Wellesley Asset Management Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	CLNY	73,880	$76,531	4.5%	$1040.83	—	3.875% 01/15/21	19624RAB2
—	ARI	66,848	$67,323	3.9%	$1034.32	—	5.5% 03/15/19	03762UAA3
—	TTMI	65,233	$63,028	3.7%	$1098.66	—	1.75% 12/15/20	87305RAD1
—	NHI	54,683	$57,320	3.4%	$1012.81	—	3.25% 04/01/21	63633DAE4
—	HOS	64,281	$53,808	3.2%	$894.54	—	1.5% 09/01/19	440543AN6
—	INTC	40,864	$52,649	3.1%	$972.71	—	0% 06/05/20	94986RQF1
—	BXMT	47,012	$49,743	2.9%	$1103.92	—	5.25% 12/01/18	09257WAA8
—	FOR	50,389	$48,621	2.9%	$1087.11	—	3.75% 03/01/20	346232AB7
—	JCOM	43,654	$48,337	2.8%	$1018.38	—	3.25% 06/15/29	48123VAC6
—	RWT	48,156	$48,026	2.8%	$1053.37	—	4.625% 04/15/18	758075AB1
—	VRNT	43,165	$47,904	2.8%	$1092.77	—	1.5% 06/01/21	92343XAA8
—	IART	44,731	$47,805	2.8%	$1021.68	—	1.625% 12/15/16	457985AK5
—	PMT	48,206	$46,575	2.7%	$990.19	—	5.375% 05/01/20	70932AAB9
—	MTH	44,025	$43,767	2.6%	$1086.47	—	1.875% 09/15/32	59001AAR3
—	REGI	45,980	$43,660	2.6%	$1101.35	—	2.75% 06/15/19	75972AAA1
—	IP	39,967	$40,674	2.4%	$1017.69	—	0% 06/10/20	94986RQH7
—	RTI	37,878	$37,129	2.2%	$989.61	—	1.625% 10/15/19	74973WAB3
—	AAPL	29,864	$37,047	2.2%	$930.74	—	0% 01/24/20	38141GMG6
—	MHO	35,123	$36,262	2.1%	$1042.92	—	3% 03/01/18	55292PAB1
—	RSO	36,496	$35,827	2.1%	$1008.21	—	6% 12/01/18	76120WAA2
—	TITN	49,130	$35,588	2.1%	$909.32	—	3.75% 05/01/19	88830RAB7
—	GOOG	36,890	$34,872	2.0%	$968.21	—	0% 02/15/21	90270KAW9
—	BGCP	29,264	$31,743	1.9%	$1026.16	—	4.5% 07/15/16	05541TAD3
—	SRC	30,746	$30,091	1.8%	$1000.65	—	2.875% 05/15/19	84860WAA0
—	RYL	30,066	$27,836	1.6%	$919.90	—	0.25% 06/01/19	783764AS2
—	BSFT	25,990	$27,419	1.6%	$1034.50	—	1.5% 07/01/18	11133BAB8
—	TSLA	28,962	$26,935	1.6%	$932.90	—	0.25% 03/01/19	88160RAB7
—	KSU	24,849	$26,137	1.5%	$963.03	—	0% 02/16/21	38147QMF0
—	SLXP	12,564	$23,006	1.3%	$1198.12	—	1.5% 03/15/19	795435AE6
—	FNSR	23,006	$21,857	1.3%	$950.06	—	0.5% 12/15/33	31787AAM3
—	ARCC	20,741	$21,714	1.3%	$1073.44	—	4.75% 01/15/18	04010LAJ2
—	PSEC	20,967	$21,494	1.3%	$1062.08	—	5.5% 08/15/16	74348TAD4
—	CKH	20,669	$18,979	1.1%	$918.24	—	3% 11/15/28	81170YAB5
—	ACOR	16,163	$18,690	1.1%	$1046.41	—	1.75% 06/15/21	00484MAA4
—	GBX	11,159	$16,926	1.0%	$1009.72	—	3.5% 04/01/18	393657AH4
—	WNC	12,946	$16,550	1.0%	$1214.38	—	3.375% 05/01/18	929566AH0
—	ENV	14,897	$15,432	0.9%	$1035.91	—	1.75% 12/15/19	29404KAA4
—	MIC	13,280	$15,255	0.9%	$1116.83	—	2.875% 07/15/19	55608BAA3
—	CBST	11,053	$15,066	0.9%	$1139.04	—	1.875% 09/01/20	229678AH0
—	GTLS	15,341	$14,859	0.9%	$1022.17	—	2% 08/01/18	16115QAC4
—	NVDA	12,540	$14,478	0.8%	$1154.55	—	1% 12/01/18	67066GAC8
—	GOOG	15,691	$14,400	0.8%	$934.81	—	0% 02/19/21	38147QLX2
—	AAPL/WF	10,841	$13,214	0.8%	$884.68	—	0% 01/24/20	94986RPJ4
—	TOL	12,133	$12,442	0.7%	$1021.13	—	0.5% 09/15/32	88947EAM2
—	UTHR	4,000	$10,845	0.6%	$1378.67	—	1% 09/15/16	91307CAF9
—	PLAB	9,984	$10,409	0.6%	$1071.62	—	3.25% 04/01/16	719405AH5
—	ARCC	9,465	$9,873	0.6%	$1067.88	—	4.875% 03/15/17	04010LAG8
—	JDSU	9,288	$9,869	0.6%	$1004.67	—	0.625% 08/15/33	46612JAF8
—	AMRI	7,850	$9,499	0.6%	$1210.06	—	2.25% 11/15/18	012423AB5
—	YHOO	7,970	$9,056	0.5%	$1136.26	—	0% 12/01/18	984332AF3
—	ARCC	8,705	$8,950	0.5%	$1064.56	—	5.125% 06/01/16	04010LAD5
—	SNDK	6,790	$8,193	0.5%	$1206.63	—	0.5% 10/15/20	80004CAF8
—	ACRE	7,832	$8,042	0.5%	$1041.80	—	7% 12/15/15	04013VAB4
—	PSEC	7,918	$7,968	0.5%	$1050.78	—	5.375% 10/15/17	74348TAK8
—	SNCR	7,506	$7,952	0.5%	$1104.77	—	0.75% 08/15/19	87157BAA1
—	AIR	7,487	$7,796	0.5%	$984.62	—	2.25% 03/01/16	000361AM7
—	NR	6,432	$7,297	0.4%	$1178.13	—	4% 10/01/17	651718AC2
—	ARCC	7,032	$7,126	0.4%	$1035.39	—	4.375% 01/15/19	04010LAM5
—	AAPL/WF	5,419	$6,605	0.4%	$884.67	—	0% 01/24/20	94986RQJ3
—	SNDK	3,195	$6,153	0.4%	$1293.76	—	1.5% 08/15/17	80004CAD3
—	BCOR	5,900	$5,596	0.3%	$948.47	—	4.25% 04/01/19	095229AB6
—	KCAP	4,850	$5,480	0.3%	$1247.51	—	8.75% 03/15/16	500233AB7
—	PSEC	5,123	$5,204	0.3%	$1054.72	—	5.875% 01/15/19	74348TAM4
—	TFX	2,647	$5,009	0.3%	$1451.85	—	3.875% 08/01/17	879369AA4
—	BRS	4,733	$4,929	0.3%	$1151.86	—	3% 06/15/38	110394AC7
—	ONNN	4,088	$4,865	0.3%	$1108.90	—	2.625% 12/15/26	682189AH8
—	MENT	3,656	$4,415	0.3%	$1179.39	—	4% 04/01/31	587200AK2
—	ENS	2,835	$4,390	0.3%	$1261.90	—	3.375% 06/01/38	29275YAA0
—	SWC	3,471	$4,300	0.3%	$1148.61	—	1.75% 10/15/32	86074QAL6
—	HLX	3,580	$4,010	0.2%	$1231.87	—	3.25% 03/15/32	42330PAG2
—	ECPG	2,926	$3,354	0.2%	$1144.95	—	3% 07/01/20	292554AF9
—	JAH	2,059	$2,724	0.2%	$1322.97	—	1.5% 06/15/19	471109AL2
—	MOH	1,897	$2,651	0.2%	$1255.05	—	1.125% 01/15/20	60855RAC4
—	LRCX	1,863	$2,637	0.2%	$1071.87	—	1.25% 05/15/18	512807AL2
—	PSEC	2,235	$2,242	0.1%	$1048.31	—	5.75% 03/15/18	74348TAL6
TTMI	TTMI	184,300	$1,388	0.1%	$6.72	0.0%	COM	87305R109
—	GPRE	896	$1,217	0.1%	$1358.26	—	3.25% 10/01/18	393222AD6
—	REGI	123,500	$1,199	0.1%	$9.71	—	COM NEW	75972A301
—	PCLN	1,000	$1,120	0.1%	$1133.91	—	0.35% 06/15/20	741503AS5
FCX	FCX	40,000	$934	0.1%	$24.27	0.0%	CL B	35671D857
—	SRC	74,100	$881	0.1%	$11.89	—	COM	84860W102
—	GILD	198	$820	0.0%	$2288.35	—	1.625% 05/01/16	375558AP8
—	RTI	30,700	$775	0.0%	$25.24	—	COM	74973W107
—	HOS	25,000	$624	0.0%	$24.96	—	COM	440543106
BXMT	BXMT	20,900	$609	0.0%	$29.14	—	COM CL A	09257W100
GTLS	GTLS	12,500	$428	0.0%	$41.78	0.0%	COM PAR $0.01	16115Q308
—	GOOGL	700	$371	0.0%	$530.00	—	CL A	38259P508
—	GOOG	700	$368	0.0%	$525.71	—	CL C	38259P706
—	RYL	8,100	$312	0.0%	$38.52	—	COM	783764103