINGS INC Common Stock 29266R10 4,573,747 179,433 179,433 179,433 ENTERGY Common Stock 29364G10 5,194,422 107,888 107,888 107,888 EQUITABLE RES INC Common Stock 29454910 631,968 16,848 16,848 16,848 EQUITY OFFICE PROPERTIES TRUST ConvPfdStock 29474150 5,157,788 108,300 108,300 108,300 ESCO TECHNOLOGIES INC Common Stock 29631510 4,114,366 125,438 125,438 125,438 EXTREME NETWORKS INC Common Stock 30226D10 3,050,948 704,607 704,607 704,607 EXTREME NETWORKS INC CONV BD R Conv Bond P2 30226DAB 5,904,375 7,050,000 7,050,000 7,050,000 EXXON MOBIL CORPORATION Common Stock 30231G10 57,176,487 1,635,951 1,635,951 1,635,951 FLIR SYSTEMS INC Common Stock 30244510 8,017,837 169,117 169,117 169,117 FTI CONSULTING INC Common Stock 30294110 6,894,175 149,160 149,160 149,160 FAIRCHILD SEMICON INTL -CL A Common Stock 30372610 8,899,107 850,775 850,775 850,775 FAIRCHILD SEMICONDUCTOR CONV B Conv Bond P2 303727AJ 11,288,778 12,107,000 12,107,000 12,107,000 FANNIE MAE Common Stock 31358610 100,280,882 1,534,520 1,534,520 1,534,520 FEDERATED DEPT STORES Common Stock 31410H10 5,957,304 212,609 212,609 212,609 FEDEX CORPORATION Common Stock 31428X10 112,075,160 2,035,140 2,035,140 2,035,140 FELCOR LODGING TRUST INC Common Stock 31430F10 1,444,737 231,900 231,900 231,900 FIBERMARK INC Common Stock 31564610 659,282 107,550 107,550 107,550 FIFTH THIRD BANCORP Common Stock 31677310 84,887,020 1,693,000 1,693,000 1,693,000 FINISAR CORP CONV BD Conv Bond P2 31787AAC 1,571,281 3,265,000 3,265,000 3,265,000 FIRST DATA CORP Common Stock 31996310 95,366,998 2,576,790 2,576,790 2,576,790 ----------- ----------- -------------- -------------- COLUMN TOTALS 653,102,170 38,274,534 38,274,534 38,274,534 * ITEM 7: MANAGERS - 1 PAGE 10 OF 04-02-2003 FORM 13F PAGE 9 FILE NO. 28-46 REPORTING MANAGER : MACKAY-SHIELDS FINANCIAL 03/31/2003 ---------------------------------------------------------------------------------------------------------------------------- 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) ---------------------------------------------------------------------------------------------------------------------------- FIRST VIRGINIA BANKS INC Common Stock 33747710 666,204 16,982 16,982 16,982 FISERV INC Common Stock 33773810 509,976 16,200 16,200 16,200 FIRSTENERGY CORO Common Stock 33793210 27,440,249 871,119 871,119 871,119 FISHER SCIENTIFIC INTL Common Stock 33803220 3,338,564 119,405 119,405 119,405 FLEET BOSTON FINANCIAL CORP Common Stock 33903010 23,521,179 984,974 984,974 984,974 FLUOR CORP Common Stock 34341210 488,360 14,500 14,500 14,500 FLOWSERVE CORPORATION Common Stock 34354P10 460,606 39,537 39,537 39,537 FORD MOTOR CO CAP TR II CV PF ConvPfdStock 34539520 17,743,585 497,910 497,910 497,910 FORTUNE BRANDS INC Common Stock 34963110 3,988,110 93,028 93,028 93,028 FOSSIL INC Common Stock 34988210 4,228,302 245,546 245,546 245,546 FRANKLIN RESOURCES INC CNV BND Conv Bond P2 354613AC 6,016,369 9,965,000 9,965,000 9,965,000 FRED'S INC Common Stock 35610810 6,977,706 250,546 250,546 250,546 GANNETT CO Common Stock 36473010 113,050,715 1,605,150 1,605,150 1,605,150 GAP INC CNV BD REG Conv Bond P2 364760AJ 11,913,110 9,696,000 9,696,000 9,696,000 GATEWAY INC Common Stock 36762610 757,466 320,960 320,960 320,960 GENERAL DYNAMICS Common Stock 36955010 56,807,734 1,031,555 1,031,555 1,031,555 GENERAL ELEC CO Common Stock 36960410 53,121,600 2,083,200 2,083,200 2,083,200 GENERAL GROWTH PROPERTIES Common Stock 37002110 683,870 12,676 12,676 12,676 GENERAL MTRS CORP Common Stock 37044210 20,344,504 605,131 605,131 605,131 GENERAL MOTORS CONV PFD ConvPfdStock 37044273 26,656,782 1,131,345 1,131,345 1,131,345 GENZYME CORP CNV BND REG Conv Bond P2 372917AK 14,852,880 15,156,000 15,156,000 15,156,000 GETTY IMAGES INC CONV BOND REG Conv Bond P2 374276AE 8,511,540 8,936,000 8,936,000 8,936,000 GIANT INDUSTRIES INC Common Stock 37450810 968,978 198,155 198,155 198,155 GILEAD SCIENCES INC Common Stock 37555810 885,989 21,100 21,100 21,100 GLAXOSMITHKLINE PLC-ADR Common Stock 37733W10 615,121 17,480 17,480 17,480 GLENBOROUGH REALTY CNVPFD A ConvPfdStock 37803P20 1,397,500 65,000 65,000 65,000 ----------- ----------- -------------- -------------- COLUMN TOTALS 405,946,999 53,994,499 53,994,499 53,994,499 * ITEM 7: MANAGERS - 1 PAGE 11 OF 04-02-2003 FORM 13F PAGE 10 FILE NO. 28-46 REPORTING MANAGER : MACKAY-SHIELDS FINANCIAL 03/31/2003 ---------------------------------------------------------------------------------------------------------------------------- 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) ---------------------------------------------------------------------------------------------------------------------------- GLOBAL IMAGING SYSTEMS INC Common Stock 37934A10 7,784,948 420,808 420,808 420,808 GLOBAL MARINE CONV BOND REG Conv Bond P2 379352AN 8,002,303 14,258,000 14,258,000 14,258,000 GOLDMAN SACHS GROUP INC Common Stock 38141G10 46,479,033 682,712 682,712 682,712 GOLDMAN SACHS GROUP INC CNV BN Conv Bond P1 38141GCH 14,054,513 17,010,000 17,010,000 17,010,000 GREY WOLF INC Common Stock 39788810 1,945,379 493,751 493,751 493,751 HCA INC Common Stock 40411910 96,551,611 2,334,420 2,334,420 2,334,420 HDFC BANK LTD - ADR Common Stock 40415F10 283,101 18,300 18,300 18,300 HALLIBURTON Common Stock 40621610 2,655,513 128,100 128,100 128,100 HARLEY DAVIDSON INC Common Stock 41282210 143,891,568 3,623,560 3,623,560 3,623,560 HARMAN INTL INDS INC NEW Common Stock 41308610 9,883,395 168,745 168,745 168,745 HARTFORD FINANCIAL SVCS GROUP Common Stock 41651510 42,647,295 1,208,481 1,208,481 1,208,481 HASBRO INC Common Stock 41805610 533,876 38,436 38,436 38,436 HEALTH CARE PPTYS INVEST INC Common Stock 42191510 4,165,948 124,916 124,916 124,916 HEALTH MGMT ASSOC INC NE CLS A Common Stock 42193310 4,153,856 218,624 218,624 218,624 HEALTHCARE REALTY TRUST INC Common Stock 42194610 1,919,607 78,608 78,608 78,608 HEARTLAND EXPRESS INC Common Stock 42234710 3,234,554 168,642 168,642 168,642 HEINZ (H.J) Common Stock 42307410 3,755,646 128,618 128,618 128,618 HEWLETT PACKARD CO Common Stock 42823610 94,031,628 6,047,050 6,047,050 6,047,050 HIBERNIA CORP CL A Common Stock 42865610 3,219,093 189,905 189,905 189,905 HIGHWOODS PROPERTIES INC Common Stock 43128410 5,764,509 282,021 282,021 282,021 HILB, ROGAL & HAMILTON CO Common Stock 43129410 2,446,717 78,320 78,320 78,320 HOSPITALITY PROPERTIES TRUST Common Stock 44106M10 586,743 19,206 19,206 19,206 HOT TOPIC INC Common Stock 44133910 6,516,077 279,540 279,540 279,540 ICN PHARMACEUTICALS INC CNV BD Conv Bond P2 448924AM 45,912,064 50,430,000 50,430,000 50,430,000 HYPERION SOLUTIONS CORP Common Stock 44914M10 6,295,251 259,598 259,598 259,598 IMC GLOBAL INC Common Stock 44966910 736,065 76,514 76,514 76,514 ----------- ----------- -------------- -------------- COLUMN TOTALS 557,450,293 98,766,875 98,766,875 98,766,875 * ITEM 7: MANAGERS - 1 PAGE 12 OF 04-02-2003 FORM 13F PAGE 11 FILE NO. 28-46 REPORTING MANAGER : MACKAY-SHIELDS FINANCIAL 03/31/2003 ---------------------------------------------------------------------------------------------------------------------------- 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) ---------------------------------------------------------------------------------------------------------------------------- IDEXX LABORATORIES INC Common Stock 45168D10 3,337,887 95,450 95,450 95,450 ILLINOIS TOOL WORKS Common Stock 45230810 107,552,496 1,849,570 1,849,570 1,849,570 IMAGISTICS INTL INC Common Stock 45247T10 251,966 13,532 13,532 13,532 IMPERIAL CHEMICAL SPONS ADR Common Stock 45270450 2,435,352 405,892 405,892 405,892 INCYTE CORP CNV BND Conv Bond P2 45337CAC 7,711,680 11,136,000 11,136,000 11,136,000 INTEGRATED CIRCUIT SYSTEMS Common Stock 45811K20 9,108,228 419,734 419,734 419,734 INTEL CORP Common Stock 45814010 130,080,944 7,990,230 7,990,230 7,990,230 IBM Common Stock 45920010 108,311,202 1,380,992 1,380,992 1,380,992 INTERNATIONAL PAPER CO Common Stock 46014610 63,901,165 1,890,567 1,890,567 1,890,567 INTL PAPER CO CONV BD Conv Bond P1 460146BM 19,299,850 36,680,000 36,680,000 36,680,000 INTL RECTIFIER CORP CNV BND RE Conv Bond P2 460254AE 7,344,063 8,275,000 8,275,000 8,275,000 INTERSIL HOLDING CORP Common Stock 46069S10 3,160,236 203,100 203,100 203,100 INTERWOVEN INC Common Stock 46114T10 661,570 363,500 363,500 363,500 INVITROGEN INC CONV BND REG Conv Bond P2 46185RAD 5,430,121 6,197,000 6,197,000 6,197,000 ISHARES MSCI UNITED KINGDOM - Common Stock 46428669 3,580,117 317,950 317,950 317,950 ISHARES MSCI EAFE INDEX FUND Common Stock 46428746 6,322,899 69,820 69,820 69,820 ISHARES TRUST - RUSSELL 1000V Common Stock 46428759 22,698,200 523,000 523,000 523,000 ISHARES S&P EUROPE 350 Common Stock 46428786 429,300 10,000 10,000 10,000 IVAX CORP REG CNV BND REG Conv Bond P2 465823AG 10,678,250 12,100,000 12,100,000 12,100,000 JACOBS ENGINEERING GROUP INC Common Stock 46981410 4,625,301 110,100 110,100 110,100 JEFFERIES GROUP INC (NEW) Common Stock 47231910 6,096,976 169,596 169,596 169,596 JETBLUE AIRWAYS CORP Common Stock 47714310 698,292 25,200 25,200 25,200 JOHNSON & JOHNSON Common Stock 47816010 132,688,213 2,292,867 2,292,867 2,292,867 JOY GLOBAL INC-INCOMPLETE REOR Common Stock 48116510 11,487,327 1,060,695 1,060,695 1,060,695 JUNIPER NETWORKS CONV BOND REG Conv Bond P2 48203RAA 74,971,939 84,422,000 84,422,000 84,422,000 KLA-TENCOR CORP Common Stock 48248010 55,077,521 1,532,400 1,532,400 1,532,400 ----------- ----------- -------------- -------------- COLUMN TOTALS 797,941,095 179,534,195 179,534,195 179,534,195 * ITEM 7: MANAGERS - 1 PAGE 13 OF 04-02-2003 FORM 13F PAGE 12 FILE NO. 28-46 REPORTING MANAGER : MACKAY-SHIELDS FINANCIAL 03/31/2003 ---------------------------------------------------------------------------------------------------------------------------- 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) ---------------------------------------------------------------------------------------------------------------------------- KV PHARMACEUTICAL CO CL A Common Stock 48274020 2,041,680 112,800 112,800 112,800 KB HOME Common Stock 48666K10 3,182,636 70,025 70,025 70,025 KENNAMETAL INC Common Stock 48917010 500,039 17,776 17,776 17,776 KERR MCGEE CORP Common Stock 49238610 22,233,894 547,498 547,498 547,498 KEY ENERGY SERVICES INC Common Stock 49291410 5,850,341 580,391 580,391 580,391 KIMBERLY-CLARK CORP Common Stock 49436810 10,874,941 239,220 239,220 239,220 KNIGHT TRANSPORTATION INC Common Stock 49906410 2,994,278 152,071 152,071 152,071 KOHLS CORP Common Stock 50025510 119,193,974 2,106,645 2,106,645 2,106,645 KRAFT FOOD INC-A Common Stock 50075N10 24,801,477 879,485 879,485 879,485 KROGER CO Common Stock 50104410 38,022,396 2,891,437 2,891,437 2,891,437 KROLL INC Common Stock 50104910 8,038,299 375,446 375,446 375,446 KULICKE & SOFFA IND CNV Conv Bond P2 501242AE 1,593,000 2,400,000 2,400,000 2,400,000 LSI LOGIC CORP Common Stock 50216110 305,642 67,620 67,620 67,620 LSI LOGIC CORP CONV BOND Conv Bond P2 502161AE 11,002,924 11,879,000 11,879,000 11,879,000 LSI LOGIC CORP CONV BD REG Conv Bond P2 502161AG 115,485,436 125,605,000 125,605,000 125,605,000 L-3 COMMUNICATIONS HLDGS INC Common Stock 50242410 1,393,899 34,700 34,700 34,700 LABONE INC Common Stock 50540L10 611,977 31,791 31,791 31,791 LABORATORY CORP OF AMERICA HLD Common Stock 50540R40 681,387 22,981 22,981 22,981 LABORATORY CP CONV BND REG Conv Bond P2 50540RAC 7,911,581 11,205,000 11,205,000 11,205,000 LAM RESEARCH CORP CNV BND REG Conv Bond P2 512807AE 7,270,000 8,000,000 8,000,000 8,000,000 LAMAR ADVERTISING CONV BOND Conv Bond P2 512815AF 13,312,106 13,165,000 13,165,000 13,165,000 LEAR CORPORATION Common Stock 52186510 457,818 12,951 12,951 12,951 LEGG MASON INC Common Stock 52490110 4,341,077 89,066 89,066 89,066 LEGG MASON INC CONV BD Conv Bond P2 524901AG 11,334,413 22,170,000 22,170,000 22,170,000 LEHMAN BROTHERS HOLDINGS INC Common Stock 52490810 10,553,524 182,745 182,745 182,745 LEHMAN BROS HLDG/KROGER CONV B Conv Bond P2 524908FB 8,937,300 9,610,000 9,610,000 9,610,000 ----------- ----------- ------------ -------------- COLUMN TOTALS 432,926,039 212,448,648 212,448,648 212,448,648 * ITEM 7: MANAGERS - 1 PAGE 14 OF 04-02-2003 FORM 13F PAGE 13 FILE NO. 28-46 REPORTING MANAGER : MACKAY-SHIELDS FINANCIAL 03/31/2003 ---------------------------------------------------------------------------------------------------------------------------- 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) ---------------------------------------------------------------------------------------------------------------------------- LENNAR CORP Common Stock 52605710 1,269,135 23,700 23,700 23,700 VIACOM-LIBERTY MEDIA CONV BD R Conv Bond P2 530715AR 16,009,261 17,101,000 17,101,000 17,101,000 LIFEPOINT HOSPITALS INC Common Stock 53219L10 2,409,857 95,972 95,972 95,972 LIMITED BRANDS INC Common Stock 53271610 1,247,103 96,900 96,900 96,900 LINENS 'N THINGS INC Common Stock 53567910 3,394,090 167,032 167,032 167,032 LIZ CLAIBORNE Common Stock 53932010 1,125,488 36,400 36,400 36,400 LLOYDS TSB GOUP PLC SP ADR Common Stock 53943910 1,082,120 52,025 52,025 52,025 LOCKHEED MARTIN CORP Common Stock 53983010 69,354,053 1,458,550 1,458,550 1,458,550 LODGENET ENTERTAINMENT CORP Common Stock 54021110 791,682 93,139 93,139 93,139 LOWES CORP CNV BND Conv Bond P2 540424AL 9,603,225 10,410,000 10,410,000 10,410,000 LOWES COS INC Common Stock 54866110 81,169,345 1,988,470 1,988,470 1,988,470 LOWE'S COMPANIES INC CONV BD Conv Bond P1 548661CF 8,288,375 10,870,000 10,870,000 10,870,000 M & T BANK CORPORATION Common Stock 55261F10 3,899,297 49,622 49,622 49,622 MDC HOLDINGS INC Common Stock 55267610 6,183,594 161,115 161,115 161,115 MKS INSTRUMENTS INC Common Stock 55306N10 2,917,713 233,417 233,417 233,417 MSC INDUSTRIAL DIRECT CO CL-A Common Stock 55353010 3,877,047 242,467 242,467 242,467 MACK-CALI REALTY CORP Common Stock 55448910 6,995,689 225,886 225,886 225,886 MAIL-WELL INC Common Stock 56032120 526,379 259,300 259,300 259,300 MANHATTAN ASSOCIATES INC Common Stock 56275010 6,531,239 372,575 372,575 372,575 MANITOWOC COMPANY INC Common Stock 56357110 343,949 20,461 20,461 20,461 MANUGISTICS GP CNV BND REG Conv Bond P2 565011AB 2,983,905 5,766,000 5,766,000 5,766,000 MARSH & MCLENNAN COS Common Stock 57174810 86,981,740 2,040,388 2,040,388 2,040,388 MARSHALL & ILSLEY CORP Common Stock 57183410 3,003,632 117,513 117,513 117,513 MAXIM INTEGRATED PRODUCTS Common Stock 57772K10 718,788 19,900 19,900 19,900 MCDERMOTT INTERNATIONAL Common Stock 58003710 397,010 136,900 136,900 136,900 MCDONALD'S CORP Common Stock 58013510 241,887 16,728 16,728 16,728 ----------- ----------- -------------- -------------- COLUMN TOTALS 321,345,603 52,055,460 52,055,460 52,055,460 * ITEM 7: MANAGERS - 1 PAGE 15 OF 04-02-2003 FORM 13F PAGE 14 FILE NO. 28-46 REPORTING MANAGER : MACKAY-SHIELDS FINANCIAL 03/31/2003 --------------------------------------------------------------------------------------------------------------------------- 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) ---------------------------------------------------------------------------------------------------------------------------- MCGRAW-HILL Common Stock 58064510 800,496 14,400 14,400 14,400 MEADWESTVACO CORP Common Stock 58333410 71,850,262 3,154,094 3,154,094 3,154,094 MEDIACOM COMMUNICATIONS CNV BN Conv Bond P2 58446KAA 7,849,433 8,463,000 8,463,000 8,463,000 MEDICIS PHARMACEUTICALS-CL A Common Stock 58469030 10,602,570 190,728 190,728 190,728 MEDIMMUNE INC Common Stock 58469910 518,714 15,800 15,800 15,800 MEDTRONIC INC Common Stock 58505510 87,089,090 1,930,166 1,930,166 1,930,166 MEDTRONIC INC CONV BND REG Conv Bond P2 585055AB 28,630,865 27,334,000 27,334,000 27,334,000 MERCK & CO INC Common Stock 58933110 25,362,483 462,988 462,988 462,988 MERCURY INTERACTIVE CORP Common Stock 58940510 747,936 25,200 25,200 25,200 MERISTAR HOSPITALITY CORP Common Stock 58984Y10 1,317,085 386,242 386,242 386,242 MERITAGE CORPORATION Common Stock 59001A10 5,357,558 159,784 159,784 159,784 MERRILL LYNCH Common Stock 59018810 46,681,555 1,318,688 1,318,688 1,318,688 MERRILL LYNCH & CO CONV BOND Conv Bond P1 590188A6 1,898,325 3,540,000 3,540,000 3,540,000 MICHAELS STORES INC Common Stock 59408710 5,449,754 217,903 217,903 217,903 MICROSOFT CORP Common Stock 59491810 166,435,131 6,874,644 6,874,644 6,874,644 MID ATLANTIC MEDICAL SVCS Common Stock 59523C10 8,837,345 217,937 217,937 217,937 MILLENIUM CHEMICALS INC Common Stock 59990310 1,430,893 122,508 122,508 122,508 MINERALS TECHNOLOGIES INC Common Stock 60315810 692,306 18,166 18,166 18,166 MINORPLANET SYSTEMS USA INC Common Stock 60436310 6,533,662 10,710,922 10,710,922 10,710,922 MOORE CORP LTD Common Stock 61578510 948,582 90,600 90,600 90,600 MORGAN STANLEY Common Stock 61744644 97,824,906 2,550,845 2,550,845 2,550,845 MOTOROLA INC Common Stock 62007610 35,696,028 4,321,553 4,321,553 4,321,553 MOTOROLA INC 7.00% CONV PFD ConvPfdStock 62007620 6,653,956 225,100 225,100 225,100 MOVIE GALLERY INC Common Stock 62458110 2,379,659 136,605 136,605 136,605 NEXTEL INTERNATIONAL Common Stock 62913F20 117,967,866 4,342,594 4,342,594 4,342,594 NABORS INDUSTRIES INC Conv Bond P2 629568AF 8,050,931 12,315,000 12,315,000 12,315,000 ----------- ----------- -------------- -------------- COLUMN TOTALS 747,607,391 89,139,467 89,139,467 89,139,467 * ITEM 7: MANAGERS - 1 PAGE 16 OF 04-02-2003 FORM 13F PAGE 15 FILE NO. 28-46 REPORTING MANAGER : MACKAY-SHIELDS FINANCIAL 03/31/2003 --------------------------------------------------------------------------------------------------------------------------- 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) --------------------------------------------------------------------------------------------------------------------------- NASDAQ-100 SHARES Common Stock 63110010 4,880,370 192,900 192,900 192,900 NATIONAL-OILWELL INC Common Stock 63707110 8,742,713 390,474 390,474 390,474 NAVISTAR FINANCIAL CORP CNV BN Conv Bond P2 638902AM 16,452,080 20,313,000 20,313,000 20,313,000 NAUTILUS GROUP INC Common Stock 63910B10 1,697,867 119,065 119,065 119,065 NAVISTAR INTERNATIONAL Common Stock 63934E10 92,119,389 3,743,169 3,743,169 3,743,169 NETSCREEN TECHNOLOGIES INC Common Stock 64117V10 5,902,583 351,763 351,763 351,763 NEUROCRINE BIOSCIENCES INC Common Stock 64125C10 5,947,155 142,345 142,345 142,345 NEW YORK COMMUNITY BANCORP Common Stock 64944510 3,909,760 131,200 131,200 131,200 NEW YORK TIMES CO CLS A Common Stock 65011110 522,115 12,100 12,100 12,100 NEWS AMERICA INC CNV BND REG Conv Bond P2 652482AZ 15,499,620 28,703,000 28,703,000 28,703,000 99 CENTS ONLY STORES Common Stock 65440K10 586,500 23,000 23,000 23,000 NOBLE ENERGY INC Common Stock 65504410 567,294 16,544 16,544 16,544 NORTEL NETWORKS CORP CNV BND R Conv Bond P2 656568AB 82,323,174 106,493,000 106,493,000 106,493,000 NORTHROP GRUMMAN CORP Common Stock 66680710 19,705,171 229,664 229,664 229,664 NVIDIA CORP Common Stock 67066G10 570,540 44,400 44,400 44,400 ODYSSEY HEALTHCARE INC Common Stock 67611V10 7,044,644 296,367 296,367 296,367 OLIN CORP Common Stock 68066520 3,935,513 216,594 216,594 216,594 OMNICOM GROUP INC Common Stock 68191910 96,125,207 1,774,510 1,774,510 1,774,510 OMNICOM GROUP INC CNV BND REG Conv Bond P2 681919AK 9,826,625 9,940,000 9,940,000 9,940,000 ORACLE CORPORATION Common Stock 68389X10 96,063,100 8,854,558 8,854,558 8,854,558 OSHKOSH TRUCK CORP Common Stock 68823920 697,760 11,200 11,200 11,200 OWENS ILLINOIS INC Common Stock 69076840 8,830,308 976,804 976,804 976,804 OXFORD HEALTH PLANS Common Stock 69147110 1,153,498 37,994 37,994 37,994 PG & E CORPORATION Common Stock 69331C10 17,102,434 1,197,207 1,197,207 1,197,207 P.F. CHANGS CHINA BISTRO INC Common Stock 69333Y10 4,677,355 126,415 126,415 126,415 PMC SIERRA INC CONV BD Conv Bond P2 69344FAB 33,285,037 36,500,000 36,500,000 36,500,000 ----------- ----------- -------------- -------------- COLUMN TOTALS 538,167,812 220,837,273 220,837,273 220,837,273 * ITEM 7: MANAGERS - 1 PAGE 17 OF 04-02-2003 FORM 13F PAGE 16 FILE NO. 28-46 REPORTING MANAGER : MACKAY-SHIELDS FINANCIAL 03/31/2003 --------------------------------------------------------------------------------------------------------------------------- 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) ---------------------------------------------------------------------------------------------------------------------------- PNC FINANCIAL SERVICES GROUP Common Stock 69347510 36,267,787 855,776 855,776 855,776 PPL CORPORATION Common Stock 69351T10 15,530,697 436,133 436,133 436,133 PALL CORP Common Stock 69642930 680,520 34,026 34,026 34,026 PAN PACIFIC RETAIL PPTYS INC Common Stock 69806L10 712,034 18,812 18,812 18,812 PANERA BREAD COMPANY-CL A Common Stock 69840W10 4,584,934 150,375 150,375 150,375 PANTRY INC Common Stock 69865710 617,631 147,055 147,055 147,055 PARK PLACE ENTERTAINMENT Common Stock 70069010 10,031,874 1,408,971 1,408,971 1,408,971 PARKER DRILLING CO Common Stock 70108110 1,499,139 632,548 632,548 632,548 PARKER DRILLING CORP CONV BD Conv Bond P2 701081AD 6,812,138 5,588,000 5,588,000 5,588,000 PATTERSON DENTAL COMPANY Common Stock 70341210 4,422,508 96,288 96,288 96,288 PATTERSON-UTI ENERGY INC Common Stock 70348110 6,389,691 197,457 197,457 197,457 PAYLESS SHOESOURCE INC Common Stock 70437910 5,311,453 339,390 339,390 339,390 PENN NATIONAL GAMING INC Common Stock 70756910 7,694,963 433,519 433,519 433,519 JC PENNEY CO INC (HLDG CO) Common Stock 70816010 677,934 34,518 34,518 34,518 PEPSI BOTTLING GROUP INC Common Stock 71340910 1,307,097 72,900 72,900 72,900 PEPSICO Common Stock 71344810 76,089,840 1,902,246 1,902,246 1,902,246 PERFORMANCE FOOD GROUP CP Common Stock 71375510 7,875,818 256,876 256,876 256,876 PFIZER INC Common Stock 71708110 141,471,448 4,540,162 4,540,162 4,540,162 PHARMACEUTICAL PRODUCT DEVEL Common Stock 71712410 5,461,842 203,413 203,413 203,413 PIER 1 IMPORTS INC Common Stock 72027910 7,277,488 458,858 458,858 458,858 PINNACLE WEST CAPITAL Common Stock 72348410 694,849 20,904 20,904 20,904 PITNEY BOWES INC Common Stock 72447910 9,534,472 298,699 298,699 298,699 PLACER DOME INC Common Stock 72590610 15,920,541 1,624,545 1,624,545 1,624,545 PLANAR SYSTEMS INC Common Stock 72690010 629,160 53,500 53,500 53,500 PLEXUS CORP Common Stock 72913210 1,935,124 211,489 211,489 211,489 POLYONE CORPORATION Common Stock 73179P10 866,245 222,114 222,114 222,114 ----------- ----------- -------------- -------------- COLUMN TOTALS 370,297,227 20,238,574 20,238,574 20,238,574 * ITEM 7: MANAGERS - 1 PAGE 18 OF 04-02-2003 FORM 13F PAGE 17 FILE NO. 28-46 REPORTING MANAGER : MACKAY-SHIELDS FINANCIAL 03/31/2003 ---------------------------------------------------------------------------------------------------------------------------- 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) ---------------------------------------------------------------------------------------------------------------------------- PRAXAIR INC Common Stock 74005P10 99,549,601 1,766,630 1,766,630 1,766,630 PREMCOR INC Common Stock 74045Q10 10,777,058 419,504 419,504 419,504 PREMIERE TECHNOLOGIES CNV BD Conv Bond P2 74058FAC 26,439,859 29,890,000 29,890,000 29,890,000 PRIDE INTERNATIONAL INC Common Stock 74153Q10 7,743,139 573,991 573,991 573,991 PRIDE INTERNATIONAL INC CONV B Conv Bond P2 74153QAB 18,023,840 16,256,000 16,256,000 16,256,000 PRIORITY HEALTHCARE CORP-B Common Stock 74264T10 3,401,846 127,649 127,649 127,649 PROCTER & GAMBLE Common Stock 74271810 10,164,523 114,144 114,144 114,144 PROGRESS SOFTWARE CORP Common Stock 74331210 4,844,256 269,875 269,875 269,875 PROVINCE HEALTHCARE CO CNV BND Conv Bond P2 743977AC 6,361,500 6,860,000 6,860,000 6,860,000 PROVINCE HEALTHCARE CONV BD Conv Bond P2 743977AE 27,258,268 32,750,000 32,750,000 32,750,000 PROVIDIAN FINANCIAL CNV BND Conv Bond P2 74406AAA 29,742,385 35,605,000 35,605,000 35,605,000 PRUDENTIAL FINANCIAL INC Common Stock 74432010 59,944,804 2,049,315 2,049,315 2,049,315 QLOGIC CORP Common Stock 74727710 4,155,966 111,900 111,900 111,900 QUEBECOR WORLD INC Common Stock 74820310 1,279,122 89,700 89,700 89,700 QUEST DIAGNOSTICS INC Common Stock 74834L10 1,315,209 22,034 22,034 22,034 QUEST DIAGNOSTIC INC CONV BD Conv Bond P2 74834LAF 19,262,280 18,324,000 18,324,000 18,324,000 QUEST SOFTWARE INC Common Stock 74834T10 612,000 68,000 68,000 68,000 RADIO ONE INC - CL D Common Stock 75040P40 6,587,496 497,545 497,545 497,545 RARE HOSPITALITY INTL INC Common Stock 75382010 6,925,645 248,766 248,766 248,766 RAYTHEON COMPANY Common Stock 75511150 51,735,787 1,823,609 1,823,609 1,823,609 RESPIRONICS INC Common Stock 76123010 1,598,252 46,500 46,500 46,500 ROSYLN BANCORP INC Common Stock 77816210 733,584 40,800 40,800 40,800 ROWAN COMPANIES INC Common Stock 77938210 6,149,648 312,800 312,800 312,800 RUDOLPH TECHNOLOGIES INC Common Stock 78127010 4,014,167 277,797 277,797 277,797 RYANAIR HOLDINGS PLC-ADR Common Stock 78351310 447,876 10,800 10,800 10,800 RYLAND GROUP INC Common Stock 78376410 4,262,033 98,681 98,681 98,681 ----------- ----------- -------------- -------------- COLUMN TOTALS 413,330,144 148,655,040 148,655,040 148,655,040 * ITEM 7: MANAGERS - 1 PAGE 19 OF 04-02-2003 FORM 13F PAGE 18 FILE NO. 28-46 REPORTING MANAGER : MACKAY-SHIELDS FINANCIAL 03/31/2003 ---------------------------------------------------------------------------------------------------------------------------- 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) ---------------------------------------------------------------------------------------------------------------------------- SBC COMMUNICATIONS (SOUTHWESTE Common Stock 78387G10 10,256,056 511,269 511,269 511,269 SCI SYSTEMS INC CONV BOND Conv Bond P2 783890AF 1,260,075 1,590,000 1,590,000 1,590,000 SL GREEN REALTY CORP Common Stock 78440X10 621,590 20,340 20,340 20,340 S & P 500 DEPOSITORY RECEIPT Common Stock 78462F10 1,125,376 13,260 13,260 13,260 SPX CORP Common Stock 78463510 2,892,532 84,676 84,676 84,676 SPX CORP CNV BND REG Conv Bond P2 784635AD 14,149,615 23,011,000 23,011,000 23,011,000 S3 INCORPORATED CNV BND Conv Bond P2 784849AC 65,275 1,865,000 1,865,000 1,865,000 SAFEWAY INC Common Stock 78651420 18,825,469 994,478 994,478 994,478 ST JUDE MEDICAL INC Common Stock 79084910 390,000 8,000 8,000 8,000 SALEM COMMUNICATIONS CL A Common Stock 79409310 1,747,360 107,200 107,200 107,200 SALTON INC Common Stock 79575710 597,765 56,930 56,930 56,930 SCANA CORP Common Stock 80589M10 625,388 20,902 20,902 20,902 HENRY SCHEIN INC Common Stock 80640710 8,697,129 192,841 192,841 192,841 SCHOLASTIC CORP Common Stock 80706610 275,214 10,231 10,231 10,231 SEMICONDUCTOR HOLDRs TRUST Common Stock 81663620 3,694,400 160,000 160,000 160,000 SEMTECH CORP Common Stock 81685010 745,380 49,200 49,200 49,200 SERENA SOFTWARE INC Common Stock 81749210 8,084,007 506,485 506,485 506,485 SIEBEL SYSTEMS INC Common Stock 82617010 456,570 57,000 57,000 57,000 SIX FLAGS INC Common Stock 83001P10 1,102,531 184,702 184,702 184,702 SKYWEST INC Common Stock 83087910 422,710 41,000 41,000 41,000 SMITH & WOLENSKY RESTAURANT Common Stock 83175810 1,764,224 441,056 441,056 441,056 SMITHFIELD FOODS INC Common Stock 83224810 1,199,485 67,691 67,691 67,691 SMURFIT-STONE CONTAINER CORP Common Stock 83272710 48,213,678 3,609,113 3,609,113 3,609,113 SONIC AUTOMOTIVE INC Common Stock 83545G10 732,648 49,840 49,840 49,840 SOUTHERN COMPANY Common Stock 84258710 11,831,040 416,000 416,000 416,000 SOUTHTRUST CORP Common Stock 84473010 8,169,421 319,993 319,993 319,993 ----------- ----------- ----------- -------------- COLUMN TOTALS 147,944,938 34,388,207 34,388,207 34,388,207 * ITEM 7: MANAGERS - 1 PAGE 20 OF 04-02-2003 FORM 13F PAGE 19 FILE NO. 28-46 REPORTING MANAGER : MACKAY-SHIELDS FINANCIAL 03/31/2003 ---------------------------------------------------------------------------------------------------------------------------- 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) ---------------------------------------------------------------------------------------------------------------------------- SOUTHWEST BANCORP OF TEXAS Common Stock 84476R10 7,649,932 254,743 254,743 254,743 SOVEREIGN BANCORP INC Common Stock 84590510 6,349,284 458,432 458,432 458,432 STATE STREET CORP CONV PFD ConvPfdStock 85747720 6,882,618 38,830 38,830 38,830 STATION CASINOS Common Stock 85768910 8,115,697 384,448 384,448 384,448 STERICYCLE INC Common Stock 85891210 8,736,217 232,408 232,408 232,408 STERIS CORP Common Stock 85915210 209,280 8,000 8,000 8,000 STEWART ENTERPRISES INC CLS A Common Stock 86037010 763,363 282,727 282,727 282,727 SUNGARD DATA SYSTEMS INC Common Stock 86736310 23,747,370 1,114,900 1,114,900 1,114,900 SUNOCO INC Common Stock 86764P10 36,145,057 988,380 988,380 988,380 SUPERVALU INC. CNV BND REG Conv Bond P1 868536AP 17,473,575 59,500,000 59,500,000 59,500,000 SYMANTEC CORP Common Stock 87150310 92,404,071 2,358,450 2,358,450 2,358,450 SYNOPSYS INC Common Stock 87160710 3,617,600 85,000 85,000 85,000 SYSCO Common Stock 87182910 79,961,990 3,143,160 3,143,160 3,143,160 TJX COMPANIES INC Common Stock 87254010 81,128,256 4,609,560 4,609,560 4,609,560 TAIWAN SEMICONDUCTOR - SP ADR Common Stock 87403910 932,976 136,400 136,400 136,400 TARGET CORP Common Stock 87612E10 112,606,758 3,848,488 3,848,488 3,848,488 TECHNE CORP Common Stock 87837710 4,821,195 233,245 233,245 233,245 TEKELEC INC CONV BOND REG Conv Bond P2 879101AC 5,443,763 5,830,000 5,830,000 5,830,000 TELLABS INC Common Stock 87966410 1,639,873 283,225 283,225 283,225 TEMPLE INLAND INC Common Stock 87986810 21,127,223 564,899 564,899 564,899 TENET HEALTHCARE CORP Common Stock 88033G10 57,368,959 3,435,267 3,435,267 3,435,267 TEREX CORP Common Stock 88077910 1,484,980 120,144 120,144 120,144 TESORO PETROLEUM CORP Common Stock 88160910 1,024,382 138,430 138,430 138,430 TEVA PHAMACEUT FIN NV CONV BD Conv Bond P2 88163XAB 44,778,150 39,804,000 39,804,000 39,804,000 TEXAS INSTRS INC Common Stock 88250810 86,684,012 5,295,297 5,295,297 5,295,297 THERMO INS SYS CONV BOND Conv Bond P2 883556AH 9,036,125 8,980,000 8,980,000 8,980,000 ----------- ----------- -------------- -------------- COLUMN TOTALS 720,132,706 142,128,433 142,128,433 142,128,433 * ITEM 7: MANAGERS - 1 PAGE 21 OF 04-02-2003 FORM 13F PAGE 20 FILE NO. 28-46 REPORTING MANAGER : MACKAY-SHIELDS FINANCIAL 03/31/2003 ---------------------------------------------------------------------------------------------------------------------------- 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) ---------------------------------------------------------------------------------------------------------------------------- TIDEWATER INC Common Stock 88642310 357,593 12,451 12,451 12,451 TIFFANY & CO NEW Common Stock 88654710 250,000 10,000 10,000 10,000 TIMKEN CO Common Stock 88738910 483,423 30,949 30,949 30,949 TORO CO Common Stock 89109210 4,449,016 63,512 63,512 63,512 TRAVELERS PPTY CASUALTY CV PFD ConvPfdStock 89420G30 4,704,224 210,010 210,010 210,010 TRAVELERS PROPERTY CASUALTY - Common Stock 89420G40 21,304,323 1,509,874 1,509,874 1,509,874 TRIAD HOSPITALS INC Common Stock 89579K10 712,850 26,500 26,500 26,500 TRIMBLE NAVIGATION LTD Common Stock 89623910 3,711,398 195,955 195,955 195,955 TRIMERIS INC Common Stock 89626310 1,926,562 46,784 46,784 46,784 TUPPERWARE CORP Common Stock 89989610 386,615 27,975 27,975 27,975 TYCO INTL GROUP CONV BD SERIES Conv Bond P2 902118BE 4,571,650 5,110,000 5,110,000 5,110,000 UCBH HOLDINGS INC Common Stock 90262T30 10,070,012 228,968 228,968 228,968 USF&G CORP CONV BND Conv Bond P2 903290AD 6,321,075 8,130,000 8,130,000 8,130,000 UNILEVER NV NY SHARES Common Stock 90478470 4,254,477 71,576 71,576 71,576 UNISYS CORP Common Stock 90921410 126,658 13,678 13,678 13,678 UNITED DEFENSE INDS INC Common Stock 91018B10 616,740 28,500 28,500 28,500 UNITED TECHNOLOGIES CORP Common Stock 91301710 118,638,518 2,053,280 2,053,280 2,053,280 UNITEDHEALTH GROUP Common Stock 91324P10 158,373,767 1,727,651 1,727,651 1,727,651 UNIVERSAL HEALTH SERV CNV BND Conv Bond P2 913903AL 1,941,660 3,216,000 3,216,000 3,216,000 UNOCAL CORP Common Stock 91528910 17,563,767 667,570 667,570 667,570 UTSTARCOM INC Common Stock 91807610 4,011,993 200,700 200,700 200,700 VCA ANTECH INC Common Stock 91819410 3,181,638 205,665 205,665 205,665 VALERO ENERGY CORP Common Stock 91913Y10 11,978,476 289,475 289,475 289,475 VARIAN SEMICONDUCTOR EQUIP Common Stock 92220710 2,119,428 104,200 104,200 104,200 VERITAS SOFTWARE CORP Common Stock 92343610 87,217,193 4,961,160 4,961,160 4,961,160 VERITAS SOFTWARE CONV BOND Conv Bond P2 92343RAA 16,801,572 18,827,000 18,827,000 18,827,000 ----------- ----------- ------------- -------------- COLUMN TOTALS 486,074,628 47,969,433 47,969,433 47,969,433 * ITEM 7: MANAGERS - 1 PAGE 22 OF 04-02-2003 FORM 13F PAGE 21 FILE NO. 28-46 REPORTING MANAGER : MACKAY-SHIELDS FINANCIAL 03/31/2003 ---------------------------------------------------------------------------------------------------------------------------- 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) ---------------------------------------------------------------------------------------------------------------------------- VERIZON COMMUNICATIONS Common Stock 92343V10 40,785,134 1,224,479 1,224,479 1,224,479 VERIZON GLOBAL FDG CORP CNV BN Conv Bond P1 92344GAN 19,203,800 32,480,000 32,480,000 32,480,000 VERTEX PHARMACEUTICALS CONV BD Conv Bond P2 92532FAD 32,463,509 37,493,000 37,493,000 37,493,000 VIACOM INC-CL B Common Stock 92552430 83,055,720 2,274,253 2,274,253 2,274,253 VITESSE SEMICONDUCTOR CNV Conv Bond P2 928497AB 32,053,298 36,031,000 36,031,000 36,031,000 VITRO S.A. SPONSORED ADR Common Stock 92850230 414,195 189,130 189,130 189,130 WPP GROUP PLC SPONSORED ADR Common Stock 92930930 605,440 22,000 22,000 22,000 WAL MART STORES INC Common Stock 93114210 114,547,427 2,201,565 2,201,565 2,201,565 WALGREEN Common Stock 93142210 100,894,710 3,422,480 3,422,480 3,422,480 WASHINGTON MUTUAL SAVINGS BANK Common Stock 93932210 57,638,869 1,634,218 1,634,218 1,634,218 WASTE CONNECTIONS INC Common Stock 94105310 6,443,669 186,773 186,773 186,773 WATSON PHARMACEUTICALS INC Common Stock 94268310 32,713,849 1,137,082 1,137,082 1,137,082 WEINGARTEN RLTY INVESTORS Common Stock 94874110 690,135 17,646 17,646 17,646 WELLPOINT HEALTH NETWORKS Common Stock 94973H10 122,110,018 1,591,010 1,591,010 1,591,010 WERNER ENTERPRISES INC Common Stock 95075510 3,346,348 173,746 173,746 173,746 WINNEBAGO INDUSTRIES Common Stock 97463710 769,760 28,300 28,300 28,300 WINTRUST FINANCIAL CORP Common Stock 97650W10 7,304,583 255,405 255,405 255,405 QUEBECOR WORLD INC CNV BND Conv Bond P2 981443AA 6,867,858 6,946,000 6,946,000 6,946,000 XL CAPITAL LTD CONV BOND Conv Bond P1 98372PAB 24,160,535 38,051,000 38,051,000 38,051,000 YELLOW CORPORATION Common Stock 98550910 469,739 19,467 19,467 19,467 YOUNG BROADCASTING INC-A Common Stock 98743410 1,737,602 142,077 142,077 142,077 YUM! BRANDS INC Common Stock 98849810 5,541,988 224,085 224,085 224,085 AMDOCS LTD Common Stock G0260210 573,696 43,200 43,200 43,200 COOPER INDUSTRIES CL A Common Stock G2418210 77,901,651 2,181,508 2,181,508 2,181,508 EVEREST RE GROUP LTD Common Stock G3223R10 918,735 16,059 16,059 16,059 FRONTLINE LTD Common Stock G3682E12 546,369 50,825 50,825 50,825 ----------- ----------- -------------- -------------- COLUMN TOTALS 773,758,637 168,036,308 168,036,308 168,036,308 * ITEM 7: MANAGERS - 1 PAGE 23 OF 04-02-2003 FORM 13F PAGE 22 FILE NO. 28-46 REPORTING MANAGER : MACKAY-SHIELDS FINANCIAL 03/31/2003 --------------------------------------------------------------------------------------------------------------------------- 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) --------------------------------------------------------------------------------------------------------------------------- GLOBALSANTAFE CORP Common Stock G3930E10 3,273,272 158,512 158,512 158,512 INGERSOLL-RAND CO CLASS A Common Stock G4776G10 2,871,675 74,415 74,415 74,415 RENAISSANCERE HOLDINGS LTD Common Stock G7496G10 8,908,121 222,425 222,425 222,425 TRANSOCEAN SEDCO FOREX INC Common Stock G9007810 26,874,286 1,314,146 1,314,146 1,314,146 WEATHERFORD INTERNATIONAL Common Stock G9508910 53,915,164 1,427,460 1,427,460 1,427,460 WILLIS GROUP HOLDINGS LTD Common Stock G9665510 1,573,554 56,807 56,807 56,807 XL CAPITAL LTD - CLASS A Common Stock G9825510 254,808 3,600 3,600 3,600 UBS AG-REGISTERED Common Stock H8920M85 2,365,068 55,388 55,388 55,388 TARO PHARMACEUTICALS INDUS Common Stock M8737E10 9,526,361 248,860 248,860 248,860 ASM INTERNATIONAL N.V Common Stock N0704510 2,880,238 288,601 288,601 288,601 ASE TEST LIMITED Common Stock Y0251610 2,592,450 823,000 823,000 823,000 ALBERTSON'S INC Common Stock 01310410 32,950 1,748 1,748 1,748 ALLTEL CORP Convert 02003982 122,226 2,600 2,600 2,600 BAXTER INTERNATIONAL INC CVTBD Convert 071813AR 318,000 320,000 320,000 320,000 BEAS SYSTEMS CONV REG Convert 073325AD 240,500 260,000 260,000 260,000 HEALTH MANAGEMENT CV Convert 421933AB 230,562 350,000 350,000 350,000 HERLEY INDS INC COM Common Stock 42739810 4,452 259 259 259 INTERPUBLIC GROUP 0% 12/21 Convert 460690AQ 238,887 290,000 290,000 290,000 PRIDE INTERNATIONAL INC CNV Convert 741932AB 273,337 555,000 555,000 555,000 SCHERING PLOUGH CORP Common Stock 80660510 26,210 1,470 1,470 1,470 SYMANTEC CORP Convert 871503AB 94,938 70,000 70,000 70,000 ----------- ------------- -------------- -------------- COLUMN TOTALS 116,617,059 6,524,291 6,524,291 6,524,291 -------------- ------------- -------------- -------------- REPORT TOTALS 10,857,164,170 2,197,060,845 2,197,060,845 2,197,060,845 ============== ============= =============== =============== * ITEM 7: MANAGERS - 1 PAGE 24 OF