MACKAY SHIELDS LLC

PrivateCIK: 61227

Location

NEW YORK, NY

108

Positions

$2.99B

Total AUM (reported)

1.66B

Total Shares

Allocation by class

NOTE 3.000%11/1$150.82M5.1%

DEP SHS RP1/20 A$122.64M4.1%

NOTE 1.250% 6/0$114.79M3.8%

COM$105.24M3.5%

NOTE 0.500% 6/1$84.11M2.8%

NOTE 6/1$78.30M2.6%

NOTE 2.625%12/1$74.00M2.5%

Portfolio Concentration

Top 3$380.94M12.8%

4–10$455.96M15.3%

11–25$694.62M23.3%

Rest$1.45B48.7%

Top 3 weight

12.8%

Top 10 weight

28.0%

Voting Authority Distribution

Total shares with voting rights: 1.66B

Sole

Full voting authority

112.56M

% of voting shares6.8%

Shared

Joint voting authority

1.55B

% of voting shares93.2%

None

No voting authority

0.00

% of voting shares0.0%

Investment Discretion (by position count)

Sole42

Shared0

Other66

Dominant voting typeShared · 93.2% of voting shares

Institutional Holdings108

Rows:

WESTERN DIGITAL CORP

SOLE

NOTE 3.000%11/1

Shares8.95M

TypePRN

Market value$150.82M

5.05%

Sole

358K

Shared

8.59M

None

0.00

ALPHABET INC

SOLE

DEP SHS RP1/20 A

Shares2.43M

TypeSH

Market value$122.64M

4.11%

Sole

105.84K

Shared

2.32M

None

0.00

MKS INC.

OTR

NOTE 1.250% 6/0

Shares36.47M

TypePRN

Market value$107.48M

3.60%

Sole

1.40M

Shared

35.07M

None

0.00

LUMENTUM HLDGS INC

DFND

NOTE 0.500% 6/1

Shares12.88M

TypePRN

Market value$84.11M

2.82%

Sole

527K

Shared

12.36M

None

0.00

LANTHEUS HLDGS INC

SOLE

NOTE 2.625%12/1

Shares50.86M

TypePRN

Market value$74.00M

2.48%

Sole

Shared

48.86M

None

0.00

HEWLETT PACKARD ENTERPRISE C

SOLE

7.625 MAND CONV

Shares601.26K

TypeSH

Market value$70.21M

2.35%

Sole

25.80K

Shared

575.46K

None

0.00

CABLE ONE INC

OTR

NOTE 1.125% 3/1

Shares89.89M

TypePRN

Market value$58.78M

1.97%

Sole

35.84M

Shared

54.05M

None

0.00

QXO INC

DFND

5.50 DEP PFD

Shares1.17M

TypeSH

Market value$57.41M

1.92%

Sole

44.88K

Shared

1.12M

None

0.00

BOEING CO

SOLE

DEP CONV PFD A

Shares828.67K

TypeSH

Market value$56.17M

1.88%

Sole

38.10K

Shared

790.57K

None

0.00

TETRA TECH INC NEW

DFND

DBCV 2.250% 8/1

Shares52.45M

TypePRN

Market value$55.27M

1.85%

Sole

2.48M

Shared

49.96M

None

0.00

UBER TECHNOLOGIES INC

DFND

NOTE 0.875%12/0

Shares45.36M

TypePRN

Market value$54.33M

1.82%

Sole

2.19M

Shared

43.17M

None

0.00

SNOWFLAKE INC

DFND

NOTE 10/0

Shares32.54M

TypePRN

Market value$54.16M

1.81%

Sole

1.98M

Shared

30.57M

None

0.00

CHEFS WHSE INC

OTR

NOTE 2.375%12/1

Shares23.71M

TypePRN

Market value$53.04M

1.78%

Sole

815K

Shared

22.89M

None

0.00

ETSY INC

OTR

NOTE 0.125%10/0

Shares49.89M

TypePRN

Market value$50.89M

1.70%

Sole

2.40M

Shared

47.48M

None

0.00

NEXTERA ENERGY INC

OTR

UNIT 06/01/2027

Shares940.95K

TypeSH

Market value$50.46M

1.69%

Sole

55.55K

Shared

885.40K

None

0.00

PG&E CORP

OTR

NOTE 4.250%12/0

Shares46.45M

TypePRN

Market value$47.53M

1.59%

Sole

2.20M

Shared

44.25M

None

0.00

MICROCHIP TECHNOLOGY INC.

SOLE

DEP SHS REPSTG

Shares603.49K

TypeSH

Market value$46.45M

1.56%

Sole

23.77K

Shared

579.72K

None

0.00

BLACKROCK MUN TARGET TERM TR

SOLE

COM SHS BEN IN

Shares1.97M

TypeSH

Market value$44.77M

1.50%

Sole

936.79K

Shared

1.03M

None

0.00

INTEGER HLDGS CORP

SOLE

DBCV 1.875% 3/1

Shares45.24M

TypePRN

Market value$43.94M

1.47%

Sole

2.09M

Shared

43.15M

None

0.00

APOLLO GLOBAL MGMT INC

OTR

SER A MAND CNV

Shares713.15K

TypeSH

Market value$43.46M

1.46%

Sole

27.80K

Shared

685.35K

None

0.00

LIBERTY MEDIA CORP DEL

OTR

NOTE 2.250% 8/1

Shares33.89M

TypePRN

Market value$42.05M

1.41%

Sole

1.17M

Shared

32.72M

None

0.00

POST HLDGS INC

DFND

NOTE 2.500% 8/1

Shares40.16M

TypePRN

Market value$41.66M

1.40%

Sole

1.48M

Shared

38.68M

None

0.00

MERIT MED SYS INC

SOLE

NOTE 3.000% 2/0

Shares38.07M

TypePRN

Market value$41.08M

1.38%

Sole

1.88M

Shared

36.19M

None

0.00

AKAMAI TECHNOLOGIES INC

DFND

NOTE 0.375% 9/0

Shares34.02M

TypePRN

Market value$40.84M

1.37%

Sole

1.44M

Shared

32.59M

None

0.00

ON SEMICONDUCTOR CORP

OTR

NOTE 5/0

Shares21.95M

TypePRN

Market value$39.96M

1.34%

Sole

793K

Shared

21.16M

None

0.00

Issuer	Class	Shares	Type	Value / Portfolio %	Voting — Sole	Shared
WESTERN DIGITAL CORPSOLE	NOTE 3.000%11/1	8.95M	PRN	$150.82M 5.05%	358K	8.59M
ALPHABET INCSOLE	DEP SHS RP1/20 A	2.43M	SH	$122.64M 4.11%	105.84K	2.32M
MKS INC.OTR	NOTE 1.250% 6/0	36.47M	PRN	$107.48M 3.60%	1.40M	35.07M
LUMENTUM HLDGS INCDFND	NOTE 0.500% 6/1	12.88M	PRN	$84.11M 2.82%	527K	12.36M
LANTHEUS HLDGS INCSOLE	NOTE 2.625%12/1	50.86M	PRN	$74.00M 2.48%	2M	48.86M
HEWLETT PACKARD ENTERPRISE CSOLE	7.625 MAND CONV	601.26K	SH	$70.21M 2.35%	25.80K	575.46K
CABLE ONE INCOTR	NOTE 1.125% 3/1	89.89M	PRN	$58.78M 1.97%	35.84M	54.05M
QXO INCDFND	5.50 DEP PFD	1.17M	SH	$57.41M 1.92%	44.88K	1.12M
BOEING COSOLE	DEP CONV PFD A	828.67K	SH	$56.17M 1.88%	38.10K	790.57K
TETRA TECH INC NEWDFND	DBCV 2.250% 8/1	52.45M	PRN	$55.27M 1.85%	2.48M	49.96M
UBER TECHNOLOGIES INCDFND	NOTE 0.875%12/0	45.36M	PRN	$54.33M 1.82%	2.19M	43.17M
SNOWFLAKE INCDFND	NOTE 10/0	32.54M	PRN	$54.16M 1.81%	1.98M	30.57M
CHEFS WHSE INCOTR	NOTE 2.375%12/1	23.71M	PRN	$53.04M 1.78%	815K	22.89M
ETSY INCOTR	NOTE 0.125%10/0	49.89M	PRN	$50.89M 1.70%	2.40M	47.48M
NEXTERA ENERGY INCOTR	UNIT 06/01/2027	940.95K	SH	$50.46M 1.69%	55.55K	885.40K
PG&E CORPOTR	NOTE 4.250%12/0	46.45M	PRN	$47.53M 1.59%	2.20M	44.25M
MICROCHIP TECHNOLOGY INC.SOLE	DEP SHS REPSTG	603.49K	SH	$46.45M 1.56%	23.77K	579.72K
BLACKROCK MUN TARGET TERM TRSOLE	COM SHS BEN IN	1.97M	SH	$44.77M 1.50%	936.79K	1.03M
INTEGER HLDGS CORPSOLE	DBCV 1.875% 3/1	45.24M	PRN	$43.94M 1.47%	2.09M	43.15M
APOLLO GLOBAL MGMT INCOTR	SER A MAND CNV	713.15K	SH	$43.46M 1.46%	27.80K	685.35K
LIBERTY MEDIA CORP DELOTR	NOTE 2.250% 8/1	33.89M	PRN	$42.05M 1.41%	1.17M	32.72M
POST HLDGS INCDFND	NOTE 2.500% 8/1	40.16M	PRN	$41.66M 1.40%	1.48M	38.68M
MERIT MED SYS INCSOLE	NOTE 3.000% 2/0	38.07M	PRN	$41.08M 1.38%	1.88M	36.19M
AKAMAI TECHNOLOGIES INCDFND	NOTE 0.375% 9/0	34.02M	PRN	$40.84M 1.37%	1.44M	32.59M
ON SEMICONDUCTOR CORPOTR	NOTE 5/0	21.95M	PRN	$39.96M 1.34%	793K	21.16M

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