13F-HR 1 qrtlyfiling13f033113.txt SCHEDULE 13F UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 2049 FORM 13F COVER PAGE Report for the Calendar Year or Quarter Ended: March 31, 2013 Check here is Amendment [ ]; Amendment Number: This Amendment (Check only one.): [ ] is a restatement. [ ] adds new holdings entries. Institutional Investment Manager Filing this Report: Name: Zazove Associates, LLC Address: 1001 Tahoe Blvd. Incline Village, NV 89451 13F File Number: 28-5338 The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form. Person Signing this Report on Behalf of Reporting Manager: Name: Steven M. Kleiman Title: Chief Operating Officer Phone: (847) 239-7100 Signature, Place, and Date of Signing: Steven M. Kleiman Northbrook, Illinois April 12, 2013 Report Type (Check only one.): [X] 13F HOLDINGS REPORT. [ ] 13F NOTICE. [ ] 13F COMBINATION REPORT. List of Other Managers Reporting for this Manager: I AM SIGNING THIS REPORT AS REQUIRED BY THE SECURITIES EXCHANGE ACT OF 1934. Form 13 F Summary Page Report Summary: Number of Other Included Managers: 0 Form 13F Information Table Entry Total: 156 Form 13F Information Table Value Total: $3,877,329 List of Other Included Managers: None VALUE SHARES OR SH/ Put/ INVSTMT OTHER Voting Authority NAME OF ISSUER TITLE OF CLASS CUSIP (1000s) PRN AMT PRN CALL DISCRTN Mgrs a) Sole b) Shared c) None American Int Group W EXP 01/19/202 026874156 13,931 916491 Sole Apache Corporation PFD CONV SER D 037411808 3,650 81,882 Sole 81,882 Bank of America 7.25%CNV PFD L 060505682 9,519 7,790 Sole 7,790 Cumulus Media Inc CL A 231082108 181 53,742 Sole 53,742 Durect Corporation COM 266605104 1,161 873,140 Sole 873,140 Emmis Communication CL A 291525103 70 42,307 Sole 42,307 Emmis Communications PFD CV SER A 291525202 5,075 491,510 Sole 491,510 Fifth Third Bancorp CNV PFD DEP1/250 316773209 80,249 560,200 Sole 560,200 Intel Corp. COM 458140100 1,970 90,200 Sole 90,200 International Game Tech COM 459902102 330 20,000 Sole 20,000 Interpublic Group COM 460690100 41,806 3,208,414 Sole 3,208,414 Newmont Mining COM 651639106 775 18,500 Sole 18,500 Owens Corning W EXP 10/31/201 690742127 58 45,634 Sole Stanley Black & Decker UNIT 99/99/9999 854502309 162,595 1,279,674 Sole 1,279,674 Teva Pharm ADR 881624209 2,162 54,475 Sole 54,475 Thompson Creek Metals UNIT 99/99/9999 884768300 4,404 267,339 Sole 267,339 Wells Fargo & Co PERP PFD CNV A 949746804 9,782 7,590 Sole 7,590 Zions Bancorporation W EXP 05/22/202 989701115 229 46,190 Sole JP Morgan Chase & Co. W EXP 10/28/201 46634E114 3,349 235,039 Sole AngloGold Limited MAND BD CV 13 03512Q206 454 16,000 Sole 16,000 AuRico Gold Inc. COM 05155C105 647 102,910 Sole 102,910 Capital One Financial W EXP 11/14/201 14040H139 6,067 324,254 Sole General Motors Corp W EXP 07/10/201 37045V118 2,777 149,603 Sole General Motors Corp W EXP 07/10/201 37045V126 1,764 149,603 Sole General Motors Corp JR PFD CNV SRB 37045V209 2,482 57,800 Sole 57,800 Iridium Communications COM 46269C102 587 97,422 Sole 97,422 Kinder Morgan Energy W EXP 05/25/201 49456B119 44,096 8,579,063 Sole Metlife Inc. UNIT 99/99/9999 59156R116 5,546 112,400 Sole 112,400 New York Community Banc UNIT 99/99/9999 64944P307 40,231 816,864 Sole 816,864 ProShares ULT VIX S/T ETF 74347W411 385 50,000 Sole 50,000 ProShares ULTPRO SH 20YR 74347X740 1,097 60,000 Sole 60,000 Radio One, Inc CL D NON VTG 75040P405 1,690 1,000,000 Sole 1,000,000 Aspen Insurance Hldgs PFD PRP INC EQ G05384113 18,042 272,130 Sole 272,130 Arcelormittal MAND CV NT 16 L0302D178 1,718 82,000 Sole 82,000 AGCO Corp NOTE 1.250%12/1 001084AM4 43,373 33,171,000 Sole Affiliated Managers Gr NOTE 3.950% 8/1 008252AL2 50,531 40,545,000 Sole Affymetrix, Inc NOTE 4.000% 7/0 00826TAH1 10,099 9,550,000 Sole AirTran Holdings, Inc NOTE 5.250%11/0 00949PAD0 313 215,000 Sole Alcoa Inc NOTE 5.250% 3/1 013817AT8 122,732 88,535,000 Sole Allegheny Technologies NOTE 4.250% 6/0 01741RAD4 131,867 122,583,000 Sole Alliance One Inter NOTE 5.500% 7/1 018772AQ6 3,022 2,963,000 Sole Altra Holdings, Inc NOTE 2.750% 3/0 02208RAE6 1,994 1,669,000 Sole Johnson & Johnson SDCV 7/2 02261WAB5 175,991 157,135,000 Sole Annaly Mortgage Mgmt NOTE 4.000% 2/1 035710AA0 4,117 3,284,000 Sole Annaly Mortgage Mgmt NOTE 5.000% 5/1 035710AB8 1,100 1,060,000 Sole Arcelormittal NOTE 5.000% 5/1 03938LAK0 25,743 25,030,000 Sole Archer-Daniels-Midland NOTE 0.875% 2/1 039483AW2 13,659 13,500,000 Sole Ares Capital Corp NOTE 5.125% 6/0 04010LAD5 706 660,000 Sole BGC Partners, Inc. NOTE 4.500% 7/1 05541TAD3 12,330 12,384,000 Sole Boston Properties, Inc NOTE 3.750% 5/1 10112RAG9 562 545,000 Sole Bottomline Technologies NOTE 1.500%12/0 101388AA4 2,359 2,000,000 Sole CMS Energy Corp NOTE 5.500% 6/1 125896BD1 4,073 2,000,000 Sole CACI International Inc NOTE 2.125% 5/0 127190AD8 24,322 21,335,000 Sole Cadence Design Systems NOTE 2.625% 6/0 127387AJ7 2,817 1,500,000 Sole Central European Dist NOTE 3.000% 3/1 153435AA0 893 4,060,000 Sole Chart Industries, Inc. NOTE 2.000% 8/0 16115QAC4 1,120 825,000 Sole Chemed Corporation NOTE 1.875% 5/1 16359RAC7 11,626 10,587,000 Sole Chesapeake Energy Corp NOTE 2.500% 5/1 165167BZ9 2,515 2,625,000 Sole Chesapeake Energy Corp NOTE 2.500% 5/1 165167CA3 48,300 51,111,000 Sole Comtech Telecom NOTE 3.000% 5/0 205826AF7 3,077 3,000,000 Sole United Continental Hold NOTE 4.500% 1/1 210795PU8 18,961 10,585,000 Sole Amarin Corporation PLC NOTE 3.500% 1/1 220480AC1 1,231 1,000,000 Sole Cubist Pharmaceuticals, NOTE 2.500%11/0 229678AD9 4,270 2,500,000 Sole Dendreon Corp NOTE 2.875% 1/1 24823QAC1 10,029 12,695,000 Sole Dominion Resources Inc NOTE 2.125%12/1 25746UAT6 6,583 3,836,000 Sole DryShips Inc NOTE 5.000%12/0 262498AB4 29,248 33,618,000 Sole EMC Corp B NOTE 1.750%12/0 268648AM4 142,802 95,648,000 Sole Electronic Arts Inc. NOTE 0.750% 7/1 285512AA7 2,207 2,275,000 Sole Encore Capital Group NOTE 3.000%11/2 292554AC6 2,293 2,000,000 Sole Endeavor Intl Corp NOTE 5.500% 7/1 29257MAE0 28,702 47,053,000 Sole EnPro Industries, Inc DBCV 3.938%10/1 29355XAB3 104,093 65,211,000 Sole Equinix, Inc NOTE 4.750% 6/1 29444UAH9 5,280 2,000,000 Sole Exide Technologies FRNT 9/1 302051AL1 10,558 11,085,000 Sole Exterran Holdings Inc NOTE 4.250% 6/1 30225XAA1 3,222 2,528,000 Sole Ford Motor Co NOTE 4.250%11/1 345370CN8 811 504,000 Sole GT Advanced Tech NOTE 3.000%10/0 36191UAA4 7,833 10,085,000 Sole GenCorp SDCV 4.062%12/3 368682AN0 3,128 2,000,000 Sole Genco Shipping & Trad NOTE 5.000% 8/1 36869MAA3 12,242 34,005,000 Sole General Cable Corp FRNT 4.500%11/1 369300AL2 3,138 2,500,000 Sole Gilead Sciences, Inc NOTE 1.625% 5/0 375558AP8 6,519 3,000,000 Sole GMX Resources Inc NOTE 4.500% 5/0 38011MAJ7 2,444 10,863,000 Sole Goldcorp, Inc NOTE 2.000% 8/0 380956AB8 141,177 134,840,000 Sole Green Plains Ren Energy NOTE 5.750%11/0 393222AB0 12,192 10,990,000 Sole Greenbrier Companies NOTE 3.500% 4/0 393657AH4 839 830,000 Sole Hawaiian Holdings, Inc NOTE 5.000% 3/1 419879AD3 18,738 17,501,000 Sole Headwaters Incorporated NOTE 2.500% 2/0 42210PAD4 1,817 1,815,000 Sole Health Care REIT, Inc NOTE 3.000%12/0 42217KAR7 330 250,000 Sole Helix Energy Sol Group NOTE 3.250% 3/1 42330PAG2 471 381,000 Sole Hologic Inc FRNT 2.000%12/1 436440AB7 667 550,000 Sole Hologic Inc DEBT 2.000% 3/0 436440AC5 3,618 3,440,000 Sole Home Inns & Hotels NOTE 2.000%12/1 43713WAB3 16,175 18,200,000 Sole Hutchinson Technology NOTE 8.500% 1/1 448407AG1 12,062 15,767,000 Sole Intel Corp SDCV 2.950%12/1 458140AD2 918 865,000 Sole Intel Corporation SDCV 3.250% 8/0 458140AF7 139,486 115,871,000 Sole International Game Tech NOTE 3.250% 5/0 459902AQ5 74,560 69,085,000 Sole James River Coal Co NOTE 3.125% 3/1 470355AH1 708 3,455,000 Sole Janus Capital Group Inc NOTE 3.250% 7/1 47102XAG0 13,433 12,756,000 Sole Jefferies Group, Inc DBCV 3.875%11/0 472319AG7 18,081 17,565,000 Sole Knight Capital Group NOTE 3.500% 3/1 499005AE6 2,257 2,260,000 Sole KCAP Financial Inc NOTE 8.750% 3/1 500233AB7 39,285 29,520,000 Sole L-3 Communications Hlds DEBT 3.000% 8/0 502413AW7 3,652 3,600,000 Sole Lab Corp of Amer Hldgs NOTE 9/1 50540RAG7 12,055 9,960,000 Sole LAM Research Corp NOTE 0.500% 5/1 512807AJ7 3,799 3,720,000 Sole Level 3 Communications NOTE 7.000% 3/1 52729NBP4 60,543 51,910,000 Sole Level 3 Communications NOTE 6.500%10/0 52729NBR0 2,880 2,155,000 Sole LifePoint Hospitals NOTE 3.500% 5/1 53219LAH2 2,285 2,092,000 Sole Linear Technology Corp NOTE 3.000% 5/0 535678AC0 1,177 1,100,000 Sole Massey Energy Company NOTE 3.250% 8/0 576203AJ2 3,180 3,300,000 Sole McMoRan Exploration Co NOTE 4.000%12/3 582411AJ3 8,901 7,715,000 Sole Medtronic, Inc NOTE 1.625% 4/1 585055AM8 8,982 8,978,000 Sole Microchip Technology SDCV 2.125%12/1 595017AB0 7,071 4,965,000 Sole Micron Technology, Inc NOTE 1.500% 8/0 595112AQ6 3,963 3,400,000 Sole Molson Coors Brewing Co NOTE 2.500% 7/3 60871RAA8 14,546 14,105,000 Sole Molycorp, Inc. NOTE 3.250% 6/1 608753AA7 10,289 16,730,000 Sole Molycorp, Inc. NOTE 6.000% 9/0 608753AF6 16,643 23,441,000 Sole Molycorp, Inc. NOTE 5.500% 2/0 608753AH2 8,948 9,970,000 Sole Morgans Hotel Group NOTE 2.375%10/1 61748WAB4 9,373 9,764,000 Sole National Retail Prop NOTE 5.125% 6/1 637417AC0 248 175,000 Sole NetApp, Inc NOTE 1.750% 6/0 64110DAB0 124,462 114,185,000 Sole Newmont Mining Corp NOTE 1.250% 7/1 651639AH9 141,279 125,581,000 Sole Newmont Mining Corp NOTE 1.625% 7/1 651639AJ5 4,0387 32,785,000 Sole Northgate Minerals Corp NOTE 3.500%10/0 666416AB8 33,186 32,030,000 Sole LAM Research Corp NOTE 2.625% 5/1 670008AD3 95,037 69,803,000 Sole Omnicare, Inc NOTE 3.750%12/1 681904AN8 447 275,000 Sole Omnicom Group NOTE 7/3 681919AV8 24,064 21,341,000 Sole Omnicom Group NOTE 7/0 682134AA9 78,063 65,842,000 Sole PHH Corporation NOTE 4.000% 9/0 693320AN3 63,492 57,491,000 Sole Priceline.com DEBT 1.000% 3/1 741503AQ9 885 800,000 Sole Prologis, Inc NOTE 3.250% 3/1 74340XAT8 7,447 6,440,000 Sole Prospect Capital Corp NOTE 6.250%12/1 74348TAC6 113,509 104,210,000 Sole Pulse Electronics Corp NOTE 7.000%12/1 74586WAA4 931 1,320,000 Sole Rambus Inc NOTE 5.000% 6/1 750917AC0 509 500,000 Sole Rayonier Inc NOTE 4.500% 8/1 75508AAC0 47,781 26,490,000 Sole Rite Aid Corp NOTE 8.500% 5/1 767754BU7 29,165 25,224,000 Sole Royal Gold, Inc NOTE 2.875% 6/1 780287AA6 33,282 31,361,000 Sole Safeguard Scientifics DBCV 5.250% 5/1 786449AJ7 3,898 3,500,000 Sole Saks NOTE 2.000% 3/1 79377WAL2 33,069 32,904,000 Sole School Specialty SDCV 3.750%11/3 807863AM7 24,382 54,790,000 Sole Sotheby's NOTE 3.125% 6/1 835898AC1 74,944 66,396,000 Sole Steel Dynamics, Inc NOTE 5.125% 6/1 858119AP5 59,970 53,071,000 Sole Sterlite Industries Ltd NOTE 4.000%10/3 859737AB4 114,881 116,779,000 Sole Stillwater Mining Co. NOTE 1.750%10/1 86074QAL6 4,4054 37,040,000 Sole SunPower Corp DBCV 4.500% 3/1 867652AE9 2,461 2,450,000 Sole Symantec Corporation NOTE 1.000% 6/1 871503AF5 7,180 5,565,000 Sole Teleflex Incorporated NOTE 3.875% 8/0 879369AA4 13,657 9,390,000 Sole Teva Pharm DBCV 0.250% 2/0 88163VAE9 140,376 134,492,000 Sole Tyson Foods, Inc NOTE 3.250%10/1 902494AP8 114,517 77,038,000 Sole United States Steel NOTE 4.000% 5/1 912909AE8 2,086 2,000,000 Sole United Therapeutics NOTE 1.000% 9/1 91307CAF9 3,440 2,500,000 Sole Vector Group Ltd FRNT 1/1 92240MAY4 1,165 1,000,000 Sole Virgin Media Inc NOTE 6.500%11/1 92769LAB7 5,253 2,000,000 Sole Viropharma Inc NOTE 2.000% 3/1 928241AH1 2,985 2,000,000 Sole Wells Fargo & Company MTNF 0.125% 3/0 94986RCZ2 1,997 1,760,000 Sole XPO Logistics, Inc. NOTE 4.500%10/0 983793AA8 17,344 14,590,000 Sole Xilinx, Inc NOTE 2.625% 6/1 983919AF8 126,683 88,745,000 Sole 3,877,329