MSL

Mackay Shields LLC Portfolio holdings

AUM $3.11B

AUM

$3.11B

AUM Growth

-$283M (-8%)

Cap. Flow

+$69.2M

Cap. Flow % of AUM

2.23%

Top 10 Holdings %Top 10 Hldgs %

20.37%

Holding

158

New

Increased

Reduced

Closed

Top Buys

1	MCHPP Microchip Technology Incorporated Depositary Shares Each Representing a 1/20th Interest in a Share of 7.50% Series A Mandatory Convertible Preferred Stock MCHPP	$25.5M
2	HPE.PRC Hewlett Packard Enterprise Company 7.625% Series C Mandatory Convertible Preferred Stock HPE.PRC	$14.5M
3	NBH Neuberger Berman Municipal Fund NBH	$9.79M
4	BlackRock MuniHoldings California Quality Fund MUC	$9.12M
5	Gulfport Energy Corp GPOR	$6.83M

Top Sells

1	Vodafone VOD	$3.75M
2	SPDR Gold Trust GLD	$2.88M
3	iShares Gold Trust IAU	$1.77M
4	Nuveen Municipal Credit Income Fund NZF	$836K
5	BlackRock MuniVest Fund MVF	$800K

Sector Composition

1	Energy	1.89%
2	Technology	0.82%
3	Healthcare	0.51%
4	Communication Services	0.23%
5	Consumer Staples	0.01%

#	Name	Market Value	Portfolio Weight	Shares or Principal	Shares Change %	Capital Flow
1	1 Apollo Global Management Series A APO.PRA $2.01B	$53.6M	1.72%	728,825 -4,751	-0.7%	-$349K
2	2 NextEra Energy, Inc. 6.926% Corporate Units NEE.PRR $1.55B	$49.6M	1.59%	1,212,815 -3,996	-0.3%	-$163K
3	3 Nuveen AMT-Free Quality Municipal Income Fund NEA $3.22B	$44.8M	1.44%	4,002,639 -38,362	-1%	-$430K
4	4 iShares Gold Trust IAU $47.2B	$38.9M	1.25%	660,000 -30,000	-4%	-$1.77M
5	5 Bank of America Series L BAC.PRL $3.59B	$37.1M	1.19%	29,951 -13	-0%	-$16.1K
6	BA.PRA 6 The Boeing Company Depositary Shares, each representing a 1/20th interest in a share of 6.00% Series A Mandatory Convertible Preferred Stock, par value $1.00 BA.PRA $7.59B	$36.9M	1.19%	622,080 -5,271	-0.8%	-$312K
7	7 Nuveen Municipal Credit Income Fund NZF $2.27B	$36.4M	1.17%	2,979,590 -68,371	-2%	-$836K
8	8 WELLS FARGO 7.5% NON CUMV PERP CONV WFC.PRL $4.63B	$33.9M	1.09%	28,119	–	–
9	9 BlackRock Municipal 2030 Target Term Trust BTT $1.4B	$33.2M	1.07%	1,563,907 +162,206	+12%	+$3.44M
10	10 Talos Energy TALO $1.41B	$30.4M	0.98%	3,132,176	–	–
11	11 Nuveen AMT-Free Municipal Credit Income Fund NVG $2.53B	$30M	0.96%	2,423,683 -39,169	-2%	-$485K
12	HPE.PRC 12 Hewlett Packard Enterprise Company 7.625% Series C Mandatory Convertible Preferred Stock HPE.PRC $1.54B	$29.3M	0.94%	611,725 +302,474	+98%	+$14.5M
13	13 Nuveen Quality Municipal Income Fund NAD $2.59B	$25.7M	0.83%	2,229,868 -8,421	-0.4%	-$97K
14	MCHPP 14 Microchip Technology Incorporated Depositary Shares Each Representing a 1/20th Interest in a Share of 7.50% Series A Mandatory Convertible Preferred Stock MCHPP	$25.5M	0.82%	508,650	New	+$25.5M
15	15 Nuveen California Quality Municipal Income Fund NAC $1.55B	$24.6M	0.79%	2,184,910 -40,494	-2%	-$455K
16	16 BlackRock MuniHoldings Fund MHD $581M	$23.2M	0.75%	1,979,686 +60,119	+3%	+$706K
17	ARES.PRB 17 Ares Management Corporation 6.75% Series B Mandatory Convertible Preferred Stock ARES.PRB $1.54B	$23.1M	0.74%	481,629 -2,518	-0.5%	-$121K
18	18 Chart Industries, Inc. Depositary Shares, each Representing a 1/20th Interest in a Share of 6.75% Series B Mandatory Convertible Preferred Stock GTLS.PRB $478M	$22.3M	0.72%	402,965 -2,597	-0.6%	-$144K
19	19 Forum Energy Technologies FET $178M	$17.6M	0.57%	875,452 -35,842	-4%	-$721K
20	20 Danaher DHR $132B	$15.7M	0.51%	76,712	–	–
21	21 BlackRock MuniHoldings New Jersey Quality Fund MUJ $577M	$14.1M	0.45%	1,251,050	–	–
22	22 BlackRock MuniHoldings New Yrok Quality Fund MHN $295M	$12.1M	0.39%	1,194,054	–	–
23	23 BlackRock MuniYield New York Quality Fund MYN $366M	$11.4M	0.37%	1,146,355 +208,831	+22%	+$2.07M
24	24 BlackRock MuniHoldings California Quality Fund MUC $965M	$10.5M	0.34%	981,667 +851,621	+655%	+$9.12M
25	25 Gulfport Energy Corp GPOR $3.46B	$10.5M	0.34%	56,782 +37,100	+189%	+$6.83M