TAI Transamerica Income Shares, Inc.

Princeton Futures Strategy Fund

CONSOLIDATED PORTFOLIO OF INVESTMENTS (Unaudited)

June 30, 2013

Shares

Value

COMMODITY TRADING ADVISORS # - 11.5%

7,405,358

Crabel Multi-Product Class A * +

 $                 8,751,831

11,341,644

Quantitative Global 3x Fund, Ltd. * + ++

                  10,301,221

14,384,790

Paskewitz Contrarian Stock Index

                  14,835,665

9,935,280

The Tap Fund, Ltd. * + ++

                    8,203,660

TOTAL COMMODITY TRADING ADVISORS (Cost $40,995,132)

                  42,092,377

Principal ($)

Coupon (%)

Maturity

 Value

CORPORATE BONDS & NOTES - 41.2%

AUTO MANUFACTURERS - 1.6%

1,860,000

Daimler Finance North America LLC 144A **

1.6081

7/11/2013

                    1,860,499

4,000,000

Daimler Finance North America LLC 144A **

1.0594

4/10/2014

                    4,010,068

                    5,870,567

AUTO PARTS & EQUIPMENT - 0.6%

2,000,000

Johnson Controls, Inc.

2.6000

12/1/2016

                    2,062,772

AUTOMOBILE ABS - 3.2%

1,701,549

AmeriCredit Automobile Receivables Trust

0.9100

10/8/2015

                    1,703,145

1,145,121

Ford Credit Auto Lease Trust

1.0300

7/15/2014

                    1,145,479

3,660,670

Harley-Davidson Motorcycle Trust

0.9600

5/16/2016

                    3,667,533

5,000,000

Nissan Auto Receivables

0.3700

9/15/2015

                    4,996,875

                  11,513,032

BANKS - 1.4%

         5,000,000

The Toronto-Dominion Bank **

0.4556

7/26/2013

                    5,000,830

BEVERAGES - 4.4%

         7,250,000

Anheuser-Bush InBev Worldwide, Inc. **

0.8256

1/27/2014

                    7,265,421

         5,000,000

Diageo Capital PLC

5.5000

9/30/2016

                    5,647,485

         3,000,000

PepsiCo, Inc. **

2.5000

5/10/2013

                    3,116,595

                  16,029,501

COMMERCIAL MBS - 0.5%

         1,655,500

J.P. Morgan Chase Commercial Mortgage Securities

     Corp.

0.6698

12/15/2047

                    1,633,125

COMPUTERS - 0.4%

         1,600,000

Hewlett-Packard Co.

2.3500

3/15/2015

                    1,622,946

CREDIT CARD - 1.4%

         5,000,000

GE Capital Credit Card Master Note Trust **

0.4225

 9/15/2016

                    4,998,438

DIVERSIFIED FINANCIAL  SERVICES - 7.4%

         1,933,000

American Express Co.

4.8750

7/15/2013

                    1,935,784

         3,000,000

American Honda Finance Corp. 144A **

0.3051

11/8/2013

                    2,998,995

         5,000,000

General Electric Capital Corp. **

1.1229

 1/7/2014

                    5,019,410

         8,000,000

General Electric Capital Corp. **

0.9751

4/24/2014

                    8,044,240

         2,000,000

General Electric Capital Corp.

4.8750

 3/4/2015

                    2,127,020

         1,000,000

Harley-Davidson Financial Services, Inc. 144A

1.1500

9/15/2015

                      996,453

         1,000,000

National Rural Utilities Cooperative Finance Corp.

1.0000

  2/2/2015

                    1,004,830

         5,000,000

Toyota Motor Credit Corp. **

0.6776

1/17/2014

                    5,008,865

                  27,135,597

GAS - 1.2%

         4,000,000

National Grid PLC

6.3000

 8/1/2016

                    4,520,732

HEALTHCARE-PRODUCTS - 0.8%

         3,000,000

Baxter International, Inc.

0.4452

12/11/2014

                    3,000,117

MEDIA - 2.4%

         3,000,000

NBC Universal Media LLC

3.6500

4/30/2015

                    3,151,473

         5,000,000

TCI Communications, Inc.

8.7500

  8/1/2015

                    5,794,990

                    8,946,463

MINING - 3.8%

         5,000,000

Barrick Gold Corp.

1.7500

5/30/2014

                    5,006,550

         2,750,000

BHP Billiton Finance USA Ltd.

5.5000

  4/1/2014

                    2,852,495

         3,000,000

Rio Tinto Finance USA Ltd.

5.8750

7/15/2013

                    3,005,205

         3,000,000

Rio Tinto Finance USA Ltd.

1.8750

11/2/2015

                    3,045,087

                  13,909,337

OIL & GAS - 0.8%

            860,000

ConocoPhillips

4.7500

 2/1/2014

                      879,558

         2,000,000

Shell International Finance BV

3.1000

6/28/2015

                    2,092,986

                    2,972,544

PHARMACEUTICALS - 2.5%

         5,000,000

Glaxo Smith Kline Capital Inc.

0.7000

 3/18/2016

                    4,954,575

         4,065,000

Wyeth

5.5000

  2/1/2014

                    4,183,222

                    9,137,797

RETAIL - 2.7%

         2,000,000

Home Depot, Inc.

5.4000

  3/1/2016

                    2,223,950

         2,437,000

Wal-mart Stores, Inc.

3.2000

5/15/2014

                    2,497,296

         2,000,000

Wal-mart Stores, Inc.

0.6000

4/11/2016

                    1,988,882

         3,000,000

Walgreen Co.

1.0000

3/13/2015

                    3,000,903

                    9,711,031

TELECOMMUNICATIONS - 6.1%

         2,000,000

AT&T, Inc. **

0.6601

2/12/2016

                    1,988,968

         5,000,000

AT&T, Inc.

2.9500

5/15/2016

                    5,223,830

         5,000,000

Cisco Systems, Inc. **

0.5233

3/14/2014

                    5,009,070

       10,000,000

Verizon Communications, Inc. Series A **

0.8856

3/28/2014

                  10,029,460

                  22,251,328

TOTAL CORPORATE BONDS & NOTES (Cost $149,642,385)

                150,316,157

U.S. GOVERNMENT & AGENCY OBLIGATIONS - 28.4%

         7,000,000

United States Treasury Note/Bond

2.7500

10/31/2013

                    7,061,523

       10,000,000

United States Treasury Note/Bond

2.3750

  3/31/2016

                  10,486,719

         5,000,000

United States Treasury Note/Bond

2.5000

  4/30/2015

                    5,196,484

       10,000,000

United States Treasury Note/Bond

1.3750

11/30/2015

                  10,210,938

         4,000,000

United States Treasury Note/Bond

2.0000

  1/31/2016

                    4,150,156

       13,000,000

United States Treasury Note/Bond

1.7500

  5/31/2016

                  13,405,742

         8,000,000

United States Treasury Note/Bond

0.6250

  7/15/2014

                    8,034,688

       28,000,000

United States Treasury Note/Bond

1.0000

10/31/2016

                  28,158,594

         7,000,000

United States Treasury Note/Bond

0.3750

11/15/2014

                    7,013,945

         5,000,000

United States Treasury Note/Bond

0.2500

  4/30/2014

                    5,003,125

         5,000,000

United States Treasury Note/Bond

0.2500

  9/15/2015

                    4,979,102

TOTAL U.S. GOVERNMENT &

   AGENCY OBLIGATIONS (Cost $103,657,194)

                103,701,016

 Contracts

PURCHASED OPTIONS - 16.9%

54

UBS Options, Expires June 20, 2014 * +

                  26,219,989

140

Barclays Options, Expires June 26, 2014 * +

                  35,418,087

TOTAL PURCHASED OPTIONS (Cost $62,309,001)

                  61,638,076

Shares

SHORT-TERM INVESTMENT - 1.8%

MONEY MARKET FUND - 1.8%

         6,371,466

BlackRock Liquidity Funds T-Fund Portfolio, 0.01%+ ^^ (Cost $6,371,466)

 $                 6,371,466

TOTAL INVESTMENTS - 99.8% (Cost $362,975,178) (a)

 $           364,119,092

OTHER ASSETS LESS LIABILITIES - 0.2%

                      690,691

NET ASSETS - 100.0%

 $           364,809,783

*  Non-Income producing investment.

** Floating rate security - interest rate subject to periodic change.

+ All or a portion of this investment is a holding of PFS Fund Limited.

++ Restricted securities. The aggregate value of such securities is 5.1% of net assets and they have been fair valued under procedures established by the Fund's Board of Trustees.

144A - Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may not be resold subject to that rule, except to qualified institutional buyers. At June 30, 2013 securities amounted to $9,866,015 or 2.6% of net assets.     

^^ Money market fund; interest rate reflects seven-day effective yield on June 30, 2013.

# The number of shares presented for commodity trading adviser positions represent share values assigned by the Fund, as underlying funds to do not issue shares.  These hypothetical shares are assigned a value of $1 per share upon initial investment.  Each transaction thereafter is made at the adjusted share price reflective of the change in net asset value of the underlying fund.

(a) Represents cost for financial reporting purposes.  Aggregate cost for federal tax purposes, including options written, is $364,311,895 and differs from market value by net unrealized appreciation (depreciation) of securities as follows:

Unrealized appreciation:  

 $                         2,840,777

Unrealized depreciation:  

                          (3,033,580)

Net unrealized depreciation:  

 $                          (192,803)

The following is a summary of significant accounting policies followed by the Fund in preparation of its financial statements.  The policies are in conformity with accounting principles generally accepted in the U.S.A. (“GAAP”).  

Securities Valuation - Securities listed on an exchange are valued at the last reported sale price at the close of the regular trading session of the exchange on the business day the value is being determined, or in the case of securities listed on NASDAQ at the NASDAQ Official Closing Price (“NOCP”).  In the absence of a sale such securities shall be valued at the last bid price on the day of valuation. Debt securities (other than short-term obligations) are valued each day by an independent pricing service approved by the Board of Trustees (the “Board”) based on methods which include consideration of: yields or prices of securities of comparable quality, coupon, maturity and type, indications as to values from dealers, and general market conditions or market quotations from a major market maker in the securities. Short-term debt obligations having 60 days or less remaining until maturity, at time of purchase, are valued at amortized cost.  Investments in open-end investment companies are valued at net asset 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 representatives 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 all 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 in an inactive market, price for similiar 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 participant would use in valuing the asset 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 tables summarize the inputs used as of June 30, 2013  for the Fund’s assets and liabilities measured at fair value:

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

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

Consolidation of Subsidiaries – Princeton Futures Strategy Fund ("PFSF") with PFS Fund Limited ("PFSFL-CFC") – The Consolidated Portfolio of Investments includes the accounts of PFSFL-CFC, a wholly-owned and controlled subsidiary.   All inter-company accounts and transactions have been eliminated in consolidation.

PFSFL may invest up to 25% of its total assets in a controlled foreign corporation (“CFC”) which acts as an investment vehicle in order to effect certain investments consistent with PFSFL's investment objectives and policies.

PFSFL-CFC, through its investments in managed futures programs, utilizes commodity based derivative products to facilitate PFSF's pursuit of its investment objective.   In accordance with its investment objective and through its exposure to the aforementioned commodity based derivative products, PFSF may have increased or decreased exposure to one or more of the risk factors defined in the Principal Investment Risks section of the PFSF Prospectus.   

A summary of the PFSFL's investments in the CFC is as follows:

Inception Date of CFC

CFC Net Assets at June 30, 2013

% of Fund Net Assets at

June 30, 2013

PFSFL-CFC

8/23/10

$91,621,581

25.11%

Options Transactions - The Fund is subject to equity price risk, interest rate risk, commodity price risk and foreign currency exchange rate risk in the normal course of pursuing its investment objective and may purchase or sell options to help hedge against this risk. The Fund may write call options only if it (i) owns an offsetting position in the underlying security or (ii) has an absolute or immediate right to acquire that security without additional cash consideration or exchange of other securities held in its portfolio.  When the Fund writes a call option, an amount equal to the premium received is included in the statement of assets and liabilities as a liability.  The amount of the liability is subsequently marked-to-market to reflect the current market value of the option.  If an option expires on its stipulated expiration date or if the Fund enters into a closing purchase transaction, a gain or loss is realized.  If a written call option is exercised, a gain or loss is realized for the sale of the underlying security and the proceeds from the sale are increased by the premium originally received.  As writer of an option, the Fund has no control over whether the option will be exercised and, as a result, retains the market risk of an unfavorable change in the price of the security underlying the written option.  When the Fund purchases an option, an amount equal to the premium paid by the Fund is recorded as an investment and is subsequently adjusted to the current value of the option purchased. If an option expires on the stipulated expiration date or if the Fund enters into a closing sale transaction, a gain or loss is realized.  If a call option is exercised, the cost of the security acquired is increased by the premium paid for the call.  If a put option is exercised, a gain or loss is realized from the sale of the underlying security, and the proceeds from such a sale are decreased by the premium originally paid.  Written and purchased options are non-income producing securities.  With purchased options, there is minimal counterparty credit risk to the fund since these options are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded options, guarantees against a possible default.