TAI Transamerica Income Shares, Inc.

SoutherSun Funds

Small Cap Fund - Schedule of Investments (Unaudited)

June 30, 2013

Shares

Market Value

COMMON STOCK - 96.19 %

APPAREL - 8.33 %

375,025

Columbia Sportswear Co.

 $                       23,495,316

1,105,100

Iconix Brand Group, Inc.  *  

32,500,991

55,996,307

CHEMICALS - 3.10 %

1,090,300

Intrepid Potash, Inc.

20,770,215

COMMERCIAL SERVICES - 3.74 %

986,021

Brink's Co.

25,153,396

COMPUTERS - 4.26 %

848,900

Diebold, Inc.

28,599,441

CONSTRUCTION SERVICES - 9.53 %

519,570

Chicago Bridge & Iron Co. NV

30,997,546

700,175

URS Corp.

33,062,263

64,059,809

ENVIRONMENTAL CONTROL - 4.50 %

1,622,034

Darling International, Inc.  *  

30,267,155

FINANCIAL SERVICES - 3.09 %

126,825

Affiliated Managers Group, Inc.  *  

20,791,690

FOOD - 6.74 %

1,038,845

Safeway, Inc.

24,579,073

312,197

Sanderson Farms, Inc.

20,736,125

45,315,198

HEALTHCARE-PRODUCTS - 4.12 %

821,200

Hill-Rom Holdings, Inc.

27,658,016

HEALTHCARE-SERVICES - 5.17 %

662,400

Centene Corp.  *  

34,749,504

HOME BUILDERS - 3.84 %

525,085

Thor Industries, Inc.

25,823,680

MACHINERY-DIVERSIFIED - 13.46 %

664,175

AGCO Corp.

33,334,943

433,100

IDEX Corp.

23,305,111

100,875

Middleby Corp.  *  

17,157,829

239,999

Nordson Corp.

16,634,331

90,432,214

METAL FABRICATE/HARDWARE - 3.28 %

390,800

Timken Co.

21,994,224

MISCELLANEOUS MANUFACTURING - 8.10 %

542,000

Koppers Holdings, Inc.

20,693,560

876,750

Trinity Industries, Inc.

33,702,270

54,395,830

OIL & GAS - 4.00 %

1,123,849

Newfield Exploration Co.  *  

26,848,753

OIL & GAS SERVICES - 4.67 %

465,400

CARBO Ceramics, Inc.

31,381,922

SoutherSun Funds

Small Cap Fund - Schedule of Investments (Unaudited) (Continued)

June 30, 2013

Shares

Market Value

RECREATIONAL PRODUCTS - 1.95 %

137,375

Polaris Industries, Inc.

 $                       13,050,625

SOFTWARE - 4.32 %

1,091,000

Broadridge Financial Solutions, Inc.

28,998,780

TOTAL COMMON STOCK

 (Cost - $540,319,563)

646,286,759

SHORT-TERM INVESTMENTS - 4.04 %

27,121,517

Dreyfus Institutional Reserve Money Market Fund, 0.00% **  

TOTAL SHORT-TERM INVESTMENTS

27,121,516

 (Cost - $27,121,516)

TOTAL INVESTMENTS - 100.23 %

(Cost - $567,441,079) (a)

 $                     673,408,275

OTHER LIABILITIES LESS ASSETS - (0.23) %

(1,521,817)

NET ASSETS - 100.00 %

 $                      671,886,458

(a) Represents cost for financial reporting purposes.  Aggregate cost for federal tax purposes is $568,295,745 and differs from market value by net unrealized appreciation (depreciation) of securities as follows:

Unrealized Appreciation:

 $                     117,829,139

Unrealized Depreciation:

(12,716,608)

Net Unrealized Appreciation:

 $                     105,112,531

*  Non-Income producing security.

** Money Market Fund; interest rate reflects seven-day effective yield on June 30, 2013.

Security Valuation – Equity and fixed income securities generally are valued by using market quotations, but may be valued on the basis of prices furnished by a pricing service when the Adviser believes such prices accurately reflect the fair market value of such securities.  Securities that are traded on any stock exchange or on the NASDAQ over-the-counter market are generally valued by the pricing service at the last quoted sale price.  Lacking a last sale price, an equity security is generally valued by the pricing service at its last bid price.  Fixed income securities are valued each day by an independent pricing service which utilizes electronic data processing techniques based on yield spreads relating to securities with similar characteristics to determine prices for normal institutional-size trading units of debt securities without regard to sale or bid prices.

When market quotations are not readily available, when the Adviser determines that the market quotation or the price provided by the pricing service does not accurately reflect the current market value, or when restricted or illiquid securities are being valued, such securities are valued as determined in good faith by the Board of Directors.  The Board has adopted guidelines for good faith pricing, and has delegated to the Adviser the responsibility for determining fair value prices, subject to review by the Board of Directors.

Short term investments in fixed income securities with maturities of less than 60 days when acquired, or which subsequently are within 60 days of maturity, are valued using amortized cost method of valuation, which the Board has determined will represent fair value.

A Fund may hold securities, such as private placements, interests in commodity pools, other non-traded securities or temporarily illiquid securities, for which market quotations are not readily available or are determined to be unreliable.  These securities will be valued at their fair market value as determined using the “fair value” procedures approved by the Board.  The Board has delegated execution of these procedures to a fair value team composed of one or more officers from each of the (i) Trust, (ii) administrator, and (iii) adviser and/or sub-adviser.  The team may also enlist third party consultants such as an audit firm or financial officer of a security issuer on an as-needed basis to assist in determining a security-specific fair value.  The Board reviews and ratifies the execution of this process and the resultant fair value prices at least quarterly to assure the process produces reliable results.

SoutherSun Funds

Small Cap Fund - Schedule of Investments (Unaudited) (Continued)

June 30, 2013

Fair Value Team and Valuation Process .  This team is composed of one or more officers from each of the (i) Trust, (ii) administrator, and (iii) adviser and/or sub-adviser.  The applicable investments are valued collectively via inputs from each of these groups.  For example, fair value determinations are required for the following securities:  (i) securities for which market quotations are insufficient or not readily available on a particular business day (including securities for which there is a short and temporary lapse in the provision of a price by the regular pricing source), (ii) securities for which, in the judgment of the adviser or sub-adviser, the prices or values available do not represent the fair value of the instrument.  Factors which may cause the adviser or sub-adviser to make such a judgment include, but are not limited to, the following: only a bid price or an asked price is available; the spread between bid and asked prices is substantial; the frequency of sales; the thinness of the market; the size of reported trades; and actions of the securities markets, such as the suspension or limitation of trading; (iii) securities determined to be illiquid; (iv) securities with respect to which an event that will affect the value thereof has occurred (a “significant event”) since the closing prices were established on the principal exchange on which they are traded, but prior to a Fund’s calculation of its net asset value.  Specifically, interests in commodity pools or managed futures pools are valued on a daily basis by reference to the closing market prices of each futures contract or other asset held by a pool, as adjusted for pool expenses.  Restricted or illiquid securities, such as private placements or non-traded securities are valued via inputs from the adviser or sub-adviser based upon the current bid for the security from two or more independent dealers or other parties reasonably familiar with the facts and circumstances of the security (who should take into consideration all relevant factors as may be appropriate under the circumstances).  If the adviser or sub-adviser is unable to obtain a current bid from such independent dealers or other independent parties, the fair value team shall determine the fair value of such security using the following factors: (i) the type of security; (ii) the cost at date of purchase; (iii) the size and nature of the Fund's holdings; (iv) the discount from market value of unrestricted securities of the same class at the time of purchase and subsequent thereto; (v) information as to any transactions or offers with respect to the security; (vi) the nature and duration of restrictions on disposition of the security and the existence of any registration rights; (vii) how the yield of the security compares to similar securities of companies of similar or equal creditworthiness; (viii) the level of recent trades of similar or comparable securities; (ix) the liquidity characteristics of the security; (x) current market conditions; and (xi) the market value of any securities into which the security is convertible or exchangeable.

The Fund utilizes various methods to measure the fair value of most of its investments on a recurring basis.  GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of input are:

Level 1 - Unadjusted quoted prices in active markets for identical assets and liabilities that the Fund has the ability to access.

Level 2 -  Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly.   These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves,  default rates and similar data.

Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participate would use in valuing the assets or liability, and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment.  Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy.  In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level  input that is significant to the fair value measurement in its entirety.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used as of June 30, 2013 in valuing the Fund's assets carried at fair value:

Assets

Level 1

Level 2

Level 3

Total

Common Stock *

 $                                                   646,286,759

 $                            -   

 $                          -   

 $                     646,286,759

Short-Term Investment

 $                                                     27,121,516

                               -   

                             -   

 $                       27,121,516

Total

 $                                                   673,408,275

 $                            -   

 $                          -   

 $                     673,408,275

The Fund did not hold any Level 3 securities during the period.

There were no transfers in to or out of Level 1 and Level 2 during the current reporting period. It is the Fund's policy to recognize

transfers into and out of Level 1 and Level 2 at the end of the reporting period.

* Please refer to the Schedule of Investments for Industry Classifications.

SouthernSun Funds

U.S. Equity Fund - Schedule of Investments (Unaudited)

June 30, 2013

Shares

Market Value

COMMON STOCK - 87.35 %

APPAREL - 6.72 %

38,120

Columbia Sportswear Co.

 $                         2,388,218

46,730

Hanesbrands, Inc.

2,402,857

4,791,075

COMMERCIAL SERVICES - 4.33 %

180,175

Western Union Co.

3,082,794

DIVERSIFIED FINANCIAL SERVICES - 4.24 %

18,420

Affiliated Managers Group, Inc.  *  

3,019,775

ELECTRIC - 3.87 %

40,455

OGE Energy Corp.

2,759,031

ENGINEERING & CONSTRUCTION - 9.51 %

54,735

Chicago Bridge & Iron Co. NV

3,265,490

74,370

URS Corp.

3,511,751

6,777,241

ENVIRONMENTAL CONTROL - 4.18 %

159,620

Darling International, Inc.  *  

2,978,509

FOOD - 3.79 %

114,215

Safeway, Inc.

2,702,327

FOREST PRODUCTS & PAPER - 4.20 %

87,725

MeadWestvaco Corp.

2,992,300

HEALTHCARE-SERVICES - 4.89 %

66,470

Centene Corp.  *  

3,487,016

HOME BUILDERS - 3.58 %

51,880

Thor Industries, Inc.

2,551,458

LEISURE TIME - 2.86 %

21,485

Polaris Industries, Inc.

2,041,075

MACHINERY-DIVERSIFIED - 15.35 %

67,990

AGCO Corp.

3,412,418

51,915

Flowserve Corp.

2,803,929

51,455

IDEX Corp.

2,768,794

28,165

Nordson Corp.

1,952,116

10,937,257

METAL FABRICATE/HARDWARE - 2.80 %

35,420

Timken Co.

1,993,438

MISCELLANEOUS MANUFACTURING - 4.93 %

91,360

Trinity Industries, Inc.

3,511,878

OIL & GAS - 4.84 %

143,995

Newfield Exploration Co.  *  

3,440,041

SOFTWARE - 4.34 %

116,290

Broadridge Financial Solutions, Inc.

3,090,988

TRANSPORTATION - 2.92 %

36,475

Tidewater, Inc.

2,077,981

TOTAL COMMON STOCK

62,234,184

 ( Cost - $55,663,226)

SouthernSun Funds

U.S. Equity Fund - Schedule of Investments (Unaudited) (Continued)

June 30, 2013

Shares

Market Value

SHORT-TERM INVESTMENTS - 12.61 %

8,983,026

Dreyfus Institutional Reserve Money Market Fund, 0.00% **  

 $                         8,983,026

TOTAL SHORT-TERM INVESTMENTS

( Cost - $8,983,026)

TOTAL INVESTMENTS - 99.96 %

( Cost - $64,646,252)

 $                        71,217,210

OTHER ASSETS LESS LIABILITIES - 0.04 %

30,567

NET ASSETS - 100.00 %

 $                        71,247,777

(a) Represents cost for financial reporting purposes.  Aggregate cost for federal tax purposes is $64,650,363 and differs from market value by net unrealized appreciation (depreciation) of securities as follows:

Unrealized Appeciation:

 $                         6,865,557

Unrealized Depreciation:

(298,710)

Net Unrealized Appreciation:

 $                         6,566,847

*  Non-Income producing security.

** Money Market Fund; interest rate reflects seven-day effective yield on June 30, 2013.

Security Valuation – Equity and fixed income securities generally are valued by using market quotations, but may be valued on the basis of prices furnished by a pricing service when the Adviser believes such prices accurately reflect the fair market value of such securities.  Securities that are traded on any stock exchange or on the NASDAQ over-the-counter market are generally valued by the pricing service at the last quoted sale price.  Lacking a last sale price, an equity security is generally valued by the pricing service at its last bid price.  Fixed income securities are valued each day by an independent pricing service which utilizes electronic data processing techniques based on yield spreads relating to securities with similar characteristics to determine prices for normal institutional-size trading units of debt securities without regard to sale or bid prices.

When market quotations are not readily available, when the Adviser determines that the market quotation or the price provided by the pricing service does not accurately reflect the current market value, or when restricted or illiquid securities are being valued, such securities are valued as determined in good faith by the Board of Directors.  The Board has adopted guidelines for good faith pricing, and has delegated to the Adviser the responsibility for determining fair value prices, subject to review by the Board of Directors.

Short term investments in fixed income securities with maturities of less than 60 days when acquired, or which subsequently are within 60 days of maturity, are valued using amortized cost method of valuation, which the Board has determined will represent fair value.

A Fund may hold securities, such as private placements, interests in commodity pools, other non-traded securities or temporarily illiquid securities, for which market quotations are not readily available or are determined to be unreliable.  These securities will be valued at their fair market value as determined using the “fair value” procedures approved by the Board.  The Board has delegated execution of these procedures to a fair value team composed of one or more officers from each of the (i) Trust, (ii) administrator, and (iii) adviser and/or sub-adviser.  The team may also enlist third party consultants such as an audit firm or financial officer of a security issuer on an as-needed basis to assist in determining a security-specific fair value.  The Board reviews and ratifies the execution of this process and the resultant fair value prices at least quarterly to assure the process produces reliable results.

Fair Value Team and Valuation Process .  This team is composed of one or more officers from each of the (i) Trust, (ii) administrator, and (iii) adviser and/or sub-adviser.  The applicable investments are valued collectively via inputs from each of these groups.  For example, fair value determinations are required for the following securities:  (i) securities for which market quotations are insufficient or not readily available on a particular business day (including securities for which there is a short and temporary lapse in the provision of a price by the regular pricing source), (ii) securities for which, in the judgment of the adviser or sub-adviser, the prices or values available do not represent the fair value of the instrument.  Factors which may cause the adviser or sub-adviser to make such a judgment include, but are not limited to, the following: only a bid price or an asked price is available; the spread between bid and asked prices is substantial; the frequency of sales; the thinness of the market; the size of reported trades; and actions of the securities markets, such as the suspension or limitation of trading; (iii) securities determined to be illiquid; (iv) securities with respect to which an event that will affect the value thereof has occurred (a “significant event”) since the closing prices were established on the principal exchange on which they are traded, but prior to a Fund’s calculation of its net asset value.  Specifically, interests in commodity pools or managed futures pools are valued on a daily basis by reference to the closing market prices of each futures contract or other asset held by a pool, as adjusted for pool expenses.  Restricted or illiquid securities, such as private placements or non-traded securities are valued via inputs from the adviser or sub-adviser based upon the current bid for the security from two or more independent dealers or other parties reasonably familiar with the facts and circumstances of the security (who should take into consideration all relevant factors as may be appropriate under the circumstances).  If the adviser or sub-adviser is unable to obtain a current bid from such independent dealers or other independent parties, the fair value team shall determine the fair value of such security using the following factors: (i) the type of security; (ii) the cost at date of purchase; (iii) the size and nature of the Fund's holdings; (iv) the discount from market value of unrestricted securities of the same class at the time of purchase and subsequent thereto; (v) information as to any transactions or offers with respect to the security; (vi) the nature and duration of restrictions on disposition of the security and the existence of any registration rights; (vii) how the yield of the security compares to similar securities of companies of similar or equal creditworthiness; (viii) the level of recent trades of similar or comparable securities; (ix) the liquidity characteristics of the security; (x) current market conditions; and (xi) the market value of any securities into which the security is convertible or exchangeable.

SouthernSun Funds

U.S. Equity Fund - Schedule of Investments (Unaudited) (Continued)

June 30, 2013

The Fund utilizes various methods to measure the fair value of most of its investments on a recurring basis.  GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of input are:

Level 1 - Unadjusted quoted prices in active markets for identical assets and liabilities that the Fund has the ability to access.

Level 2 -  Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly.   These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves,  default rates and similar data.

Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participate would use in valuing the assets or liability, and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment.  Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy.  In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level  input that is significant to the fair value measurement in its entirety.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used as of June 30, 2013 in valuing the Fund's assets carried at fair value:

Assets

Level 1

Level 2

Level 3

Total

Common Stock *

 $                                                                     62,234,184

 $                 -   

 $                        -   

 $                       62,234,184

Short-Term Investments

 $                                                                       8,983,026

                    -   

                           -   

 $                         8,983,026

Total

 $                                                                     71,217,210

 $                 -   

 $                        -   

 $                       71,217,210

The Fund did not hold any Level 3 securities during the period.

There were no transfers in to or out of Level 1 and Level 2 during the current reporting period. It is the Fund's policy to recognize

transfers into and out of Level 1 and Level 2 at the end of the reporting period.

* Please refer to the Schedule of Investments for Industry Classifications.