Wellesley Asset Management Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	BCS/NEM	80,792	$83,878	5.7%	$1038.20	—	0% 10/30/23	06739FJQ5
—	TPC	86,239	$79,594	5.4%	$1083.58	—	2.875% 06/15/21	901109AD0
—	ARI	74,865	$70,282	4.8%	$1015.38	—	4.75% 08/23/22	03762UAB1
—	ATSG	65,405	$62,618	4.3%	$957.53	—	1.125% 10/15/24	00922RAB1
—	FNSR	62,516	$59,498	4.1%	$916.33	—	0.5% 12/15/36	31787AAP6
—	DY	59,396	$55,445	3.8%	$938.04	—	0.75% 09/15/21	267475AB7
—	AAWW	52,014	$50,392	3.5%	$898.38	—	2.25% 06/01/22	049164BH8
—	BXMT	51,518	$50,390	3.5%	$1017.33	—	4.375% 05/05/22	09257WAB6
—	SYNA	56,348	$49,659	3.4%	$980.97	—	0.5% 06/15/22	87157DAD1
—	HASI	53,852	$49,058	3.4%	$1023.75	—	4.125% 09/01/22	41068XAB6
—	HCI	47,763	$48,416	3.3%	$982.96	—	4.25% 03/01/37	40416EAD5
—	BCS/DHI	50,248	$46,846	3.2%	$932.30	—	0% 09/26/23	06741J7V5
—	LITE	43,669	$44,030	3.0%	$1008.27	—	0.25% 03/15/24	55024UAB5
—	RC	1,695,268	$41,534	2.8%	$24.50	—	7% 08/15/23	75574U200
—	RWT	44,596	$40,971	2.8%	$981.43	—	4.75% 08/15/23	758075AC9
—	PCRX	36,509	$36,304	2.5%	$1002.77	—	2.375% 04/01/22	695127AD2
—	COWN	29,800	$29,647	2.0%	$994.87	—	3% 12/15/22	223622AD3
—	WMC	30,181	$27,767	1.9%	$996.51	—	6.75% 10/01/22	95790DAA3
—	PMT	27,106	$26,940	1.8%	$969.15	—	5.375% 05/01/20	70932AAB9
—	GPMT	26,430	$26,134	1.8%	$988.80	—	6.375% 10/01/23	38741LAC1
—	VIAV	26,260	$25,978	1.8%	$1021.86	—	1% 03/01/24	925550AB1
—	PDCE	27,957	$24,917	1.7%	$1016.37	—	1.125% 09/15/21	69327RAD3
—	IIVI	24,338	$23,768	1.6%	$976.58	—	0.25% 09/01/22	902104AB4
—	NYMT	24,004	$23,689	1.6%	$992.38	—	6.25% 01/15/22	649604AD7
—	JAZZ	25,575	$23,220	1.6%	$1012.59	—	1.5% 08/15/24	472145AD3
—	TWTR	25,047	$22,906	1.6%	$948.80	—	1% 09/15/21	90184LAD4
—	EZPW	28,752	$21,909	1.5%	$922.40	—	2.375% 05/01/25	302301AD8
—	ON	19,382	$21,417	1.5%	$937.36	—	1% 12/01/20	682189AK1
—	GSBD	21,715	$21,120	1.4%	$1017.21	—	4.5% 04/01/22	38147UAB3
—	PRAA	22,425	$20,664	1.4%	$933.03	—	3% 08/01/20	73640QAB1
—	CAMP	20,639	$19,660	1.3%	$936.83	—	1.625% 05/15/20	128126AB5
—	LGIH	8,113	$17,250	1.2%	$1261.24	—	4.25% 11/15/19	50187TAB2
—	XAN	15,679	$15,171	1.0%	$967.60	—	4.5% 08/15/22	76120WAC8
—	GBX	14,088	$13,914	1.0%	$987.65	—	2.875% 02/01/24	393657AK7
—	KAMN	12,353	$13,218	0.9%	$1181.34	—	3.25% 05/01/24	483548AF0
—	HTGC	13,415	$12,729	0.9%	$1014.31	—	4.375% 02/01/22	427096AF9
—	TWTR	14,013	$12,248	0.8%	$874.05	—	0.25% 06/15/24	90184LAE2
—	SM	12,587	$11,763	0.8%	$969.89	—	1.5% 07/01/21	78454LAM2
—	ANIP	11,000	$11,060	0.8%	$1059.99	—	3% 12/01/19	00182CAA1
—	JAZZ	9,650	$9,382	0.6%	$1000.42	—	1.875% 08/15/21	472145AB7
—	ON	8,607	$9,264	0.6%	$1268.65	—	1.625% 10/15/23	682189AP0
—	KBH	8,669	$8,647	0.6%	$1029.38	—	1.375% 02/01/19	48666KAS8
—	GWRE	8,698	$8,378	0.6%	$970.96	—	1.25% 03/15/25	40171VAA8
—	COWN	6,392	$6,359	0.4%	$994.84	—	3% 12/15/22	223622AE1
—	PATK	7,500	$5,704	0.4%	$760.53	—	1% 02/01/23	703343AA1
—	LGND	6,000	$5,328	0.4%	$888.00	—	0.75% 05/15/23	53220KAE8
—	HLX	5,665	$5,247	0.4%	$1013.01	—	4.125% 09/15/23	42330PAJ6
—	RMBS	6,000	$5,233	0.4%	$872.17	—	1.375% 02/01/23	750917AG1
—	ARI	5,288	$5,091	0.3%	$962.75	—	5.375% 10/15/23	03762UAC9
—	TSLX	4,650	$4,578	0.3%	$1004.89	—	4.5% 08/01/22	87265KAD4
—	GS/KSU	4,789	$4,437	0.3%	$960.29	—	0% 02/16/21	38147QMF0
—	ABR	3,826	$4,378	0.3%	$1016.97	—	5.375% 11/15/20	038923AB4
—	HCI	4,199	$4,197	0.3%	$939.04	—	3.875% 03/15/19	40416EAB9
—	AAWW	4,179	$3,994	0.3%	$955.73	—	1.875% 06/01/24	049164BJ4
—	BKCC	3,715	$3,645	0.2%	$1035.08	—	5% 06/15/22	092533AC2
—	PRAA	3,108	$2,630	0.2%	$846.20	—	3.5% 06/01/23	69354NAB2
—	ECPG	3,016	$2,519	0.2%	$858.29	—	2.875% 03/15/21	292554AH5
—	KN	2,231	$2,305	0.2%	$1033.17	—	3.25% 11/01/21	49926DAB5
—	EZPW	2,306	$2,256	0.2%	$1039.67	—	2.125% 06/15/19	302301AB2
—	SQ	2,000	$2,086	0.1%	$1043.00	—	0.5% 05/15/23	852234AC7
—	BXMT	2,100	$2,051	0.1%	$976.67	—	4.75% 03/15/23	09257WAC4
—	VSI	2,000	$1,905	0.1%	$921.90	—	2.25% 12/01/20	92849EAB7
—	ECPG	2,053	$1,863	0.1%	$907.45	—	3% 07/01/20	292554AF9
—	TCPC	1,903	$1,860	0.1%	$1008.29	—	4.625% 03/01/22	87238QAD5
—	TSLA	1,500	$1,687	0.1%	$1124.67	—	1.25% 03/01/21	88160RAC5
—	NMFC	1,503	$1,511	0.1%	$1013.17	—	5% 06/15/19	647551AB6
—	CSGS	1,433	$1,428	0.1%	$1060.01	—	4.25% 03/15/36	126349AF6
—	VAC	1,568	$1,353	0.1%	$862.88	—	1.5% 09/15/22	57164YAB3
ANIP	ANI Pharmaceuticals	28,500	$1,283	0.1%	$52.41	0.0%	COM	00182C103
—	SLAB	1,207	$1,278	0.1%	$1058.82	—	1.375% 03/01/22	826919AB8
—	OSIS	916	$854	0.1%	$914.42	—	1.25% 09/01/22	671044AD7
—	OAS	690	$608	0.0%	$1070.83	—	2.625% 09/15/23	674215AJ7
—	Z	613	$599	0.0%	$977.16	—	2% 12/01/21	98954MAB7
—	RGLD	209	$211	0.0%	$1013.07	—	2.875% 06/15/19	780287AA6
—	MIC	241	$209	0.0%	$959.96	—	2% 10/01/23	55608BAB1
—	BKNG	100	$111	0.0%	$1110.00	—	0.9% 09/15/21	741503AX4