Wellesley Asset Management Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	AAWW	75,748	$91,750	4.9%	$898.38	—	2.25% 06/01/22	049164BH8
—	ANIP	58,241	$63,483	3.4%	$1072.11	—	3% 12/01/19	00182CAA1
—	BXMT	59,713	$60,385	3.2%	$1021.91	—	4.375% 05/05/22	09257WAB6
—	PMT	58,158	$57,795	3.1%	$969.15	—	5.375% 05/01/20	70932AAB9
—	TTMI	33,945	$57,452	3.1%	$1071.55	—	1.75% 12/15/20	87305RAD1
—	ARI	56,150	$57,238	3.1%	$1019.38	—	4.75% 08/23/22	03762UAB1
—	PRAA	59,966	$55,431	3.0%	$922.80	—	3% 08/01/20	73640QAB1
—	IPXL	60,050	$54,270	2.9%	$859.56	—	2% 06/15/22	45256BAE1
—	IDTI	49,582	$53,115	2.8%	$1039.31	—	0.875% 11/15/22	458118AC0
—	CLNS	52,307	$52,732	2.8%	$1026.13	—	3.875% 01/15/21	19624RAB2
—	HASI	47,325	$49,100	2.6%	$1037.51	—	4.125% 09/01/22	41068XAB6
—	ECHO	46,356	$44,821	2.4%	$954.91	—	2.5% 05/01/20	27875TAA9
—	ACET	49,764	$44,228	2.4%	$956.16	—	2% 11/01/20	004446AD2
—	UBS/GOOG	34,883	$44,211	2.4%	$968.00	—	0% 02/15/21	90270KAW9
—	SNCR	51,600	$44,183	2.4%	$976.76	—	0.75% 08/15/19	87157BAA1
—	NYMT	42,189	$42,242	2.3%	$987.40	—	6.25% 01/15/22	649604AD7
—	CAMP	38,634	$41,387	2.2%	$933.32	—	1.625% 05/15/20	128126AB5
—	JAZZ	39,050	$41,271	2.2%	$1001.48	—	1.875% 08/15/21	472145AB7
—	WFC/IP	39,748	$40,913	2.2%	$1010.28	—	0% 06/10/20	94986RQH7
—	INVA	41,692	$40,884	2.2%	$980.62	—	2.125% 01/15/23	88338TAB0
—	ECPG	40,448	$40,448	2.2%	$849.44	—	2.875% 03/15/21	292554AH5
—	ON	34,530	$40,271	2.2%	$1056.83	—	1.625% 10/15/23	682189AN5
—	BKCC	37,625	$39,506	2.1%	$1035.08	—	5% 06/15/22	092533AC2
—	TPC	33,480	$39,151	2.1%	$1169.38	—	2.875% 06/15/21	901109AD0
—	LGIH	16,510	$37,509	2.0%	$1261.24	—	4.25% 11/15/19	50187TAB2
—	ON	31,269	$37,464	2.0%	$937.36	—	1% 12/01/20	682189AK1
—	SCMP	35,006	$36,341	1.9%	$1053.49	—	3.25% 12/15/21	864909AA4
—	EFII	33,096	$34,482	1.8%	$1031.90	—	0.75% 09/01/19	286082AC6
—	AFSI	46,179	$34,172	1.8%	$760.77	—	2.75% 12/15/44	032359AG6
—	GS/AAPL	20,676	$33,784	1.8%	$930.74	—	0% 01/24/20	38141GMG6
—	HZN	32,309	$33,480	1.8%	$927.36	—	2.75% 07/01/22	44052WAA2
—	MHO	30,858	$31,186	1.7%	$1034.45	—	3% 03/01/18	55292PAB1
—	WFC/INTC	19,909	$26,437	1.4%	$978.29	—	0% 06/05/20	94986RQF1
—	ABR	24,470	$26,259	1.4%	$1012.92	—	6.5% 10/01/19	038923AA6
—	RWT	26,237	$26,204	1.4%	$998.74	—	4.75% 08/15/23	758075AC9
—	PSEC	24,343	$24,252	1.3%	$1001.25	—	4.95% 07/15/22	74348TAR3
—	REGI	21,141	$22,740	1.2%	$1086.42	—	2.75% 06/15/19	75972AAA1
—	TRIB	27,900	$22,651	1.2%	$880.87	—	4% 04/01/45	89643QAB4
—	ECPG	15,673	$18,004	1.0%	$941.73	—	3% 07/01/20	292554AF9
—	VSI	23,014	$17,088	0.9%	$921.90	—	2.25% 12/01/20	92849EAB7
—	HURN	17,996	$16,871	0.9%	$982.69	—	1.25% 10/01/19	447462AB8
—	WMC	16,000	$16,050	0.9%	$1003.13	—	6.75% 10/01/22	95790DAA3
—	WFC/AAPL	9,559	$15,684	0.8%	$884.68	—	0% 01/24/20	94986RPJ4
—	GS/GOOG	12,064	$15,447	0.8%	$937.67	—	0% 02/19/21	38147QLX2
—	VECO	15,934	$15,317	0.8%	$961.28	—	2.7% 01/15/23	922417AD2
—	EBS	10,363	$14,942	0.8%	$1160.76	—	2.875% 01/15/21	29089QAB1
—	FNSR	13,403	$13,973	0.7%	$1046.00	—	0.5% 12/15/33	31787AAM3
—	HCI	13,248	$13,124	0.7%	$930.73	—	3.875% 03/15/19	40416EAB9
—	KBH	11,564	$12,193	0.7%	$1029.38	—	1.375% 02/01/19	48666KAS8
—	NMFC	11,655	$12,063	0.6%	$1015.17	—	5% 06/15/19	647551AB6
—	TEVA	11,920	$10,803	0.6%	$921.16	—	0.25% 02/01/26	88163VAE9
—	COWN	7,148	$7,537	0.4%	$1054.42	—	3% 03/15/19	223622AB7
—	RGEN	5,396	$7,281	0.4%	$1081.87	—	2.125% 06/01/21	759916AA7
—	ARI	6,303	$6,835	0.4%	$1029.49	—	5.5% 03/15/19	03762UAA3
—	RWT	6,497	$6,724	0.4%	$930.26	—	5.625% 11/15/19	749772AB5
—	GS/KSU	6,586	$6,285	0.3%	$960.29	—	0% 02/16/21	38147QMF0
—	AKAM	3,832	$3,731	0.2%	$1037.05	—	0% 02/15/19	00971TAG6
—	BSFT	2,573	$3,273	0.2%	$1035.92	—	1.5% 07/01/18	11133BAB8
—	WTF/AAPL	1,724	$2,820	0.2%	$1523.11	—	0% 01/24/20	94986RQJ3
—	CLNS	2,394	$2,463	0.1%	$1013.57	—	5% 04/15/23	19624RAA4
—	TIVO	1,854	$1,871	0.1%	$1009.17	—	0.5% 03/01/20	779376AD4
—	PCLN	1,055	$1,213	0.1%	$1127.25	—	0.9% 09/15/21	741503AX4