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	42,176	34,802,000	PRN		OTR	1	6,594,000	28,208,000	0
AIR LEASE CORP	NOTE 3.875%12/0	00912XAK0	3,802	3,150,000	PRN		OTR		2,904,000	0	246,000
AIRTRAN HLDGS INC	NOTE 5.250%11/0	00949PAD0	7,406	2,693,000	PRN		OTR	1	2,443,000	250,000	0
ALCOA INC	DEP SHS 1/10TH	013817309	6,724	203,178	SH		OTR	1	55,978	147,200	0
ALLERGAN PLC	PFD CONV SER A	G0177J116	4,052	4,861	SH		OTR		4,484	0	377
ALLERGAN PLC	PFD CONV SER A	G0177J116	30,305	36,392	SH		OTR	1	8,076	28,316	0
ALZA CORP	SDCV 7/2	02261WAB5	12,041	7,229,000	PRN		SOLE		7,229,000	0	0
AMERICAN RLTY CAP PPTYS INC	NOTE 3.000% 8/0	02917TAA2	7,420	7,500,000	PRN		OTR	1	2,890,000	4,610,000	0
AMERICAN RLTY CAP PPTYS INC	NOTE 3.750%12/1	02917TAB0	65,132	65,500,000	PRN		OTR	1	16,400,000	49,100,000	0
AMERICAN TOWER CORP NEW	PFD CONV SER A	03027X308	7,114	63,235	SH		OTR		58,313	0	4,922
AMERICAN TOWER CORP NEW	PFD CONV SER A	03027X308	30,894	275,529	SH		OTR	1	72,980	202,549	0
ARRAY BIOPHARMA INC	NOTE 3.000% 6/0	04269XAA3	4,143	4,871,000	PRN		OTR	1	121,000	4,750,000	0
ATLAS AIR WORLDWIDE HLDGS IN	NOTE 2.250% 6/0	049164BH8	4,858	5,011,000	PRN		OTR		4,616,000	0	395,000
ATLAS AIR WORLDWIDE HLDGS IN	NOTE 2.250% 6/0	049164BH8	9,966	10,228,000	PRN		OTR	1	413,000	9,815,000	0
AVIS BUDGET GROUP	COM	053774105	3,223	100,000	SH		OTR	1	0	100,000	0
BAKER HUGHES INC	COM	057224107	4,062	90,000	SH		OTR	1	0	90,000	0
BANK AMER CORP	COM	060505104	8,842	666,299	SH		OTR	1	0	666,299	0
BANK AMER CORP	7.25%CNV PFD L	060505682	4,186	3,517	SH		OTR	1	3,117	400	0
BANK AMER CORP	7.25%CNV PFD L	060505682	7,887	6,600	SH		OTR		6,085	0	515
BIOMARIN PHARMACEUTICAL INC	NOTE 0.750%10/1	09061GAE1	36,426	32,651,000	PRN		OTR	1	3,848,000	28,803,000	0
BIOMARIN PHARMACEUTICAL INC	NOTE 0.750%10/1	09061GAE1	5,029	4,528,000	PRN		OTR		4,173,000	0	355,000
BLACKROCK FLA MUN 2020 TERM	COM SHS	09250M109	3,089	203,891	SH		SOLE		203,891	0	0
BLACKROCK LONG-TERM MUNI ADV	COM	09250B103	1,995	156,373	SH		SOLE		156,373	0	0
BLACKROCK MUNI INTER DR FD I	COM	09253X102	6,361	417,358	SH		SOLE		417,358	0	0
BLACKROCK MUNIHLDGS NJ QLTY	COM	09254X101	5,246	323,240	SH		SOLE		323,240	0	0
BLACKROCK MUNIYLD MICH QLTY	COM	09254V105	4,799	309,829	SH		SOLE		309,829	0	0
BOTTOMLINE TECH DEL INC	NOTE 1.500%12/0	101388AA4	3,345	3,330,000	PRN		OTR		3,064,000	0	266,000
BOTTOMLINE TECH DEL INC	NOTE 1.500%12/0	101388AA4	19,528	19,347,000	PRN		OTR	1	4,993,000	14,354,000	0
CARRIAGE SVCS INC	NOTE 2.750% 3/1	143905AM9	15,637	13,259,000	PRN		OTR	1	2,055,000	11,204,000	0
CHART INDS INC	NOTE 2.000% 8/0	16115QAC4	3,006	3,230,000	PRN		OTR		2,977,000	0	253,000
CHART INDS INC	NOTE 2.000% 8/0	16115QAC4	24,822	26,530,000	PRN		OTR	1	5,649,000	20,881,000	0
CIENA CORP	NOTE 0.875% 6/1	171779AE1	1,797	1,819,000	PRN		OTR		1,667,000	0	152,000
CIENA CORP	NOTE 0.875% 6/1	171779AE1	112	113,000	PRN		SOLE		113,000	0	0
CITRIX SYS INC	NOTE 0.500% 4/1	177376AD2	19,738	17,663,000	PRN		OTR	1	9,282,000	8,381,000	0
CROWN CASTLE INTL CORP NEW	CNV PFD STK SR A	22822V200	33,233	274,651	SH		OTR	1	72,004	202,647	0
DANAHER CORP DEL	NOTE 1/2	235851AF9	9,551	3,257,000	PRN		OTR		3,001,000	0	256,000
DANAHER CORP DEL	NOTE 1/2	235851AF9	55,119	18,780,000	PRN		OTR	1	3,473,000	15,307,000	0
DELAWARE INV MN MUN INC FD I	COM	24610V103	9,247	603,962	SH		SOLE		603,962	0	0
DELAWARE INVT NAT MUNI INC F	SH BEN INT	24610T108	3,784	256,199	SH		SOLE		256,199	0	0
DELTA AIR LINES INC DEL	COM NEW	247361702	14,554	399,518	SH		OTR	1	0	399,518	0
DEPOMED INC	NOTE 2.500% 9/0	249908AA2	4,487	3,718,000	PRN		OTR		3,418,000	0	300,000
DEPOMED INC	NOTE 2.500% 9/0	249908AA2	26,955	22,265,000	PRN		OTR	1	4,914,000	17,351,000	0
DTF TAX-FREE INCOME INC	COM	23334J107	453	27,049	SH		SOLE		27,049	0	0
EATON VANCE MICH MUN BD FD	COM	27828M104	419	26,210	SH		SOLE		26,210	0	0
EATON VANCE NATL MUN OPPORT	COM SHS	27829L105	4,684	203,299	SH		SOLE		203,299	0	0
EATON VANCE NEW YORK MUN BD	COM	27827Y109	7,327	505,288	SH		SOLE		505,288	0	0
ECHO GLOBAL LOGISTICS INC	NOTE 2.500% 5/0	27875TAA9	16,284	17,152,000	PRN		OTR	1	768,000	16,384,000	0
EXIDE TECHNOLOGIES	DEBT 7.000% 4/3	302051AU1	92,451	132,073,188	PRN		OTR	1	30,520,140	101,553,048	0
EXPEDIA INC DEL	COM NEW	30212P303	5,902	55,519	SH		OTR	1	0	55,519	0
FIAT CHRYSLER AUTOMOBILES N	MAN COV SEC 16	N31738110	9,436	156,947	SH		OTR	1	32,622	124,325	0
FIAT CHRYSLER AUTOMOBILES N	MAN COV SEC 16	N31738110	2,704	45,157	SH		OTR		41,642	0	3,515
GENERAL MTRS CO	COM	37045V100	8,494	300,140	SH		OTR	1	92,553	207,587	0
HALLIBURTON CO	COM	406216101	8,456	186,718	SH		OTR	1	0	186,718	0
HELIX ENERGY SOLUTIONS GRP I	NOTE 3.250% 3/1	42330PAG2	5,732	6,504,000	PRN		OTR		5,991,000	0	513,000
HELIX ENERGY SOLUTIONS GRP I	NOTE 3.250% 3/1	42330PAG2	27,116	30,425,000	PRN		OTR	1	7,671,000	22,754,000	0
HOLOGIC INC	DEBT 2.000% 3/0	436440AC5	4,212	3,284,000	PRN		OTR		3,023,000	0	261,000
HOLOGIC INC	DEBT 2.000% 3/0	436440AC5	10,407	8,099,000	PRN		OTR	1	1,595,000	6,504,000	0
HORNBECK OFFSHORE SVCS INC N	NOTE 1.500% 9/0	440543AN6	1,751	3,000,000	PRN		OTR	1	0	3,000,000	0
ILLUMINA INC	NOTE 6/1	452327AF6	10,694	10,926,000	PRN		OTR	1	3,927,000	6,999,000	0
ILLUMINA INC	NOTE 0.500% 6/1	452327AH2	4,278	4,283,000	PRN		OTR		3,950,000	0	333,000
ILLUMINA INC	NOTE 0.500% 6/1	452327AH2	17,344	17,279,000	PRN		OTR	1	3,149,000	14,130,000	0
INTEL CORP	SDCV 12/1	458140AD2	2,150	1,663,000	PRN		OTR		1,535,000	0	128,000
INTEL CORP	SDCV 12/1	458140AD2	5,724	4,418,000	PRN		SOLE		4,418,000	0	0
INTEL CORP	SDCV 3.250% 8/0	458140AF7	2,708	1,666,000	PRN		OTR		1,535,000	0	131,000
INTEL CORP	SDCV 3.250% 8/0	458140AF7	6,748	4,146,000	PRN		SOLE		4,146,000	0	0
INVESCO MUN TR	COM	46131J103	5,538	389,697	SH		SOLE		389,697	0	0
INVESCO QUALITY MUNI INC TRS	COM	46133G107	3,235	234,076	SH		SOLE		234,076	0	0
ISIS PHARMACEUTICALS INC DEL	NOTE 1.000%11/1	464337AJ3	7,266	10,243,000	PRN		OTR	1	2,875,000	7,368,000	0
LIBERTY MEDIA CORP DELAWARE	NOTE 1.375%10/1	531229AB8	4,799	4,832,000	PRN		OTR		4,457,000	0	375,000
LIBERTY MEDIA CORP DELAWARE	NOTE 1.375%10/1	531229AB8	9,823	9,841,000	PRN		OTR	1	0	9,841,000	0
LIVE NATION ENTERTAINMENT IN	DBCV 2.500% 5/1	538034AJ8	242	240,000	PRN		OTR	1	0	240,000	0
MACQUARIE INFRASTRUCTURE COR	NOTE 2.875% 7/1	55608BAA3	5,299	4,641,000	PRN		OTR		4,283,000	0	358,000
MACQUARIE INFRASTRUCTURE COR	NOTE 2.875% 7/1	55608BAA3	53,064	46,268,000	PRN		OTR	1	10,206,000	36,062,000	0
MEDICINES CO	DBCV 1.375% 6/0	584688AC9	9,601	7,145,000	PRN		OTR	1	106,000	7,039,000	0
MEDIDATA SOLUTIONS INC	NOTE 1.000% 8/0	58471AAB1	4,800	4,429,000	PRN		OTR		4,089,000	0	340,000
MEDIDATA SOLUTIONS INC	NOTE 1.000% 8/0	58471AAB1	38,174	35,062,000	PRN		OTR	1	7,439,000	27,623,000	0
MFS HIGH INCOME MUN TR	SH BEN INT	59318D104	2,546	462,916	SH		SOLE		462,916	0	0
MFS MUN INCOME TR	SH BEN INT	552738106	3,237	427,052	SH		SOLE		427,052	0	0
MGIC INVT CORP WIS	NOTE 2.000% 4/0	552848AE3	10,857	9,737,000	PRN		OTR	1	3,067,000	6,670,000	0
MICROCHIP TECHNOLOGY INC	SDCV 2.125%12/1	595017AB0	3,479	1,653,000	PRN		OTR		1,527,000	0	126,000
MICROCHIP TECHNOLOGY INC	NOTE 1.625% 2/1	595017AD6	44,359	39,896,000	PRN		OTR	1	7,598,000	32,298,000	0
MICRON TECHNOLOGY INC	NOTE 3.000%11/1	595112AY9	13,184	17,150,000	PRN		OTR	1	3,605,000	13,545,000	0
MOLINA HEALTHCARE INC	DBCV 1.625% 8/1	60855RAD2	3,813	3,512,000	PRN		OTR		3,228,000	0	284,000
MOLINA HEALTHCARE INC	DBCV 1.625% 8/1	60855RAD2	26,098	23,929,000	PRN		OTR	1	5,036,000	18,893,000	0
NEWPARK RES INC	NOTE 4.000%10/0	651718AC2	4,218	4,548,000	PRN		OTR		4,194,000	0	354,000
NEWPARK RES INC	NOTE 4.000%10/0	651718AC2	3,982	4,270,000	PRN		OTR	1	170,000	4,100,000	0
NEXTERA ENERGY INC	UNIT 08/31/2018	65339F846	6,994	109,800	SH		SOLE		109,800	0	0
NUANCE COMMUNICATIONS INC	NOTE 2.750%11/0	67020YAF7	4,548	4,509,000	PRN		OTR		4,157,000	0	352,000
NUVEEN ENHANCED AMT FREE MUN	COM	67071L106	10,403	639,783	SH		SOLE		639,783	0	0
NUVEEN ENHANCED MUN CREDIT O	COM SH BEN INT	67070X101	15,056	945,726	SH		SOLE		945,726	0	0
NUVEEN MD PREM INCOME MUN FD	COM	67061Q107	745	52,397	SH		SOLE		52,397	0	0
NUVEEN MICH QUALITY INCOME M	COM	670979103	1,904	124,070	SH		SOLE		124,070	0	0
NUVEEN MUN MKT OPPORTUNITY F	COM	67062W103	10,174	674,680	SH		SOLE		674,680	0	0
NUVEEN NY AMT FREE MUN INCOM	COM	670656107	5,342	374,856	SH		OTR	1	290,316	84,540	0
NUVEEN PA INVT QUALITY MUN F	COM	670972108	5,498	356,785	SH		SOLE		356,785	0	0
NUVEEN PERFORMANCE PLUS MUN	COM	67062P108	9,825	595,081	SH		SOLE		595,081	0	0
NVIDIA CORP	NOTE 1.000%12/0	67066GAC8	3,444	1,478,000	PRN		OTR		1,364,000	0	114,000
NVIDIA CORP	NOTE 1.000%12/0	67066GAC8	19,096	8,178,000	PRN		OTR	1	549,000	7,629,000	0
NXP SEMICONDUCTORS N V	DBCV 1.000%12/0	62952QAB6	39,630	36,295,000	PRN		OTR	1	7,945,000	28,350,000	0
ON SEMICONDUCTOR CORP	NOTE 2.625%12/1	682189AH8	5,019	4,832,000	PRN		OTR		4,457,000	0	375,000
ON SEMICONDUCTOR CORP	NOTE 2.625%12/1	682189AH8	18,064	17,328,000	PRN		OTR	1	3,751,000	13,577,000	0
ON SEMICONDUCTOR CORP	NOTE 1.000%12/0	682189AK1	20,714	23,048,000	PRN		OTR	1	4,961,000	18,087,000	0
PRICELINE GRP INC	NOTE 1.000% 3/1	741503AQ9	2,393	1,724,000	PRN		OTR		1,593,000	0	131,000
PRICELINE GRP INC	NOTE 1.000% 3/1	741503AQ9	31,921	22,913,000	PRN		OTR	1	1,953,000	20,960,000	0
PRICELINE GRP INC	NOTE 0.350% 6/1	741503AS5	22,135	18,798,000	PRN		OTR	1	3,463,000	15,335,000	0
PROOFPOINT INC	NOTE 1.250%12/1	743424AB9	9,516	5,679,000	PRN		OTR	1	1,229,000	4,450,000	0
PROOFPOINT INC	DBCV 0.750% 6/1	743424AD5	3,991	3,702,000	PRN		OTR	1	265,000	3,437,000	0
PUTNAM MUN OPPORTUNITIES TR	SH BEN INT	746922103	15,252	1,139,927	SH		SOLE		1,139,927	0	0
RADIAN GROUP INC	NOTE 2.250% 3/0	750236AN1	8,503	7,414,000	PRN		OTR	1	79,000	7,335,000	0
RAMBUS INC DEL	NOTE 1.125% 8/1	750917AE6	8,571	7,365,000	PRN		OTR	1	1,997,000	5,368,000	0
RED HAT INC	NOTE 0.250%10/0	756577AD4	4,418	3,644,000	PRN		OTR		3,347,000	0	297,000
RED HAT INC	NOTE 0.250%10/0	756577AD4	27,564	22,640,000	PRN		OTR	1	5,715,000	16,925,000	0
REX ENERGY CORPORATION	COM	761565100	2,159	3,268,830	SH		OTR	1	827,040	2,441,790	0
RPM INTL INC	NOTE 2.250%12/1	749685AT0	2,088	1,800,000	PRN		OTR		1,650,000	0	150,000
RPM INTL INC	NOTE 2.250%12/1	749685AT0	6,055	5,197,000	PRN		SOLE		5,197,000	0	0
SALESFORCE COM INC	NOTE 0.250% 4/0	79466LAD6	30,605	23,645,000	PRN		OTR	1	5,575,000	18,070,000	0
SALESFORCE COM INC	NOTE 0.250% 4/0	79466LAD6	5,837	4,518,000	PRN		OTR		4,166,000	0	352,000
SANDISK CORP	NOTE 0.500%10/1	80004CAF8	22,527	20,834,000	PRN		OTR	1	1,420,000	19,414,000	0
SANDISK CORP	NOTE 0.500%10/1	80004CAF8	5,064	4,689,000	PRN		OTR		4,326,000	0	363,000
SEACOR HOLDINGS INC	NOTE 2.500%12/1	811904AM3	4,233	4,308,000	PRN		OTR	1	50,000	4,258,000	0
SERVICENOW INC	NOTE 11/0	81762PAB8	4,705	4,229,000	PRN		OTR		3,902,000	0	327,000
SERVICENOW INC	NOTE 11/0	81762PAB8	18,610	16,653,000	PRN		OTR	1	3,272,000	13,381,000	0
SOUTHWESTERN ENERGY CO	DEP SHS 1/20 B	845467208	2,916	96,885	SH		OTR		89,378	0	7,507
SOUTHWESTERN ENERGY CO	DEP SHS 1/20 B	845467208	10,050	331,211	SH		OTR	1	17,089	314,122	0
SPDR GOLD TRUST	GOLD SHS	78463V107	21,432	169,400	SH		OTR	1	0	169,400	0
STANLEY BLACK & DECKER INC	UNIT 11/17/20166	854502804	6,998	60,276	SH		OTR		55,574	0	4,702
STANLEY BLACK & DECKER INC	UNIT 11/17/20166	854502804	19,901	170,840	SH		OTR	1	44,840	126,000	0
STARWOOD HOTELS&RESORTS WRLD	COM	85590A401	8,147	110,170	SH		OTR	1	0	110,170	0
STONE ENERGY CORP	NOTE 1.750% 3/0	861642AN6	767	1,725,000	PRN		OTR		1,580,000	0	145,000
STONE ENERGY CORP	NOTE 1.750% 3/0	861642AN6	29,061	62,580,000	PRN		OTR	1	16,021,000	46,559,000	0
T MOBILE US INC	CONV PFD SER A	872590203	14,759	200,782	SH		OTR	1	55,482	145,300	0
TELEFLEX INC	NOTE 3.875% 8/0	879369AA4	13,536	4,694,000	PRN		OTR		4,327,000	0	367,000
TELEFLEX INC	NOTE 3.875% 8/0	879369AA4	56,787	19,658,000	PRN		OTR	1	4,523,000	15,135,000	0
TEVA PHARMACEUTICAL FIN LLC	DBCV 0.250% 2/0	88163VAE9	4,044	3,227,000	PRN		OTR		2,971,000	0	256,000
TEVA PHARMACEUTICAL FIN LLC	DBCV 0.250% 2/0	88163VAE9	19,711	15,667,000	PRN		OTR	1	5,207,000	10,460,000	0
TWITTER INC	NOTE 0.250% 9/1	90184LAB8	19,147	20,784,000	PRN		OTR	1	2,221,000	18,563,000	0
TYSON FOODS INC	UNIT 99/99/9999	902494301	23,281	313,634	SH		OTR	1	92,234	221,400	0
TYSON FOODS INC	UNIT 99/99/9999	902494301	7,345	99,416	SH		OTR		91,706	0	7,710
UNITED TECHNOLOGIES CORP	COM	913017109	9,060	88,349	SH		OTR	1	0	88,349	0
VERINT SYS INC	NOTE 1.500% 6/0	92343XAA8	4,267	4,686,000	PRN		OTR		4,324,000	0	362,000
VERINT SYS INC	NOTE 1.500% 6/0	92343XAA8	33,573	36,667,000	PRN		OTR	1	7,485,000	29,182,000	0
WABASH NATL CORP	NOTE 3.375% 5/0	929566AH0	4,015	3,220,000	PRN		OTR		2,969,000	0	251,000
WABASH NATL CORP	NOTE 3.375% 5/0	929566AH0	24,778	19,793,000	PRN		OTR	1	5,057,000	14,736,000	0
WEATHERFORD INTL LTD	NOTE 5.875% 7/0	947075AH0	5,001	4,601,000	PRN		OTR		4,242,000	0	359,000
WEATHERFORD INTL LTD	NOTE 5.875% 7/0	947075AH0	19,609	18,000,000	PRN		OTR	1	3,989,000	14,011,000	0
WEBMD HEALTH CORP	NOTE 1.500%12/0	94770VAK8	9,987	7,837,000	PRN		OTR	1	1,728,000	6,109,000	0
WELLPOINT INC	NOTE 2.750%10/1	94973VBG1	28,233	15,465,000	PRN		OTR	1	3,293,000	12,172,000	0
WELLS FARGO & CO NEW	PERP PFD CNV A	949746804	4,693	3,611	SH		OTR	1	3,211	400	0
WELLS FARGO & CO NEW	PERP PFD CNV A	949746804	4,276	3,291	SH		OTR		3,034	0	257
WELLTOWER INC	6.50% PFD PREPET	95040Q203	6,666	97,900	SH		OTR	1	23,300	74,600	0
WEYERHAEUSER CO	PREF CONV SER A	962166872	2,197	43,700	SH		SOLE		43,700	0	0
XILINX INC	NOTE 2.625% 6/1	983919AF8	4,967	3,086,000	PRN		OTR		2,841,000	0	245,000
XILINX INC	NOTE 2.625% 6/1	983919AF8	49,736	30,808,000	PRN		OTR	1	6,707,000	24,101,000	0
XPO LOGISTICS INC	NOTE 4.500%10/0	983793AA8	4,616	2,865,000	PRN		OTR		2,642,000	0	223,000
XPO LOGISTICS INC	NOTE 4.500%10/0	983793AA8	32,285	19,975,000	PRN		OTR	1	3,937,000	16,038,000	0
YAHOO INC	NOTE 12/0	984332AF3	5,262	5,275,000	PRN		OTR	1	5,000,000	275,000	0