ZA

Zazove Associates Portfolio holdings

AUM $1.17B

AUM

$1.17B

AUM Growth

+$127M (+12%)

Cap. Flow

+$2.25M

Cap. Flow % of AUM

0.19%

Top 10 Holdings %Top 10 Hldgs %

46.33%

Holding

166

New

8

Increased

9

Reduced

11

Closed

5

Top Buys

1	SPDR Portfolio Short Term Corporate Bond ETF SPSB	$9.03M
2	LUXE LuxExperience B.V. American Depositary Shares, each representing one Ordinary Share LUXE	$985K
3	BA.PRA 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	$890K
4	Intuitive Machines LUNR	$726K
5	Sandstorm Gold SAND	$566K

Top Sells

1	CVR Partners UAN	$5.36M
2	TH International THCH	$3.14M
3	Kayne Anderson Energy Infrastructure Fund KYN	$1.08M
4	Westrock Coffee WEST	$733K
5	GDL GDL Fund GDL	$659K

Sector Composition

1	Consumer Staples	0.67%
2	Communication Services	0.55%
3	Energy	0.45%
4	Real Estate	0.45%
5	Materials	0.27%

#	Name	Market Value	Portfolio Weight	Shares or Principal	Shares Change %	Capital Flow
51	51 B2Gold BTG $4.93B	$0	0%	0	–	–
52	52 CVR Energy CVI $2.33B	$0	0%	0	–	–
53	53 Enovix ENVX $1.54B	$0	0%	0	–	–
54	54 Equinox Gold EQX $3.33B	$0	0%	0 -50,000	Closed	–
55	55 G-III Apparel Group GIII $1.2B	$0	0%	0	–	–
56	56 iShares Morningstar Value ETF ILCV $1B	$0	0%	0	–	–
57	57 MP Materials MP $4.24B	$0	0%	0	–	–
58	58 Medical Properties Trust MPW $2.66B	$0	0%	0	–	–
59	59 Simplify Interest Rate Hedge ETF PFIX $168M	$0	0%	0 -604	Closed	–
60	60 Plug Power PLUG $940M	$0	0%	0	–	–
61	61 Paysafe Limited Warrants, exercisable for one Common Share of Paysafe Limited at a price of $138.00 per share PSFE.WS $688K	$0	0%	0 -399,748	Closed	–
62	62 SPDR S&P 500 ETF Trust SPY $628B	$0	0%	0	–	–
63	SVM 63 Silvercorp Metals SVM $944M	$0	0%	0	–	–
64	64 Direxion Daily TSLA Bull 2X Shares TSLL $4.16B	$0	0%	0	–	–
65	65 iPath Series B S&P 500 VIX Short-Term Futures ETN VXX $383M	$0	0%	0	–	–
66	66 Williams-Sonoma WSM $19.5B	$0	0%	0	–	–
67	67 Invesco S&P SmallCap Low Volatility ETF XSLV $283M	$0	0%	0	–	–
68	LUNRW 68 DELISTED Intuitive Machines, Inc. Warrants LUNRW	$0	0%	0 -118,000	Closed	–