UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 2049
FORM 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: December 31, 1999
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: 940 Southwood Blvd.
Suite 200
Incline Village, NV 89401
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: (773) 283-8822
Signature, Place, and Date of Signing:
Steven M. Kleiman Chicago, Illinois February 11, 2000
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.
<PAGE>
Form 13 F Summary Page
Report Summary:
Number of Other Included Managers: 0
Form 13F Information Table Entry Total: 89
Form 13F Information Table Value Total: $652,864
List of Other Included Managers: None
<PAGE>
<TABLE> <C>
<C>
VALUE SHARES/ SH/ PUT/ INVSTMT OTHER Voting Authority (Shares)
NAME OF ISSUER TITLE OF CLASS CUSIP (1000s) PRN AMT PRN CALL DSCRETN MGRS a) Sole b) Shared c) None
CNF Trust I $2.500 TE CONS SER A 12612V205 "8,073" "160,500" SH Sole "160,500" 0 0
Crescent Real Estate PFD CV A 6.75% 225756204 "2,216" "146,500" SH Sole "146,500" 0 0
Emmis Communications Corp. PFD CV SER A 291525202 "2,999" "35,000" SH Sole "35,000" 0 0
Equity Residential Prop. PFD CONV E 7% 29476L883 "9,396" "397,700" SH Sole "397,700" 0 0
Freeport McMoran Copper PFD CV 0.05 SH 35671D501 "1,255" "68,850" SH Sole "68,850" 0 0
Lab Corp of America PFD CVB PAYIN 50540R300 "8,862" "127,507" SH Sole "127,507" 0 0
Lab Corp of America PFD CV ESCH%A 50540R201 "28,273" "406,800" SH Sole "406,800" 0 0
Metromedia Int'l Group Inc. PFD CONV% 591695200 "12,174" "405,800" SH Sole "405,800" 0 0
National Australia Bank CAP UTS EXCH BL 632525309 "6,455" "222,800" SH Sole "222,800" 0 0
Prologis Trust PFD CV SBI B 743410300 "9,555" "386,075" SH Sole "386,075" 0 0
Treev PIK $0.84 PFD CONV SER A 894692201 "5,404" "576,475" SH Sole "576,475" 0 0
AES Corportaion JRSBDBCV 4.5%05 00130HAN5 "7,345" "5,000,000" PRN Sole 0 0 0
Action Performance Co. SBNTCV4.75%05 004933AB3 260 "500,000" PRN Sole 0 0 0
Actvision Inc. SBNTCV 6.75%05 004930AC7 "6,738" "6,655,000" PRN Sole 0 0 0
Affymetrix Inc. SBNTCV 144A 06 00826TAA6 "8,291" "5,500,000" PRN Sole 0 0 0
Alpharma Inc. SRSBNTCV 3%06 020813AD3 "3,727" "3,400,000" PRN Sole 0 0 0
Alpharma Inc. SBNTCV 5.75%05 020813AB7 "2,865" "2,400,000" PRN Sole 0 0 0
Alza Corp. SUB LYON ZRO 14 022615AC2 "10,054" "20,210,000" PRN Sole 0 0 0
Alza Corp. SUB DB CONV 5%06 022615AD0 "14,951" "14,205,000" PRN Sole 0 0 0
American Tower Corp. NT CV 6.25% 09 029912AB8 "4,219" "3,000,000" PRN Sole 0 0 0
At Home Corp. SBNTCV 144A 06 045919AD9 717 "750,000" PRN Sole 0 0 0
Atrix Laboratories Inc. SUB NT CONV 7%04 04962LAC5 "1,755" "3,000,000" PRN Sole 0 0 0
Aviron SBNTCV 5.75%05 053762AC4 "4,047" "5,700,000" PRN Sole 0 0 0
BankAtlantic Bancorp Inc. SBDVCV 6.75%06 065908AB1 "2,321" "2,637,000" PRN Sole 0 0 0
BankAtlantic Bancorp Inc. SBDBCV 5.625%07 065908AC9 "16,587" "17,645,000" PRN Sole 0 0 0
Centocor Inc. SBDBCV 74.75%05 152342AE1 "5,719" "4,300,000" PRN Sole 0 0 0
Checkpoint Systems Inc. SBDVCV 5.25%05 162825AB9 "1,974" "2,650,000" PRN Sole 0 0 0
Conexant Systems SBNTCV 4.25%06 207148AB6 "7,391" "2,500,000" PRN Sole 0 0 0
DRS Technologies Inc. SRSBDBCV 9%03 23330XAB6 916 "805,000" PRN Sole 0 0 0
Danka Business Systems SUBNTCV 6.75%02 236277AB5 "1,174" "1,430,000" PRN Sole 0 0 0
Diamond Offshore Drill SBNTCV 3.75%07 25271CAA0 508 "500,000" PRN Sole 0 0 0
Einstein/Noah Bagel Corp. SBDBCV 7.25%04 282577AC9 509 "1,050,000" PRN Sole 0 0 0
Etoys Inc. SUBNTCV 144A04 297862AA2 "1,226" "2,000,000" PRN Sole 0 0 0
Family Golf Centers SBNTCV 5.75%04 30701AAC0 "1,451" "5,580,000" PRN Sole 0 0 0
Financial Federal Corp. SUBNTCV 4.5%05 317492AC0 "7,280" "7,704,000" PRN Sole 0 0 0
Four Seasons LYON ZRO CPN 29 25100EAD6 "31,167" "100,540,000" PRN Sole 0 0 0
France Telecom DEPBDCV 144A04 35177QAB1 463 "350,000" PRN Sole 0 0 0
Genesco Inc. SUBNTCV 5.5%05 371532AL6 "1,793" "2,135,000" PRN Sole 0 0 0
HRPT Properties SBDBCV-A 7.5%03 40426WAB7 "1,786" "1,965,000" PRN Sole 0 0 0
Healthcare Realty Trust SBDBCV 6.55%02 421946AA2 "1,302" "1,510,000" PRN Sole 0 0 0
Healthsouth Corp. SBDBCV 3.25%03 421924AF8 "4,696" "6,020,000" PRN Sole 0 0 0
Hilton Hotels Corp. SubNTConv 5%06 432848AL3 "5,958" "7,865,000" PRN Sole 0 0 0
Homebase Inc. SBNTCV 5.25% 04 43738EAB4 "4,636" "7,600,000" PRN Sole 0 0 0
Hometown Buffet SUBNTCONV 7%02 437862AA3 "3,331" "3,250,000" PRN Sole 0 0 0
Inhale Therapeutics SUBDBCV 144A06 457191AA2 "1,430" "1,000,000" PRN Sole 0 0 0
Interim Services Inc. SUBNTCV 4.5%05 45868PAA8 "10,026" "11,305,000" PRN Sole 0 0 0
Interpublic Group Co. Inc. SUBNTCV 1.8%06 460690AJ9 "11,696" "10,260,000" PRN Sole 0 0 0
Intevac Inc. SBNTCV 6.5%04 461148AC2 129 "225,000" PRN Sole 0 0 0
Iomega Corp. SBNTCV 6.75%01 462030AA5 955 "1,000,000" PRN Sole 0 0 0
Kellstrom SBNTCV 5.75%02 488035AC0 "10,708" "15,575,000" PRN Sole 0 0 0
Kulicke & Soffa SUBNTCV 144A06 504242AC5 908 "825,000" PRN Sole 0 0 0
Lennar Corp. SR DB CV ZRO 18 526057AA2 "11,911" "30,250,000" PRN Sole 0 0 0
MBL Intl Finance GTD NT EXCH 3%02 55262XAA2 "2,692" "2,425,000" PRN Sole 0 0 0
Magna International Inc. SUB DEB CV 5%02 559222AE4 "13,820" "14,415,000" PRN Sole 0 0 0
Magna International Inc. SBDBCV 4.875%05 559222AG9 "22,350" "26,140,000" PRN Sole 0 0 0
Mail-Well Inc. SUBNTCONV 5%02 560321AD3 "8,571" "9,070,000" PRN Sole 0 0 0
Metamor Worldwide Inc. SBNTCV 2.94%04 59133PAA8 "1,713" "2,000,000" PRN Sole 0 0 0
NCS Healthcare Inc. SBDBCV 5.75%04 628874AC3 "4,271" "11,960,000" PRN Sole 0 0 0
Network Associates Inc. SB DB CV ZERO 18 640938AB2 "2,802" "7,650,000" PRN Sole 0 0 0
North American Vaccine SUBNTCV 6.5%03 657201AC3 "2,201" "2,840,000" PRN Sole 0 0 0
Office Depot Inc. LYON SUB ZERO 07 676220AA4 "21,638" "33,225,000" PRN Sole 0 0 0
Office Depot Inc. LYON SUB ZERO 08 676220AB2 "4,095" "6,045,000" PRN Sole 0 0 0
Omnicare Inc. SUB DEB CV 5%07 681904AD0 "26,126" "38,705,000" PRN Sole 0 0 0
Orbital Sciences Corp. SB NT CV 5% 02 685564AC0 "4,110" "4,800,000" PRN Sole 0 0 0
Ortix Corporation NT CONV 0.375%05 686330AA9 810 "500,000" PRN Sole 0 0 0
Pep Boys SUB LYON ZERO 11 713278AJ8 159 "300,000" PRN Sole 0 0 0
Personnel Group SBNTCV 5.75%04 715338AE9 "10,405" "12,806,000" PRN Sole 0 0 0
Petsmart Inc. SB NT CV 6.75%04 716768AB2 "7,158" "8,763,000" PRN Sole 0 0 0
Phoenix Investment Partners SUB DB CONV 6%15 719085AA0 "15,727" "14,732,500" PRN Sole 0 0 0
Phototronics Inc. SUB NT CONV 6%04 719405AA0 "3,406" "2,900,000" PRN Sole 0 0 0
Pier 1 Imports SB NT CV 5.75%03 720279AF5 "21,070" "20,965,000" PRN Sole 0 0 0
Quadramed Corp. SBDBCV 5.25%05 74730WAC5 "6,212" "12,677,000" PRN Sole 0 0 0
Reptron Electronics Inc. SBNTCV 6.75%04 76026WAA7 458 "840,000" PRN Sole 0 0 0
Safeguard Securities Inc. SBNTCV 144A 06 786449AD0 "2,259" "1,000,000" PRN Sole 0 0 0
Sanmina Corp. (144A) SUBNTCV 4.25%04 800907AB3 "8,091" "6,200,000" PRN Sole 0 0 0
Seacor Holdings Inc. SUBNTCV 5.375%06 811904AE1 "15,856" "16,389" PRN Sole 0 0 0
SpaceHab Inc. SUB NT CONV 8%07 846243AC7 185 "250,000" PRN Sole 0 0 0
Standard Commerical Corp SBDVCV 7.25% 07 853258AA9 "2,415" "5,045,000" PRN Sole 0 0 0
Standard Motor Products SBDBCV 6.75%09 853666AB1 "6,553" "8,210,000" PRN Sole 0 0 0
Telefonos de Mexico SRDBCV 4.25% 04 879403AD5 "27,803" "21,305,555" PRN Sole 0 0 0
Thermo Fibertek Inc. SUBDBCV 144A04 88355WAA3 "17,978" "22,472,000" PRN Sole 0 0 0
Thermo Instrument Sys SUBDBCONV 4%05 883559AE6 "1,404" "1,910,000" PRN Sole 0 0 0
Total Renal Care Hldg SBNTCV 144A 7%09 89151AAA5 329 "530,000" PRN Sole 0 0 0
Tower Automotive Inc. SBNTCV 5%04 891707AE1 "7,512" "8,930,000" PRN Sole 0 0 0
Triac Companies SBDBCV ZERO 18 895918AB7 "13,954" "61,000,000" PRN Sole 0 0 0
U.S. Diagnostic Labs Inc. SUBDBCONV 9%03 90328QAB4 "3,659" "5,854,000" PRN Sole 0 0 0
Verticalnet Inc. SBDBCV 144A04 92532LAA5 "6,300" "1,500,000" PRN Sole 0 0 0
Waste Management Inc. SUB NT CONV 4%02 94106LAA7 "18,139" "20,775,000" PRN Sole 0 0 0
Wellpoint Health Network SBDBCV ZRO 19 94973HAA6 "30,913" "48,020,000" PRN Sole 0 0 0
Treev Inc. COM NEW 894692300 138 "43,671" PRN Sole 0 0 0
COLUMN TOTALS "652,864"
</TABLE>
