Wellesley Asset Management Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	IART	52,992	$57,196	4.0%	$1021.68	—	1.63% 12/15/16	457985AK5
—	GBX	46,030	$54,986	3.9%	$1009.72	—	3.5% 04/01/18	393657AH4
—	INTC	44,147	$43,516	3.1%	$972.71	—	0% 06/12/20	94986RQF1
—	TITN	46,622	$40,063	2.8%	$917.07	—	3.75% 05/01/19	88830RAB7
—	IP	40,128	$39,000	2.8%	$974.61	—	0% 06/17/20	94986RQH7
—	STWD	34,391	$38,566	2.7%	$1105.63	—	4.55% 03/01/18	85571BAA3
—	WNC	27,687	$36,287	2.6%	$1214.38	—	3.38% 05/01/18	929566AH0
—	TRN	26,976	$35,741	2.5%	$1204.76	—	3.88% 06/01/36	896522AF6
—	MHO	31,298	$35,017	2.5%	$1038.87	—	3% 03/01/18	55292PAB1
—	BSFT	34,429	$34,989	2.5%	$1034.50	—	1.5% 07/01/18	11133BAB8
—	PSEC	32,492	$34,670	2.4%	$1062.08	—	5.5% 08/15/16	74348TAD4
—	SLXP	22,664	$33,971	2.4%	$1198.12	—	1.5% 03/15/19	795435AE6
—	RYL	35,402	$33,217	2.3%	$915.34	—	0.25% 06/01/19	783764AS2
—	RWT	31,169	$32,761	2.3%	$1055.02	—	4.63% 04/15/18	758075AB1
—	GOOG	21,846	$32,573	2.3%	$1136.70	—	0% 03/28/16	38143UTC5
—	AAPL	31,731	$31,372	2.2%	$930.74	—	0% 01/24/20	38141GMG6
—	RSO	29,929	$30,113	2.1%	$1006.15	—	6% 12/01/18	76120WAA2
—	NR	20,174	$27,288	1.9%	$1178.13	—	4% 10/01/17	651718AC2
—	RGLD	26,816	$25,937	1.8%	$990.08	—	2.88% 06/15/19	780287AA6
—	MTH	22,680	$25,619	1.8%	$1116.90	—	1.88% 09/15/32	59001AAR3
—	AUXL	22,144	$24,659	1.7%	$1087.40	—	1.5% 07/15/18	05334DAA5
—	FOR	21,088	$24,576	1.7%	$1160.51	—	3.75% 03/01/20	346232AB7
—	PLAB	21,077	$24,429	1.7%	$1071.62	—	3.25% 04/01/16	719405AH5
—	ALR	19,917	$22,550	1.6%	$991.10	—	3% 05/15/16	01449JAA3
—	ONNN	20,102	$22,215	1.6%	$1108.90	—	2.63% 12/15/26	682189AH8
—	BGCP	19,925	$21,160	1.5%	$997.83	—	4.5% 07/15/16	05541TAD3
—	ARCP	20,364	$20,501	1.4%	$949.85	—	3% 08/01/18	02917TAA2
—	HTGC	14,519	$20,427	1.4%	$1091.24	—	6% 04/15/16	427096AB8
—	ARCP	19,508	$19,817	1.4%	$1015.84	—	3.75% 12/15/20	02917TAB0
—	AUQ	19,444	$18,824	1.3%	$988.04	—	3.5% 10/01/16	666416AB8
—	AIMC	13,148	$18,216	1.3%	$1194.40	—	2.75% 03/01/31	02208RAE6
—	SNDK	11,303	$16,722	1.2%	$1293.76	—	1.5% 08/15/17	80004CAD3
—	ATK	10,326	$16,645	1.2%	$1087.52	—	3% 08/15/24	018804AK0
—	RTI	15,254	$16,076	1.1%	$969.31	—	1.63% 10/15/19	74973WAB3
—	MENT	11,232	$15,045	1.1%	$1179.39	—	4% 04/01/31	587200AK2
—	BRS	11,560	$14,192	1.0%	$1151.86	—	3% 06/15/38	110394AC7
—	GPI	10,959	$13,868	1.0%	$1162.52	—	2.25% 06/15/36	398905AE9
—	SWC	11,964	$13,459	0.9%	$1148.61	—	1.75% 10/15/32	86074QAL6
—	ZINC	10,266	$13,253	0.9%	$1050.79	—	3.8% 07/01/17	440694AB3
—	CMTL	12,358	$13,053	0.9%	$1023.50	—	3% 05/01/29	205826AF7
—	PSEC	12,378	$13,048	0.9%	$1048.46	—	5.375% 10/15/17	74348TAK8
—	ENS	7,014	$12,387	0.9%	$1261.90	—	3.38% 06/01/38	29275YAA0
—	TFX	7,706	$12,280	0.9%	$1451.85	—	3.88% 08/01/17	879369AA4
—	TTWO	11,337	$12,203	0.9%	$1003.75	—	1% 07/01/18	874054AD1
—	LPNT	11,092	$12,106	0.9%	$1095.63	—	3.5% 05/15/14	53219LAH2
—	XXIA	11,014	$11,883	0.8%	$1312.98	—	3% 12/15/15	45071RAB5
—	HOLX	11,041	$11,345	0.8%	$1044.45	—	2% 03/01/42	436440AC5
—	GTAT	10,953	$11,158	0.8%	$1018.72	—	3% 12/15/20	36191UAB2
—	AAPL/WF	11,095	$11,036	0.8%	$884.68	—	0% 01/24/20	94986RPJ4
—	NUAN	10,998	$10,794	0.8%	$1021.27	—	2.75% 11/01/31	67020YAF7
—	RPM	9,631	$10,721	0.8%	$1113.18	—	2.25% 12/15/20	749685AT0
—	ARCC	10,067	$10,712	0.8%	$1067.85	—	4.88% 03/15/17	04010LAG8
—	UTHR	4,500	$10,700	0.8%	$1378.67	—	1% 09/15/16	91307CAF9
—	SGY	9,595	$10,677	0.8%	$998.13	—	1.75% 03/01/17	861642AN6
—	LRCX	8,009	$9,791	0.7%	$1071.87	—	1.25% 05/15/18	512807AL2
—	CBST	4,018	$9,791	0.7%	$1708.12	—	2.5% 11/01/17	229678AD9
—	LLTC	8,180	$9,367	0.7%	$1068.73	—	3% 05/01/27	535678AC0
—	ARCC	8,531	$9,139	0.6%	$1064.96	—	5.13% 06/01/16	04010LAD5
—	STWD	7,880	$8,866	0.6%	$1039.98	—	4% 01/15/19	85571BAB1
—	AIR	8,183	$8,710	0.6%	$973.33	—	2.25% 03/01/16	000361AM7
—	HLX	7,028	$8,479	0.6%	$1231.87	—	3.25% 03/15/32	42330PAG2
—	LRCX	7,369	$8,396	0.6%	$1049.34	—	0.5% 05/15/16	512807AJ7
—	GTLS	4,869	$7,560	0.5%	$1358.78	—	2% 08/01/18	16115QAC4
—	LUK	6,947	$7,394	0.5%	$1040.43	—	3.88% 11/01/29	472319AG7
—	PRAA	6,482	$7,164	0.5%	$1166.93	—	3% 08/01/20	73640QAA3
—	WAC	6,766	$6,797	0.5%	$1034.75	—	4.5% 11/01/19	93317WAA0
—	EPAY	4,277	$5,757	0.4%	$1169.07	—	1.5% 12/01/17	101388AA4
—	NLY	5,637	$5,728	0.4%	$1023.05	—	5% 05/15/15	035710AB8
—	KCAP	4,857	$5,496	0.4%	$1247.51	—	8.75% 03/15/16	500233AB7
—	AAPL/WF	5,434	$5,405	0.4%	$884.67	—	0% 01/24/20	94986RQJ3
—	CHK	4,876	$4,959	0.3%	$987.58	—	2.5% 05/15/37	165167BZ9
—	ARCC	3,812	$4,101	0.3%	$1075.81	—	4.75% 01/15/18	04010LAJ2
—	MOH	2,877	$3,454	0.2%	$1178.60	—	3.75% 10/01/14	60855RAA8
—	EQIX	2,123	$3,365	0.2%	$2012.58	—	3% 10/15/14	29444UAG1
—	OCR	2,944	$3,149	0.2%	$1029.97	—	3.25% 12/15/35	681904AL2
—	HOS	2,340	$2,782	0.2%	$1294.80	—	1.5% 09/01/19	440543AN6
—	PSEC	2,512	$2,690	0.2%	$1048.31	—	5.75% 03/15/18	74348TAL6
—	GOOG	1,721	$2,535	0.2%	$1472.98	—	0% 03/28/16	38143UM65
—	JBLU	1,000	$1,801	0.1%	$1538.79	—	6.75% 10/15/39	477143AF8
—	OUTR	1,007	$1,705	0.1%	$1436.04	—	4% 09/01/14	19259PAF9
—	B	978	$1,335	0.1%	$1092.49	—	3.38% 03/15/27	067806AD1
—	AGCO	886	$1,292	0.1%	$1299.16	—	1.25% 12/15/36	001084AM4
—	STLD	1,052	$1,241	0.1%	$1122.22	—	5.13% 06/15/14	858119AP5
—	GILD	292	$964	0.1%	$2172.50	—	1.63% 05/01/16	375558AP8
—	MDCO	640	$963	0.1%	$1504.69	—	1.38% 06/01/17	584688AC9
—	DHI	468	$809	0.1%	$1884.44	—	2% 05/15/14	23331ABB4
—	CACI	355	$477	0.0%	$1140.00	—	2.13% 05/01/14	127190AD8
—	CKH	385	$472	0.0%	$1225.97	—	2.5% 12/15/27	811904AM3
—	TRAK	339	$470	0.0%	$1155.04	—	1.5% 03/15/17	242309AB8
—	XLNX	255	$407	0.0%	$1425.00	—	2.63% 06/15/17	983919AF8
—	GTAT	281	$387	0.0%	$807.81	—	3% 10/01/17	36191UAA4
—	AKRX	130	$370	0.0%	$1733.75	—	3.5% 06/01/16	009728AB2