Mackay Shields 13F-HR Quarterly holdings report by institutional manager

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE

OMB APPROVAL

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COLUMN 1	COLUMN 2	COLUMN 3	COLUMN 4	COLUMN 5			COLUMN 6	COLUMN 7	COLUMN 8
			VALUE	SHRS OR	SH/	PUT/	INVESTMENT	OTHER	VOTING AUTHORITY
NAME OF ISSUER	TITLE OF CLASS	CUSIP	(x$1000)	PRN AMT	PRN	CALL	DISCRETION	MANAGER	SOLE	SHARED	NONE
ACTAVIS PLC	PFD CONV SER A	G0083B116	27,273	26,950	SH		OTR	1	11,342	15,162	446
AIR LEASE CORP	NOTE 3.875%12/0	00912XAK0	20,716	14,355,000	PRN		OTR	1	3,569,000	10,499,000	287,000
AIRTRAN HLDGS INC	NOTE 5.250%11/0	00949PAD0	24,194	7,993,000	PRN		OTR	1	7,743,000	250,000	0
ALCOA INC	DEP SHS 1/10TH	013817309	8,689	198,200	SH		OTR	1	51,000	147,200	0
ALZA CORP	SDCV 7/2	02261WAB5	10,460	7,549,000	PRN		SOLE		7,549,000	0	0
AMERICAN TOWER CORP NEW	PFD CONV SER A	03027X308	27,727	269,295	SH		OTR	1	122,797	140,595	5,903
APOLLO INVT CORP	NOTE 5.750% 1/1	03761UAE6	10,924	10,677,000	PRN		SOLE		10,677,000	0	0
ARCELORMITTAL SA LUXEMBOURG	MAND CV NT 16	L0302D178	13,626	907,200	SH		OTR	1	11,700	895,500	0
ARES CAP CORP	NOTE 5.750% 2/0	04010LAB9	2,108	2,043,000	PRN		OTR	1	1,869,000	5,000	169,000
ARES CAP CORP	NOTE 4.750% 1/1	04010LAJ2	11,932	11,377,000	PRN		SOLE		11,377,000	0	0
BANK AMER CORP	COM	060505104	7,230	469,774	SH		OTR	1	0	469,774	0
BANK AMER CORP	7.25%CNV PFD L	060505682	13,965	12,070	SH		OTR	1	11,030	418	622
BIOMARIN PHARMACEUTICAL INC	NOTE 0.750%10/1	09061GAE1	35,365	23,703,000	PRN		OTR	1	9,219,000	14,069,000	415,000
BLACKROCK FLA MUN 2020 TERM	COM SHS	09250M109	1,758	116,357	SH		SOLE		116,357	0	0
BLACKROCK MUNIC BD INVST TR	COM	09249K107	743	50,000	SH		OTR	1	24,992	25,008	0
BLACKROCK MUNIHLDGS NJ QLTY	COM	09254X101	325	22,040	SH		SOLE		22,040	0	0
BLACKROCK MUNIHLDNGS CALI QL	COM	09254L107	3,493	237,125	SH		OTR	1	179,149	57,976	0
BLACKROCK MUNIHLDS INVSTM QL	COM	09254P108	7,072	490,455	SH		OTR	1	264,861	225,594	0
BLACKROCK MUNIHOLDINGS FD IN	COM	09253N104	703	40,343	SH		SOLE		40,343	0	0
BLACKROCK MUNIHOLDNGS QLTY I	COM	09254A101	3,817	283,145	SH		OTR	1	145,356	137,789	0
BLACKROCK MUNIYIELD CALI QLT	COM	09254N103	3,436	219,662	SH		OTR	1	110,610	109,052	0
BLACKROCK MUNIYIELD FD INC	COM	09253W104	1,751	115,341	SH		OTR	1	51,041	64,300	0
BLACKROCK MUNIYLD INVST QLTY	COM	09254T100	1,222	87,573	SH		OTR	1	49,408	38,165	0
BOTTOMLINE TECH DEL INC	NOTE 1.500%12/0	101388AA4	25,681	23,167,000	PRN		OTR	1	8,483,000	14,364,000	320,000
BROADSOFT INC	NOTE 1.500% 7/0	11133BAB8	51	48,000	PRN		SOLE		48,000	0	0
CADENCE DESIGN SYSTEM INC	NOTE 2.625% 6/0	127387AJ7	3,890	1,596,000	PRN		OTR	1	1,470,000	4,000	122,000
CAMERON INTERNATIONAL CORP	COM	13342B105	3,610	80,000	SH		OTR	1	0	80,000	0
CHART INDS INC	NOTE 2.000% 8/0	16115QAC4	27,084	28,032,000	PRN		OTR	1	9,019,000	18,707,000	306,000
CHESAPEAKE ENERGY CORP	NOTE 2.750%11/1	165167BW6	5,213	5,200,000	PRN		OTR	1	4,774,000	12,000	414,000
CIENA CORP	NOTE 0.875% 6/1	171779AE1	2,138	2,156,000	PRN		OTR	1	1,977,000	5,000	174,000
CIENA CORP	NOTE 0.875% 6/1	171779AE1	113	113,000	PRN		SOLE		113,000	0	0
CIENA CORP	DEBT 4.000%12/1	171779AK7	191	150,000	PRN		SOLE		150,000	0	0
CORNERSTONE ONDEMAND INC	NOTE 1.500% 7/0	21925YAB9	23,701	24,293,000	PRN		OTR	1	8,496,000	15,797,000	0
CROWN CASTLE INTL CORP NEW	CNV PFD STK SR A	22822V200	21,003	200,355	SH		OTR	1	50,800	149,555	0
DANAHER CORP DEL	NOTE 1/2	235851AF9	63,432	25,735,000	PRN		OTR	1	10,786,000	14,639,000	310,000
DEPOMED INC	NOTE 2.500% 9/0	249908AA2	16,224	12,261,000	PRN		OTR	1	5,009,000	6,834,000	418,000
DOMINION RES INC VA NEW	UNIT 99/99/9999	25746U869	1,140	23,200	SH		SOLE		23,200	0	0
DYNEGY INC NEW DEL	COM	26817R108	412	13,120	SH		OTR	1	0	13,120	0
EATON VANCE NEW YORK MUN BD	COM	27827Y109	510	40,000	SH		SOLE		40,000	0	0
FIAT CHRYSLER AUTOMOBILES N	MAN COV SEC 16	N31738110	20,939	152,006	SH		OTR	1	76,107	71,727	4,172
FLUIDIGM CORP DEL	NOTE 2.750% 2/0	34385PAA6	2,481	2,336,000	PRN		OTR	1	2,146,000	6,000	184,000
FORD MTR CO DEL	COM PAR $0.01	345370860	29,770	1,844,500	SH		OTR	1 2 3	160,000	1,684,500	0
GENERAL MTRS CO	COM	37045V100	27,617	736,451	SH		OTR	1 3	323,719	412,732	0
GILEAD SCIENCES INC	NOTE 1.625% 5/0	375558AP8	52,358	12,148,000	PRN		OTR	1	3,976,000	8,172,000	0
GOLDCORP INC NEW	COM	380956409	1,394	76,945	SH		OTR	1	11,745	65,200	0
HALLIBURTON CO	COM	406216101	8,373	190,818	SH		OTR	1	4,100	186,718	0
HEALTH CARE REIT INC	PFD PER CON I	42217K601	6,630	97,900	SH		OTR	1	23,300	74,600	0
HELIX ENERGY SOLUTIONS GRP I	NOTE 3.250% 3/1	42330PAG2	35,357	35,408,000	PRN		OTR	1	14,640,000	20,148,000	620,000
HOLOGIC INC	DEBT 2.000% 3/0	436440AC5	21,564	17,389,000	PRN		OTR	1	3,834,000	13,245,000	310,000
HORNBECK OFFSHORE SVCS INC N	NOTE 1.500% 9/0	440543AN6	6,710	8,322,000	PRN		OTR	1	1,314,000	7,008,000	0
INCYTE CORP	NOTE 0.375%11/1	45337CAM4	12,861	7,047,000	PRN		OTR	1	221,000	6,826,000	0
INFINERA CORPORATION	DBCV 1.750% 6/0	45667GAB9	1,550	936,000	PRN		SOLE		936,000	0	0
INSULET CORP	NOTE 2.000% 6/1	45784PAD3	6,817	6,745,000	PRN		OTR	1	1,674,000	5,071,000	0
INTEL CORP	SDCV 12/1	458140AD2	2,429	1,953,000	PRN		OTR	1	1,791,000	5,000	157,000
INTEL CORP	SDCV 12/1	458140AD2	5,506	4,418,000	PRN		SOLE		4,418,000	0	0
INTEL CORP	SDCV 3.250% 8/0	458140AF7	3,101	1,964,000	PRN		OTR	1	1,799,000	5,000	160,000
INTEL CORP	SDCV 3.250% 8/0	458140AF7	15,188	9,609,000	PRN		SOLE		9,609,000	0	0
INVENSENSE INC	NOTE 1.750%11/0	46123DAB2	7,192	7,376,000	PRN		OTR	1	732,000	6,644,000	0
INVESCO ADVANTAGE MUNICIPAL	SH BEN INT	46132E103	9,209	783,744	SH		OTR	1	454,550	329,194	0
INVESCO MUN TR	COM	46131J103	7,918	618,596	SH		OTR	1	389,697	228,899	0
INVESCO QUALITY MUNI INC TRS	COM	46133G107	4,089	325,522	SH		OTR	1	234,076	91,446	0
JARDEN CORP	NOTE 1.875% 9/1	471109AH1	50,648	29,496,000	PRN		OTR	1	6,174,000	22,853,000	469,000
JARDEN CORP	NOTE 1.125% 3/1	471109AM0	17,888	15,000,000	PRN		OTR	1	1,350,000	13,650,000	0
JDS UNIPHASE CORP	DBCV 0.625% 8/1	46612JAF8	360	346,000	PRN		OTR	1	86,000	260,000	0
LAM RESEARCH CORP	NOTE 0.500% 5/1	512807AJ7	14,770	12,238,000	PRN		SOLE		12,238,000	0	0
LAM RESEARCH CORP	NOTE 1.250% 5/1	512807AL2	20,479	15,536,000	PRN		OTR	1	4,236,000	10,992,000	308,000
LIBERTY MEDIA CORP	DEB 3.500% 1/1	530715AN1	2,476	4,452,000	PRN		OTR	1	3,735,000	717,000	0
LIBERTY MEDIA CORP DELAWARE	NOTE 1.375%10/1	531229AB8	15,619	15,599,000	PRN		OTR	1	5,296,000	9,854,000	449,000
MACQUARIE INFRASTR CO LLC	NOTE 2.875% 7/1	55608BAA3	33,722	28,376,000	PRN		OTR	1	15,006,000	12,943,000	427,000
MEDICINES CO	DBCV 1.375% 6/0	584688AC9	8,414	7,067,000	PRN		OTR	1	28,000	7,039,000	0
MEDIDATA SOLUTIONS INC	NOTE 1.000% 8/0	58471AAB1	36,174	31,942,000	PRN		OTR	1	4,319,000	27,623,000	0
MFS HIGH INCOME MUN TR	SH BEN INT	59318D104	972	200,000	SH		OTR	1	100,000	100,000	0
MFS HIGH YIELD MUN TR	SH BEN INT	59318E102	385	86,802	SH		OTR	1	0	86,802	0
MFS MUN INCOME TR	SH BEN INT	552738106	1,246	184,560	SH		OTR	1	67,817	116,743	0
MGM RESORTS INTERNATIONAL	NOTE 4.250% 4/1	55303QAE0	18,978	16,651,000	PRN		OTR	1	3,878,000	12,477,000	296,000
MICROCHIP TECHNOLOGY INC	SDCV 2.125%12/1	595017AB0	3,788	1,938,000	PRN		OTR	1	1,780,000	5,000	153,000
MICRON TECHNOLOGY INC	NOTE 3.000%11/1	595112AY9	19,303	17,380,000	PRN		OTR	1	4,776,000	12,604,000	0
NEW GOLD INC CDA	COM	644535106	2,752	811,671	SH		OTR	1	115,812	695,859	0
NEWMONT MINING CORP	NOTE 1.625% 7/1	651639AJ5	5,239	5,083,000	PRN		SOLE		5,083,000	0	0
NEWPARK RES INC	NOTE 4.000%10/0	651718AC2	12,780	11,314,000	PRN		OTR	1	4,790,000	6,112,000	412,000
NEXTERA ENERGY INC	UNIT 09/01/2015	65339F887	1,016	15,491	SH		SOLE		15,491	0	0
NOVELLUS SYS INC	NOTE 2.625% 5/1	670008AD3	18,991	9,283,000	PRN		OTR	1	9,016,000	100,000	167,000
NUANCE COMMUNICATIONS INC	NOTE 2.750%11/0	67020YAF7	21,632	21,712,000	PRN		OTR	1	6,669,000	14,633,000	410,000
NUVEEN CA DIVIDEND ADV MUN F	COM	67066Y105	1,132	74,048	SH		OTR	1	40,555	33,493	0
NUVEEN CAL AMT-FREE MUN INC	COM	670651108	1,056	70,693	SH		OTR	1	0	70,693	0
NUVEEN DIV ADVANTAGE MUN FD	COM	67070F100	2,021	142,505	SH		OTR	1	103,761	38,744	0
NUVEEN DIVID ADV MUN FD 3	COM SH BEN INT	67070X101	8,291	584,300	SH		OTR	1	391,532	192,768	0
NUVEEN MICH QUALITY INCOME M	COM	670979103	3,684	265,011	SH		OTR	1	151,604	113,407	0
NUVEEN MUN ADVANTAGE FD INC	COM	67062H106	5,474	397,849	SH		OTR	1	299,782	98,067	0
NUVEEN MUN MKT OPPORTUNITY F	COM	67062W103	11,344	828,004	SH		OTR	1	602,595	225,409	0
NUVEEN NY AMT FREE MUN INCOM	COM	670656107	7,134	545,845	SH		OTR	1	290,316	255,529	0
NUVEEN NY DIVID ADVNTG MUN F	COM	67066X107	179	12,886	SH		OTR	1	9,173	3,713	0
NUVEEN PA INVT QUALITY MUN F	COM	670972108	8,342	600,119	SH		OTR	1	398,405	201,714	0
NUVEEN PERFORMANCE PLUS MUN	COM	67062P108	4,648	312,561	SH		OTR	1	179,277	133,284	0
NUVEEN QUALITY INCOME MUN FD	COM	670977107	6,083	433,231	SH		OTR	1	301,324	131,907	0
NVIDIA CORP	NOTE 1.000%12/0	67066GAC8	29,989	25,334,000	PRN		OTR	1	796,000	24,538,000	0
OMNICARE INC	NOTE 3.500% 2/1	681904AQ1	36,579	29,968,000	PRN		OTR	1	12,223,000	17,121,000	624,000
ON SEMICONDUCTOR CORP	NOTE 2.625%12/1	682189AH8	7,320	5,719,000	PRN		OTR	1	5,256,000	13,000	450,000
PACIRA PHARMACEUTICALS INC	NOTE 3.250% 2/0	695127AB6	12,513	3,500,000	PRN		OTR	1	356,000	3,144,000	0
PRICELINE GRP INC	DEBT 1.000% 3/1	741503AQ9	33,639	25,123,000	PRN		OTR	1	3,995,000	20,965,000	163,000
PRICELINE GRP INC	NOTE 0.350% 6/1	741503AS5	24,061	20,991,000	PRN		OTR	1	8,316,000	12,675,000	0
PROOFPOINT INC	NOTE 1.250%12/1	743424AB9	20,817	13,026,000	PRN		OTR	1	1,243,000	11,783,000	0
QUIDEL CORP	NOTE 3.250%12/1	74838JAA9	2,153	1,975,000	PRN		OTR	1	32,000	1,943,000	0
RADIAN GROUP INC	NOTE 2.250% 3/0	750236AN1	11,853	7,371,000	PRN		OTR	1	36,000	7,335,000	0
RAMBUS INC DEL	NOTE 1.125% 8/1	750917AE6	8,846	7,273,000	PRN		OTR	1	1,905,000	5,368,000	0
RPM INTL INC	NOTE 2.250%12/1	749685AT0	2,534	2,150,000	PRN		OTR	1	1,967,000	5,000	178,000
RPM INTL INC	NOTE 2.250%12/1	749685AT0	14,771	12,478,000	PRN		SOLE		12,478,000	0	0
RTI INTL METALS INC	NOTE 1.625%10/1	74973WAB3	2,433	2,116,000	PRN		OTR	1	1,939,000	5,000	172,000
SALESFORCE COM INC	NOTE 0.250% 4/0	79466LAD6	22,919	19,110,000	PRN		OTR	1	5,341,000	13,360,000	409,000
SANDISK CORP	NOTE 0.500%10/1	80004CAF8	20,368	20,191,000	PRN		OTR	1	777,000	19,414,000	0
SEACOR HOLDINGS INC	NOTE 2.500%12/1	811904AM3	4,460	4,327,000	PRN		OTR	1	69,000	4,258,000	0
SOLARCITY CORP	NOTE 2.750%11/0	83416TAA8	4,680	4,478,000	PRN		OTR	1	4,109,000	12,000	357,000
SOUTHWESTERN ENERGY CO	DEP SHS 1/20 B	845467208	10,834	215,000	SH		OTR	1	5,149	209,851	0
SPDR SERIES TRUST	NUV HGHYLD MUN	78464A284	5,066	88,000	SH		OTR	1	0	88,000	0
STANLEY BLACK & DECKER INC	UNIT 99/99/9999	854502309	44,339	330,128	SH		OTR	1	156,948	168,587	4,593
STANLEY BLACK & DECKER INC	UNIT 11/17/20166	854502804	19,161	170,500	SH		OTR	1	44,500	126,000	0
STONE ENERGY CORP	NOTE 1.750% 3/0	861642AN6	13,327	14,718,000	PRN		OTR	1	4,151,000	10,395,000	172,000
T MOBILE US INC	CONV PFD SER A	872590203	11,621	198,100	SH		OTR	1	52,800	145,300	0
TAKE-TWO INTERACTIVE SOFTWAR	NOTE 1.000% 7/0	874054AD1	320	242,000	PRN		SOLE		242,000	0	0
TELEFLEX INC	NOTE 3.875% 8/0	879369AA4	51,968	26,394,000	PRN		OTR	1	10,812,000	15,148,000	434,000
TEVA PHARMACEUTICAL FIN LLC	DBCV 0.250% 2/0	88163VAE9	60,358	40,658,000	PRN		OTR	1	16,898,000	23,454,000	306,000
TTM TECHNOLOGIES INC	NOTE 3.250% 5/1	87305RAC3	3,903	3,884,000	PRN		OTR	1	3,569,000	9,000	306,000
TYSON FOODS INC	UNIT 99/99/9999	902494301	14,701	303,800	SH		OTR	1	82,400	221,400	0
UNITED STATES STL CORP NEW	NOTE 2.750% 4/0	912909AH1	18,394	15,163,000	PRN		OTR	1	2,754,000	12,247,000	162,000
UNITED TECHNOLOGIES CORP	UNIT 06/01/2015	913017117	38,971	633,249	SH		OTR	1	259,403	367,349	6,497
VERINT SYS INC	NOTE 1.500% 6/0	92343XAA8	41,078	35,170,000	PRN		OTR	1	9,549,000	25,192,000	429,000
WABASH NATL CORP	NOTE 3.375% 5/0	929566AH0	31,904	23,430,000	PRN		OTR	1	8,386,000	14,744,000	300,000
WELLPOINT INC	NOTE 2.750%10/1	94973VBG1	39,742	19,193,000	PRN		OTR	1	7,021,000	12,172,000	0
WELLS FARGO & CO NEW	PERP PFD CNV A	949746804	14,500	11,866	SH		OTR	1	11,190	411	265
WESCO INTL INC	DBCV 6.000% 9/1	95082PAH8	26,766	10,816,000	PRN		OTR	1	4,168,000	6,498,000	150,000
WEYERHAEUSER CO	PREF CONV SER A	962166872	2,391	43,700	SH		SOLE		43,700	0	0
XILINX INC	NOTE 2.625% 6/1	983919AF8	55,953	37,691,000	PRN		OTR	1	15,762,000	21,649,000	280,000
XPO LOGISTICS INC	NOTE 4.500%10/0	983793AA8	29,131	10,412,000	PRN		OTR	1	3,243,000	6,914,000	255,000
YAHOO INC	NOTE 12/0	984332AF3	5,717	5,275,000	PRN		OTR	1	5,000,000	275,000	0