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
AIR LEASE CORP	NOTE 3.875%12/0	00912XAK0	49,140	36,011,000	PRN		OTR	1	9,394,000	26,385,000	232,000
AIRTRAN HLDGS INC	NOTE 5.250%11/0	00949PAD0	8,100	2,743,000	PRN		OTR	1	2,493,000	250,000	0
ALCOA INC	DEP SHS 1/10TH	013817309	6,819	203,178	SH		OTR	1	55,978	147,200	0
ALLERGAN PLC	PFD CONV SER A	G0177J116	27,221	26,420	SH		OTR	1	10,898	15,159	363
ALZA CORP	SDCV 7/2	02261WAB5	10,225	7,229,000	PRN		SOLE		7,229,000	0	0
AMERICAN TOWER CORP NEW	PFD CONV SER A	03027X308	32,270	315,287	SH		OTR	1	128,302	182,354	4,631
APOLLO INVT CORP	NOTE 5.750% 1/1	03761UAE6	386	385,000	PRN		SOLE		385,000	0	0
ARES CAP CORP	NOTE 4.750% 1/1	04010LAJ2	389	390,000	PRN		SOLE		390,000	0	0
ARES CAP CORP	NOTE 5.750% 2/0	04010LAB9	1,745	1,746,000	PRN		OTR	1	1,611,000	3,000	132,000
ARRAY BIOPHARMA INC	NOTE 3.000% 6/0	04269XAA3	4,533	4,871,000	PRN		OTR	1	121,000	4,750,000	0
ATLAS AIR WORLDWIDE HLDGS IN	NOTE 2.250% 6/0	049164BH8	12,538	15,090,000	PRN		OTR	1	4,888,000	9,825,000	377,000
BANK AMER CORP	7.25%CNV PFD L	060505682	11,392	10,430	SH		OTR	1	9,524	413	493
BANK AMER CORP	COM	060505104	11,214	666,299	SH		OTR	1	0	666,299	0
BIOMARIN PHARMACEUTICAL INC	NOTE 0.750%10/1	09061GAE1	45,034	34,962,000	PRN		OTR	1	8,183,000	26,439,000	340,000
BLACKROCK FLA MUN 2020 TERM	COM SHS	09250M109	1,767	118,257	SH		SOLE		118,257	0	0
BLACKROCK MUNIHLDGS NJ QLTY	COM	09254X101	318	22,040	SH		SOLE		22,040	0	0
BLACKROCK MUNIHLDNGS QLTY II	COM	09254C107	1,875	137,761	SH		OTR	1	0	137,761	0
BLACKROCK MUNIHOLDNGS QLTY I	COM	09254A101	3,738	272,227	SH		OTR	1	93,425	178,802	0
BLACKROCK MUNIY QUALITY FD I	COM	09254G108	1,116	84,054	SH		OTR	1	0	84,054	0
BLACKROCK MUNIYIELD INVST FD	COM	09254R104	2,129	136,065	SH		OTR	1	0	136,065	0
BLACKROCK MUNIYLD INVST QLTY	COM	09254T100	1,501	106,443	SH		OTR	1	0	106,443	0
BOTTOMLINE TECH DEL INC	NOTE 1.500%12/0	101388AA4	25,718	22,774,000	PRN		OTR	1	8,154,000	14,361,000	259,000
CAMERON INTERNATIONAL CORP	COM	13342B105	5,056	80,000	SH		OTR	1	0	80,000	0
CARRIAGE SVCS INC	NOTE 2.750% 3/1	143905AM9	15,687	13,259,000	PRN		OTR	1	2,055,000	11,204,000	0
CHART INDS INC	NOTE 2.000% 8/0	16115QAC4	23,856	27,438,000	PRN		OTR	1	8,495,000	18,704,000	239,000
CIENA CORP	DEBT 4.000%12/1	171779AK7	143	110,000	PRN		SOLE		110,000	0	0
CIENA CORP	NOTE 0.875% 6/1	171779AE1	1,817	1,853,000	PRN		OTR	1	1,707,000	4,000	142,000
CIENA CORP	NOTE 0.875% 6/1	171779AE1	111	113,000	PRN		SOLE		113,000	0	0
CITRIX SYS INC	NOTE 0.500% 4/1	177376AD2	19,297	17,663,000	PRN		OTR	1	9,282,000	8,381,000	0
CROWN CASTLE INTL CORP NEW	CNV PFD STK SR A	22822V200	27,328	254,909	SH		OTR	1	71,404	183,505	0
DANAHER CORP DEL	NOTE 1/2	235851AF9	58,027	21,518,000	PRN		OTR	1	6,635,000	14,636,000	247,000
DELTA AIR LINES INC DEL	COM NEW	247361702	20,252	399,518	SH		OTR	1	0	399,518	0
DEPOMED INC	NOTE 2.500% 9/0	249908AA2	19,038	16,709,000	PRN		OTR	1	4,316,000	12,097,000	296,000
ECHO GLOBAL LOGISTICS INC	NOTE 2.500% 5/0	27875TAA9	13,658	15,520,000	PRN		OTR	1	768,000	14,752,000	0
EXPEDIA INC DEL	COM NEW	30212P303	6,901	55,519	SH		OTR	1	0	55,519	0
FIAT CHRYSLER AUTOMOBILES N	MAN COV SEC 16	N31738110	24,082	204,984	SH		OTR	1	77,174	124,419	3,391
GENERAL MTRS CO	COM	37045V100	15,848	465,975	SH		OTR	1 2	224,038	241,937	0
GILEAD SCIENCES INC	NOTE 1.625% 5/0	375558AP8	36,341	8,130,000	PRN		OTR	1	1,777,000	6,353,000	0
HALLIBURTON CO	COM	406216101	6,356	186,718	SH		OTR	1	0	186,718	0
HELIX ENERGY SOLUTIONS GRP I	NOTE 3.250% 3/1	42330PAG2	26,916	33,965,000	PRN		OTR	1	13,347,000	20,142,000	476,000
HOLOGIC INC	DEBT 2.000% 3/0	436440AC5	23,068	17,238,000	PRN		OTR	1	3,741,000	13,242,000	255,000
HORNBECK OFFSHORE SVCS INC N	NOTE 1.500% 9/0	440543AN6	1,706	3,000,000	PRN		OTR	1	0	3,000,000	0
ILLUMINA INC	NOTE 0.500% 6/1	452327AH2	22,088	18,887,000	PRN		OTR	1	6,996,000	11,573,000	318,000
ILLUMINA INC	NOTE 6/1	452327AF6	12,172	11,148,000	PRN		OTR	1	4,149,000	6,999,000	0
INSULET CORP	NOTE 2.000% 6/1	45784PAD3	6,980	6,724,000	PRN		OTR	1	1,653,000	5,071,000	0
INTEL CORP	SDCV 12/1	458140AD2	5,663	4,418,000	PRN		SOLE		4,418,000	0	0
INTEL CORP	SDCV 12/1	458140AD2	2,217	1,733,000	PRN		OTR	1	1,603,000	4,000	126,000
INTEL CORP	SDCV 3.250% 8/0	458140AF7	2,892	1,739,000	PRN		OTR	1	1,607,000	4,000	128,000
INTEL CORP	SDCV 3.250% 8/0	458140AF7	6,903	4,146,000	PRN		SOLE		4,146,000	0	0
INVENSENSE INC	NOTE 1.750%11/0	46123DAB2	6,424	6,857,000	PRN		OTR	1	213,000	6,644,000	0
INVESCO MUN TR	COM	46131J103	4,976	389,697	SH		SOLE		389,697	0	0
INVESCO QUALITY MUNI INC TRS	COM	46133G107	2,970	234,076	SH		SOLE		234,076	0	0
ISIS PHARMACEUTICALS INC DEL	NOTE 1.000%11/1	464337AJ3	11,549	10,243,000	PRN		OTR	1	2,875,000	7,368,000	0
JARDEN CORP	NOTE 1.125% 3/1	471109AM0	17,979	14,595,000	PRN		OTR	1	945,000	13,650,000	0
JARDEN CORP	NOTE 1.875% 9/1	471109AH1	61,184	33,574,000	PRN		OTR	1	6,158,000	27,036,000	380,000
LAM RESEARCH CORP	NOTE 0.500% 5/1	512807AJ7	6,332	4,857,000	PRN		SOLE		4,857,000	0	0
LAM RESEARCH CORP	NOTE 1.250% 5/1	512807AL2	22,259	15,503,000	PRN		OTR	1	4,263,000	10,990,000	250,000
LIBERTY MEDIA CORP	DEB 3.500% 1/1	530715AN1	2,286	4,429,000	PRN		OTR	1	3,712,000	717,000	0
LIBERTY MEDIA CORP DELAWARE	NOTE 1.375%10/1	531229AB8	14,624	14,882,000	PRN		OTR	1	4,669,000	9,851,000	362,000
LIVE NATION ENTERTAINMENT IN	DBCV 2.500% 5/1	538034AJ8	33,000	32,294,000	PRN		OTR	1	6,755,000	25,539,000	0
MACQUARIE INFRASTRUCTURE COR	NOTE 2.875% 7/1	55608BAA3	41,570	37,034,000	PRN		OTR	1	9,899,000	26,790,000	345,000
MEDICINES CO	DBCV 1.375% 6/0	584688AC9	10,204	7,145,000	PRN		OTR	1	106,000	7,039,000	0
MEDIDATA SOLUTIONS INC	NOTE 1.000% 8/0	58471AAB1	42,959	39,228,000	PRN		OTR	1	11,278,000	27,632,000	318,000
MFS HIGH INCOME MUN TR	SH BEN INT	59318D104	1,301	265,061	SH		OTR	1	0	265,061	0
MFS MUN INCOME TR	SH BEN INT	552738106	461	67,817	SH		SOLE		67,817	0	0
MGIC INVT CORP WIS	NOTE 2.000% 4/0	552848AE3	10,997	7,883,000	PRN		OTR	1	3,002,000	4,881,000	0
MGIC INVT CORP WIS	NOTE 5.000% 5/0	552848AD5	15,223	14,726,000	PRN		OTR	1	525,000	14,201,000	0
MICROCHIP TECHNOLOGY INC	SDCV 2.125%12/1	595017AB0	3,285	1,726,000	PRN		OTR	1	1,599,000	4,000	123,000
MICRON TECHNOLOGY INC	NOTE 3.000%11/1	595112AY9	33,768	40,380,000	PRN		OTR	1	6,157,000	34,223,000	0
MOLINA HEALTHCARE INC	DBCV 1.625% 8/1	60855RAD2	19,533	16,216,000	PRN		OTR	1	3,811,000	12,133,000	272,000
NEWPARK RES INC	NOTE 4.000%10/0	651718AC2	9,400	10,526,000	PRN		OTR	1	4,091,000	6,109,000	326,000
NEXTERA ENERGY INC	UNIT 08/31/2018	65339F846	5,763	109,800	SH		SOLE		109,800	0	0
NOVELLUS SYS INC	NOTE 2.625% 5/1	670008AD3	6,676	2,831,000	PRN		SOLE		2,831,000	0	0
NUANCE COMMUNICATIONS INC	NOTE 2.750%11/0	67020YAF7	4,691	4,659,000	PRN		OTR	1	4,312,000	9,000	338,000
NUVEEN DIVID ADV MUN FD 3	COM SH BEN INT	67070X101	5,622	391,532	SH		SOLE		391,532	0	0
NUVEEN MICH QUALITY INCOME M	COM	670979103	2,050	149,742	SH		SOLE		149,742	0	0
NUVEEN MUN ADVANTAGE FD INC	COM	67062H106	4,152	299,782	SH		SOLE		299,782	0	0
NUVEEN MUN MKT OPPORTUNITY F	COM	67062W103	8,310	602,595	SH		SOLE		602,595	0	0
NUVEEN NY AMT FREE MUN INCOM	COM	670656107	4,922	374,856	SH		OTR	1	290,316	84,540	0
NUVEEN PA INVT QUALITY MUN F	COM	670972108	5,458	398,405	SH		SOLE		398,405	0	0
NUVEEN PERFORMANCE PLUS MUN	COM	67062P108	3,874	258,986	SH		OTR	1	0	258,986	0
NUVEEN QUALITY INCOME MUN FD	COM	670977107	1,250	88,169	SH		SOLE		88,169	0	0
NVIDIA CORP	NOTE 1.000%12/0	67066GAC8	23,857	14,280,000	PRN		OTR	1	706,000	13,574,000	0
NXP SEMICONDUCTORS N V	DBCV 1.000%12/0	62952QAB6	37,245	33,840,000	PRN		OTR	1	7,650,000	26,190,000	0
ON SEMICONDUCTOR CORP	NOTE 2.625%12/1	682189AH8	25,020	22,381,000	PRN		OTR	1	8,433,000	13,587,000	361,000
PRICELINE GRP INC	NOTE 0.350% 6/1	741503AS5	19,275	16,138,000	PRN		OTR	1	3,463,000	12,675,000	0
PRICELINE GRP INC	NOTE 1.000% 3/1	741503AQ9	35,268	24,723,000	PRN		OTR	1	3,631,000	20,964,000	128,000
PROOFPOINT INC	NOTE 1.250%12/1	743424AB9	7,622	4,412,000	PRN		OTR	1	1,229,000	3,183,000	0
RADIAN GROUP INC	NOTE 2.250% 3/0	750236AN1	9,587	7,414,000	PRN		OTR	1	79,000	7,335,000	0
RAMBUS INC DEL	NOTE 1.125% 8/1	750917AE6	8,539	7,365,000	PRN		OTR	1	1,997,000	5,368,000	0
RED HAT INC	NOTE 0.250%10/0	756577AD4	24,132	18,481,000	PRN		OTR	1	7,870,000	10,326,000	285,000
RPM INTL INC	NOTE 2.250%12/1	749685AT0	2,153	1,892,000	PRN		OTR	1	1,745,000	4,000	143,000
RPM INTL INC	NOTE 2.250%12/1	749685AT0	5,941	5,197,000	PRN		SOLE		5,197,000	0	0
SALESFORCE COM INC	NOTE 0.250% 4/0	79466LAD6	29,926	23,230,000	PRN		OTR	1	9,538,000	13,357,000	335,000
SANDISK CORP	NOTE 0.500%10/1	80004CAF8	26,815	25,808,000	PRN		OTR	1	6,026,000	19,424,000	358,000
SEACOR HOLDINGS INC	NOTE 2.500%12/1	811904AM3	4,082	4,308,000	PRN		OTR	1	50,000	4,258,000	0
SOUTHWESTERN ENERGY CO	DEP SHS 1/20 B	845467208	7,895	421,454	SH		OTR	1	100,145	314,321	6,988
SPDR GOLD TRUST	GOLD SHS	78463V107	17,187	169,400	SH		OTR	1	0	169,400	0
SPDR SERIES TRUST	BRC CNV SECS ETF	78464A359	3,665	84,687	SH		OTR	1	82,241	0	2,446
STANLEY BLACK & DECKER INC	COM	854502101	10,225	95,802	SH		OTR	1	8,514	87,288	0
STANLEY BLACK & DECKER INC	UNIT 11/17/20166	854502804	27,404	233,101	SH		OTR	1	102,453	126,122	4,526
STARWOOD HOTELS&RESORTS WRLD	COM	85590A401	14,561	210,170	SH		OTR	1	0	210,170	0
STONE ENERGY CORP	NOTE 1.750% 3/0	861642AN6	45,529	61,227,000	PRN		OTR	1	18,810,000	42,283,000	134,000
T MOBILE US INC	CONV PFD SER A	872590203	13,609	200,782	SH		OTR	1	55,482	145,300	0
TELEFLEX INC	NOTE 3.875% 8/0	879369AA4	52,140	24,390,000	PRN		OTR	1	8,893,000	15,145,000	352,000
TEVA PHARMACEUTICAL FIN LLC	DBCV 0.250% 2/0	88163VAE9	38,152	24,370,000	PRN		OTR	1	8,804,000	15,318,000	248,000
TWITTER INC	NOTE 0.250% 9/1	90184LAB8	15,077	17,647,000	PRN		OTR	1	2,221,000	15,426,000	0
TYSON FOODS INC	UNIT 99/99/9999	902494301	25,458	417,166	SH		OTR	1	188,096	221,606	7,464
UNITED TECHNOLOGIES CORP	COM	913017109	18,095	188,349	SH		OTR	1	0	188,349	0
VERINT SYS INC	COM	92343X100	2	53	SH		SOLE		53	0	0
VERINT SYS INC	NOTE 1.500% 6/0	92343XAA8	38,640	41,021,000	PRN		OTR	1	11,486,000	29,192,000	343,000
WABASH NATL CORP	NOTE 3.375% 5/0	929566AH0	27,821	22,994,000	PRN		OTR	1	8,009,000	14,742,000	243,000
WELLPOINT INC	NOTE 2.750%10/1	94973VBG1	29,596	15,465,000	PRN		OTR	1	3,293,000	12,172,000	0
WELLS FARGO & CO NEW	PERP PFD CNV A	949746804	8,281	7,141	SH		OTR	1	6,488	407	246
WELLTOWER INC	6.50% PFD PREPET	95040Q203	5,978	97,900	SH		OTR	1	23,300	74,600	0
WEYERHAEUSER CO	PREF CONV SER A	962166872	2,208	43,700	SH		SOLE		43,700	0	0
XILINX INC	NOTE 2.625% 6/1	983919AF8	50,319	30,916,000	PRN		OTR	1	9,621,000	21,061,000	234,000
XPO LOGISTICS INC	NOTE 4.500%10/0	983793AA8	35,674	20,855,000	PRN		OTR	1	6,509,000	14,133,000	213,000
YAHOO INC	NOTE 12/0	984332AF3	5,156	5,275,000	PRN		OTR	1	5,000,000	275,000	0