Wellesley Asset Management Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	TPC	80,987	$81,309	4.9%	$1092.89	—	2.875% 06/15/21	901109AD0
—	AAWW	64,931	$80,037	4.8%	$898.38	—	2.25% 06/01/22	049164BH8
—	ARI	79,846	$79,239	4.7%	$1017.49	—	4.75% 08/23/22	03762UAB1
—	FNSR	77,455	$70,496	4.2%	$916.33	—	0.5% 12/15/36	31787AAP6
—	HASI	63,949	$61,551	3.7%	$1024.76	—	4.125% 09/01/22	41068XAB6
—	PRAA	59,145	$57,006	3.4%	$933.03	—	3% 08/01/20	73640QAB1
—	BXMT	56,782	$55,952	3.3%	$1018.54	—	4.375% 05/05/22	09257WAB6
—	PMT	53,439	$53,699	3.2%	$969.15	—	5.375% 05/01/20	70932AAB9
—	TTMI	28,641	$53,512	3.2%	$1071.55	—	1.75% 12/15/20	87305RAD1
—	VIAV	51,645	$52,252	3.1%	$1017.95	—	1% 03/01/24	925550AB1
—	HCI	51,988	$51,079	3.1%	$982.52	—	4.25% 03/01/37	40416EAD5
—	PDCE	47,757	$50,123	3.0%	$1016.37	—	1.125% 09/15/21	69327RAD3
—	AFSI	48,307	$46,979	2.8%	$763.33	—	2.75% 12/15/44	032359AG6
—	RWT	47,805	$46,471	2.8%	$984.79	—	4.75% 08/15/23	758075AC9
—	NYMT	45,916	$45,650	2.7%	$992.38	—	6.25% 01/15/22	649604AD7
—	ABR	39,871	$44,296	2.7%	$1016.97	—	5.375% 11/15/20	038923AB4
—	SYNA	42,202	$41,893	2.5%	$992.68	—	0.5% 06/15/22	87157DAD1
—	LGIH	14,777	$39,581	2.4%	$1261.24	—	4.25% 11/15/19	50187TAB2
—	WMC	36,684	$37,110	2.2%	$996.51	—	6.75% 10/01/22	95790DAA3
—	ON	27,033	$35,632	2.1%	$937.36	—	1% 12/01/20	682189AK1
—	HLX	29,403	$34,734	2.1%	$1013.01	—	4.125% 09/15/23	42330PAJ6
—	HTGC	34,617	$34,566	2.1%	$1014.31	—	4.375% 02/01/22	427096AF9
—	GPMT	33,295	$33,938	2.0%	$1011.42	—	5.625% 12/01/22	38741LAB3
—	ANIP	25,925	$29,366	1.8%	$1072.11	—	3% 12/01/19	00182CAA1
—	CAMP	26,209	$27,991	1.7%	$933.32	—	1.625% 05/15/20	128126AB5
—	HZN	38,527	$27,120	1.6%	$905.00	—	2.75% 07/01/22	44052WAA2
—	LGND	25,090	$26,013	1.6%	$1036.79	—	0.75% 05/15/23	53220KAE8
—	PCRX	26,117	$24,338	1.5%	$931.88	—	2.375% 04/01/22	695127AD2
—	ON	18,939	$24,027	1.4%	$1268.65	—	1.625% 10/15/23	682189AP0
—	TRIB	27,100	$22,616	1.4%	$880.87	—	4% 04/01/45	89643QAB4
—	SQ	21,000	$22,509	1.3%	$1071.86	—	0.5% 05/15/23	852234AC7
—	GPRE	21,203	$21,086	1.3%	$990.99	—	4.125% 09/01/22	393222AF1
—	TWTR	21,135	$20,503	1.2%	$970.10	—	1% 09/15/21	90184LAD4
—	IPHI	21,595	$20,233	1.2%	$970.66	—	0.75% 09/01/21	45772FAC1
—	INTC/WFC	11,158	$19,325	1.2%	$978.29	—	0% 06/05/20	94986RQF1
—	OSIS	14,462	$14,065	0.8%	$914.42	—	1.25% 09/01/22	671044AD7
—	ECPG	15,051	$13,957	0.8%	$858.29	—	2.875% 03/15/21	292554AH5
—	HURN	14,723	$13,892	0.8%	$982.69	—	1.25% 10/01/19	447462AB8
—	INVA	14,200	$13,830	0.8%	$985.27	—	2.125% 01/15/23	88338TAB0
—	TIVO	14,347	$13,657	0.8%	$956.46	—	0.5% 03/01/20	779376AD4
—	ANW	37,190	$13,017	0.8%	$620.17	—	4.25% 12/15/21	00773VAB2
—	KAMN	9,500	$11,505	0.7%	$1211.05	—	3.25% 05/01/24	483548AF0
—	IDTI	9,711	$11,091	0.7%	$1039.31	—	0.875% 11/15/22	458118AC0
—	KBH	9,983	$10,866	0.7%	$1029.38	—	1.375% 02/01/19	48666KAS8
—	JAZZ	9,850	$10,745	0.6%	$1001.48	—	1.875% 08/15/21	472145AB7
—	HCI	10,355	$10,326	0.6%	$939.04	—	3.875% 03/15/19	40416EAB9
—	HLX	9,305	$9,737	0.6%	$1046.43	—	4.25% 05/01/22	42330PAH0
—	GSBD	8,191	$8,395	0.5%	$1032.09	—	4.5% 04/01/22	38147UAB3
—	VSI	9,242	$7,161	0.4%	$921.90	—	2.25% 12/01/20	92849EAB7
—	BKCC	6,058	$6,194	0.4%	$1035.08	—	5% 06/15/22	092533AC2
—	GS/KSU	6,192	$5,779	0.3%	$960.29	—	0% 02/16/21	38147QMF0
—	VECO	5,505	$4,870	0.3%	$892.75	—	2.7% 01/15/23	922417AD2
—	ECHO	3,239	$3,365	0.2%	$954.91	—	2.5% 05/01/20	27875TAA9
—	EZPW	2,832	$2,877	0.2%	$1056.41	—	2.125% 06/15/19	302301AB2
—	NMFC	2,194	$2,235	0.1%	$1015.17	—	5% 06/15/19	647551AB6
—	PRAA	2,000	$2,132	0.1%	$1066.00	—	3.5% 06/01/23	69354NAB2
—	SM	1,811	$1,875	0.1%	$1035.34	—	1.5% 07/01/21	78454LAM2
—	TSLX	1,846	$1,846	0.1%	$1026.32	—	4.5% 08/01/22	87265KAD4
—	OAS	1,213	$1,577	0.1%	$1070.83	—	2.625% 09/15/23	674215AJ7
—	TCPC	1,500	$1,510	0.1%	$1011.45	—	4.625% 03/01/22	87238QAD5
—	GWRE	1,112	$1,134	0.1%	$1019.78	—	1.25% 03/15/25	40171VAA8
—	CSGS	694	$733	0.0%	$1092.44	—	4.25% 03/15/36	126349AF6
—	MIC	637	$567	0.0%	$959.96	—	2% 10/01/23	55608BAB1
—	EFII	139	$138	0.0%	$1011.94	—	0.75% 09/01/19	286082AC6
—	TEVA	100	$93	0.0%	$921.16	—	0.25% 02/01/26	88163VAE9