Wellesley Asset Management Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	AAWW	68,155	$78,506	4.1%	$898.38	—	2.25% 06/01/22	049164BH8
—	ARI	72,122	$73,429	3.9%	$1019.10	—	4.75% 08/23/22	03762UAB1
—	ANIP	56,030	$64,610	3.4%	$1072.11	—	3% 12/01/19	00182CAA1
—	INVA	64,560	$64,157	3.4%	$985.27	—	2.125% 01/15/23	88338TAB0
—	PMT	57,200	$56,592	3.0%	$969.15	—	5.375% 05/01/20	70932AAB9
—	HASI	54,474	$56,176	3.0%	$1036.68	—	4.125% 09/01/22	41068XAB6
—	TTMI	32,086	$55,088	2.9%	$1071.55	—	1.75% 12/15/20	87305RAD1
—	BXMT	53,984	$55,030	2.9%	$1021.91	—	4.375% 05/05/22	09257WAB6
—	LGIH	15,200	$53,067	2.8%	$1261.24	—	4.25% 11/15/19	50187TAB2
—	CLNS	52,369	$52,304	2.8%	$1026.13	—	3.875% 01/15/21	19624RAB2
—	PRAA	54,143	$51,977	2.7%	$922.80	—	3% 08/01/20	73640QAB1
—	IDTI	45,215	$50,556	2.7%	$1039.31	—	0.875% 11/15/22	458118AC0
—	NYMT	48,884	$50,045	2.6%	$992.38	—	6.25% 01/15/22	649604AD7
—	UBS/GOOG	34,323	$46,858	2.5%	$968.00	—	0% 02/15/21	90270KAW9
—	ACET	48,528	$43,857	2.3%	$956.16	—	2% 11/01/20	004446AD2
—	HAWK	42,855	$43,739	2.3%	$1020.63	—	1.5% 01/15/22	09238EAB0
—	ECPG	43,389	$42,521	2.2%	$858.29	—	2.875% 03/15/21	292554AH5
—	SCMP	34,286	$41,722	2.2%	$1216.88	—	3.25% 12/15/21	864909AB2
—	SNCR	45,265	$40,823	2.1%	$976.76	—	0.75% 08/15/19	87157BAA1
—	WFC/IP	39,035	$40,058	2.1%	$1010.28	—	0% 06/10/20	94986RQH7
—	ON	29,824	$38,212	2.0%	$937.36	—	1% 12/01/20	682189AK1
—	ON	30,530	$37,762	2.0%	$1056.83	—	1.625% 10/15/23	682189AN5
—	GS/AAPL	20,751	$37,578	2.0%	$930.74	—	0% 01/24/20	38141GMG6
—	TPC	33,355	$36,941	1.9%	$1169.38	—	2.875% 06/15/21	901109AD0
—	RWT	37,816	$36,587	1.9%	$989.18	—	4.75% 08/15/23	758075AC9
—	FNSR	38,845	$36,223	1.9%	$932.50	—	0.5% 12/15/36	31787AAP6
—	AFSI	49,687	$36,023	1.9%	$758.25	—	2.75% 12/15/44	032359AG6
—	ECHO	34,293	$35,579	1.9%	$954.91	—	2.5% 05/01/20	27875TAA9
—	WMC	35,110	$34,759	1.8%	$995.98	—	6.75% 10/01/22	95790DAA3
—	ABR	33,789	$34,359	1.8%	$1016.87	—	5.375% 11/15/20	038923AB4
—	CAMP	31,637	$33,614	1.8%	$933.32	—	1.625% 05/15/20	128126AB5
—	MHO	30,296	$33,212	1.7%	$1034.45	—	3% 03/01/18	55292PAB1
—	HZN	34,532	$32,546	1.7%	$928.33	—	2.75% 07/01/22	44052WAA2
—	EFII	33,200	$32,100	1.7%	$1031.90	—	0.75% 09/01/19	286082AC6
—	WFC/INTC	19,510	$31,392	1.7%	$978.29	—	0% 06/05/20	94986RQF1
—	IPHI	27,745	$27,624	1.5%	$995.64	—	0.75% 09/01/21	45772FAC1
—	JAZZ	26,250	$24,855	1.3%	$946.86	—	1.5% 08/15/24	472145AC5
—	TIVO	24,837	$23,502	1.2%	$950.95	—	0.5% 03/01/20	779376AD4
—	BKCC	21,985	$22,892	1.2%	$1035.08	—	5% 06/15/22	092533AC2
—	TRIB	27,800	$22,396	1.2%	$880.87	—	4% 04/01/45	89643QAB4
—	IPXL	19,973	$19,474	1.0%	$859.56	—	2% 06/15/22	45256BAE1
—	HURN	17,442	$16,319	0.9%	$982.69	—	1.25% 10/01/19	447462AB8
—	HCI	15,645	$15,410	0.8%	$939.04	—	3.875% 03/15/19	40416EAB9
—	JAZZ	15,200	$15,286	0.8%	$1001.48	—	1.875% 08/15/21	472145AB7
—	VECO	16,905	$14,760	0.8%	$956.21	—	2.7% 01/15/23	922417AD2
—	GS/GOOG	10,260	$14,129	0.7%	$937.67	—	0% 02/19/21	38147QLX2
—	KBH	11,095	$13,633	0.7%	$1029.38	—	1.375% 02/01/19	48666KAS8
—	VSI	20,541	$13,146	0.7%	$921.90	—	2.25% 12/01/20	92849EAB7
—	WFC/AAPL	7,045	$12,716	0.7%	$884.68	—	0% 01/24/20	94986RPJ4
—	ABR	11,291	$12,244	0.6%	$1012.92	—	6.5% 10/01/19	038923AA6
—	MIC	9,190	$8,822	0.5%	$959.96	—	2% 10/01/23	55608BAB1
—	NMFC	6,618	$6,812	0.4%	$1015.17	—	5% 06/15/19	647551AB6
—	GS/KSU	6,426	$6,038	0.3%	$960.29	—	0% 02/16/21	38147QMF0
—	TEVA	6,740	$5,948	0.3%	$921.16	—	0.25% 02/01/26	88163VAE9
—	GSBD	5,675	$5,891	0.3%	$1038.06	—	4.5% 04/01/22	38147UAB3
—	WFC/AAPL	1,705	$3,069	0.2%	$1523.11	—	0% 01/24/20	94986RQJ3
—	FNSR	2,619	$2,645	0.1%	$1046.00	—	0.5% 12/15/33	31787AAM3
—	CLNS	2,363	$2,444	0.1%	$1013.57	—	5% 04/15/23	19624RAA4
—	CSGS	714	$780	0.0%	$1092.44	—	4.25% 03/15/36	126349AF6