Transamerica Series Trust N-CSR Certified annual shareholder report (management investment company)

As filed with the SEC on March 2, 2006.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number			811-04419
AEGON/TRANSAMERICA SERIES TRUST
(Exact name of registrant as specified in charter)
570 Carillon Parkway, St. Petersburg, Florida					33716
(Address of principal executive offices)					(Zip code)
John K. Carter, Esq.  P.O. Box 9012, Clearwater, Florida  33758-9771
(Name and address of agent for service)
Registrant’s telephone number, including area code:				(727) 299-1800
Date of fiscal year end:	December 31
Date of reporting period:		January 1, 2005 - December 31, 2005

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1).  The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public.  A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number.  Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC  20549.  The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. §3507.

Item 1: Report(s) to Shareholders. The Annual Report is attached.

1

Investment Options Annual Report Winter 2005

Western Reserve Life Assurance Co. of Ohio
Home Office: Columbus, Ohio
Administrative Office Address: P.O. Box 5068
Clearwater, Florida 33758-5068
Distributor: AFSG Securities Corporationwww.westernreserve.com
Customer Service: 1-800-851-9777

WRL Investment Options Annual Report

The following pages contain the most recent annual reports for the investment options in which you are invested. In compliance with Securities and Exchange Commission regulations, we present these reports on a semi-annual basis with the hope that they will foster greater understanding of the investment options' holdings, performance, financial data, accounting policies and other issues. Unlike our past reports, this streamlined version provides information only on the investment options in which you are invested.

If you have any questions about these reports, please do not hesitate to contact your financial professional. As always, we thank you for your trust and the opportunity to serve you.

Dear Shareholder,

On behalf of AEGON/Transamerica Series Trust, I would like to thank you for your continued support and confidence in our products as we look forward to continuing to serve you and your financial advisor in the future. We value the trust you have placed in us.

This annual report is provided to you with the intent of presenting a comprehensive review of the investments of each of your funds. The Securities and Exchange Commission requires that annual and semi-annual reports be sent to all shareholders, and we believe it to be an important part of the investment process. In addition to providing a comprehensive review, this report also provides a discussion of accounting policies in addition to matters presented to shareholders that may have required their vote.

We believe it is important to recognize and understand current market conditions in order to provide a context for reading the contents of this report. In 2005, the markets were affected by volatile oil prices, natural disasters, and interest rate tightening by the Federal Reserve. These factors were balanced by positive economic growth, and the markets remained relatively flat for the 2005 calendar year period. The Dow Jones Industrial Average returned 1.72%, while the Standard & Poor's 500 Index returned 4.91%.

In addition to your active involvement in the investment process, we firmly believe that a financial advisor is a key resource to help you build a comprehensive picture of your current and future financial needs. In addition, financial advisors are familiar with the market's history, including long-term returns and volatility of various asset classes and why it is important to maintain a diversified portfolio as investment returns have historically been difficult to predict. With your financial advisor, you can develop an investment program that incorporates factors such as your goals, your investment timeline, and your risk tolerance. Please contact your financial advisor if you have any questions about the contents of this report, and thanks again for the confidence you have placed in us.

Sincerely,

Brian C. Scott
President
AEGON/Transamerica Series Trust Christopher Staples
Vice President – Investment Management
AEGON/Transamerica Series Trust

The views expressed in this report reflect those of the portfolio managers only and may not necessarily represent the views of AEGON/Transamerica Series Trust. These views are subject to change based upon market conditions. These views should not be relied on as investment advice and are not indicative of a trading intent on behalf of the AEGON/Transamerica Series Trust.

AEGON Bond

MARKET ENVIRONMENT

Despite multiple signs of cooling in the housing market, the economy demonstrated resilience as 2005 drew to a close. In addition, the labor market gained momentum as hurricane-related effects dwindled. Jobless claims declined steadily throughout the year, and the unemployment rate finished the year at 4.9%.

Perhaps the most robust sector proved to be manufacturing with the Institute for Supply Management ("ISM") manufacturing survey remaining at elevated levels for most of 2005. Driven by sharp declines in gasoline prices late in the year, both the Conference Board and the University of Michigan consumer confidence gauges rebounded substantially and returned to pre-Hurricane Katrina levels. The combination of falling energy costs and regained confidence led to a November rebound in automotive sales and an increase, although modest, in consumer spending. Third-quarter gross domestic product ("GDP") growth, originally reported at 3.8% annualized, was revised to 4.1%, representing the fastest growth rate since the first quarter of 2004.

PERFORMANCE

For the year ended December 31, 2005, AEGON Bond, Initial Class returned 2.30%. By comparison its primary and secondary benchmarks, the Lehman Brothers Aggregate Bond Index ("LBAB") and the Lehman Brothers U.S. Government/Credit Index returned 2.43% and 2.37%, respectively.

STRATEGY REVIEW

For the twelve month period ended December 31, 2005, AEGON Bond underperformed the LBAB. The portfolio's yield increased throughout the year.

The portfolio's sector allocations remained largely unchanged during the year. Since the asset-backed securities ("ABS") sector was the best performer on an excess return basis, a slight overweight to ABS helped the portfolio's relative performance. Mortgage-backed securities ("MBS") underperformed relative to Treasuries, but pricing dislocations in the mortgage market provided buying opportunities in pass-through securities and collateralized mortgage obligations ("CMOs"). Consequently, the portfolio's overweight to the mortgage sector increased slightly.

Corporate bonds underperformed during the year. The portfolio's corporate underweight was a positive influence on relative performance. Furthermore, higher-quality bond securities outperformed lower-quality bonds, which also helped portfolio performance. Among sub-sectors, financials continued to perform better than other areas. We continued to favor bonds in the financials sector, because we believe that companies in this sector are less likely to put their own high credit ratings at risk.

We maintained a neutral-to-slightly long duration, which at year-end, was 4.66 years versus 4.57 years for the LBAB. Given the ambiguity surrounding the Federal Reserve Board's intentions, we are comfortable with a neutral position toward interest-rate movements. In terms of maturity structure, the portfolio was overweight at the short end of the yield curve (maturities of one year or less) and underweight at the longer end, but in favor of the 10- to 20-year segment. As the yield curve flattened throughout the year, long-term bonds were the best performers, and the portfolio's underweight in this segment of the curve worked against relative performance.

Although spreads have widened from their summertime levels and are no longer at the tightest point of their 10-year historical range, they remain somewhat expensive. In the mortgage arena, we continue to favor MBS over agency debentures and seasoned MBS over new issues. Within the corporate sector share buybacks, special dividends and other shareholder-friendly actions are likely to continue. At the same time, default rates are projected to rise in 2006. Given the likelihood for increased name-specific event risk, we remain selective among issuers, particularly among bonds in the BBB-rated quality sector.

Douglas S. Swanson

Portfolio Manager
J.P. Morgan Investment Advisors, Inc.

AEGON/Transamerica Series Fund, Inc.

Annual Report 2005

1

AEGON Bond

Comparison of change in value of $10,000 investment in Initial Class shares and its comparative indices.

Average Annual Total Return for Periods Ended 12/31/05

	1 year			5 years			10 years			From Inception			Inception Date
Initial Class		2.30	%		5.79	%		5.48	%		6.91	%	10/2/86
LBAB1		2.43	%		5.87	%		6.16	%		7.59	%	10/2/86
LBGC1		2.37	%		6.10	%		6.17	%		7.57	%	10/2/86
Service Class		2.07	%		–			–			3.05	%	5/1/03

NOTES

¹  The Lehman Brothers Aggregate Bond (LBAB) Index and Lehman Brothers U.S. Government/Credit (LBGC) Index are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. From inception calculation is based on life of Initial Class shares. Source: Standard & Poor's Micropal®© Micropal, Inc. 2005 – 1-800-596-5323 – http://www.funds-sp.com.

The performance data presented represents past performance, future results may vary. The portfolio's investment return and net asset value will fluctuate. Past performance does not guarantee future results. Investor's units when redeemed, may be worth more or less than their original cost.

Current performance may be higher or lower than the performance data quoted. Please visit your insurance company's website for contract or policy level standardized total returns current to the most recent month-end. Portfolio performance is net of investment fees and fund expenses, but not product charges, which, if included, would significantly lower the performance quoted.

This material must be preceded or accompanied by a current prospectus, which includes specific contents regarding the investment objectives, explanation of share classes and policies of this portfolio.

AEGON/Transamerica Series Trust

Annual Report 2005

2

AEGON Bond

UNDERSTANDING YOUR FUND'S EXPENSES
(unaudited)

SHAREHOLDER EXPENSES

Fund shareholders may incur ongoing costs, including management and advisory fees, distribution and service fees, and other Fund expenses.

The following Example is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.

The Example is based on an investment of $1,000 invested at July 1, 2005 and held for the entire period until December 31, 2005.

ACTUAL EXPENSES

The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of your Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fees, brokerage commissions paid on purchases and sales of fund shares. Therefore, the second line under the Fund in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If any of these transaction costs were included, your costs would be higher. The expenses shown in the table do not reflect any fees that may be charged to you by brokers, financial intermediaries or other financial institutions.

	Beginning Account Value		Ending Account Value		Annualized Expense Ratio			Expenses Paid During Period (a)
Initial Class
Actual	$	1,000.00	$	996.90		0.62	%	$	3.12
Hypothetical (b)		1,000.00		1,022.08		0.62			3.16
Service Class
Actual		1,000.00		995.80		0.88			4.43
Hypothetical (b)		1,000.00		1,020.77		0.88			4.48

^(a)  Expenses are calculated using each Fund's annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by number of days in the period (184 days), and divided by the number of days in the year (365 days).

^(b)  5% return per year before expenses.

GRAPHICAL PRESENTATION OF SCHEDULE OF INVESTMENTS
By Bond Type
At December 31, 2005

This chart shows the percentage breakdown by bond type of the Fund's total investment securities.

AEGON/Transamerica Series Trust

Annual Report 2005

3

AEGON Bond

SCHEDULE OF INVESTMENTS
At December 31, 2005
(all amounts except share amounts in thousands)

	Principal		Value
U.S. GOVERNMENT OBLIGATIONS (18.0%)
U.S. Treasury Bond
11.75%, due 11/15/2014 †	$	2,500	$	3,148
7.25%, due 05/15/2016 7.50%, due 11/15/2016 7.25%, due 08/15/2022 6.25%, due 08/15/2023 † 7.63%, due 02/15/2025 6.50%, due 11/15/2026	2,000 2,750 300 5,000 1,125 1,500		2,456 3,454 391 5,971 1,550 1,874
U.S. Treasury STRIPS Zero Coupon, due 05/15/2008 Zero Coupon, due 02/15/2009 Zero Coupon, due 02/15/2010 † Zero Coupon, due 02/15/2011 Zero Coupon, due 05/15/2012 Zero Coupon, due 08/15/2012 Zero Coupon, due 11/15/2012 Zero Coupon, due 02/15/2013 Zero Coupon, due 05/15/2013 Zero Coupon, due 11/15/2013 Zero Coupon, due 02/15/2014 Zero Coupon, due 02/15/2016 Zero Coupon, due 05/15/2016 Zero Coupon, due 02/15/2017 Zero Coupon, due 11/15/2017 Zero Coupon, due 02/15/2019 Zero Coupon, due 02/15/2022 Zero Coupon, due 02/15/2023	1,000 200 1,800 950 1,200 250 1,200 200 200 3,000 750 1,650 2,200 8,400 200 300 150 750		902 175 1,508 762 911 188 889 146 144 2,117 523 1,047 1,37 8 5,071 116 164 71 339
Total U.S. Government Obligations (cost: $32,566)				35,295
U.S. GOVERNMENT AGENCY OBLIGATIONS (45.4%)
Fannie Mae 7.50%, due 01/01/2008 7.00%, due 01/25/2008 6.50%, due 04/01/2008 9.95%, due 10/25/2008 * 8.00%, due 07/01/2009 5.50%, due 06/01/2012 6.50%, due 12/25/2012 5.00%, due 11/25/2015 6.00%, due 03/25/2016 5.00%, due 12/01/2016 7.00%, due 12/25/2016 5.50%, due 03/01/2017 6.50%, due 03/01/2017 5.50%, due 04/25/2017 5.50%, due 09/01/2017 9.50%, due 06/25/2018 4.00%, due 07/01/2018	152 404 154 145 259 252 720 1,500 826 254 1,220 668 203 1,000 556 333 216		155 409 156 150 270 255 731 1,495 843 251 1,266 671 209 1,019 558 361 207

	Principal		Value
4.00%, due 12/01/2018	$	892	$	853
4.50%, due 03/01/2019 9.00%, due 10/01/2019 6.50%, due 08/01/2020 6.50%, due 02/25/2022 7.00%, due 06/17/2022 5.50%, due 05/25/2023 9.00%, due 06/01/2025 7.00%, due 03/25/2031 7.00%, due 09/25/2031 7.00%, due 11/25/2031 10.96%, due 02/25/2032 * 10.00%, due 03/25/2032 * 6.50%, due 04/25/2032 6.50%, due 11/25/2032 6.00%, due 12/01/2032 6.46%, due 12/25/2032 * Zero Coupon, due 01/01/2033 (a) 6.00%, due 03/01/2033 5.50%, due 04/01/2033 4.00%, due 04/25/2033 5.75%, due 06/25/20333.02%, due 07/25/2033 * 1.75%, due 08/25/2033 * Zero Coupon, due 09/01/2033 (a) 5.20%, due 09/25/2033 * 5.50%, due 02/25/2034 2.51%, due 03/25/2034 * Zero Coupon, due 04/25/2034 (a) 7.48%, due 04/25/2034 * 7.48%, due 05/25/2034 * 4.88%, due 01/01/2035 * 5.50%, due 12/25/2035 6.50%, due 10/25/2042 6.50%, due 12/25/2042 7.50%, due 12/25/2042	804 163 395 696 209 500 275 276 979 669 108 74 1,294 1,000 566 195 216 542 505 500 750 291 233 146 161 600 165 95 438 657 387 300 192 688 316		783 177 406 721 210 507 300 288 1,018 707 118 84 1,307 1,055 572 163 167 548 501 425 752 190 180 109 149 5 94 120 62 430 659 387 294 193 704 330
Federal Home Loan Bank  4.72%, due 09/20/2012		481		471
Freddie Mac 5.50%, due 02/15/2009 4.13%, due 07/12/2010 5.75%, due 01/15/2012 6.00%, due 02/15/2013 5.50%, due 09/15/2013 5.50%, due 10/15/2013 6.50%, due 10/15/2013 6.00%, due 12/15/2013 5.00%, due 07/15/2014	590 573 200 1,096 768 775 103 3,466 1,000		591 559 210 1,120 777 781 104 3,542 999

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

4

AEGON Bond

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2005
(all amounts except share amounts in thousands)

	Principal		Value
Freddie Mac (continued)
6.00%, due 08/15/2015	$	2,000	$	2,022
3.32%, due 10/15/2015 *		752		725
5.50%, due 11/15/2015		600		602
8.50%, due 11/15/2015		10		10
6.50%, due 04/01/2016		170		175
5.50%, due 02/15/2017		1,000		1,010
3.33%, due 07/15/2017 *(b)		1,639		104
6.50%, due 12/01/2017		490		504
6.50%, due 12/15/2017		20		20
4.00%, due 05/01/2019		1,028		983
8.50%, due 09/15/2020		317		316
6.00%, due 12/15/2020		1,000		1,016
5.50%, due 12/15/2022		1,000		1,011
7.50%, due 02/15/2023		876		906
5.00%, due 05/15/2023		407		400
7.00%, due 03/15/2024		1,000		1,077
7.00%, due 06/15/2029		1,000		1,060
6.00%, due 11/15/2029		617		628
8.00%, due 01/15/2030		1,145		1,203
5.46%, due 05/15/2030 *		370		343
6.00%, due 05/15/2030		500		509
7.50%, due 08/15/2030		357		362
7.25%, due 09/15/2030		1,537		1,577
7.00%, due 10/15/2030		912		947
7.25%, due 12/15/2030		456		470
6.50%, due 04/15/2031		144		145
6.50%, due 08/15/2031		596		621
3.63%, due 03/15/2032 *(b)		437		40
4.00%, due 03/15/2032		1,000		926
6.38%, due 03/15/2032		1,000		1,028
6.50%, due 03/15/2032		729		763
7.00%, due 03/15/2032		3,012		3,124
7.00%, due 04/15/2032		1,000		1,044
7.00%, due 05/15/2032		889		927
6.50%, due 06/15/2032		600		624
6.50%, due 07/15/2032		936		988
7.50%, due 07/25/2032		789		824
6.00%, due 11/15/2032		500		511
2.63%, due 02/15/2033 *(b)		1,938		108
3.18%, due 02/15/2033 *(b)		1,302		85
6.00%, due 02/15/2033		500		515
2.73%, due 03/15/2033 *(b)		2,081		119
Zero Coupon, due 10/15/2033 (a)		250		138
2.45%, due 10/15/2033 *		191		136
2.45%, due 11/15/2033 *		111		78
2.52%, due 01/15/2034 *		700		416
3.26%, due 02/15/2034 *		78		51
Zero Coupon, due 03/15/2034 (a)		60		43
2.52%, due 04/15/2034 *		197		151

	Principal		Value
Zero Coupon, due 08/15/2034 (a)	$	188	$	156
7.50%, due 08/25/2042 *		339		350
6.50%, due 02/25/2043		721		739
7.00%, due 02/25/2043		235		246
Ginnie Mae 7.50%, due 09/15/2009 6.00%, due 03/20/2013 5.50%, due 12/20/2013 6.00%, due 12/20/2014 8.00%, due 01/15/2016 7.00%, due 07/15/2017 6.50%, due 01/20/2019 6.50%, due 03/15/2023 6.50%, due 10/16/2024 9.00%, due 05/16/2027 6.50%, due 04/20/2029 7.50%, due 11/20/2029 8.00%, due 12/20/2029 8.50%, due 02/16/2030 8.00%, due 06/20/2030 7.50%, due 09/20/2030 7.33%, due 11/20/2030 6.50%, due 03/20/2031 13.56%, due 04/20/2031 * 7.00%, due 10/20/2031 6.50%, due 12/20/2031 5.50%, due 01/20/2032 (b) 6.50%, due 01/20/2032 3.58%, due 04/16/2032 *(b) 6.50%, due 06/20/2032 6.50%, due 06/20/2032 6.50%, due 07/16/2032 6.50%, due 07/20/2032 6.50%, due 08/20/2032 Zero Coupon, due 03/16/2033 (a) Zero Coupon, due 06/16/2033 (a) 6.50%, due 06/20/2033 7.65%, due 04/16/2034 *		294 3,772 787 804 218 246 6 268 1,200 81 770 512 293 819 125 344 121 664 97 447 773 590 854 699 1,400 500 1,000 936 500 89 250 850 121		302 3,805 796 809 233 257 6 281 1,261 86 789 525 307 900 134 355 125 686 110 471 802 96 879 58 1,474 5251,047 948 519 76 192 927 120
U.S. Department of Veteran Affairs-Series 1997-1 7.50%, due 02/15/2027		1,807		1,929
Total U.S. Government Agency Obligations (cost: $91,967)				88,929
FOREIGN GOVERNMENT OBLIGATIONS (0.6%)
United Mexican States 4.63%, due 10/08/2008 6.38%, due 01/16/2013 7.50%, due 04/08/2033		330 75 600		326 80 710
Total Foreign Government Obligations (cost: $994)				1,116

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

5

AEGON Bond

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2005
(all amounts except share amounts in thousands)

	Principal		Value
MORTGAGE-BACKED SECURITIES (11.6%)
Banc of America Funding Corp.– Series 2004-1 Zero Coupon, due 03/25/2034 (a)	$	180	$	144
Bear Stearns Commercial Mortgage Securities–Series 2000-WF1 7.64%, due 02/15/2032		83		86
Commercial Mortgage Asset Trust–Series 1999-C1 6.59%, due 01/17/2032		954		964
Commercial Mortgage Pass-Through– Series 2001-J2-144A 6.30%, due 07/16/2034		4,000		4,218
Countrywide Alternative Loan Trust, Series 2003-J1 Zero Coupon, due 10/25/2033 (a)		220		171
Countrywide Alternative Loan Trust, Series 2004-2CB, Class 1A9 5.75%, due 03/25/2034		279		264
Countrywide Alternative Loan Trust, Series 2005-22T1, Class A2 0.69%, due 06/25/2035 *(b)		2,254		26
Countrywide Alternative Loan Trust, Series 2005-26CB, Class A10 5.11%, due 07/25/2035 *		177		171
Countrywide Alternative Loan Trust, Series 2005-28CB, Class 1A4 5.50%, due 08/25/2035		500		486
Countrywide Alternative Loan Trust, Series 2005-54CB, Class 1A11 5.50%, due 11/25/2035		200		196
Countrywide Alternative Loan Trust, Series 2005-J1, Class 1A4 0.72%, due 02/25/2035 *(b)		2,475		27
Countrywide Asset-Backed Certificates– Series 2004-AB2 4.65%, due 05/25/2036 *		494		494
Countrywide Home Loan Mortgage Pass Through Trust, Series 2004-7 4.09%, due 06/25/2034 *		231		222
Countrywide Home Loan Mortgage Pass Through Trust, Series 2005-22, Class 2A1 5.34%, due 11/25/2035 *		966		964
Countrywide Home Loan Mortgage Pass Through Trust–Series 2004-HYB1 4.25%, due 05/20/2034 *		227		222
GE Capital Commercial Mortgage Corp.– Series 2001-2 6.44%, due 08/11/2033		3,000		3,178

	Principal		Value
LB Commercial Conduit Mortgage Trust–Series 1999-C1 6.41%, due 06/15/2031	$	701	$	704
MASTR Adjustable Rate Mortgages Trust–Series 2004-13 3.82%, due 04/21/2034 *		412		402
MASTR Alternative Loans Trust–Series 2004-10 4.50%, due 09/25/2019		497		480
MASTR Asset Securitization Trust–Series 2003-4 5.00%, due 05/25/2018		242		241
MASTR Resecuritization Trust–144A Zero Coupon, due 05/28/2035 (a)		947		691
Merrill Lynch Mortgage Trust, Series 2005-MCP1, Class ASB 4.67%, due 05/12/2043 *		300		292
Morgan Stanley Capital I–Series 1998-HF2 6.84%, due 11/15/2030 *		2,000		2,081
MortgageIT Trust, Series 2005-1 4.70%, due 02/25/2035 *		267		267
Prudential Securities Secured Financing Corp.–Series 1998-C1 6.51%, due 07/15/2008		2,276		2,333
Residential Accredit Loans, Inc.– Series 2002-QS16 7.47%, due 10/25/2017 *		153		144
Residential Accredit Loans, Inc.– Series 2003-QS3 6.87%, due 02/25/2018 *		117		118
Washington Mutual Alternative Mortgage Pass-Through Certificates, Series 2005-2, Class 1A4 0.67%, due 04/25/2035 *(b)		3,257		30
Washington Mutual Alternative Mortgage Pass-Through Certificates, Series 2005-4, Class CB7 5.50%, due 06/25/2035		500		488
Washington Mutual MSC Mortgage Pass-Through Certificates–Series 2003-MS7 Zero Coupon, due 03/25/2033 (a)		246		190
Washington Mutual–Series 2002-S7 Zero Coupon, due 11/25/2017 (a)		313		268
Washington Mutual–Series 2004-AR3 4.24%, due 06/25/2034 *		177		174
Wells Fargo Mortgage Backed Securities Trust–Series 2004-7 5.00%, due 07/25/2019		418		412

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

6

AEGON Bond

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2005
(all amounts except share amounts in thousands)

	Principal		Value
Wells Fargo Mortgage Backed Securities Trust–Series 2004-BB 4.57%, due 01/25/2035 *	$	809	$	797
Wells Fargo Mortgage Backed Securities Trust–Series 2004-EE 3.99%, due 01/25/2035 *		412		402
Wells Fargo Mortgage Backed Securities Trust–Series 2004-S 3.54%, due 09/25/2034 *		500		481
Total Mortgage-Backed Securities (cost: $22,506)				22,828
ASSET-BACKED SECURITIES (2.3%)
AmeriCredit Automobile Receivables Trust–Series 2002-A 4.61%, due 01/12/2009		104		104
Banc of America Commercial Mortgage, Inc., Series 2005-6, Class ASB 5.18%, due 09/10/2047 *		150		151
Citibank Credit Card Issuance, Series 2005-B1, Class B1 4.40%, due 09/15/2010		150		148
First Horizon Asset Securities, Inc.– Series 2004-AR7 4.94%, due 02/25/2035 *		496		492
Household Automotive Trust, Series 2005-1, Class A4 4.35%, due 06/18/2012		110		108
MBNA Credit Card Master Note Trust–Series 2003-1C 6.07%, due 06/15/2012 *		150		158
MBNA Master Credit Card Trust USA–Series 1999-J-144A 7.85%, due 02/15/2012		300		329
Nomura Asset Acceptance Corp.– Series 2003-A1 7.00%, due 04/25/2033		43		43
6.00%, due 05/25/2033		152		153
Onyx Acceptance Grantor Trust–Series 2002-C 4.07%, due 04/15/2009		467		466
Residential Asset Mortgage Products, Inc.–Series 2001-RS3 6.29%, due 10/25/2031		45		45
Systems 2001 AT LLC–Series 2001–144A 6.66%, due 09/15/2013		1,242		1,322
WFS Financial Owner Trust–Series 2002-2 4.50%, due 02/20/2010		1,008		1,008
Total Asset-Backed Securities (cost: $4,466)				4,527

	Principal		Value
CORPORATE DEBT SECURITIES (17.2%)
Automotive (0.7%)
DaimlerChrysler NA Holding Corp.– Series A 7.38%, due 09/15/2006	$	1,000	$	1,016
Ford Motor Co. 6.63%, due 02/15/2028		300		189
Toyota Motor Credit Corp. 2.88%, due 08/01/2008		100		95
Business Credit Institutions (0.1%)
CIT Group, Inc., Senior Note 7.75%, due 04/02/2012		150		170
Business Services (0.1%)
International Lease Finance Corp. 5.88%, due 05/01/2013		75		78
PHH Corp. 7.13%, due 03/01/2013		100		106
Chemicals & Allied Products (1.2%)
Dow Chemical Co. (The) 6.13%, due 02/01/2011		260		272
DSM NV–144A 6.75%, due 05/15/2009		2,000		2,102
Commercial Banks (2.3%)
Bank of America Corp. 7.40%, due 01/15/2011		2,000		2,203
Citigroup, Inc. 4.25%, due 07/29/2009		200		196
5.63%, due 08/27/2012		400		412
Corp Andina de Fomento 5.20%, due 05/21/2013		100		100
Keycorp–Series G 4.70%, due 05/21/2009		100		100
State Street Corp. 7.65%, due 06/15/2010		300		335
Suntrust Banks, Inc. 6.38%, due 04/01/2011		250		265
Wachovia Bank NA 7.80%, due 08/18/2010		250		281
Wachovia Corp. 3.50%, due 08/15/2008		150		145
Wells Fargo & Co. 3.13%, due 04/01/2009		260		246
4.20%, due 01/15/2010		300		292
Communication (1.3%)
Comcast Corp. 5.50%, due 03/15/2011		350		352
COX Communications, Inc. 6.75%, due 03/15/2011		1,000		1,046

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

7

AEGON Bond

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2005
(all amounts except share amounts in thousands)

	Principal		Value
Communication (continued)
Tele-Communications-TCI Group 9.80%, due 02/01/2012	$	500	$	603
Verizon Pennsylvania, Inc. 8.35%, due 12/15/2030		500		593
Computer & Office Equipment (0.1%)
International Business Machines Corp. 6.22%, due 08/01/2027		250		273
Electric Services (0.8%)
Constellation Energy Group, Inc. 7.00%, due 04/01/2012		250		273
Dominion Resources, Inc. 6.25%, due 06/30/2012		240		251
DTE Energy Co. 6.65%, due 04/15/2009		200		209
Duke Energy Corp. 4.20%, due 10/01/2008		50		49
5.63%, due 11/30/2012		200		205
Exelon Generation Co. LLC 6.95%, due 06/15/2011		250		270
Ohio Valley Electric Corp.–144A 5.94%, due 02/12/2006		125		125
PSEG Power LLC 7.75%, due 04/15/2011		115		127
Food Stores (0.1%)
Kroger Co. (The) 8.05%, due 02/01/2010		200		217
Gas Production & Distribution (0.1%)
KeySpan Gas East Corp. 7.88%, due 02/01/2010		100		110
Southern California Gas Co. 4.80%, due 10/01/2012		100		99
Holding & Other Investment Offices (0.6%)
EOP Operating, LP 6.75%, due 02/15/2012		300		318
Illinois State 5.10%, due 06/01/2033		600		593
Washington Mutual Bank FA 6.88%, due 06/15/2011		250		270
Insurance (0.2%)
American General Finance Corp. 5.38%, due 10/01/2012		100		101
International Lease Finance Corp. 4.50%, due 05/01/2008		75		74
MGIC Investment Corp. 6.00%, due 03/15/2007		150		151
XL Capital, Ltd. 5.25%, due 09/15/2014		50		49

	Principal		Value
Life Insurance (0.8%)
ASIF Global Financing XIX–144A 4.90%, due 01/17/2013	$	500	$	497
ASIF Global Financing XX–144A 2.65%, due 01/17/2006		200		200
John Hancock Global Funding, Ltd.–144A 7.90%, due 07/02/2010		300		337
New York Life Global Funding–144A 3.88%, due 01/15/2009		200		194
Protective Life Secured Trust 4.00%, due 04/01/2011		250		240
Mortgage Bankers & Brokers (0.9%)
American General Finance Corp. 4.50%, due 11/15/2007		170		169
Captiva Finance, Ltd.–Series A–144A 6.86%, due 11/30/2009		525		525
Countrywide Home Loans 4.00%, due 03/22/2011		225		212
Countrywide Home Loans, Inc. 3.25%, due 05/21/2008		250		240
MassMutual Global Funding II–144A 3.50%, due 03/15/2010		150		141
Principal Life Global Funding I–144A 2.80%, due 06/26/2008 6.25%, due 02/15/2012		140 250		133 266
Motion Pictures (0.5%)
Historic TW, Inc. 8.18%, due 08/15/2007 9.15%, due 02/01/2023		400 500		418 615
Paper & Allied Products (0.1%)
International Paper Co. 4.25%, due 01/15/2009 4.00%, due 04/01/2010		65 165		63 156
Union Camp Corp. 6.50%, due 11/15/2007		50		51
Personal Credit Institutions (2.6%)
Ford Motor Credit Co. 7.38%, due 10/28/2009		1,000		887
General Electric Capital Corp. 4.25%, due 01/15/2008 4.63%, due 09/15/2009 6.13%, due 02/22/2011 5.88%, due 02/15/2012 6.00%, due 06/15/2012		700 500 500 200 750		692 495 526 209 790
General Motors Acceptance Corp. 7.25%, due 03/02/2011		375		345

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

8

AEGON Bond

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2005
(all amounts except share amounts in thousands)

	Principal		Value
Personal Credit Institutions (continued)
General Motors Nova Scotia Finance Co. 6.85%, due 10/15/2008	$	400	$	300
Household Finance Corp. 6.40%, due 06/17/2008 6.75%, due 05/15/2011		100 760		103 816
Petroleum Refining (0.1%)
Conoco Funding Co., Note 5.45%, due 10/15/2006		200		201
Railroads (0.1%)
Burlington Northern Santa Fe Corp. 7.13%, due 12/15/2010		200		218
Savings Institutions (0.1%)
Popular North America, Inc. 4.25%, due 04/01/2008		150		147
Security & Commodity Brokers (2.7%)
Bear Stearns Cos. Inc. (The) 3.25%, due 03/25/2009		500		474
Credit Suisse First Boston (USA), Inc. 4.70%, due 06/01/2009 4.88%, due 01/15/2015		125 300		124 292
Goldman Sachs Group, Inc. (The) 6.88%, due 01/15/2011		1,400		1,508
Lehman Brothers Holdings, Inc. 7.88%, due 08/15/2010		1,000		1,115
Merrill Lynch & Co., Inc. 4.79%, due 08/04/2010 5.45%, due 07/15/2014		100 300		99 305
Morgan Stanley 4.25%, due 05/15/2010 6.75%, due 04/15/2011 6.60%, due 04/01/2012 4.75%, due 04/01/2014		500 400 250 145		483 431 269 139
Telecommunications (1.7%)
AT&T Wireless Services, Inc. 7.50%, due 05/01/2007 7.88%, due 03/01/2011		225 100		233 112
BellSouth Corp. 6.00%, due 10/15/2011		250		260
British Telecommunications PLC 8.88%, due 12/15/2030 (c)		400		535
France Telecom SA 7.75%, due 03/01/2011 (c)		200		223
GTE Corp. 7.51%, due 04/01/2009		475		504
Nynex Capital Funding Co.–Series B 8.23%, due 10/15/2009		400		437

	Principal		Value
Telecommunications (continued)
NYNEX Corp. 9.55%, due 05/01/2010	$	170	$	186
Sprint Capital Corp. 6.88%, due 11/15/2028		800		874
Total Corporate Debt Securities (cost: $33,158)				33,750
SECURITY LENDING COLLATERAL (4.9%)
Debt (4.2%)
Bank Notes (0.1%)
Bank of America 4.27%, due 01/17/2006 * 4.31%, due 08/10/2006 *		142 116		142 116
Certificates Of Deposit (0.2%)
Barclays 4.31%, due 01/17/2006 *		89		89
Canadian Imperial Bank of Commerce 4.15%, due 05/18/2006 *		126		126
Credit Suisse First Boston Corp. 4.18%, due 03/10/2006 *		51		51
Rabobank Nederland 4.10%, due 05/31/2006 *		126		126
Commercial Paper (0.5%)
Fairway Finance–144A 4.31%, due 01/10/2006		252		252
Jupiter Securitization Corp.–144A 4.27%, due 01/05/2006		126		126
Paradigm Funding LLC–144A 4.30%, due 01/09/2006		50		50
Park Avenue Receivables Corp.–144A 4.27%, due 01/04/2006		125		125
Preferred Receivables Corp.–144A 4.31%, due 01/04/2006		100		100
Ranger Funding Co. LLC–144A 4.29%, due 01/18/2006		100		100
Sheffield Receivables Corp.–144A 4.26%, due 01/23/2006		61		61
Yorktown Capital LLC 4.27%, due 01/05/2006		126		126
Euro Dollar Overnight (0.7%)
Calyon 4.34%, due 01/05/2006		126		126
Fortis Bank 4.35%, due 01/03/2006 4.35%, due 01/05/2006		253 240		253 240
Harris Trust & Savings Bank 4.25%, due 01/05/2006		207		207

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

9

AEGON Bond

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2005
(all amounts except share amounts in thousands)

	Principal		Value
Euro Dollar Overnight (continued)
National Australia Bank 4.16%, due 01/03/2006	$	258	$	258
Rabobank Nederland 4.15%, due 01/03/2006		91		91
Wells Fargo 4.27%, due 01/03/2006		126		126
Euro Dollar Terms (1.4%)
Bank of Montreal 4.30%, due 01/19/2006		253		253
Barclays 4.27%, due 01/25/2006 4.30%, due 01/31/2006		76 202		76 202
BNP Paribas 4.22%, due 01/24/2006		126		126
Dexia Group 4.25%, due 01/09/2006		126		126
Rabobank Nederland 4.21%, due 01/19/2006		227		227
Royal Bank of Canada 4.25%, due 01/24/2006		177		177
Royal Bank of Scotland 4.30%, due 01/31/2006 4.31%, due 02/01/2006		379 278		379 278
Societe Generale 4.28%, due 01/30/2006		253		253
UBS AG 4.26%, due 01/10/2006		253		253
Wells Fargo 4.29%, due 01/30/2006		379		379
Promissory Notes (0.1%)
Bear Stearns & Co. 4.39%, due 03/07/2006 4.39%, due 06/06/2006		152 51		152 51

	Principal		Value
Repurchase Agreements (1.2%) ††
Credit Suisse First Boston Corp. 4.29%, dated 12/30/2005 to be repurchased at $423 on 01/03/2006	$	423	$	423
Goldman Sachs Group, Inc. (The) 4.29%, dated 12/30/2005 to be repurchased at $1,009 on 01/03/2006		1,009		1,009
Lehman Brothers, Inc. 4.29%, dated 12/30/2005 to be repurchased at $7 on 01/03/2006		7		7
Merrill Lynch & Co. 4.24%, dated 12/30/2005 to be repurchased at $809 on 01/03/2006		808		808
Morgan Stanley Dean Witter & Co. 4.36%, dated 12/30/2005 to be repurchased at $89 on 01/03/2006		89		89
	Shares		Value
Investment Companies (0.7%)
American Beacon Fund 1-day yield of 4.19%		34,633	$	35
Barclays Global Investors Institutional Money Market Fund 1-day yield of 4.19%		328,405		328
Dreyfus Cash Management Plus Fund 1-day yield of 4.09%		136,414		136
Merrimac Cash Fund, Premium Class 1-day yield of 4.03% @		894,313		894
Total Security Lending Collateral (cost: $9,552)				9,552
Total Investment Securities (cost: $195,209)			$	195,997

NOTES TO SCHEDULE OF INVESTMENTS:

†  At December 31, 2005, all or a portion of this security is on loan (see Note 1). The value at December 31, 2005, of all securities on loan is $9,322.
*  Floating or variable rate note. Rate is listed as of December 31, 2005.

(a)  Principal only security. Holder is entitled to principal cash flows on the underlying pool.

(b)  Interest only security. Holder is entitled to interest payments on the underlying pool.

(c)  Coupon steps up or down by 25 BP for each rating upgrade or downgrade by Standard and Poor's or Moody's for each notch above or below A-/A3.

††  Cash collateral for the Repurchase Agreements, valued at $2,383, that serve as collateral for securities lending are invested in corporate bonds with interest rates and maturity dates ranging from 0.00%–8.75% and 01/03/2006–08/01/2037, respectively.

@  Regulated investment company advised by Investors Bank and Trust Co. ("IBT"). IBT is also the accounting, custody and lending agent for the Fund.

DEFINITIONS:

144A  144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2005, these securities aggregated $11,894 or 6.1% of the total investments of the Fund.

MASTR  Mortgage Asset Securitization Transactions, Inc.

STRIPS  Separate Trading of Registered Interest and Principal of Securities.

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

10

AEGON Bond

STATEMENT OF ASSETS AND LIABILITIES
At December 31, 2005
(all amounts except per share amounts in thousands)

Assets:
Investment securities, at value (cost: $195,209) (including securities loaned of $9,322)	$	195,997
Cash		6,308
Receivables:
Shares sold		91
Interest		1,439
		203,835
Liabilities:
Accounts payable and accrued liabilities:
Shares redeemed		33
Management and advisory fees		74
Service fees		2
Administration fees		3
Payable for collateral for securities on loan		9,552
Other		58
		9,722
Net Assets	$	194,113
Net Assets Consist of:
Capital stock ($.01 par value)	$	164
Additional paid-in capital		184,000
Distributable net investment income (loss)		9,257
Accumulated net realized gain (loss) from investment securities		(96	)
Net unrealized appreciation (depreciation) on investment securities		788
Net Assets	$	194,113
Net Assets by Class:
Initial Class	$	185,820
Service Class		8,293
Shares Outstanding:
Initial Class		15,704
Service Class		668
Net Asset Value and Offering Price Per Share:
Initial Class	$	11.83
Service Class		12.41

STATEMENT OF OPERATIONS
For the year ended December 31, 2005
(all amounts in thousands)

Investment Income:
Interest	$	10,506
Income from loaned securities–net		10
		10,516
Expenses:
Management and advisory fees		945
Printing and shareholder reports		147
Custody fees		74
Administration fees		42
Legal fees		4
Audit fees		17
Trustees fees		7
Service fees:
Service Class		18
Other		5
Total expenses		1,259
Net Investment Income (Loss)		9,257
Net Realized and Unrealized Gain (Loss):
Realized gain (loss) from investment securities		(62	)
Increase (decrease) in unrealized appreciation (depreciation) on investment securities		(4,438	)
Net Realized and Unrealized Gain (Loss) on Investment Securities		(4,500	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	4,757

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

11

AEGON Bond

STATEMENTS OF CHANGES IN NET ASSETS
For the years ended
(all amounts in thousands)

	December 31, 2005			December 31, 2004
Increase (Decrease) In Net Assets From:
Operations:
Net investment income (loss)	$	9,257		$	10,781
Net realized gain (loss) from investment securities		(62	)		364
Change in unrealized appreciation (depreciation) on investment securities		(4,438	)		(783	)
		4,757			10,362
Distributions to Shareholders:
From net investment income:
Initial Class		(10,416	)		(15,629	)
Service Class		(365	)		(274	)
		(10,781	)		(15,903	)
From net realized gains:
Initial Class		(384	)		(856	)
Service Class		(14	)		(16	)
		(398	)		(872	)
Capital Share Transactions:
Proceeds from shares sold:
Initial Class		15,695			13,530
Service Class		4,928			5,182
		20,623			18,712
Dividends and distributions reinvested:
Initial Class		10,800			16,485
Service Class		379			290
		11,179			16,775
Cost of shares redeemed:
Initial Class		(52,752	)		(70,172	)
Service Class		(2,244	)		(1,156	)
		(54,996	)		(71,328	)
		(23,194	)		(35,841	)
Net increase (decrease) in net assets		(29,616	)		(42,254	)
Net Assets:
Beginning of year		223,729			265,983
End of year	$	194,113		$	223,729
Distributable Net Investment Income (Loss)	$	9,257		$	10,781

	December 31, 2005			December 31, 2004
Share Activity:
Shares issued:
Initial Class		1,292			1,075
Service Class		387			393
		1,679			1,468
Shares issued–reinvested from distributions:
Initial Class		913			1,376
Service Class		30			23
		943			1,399
Shares redeemed:
Initial Class		(4,346	)		(5,588	)
Service Class		(176	)		(89	)
		(4,522	)		(5,677	)
Net increase (decrease) in shares outstanding:
Initial Class		(2,141	)		(3,137	)
Service Class		241			327
		(1,900	)		(2,810	)

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

12

AEGON Bond

FINANCIAL HIGHLIGHTS

		For a share outstanding throughout each period (a)
		Net Asset		Investment Operations							Distributions									Net Asset
	For the Period Ended (b)	Value, Beginning of Period		Net Investment Income (Loss)		Net Realized and Unrealized Gain (Loss)			Total Operations		From Net Investment Income			From Net Realized Gains			Total Distributions			Value, End of Period
Initial Class	12/31/2005	$	12.23	$	0.54	$	(0.26	)	$	0.28	$	(0.66	)	$	(0.02	)	$	(0.68	)	$	11.83
	12/31/2004		12.61		0.56		(0.01	)		0.55		(0.88	)		(0.05	)		(0.93	)		12.23
	12/31/2003		12.68		0.62		(0.10	)		0.52		(0.59	)		–			(0.59	)		12.61
	12/31/2002		11.96		0.64		0.54			1.18		(0.46	)		–			(0.46	)		12.68
	12/31/2001		11.14		0.63		0.27			0.90		(0.08	)		–			(0.08	)		11.96
Service Class	12/31/2005		12.81		0.53		(0.27	)		0.26		(0.64	)		(0.02	)		(0.66	)		12.41
	12/31/2004		13.16		0.55		–			0.55		(0.85	)		(0.05	)		(0.90	)		12.81
	12/31/2003		12.97		0.40		(0.17	)		0.23		(0.04	)		–			(0.04	)		13.16

					Ratios/Supplemental Data
	For the Period	Total			Net Assets, End of Period		Ratio of Expenses to Average Net Assets (f)						Net Investment Income (Loss) to Average			Portfolio Turnover
	Ended (b)	Return (c)(g)			(000's)		Net (d)			Total (e)			Net Assets (f)			Rate (g)
Initial Class	12/31/2005		2.30	%	$	185,820		0.59	%		0.59	%		4.42	%		6	%
	12/31/2004		4.53			218,258		0.56			0.56			4.52			12
	12/31/2003		4.28			264,668		0.52			0.52			4.88			27
	12/31/2002		9.97			331,734		0.53			0.53			5.21			49
	12/31/2001		8.07			255,940		0.55			0.55			5.42			53
Service Class	12/31/2005		2.07			8,293		0.84			0.84			4.16			6
	12/31/2004		4.31			5,471		0.81			0.81			4.21			12
	12/31/2003		1.78			1,315		0.80			0.80			4.57			27

NOTES TO FINANCIAL HIGHLIGHTS

(a)  Per share information is calculated based on average number of shares outstanding.

(b)  AEGON Bond (the "Fund") share classes commenced operations as follows:

Initial Class – October 2, 1986

Service Class – May 1, 2003

(c)  Total Return reflects all portfolio expenses and includes reinvestment of dividends and capital gains; it does not reflect the charges and deductions under the policies or annuity contracts.

(d)  Ratio of Net Expenses to Average Net Assets is net of advisory fee waivers, if any (see note 2).

(e)  Ratio of Total Expenses to Average Net Assets includes all expenses before the advisory fee waivers.

(f)  Annualized.

(g)  Not annualized.

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

13

AEGON Bond

NOTES TO FINANCIAL STATEMENTS
At December 31, 2005
(all amounts in thousands)

NOTE 1.   ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

The AEGON/Transamerica Series Trust ("ATST") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). ATST serves as a funding vehicle for variable life insurance, variable annuity and group annuity products. AEGON Bond (the "Fund") is part of ATST.

Effective May 1, 2005, AEGON/Transamerica Series Fund, Inc. changed its name to AEGON/Transamerica Series Trust.

In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

This report should be read in conjunction with the current Fund prospectus, which contains more complete information about the Fund.

In preparing the Fund's financial statements in accordance with accounting principles generally accepted in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Fund.

Multiple class operations, income and expenses: The Fund currently offers two classes of shares, an Initial Class and a Service Class. Income, non-class specific expenses and realized and unrealized gains and losses, are allocated daily to each class, based upon the value of shares outstanding method as permitted under Rule 18f-3 of the 1940 Act. Each class bears its own specific expenses as well as a portion of general, common expenses.

Security valuation: Debt securities are valued based on a price quotation or other equivalent indication of value supplied by an exchange, a pricing service or a major market maker; however, those that mature in sixty days or less are valued at amortized cost, which approximates market

Investment company securities are valued at the net asset value of the underlying portfolio.

Other securities for which quotations are not readily available are valued at fair market value as determined in good faith by the Fund's Administrative Valuation Committee, under the supervision of the Board's Valuation Committee, using guidelines adopted by the Board of Trustees.

Cash: The Fund may leave cash overnight in its cash account with the custodian, Investors Bank & Trust Company ("IBT"). IBT has been contracted on behalf of the Fund to invest the excess cash into a savings account, which at December 31, 2005, was paying an interest rate of 3.00%.

Repurchase agreements: The Fund is authorized to enter into repurchase agreements. The Fund, through its custodian, IBT, receives delivery of the underlying securities, the value of which at the time of purchase is required to be an amount equal to at least 100% of the resale price. The Fund will bear the risk of value fluctuations until the security can be sold and may encounter delays and incur costs in liquidating the security. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Securities lending: The Fund may lend securities to qualified borrowers, with IBT acting as the Fund's lending agent. The Fund earns negotiated lenders' fees. The Fund receives cash and/or securities as collateral against the loaned securities. Cash collateral received is invested in short term, interest bearing securities. The Fund monitors the market value of securities loaned on a daily basis and requires collateral in an amount at least equal to the value of the securities loaned. Income from loaned securities on the Statement of Operations is net of fees, in the amount of $4, earned by IBT for its services.

Security transactions and investment income: Security transactions are recorded on the trade date. Security gains and losses are calculated on the first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend date. Interest income, including accretion of discounts and amortization of premiums, is recorded on the accrual basis commencing on the settlement date.

Dividend distributions: Dividends and capital gains distributions are typically declared and reinvested annually and are generally paid and reinvested on the business day following the ex-date.

NOTE 2.  RELATED PARTY TRANSACTIONS

Effective January 1, 2005 AEGON/Transamerica Fund Advisers, Inc. was renamed Transamerica Fund Advisors, Inc. ("TFAI"); AEGON/Transamerica Fund Services, Inc. and AEGON/Transamerica Investor Services, Inc. merged into one entity and was renamed Transamerica Fund Services, Inc. ("TFS").

ATST serves as a funding vehicle for certain affiliated asset allocation portfolios and certain affiliated separate accounts of Western Reserve Life Assurance Co. of Ohio, Transamerica Life Insurance Company, Transamerica Financial Life Insurance Company, Inc., Peoples Benefit Life Insurance Company, Transamerica Occidental Life Insurance Company and Transamerica Life Insurance and Annuity Company.

TFAI is the Fund's investment adviser. TFS is the Fund's administrator and transfer agent. AFSG Securities Corp. ("AFSG") is the Fund's

AEGON/Transamerica Series Trust

Annual Report 2005

14

AEGON Bond

NOTES TO FINANCIAL STATEMENTS (continued)
At December 31, 2005
(all amounts in thousands)

NOTE 2.–(continued)

distributor. TFAI, TFS, and AFSG are affiliates of AEGON, NV, a Netherlands corporation.

Certain officers and trustees of the Fund are also officers and/or directors of TFAI, TFS and AFSG.

Investment advisory fee: The Fund pays management fees to TFAI based on average daily net assets ("ANA") at the following breakpoints:

0.45% of the first $750 million of ANA

0.40% of the next $250 million of ANA

0.375% of ANA over $1 billion

TFAI has contractually agreed to waive its advisory fee and will reimburse the Fund to the extent that operating expenses, excluding 12b-1 fees, exceed the following stated annual limit:

0.70% Expense Limit

If total fund expenses fall below the annual expense limitation agreement agreed to by the adviser within the succeeding three years, the Fund may be required to pay that adviser a portion or all of the waived advisory fees.

There were no amounts recaptured during the year ended December 31, 2005. There are no amounts available for recapture at December 31, 2005.

Distribution and service fees: The Fund adopted a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, ATST entered into a Distribution Agreement with AFSG dated January 1, 1997, as amended.

Under the Distribution Plan and Distribution Agreement on the Initial Class shares, AFSG, on behalf of the Fund, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Fund's shares, amounts equal to actual expenses associated with distributing the shares.

The Distribution Plan on the Service Class shares requires ATST to pay distribution fees to AFSG as compensation for its activities, not as reimbursement for specific expenses. The fee on the Service Class is paid to the insurance companies for providing services and account maintenance for their policyholders who invest in the variable insurance products which invest in the Service Class shares.

The Fund is authorized under the 12b-1 plan to pay fees on each class up to the following limits:

Initial Class	0.15	%
Service Class	0.25	%

AFSG has determined that it will not seek payment by the Fund of the distribution expenses incurred with respect to the Initial Class shares before April 30, 2007. Prior to AFSG seeking reimbursement of future expenses, policy and contract owners will be notified in advance. The Fund will pay fees relating to Service Class shares.

Administrative services: The Fund has entered into an agreement with TFS for financial and legal fund administration services. The Fund pays TFS an annual fee of 0.02% of ANA. The Legal fees on the Statement of Operations are for fees paid to external legal counsel.

Deferred compensation plan: Each eligible independent Fund Trustee may elect participation in a non-qualified deferred compensation plan ("the Plan") maintained by Transamerica IDEX Mutual Funds, an affiliate of the Fund. Under the Plan, such Trustees may defer payment of all or a portion of their total fees earned as a Fund Trustee. Each Trustee who is a participant in the Plan may elect that the earnings, losses or gains credited to his or her deferred fee amounts be determined based on a deemed investment in any series of Transamerica IDEX Mutual Funds. The right of a participant to receive a distribution from the Plan of the deferred fees is an unsecured claim against the general assets of all series of Transamerica IDEX Mutual Funds. The pro rata liability to the Fund of all deferred fees in the Plan amounted, as of December 31, 2005, to $10.

NOTE 3.  INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the year ended December 31, 2005, were as follows:

Purchases of securities:
Long-Term	$	7,415
U.S. Government		4,011
Proceeds from maturities and sales of securities:
Long-Term		11,156
U.S. Government		24,411

NOTE 4.  FEDERAL INCOME TAX MATTERS

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatment for items including, but not limited to, capital loss carryforwards.

AEGON/Transamerica Series Trust

Annual Report 2005

15

AEGON Bond

NOTES TO FINANCIAL STATEMENTS (continued)
At December 31, 2005
(all amounts in thousands)

NOTE 4.–(continued)

The capital loss carryforward is available to offset future realized capital gains through the period listed:

Capital Loss/ Carryforward		Available through
$	96	December 31, 2013

The tax character of distributions paid may differ from the character of distributions shown in the Statements of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2004 and 2005 was as follows:

2004 Distributions paid from:
Ordinary Income	$	15,903
Long-term Capital Gain		872
2005 Distributions paid from:
Ordinary Income		10,789
Long-term Capital Gain		390

The tax basis components of distributable earnings as of December 31, 2005, are as follows:

Undistributed Ordinary Income	$	9,257
Undistributed Long-term Capital Gain	$	–
Capital Loss Carryforward	$	(96	)
Net Unrealized Appreciation (Depreciation)	$	788

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of December 31, 2005, are as follows:

Federal Tax Cost Basis	$	195,209
Unrealized Appreciation	$	5,253
Unrealized (Depreciation)		(4,465	)
Net Unrealized Appreciation (Depreciation)	$	788

NOTE 5.  REGULATORY PROCEEDINGS

There continues to be significant federal and state regulatory activity relating to financial services companies, particularly mutual fund companies and their investment advisers. As part of an ongoing investigation regarding potential market timing, recordkeeping and trading compliance issues and matters affecting the Fund's investment adviser, TFAI, and certain affiliates and former employees of TFAI, the SEC staff has indicated that it is likely to take some action against TFAI and certain of its affiliates at the conclusion of the investigation. The potential timing and the scope of any such action is difficult to predict. Although the impact of any action brought against TFAI

and/or its affiliates is difficult to assess at the present time, the Fund currently believes that the likelihood that any such action will have a material adverse impact on it is remote. It is important to note that the Fund is not aware of any allegation of wrongdoing against it and its Board at the time this annual report is printed. Although it is not anticipated that these developments will have an adverse impact on the Fund, there can be no assurance at this time. TFAI and its affiliates are actively working with the SEC in regard to this matter; however, the exact resolution cannot be determined at this time. TFAI will take such actions that it deems necessary or appropriate to continue providing management services to the Fund and to bring all matters to an appropriate conclusion.

TFAI and/or its affiliates, and not the Fund, will bear the costs regarding these regulatory matters.

AEGON/Transamerica Series Trust

Annual Report 2005

16

Report of Independent Registered Certified Public Accounting Firm

To the Board of Trustees and Shareholders of
AEGON Bond

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of AEGON Bond (the "Fund") (one of the portfolios constituting AEGON/Transamerica Series Trust) at December 31, 2005, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fund's management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2005 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

Tampa, Florida
February 23, 2006

AEGON Bond (UNAUDITED)

SUPPLEMENTAL TAX INFORMATION
(all amounts in thousands)

For tax purposes, the Fund has made a Long-Term Capital Gain Designation of $390 for the year ended December 31, 2005.

AEGON/Transamerica Series Trust

Annual Report 2005

17

AEGON Bond

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS – REVIEW AND RENEWAL (unaudited)

At a meeting of the Board of Trustees of AEGON/Transamerica Series Trust ("ATST") held on November 2, 2005, the Board reviewed and considered the Investment Advisory Agreement between AEGON Bond Portfolio (the "Portfolio") and Transamerica Fund Advisors, Inc. ("TFAI") as well as the Investment Sub-Advisory Agreement of the Portfolio between TFAI and J.P. Morgan Investment Advisors, Inc. (the "Sub-Adviser"), to determine whether the agreements should be renewed for a one-year period. Following their review and consideration, the Trustees determined that the Investment Advisory Agreement and the Investment Sub-Advisory Agreement will enable shareholders of the Portfolio to obtain high quality services at a cost that is appropriate, reasonable, and in the best interests of its shareholders. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and the Invest ment Sub-Advisory Agreement. In reaching their decision, the Trustees requested and obtained from TFAI and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the proposed agreements. The Trustees also carefully considered the information that they had received throughout the year from TFAI and the Sub-Adviser (such as in-person presentations by the Sub-Adviser) as part of their regular oversight of the Portfolio, as well as: comparative fee, expense and performance information prepared by Lipper Inc. ("Lipper"), independent providers of mutual fund performance, fee and expense information; and profitability data. In considering the proposed continuation of the Investment Advisory Agreement and Investment Sub-Advisory Agreement, the Trustees evaluated a number of considerations that they believed, in light of the legal advice furnished to them by ATST counsel and independent legal counsel and their own business judgment, to be relevant. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:

The nature, extent and quality of the advisory service to be provided. The Board considered the nature and quality of the services provided by TFAI and the Sub-Adviser to the Portfolio in the past, as well as the services anticipated to be provided in the future. The Board concluded that TFAI and the Sub-Adviser are capable of providing high quality services to the Portfolio, as indicated by the nature and quality of services provided in the past, TFAI's and the Sub-Adviser's management capabilities demonstrated with respect to the portfolios they manage, including the Portfolio and the experience, capability and integrity of TFAI's senior management, the financial resources of TFAI and the Sub-Adviser, TFAI's management oversight process, and the professional qualifications and experience of the Sub-Adviser's portfolio management team. The Trustees a lso concluded that TFAI and the Sub-Adviser proposed to provide investment and related services that were of the same quality and quantity as services provided to the Portfolio in the past, and that these services are appropriate in scope and extent in light of the Portfolio's operations, the competitive landscape of the investment company business and investor needs, and that TFAI's and the Sub-Adviser's obligations will remain substantially the same.

The investment performance of the Portfolio. The Board examined both the short-term and longer-term performance of the Portfolio, including relative performance against a benchmark securities index and a peer group of comparable mutual funds as prepared by Lipper for various trailing periods ended June 30, 2005. The Trustees concluded that TFAI and the Sub-Adviser generally had achieved acceptable investment performance, noting that the Portfolio's performance was above median relative to its peers over the past two-, three- and five-year periods and superior to the benchmark index over the past two-, three- and five-year periods. On the basis of the Trustees' assessment of the nature, extent and quality of advisory services to be provided or procured by TFAI and the Sub-Adviser, the Trustees concluded that TFAI and the Sub-Adviser are capable of gene rating a level of investment performance that is appropriate in light of the Portfolio's investment objective, policies and strategies and competitive with many other investment companies, and also determined that TFAI's and the Sub-Adviser's performance records indicate that their continued management is likely to benefit the Portfolio and its shareholders.

The cost of advisory services provided and the level of profitability. The Board reviewed profitability information regarding TFAI's costs of procuring portfolio management services, as well as the costs of provision of administration, fund accounting and other services, to the Portfolio and to ATST as a whole by TFAI and its affiliates. The Trustees reviewed data from Lipper that compared the Portfolio's management fees (including management fees at various asset levels), other fees and expenses (including total expenses including and excluding 12b-1 distribution and service fees) and portfolio turnover rate against peer groups of comparable mutual funds. Based on such information, the Trustees determined that the management fees and overall expense ratio of the Portfolio generally are consistent with industry averages. In addition, on the basis of t he Board's review of the management fees to be charged by TFAI for investment advisory and related services, TFAI profitability information (derived from TFAI's audited financial statements), TFAI's estimated management income resulting from its management of the Portfolio, the estimated margin of the Sub-Adviser, as well as the entirety of TFAI's and its affiliates' service relationship with ATST, the Board concluded that the level of investment management fees and other service fees, as well as TFAI's and the Sub-Adviser's profitability, are appropriate in light of the services provided, the management fees and overall expense ratios of comparable investment companies and the anticipated profitability of the relationship between the Portfolio, TFAI and its affiliates, and the Sub-Adviser.

AEGON/Transamerica Series Trust

Annual Report 2005

18

AEGON Bond (continued)

Whether fee levels reflect economies of scale and the extent to which economies of scale would be realized as the Portfolio grows. The Board concluded that the inclusion of asset-based breakpoints in the Portfolio's advisory fee schedule appropriately benefits investors by realizing economies of scale in the form of lower management fees as the level of assets grows. In addition, the Board concluded that the Portfolio's management fees appropriately reflect the Portfolio's current size, the current economic environment for TFAI, the competitive nature of the investment company market, and TFAI's pricing strategy. The Trustees also concluded that they will have the opportunity to periodically reexamine whether the Portfolio has achieved economies of scale, and the appropriateness of management fees payable to TFAI and fees payable by TFAI to the Sub-Ad viser, in the future.

Benefits (such as soft dollars) to TFAI, its affiliates, or the Sub-Adviser from their relationship with the Portfolio. The Board concluded that other benefits derived by TFAI, its affiliates, and the Sub-Adviser from their relationship with the Portfolio are reasonable and fair, and are consistent with industry practice and the best interests of the Portfolio and its shareholders. In this regard, the Board noted that neither TFAI nor the Sub-Adviser realizes "soft dollar" benefits from its relationship with the Portfolio. In addition, the Trustees determined that the administration, fund accounting, and other fees paid by the Portfolio to affiliates of TFAI are reasonable, fair and in the best interests of shareholders in light of the nature and quality of the services provided, the associated costs to these affiliates of providing the services, the impact of the costs of such services on the Portfolio's overall operating expenses, and the necessity of the services for the Portfolio's operations.

Other considerations. The Board also determined that TFAI had made a substantial commitment to the recruitment and retention of high quality personnel, and maintained the financial, compliance and operational resources reasonably necessary to manage the Portfolio in a professional manner that is consistent with the best interests of the Portfolio and its shareholders. In this regard, the Trustees favorably considered the procedures and policies in place by TFAI to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Adviser. The Trustees also determined that TFAI had made a significant entrepreneurial commitment to the management and success of the Portfolio, reflected by TFAI's expense limitation and fee waiver arrangement with the Portfolio, which may result in TFAI waiving a substantial amount of advisory fees for the benefit of shareholders.

AEGON/Transamerica Series Trust

Annual Report 2005

19

American Century International

MARKET ENVIRONMENT

Many of the world's equity markets advanced during the period, demonstrating resilience in the face of surging prices for oil and other commodities, a terrorist attack in London, destructive hurricanes and eight interest-rate increases by the U.S. Federal Reserve Board.

In this environment, our investments in a wide variety of companies boosted total return during the fiscal year, with the portfolio benefiting from banks, construction companies, retailers and some of the world's largest oil companies. The gains came despite the movement of the dollar during the period, which reduced our return. Relative to the Morgan Stanley Capital International EAFE Index ("MSCI EAFE"), the portfolio's consumer discretionary sector contributed most to relative performance.

PERFORMANCE

For the year ended December 31, 2005, American Century International, Initial Class returned 12.86%. By comparison its benchmark, the MSCI EAFE, returned 14.02%.

STRATEGY REVIEW

All of the sectors in which we were invested advanced, with financial holdings, the portfolio's heaviest sector stake on average, posting the largest contribution to absolute return. France's Societe Generale and the National Bank of Greece, S.A. ("National Bank of Greece") were among the largest contributors. Societe Generale benefited from increased earnings in its corporate and investment banking division, while the National Bank of Greece reported during the period that net income rose 62% during the first half of 2005 versus the same period a year earlier on strong demand for loans.

Holdings in the insurance and consumer finance industries also benefited the portfolio, with French insurance company AXA and Japan's ORIX Corporation, a global financial services company, among the securities making the largest contributions to the sector's return. The portfolio's financial holdings also outperformed the index.

American Century International's industrials sector made the second-largest contribution to return, and outperformed the MSCI EAFE. Two companies in the construction and engineering industry led the advance: Grupo Ferrovial, S.A., one of Spain's largest construction companies; and VINCI, a French construction company.

American Century International's holdings in the consumer discretionary sector outperformed the MSCI EAFE, making the largest contribution to our relative performance. The portfolio's overweight position in Japanese electronics retailer Yamada Denki Co., Ltd. ("Yamada Denki") led the sector's performance. Yamada Denki, which benefited from strong sales of flat-panel televisions, contributed more than any other security to relative performance, and also contributed most to absolute return.

The consumer discretionary sector, however, also included NEXT plc ("NEXT"), which detracted significantly from the portfolio's relative and absolute performance. One of the largest clothing retailers in the United Kingdom ("U.K."), NEXT declined partly because of a slump in consumer spending in the U.K. That slowdown also impacted U.K. supermarket giant Tesco PLC, which was among the biggest detractors in consumer staples, the sector that hurt our relative performance most.

American Century International's position in the energy sector also contributed to the portfolio's return, and outperformed the MSCI EAFE. Two of the portfolio's largest positions, France's TOTAL S.A. and the U.K.'s BP, p.l.c., both contributed to return during the period. The portfolio's relative performance also benefited from an overweight position in the energy equipment and services industry.

Geographically, investments in France, Italy and Mexico made the largest contributions to relative performance, while those in the U.K., Japan and Austria detracted most versus the index.

Keith Creveling, CFA

Michael Perelstein

Co-Portfolio Managers
American Century Global Investment Management, Inc.

AEGON/Transamerica Series Trust

Annual Report 2005

1

American Century International

Comparison of change in value of $10,000 investment in Initial Class shares and its comparative index.

Average Annual Total Return for Periods Ended 12/31/05

	1 year			5 years			From Inception			Inception Date
Initial Class		12.86	%		(0.49	)%		2.58	%	1/2/97
MSCI-EAFE1		14.02	%		4.94	%		6.16	%	1/2/97
Service Class		12.42	%		–			20.18	%	5/1/03

NOTES

¹  The Morgan Stanley Capital International – Europe, Asia, and Far East (MSCI-EAFE) Index is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. From inception calculation is based on life of Initial Class shares. Source: Standard & Poor's Micropal®© Micropal, Inc. 2005 – 1-800-596-5323 – http://www.funds-sp.com.

The performance data presented represents past performance, future results may vary. The portfolio's investment return and net asset value will fluctuate. Past performance does not guarantee future results. Investor's units when redeemed, may be worth more or less than their original cost.

Current performance may be higher or lower than the performance data quoted. Please visit your insurance company's website for contract or policy level standardized total returns current to the most recent month-end. Portfolio performance is net of investment fees and fund expenses, but not product charges, which, if included, would significantly lower the performance quoted.

International investing involves special risks including currency fluctuations, political instability, and different financial accounting standards.

This material must be preceded or accompanied by a current prospectus, which includes specific contents regarding the investment objectives, explanation of share classes and policies of this portfolio.

AEGON/Transamerica Series Trust

Annual Report 2005

2

American Century International

UNDERSTANDING YOUR FUND'S EXPENSES
(unaudited)

SHAREHOLDER EXPENSES

Fund shareholders may incur ongoing costs, including management and advisory fees, distribution and service fees, and other Fund expenses.

The following Example is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.

The Example is based on an investment of $1,000 invested at July 1, 2005 and held for the entire period until December 31, 2005.

ACTUAL EXPENSES

The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of your Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fees, brokerage commissions paid on purchases and sales of fund shares. Therefore, the second line under the Fund in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If any of these transaction costs were included, your costs would be higher. The expenses shown in the table do not reflect any fees that may be charged to you by brokers, financial intermediaries or other financial institutions.

	Beginning Account Value		Ending Account Value		Annualized Expense Ratio			Expenses Paid During Period (a)
Initial Class
Actual	$	1,000.00	$	1,143.30		1.13	%	$	6.10
Hypothetical (b)		1,000.00		1,019.51		1.13			5.75
Service Class
Actual		1,000.00		1,140.10		1.38			7.44
Hypothetical (b)		1,000.00		1,018.25		1.38			7.02

^(a)  Expenses are calculated using each Fund's annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by number of days in the period (184 days), and divided by the number of days in the year (365 days).

^(b)  5% return per year before expenses.

GRAPHICAL PRESENTATION OF SCHEDULE OF INVESTMENTS
By Region
At December 31, 2005

This chart shows the percentage breakdown by region of the Fund's total investment securities.

AEGON/Transamerica Series Trust

Annual Report 2005

3

American Century International

SCHEDULE OF INVESTMENTS
At December 31, 2005
(all amounts except share amounts in thousands)

	Shares		Value
COMMON STOCKS ( 91.6%)
Australia (3.3%)
BHP Billiton, Ltd.		255,350	$	4,261
Macquarie Infrastructure Group (a)		628,030		1,640
National Australia Bank, Ltd.		85,850		2,040
Rio Tinto, Ltd.		28,180		1,426
Austria (1.0%)
Erste Bank der Oesterreichischen Sparkassen AG		51,006		2,826
Belgium (1.2%)
KBC Groupe (a)		38,300		3,555
Canada (0.8%)
Rogers Communications, Inc.–Class B		57,650		2,430
China (0.7%)
China Construction Bank–Class H ‡		5,653,754		1,969
France (14.7%)
Accor SA		50,140		2,749
AXA		177,302		5,704
Cie Generale D'Optique Essilor International SA		30,780		2,477
Pernod-Ricard		11,570		2,013
PPR SA †		18,660		2,095
Sanofi-Aventis		31,440		2,746
Schneider Electric SA		35,860		3,189
Societe Generale–Class A		31,634		3,879
Technip SA		16,310		978
Total SA		28,470		7,129
Veolia Environnement		90,420		4,080
Vinci SA		34,302		2,941
Vivendi Universal SA		79,430		2,480
Germany (4.7%)
Adidas-Salomon AG		16,270		3,072
BASF AG		27,940		2,134
Continental AG		39,930		3,533
Fresenius Medical Care AG †		27,656		2,905
Hypo Real Estate Holding		36,020		1,869
Greece (3.6%)
Hellenic Telecommunications Organization SA ‡		130,880		2,780
National Bank of Greece SA		109,790		4,656
OPAP SA		85,850		2,948
Ireland (2.6%)
Anglo Irish Bank Corp. PLC		139,926		2,117
Bank of Ireland		141,220		2,216
Ryanair Holdings PLC, ADR ‡†		56,980		3,190

	Shares		Value
Italy (2.5%)
Banco Popolare di Verona e Novara SCRL		146,350	$	2,952
ENI-Ente Nazionale Idrocarburi SpA †		87,530		2,420
Luxottica Group SpA		24,010		607
Saipem SpA		79,390		1,299
Japan (21.7%)
Advantest Corp. †		22,400		2,257
Astellas Pharma, Inc.		55,000		2,144
Bank of Yokohama, Ltd. (The)		302,000		2,470
Daikin Industries, Ltd.		83,700		2,447
East Japan Railway Co.		460		3,162
Eisai Co., Ltd.		64,700		2,714
Honda Motor Co., Ltd.		49,900		2,846
Hoya Corp.		87,400		3,141
KDDI Corp.		420		2,421
Keyence Corp.		10,000		2,843
Komatsu, Ltd.		93,000		1,538
Matsushita Electric Industrial Co., Ltd.		208,000		4,011
Mitsubishi Tokyo Financial Group, Inc.		290		3,933
Murata Manufacturing Co., Ltd.		23,900		1,531
NGK Insulators, Ltd.		31,000		461
Nitto Denko Corp.		22,600		1,760
ORIX Corp. (a)		17,100		4,355
Sega Sammy Holdings, Inc.		15,800		529
Shin-Etsu Chemical Co., Ltd.		52,800		2,806
Sumitomo Heavy Industries, Ltd.		192,000		1,611
Taisei Corp. †		705,000		3,197
Toray Industries, Inc.		343,000		2,797
Toshiba Corp.		489,000		2,918
Yamada Denki Co., Ltd.		38,900		4,866
Mexico (1.7%)
America Movil SA de CV–Class L, ADR †		119,645		3,501
Cemex SA de CV, Sponsored ADR †		22,630		1,343
Netherlands (3.2%)
ASML Holding NV ‡†		165,100		3,293
ING Groep NV		87,006		3,008
Royal Numico NV ‡†		73,920		3,051
Norway (1.6%)
Aker Kvaerner ASA ‡		24,748		1,517
Telenor ASA		311,650		3,053
South Korea (1.0%)
Samsung Electronics Co., Ltd.		4,570		2,962
Spain (1.9%)
Cintra Concesiones de Infraestructuras de Transporte SA ‡		117,386		1,353
Grupo Ferrovial SA		34,225		2,363
Inditex SA		58,200		1,892

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

4

American Century International

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2005
(all amounts except share amounts in thousands)

	Shares		Value
Sweden (1.0%)
ForeningsSparbanken AB		101,490	$	2,763
Switzerland (9.3%)
ABB, Ltd. ‡		302,890		2,932
Compagnie Financiere Richemont AG–Class A		78,060		3,390
Credit Suisse Group		52,950		2,694
Lonza Group AG		31,790		1,941
Nestle SA		13,500		4,028
Novartis AG		81,070		4,250
Roche Holding AG-Genusschein		28,514		4,272
Swiss Life Holding		5,370		969
UBS AG		25,094		2,384
United Kingdom (14.1%)
AstraZeneca PLC		100,220		4,870
BG Group PLC		316,480		3,123
BP PLC		629,232		6,691
British American Tobacco PLC		171,130		3,822
Diageo PLC		123,420		1,786
GlaxoSmithKline PLC		274,040		6,915
Man Group PLC		104,060		3,414
Reckitt Benckiser PLC		80,366		2,651
Reed Elsevier PLC		73,340		688
Standard Chartered PLC		150,780		3,354
Tesco PLC		241,270		1,374
Unilever PLC		215,900		2,138
United States (1.0%)
iShares MSCI EAFE Index Fund		50,000		2,973
Total Common Stocks (cost: $217,855)				264,821
	Principal		Value
SECURITY LENDING COLLATERAL ( 8.4%)
Debt (7.2%)
Bank Notes (0.2%)
Bank of America
4.27%, due 01/17/2006 *	$	358	$	358
4.31%, due 08/10/2006 *		294		294
Certificates of Deposit (0.4%)
Barclays 4.31%, due 01/17/2006 *		226		226
Canadian Imperial Bank of Commerce 4.15%, due 05/18/2006 *		320		320
Credit Suisse First Boston Corp. 4.18%, due 03/10/2006 *		128		128
Rabobank Nederland 4.10%, due 05/31/2006 *		320		320

	Principal		Value
Commercial Paper (0.8%)
Fairway Finance–144A 4.31%, due 01/10/2006	$	639	$	639
Jupiter Securitization Corp.–144A 4.27%, due 01/05/2006		320		320
Paradigm Funding LLC–144A 4.30%, due 01/09/2006		126		126
Park Avenue Receivables Corp.–144A 4.27%, due 01/04/2006		318		318
Preferred Receivables Corp.–144A 4.31%, due 01/04/2006		254		254
Ranger Funding Co. LLC–144A 4.29%, due 01/18/2006		253		253
Sheffield Receivables Corp.–144A 4.26%, due 01/23/2006		154		154
Yorktown Capital LLC 4.27%, due 01/05/2006		320		320
Euro Dollar Overnight (1.1%)
Calyon 4.34%, due 01/05/2006		320		320
Fortis Bank 4.35%, due 01/03/2006 4.35%, due 01/05/2006		640 608		640 608
Harris Trust & Savings Bank 4.25%, due 01/05/2006		525		525
National Australia Bank 4.16%, due 01/03/2006		654		654
Rabobank Nederland 4.15%, due 01/03/2006		230		230
Wells Fargo 4.27%, due 01/03/2006		320		320
Euro Dollar Terms (2.4%)
Bank of Montreal 4.30%, due 01/19/2006		640		640
Barclays 4.27%, due 01/25/2006 4.30%, due 01/31/2006		192 512		192 512
BNP Paribas 4.22%, due 01/24/2006		320		320
Dexia Group 4.25%, due 01/09/2006		320		320
Rabobank Nederland 4.21%, due 01/19/2006		576		576
Royal Bank of Canada 4.25%, due 01/24/2006		448		448
Royal Bank of Scotland 4.30%, due 01/31/2006 4.31%, due 02/01/2006		960 704		960 704

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

5

American Century International

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2005
(all amounts except share amounts in thousands)

	Principal		Value
Euro Dollar Terms (continued)
Societe Generale 4.28%, due 01/30/2006	$	640	$	640
UBS AG 4.26%, due 01/10/2006		640		640
Wells Fargo 4.29%, due 01/30/2006		960		960
Promissory Notes (0.2%)
Bear Stearns & Co. 4.39%, due 03/07/2006 4.39%, due 06/06/2006		384 128		384 128
Repurchase Agreements (2.1%) ††
Credit Suisse First Boston Corp. 4.29%, dated 12/30/2005 to be repurchased at $1,072 on 01/03/2006		1,071		1,071
Goldman Sachs Group, Inc. (The) 4.29%, dated 12/30/2005 to be repurchased at $2,557 on 01/03/2006		2,556		2,556
Lehman Brothers, Inc. 4.29%, dated 12/30/2005 to be repurchased at $17 on 01/03/2006		17		17
Merrill Lynch & Co. 4.24%, dated 12/30/2005 to be repurchased at $2,049 on 01/03/2006		2,048		2,048
Morgan Stanley Dean Witter & Co. 4.36%, dated 12/30/2005 to be repurchased at $226 on 01/03/2006		226		226

	Shares		Value
Investment Companies (1.2%)
American Beacon Fund 1-day yield of 4.19%		87,749	$	88
Barclays Global Investors Institutional Money Market Fund 1-day yield of 4.19%		832,066		832
Dreyfus Cash Management Plus Fund 1-day yield of 4.09%		345,627		346
Merrimac Cash Fund, Premium Class 1-day yield of 4.03% @		2,265,885		2,266
Total Security Lending Collateral (cost: $24,201)				24,201
Total Investment Securities (cost: $242,056)			$	289,022

NOTES TO SCHEDULE OF INVESTMENTS:

‡  Non-income producing.

†  At December 31, 2005, all or a portion of this security is on loan (see Note 1). The value at December 31, 2005, of all securities on loan is $23,160.

*  Floating or variable rate note. Rate is listed as of December 31, 2005.

††  Cash collateral for the Repurchase Agreements, valued at $6,037, that serve as collateral for securities lending are invested in corporate bonds with interest rates and maturity dates ranging from 0.00%–8.75% and 01/03/2006–08/01/2037, respectively.

@  Regulated investment company advised by Investors Bank and Trust Co. ("IBT"). IBT is also the accounting, custody and lending agent for the Fund.

(a)  Passive Foreign Investment Company.

DEFINITIONS:

144A  144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2005, these securities aggregated $2,064 or 0.7% of the total investments of the Fund.

ADR  American Depositary Receipt

SCRL  Società Cooperativa a Responsabilità Limitata (Limited Liability Co-operative)

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

6

American Century International

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2005
(all amounts in thousands)

	Percentage of Total Investment				Value
INVESTMENTS BY INDUSTRY:
Commercial Banks		15.8	%		$	45,677
Pharmaceuticals		9.6	%			27,911
Telecommunications		4.9	%			14,185
Petroleum Refining		4.8	%			13,820
Instruments & Related Products		4.0	%			11,325
Chemicals & Allied Products		3.9	%			11,292
Life Insurance		3.3	%			9,681
Industrial Machinery & Equipment		3.0	%			8,785
Electronic Components & Accessories		2.8	%			8,203
Construction		2.6	%			7,799
Food & Kindred Products		2.5	%	��		7,079
Oil & Gas Extraction		2.4	%			6,842
Rubber & Misc. Plastic Products		2.3	%			6,605
Radio & Television Broadcasting		2.3	%			6,560
Engineering & Management Services		2.1	%			6,129
Metal Mining		2.0	%			5,687
Radio, Television & Computer Stores		1.7	%			4,866
Business Credit Institutions		1.5	%			4,355
Communications Equipment		1.4	%			4,011
Tobacco Products		1.3	%			3,822
Beer, Wine & Distilled Beverages		1.3	%			3,799
Holding & Other Investment Offices		1.2	%			3,414
Retail Trade		1.2	%			3,390
Air Transportation		1.1	%			3,190
Railroads		1.1	%			3,162
Investment Companies		1.0	%			2,973
Electronic & Other Electric Equipment		1.0	%			2,962
Amusement & Recreation Services		1.0	%			2,948
Medical Instruments & Supplies		1.0	%			2,905
Automotive		1.0	%			2,846
Textile Mill Products		1.0	%			2,797
Hotels & Other Lodging Places		1.0	%			2,749
Wholesale Trade Nondurable Goods		0.7	%			2,138
Department Stores		0.7	%			2,095
Shoe Stores		0.6	%			1,892
Security & Commodity Brokers		0.6	%			1,640
Food Stores		0.5	%			1,374
Public Administration		0.5	%			1,353
Stone, Clay & Glass Products		0.5	%			1,343
Printing & Publishing		0.2	%			688
Manufacturing Industries		0.2	%			529
Investment Securities, at value		91.6	%			264,821
Security Lending Collateral		8.4	%			24,201
Total Investment Securities		100.0	%		$	289,022

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

7

American Century International

STATEMENT OF ASSETS AND LIABILITIES
At December 31, 2005
(all amounts except per share amounts in thousands)

Assets:
Investment securities, at value (cost: $242,056) (including securities loaned of $23,160)	$	289,022
Cash		3,756
Foreign currency (cost: $356)		352
Receivables:
Investment securities sold		593
Shares sold		203
Interest		14
Income from loaned securities		2
Dividends		441
Dividend reclaims receivable		60
		294,443
Liabilities:
Investment securities purchased		516
Accounts payable and accrued liabilities:
Shares redeemed		335
Management and advisory fees		208
Service fees		1
Administration fees		4
Payable for collateral for securities on loan		24,201
Other		68
		25,333
Net Assets	$	269,110
Net Assets Consist of:
Capital stock ($.01 par value)	$	308
Additional paid-in capital		203,693
Distributable net investment income (loss)		1,225
Accumulated net realized gain (loss) from investment securities and foreign currency transactions		16,927
Net unrealized appreciation (depreciation) on:
Investment securities		46,966
Translation of assets and liabilites denominated in foreign currencies		(9	)
Net Assets	$	269,110
Net Assets by Class:
Initial Class	$	265,260
Service Class		3,850
Shares Outstanding:
Initial Class		30,323
Service Class		442
Net Asset Value and Offering Price Per Share:
Initial Class	$	8.75
Service Class		8.70

STATEMENT OF OPERATIONS
For the year ended December 31, 2005
(all amounts in thousands)

Investment Income:
Interest	$	114
Dividends (net of withholding taxes on foreign dividends of $445)		5,582
Income from loaned securities–net		148
		5,844
Expenses:
Management and advisory fees		2,230
Printing and shareholder reports		129
Custody fees		224
Administration fees		49
Legal fees		5
Audit fees		17
Trustees fees		8
Service fees:
Service Class		7
Other		14
Total expenses		2,683
Net Investment Income (Loss)		3,161
Net Realized Gain (Loss) from:
Investment securities		22,256
Foreign currency transactions		(1,210	)
		21,046
Net Increase (Decrease) in Unrealized Appreciation (Depreciation) on:
Investment securities		6,001
Translation of assets and liabilities denominated in foreign currencies		(12	)
		5,989
Net Realized and Unrealized Gain (Loss) on Investment Securities and Foreign Currency Transactions		27,035
Net Increase (Decrease) in Net Assets Resulting from Operations	$	30,196

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

8

American Century International

STATEMENTS OF CHANGES IN NET ASSETS
For the years ended
(all amounts in thousands)

	December 31, 2005			December 31, 2004
Increase (Decrease) In Net Assets From:
Operations:
Net investment income (loss)	$	3,161		$	1,985
Net realized gain (loss) from investment securities and foreign currency transactions		21,046			41,749
Change in unrealized appreciation (depreciation) on investment securities and foreign currency translation		5,989			(9,333	)
		30,196			34,401
Distributions to Shareholders:
From net investment income:
Initial Class		(1,833	)		–
Service Class		(22	)		–
		(1,855	)		–
From net realized gains:
Initial Class		(22,039	)		–
Service Class		(299	)		–
		(22,338	)		–
Capital Share Transactions:
Proceeds from shares sold:
Initial Class		45,897			37,365
Service Class		2,209			3,647
		48,106			41,012
Dividends and distributions reinvested:
Initial Class		23,872			–
Service Class		321			–
		24,193			–
Cost of shares redeemed:
Initial Class		(46,363	)		(139,065	)
Service Class		(993	)		(2,361	)
		(47,356	)		(141,426	)
		24,943			(100,414	)
Net increase (decrease) in net assets		30,946			(66,013	)
Net Assets:
Beginning of year		238,164			304,177
End of year	$	269,110		$	238,164
Distributable Net Investment Income (Loss)	$	1,225		$	359

	December 31, 2005			December 31, 2004
Share Activity:
Shares issued:
Initial Class		5,451			4,791
Service Class		263			469
		5,714			5,260
Shares issued–reinvested from distributions:
Initial Class		2,961			–
Service Class		40			–
		3,001			–
Shares redeemed:
Initial Class		(5,480	)		(17,761	)
Service Class		(119	)		(297	)
		(5,599	)		(18,058	)
Net increase (decrease) in shares outstanding:
Initial Class		2,932			(12,970	)
Service Class		184			172
		3,116			(12,798	)

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

9

American Century International

FINANCIAL HIGHLIGHTS

		For a share outstanding throughout each period (a)
		Net Asset		Investment Operations									Distributions									Net Asset
	For the Period Ended (b)	Value, Beginning of Period		Net Investment Income (Loss)			Net Realized and Unrealized Gain (Loss)			Total Operations			From Net Investment Income			From Net Realized Gains			Total Distributions			Value, End of Period
Initial Class	12/31/2005	$	8.61	$	0.11		$	0.92		$	1.03		$	(0.07	)	$	(0.82	)	$	(0.89	)	$	8.75
	12/31/2004		7.53		0.05			1.03			1.08			–			–			–			8.61
	12/31/2003		6.01		0.04			1.48			1.52			–			–			–			7.53
	12/31/2002		7.65		0.01			(1.63	)		(1.62	)		(0.02	)		–			(0.02	)		6.01
	12/31/2001		10.34		0.07			(2.45	)		(2.38	)		(0.28	)		(0.03	)		(0.31	)		7.65
Service Class	12/31/2005		8.59		0.08			0.91			0.99			(0.06	)		(0.82	)		(0.88	)		8.70
	12/31/2004		7.52		0.03			1.04			1.07			–			–			–			8.59
	12/31/2003		5.91		(0.02	)		1.63			1.61			–			–			–			7.52

					Ratios/Supplemental Data
	For the Period	Total			Net Assets, End of Period		Ratio of Expenses to Average Net Assets (f)						Net Investment Income (Loss) to Average			Portfolio Turnover
	Ended (b)	Return (c)(g)			(000's)		Net (d)			Total (e)			Net Assets (f)			Rate (g)
Initial Class	12/31/2005		12.86	%	$	265,260		1.10	%		1.10	%		1.30	%		103	%
	12/31/2004		14.34			235,949		1.09			1.09			0.70			125
	12/31/2003		25.29			303,527		1.14	(h)		1.14	(h)		0.58			219
	12/31/2002		(21.18	)		107,761		1.49			1.78			0.23			261
	12/31/2001		(23.44	)		29,985		1.20			1.63			0.78			154
Service Class	12/31/2005		12.42			3,850		1.35			1.35			0.97			103
	12/31/2004		14.23			2,215		1.35			1.35			0.40			125
	12/31/2003		27.24			650		1.39			1.39			(0.51	)		219

NOTES TO FINANCIAL HIGHLIGHTS

(a)    Per share information is calculated based on average number of shares outstanding.

(b)  American Century International (the "Fund") share classes commenced operations as follows:

Initial Class – January 2, 1997
Service Class – May 1, 2003

(c)  Total Return reflects all portfolio expenses and includes reinvestment of dividends and capital gains; it does not reflect the charges and deductions under the policies or annuity contracts.

(d)  For the years ended December 31, 2005, 2004 and 2003, Ratio of Net Expenses to Average Net Assets is net of fee waivers and reimbursements by the investment adviser, if any (see note 2). For the year ended December 31, 2002, Ratio of Net Expenses to Average Net Assets is net of fees paid indirectly. For the year ended December 31, 2001, Ratio of Net Expenses to Average Net Assets is net of fees paid indirectly and credits allowed by the custodian.

(e)  Ratio of Total Expenses to Average Net Assets includes all expenses before fee waivers and reimbursements by the investment adviser.

(f)  Annualized.

(g)  Not annualized.

(h)  The impact of recaptured expenses on the Ratio of Expenses to Average Net Assets was 0.14% for the period ended December 31, 2003.

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

10

American Century International

NOTES TO FINANCIAL STATEMENTS
At December 31, 2005
(all amounts in thousands)

NOTE 1.  ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

The AEGON/Transamerica Series Trust ("ATST") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). ATST serves as a funding vehicle for variable life insurance, variable annuity and group annuity products. American Century International (the "Fund") is part of ATST.

Effective May 1, 2005, AEGON/Transamerica Series Fund, Inc. changed its name to AEGON/Transamerica Series Trust.

In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

This report should be read in conjunction with the current Fund prospectus, which contains more complete information about the Fund.

In preparing the Fund's financial statements in accordance with accounting principles generally accepted in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Fund.

Multiple class operations, income and expenses: The Fund currently offers two classes of shares, an Initial Class and a Service Class. Income, non-class specific expenses and realized and unrealized gains and losses, are allocated daily to each class, based upon the value of shares outstanding method as permitted under Rule 18f-3 of the 1940 Act. Each class bears its own specific expenses as well as a portion of general, common expenses.

Security valuations: The Fund values its investments at the close of the New York Stock Exchange ("NYSE"), normally 4 p.m. ET, each day the NYSE is open for business. Fund investments are valued at the last sale price or closing price on the day of valuation taken from the primary exchange where the security is principally traded.

Securities traded in the over-the-counter market and listed securities for which no sale was reported on that date are valued at the last quoted bid price.

Debt securities are valued based on a price quotation or other equivalent indication of value supplied by an exchange, a pricing service or a major market maker; however, those that mature in sixty days or less are valued at amortized cost, which approximates market.

Investment company securities are valued at the net asset value of the underlying portfolio.

Foreign securities generally are valued based on quotations from the primary market in which they are traded. Because many foreign securities markets and exchanges close prior to the close of the NYSE, closing prices for foreign securities in those markets or on those exchanges do not reflect the events that occur after that close. If a significant market event impacting the value of a portfolio security (e.g., natural disaster, company announcement, market volatility) occurs subsequent to the close of trading in the security, but prior to the calculation of the Fund's net asset value per share, market quotations for that security may be determined to be unreliable and, accordingly, not "readily available." As a result, foreign equity securities held by the Fund may be valued at fair market value as determined in good faith by the Fund's Administrative Valuation Committee, under the supervision of the Board's Valuation Committee , using guidelines adopted by the Board of Trustees.

Other securities for which quotations are not readily available are valued at fair market value as determined in good faith by the Fund's Administrative Valuation Committee, under the supervision of the Board's Valuation Committee, using guidelines adopted by the Board of Trustees.

Cash: The Fund may leave cash overnight in its cash account with the custodian, Investors Bank & Trust Company ("IBT"). IBT has been contracted on behalf of the Fund to invest the excess cash into a savings account, which at December 31, 2005, was paying an interest rate of 3.00%.

Repurchase agreements: The Fund is authorized to enter into repurchase agreements. The Fund, through its custodian, IBT, receives delivery of the underlying securities, the value of which at the time of purchase is required to be an amount equal to at least 100% of the resale price. The Fund will bear the risk of value fluctuations until the security can be sold and may encounter delays and incur costs in liquidating the security. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Securities lending: The Fund may lend securities to qualified borrowers, with IBT acting as the Fund's lending agent. The Fund earns negotiated lenders' fees. The Fund receives cash and/or securities as collateral against the loaned securities. Cash collateral received is invested in short term, interest bearing securities. The Fund monitors the market value of securities loaned on a daily basis and requires collateral in an amount at least equal to the value of the securities loaned. Income from loaned securities on the Statement of Operations is net of fees, in the amount of $63, earned by IBT for its services.

AEGON/Transamerica Series Trust

Annual Report 2005

11

American Century International

NOTES TO FINANCIAL STATEMENTS (continued)
At December 31, 2005
(all amounts in thousands)

NOTE 1.–(continued)

Security transactions and investment income: Security transactions are recorded on the trade date. Security gains and losses are calculated on the first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend date. Interest income, including accretion of discounts and amortization of premiums, is recorded on the accrual basis commencing on the settlement date.

Foreign currency denominated investments: The accounting records of the Fund are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the closing exchange rate each day. The cost of foreign securities is translated at the exchange rate in effect when the investment was acquired. The Fund combines fluctuations from currency exchange rates and fluctuations in value when computing net realized and unrealized gains or losses from investments.

Net foreign currency gains and losses resulting from changes in exchange rates include: 1) foreign currency fluctuations between trade date and settlement date of investment security transactions; 2) gains and losses on forward foreign currency contracts; and 3) the difference between the receivable amounts of interest and dividends recorded in the accounting records in U.S. dollars and the amounts actually received.

Foreign currency denominated assets may involve risks not typically associated with domestic transactions. These risks include revaluation of currencies, adverse fluctuations in foreign currency values and possible adverse political, social and economic developments, including those particular to a specific industry, country or region.

Forward foreign currency contracts: The Fund may enter into forward foreign currency contracts to hedge against exchange rate risk arising from investments in securities denominated in foreign currencies. Contracts are valued at the contractual forward rate and are marked to market daily, with the change in value recorded as an unrealized gain or loss. When the contracts are settled a realized gain or loss is incurred. Risks may arise from changes in market value of the underlying currencies and from the possible inability of counterparties to meet the terms of their contracts.

There were no open forward foreign currency contracts at December 31, 2005.

Dividend distributions: Dividends and capital gains distributions are typically declared and reinvested annually and are generally paid and reinvested on the business day following the ex-date.

NOTE 2.  RELATED PARTY TRANSACTIONS

Effective January 1, 2005 AEGON/Transamerica Fund Advisers, Inc. was renamed Transamerica Fund Advisors, Inc. ("TFAI"); AEGON/Transamerica Fund Services, Inc. and AEGON/Transamerica Investor Services, Inc. merged into one entity and was renamed Transamerica Fund Services, Inc. ("TFS").

ATST serves as a funding vehicle for certain affiliated asset allocation portfolios and certain affiliated separate accounts of Western Reserve Life Assurance Co. of Ohio, Transamerica Life Insurance Company, Transamerica Financial Life Insurance Company, Inc., Peoples Benefit Life Insurance Company, Transamerica Occidental Life Insurance Company and Transamerica Life Insurance and Annuity Company.

TFAI is the Fund's investment adviser. TFS is the Fund's administrator and transfer agent. AFSG Securities Corp. ("AFSG") is the Fund's distributor. TFAI, TFS, and AFSG are affiliates of AEGON, NV, a Netherlands corporation.

Certain officers and trustees of the Fund are also officers and/or directors of TFAI, TFS and AFSG.

Investment advisory fee: The Fund pays management fees to TFAI based on average daily net assets ("ANA") at the following breakpoints:

0.925% of the first $250 million of ANA
0.90% of the next $250 million of ANA
0.85% of the next $500 million of ANA
0.80% of ANA over $1 billion*

* The ANA will be determined on a combined basis with the same named fund managed by the sub-adviser for Transamerica IDEX Mutual Funds.

TFAI has contractually agreed to waive its advisory fee and will reimburse the Fund to the extent that operating expenses, excluding 12b-1 fees, exceed the following stated annual limit:

1.125% Expense Limit

If total fund expenses fall below the annual expense limitation agreement agreed to by the adviser within the succeeding three years, the Fund may be required to pay that adviser a portion or all of the waived advisory fees.

There were no amounts recaptured during the year ended December 31, 2005. There are no amounts available for recapture at December 31, 2005.

Distribution and service fees: The Fund adopted a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, ATST entered into a Distribution Agreement with AFSG dated January 1, 1997, as amended.

AEGON/Transamerica Series Trust

Annual Report 2005

12

American Century International

NOTES TO FINANCIAL STATEMENTS (continued)
At December 31, 2005
(all amounts in thousands)

NOTE 2.–(continued)

Under the Distribution Plan and Distribution Agreement on the Initial Class shares, AFSG, on behalf of the Fund, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Fund's shares, amounts equal to actual expenses associated with distributing the shares.

The Distribution Plan on the Service Class shares requires ATST to pay distribution fees to AFSG as compensation for its activities, not as reimbursement for specific expenses. The fee on the Service Class is paid to the insurance companies for providing services and account maintenance for their policyholders who invest in the variable insurance products which invest in the Service Class shares.

The Fund is authorized under the 12b-1 plan to pay fees on each class up to the following limits:

Initial Class	0.15	%
Service Class	0.25	%

AFSG has determined that it will not seek payment by the Fund of the distribution expenses incurred with respect to the Initial Class shares before April 30, 2007. Prior to AFSG seeking reimbursement of future expenses, policy and contract owners will be notified in advance. The Fund will pay fees relating to Service Class shares.

Administrative services: The Fund has entered into an agreement with TFS for financial and legal fund administration services. The Fund pays TFS an annual fee of 0.02% of ANA. The Legal fees on the Statement of Operations are for fees paid to external legal counsel.

Deferred compensation plan: Each eligible independent Fund Trustee may elect participation in a non-qualified deferred compensation plan ("the Plan") maintained by Transamerica IDEX Mutual Funds, an affiliate of the Fund. Under the Plan, such Trustees may defer payment of all or a portion of their total fees earned as a Fund Trustee. Each Trustee who is a participant in the Plan may elect that the earnings, losses or gains credited to his or her deferred fee amounts be determined based on a deemed investment in any series of Transamerica IDEX Mutual Funds. The right of a participant to receive a distribution from the Plan of the deferred fees is an unsecured claim against the general assets of all series of Transamerica IDEX Mutual Funds. The pro rata liability to the Fund of all deferred fees in the Plan amounted, as of December 31, 2005, to $13.

Brokerage commissions: Brokerage commissions incurred on security transactions placed with an affiliate of the sub-adviser for the year ended December 31, 2005, were $25.

NOTE 3.  INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the year ended December 31, 2005, were as follows:

Purchases of securities:
Long-Term	$	249,684
U.S. Government		–
Proceeds from maturities and sales of securities:
Long-Term		245,126
U.S. Government		–

NOTE 4.  FEDERAL INCOME TAX MATTERS

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatment for items including, but not limited to, wash sales, foreign currency transactions, passive foreign investment companies and post October loss deferrals.

Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. Financial records are not adjusted for temporary differences. These reclassifications are as follows:

Distributable net investment income (loss)	$	(440	)
Accumulated net realized gain (loss) from investment securities		440

The capital loss carryforward utilized during the year ended December 31, 2005 was $4,346.

The tax character of distributions paid may differ from the character of distributions shown in the Statements of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2004 and 2005 was as follows:

2004 Distributions paid from:
Ordinary Income	$	–
Long-term Capital Gain		–
2005 Distributions paid from:
Ordinary Income		7,361
Long-term Capital Gain		16,832

AEGON/Transamerica Series Trust

Annual Report 2005

13

American Century International

NOTES TO FINANCIAL STATEMENTS (continued)
At December 31, 2005
(all amounts in thousands)

NOTE 4.–(continued)

The tax basis components of distributable earnings as of December 31, 2005, are as follows:

Undistributed Ordinary Income	$	4,830
Undistributed Long-term Capital Gain	$	16,885
Post October Capital Loss Deferral	$	(233	)
Post October Currency Loss Deferral	$	(220	)
Net Unrealized Appreciation (Depreciation)	$	43,847	*

*  Amount includes unrealized appreciation (depreciation) on foreign currency denominated assets and liabilities.

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of December 31, 2005, are as follows:

Federal Tax Cost Basis	$	245,166
Unrealized Appreciation	$	44,133
Unrealized (Depreciation)		(277	)
Net Unrealized Appreciation (Depreciation)	$	43,856

NOTE 5.  REGULATORY PROCEEDINGS

There continues to be significant federal and state regulatory activity relating to financial services companies, particularly mutual fund companies and their investment advisers. As part of an ongoing investigation regarding potential market timing, recordkeeping and trading compliance issues and matters affecting the Fund's investment adviser, TFAI, and certain affiliates and former employees of TFAI, the SEC staff has indicated that it is likely to take some action against TFAI and certain of its affiliates at the conclusion of the investigation. The potential timing and the scope of any such action is difficult to predict. Although the impact of any action brought against TFAI and/or its affiliates is difficult to assess at the present time, the Fund currently believes that the likelihood that any such action will have a material adverse impact on it is remote. It is important to note that the Fund is not aware of any allega tion of wrongdoing against it and its Board at the time this annual report is printed. Although it is not anticipated that these developments will have an adverse impact on the Fund, there can be no assurance at this time. TFAI and its affiliates are actively working with the SEC in regard to this matter; however, the exact resolution cannot be determined at this time. TFAI will take such actions that it deems necessary or appropriate to continue providing management services to the Fund and to bring all matters to an appropriate conclusion.

TFAI and/or its affiliates, and not the Fund, will bear the costs regarding these regulatory matters.

AEGON/Transamerica Series Trust

Annual Report 2005

14

Report of Independent Registered Certified Public Accounting Firm

To the Board of Trustees and Shareholders of
American Century International

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of American Century International (the "Fund") (one of the portfolios constituting the AEGON/Transamerica Series Trust) at December 31, 2005, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fund's management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2005 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

Tampa, Florida
February 23, 2006

American Century International (UNAUDITED)

SUPPLEMENTAL TAX INFORMATION
(all amounts in thousands)

For tax purposes, the Fund has made a Long-Term Capital Gain Designation of $16,832 for the year ended December 31, 2005.

AEGON/Transamerica Series Trust

Annual Report 2005

15

American Century International

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS – REVIEW AND RENEWAL (unaudited)

At a meeting of the Board of Trustees of AEGON/Transamerica Series Trust ("ATST") held on November 2, 2005, the Board reviewed and considered the Investment Advisory Agreement between American Century International Portfolio (the "Portfolio") and Transamerica Fund Advisors, Inc. ("TFAI") as well as the Investment Sub-Advisory Agreement of the Portfolio between TFAI and American Century Investment Management, Inc. (the "Sub-Adviser"), to determine whether the agreements should be renewed for a one-year period. Following their review and consideration, the Trustees determined that the Investment Advisory Agreement and the Investment Sub-Advisory Agreement will enable shareholders of the Portfolio to obtain high quality services at a cost that is appropriate, reasonable, and in the best interests of its shareholders. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Adviso ry Agreement and the Investment Sub-Advisory Agreement. In reaching their decision, the Trustees requested and obtained from TFAI and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the proposed agreements. The Trustees also carefully considered the information that they had received throughout the year from TFAI and the Sub-Adviser (such as in-person presentations by the Sub-Adviser) as part of their regular oversight of the Portfolio, as well as: comparative fee, expense and performance information prepared by Lipper Inc. ("Lipper"), independent providers of mutual fund performance, fee and expense information; and profitability data. In considering the proposed continuation of the Investment Advisory Agreement and Investment Sub-Advisory Agreement, the Trustees evaluated a number of considerations that they believed, in light of the legal advice furnished to them by ATST counsel and independent legal counsel and their own business judgment, to be relevant. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:

The nature, extent and quality of the advisory service to be provided. The Board considered the nature and quality of the services provided by TFAI and the Sub-Adviser to the Portfolio in the past, as well as the services anticipated to be provided in the future. The Board concluded that TFAI and the Sub-Adviser are capable of providing high quality services to the Portfolio, as indicated by the nature and quality of services provided in the past, TFAI's and the Sub-Adviser's management capabilities demonstrated with respect to the portfolios they manage, including the Portfolio, and the experience, capability and integrity of TFAI's senior management, the financial resources of TFAI and the Sub-Adviser, TFAI's management oversight process, and the professional qualifications and experience of the Sub-Adviser's portfolio management team. The Trustees also concluded that TFAI and the Sub-Adviser proposed to provide investment and related services that were of the same quality and quantity as services provided to the Portfolio in the past, and that these services are appropriate in scope and extent in light of the Portfolio's operations, the competitive landscape of the investment company business and investor needs, and that TFAI's and the Sub-Adviser's obligations will remain substantially the same.

The investment performance of the Portfolio. The Board examined both the short-term and longer-term performance of the Portfolio, including relative performance against a benchmark securities index and a peer group of comparable mutual funds as prepared by Lipper for various trailing periods ended June 30, 2005. The Trustees concluded that TFAI and the Sub-Adviser generally had achieved acceptable investment performance. While the Board expressed concerns about the Portfolio's underperformance relative to its peers, it also noted that the Portfolio's recent performance had improved. On the basis of the Trustees' assessment of the nature, extent and quality of advisory services to be provided or procured by TFAI and the Sub-Adviser, the Trustees concluded that TFAI and the Sub-Adviser are capable of generating a level of investment performance that is appropriate in light of the Portfolio's investment objective, policies and strategies and competitive with many other investment companies, and also determined that TFAI's and the Sub-Adviser's performance records indicate that their continued management is likely to benefit the Portfolio and its shareholders.

The cost of advisory services provided and the level of profitability. The Board reviewed profitability information regarding TFAI's costs of procuring portfolio management services, as well as the costs of provision of administration, fund accounting and other services, to the Portfolio and to ATST as a whole by TFAI and its affiliates. The Trustees reviewed data from Lipper that compared the Portfolio's management fees (including management fees at various asset levels), other fees and expenses (including total expenses including and excluding 12b-1 distribution and service fees) and portfolio turnover rate against peer groups of comparable mutual funds. Based on such information, the Trustees determined that the management fees and overall expense ratio of the Portfolio generally are consistent with industry averages. In addition, on the basis of t he Board's review of the management fees to be charged by TFAI for investment advisory and related services, TFAI profitability information (derived from TFAI's audited financial statements), TFAI's estimated management income resulting from its management of the Portfolio, the estimated margin of the Sub-Adviser, as well as the entirety of TFAI's and its affiliates' service relationship with ATST, the Board concluded that the level of investment management fees and other service fees, as well as TFAI's and the Sub-Adviser's profitability, are appropriate in light of the services provided, the management fees and overall expense ratios of comparable investment companies and the anticipated profitability of the relationship between the Portfolio, TFAI and its affiliates, and the Sub-Adviser.

AEGON/Transamerica Series Trust

Annual Report 2005

16

American Century International (continued)

Whether fee levels reflect economies of scale and the extent to which economies of scale would be realized as the Portfolio grows. The Board concluded that the inclusion of asset-based breakpoints in the Portfolio's advisory fee schedule appropriately benefits investors by realizing economies of scale in the form of lower management fees as the level of assets grows. In addition, the Board concluded that the Portfolio's management fees appropriately reflect the Portfolio's current size, the current economic environment for TFAI, the competitive nature of the investment company market, and TFAI's pricing strategy. The Trustees also concluded that they will have the opportunity to periodically reexamine whether the Portfolio has achieved economies of scale, and the appropriateness of management fees payable to TFAI and fees payable by TFAI to the Sub-Ad viser, in the future.

Benefits (such as soft dollars) to TFAI, its affiliates, or the Sub-Adviser from their relationship with the Portfolio. The Board concluded that other benefits derived by TFAI, its affiliates, and the Sub-Adviser from their relationship with the Portfolio, including "soft dollar" benefits (if any) in connection with brokerage transactions, sales charges and distribution/service fees (to the extent applicable) are reasonable and fair, and are consistent with industry practice and the best interests of the Portfolio and its shareholders. In this regard, the Board noted that TFAI does not realize "soft dollar" benefits from its relationship with the Portfolio, and that the Sub-Adviser's "soft-dollar" arrangements are consistent with applicable law and "best execution" requirements. In addition, the Trustees determined that the administration, fund accoun ting and other fees paid by the Portfolio to affiliates of TFAI are reasonable, fair and in the best interests of shareholders in light of the nature and quality of the services provided, the associated costs to these affiliates of providing the services, the impact of the costs of such services on the Portfolio's overall operating expenses, and the necessity of the services for the Portfolio's operations.

Other considerations. The Board also determined that TFAI had made a substantial commitment to the recruitment and retention of high quality personnel, and maintained the financial, compliance and operational resources reasonably necessary to manage the Portfolio in a professional manner that is consistent with the best interests of the Portfolio and its shareholders. In this regard, the Trustees favorably considered the procedures and policies in place by TFAI to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Adviser. The Trustees also determined that TFAI had made a significant entrepreneurial commitment to the management and success of the Portfolio, reflected by TFAI's expense limitation and fee waiver arrangement with the Portfolio, which may result in TFAI waiving a substantial amount of advisory fees for the benefit of shareholders.

AEGON/Transamerica Series Trust

Annual Report 2005

17

American Century Large Company Value

MARKET ENVIRONMENT

Equity investors faced numerous headwinds during the months covered by this report, a year marked by concern about the effects of soaring oil prices, destructive hurricanes, climbing interest rates and corporate profit growth. Volatility prevailed, and the three major stock market indices alternately moved higher only to surrender gains and fall back into troughs. Ultimately, the equities market demonstrated resilience, and stocks recorded modest gains for the year.

In that environment, American Century Large Company Value received positive absolute contributions from eight of the ten sectors in which it was invested.

PERFORMANCE

For the year ended December 31, 2005, American Century Large Company Value, Initial Class returned 4.15%. By comparison its primary and secondary benchmarks, the Standard and Poor's 500 Composite Stock Index and the Russell 1000 Value Index returned 4.91% and 7.05%, respectively.

STRATEGY REVIEW

Our interest in the energy sector, a position devoted entirely to oil and gas firms, contributed the most to performance during the year. Soaring oil prices, which reached new record highs, underpinned gains for companies across the industry, and each of our holdings advanced. Major integrated energy firms ConocoPhillips Company, Exxon Mobil Corporation, Chevron Corporation, and Royal Dutch Shell plc all ranked high among the contributors.

Still, many of the strongest performers in the sector did not meet our value criteria. For example, energy equipment and services companies recorded powerful gains, but were too richly valued by our standards to merit inclusion in the portfolio. Consequently, our smaller exposure to the energy sector as a whole, combined with weak security selection, contributed to our overall underperformance versus our benchmarks. The financials sector, on average our largest single stake, also made significant contribution to absolute performance during the period. Insurance companies paced gains, producing two top contributors in Loews Corporation and The Hartford Financial Services Group, Inc. ("Hartford). In April, Hartford, one of the nation's largest financial services and insurance companies, recorded its most profitable quarter ever driven by strength in its property and casualty insurance segment. The next quarter, the firm reported a 96% increase in quarterly income in the same segment, a gain accomplished despite a difficult pricing

environment and driven by higher income from its investment portfolio and lower springtime catastrophe losses.

Elsewhere, investments in the information technology sector produced the portfolio's top stock. During the period, Hewlett-Packard Company announced four consecutive quarters of increased revenues, and reports that the company had emerged as the global leader in the server business further supported the stock's climb.

Consumer staples stocks also provided a lift for the portfolio, led by food and tobacco conglomerate Altria Group, Inc. Drug-store chain CVS Corporation also fared well after consistently reporting sales and earnings growth driven by its acquisition of Eckerd pharmacies. We sold the position as that price strength caused the stock to exceed our valuation criteria.

Despite those successes, we encountered difficulty in the consumer discretionary area, the top sector-level detractor. During the year, we owned and sold both General Motors Corporation ("GM") and Toyota Motor Corporation ("Toyota"), and each had a different impact on performance. As GM's structural challenges intensified, this once-compelling opportunity became a detractor as negative sentiment hurt the stock price. We eliminated the position and avoided further losses. Conversely, Toyota stock climbed in line with its earnings. We sold into that strength and captured performance, a factor that helped us offset the downdraft from GM.

Another holding that disappointed was mortgage lender Freddie Mac. For much of the period, the stock struggled amid proposed legislation for increased regulation of government-sponsored enterprises ("GSEs"). We continue to have confidence in this firm's long-term prospects and have maintained our position.

Mark Mallon, CFA

Charles A. Ritter, CFA

Brendon Healy, CFA

Co-Portfolio Managers
American Century Investment Management, Inc.

AEGON/Transamerica Series Trust

Annual Report 2005

1

American Century Large Company Value

Comparison of change in value of $10,000 investment in Initial Class shares and its comparative indices.

Average Annual Total Return for Periods Ended 12/31/05

	1 year			From Inception			Inception Date
Initial Class		4.15	%		3.37	%	5/1/01
S&P 5001		4.91	%		1.69	%	5/1/01
Russell 1000 Value1		7.05	%		5.95	%	5/1/01
Service Class		3.83	%		15.44	%	5/1/03

NOTES

¹  The Standard and Poor's 500 Composite Stock (S&P 500) Index and the Russell 1000 Value (Russell 1000 Value) Index are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerialexpenses. From inception calculation is based on life of Initial Class shares. Source: Standard & Poor's Micropal®© Micropal, Inc. 2005 – 1-800-596-5323 – http://www.funds-sp.com.

The performance data presented represents past performance, future results may vary. The portfolio's investment return and net asset value will fluctuate. Past performance does not guarantee future results. Investor's units when redeemed, may be worth more or less than their original cost.

Current performance may be higher or lower than the performance data quoted. Please visit your insurance company's website for contract or policy level standardized total returns current to the most recent month-end. Portfolio performance is net of investment fees and fund expenses, but not product charges, which, if included, would significantly lower the performance quoted.

This material must be preceded or accompanied by a current prospectus, which includes specific contents regarding the investment objectives, explanation of share classes and policies of this portfolio.

AEGON/Transamerica Series Trust

Annual Report 2005

2

American Century Large Company Value

UNDERSTANDING YOUR FUND'S EXPENSES
(unaudited)

SHAREHOLDER EXPENSES

Fund shareholders may incur ongoing costs, including management and advisory fees, distribution and service fees, and other Fund expenses.

The following Example is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.

The Example is based on an investment of $1,000 invested at July 1, 2005 and held for the entire period until December 31, 2005.

ACTUAL EXPENSES

The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of your Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fees, brokerage commissions paid on purchases and sales of fund shares. Therefore, the second line under the Fund in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If any of these transaction costs were included, your costs would be higher. The expenses shown in the table do not reflect any fees that may be charged to you by brokers, financial intermediaries or other financial institutions.

	Beginning Account Value		Ending Account Value		Annualized Expense Ratio			Expenses Paid During Period (a)
Initial Class
Actual	$	1,000.00	$	1,044.30		0.91	%	$	4.69
Hypothetical (b)		1,000.00		1,020.62		0.91			4.63
Service Class
Actual		1,000.00		1,042.10		1.17			6.02
Hypothetical (b)		1,000.00		1,019.31		1.17			5.96

^(a)  Expenses are calculated using each Fund's annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by number of days in the period (184 days), and divided by the number of days in the year (365 days).

^(b)  5% return per year before expenses.

GRAPHICAL PRESENTATION OF SCHEDULE OF INVESTMENTS
By Sector
At December 31, 2005

This chart shows the percentage breakdown by sector of the Fund's total investment securities.

AEGON/Transamerica Series Trust

Annual Report 2005

3

American Century Large Company Value

SCHEDULE OF INVESTMENTS
At December 31, 2005
(all amounts except share amounts in thousands)

	Shares		Value
COMMON STOCKS (95.2%)
Aerospace (0.7%)
Northrop Grumman Corp.		14,800	$	890
Apparel & Accessory Stores (0.5%)
Gap (The), Inc.		37,000		653
Apparel Products (1.3%)
Liz Claiborne, Inc.		21,900		784
V.F. Corp.		13,900		769
Automotive (0.4%)
Lear Corp. †		15,600		444
Beverages (2.2%)
Coca-Cola Co. (The)		26,900		1,084
Molson Coors Brewing Co.–Class B		9,800		656
Pepsi Bottling Group, Inc.		33,700		964
Business Credit Institutions (3.2%)
Freddie Mac		60,300		3,941
Chemicals & Allied Products (2.1%)
Avon Products, Inc.		10,800		309
du Pont (E.I.) de Nemours & Co.		23,700		1,007
PPG Industries, Inc.		22,000		1,274
Commercial Banks (17.7%)
Bank of America Corp. †		87,200		4,024
Bank of New York Co., Inc. (The)		34,600		1,102
Citigroup, Inc.		118,700		5,760
JP Morgan Chase & Co.		78,200		3,104
National City Corp.		16,500		554
PNC Financial Services Group, Inc.		15,300		946
US Bancorp		57,700		1,725
Wachovia Corp.		38,200		2,019
Wells Fargo & Co.		41,600		2,614
Communication (0.6%)
Viacom, Inc.–Class B ‡		24,300		792
Communications Equipment (0.2%)
Avaya, Inc. ‡		26,200		280
Computer & Data Processing Services (3.4%)
Computer Sciences Corp. ‡		12,400		628
Fiserv, Inc. ‡		19,100		826
Microsoft Corp.		77,400		2,024
Oracle Corp. ‡		58,000		708
Computer & Office Equipment (3.0%)
Hewlett-Packard Co.		72,200		2,067
International Business Machines Corp.		20,000		1,644
Electric Services (1.2%)
PPL Corp.		51,600		1,517

	Shares		Value
Electric, Gas & Sanitary Services (2.1%)
Exelon Corp.		35,600	$	1,892
NiSource, Inc.		36,400		759
Electronic & Other Electric Equipment (1.2%)
General Electric Co.		42,400		1,486
Electronic Components & Accessories (1.9%)
Intel Corp.		38,400		958
Tyco International, Ltd.		46,700		1,348
Environmental Services (0.7%)
Waste Management, Inc.		29,300		889
Fabricated Metal Products (0.7%)
Parker Hannifin Corp.		12,700		838
Finance (1.3%)
SPDR Trust Series 1 †		13,400		1,667
Food & Kindred Products (3.6%)
Altria Group, Inc.		23,900		1,786
HJ Heinz Co.		26,300		887
Sara Lee Corp.		37,100		701
Unilever NV-NY Shares		16,500		1,133
Food Stores (0.9%)
Kroger Co. ‡		58,100		1,097
Health Services (0.5%)
HCA, Inc.		12,700		641
Industrial Machinery & Equipment (2.3%)
Deere & Co.		13,400		913
Dover Corp.		21,200		858
Ingersoll-Rand Co.–Class A		26,800		1,082
Instruments & Related Products (0.7%)
Xerox Corp. ‡		60,700		889
Insurance (4.0%)
Allstate Corp. (The)		28,400		1,536
American International Group, Inc.		26,200		1,788
Loews Corp.		10,100		958
MGIC Investment Corp. †		9,700		638
Insurance Agents, Brokers & Service (1.8%)
Hartford Financial Services Group, Inc. (The)		17,500		1,503
Marsh & McLennan Cos., Inc.		21,800		692
Life Insurance (0.8%)
Torchmark Corp.		17,000		945
Lumber & Wood Products (1.3%)
Weyerhaeuser Co.		24,300		1,612
Motion Pictures (1.7%)
Time Warner, Inc. †		116,900		2,039

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

4

American Century Large Company Value

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2005
(all amounts except share amounts in thousands)

	Shares		Value
Oil & Gas Extraction (3.2%)
Anadarko Petroleum Corp.		3,200	$	303
Devon Energy Corp.		4,700		294
Royal Dutch Shell PLC–Class A, ADR		53,700		3,302
Petroleum Refining (8.5%)
Chevron Corp.		47,500		2,697
ConocoPhillips		45,200		2,630
Exxon Mobil Corp.		91,800		5,156
Pharmaceuticals (6.3%)
Abbott Laboratories		40,900		1,613
Bristol-Myers Squibb Co.		13,300		306
Johnson & Johnson		26,500		1,593
Merck & Co., Inc.		23,100		735
Pfizer, Inc.		86,000		2,005
Wyeth		33,900		1,562
Primary Metal Industries (1.3%)
Alcoa, Inc.		37,800		1,118
Nucor Corp.		7,500		500
Printing & Publishing (1.7%)
Gannett Co., Inc.		21,900		1,326
RR Donnelley & Sons Co.		22,600		773
Railroads (0.2%)
Norfolk Southern Corp.		6,800		305
Restaurants (1.2%)
McDonald's Corp.		44,000		1,484
Rubber & Misc. Plastic Products (0.6%)
Newell Rubbermaid, Inc.		33,000		785
Savings Institutions (1.4%)
Washington Mutual, Inc.		39,900		1,736
Security & Commodity Brokers (2.9%)
Merrill Lynch & Co., Inc.		26,200		1,775
Morgan Stanley		32,300		1,833
Telecommunications (4.5%)
AT&T, Inc.		78,900		1,932
BellSouth Corp.		48,300		1,309
Sprint Nextel Corp.		41,400		967
Verizon Communications, Inc.		44,300		1,334
Variety Stores (1.4%)
Dollar General Corp.		38,900		742
Wal-Mart Stores, Inc.		20,100		941
Total Common Stocks (cost: $113,810)				117,700

	Principal		Value
SECURITY LENDING COLLATERAL (4.8%)
Debt (4.1%)
Bank Notes (0.1%)
Bank of America
4.27%, due 01/17/2006 *	$	88	$	88
4.31%, due 08/10/2006 *		73		73
Certificates Of Deposit (0.2%)
Barclays 4.31%, due 01/17/2006 *		56		56
Canadian Imperial Bank of Commerce 4.15%, due 05/18/2006 *		79		79
Credit Suisse First Boston Corp. 4.18%, due 03/10/2006 *		32		32
Rabobank Nederland 4.10%, due 05/31/2006 *		79		79
Commercial Paper (0.5%)
Fairway Finance-144A 4.31%, due 01/10/2006		158		158
Jupiter Securitization Corp.–144A 4.27%, due 01/05/2006		79		79
Paradigm Funding LLC–144A 4.30%, due 01/09/2006		31		31
Park Avenue Receivables Corp.–144A 4.27%, due 01/04/2006		78		78
Preferred Receivables Corp.–144A 4.31%, due 01/04/2006		63		63
Ranger Funding Co. LLC–144A 4.29%, due 01/18/2006		62		62
Sheffield Receivables Corp.–144A 4.26%, due 01/23/2006		38		38
Yorktown Capital LLC 4.27%, due 01/05/2006		79		79
Euro Dollar Overnight (0.6%)
Calyon 4.34%, due 01/05/2006		79		79
Fortis Bank 4.35%, due 01/03/2006 4.35%, due 01/05/2006		158 150		158 150
Harris Trust & Savings Bank 4.25%, due 01/05/2006		129		129
National Australia Bank 4.16%, due 01/03/2006		161		161
Rabobank Nederland 4.15%, due 01/03/2006		57		57
Wells Fargo 4.27%, due 01/03/2006		79		79

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

5

American Century Large Company Value

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2005
(all amounts except share amounts in thousands)

	Principal		Value
Euro Dollar Terms (1.4%)
Bank of Montreal 4.30%, due 01/19/2006	$	158	$	158
Barclays 4.27%, due 01/25/2006 4.30%, due 01/31/2006		47 126		47 126
BNP Paribas 4.22%, due 01/24/2006		79		79
Dexia Group 4.25%, due 01/09/2006		79		79
Rabobank Nederland 4.21%, due 01/19/2006		142		142
Royal Bank of Canada 4.25%, due 01/24/2006		110		110
Royal Bank of Scotland 4.30%, due 01/31/2006 4.31%, due 02/01/2006		237 174		237 174
Societe Generale 4.28%, due 01/30/2006		158		158
UBS AG 4.26%, due 01/10/2006		158		158
Wells Fargo 4.29%, due 01/30/2006		237		237
Promissory Notes (0.1%)
Bear Stearns & Co. 4.39%, due 03/07/2006 4.39%, due 06/06/2006		95 32		95 32
Repurchase Agreements (1.2%) ††
Credit Suisse First Boston Corp. 4.29%, dated 12/30/2005 to be repurchased at $264 on 01/03/2006		264		264

	Principal		Value
Repurchase Agreements (continued)
Goldman Sachs Group, Inc. (The) 4.29%, dated 12/30/2005 to be repurchased at $631 on 01/03/2006	$	631	$	631
Lehman Brothers, Inc. 4.29% dated 12/30/2005 to be repurchased at $4 on 01/03/2006		4		4
Merrill Lynch & Co. 4.24%, dated 12/30/2005 to be repurchased at $506 on 01/03/2006		505		505
Morgan Stanley Dean Witter & Co. 4.36%, dated 12/30/2005 to be repurchased at $56 on 01/03/2006		56		56
	Shares		Value
Investment Companies (0.7%)
American Beacon Fund 1-day yield of 4.19%		21,651	$	22
Barclays Global Investors Institutional Money Market Fund 1-day yield of 4.19%		205,305		205
Dreyfus Cash Management Plus Fund 1-day yield of 4.09%		85,281		85
Merrimac Cash Fund, Premium Class 1-day yield of 4.03% @		559,088		559
Total Security Lending Collateral (cost: $5,971)				5,971
Total Investment Securities (cost: $119,781)			$	123,671

NOTES TO SCHEDULE OF INVESTMENTS:

†  At December 31, 2005, all or a portion of this security is on loan (see Note 1). The value at December 31, 2005, of all securities on loan is $5,786.

‡  Non-income producing.

*  Floating or variable rate note. Rate is listed as of December 31, 2005.

††  Cash collateral for the Repurchase Agreements, valued at $1,490, that serve as collateral for securities lending are invested in corporate bonds with interest rates and maturity dates ranging from 0.00%–8.75% and 01/03/2006–08/01/2037, respectively.

@  Regulated investment company advised by Investors Bank and Trust Co. ("IBT"). IBT is also the accounting, custody and lending agent for the Fund.

DEFINITIONS:

144A  144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2005, these securities aggregated $509 or 0.4% of the total investments of the Fund.

ADR  American Depositary Receipt

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

6

American Century Large Company Value

STATEMENT OF ASSETS AND LIABILITIES
At December 31, 2005
(all amounts except per share amounts in thousands)

Assets:
Investment securities, at value (cost: $119,781) (including securities loaned of $5,786)	$	123,671
Cash		4,840
Receivables:
Investment securities sold		185
Shares sold		3
Interest		21
Dividends		207
		128,927
Liabilities:
Investment securities purchased		292
Accounts payable and accrued liabilities:
Shares redeemed		15
Management and advisory fees		111
Administration fees		3
Payable for collateral for securities on loan		5,971
Other		16
		6,408
Net Assets	$	122,519
Net Assets Consist of:
Capital stock ($.01 par value)	$	111
Additional paid-in capital		101,836
Distributable net investment income (loss)		3,020
Accumulated net realized gain (loss) from investment securities and futures contracts		13,662
Net unrealized appreciation (depreciation) on investment securities		3,890
Net Assets	$	122,519
Net Assets by Class:
Initial Class	$	120,738
Service Class		1,781
Shares Outstanding:
Initial Class		10,970
Service Class		162
Net Asset Value and Offering Price Per Share:
Initial Class	$	11.01
Service Class		11.00

STATEMENT OF OPERATIONS
For the year ended December 31, 2005
(all amounts in thousands)

Investment Income:
Interest	$	110
Dividends (net of withholding taxes on foreign dividends of $50)		4,567
Income from loaned securities–net		35
		4,712
Expenses:
Management and advisory fees		1,583
Printing and shareholder reports		11	��
Custody fees		28
Administration fees		37
Legal fees		3
Audit fees		14
Trustees fees		6
Service fees:
Service Class		4
Other		5
Total expenses		1,691
Net Investment Income (Loss)		3,021
Net Realized Gain (Loss) from:
Investment securities		14,101
Futures contracts		(60	)
		14,041
Increase (decrease) in unrealized appreciation (depreciation) on investment securities		(8,807	)
Net Realized and Unrealized Gain (Loss) on Investment Securities		5,234
Net Increase (Decrease) in Net Assets Resulting from Operations	$	8,255

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

7

American Century Large Company Value

STATEMENTS OF CHANGES IN NET ASSETS
For the years ended
(all amounts in thousands)

	December 31, 2005			December 31, 2004
Increase (Decrease) In Net Assets From:
Operations:
Net investment income (loss)	$	3,021		$	1,292
Net realized gain (loss) from investment securities and futures contracts		14,041			8,353
Change in unrealized appreciation (depreciation) on investment securities		(8,807	)		3,794
		8,255			13,439
Distributions to Shareholders:
From net investment income:
Initial Class		(1,279	)		(623	)
Service Class		(9	)		(6	)
		(1,288	)		(629	)
From net realized gains:
Initial Class		(7,228	)		–
Service Class		(60	)		–
		(7,288	)		–
Capital Share Transactions:
Proceeds from shares sold:
Initial Class		20,226			125,897
Service Class		668			1,856
		20,894			127,753
Dividends and distributions reinvested:
Initial Class		8,507			623
Service Class		69			6
		8,576			629
Cost of shares redeemed:
Initial Class		(93,139	)		(13,722	)
Service Class		(883	)		(205	)
		(94,022	)		(13,927	)
		(64,552	)		114,455
Net increase (decrease) in net assets		(64,873	)		127,265
Net Assets:
Beginning of year		187,392			60,127
End of year	$	122,519		$	187,392
Distributable Net Investment Income (Loss)	$	3,020		$	1,287

	December 31, 2005			December 31, 2004
Share Activity:
Shares issued:
Initial Class		1,853			11,948
Service Class		61			180
		1,914			12,128
Shares issued–reinvested from distributions:
Initial Class		794			64
Service Class		7			1
		801			65
Shares redeemed:
Initial Class		(8,442	)		(1,361	)
Service Class		(82	)		(20	)
		(8,524	)		(1,381	)
Net increase (decrease) in shares outstanding:
Initial Class		(5,795	)		10,651
Service Class		(14	)		161
		(5,809	)		10,812

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

8

American Century Large Company Value

FINANCIAL HIGHLIGHTS

		For a share outstanding throughout each period (a)
		Net Asset		Investment Operations								Distributions									Net Asset
	For the Period Ended (b)	Value, Beginning of Period		Net Investment Income (Loss)		Net Realized and Unrealized Gain (Loss)			Total Operations			From Net Investment Income			From Net Realized Gains			Total Distributions			Value, End of Period
Initial Class	12/31/2005	$	11.06	$	0.18	$	0.26		$	0.44		$	(0.07	)	$	(0.42	)	$	(0.49	)	$	11.01
	12/31/2004		9.81		0.17		1.18			1.35			(0.10	)		–			(0.10	)		11.06
	12/31/2003		7.64		0.12		2.08			2.20			(0.03	)		–			(0.03	)		9.81
	12/31/2002		9.48		0.06		(1.90	)		(1.84	)		–			–			–			7.64
	12/31/2001		10.00		0.03		(0.55	)		(0.52	)		–			–			–			9.48
Service Class	12/31/2005		11.07		0.15		0.26			0.41			(0.06	)		(0.42	)		(0.48	)		11.00
	12/31/2004		9.82		0.17		1.16			1.33			(0.08	)		–			(0.08	)		11.07
	12/31/2003		7.90		0.08		1.85			1.93			(0.01	)		–			(0.01	)		9.82

					Ratios/Supplemental Data
	For the Period	Total			Net Assets, End of Period		Ratio of Expenses to Average Net Assets (f)						Net Investment Income (Loss) to Average			Portfolio Turnover
	Ended (b)	Return (c)(g)			(000's)		Net (d)			Total (e)			Net Assets (f)			Rate (g)
Initial Class	12/31/2005		4.15	%	$	120,738		0.91	%		0.91	%		1.62	%		26	%
	12/31/2004		13.91			185,445		0.97			0.97			1.67			86
	12/31/2003		28.79			59,978		1.08			1.08			1.41			62
	12/31/2002		(19.38	)		34,898		1.40			1.54			0.76			94
	12/31/2001		(5.20	)		6,785		1.40			5.95			0.50			47
Service Class	12/31/2005		3.83			1,781		1.16			1.16			1.36			26
	12/31/2004		13.61			1,947		1.22			1.22			1.66			86
	12/31/2003		24.40			149		1.31			1.31			1.39			62

NOTES TO FINANCIAL HIGHLIGHTS

(a)  Per share information is calculated based on average number of shares outstanding.

(b)  American Century Large Company Value (the "Fund") share classes commenced operations as follows:

Initial Class – May 1, 2001
Service Class – May 1, 2003

(c)  Total Return reflects all portfolio expenses and includes reinvestment of dividends and capital gains; it does not reflect the charges and deductions under the policies or annuity contracts.

(d)  Ratio of Net Expenses to Average Net Assets is net of advisory fee waivers, if any (see note 2).

(e)  Ratio of Total Expenses to Average Net Assets includes all expenses before advisory fee waivers.

(f)  Annualized.

(g)  Not annualized.

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

9

American Century Large Company Value

NOTES TO FINANCIAL STATEMENTS
At December 31, 2005
(all amounts in thousands)

NOTE 1.  ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

The AEGON/Transamerica Series Trust ("ATST") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). ATST serves as a funding vehicle for variable life insurance, variable annuity and group annuity products. American Century Large Company Value (the "Fund") is part of ATST.

Effective May 1, 2005, AEGON/Transamerica Series Fund, Inc. changed its name to AEGON/Transamerica Series Trust.

In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

This report should be read in conjunction with the current Fund prospectus, which contains more complete information about the Fund.

In preparing the Fund's financial statements in accordance with accounting principles generally accepted in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Fund.

Multiple class operations, income and expenses: The Fund currently offers two classes of shares, an Initial Class and a Service Class. Income, non-class specific expenses and realized and unrealized gains and losses, are allocated daily to each class, based upon the value of shares outstanding method as permitted under Rule 18f-3 of the 1940Act. Each class bears its own specific expenses as well as a portion of general, common expenses.

Security valuations: The Fund values its investments at the close of the New York Stock Exchange ("NYSE"), normally 4 p.m. ET, each day the NYSE is open for business. Fund investments are valued at the last sale price or closing price on the day of valuation taken from the primary exchange where the security is principally traded.

Securities traded in the over-the-counter market and listed securities for which no sale was reported on that date are valued at the last quoted bid price.

Debt securities are valued based on a price quotation or other equivalent indication of value supplied by an exchange, a pricing service or a

major market maker; however, those that mature in sixty days or less are valued at amortized cost, which approximates market.

Investment company securities are valued at the net asset value of the underlying portfolio.

Other securities for which quotations are not readily available are valued at fair market value as determined in good faith by the Fund's Administrative Valuation Committee, under the supervision of the Board's Valuation Committee, using guidelines adopted by the Board of Trustees.

Cash: The Fund may leave cash overnight in its cash account with the custodian, Investors Bank & Trust Company ("IBT"). IBT has been contracted on behalf of the Fund to invest the excess cash into a savings account, which at December 31, 2005, was paying an interest rate of 3.00%.

Repurchase agreements: The Fund is authorized to enter into repurchase agreements. The Fund, through its custodian, IBT, receives delivery of the underlying securities, the value of which at the time of purchase is required to be an amount equal to at least 100% of the resale price. The Fund will bear the risk of value fluctuations until the security can be sold and may encounter delays and incur costs in liquidating the security. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Securities lending: The Fund may lend securities to qualified borrowers, with IBT acting as the Fund's lending agent. The Fund earns negotiated lenders' fees. The Fund receives cash and/or securities as collateral against the loaned securities. Cash collateral received is invested in short term, interest bearing securities. The Fund monitors the market value of securities loaned on a daily basis and requires collateral in an amount at least equal to the value of the securities loaned. Income from loaned securities on the Statement of Operations is net of fees, in the amount of $15, earned by IBT for its services.

Futures contracts: The Fund may enter into futures contracts to manage exposure to market, interest rate or currency fluctuations. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded. The primary risks associated with futures contracts are imperfect correlation between the change in market value of the securities held and the prices of futures contracts; the possibility of an illiquid market and inability of the counterparty to meet the contract terms.

There were no open futures contracts at December 31, 2005.

Security transactions and investment income: Security transactions are recorded on the trade date. Security gains and losses are calculated on the first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend date. Interest income, including accretion of discounts and amortization of premiums, is recorded on the accrual basis commencing on the settlement date.

AEGON/Transamerica Series Trust

Annual Report 2005

10

American Century Large Company Value

NOTES TO FINANCIAL STATEMENTS (continued)
At December 31, 2005
(all amounts in thousands)

NOTE 1.–(continued)

Dividend distributions: Dividends and capital gains distributions are typically declared and reinvested annually and are generally paid and reinvested on the business day following the ex-date.

NOTE 2.  RELATED PARTY TRANSACTIONS

Effective January 1, 2005 AEGON/Transamerica Fund Advisers, Inc. was renamed Transamerica Fund Advisors, Inc. ("TFAI"); AEGON/Transamerica Fund Services, Inc. and AEGON/Transamerica Investor Services, Inc. merged into one entity and was renamed Transamerica Fund Services, Inc. ("TFS").

ATST serves as a funding vehicle for certain affiliated asset allocation portfolios and certain affiliated separate accounts of Western Reserve Life Assurance Co. of Ohio, Transamerica Life Insurance Company, Transamerica Financial Life Insurance Company, Inc., Peoples Benefit Life Insurance Company, Transamerica Occidental Life Insurance Company and Life Insurance and Annuity Company.

TFAI is the Fund's investment adviser. TFS is the Fund's administrator and transfer agent. AFSG Securities Corp. ("AFSG") is the Fund's distributor. TFAI, TFS, and AFSG are affiliates of AEGON, NV, a Netherlands corporation.

Certain officers and trustees of the Fund are also officers and/or directors of TFAI, TFS and AFSG.

The following schedule reflects the percentage of fund assets owned by affiliated investment companies at December 31, 2005:

	Net Assets		% of Net Assets
Asset Allocation–Conservative Portfolio	$	2,172		1.77	%
Asset Allocation–Moderate Portfolio		60,262		49.19	%
Total	$	62,434		50.96	%

Investment advisory fee: The Fund pays management fees to TFAI based on average daily net assets ("ANA") at the following breakpoints:

0.85% of the first $250 million of ANA
0.80% of the next $250 million of ANA
0.775% of the next $250 million of ANA
0.70% of ANA over $750 million*

*  The ANA will be determined on a combined basis with the same named fund managed by the sub-adviser for Transamerica IDEX Mutual Funds.

TFAI has contractually agreed to waive its advisory fee and will reimburse the Fund to the extent that operating expenses, excluding 12b-1fees, exceed the following stated annual limit:

1.35% Expense Limit

If total fund expenses fall below the annual expense limitation agreement agreed to by the adviser within the succeeding three years, the Fund may be required to pay that adviser a portion or all of the waived advisory fees.

There were no amounts recaptured during the year ended December 31, 2005. There are no amounts available for recapture at December 31, 2005.

Distribution and service fees: The Fund adopted a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, ATST entered into a Distribution Agreement with AFSG dated January 1, 1997, as amended.

Under the Distribution Plan and Distribution Agreement on the Initial Class shares, AFSG, on behalf of the Fund, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Fund's shares, amounts equal to actual expenses associated with distributing the shares.

The Distribution Plan on the Service Class shares requires ATST to pay distribution fees to AFSG as compensation for its activities, not as reimbursement for specific expenses. The fee on the Service Class is paid to the insurance companies for providing services and account maintenance for their policyholders who invest in the variable insurance products which invest in the Service Class shares.

The Fund is authorized under the 12b-1 plan to pay fees on each class up to the following limits:

Initial Class	0.15	%
Service Class	0.25	%

AFSG has determined that it will not seek payment by the Fund of the distribution expenses incurred with respect to the Initial Class shares before April 30, 2007. Prior to AFSG seeking reimbursement of future expenses, policy and contract owners will be notified in advance. The Fund will pay fees relating to Service Class shares.

Administrative services: The Fund has entered into an agreement with TFS for financial and legal fund administration services. The Fund pays TFS an annual fee of 0.02% of ANA. The Legal fees on the Statement of Operations are for fees paid to external legal counsel.

Deferred compensation plan: Each eligible independent Fund Trustee may elect participation in a non-qualified deferred compensation plan ("the Plan") maintained by Transamerica IDEX Mutual Funds, an affiliate of the Fund. Under the Plan, such Trustees may defer payment of all or a portion of their total fees earned as a Fund Trustee. Each

AEGON/Transamerica Series Trust

Annual Report 2005

11

American Century Large Company Value

NOTES TO FINANCIAL STATEMENTS (continued)
At December 31, 2005
(all amounts in thousands)

NOTE 2.–(continued)

Trustee who is a participant in the Plan may elect that the earnings, losses or gains credited to his or her deferred fee amounts be determined based on a deemed investment in any series of Transamerica IDEX Mutual Funds. The right of a participant to receive a distribution from the Plan of the deferred fees is an unsecured claim against the general assets of all series of Transamerica IDEX Mutual Funds. The pro rata liability to the Fund of all deferred fees in the plan amounted, as of December 31, 2005, to $6.

NOTE 3.  INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the year ended December 31, 2005, were as follows:

Purchases of securities:
Long-Term excluding U.S. Government	$	47,042
U.S. Government		–
Proceeds from maturities and sales of securities:
Long-Term excluding U.S. Government		113,030
U.S. Government		–

NOTE 4.  FEDERAL INCOME TAX MATTERS

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatment for items including, but not limited to, wash sales.

The tax character of distributions paid may differ from the character of distributions shown in the Statements of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2004 and 2005 was as follows:

2004 Distributions paid from:
Ordinary Income	$	629
Long-term Capital Gain		–
2005 Distributions paid from:
Ordinary Income		5,059
Long-term Capital Gain		3,517

The tax basis components of distributable earnings as of December 31, 2005, are as follows:

Undistributed Ordinary Income	$	7,003
Undistributed Long-term Capital Gain	$	9,797
Capital Loss Carryforward	$	–
Net Unrealized Appreciation (Depreciation)	$	3,772

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of December 31, 2005, are as follows:

Federal Tax Cost Basis	$	119,899
Unrealized Appreciation	$	6,864
Unrealized (Depreciation)		(3,092	)
Net Unrealized Appreciation (Depreciation)	$	3,772

NOTE 5.  REGULATORY PROCEEDINGS

There continues to be significant federal and state regulatory activity relating to financial services companies, particularly mutual fund companies and their investment advisers. As part of an ongoing investigation regarding potential market timing, recordkeeping and trading compliance issues and matters affecting the Fund's investment adviser, TFAI, and certain affiliates and former employees of TFAI, the SEC staff has indicated that it is likely to take some action against TFAI and certain of its affiliates at the conclusion of the investigation. The potential timing and the scope of any such action is difficult to predict. Although the impact of any action brought against TFAI and/or its affiliates is difficult to assess at the present time, the Fund currently believes that the likelihood that any such action will have a material adverse impact on it is remote. It is important to note that the Fund is not aware of any allega tion of wrongdoing against it and its Board at the time this annual report is printed. Although it is not anticipated that these developments will have an adverse impact on the Fund, there can be no assurance at this time. TFAI and its affiliates are actively working with the SEC in regard to this matter; however, the exact resolution cannot be determined at this time. TFAI will take such actions that it deems necessary or appropriate to continue providing management services to the Fund and to bring all matters to an appropriate conclusion.

TFAI and/or its affiliates, and not the Fund, will bear the costs regarding these regulatory matters.

AEGON/Transamerica Series Trust

Annual Report 2005

12

Report of Independent Registered Certified Public Accounting Firm

To the Board of Trustees and Shareholders of
American Century Large Company Value

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of American Century Large Company Value (the "Fund") (one of the portfolios constituting the AEGON/Transamerica Series Trust) at December 31, 2005, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fund's management; our responsibility is to express an opinion on these financial statements bas ed on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2005 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

Tampa, Florida
February 23, 2006

American Century Large Company Value (UNAUDITED)

SUPPLEMENTAL TAX INFORMATION
(all amounts in thousands)

For tax purposes, the Fund has made a Long-Term Capital Gain Designation of $3,517 for the year ended December 31, 2005.

AEGON/Transamerica Series Trust

Annual Report 2005

13

American Century Large Company Value

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS – REVIEW AND RENEWAL (unaudited)

At a meeting of the Board of Trustees of AEGON/Transamerica Series Trust ("ATST") held on November 2, 2005, the Board reviewed and considered the Investment Advisory Agreement between American Century Large Company Value Portfolio (the "Portfolio") and Transamerica Fund Advisors, Inc. ("TFAI") as well as the Investment Sub-Advisory Agreement of the Portfolio between TFAI and American Century Investment Management, Inc. (the "Sub-Adviser"), to determine whether the agreements should be renewed for a one-year period. Following their review and consideration, the Trustees determined that the Investment Advisory Agreement and the Investment Sub-Advisory Agreement will enable shareholders of the Portfolio to obtain high quality services at a cost that is appropriate, reasonable, and in the best interests of its shareholders. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and the Investment Sub-Advisory Agreement. In reaching their decision, the Trustees requested and obtained from TFAI and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the proposed agreements. The Trustees also carefully considered the information that they had received throughout the year from TFAI and the Sub-Adviser (such as in-person presentations by the Sub-Adviser) as part of their regular oversight of the Portfolio, as well as: comparative fee, expense and performance information prepared by Lipper Inc. ("Lipper"), independent providers of mutual fund performance, fee and expense information; and profitability data. In considering the proposed continuation of the Investment Advisory Agreement and Investment Sub-Advisory Agreement, the Trustees evaluated a number of considerations that they believed, in light of the legal advice furnished to them by ATST counsel and independent legal counsel and their own business judgment, to be relevant. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:

The nature, extent and quality of the advisory service to be provided. The Board considered the nature and quality of the services provided by TFAI and the Sub-Adviser to the Portfolio in the past, as well as the services anticipated to be provided in the future. The Board concluded that TFAI and the Sub-Adviser are capable of providing high quality services to the Portfolio, as indicated by the nature and quality of services provided in the past, TFAI's and the Sub-Adviser's management capabilities demonstrated with respect to the portfolios they manage, including the Portfolio, and the experience, capability and integrity of TFAI's senior management, the financial resources of TFAI and the Sub-Adviser, TFAI's management oversight process, the professional qualifications and experience of the Sub-Adviser's portfolio management team, and the Portfolio 's investment performance. The Trustees also concluded that TFAI and the Sub-Adviser proposed to provide investment and related services that were of the same quality and quantity as services provided to the Portfolio in the past, and that these services are appropriate in scope and extent in light of the Portfolio's operations, the competitive landscape of the investment company business and investor needs, and that TFAI's and the Sub-Adviser's obligations will remain substantially the same.

The investment performance of the Portfolio. The Board examined both the short-term and longer-term performance of the Portfolio, including relative performance against a benchmark securities index and a peer group of comparable mutual funds as prepared by Lipper for various trailing periods ended June 30, 2005. The Trustees concluded that TFAI and the Sub-Adviser generally had achieved superior investment performance, noting that the Portfolio's performance was above median relative to its peers over the past one-, two- and three-year periods, and superior to the benchmark index over the past one-, two- and three-year periods. On the basis of the Trustees' assessment of the nature, extent and quality of advisory services to be provided or procured by TFAI and the Sub-Adviser, the Trustees concluded that TFAI and the Sub-Adviser are capable of generat ing a level of investment performance that is appropriate in light of the Portfolio's investment objective, policies and strategies and competitive with many other investment companies, and also determined that TFAI's and the Sub-Adviser's performance records indicate that their continued management is likely to benefit the Portfolio and its shareholders.

The cost of advisory services provided and the level of profitability. The Board reviewed profitability information regarding TFAI's costs of procuring portfolio management services, as well as the costs of provision of administration, fund accounting and other services, to the Portfolio and to ATST as a whole by TFAI and its affiliates. The Trustees reviewed data from Lipper that compared the Portfolio's management fees (including management fees at various asset levels), other fees and expenses (including total expenses including and excluding 12b-1 distribution and service fees) and portfolio turnover rate against peer groups of comparable mutual funds. The Trustees noted that although the management fees and overall expense ratio of the Portfolio are relatively high compared to its peers, the Portfolio's performance had remained strong. Therefore, on the basis of its review of the management fees to be charged by TFAI for investment advisory and related services, TFAI profitability information (derived from TFAI's audited financial statements), TFAI's estimated management income resulting from its management of the Portfolio, the estimated margin of the Sub-Adviser, as well as the entirety of TFAI's and its affiliates' service relationship with ATST, the Board concluded that the level of investment management fees and other service fees, as well as TFAI's and the Sub-Adviser's profitability, are appropriate in light of the services provided, the management fees and overall expense ratios of comparable investment companies and the anticipated profitability of the relationship between the Portfolio, TFAI and its affiliates, and the Sub-Adviser.

AEGON/Transamerica Series Trust

Annual Report 2005

14

American Century Large Company Value (continued)

Whether fee levels reflect economies of scale and the extent to which economies of scale would be realized as the Portfolio grows. The Board concluded that the inclusion of asset-based breakpoints in the Portfolio's advisory fee schedule appropriately benefits investors by realizing economies of scale in the form of lower management fees as the level of assets grows. In addition, the Board concluded that the Portfolio's management fees appropriately reflect the Portfolio's current size, the current economic environment for TFAI, the competitive nature of the investment company market, and TFAI's pricing strategy. The Trustees also concluded that they will have the opportunity to periodically reexamine whether the Portfolio has achieved economies of scale, and the appropriateness of management fees payable to TFAI and fees payable by TFAI to the Sub-Ad viser, in the future.

Benefits (such as soft dollars) to TFAI, its affiliates, or the Sub-Adviser from their relationship with the Portfolio. The Board concluded that other benefits derived by TFAI, its affiliates, and the Sub-Adviser from their relationship with the Portfolio, including "soft dollar" benefits (if any) in connection with brokerage transactions, sales charges and distribution/service fees (to the extent applicable) are reasonable and fair, and are consistent with industry practice and the best interests of the Portfolio and its shareholders. In this regard, the Board noted that TFAI does not realize "soft dollar" benefits from its relationship with the Portfolio, and that the Sub-Adviser's "soft-dollar" arrangements are consistent with applicable law and "best execution" requirements. In addition, the Trustees determined that the administration, fund accoun ting, and other fees paid by the Portfolio to affiliates of TFAI are reasonable, fair and in the best interests of shareholders in light of the nature and quality of the services provided, the associated costs to these affiliates of providing the services, the impact of the costs of such services on the Portfolio's overall operating expenses, and the necessity of the services for the Portfolio's operations.

Other considerations. The Board also determined that TFAI had made a substantial commitment to the recruitment and retention of high quality personnel, and maintained the financial, compliance and operational resources reasonably necessary to manage the Portfolio in a professional manner that is consistent with the best interests of the Portfolio and its shareholders. In this regard, the Trustees favorably considered the procedures and policies in place by TFAI to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Adviser. The Trustees also determined that TFAI had made a significant entrepreneurial commitment to the management and success of the Portfolio, reflected by TFAI's expense limitation and fee waiver arrangement with the Portfolio, which may result in TFAI waiving a substantial amount of advisory fees for the benefit of shareholders.

AEGON/Transamerica Series Trust

Annual Report 2005

15

Asset Allocation–Conservative Portfolio

MARKET ENVIRONMENT

The past twelve months were a volatile period in the stock market, but ended with solid overall gains. Stocks spent the early part of 2005 falling, reversing the strong gains of 2004's post-election rally. After hitting bottom around May 2005, most stock indexes posted good gains through the end of November. Large cap stocks lagged the riskier parts of the market. Over the twelve month period, the Standard and Poor's 500 Composite Stock Index ("S&P 500") returned 4.91%, while the Standard and Poor's 400 MidCap Index more than doubled that with a 12.55% gain. International stocks rose even more, with the Morgan Stanley Capital International EAFE Index ("MSCI EAFE") up 14.02% in dollar terms. Value stocks did better than growth early in the year, but growth outperformed over the past six months.

Driving the markets swings was uncertainty about the economy. Fear that the Federal Reserve Board ("Fed") had clamped down too hard stunted performance early in 2005, compounded by worries about Hurricane Katrina later in the year. After all was said and done, though, the economy continued to chug along nicely, as evidenced by continued consumer strength, solid corporate earnings, and continuing productivity growth.

Short-term interest rates rose dramatically over the year, as the Fed continued hiking rates in 25 basis point doses to forestall inflation. Nevertheless, longer term rates were little changed, leading to a modest 2.43% gain in the Lehman Brothers Aggregate Bond Index ("LBAB") for the year. According to our records, bonds with significant credit risk performed better overall, with the average emerging-markets bond fund up more than 11%, and convertible bond funds up more than 3%.

PERFORMANCE

For the year ended December 31, 2005, Asset Allocation – Conservative Portfolio, Initial Class returned 5.18%. By comparison, its primary and secondary benchmarks, the LBAB and the Dow Jones Wilshire 5000 Total Market Index ("DJ Wilshire 5000"), returned 2.43% and 6.32%, respectively.

STRATEGY REVIEW

How did you manage the portfolio in this market environment?

We maintained our strategy of persistent diversification across global equity markets, including small- and mid-cap stocks, which were key sources of the portfolio's strong relative performance. The portfolio was up 5.18% over the trailing twelve months, landing in the top quintile of Morningstar's Conservative Allocation category.

Which individual holdings had the greatest positive impact on performance?

TA IDEX Evergreen International Small Cap, which was a 1.5% holding for most of the year, had strong gains in 2005, boosted by the rally in emerging markets stocks. TA IDEX Marsico International Growth easily beat its MSCI EAFE benchmark, and was the portfolio's biggest international equity holding. However, a trio of outstanding domestic equity funds drove most of the strong performance: Third Avenue Value, Transamerica Equity and Transamerica Growth Opportunities. Together these funds accounted for almost 8% of assets at the beginning of the year, and more than 12% of assets by year end. Not only did these funds perform well on an absolute basis, they were each standouts on a relative basis as well.

Which individual holdings had the greatest negative impact on performance?

At the start of the year the portfolio's largest holding was MFS High Yield, with more than 17% of assets. This fund landed near the bottom quartile of the high-yield category, underperforming the average high-yield fund by 70 basis points.

The worst performing equity fund in the portfolio was Great Companies – Technology, which underperformed for the year, as its blue chip technology stocks lagged the riskier parts of the market. This fund accounted for around 2% of assets over the year, though, so its effect on performance was limited.

Which sectors/industries had the greatest impact on
performance?

The portfolio started the year with 2% of assets in Clarion Global Real Estate Securities ("Clarion"), which primarily owns real estate investment trusts ("REITs"). The real estate sector was a volatile sector over the year, but the Clarion fund ended the year with solid gains. Over the course of the year the fund expanded its mandate to become a global real estate fund, and as a result of its improved diversification potential, Morningstar Associates raised the fund's exposure to 3% of assets.

Which countries had the greatest impact on performance?

Because of the limited international choices over the course of the year, the portfolio's foreign exposure was generally below its target level. The largest international exposure of the portfolio was to the eurozone. But the best performing country represented in the portfolio was Japan, particularly the mid- and small-cap Japanese exposure in TA IDEX Evergreen International Small Cap.

Todd Porter, CFA

Portfolio Manager
Morningstar Associates, LLC

AEGON/Transamerica Series Trust

Annual Report 2005

1

Asset Allocation–Conservative Portfolio

Comparison of change in value of $10,000 investment in Initial Class shares and its comparative indices.

Average Annual Total Return for Periods Ended 12/31/05

	1 year			From Inception			Inception Date
Initial Class		5.18	%		7.17	%	5/1/02
LBAB1		2.43	%		5.15	%	5/1/02
DJ Wilshire 50001		6.32	%		7.39	%	5/1/02
Service Class		5.01	%		11.72	%	5/1/03

NOTES

¹  The Lehman Brothers Aggregate Bond (LBAB) Index and the Dow Jones Wilshire 5000 Total Market (DJ Wilshire 5000) Index are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. From inception calculation is based on life of Initial Class shares. Source: Standard & Poor's Micropal ®© Micropal, Inc. 2005 – 1-800-596-5323 – http://www.fund-sp.com.

The performance data presented represents past performance, future results may vary. The portfolio's investment return and net asset value will fluctuate. Past performance does not guarantee future results. Investor's units when redeemed, may be worth more or less than their original cost.

Current performance may be higher or lower than the performance data quoted. Please visit your insurance company's website for contract or policy level standardized total returns current to the most recent month-end. Portfolio performance is net of investment fees and fund expenses, but not product charges, which, if included, would significantly lower the performance quoted.

This material must be preceded or accompanied by a current prospectus, which includes specific contents regarding the investment objectives, explanation of share classes and policies of this portfolio.

AEGON/Transamerica Series Trust

Annual Report 2005

2

Asset Allocation–Conservative Portfolio

UNDERSTANDING YOUR FUND'S EXPENSES
(unaudited)

SHAREHOLDER EXPENSES

Fund shareholders may incur ongoing costs, including management and advisory fees, distribution and service fees, and other Fund expenses.

The following Example is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.

The Example is based on an investment of $1,000 invested at July 1, 2005 and held for the entire period until December 31, 2005.

ACTUAL EXPENSES

The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of your Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fees, brokerage commissions paid on purchases and sales of fund shares. Therefore, the second line under the Fund in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If any of these transaction costs were included, your costs would be higher. The expenses shown in the table do not reflect any fees that may be charged to you by brokers, financial intermediaries or other financial institutions. The expenses shown in the table do not reflect any expenses from the Funds investment in other affiliated investment companies. The average weighted annualized expense ratio of the underlying investment companies at December 31, 2005, was 0.84%.

	Beginning Account Value		Ending Account Value		Annualized Expense Ratio			Expenses Paid During Period (a)
Initial Class
Actual	$	1,000.00	$	1,046.60		0.15	%	$	0.77
Hypothetical (b)		1,000.00		1,024.45		0.15			0.77
Service Class
Actual		1,000.00		1,045.70		0.40			2.06
Hypothetical (b)		1,000.00		1,023.19		0.40			2.04

^(a)  Expenses are calculated using each Fund's annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by number of days in the period (184 days), and divided by the number of days in the year (365 days).

(b)  5% return per year before expenses.

GRAPHICAL PRESENTATION OF SCHEDULE OF INVESTMENTS
By Investment Type
At December 31, 2005

This chart shows the percentage breakdown by investment type of the Fund's total investment securities.

AEGON/Transamerica Series Trust

Annual Report 2005

3

Asset Allocation–Conservative Portfolio

SCHEDULE OF INVESTMENTS
At December 31, 2005
(all amounts except share amounts in thousands)

	Shares		Value
INVESTMENT COMPANIES (100.0%)
Aggressive Equity (11.8%)
T. Rowe Price Small Cap, Initial Class Ø		456,190	$	5,055
TA IDEX T. Rowe Price Health Sciences, Class I @		2,131,263		26,961
Third Avenue Value, Initial Class Ø		1,535,169		37,182
Transamerica Growth Opportunities, Initial Class Ø		760,696		11,935
Capital Preservation (0.0%)
Transamerica Money Market, Initial Class Ø		35,156		35
Fixed–Income (42.6%)
MFS High Yield, Initial Class Ø		2,878,645		27,693
PIMCO Total Return, Initial Class Ø		4,966,197		54,181
TA IDEX PIMCO Real Return TIPS, Class I @		6,104,344		62,325
TA IDEX Transamerica Flexible Income, Class I @		3,500,334		33,008
TA IDEX Transamerica High-Yield Bond, Class I @		2,511,291		22,828
TA IDEX Transamerica Short Term Bond, Class I @		7,305,980		71,599
Transamerica Convertible Securities, Initial Class Ø		1,905,445		21,341
Transamerica U.S. Government Securities, Initial Class Ø		49,189		587
Foreign Fixed-Income (6.2%)
TA IDEX J.P. Morgan International Bond, Class I @		1,507,564		15,347
TA IDEX Van Kampen Emerging Markets Debt, Class I @		2,590,158		27,533

	Shares		Value
Growth Equity (28.1%)
American Century Large Company Value, Initial Class Ø		197,233	$	2,172
Federated Growth & Income, Initial Class Ø		3,618,552		59,779
Janus Growth, Initial Class ؇		389,327		14,935
JP Morgan Mid Cap Value, Initial Class Ø		1,074,713		17,077
Marsico Growth, Initial Class Ø		104,582		1,081
T. Rowe Price Equity Income, Initial Class Ø		1,390,972		27,986
T. Rowe Price Growth Stock, Initial Class Ø		22,908		523
TA IDEX Great Companies–AmericaSM, Class I @‡		959,310		9,766
TA IDEX UBS Large Cap Value, Class I @		2,379,169		26,575
Transamerica Equity, Initial Class Ø		1,427,345		34,071
Specialty–Real Estate (3.2%)
Clarion Global Real Estate Securities, Initial Class Ø		1,097,758		21,703
World Equity (8.1%)
TA IDEX AllianceBernstein International Value, Class I @		981,476		9,933
TA IDEX Evergreen International Small Cap, Class I @		833,904		11,516
TA IDEX Marsico International Growth, Class I @		1,307,667		16,071
TA IDEX Neuberger Berman International, Class I @		1,484,635		15,054
TA IDEX Oppenheimer Developing Markets, Class I @		321,043		3,271
Total Investment Companies (cost: $655,476)			$	689,123

NOTES TO SCHEDULE OF INVESTMENTS:

Ø  This portfolio is part of AEGON/Transamerica Series Trust, and is an affiliate of the Fund.

@  This portfolio is part of Transamerica IDEX Mutual Funds and is an affiliate of the Fund.

‡  Non-income producing.

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

4

Asset Allocation–Conservative Portfolio

STATEMENT OF ASSETS AND LIABILITIES
At December 31, 2005
(all amounts except per share amounts in thousands)

Assets:
Investment in affiliated investment companies at value (cost: $655,476)	$	689,123
Receivables:
Shares sold		827
		689,950
Liabilities:
Investment securities purchased		387
Accounts payable and accrued liabilities:
Shares redeemed		440
Management and advisory fees		58
Service fees		36
Administration fees		12
Other		40
		973
Net Assets	$	688,977
Net Assets Consist of:
Capital stock ($.01 par value)	$	603
Additional paid-in capital		592,426
Distributable net investment income (loss)		25,742
Accumulated net realized gain (loss) from investment in affiliated investment companies		36,559
Net unrealized appreciation (depreciation) on investment in affiliated investment companies		33,647
Net Assets	$	688,977
Net Assets by Class:
Initial Class	$	516,376
Service Class		172,601
Shares Outstanding:
Initial Class		45,165
Service Class		15,127
Net Asset Value and Offering Price Per Share:
Initial Class	$	11.43
Service Class		11.41

STATEMENT OF OPERATIONS
For the year ended December 31, 2005
(all amounts in thousands)

Investment Income:
Dividends from affiliated investment companies	$	26,980
Expenses:
Management and advisory fees		642
Printing and shareholder reports		41
Custody fees		41
Administration fees		128
Legal fees		11
Audit fees		14
Trustees fees		21
Registration fees		9
Service fees:
Service Class		316
Other		16
Total expenses		1,239
Net Investment Income (Loss)		25,741
Net Realized and Unrealized Gain (Loss) on Investment in Affiliated Investment Companies:
Realized gain (loss) from investment in affiliated investment companies		25,829
Realized gain distributions from investment in affiliated investment companies		10,997
		36,826
Increase (decrease) in unrealized appreciation (depreciation) on investment in affiliated investment companies		(27,687	)
Net Realized and Unrealized Gain (Loss) on Investment in Affiliated Investment Companies		9,139
Net Increase (Decrease) in Net Assets Resulting from Operations	$	34,880

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

5

Asset Allocation–Conservative Portfolio

STATEMENTS OF CHANGES IN NET ASSETS
For the years ended
(all amounts in thousands)

	December 31, 2005			December 31, 2004
Increase (Decrease) In Net Assets From:
Operations:
Net investment income (loss)	$	25,741		$	11,287
Net realized gain (loss) from investment in affiliated investment companies		36,826			54,521
Change in unrealized appreciation (depreciation) on investment in affiliated investment companies		(27,687	)		(13,000	)
		34,880			52,808
Distributions to Shareholders:
From net investment income:
Initial Class		(14,023	)		(1,584	)
Service Class		(3,667	)		(42	)
		(17,690	)		(1,626	)
From net realized gains:
Initial Class		(37,739	)		(6,397	)
Service Class		(10,183	)		(691	)
		(47,922	)		(7,088	)
Capital Share Transactions:
Proceeds from shares sold:
Initial Class		102,240			133,461
Service Class		100,163			70,277
		202,403			203,738
Proceeds from fund acquisition:
Initial Class		4,365			–
		4,365			–
Dividends and distributions reinvested:
Initial Class		51,762			7,980
Service Class		13,850			734
		65,612			8,714
Cost of shares redeemed:
Initial Class		(128,976	)		(122,685	)
Service Class		(19,868	)		(6,428	)
		(148,844	)		(129,113	)
		123,536			83,339
Net increase (decrease) in net assets		92,804			127,433
Net Assets:
Beginning of year		596,173			468,740
End of year	$	688,977		$	596,173
Distributable Net Investment Income (Loss)	$	25,742		$	17,691

	December 31, 2005			December 31, 2004
Share Activity:
Shares issued:
Initial Class		8,704			11,804
Service Class		8,550			6,168
		17,254			17,972
Shares issued on fund acquisition:
Initial Class		394			–
		394			–
Shares issued–reinvested from distributions:
Initial Class		4,664			733
Service Class		1,249			67
		5,913			800
Shares redeemed:
Initial Class		(11,108	)		(10,699	)
Service Class		(1,693	)		(562	)
		(12,801	)		(11,261	)
Net increase (decrease) in shares outstanding:
Initial Class		2,654			1,838
Service Class		8,106			5,673
		10,760			7,511

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

6

Asset Allocation–Conservative Portfolio

FINANCIAL HIGHLIGHTS

		For a share outstanding throughout each period (a)
		Net Asset		Investment Operations								Distributions									Net Asset
	For the Period Ended (b)	Value, Beginning of Period		Net Investment Income (Loss)		Net Realized and Unrealized Gain (Loss)			Total Operations			From Net Investment Income			From Net Realized Gains			Total Distributions			Value, End of Period
Initial Class	12/31/2005	$	12.04	$	0.47	$	0.12		$	0.59		$	(0.32	)	$	(0.88	)	$	(1.20	)	$	11.43
	12/31/2004		11.16		0.24		0.82			1.06			(0.03	)		(0.15	)		(0.18	)		12.04
	12/31/2003		9.09		0.04		2.04			2.08			(0.01	)		–			(0.01	)		11.16
	12/31/2002		10.00		0.06		(0.97	)		(0.91	)		–			–			–			9.09
Service Class	12/31/2005		12.03		0.47		0.10			0.57			(0.31	)		(0.88	)		(1.19	)		11.41
	12/31/2004		11.15		0.25		0.79			1.04			(0.01	)		(0.15	)		(0.16	)		12.03
	12/31/2003		9.53		–		1.62			1.62			–			–			–			11.15

					Ratios/Supplemental Data
	For the Period	Total			Net Assets, End of Period		Ratio of Expenses to Average Net Assets (f)(i)						Net Investment Income (Loss) to Average			Portfolio Turnover
	Ended (b)	Return (c)(g)			(000's)		Net (d)			Total (e)			Net Assets (f)(h)			Rate (g)
Initial Class	12/31/2005		5.18	%	$	516,376		0.14	%		0.14	%		4.01	%		40	%
	12/31/2004		9.71			511,683		0.14			0.14			2.10			53
	12/31/2003		22.91			453,710		0.13			0.13			0.45			24
	12/31/2002		(9.10	)		169,834		0.19			0.19			1.07			28
Service Class	12/31/2005		5.01			172,601		0.39			0.39			4.03			40
	12/31/2004		9.45			84,490		0.39			0.39			2.19			53
	12/31/2003		17.00			15,030		0.38			0.38			0.03			24

NOTES TO FINANCIAL HIGHLIGHTS

(a)  Per share information is calculated based on average number of shares outstanding.

(b)  Asset Allocation–Conservative Portfolio (the"Fund") share classes commenced operations as follows:

Initial Class – May 1, 2002
Service Class – May 1, 2003

(c)  Total Return reflects all portfolio expenses and includes reinvestment of dividends and capital gains; it does not reflect the charges and deductions under the policies or annuity contracts.

(d)  Ratio of Net Expenses to Average Net Assets is net of advisory fee waivers, if any (see note 2).

(e)  Ratio of Total Expenses to Average Net Assets includes all expenses before advisory fee waivers.

(f)  Annualized.

(g)  Not annualized.

(h)  Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.

(i)  Does not include expenses of the investment companies in which the Fund invests.

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

7

Asset Allocation–Conservative Portfolio

NOTES TO FINANCIAL STATEMENTS
At December 31, 2005
(all amounts in thousands)

NOTE 1.  ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

The AEGON/Transamerica Series Trust ("ATST") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). ATST serves as a funding vehicle for variable life insurance, variable annuity and group annuity products. Asset Allocation – Conservative Portfolio (the "Fund") is part of ATST.

Effective May 1, 2005, AEGON/Transamerica Series Fund, Inc. changed its name to AEGON/Transamerica Series Trust.

On November 2, 2005, the Fund acquired all of the net assets of the Select+ Conservative Fund pursuant to a plan of reorganization. Asset Allocation – Conservative Portfolio is the accounting survivor. The acquisition was accomplished by a tax free exchange of 394 shares of the Fund's Initial Class for 393 shares of the Select+ Conservative Fund outstanding on November 1, 2005. The Select+ Conservative Fund's net assets at that date, $4,365, including $261 unrealized appreciation, were combined with those of the Fund. The aggregate net assets of Asset Allocation – Conservative Portfolio immediately before the acquisition were $671,658, the combined net assets of the Fund immediately after the acquisition were $676,023.

In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

This report should be read in conjunction with the current Fund prospectus, which contains more complete information about the Fund.

In preparing the Fund's financial statements in accordance with accounting principles generally accepted in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Fund.

Multiple class operations, income and expenses: The Fund currently offers two classes of shares, an Initial Class and a Service Class. Income, non-class specific expenses and realized and unrealized gains and losses, are allocated daily to each class, based upon the value of shares outstanding method as permitted under Rule 18f-3 of the 1940 Act. Each class bears its own specific expenses as well as a portion of general, common expenses.

Security valuations: Investment company securities are valued at the net asset value of the underlying portfolio.

Security transactions and investment income: Security transactions are recorded on the trade date. Security gains and losses are calculated on the first-in, first-out basis. Dividend income is recorded on the ex-dividend date. Dividends and net realized gain (loss) from investment securities for the Fund are from investments in shares of affiliated investment companies.

Dividend distributions: Dividends and capital gains distributions are typically declared and reinvested annually and are generally paid and reinvested on the business day following the ex-date.

NOTE 2.  RELATED PARTY TRANSACTIONS

Effective January 1, 2005 AEGON/Transamerica Fund Advisers, Inc. was renamed Transamerica Fund Advisors, Inc. ("TFAI"); AEGON/Transamerica Fund Services, Inc. and AEGON/Transamerica Investor Services, Inc. merged into one entity and was renamed Transamerica Fund Services, Inc. ("TFS").

ATST serves as a funding vehicle for certain affiliated asset allocation portfolios and certain affiliated separate accounts of Western Reserve Life Assurance Co. of Ohio, Transamerica Life Insurance Company, Transamerica Financial Life Insurance Company, Inc., Peoples Benefit Life Insurance Company, Transamerica Occidental Life Insurance Company and Transamerica Life Insurance and Annuity Company.

TFAI is the Fund's investment adviser. TFS is the Fund's administrator and transfer agent. AFSG Securities Corp. ("AFSG") is the Fund's distributor. TFAI, TFS, and AFSG are affiliates of AEGON, NV, a Netherlands corporation.

TFAI has entered into an agreement with Morningstar Associates, LLC ("Morningstar") to provide investment services to the Fund. TFAI compensates Morningstar as described in the Prospectus.

Transamerica Investment Management , LLC and Great Companies, LLC are both affiliates of the Fund and are sub-advisers to other funds within ATST.

Certain officers and trustees of the Fund are also officers and/or directors of TFAI, TFS and AFSG.

Because the underlying funds have varied expense and fee levels and the Fund may own different proportions of underlying funds at different times, the amount of fees and expenses incurred indirectly by the Fund will vary.

Investment advisory fee: The Fund pays management fees to TFAI based on average daily net assets ("ANA") at the following breakpoints:

0.10% of ANA

AEGON/Transamerica Series Trust

Annual Report 2005

8

Asset Allocation–Conservative Portfolio

NOTES TO FINANCIAL STATEMENTS (continued)
At December 31, 2005
(all amounts in thousands)

NOTE 2.–(continued)

TFAI has contractually agreed to waive its advisory fee and will reimburse the Fund to the extent that operating expenses, excluding 12b-1 fees, exceed the following stated annual limit:

0.25% Expense Limit

If total fund expenses fall below the annual expense limitation agreement agreed to by the adviser within the succeeding three years, the Fund may be required to pay the adviser a portion or all of the waived advisory fees.

There were no amounts recaptured during the year ended December 31, 2005. There are no amounts available for recapture at December 31, 2005.

Distribution and service fees: The Fund adopted a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, ATST entered into a Distribution Agreement with AFSG dated January 1, 1997, as amended.

Under the Distribution Plan and Distribution Agreement on the Initial Class shares, AFSG, on behalf of the Fund, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Fund's shares, amounts equal to actual expenses associated with distributing the shares.

The Distribution Plan on the Service Class shares requires ATST to pay distribution fees to AFSG as compensation for its activities, not as reimbursement for specific expenses. The fee on the Service Class is paid to the insurance companies for providing services and account maintenance for their policyholders who invest in the variable insurance products which invest in the Service Class shares.

The Fund is authorized under the 12b-1 plan to pay fees on each class up to the following limits:

Initial Class	0.15	%
Service Class	0.25	%

AFSG has determined that it will not seek payment by the Fund of the distribution expenses incurred with respect to the Initial Class shares before April 30, 2007. Prior to AFSG seeking reimbursement of future expenses, policy and contract owners will be notified in advance. The Fund will pay fees relating to Service Class shares.

Administrative services: The Fund has entered into an agreement with TFS for financial and legal fund administration services. The Fund pays TFS an annual fee of 0.02% of ANA. The Legal fees on the Statement of Operations are for fees paid to external legal counsel.

Deferred compensation plan: Each eligible independent Fund Trustee may elect participation in a non-qualified deferred compensation plan ("the Plan") maintained by Transamerica IDEX Mutual Funds, an affiliate of the Fund. Under the Plan, such Trustees may defer payment of all or a portion of their total fees earned as a Fund Trustee. Each Trustee who is a participant in the Plan may elect that the earnings, losses or gains credited to his or her deferred fee amounts be determined based on a deemed investment in any series of Transamerica IDEX Mutual Funds. The right of a participant to receive a distribution from the Plan of the deferred fees is an unsecured claim against the general assets of all series of Transamerica IDEX Mutual Funds. The pro rata liability to the Fund of all deferred fees in the Plan amounted, as of December 31, 2005, to $34.

NOTE 3.  INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the year ended December 31, 2005, were as follows:

Purchases of securities:
Long-Term	$	346,141
U.S. Government		–
Proceeds from maturities and sales of securities:
Long-Term		255,653
U.S. Government		–

NOTE 4.  FEDERAL INCOME TAX MATTERS

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatment for items including, but not limited to, wash sales.

The tax character of distributions paid may differ from the character of distributions shown in the Statements of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2004 and 2005 was as follows:

2004 Distributions paid from:
Ordinary Income	$	6,620
Long-term Capital Gain		2,094
2005 Distributions paid from:
Ordinary Income		19,374
Long-term Capital Gain		46,238

AEGON/Transamerica Series Trust

Annual Report 2005

9

Asset Allocation–Conservative Portfolio

NOTES TO FINANCIAL STATEMENTS (continued)
At December 31, 2005
(all amounts in thousands)

NOTE 4.–(continued)

The tax basis components of distributable earnings as of December 31, 2005, are as follows:

Undistributed Ordinary Income	$	25,942
Undistributed Long-term Capital Gain	$	36,534
Capital Loss Carryforward	$	–
Net Unrealized Appreciation (Depreciation)	$	33,472

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of December 31, 2005, are as follows:

Federal Tax Cost Basis	$	655,651
Unrealized Appreciation	$	38,954
Unrealized (Depreciation)		(5,482	)
Net Unrealized Appreciation (Depreciation)	$	33,472

NOTE 5.  REGULATORY PROCEEDINGS

There continues to be significant federal and state regulatory activity relating to financial services companies, particularly mutual fund companies and their investment advisers. As part of an ongoing investigation regarding potential market timing, recordkeeping and trading compliance issues and matters affecting the Fund's investment adviser, TFAI, and certain affiliates and former employees of TFAI, the SEC staff has indicated that it is likely to take some action against TFAI and certain of its affiliates at the conclusion of the investigation. The potential timing and the scope of any such action is difficult to predict. Although the impact of any action brought against TFAI and/or its affiliates is difficult to assess at the present time, the Fund currently believes that the likelihood that any such action will have a material adverse impact on it is remote. It is important to note that the Fund is not aware of any allega tion of wrongdoing against it and its Board at the time this annual report is printed. Although it is not anticipated that these developments will have an adverse impact on the Fund, there can be no assurance at this time. TFAI and its affiliates are actively working with the SEC in regard to this matter; however, the exact resolution cannot be determined at this time. TFAI will take such actions that it deems necessary or appropriate to continue providing management services to the Fund and to bring all matters to an appropriate conclusion.

TFAI and/or its affiliates, and not the Fund, will bear the costs regarding these regulatory matters.

AEGON/Transamerica Series Trust

Annual Report 2005

10

Report of Independent Registered Certified Public Accounting Firm

To the Board of Trustees and Shareholders of
Asset Allocation – Conservative Portfolio

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Asset Allocation – Conservative Portfolio (the "Fund") (one of the portfolios constituting the AEGON/Transamerica Series Trust) at December 31, 2005, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fund's management; our responsibility is to express an opinion on these financial stat ements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2005 by correspondence with the custodian, provide a reasonable basis for our opinion.

Tampa, Florida
February 23, 2006

Asset Allocation–Conservative Portfolio (UNAUDITED)

SUPPLEMENTAL TAX INFORMATION
(all amounts in thousands)

For tax purposes, the Fund has made a Long-Term Capital Gain Designation of $46,238 for the year ended December 31, 2005.

AEGON/Transamerica Series Trust

Annual Report 2005

11

Asset Allocation–Conservative Portfolio

INVESTMENT ADVISORY AND ASSET ALLOCATION MANAGEMENT AGREEMENTS – REVIEW AND RENEWAL (unaudited)

At a meeting of the Board of Trustees of AEGON/Transamerica Series Trust ("ATST") held on November 2, 2005, the Board reviewed and considered the Investment Advisory Agreement between Asset Allocation – Conservative Portfolio (the "Portfolio") and Transamerica Fund Advisors, Inc. ("TFAI") as well as the Asset Allocation Management Agreement of the Portfolio between TFAI and Morningstar Associates, LLC (the "Portfolio Construction Manager"), to determine whether the agreements should be renewed for a one-year period. Following their review and consideration, the Trustees determined that the Investment Advisory Agreement and the Asset Allocation Management Agreement will enable shareholders of the Portfolio to obtain high quality services at a cost that is appropriate, reasonable, and in the best interests of its shareholders. The Board, including the independent members of the Board, unanimously approved the renewal of the I nvestment Advisory Agreement and the Asset Allocation Management Agreement. In reaching their decision, the Trustees requested and obtained from TFAI and the Portfolio Construction Manager such information as they deemed reasonably necessary to evaluate the proposed agreements. The Trustees also carefully considered the information that they had received throughout the year from TFAI and the Portfolio Construction Manager (such as in-person presentations by the Portfolio Construction Manager) as part of their regular oversight of the Portfolio, as well as: comparative fee, expense and performance information prepared by Lipper Inc. ("Lipper"), independent providers of mutual fund performance, fee and expense information; and profitability data. In considering the proposed continuation of the Investment Advisory Agreement and the Asset Allocation Management Agreement, the Trustees evaluated a number of considerations that they believe, in light of the legal advice furnished to them by ATST counsel and indepen dent legal counsel and their own business judgment, to be relevant. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:

The nature, extent and quality of the advisory service to be provided. The Board considered the nature and quality of the services provided by TFAI and the Portfolio Construction Manager to the Portfolio in the past, as well as the services anticipated to be provided in the future. The Board concluded that TFAI and the Portfolio Construction Manager are capable of providing high quality services to the Portfolio, as indicated by the nature and quality of services provided in the past, TFAI's and the Portfolio Construction Manager's management capabilities demonstrated with respect to the portfolios they manage, including the Portfolio, and the experience, capability and integrity of TFAI's senior management, the financial resources of TFAI and the Portfolio Construction Manager, TFAI's management oversight process, the professional qualifications and experience of the Portfolio Construction Manager's portfolio management team, and the Portfolio's investment performance. The Trustees also concluded that TFAI and the Portfolio Construction Manager proposed to provide investment and related services that were of the same quality and quantity as services provided to the Portfolio in the past, and that these services are appropriate in scope and extent in light of the Portfolio's operations, the competitive landscape of the investment company business and investor needs, and that TFAI's and the Portfolio Construction Manager's obligations will remain substantially the same.

The investment performance of the Portfolio. The Board examined both the short-term and longer-term performance of the Portfolio, including relative performance against a benchmark securities index and a peer group of comparable mutual funds as prepared by Lipper, for various trailing periods ended June 30, 2005. The Trustees concluded that TFAI and the Portfolio Construction Manager generally had achieved competitive investment performance, noting that the performance of the Portfolio has been below median relative to its peers over the past one-year period, but has been above median relative to its peers over the past three-year period, and competitive to the benchmark index over the past one-, two- and three-year periods. On the basis of the Trustees' assessment of the nature, extent and quality of advisory services to be provided or procured by TF AI and the Portfolio Construction Manager, the Trustees concluded that TFAI and the Portfolio Construction Manager are capable of generating a level of investment performance that is appropriate in light of the Portfolio's investment objective, policies and strategies and competitive with many other investment companies, and also determined that TFAI's and the Portfolio Construction Manager's performance records indicate that their continued management is likely to benefit the Portfolio and its shareholders.

The cost of advisory services provided and the level of profitability. The Board reviewed profitability information regarding TFAI's costs of procuring portfolio management services, as well as the costs of provision of administration, fund accounting and other services, to the Portfolio and to ATST as a whole by TFAI and its affiliates. However, the Board noted that the profitability data provided to the Board is based on a prior fee arrangement which has been changed following negotiations between TFAI and the Portfolio Construction Manager pursuant to which the Portfolio Construction Manager agreed to assume additional responsibilities in managing the Portfolio as a sub-adviser, rather than as a consultant, and the Board noted that the Portfolio Construction Manager receives the entirety of the management fee payable by the Portfolio while TFAI get s compensated through the management fees payable by the underlying portfolios in which the Portfolio invests. The Trustees reviewed data from Lipper that compared the Portfolio's management fees, and other fees and expenses (including total expenses including and excluding 12b-1 distribution

AEGON/Transamerica Series Trust

Annual Report 2005

12

Asset Allocation–Conservative Portfolio (continued)

and service fees). Based on such information, the Trustees determined that the management fees and overall expense ratio of the Portfolio generally are consistent with industry averages. In addition, on the basis of the Board's review of the management fees to be charged by TFAI for investment advisory and related services, TFAI profitability information (derived from TFAI's audited financial statements), TFAI's estimated management income resulting from its management of the Portfolio, the estimated margin of the Portfolio Construction Manager, as well as the entirety of TFAI's and its affiliates' service relationship with ATST, the Board concluded that the level of investment management fees and other service fees, as well as TFAI's and the Portfolio Construction Manager's profitability, are appropriate in light of the services provided, the management fees and overall expense ratios of comparable investment companies and the anticipated profitability of the relationship between the Portfolio, TFAI and its affiliates, and the Portfolio Construction Manager.

Whether fee levels reflect economies of scale and the extent to which economies of scale would be realized as the Portfolio grows. The Board noted that the management fee of the Portfolio does not contain asset-based breakpoints, despite TFAI's efforts to negotiate such breakpoints with the Portfolio Construction Manager (the Board instructed TFAI to continue to try to negotiate breakpoints for the Portfolio in the future). However, the Board also noted that, based on the information provided by TFAI, the Portfolio's investments in underlying portfolios have permitted the realization of breakpoints (or lower breakpoints) at the underlying portfolio level which, indirectly, benefit the Portfolio and its shareholders, as well as the underlying portfolios. The Board carefully reviewed the one- and three-year performance record and the fees and expenses o f the Portfolio and the comparative information provided by Lipper. The Board noted that the Portfolio has management fees in line with, or lower than, its peers. The Board also concluded that the Portfolio's management fee appropriately reflect the Portfolio's current size, the current economic environment for TFAI, the competitive nature of the investment company market, and TFAI's pricing strategy. The Trustees concluded that they will have the opportunity to periodically reexamine whether the Portfolio has achieved economies of scale, and the appropriateness of management fees payable by the underlying portfolios to TFAI and fees payable to the Portfolio Construction Manager, in the future.

Benefits (such as soft dollars) to TFAI, its affiliates, or the Portfolio Construction Manager from their relationship with the Portfolio. The Board concluded that other benefits derived by TFAI (including any benefits derived from investment advisory fees payable to TFAI with respect to the underlying portfolios in which the Portfolio invests) or the Portfolio Construction Manager from its relationship with the Portfolio are reasonable and fair, and are consistent with industry practice and the best interests of the Portfolio and its shareholders. In this regard, the Board noted that neither TFAI nor the Portfolio Construction Manager realizes "soft dollar" benefits from its relationship with the Portfolio. In addition, the Trustees determined that the administration, fund accounting and other fees paid by the Portfolio to affiliates of TFAI are reas onable, fair and in the best interests of shareholders in light of the nature and quality of the services provided, the associated costs to these affiliates of providing the services, the impact of the costs of such services on the Portfolio's overall operating expenses, and the necessity of the services for the Portfolio's operations.

Other considerations. The Board determined that TFAI had made a substantial commitment to the recruitment and retention of high quality personnel, and maintained the financial, compliance and operational resources reasonably necessary to manage the Portfolio in a professional manner that is consistent with the best interests of the Portfolio and its shareholders. In this regard, the Trustees favorably considered the procedures and policies in place by TFAI to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Portfolio Construction Manager. The Trustees also determined that TFAI had made a significant entrepreneurial commitment to the management and success of the Portfolio, reflected by TFAI's expense limitation and fee waiver arrangement with the Portfolio, which may result in TFAI waiving a substantial amount of advisory fees for the benefit of shareholders.

AEGON/Transamerica Series Trust

Annual Report 2005

13

Asset Allocation–Growth Portfolio

MARKET ENVIRONMENT

The past twelve months were a volatile period in the stock market, but ended with solid overall gains. Stocks spent the early part of 2005 falling, reversing the strong gains of 2004's post-election rally. After hitting bottom around May 2005, most stock indexes posted good gains through the end of November. Large cap stocks lagged the riskier parts of the market. Over the twelve month period, the Standard and Poor's 500 Composite Stock Index ("S&P 500") returned 4.91%, while the Standard and Poor's 400 MidCap Index more than doubled that with a 12.55% gain. International stocks rose even more, with the Morgan Stanley Capital International EAFE Index ("MSCI EAFE") up 14.02% in dollar terms. Value stocks did better than growth early in the year, but growth outperformed over the past six months.

Driving the markets swings was uncertainty about the economy. Fear that the Federal Reserve Board ("Fed") had clamped down too hard stunted performance early in 2005, compounded by worries about Hurricane Katrina later in the year. After all was said and done, though, the economy continued to chug along nicely, as evidenced by continued consumer strength, solid corporate earnings, and continuing productivity growth.

Short-term interest rates rose dramatically over the year, as the Fed continued hiking rates in 25 basis point doses to forestall inflation. Nevertheless, longer term rates were little changed, leading to a modest 2.43% gain in the Lehman Brothers Aggregate Bond Index ("LBAB") for the year. According to our records, bonds with significant credit risk performed better overall, with the average emerging-markets bond fund up more than 11%, and convertible bond funds up more than 3%.

PERFORMANCE

For the year ended December 31, 2005, Asset Allocation – Growth Portfolio, Initial Class returned 12.24%. By comparison, its benchmark, the Dow Jones Wilshire 5000 Total Market Index ("DJ Wilshire 5000"), returned 6.32%.

STRATEGY REVIEW

How did you manage the portfolio in this market environment?

We maintained our strategy of persistent diversification across global equity markets, including small- and mid- cap stocks, which were key sources of the portfolio's strong relative performance. The portfolio was up 12.24% over the trailing twelve months, landing among the top 5% of Morningstar's Large Blend category.

Which individual holdings had the greatest positive impact on performance?

TA IDEX Evergreen International Small Cap, which was a 4% to 5% holding for most of the year, had strong gains in 2005, boosted by the rally in emerging markets stocks. TA IDEX Marsico International Growth easily beat its MSCI EAFE benchmark, and was the portfolio's biggest international equity holding. However, a quartet of outstanding domestic equity funds drove most of the strong performance: Third Avenue Value, Transamerica Equity, Transamerica Growth Opportunities and Mercury Large Cap Value. Together these funds accounted for nearly 25% of assets at the beginning of the year, and nearly 40% of assets by year end. Not only did these funds perform well on an absolute basis, they were each standouts on a relative basis as well.

Which individual holdings had the greatest negative impact on performance?

The worst performing equity fund in the portfolio was Great Companies – Technology, which underperformed for the year, as its blue chip technology stocks lagged the riskier parts of the market. This fund accounted for only 2.8% of assets at the beginning of the year and less at the end, though, so its effect on performance was limited. The second worst performing fund in the portfolio was Salomon All Cap. Only relative to the outstanding returns of the other funds in this portfolio does this one look weak. Over the course of the year, Morningstar Associates liquidated a 6% stake in Salomon All Cap to provide assets for the other stronger performing funds.

Which sectors/industries had the greatest impact on performance?

Both Mercury Large Cap Value and Transamerica Small/Mid Cap Value have significant overweights in the energy sector. This was one of the best performing sectors in the equity markets in the trailing twelve months, and as a result these are two of the top performing funds in the portfolio.

Which countries had the greatest impact on performance?

Because of the limited international choices over the course of the year, the portfolio's foreign exposure was generally below its target level. The largest international exposure of the portfolio was to the eurozone. But the best performing country represented in the portfolio was Japan, particularly the mid- and small-cap Japanese exposure in TA IDEX Evergreen International Small Cap.

Todd Porter, CFA

Portfolio Manager
Morningstar Associates, LLC

AEGON/Transamerica Series Trust

Annual Report 2005

1

Asset Allocation–Growth Portfolio

Comparison of change in value of $10,000 investment in Initial Class shares and its comparative index.

Average Annual Total Return for Periods Ended 12/31/05

	1 year			From Inception			Inception Date
Initial Class		12.24	%		8.94	%	5/1/02
DJ Wilshire 50001		6.32	%		7.39	%	5/1/02
Service Class		11.92	%		19.46	%	5/1/03

NOTES

¹  The Dow Jones Wilshire 5000 Total Market (DJ Wilshire 5000) Index is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. From inception calculation is based on life of Initial Class shares. Source: Standard & Poor's Micropal^®© Micropal, Inc. 2005 – 1-800-596-5323 – http://www.funds-sp.com.

The performance data presented represents past performance, future results may vary. The portfolio's investment return and net asset value will fluctuate. Past performance does not guarantee future results. Investor's units when redeemed, may be worth more or less than their original cost.

Current performance may be higher or lower than the performance data quoted. Please visit your insurance company's website for contract or policy level standardized total returns current to the most recent month-end. Portfolio performance is net of investment fees and fund expenses, but not product charges, which, if included, would significantly lower the performance quoted.

This material must be preceded or accompanied by a current prospectus, which includes specific contents regarding the investment objectives, explanation of share classes and policies of this portfolio.

AEGON/Transamerica Series Trust

Annual Report 2005

2

Asset Allocation–Growth Portfolio

UNDERSTANDING YOUR FUND'S EXPENSES
(unaudited)

SHAREHOLDER EXPENSES

Fund shareholders may incur ongoing costs, including management and advisory fees, distribution and service fees, and other Fund expenses.

The following Example is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.

The Example is based on an investment of $1,000 invested at July 1, 2005 and held for the entire period until December 31, 2005.

ACTUAL EXPENSES

The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of your Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fees, brokerage commissions paid on purchases and sales of fund shares. Therefore, the second line under the Fund in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If any of these transaction costs were included, your costs would be higher. The expenses shown in the table do not reflect any fees that may be charged to you by brokers, financial intermediaries or other financial institutions. The expenses shown in the table do not reflect any expenses from the Funds investment in other affiliated investment companies. The average weighted annualized expense ratio of the underlying investment companies at December 31, 2005, was 0.92%.

	Beginning Account Value		Ending Account Value		Annualized Expense Ratio			Expenses Paid During Period (a)
Initial Class
Actual	$	1,000.00	$	1,109.50		0.15	%	$	0.80
Hypothetical (b)		1,000.00		1,024.45		0.15			0.77
Service Class
Actual		1,000.00		1,108.20		0.40			2.13
Hypothetical (b)		1,000.00		1,023.19		0.40			2.04

^(a)  Expenses are calculated using each Fund's annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by number of days in the period (184 days), and divided by the number of days in the year (365 days).

^(b)  5% return per year before expenses.

GRAPHICAL PRESENTATION OF SCHEDULE OF INVESTMENTS
By Investment Type
At December 31, 2005

This chart shows the percentage breakdown by investment type of the Fund's total investment securities.

AEGON/Transamerica Series Trust

Annual Report 2005

3

Asset Allocation–Growth Portfolio

SCHEDULE OF INVESTMENTS
At December 31, 2005
(all amounts except share amounts in thousands)

	Shares		Value
INVESTMENT COMPANIES (100.0%)
Aggressive Equity (24.3%)
Munder Net50, Initial Class ‡Ø		3,744,006	$	38,638
TA IDEX T. Rowe Price Health Sciences, Class I @		3,547,917		44,881
Third Avenue Value, Initial Class Ø		5,918,192		143,339
Transamerica Growth Opportunities, Initial Class Ø		1,962,176		30,787
Transamerica Small/Mid Cap Value, Initial Class Ø		1,559,154		28,579
Capital Preservation (0.0%)
Transamerica Money Market, Initial Class Ø		10,275		10
Growth Equity (52.3%)
Capital Guardian Value, Initial Class Ø		3,628,910		74,647
Great Companies–TechnologySM, Initial Class Ø		479,178		2,089
Jennison Growth, Initial Class Ø		11,581,762		99,024
JP Morgan Mid Cap Value, Initial Class Ø		2,811,814		44,680
Mercury Large Cap Value, Initial Class Ø		7,609,563		142,451
T. Rowe Price Equity Income, Initial Class Ø		4,016		81
TA IDEX UBS Large Cap Value, Class I @		4,631,391		51,733
TA IDEX Van Kampen Small Company Growth, Class I @		4,906,777		57,900
Transamerica Equity, Initial Class Ø		6,053,304		144,492

	Shares		Value
Specialty–Real Estate (4.1%)
Clarion Global Real Estate Securities, Initial Class Ø		2,463,077	$	48,695
World Equity (19.3%)
TA IDEX AllianceBernstein International Value, Class I @		1,002,791		10,148
TA IDEX Evergreen International Small Cap, Class I @		3,103,114		42,854
TA IDEX Marsico International Growth, Class I @		3,260,215		40,068
TA IDEX Mercury Global Allocation, Class I @		4,659,148		46,871
TA IDEX Neuberger Berman International, Class I @		4,576,453		46,405
TA IDEX Oppenheimer Developing Markets, Class I @		4,097,424		41,753
Total Investment Companies (cost: $1,030,269)			$	1,180,125

NOTES TO SCHEDULE OF INVESTMENTS:

‡  Non-income producing.

Ø  This portfolio is part of AEGON/Transamerica Series Trust, and is an affiliate of the Fund.

@  This portfolio is part of Transamerica IDEX Mutual Funds and is an affiliate of the Fund.

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

4

Asset Allocation–Growth Portfolio

STATEMENT OF ASSETS AND LIABILITIES
At December 31, 2005
(all amounts except per share amounts in thousands)

Assets:
Investment in affiliated investment companies at value (cost: $1,030,269)	$	1,180,125
Receivables:
Shares sold		1,554
		1,181,679
Liabilities:
Investment securities purchased		1,018
Accounts payable and accrued liabilities:
Shares redeemed		536
Management and advisory fees		100
Service fees		45
Administration fees		20
Other		68
		1,787
Net Assets	$	1,179,892
Net Assets Consist of:
Capital stock ($.01 par value)	$	920
Additional paid-in capital		921,023
Distributable net investment income (loss)		12,196
Accumulated net realized gain (loss) from investment in affiliated investment companies		95,897
Net unrealized appreciation (depreciation) on investment in affiliated investment companies		149,856
Net Assets	$	1,179,892
Net Assets by Class:
Initial Class	$	966,677
Service Class		213,215
Shares Outstanding:
Initial Class		75,272
Service Class		16,680
Net Asset Value and Offering Price Per Share:
Initial Class	$	12.84
Service Class		12.78

STATEMENT OF OPERATIONS
For the year ended December 31, 2005
(all amounts in thousands)

Investment Income:
Dividends from affiliated investment companies	$	14,019
Expenses:
Management and advisory fees		983
Printing and shareholder reports		88
Custody fees		45
Administration fees		197
Legal fees		17
Audit fees		14
Trustees fees		31
Registration fees		19
Service fees:
Service Class		406
Other		24
Total expenses		1,824
Net Investment Income (Loss)		12,195
Net Realized and Unrealized Gain (Loss) on Investment in Affiliated Investment Companies:
Realized gain (loss) from investment in affiliated investment companies		72,998
Realized gain distributions from investment in affiliated investment companies		23,042
		96,040
Increase (decrease) in unrealized appreciation (depreciation) on investment in affiliated investment companies		12,939
Net Realized and Unrealized Gain (Loss) on Investments in Affiliated Investment Companies		108,979
Net Increase (Decrease) in Net Assets Resulting from Operations	$	121,174

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

5

Asset Allocation–Growth Portfolio

STATEMENTS OF CHANGES IN NET ASSETS
For the years ended
(all amounts in thousands)

	December 31, 2005			December 31, 2004
Increase (Decrease) In Net Assets From:
Operations:
Net investment income (loss)	$	12,195		$	3,009
Net realized gain (loss) from investment in affiliated investment companies		96,040			49,459
Change in unrealized appreciation (depreciation) on investment in affiliated investment companies		12,939			45,866
		121,174			98,334
Distributions to Shareholders:
From net investment income:
Initial Class		(3,855	)		(544	)
Service Class		(675	)		(56	)
		(4,530	)		(600	)
From net realized gains:
Initial Class		(39,502	)		(5,451	)
Service Class		(8,383	)		(562	)
		(47,885	)		(6,013	)
Capital Share Transactions:
Proceeds from shares sold:
Initial Class		207,500			246,360
Service Class		87,680			102,955
		295,180			349,315
Proceeds from fund acquisition:
Initial Class		326			–
		326			–
Dividends and distributions reinvested:
Initial Class		43,357			5,995
Service Class		9,058			618
		52,415			6,613
Cost of shares redeemed:
Initial Class		(100,269	)		(76,074	)
Service Class		(14,177	)		(10,342	)
		(114,446	)		(86,416	)
		233,475			269,512
Net increase (decrease) in net assets		302,234			361,233
Net Assets:
Beginning of year		877,658			516,425
End of year	$	1,179,892		$	877,658
Distributable Net Investment Income (Loss)	$	12,196		$	4,531

	December 31, 2005			December 31, 2004
Share Activity:
Shares issued:
Initial Class		17,018			22,381
Service Class		7,247			9,357
		24,265			31,738
Shares issued on fund acquisition:
Initial Class		27			–
		27			–
Shares issued–reinvested from distributions:
Initial Class		3,613			585
Service Class		757			61
		4,370			646
Shares redeemed:
Initial Class		(8,323	)		(7,037	)
Service Class		(1,174	)		(964	)
		(9,497	)		(8,001	)
Net increase (decrease) in sharesoutstanding:
Initial Class		12,335			15,929
Service Class		6,830			8,454
		19,165			24,383

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

6

Asset Allocation–Growth Portfolio

FINANCIAL HIGHLIGHTS

		For a share outstanding throughout each period (a)
		Net Asset		Investment Operations									Distributions									Net Asset
	For the Period Ended (b)	Value, Beginning of Period		Net Investment Income (Loss)			Net Realized and Unrealized Gain (Loss)			Total Operations			From Net Investment Income			From Net Realized Gains			Total Distributions			Value, End of Period
Initial Class	12/31/2005	$	12.06	$	0.16		$	1.27		$	1.43		$	(0.06	)	$	(0.59	)	$	(0.65	)	$	12.84
	12/31/2004		10.67		0.05			1.45			1.50			(0.01	)		(0.10	)		(0.11	)		12.06
	12/31/2003		8.17		0.02			2.49			2.51			(0.01	)		–			(0.01	)		10.67
	12/31/2002		10.00		0.08			(1.91	)		(1.83	)		–			–			–			8.17
Service Class	12/31/2005		12.03		0.13			1.26			1.39			(0.05	)		(0.59	)		(0.64	)		12.78
	12/31/2004		10.67		0.03			1.44			1.47			(0.01	)		(0.10	)		(0.11	)		12.03
	12/31/2003		8.46		–	(h)		2.21			2.21			–			–			–			10.67

					Ratios/Supplemental Data
	For the Period	Total			Net Assets, End of Period		Ratio of Expenses to Average Net Assets (f)(j)						Net Investment Income (Loss) to Average			Portfolio Turnover
	Ended (b)	Return (c)(g)			(000's)		Net (d)			Total (e)			Net Assets (f)(i)			Rate (g)
Initial Class	12/31/2005		12.24	%	$	966,677		0.14	%		0.14	%		1.28	%		41	%
	12/31/2004		14.19			759,168		0.14			0.14			0.46			38
	12/31/2003		30.80			501,532		0.14			0.14			0.18			18
	12/31/2002		(18.30	)		156,176		0.21			0.21			1.43			20
Service Class	12/31/2005		11.92			213,215		0.39			0.39			1.06			41
	12/31/2004		13.90			118,490		0.39			0.39			0.29			38
	12/31/2003		26.12			14,893		0.38			0.38			0.03			18

NOTES TO FINANCIAL HIGHLIGHTS

(a)  Per share information is calculated based on average number of shares outstanding.

(b)  Asset Allocation – Growth Portfolio ("the Fund") share classes commenced operations on:

Initial Class – May 1, 2002
Service Class – May 1, 2003

(c)  Total Return reflects all portfolio expenses and includes reinvestment of dividends and capital gains; it does not reflect the charges and deductions under the policies or annuity contracts.

(d)  Ratio of Net Expenses to Average Net Assets is net of advisory fee waivers, if any (see Note 2).

(e)  Ratio of Total Expenses to Average Net Assets includes all expenses before advisory fee waivers.

(f)  Annualized.

(g)  Not annualized.

(h)  Rounds to less than $0.01 per share.

(i)  Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.

(j)  Does not include expenses of the investment companies in which the Fund invests.

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

7

Asset Allocation–Growth Portfolio

NOTES TO FINANCIAL STATEMENTS
At December 31, 2005
(all amounts in thousands)

NOTE 1.  ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

The AEGON/Transamerica Series Trust ("ATST") is, as an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). ATST serves as a funding vehicle for variable life insurance, variable annuity and group annuity products. Asset Allocation – Growth Portfolio (the "Fund") is part of ATST.

Effective May 1, 2005, AEGON/Transamerica Series Fund, Inc. changed its name to AEGON/Transamerica Series Trust.

On November 2, 2005, the Fund acquired all of the net assets of the Select+ Aggressive Fund pursuant to a plan of reorganization. Asset Allocation – Growth Portfolio is the accounting survivor. The acquisition was accomplished by a tax free exchange of 27 shares of the Fund's Initial Class for 29 shares of the Select+ Aggressive Fund outstanding on November 1, 2005. The Select+ Aggressive Fund's net assets at that date, $326 including $42 unrealized appreciation, were combined with those of the Fund. The aggregate net assets of Asset Allocation – Growth Portfolio immediately before the acquisition were $1,073,418, the combined net assets of the Fund immediately after the acquisition were $1,073,744.

In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

This report should be read in conjunction with the current Fund prospectus, which contains more complete information about the Fund.

In preparing the Fund's financial statements in accordance with accounting principles generally accepted in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Fund.

Multiple class operations, income and expenses: The Fund currently offers two classes of shares, an Initial Class and a Service Class. Income, non-class specific expenses and realized and unrealized gains and losses, are allocated daily to each class, based upon the value of shares outstanding method as permitted under Rule 18f-3 of the

1940 Act. Each class bears its own specific expenses as well as a portion of general, common expenses.

Security valuations: Investment company securities are valued at the net asset value of the underlying portfolio.

Security transactions and investment income: Security transactions are recorded on the trade date. Security gains and losses are calculated on the first-in, first-out basis. Dividend income is recorded on the ex-dividend date. Dividends and net realized gain (loss) from investment securities for the Fund are from investments in shares of affiliated investment companies.

Dividend distributions: Dividends and capital gains distributions are typically declared and reinvested annually and are generally paid and reinvested on the business day following the ex-date.

NOTE 2.  RELATED PARTY TRANSACTIONS

Effective January 1, 2005 AEGON/Transamerica Fund Advisers, Inc. was renamed Transamerica Fund Advisors, Inc. ("TFAI"); AEGON/Transamerica Fund Services, Inc. and AEGON/Transamerica Investor Services, Inc. merged into one entity and was renamed Transamerica Fund Services, Inc. ("TFS").

ATST serves as a funding vehicle for certain affiliated asset allocation portfolios and certain affiliated separate accounts of Western Reserve Life Assurance Co. of Ohio, Transamerica Life Insurance Company, Transamerica Financial Life Insurance Company, Inc., Peoples Benefit Life Insurance Company, Transamerica Occidental Life Insurance Company and Transamerica Life Insurance and Annuity Company.

TFAI is the Fund's investment adviser. TFS is the Fund's administrator and transfer agent. AFSG Securities Corp. ("AFSG") is the Fund's distributor. TFAI, TFS, and AFSG are affiliates of AEGON, NV, a Netherlands corporation.

TFAI has entered into an agreement with Morningstar Associates, LLC ("Morningstar") to provide investment services to the Fund. TFAI compensates Morningstar as described in the Prospectus.

Transamerica Investment Management, LLC and Great Companies, LLC are both affiliates of the Fund and are sub-advisers to other funds within ATST.

Certain officers and trustees of the Fund are also officers and/or directors of TFAI, TFS and AFSG.

Because the underlying funds have varied expense and fee levels and the Fund may own different proportions of underlying funds at different times, the amount of fees and expenses incurred indirectly by the Fund will vary.

AEGON/Transamerica Series Trust

Annual Report 2005

8

Asset Allocation–Growth Portfolio

NOTES TO FINANCIAL STATEMENTS (continued)
At December 31, 2005
(all amounts in thousands)

NOTE 2.–(continued)

Investment advisory fee: The Fund pays management fees to TFAI based on average daily net assets ("ANA") at the following breakpoints:

0.10% of ANA

TFAI has contractually agreed to waive its advisory fee and will reimburse the Fund to the extent that operating expenses, excluding 12b-1 fees, exceed the following stated annual limit:

0.25% Expense Limit

If total fund expenses fall below the annual expense limitation agreement agreed to by the adviser within the succeeding three years, the Fund may be required to pay that adviser a portion or all of the waived advisory fees.

There were no amounts recaptured during the year ended December 31, 2005. There are no amounts available for recapture at December 31, 2005.

Distribution and service fees: The Fund adopted a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, ATST entered into a Distribution Agreement with AFSG dated January 1, 1997, as amended.

Under the Distribution Plan and Distribution Agreement on the Initial Class shares, AFSG, on behalf of the Fund, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Fund's shares, amounts equal to actual expenses associated with distributing the shares.

The Distribution Plan on the Service Class shares requires ATST to pay distribution fees to AFSG as compensation for its activities, not as reimbursement for specific expenses. The fee on the Service Class is paid to the insurance companies for providing services and account maintenance for their policyholders who invest in the variable insurance products which invest in the Service Class shares.

The Fund is authorized under the 12b-1 plan to pay fees on each class up to the following limits:

Initial Class	0.15	%
Service Class	0.25	%

AFSG has determined that it will not seek payment by the Fund of the distribution expenses incurred with respect to the Initial Class shares before April 30, 2007. Prior to AFSG seeking reimbursement of future expenses, policy and contract owners will be notified in advance. The Fund will pay fees relating to Service Class shares.

Administrative services: The Fund has entered into an agreement with TFS for financial and legal fund administration services. The Fund pays TFS an annual fee of 0.02% of ANA. The Legal fees on the Statement of Operations are for fees paid to external legal counsel.

Deferred compensation plan: Each eligible independent Fund Trustee may elect participation in a non-qualified deferred compensation plan ("the Plan") maintained by Transamerica IDEX Mutual Funds, an affiliate of the Fund. Under the Plan, such Trustees may defer payment of all or a portion of their total fees earned as a Fund Trustee. Each Trustee who is a participant in the Plan may elect that the earnings, losses or gains credited to his or her deferred fee amounts be determined based on a deemed investment in any series of Transamerica IDEX Mutual Funds. The right of a participant to receive a distribution from the Plan of the deferred fees is an unsecured claim against the general assets of all series of Transamerica IDEX Mutual Funds. The pro rata liability to the Fund of all deferred fees in the Plan amounted, as of December 31, 2005, to $59.

NOTE 3.  INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the year ended December 31, 2005, were as follows:

Purchases of securities:
Long-Term	$	620,837
U.S. Government		–
Proceeds from maturities and sales of securities:
Long-Term		404,688
U.S. Government		–

NOTE 4.  FEDERAL INCOME TAX MATTERS

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatment for items including, but not limited to, wash sales.

The tax character of distributions paid may differ from the character of distributions shown in the Statements of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2004 and 2005 was as follows:

2004 Distributions paid from:
Ordinary Income	$	6,083
Long-term Capital Gain		530
2005 Distributions paid from:
Ordinary Income		8,362
Long-term Capital Gain		44,053

AEGON/Transamerica Series Trust

Annual Report 2005

9

Asset Allocation–Growth Portfolio

NOTES TO FINANCIAL STATEMENTS (continued)
At December 31, 2005
(all amounts in thousands)

NOTE 4.–(continued)

The tax basis components of distributable earnings as of December 31, 2005, are as follows:

Undistributed Ordinary Income	$	12,302
Undistributed Long-term Capital Gain	$	95,843
Capital Loss Carryforward	$	–
Net Unrealized Appreciation (Depreciation)	$	149,804

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of December 31, 2005, are as follows:

Federal Tax Cost Basis	$	1,030,321
Unrealized Appreciation	$	149,804
Unrealized (Depreciation)		–
Net Unrealized Appreciation (Depreciation)	$	149,804

NOTE 5.  REGULATORY PROCEEDINGS

There continues to be significant federal and state regulatory activity relating to financial services companies, particularly mutual fund companies and their investment advisers. As part of an ongoing investigation regarding potential market timing, recordkeeping and trading compliance issues and matters affecting the Fund's investment adviser, TFAI, and certain affiliates and former employees of TFAI, the SEC staff has indicated that it is likely to take some action against TFAI and certain of its affiliates at the conclusion of the investigation. The potential timing and the scope of any such action is difficult to predict. Although the impact of any action brought against TFAI and/or its affiliates is difficult to assess at the present time, the Fund currently believes that the likelihood that any such action will have a material adverse impact on it is remote. It is important to note that the Fund is not aware of any allega tion of wrongdoing against it and its Board at the time this annual report is printed. Although it is not anticipated that these developments will have an adverse impact on the Fund, there can be no assurance at this time. TFAI and its affiliates are actively working with the SEC in regard to this matter; however, the exact resolution cannot be determined at this time. TFAI will take such actions that it deems necessary or appropriate to continue providing management services to the Fund and to bring all matters to an appropriate conclusion.

TFAI and/or its affiliates, and not the Fund, will bear the costs regarding these regulatory matters.

AEGON/Transamerica Series Trust

Annual Report 2005

10

Report of Independent Registered Certified Public Accounting Firm

To the Board of Trustees and Shareholders of
Asset Allocation – Growth Portfolio

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Asset Allocation – Growth Portfolio (the "Fund") (one of the portfolios constituting the AEGON/Transamerica Series Trust) at December 31, 2005, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fund's management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2005 by correspondence with the custodian, provide a reasonable basis for our opinion.

Tampa, Florida
February 23, 2006

Asset Allocation–Growth Portfolio (UNAUDITED)

SUPPLEMENTAL TAX INFORMATION
(all amounts in thousands)

For tax purposes, the Fund has made a Long-Term Capital Gain Designation of $44,053 for the year ended December 31, 2005.

AEGON/Transamerica Series Trust

Annual Report 2005

11

Asset Allocation–Growth Portfolio

INVESTMENT ADVISORY AND ASSET ALLOCATION MANAGEMENT AGREEMENTS – REVIEW AND RENEWAL (unaudited)

At a meeting of the Board of Trustees of AEGON/Transamerica Series Trust ("ATST") held on November 2, 2005, the Board reviewed and considered the Investment Advisory Agreement between Asset Allocation – Growth Portfolio (the "Portfolio") and Transamerica Fund Advisors, Inc. ("TFAI") as well as the Asset Allocation Management Agreement of the Portfolio between TFAI and Morningstar Associates, LLC (the "Portfolio Construction Manager"), to determine whether the agreements should be renewed for a one-year period. Following their review and consideration, the Trustees determined that the Investment Advisory Agreement and the Asset Allocation Management Agreement will enable shareholders of the Portfolio to obtain high quality services at a cost that is appropriate, reasonable, and in the best interests of its shareholders. The Board, including the independent members of the Board, unanimously approved the renewal of the Investm ent Advisory Agreement and the Asset Allocation Management Agreement. In reaching their decision, the Trustees requested and obtained from TFAI and the Portfolio Construction Manager such information as they deemed reasonably necessary to evaluate the proposed agreements. The Trustees also carefully considered the information that they had received throughout the year from TFAI and the Portfolio Construction Manager (such as in-person presentations by the Portfolio Construction Manager) as part of their regular oversight of the Portfolio, as well as: comparative fee, expense and performance information prepared by Lipper Inc. ("Lipper"), independent providers of mutual fund performance, fee and expense information; and profitability data. In considering the proposed continuation of the Investment Advisory Agreement and the Asset Allocation Management Agreement, the Trustees evaluated a number of considerations that they believe, in light of the legal advice furnished to them by ATST counsel and independent l egal counsel and their own business judgment, to be relevant. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:

The nature, extent and quality of the advisory service to be provided. The Board considered the nature and quality of the services provided by TFAI and the Portfolio Construction Manager to the Portfolio in the past, as well as the services anticipated to be provided in the future. The Board concluded that TFAI and the Portfolio Construction Manager are capable of providing high quality services to the Portfolio, as indicated by the nature and quality of services provided in the past, TFAI's and the Portfolio Construction Manager's management capabilities demonstrated with respect to the portfolios they manage, including the Portfolio, and the experience, capability and integrity of TFAI's senior management, the financial resources of TFAI and the Portfolio Construction Manager, TFAI's management oversight process, the professional qualifications and experience of the Portfolio Construction Manager's portfolio management team, and the Portfolio's investment performance. The Trustees also concluded that TFAI and the Portfolio Construction Manager proposed to provide investment and related services that were of the same quality and quantity as services provided to the Portfolio in the past, and that these services are appropriate in scope and extent in light of the Portfolio's operations, the competitive landscape of the investment company business and investor needs, and that TFAI's and the Portfolio Construction Manager's obligations will remain substantially the same.

The investment performance of the Portfolio. The Board examined both the short-term and longer-term performance of the Portfolio, including relative performance against a benchmark securities index and a peer group of comparable mutual funds as prepared by Lipper, for various trailing periods ended June 30, 2005. The Trustees concluded that TFAI and the Portfolio Construction Manager generally had achieved superior investment performance, noting that the performance of the Portfolio generally has been superior relative to its peers over the past one-, two- and three-year periods and superior to the benchmark index over the past one-, two- and three-year periods. On the basis of the Trustees' assessment of the nature, extent and quality of advisory services to be provided or procured by TFAI and the Portfolio Construction Manager, the Trustees conclude d that TFAI and the Portfolio Construction Manager are capable of generating a level of investment performance that is appropriate in light of the Portfolio's investment objective, policies and strategies and competitive with many other investment companies, and also determined that TFAI's and the Portfolio Construction Manager's performance records indicate that their continued management is likely to benefit the Portfolio and its shareholders.

The cost of advisory services provided and the level of profitability. The Board reviewed profitability information regarding TFAI's costs of procuring portfolio management services, as well as the costs of provision of administration, fund accounting and other services, to the Portfolio and to ATST as a whole by TFAI and its affiliates. However, the Board noted that the profitability data provided to the Board is based on a prior fee arrangement which has been changed following negotiations between TFAI and the Portfolio Construction Manager pursuant to which the Portfolio Construction Manager agreed to assume additional responsibilities in managing the Portfolio as a sub-adviser, rather than as a consultant, and the Board noted that the Portfolio Construction Manager receives the entirety of the management fee payable by the Portfolio while TFAI get s compensated through the management fees payable by the underlying portfolios in which the Portfolio invests. The Trustees reviewed data from Lipper that compared the Portfolio's management fees, and other fees and expenses (including total expenses including and excluding 12b-1 distribution

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Asset Allocation–Growth Portfolio (continued)

and service fees). Based on such information, the Trustees determined that the management fees and overall expense ratio of the Portfolio generally are consistent with industry averages. In addition, on the basis of the Board's review of the management fees to be charged by TFAI for investment advisory and related services, TFAI profitability information (derived from TFAI's audited financial statements), TFAI's estimated management income resulting from its management of the Portfolio, the estimated margin of the Portfolio Construction Manager, as well as the entirety of TFAI's and its affiliates' service relationship with ATST, the Board concluded that the level of investment management fees and other service fees, as well as TFAI's and the Portfolio Construction Manager's profitability, are appropriate in light of the services provided, the management fees and overall expense ratios of comparable investment companies and the anticipated profitability of the relationship between the Portfolio, TFAI and its affiliates, and the Portfolio Construction Manager.

Whether fee levels reflect economies of scale and the extent to which economies of scale would be realized as the Portfolio grows. The Board noted that the management fee of the Portfolio does not contain asset-based breakpoints, despite TFAI's efforts to negotiate such breakpoints with the Portfolio Construction Manager (the Board instructed TFAI to continue to try to negotiate breakpoints for the Portfolio in the future). However, the Board also noted that, based on the information provided by TFAI, the Portfolio's investments in underlying portfolios have permitted the realization of breakpoints (or lower breakpoints) at the underlying portfolio level which, indirectly, benefit the Portfolio and its shareholders, as well as the underlying portfolios. The Board carefully reviewed the one- and three-year performance record and the fees and expenses o f the Portfolio and the comparative information provided by Lipper. The Board noted that the Portfolio has management fees in line with, or lower than, its peers. The Board also concluded that the Portfolio's management fee appropriately reflect the Portfolio's current size, the current economic environment for TFAI, the competitive nature of the investment company market, and TFAI's pricing strategy. The Trustees concluded that they will have the opportunity to periodically reexamine whether the Portfolio has achieved economies of scale, and the appropriateness of management fees payable by the underlying portfolios to TFAI and fees payable to the Portfolio Construction Manager, in the future.

Benefits (such as soft dollars) to TFAI, its affiliates, or the Portfolio Construction Manager from their relationship with the Portfolio. The Board concluded that other benefits derived by TFAI (including any benefits derived from investment advisory fees payable to TFAI with respect to the underlying portfolios in which the Portfolio invests) or the Portfolio Construction Manager from its relationship with the Portfolio are reasonable and fair, and are consistent with industry practice and the best interests of the Portfolio and its shareholders. In this regard, the Board noted that neither TFAI nor the Portfolio Construction Manager realizes "soft dollar" benefits from its relationship with the Portfolio. In addition, the Trustees determined that the administration, fund accounting and other fees paid by the Portfolio to affiliates of TFAI are reas onable, fair and in the best interests of shareholders in light of the nature and quality of the services provided, the associated costs to these affiliates of providing the services, the impact of the costs of such services on the Portfolio's overall operating expenses, and the necessity of the services for the Portfolio's operations.

Other considerations. The Board determined that TFAI had made a substantial commitment to the recruitment and retention of high quality personnel, and maintained the financial, compliance and operational resources reasonably necessary to manage the Portfolio in a professional manner that is consistent with the best interests of the Portfolio and its shareholders. In this regard, the Trustees favorably considered the procedures and policies in place by TFAI to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Portfolio Construction Manager. The Trustees also determined that TFAI had made a significant entrepreneurial commitment to the management and success of the Portfolio, reflected by TFAI's expense limitation and fee waiver arrangement with the Portfolio, which may result in TFAI waiving a substantial amount of advisory fees for the benefit of shareholders.

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Asset Allocation–Moderate Portfolio

MARKET ENVIRONMENT

The past twelve months were a volatile period in the stock market, but ended with solid overall gains. Stocks spent the early part of 2005 falling, reversing the strong gains of 2004's post-election rally. After hitting bottom around May 2005, most stock indexes posted good gains through the end of November. Large cap stocks lagged the riskier parts of the market. Over the twelve month period, the Standard and Poor's 500 Composite Stock Index ("S&P 500") returned 4.91%, while the Standard and Poor's 400 MidCap Index more than doubled that with a 12.55% gain. International stocks rose even more, with the Morgan Stanley Capital International EAFE Index ("MSCI EAFE") up 14.02% in dollar terms. Value stocks did better than growth early in the year, but growth outperformed over the past six months.

Driving the markets swings was uncertainty about the economy. Fear that the Federal Reserve Board ("Fed") had clamped down too hard stunted performance early in 2005, compounded by worries about Hurricane Katrina later in the year. After all was said and done, though, the economy continued to chug along nicely, as evidenced by continued consumer strength, solid corporate earnings, and continuing productivity growth.

Short-term interest rates rose dramatically over the year, as the Fed continued hiking rates in 25 basis point doses to forestall inflation. Nevertheless, longer term rates were little changed, leading to a modest 2.43% gain in the Lehman Brothers Aggregate Bond Index ("LBAB") for the year. According to our records, bonds with significant credit risk performed better overall, with the average emerging-markets bond fund up more than 11%, and convertible bond funds up more than 3%.

PERFORMANCE

For the year ended December 31, 2005, Asset Allocation – Moderate Portfolio, Initial Class returned 7.44%. By comparison, its primary and secondary benchmarks, the Dow Jones Wilshire 5000 Total Market Index ("DJ Wilshire 5000") and the LBAB, returned 6.32% and 2.43%, respectively.

STRATEGY REVIEW

How did you manage the portfolio in this market environment?

We maintained our strategy of persistent diversification across global equity markets, including small- and mid-cap stocks, which were key sources of the portfolio's strong relative performance. The portfolio was up 7.44% over the trailing twelve months, landing in the top quintile of Morningstar's Moderate Allocation category.

Which individual holdings had the greatest positive impact on performance?

TA IDEX Evergreen International Small Cap, which was a 2% holding for most of the year, had strong gains in 2005, boosted by the rally in emerging markets stocks. TA IDEX Marsico International Growth easily beat its MSCI EAFE benchmark, and was the portfolio's biggest international equity holding. However, a quartet of outstanding domestic equity funds drove most of the strong performance: Third Avenue Value, Transamerica Equity, Transamerica Growth Opportunities and Mercury Large Cap Value. Together these funds accounted for more than 17% of assets at the beginning of the year, and more than 21% of assets by year end. Not only did these funds perform well on an absolute basis, they were each standouts on a relative basis as well.

Which individual holdings had the greatest negative impact on performance?

At the start of the year the portfolio's largest holding was MFS High Yield, with nearly 14% of assets. This fund landed near the bottom quartile of the high-yield category, underperforming the average high-yield fund by 70 basis points.

The worst performing equity fund in the portfolio was Great Companies – Technology, which underperformed for the year, as its blue chip technology stocks lagged the riskier parts of the market. This fund accounted for less than 2% of assets over the year, though, so its effect on performance was limited.

Which sectors/industries had the greatest impact on performance?

Mercury Large Cap Value, one of the largest equity holdings in the portfolio for most of the year, has a significant overweight in the energy sector. This was one of the best performing sectors in the equity markets in the trailing twelve months, and as a result this was one of the top performing domestic equity funds in the portfolio.

Which countries had the greatest impact on performance?

Because of the limited international choices over the course of the year, the portfolio's foreign exposure was generally below its target level. The largest international exposure of the portfolio was to the eurozone. But the best performing country represented

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Asset Allocation–Moderate Portfolio (continued)

in the portfolio was Japan, particularly the mid- and small-cap Japanese exposure in TA IDEX Evergreen International Small Cap.

Todd Porter, CFA

Portfolio Manager
Morningstar Associates, LLC

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Asset Allocation–Moderate Portfolio

Comparison of change in value of $10,000 investment in Initial Class shares and its comparative indices.

Average Annual Total Return for Periods Ended 12/31/05

	1 year			From Inception			Inception Date
Initial Class		7.44	%		7.78	%	5/1/02
DJ Wilshire 50001		6.32	%		7.39	%	5/1/02
LBAB1		2.43	%		5.15	%	5/1/02
Service Class		7.13	%		14.01	%	5/1/03

NOTES

¹  The Dow Jones Wilshire 5000 Total Market (DJ Wilshire 5000) Index and Lehman Brothers Aggregate Bond (LBAB) Index are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. From inception calculation is based on life of Initial Class shares. Source: Standard & Poor's Micropal ®© Micropal, Inc. 2005 – 1-800-596-5323 – http://www.funds-sp.com.

The performance data presented represents past performance, future results may vary. The portfolio's investment return and net asset value will fluctuate. Past performance does not guarantee future results. Investor's units when redeemed, may be worth more or less than their original cost.

Current performance may be higher or lower than the performance data quoted. Please visit your insurance company's website for contract or policy level standardized total returns current to the most recent month-end. Portfolio performance is net of investment fees and fund expenses, but not product charges, which, if included, would significantly lower the performance quoted.

This material must be preceded or accompanied by a current prospectus, which includes specific contents regarding the investment objectives, explanation of share classes and policies of this portfolio.

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Asset Allocation–Moderate Portfolio

UNDERSTANDING YOUR FUND'S EXPENSES
(unaudited)

SHAREHOLDER EXPENSES

Fund shareholders may incur ongoing costs, including management and advisory fees, distribution and service fees, and other Fund expenses.

The following Example is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.

The Example is based on an investment of $1,000 invested at July 1, 2005 and held for the entire period until December 31, 2005.

ACTUAL EXPENSES

The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of your Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fees, brokerage commissions paid on purchases and sales of fund shares. Therefore, the second line under the Fund in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If any of these transaction costs were included, your costs would be higher. The expenses shown in the table do not reflect any fees that may be charged to you by brokers, financial intermediaries or other financial institutions. The expenses shown in the table do not reflect any expenses from the Funds investment in other affiliated investment companies. The average weighted annualized expense ratio of the underlying investment companies at December 31, 2005, was 0.86%.

	Beginning Account Value		Ending Account Value		Annualized Expense Ratio			Expenses Paid During Period (a)
Initial Class
Actual	$	1,000.00	$	1,069.10		0.12	%	$	0.63
Hypothetical (b)		1,000.00		1,024.60		0.12			0.61
Service Class
Actual		1,000.00		1,066.90		0.39			2.03
Hypothetical (b)		1,000.00		1,023.24		0.39			1.99

^(a)  Expenses are calculated using each Fund's annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by number of days in the period (184 days), and divided by the number of days in the year (365 days).

^(b)  5% return per year before expenses.

GRAPHICAL PRESENTATION OF SCHEDULE OF INVESTMENTS
By Investment Type
At December 31, 2005

This chart shows the percentage breakdown by investment type of the Fund's total investment securities.

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Asset Allocation–Moderate Portfolio

SCHEDULE OF INVESTMENTS
At December 31, 2005
(all amounts except share amounts in thousands)

	Shares		Value
INVESTMENT COMPANIES (100.0%)
Aggressive Equity (15.6%)
Munder Net50, Initial Class ‡Ø		817,909	$	8,441
T. Rowe Price Small Cap, Initial Class Ø		2,723,062		30,172
TA IDEX T. Rowe Price Health Sciences, Class I @		4,258,527		53,870
Third Avenue Value, Initial Class Ø		6,028,399		146,008
Transamerica Growth Opportunities, Initial Class Ø		4,499,013		70,589
Transamerica Small/Mid Cap Value, Initial Class Ø		1,160,874		21,279
Capital Preservation (0.0%)
Transamerica Money Market, Initial Class Ø		130,157		130
Fixed-Income (33.6%)
MFS High Yield, Initial Class Ø		13,511,553		129,981
PIMCO Total Return, Initial Class Ø		17,820,715		194,424
TA IDEX PIMCO Real Return TIPS, Class I @		13,050,834		133,249
TA IDEX Transamerica Flexible Income, Class I @		2,316,069		21,841
TA IDEX Transamerica High-Yield Bond, Class I @		1,638,803		14,897
TA IDEX Transamerica Short Term Bond, Class I @		11,032,827		108,122
Transamerica Convertible Securities, Initial Class Ø		9,605,249		107,579
Foreign Fixed-Income (6.0%)
TA IDEX J.P. Morgan International Bond, Class I @		4,803,791		48,903
TA IDEX Van Kampen Emerging Markets Debt, Class I @		7,347,538		78,104

	Shares		Value
Growth Equity (30.5%)
American Century Large Company Value, Initial Class Ø		5,473,390	$	60,262
Federated Growth & Income, Initial Class Ø		4,433,731		73,245
Great Companies–TechnologySM, Initial Class Ø		8,058,101		35,133
Janus Growth, Initial Class ‡Ø		1,408,590		54,033
JP Morgan Mid Cap Value, Initial Class Ø		1,862,139		29,589
Marsico Growth, Initial Class Ø		7,826,398		80,925
Mercury Large Cap Value, Initial Class Ø		6,422,243		120,224
T. Rowe Price Equity Income, Initial Class Ø		3,758,425		75,619
Transamerica Equity, Initial Class Ø		4,884,703		116,598
Specialty–Real Estate (4.0%)
Clarion Global Real Estate Securities, Initial Class Ø		4,311,724		85,243
World Equity (10.3%)
TA IDEX AllianceBernstein International Value, Class I @		2,468,561		24,982
TA IDEX Evergreen International Small Cap, Class I @		3,741,607		51,672
TA IDEX Marsico International Growth, Class I @		4,102,365		50,418
TA IDEX Neuberger Berman International, Class I @		5,077,408		51,485
TA IDEX Oppenheimer Developing Markets, Class I @		3,774,245		38,460
Total Investment Companies (cost: $1,905,528)			$	2,115,477

NOTES TO SCHEDULE OF INVESTMENTS:

‡  Non-income producing.

Ø  This portfolio is part of AEGON/Transamerica Series Trust, and is an affiliate of the Fund.

@  This portfolio is part of Transamerica IDEX Mutual Funds and is an affiliate of the Fund.

The notes to the financial statements are an integral part of this report.

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Annual Report 2005

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Asset Allocation–Moderate Portfolio

STATEMENT OF ASSETS AND LIABILITIES
At December 31, 2005
(all amounts except per share amounts in thousands)

Assets:
Investment in affiliated investment companies at value (cost: $1,905,528)	$	2,115,477
Receivables:
Shares sold		1,063
		2,116,540
Liabilities:
Investment securities purchased		518
Accounts payable and accrued liabilities:
Shares redeemed		545
Management and advisory fees		179
Service fees		125
Administration fees		36
Other		96
		1,499
Net Assets	$	2,115,041
Net Assets Consist of:
Capital stock ($.01 par value)	$	1,729
Additional paid-in capital		1,732,603
Distributable net investment income (loss)		61,692
Accumulated net realized gain (loss) from investment in affiliated investment companies		109,068
Net unrealized appreciation (depreciation) on investment in affiliated investment companies		209,949
Net Assets	$	2,115,041
Net Assets by Class:
Initial Class	$	1,509,579
Service Class		605,462
Shares Outstanding:
Initial Class		123,340
Service Class		49,610
Net Asset Value and Offering Price Per Share:
Initial Class	$	12.24
Service Class		12.20

STATEMENT OF OPERATIONS
For the year ended December 31, 2005
(all amounts in thousands)

Investment Income:
Dividends from affiliated investment companies	$	65,220
Expenses:
Management and advisory fees		1,831
Printing and shareholder reports		83
Custody fees		64
Administration fees		366
Legal fees		32
Audit fees		14
Trustees fees		58
Registration fees		42
Service fees:
Service Class		993
Other		45
Total expenses		3,528
Net Investment Income (Loss)		61,692
Net Realized and Unrealized Gain (Loss) in Affiliated Investment Companies:
Realized Gain (Loss) from investment in affiliated investment companies		63,866
Realized gain distributions from investment in affiliated investment companies		45,407
		109,273
Increase (decrease) in unrealized appreciation (depreciation) on investment in affiliated investment companies		(30,213	)
Net Realized and Unrealized Gain (Loss) on Investment in Affiliated Investment Companies		79,060
Net Increase (Decrease) in Net Assets Resulting from Operations	$	140,752

The notes to the financial statements are an integral part of this report.

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Asset Allocation–Moderate Portfolio

STATEMENTS OF CHANGES IN NET ASSETS
For the years ended
(all amounts in thousands)

	December 31, 2005			December 31, 2004
Increase (Decrease) In Net Assets From:
Operations:
Net investment income (loss)	$	61,692		$	22,147
Net realized gain (loss) from investment in affiliated investment companies		109,273			89,695
Change in unrealized appreciation (depreciation) on investment in affiliated investment companies		(30,213	)		46,872
		140,752			158,714
Distributions to Shareholders:
From net investment income:
Initial Class		(26,155	)		(3,305	)
Service Class		(8,017	)		(26	)
		(34,172	)		(3,331	)
From net realized gains:
Initial Class		(58,958	)		(10,858	)
Service Class		(18,680	)		(1,059	)
		(77,638	)		(11,917	)
Capital Share Transactions:
Proceeds from shares sold:
Initial Class		167,596			203,856
Service Class		364,869			192,692
		532,465			396,548
Dividends and distributions reinvested:
Initial Class		85,113			14,163
Service Class		26,697			1,085
		111,810			15,248
Cost of shares redeemed:
Initial Class		(168,296	)		(110,306	)
Service Class		(22,319	)		(10,031	)
		(190,615	)		(120,337	)
		453,660			291,459
Net increase (decrease) in net assets		482,602			434,925
Net Assets:
Beginning of year		1,632,439			1,197,514
End of year	$	2,115,041		$	1,632,439
Distributable Net Investment Income (Loss)	$	61,692		$	34,172

	December 31, 2005			December 31, 2004
Share Activity:
Shares issued:
Initial Class		13,994			18,091
Service Class		30,407			17,034
		44,401			35,125
Shares issued–reinvested from distributions:
Initial Class		7,256			1,321
Service Class		2,280			101
		9,536			1,422
Shares redeemed:
Initial Class		(14,004	)		(9,767	)
Service Class		(1,864	)		(900	)
		(15,868	)		(10,667	)
Net increase (decrease) in shares outstanding:
Initial Class		7,246			9,645
Service Class		30,823			16,235
		38,069			25,880

The notes to the financial statements are an integral part of this report.

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Asset Allocation–Moderate Portfolio

FINANCIAL HIGHLIGHTS

		For a share outstanding throughout each period (a)
		Net Asset		Investment Operations								Distributions									Net Asset
	For the Period Ended (b)	Value, Beginning of Period		Net Investment Income (Loss)		Net Realized and Unrealized Gain (Loss)			Total Operations			From Net Investment Income			From Net Realized Gains			Total Distributions			Value, End of Period
Initial Class	12/31/2005	$	12.10	$	0.40	$	0.46		$	0.86		$	(0.22	)	$	(0.50	)	$	(0.72	)	$	12.24
	12/31/2004		10.99		0.18		1.06			1.24			(0.03	)		(0.10	)		(0.13	)		12.10
	12/31/2003		8.81		0.04		2.15			2.19			(0.01	)		–			(0.01	)		10.99
	12/31/2002		10.00		0.06		(1.25	)		(1.19	)		–			–			–			8.81
Service Class	12/31/2005		12.09		0.41		0.42			0.83			(0.22	)		(0.50	)		(0.72	)		12.20
	12/31/2004		10.98		0.18		1.03			1.21			–	(h)		(0.10	)		(0.10	)		12.09
	12/31/2003		9.21		0.01		1.76			1.77			–			–			–			10.98

					Ratios/Supplemental Data
	For the Period	Total			Net Assets, End of Period		Ratio of Expenses to Average Net Assets (f)(j)						Net Investment Income (Loss) to Average			Portfolio Turnover
	Ended (b)	Return (c)(g)			(000's)		Net (d)			Total (e)			Net Assets (f)(i)			Rate (g)
Initial Class	12/31/2005		7.44	%	$	1,509,579		0.14	%		0.14	%		3.36	%		24	%
	12/31/2004		11.39			1,405,218		0.13			0.13			1.61			30
	12/31/2003		24.87			1,169,496		0.12			0.12			0.39			16
	12/31/2002		(11.90	)		405,684		0.15			0.15			1.03			21
Service Class	12/31/2005		7.13			605,462		0.39			0.39			3.40			24
	12/31/2004		11.13			227,221		0.39			0.39			1.63			30
	12/31/2003		19.22			28,018		0.37			0.37			0.13			16

NOTES TO FINANCIAL HIGHLIGHTS

(a)  Per share information is calculated based on average number of shares outstanding.

(b)  Asset Allocation–Moderate Portfolio (the "Fund") share classes commenced operations as follows:

Initial Class – May 1, 2002

Service Class – May 1, 2003

(c)  Total Return reflects all portfolio expenses and includes reinvestment of dividends and capital gains; it does not reflect the charges and deductions under the policies or annuity contracts.

(d)  Ratio of Net Expenses to Average Net Assets is net of advisory fee waivers, if any (see note 2).

(e)  Ratio of Total Expenses to Average Net Assets includes all expenses before advisory fee waivers.

(f)  Annualized.

(g)  Not annualized.

(h)  Less than $0.01.

(i)  Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.

(j)  Does not include expenses of the investment companies in which the Fund invests.

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

8

Asset Allocation–Moderate Portfolio

NOTES TO FINANCIAL STATEMENTS
At December 31, 2005
(all amounts in thousands)

NOTE 1.  ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

The AEGON/Transamerica Series Trust ("ATST") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). ATST serves as a funding vehicle for variable life insurance, variable annuity and group annuity products. Asset Allocation – Moderate Portfolio (the "Fund") is part of ATST.

Effective May 1, 2005, AEGON/Transamerica Series Fund, Inc. changed its name to AEGON/Transamerica Series Trust.

In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

This report should be read in conjunction with the current Fund prospectus, which contains more complete information about the Fund.

In preparing the Fund's financial statements in accordance with accounting principles generally accepted in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Fund.

Multiple class operations, income and expenses: The Fund currently offers two classes of shares, an Initial Class and a Service Class. Income, non-class specific expenses and realized and unrealized gains and losses, are allocated daily to each class, based upon the value of shares outstanding method as permitted under Rule 18f-3 of the 1940 Act. Each class bears its own specific expenses as well as a portion of general, common expenses.

Security valuations: Investment company securities are valued at the net asset value of the underlying portfolio.

Security transactions and investment income: Security transactions are recorded on the trade date. Security gains and losses are calculated on the first-in, first-out basis. Dividend income is recorded on the ex-dividend date. Dividends and net realized gain (loss) from investment securities for the Fund are from investments in shares of affiliated investment companies.

Dividend distributions: Dividends and capital gains distributions are typically declared and reinvested annually and are generally paid and reinvested on the business day following the ex-date.

NOTE 2.  RELATED PARTY TRANSACTIONS

Effective January 1, 2005 AEGON/Transamerica Fund Advisers, Inc. was renamed Transamerica Fund Advisors, Inc. ("TFAI"); AEGON/Transamerica Fund Services, Inc. and AEGON/Transamerica Investor Services, Inc. merged into one entity and was renamed Transamerica Fund Services, Inc. ("TFS").

ATST serves as a funding vehicle for certain affiliated asset allocation portfolios and certain affiliated separate accounts of Western Reserve Life Assurance Co. of Ohio, Transamerica Life Insurance Company, Transamerica Financial Life Insurance Company, Inc., Peoples Benefit Life Insurance Company, Transamerica Occidental Life Insurance Company and Transamerica Life Insurance and Annuity Company.

TFAI is the Fund's investment adviser. TFS is the Fund's administrator and transfer agent. AFSG Securities Corp. ("AFSG") is the Fund's distributor. TFAI, TFS, and AFSG are affiliates of AEGON, NV, a Netherlands corporation.

TFAI has entered into an agreement with Morningstar Associates, LLC ("Morningstar") to provide investment services to the Fund. TFAI compensates Morningstar as described in the Prospectus.

Transamerica Investment Management , LLC and Great Companies, LLC are both affiliates of the Fund and are sub-advisers to other funds within ATST.

Certain officers and trustees of the Fund are also officers and/or directors of TFAI, TFS and AFSG.

Because the underlying funds have varied expense and fee levels and the Fund may own different proportions of underlying funds at different times, the amount of fees and expenses incurred indirectly by the Fund will vary.

Investment advisory fee: The Fund pays management fees to TFAI based on average daily net assets ("ANA") at the following breakpoints:

0.10% of ANA

TFAI has contractually agreed to waive its advisory fee and will reimburse the Fund to the extent that operating expenses, excluding 12b-1 fees, exceed the following stated annual limit:

0.25% Expense Limit

If total fund expenses fall below the annual expense limitation agreement agreed to by the adviser within the succeeding three years, the Fund may be required to pay that adviser a portion or all of the waived advisory fees.

There were no amounts recaptured during the year ended December 31, 2005. There are no amounts available for recapture at December 31, 2005.

AEGON/Transamerica Series Trust

Annual Report 2005

9

Asset Allocation–Moderate Portfolio

NOTES TO FINANCIAL STATEMENTS (continued)
At December 31, 2005
(all amounts in thousands)

NOTE 2.–(continued)

Distribution and service fees: The Fund adopted a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, ATST entered into a Distribution Agreement with AFSG dated January 1, 1997, as amended.

Under the Distribution Plan and Distribution Agreement on the Initial Class shares, AFSG, on behalf of the Fund, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Fund's shares, amounts equal to actual expenses associated with distributing the shares.

The Distribution Plan on the Service Class shares requires ATST to pay distribution fees to AFSG as compensation for its activities, not as reimbursement for specific expenses. The fee on the Service Class is paid to the insurance companies for providing services and account maintenance for their policyholders who invest in the variable insurance products which invest in the Service Class shares.

The Fund is authorized under the 12b-1 plan to pay fees on each class up to the following limits:

Initial Class	0.15	%
Service Class	0.25	%

AFSG has determined that it will not seek payment by the Fund of the distribution expenses incurred with respect to the Initial Class shares before April 30, 2007. Prior to AFSG seeking reimbursement of future expenses, policy and contract owners will be notified in advance. The Fund will pay fees relating to Service Class shares.

Administrative services: The Fund has entered into an agreement with TFS for financial and legal fund administration services. The Fund pays TFS an annual fee of 0.02% of ANA. The Legal fees on the Statement of Operations are for fees paid to external legal counsel.

Deferred compensation plan: Each eligible independent Fund Trustee may elect participation in a non-qualified deferred compensation plan ("the Plan") maintained by Transamerica IDEX Mutual Funds, an affiliate of the Fund. Under the Plan, such Trustees may defer payment of all or a portion of their total fees earned as a Fund Trustee. Each Trustee who is a participant in the Plan may elect that the earnings, losses or gains credited to his or her deferred fee amounts be determined based on a deemed investment in any series of Transamerica IDEX Mutual Funds. The right of a participant to receive a distribution from the Plan of the deferred fees is an unsecured claim against the general assets of all series of Transamerica IDEX Mutual Funds. The pro rata liability to the Fund of all deferred fees in the Plan amounted, as of December 31, 2005, to $105.

NOTE 3.  INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the year ended December 31, 2005, were as follows:

Purchases of securities:
Long-Term	$	896,518
U.S. Government		–
Proceeds from maturities and sales of securities:
Long-Term		447,171
U.S. Government		–

NOTE 4.  FEDERAL INCOME TAX MATTERS

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatment for items including, but not limited to, wash sales.

The tax character of distributions paid may differ from the character of distributions shown in the Statements of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2004 and 2005 was as follows:

2004 Distributions paid from:
Ordinary Income	$	13,647
Long-term Capital Gain		1,601
2005 Distributions paid from:
Ordinary Income		34,305
Long-term Capital Gain		77,505

The tax basis components of distributable earnings as of December 31, 2005, are as follows:

Undistributed Ordinary Income	$	62,077
Undistributed Long-term Capital Gain	$	108,855
Capital Loss Carryforward	$	–
Net Unrealized Appreciation (Depreciation)	$	209,777

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of December 31, 2005, are as follows:

Federal Tax Cost Basis	$	1,905,700
Unrealized Appreciation	$	217,774
Unrealized (Depreciation)		(7,997	)
Net Unrealized Appreciation (Depreciation)	$	209,777

AEGON/Transamerica Series Trust

Annual Report 2005

10

Asset Allocation–Moderate Portfolio

NOTES TO FINANCIAL STATEMENTS (continued)
At December 31, 2005
(all amounts in thousands)

NOTE 5.  REGULATORY PROCEEDINGS

There continues to be significant federal and state regulatory activity relating to financial services companies, particularly mutual fund companies and their investment advisers. As part of an ongoing investigation regarding potential market timing, recordkeeping and trading compliance issues and matters affecting the Fund's investment adviser, TFAI, and certain affiliates and former employees of TFAI, the SEC staff has indicated that it is likely to take some action against TFAI and certain of its affiliates at the conclusion of the investigation. The potential timing and the scope of any such action is difficult to predict. Although the impact of any action brought against TFAI and/or its affiliates is difficult to assess at the present time, the Fund currently believes that the likelihood that any such action will have a material adverse impact on it is remote. It is important to note that the Fund is not aware of any allega tion of wrongdoing against it and its Board at the time this annual report is printed. Although it is not anticipated that these developments will have an adverse impact on the Fund, there can be no assurance at this time. TFAI and its affiliates are actively working with the SEC in regard to this matter; however, the exact resolution cannot be determined at this time. TFAI will take such actions that it deems necessary or appropriate to continue providing management services to the Fund and to bring all matters to an appropriate conclusion.

TFAI and/or its affiliates, and not the Fund, will bear the costs regarding these regulatory matters.

AEGON/Transamerica Series Trust

Annual Report 2005

11

Report of Independent Registered Certified Public Accounting Firm

To the Board of Trustees and Shareholders of
Asset Allocation–Moderate Portfolio

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Asset Allocation – Moderate Portfolio (the "Fund") (one of the portfolios constituting the AEGON/Transamerica Series Trust) at December 31, 2005, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fund's management; our responsibility is to express an opinion on these financial statemen ts based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2005 by correspondence with the custodian, provide a reasonable basis for our opinion.

Tampa, Florida
February 23, 2006

Asset Allocation–Moderate Portfolio (UNAUDITED)

SUPPLEMENTAL TAX INFORMATION
(all amounts in thousands)

For tax purposes, the Fund has made a Long-Term Capital Gain Designation of $77,505 for the year ended December 31, 2005.

AEGON/Transamerica Series Trust

Annual Report 2005

12

Asset Allocation–Moderate Portfolio

INVESTMENT ADVISORY AND ASSET ALLOCATION MANAGEMENT AGREEMENTS – REVIEW AND RENEWAL (unaudited)

At a meeting of the Board of Trustees of AEGON/Transamerica Series Trust ("ATST") held on November2, 2005, the Board reviewed and considered the Investment Advisory Agreement between Asset Allocation — Moderate Portfolio (the "Portfolio") and Transamerica Fund Advisors, Inc. ("TFAI") as well as the Asset Allocation Management Agreement of the Portfolio between TFAI and Morningstar Associates, LLC (the "Portfolio Construction Manager"), to determine whether the agreements should be renewed for a one-year period. Following their review and consideration, the Trustees determined that the Investment Advisory Agreement and the Asset Allocation Management Agreement will enable shareholders of the Portfolio to obtain high quality services at a cost that is appropriate, reasonable, and in the best interests of its shareholders. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and the Asset Allocation Management Agreement. In reaching their decision, the Trustees requested and obtained from TFAI and the Portfolio Construction Manager such information as they deemed reasonably necessary to evaluate the proposed agreements. The Trustees also carefully considered the information that they had received throughout the year from TFAI and the Portfolio Construction Manager (such as in-person presentations by the Portfolio Construction Manager) as part of their regular oversight of the Portfolio, as well as: comparative fee, expense and performance information prepared by Lipper Inc. ("Lipper"), independent providers of mutual fund performance, fee and expense information; and profitability data. In considering the proposed continuation of the Investment Advisory Agreement and the Asset Allocation Management Agreement, the Trustees evaluated a number of considerations tha t they believe, in light of the legal advice furnished to them by ATST counsel and independent legal counsel and their own business judgment, to be relevant. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:

The nature, extent and quality of the advisory service to be provided. The Board considered the nature and quality of the services provided by TFAI and the Portfolio Construction Manager to the Portfolio in the past, as well as the services anticipated to be provided in the future. The Board concluded that TFAI and the Portfolio Construction Manager are capable of providing high quality services to the Portfolio, as indicated by the nature and quality of services provided in the past, TFAI's and the Portfolio Construction Manager's management capabilities demonstrated with respect to the portfolios they manage, including the Portfolio, and the experience, capability and integrity of TFAI's senior management, the financial resources of TFAI and the Portfolio Construction Manager, TFAI's management oversight process, the professional qualifications and experience of the Portfolio Construction Manager's portfolio management team, and the Portfolio's investment performance. The Trustees also concluded that TFAI and the Portfolio Construction Manager proposed to provide investment and related services that were of the same quality and quantity as services provided to the Portfolio in the past, and that these services are appropriate in scope and extent in light of the Portfolio's operations, the competitive landscape of the investment company business and investor needs, and that TFAI's and the Portfolio Construction Manager's obligations will remain substantially the same.

The investment performance of the Portfolio. The Board examined both the short-term and longer-term performance of the Portfolio, including relative performance against a benchmark securities index and a peer group of comparable mutual funds as prepared by Lipper, for various trailing periods ended June30, 2005. The Trustees concluded that TFAI and the Portfolio Construction Manager generally had achieved superior investment performance, noting that the performance of the Portfolio generally has been superior relative to its peers over the past one-, two- and three-year periods and superior to the benchmark index over the past one-, two- and three-year periods. On the basis of the Trustees' assessment of the nature, extent and quality of advisory services to be provided or procured by TFAI and the Portfolio Construction Manager, the Trustees concluded that TFAI and the Portfolio Construction Manager are capable of generating a level of investment performance that is appropriate in light of the Portfolio's investment objective, policies and strategies and competitive with many other investment companies, and also determined that TFAI's and the Portfolio Construction Manager's performance records indicate that their continued management is likely to benefit the Portfolio and its shareholders.

The cost of advisory services provided and the level of profitability. The Board reviewed profitability information regarding TFAI's costs of procuring portfolio management services, as well as the costs of provision of administration, fund accounting and other services, to the Portfolio and to ATST as a whole by TFAI and its affiliates. However, the Board noted that the profitability data provided to the Board is based on a prior fee arrangement which has been changed following negotiations between TFAI and the Portfolio Construction Manager pursuant to which the Portfolio Construction Manager agreed to assume additional responsibilities in managing the Portfolio as a sub-adviser, rather than as a consultant, and the Board noted that the Portfolio Construction Manager receives the entirety of the management fee payable by the Portfolio while TFAI get s compensated through the management fees payable by the underlying portfolios in which the Portfolio invests. The Trustees reviewed data from Lipper that compared the Portfolio's management fees, and other fees and expenses (including total expenses including and excluding 12b-1 distribution

AEGON/Transamerica Series Trust

Annual Report 2005

13

Asset Allocation–Moderate Portfolio (continued)

and service fees). Based on such information, the Trustees determined that the management fees and overall expense ratio of the Portfolio generally are consistent with industry averages. In addition, on the basis of the Board's review of the management fees to be charged by TFAI for investment advisory and related services, TFAI profitability information (derived from TFAI's audited financial statements), TFAI's estimated management income resulting from its management of the Portfolio, the estimated margin of the Portfolio Construction Manager, as well as the entirety of TFAI's and its affiliates' service relationship with ATST, the Board concluded that the level of investment management fees and other service fees, as well as TFAI's and the Portfolio Construction Manager's profitability, are appropriate in light of the services provided, the management fees and overall expense ratios of comparable investment companies and the anticipated profitability of the relationship between the Portfolio, TFAI and its affiliates, and the Portfolio Construction Manager.

Whether fee levels reflect economies of scale and the extent to which economies of scale would be realized as the Portfolio grows. The Board noted that the management fee of the Portfolio does not contain asset-based breakpoints, despite TFAI's efforts to negotiate such breakpoints with the Portfolio Construction Manager (the Board instructed TFAI to continue to try to negotiate breakpoints for the Portfolio in the future). However, the Board also noted that, based on the information provided by TFAI, the Portfolio's investments in underlying portfolios have permitted the realization of breakpoints (or lower breakpoints) at the underlying portfolio level which, indirectly, benefit the Portfolio and its shareholders, as well as the underlying portfolios. The Board carefully reviewed the one- and three-year performance record and the fees and expenses o f the Portfolio and the comparative information provided by Lipper. The Board noted that the Portfolio has management fees in line with, or lower than, its peers. The Board also concluded that the Portfolio's management fee appropriately reflect the Portfolio's current size, the current economic environment for TFAI, the competitive nature of the investment company market, and TFAI's pricing strategy. The Trustees concluded that they will have the opportunity to periodically reexamine whether the Portfolio has achieved economies of scale, and the appropriateness of management fees payable by the underlying portfolios to TFAI and fees payable to the Portfolio Construction Manager, in the future.

Benefits (such as soft dollars) to TFAI, its affiliates, or the Portfolio Construction Manager from their relationship with the Portfolio. The Board concluded that other benefits derived by TFAI (including any benefits derived from investment advisory fees payable to TFAI with respect to the underlying portfolios in which the Portfolio invests) or the Portfolio Construction Manager from its relationship with the Portfolio are reasonable and fair, and are consistent with industry practice and the best interests of the Portfolio and its shareholders. In this regard, the Board noted that neither TFAI nor the Portfolio Construction Manager realizes "soft dollar" benefits from its relationship with the Portfolio. In addition, the Trustees determined that the administration, fund accounting and other fees paid by the Portfolio to affiliates of TFAI are reas onable, fair and in the best interests of shareholders in light of the nature and quality of the services provided, the associated costs to these affiliates of providing the services, the impact of the costs of such services on the Portfolio's overall operating expenses, and the necessity of the services for the Portfolio's operations.

Other considerations. The Board determined that TFAI had made a substantial commitment to the recruitment and retention of high quality personnel, and maintained the financial, compliance and operational resources reasonably necessary to manage the Portfolio in a professional manner that is consistent with the best interests of the Portfolio and its shareholders. In this regard, the Trustees favorably considered the procedures and policies in place by TFAI to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Portfolio Construction Manager. The Trustees also determined that TFAI had made a significant entrepreneurial commitment to the management and success of the Portfolio, reflected by TFAI's expense limitation and fee waiver arrangement with the Portfolio, which may result in TFAI waiving a substantial amount of advisory fees for the benefit of shareholders.

AEGON/Transamerica Series Trust

Annual Report 2005

14

Asset Allocation–Moderate Growth Portfolio

MARKET ENVIRONMENT

The past twelve months were a volatile period in the stock market, but ended with solid overall gains. Stocks spent the early part of 2005 falling, reversing the strong gains of 2004's post-election rally. After hitting bottom around May 2005, most stock indexes posted good gains through the end of November. Large cap stocks lagged the riskier parts of the market. Over the twelve month period, the Standard and Poor's 500 Composite Stock Index ("S&P 500") returned 4.91%, while the Standard and Poor's 400 MidCap Index more than doubled that with a 12.55% gain. International stocks rose even more, with the Morgan Stanley Capital International EAFE Index ("MSCI EAFE") up 14.02% in dollar terms. Value stocks did better than growth early in the year, but growth outperformed over the past six months.

Driving the markets swings was uncertainty about the economy. Fear that the Federal Reserve Board ("Fed") had clamped down too hard stunted performance early in 2005, compounded by worries about Hurricane Katrina later in the year. After all was said and done, though, the economy continued to chug along nicely, as evidenced by continued consumer strength, solid corporate earnings, and continuing productivity growth.

Short-term interest rates rose dramatically over the year, as the Fed continued hiking rates in 25 basis point doses to forestall inflation. Nevertheless, longer term rates were little changed, leading to a modest 2.43% gain in the Lehman Brothers Aggregate Bond Index ("LBAB") for the year. According to our records, bonds with significant credit risk performed better overall, with the average emerging-markets bond fund up more than 11%, and convertible bond funds up more than 3%.

PERFORMANCE

For the year ended December 31, 2005, Asset Allocation–Moderate Growth Portfolio, Initial Class returned 9.91%. By comparison, its primary and secondary benchmarks, the Dow Jones Wilshire 5000 Total Market Index ("DJ Wilshire 5000") and the LBAB, returned 6.32% and 2.43%, respectively.

STRATEGY REVIEW

Q.  How did you manage the portfolio in this market environment?

We maintained our strategy of persistent diversification across global equity markets, including small- and mid-cap stocks, which were key sources of the portfolio's strong relative performance. The portfolio was up 9.91% over the trailing twelve months, landing among the top 5% of Morningstar's Moderate Allocation category.

Q.  Which individual holdings had the greatest positive impact on performance?

TA IDEX Evergreen International Small Cap, which was a 3% to 4% holding for most of the year, had strong gains in 2005, boosted by the rally in emerging markets stocks. TA IDEX Marsico International Growth easily beat its MSCI EAFE benchmark, and was the portfolio's biggest international equity holding. However, a quartet of outstanding domestic equity funds drove most of the strong performance: Third Avenue Value, Transamerica Equity, Transamerica Growth Opportunities and Mercury Large Cap Value. Together these funds accounted for nearly 24% of assets at the beginning of the year, and nearly 32% of assets by year end. Not only did these funds perform well on an absolute basis, they were each standouts on a relative basis as well.

Q.  Which individual holdings had the greatest negative impact on performance?

The worst performing equity fund in the portfolio was Great Companies–Technology, which underperformed for the year, as its blue chip technology stocks lagged the riskier parts of the market. This fund accounted for only 2.5% of assets at the beginning of the year and less at the end, though, so its effect on performance was limited. The second worst performing fund in the portfolio was Salomon All Cap. Only relative to the outstanding returns of the other funds in this portfolio does this one look weak. Over the course of the year, Morningstar Associates liquidated a 4.2% stake in Salomon All Cap to provide assets for the other stronger performing funds.

Q.  Which sectors/industries had the greatest impact on performance?

Mercury Large Cap Value, one of the largest holdings in the portfolio, has a significant overweight in the energy sector. This was one of the best performing sectors in the equity markets in the trailing twelve months, and as a result this was one of the top performing domestic equity funds in the portfolio.

Q.  Which countries had the greatest impact on performance?

Because of the limited international choices over the course of the year, the portfolio's foreign exposure was generally below its target level. The largest international exposure of the portfolio was to the eurozone. But the best performing country represented in the portfolio was Japan, particularly the mid- and small-cap Japanese exposure in TA IDEX Evergreen International Small Cap.

Todd Porter, CFA

Portfolio Manager

Morningstar Associates LLC

AEGON/Transamerica Series Trust

Annual Report 2005

1

Asset Allocation–Moderate Growth Portfolio

Comparison of change in value of $10,000 investment in Initial Class shares and its comparative indices.

Average Annual Total Return for Periods Ended 12/31/05

	1 year			From Inception			Inception Date
Initial Class		9.91	%		8.56	%	5/1/02
DJ Wilshire 50001		6.32	%		7.39	%	5/1/02
LBAB1		2.43	%		5.15	%	5/1/02
Service Class		9.71	%		16.85	%	5/1/03

NOTES

¹  The Dow Jones Wilshire 5000 Total Market (DJ Wilshire 5000) Index and Lehman Brothers Aggregate Bond (LBAB) Index are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. From inception calculation is based on life of Initial Class shares. Source: Standard & Poor's Micropal ®© Micropal, Inc. 2005 – 1-800-596-5323 – http://www.fund-sp.com.

The performance data presented represents past performance, future results may vary. The portfolio's investment return and net asset value will fluctuate. Past performance does not guarantee future results. Investor's units when redeemed, may be worth more or less than their original cost.

Current performance may be higher or lower than the performance data quoted. Please visit your insurance company's website for contract or policy level standardized total returns current to the most recent month-end. Portfolio performance is net of investment fees and fund expenses, but not product charges, which, if included, would significantly lower the performance quoted.

This material must be preceded or accompanied by a current prospectus, which includes specific contents regarding the investment objectives, explanation of share classes and policies of this portfolio.

AEGON/Transamerica Series Trust

Annual Report 2005

2

Asset Allocation–Moderate Growth Portfolio

UNDERSTANDING YOUR FUND'S EXPENSES
(unaudited)

SHAREHOLDER EXPENSES

Fund shareholders may incur ongoing costs, including management and advisory fees, distribution and service fees, and other Fund expenses.

The following Example is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.

The Example is based on an investment of $1,000 invested at July 1, 2005 and held for the entire period until December 31, 2005.

ACTUAL EXPENSES

The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of your Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fees, brokerage commissions paid on purchases and sales of fund shares. Therefore, the second line under the Fund in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If any of these transaction costs were included, your costs would be higher. The expenses shown in the table do not reflect any fees that may be charged to you by brokers, financial intermediaries or other

financial institutions. The expenses shown in the table do not reflect any expenses from the Funds investment in other affiliated investment companies. The average weighted annualized expense ratio of the underlying investment companies at December 31, 2005, was 0.89%.

	Beginning Account Value		Ending Account Value		Annualized Expense Ratio			Expenses Paid During Period (a)
Initial Class
Actual	$	1,000.00	$	1,091.90		0.14	%	$	0.74
Hypothetical (b)		1,000.00		1,024.50		0.14			0.71
Service Class
Actual		1,000.00		1,089.90		0.39			2.05
Hypothetical (b)		1,000.00		1,023.24		0.39			1.99

^(a)  Expenses are calculated using each Fund's annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by number of days in the period (184 days), and divided by the number of days in the year (365 days).

^(b)  5% return per year before expenses.

GRAPHICAL PRESENTATION OF SCHEDULE OF INVESTMENTS
By Investment Type
At December 31, 2005

This chart shows the percentage breakdown by investment type of the Fund's total investment securities.

AEGON/Transamerica Series Trust

Annual Report 2005

3

Asset Allocation–Moderate Growth Portfolio

SCHEDULE OF INVESTMENTS
At December 31, 2005
(all amounts except share amounts in thousands)

	Shares		Value
INVESTMENT COMPANIES (100.0%)
Aggressive Equity (15.6%)
Munder Net50, Initial Class ‡Ø		2,670,492	$	27,559
TA IDEX T. Rowe Price Health Sciences, Class I @		7,123,681		90,115
Third Avenue Value, Initial Class Ø		9,593,996		232,367
Transamerica Growth Opportunities, Initial Class Ø		5,003,674		78,508
Capital Preservation (0.0%)
Transamerica Money Market, Initial Class Ø		18,355		18
Fixed-Income (16.6%)
MFS High Yield, Initial Class Ø		9,234,597		88,837
PIMCO Total Return, Initial Class Ø		7,241,781		79,008
TA IDEX PIMCO Real Return TIPS, Class I @		10,145,618		103,587
TA IDEX Transamerica Flexible Income, Class I @		4,201,237		39,618
TA IDEX Transamerica High-Yield Bond, Class I @		2,937,716		26,704
Transamerica Convertible Securities, Initial Class Ø		10,724,871		120,118
Foreign Fixed-Income (1.6%)
TA IDEX Van Kampen Emerging Markets Debt, Class I @		4,050,623		43,058
Growth Equity (45.0%)
Capital Guardian Value, Initial Class Ø		6,300,399		129,599
Great Companies–TechnologySM, Initial Class Ø		10,484,097		45,711
Janus Growth, Initial Class ‡Ø		4,402,103		168,865

	Shares		Value
Growth Equity (continued)
Jennison Growth, Initial Class Ø		1,036,925	$	8,866
JP Morgan Mid Cap Value, Initial Class Ø		9,981,968		158,613
Mercury Large Cap Value, Initial Class Ø		14,560,122		272,565
T. Rowe Price Equity Income, Initial Class Ø		4,241,557		85,340
T. Rowe Price Growth Stock, Initial Class Ø		81,476		1,862
TA IDEX Van Kampen Small Company Growth, Class I @		6,480,015		76,464
Transamerica Equity, Initial Class Ø		12,187,738		290,921
Specialty- Real Estate (4.8%)
Clarion Global Real Estate Securities, Initial Class Ø		6,699,499		132,449
World Equity (16.4%)
TA IDEX AllianceBernstein International Value, Class I @		2,379,336		24,079
TA IDEX Evergreen International Small Cap, Class I @		7,516,643		103,805
TA IDEX Marsico International Growth, Class I @		7,148,182		87,851
TA IDEX Mercury Global Allocation, Class I @		8,999,060		90,530
TA IDEX Neuberger Berman International, Class I @		6,789,954		68,850
TA IDEX Oppenheimer Developing Markets, Class I @		7,418,832		75,598
Total Investment Companies (cost: $2,415,781)			$	2,751,465

NOTES TO SCHEDULE OF INVESTMENTS:

‡  Non-income producing.

Ø  This portfolio is part of AEGON/Transamerica Series Trust, and is an affiliate of the Fund.

@  This portfolio is part of Transamerica IDEX Mutual Funds and is an affiliate of the Fund.

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

4

Asset Allocation–Moderate Growth Portfolio

STATEMENT OF ASSETS AND LIABILITIES
At December 31, 2005
(all amounts except share amounts in thousands)

Assets:
Investment in affiliated investment companies at value (cost: $2,415,781)	$	2,751,465
Receivables:
Shares sold		3,319
		2,754,784
Liabilities:
Investment securities purchased		2,433
Accounts payable and accrued liabilities:
Shares redeemed		886
Management and advisory fees		231
Service fees		177
Administration fees		46
Other		147
		3,920
Net Assets	$	2,750,864
Net Assets Consist of:
Capital stock ($.01 par value)	$	2,152
Additional paid-in capital		2,216,190
Distributable net investment income (loss)		54,145
Accumulated net realized gain (loss) from investment in affiliated investment companies		142,693
Net unrealized appreciation (depreciation) on investment in affiliated investment companies		335,684
Net Assets	$	2,750,864
Net Assets by Class:
Initial Class	$	1,892,007
Service Class		858,857
Shares Outstanding:
Initial Class		147,853
Service Class		67,379
Net Asset Value and Offering Price Per Share:
Initial Class	$	12.80
Service Class		12.75

STATEMENT OF OPERATIONS
For the year ended December 31, 2005
(all amounts in thousands)

Investment Income:
Dividends from affiliated investment companies	$	58,548
Expenses:
Management and advisory fees		2,207
Printing and shareholder reports		122
Custody fees		68
Administration fees		442
Legal fees		38
Audit fees		14
Trustees fees		68
Registration fees		78
Service fees:
Service Class		1,314
Other		52
Total expenses		4,403
Net Investment Income (Loss)		54,145
Net Realized and Unrealized Gain (Loss) on Investment in Affiliated Investment Companies:
Realized gain (loss) from investment in affiliated investment companies		85,726
Realized gain distributions from investment in affiliated investment companies		57,971
		143,697
Increase (decrease) in unrealized appreciation (depreciation) on investment in affiliated investment companies		33,750
Net Realized and Unrealized Gain (Loss) on Investment in Affiliated Investment Companies		177,447
Net Increase (Decrease) in Net Assets Resulting from Operations	$	231,592

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

5

Asset Allocation–Moderate Growth Portfolio

STATEMENTS OF CHANGES IN NET ASSETS
For the years ended
(all amounts in thousands)

	December 31, 2005			December 31, 2004
Increase (Decrease) In Net Assets From:
Operations:
Net investment income (loss)	$	54,145		$	16,538
Net realized gain (loss) from investment in affiliated investment companies		143,697			85,834
Change in unrealized appreciation (depreciation) on investment in affiliated investment companies		33,750			97,458
		231,592			199,830
Distributions to Shareholders:
From net investment income:
Initial Class		(19,033	)		(2,470	)
Service Class		(6,366	)		(281	)
		(25,399	)		(2,751	)
From net realized gains:
Initial Class		(56,782	)		(8,415	)
Service Class		(19,984	)		(958	)
		(76,766	)		(9,373	)
Capital Share Transactions:
Proceeds from shares sold:
Initial Class		317,522			332,596
Service Class		537,084			222,757
		854,606			555,353
Proceeds from fund acquisition:
Initial Class		6,970			–
		6,970			–
Dividends and distributions reinvested:
Initial Class		75,815			10,885
Service Class		26,350			1,239
		102,165			12,124
Cost of shares redeemed:
Initial Class		(161,230	)		(114,727	)
Service Class		(14,697	)		(13,767	)
		(175,927	)		(128,494	)
		787,814			438,983
Net increase (decrease) in net assets		917,241			626,689
Net Assets:
Beginning of year		1,833,623			1,206,934
End of year	$	2,750,864		$	1,833,623
Distributable Net Investment Income (Loss)	$	54,145		$	25,399

	December 31, 2005			December 31, 2004
Share Activity:
Shares issued:
Initial Class		26,058			29,721
Service Class		43,965			19,875
		70,023			49,596
Shares issued on fund acquisition:
Initial Class		572			–
		572			–
Shares issued–reinvested from distributions:
Initial Class		6,266			1,035
Service Class		2,185			118
		8,451			1,153
Shares redeemed:
Initial Class		(13,239	)		(10,399	)
Service Class		(1,201	)		(1,265	)
		(14,440	)		(11,664	)
Net increase (decrease) in shares outstanding:
Initial Class		19,657			20,357
Service Class		44,949			18,728
		64,606			39,085

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

6

Asset Allocation–Moderate Growth Portfolio

FINANCIAL HIGHLIGHTS

		For a share outstanding throughout each period (a)
		Net Asset		Investment Operations								Distributions									Net Asset
	For the Period Ended (b)	Value, Beginning of Period		Net Investment Income (Loss)		Net Realized and Unrealized Gain (Loss)			Total Operations			From Net Investment Income			From Net Realized Gains			Total Distributions			Value, End of Period
Initial Class	12/31/2005	$	12.18	$	0.30	$	0.88		$	1.18		$	(0.14	)	$	(0.42	)	$	(0.56	)	$	12.80
	12/31/2004		10.82		0.13		1.32			1.45			(0.02	)		(0.07	)		(0.09	)		12.18
	12/31/2003		8.52		0.03		2.28			2.31			(0.01	)		–			(0.01	)		10.82
	12/31/2002		10.00		0.08		(1.56	)		(1.48	)		–			–			–			8.52
Service Class	12/31/2005		12.15		0.29		0.86			1.15			(0.13	)		(0.42	)		(0.55	)		12.75
	12/31/2004		10.83		0.12		1.29			1.41			(0.02	)		(0.07	)		(0.09	)		12.15
	12/31/2003		8.87		0.01		1.95			1.96			–			–			–			10.83

					Ratios/Supplemental Data
	For the Period	Total			Net Assets, End of Period		Ratio of Expenses to Average Net Assets (f)(i)						Net Investment Income (Loss) to Average			Portfolio Turnover
	Ended (b)	Return (c)(g)			(000's)		Net (d)			Total (e)			Net Assets (f)(h)			Rate (g)
Initial Class	12/31/2005		9.91	%	$	1,892,007		0.14	%		0.14	%		2.47	%		23	%
	12/31/2004		13.54			1,560,998		0.14			0.14			1.15			30
	12/31/2003		27.17			1,166,851		0.12			0.12			0.34			13
	12/31/2002		(14.80	)		396,608		0.15			0.15			1.33			23
Service Class	12/31/2005		9.71			858,857		0.39			0.39			2.40			23
	12/31/2004		13.16			272,625		0.39			0.39			1.08			30
	12/31/2003		22.10			40,083		0.37			0.37			0.17			13

NOTES TO FINANCIAL HIGHLIGHTS

(a)  Per share information is calculated based on average number of shares outstanding.

(b)  Asset Allocation–Moderate Growth Portfolio (the "Fund") share classes commenced operations on:

Initial Class – May 1, 2002

Service Class – May 1, 2003

(c)  Total Return reflects all portfolio expenses and includes reinvestment of dividends and capital gains; it does not reflect the charges and deductions under the policies or annuity contracts.

(d)  Ratio of Net Expenses to Average Net assets is net of advisory fee waivers, if any (see note 2).

(e)  Ratio of Total Expenses to Average Net Assets includes all expenses before advisory fee waivers.

(f)  Annualized.

(g)  Not annualized.

(h)  Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.

(i)  Does not include expenses of the investment companies in which the Fund invests.

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

7

Asset Allocation–Moderate Growth Portfolio

NOTES TO FINANCIAL STATEMENTS
At December 31, 2005
(all amounts in thousands)

NOTE 1.  ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

The AEGON/Transamerica Series Trust ("ATST") is, as an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). ATST serves as a funding vehicle for variable life insurance, variable annuity and group annuity products. Asset Allocation–Moderate Growth Portfolio (the "Fund") is part of ATST.

Effective May 1, 2005, AEGON/Transamerica Series Fund, Inc. changed its name to AEGON/Transamerica Series Trust.

On November 2, 2005, the Fund acquired all of the net assets of the Select+ Growth & Income Fund pursuant to a plan of reorganization. Asset Allocation–Moderate Growth Portfolio is the accounting survivor. The acquisition was accomplished by a tax free exchange of 572 shares of the Fund's Initial Class for 562 shares of the Select+ Growth & Income Fund outstanding on November 1, 2005. The Select+ Growth & Income Fund's net assets at that date, $6,970 including $1,069 unrealized appreciation, were combined with those of the Fund. The aggregate net assets of Asset Allocation–Moderate Growth Portfolio immediately before the acquisition were $2,495,191, the combined net assets of the Fund immediately after the acquisition were $2,502,161.

In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

This report should be read in conjunction with the current Fund prospectus, which contains more complete information about the Fund.

In preparing the Fund's financial statements in accordance with accounting principles generally accepted in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Fund.

Multiple class operations, income and expenses: The Fund currently offers two classes of shares, an Initial Class and a Service Class. Income, non-class specific expenses and realized and unrealized gains and losses, are allocated daily to each class, based upon the value of shares outstanding method as permitted under Rule 18f-3 of the 1940 Act. Each class bears its own specific expenses as well as a portion of general, common expenses.

Security valuations: Investment company securities are valued at the net asset value of the underlying portfolio.

Security transactions and investment income: Security transactions are recorded on the trade date. Security gains and losses are calculated on the first-in, first-out basis. Dividend income is recorded on the ex-dividend date. Dividends and net realized gain (loss) from investment securities for the Fund are from investments in shares of affiliated investment companies.

Dividend distributions: Dividends and capital gains distributions are typically declared and reinvested annually and are generally paid and reinvested on the business day following the ex-date.

NOTE 2.  RELATED PARTY TRANSACTIONS

Effective January 1, 2005 AEGON/Transamerica Fund Advisers, Inc. was renamed Transamerica Fund Advisors, Inc. ("TFAI"); AEGON/Transamerica Fund Services, Inc. and AEGON/Transamerica Investor Services, Inc. merged into one entity and was renamed Transamerica Fund Services, Inc. ("TFS").

ATST serves as a funding vehicle for certain affiliated asset allocation portfolios and certain affiliated separate accounts of Western Reserve Life Assurance Co. of Ohio, Transamerica Life Insurance Company, Transamerica Financial Life Insurance Company, Inc., Peoples Benefit Life Insurance Company, Transamerica Occidental Life Insurance Company and Transamerica Life Insurance and Annuity Company.

TFAI is the Fund's investment adviser. TFS is the Fund's administrator and transfer agent. AFSG Securities Corp. ("AFSG") is the Fund's distributor. TFAI, TFS, and AFSG are affiliates of AEGON, NV, a Netherlands corporation.

TFAI has entered into an agreement with Morningstar Associates, LLC ("Morningstar") to provide investment services to the Fund. TFAI compensates Morningstar as described in the Prospectus.

Transamerica Investment Management , LLC and Great Companies, LLC are both affiliates of the Fund and are sub-advisers to other funds within ATST.

Certain officers and trustees of the Fund are also officers and/or directors of TFAI, TFS and AFSG.

Because the underlying funds have varied expense and fee levels and the Fund may own different proportions of underlying funds at different times, the amount of fees and expenses incurred indirectly by the Fund will vary.

Investment advisory fee: The Fund pays management fees to TFAI based on average daily net assets ("ANA") at the following breakpoints:

0.10% of ANA

AEGON/Transamerica Series Trust

Annual Report 2005

8

Asset Allocation–Moderate Growth Portfolio

NOTES TO FINANCIAL STATEMENTS (continued)
At December 31, 2005
(all amounts in thousands)

NOTE 2.–(continued)

TFAI has contractually agreed to waive its advisory fee and will reimburse the Fund to the extent that operating expenses, excluding 12b-1 fees, exceed the following stated annual limit:

0.25% Expense Limit

If total fund expenses fall below the annual expense limitation agreement agreed to by the adviser within the succeeding three years, the Fund may be required to pay that adviser a portion or all of the waived advisory fees.

There were no amounts recaptured during the year ended December 31, 2005. There are no amounts available for recapture at December 31, 2005.

Distribution and service fees: The Fund adopted a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, ATST entered into a Distribution Agreement with AFSG dated January 1, 1997, as amended.

Under the Distribution Plan and Distribution Agreement on the Initial Class shares, AFSG, on behalf of the Fund, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Fund's shares, amounts equal to actual expenses associated with distributing the shares.

The Distribution Plan on the Service Class shares requires ATST to pay distribution fees to AFSG as compensation for its activities, not as reimbursement for specific expenses. The fee on the Service Class is paid to the insurance companies for providing services and account maintenance for their policyholders who invest in the variable insurance products which invest in the Service Class shares.

The Fund is authorized under the 12b-1 plan to pay fees on each class up to the following limits:

Initial Class	0.15	%
Service Class	0.25	%

AFSG has determined that it will not seek payment by the Fund of the distribution expenses incurred with respect to the Initial Class shares before April 30, 2007. Prior to AFSG seeking reimbursement of future expenses, policy and contract owners will be notified in advance. The Fund will pay fees relating to Service Class shares.

Administrative services: The Fund has entered into an agreement with TFS for financial and legal fund administration services. The

Fund pays TFS an annual fee of 0.02% of ANA. The Legal fees on the Statement of Operations are for fees paid to external legal counsel.

Deferred compensation plan: Each eligible independent Fund Trustee may elect participation in a non-qualified deferred compensation plan ("the Plan") maintained by Transamerica IDEX Mutual Funds, an affiliate of the Fund. Under the Plan, such Trustees may defer payment of all or a portion of their total fees earned as a Fund Trustee. Each Trustee who is a participant in the Plan may elect that the earnings, losses or gains credited to his or her deferred fee amounts be determined based on a deemed investment in any series of Transamerica IDEX Mutual Funds. The right of a participant to receive a distribution from the Plan of the deferred fees is an unsecured claim against the general assets of all series of Transamerica IDEX Mutual Funds. The pro rata liability to the Fund of all deferred fees in the Plan amounted, as of December 31, 2005, to $137.

NOTE 3.  INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the year ended December 31, 2005, were as follows:

Purchases of securities:
Long-Term	$	1,306,806
U.S. Government		–
Proceeds from maturities and sales of securities:
Long-Term		515,546
U.S. Government		–

NOTE 4.  FEDERAL INCOME TAX MATTERS

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatment for items including, but not limited to, wash sales.

The tax character of distributions paid may differ from the character of distributions shown in the Statements of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2004 and 2005 was as follows:

2004 Distributions paid from:
Ordinary Income	$	11,121
Long-term Capital Gain		1,003
2005 Distributions paid from:
Ordinary Income		29,471
Long-term Capital Gain		72,694

AEGON/Transamerica Series Trust

Annual Report 2005

9

Asset Allocation–Moderate Growth Portfolio

NOTES TO FINANCIAL STATEMENTS (continued)
At December 31, 2005
(all amounts in thousands)

NOTE 4.–(continued)

The tax basis components of distributable earnings as of December 31, 2005, are as follows:

Undistributed Ordinary Income	$	54,145
Undistributed Long-term Capital Gain	$	143,226
Capital Loss Carryforward	$	–
Net Unrealized Appreciation (Depreciation)	$	335,151

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of December 31, 2005, are as follows:

Federal Tax Cost Basis	$	2,416,314
Unrealized Appreciation	$	340,764
Unrealized (Depreciation)		(5,613	)
Net Unrealized Appreciation (Depreciation)	$	335,151

NOTE 5.  REGULATORY PROCEEDINGS

There continues to be significant federal and state regulatory activity relating to financial services companies, particularly mutual fund companies and their investment advisers. As part of an ongoing investigation regarding potential market timing, recordkeeping and trading compliance issues and matters affecting the Fund's investment adviser, TFAI, and certain affiliates and former employees of TFAI, the SEC staff has indicated that it is likely to take some action against TFAI and certain of its affiliates at the conclusion of the investigation. The potential timing and the scope of any such action is difficult to predict. Although the impact of any action brought against TFAI and/or its affiliates is difficult to assess at the present time, the Fund currently believes that the likelihood that any such action will have a material adverse impact on it is remote. It is important to note that the Fund is not aware of any allega tion of wrongdoing against it and its Board at the time this annual report is printed. Although it is not anticipated that these developments will have an adverse impact on the Fund, there can be no assurance at this time. TFAI and its affiliates are actively working with the SEC in regard to this matter; however, the exact resolution cannot be determined at this time. TFAI will take such actions that it deems necessary or appropriate to continue providing management services to the Fund and to bring all matters to an appropriate conclusion.

TFAI and/or its affiliates, and not the Fund, will bear the costs regarding these regulatory matters.

AEGON/Transamerica Series Trust

Annual Report 2005

10

Report of Independent Registered Certified Public Accounting Firm

To the Board of Trustees and Shareholders of
Asset Allocation–Moderate Growth Portfolio

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Asset Allocation–Moderate Growth Portfolio (the "Fund") (one of the portfolios constituting the AEGON/Transamerica Series Trust) at December 31, 2005, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fund's management; our responsibility is to express an opinion on these financial sta tements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2005 by correspondence with the custodian, provide a reasonable basis for our opinion.

Tampa, Florida
February 23, 2006

Asset Allocation–Moderate Growth Portfolio (UNAUDITED)

SUPPLEMENTAL TAX INFORMATION
(all amounts in thousands)

For tax purposes, the Fund has made a Long-Term Capital Gain Designation of $72,694 for the year ended December 31, 2005.

AEGON/Transamerica Series Trust

Annual Report 2005

Asset Allocation–Moderate Growth Portfolio 11

Asset Allocation–Moderate Growth Portfolio

INVESTMENT ADVISORY AND ASSET ALLOCATION MANAGEMENT AGREEMENTS – REVIEW AND RENEWAL (unaudited)

At a meeting of the Board of Trustees of AEGON/Transamerica Series Trust ("ATST") held on November 2, 2005, the Board reviewed and considered the Investment Advisory Agreement between Asset Allocation – Moderate Growth Portfolio (the "Portfolio") and Transamerica Fund Advisors, Inc. ("TFAI") as well as the Asset Allocation Management Agreement of the Portfolio between TFAI and Morningstar Associates, LLC (the "Portfolio Construction Manager"), to determine whether the agreements should be renewed for a one-year period. Following their review and consideration, the Trustees determined that the Investment Advisory Agreement and the Asset Allocation Management Agreement will enable shareholders of the Portfolio to obtain high quality services at a cost that is appropriate, reasonable, and in the best interests of its shareholders. The Board, including the independent members of the Board, unanimously approved the renewal of th e Investment Advisory Agreement and the Asset Allocation Management Agreement. In reaching their decision, the Trustees requested and obtained from TFAI and the Portfolio Construction Manager such information as they deemed reasonably necessary to evaluate the proposed agreements. The Trustees also carefully considered the information that they had received throughout the year from TFAI and the Portfolio Construction Manager (such as in-person presentations by the Portfolio Construction Manager) as part of their regular oversight of the Portfolio, as well as: comparative fee, expense and performance information prepared by Lipper Inc. ("Lipper"), independent providers of mutual fund performance, fee and expense information; and profitability data. In considering the proposed continuation of the Investment Advisory Agreement and the Asset Allocation Management Agreement, the Trustees evaluated a number of considerations that they believe, in light of the legal advice furnished to them by ATST counsel and inde pendent legal counsel and their own business judgment, to be relevant. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:

The nature, extent and quality of the advisory service to be provided. The Board considered the nature and quality of the services provided by TFAI and the Portfolio Construction Manager to the Portfolio in the past, as well as the services anticipated to be provided in the future. The Board concluded that TFAI and the Portfolio Construction Manager are capable of providing high quality services to the Portfolio, as indicated by the nature and quality of services provided in the past, TFAI's and the Portfolio Construction Manager's management capabilities demonstrated with respect to the portfolios they manage, including the Portfolio, and the experience, capability and integrity of TFAI's senior management, the financial resources of TFAI and the Portfolio Construction Manager, TFAI's management oversight process, the professional qualifications and experience of the Portfolio Construction Manager's portfolio management team, and the Portfolio's investment performance. The Trustees also concluded that TFAI and the Portfolio Construction Manager proposed to provide investment and related services that were of the same quality and quantity as services provided to the Portfolio in the past, and that these services are appropriate in scope and extent in light of the Portfolio's operations, the competitive landscape of the investment company business and investor needs, and that TFAI's and the Portfolio Construction Manager's obligations will remain substantially the same.

The investment performance of the Portfolio. The Board examined both the short-term and longer-term performance of the Portfolio, including relative performance against a benchmark securities index and a peer group of comparable mutual funds as prepared by Lipper, for various trailing periods ended June 30, 2005. The Trustees concluded that TFAI and the Portfolio Construction Manager generally had achieved superior investment performance, noting that the performance of the Portfolio generally has been superior relative to its peers over the past one-, two- and three-year periods and superior to the benchmark index over the past one-, two- and three-year periods. On the basis of the Trustees' assessment of the nature, extent and quality of advisory services to be provided or procured by TFAI and the Portfolio Construction Manager, the Trustees conclude d that TFAI and the Portfolio Construction Manager are capable of generating a level of investment performance that is appropriate in light of the Portfolio's investment objective, policies and strategies and competitive with many other investment companies, and also determined that TFAI's and the Portfolio Construction Manager's performance records indicate that their continued management is likely to benefit the Portfolio and its shareholders.

The cost of advisory services provided and the level of profitability. The Board reviewed profitability information regarding TFAI's costs of procuring portfolio management services, as well as the costs of provision of administration, fund accounting and other services, to the Portfolio and to ATST as a whole by TFAI and its affiliates. However, the Board noted that the profitability data provided to the Board is based on a prior fee arrangement which has been changed following negotiations between TFAI and the Portfolio Construction Manager pursuant to which the Portfolio Construction Manager agreed to assume additional responsibilities in managing the Portfolio as a sub-adviser, rather than as a consultant, and the Board noted that the Portfolio Construction Manager receives the entirety of the management fee payable by the Portfolio while TFAI get s compensated through the management fees payable by the underlying portfolios in which the Portfolio invests. The Trustees reviewed data from Lipper that compared the Portfolio's management fees, and other fees and expenses (including total expenses including and excluding 12b-1 distribution

AEGON/Transamerica Series Trust

Annual Report 2005

12

Asset Allocation–Moderate Growth Portfolio (continued)

and service fees). Based on such information, the Trustees determined that the management fees and overall expense ratio of the Portfolio generally are consistent with industry averages. In addition, on the basis of the Board's review of the management fees to be charged by TFAI for investment advisory and related services, TFAI profitability information (derived from TFAI's audited financial statements), TFAI's estimated management income resulting from its management of the Portfolio, the estimated margin of the Portfolio Construction Manager, as well as the entirety of TFAI's and its affiliates' service relationship with ATST, the Board concluded that the level of investment management fees and other service fees, as well as TFAI's and the Portfolio Construction Manager's profitability, are appropriate in light of the services provided, the management fees and overall expense ratios of comparable investment companies and the anticipated profitability of the relationship between the Portfolio, TFAI and its affiliates, and the Portfolio Construction Manager.

Whether fee levels reflect economies of scale and the extent to which economies of scale would be realized as the Portfolio grows. The Board noted that the management fee of the Portfolio does not contain asset-based breakpoints, despite TFAI's efforts to negotiate such breakpoints with the Portfolio Construction Manager (the Board instructed TFAI to continue to try to negotiate breakpoints for the Portfolio in the future). However, the Board also noted that, based on the information provided by TFAI, the Portfolio's investments in underlying portfolios have permitted the realization of breakpoints (or lower breakpoints) at the underlying portfolio level which, indirectly, benefit the Portfolio and its shareholders, as well as the underlying portfolios. The Board carefully reviewed the one- and three-year performance record and the fees and expenses o f the Portfolio and the comparative information provided by Lipper. The Board noted that the Portfolio has management fees in line with, or lower than, its peers. The Board also concluded that the Portfolio's management fee appropriately reflect the Portfolio's current size, the current economic environment for TFAI, the competitive nature of the investment company market, and TFAI's pricing strategy. The Trustees concluded that they will have the opportunity to periodically reexamine whether the Portfolio has achieved economies of scale, and the appropriateness of management fees payable by the underlying portfolios to TFAI and fees payable to the Portfolio Construction Manager, in the future.

Benefits (such as soft dollars) to TFAI, its affiliates, or the Portfolio Construction Manager from their relationship with the Portfolio. The Board concluded that other benefits derived by TFAI (including any benefits derived from investment advisory fees payable to TFAI with respect to the underlying portfolios in which the Portfolio invests) or the Portfolio Construction Manager from its relationship with the Portfolio are reasonable and fair, and are consistent with industry practice and the best interests of the Portfolio and its shareholders. In this regard, the Board noted that neither TFAI nor the Portfolio Construction Manager realizes "soft dollar" benefits from its relationship with the Portfolio. In addition, the Trustees determined that the administration, fund accounting and other fees paid by the Portfolio to affiliates of TFAI are reas onable, fair and in the best interests of shareholders in light of the nature and quality of the services provided, the associated costs to these affiliates of providing the services, the impact of the costs of such services on the Portfolio's overall operating expenses, and the necessity of the services for the Portfolio's operations.

Other considerations. The Board determined that TFAI had made a substantial commitment to the recruitment and retention of high quality personnel, and maintained the financial, compliance and operational resources reasonably necessary to manage the Portfolio in a professional manner that is consistent with the best interests of the Portfolio and its shareholders. In this regard, the Trustees favorably considered the procedures and policies in place by TFAI to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Portfolio Construction Manager. The Trustees also determined that TFAI had made a significant entrepreneurial commitment to the management and success of the Portfolio, reflected by TFAI's expense limitation and fee waiver arrangement with the Portfolio, which may result in TFAI waiving a substantial amount of advisory fees for the benefit of shareholders.

AEGON/Transamerica Series Trust

Annual Report 2005

13

Capital Guardian Global

MARKET ENVIRONMENT

Stocks had robust gains late in the year, capping off a strong year for international investing. The best results by far came from Japan, where the Nikkei 225 Stock Index closed the year at its highest level since September 2000. Continental Europe was the next best region, while the U.K. and U.S. lagged. The U.S. dollar strengthened against other major currencies.

Cyclical stocks had better results than defensive ones. The best returns came from the materials, financials, industrials and energy sectors. Some areas within the materials sector benefited from the perception of improved supply and demand fundamentals. Financials received a boost from companies with capital markets exposure, as they continued to see surging profits from trading and investment banking. Insurance stocks rose, particularly in Europe, on firmer premiums and the prospect of a longer pricing cycle.

Wireless telecommunications had negative returns. Vodafone Group Plc epitomized poor investor sentiment, with concerns about margin guidance and strategic direction impacting the stock in the fourth quarter. While integrated oil stocks slid as the price of oil retreated, they remained the best-performing stocks by far for the full year.

Good results for equities came against a backdrop of healthy economies in the U.S. and emerging markets, and improving economies in Europe and Japan. In Japan, optimism about an economic resurgence continued to build, deflation appeared to be nearing an end, and economic reforms regained momentum as Parliament approved the privatization of Japan Post.

PERFORMANCE

For the year ended December 31, 2005, Capital Guardian Global, Initial Class returned 10.18%. By comparison its benchmark, the Morgan Stanley Capital International World Index returned 10.02%.

STRATEGY REVIEW

Stock selection in the information technology and energy sectors helped achieve good portfolio results. We emphasized dominant companies gaining market share in information technology such as Softbank Corp. and Hewlett-Packard Co., and semiconductor equipment companies like KLA-Tencor Corp., Samsung Electronics Co., Ltd., Taiwan Semiconductor Manufacturing Co., Ltd., and Applied Materials, Inc. that should benefit from a cyclical chip recovery and a shift toward flash memory. Stock selection in Japan was positive overall. An overweight position in Japan and underweight position in the U.S. also proved beneficial, as did an overweight in oil services stocks and an underweight in integrated oil companies in the energy sector.

Strong portfolio returns overall were impacted negatively by stock selection in the materials and financials sectors.

The financials sector was mixed, but ended the year as a detractor to returns. Within this group, the portfolio's many Japanese holdings such as Sumitomo Mitsui Financial Group, Inc., Mitsubishi Estate Co., and Orix Corp. were among the top overall contributors for the year. While Japan was reaching new highs, our positions in U.S. government-sponsored mortgage providers Federal Home Loan Mortgage Corp. and Federal National Mortgage Association hurt results, as continued uncertainty over their future regulatory oversight caused these stocks to decline.

Investment Team

Capital Guardian Trust Company

AEGON/Transamerica Series Trust

Annual Report 2005

1

Capital Guardian Global

Comparison of change in value of $10,000 investment in Initial Class shares and its comparative index.

Average Annual Total Return for Periods Ended 12/31/05

	1 year			5 years			From Inception			Inception Date
Initial Class		10.18	%		3.93	%		6.26	%	2/3/98
MSCIW1		10.02	%		2.64	%		5.34	%	2/3/98
Service Class		9.90	%		–			19.74	%	5/1/03

NOTES

¹  The Morgan Stanley Capital InternationalWorld (MSCIW) Index is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. From inception calculation is based on life of initial class shares. Source: Standard & Poor's Micropal®^© Micropal, Inc. 2005 – 1-800-596-5323 – http://www.funds-sp.com.

The performance data presented represents past performance, future results may vary. The portfolio's investment return and net asset value will fluctuate. Past performance does not guarantee future results. Investor's units when redeemed,may be worth more or less than their original cost.

Current performance may be higher or lower than the performance data quoted. Please visit your insurance company's website for contract or policy level standardized total returns current to the most recent month-end. Portfolio performance is net of investment fees and fund expenses, but not product charges, which, if included, would significantly lower the performance quoted.

Investments in global securities involve risks relating to political, social and economic developments abroad, foreign currency contracts for hedging, as well as risks resulting from the differences between the regulations to which U.S. and foreign issuer markets are subject.

This material must be preceded or accompanied by a current prospectus, which includes specific contents regarding the investment objectives, explanation of share classes and policies of this portfolio.

The historical financial information for periods prior to May 1, 2002 has been derived from the financial history of the predecessor portfolio, Capital Guardian Global Portfolio, of the Endeavor Series Trust. Capital Guardian Trust Company has been the portfolio's subadviser since October 9, 2000. Prior to that a different firm managed the portfolio and the performance set forth above prior to October 9, 2000 is attributable to that firm.

AEGON/Transamerica Series Trust

Annual Report 2005

2

Capital Guardian Global

UNDERSTANDING YOUR FUND'S EXPENSES
(unaudited)

SHAREHOLDER EXPENSES

Fund shareholders may incur ongoing costs, including management and advisory fees, distribution and service fees, and other Fund expenses.

The following Example is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.

The Example is based on an investment of $1,000 invested at July 1, 2005 and held for the entire period until December 31, 2005.

ACTUAL EXPENSES

The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of your Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fees, brokerage commissions paid on purchases and sales of fund shares. Therefore, the second line under the Fund in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If any of these transaction costs were included, your costs would be higher. The expenses shown in the table do not reflect any fees that may be charged to you by brokers, financial intermediaries or other financial institutions.

	Beginning Account Value		Ending Account Value		Annualized Expense Ratio			Expenses Paid During Period (a)
Initial Class
Actual	$	1,000.00	$	1,125.40		1.12	%	$	6.00
Hypothetical (b)		1,000.00		1,019.56		1.12			5.70
Service Class
Actual		1,000.00		1,124.30		1.38			7.39
Hypothetical (b)		1,000.00		1,018.25		1.38			7.02

^(a)  Expenses are calculated using each Fund's annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by number of days in the period (184 days), and divided by the number of days in the year (365 days).

^(b)  5% return per year before expenses.

GRAPHICAL PRESENTATION OF SCHEDULE OF INVESTMENTS
By Region
At December 31, 2005

This chart shows the percentage breakdown by region of the Fund's total investment securities.

AEGON/Transamerica Series Trust

Annual Report 2005

3

Capital Guardian Global

SCHEDULE OF INVESTMENTS
At December 31, 2005
(all amounts except share amounts in thousands)

	Shares		Value
CONVERTIBLE PREFERRED STOCKS (0.7%)
United States (0.7%)
Chubb Corp.		24,400	$	857
General Motors Corp.		55,800		872
Total Convertible Preferred Stocks (cost: $1,852)				1,729
PREFERRED STOCKS (0.1%)
Germany (0.1%)
Volkswagen AG		2,400		92
Total Preferred Stocks (cost: $86)				92
COMMON STOCKS (91.1%)
Australia (2.4%)
Amcor, Ltd.		68,300		374
Boral, Ltd.		142,717		848
Coca-Cola Amatil, Ltd.		121,500		687
Macquarie Bank, Ltd.		1,143		57
Promina Group, Ltd.		194,900		692
QBE Insurance Group, Ltd.		12,700		183
Rinker Group, Ltd.		100,340		1,211
Toll Holdings, Ltd.		46,185		505
Wesfarmers, Ltd.		13,800		374
Westpac Banking Corp.		39,100		653
Austria (0.6%)
Raiffeisen International Bank Holding AG ‡		3,200		209
Telekom Austria AG		54,562		1,220
Belgium (0.3%)
Fanuc, Ltd.		14,899		698
Bermuda (1.3%)
Cooper Industries, Ltd.–Class A		5,800		423
Hongkong Land Holdings, Ltd.		86,000		270
Li & Fung, Ltd.		249,000		480
PartnerRe, Ltd.		8,500		558
Tyco International, Ltd.		26,300		759
Weatherford International, Ltd. ‡		19,600		710
Canada (4.0%)
Alcan, Inc.		38,000		1,555
Cameco Corp.		19,600		1,239
Canadian Natural Resources, Ltd.		33,900		1,674
IGM Financial, Inc. †		19,800		782
Inco, Ltd. †		24,500		1,068
Methanex Corp.		34,300		642
Noranda, Inc.		18,300		541
Potash Corp. of Saskatchewan		8,700		694
Suncor Energy, Inc.		9,800		616
TELUS Corp.		18,300		750

	Shares		Value
Cayman Islands (0.1%)
XL Capital, Ltd.–Class A		4,600	$	310
France (4.2%)
Air Liquide		2,280		437
AXA		10,900		351
BNP Paribas	��	18,300		1,476
Bouygues		44,500		2,169
Carrefour SA		7,520		351
L'Oreal SA		12,600		934
Safran SA		16,100		384
Sanofi-Aventis		21,300		1,860
Schneider Electric SA		15,400		1,369
Veolia Environnement		12,000		542
Germany (2.7%)
Allianz AG		3,400		513
Bayer AG		28,000		1,166
Bayerische Motoren Werke AG		15,200		665
DaimlerChrysler AG		9,800		499
Deutsche Bank AG		2,300		222
Deutsche Post AG		18,900		457
Heidelberger Druckmaschinen		12,300		469
Infineon Technologies AG ‡		19,200		175
SAP AG		1,900		343
SAP AG, ADR		13,200		595
Siemens AG		10,300		880
Volkswagen AG †		7,300		385
Hong Kong (0.8%)
Johnson Electric Holdings, Ltd.		8,000		8
Link (The)–REIT ‡(a)		444,500		843
PCCW, Ltd.		1,365,000		841
Sun Hung Kai Properties, Ltd.		29,000		282
Ireland (0.6%)
CRH PLC		20,200		592
Iaws Group PLC		60,000		860
Israel (0.6%)
Teva Pharmaceutical Industries, Ltd., ADR †		30,800		1,325
Japan (15.8%)
Aeon Co., Ltd.		47,700		1,213
Bank of Yokohama, Ltd. (The)		126,000		1,031
Canon, Inc. †		7,000		409
Daimaru, Inc.		97,000		1,399
Enplas Corp.		13,000		361
Fanuc, Ltd.		10,200		865
Kansai Electric Power Co. (The), Inc.		32,500		698
Kao Corp.		19,000		509
Millea Holdings, Inc.		24		413

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

4

Capital Guardian Global

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2005
(all amounts except share amounts in thousands)

	Shares		Value
Japan (continued)
Mitsubishi Estate Co., Ltd.		97,000	$	2,014
Mitsubishi Tokyo Financial Group, Inc.		185		2,509
Nintendo Co., Ltd.		9,100		1,099
Nippon Electric Glass Co., Ltd.		53,000		1,157
Nippon Telegraph & Telephone Corp.		128		582
Nitto Denko Corp.		21,400		1,667
ORIX Corp. (a)		3,500		891
Ricoh Co., Ltd.		23,000		403
Sekisui House, Ltd.		8,000		101
Shimamura Co., Ltd.		7,600		1,051
SMC Corp.		5,900		843
Softbank Corp. †		80,700		3,406
Sumitomo Corp.		169,000		2,184
Sumitomo Mitsui Financial Group, Inc.		308		3,263
Sumitomo Realty & Development Co., Ltd.		37,000		804
Suzuki Motor Corp.		68,000		1,259
T&D Holdings, Inc.		3,400		225
Takeda Pharmaceutical Co., Ltd.		17,700		957
Tokyo Electric Power Co. (The), Inc.		14,300		347
Tokyo Electron, Ltd.		22,000		1,382
Tokyo Gas Co., Ltd.		140,000		622
Tokyu Corp.		97,000		686
Toto, Ltd. †		128,000		1,082
Trend Micro, Inc. ‡		16,000		605
Yahoo! Japan Corp.		558		847
Yamato Transport Co., Ltd.		36,000		597
Mexico (0.9%)
America Movil SA de CV–Class L, ADR		55,800		1,633
America Telecom SA de CV, ADR ࠤ		45,400		441
Netherland Antilles (1.0%)
Schlumberger, Ltd. †		24,100		2,341
Netherlands (4.3%)
ABN AMRO Holding NV		29,390		766
ASML Holding NV ‡†		54,200		1,081
ASML Holding NV, ADR ‡†		4,200		84
Heineken NV		12,487		395
ING Groep NV		20,610		713
Reed Elsevier NV		40,500		564
Royal Dutch Shell PLC–Class A		113,385		3,450
Royal Dutch Shell PLC–Class A, ADR		9,500		584
Royal Numico NV ‡		23,400		966
Unilever NV		23,500		1,604
Norway (0.1%)
Norske Skogindustrier ASA		14,384		228
Portugal (0.3%)
Portugal Telecom SGPS SA		67,000		676

		Shares		Value
Singapore (0.8%)
DBS Group Holdings, Ltd.			28,000	$	278
Singapore Telecommunications, Ltd.			618,990		972
United Overseas Bank, Ltd.			66,000		580
South Africa (1.2%)
Sasol, Ltd.			78,600		2,808
South Korea (0.8%)
Samsung Electronics Co., Ltd.			2,400		1,555
Samsung Electronics Co., Ltd., GDR–144A			1,130		372
Spain (2.0%)
Banco Bilbao Vizcaya Argentaria SA	��		79,400		1,413
Banco Santander Central Hispano SA			69,800		918
Iberdrola SA			20,400		556
Repsol YPF SA			60,400		1,758
Sweden (0.6%)
Telefonaktiebolaget LM Ericsson, ADR ‡†			10,900		375
Telefonaktiebolaget LM Ericsson–Class B			310,600		1,066
Switzerland (5.1%)
Compagnie Financiere Richemont AG–Class A			18,793		816
Credit Suisse Group			15,452		786
Givaudan			500		338
Holcim, Ltd.			29,526		2,007
Lindt & Spruengli AG			220		374
Nestle SA			2,859		853
Novartis AG			59,169		3,102
Roche Holding AG-Genusschein			10,983		1,645
Swiss Reinsurance (a)			18,355		1,341
UBS AG			8,457		803
Taiwan (0.1%)
Taiwan Semiconductor Manufacturing Co., Ltd., ADR			30,800		305
United Kingdom (6.9%)
AstraZeneca PLC			47,900		2,340
AstraZeneca PLC, ADR			29,500		1,434
BHP Billiton PLC			58,747		958
Bradford & Bingley PLC			83,500		589
Corus Group PLC ‡m			413,600		—	o
HBOS PLC			119,500		2,038
Kingfisher PLC			95,700		390
Lloyds TSB Group PLC			40,200		337
Reed Elsevier PLC			62,100		582
Rolls-Royce Group PLC ‡			48,500		356
Royal Bank of Scotland Group PLC			72,200		2,177
Standard Chartered PLC			29,000		645
Vodafone Group PLC			1,755,866		3,785
Yell Group PLC			86,200		794

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

5

Capital Guardian Global

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2005
(all amounts except share amounts in thousands)

	Shares		Value
United States (33.6%)
Adobe Systems, Inc.		17,000	$	628
Affiliated Computer Services, Inc.–Class A ‡		21,900		1,296
Allergan, Inc.		16,700		1,803
Altera Corp. ‡†		86,100		1,595
Altria Group, Inc.		9,200		687
American International Group, Inc.		11,950		815
American Standard Cos., Inc.		28,900		1,155
American Tower Corp.–Class A ‡†		14,900		404
Amgen, Inc. ‡		6,800		536
Anheuser-Busch Cos., Inc. †		36,200		1,555
Applied Materials, Inc.		148,559		2,665
Avon Products, Inc.		19,400		554
Baker Hughes, Inc.		7,300		444
Baxter International, Inc.		23,500		885
Berkshire Hathaway, Inc.–Class A ‡		24		2,127
Brocade Communications Systems, Inc. ‡		93,500		381
Capital One Financial Corp.		4,100		354
Chevron Corp.		9,138		519
Cisco Systems, Inc. ‡		179,000		3,065
Clear Channel Communications, Inc.		24,700		777
Comcast Corp.–Class A ‡		25,500		662
Corning, Inc. ‡		42,100		828
Danaher Corp. †		17,200		959
DIRECTV Group (The), Inc. ‡		12,200		172
Endo Pharmaceuticals Holdings, Inc. ‡		17,600		533
Fannie Mae		64,600		3,153
Fifth Third Bancorp		16,500		622
Fluor Corp.		19,800		1,530
Forest Laboratories, Inc. ‡		65,000		2,644
Freddie Mac		30,400		1,987
Gap (The), Inc.		44,500		785
General Electric Co.		85,800		3,007
General Motors Corp.		1,400		27
Golden West Financial Corp.		8,700		574
Hewlett-Packard Co.		17,200		492
Hudson City Bancorp, Inc.		49,600		601
Huntsman Corp. ‡		52,800		909
IKON Office Solutions, Inc.		39,900		415
Illinois Tool Works, Inc.		9,300		818
Intel Corp.		24,000		599
International Paper Co. †		14,500		487
IVAX Corp. ‡†		20,500		642
Jabil Circuit, Inc. ‡		26,100		968
JP Morgan Chase & Co.		52,288		2,075
KLA-Tencor Corp. †		47,900		2,363
Kraft Foods, Inc.–Class A †		15,000		422
Leggett & Platt, Inc. †		15,200		349

	Shares		Value
United States (continued)
Lexmark International, Inc. ‡		4,800	$	215
Lincare Holdings, Inc. ‡		21,800		914
Linear Technology Corp.		13,800		498
Medtronic, Inc.		15,000		864
Microsoft Corp.		53,100		1,389
News Corp., Inc.–Class A		51,513		801
Northern Trust Corp.		4,900		254
Northrop Grumman Corp.		6,300		379
Pepsi Bottling Group, Inc.		25,600		732
PepsiCo, Inc.		8,800		520
Pfizer, Inc.		29,400		686
Sandisk Corp. ‡		33,900		2,130
SLM Corp.		37,200		2,049
Sprint Nextel Corp.		115,750		2,704
Starwood Hotels & Resorts Worldwide, Inc.		13,700		875
SYSCO Corp.		63,000		1,956
Target Corp.		11,200		616
Tenet Healthcare Corp. ‡		97,700		748
Time Warner, Inc.		135,050		2,355
United Parcel Service, Inc.–Class B		10,700		804
United Technologies Corp.		28,600		1,599
Verizon Communications, Inc.		17,400		524
Washington Mutual, Inc.		40,000		1,740
Wells Fargo & Co.		11,800		741
Xilinx, Inc. †		84,700		2,135
Yahoo!, Inc. ‡		8,900		349
Total Common Stocks (cost: $179,400)				215,673
	Principal Amount		Value
SECURITY LENDING COLLATERAL (8.1%)
Debt (6.9%)
Bank Notes (0.2%)
Bank of America 4.27%, due 01/17/2006 *	$	284	$	284
4.31%, due 08/10/2006 *		233		233
Certificates of Deposit (0.3%)
Barclays 4.31%, due 01/17/2006 *		179		179
Canadian Imperial Bank of Commerce 4.15%, due 05/18/2006 *		253		253
Credit Suisse First Boston Corp. 4.18%, due 03/10/2006 *		101		101
Rabobank Nederland 4.10%, due 05/31/2006 *		253		253

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

6

Capital Guardian Global

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2005
(all amounts except share amounts in thousands)

	Principal Amount		Value
Commercial Paper (0.8%)
Fairway Finance–144A 4.31%, due 01/10/2006	$	505	$	505
Jupiter Securitization Corp.–144A 4.27%, due 01/05/2006		253		253
Paradigm Funding LLC–144A 4.30%, due 01/09/2006		99		99
Park Avenue Receivables Corp.–144A 4.27%, due 01/04/2006		252		252
Preferred Receivables Corp.–144A 4.31%, due 01/04/2006		201		201
Ranger Funding Co. LLC–144A 4.29%, due 01/18/2006		200		200
Sheffield Receivables Corp.–144A 4.26%, due 01/23/2006		122		122
Yorktown Capital LLC 4.27%, due 01/05/2006		253		253
Euro Dollar Overnight (1.1%)
Calyon 4.34%, due 01/05/2006		253		253
Fortis Bank 4.35%, due 01/03/2006		506		506
4.35%, due 01/05/2006		481		481
Harris Trust & Savings Bank 4.25%, due 01/05/2006		415		415
National Australia Bank 4.16%, due 01/03/2006		517		517
Rabobank Nederland 4.15%, due 01/03/2006		182		182
Wells Fargo 4.27%, due 01/03/2006		253		253
Euro Dollar Terms (2.3%)
Bank of Montreal 4.30%, due 01/19/2006		507		507
Barclays 4.27%, due 01/25/2006		152		152
4.30%, due 01/31/2006		405		405
BNP Paribas 4.22%, due 01/24/2006		253		253
Dexia Group 4.25%, due 01/09/2006		253		253
Rabobank Nederland 4.21%, due 01/19/2006		456		456
Royal Bank of Canada 4.25%, due 01/24/2006		355		355

	Principal Amount		Value
Euro Dollar Terms (continued)
Royal Bank of Scotland
4.30%, due 01/31/2006	$	760	$	760
4.31%, due 02/01/2006		557		557
Societe Generale 4.28%, due 01/30/2006		507		507
UBS AG 4.26%, due 01/10/2006		507		507
Wells Fargo 4.29%, due 01/30/2006		760		760
Promissory Notes (0.2%)
Bear Stearns & Co. 4.39%, due 03/07/2006		304		304
4.39%, due 06/06/2006		101		101
Repurchase Agreements (2.0%) ††
Credit Suisse First Boston Corp. 4.29%, dated 12/30/2005 to be repurchased at $848 on 01/03/2006		848		848
Goldman Sachs Group, Inc. (The) 4.29%, dated 12/30/2005 to be repurchased at $2,024 on 01/03/2006		2,023		2,023
Lehman Brothers, Inc. 4.29%, dated 12/30/2005 to be repurchased at $14 on 01/03/2006		14		14
Merrill Lynch & Co. 4.24%, dated 12/30/2005 to be repurchased at $1,622 on 01/03/2006		1,621		1,621
Morgan Stanley Dean Witter & Co. 4.36%, dated 12/30/2005 to be repurchased at $179 on 01/03/2006		179		179
	Shares		Value
Investment Companies (1.2%)
American Beacon Fund 1-day yield of 4.19%		69,440	$	69
Barclays Global Investors Institutional Money Market Fund 1-day yield of 4.19%		658,453		658
Dreyfus Cash Management Plus Fund 1-day yield of 4.09%		273,511		274
Merrimac Cash Fund, Premium Class 1-day yield of 4.03% @		1,793,103		1,793
Total Security Lending Collateral (cost: $19,151)				19,151
Total Investment Securities (cost: $200,489)			$	236,645

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

7

Capital Guardian Global

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2005
(all amounts except share amounts in thousands)

FORWARD FOREIGN CURRENCY CONTRACTS:
Currency	Bought (Sold)			Settlement Date	Amount in U.S. Dollars Bought (Sold)			Net Unrealized Appreciation (Depreciation)
British Pound Sterling		14		01/24/2006	$	25		$	(1	)
British Pound Sterling		604		04/11/2006		1,065			(27	)
British Pound Sterling		(604	)	04/11/2006		(1,070	)		32
Euro Dollar		950		05/25/2006		1,137			(7	)
Euro Dollar		(2,513	)	05/25/2006		(2,981	)		(8	)
Japanese Yen		387,761		01/10/2006		3,589			(301	)
Japanese Yen		(387,761	)	01/10/2006		(3,536	)		249
					$	(1,771	)	$	(63	)

FORWARD FOREIGN CROSS CURRENCY CONTRACTS:
Currency Bought		Currency Sold			Settlement Date	Net Unrealized Appreciation (Depreciation)
Canadian Dollar	1,230	British Pound Sterling	(599	)	01/24/2006	$	25
British Pound Sterling	1,128	Canadian Dollar	(2,372	)	01/2006		(95	)
British Pound Sterling	624	Swiss Franc	(1,408	)	03/2006		(5	)
						$	(75	)

NOTES TO SCHEDULE OF INVESTMENTS:

‡  Non-income producing.

†  At December 31, 2005, all or a portion of this security is on loan (see Note 1). The value at December 31, 2005, of all securities on loan is $16,740.

o  Value is less than $1.

*  Floating or variable rate note. Rate is listed as of December 31, 2005.

††  Cash collateral for the Repurchase Agreements, valued at $4,777, that serve as collateral for securities lending are invested in corporate bonds with interest rates and maturity dates ranging from 0.00%–8.75% and 01/03/2006–08/01/2037, respectively.

@  Regulated investment company advised by Investors Bank and Trust Co. ("IBT"). IBT is also the accounting, custody and lending agent for the Fund.

m  Securities valued as determined in good faith in accordance with procedure established by the Fund's Board of Trustees.

§  Security is deemed to be illiquid.

(a)  Passive Foreign Investment Company.

DEFINITIONS:

144A  144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2005, these securities aggregated $2,004 or 0.8% of the total investments of the Fund.

ADR  American Depositary Receipt

GDR  Global Depositary Receipt

REIT  Real Estate Investment Trust

SGPS  Sociedade Gestora de Participações Socialis (Holding Enterprise)

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

8

Capital Guardian Global

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2005
(all amounts in thousands)

	Percentage of Total Investment			Value
INVESTMENTS BY INDUSTRY:
Commercial Banks		9.2	%	$	21,758
Pharmaceuticals		8.5	%		20,205
Oil & Gas Extraction		6.0	%		14,283
Telecommunications		5.7	%		13,452
Electronic Components & Accessories		4.7	%		11,004
Business Credit Institutions		3.4	%		8,069
Computer & Office Equipment		3.4	%		8,063
Industrial Machinery & Equipment		3.3	%		7,763
Chemicals & Allied Products		3.0	%		7,156
Holding & Other Investment Offices		2.7	%		6,376
Computer & Data Processing Services		2.6	%		6,052
Insurance		2.5	%		5,907
Electronic & Other Electric Equipment		2.2	%		5,176
Automotive		1.6	%		3,799
Instruments & Related Products		1.6	%		3,706
Wholesale Trade Nondurable Goods		1.5	%		3,560
Beverages		1.5	%		3,494
Wholesale Trade Durable Goods		1.5	%		3,459
Food & Kindred Products		1.4	%		3,302
Motion Pictures		1.3	%		3,156
Communications Equipment		1.2	%		2,945
Savings Institutions		1.2	%		2,915
Stone, Clay & Glass Products		1.2	%		2,855
Metal Mining		1.2	%		2,848
Personal Credit Institutions		1.0	%		2,403
Residential Building Construction		1.0	%		2,397
Aerospace		1.0	%		2,334
Lumber & Other Building Materials		0.9	%		2,193
Engineering & Management Services		0.9	%		2,169
Business Services		0.9	%		2,031
Printing & Publishing		0.8	%		1,940
Medical Instruments & Supplies		0.7	%		1,749
Health Services		0.7	%		1,662
Electric Services		0.7	%		1,601

	Percentage of Total Investment			Value
INVESTMENTS BY INDUSTRY (continued)
Primary Metal Industries		0.7	%	$	1,555
Construction		0.6	%		1,530
Furniture & Fixtures		0.6	%		1,431
Trucking & Warehousing		0.6	%		1,401
Department Stores		0.6	%		1,399
Communication		0.5	%		1,238
Misc. General Merchandise Stores		0.5	%		1,213
Petroleum Refining		0.5	%		1,135
Manufacturing Industries		0.5	%		1,099
Real Estate		0.5	%		1,074
Life Insurance		0.4	%		1,064
Shoe Stores		0.4	%		1,051
Transportation & Public Utilities		0.4	%		962
Hotels & Other Lodging Places		0.4	%		875
Security & Commodity Brokers		0.4	%		839
Retail Trade		0.3	%		816
Apparel & Accessory Stores		0.3	%		785
Mining		0.3	%		694
Railroads		0.3	%		686
Gas Production & Distribution		0.3	%		622
Variety Stores		0.3	%		616
Mortgage Bankers & Brokers		0.2	%		589
Radio & Television Broadcasting		0.2	%		542
Paper & Allied Products		0.2	%		487
Transportation Equipment		0.2	%		480
Beer, Wine & Distilled Beverages	��	0.2	%		395
Metal Cans & Shipping Containers		0.2	%		374
Food Stores		0.1	%		351
Paper & Paper Products		0.1	%		228
Electrical Goods		0.1	%		181
Investment Securities, at value		91.9	%		217,494
Security Lending Collateral		8.1	%		19,151
Total Investment Securities		100.0	%	$	236,645

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

9

Capital Guardian Global

STATEMENT OF ASSETS AND LIABILITIES
At December 31, 2005
(all amounts except per share amounts in thousands)

Assets:
Investment securities, at value (cost: $200,489) (including securities loaned of $16,740)	$	236,645
Cash		2,315
Receivables:
Investment securities sold		384
Shares sold		95
Interest		64
Income from loaned securities		1
Dividends		371
Dividend reclaims receivable		42
Unrealized appreciation on forward foreign currency contracts		306
		240,223
Liabilities:
Investment securities purchased		26
Accounts payable and accrued liabilities:
Shares redeemed		70
Management and advisory fees		254
Service fees		2
Administration fees		5
Payable for collateral for securities on loan		19,151
Unrealized depreciation on forward foreign currency contracts		444
Other		47
		19,999
Net Assets	$	220,224
Net Assets Consist of:
Capital stock ($.01 par value)	$	161
Additional paid-in capital		110,674
Distributable net investment income (loss)		4,413
Accumulated net realized gain (loss) from investment securities and foreign currency transactions		68,961
Net unrealized appreciation (depreciation) on:
Investment securities		36,156
Translation of assets and liabilites denominated in foreign currencies		(141	)
Net Assets	$	220,224
Net Assets by Class:
Initial Class	$	210,441
Service Class		9,783
Shares Outstanding:
Initial Class		15,371
Service Class		715
Net Asset Value and Offering Price Per Share:
Initial Class	$	13.69
Service Class		13.67

STATEMENT OF OPERATIONS
For the year ended December 31, 2005
(all amounts in thousands)

Investment Income:
Interest	$	203
Dividends (net of withholding taxes on foreign dividends of $457)		7,322
Income from loaned securities–net		140
		7,665
Expenses:
Management and advisory fees		3,888
Printing and shareholder reports		42
Custody fees		236
Administration fees		78
Legal fees		7
Audit fees		17
Trustees fees		14
Service fees:
Service Class		18
Other		18
Total expenses		4,318
Net Investment Income (Loss)		3,347
Net Realized Gain (Loss) from:
Investment securities		70,076
Foreign currency transactions		1,096
		71,172
Net Increase (Decrease) in Unrealized Appreciation (Depreciation) on:
Investment securities		(37,947	)
Translation of assets and liabilities denominated in foreign currencies		(84	)
		(38,031	)
Net Realized and Unrealized Gain (Loss) on Investment Securities and Foreign Currency Transactions		33,141
Net Increase (Decrease) in Net Assets Resulting from Operations	$	36,488

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

10

Capital Guardian Global

STATEMENTS OF CHANGES IN NET ASSETS
For the years ended
(all amounts in thousands)

	December 31, 2005			December 31, 2004
Increase (Decrease) In Net Assets From:
Operations:
Net investment income (loss)	$	3,347		$	2,318
Net realized gain (loss) from investment securities and foreign currency transactions		71,172			18,293
Change in unrealized appreciation (depreciation) on investment securities and foreign currency translation		(38,031	)		16,633
		36,488			37,244
Distributions to Shareholders:
From net investment income:
Initial Class		(1,746	)		(1,283	)
Service Class		(26	)		(4	)
		(1,772	)		(1,287	)
From net realized gains:
Initial Class		(12,390	)		–
Service Class		(240	)		–
		(12,630	)		–
Capital Share Transactions:
Proceeds from shares sold:
Initial Class		24,167			120,022
Service Class		4,872			4,471
		29,039			124,493
Dividends and distributions reinvested:
Initial Class		14,136			1,283
Service Class		266			4
		14,402			1,287
Cost of shares redeemed:
Initial Class		(259,203	)		(18,579	)
Service Class		(1,763	)		(317	)
		(260,966	)		(18,896	)
		(217,525	)		106,884
Net increase (decrease) in net assets		(195,439	)		142,841
Net Assets:
Beginning of year		415,663			272,822
End of year	$	220,224		$	415,663
Distributable Net Investment Income (Loss)	$	4,413		$	1,235

	December 31, 2005			December 31, 2004
Share Activity:
Shares issued:
Initial Class		1,883			9,974
Service Class		380			377
		2,263			10,351
Shares issued–reinvested from distributions:
Initial Class		1,105			116
Service Class		21			–
		1,126			116
Shares redeemed:
Initial Class		(19,428	)		(1,574	)
Service Class		(139	)		(28	)
		(19,567	)		(1,602	)
Net increase (decrease) in shares outstanding:
Initial Class		(16,440	)		8,516
Service Class		262			349
		(16,178	)		8,865

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

11

Capital Guardian Global

FINANCIAL HIGHLIGHTS

		For a share outstanding throughout each period (a)
		Net Asset		Investment Operations									Distributions									Net Asset
	For the Period Ended (b)	Value, Beginning of Period		Net Investment Income (Loss)			Net Realized and Unrealized Gain (Loss)			Total Operations			From Net Investment Income			From Net Realized Gains			Total Distributions			Value, End of Period
Initial Class	12/31/2005	$	12.88	$	0.11		$	1.17		$	1.28		$	(0.06	)	$	(0.41	)	$	(0.47	)	$	13.69
	12/31/2004		11.66		0.08			1.18			1.26			(0.04	)		–			(0.04	)		12.88
	12/31/2003		8.49		0.05			3.14			3.19			(0.02	)		–			(0.02	)		11.66
	12/31/2002		10.57		0.01			(2.07	)		(2.06	)		(0.02	)		–			(0.02	)		8.49
	12/31/2001		12.06		–			(1.22	)		(1.22	)		–			(0.27	)		(0.27	)		10.57
Service Class	12/31/2005		12.88		0.07			1.17			1.24			(0.04	)		(0.41	)		(0.45	)		13.67
	12/31/2004		11.66		0.05			1.18			1.23			(0.01	)		–			(0.01	)		12.88
	12/31/2003		8.76		(0.01	)		2.91			2.90			–			–			–			11.66

					Ratios/Supplemental Data
	For the Period	Total			Net Assets, End of Period		Ratio of Expenses to Average Net Assets (f)						Net Investment Income (Loss) to Average			Portfolio Turnover
	Ended (b)	Return (c)(g)			(000's)		Net (d)			Total (e)			Net Assets (f)			Rate (g)
Initial Class	12/31/2005		10.18	%	$	210,441		1.10	%		1.10	%		0.86	%		32	%
	12/31/2004		10.88			409,831		1.10			1.10			0.65			23
	12/31/2003		37.60			271,610		1.14			1.14			0.48			20
	12/31/2002		(19.52	)		120,447		1.29			1.29			0.17			33
	12/31/2001		(10.36	)		44,477		1.34			1.35			0.03			45
Service Class	12/31/2005		9.90			9,783		1.35			1.35			0.55			32
	12/31/2004		10.60			5,832		1.35			1.35			0.38			23
	12/31/2003		33.11			1,212		1.39			1.39			(0.14	)		20

NOTES TO FINANCIAL HIGHLIGHTS

(a)  Per share information is calculated based on average number of shares outstanding.

(b)  Capital Guardian Global (the "Fund") share classes commenced operations as follows:

Initial Class – February 3, 1998
Service Class – May 1, 2003

(c)  Total Return reflects all portfolio expenses and includes reinvestment of dividends and capital gains; it does not reflect the charges and deductions under the policies and annuity contracts.

(d)  For the years ended December 31, 2005, 2004 and 2003, Ratio of Net Expenses to Average Net Assets is net of fee waivers and reimbursements by the investment adviser, if any (see note 2). For the year ended December 31, 2002, Ratio of Net Expenses to Average Net Assets is net of fees paid indirectly. For the year ended December 31, 2001, Ratio of Net Expenses to Average Net Assets is net of fees paid indirectly and credits allowed by the custodian.

(e)  Ratio of Total Expenses to Average Net Assets includes all expenses before fee waivers and reimbursements by the investment adviser.

(f)  Annualized.

(g)  Not annualized.

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

12

Capital Guardian Global

NOTES TO FINANCIAL STATEMENTS
At December 31, 2005
(all amounts in thousands)

NOTE 1.  ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

The AEGON/Transamerica Series Trust ("ATST") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). ATST serves as a funding vehicle for variable life insurance, variable annuity and group annuity products. Capital Guardian Global (the "Fund") is part of ATST.

Effective May 1, 2005, AEGON/Transamerica Series Fund, Inc. changed its name to AEGON/Transamerica Series Trust.

In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

This report should be read in conjunction with the current Fund prospectus, which contains more complete information about the Fund.

The following is a summary of significant accounting policies followed by the Fund in the preparation of the financial statements. In preparing the Fund's financial statements in accordance with accounting principles generally accepted in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures.

Multiple class operations, income and expenses: The Fund currently offers two classes of shares, an Initial Class and a Service Class. Income, non-class specific expenses and realized and unrealized gains and losses, are allocated daily to each class, based upon the value of shares outstanding method as permitted under Rule 18f-3 of the 1940 Act. Each class bears its own specific expenses as well as a portion of general, common expenses.

Security valuations: The Fund values its investments at the close of the New York Stock Exchange ("NYSE"), normally 4 p.m. ET, each day the NYSE is open for business. Fund investments are valued at the last sale price or closing price on the day of valuation taken from the primary exchange where the security is principally traded.

Securities traded in the over-the-counter market and listed securities for which no sale was reported on that date are valued at the last quoted bid price.

Debt securities are valued based on a price quotation or other equivalent indication of value supplied by an exchange, a pricing service or a major market maker; however, those that mature in sixty days or less are valued at amortized cost, which approximates market.

Investment company securities are valued at the net asset value of the underlying portfolio.

Foreign securities generally are valued based on quotations from the primary market in which they are traded. Because many foreign securities markets and exchanges close prior to the close of the NYSE, closing prices for foreign securities in those markets or on those exchanges do not reflect the events that occur after that close. If a significant market event impacting the value of a portfolio security (e.g., natural disaster, company announcement, market volatility) occurs subsequent to the close of trading in the security, but prior to the calculation of the Fund's net asset value per share, market quotations for that security may be determined to be unreliable and, accordingly, not "readily available." As a result, foreign equity securities held by the Fund may be valued at fair market value as determined in good faith by the Fund's Administrative Valuation Committee, under the supervision of the Board's Valuation Committee , using guidelines adopted by the Board of Trustees.

Other securities for which quotations are not readily available are valued at fair market value as determined in good faith by the Fund's Administrative Valuation Committee, under the supervision of the Board's Valuation Committee, using guidelines adopted by the Board of Trustees.

Cash: The Fund may leave cash overnight in its cash account with the custodian, Investors Bank & Trust Company ("IBT"). IBT has been contracted on behalf of the Fund to invest the excess cash into a savings account, which at December 31, 2005, was paying an interest rate of 3.00%.

Repurchase agreements: The Fund is authorized to enter into repurchase agreements. The Fund, through its custodian, IBT, receives delivery of the underlying securities, the value of which at the time of purchase is required to be an amount equal to at least 100% of the resale price. The Fund will bear the risk of value fluctuations until the security can be sold and may encounter delays and incur costs in liquidating the security. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Commission recapture: The sub-adviser, to the extent consistent with the best execution and usual commission rate policies and practices, may place security transactions of the Fund with broker/dealers with which ATST has established a Commission Recapture Program. A Commission Recapture Program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Fund. In no event will commissions paid by the Fund be used to pay expenses that would otherwise be borne by any other funds within ATST, or by any other party.

AEGON/Transamerica Series Trust

Annual Report 2005

13

Capital Guardian Global

NOTES TO FINANCIAL STATEMENTS (continued)
At December 31, 2005
(all amounts in thousands)

NOTE 1.–(continued)

Recaptured commissions during the year ended December 31, 2005, of $79 are included in net realized gains in the Statement of Operations.

Securities lending: The Fund may lend securities to qualified borrowers, with IBT acting as the Fund's lending agent. The Fund earns negotiated lenders' fees. The Fund receives cash and/or securities as collateral against the loaned securities. Cash collateral received is invested in short term, interest bearing securities. The Fund monitors the market value of securities loaned on a daily basis and requires collateral in an amount at least equal to the value of the securities loaned. Income from loaned securities on the Statement of Operations is net of fees, in the amount of $60, earned by IBT for its services.

Security transactions and investment income: Security transactions are recorded on the trade date. Security gains and losses are calculated on the first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend date. Interest income, including accretion of discounts and amortization of premiums, is recorded on the accrual basis commencing on the settlement date.

Foreign currency denominated investments: The accounting records of the Fund are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the closing exchange rate each day. The cost of foreign securities is translated at the exchange rate in effect when the investment was acquired. The Fund combines fluctuations from currency exchange rates and fluctuations in value when computing net realized and unrealized gains or losses from investments.

Net foreign currency gains and losses resulting from changes in exchange rates include: 1) foreign currency fluctuations between trade date and settlement date of investment security transactions; 2) gains and losses on forward foreign currency contracts; and 3) the difference between the receivable amounts of interest and dividends recorded in the accounting records in U.S. dollars and the amounts actually received.

Foreign currency denominated assets may involve risks not typically associated with domestic transactions. These risks include revaluation of currencies, adverse fluctuations in foreign currency values and possible adverse political, social and economic developments, including those particular to a specific industry, country or region.

Foreign capital gains taxes: The Fund may be subject to taxes imposed by countries in which it invests, with respect to its investment in issuers existing or operating in such countries. Such taxes are generally based on income earned or repatriated and capital gains realized on the sale of such investments. The Fund accrues such taxes when the related income or capital gains are earned. Some countries require governmental approval for the repatriation of investment income, capital or the proceeds of sales earned by foreign investors. In addition, if there is deterioration in a country's balance of payments or for other reasons, a country may impose temporary restrictions on foreign capital remittances abroad.

Forward foreign currency contracts: The Fund may enter into forward foreign currency contracts to hedge against exchange rate risk arising from investments in securities denominated in foreign currencies. Contracts are valued at the contractual forward rate and are marked to market daily, with the change in value recorded as an unrealized gain or loss. When the contracts are settled a realized gain or loss is incurred. Risks may arise from changes in market value of the underlying currencies and from the possible inability of counterparties to meet the terms of their contracts.

Open forward foreign currency contracts at December 31, 2005, are listed in the Schedule of Investments.

Dividend distributions: Dividends and capital gains distributions are typically declared and reinvested annually and are generally paid and reinvested on the business day following the ex-date.

NOTE 2. RELATED PARTY TRANSACTIONS

Effective January 1, 2005 AEGON/Transamerica Fund Advisers, Inc. was renamed Transamerica Fund Advisors, Inc. ("TFAI"); AEGON/Transamerica Fund Services, Inc. and AEGON/Transamerica Investor Services, Inc. merged into one entity and was renamed Transamerica Fund Services, Inc. ("TFS").

ATST serves as a funding vehicle for certain affiliated asset allocation portfolios and certain affiliated separate accounts of Western Reserve Life Assurance Co. of Ohio, Transamerica Life Insurance Company, Transamerica Financial Life Insurance Company, Inc., Peoples Benefit Life Insurance Company, Transamerica Occidental Life Insurance Company and Transamerica Life Insurance and Annuity Company.

TFAI is the Fund's investment adviser. TFS is the Fund's administrator and transfer agent. AFSG Securities Corp. ("AFSG") is the Fund's distributor. TFAI, TFS, and AFSG are affiliates of AEGON, NV, a Netherlands corporation.

Certain officers and trustees of the Fund are also officers and/or directors of TFAI, TFS and AFSG.

AEGON/Transamerica Series Trust

Annual Report 2005

14

Capital Guardian Global

NOTES TO FINANCIAL STATEMENTS (continued)
At December 31, 2005
(all amounts in thousands)

NOTE 2.–(continued)

Investment advisory fee: The Fund pays management fees to TFAI based on average daily net assets ("ANA") at the following breakpoints:

1.05% of the first $150 million of ANA
1.00% of the next $150 million of ANA
0.90% of the next $200 million of ANA
0.825% of the next $250 million of ANA
0.80% of the next $250 million of ANA
0.75% of the next $1 billion of ANA
0.70% of ANA over $2 billion

TFAI has contractually agreed to waive its advisory fee and will reimburse the Fund to the extent that operating expenses, excluding 12b-1 fees, exceed the following stated annual limit:

1.32% Expense Limit

If total fund expenses fall below the annual expense limitation agreement agreed to by the adviser within the succeeding three years, the Fund may be required to pay that adviser a portion or all of the waived advisory fees.

There were no amounts recaptured during the year ended December 31, 2005. There are no amounts available for recapture at December 31, 2005.

Distribution and service fees: The Fund adopted a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, ATST entered into a Distribution Agreement with AFSG dated January 1, 1997, as amended.

Under the Distribution Plan and Distribution Agreement on the Initial Class shares, AFSG, on behalf of the Fund, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Fund's shares, amounts equal to actual expenses associated with distributing the shares.

The Distribution Plan on the Service Class shares requires ATST to pay distribution fees to AFSG as compensation for its activities, not as reimbursement for specific expenses. The fee on the Service Class is paid to the insurance companies for providing services and account maintenance for their policyholders who invest in the variable insurance products which invest in the Service Class shares.

The Fund is authorized under the 12b-1 plan to pay fees on each class up to the following limits:

Initial Class	0.15	%
Service Class	0.25	%

AFSG has determined that it will not seek payment by the Fund of the distribution expenses incurred with respect to the Initial Class shares before April 30, 2007. Prior to AFSG seeking reimbursement of future expenses, policy and contract owners will be notified in advance. The Fund will pay fees relating to Service Class shares.

Administrative services: The Fund has entered into an agreement with TFS for financial and legal fund administration services. The Fund pays TFS an annual fee of 0.02% of ANA. The Legal fees on the Statement of Operations are for fees paid to external legal counsel.

Deferred compensation plan: Each eligible independent Fund Trustee may elect participation in a non-qualified deferred compensation plan ("the Plan") maintained by Transamerica IDEX Mutual Funds, an affiliate of the Fund. Under the Plan, such Trustees may defer payment of all or a portion of their total fees earned as a Fund Trustee. Each Trustee who is a participant in the Plan may elect that the earnings, losses or gains credited to his or her deferred fee amounts be determined based on a deemed investment in any series of Transamerica IDEX Mutual Funds. The right of a participant to receive a distribution from the Plan of the deferred fees is an unsecured claim against the general assets of all series of Transamerica IDEX Mutual Funds. The pro rata liability to the Fund of all deferred fees in the Plan amounted, as of December 31, 2005, to $11.

NOTE 3. INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the year ended December 31, 2005, were as follows:

Purchases of securities:
Long-Term	$	119,791
U.S. Government		–
Proceeds from maturities and sales of securities:
Long-Term		329,039
U.S. Government		–

NOTE 4. FEDERAL INCOME TAX MATTERS

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatment for items including, but not limited to, wash sales, foreign currency transactions, passive foreign investment companies and post October loss deferrals.

AEGON/Transamerica Series Trust

Annual Report 2005

15

Capital Guardian Global

NOTES TO FINANCIAL STATEMENTS (continued)
At December 31, 2005
(all amounts in thousands)

NOTE 4.–(continued)

Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. Financial records are not adjusted for temporary differences. These reclassifications are as follows:

Additional paid-in capital	$	(8	)
Distributable net investment income (loss)		1,603
Accumulated net realized gain (loss) from investment securities		(1,595	)

The tax character of distributions paid may differ from the character of distributions shown in the Statements of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2004 and 2005 was as follows:

2004 Distributions paid from:
Ordinary Income	$	1,287
Long-term Capital Gain		–
2005 Distributions paid from:
Ordinary Income		1,772
Long-term Capital Gain		12,630

The tax basis components of distributable earnings as of December 31, 2005, are as follows:

Undistributed Ordinary Income	$	10,367
Undistributed Long-term Capital Gain	$	64,974
Post October Currency Loss Deferral	$	(230	)
Net Unrealized Appreciation (Depreciation)	$	34,278	*

*  Amount includes unrealized appreciation (depreciation) on foreign currency denominated assets and liabilities.

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of December 31, 2005, are as follows:

Federal Tax Cost Basis	$	202,364
Unrealized Appreciation	$	39,959
Unrealized (Depreciation)		(5,678	)
Net Unrealized Appreciation (Depreciation)	$	34,281

NOTE 5. REGULATORY PROCEEDINGS

There continues to be significant federal and state regulatory activity relating to financial services companies, particularly mutual fund companies and their investment advisers. As part of an ongoing investigation regarding potential market timing, recordkeeping and trading compliance issues and matters affecting the Fund's investment adviser, TFAI, and certain affiliates and former employees of TFAI, the SEC staff has indicated that it is likely to take some action against TFAI and certain of its affiliates at the conclusion of the investigation. The potential timing and the scope of any such action is difficult to predict. Although the impact of any action brought against TFAI and/or its affiliates is difficult to assess at the present time, the Fund currently believes that the likelihood that any such action will have a material adverse impact on it is remote. It is important to note that the Fund is not aware of any allega tion of wrongdoing against it and its Board at the time this annual report is printed. Although it is not anticipated that these developments will have an adverse impact on the Fund, there can be no assurance at this time. TFAI and its affiliates are actively working with the SEC in regard to this matter; however, the exact resolution cannot be determined at this time. TFAI will take such actions that it deems necessary or appropriate to continue providing management services to the Fund and to bring all matters to an appropriate conclusion.

TFAI and/or its affiliates, and not the Fund, will bear the costs regarding these regulatory matters.

AEGON/Transamerica Series Trust

Annual Report 2005

16

Report of Independent Registered Certified Public Accounting Firm

To the Board of Trustees and Shareholders of
Capital Guardian Global

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Capital Guardian Global (the "Fund") (one of the portfolios constituting the AEGON/Transamerica Series Trust) at December 31, 2005, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fund's management; our responsibility is to express an opinion on these financial statements based on our aud its. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2005 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

Tampa, Florida
February 23, 2006

Capital Guardian Global (UNAUDITED)

SUPPLEMENTAL TAX INFORMATION
(all amounts in thousands)

For tax purposes, the Fund has made a Long-Term Capital Gain Designation of $12,630 for the year ended December 31, 2005.

AEGON/Transamerica Series Trust

Annual Report 2005

17

Capital Guardian Global

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS – REVIEW AND RENEWAL (unaudited)

At a meeting of the Board of Trustees of AEGON/Transamerica Series Trust ("ATST") held on November 2, 2005, the Board reviewed and considered the Investment Advisory Agreement between Capital Guardian Global (the "Portfolio") and Transamerica Fund Advisors, Inc. ("TFAI") as well as the Investment Sub-Advisory Agreement of the Portfolio between TFAI and Capital Guardian Trust Company (the "Sub-Adviser"), to determine whether the agreements should be renewed for a one-year period. Following their review and consideration, the Trustees determined that the Investment Advisory Agreement and the Investment Sub-Advisory Agreement will enable shareholders of the Portfolio to obtain high quality services at a cost that is appropriate, reasonable, and in the best interests of its shareholders. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and the Investment Sub-Advisory Agreement. In reaching their decision, the Trustees requested and obtained from TFAI and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the proposed agreements. The Trustees also carefully considered the information that they had received throughout the year from TFAI and the Sub-Adviser (such as in-person presentations by the Sub-Adviser) as part of their regular oversight of the Portfolio, as well as: comparative fee, expense and performance information prepared by Lipper Inc. ("Lipper"), independent providers of mutual fund performance, fee and expense information; and profitability data. In considering the proposed continuation of the Investment Advisory Agreement and the Investment Sub-Advisory Agreement, the Trustees evaluated a number of considerations that they believe, in light of the legal advice furnished to them by ATST counsel and independent legal counsel and their own business judgment, to be relevant. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:

The nature, extent and quality of the advisory service to be provided. The Board considered the nature and quality of the services provided by TFAI and the Sub-Adviser to the Portfolio in the past, as well as the services anticipated to be provided in the future. The Board concluded that TFAI and the Sub-Adviser are capable of providing high quality services to the Portfolio, as indicated by the nature and quality of services provided in the past, TFAI's and the Sub-Adviser's management capabilities demonstrated with respect to the portfolios they manage, including the Portfolio, and the experience, capability and integrity of TFAI's senior management, the financial resources of TFAI and the Sub-Adviser, TFAI's management oversight process, the professional qualifications and experience of the Sub-Adviser's portfolio management team, and the Portfolio 's investment performance. The Trustees also concluded that TFAI and the Sub-Adviser proposed to provide investment and related services that were of the same quality and quantity as services provided to the Portfolio in the past, and that these services are appropriate in scope and extent in light of the Portfolio's operations, the competitive landscape of the investment company business and investor needs, and that TFAI's and the Sub-Adviser's obligations will remain substantially the same.

The investment performance of the Portfolio. The Board examined both the short-term and longer-term performance of the Portfolio, including relative performance against a benchmark securities index and a peer group of comparable mutual funds as prepared by Lipper, for various trailing periods ended June 30, 2005. The Trustees concluded that TFAI and the Sub-Adviser generally had achieved acceptable investment performance, noting that although the Portfolio's performance was below median relative to its peers over the past one- and two-year periods, its performance was above median relative to its peers over the past three- and five-year periods, and competitive to the benchmark index over the past one-, two-, three- and five-year periods. On the basis of the Trustees' assessment of the nature, extent and quality of advisory services to be provided or procured by TFAI and the Sub-Adviser, the Trustees concluded that TFAI and the Sub-Adviser are capable of generating a level of investment performance that is appropriate in light of the Portfolio's investment objective, policies and strategies and competitive with many other investment companies, and also determined that TFAI's and the Sub-Adviser's performance records indicate that their continued management is likely to benefit the Portfolio and its shareholders.

The cost of advisory services provided and the level of profitability. The Board noted the new pricing schedule for the Portfolio, which will result in TFAI paying lower sub-advisory fees to the Sub-Adviser. The Board reviewed profitability information regarding TFAI's costs of procuring portfolio management services, as well as the costs of provision of administration, fund accounting and other services, to the Portfolio and to ATST as a whole by TFAI and its affiliates. The Trustees reviewed data from Lipper that compared the Portfolio's management fees (including management fees at various asset levels), other fees and expenses (including total expenses including and excluding 12b-1 distribution and service fees) and portfolio turnover rate against a peer group of comparable mutual funds. Based on such information, the Trustees determined that the management fees and overall expense ratio of the Portfolio generally are consistent with industry averages. In addition, on the basis of the Board's review of the management fees to be charged by TFAI for investment advisory and related services, TFAI profitability information (derived from TFAI's audited financial statements), TFAI's estimated management income resulting from its management of the Portfolio, the estimated margin of the Sub-Adviser, as well as the entirety of TFAI's and its affiliates' service relationship with ATST, the Board concluded that the level of investment

AEGON/Transamerica Series Trust

Annual Report 2005

18

Capital Guardian Global (continued)

management fees and other service fees, as well as TFAI's and the Sub-Adviser's profitability, are appropriate in light of the services provided, the management fees and overall expense ratios of comparable investment companies and the anticipated profitability of the relationship between the Portfolio, TFAI and its affiliates, and the Sub-Adviser.

Whether fee levels reflect economies of scale and the extent to which economies of scale would be realized as the Portfolio grows. The Board concluded that the inclusion of asset-based breakpoints in the Portfolio's advisory fee schedule appropriately benefits investors by realizing economies of scale in the form of lower management fees as the level of assets grows. In addition, the Board concluded that the Portfolio's current management fees appropriately reflect the Portfolio's current size, the current economic environment for TFAI, the competitive nature of the investment company market, and TFAI's pricing strategy. The Trustees also concluded that they will have the opportunity to periodically reexamine whether the Portfolio has achieved economies of scale, and the appropriateness of management fees payable to TFAI and fees payable by TFAI to th e Sub-Adviser, in the future.

Benefits (such as soft dollars) to TFAI, its affiliates, or the Sub-Adviser from their relationship with the Portfolio. The Board concluded that other benefits derived by TFAI, its affiliates, and the Sub-Adviser from their relationship with the Portfolio are reasonable and fair, and are consistent with industry practice and the best interests of the Portfolio and its shareholders. In this regard, the Board noted that TFAI does not realizes "soft dollar" benefits from its relationship with the Portfolio, and that the Sub-Adviser is participating in a brokerage program pursuant to which a portion of brokerage commissions paid by the Portfolio is recaptured for the benefit of the Portfolio and its shareholders, thus limiting the amount of "soft-dollar" arrangements the Sub-Adviser may engage in with respect to the Portfolio's brokerage transactions. In addition, the Trustees determined that the administration, fund accounting and other fees paid by the Portfolio to affiliates of TFAI are reasonable, fair and in the best interests of shareholders in light of the nature and quality of the services provided, the associated costs to these affiliates of providing the services, the impact of the costs of such services on the Portfolio's overall operating expenses, and the necessity of the services for the Portfolio's operations.

Other considerations. The Board determined that TFAI had made a substantial commitment to the recruitment and retention of high quality personnel, and maintained the financial, compliance and operational resources reasonably necessary to manage the Portfolio in a professional manner that is consistent with the best interests of the Portfolio and its shareholders. In this regard, the Trustees favorably considered the procedures and policies in place by TFAI to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Adviser. The Trustees also determined that TFAI had made a significant entrepreneurial commitment to the management and success of the Portfolio, reflected by TFAI's expense limitation and fee waiver arrangement with the Portfolio, which may result in TFAI waiving a substantial amoun t of advisory fees for the benefit of shareholders.

AEGON/Transamerica Series Trust

Annual Report 2005

19

Capital Guardian U.S. Equity

MARKET ENVIRONMENT

A rally late in the year brought results for the full year into respectable territory. Equity markets were supported all year by solid corporate results and strong economic growth. Profits grew at a double-digit pace for the third consecutive year, while economic growth exceeded expectations despite being tested by higher energy prices, devastating hurricanes and rising short-term interest rates.

Many economically sensitive companies, especially those in the materials and industrial sectors, rose sharply after having languished for most of the year. Conversely, towards the end of the year, defensive areas such as utilities and consumer staples lagged after posting better-than-average returns in previous quarters; growth stocks outperformed value stocks for the third consecutive quarter, though they underperformed for the calendar year.

Similarly, financials ended the year on a high note after trailing the market for most of the year. Profits among financials were strong all year–especially in the area of investment banking, thanks to the high volume of mergers and acquisitions.

Information technology stocks, which were flat over the first nine months of the year, jumped to end the year up slightly. Technology stocks were helped by improved earnings guidance and growing consumer demand, and, in the area of semiconductors, by tighter capacity and the emerging view that flash memory would play a larger role in the next generation of consumer products.

The energy sector was the best-performing sector by far for the full year. While integrated oil stocks slid as oil prices fell and Congress considered levying a windfall profits tax on the industry, they remained the best-performing stocks by far for the full year. Oil services companies also posted strong returns.

PERFORMANCE

For the year ended December 31, 2005, Capital Guardian U.S. Equity, Initial Class returned 6.31%. By comparison its benchmark, the Standard and Poor's 500 Composite Stock Index ("S&P 500") returned 4.91%.

STRATEGY REVIEW

The portfolio outperformed its benchmark in 2005 due mainly to strong stock selection in the health care sector. The top contributors within the health care sector represented two of the top ten holdings in the portfolio (AstraZeneca Plc and Allergan, Inc.) as well as Israel-based Teva Pharmaceutical Industries, Ltd., Wellpoint, Inc., and Amgen, Inc. During the later stages of the year, we reduced our exposure to health care somewhat on strength, though we continue to still be overweight relative to the index.

The portfolio also benefited from strong stock selection in the information technology sector, where it is also overweight relative to the index. We feel that certain industry leaders represented in the portfolio such as Google, Inc., KLA-Tencor Corp., and Intel Corp. are gaining market share and this is not yet reflected in their valuations. In the semiconductor equipment area, we own a number of companies for their highly proprietary products and inexpensive valuations. We believe we are entering a cyclical recovery for semiconductors and that a move toward flash memory will require new investment on the part of fabricators.

Results were also helped by positions in the energy sector, where we overweighted, relative to the S&P 500, oil services rather than integrated oil companies. Top contributors within the energy sector included Unocal Corp., Schlumberger, Ltd., and Transocean, Inc.

The top overall detractor for the year was stock selection in the financials sector. Our positions in government-sponsored mortgage providers hurt results, as continued uncertainty over their future regulatory oversight caused these stocks to decline. Other areas that detracted from returns during the year were stock selection in the materials and utilities sectors.

Investment Team
Capital Guardian Trust Company

AEGON/Transamerica Series Trust

Annual Report 2005

1

Capital Guardian U.S. Equity

Comparison of change in value of $10,000 investment in Initial Class shares and its comparative index.

Average Annual Total Return for Periods Ended 12/31/05

	1 year			5 years			From Inception			Inception Date
Initial Class		6.31	%		3.24	%		3.29	%	10/9/00
S&P 5001		4.91	%		0.54	%		(0.67	)%	10/9/00
Service Class		6.06	%		–			15.49	%	5/1/03

NOTES

¹  The Standard and Poor's 500 Composite Stock (S&P 500) Index is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. From inception calculation is based on life of Initial Class shares. Source: Standard & Poor's Micropal®© Micropal, Inc. 2005 – 1-800-596-5323 – http://www.fund-sp.com.

The performance data presented represents past performance, future results may vary. The portfolio's investment return and net asset value will fluctuate. Past performance does not guarantee future results. Investor's units when redeemed, may be worth more or less than their original cost.

Current performance may be higher or lower than the performance data quoted. Please visit your insurance company's website for contract or policy level standardized total returns current to the most recent month-end. Portfolio performance is net of investment fees and fund expenses, but not product charges, which, if included, would significantly lower the performance quoted.

This material must be preceded or accompanied by a current prospectus, which includes specific contents regarding the investment objectives, explanation of share classes and policies of this portfolio.

The historical financial information for periods prior to May 1, 2002 has been derived from the financial history of the predecessor portfolio, Capital Guardian U.S. Equity of Endeavor Series Trust.

AEGON/Transamerica Series Trust

Annual Report 2005

2

Capital Guardian U.S. Equity

UNDERSTANDING YOUR FUND'S EXPENSES
(unaudited)

SHAREHOLDER EXPENSES

Fund shareholders may incur ongoing costs, including management and advisory fees, distribution and service fees, and other Fund expenses.

The following Example is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.

The Example is based on an investment of $1,000 invested at July 1, 2005 and held for the entire period until December 31, 2005.

ACTUAL EXPENSES

The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of your Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fees, brokerage commissions paid on purchases and sales of fund shares. Therefore, the second line under the Fund in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If any of these transaction costs were included, your costs would be higher. The expenses shown in the table do not reflect any fees that may be charged to you by brokers, financial intermediaries or other financial institutions.

	Beginning Account Value		Ending Account Value		Annualized Expense Ratio			Expenses Paid During Period (a)
Initial Class
Actual	$	1,000.00	$	1,076.70		0.90	%	$	4.71
Hypothetical (b)		1,000.00		1,020.67		0.90			4.58
Service Class
Actual		1,000.00		1,075.30		1.15			6.02
Hypothetical (b)		1,000.00		1,019.41		1.15			5.85

^(a)  Expenses are calculated using each Fund's annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by number of days in the period (184 days), and divided by the number of days in the year (365 days).

^(b)  5% return per year before expenses.

GRAPHICAL PRESENTATION OF SCHEDULE OF INVESTMENTS
By Sector
At December 31, 2005

This chart shows the percentage breakdown by sector of the Fund's total investment securities.

AEGON/Transamerica Series Trust

Annual Report 2005

3

Capital Guardian U.S. Equity

SCHEDULE OF INVESTMENTS
At December 31, 2005
(all amounts except share amounts in thousands)

	Shares		Value
COMMON STOCKS (87.9%)
Aerospace (1.1%)
United Technologies Corp.		57,800	$	3,232
Amusement & Recreation Services (0.1%)
Disney (Walt) Co. (The)		6,500		156
Beverages (2.0%)
Anheuser-Busch Cos., Inc. †		38,500		1,654
Coca-Cola Co. (The)		22,100		891
Pepsi Bottling Group, Inc.		10,200		292
PepsiCo, Inc.		54,900		3,243
Business Credit Institutions (2.0%)
Fannie Mae		60,700		2,963
Freddie Mac		43,400		2,836
Business Services (1.3%)
CCE Spinco, Inc. †‡		5,363		70
Clear Channel Communications, Inc.		42,900		1,349
eBay, Inc. ‡		29,300		1,267
Monster Worldwide, Inc. †‡		16,500		674
Omnicom Group, Inc.		6,800		579
Chemicals & Allied Products (2.7%)
Air Products & Chemicals, Inc.		8,300		491
Avon Products, Inc.		134,500		3,840
Dow Chemical Co. (The)		28,400		1,244
Huntsman Corp. ‡		54,000		930
Methanex Corp.		27,700		519
Procter & Gamble Co.		15,500		897
Commercial Banks (4.4%)
Fifth Third Bancorp		26,700		1,007
JP Morgan Chase & Co.		169,204		6,716
State Street Corp.		8,700		482
Wells Fargo & Co.		75,500		4,744
Communication (0.9%)
American Tower Corp.–Class A ‡		24,300		659
Cablevision Systems Corp.–Class A †‡		22,373		525
Comcast Corp.–Class A ‡		19,700		511
DIRECTV Group (The), Inc. ‡		19,800		280
Viacom, Inc.–Class B ‡		17,900		584
Communications Equipment (1.0%)
Corning, Inc. ‡		76,600		1,506
QUALCOMM, Inc.		22,200		956
Siemens AG, ADR †		7,600		650
Computer & Data Processing Services (6.1%)
Adobe Systems, Inc.		69,600		2,572
Affiliated Computer Services, Inc.–Class A ‡		35,600		2,107
Automatic Data Processing, Inc.		17,200		789

	Shares		Value
Computer & Data Processing Services (continued)
Checkfree Corp. ‡		10,200	$	468
Google, Inc.–Class A ‡		5,500		2,282
Microsoft Corp.		214,700		5,614
SAP AG, ADR		64,500		2,907
Sun Microsystems, Inc. ‡		142,600		597
Yahoo!, Inc. ‡		24,000		940
Computer & Office Equipment (4.6%)
Cisco Systems, Inc. ‡		231,900		3,970
Dell, Inc. ‡		15,500		465
Hewlett-Packard Co.		38,857		1,112
International Business Machines Corp.		5,500		452
Jabil Circuit, Inc. ‡		57,500		2,133
Lexmark International, Inc. ‡		23,500		1,054
Sandisk Corp. ‡		60,900		3,826
Seagate Technology †		36,100		722
Construction (1.3%)
Fluor Corp.		48,700		3,763
Electric Services (0.6%)
AES Corp. (The) ‡		104,700		1,657
Electric, Gas & Sanitary Services (0.2%)
Exelon Corp.		10,500		558
Electronic & Other Electric Equipment (3.4%)
Cooper Industries, Ltd.–Class A		26,500		1,935
Emerson Electric Co.		8,800		657
General Electric Co.		218,000		7,641
Electronic Components & Accessories (5.2%)
Altera Corp. †‡		170,200		3,154
ASML Holding NV, ADR †‡		40,300		809
Fairchild Semiconductor International, Inc. ‡		43,600		737
Flextronics International, Ltd. ‡		149,100		1,557
Freescale Semiconductor, Inc.–Class A ‡		70,100		1,766
Intel Corp.		51,200		1,278
International Rectifier Corp. †‡		57,300		1,828
JDS Uniphase Corp. ‡		135,400		320
Linear Technology Corp.		24,600		887
Novellus Systems, Inc. ‡		14,100		340
Tyco International, Ltd.		37,800		1,091
Xilinx, Inc.		63,000		1,588
Environmental Services (0.2%)
Allied Waste Industries, Inc. †‡		81,600		713
Food & Kindred Products (3.4%)
Altria Group, Inc.		58,800		4,394
Campbell Soup Co.		51,700		1,539
Kraft Foods, Inc.–Class A †		52,000		1,463
Sara Lee Corp.		36,200		684
Unilever NV-NY Shares		30,100		2,066

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

4

Capital Guardian U.S. Equity

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2005
(all amounts except share amounts in thousands)

	Shares		Value
Furniture & Fixtures (0.3%)
Leggett & Platt, Inc. †		32,500	$	746
Furniture & Home Furnishings Stores (0.4%)
Williams-Sonoma, Inc. ‡		28,000		1,208
Gas Production & Distribution (0.5%)
Kinder Morgan, Inc.		9,614		884
Williams Cos., Inc. (The)		22,900		531
Health Services (1.4%)
DaVita, Inc. ‡		36,900		1,869
Lincare Holdings, Inc. ‡		27,300		1,144
Omnicare, Inc.		18,900		1,081
Holding & Other Investment Offices (1.0%)
Berkshire Hathaway, Inc.–Class A ‡		25		2,216
General Growth Properties, Inc. REIT		19,300		907
Hotels & Other Lodging Places (0.5%)
Las Vegas Sands Corp. †‡		13,300		525
Starwood Hotels & Resorts Worldwide, Inc.		14,300		913
Industrial Machinery & Equipment (3.1%)
American Standard Cos., Inc.		58,500		2,337
Applied Materials, Inc.		202,400		3,631
Baker Hughes, Inc.		22,200		1,349
Illinois Tool Works, Inc. †		21,300		1,874
Instruments & Related Products (2.5%)
Agilent Technologies, Inc. ‡		16,555		551
Danaher Corp.		37,400		2,086
KLA-Tencor Corp. †		86,900		4,287
Teradyne, Inc. †‡		43,100		628
Insurance (2.7%)
American International Group, Inc.		32,000		2,183
Chubb Corp.		12,900		1,260
RenaissanceRe Holdings, Ltd.		11,500		507
WellPoint, Inc. ‡		36,600		2,920
XL Capital, Ltd.–Class A		18,200		1,226
Insurance Agents, Brokers & Service (0.2%)
Hartford Financial Services Group, Inc. (The)		6,699		575
Lumber & Other Building Materials (1.9%)
Lowe's Cos., Inc. †		84,300		5,619
Management Services (0.2%)
Accenture, Ltd.–Class A		21,500		621
Medical Instruments & Supplies (1.2%)
Baxter International, Inc.		47,300		1,781
Medtronic, Inc.		30,800		1,773
Metal Mining (0.3%)
Newmont Mining Corp.		18,200		972

	Shares		Value
Mining (0.1%)
Potash Corp. of Saskatchewan †		4,900	$	393
Motion Pictures (0.5%)
Time Warner, Inc.		89,350		1,558
Oil & Gas Extraction (4.4%)
BJ Services Co. †		22,800		836
Halliburton Co. †		14,100		874
Plains Exploration & Production Co. ‡		14,000		556
Royal Dutch Shell PLC–Class A, ADR		75,200		4,624
Royal Dutch Shell PLC–Class B, ADR †		16,580		1,070
Schlumberger, Ltd. †		28,200		2,740
Transocean, Inc. ‡		13,400		934
Weatherford International, Ltd. ‡		43,400		1,571
Paper & Allied Products (0.2%)
International Paper Co. †		20,500		689
Personal Credit Institutions (3.0%)
AmeriCredit Corp. ‡		23,900		613
Capital One Financial Corp.		9,500		821
SLM Corp.		138,200		7,613
Petroleum Refining (1.0%)
Chevron Corp.		25,219		1,432
Exxon Mobil Corp.		29,400		1,651
Pharmaceuticals (11.4%)
Allergan, Inc.		56,100		6,057
AmerisourceBergen Corp.		44,000		1,822
Amgen, Inc. ‡		8,900		702
AstraZeneca PLC, ADR		154,300		7,499
Endo Pharmaceuticals Holdings, Inc. ‡		17,800		539
Forest Laboratories, Inc. ‡		155,900		6,342
ImClone Systems, Inc. †‡		38,500		1,318
Lilly (Eli) & Co. †		12,400		702
McKesson Corp.		39,700		2,048
Medco Health Solutions, Inc. ‡		30,700		1,713
Millennium Pharmaceuticals, Inc. †‡		67,900		659
Pfizer, Inc.		45,000		1,049
Sepracor, Inc. †‡		11,900		614
Teva Pharmaceutical Industries, Ltd., ADR †		65,000		2,796
Primary Metal Industries (0.9%)
Alcoa, Inc.		92,300		2,729
Radio, Television & Computer Stores (0.2%)
RadioShack Corp.		24,800		522
Railroads (0.1%)
Union Pacific Corp.		5,300		427
Restaurants (0.2%)
McDonald's Corp.		15,700		529

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

5

Capital Guardian U.S. Equity

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2005
(all amounts except share amounts in thousands)

	Shares		Value
Retail Trade (0.6%)
Amazon.com, Inc. †‡		9,300	$	439
Dollar Tree Stores, Inc. †‡		50,100		1,199
Savings Institutions (2.8%)
Golden West Financial Corp.		31,300		2,066
Hudson City Bancorp, Inc.		117,300		1,422
Washington Mutual, Inc.		111,700		4,859
Security & Commodity Brokers (0.2%)
Goldman Sachs Group, Inc. (The)		4,000		511
Telecommunications (2.4%)
AT&T, Inc.		19,900		487
Qwest Communications International ‡		193,900		1,096
Sprint Nextel Corp.		169,650		3,963
Verizon Communications, Inc.		48,400		1,458
Transportation & Public Utilities (0.2%)
Expedia, Inc. †‡		21,649		519
Kinder Morgan Management LLC ‡		1,578		72
Trucking & Warehousing (1.0%)
United Parcel Service, Inc.–Class B		38,500		2,893
Variety Stores (1.3%)
Costco Wholesale Corp. †		25,800		1,276
Target Corp.		46,200		2,540
Water Transportation (0.2%)
Carnival Corp.		10,600		567
Wholesale Trade Nondurable Goods (0.5%)
SYSCO Corp.		48,800		1,515
Total Common Stocks (cost: $216,934)				261,310
	Principal		Value
SECURITY LENDING COLLATERAL (12.1%)
Debt (10.3%)
Bank Notes (0.3%)
Bank of America
4.27%, due 01/17/2006 *	$	533	$	533
4.31%, due 08/10/2006 *		438		438
Certificates Of Deposit (0.5%)
Barclays 4.31%, due 01/17/2006 *		336		336
Canadian Imperial Bank of Commerce 4.15%, due 05/18/2006 *		476		476
Credit Suisse First Boston Corp. 4.18%, due 03/10/2006 *		190		190
Rabobank Nederland 4.10%, due 05/31/2006 *		476		476

	Principal		Value
Commercial Paper (1.2%)
Fairway Finance–144A 4.31%, due 01/10/2006	$	949	$	949
Jupiter Securitization Corp.–144A 4.27%, due 01/05/2006		476		476
Paradigm Funding LLC–144A 4.30%, due 01/09/2006		187		187
Park Avenue Receivables Corp.–144A 4.27%, due 01/04/2006		472		472
Preferred Receivables Corp.–144A 4.31%, due 01/04/2006		378		378
Ranger Funding Co. LLC–144A 4.29%, due 01/18/2006		376		376
Sheffield Receivables Corp.–144A 4.26%, due 01/23/2006		228		228
Yorktown Capital LLC 4.27%, due 01/05/2006		476		476
Euro Dollar Overnight (1.6%)
Calyon 4.34%, due 01/05/2006		476		476
Fortis Bank 4.35%, due 01/03/2006 4.35%, due 01/05/2006		951 904		951 904
Harris Trust & Savings Bank 4.25%, due 01/05/2006		780		780
National Australia Bank 4.16%, due 01/03/2006		971		971
Rabobank Nederland 4.15%, due 01/03/2006		342		342
Wells Fargo 4.27%, due 01/03/2006		476		476
Euro Dollar Terms (3.4%)
Bank of Montreal 4.30%, due 01/19/2006		951		951
Barclays 4.27%, due 01/25/2006 4.30%, due 01/31/2006		285 761		285 761
BNP Paribas 4.22%, due 01/24/2006		476		476
Dexia Group 4.25%, due 01/09/2006		476		476
Rabobank Nederland 4.21%, due 01/19/2006		856		856
Royal Bank of Canada 4.25%, due 01/24/2006		666		666
Royal Bank of Scotland 4.30%, due 01/31/2006 4.31%, due 02/01/2006		1,427 1,046		1,427 1,046

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

6

Capital Guardian U.S. Equity

SCHEDULE OF INVESTMENTS
At December 31, 2005
(all amounts except share amounts in thousands)

	Principal		Value
Euro Dollar Terms (continued)
Societe Generale 4.28%, due 01/30/2006	$	951	$	951
UBS AG 4.26%, due 01/10/2006		951		951
Wells Fargo 4.29%, due 01/30/2006		1,427		1,427
Promissory Notes (0.3%)
Bear Stearns & Co. 4.39%, due 03/07/2006 4.39%, due 06/06/2006		571 190		571 190
Repurchase Agreements (3.0%) ††
Credit Suisse First Boston Corp. 4.29%, dated 12/30/2005 to be repurchased at $1,593 on 01/03/2006		1,592		1,592
Goldman Sachs Group, Inc. (The) 4.29%, dated 12/30/2005 to be repurchased at $3,801 on 01/03/2006		3,799		3,799
Lehman Brothers, Inc. 4.29%, dated 12/30/2005 to be repurchased at $25 on 01/03/2006		25		25

	Principal		Value
Repurchase Agreements (continued)
Merrill Lynch & Co. 4.24%, dated 12/30/2005 to be repurchased at $3,046 on 01/03/2006	$	3,044	$	3,044
Morgan Stanley Dean Witter & Co. 4.36%, dated 12/30/2005 to be repurchased at $336 on 01/03/2006		336		336
	Shares		Value
Investment Companies (1.8%)
American Beacon Fund 1-day yield of 4.19%		130,423	$	130
Barclays Global Investors Institutional Money Market Fund 1-day yield of 4.19%		1,236,714		1,237
Dreyfus Cash Management Plus Fund 1-day yield of 4.09%		513,712		514
Merrimac Cash Fund, Premium Class 1-day yield of 4.03% @		3,367,825		3,368
Total Security Lending Collateral (cost: $35,970)				35,970
Total Investment Securities (cost: $252,904)			$	297,280

NOTES TO SCHEDULE OF INVESTMENTS:

†  At December 31, 2005, all or a portion of this security is on loan (see Note 1). The value at December 31, 2005, of all securities on loan is $34,850.

‡  Non-income producing.

*  Floating or variable rate note. Rate is listed as of December 31, 2005.

††  Cash collateral for the Repurchase Agreements, valued at $8,973, that serve as collateral for securities lending are invested in corporate bonds with interest rates and maturity dates ranging from 0.00%–8.75% and 01/03/2006–08/01/2037, respectively.

@  Regulated investment company advised by Investors Bank and Trust Co. ("IBT"). IBT is also the accounting, custody and lending agent for the Fund.

DEFINITIONS:

144A  144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2005, these securities aggregated $3,066 or 1.0% of the total investments of the Fund.

ADR  American Depositary Receipt

REIT  Real Estate Investment Trust

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

7

Capital Guardian U.S. Equity

STATEMENT OF ASSETS AND LIABILITIES
At December 31, 2005
(all amounts except per share amounts in thousands)

Assets:
Investment securities, at value (cost: $252,904) (including securities loaned of $34,850)	$	297,280
Cash		2,084
Receivables:
Investment securities sold		256
Shares sold		950
Interest		10
Dividends		332
		300,912
Liabilities:
Investment securities purchased		19
Accounts payable and accrued liabilities:
Shares redeemed		86
Management and advisory fees		186
Service fees		2
Administration fees		5
Payable for collateral for securities on loan		35,970
Other		31
		36,299
Net Assets	$	264,613
Net Assets Consist of:
Capital stock ($.01 par value)	$	234
Additional paid-in capital		196,209
Distributable net investment income (loss)		1,396
Accumulated net realized gain (loss) from investment securities		22,398
Net unrealized appreciation (depreciation) on investment securities		44,376
Net Assets	$	264,613
Net Assets by Class:
Initial Class	$	254,860
Service Class		9,753
Shares Outstanding:
Initial Class		22,514
Service Class		863
Net Asset Value and Offering Price Per Share:
Initial Class	$	11.32
Service Class		11.31

STATEMENT OF OPERATIONS
For the year ended December 31, 2005
(all amounts in thousands)

Investment Income:
Interest	$	53
Dividends (net of withholding taxes on foreign dividends of $55)		3,639
Income from loaned securities–net		56
		3,748
Expenses:
Management and advisory fees		2,140
Printing and shareholder reports		50
Custody fees		42
Administration fees		52
Legal fees		5
Audit fees		14
Trustees fees		9
Service fees:
Service Class		22
Other		7
Total expenses		2,341
Net Investment Income (Loss)		1,407
Net Realized and Unrealized Gain (Loss):
Realized gain (loss) from investment securities		23,680
Increase (decrease) in unrealized appreciation (depreciation) on investment securities		(9,442	)
Net Realized and Unrealized Gain (Loss) on Investment Securities		14,238
Net Increase (Decrease) in Net Assets Resulting from Operations	$	15,645

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

8

Capital Guardian U.S. Equity

STATEMENTS OF CHANGES IN NET ASSETS
For the years ended
(all amounts in thousands)

	December 31, 2005			December 31, 2004
Increase (Decrease) In Net Assets From:
Operations:
Net investment income (loss)	$	1,407		$	1,449
Net realized gain (loss) from investment securities		23,680			11,876
Change in unrealized appreciation (depreciation) on investment securities		(9,442	)		10,453
		15,645			23,778
Distributions to Shareholders:
From net investment income:
Initial Class		(1,383	)		(726	)
Service Class		(38	)		(3	)
		(1,421	)		(729	)
From net realized gains:
Initial Class		(7,104	)		–
Service Class		(263	)		–
		(7,367	)		–
Capital Share Transactions:
Proceeds from shares sold:
Initial Class		17,783			33,928
Service Class		3,043			6,140
		20,826			40,068
Dividends and distributions reinvested:
Initial Class		8,487			726
Service Class		301			3
		8,788			729
Cost of shares redeemed:
Initial Class		(44,898	)		(29,209	)
Service Class		(1,995	)		(882	)
		(46,893	)		(30,091	)
		(17,279	)		10,706
Net increase (decrease) in net assets		(10,422	)		33,755
Net Assets:
Beginning of year		275,035			241,280
End of year	$	264,613		$	275,035
Distributable Net Investment Income (Loss)	$	1,396		$	1,435

	December 31, 2005			December 31, 2004
Share Activity:
Shares issued:
Initial Class		1,628			3,275
Service Class		279			592
		1,907			3,867
Shares issued–reinvested from distributions:
Initial Class		784			76
Service Class		28			–
		812			76
Shares redeemed:
Initial Class		(4,126	)		(2,863	)
Service Class		(181	)		(87	)
		(4,307	)		(2,950	)
Net increase (decrease) in shares outstanding:
Initial Class		(1,714	)		488
Service Class		126			505
		(1,588	)		993

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

9

Capital Guardian U.S. Equity

FINANCIAL HIGHLIGHTS

		For a share outstanding throughout each period (a)
		Net Asset		Investment Operations								Distributions									Net Asset
	For the Period Ended (b)	Value, Beginning of Period		Net Investment Income (Loss)		Net Realized and Unrealized Gain (Loss)			Total Operations			From Net Investment Income			From Net Realized Gains			Total Distributions			Value, End of Period
Initial Class	12/31/2005	$	11.02	$	0.06	$	0.62		$	0.68		$	(0.06	)	$	(0.32	)	$	(0.38	)	$	11.32
	12/31/2004		10.07		0.06		0.92			0.98			(0.03	)		–			(0.03	)		11.02
	12/31/2003		7.39		0.04		2.65			2.69			(0.01	)		–			(0.01	)		10.07
	12/31/2002		9.74		0.03		(2.35	)		(2.32	)		(0.01	)		(0.02	)		(0.03	)		7.39
	12/31/2001		10.10		0.01		(0.35	)		(0.34	)		(0.01	)		(0.01	)		(0.02	)		9.74
Service Class	12/31/2005		11.02		0.03		0.63			0.66			(0.05	)		(0.32	)		(0.37	)		11.31
	12/31/2004		10.07		0.04		0.92			0.96			(0.01	)		–			(0.01	)		11.02
	12/31/2003		7.96		0.01		2.10			2.11			–			–			–			10.07

					Ratios/Supplemental Data
	For the Period	Total			Net Assets, End of Period		Ratio of Expenses to Average Net Assets (f)						Net Investment Income (Loss) to Average			Portfolio Turnover
	Ended (b)	Return (c)(g)			(000's)		Net (d)			Total (e)			Net Assets (f)			Rate (g)
Initial Class	12/31/2005		6.31	%	$	254,860		0.89	%		0.89	%		0.55	%		35	%
	12/31/2004		9.77			266,915		0.90			0.90			0.57			23
	12/31/2003		36.50			238,949		0.91			0.91			0.41			20
	12/31/2002		(23.80	)		116,484		0.98			0.98			0.43			23
	12/31/2001		(3.38	)		50,334		1.08			1.09			0.19			39
Service Class	12/31/2005		6.06			9,753		1.14			1.14			0.29			35
	12/31/2004		9.49			8,120		1.15			1.15			0.38			23
	12/31/2003		26.50			2,331		1.16			1.16			0.17			20

NOTES TO FINANCIAL HIGHLIGHTS

(a)  Per share information is calculated based on average number of shares outstanding.

(b)  Capital Guardian U.S. Equity (the "Fund") share classes commenced operations as follows:

Initial Class – October 9, 2000
Service Class – May 1, 2003

(c)  Total Return reflects all portfolio expenses and includes reinvestment of dividends and capital gains; it does not reflect the charges and deductions under the policies or annuity contracts.

(d)  For the years ended December 31, 2005, 2004 and 2003, Ratio of Net Expenses to Average Net Assets is net of fee waivers and reimbursements by the investment adviser, if any (see note 2). For the year ended December 31, 2002, Ratio of Net Expenses to Average Net Assets is net of fees paid indirectly. For the year ended December 31, 2001, Ratio of Net Expenses to Average Net Assets is net of fees paid indirectly and credits allowed by the custodian.

(e)  Ratio of Total Expenses to Average Net Assets includes all expenses before fee waivers and reimbursements by the investment adviser.

(f)  Annualized.

(g)  Not annualized.

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

10

Capital Guardian U.S. Equity

NOTES TO FINANCIAL STATEMENTS
At December 31, 2005
(all amounts in thousands)

NOTE 1.  ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

The AEGON/Transamerica Series Trust ("ATST") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). ATST serves as a funding vehicle for variable life insurance, variable annuity and group annuity products. Capital Guardian U.S. Equity (the "Fund") is part of ATST.

Effective May 1, 2005, AEGON/Transamerica Series Fund, Inc. changed its name to AEGON/Transamerica Series Trust.

In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

This report should be read in conjunction with the current Fund prospectus, which contains more complete information about the Fund.

In preparing the Fund's financial statements in accordance with accounting principles generally accepted in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Fund.

Multiple class operations, income and expenses: The Fund currently offers two classes of shares, an Initial Class and a Service Class. Income, non-class specific expenses and realized and unrealized gains and losses, are allocated daily to each class, based upon the value of shares outstanding method as permitted under Rule 18f-3 of the 1940 Act. Each class bears its own specific expenses as well as a portion of general, common expenses.

Security valuations: The Fund values its investments at the close of the New York Stock Exchange ("NYSE"), normally 4 p.m. ET, each day the NYSE is open for business. Fund investments are valued at the last sale price or closing price on the day of valuation taken from the primary exchange where the security is principally traded.

Securities traded in the over-the-counter market and listed securities for which no sale was reported on that date are valued at the last quoted bid price.

Debt securities are valued based on a price quotation or other equivalent indication of value supplied by an exchange, a pricing service or a major market maker; however, those that mature in sixty days or less are valued at amortized cost, which approximates market.

Investment company securities are valued at the net asset value of the underlying portfolio.

Other securities for which quotations are not readily available are valued at fair market value as determined in good faith by the Fund's Administrative Valuation Committee, under the supervision of the Board's Valuation Committee, using guidelines adopted by the Board of Trustees.

Cash: The Fund may leave cash overnight in its cash account with the custodian, Investors Bank & Trust Company ("IBT"). IBT has been contracted on behalf of the Fund to invest the excess cash into a savings account, which at December 31, 2005, was paying an interest rate of 3.00%.

Repurchase agreements: The Fund is authorized to enter into repurchase agreements. The Fund, through its custodian, IBT, receives delivery of the underlying securities, the value of which at the time of purchase is required to be an amount equal to at least 100% of the resale price. The Fund will bear the risk of value fluctuations until the security can be sold and may encounter delays and incur costs in liquidating the security. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Commission recapture: The sub-adviser, to the extent consistent with the best execution and usual commission rate policies and practices, may place security transactions of the Fund with broker/dealers with which ATST has established a Commission Recapture Program. A Commission Recapture Program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Fund. In no event will commissions paid by the Fund be used to pay expenses that would otherwise be borne by any other funds within ATST, or by any other party.

Recaptured commissions during the year ended December 31, 2005, of $23 are included in net realized gains in the Statement of Operations.

Securities lending: The Fund may lend securities to qualified borrowers, with IBT acting as the Fund's lending agent. The Fund earns negotiated lenders' fees. The Fund receives cash and/or securities as collateral against the loaned securities. Cash collateral received is invested in short term, interest bearing securities. The Fund monitors the market value of securities loaned on a daily basis and requires collateral in an amount at least equal to the value of the securities loaned. Income from loaned securities on the Statement of Operations is net of fees, in the amount of $24, earned by IBT for its services.

Real Estate Investment Trusts ("REITs"): There are certain additional risks involved in investing in REITs. These include, but are not limited to, economic conditions, changes in zoning laws, real estate values, property taxes and interest rates.

Security transactions and investment income: Security transactions are recorded on the trade date. Security gains and losses are calculated

AEGON/Transamerica Series Trust

Annual Report 2005

11

Capital Guardian U.S. Equity

NOTES TO FINANCIAL STATEMENTS (continued)
At December 31, 2005
(all amounts in thousands)

NOTE 1.–(continued)

on the first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend date. Interest income, including accretion of discounts and amortization of premiums, is recorded on the accrual basis commencing on the settlement date.

Dividend distributions: Dividends and capital gains distributions are typically declared and reinvested annually and are generally paid and reinvested on the business day following the ex-date.

NOTE 2.  RELATED PARTY TRANSACTIONS

Effective January 1, 2005 AEGON/Transamerica Fund Advisers, Inc. was renamed Transamerica Fund Advisors, Inc. ("TFAI"); AEGON/Transamerica Fund Services, Inc. and AEGON/Transamerica Investor Services, Inc. merged into one entity and was renamed Transamerica Fund Services, Inc. ("TFS").

ATST serves as a funding vehicle for certain affiliated asset allocation portfolios and certain affiliated separate accounts of Western Reserve Life Assurance Co. of Ohio, Transamerica Life Insurance Company, Transamerica Financial Life Insurance Company, Inc., Peoples Benefit Life Insurance Company, Transamerica Occidental Life Insurance Company and Transamerica Life Insurance and Annuity Company.

TFAI is the Fund's investment adviser. TFS is the Fund's administrator and transfer agent. AFSG Securities Corp. ("AFSG") is the Fund's distributor. TFAI, TFS, and AFSG are affiliates of AEGON, NV, a Netherlands corporation.

Certain officers and trustees of the Fund are also officers and/or directors of TFAI, TFS, and AFSG.

Investment advisory fee: The Fund pays management fees to TFAI based on average daily net assets ("ANA") at the following breakpoints:

0.85% of the first $100 million of ANA
0.80% of the next $400 million of ANA
0.775% of the next $500 million of ANA
0.70% of the next $1 billion of ANA
0.65% of ANA over $2 billion

TFAI has contractually agreed to waive its advisory fee and will reimburse the Fund to the extent that operating expenses, excluding 12b-1 fees, exceed the following stated annual limit:

1.06% Expense Limit

If total fund expenses fall below the annual expense limitation agreement agreed to by the adviser within the succeeding three years, the Fund may be required to pay the adviser a portion or all of the waived advisory fees.

There were no amounts recaptured during the year ended December 31, 2005. There are no amounts available for recapture at December 31, 2005.

Distribution and service fees: The Fund adopted a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, ATST entered into a Distribution Agreement with AFSG dated January 1, 1997, as amended.

Under the Distribution Plan and Distribution Agreement on the Initial Class shares, AFSG, on behalf of the Fund, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Fund's shares, amounts equal to actual expenses associated with distributing the shares.

The Distribution Plan on the Service Class shares requires ATST to pay distribution fees to AFSG as compensation for its activities, not as reimbursement for specific expenses. The fee on the Service Class is paid to the insurance companies for providing services and account maintenance for their policyholders who invest in the variable insurance products which invest in the Service Class shares.

The Fund is authorized under the 12b-1 plan to pay fees on each class up to the following limits:

Initial Class	0.15	%
Service Class	0.25	%

AFSG has determined that it will not seek payment by the Fund of the distribution expenses incurred with respect to the Initial Class shares before April 30, 2007. Prior to AFSG seeking reimbursement of future expenses, policy and contract owners will be notified in advance. The Fund will pay fees relating to Service Class shares.

Administrative services: The Fund has entered into an agreement with TFS for financial and legal fund administration services. The Fund pays TFS an annual fee of 0.02% of ANA. The Legal fees on the Statement of Operations are for fees paid to external legal counsel.

Deferred compensation plan: Each eligible independent Fund Trustee may elect participation in a non-qualified deferred compensation plan ("the Plan") maintained by Transamerica IDEX Mutual Funds, an affiliate of the Fund. Under the Plan, such Trustees may defer payment of all or a portion of their total fees earned as a Fund Trustee. Each Trustee who is a participant in the Plan may elect that the earnings, losses or gains credited to his or her deferred fee amounts be determined based on a deemed investment in any series of Transamerica IDEX Mutual Funds. The right of a participant to receive a distribution from the Plan of the deferred fees is an unsecured claim against the general assets of all series of Transamerica IDEX Mutual Funds.

AEGON/Transamerica Series Trust

Annual Report 2005

12

Capital Guardian U.S. Equity

NOTES TO FINANCIAL STATEMENTS (continued)
At December 31, 2005
(all amounts in thousands)

NOTE 2.–(continued)

The pro rata liability to the Fund of all deferred fees in the Plan amounted, as of December 31, 2005, to $13.

NOTE 3.  INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the year ended December 31, 2005, were as follows:

Purchases of securities:
Long-Term	$	90,582
U.S. Government		–
Proceeds from maturities and sales of securities:
Long-Term		111,113
U.S. Government		–

NOTE 4.  FEDERAL INCOME TAX MATTERS

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatment for items including, but not limited to, wash sales and REIT reclassifications.

Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. Financial records are not adjusted for temporary differences. These reclassifications are as follows:

Distributable net investment income (loss)	$	(25	)
Accumulated net realized gain (loss) from investment securities		25

The tax character of distributions paid may differ from the character of distributions shown in the Statements of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2004 and 2005 was as follows:

2004 Distributions paid from:
Ordinary Income	$	729
Long-term Capital Gain		–
2005 Distributions paid from:
Ordinary Income		1,986
Long-term Capital Gain		6,802

The tax basis components of distributable earnings as of December 31, 2005, are as follows:

Undistributed Ordinary Income	$	1,618
Undistributed Long-term Capital Gain	$	22,978
Capital Loss Carryforward	$	–
Net Unrealized Appreciation (Depreciation)	$	43,574

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of December 31, 2005, are as follows:

Federal Tax Cost Basis	$	253,706
Unrealized Appreciation	$	50,626
Unrealized (Depreciation)		(7,052	)
Net Unrealized Appreciation (Depreciation)	$	43,574

NOTE 5.  REGULATORY PROCEEDINGS

There continues to be significant federal and state regulatory activity relating to financial services companies, particularly mutual fund companies and their investment advisers. As part of an ongoing investigation regarding potential market timing, recordkeeping and trading compliance issues and matters affecting the Fund's investment adviser, TFAI, and certain affiliates and former employees of TFAI, the SEC staff has indicated that it is likely to take some action against TFAI and certain of its affiliates at the conclusion of the investigation. The potential timing and the scope of any such action is difficult to predict. Although the impact of any action brought against TFAI and/or its affiliates is difficult to assess at the present time, the Fund currently believes that the likelihood that any such action will have a material adverse impact on it is remote. It is important to note that the Fund is not aware of any allega tion of wrongdoing against it and its Board at the time this annual report is printed. Although it is not anticipated that these developments will have an adverse impact on the Fund, there can be no assurance at this time. TFAI and its affiliates are actively working with the SEC in regard to this matter; however, the exact resolution cannot be determined at this time. TFAI will take such actions that it deems necessary or appropriate to continue providing management services to the Fund and to bring all matters to an appropriate conclusion.

TFAI and/or its affiliates, and not the Fund, will bear the costs regarding these regulatory matters.

AEGON/Transamerica Series Trust

Annual Report 2005

13

Report of Independent Registered Certified Public Accounting Firm

To the Board of Trustees and Shareholders of
Capital Guardian U.S. Equity

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Capital Guardian U.S. Equity (the "Fund") (one of the portfolios constituting the AEGON/Transamerica Series Trust) at December 31, 2005, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fund's management; our responsibility is to express an opinion on these financial statements based on ou r audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2005 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

Tampa, Florida
February 23, 2006

Capital Guardian U.S. Equity (UNAUDITED)

SUPPLEMENTAL TAX INFORMATION
(all amounts in thousands)

For tax purposes, the Fund has made a Long-Term Capital Gain Designation of $6,802 for the year ended December 31, 2005.

AEGON/Transamerica Series Trust

Annual Report 2005

14

Capital Guardian U.S. Equity

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS – REVIEW AND RENEWAL (unaudited)

At a meeting of the Board of Trustees of AEGON/Transamerica Series Trust ("ATST") held on November 2, 2005, the Board reviewed and considered the Investment Advisory Agreement between Capital Guardian U.S. Equity (the "Portfolio") and Transamerica Fund Advisors, Inc. ("TFAI") as well as the Investment Sub-Advisory Agreement of the Portfolio between TFAI and Capital Guardian Trust Company (the "Sub-Adviser"), to determine whether the agreements should be renewed for a one-year period. Following their review and consideration, the Trustees determined that the Investment Advisory Agreement and the Investment Sub-Advisory Agreement will enable shareholders of the Portfolio to obtain high quality services at a cost that is appropriate, reasonable, and in the best interests of its shareholders. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and the Inves tment Sub-Advisory Agreement. In reaching their decision, the Trustees requested and obtained from TFAI and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the proposed agreements. The Trustees also carefully considered the information that they had received throughout the year from TFAI and the Sub-Adviser (such as in-person presentations by the Sub-Adviser) as part of their regular oversight of the Portfolio, as well as: comparative fee, expense and performance information prepared by Lipper Inc. ("Lipper"), independent providers of mutual fund performance, fee and expense information; and profitability data. In considering the proposed continuation of the Investment Advisory Agreement and the Investment Sub-Advisory Agreement, the Trustees evaluated a number of considerations that they believe, in light of the legal advice furnished to them by ATST counsel and independent legal counsel and their own business judgment, to be relevant. They based their decisions on the follo wing considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:

The nature, extent and quality of the advisory service to be provided. The Board considered the nature and quality of the services provided by TFAI and the Sub-Adviser to the Portfolio in the past, as well as the services anticipated to be provided in the future. The Board concluded that TFAI and the Sub-Adviser are capable of providing high quality services to the Portfolio, as indicated by the nature and quality of services provided in the past, TFAI's and the Sub-Adviser's management capabilities demonstrated with respect to the portfolios they manage, including the Portfolio, and the experience, capability and integrity of TFAI's senior management, the financial resources of TFAI and the Sub-Adviser, TFAI's management oversight process, and the professional qualifications and experience of the Sub-Adviser's portfolio management team. The Trustees also concluded that TFAI and the Sub-Adviser proposed to provide investment and related services that were of the same quality and quantity as services provided to the Portfolio in the past, and that these services are appropriate in scope and extent in light of the Portfolio's operations, the competitive landscape of the investment company business and investor needs, and that TFAI's and the Sub-Adviser's obligations will remain substantially the same.

The investment performance of the Portfolio. The Board examined both the short-term and longer-term performance of the Portfolio, including relative performance against a benchmark securities index and a peer group of comparable mutual funds as prepared by Lipper, for various trailing periods ended June 30, 2005. The Trustees concluded that TFAI and the Sub-Adviser generally had achieved acceptable investment performance, noting that although the Portfolio's performance was below median relative to its peers and the benchmark index over the past one- and two-year periods, its performance was above median relative to its peers and the benchmark index over the past three-year period. On the basis of the Trustees' assessment of the nature, extent and quality of advisory services to be provided or procured by TFAI and the Sub-Adviser, the Trustees conclud ed that TFAI and the Sub-Adviser are capable of generating a level of investment performance that is appropriate in light of the Portfolio's investment objective, policies and strategies and competitive with many other investment companies, and also determined that TFAI's and the Sub-Adviser's performance records indicate that their continued management is likely to benefit the Portfolio and its shareholders.

The cost of advisory services provided and the level of profitability. The Board noted the new pricing schedule for the Portfolio, which will result in lower management fees to TFAI and sub-advisory fees for the Portfolio. The Board reviewed profitability information regarding TFAI's costs of procuring portfolio management services, as well as the costs of provision of administration, fund accounting and other services, to the Portfolio and to ATST as a whole by TFAI and its affiliates. The Trustees reviewed data from Lipper that compared the Portfolio's management fees (including management fees at various asset levels), other fees and expenses (including total expenses including and excluding 12b-1 distribution and service fees) and portfolio turnover rate against a peer group of comparable mutual funds. Based on such information, the Trustees deter mined that the management fees and overall expense ratio of the Portfolio generally are consistent with industry averages. In addition, on the basis of the Board's review of the management fees to be charged by TFAI for investment advisory and related services, TFAI profitability information (derived from TFAI's audited financial statements), TFAI's estimated management income resulting from its management of the Portfolio, the estimated margin of the Sub-Adviser, as well as the entirety of TFAI's and its affiliates' service relationship with ATST, the Board concluded that the level of investment management fees and other service fees, as well as TFAI's and the Sub-Adviser's profitability, are appropriate in light of the services provided, the

AEGON/Transamerica Series Trust

Annual Report 2005

15

Capital Guardian U.S. Equity (continued)

management fees and overall expense ratios of comparable investment companies and the anticipated profitability of the relationship between the Portfolio, TFAI and its affiliates, and the Sub-Adviser.

Whether fee levels reflect economies of scale and the extent to which economies of scale would be realized as the Portfolio grows. The Board concluded that the inclusion of asset-based breakpoints in the Portfolio's advisory fee schedule appropriately benefits investors by realizing economies of scale in the form of lower management fees as the level of assets grows. In addition, the Board concluded that the Portfolio's current management fees appropriately reflect the Portfolio's current size, the current economic environment for TFAI, the competitive nature of the investment company market, and TFAI's pricing strategy. The Trustees also concluded that they will have the opportunity to periodically reexamine whether the Portfolio has achieved economies of scale, and the appropriateness of management fees payable to TFAI and fees payable by TFAI to th e Sub-Adviser, in the future.

Benefits (such as soft dollars) to TFAI, its affiliates, or the Sub-Adviser from their relationship with the Portfolio. The Board concluded that other benefits derived by TFAI, its affiliates, and the Sub-Adviser from their relationship with the Portfolio are reasonable and fair, and are consistent with industry practice and the best interests of the Portfolio and its shareholders. In this regard, the Board noted that TFAI does not realizes "soft dollar" benefits from its relationship with the Portfolio, and that the Sub-Adviser is participating in a brokerage program pursuant to which a portion of brokerage commissions paid by the Portfolio is recaptured for the benefit of the Portfolio and its shareholders, thus limiting the amount of "soft-dollar" arrangements the Sub-Adviser may engage in with respect to the Portfolio's brokerage transactions. In addition, the Trustees determined that the administration, fund accounting and other fees paid by the Portfolio to affiliates of TFAI are reasonable, fair and in the best interests of shareholders in light of the nature and quality of the services provided, the associated costs to these affiliates of providing the services, the impact of the costs of such services on the Portfolio's overall operating expenses, and the necessity of the services for the Portfolio's operations.

Other considerations. The Board determined that TFAI had made a substantial commitment to the recruitment and retention of high quality personnel, and maintained the financial, compliance and operational resources reasonably necessary to manage the Portfolio in a professional manner that is consistent with the best interests of the Portfolio and its shareholders. In this regard, the Trustees favorably considered the procedures and policies in place by TFAI to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Adviser. The Trustees also determined that TFAI had made a significant entrepreneurial commitment to the management and success of the Portfolio, reflected by TFAI's expense limitation and fee waiver arrangement with the Portfolio, which may result in TFAI waiving a substantial amount of advisory fees for the benefit of shareholders.

AEGON/Transamerica Series Trust

Annual Report 2005

16

Capital Guardian Value

MARKET ENVIRONMENT

2005 ended with value stocks (as measured by the Russell 1000 Value Index ("Russell 1000 Value")) outperforming the broad market (as measured by the Standard& Poor's 500 Composite Stock Index). Equity markets were supported all year by solid corporate results and strong economic growth. Profits grew at a double-digit pace for the third consecutive year, while economic growth exceeded expectations despite being tested by higher energy prices, devastating hurricanes and rising short-term interest rates.

The energy sector was the best-performing sector by far for the full year, followed by the utilities sector. While integrated oil stocks slid as oil prices fell and Congress considered levying a windfall profits tax on the industry, they remained the best-performing stocks by far for the full year. Oil services companies also posted strong returns.

While energy stocks benefited from higher prices and rose nearly 30% as a group, energy costs weighed heavily on other industries, including chemicals, autos and retailing. Stocks of companies that produce and supply construction materials rose on a widely anticipated rise in demand. Information technology companies – communications equipment companies in particular – were also seen as beneficiaries of rebuilding the Gulf Coast. Telecommunications companies, conversely, were expected to foot much of the bill for repairing and rebuilding the communications infrastructure. This, along with ongoing worries about competition and pricing, led to negative returns for that industry.

Information technology stocks rallied in the fourth quarter to end the year up. Technology stocks were helped by improved earnings guidance and growing consumer demand, and, in the area of semiconductors, by tighter capacity and the emerging view that flash memory would play a larger role in the next generation of consumer products.

PERFORMANCE

For the year ended December31, 2005, Capital Guardian Value, Initial Classreturned 7.71%. By comparison its benchmark, the Russell 1000 Value Index returned 7.05%.

STRATEGY REVIEW

The portfolio outperformed its benchmark in 2005 due mainly to strong stock selection in the health care sector. The top contributors within the health care sector represented two top holdings in the portfolio (Wellpoint, Inc. and Medco Health Solutions, Inc.) as well as U.K. pharmaceutical giant AstraZeneca Plc, McKesson Corp., and Amerisourcebergen Corp. The portfolio ended the year with an overweight position in health care stocks, primarily within the health care providers& services industry.

The consumer discretionary sector was the worst performing sector in 2005 and the portfolio benefited from being underweight relative to the index. Stock selection within the financials sector also benefited returns. Top contributors within the financials sector were General Growth Properties, Inc. and Hartford Financial Services Group, Inc.

While the portfolio as a whole outperformed the index, stock selection within the materials and consumer staples sectors detracted from results. Negative returns came from stocks such as Kraft Foods, Inc., Anheuser-Busch Companies Inc., International Paper Co., and chemical companies The Dow Chemical Co. and DuPont (E.I.) de Nemours& Co.

Investment Team

Capital Guardian Trust Company

AEGON/Transamerica Series Trust

Annual Report 2005

1

Capital Guardian Value

Comparison of change in value of $10,000 investment in Initial Class shares and its comparative index.

Average Annual Total Return for Periods Ended 12/31/05

	1 year			5 years			10 years			From Inception			Inception Date
Initial Class		7.71	%		7.42	%		9.30	%		10.47	%	5/27/93
Russell 1000 Value1		7.05	%		5.28	%		10.94	%		11.86	%	5/27/93
Service Class		7.50	%		–			–			19.73	%	5/1/03

NOTES

¹  The Russell 1000 Value (Russell 1000 Value) Index is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. From inception calculation is based on life of Initial Class shares. Source: Standard & Poor's Micropal®^© Micropal, Inc. 2005 – 1-800-596-5323 – http://www.funds-sp.com.

The performance data presented represents past performance, future results may vary. The portfolio's investment return and net asset value will fluctuate. Past performance does not guarantee future results. Investor's units when redeemed, may be worth more or less than their original cost.

Current performance may be higher or lower than the performance data quoted. Please visit your insurance company's website for contract or policy level standardized total returns current to the most recent month-end. Portfolio performance is net of investment fees and fund expenses, but not product charges, which, if included, would significantly lower the performance quoted.

This material must be preceded or accompanied by a current prospectus, which includes specific contents regarding the investment objectives, explanation of share classes and policies of this portfolio.

The historical financial information for periods prior to May 1, 2002 has been derived from the financial history of the predecessor portfolio, Capital Guardian Value Portfolio of Endeavor Series Trust. Capital Guardian has been the portfolio's subadviser since October 9, 2000. Prior to that date, a different firm managed the portfolio and the performance set forth above prior to October 9, 2000 is attributable to that firm.

AEGON/Transamerica Series Trust

Annual Report 2005

2

Capital Guardian Value

UNDERSTANDING YOUR FUND'S EXPENSES
(unaudited)

SHAREHOLDER EXPENSES

Fund shareholders may incur ongoing costs, including management and advisory fees, distribution and service fees, and other Fund expenses.

The following Example is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.

The Example is based on an investment of $1,000 invested at July 1, 2005 and held for the entire period until December 31, 2005.

ACTUAL EXPENSES

The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of your Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fees, brokerage commissions paid on purchases and sales of fund shares. Therefore, the second line under the Fund in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If any these transaction costs were included, your costs would be higher. The expenses shown in the table do not reflect any fees that may be charged to you by brokers,financial intermediaries or other financial institutions.

	Beginning Account Value		Ending Account Value		Annualized Expense Ratio			Expenses Paid During Period (a)
Initial Class
Actual	$	1,000.00	$	1,068.10		0.86	%	$	4.48
Hypothetical (b)		1,000.00		1,020.87		0.86			4.38
Service Class
Actual		1,000.00		1,067.20		1.11			5.78
Hypothetical (b)		1,000.00		1,019.61		1.11			5.65

^(a)  Expenses are calculated using each Fund's annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by number of days in the period (184 days), and divided by the number of days in the year (365 days).

^(b)  5% return per year before expenses.

GRAPHICAL PRESENTATION OF SCHEDULE OF INVESTMENTS
By Sector
At December 31, 2005

This chart shows the percentage breakdown by sector of the Fund's total investment securities.

AEGON/Transamerica Series Trust

Annual Report 2005

3

Capital Guardian Value

SCHEDULE OF INVESTMENTS
At December 31, 2005
(all amounts except share amounts in thousands)

	Shares		Value
COMMON STOCKS (88.6%)
Aerospace (2.9%)
Goodrich Corp.		58,000	$	2,384
United Technologies Corp.		382,000		21,358
Automotive (0.0%)
Navistar International Corp. ‡		9,800		280
Automotive Dealers & Service Stations (0.5%)
AutoNation, Inc. ‡		172,800		3,755
Beverages (0.6%)
Anheuser-Busch Cos., Inc. †		118,100		5,074
Business Services (1.2%)
Clear Channel Communications, Inc.		324,000		10,190
Chemicals & Allied Products (4.2%)
Air Products & Chemicals, Inc.		137,600		8,145
Avon Products, Inc.		509,700		14,552
Dow Chemical Co. (The)		212,000		9,290
Methanex Corp.		140,200		2,627
Commercial Banks (7.1%)
Fifth Third Bancorp		290,000		10,939
JP Morgan Chase & Co.		767,140		30,448
Wells Fargo & Co.		266,400		16,738
Communications Equipment (0.5%)
Siemens AG, ADR †		48,100		4,117
Computer & Data Processing Services (0.7%)
Affiliated Computer Services, Inc.–Class A ‡		92,900		5,498
Computer & Office Equipment (1.4%)
Hewlett-Packard Co.		414,500		11,867
Electric Services (1.4%)
Duke Energy Corp. †		259,000		7,110
Pinnacle West Capital Corp.		100,700		4,164
Electric, Gas & Sanitary Services (0.4%)
Exelon Corp.		58,800		3,125
Electrical Goods (0.1%)
Arrow Electronics, Inc. ‡		29,200		935
Electronic & Other Electric Equipment (5.8%)
Cooper Industries, Ltd.–Class A		242,700		17,717
Emerson Electric Co.		73,300		5,475
General Electric Co.		691,800		24,248
Electronic Components & Accessories (6.1%)
Fairchild Semiconductor International, Inc. ‡†		736,000		12,446
Flextronics International, Ltd. ‡		1,199,700		12,525
Freescale Semiconductor, Inc.–Class A ‡		294,500		7,418
International Rectifier Corp. ‡		141,900		4,527
Tyco International, Ltd.		460,000		13,276

	Shares		Value
Environmental Services (0.6%)
Allied Waste Industries, Inc. ‡†		613,000	$	5,358
Food & Kindred Products (8.8%)
Altria Group, Inc.		350,800		26,212
Campbell Soup Co.		397,200		11,825
General Mills, Inc.		117,900		5,815
Kraft Foods, Inc.–Class A †		607,600		17,098
Unilever NV-NY Shares		167,900		11,526
Furniture & Fixtures (0.8%)
Leggett & Platt, Inc. †		284,800		6,539
Gas Production & Distribution (1.7%)
Kinder Morgan, Inc. †		109,200		10,041
MDU Resources Group, Inc.		122,900		4,024
Holding & Other Investment Offices (2.8%)
Berkshire Hathaway, Inc.–Class A ‡		80		7,090
General Growth Properties, Inc. REIT †		346,990		16,305
Hotels & Other Lodging Places (0.2%)
Starwood Hotels & Resorts Worldwide, Inc.		31,600		2,018
Industrial Machinery & Equipment (0.2%)
Ingersoll-Rand Co.–Class A		47,800		1,930
Insurance (6.2%)
American International Group, Inc.		163,200		11,135
Assurant, Inc. †		37,000		1,609
Chubb Corp.		59,200		5,781
Everest Re Group, Ltd.		22,500		2,258
RenaissanceRe Holdings, Ltd.		128,800		5,681
St. Paul Travelers Cos., Inc. (The)		64,107		2,864
WellPoint, Inc. ‡		204,200		16,293
XL Capital, Ltd.–Class A		85,400		5,754
Insurance Agents, Brokers & Service (2.4%)
Hartford Financial Services Group, Inc. (The) †		156,400		13,433
Marsh & McLennan Cos., Inc.		196,300		6,234
Motion Pictures (0.3%)
Time Warner, Inc.		143,200		2,497
Oil & Gas Extraction (5.2%)
Anadarko Petroleum Corp.		40,300		3,818
Equitable Resources, Inc.		91,600		3,361
Royal Dutch Shell PLC–Class A, ADR		159,000		9,777
Royal Dutch Shell PLC–Class B, ADR †		202,565		13,071
Transocean, Inc. ‡		185,500		12,927
Paper & Allied Products (1.1%)
International Paper Co. †		280,800		9,438
Personal Credit Institutions (2.0%)
AmeriCredit Corp. ‡		301,500		7,727
Capital One Financial Corp.		104,900		9,063

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

4

Capital Guardian Value

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2005
(all amounts except share amounts in thousands)

	Shares		Value
Petroleum Refining (1.8%)
Chevron Corp.		87,416	$	4,963
Exxon Mobil Corp.		169,366		9,513
Pharmaceuticals (6.6%)
AmerisourceBergen Corp. †		292,400		12,105
AstraZeneca PLC, ADR		201,600		9,798
Lilly (Eli) & Co. †		27,500		1,556
Medco Health Solutions, Inc. ‡		273,600		15,267
Merck & Co., Inc.		401,900		12,784
Pfizer, Inc.		109,300		2,549
Primary Metal Industries (1.2%)
Alcoa, Inc.		236,300		6,987
Hubbell, Inc.–Class B		67,600		3,050
Railroads (1.4%)
Union Pacific Corp.		144,600		11,642
Restaurants (0.4%)
McDonald's Corp.		92,000		3,102
Retail Trade (0.3%)
Dollar Tree Stores, Inc. ‡†		95,900		2,296
Savings Institutions (5.7%)
Golden West Financial Corp. †		27,800		1,835
Hudson City Bancorp, Inc.		1,147,700		13,910
IndyMac Bancorp, Inc. †		160,100		6,247
Washington Mutual, Inc.		571,200		24,847
Security & Commodity Brokers (0.5%)
Goldman Sachs Group, Inc. (The)		31,700		4,048
Telecommunications (5.0%)
AT&T, Inc.		524,400		12,843
BellSouth Corp.		194,300		5,265
Sprint Nextel Corp.		556,600		13,002
Verizon Communications, Inc.		335,000		10,090
Water Transportation (0.5%)
Carnival Corp.		72,200		3,861
Total Common Stocks (cost: $629,562)				730,290
	Principal		Value
SECURITY LENDING COLLATERAL (11.4%)
Debt (9.7%)
Bank Notes (0.3%)
Bank of America
4.27%, due 01/17/2006 *	$	1,388	$	1,388
4.31%, due 08/10/2006 *		1,140		1,140
Certificates Of Deposit (0.5%)
Barclays 4.31%, due 01/17/2006 *		875		875

	Principal		Value
Certificates Of Deposit (continued)
Canadian Imperial Bank of Commerce 4.15%, due 05/18/2006 *	$	1,239	$	1,239
Credit Suisse First Boston Corp. 4.18%, due 03/10/2006 *		496		496
Rabobank Nederland 4.10%, due 05/31/2006 *		1,239		1,239
Commercial Paper (1.1%)
Fairway Finance-144A 4.31%, due 01/10/2006		2,472		2,472
Jupiter Securitization Corp.–144A 4.27%, due 01/05/2006		1,239		1,239
Paradigm Funding LLC–144A 4.30%, due 01/09/2006		486		486
Park Avenue Receivables Corp.–144A 4.27%, due 01/04/2006		1,231		1,231
Preferred Receivables Corp.–144A 4.31%, due 01/04/2006		985		985
Ranger Funding Co. LLC–144A 4.29%, due 01/18/2006		979		979
Sheffield Receivables Corp.–144A 4.26%, due 01/23/2006		595		595
Yorktown Capital LLC 4.27%, due 01/05/2006		1,239		1,239
Euro Dollar Overnight (1.6%)
Calyon 4.34%, due 01/05/2006		1,239		1,239
Fortis Bank 4.35%, due 01/03/2006 4.35%, due 01/05/2006		2,478 2,354		2,478 2,354
Harris Trust & Savings Bank 4.25%, due 01/05/2006		2,032		2,032
National Australia Bank 4.16%, due 01/03/2006		2,531		2,531
Rabobank Nederland 4.15%, due 01/03/2006		892		892
Wells Fargo 4.27%, due 01/03/2006		1,239		1,239
Euro Dollar Terms (3.2%)
Bank of Montreal 4.30%, due 01/19/2006		2,478		2,478
Barclays 4.27%, due 01/25/2006 4.30%, due 01/31/2006		744 1,983		744 1,983
BNP Paribas 4.22%, due 01/24/2006		1,239		1,239

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

5

Capital Guardian Value

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2005
(all amounts except share amounts in thousands)

	Principal		Value
Euro Dollar Terms (continued)
Dexia Group 4.25%, due 01/09/2006	$	1,239	$	1,239
Rabobank Nederland 4.21%, due 01/19/2006		2,230		2,230
Royal Bank of Canada 4.25%, due 01/24/2006		1,735		1,735
Royal Bank of Scotland 4.30%, due 01/31/2006 4.31%, due 02/01/2006		3,717 2,726		3,717 2,726
Societe Generale 4.28%, due 01/30/2006		2,478		2,478
UBS AG 4.26%, due 01/10/2006		2,478		2,478
Wells Fargo 4.29%, due 01/30/2006		3,717		3,717
Promissory Notes (0.2%)
Bear Stearns & Co. 4.39%, due 03/07/2006 4.39%, due 06/06/2006		1,487 496		1,487 496
Repurchase Agreements (2.8%) ††
Credit Suisse First Boston Corp. 4.29%, dated 12/30/2005 to be repurchased at $4,150 on 01/03/2006		4,149		4,149
Goldman Sachs Group, Inc. (The) 4.29%, dated 12/30/2005 to be repurchased at $9,901 on 01/03/2006		9,896		9,896

	Principal		Value
Repurchase Agreements †† (continued)
Lehman Brothers, Inc. 4.29%, dated 12/30/2005 to be repurchased at $66 on 01/03/2006	$	66	$	66
Merrill Lynch & Co. 4.24%, dated 12/30/2005 to be repurchased at $7,934 on 01/03/2006		7,930		7,930
Morgan Stanley Dean Witter & Co. 4.36%, dated 12/30/2005 to be repurchased at $875 on 01/03/2006		875		875
	Shares		Value
Investment Companies (1.7%)
American Beacon Fund 1-day yield of 4.19%		339,758	$	340
Barclays Global Investors Institutional Money Market Fund 1-day yield of 4.19%		3,221,683		3,222
Dreyfus Cash Management Plus Fund 1-day yield of 4.09%		1,338,238		1,338
Merrimac Cash Fund, Premium Class 1-day yield of 4.03% @		8,773,304		8,773
Total Security Lending Collateral (cost: $93,704)				93,704
Total Investment Securities (cost: $723,266)			$	823,994

NOTES TO SCHEDULE OF INVESTMENTS:

‡  Non-income producing.

†  At December 31, 2005, all or a portion of this security is on loan (see Note 1). The value at December 31, 2005, of all securities on loan is $87,396.

*  Floating or variable rate note. Rate is listed as of December 31, 2005.

††  Cash collateral for the Repurchase Agreements, valued at $23,374, that serve as collateral for securities lending are invested in corporate bonds with interest rates and maturity dates ranging from 0.00%–8.75% and 01/03/2006–08/01/2037, respectively.

@  Regulated investment company advised by Investors Bank and Trust Co. ("IBT"). IBT is also the accounting, custody and lending agent for the Fund.

DEFINITIONS:

144A  144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2005, these securities aggregated $7,987 or 1.0% of the total investments of the Fund.

ADR  American Depositary Receipt

REIT  Real Estate Investment Trust

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

6

Capital Guardian Value

STATEMENT OF ASSETS AND LIABILITIES
At December 31, 2005
(all amounts except per share amounts in thousands)

Assets:
Investment securities, at value (cost: $723,266) (including securities loaned of $87,396)	$	823,994
Cash		12,531
Receivables:
Investment securities sold		826
Shares sold		253
Interest		42
Dividends		1,625
		839,271
Liabilities:
Accounts payable and accrued liabilities:
Shares redeemed		181
Management and advisory fees		524
Service fees		5
Administration fees		13
Payable for collateral for securities on loan		93,704
Other		46
		94,473
Net Assets	$	744,798
Net Assets Consist of:
Capital stock ($.01 par value)	$	362
Additional paid-in capital		561,387
Distributable net investment income (loss)		11,272
Accumulated net realized gain (loss) from investment securities		71,049
Net unrealized appreciation (depreciation) on investment securities		100,728
Net Assets	$	744,798
Net Assets by Class:
Initial Class	$	721,176
Service Class		23,622
Shares Outstanding:
Initial Class		35,062
Service Class		1,144
Net Asset Value and Offering Price Per Share:
Initial Class	$	20.57
Service Class		20.66

STATEMENT OF OPERATIONS
For the year ended December 31, 2005
(all amounts in thousands)

Investment Income:
Interest	$	122
Dividends (net of withholding taxes on foreign dividends of $199)		17,766
Income from loaned securities–net		123
		18,011
Expenses:
Management and advisory fees		6,292
Printing and shareholder reports		83
Custody fees		80
Administration fees		158
Legal fees		14
Audit fees		14
Trustees fees		27
Service fees:
Service Class		51
Other		20
Total expenses		6,739
Net Investment Income (Loss)		11,272
Net Realized and Unrealized Gain (Loss)
Realized gain (loss) from investment securities		71,261
Increase (decrease) in unrealized appreciation (depreciation) on investment securities		(23,647	)
Net Realized and Unrealized Gain (Loss) on Investment Securities		47,614
Net Increase (Decrease) in Net Assets Resulting from Operations	$	58,886

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

7

Capital Guardian Value

STATEMENTS OF CHANGES IN NET ASSETS
For the years ended
(all amounts in thousands)

	December 31, 2005			December 31, 2004
Increase (Decrease) in Net Assets From:
Operations:
Net investment income (loss)	$	11,272		$	7,527
Net realized gain (loss) from investment securities		71,261			41,970
Change in unrealized appreciation (depreciation) on investment securities		(23,647	)		48,717
		58,886			98,214
Distributions to Shareholders:
From net investment income:
Initial Class		(7,348	)		(5,866	)
Service Class		(179	)		(82	)
		(7,527	)		(5,948	)
From net realized gains:
Initial Class		(37,958	)		–
Service Class		(1,044	)		–
		(39,002	)		–
Capital Share Transactions:
Proceeds from shares sold:
Initial Class		47,748			273,184
Service Class		10,376			14,229
		58,124			287,413
Dividends and distributions reinvested:
Initial Class		45,306			5,866
Service Class		1,223			82
		46,529			5,948
Cost of shares redeemed:
Initial Class		(158,024	)		(54,500	)
Service Class		(5,331	)		(1,357	)
		(163,355	)		(55,857	)
		(58,702	)		237,504
Net increase (decrease) in net assets		(46,345	)		329,770
Net Assets:
Beginning of year		791,143			461,373
End of year	$	744,798		$	791,143
Distributable Net Investment Income (Loss)	$	11,272		$	7,315

	December 31, 2005			December 31, 2004
Share Activity:
Shares issued:
Initial Class		2,366			14,709
Service Class		512			773
		2,878			15,482
Shares issued–reinvested from distributions:
Initial Class		2,307			333
Service Class		62			5
		2,369			338
Shares redeemed:
Initial Class		(7,814	)		(2,991	)
Service Class		(263	)		(74	)
		(8,077	)		(3,065	)
Net increase (decrease) in shares outstanding:
Initial Class		(3,141	)		12,051
Service Class		311			704
		(2,830	)		12,755

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

8

Capital Guardian Value

FINANCIAL HIGHLIGHTS

		For a share outstanding throughout each period (a)
		Net Asset		Investment Operations								Distributions									Net Asset
	For the Period Ended (b)	Value, Beginning of Period		Net Investment Income (Loss)		Net Realized and Unrealized Gain (Loss)			Total Operations			From Net Investment Income			From Net Realized Gains			Total Distributions			Value, End of Period
Initial Class	12/31/2005	$	20.27	$	0.29	$	1.22		$	1.51		$	(0.20	)	$	(1.01	)	$	(1.21	)	$	20.57
	12/31/2004		17.56		0.25		2.65			2.90			(0.19	)		–			(0.19	)		20.27
	12/31/2003		13.15		0.24		4.29			4.53			(0.12	)		–			(0.12	)		17.56
	12/31/2002		17.35		0.18		(3.75	)		(3.57	)		(0.11	)		(0.52	)		(0.63	)		13.15
	12/31/2001		17.58		0.16		1.01			1.17			(0.14	)		(1.26	)		(1.40	)		17.35
Service Class	12/31/2005		20.37		0.24		1.23			1.47			(0.17	)		(1.01	)		(1.18	)		20.66
	12/31/2004		17.65		0.21		2.66			2.87			(0.15	)		–			(0.15	)		20.37
	12/31/2003		13.66		0.15		3.85			4.00			(0.01	)		–			(0.01	)		17.65

					Ratios/Supplemental Data
	For the Period	Total			Net Assets, End of Period		Ratio of Expenses to Average Net Assets (f)						Net Investment Income (Loss) to Average			Portfolio Turnover
	Ended (b)	Return (c)(g)			(000's)		Net (d)			Total (e)			Net Assets (f)			Rate (g)
Initial Class	12/31/2005		7.71	%	$	721,176		0.85	%		0.85	%		1.43	%		35	%
	12/31/2004		16.70			774,182		0.86			0.86			1.35			32
	12/31/2003		34.58			459,102		0.88			0.88			1.63			30
	12/31/2002		(20.70	)		286,725		0.91			0.91			1.23			39
	12/31/2001		6.64			217,637		0.94			0.95			1.01			55
Service Class	12/31/2005		7.50			23,622	��	1.10			1.10			1.18			35
	12/31/2004		16.39			16,961		1.11			1.11			1.11			32
	12/31/2003		29.30			2,271		1.13			1.13			1.37			30

NOTES TO FINANCIAL HIGHLIGHTS

(a)  Per share information is calculated based on average number of shares outstanding.

(b)  Capital Guardian Value (the "Fund") share classes commenced operations as follows:

Initial Class – May 27, 1993
Service Class – May 1, 2003

(c)  Total Return reflects all portfolio expenses and includes reinvestment of dividends and capital gains; it does not reflect the charges and deductions under the policies or annuity contracts.

(d)  For the years ended December 31, 2005, 2004, and 2003, Ratio of Net Expenses to Average Net Assets is net of fee waivers and reimbursements by the investment adviser, if any (see note 2). For the year ended December 31, 2002, Ratio of Net Expenses to Average Net Assets is net of fees paid indirectly. For the year ended December 31, 2001, Ratio of Net Expenses to Average Net Assets is net of fees paid indirectly and credits allowed by the custodian.

(e)  Ratio of Total Expenses to Average Net Assets includes all expenses before fee waivers and reimbursements by the investment adviser.

(f)  Annualized.

(g)  Not annualized.

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

9

Capital Guardian Value

NOTES TO FINANCIAL STATEMENTS
At December 31, 2005
(all amounts in thousands)

NOTE 1.  ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

The AEGON/Transamerica Series Trust ("ATST") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). ATST serves as a funding vehicle for variable life insurance, variable annuity and group annuity products. Capital Guardian Value (the "Fund") is part of ATST.

Effective May 1, 2005, AEGON/Transamerica Series Fund, Inc. changed its name to AEGON/Transamerica Series Trust.

In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

This report should be read in conjunction with the current Fund prospectus, which contains more complete information about the Fund.

In preparing the Fund's financial statements in accordance with accounting principles generally accepted in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Fund.

Multiple class operations, income and expenses: The Fund currently offers two classes of shares, an Initial Class and a Service Class. Income, non-class specific expenses and realized and unrealized gains and losses, are allocated daily to each class, based upon the value of shares outstanding method as permitted under Rule 18f-3 of the 1940 Act. Each class bears its own specific expenses as well as a portion of general, common expenses.

Security valuations: The Fund values its investments at the close of the New York Stock Exchange ("NYSE"), normally 4 p.m. ET, each day the NYSE is open for business. Fund investments are valued at the last sale price or closing price on the day of valuation taken from the primary exchange where the security is principally traded.

Securities traded in the over-the-counter market and listed securities for which no sale was reported on that date are valued at the last quoted bid price.

Debt securities are valued based on a price quotation or other equivalent indication of value supplied by an exchange, a pricing service or a major market maker; however, those that mature in sixty days or less are valued at amortized cost, which approximates market.

Investment company securities are valued at the net asset value of the underlying portfolio.

Other securities for which quotations are not readily available are valued at fair market value as determined in good faith by the Fund's Administrative Valuation Committee, under the supervision of the Board's Valuation Committee, using guidelines adopted by the Board of Trustees.

Cash: The Fund may leave cash overnight in its cash account with the custodian, Investors Bank & Trust Company ("IBT"). IBT has been contracted on behalf of the Fund to invest the excess cash into a savings account, which at December 31, 2005, was paying an interest rate of 3.00%.

Repurchase agreements: The Fund is authorized to enter into repurchase agreements. The Fund, through its custodian, IBT, receives delivery of the underlying securities, the value of which at the time of purchase is required to be an amount equal to at least 100% of the resale price. The Fund will bear the risk of value fluctuations until the security can be sold and may encounter delays and incur costs in liquidating the security. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Commission recapture: The sub-adviser, to the extent consistent with the best execution and usual commission rate policies and practices, may place security transactions of the Fund with broker/dealers with which ATST has established a Commission Recapture Program. A Commission Recapture Program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Fund. In no event will commissions paid by the Fund be used to pay expenses that would otherwise be borne by any other funds within ATST, or by any other party.

Recaptured commissions during the year ended December 31, 2005, of $90 are included in net realized gains in the Statement of Operations.

Securities lending: The Fund may lend securities to qualified borrowers, with IBT acting as the Fund's lending agent. The Fund earns negotiated lenders' fees. The Fund receives cash and/or securities as collateral against the loaned securities. Cash collateral received is invested in short term, interest bearing securities. The Fund monitors the market value of securities loaned on a daily basis and requires collateral in an amount at least equal to the value of the securities loaned. Income from loaned securities on the Statement of Operations is net of fees, in the amount of $53, earned by IBT for its services.

Real Estate Investment Trusts ("REITs"): There are certain additional risks involved in investing in REITs. These include, but are not limited to, economic conditions, changes in zoning laws, real estate values, property taxes and interest rates.

AEGON/Transamerica Series Trust

Annual Report 2005

10

Capital Guardian Value

NOTES TO FINANCIAL STATEMENTS (continued)
At December 31, 2005
(all amounts in thousands)

NOTE 1.–(continued)

Security transactions and investment income: Security transactions are recorded on the trade date. Security gains and losses are calculated on the first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend date. Interest income, including accretion of discounts and amortization of premiums, is recorded on the accrual basis commencing on the settlement date.

Dividend distributions: Dividends and capital gains distributions are typically declared and reinvested annually and are generally paid and reinvested on the business day following the ex-date.

NOTE 2.  RELATED PARTY TRANSACTIONS

Effective January 1, 2005 AEGON/Transamerica Fund Advisers, Inc. was renamed Transamerica Fund Advisors, Inc. ("TFAI"); AEGON/Transamerica Fund Services, Inc. and AEGON/Transamerica Investor Services, Inc. merged into one entity and was renamed Transamerica Fund Services, Inc. ("TFS").

ATST serves as a funding vehicle for certain affiliated asset allocation portfolios and certain affiliated separate accounts of Western Reserve Life Assurance Co. of Ohio, Transamerica Life Insurance Company, Transamerica Financial Life Insurance Company, Inc., Peoples Benefit Life Insurance Company, Transamerica Occidental Life Insurance Company and Transamerica Life Insurance and Annuity Company.

TFAI is the Fund's investment adviser. TFS is the Fund's administrator and transfer agent. AFSG Securities Corp. ("AFSG") is the Fund's distributor. TFAI, TFS, and AFSG are affiliates of AEGON, NV, a Netherlands corporation.

Certain officers and trustees of the Fund are also officers and/or directors of TFAI, TFS and AFSG.

The following schedule reflects the percentage of fund assets owned by affiliated investment companies at December 31, 2005:

	Net Assets		% of Net Assets
Asset Allocation–Growth Portfolio	$	74,647		10.02	%
Asset Allocation–Moderate Growth Portfolio		129,599		17.40	%
Total	$	204,246		27.42	%

Investment advisory fee: The Fund pays management fees to TFAI based on average daily net assets ("ANA") at the following breakpoints:

0.85% of the first $100 million of ANA
0.80% of the next $400 million of ANA
0.775% of the next $500 million of ANA
0.70% of the next $1 billion of ANA
0.65% of ANA over $2 billion

TFAI has contractually agreed to waive its advisory fee and will reimburse the Fund to the extent that operating expenses, excluding 12b-1 fees, exceed the following stated annual limit:

0.92% Expense Limit

If total fund expenses fall below the annual expense limitation agreement agreed to by the adviser within the succeeding three years, the Fund may be required to pay that adviser a portion or all of the waived advisory fees.

There were no amounts recaptured during the year ended December 31, 2005. There are no amounts available for recapture at December 31, 2005.

Distribution and service fees: The Fund adopted a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, ATST entered into a Distribution Agreement with AFSG dated January 1, 1997, as amended.

Under the Distribution Plan and Distribution Agreement on the Initial Class shares, AFSG, on behalf of the Fund, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Fund's shares, amounts equal to actual expenses associated with distributing the shares.

The Distribution Plan on the Service Class shares requires ATST to pay distribution fees to AFSG as compensation for its activities, not as reimbursement for specific expenses. The fee on the Service Class is paid to the insurance companies for providing services and account maintenance for their policyholders who invest in the variable insurance products which invest in the Service Class shares.

The Fund is authorized under the 12b-1 plan to pay fees on each class up to the following limits:

Initial Class	0.15	%
Service Class	0.25	%

AFSG has determined that it will not seek payment by the Fund of the distribution expenses incurred with respect to the Initial Class shares before April 30, 2007. Prior to AFSG seeking reimbursement of future expenses, policy and contract owners will be notified in advance. The Fund will pay fees relating to Service Class shares.

AEGON/Transamerica Series Trust

Annual Report 2005

11

Capital Guardian Value

NOTES TO FINANCIAL STATEMENTS (continued)
At December 31, 2005
(all amounts in thousands)

NOTE 2.–(continued)

Administrative services: The Fund has entered into an agreement with TFS for financial and legal fund administration services. The Fund pays TFS an annual fee of 0.02% of ANA. The Legal fees on the Statement of Operations are for fees paid to external legal counsel.

Deferred compensation plan: Each eligible independent Fund Trustee may elect participation in a non-qualified deferred compensation plan ("the Plan") maintained by Transamerica IDEX Mutual Funds, an affiliate of the Fund. Under the Plan, such Trustees may defer payment of all or a portion of their total fees earned as a Fund Trustee. Each Trustee who is a participant in the Plan may elect that the earnings, losses or gains credited to his or her deferred fee amounts be determined based on a deemed investment in any series of Transamerica IDEX Mutual Funds. The right of a participant to receive a distribution from the Plan of the deferred fees is an unsecured claim against the general assets of all series of Transamerica IDEX Mutual Funds. The pro rata liability to the Fund of all deferred fees in the Plan amounted, as of December 31, 2005, to $37.

NOTE 3.  INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the year ended December 31, 2005, were as follows:

Purchases of securities:
Long-Term	$	271,800
U.S. Government		–
Proceeds from maturities and sales of securities:
Long-Term		333,603
U.S. Government		–

NOTE 4.  FEDERAL INCOME TAX MATTERS

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatment for items including, but not limited to, corporate actions.

Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. Financial records are not adjusted for temporary differences. These reclassifications are as follows:

Distributable net investment income (loss)	$	212
Accumulated net realized gain (loss) from investment securities		(212	)

The tax character of distributions paid may differ from the character of distributions shown in the Statements of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2004 and 2005 was as follows:

2004 Distributions paid from:
Ordinary Income	$	5,948
Long-term Capital Gain		–
2005 Distributions paid from:
Ordinary Income		16,257
Long-term Capital Gain		30,272

The tax basis components of distributable earnings as of December 31, 2005, are as follows:

Undistributed Ordinary Income	$	22,374
Undistributed Long-term Capital Gain	$	59,989
Capital Loss Carryforward	$	–
Net Unrealized Appreciation (Depreciation)	$	100,686

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of December 31, 2005, are as follows:

Federal Tax Cost Basis	$	723,308
Unrealized Appreciation	$	122,565
Unrealized (Depreciation)		(21,879	)
Net Unrealized Appreciation (Depreciation)	$	100,686

NOTE 5.  REGULATORY PROCEEDINGS

There continues to be significant federal and state regulatory activity relating to financial services companies, particularly mutual fund companies and their investment advisers. As part of an ongoing investigation regarding potential market timing, recordkeeping and trading compliance issues and matters affecting the Fund's investment adviser, TFAI, and certain affiliates and former employees of TFAI, the SEC staff has indicated that it is likely to take some action against TFAI and certain of its affiliates at the conclusion of the investigation. The potential timing and the scope of any such action is difficult to predict. Although the impact of any action brought against TFAI and/or its affiliates is difficult to assess at the present time, the Fund currently believes that the likelihood that any such action will have a material adverse impact on it is remote. It is important to note that the Fund is not aware of any allega tion of wrongdoing against it and its Board at the time this annual report is printed. Although it is not anticipated that these developments will have an adverse impact on the Fund, there can be no assurance at this time. TFAI and its affiliates are actively working with the SEC in regard to this matter; however, the exact resolution cannot be determined at this time. TFAI will take such actions that it deems necessary or appropriate to continue providing management services to the Fund and to bring all matters to an appropriate conclusion.

TFAI and/or its affiliates, and not the Fund, will bear the costs regarding these regulatory matters.

AEGON/Transamerica Series Trust

Annual Report 2005

12

Report of Independent Registered Certified Public Accounting Firm

To the Board of Trustees and Shareholders of
Capital Guardian Value

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Capital Guardian Value (the "Fund") (one of the portfolios constituting the AEGON/Transamerica Series Trust) at December 31, 2005, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fund's management; our responsibility is to express an opinion on these financial statements based on our audi ts. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2005 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

Tampa, Florida
February 23, 2006

Capital Guardian Value (UNAUDITED)

SUPPLEMENTAL TAX INFORMATION
(all amounts in thousands)

For tax purposes, the Fund has made a Long-Term Capital Gain Designation of $30,272 for the year ended December31, 2005.

AEGON/Transamerica Series Trust

Annual Report 2005

13

Capital Guardian Value

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS – REVIEW AND RENEWAL (unaudited)

At a meeting of the Board of Trustees of AEGON/Transamerica Series Trust ("ATST") held on November 2, 2005, the Board reviewed and considered the Investment Advisory Agreement between Capital Guardian Value (the "Portfolio") and Transamerica Fund Advisors, Inc. ("TFAI") as well as the Investment Sub-Advisory Agreement of the Portfolio between TFAI and Capital Guardian Trust Company (the "Sub-Adviser"), to determine whether the agreements should be renewed for a one-year period. Following their review and consideration, the Trustees determined that the Investment Advisory Agreement and the Investment Sub-Advisory Agreement will enable shareholders of the Portfolio to obtain high quality services at a cost that is appropriate, reasonable, and in the best interests of its shareholders. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and the Investment Sub-Advisory Agreement. In reaching their decision, the Trustees requested and obtained from TFAI and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the proposed agreements. The Trustees also carefully considered the information that they had received throughout the year from TFAI and the Sub-Adviser (such as in-person presentations by the Sub-Adviser) as part of their regular oversight of the Portfolio, as well as: comparative fee, expense and performance information prepared by Lipper Inc. ("Lipper"), independent providers of mutual fund performance, fee and expense information; and profitability data. In considering the proposed continuation of the Investment Advisory Agreement and the Investment Sub-Advisory Agreement, the Trustees evaluated a number of considerations that they believe, in light of the legal advice furnished to them by ATST counsel and independent legal counsel and their own business judgment, to be relevant. They based their decisions on the following c onsiderations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:

The nature, extent and quality of the advisory service to be provided. The Board considered the nature and quality of the services provided by TFAI and the Sub-Adviser to the Portfolio in the past, as well as the services anticipated to be provided in the future. The Board concluded that TFAI and the Sub-Adviser are capable of providing high quality services to the Portfolio, as indicated by the nature and quality of services provided in the past, TFAI's and the Sub-Adviser's management capabilities demonstrated with respect to the portfolios they manage, including the Portfolio, and the experience, capability and integrity of TFAI's senior management, the financial resources of TFAI and the Sub-Adviser, TFAI's management oversight process, the professional qualifications and experience of the Sub-Adviser's portfolio management team, and the Portfolio 's investment performance. The Trustees also concluded that TFAI and the Sub-Adviser proposed to provide investment and related services that were of the same quality and quantity as services provided to the Portfolio in the past, and that these services are appropriate in scope and extent in light of the Portfolio's operations, the competitive landscape of the investment company business and investor needs, and that TFAI's and the Sub-Adviser's obligations will remain substantially the same.

The investment performance of the Portfolio. The Board examined both the short-term and longer-term performance of the Portfolio, including relative performance against a benchmark securities index and a peer group of comparable mutual funds as prepared by Lipper, for various trailing periods ended June 30, 2005. The Trustees concluded that TFAI and the Sub-Adviser generally had achieved competitive investment performance, noting that although the performance of the Portfolio was below median relative to its peers over the past ten-year period, its performance was above median relative to its peers over the past one-, two-, three- and five-year periods, and competitive to the benchmark index over the past one-, two-, three-, five- and ten-year periods. On the basis of the Trustees' assessment of the nature, extent and quality of advisory services to b e provided or procured by TFAI and the Sub-Adviser, the Trustees concluded that TFAI and the Sub-Adviser are capable of generating a level of investment performance that is appropriate in light of the Portfolio's investment objective, policies and strategies and competitive with many other investment companies, and also determined that TFAI's and the Sub-Adviser's performance records indicate that their continued management is likely to benefit the Portfolio and its shareholders.

The cost of advisory services provided and the level of profitability. The Board noted the new pricing schedule for the Portfolio, which will result in lower management fees to TFAI and sub-advisory fees for the Portfolio. The Board reviewed profitability information regarding TFAI's costs of procuring portfolio management services, as well as the costs of provision of administration, fund accounting and other services, to the Portfolio and to ATST as a whole by TFAI and its affiliates. The Trustees reviewed data from Lipper that compared the Portfolio's management fees (including management fees at various asset levels), other fees and expenses (including total expenses including and excluding 12b-1 distribution and service fees) and portfolio turnover rate against a peer group of comparable mutual funds. Based on such information, the Trustees deter mined that the management fees and overall expense ratio of the Portfolio generally are consistent with industry averages. In addition, on the basis of the Board's review of the management fees to be charged by TFAI for investment advisory and related services, TFAI profitability information (derived from TFAI's audited financial statements), TFAI's estimated management income resulting from its management of the Portfolio, the estimated margin of the Sub-Adviser, as well as the entirety of TFAI's and its affiliates' service relationship with ATST, the Board concluded that the level of investment

AEGON/Transamerica Series Trust

Annual Report 2005

14

Capital Guardian Value (continued)

management fees and other service fees, as well as TFAI's and the Sub-Adviser's profitability, are appropriate in light of the services provided, the management fees and overall expense ratios of comparable investment companies and the anticipated profitability of the relationship between the Portfolio, TFAI and its affiliates, and the Sub-Adviser.

Whether fee levels reflect economies of scale and the extent to which economies of scale would be realized as the Portfolio grows. The Board concluded that the inclusion of asset-based breakpoints in the Portfolio's advisory fee schedule appropriately benefits investors by realizing economies of scale in the form of lower management fees as the level of assets grows. In addition, the Board concluded that the Portfolio's current management fees appropriately reflect the Portfolio's current size, the current economic environment for TFAI, the competitive nature of the investment company market, and TFAI's pricing strategy. The Trustees also concluded that they will have the opportunity to periodically reexamine whether the Portfolio has achieved economies of scale, and the appropriateness of management fees payable to TFAI and fees payable by TFAI to th e Sub-Adviser, in the future.

Benefits (such as soft dollars) to TFAI, its affiliates, or the Sub-Adviser from their relationship with the Portfolio. The Board concluded that other benefits derived by TFAI, its affiliates, and the Sub-Adviser from their relationship with the Portfolio are reasonable and fair, and are consistent with industry practice and the best interests of the Portfolio and its shareholders. In this regard, the Board noted that TFAI does not realizes "soft dollar" benefits from its relationship with the Portfolio, and that the Sub-Adviser is participating in a brokerage program pursuant to which a portion of brokerage commissions paid by the Portfolio is recaptured for the benefit of the Portfolio and its shareholders, thus limiting the amount of "soft-dollar" arrangements the Sub-Adviser may engage in with respect to the Portfolio's brokerage transactions. In addition, the Trustees determined that the administration, fund accounting and other fees paid by the Portfolio to affiliates of TFAI are reasonable, fair and in the best interests of shareholders in light of the nature and quality of the services provided, the associated costs to these affiliates of providing the services, the impact of the costs of such services on the Portfolio's overall operating expenses, and the necessity of the services for the Portfolio's operations.

Other considerations. The Board determined that TFAI had made a substantial commitment to the recruitment and retention of high quality personnel, and maintained the financial, compliance and operational resources reasonably necessary to manage the Portfolio in a professional manner that is consistent with the best interests of the Portfolio and its shareholders. In this regard, the Trustees favorably considered the procedures and policies in place by TFAI to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Adviser. The Trustees also determined that TFAI had made a significant entrepreneurial commitment to the management and success of the Portfolio, reflected by TFAI's expense limitation and fee waiver arrangement with the Portfolio, which may result in TFAI waiving a substantial amoun t of advisory fees for the benefit of shareholders.

AEGON/Transamerica Series Trust

Annual Report 2005

15

Clarion Global Real Estate Securities

MARKET ENVIRONMENT

Real estate stocks delivered strong performance again in 2005, outperforming the Standard and Poor's 500 Composite Stock Index for the sixth year in a row. According to data from AMG Data, funds flows to open-end real estate funds were down by more than half in 2005 versus in 2004. Despite slowing flows to Real Estate Investment Trust ("REIT") mutual funds, however, real estate remained an investor favorite driven by improving real estate fundamentals, continued low interest rates, and lackluster returns to alternative investments in stocks and bonds. Merger and acquisition activity increased significantly in the sector. A total of 14 deals worth $36.4 billion were announced or consummated this past year including nine "going-private" transactions which were generally at prices 10% or more above the stock prices prior to the deal announcement. New stock issuance dropped significantly from 2004 levels and the number of new Initia l Public Offerings decreased to 7 in 2005. REIT earnings grew approximately 7% in 2005 which led to several dividend increases. Eighty equity REITs in the U.S. increased their dividends last year versus only three who cut dividends.

PERFORMANCE

For the year ended December 31, 2005, Clarion Global Real Estate Securities, Initial Class returned 13.47%. By comparison its primary and former benchmarks, the S&P/Citigroup World Property Index ("WPI") and the Dow Jones Wilshire Real Estate Securities Index ("DJWRE") returned 14.79% and 14.07%, respectively.

STRATEGY REVIEW

Recognizing the opportunities that may exist in real estate securities outside the U.S., the portfolio transitioned to a global mandate during November and became Clarion Global Real Estate Securities. During a transition period of approximately 10 days, the portfolio sold approximately half of its U.S. company holdings and invested in a variety of real estate companies in Europe, the United Kingdom ("UK"), Canada, Australia, Japan, Hong Kong and Singapore. The appropriate benchmark for the global strategy going forward is the WPI. For performance comparison purposes during the transition period in November, ING Clarion created a custom benchmark which combined U.S. for the first 10 days (when the portfolio was predominantly a U.S. portfolio) and global for the last 20 days in November (after the transition was complete). Performance for the portfolio in November was +0.86% compared to the custom transition benchmark of +1.33%, underperformance of 47 basis points.

The transition was timely as global real estate stocks significantly outperformed U.S. real estate stocks in December. The portfolio's December performance was 4.83% and the WPI performance was 3.99%, compared with the domestic DJWRE, which gained only 0.41% in December. For the full year (which represents 10 months as a U.S. portfolio, a transition month and one month as a global portfolio) the portfolio advanced 13.47% for the year.

Clarion Global Real Estate Securities is one of very few real estate funds offering a global strategy for real estate securities investors in the U.S. We seek to own attractively priced stocks that offer favorable underlying real estate fundamentals from both a property type and geographic perspective. We believe stock selection and actively over- or under-weighting property sectors and countries will continue to be a key source of relative performance for the portfolio. The global universe of public real estate companies offers additional choices and diversification opportunities to the manager.

The proliferation of the REIT structure around the globe will also stimulate further capital formation and growth in the universe of public companies in which to invest. REIT-type structures currently exist in many countries including Canada, Japan, Australia, Singapore, Hong Kong and France. It is anticipated that the UK, and Germany will most likely adopt REIT structure within the 2006-2007 timeframe. New real estate companies will likely emerge in Japan, Hong Kong and Singapore (all of which have REIT structures in place), which will allow investors access to real estate in economies experiencing faster growth than the U.S. We believe there will be outperformance from the UK, Canada, Hong Kong and Japan in 2006. The portfolio's best investments in December after the transition were predominantly from these four countries.

T. Ritson Ferguson, CFA

Joseph P. Smith, CFA

Co-Portfolio Managers
ING Clarion Real Estate Securties

AEGON/Transamerica Series Trust

Annual Report 2005

1

Clarion Global Real Estate Securities

Comparison of change in value of $10,000 investment in Initial Class shares and its comparative indices.

Average Annual Total Return for Periods Ended 12/31/05

	1 year			5 years			From Inception			Inception Date
Initial Class		13.47	%		18.68	%		12.67	%	5/1/98
Citigroup World Property1		14.79	%		18.24	%		12.11	%	5/1/98
DJ Wilshire RES1		14.07	%		19.04	%		13.26	%	5/1/98
Service Class		13.18	%		–			27.99	%	5/1/03

NOTES

¹  The S&P/Citigroup World Property (Citigroup World Property) Index and the Dow Jones Wilshire Real Estate Securities (DJ Wilshire RES) Index are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. From inception calculation is based on life of Initial Class shares.

The performance data presented represents past performance, future results may vary. The portfolio's investment return and net asset value will fluctuate. Past performance does not guarantee future results. Investor's units when redeemed, may be worth more or less than their original cost.

Current performance may be higher or lower than the performance data quoted. Please visit your insurance company's website for contract or policy level standardized total returns current to the most recent month-end. Portfolio performance is net of investment fees and fund expenses, but not product charges, which, if included, would significantly lower the performance quoted.

Investments in a "non-diversified" portfolio may be subject to specific risks such as susceptibility to single economic, political, or regulatory events, and may be subject to greater loss than investments in a diversified portfolio.

The risks of investing in REITs are similar to investing directly in real estate. Investing in real estate presents its own risks, including declining property values, overbuilding, low occupancy rates from commercial properties, rising operating expenses and interest rates, as well as taxes and other regulatory issues.

This material must be preceded or accompanied by a current prospectus, which includes specific contents regarding the investment objectives, explanation of share classes and policies of this portfolio.

Effective November 1, 2005, the portfolio changed its name to Clarion Global Real Estate Securities. Please see the supplement dated September 6, 2005 for complete details about the changes to the portfolio. In conjunction with the name change, the portfolio's benchmark index changed to the Citigroup World Property Index.

Investments in global securities involve risks relating to political, social and economic developments abroad, foreign currency contracts for hedging, as well as risks resulting from the differences between the regulations to which U.S. and foreign issuer markets are subject.

AEGON/Transamerica Series Trust

Annual Report 2005

2

Clarion Global Real Estate Securities

UNDERSTANDING YOUR FUND'S EXPENSES
(unaudited)

SHAREHOLDER EXPENSES

Fund shareholders may incur ongoing costs, including management and advisory fees, distribution and service fees, and other Fund expenses.

The following Example is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.

The Example is based on an investment of $1,000 invested at July 1, 2005 and held for the entire period until December 31, 2005.

ACTUAL EXPENSES

The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of your Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fees, brokerage commissions paid on purchases and sales of fund shares. Therefore, the second line under the Fund in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If any of these transaction costs were included, your costs would be higher. The expenses shown in the table do not reflect any fees that may be charged to you by brokers, financial intermediaries or other financial institutions.

	Beginning Account Value		Ending Account Value		Annualized Expense Ratio			Expenses Paid During Period (a)
Initial Class
Actual	$	1,000.00	$	1,084.30		0.87	%	$	4.57
Hypothetical (b)		1,000.00		1,020.82		0.87			4.43
Service Class
Actual		1,000.00		1,083.00		1.12			5.88
Hypothetical (b)		1,000.00		1,019.56		1.12			5.70

^(a)  Expenses are calculated using each Fund's annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by number of days in the period (184 days), and divided by the number of days in the year (365 days).

^(b)  5% return per year before expenses.

GRAPHICAL PRESENTATION OF SCHEDULE OF INVESTMENTS
By Industry
At December 31, 2005

This chart shows the percentage breakdown by industry of the Fund's total investment securities.

AEGON/Transamerica Series Trust

Annual Report 2005

3

Clarion Global Real Estate Securities

SCHEDULE OF INVESTMENTS
At December 31, 2005
(all amounts except share amounts in thousands)

	Shares		Value
COMMON STOCKS (90.8%)
Apartments (7.8%)
Archstone-Smith Trust		189,000	$	7,917
AvalonBay Communities, Inc.		122,700		10,951
BRE Properties–Class A		67,800		3,084
Camden Property Trust		117,300		6,794
Equity Residential †		233,400		9,131
Hysan Development Co., Ltd.		2,047,835		5,071
Post Properties, Inc.		171,000		6,831
United Dominion Realty Trust, Inc.		123,000		2,883
Diversified (15.3%)
British Land Co. PLC		504,700		9,242
Cheung Kong Holdings, Ltd. (a)		1,055,300		10,827
DB RREEF Trust		5,840,587		5,955
Hang Lung Development Co.		2,929,352		6,215
Klepierre		32,940		3,083
Liberty Property Trust †		160,400		6,873
Macquarie Goodman Group		1,971,076		6,911
Mitsui Fudosan Co., Ltd.		1,147,600		23,294
Rodamco Europe NV		86,500		7,176
Summit Real Estate Investment Trust		4,800		101
Unibail † (a)		45,420		6,025
Vornado Realty Trust		132,200		11,035
Wharf Holdings, Ltd.		1,762,958		6,230
Engineering & Management Services (10.7%)
Beni Stabili SpA (a)		2,482,800		2,389
Capitaland, Ltd.		2,983,900		6,174
Castellum AB		158,400		5,697
City Developments, Ltd.		582,800		3,050
Deutsche Wohnen AG		23,261		5,191
Great Eagle Holdings, Ltd.		1,840,003		5,150
Hammerson PLC		345,820		6,071
IVG Immobilien AG		148,687		3,122
Mirvac Group		2,071,717		6,261
New World Development, Ltd.		1,791,193		2,460
Nexity		59,339		3,011
Sponda OYJ		422,312		3,962
Sumitomo Realty & Development Co., Ltd.		910,700		19,798
Health Care (1.5%)
Omega Healthcare Investors, Inc.		348,000		4,381
Ventas, Inc.		172,400		5,520
Hotels (3.3%)
GPT Group (a)		2,081,697		6,260
Host Marriott Corp. †		167,900		3,182
MeriStar Hospitality Corp. ‡		174,800		1,643
Starwood Hotels & Resorts Worldwide, Inc.		125,800		8,034
Sunstone Hotel Investors, Inc.		116,400		3,093

	Shares		Value
Industrial Property (1.7%)
AMB Property Corp. †		226,200	$	11,122
Office Property (12.8%)
BioMed Realty Trust, Inc.		126,100		3,077
Boston Properties, Inc.		157,500		11,675
Brookfield Properties Co. †		56,900		1,674
Corporate Office Properties Trust		86,250		3,065
Equity Office Properties Trust †		171,900		5,214
Highwood Properties, Inc.		149,600		4,256
Inmobiliaria Colonial		88,080		4,977
Maguire Properties, Inc.		181,700		5,615
Mapeley, Ltd.		52,320		2,413
Nippon Building Fund, Inc. † (a)		589		4,967
Reckson Associates Realty Corp. †		218,000		7,844
SL Green Realty Corp. †		123,200		9,411
Slough Estates PLC		595,560		6,123
Societe de la Tour Eiffel		46,400		4,079
Trizec Properties, Inc.		508,000		11,643
Regional Mall (11.4%)
Aeon Mall Co., Ltd.		63,300		3,085
Derwent Valley Holdings PLC		238,393		5,901
General Growth Properties, Inc.		250,570		11,774
Land Securities Group PLC		848,860		24,249
Macerich Co. (The)		118,500		7,956
Mills Corp. (The)		66,300		2,781
Simon Property Group, Inc. †		245,800		18,836
Taubman Centers, Inc. †		70,100		2,436
Residential Building Construction (7.7%)
Agile Property Holdings, Ltd. ‡		12,526,000		6,058
Leopalace21 Corp.		89,900		3,261
Mitsubishi Estate Co., Ltd.		1,310,300		27,208
Sun Hung Kai Properties, Ltd.		1,260,455		12,274
Unite Group PLC		473,384		3,090
Shopping Center (14.7%)
Arden Realty, Inc.		199,800		8,957
Capital & Regional PLC		407,481		6,076
Centro Properties Group		1,265,570		5,876
Developers Diversified Realty Corp.		169,000		7,946
Federal Realty Investment Trust †		82,000		4,973
Liberty International PLC		168,340		2,835
Link (The) ‡ (a)		2,984,200		5,658
Macquarie CountryWide Trust		4,355,753		6,326
New Plan Excel Realty Trust		227,600		5,276
Pan Pacific Retail Properties, Inc.		120,500		8,060
Regency Centers Corp.		106,200		6,260
RioCan Real Estate Investment Trust		325,300		6,351
Shurgard Storage Centers, Inc.–Class A		32,000		1,815
Westfield Group (a)		1,664,593		22,173

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

4

Clarion Global Real Estate Securities

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2005
(all amounts except share amounts in thousands)

	Shares		Value
Storage (1.8%)
Extra Space Storage, Inc.		75,000	$	1,155
Public Storage, Inc. †		123,600		8,370
U-Store-It Trust		134,900		2,840
Warehouse (2.1%)
Prologis		296,500		13,852
Total Common Stocks (cost: $557,572)				610,941
	Principal		Value
SECURITY LENDING COLLATERAL (9.2%)
Debt (7.9%)
Bank Notes (0.3%)
Bank of America 4.27%, due 01/17/2006 *	$	916		916
4.31%, due 08/10/2006 *		752		752
Certificates Of Deposit (0.4%)
Barclays 4.31%, due 01/17/2006 *		578		578
Canadian Imperial Bank of Commerce 4.15%, due 05/18/2006 *		818		818
Credit Suisse First Boston Corp. 4.18%, due 03/10/2006 *		327		327
Rabobank Nederland 4.10%, due 05/31/2006 *		818		818
Commercial Paper (0.9%)
Fairway Finance–144A 4.31%, due 01/10/2006		1,631		1,631
Jupiter Securitization Corp.–144A 4.27%, due 01/05/2006		818		818
Paradigm Funding LLC–144A 4.30%, due 01/09/2006		321		321
Park Avenue Receivables Corp.–144A 4.27%, due 01/04/2006		812		812
Preferred Receivables Corp.–144A 4.31%, due 01/04/2006		650		650
Ranger Funding Co. LLC–144A 4.29%, due 01/18/2006		646		646
Sheffield Receivables Corp.–144A 4.26%, due 01/23/2006		392		392
Yorktown Capital LLC 4.27%, due 01/05/2006		817		817
Euro Dollar Overnight (1.3%)
Calyon 4.34%, due 01/05/2006		817		817
Fortis Bank 4.35%, due 01/03/2006 4.35%, due 01/05/2006		1,635 1,553		1,635 1,553
Harris Trust & Savings Bank 4.25%, due 01/05/2006		1,341		1,341

	Principal		Value
National Australia Bank 4.16%, due 01/03/2006	$	1,669	$	1,669
Rabobank Nederland 4.15%, due 01/03/2006		589		589
Wells Fargo 4.27%, due 01/03/2006		817		817
Euro Dollar Terms (2.6%)
Bank of Montreal 4.30%, due 01/19/2006		1,635		1,635
Barclays 4.27%, due 01/25/2006 4.30%, due 01/31/2006		491 1,308		491 1,308
BNP Paribas 4.22%, due 01/24/2006		817		817
Dexia Group 4.25%, due 01/09/2006		817		817
Rabobank Nederland 4.21%, due 01/19/2006		1,471		1,471
Royal Bank of Canada 4.25%, due 01/24/2006		1,144		1,144
Royal Bank of Scotland 4.30%, due 01/31/2006 4.31%, due 02/01/2006		2,452 1,798		2,452 1,798
Societe Generale 4.28%, due 01/30/2006		1,635		1,635
UBS AG 4.26%, due 01/10/2006		1,635		1,635
Wells Fargo 4.29%, due 01/30/2006		2,452		2,452
Promissory Notes (0.2%)
Bear Stearns & Co. 4.39%, due 03/07/2006 4.39%, due 06/06/2006		981 327		981 327
Repurchase Agreements (2.2%) ††
Credit Suisse First Boston Corp. 4.29%, dated 12/30/2005 to be repurchased at $2,738 on 01/03/2006		2,737		2,737
Goldman Sachs Group, Inc. (The) 4.29%, dated 12/30/2005 to be repurchased at $6,532 on 01/03/2006		6,529		6,529
Lehman Brothers, Inc. 4.29%, dated 12/30/2005 to be repurchased at $44 on 01/03/2006		44		44
Merrill Lynch & Co. 4.24%, dated 12/30/2005 to be repurchased at $5,234 on 01/03/2006		5,232		5,232
Morgan Stanley Dean Witter & Co. 4.36%, dated 12/30/2005 to be repurchased at $577 on 01/03/2006		577		577

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

5

Clarion Global Real Estate Securities

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2005
(all amounts except share amounts in thousands)

	Shares		Value
Investment Companies (1.3%)
American Beacon Fund 1-day yield of 4.19%		224,148	$	224
Barclays Global Investors Institutional Money Market Fund 1-day yield of 4.19%		2,125,437		2,125
Dreyfus Cash Management Plus Fund 1-day yield of 4.09%		882,874		883
Merrimac Cash Fund, Premium Class 1-day yield of 4.03% @		5,787,999		5,788
Total Security Lending Collateral (cost: $61,819)				61,819
Total Investment Securities (cost: $619,391)			$	672,760

NOTES TO SCHEDULE OF INVESTMENTS:

†  At December 31, 2005, all or a portion of this security is on loan (see Note 1). The value at December 31, 2005, of all securities on loan is $59,860.

‡  Non-income producing.

*  Floating or variable rate note. Rate is listed as of December 31, 2005.

††  Cash collateral for the Repurchase Agreements, valued at $15,421, that serve as collateral for securities lending are invested in corporate bonds with interest rates and maturity dates ranging from 0.00% - 8.75% and 01/03/2006 - 08/01/2037, respectively.

@  Regulated investment company advised by Investors Bank and Trust Co. ("IBT"). IBT is also the accounting, custody and lending agent for the Fund.

(a)  Passive Foreign Investment Company.

DEFINITIONS:

144A  144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2005, these securities aggregated $5,270 or 0.8% of the total investments of the Fund.

	Percentage of Total Investments			Value
INVESTMENTS BY COUNTRY:
Australia		8.9	%	$	59,762
Bermuda		0.8	%		5,150
Canada		1.2	%		8,125
Finland		0.6	%		3,962
France		2.4	%		16,198
Germany		1.2	%		8,312
Hong Kong		8.1	%		54,793
Italy		0.4	%		2,389
Japan		12.1	%		81,613
Netherlands		1.1	%		7,176
Singapore		1.4	%		9,224
Spain		0.7	%		4,977
Sweden		0.8	%		5,697
United Kingdom		9.8	%		66,001
United States		41.3	%		277,562
Investment Securities, at Value		90.8	%		610,941
Security Lending Collateral		9.2	%		61,819
Total Investment Securities		100.0	%	$	672,760

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

6

Clarion Global Real Estate Securities

STATEMENT OF ASSETS AND LIABILITIES
At December 31, 2005
(all amounts except per share amounts in thousands)

Assets:
Investment securities, at value (cost: $619,391) (including securities loaned of $59,860)	$	672,760
Cash		11,490
Receivables:
Investment securities sold		4,522
Shares sold		134
Interest		60
Dividends		2,807
		691,773
Liabilities:
Investment securities purchased		4,753
Accounts payable and accrued liabilities:
Shares redeemed		988
Management and advisory fees		375
Service fees		5
Administration fees		10
Payable for collateral for securities on loan		61,819
Other		71
		68,021
Net Assets	$	623,752
Net Assets Consist of:
Capital stock ($.01 par value)	$	315
Additional paid-in capital		477,041
Distributable net investment income (loss)		5,973
Accumulated net realized gain (loss) from investment securities and foreign currency transactions		87,017
Net unrealized appreciation (depreciation) on:
Investment securities		53,369
Translation of assets and liabilites denominated in foreign currencies		37
Net Assets	$	623,752
Net Assets by Class:
Initial Class	$	599,134
Service Class		24,618
Shares Outstanding:
Initial Class		30,303
Service Class		1,221
Net Asset Value and Offering Price Per Share:
Initial Class	$	19.77
Service Class		20.16

STATEMENT OF OPERATIONS
For the year ended December 31, 2005
(all amounts in thousands)

Investment Income:
Interest	$	173
Dividends (net of withholding taxes on foreign dividends of $268)		9,619
Income from loaned securities-net		70
		9,862
Expenses:
Management and advisory fees		3,418
Printing and shareholder reports		99
Custody fees		74
Administration fees		87
Legal fees		7
Audit fees		14
Trustees fees		14
Service fees:
Service Class		43
Other		10
Total expenses		3,766
Net Investment Income (Loss)		6,096
Net Realized Gain (Loss) from:
Investment securities		87,720
Foreign currency transactions		(538	)
		87,182
Net Increase (Decrease) in Unrealized Appreciation (Depreciation) on:
Investment securities		(34,539	)
Translation of assets and liabilities denominated in foreign currencies		37
		(34,502	)
Net Realized and Unrealized Gain (Loss) on Investment Securities and Foreign   Currency Transactions		52,680
Net Increase (Decrease) in Net Assets Resulting from Operations	$	58,776

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

7

Clarion Global Real Estate Securities

STATEMENTS OF CHANGES IN NET ASSETS
For the years ended
(all amounts in thousands)

	December 31, 2005			December 31, 2004
Increase (Decrease) in Net Assets From:
Operations:
Net investment income (loss)	$	6,096		$	7,496
Net realized gain (loss) from investment securities and foreign currency transactions		87,182			34,000
Change in unrealized appreciation (depreciation) on investment securities and foreign currency translation		(34,502	)		51,126
		58,776			92,622
Distributions to Shareholders:
From net investment income:
Initial Class		(6,791	)		(6,365	)
Service Class		(289	)		(100	)
		(7,080	)		(6,465	)
From net realized gains:
Initial Class		(32,693	)		(6,075	)
Service Class		(1,450	)		(108	)
		(34,143	)		(6,183	)
Capital Share Transactions:
Proceeds from shares sold:
Initial Class		211,719			171,827
Service Class		15,648			10,026
		227,367			181,853
Dividends and distributions reinvested:
Initial Class		39,484			12,440
Service Class		1,739			208
		41,223			12,648
Cost of shares redeemed:
Initial Class		(65,106	)		(79,469	)
Service Class		(5,280	)		(1,242	)
		(70,386	)		(80,711	)
		198,204			113,790
Net increase (decrease) in net assets		215,757			193,764
Net Assets:
Beginning of year		407,995			214,231
End of year	$	623,752		$	407,995
Distributable Net Investment Income (Loss)	$	5,973		$	7,503

	December 31, 2005			December 31, 2004
Share Activity:
Shares issued:
Initial Class		11,014			10,664
Service Class		809			597
		11,823			11,261
Shares issued–reinvested from distributions:
Initial Class		2,119			808
Service Class		91			13
		2,210			821
Shares redeemed:
Initial Class		(3,516	)		(4,918	)
Service Class		(282	)		(77	)
		(3,798	)		(4,995	)
Net increase (decrease) in shares outstanding:
Initial Class		9,617			6,554
Service Class		618			533
		10,235			7,087

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

8

Clarion Global Real Estate Securities

FINANCIAL HIGHLIGHTS

		For a share outstanding throughout each period (a)
		Net Asset		Investment Operations						Distributions									Net Asset
	For the Period Ended (b)	Value, Beginning of Period		Net Investment Income (Loss)		Net Realized and Unrealized Gain (Loss)		Total Operations		From Net Investment Income			From Net Realized Gains			Total Distributions			Value, End of Period
Initial Class	12/31/2005	$	19.15	$	0.27	$	2.20	$	2.47	$	(0.32	)	$	(1.53	)	$	(1.85	)	$	19.77
	12/31/2004		15.08		0.43		4.35		4.78		(0.36	)		(0.35	)		(0.71	)		19.15
	12/31/2003		11.41		0.51		3.51		4.02		(0.29	)		(0.06	)		(0.35	)		15.08
	12/31/2002		11.21		0.65		(0.25)		0.40		(0.13	)		(0.07	)		(0.20	)		11.41
	12/31/2001		10.32		0.56		0.58		1.14		(0.25	)		–			(0.25	)		11.21
Service Class	12/31/2005		19.53		0.23		2.23		2.46		(0.30	)		(1.53	)		(1.83	)		20.16
	12/31/2004		15.37		0.47		4.36		4.83		(0.32	)		(0.35	)		(0.67	)		19.53
	12/31/2003		12.00		0.33		3.13		3.46		(0.03	)		(0.06	)		(0.09	)		15.37

					Ratios/Supplemental Data
	For the Period	Total			Net Assets, End of Period		Ratio of Expenses to Average Net Assets (f)						Net Investment Income (Loss) to Average			Portfolio Turnover
	Ended (b)	Return (c)(g)			(000's)		Net (d)			Total (e)			Net Assets (f)			Rate (g)
Initial Class	12/31/2005		13.47	%	$	599,134		0.86	%		0.86	%		1.41	%		103	%
	12/31/2004		32.86			396,224		0.86			0.86			2.62			69
	12/31/2003		35.74			213,159		0.87			0.87			3.96			78
	12/31/2002		3.60			124,219		0.98			0.98			5.61			123
	12/31/2001		11.05			43,611		1.00			1.13			5.25			172
Service Class	12/31/2005		13.18			24,618		1.11			1.11			1.21			103
	12/31/2004		32.50			11,771		1.11			1.11			2.77			69
	12/31/2003		28.90			1,072		1.13			1.13			3.52			78

NOTES TO FINANCIAL HIGHLIGHTS

(a)  Per share information is calculated based on average number of shares outstanding.

(b)  Clarion Global Real Estate Securities (the "Fund") share classes commenced as follows:

Initial Class – May 1, 1998
Service Class – May 1, 2003

(c)  Total Return reflects all portfolio expenses and includes reinvestment of dividends and capital gains; it does not reflect the charges and deductions under the policies or annuity contracts.

(d)  Ratio of Net Expenses to Average Net Assets is net of advisory fee waivers, if any (see note 2).

(e)  Ratio of Total Expenses to Average Net Assets includes all expenses before advisory fee waivers.

(f)  Annualized.

(g)  Not annualized.

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

9

Clarion Global Real Estate Securities

NOTES TO FINANCIAL STATEMENTS
At December 31, 2005
(all amounts in thousands)

NOTE 1.  ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

The AEGON/Transamerica Series Trust ("ATST") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). ATST serves as a funding vehicle for variable life insurance, variable annuity and group annuity products. Clarion Global Real Estate Securities (the "Fund") is part of ATST. The Fund is "non-diversified" under the 1940 Act.

Effective November 1, 2005, the Fund changed its name from Clarion Real Estate Securities to Clarion Global Real Estate Securities.

Effective May 1, 2005, AEGON/Transamerica Series Fund, Inc. changed its name to AEGON/Transamerica Series Trust.

In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

This report should be read in conjunction with the current Fund prospectus, which contains more complete information about the Fund.

In preparing the Fund's financial statements in accordance with accounting principles generally accepted in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Fund.

Multiple class operations, income and expenses: The Fund currently offers two classes of shares, an Initial Class and a Service Class. Income, non-class specific expenses and realized and unrealized gains and losses, are allocated daily to each class, based upon the value of shares outstanding method as permitted under Rule 18f-3 of the 1940 Act. Each class bears its own specific expenses as well as a portion of general, common expenses.

Security valuations: The Fund values its investments at the close of the New York Stock Exchange ("NYSE"), normally 4 p.m. ET, each day the NYSE is open for business. Fund investments are valued at the last sale price or closing price on the day of valuation taken from the primary exchange where the security is principally traded.

Securities traded in the over-the-counter market and listed securities for which no sale was reported on that date are valued at the last quoted bid price.

Debt securities are valued based on a price quotation or other equivalent indication of value supplied by an exchange, a pricing service or a major market maker; however, those that mature in sixty days or less are valued at amortized cost, which approximates market.

Investment company securities are valued at the net asset value of the underlying portfolio.

Foreign securities generally are valued based on quotations from the primary market in which they are traded. Because many foreign securities markets and exchanges close prior to the close of the NYSE, closing prices for foreign securities in those markets or on those exchanges do not reflect the events that occur after that close. If a significant market event impacting the value of a portfolio security (e.g., natural disaster, company announcement, market volatility) occurs subsequent to the close of trading in the security, but prior to the calculation of the Fund's net asset value per share, market quotations for that security may be determined to be unreliable and, accordingly, not "readily available." As a result, foreign equity securities held by the Fund may be valued at fair market value as determined in good faith by the Fund's Administrative Valuation Committee, under the supervision of the Board's Valuation Committee , using guidelines adopted by the Board of Trustees.

Other securities for which quotations are not readily available are valued at fair market value as determined in good faith by the Fund's Administrative Valuation Committee, under the supervision of the Board's Valuation Committee, using guidelines adopted by the Board of Trustees.

Cash: The Fund may leave cash overnight in its cash account with the custodian, Investors Bank & Trust Company ("IBT"). IBT has been contracted on behalf of the Fund to invest the excess cash into a savings account, which at December 31, 2005, was paying an interest rate of 3.00%.

Repurchase agreements: The Fund is authorized to enter into repurchase agreements. The Fund, through its custodian, IBT, receives delivery of the underlying securities, the value of which at the time of purchase is required to be an amount equal to at least 100% of the resale price. The Fund will bear the risk of value fluctuations until the security can be sold and may encounter delays and incur costs in liquidating the security. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Commission recapture: The sub-adviser, to the extent consistent with the best execution and usual commission rate policies and practices, may place security transactions of the Fund with broker/dealers with which ATST has established a Commission Recapture Program. A Commission Recapture Program is any arrangement under which a

AEGON/Transamerica Series Trust

Annual Report 2005

10

Clarion Global Real Estate Securities

NOTES TO FINANCIAL STATEMENTS (continued)
At December 31, 2005
(all amounts in thousands)

NOTE 1.–(continued)

broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Fund. In no event will commissions paid by the Fund be used to pay expenses that would otherwise be borne by any other funds within ATST, or by any other party.

Recaptured commissions during the year ended December 31, 2005, of $125 are included in net realized gains in the Statement of Operations.

Securities lending: The Fund may lend securities to qualified borrowers, with IBT acting as the Fund's lending agent. The Fund earns negotiated lenders' fees. The Fund receives cash and/or securities as collateral against the loaned securities. Cash collateral received is invested in short term, interest bearing securities. The Fund monitors the market value of securities loaned on a daily basis and requires collateral in an amount at least equal to the value of the securities loaned. Income from loaned securities on the Statement of Operations is net of fees, in the amount of $30, earned by IBT for its services.

Real Estate Investment Trusts ("REITs"): There are certain additional risks involved in investing in REITs. These include, but are not limited to, economic conditions, changes in zoning laws, real estate values, property taxes and interest rates. Since the Fund invests primarily in real estate securities, the net asset value per share may fluctuate more widely than the value of shares of a fund that invests in a broad range of industries.

Dividend income is recorded at management's estimate of the income included in distributions from the REIT investments. Distributions received in excess of the estimated amount are recorded as a reduction of the cost of investments. The actual amounts of income, return of capital and capital gains are only determined by each REIT after the fiscal year end and may differ from the estimated amounts.

Security transactions and investment income: Security transactions are recorded on the trade date. Security gains and losses are calculated on the first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend date. Interest income, including accretion of discounts and amortization of premiums, is recorded on the accrual basis commencing on the settlement date.

Foreign currency denominated investments: The accounting records of the Fund are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the closing exchange rate each day. The cost of foreign securities is translated at the exchange rate in effect when the investment was acquired. The Fund combines fluctuations from currency exchange rates and fluctuations in value when computing net realized and unrealized gains or losses from investments.

Net foreign currency gains and losses resulting from changes in exchange rates include: 1) foreign currency fluctuations between trade date and settlement date of investment security transactions; 2) gains and losses on forward foreign currency contracts; and 3) the difference between the receivable amounts of interest and dividends recorded in the accounting records in U.S. dollars and the amounts actually received.

Foreign currency denominated assets may involve risks not typically associated with domestic transactions. These risks include revaluation of currencies, adverse fluctuations in foreign currency values and possible adverse political, social and economic developments, including those particular to a specific industry, country or region.

Foreign capital gains taxes: The Fund may be subject to taxes imposed by countries in which it invests, with respect to its investment in issuers existing or operating in such countries. Such taxes are generally based on income earned or repatriated and capital gains realized on the sale of such investments. The Fund accrues such taxes when the related income or capital gains are earned. Some countries require governmental approval for the repatriation of investment income, capital or the proceeds of sales earned by foreign investors. In addition, if there is deterioration in a country's balance of payments or for other reasons, a country may impose temporary restrictions on foreign capital remittances abroad.

Dividend distributions: Dividends and capital gains distributions are typically declared and reinvested annually and are generally paid and reinvested on the business day following the ex-date.

NOTE 2.  RELATED PARTY TRANSACTIONS

Effective January 1, 2005 AEGON/Transamerica Fund Advisers, Inc. was renamed Transamerica Fund Advisors, Inc. ("TFAI"); AEGON/Transamerica Fund Services, Inc. and AEGON/Transamerica Investor Services, Inc. merged into one entity and was renamed Transamerica Fund Services, Inc. ("TFS").

ATST serves as a funding vehicle for certain affiliated asset allocation portfolios and certain affiliated separate accounts of Western Reserve Life Assurance Co. of Ohio, Transamerica Life Insurance Company, Transamerica Financial Life Insurance Company, Inc., Peoples Benefit Life Insurance Company, Transamerica Occidental Life Insurance Company and Transamerica Life Insurance and Annuity Company.

TFAI is the Fund's investment adviser. TFS is the Fund's administrator and transfer agent. AFSG Securities Corp. ("AFSG") is the Fund's distributor. TFAI, TFS, and AFSG are affiliates of AEGON, NV, a Netherlands corporation.

AEGON/Transamerica Series Trust

Annual Report 2005

11

Clarion Global Real Estate Securities

NOTES TO FINANCIAL STATEMENTS (continued)
At December 31, 2005
(all amounts in thousands)

NOTE 2.–(continued)

Certain officers and trustees of the Fund are also officers and/or directors of TFAI, TFS and AFSG.

The following schedule reflects the percentage of fund assets owned by affiliated investment companies at December 31, 2005:

	Net Assets		% of Net Assets
Asset Allocation–Conservative Portfolio	$	21,703		3.48	%
Asset Allocation–Growth Portfolio		48,695		7.81	%
Asset Allocation–Moderate Growth Portfolio		132,449		21.23	%
Asset Allocation–Moderate Portfolio		85,243		13.67	%
Total	$	288,090		46.19	%

Investment advisory fee: The Fund pays management fees to TFAI based on average daily net assets ("ANA") at the following breakpoints:

0.80% of the first $250 million of ANA
0.775% of the next $250 million of ANA
0.70% of the next $500 million of ANA
0.65% of ANA over $1 billion

TFAI has contractually agreed to waive its advisory fee and will reimburse the Fund to the extent that operating expenses, excluding 12b-1 fees, exceed the following stated annual limit:

1.00% Expense Limit

If total fund expenses fall below the annual expense limitation agreement agreed to by the adviser within the succeeding three years, the Fund may be required to pay that adviser a portion or all of the waived advisory fees.

There were no amounts recaptured during the year ended December 31, 2005. There are no amounts available for recapture at December 31, 2005.

Distribution and service fees: The Fund adopted a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, ATST entered into a Distribution Agreement with AFSG dated January 1, 1997, as amended.

Under the Distribution Plan and Distribution Agreement on the Initial Class shares, AFSG, on behalf of the Fund, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Fund's shares, amounts equal to actual expenses associated with distributing the shares.

The Distribution Plan on the Service Class shares requires ATST to pay distribution fees to AFSG as compensation for its activities, not as reimbursement for specific expenses. The fee on the Service Class is paid to the insurance companies for providing services and account maintenance for their policyholders who invest in the variable insurance products which invest in the Service Class shares.

The Fund is authorized under the 12b-1 plan to pay fees on each class up to the following limits:

Initial Class  0.15%
Service Class  0.25%

AFSG has determined that it will not seek payment by the Fund of the distribution expenses incurred with respect to the Initial Class shares before April 30, 2007. Prior to AFSG seeking reimbursement of future expenses, policy and contract owners will be notified in advance. The Fund will pay fees relating to Service Class shares.

Administrative services: The Fund has entered into an agreement with TFS for financial and legal fund administration services. The Fund pays TFS an annual fee of 0.02% of ANA. The Legal fees on the Statement of Operations are for fees paid to external legal counsel.

Deferred compensation plan: Each eligible independent Fund Trustee may elect participation in a non-qualified deferred compensation plan ("the Plan") maintained by Transamerica IDEX Mutual Funds, an affiliate of the Fund. Under the Plan, such Trustees may defer payment of all or a portion of their total fees earned as a Fund Trustee. Each Trustee who is a participant in the Plan may elect that the earnings, losses or gains credited to his or her deferred fee amounts be determined based on a deemed investment in any series of Transamerica IDEX Mutual Funds. The right of a participant to receive a distribution from the Plan of the deferred fees is an unsecured claim against the general assets of all series of Transamerica IDEX Mutual Funds. The pro rata liability to the Fund of all deferred fees in the Plan amounted, as of December 31, 2005, to $31.

NOTE 3.  INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the year ended December 31, 2005, were as follows:

Purchases of securities:
Long-Term	$	611,192
U.S. Government		–
Proceeds from maturities and sales of securities
Long-Term		446,837
U.S. Government		–

AEGON/Transamerica Series Trust

Annual Report 2005

12

Clarion Global Real Estate Securities

NOTES TO FINANCIAL STATEMENTS (continued)
At December 31, 2005
(all amounts in thousands)

NOTE 4.   FEDERAL INCOME TAX MATTERS

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatment for items including, but not limited to, wash sales, post October currency loss deferrals, passive foreign investment companies and REIT's.

Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. Financial records are not adjusted for temporary differences. These reclassifications are as follows:

Distributable net investment income (loss)	$	(546	)
Accumulated net realized gain (loss) from investment securities		546

The tax character of distributions paid may differ from the character of distributions shown in the Statements of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2004 and 2005 was as follows:

2004 Distributions paid from:
Ordinary Income	$	8,343
Long-term Capital Gain		4,305
2005 Distributions paid from:
Ordinary Income		15,812
Long-term Capital Gain		25,411

The tax basis components of distributable earnings as of December 31, 2005, are as follows:

Undistributed Ordinary Income	$	22,625
Undistributed Long-term Capital Gain	$	75,145
Post October Currency Loss Deferral	$	(538	)
Net Unrealized Appreciation (Depreciation)	$	49,164	*

*Amount includes unrealized appreciation (depreciation) on foreign currency transactions.

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of December 31, 2005, are as follows:

Federal Tax Cost Basis	$	623,633
Unrealized Appreciation	$	49,127
Unrealized (Depreciation)		–
Net Unrealized Appreciation (Depreciation)	$	49,127

NOTE 5.  REGULATORY PROCEEDINGS

There continues to be significant federal and state regulatory activity relating to financial services companies, particularly mutual fund companies and their investment advisers. As part of an ongoing investigation regarding potential market timing, recordkeeping and trading compliance issues and matters affecting the Fund's investment adviser, TFAI, and certain affiliates and former employees of TFAI, the SEC staff has indicated that it is likely to take some action against TFAI and certain of its affiliates at the conclusion of the investigation. The potential timing and the scope of any such action is difficult to predict. Although the impact of any action brought against TFAI and/or its affiliates is difficult to assess at the present time, the Fund currently believes that the likelihood that any such action will have a material adverse impact on it is remote. It is important to note that the Fund is not aware of any allega tion of wrongdoing against it and its Board at the time this annual report is printed. Although it is not anticipated that these developments will have an adverse impact on the Fund, there can be no assurance at this time. TFAI and its affiliates are actively working with the SEC in regard to this matter; however, the exact resolution cannot be determined at this time. TFAI will take such actions that it deems necessary or appropriate to continue providing management services to the Fund and to bring all matters to an appropriate conclusion.

TFAI and/or its affiliates, and not the Fund, will bear the costs regarding these regulatory matters.

AEGON/Transamerica Series Trust

Annual Report 2005

13

Report of Independent Registered Certified Public Accounting Firm

To the Board of Trustees and Shareholders of
Clarion Global Real Estate Securities

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Clarion Global Real Estate Securities (the "Fund") (one of the portfolios constituting the AEGON/Transamerica Series Trust) at December 31, 2005, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fund's management; our responsibility is to express an opinion on these financial statements ba sed on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2005 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

Tampa, Florida
February 23, 2006

Clarion Global Real Estate Securities (UNAUDITED)

SUPPLEMENTAL TAX INFORMATION
(all amounts in thousands)

For tax purposes, the Fund has made a Long-Term Capital Gain Designation of $25,411 for the year ended December 31, 2005.

AEGON/Transamerica Series Trust

Annual Report 2005

14

Clarion Global Real Estate Securities

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS  – REVIEW AND RENEWAL (unaudited)

At a meeting of the Board of Trustees of AEGON/Transamerica Series Trust ("ATST") held on November 2, 2005, the Board reviewed and considered the Investment Advisory Agreement between Clarion Global Real Estate Securities (the "Portfolio") and Transamerica Fund Advisors, Inc. ("TFAI") as well as the Investment Sub-Advisory Agreement of the Portfolio between TFAI and ING Clarion Real Estate Securities, L.P. (the "Sub-Adviser"), to determine whether the agreements should be renewed for a one-year period. Following their review and consideration, the Trustees determined that the Investment Advisory Agreement and the Investment Sub-Advisory Agreement will enable shareholders of the Portfolio to obtain high quality services at a cost that is appropriate, reasonable, and in the best interests of its shareholders. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agre ement and the Investment Sub-Advisory Agreement. In reaching their decision, the Trustees requested and obtained from TFAI and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the proposed agreements. The Trustees also carefully considered the information that they had received throughout the year from TFAI and the Sub-Adviser (such as in-person presentations by the Sub-Adviser) as part of their regular oversight of the Portfolio, as well as: comparative fee, expense and performance information prepared by Lipper Inc. ("Lipper"), independent providers of mutual fund performance, fee and expense information; and profitability data. In considering the proposed continuation of the Investment Advisory Agreement and the Investment Sub-Advisory Agreement, the Trustees evaluated a number of considerations that they believe, in light of the legal advice furnished to them by ATST counsel and independent legal counsel and their own business judgment, to be relevant. They based their dec isions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:

The nature, extent and quality of the advisory service to be provided. The Board considered the nature and quality of the services provided by TFAI and the Sub-Adviser to the Portfolio in the past, as well as the services anticipated to be provided in the future. The Board concluded that TFAI and the Sub-Adviser are capable of providing high quality services to the Portfolio, as indicated by the nature and quality of services provided in the past, TFAI's and the Sub-Adviser's management capabilities demonstrated with respect to the portfolios they manage, including the Portfolio, and the experience, capability and integrity of TFAI's senior management, the financial resources of TFAI and the Sub-Adviser, TFAI's management oversight process, and the professional qualifications and experience of the Sub-Adviser's portfolio management team. The Trustees also concluded that TFAI and the Sub-Adviser proposed to provide investment and related services that were of the same quality and quantity as services provided to the Portfolio in the past, and that these services are appropriate in scope and extent in light of the Portfolio's operations, the competitive landscape of the investment company business and investor needs, and that TFAI's and the Sub-Adviser's obligations will remain substantially the same.

The investment performance of the Portfolio. The Board examined both the short-term and longer-term performance of the Portfolio, including relative performance against a benchmark securities index and a peer group of comparable mutual funds as prepared by Lipper, for various trailing periods ended June 30, 2005. The Board noted the Portfolio's high absolute performance, but expressed some concerns about the Portfolio's relative performance in comparison to its peer group and benchmark. However, the Trustees concluded that TFAI and the Sub-Adviser generally had achieved acceptable investment performance and also concluded that the recent changes to the Portfolio's investment objectives and strategies to seek high total return and permit more investment in global real estate securities could enhance return opportunities. On the basis of the Trustees' a ssessment of the nature, extent and quality of advisory services to be provided or procured by TFAI and the Sub-Adviser, the Trustees concluded that TFAI and the Sub-Adviser are capable of generating a level of investment performance that is appropriate in light of the Portfolio's investment objective, policies and strategies and competitive with many other investment companies, and also determined that TFAI's and the Sub-Adviser's performance records indicate that their continued management is likely to benefit the Portfolio and its shareholders.

The cost of advisory services provided and the level of profitability. The Board reviewed profitability information regarding TFAI's costs of procuring portfolio management services, as well as the costs of provision of administration, fund accounting and other services, to the Portfolio and to ATST as a whole by TFAI and its affiliates. The Trustees reviewed data from Lipper that compared the Portfolio's management fees (including management fees at various asset levels), other fees and expenses (including total expenses including and excluding 12b-1 distribution and service fees) and portfolio turnover rate against a peer group of comparable mutual funds. Based on such information, the Trustees determined that the management fees and overall expense ratio of the Portfolio generally are consistent with industry averages. In addition, on the basis of the Board's review of the management fees to be charged by TFAI for investment advisory and related services, TFAI profitability information (derived from TFAI's audited financial statements), TFAI's estimated management income resulting from its management of the Portfolio, the estimated margin of the Sub-Adviser, as well as the entirety of TFAI's and its affiliates' service relationship with ATST, the Board concluded that the level of investment management fees and other service fees, as well as TFAI's and the Sub-Adviser's profitability, are appropriate in light of the services provided, the management fees and overall expense ratios of comparable investment companies and the anticipated profitability of the relationship between the Portfolio, TFAI and its affiliates, and the Sub-Adviser.

AEGON/Transamerica Series Trust

Annual Report 2005

15

Clarion Global Real Estate Securities (continued)

Whether fee levels reflect economies of scale and the extent to which economies of scale would be realized as the Portfolio grows. The Board concluded that the inclusion of asset-based breakpoints in the Portfolio's advisory fee schedule appropriately benefits investors by realizing economies of scale in the form of lower management fees as the level of assets grows. In addition, the Board concluded that the Portfolio's management fees appropriately reflect the Portfolio's current size, the current economic environment for TFAI, the competitive nature of the investment company market, and TFAI's pricing strategy. The Trustees also concluded that they will have the opportunity to periodically reexamine whether the Portfolio has achieved economies of scale, and the appropriateness of management fees payable to TFAI and fees payable by TFAI to the Sub-Ad viser, in the future.

Benefits (such as soft dollars) to TFAI, its affiliates, or the Sub-Adviser from their relationship with the Portfolio. The Board concluded that other benefits derived by TFAI, its affiliates, and the Sub-Adviser from their relationship with the Portfolio are reasonable and fair, and are consistent with industry practice and the best interests of the Portfolio and its shareholders. In this regard, the Board noted that TFAI does not realize "soft dollar" benefits from its relationship with the Portfolio, and that the Sub-Adviser is participating in a brokerage program pursuant to which a portion of brokerage commissions paid by the Portfolio is recaptured for the benefit of the Portfolio and its shareholders, thus limiting the amount of "soft-dollar" arrangements the Sub-Adviser may engage in with respect to the Portfolio's brokerage transactions. In a ddition, the Trustees determined that the administration, fund accounting and other fees paid by the Portfolio to affiliates of TFAI are reasonable, fair and in the best interests of shareholders in light of the nature and quality of the services provided, the associated costs to these affiliates of providing the services, the impact of the costs of such services on the Portfolio's overall operating expenses, and the necessity of the services for the Portfolio's operations.

Other considerations. The Board determined that TFAI had made a substantial commitment to the recruitment and retention of high quality personnel, and maintained the financial, compliance and operational resources reasonably necessary to manage the Portfolio in a professional manner that is consistent with the best interests of the Portfolio and its shareholders. In this regard, the Trustees favorably considered the procedures and policies in place by TFAI to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Adviser. The Trustees also determined that TFAI had made a significant entrepreneurial commitment to the management and success of the Portfolio, reflected by TFAI's expense limitation and fee waiver arrangement with the Portfolio, which may result in TFAI waiving a substantial amoun t of advisory fees for the benefit of shareholders.

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

16

Federated Growth & Income

MARKET ENVIRONMENT

The environment for equity markets during 2005 was mixed. The major U.S. indexes had only moderate returns. The Standard and Poor's 500 Composite Stock Index, for example, had a total return of 4.91%. Non-U.S. markets generally had much higher returns in local currencies before foreign exchange gains or losses for U.S. investors. Japanese stocks were especially strong in their recovery from the bear market of 1989-2002, as the main Nikkei Index was up more than 40%. Returns to U.S. dollar-based investors were generally much less after adjusting for the higher (more expensive) U.S. dollar. The U.S. Dollar Index (DXY) rose more than 12% in 2005.

PERFORMANCE

For the year ended December 31, 2005, Federated Growth & Income, Initial Class returned 4.96%. By comparison its primary and secondary benchmarks, the Russell 3000 Value Index and the 3-Month Treasury Bill Index, returned 6.85% and 3.06%, respectively.

STRATEGY REVIEW

The portfolio's 2005 return was consistent with its "defensive equity" mandate and emphasis on risk aversion. Its 1-, 3-, and 5-year annualized returns are now 4.96%, 13.29%, and 11.18%, respectively.

Our ongoing theme has been to emphasize capital preservation at a time of historically high equity valuations around the world, especially in the U.S. Furthermore, it seems that the extraordinary financial leverage in the U.S. and the influence of hedge funds have increased substantially the risk of a "financial accident." With valuations high and the U.S. equity market bubble incomplete in our view, we have generally avoided U.S. equities in favor of those in other countries. Yet, even many of these are at historically elevated levels and so we trimmed equities as the year progressed. Sharply rising short-term U.S. interest rates have offered an increasingly attractive alternative in the meantime.

From a contrarian standpoint a year ago, the U.S. dollar seemed likely to rebound as sentiment was overwhelmingly negative. The dollar indeed rose in 2005 (more than we believed it would) and constrained the portfolio's returns. About a third of the portfolio has been in non-U.S. investments (primarily stocks) during the year, and the double-digit gain in the dollar reduced the returns on non-U.S. investments.

Related to the negative view on the U.S. dollar because of the dramatic deterioration in the U.S. financial soundness, gold shares have been an important form of insurance against diminished confidence in central bankers and paper money. Some of the best individual stock returns in the portfolio this year were gold stocks, such as Placer Dome Inc., Newmont Mining Corporation, Harmony Gold Mining Company Limited, and AngloGold Ashanti Limited. Several energy stocks also had large gains, such as Petro-Canada, Husky Energy Inc., Statoil ASA, OMV Aktiengesellschaft, and Santos Ltd. Japanese holdings Kirin Brewery Company Limited, Ntt Urban Development Corporation, and Takeda Pharmaceutical Company Limited had significant gains. The worst returns were from Daiichi Sankyo Company, Limited, Fuji Photo Film Co., Ltd., Telstra Corporation Limited, Hecla Mining Company, and Mayr-Melnhof Karton Aktiengesellschaft.

Steven J. Lehman, CFA

Portfolio Manager
Federated Equity Management Company of Pennsylvania

AEGON/Transamerica Series Fund, Inc.

Annual Report 2005

1

Federated Growth & Income

Comparison of change in value of $10,000 investment in Initial Class shares and its comparative indices.

Average Annual Total Return for Periods Ended 12/31/05

	1 year			5 years			10 years			From Inception			Inception Date
Initial Class		4.96	%		11.18	%		11.63	%		11.41	%	3/1/94
Russell 3000 Value1		6.85	%		5.86	%		11.04	%		11.97	%	3/1/94
3-Month T-Bill1		3.06	%		2.34	%		3.85	%		4.07	%	3/1/94
Service Class		4.72	%		–			–			12.77	%	5/1/03

NOTES

¹  The Russell 3000 Value (Russell 3000 Value) Index and 3-Month Treasury Bill (3-Month T-Bill) Index are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. From inception calculation is based on life of Initial Class shares. Source: Standard & Poor's Micropal®© Micropal, Inc. 2005 – 1-800-596-5323 – http://www.funds-sp.com.

The performance data presented represents past performance, future results may vary. The portfolio's investment return and net asset value will fluctuate. Past performance does not guarantee future results. Investor's units when redeemed, may be worth more or less than their original cost.

Current performance may be higher or lower than the performance data quoted. Please visit your insurance company's website for contract or policy level standardized total returns current to the most recent month-end. Portfolio performance is net of investment fees and fund expenses, but not product charges, which, if included, would significantly lower the performance quoted.

This material must be preceded or accompanied by a current prospectus, which includes specific contents regarding the investment objectives, explanation of share classes and policies of this portfolio.

AEGON/Transamerica Series Trust

Annual Report 2005

2

Federated Growth & Income

UNDERSTANDING YOUR FUND'S EXPENSES
(unaudited)

SHAREHOLDER EXPENSES

Fund shareholders may incur ongoing costs, including management and advisory fees, distribution and service fees, and other Fund expenses.

The following Example is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.

The Example is based on an investment of $1,000 invested at July 1, 2005 and held for the entire period until December 31, 2005.

ACTUAL EXPENSES

The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of your Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fees, brokerage commissions paid on purchases and sales of fund shares. Therefore, the second line under the Fund in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If any of these transaction costs were included, your costs would be higher. The expenses shown in the table do not reflect any fees that may be charged to you by brokers, financial intermediaries or other financial institutions.

	Beginning Account Value		Ending Account Value		Annualized Expense Ratio			Expenses Paid During Period (a)
Initial Class
Actual	$	1,000.00	$	1,034.90		0.84	%	$	4.31
Hypothetical (b)		1,000.00		1,020.97		0.84			4.28
Service Class
Actual		1,000.00		1,034.10		1.09			5.59
Hypothetical (b)		1,000.00		1,019.71		1.09			5.55

^(a)  Expenses are calculated using each Fund's annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by number of days in the period (184 days), and divided by the number of days in the year (365 days).

^(b)  5% return per year before expenses.

GRAPHICAL PRESENTATION OF SCHEDULE OF INVESTMENTS
By Bond Type
At December 31, 2005

This chart shows the percentage breakdown by bond type of the Fund's total investment securities.

AEGON/Transamerica Series Trust

Annual Report 2005

3

Federated Growth & Income

SCHEDULE OF INVESTMENTS
At December 31, 2005
(all amounts except share amounts in thousands)

	Principal		Value
U.S. GOVERNMENT OBLIGATIONS (37.3%)
U.S. Treasury Note
1.50%, due 03/31/2006	$	15,000	$	14,906
2.25%, due 04/30/2006		15,000		14,902
2.50%, due 05/31/2006		12,000		11,912
2.75%, due 06/30/2006		20,000		19,845
2.38%, due 08/15/2006 †		19,000		18,766
4.00%, due 08/31/2007 †		15,000		14,900
4.00%, due 09/30/2007 †		17,000		16,882
4.25%, due 10/31/2007 †		20,000		19,941
3.00%, due 11/15/2007		15,000		14,626
4.38%, due 12/31/2007		20,000		19,991
3.38%, due 02/15/2008 †		15,000		14,691
4.13%, due 08/15/2008 †		18,000		17,901
3.63%, due 01/15/2010		15,300		14,880
4.00%, due 03/15/2010		15,000		14,785
4.25%, due 11/15/2014		15,000		14,825
4.00%, due 02/15/2015 †		15,000		14,543
Total U.S. Government Obligations (cost: $258,822)				258,296
FOREIGN GOVERNMENT OBLIGATIONS (10.5%)
Canada Government 0.70%, due 03/20/2006	JPY	530,000		4,498
Italian Republic 0.38%, due 10/10/2006	JPY	210,000		1,784
Kingdom of Spain 3.10%, due 09/20/2006	JPY	430,000		3,723
Kingdom of Sweden
0.00%, due 09/20/2006	SEK	112,000		13,871
5.00%, due 01/28/2009	SEK	68,500		9,123
4.00%, due 12/01/2009	SEK	55,000		7,157
Republic of Germany
2.50%, due 03/23/2007	EUR	6,700		7,883
3.25%, due 04/09/2010	EUR	6,310		7,511
United Kingdom
4.50%, due 03/07/2007	GBP	5,450		9,396
4.75%, due 06/07/2010	GBP	4,310		7,577
Total Foreign Government Obligations (cost: $76,532)				72,523
CORPORATE DEBT SECURITIES (0.4%)
Commercial Banks (0.4%)
European Investment Bank 2.13%, due 09/20/2007	JPY	320,000		2,800
Total Corporate Debt Securities (cost: $2,985)				2,800

	Shares		Value
COMMON STOCKS (16.0%)
Beer, Wine & Distilled Beverages (0.9%)
Kirin Brewery Co., Ltd. †		538,000	$	6,270
Drug Stores & Proprietary Stores (0.3%)
Boots Group PLC, ADR †		95,700		1,988
Food Stores (1.7%)
Albertson's, Inc.		260,700		5,566
Loblaw Cos., Ltd.		129,500		6,253
Holding & Other Investment Offices (1.8%)
Daiichi Sanyko Co., Ltd. ‡		525,000		10,123
Investa Property Group		1,549,500		2,256
Instruments & Related Products (0.7%)
Fuji Photo Film Co., Ltd., ADR		157,100		5,217
Metal Mining (3.4%)
Anglo American PLC		104,400		3,549
Newmont Mining Corp. †		219,100		11,700
Placer Dome, Inc. †		354,400		8,126
Oil & Gas Extraction (1.8%)
OMV AG, ADR		38,600		2,254
Petro-Canada		76,900		3,073
Royal Dutch Shell PLC–Class A, ADR		70,300		4,323
Santos, Ltd., ADR †		73,000		2,619
Paper & Paper Products (0.3%)
Mayr-Melnhof Karton AG, ADR		58,098		2,022
Pharmaceuticals (2.9%)
Astellas Pharma, Inc.		187,500		7,310
Ono Pharmaceutical Co., Ltd.		98,900		4,468
Taisho Pharmaceutical Co., Ltd.		131,000		2,454
Takeda Pharmaceutical Co., Ltd.		58,200		3,147
Tanabe Seiyaku Co., Ltd.		257,000		2,496
Real Estate (0.9%)
Mirvac Group		1,071,500		3,238
NTT Urban Development Corp.		503		3,329
Telecommunications (1.3%)
NTT DoCoMo, Inc.		4,000		6,102
Telstra Corp., Ltd., ADR		190,900		2,735
Total Common Stocks (cost: $90,092)				110,618
	Principal		Value
SHORT-TERM OBLIGATIONS (22.5%)
Repurchase Agreements (22.5%)
Investors Bank & Trust Co. 3.02%, dated 12/30/2005 to be repurchased at $155,785 on 01/03/2005 n (a)	$	155,733		155,733
Total Short-Term Obligations (cost: $155,733)				155,733

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

4

Federated Growth & Income

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2005
(all amounts except share amounts in thousands)

	Contracts u		Value
PURCHASED OPTIONS (0.8%)
Put Options (0.8%)
SPX Corp.		100,000	$	5,305
Strike $1,300
Expires 03/18/2006
Total Purchased Options (cost: $4,565)				5,305
	Principal		Value
SECURITY LENDING COLLATERAL (12.5%)
Debt (10.7%)
Bank Notes (0.3%)
Bank of America
4.27%, due 01/17/2006 *	$	1,280	$	1,280
4.31%, due 08/10/2006 *		1,052		1,052
Certificates Of Deposit (0.5%)
Barclays 4.31%, due 01/17/2006 *		808		808
Canadian Imperial Bank of Commerce 4.15%, due 05/18/2006 *		1,143		1,143
Credit Suisse First Boston Corp. 4.18%, due 03/10/2006 *		457		457
Rabobank Nederland 4.10%, due 05/31/2006 *		1,143		1,143
Commercial Paper (1.2%)
Fairway Finance–144A 4.31%, due 01/10/2006		2,281		2,281
Jupiter Securitization Corp.–144A 4.27%, due 01/05/2006		1,143		1,143
Paradigm Funding LLC–144A 4.30%, due 01/09/2006		448		448
Park Avenue Receivables Corp.–144A 4.27%, due 01/04/2006		1,135		1,135
Preferred Receivables Corp.–144A 4.31%, due 01/04/2006		908		908
Ranger Funding Co. LLC–144A 4.29%, due 01/18/2006		903		903
Sheffield Receivables Corp.–144A 4.26%, due 01/23/2006		549		549
Yorktown Capital LLC 4.27%, due 01/05/2006		1,143		1,143
Euro Dollar Overnight (1.7%)
Calyon 4.34%, due 01/05/2006		1,143		1,143
Fortis Bank 4.35%, due 01/03/2006 4.35%, due 01/05/2006		2,286 2,172		2,286 2,172

	Principal		Value
Euro Dollar Overnight (continued)
Harris Trust & Savings Bank 4.25%, due 01/05/2006	$	1,875	$	1,875
National Australia Bank 4.16%, due 01/03/2006		2,334		2,334
Rabobank Nederland 4.15%, due 01/03/2006		823		823
Wells Fargo 4.27%, due 01/03/2006		1,143		1,143
Euro Dollar Terms (3.6%)
Bank of Montreal 4.30%, due 01/19/2006		2,286		2,286
Barclays 4.27%, due 01/25/2006 4.30%, due 01/31/2006		686 1,829		686 1,829
BNP Paribas 4.22%, due 01/24/2006		1,143		1,143
Dexia Group 4.25%, due 01/09/2006		1,143		1,143
Rabobank Nederland 4.21%, due 01/19/2006		2,058		2,058
Royal Bank of Canada 4.25%, due 01/24/2006		1,600		1,600
Royal Bank of Scotland 4.30%, due 01/31/2006 4.31%, due 02/01/2006		3,429 2,515		3,429 2,515
Societe Generale 4.28%, due 01/30/2006		2,286		2,286
UBS AG 4.26%, due 01/10/2006		2,286		2,286
Wells Fargo 4.29%, due 01/30/2006		3,429		3,429
Promissory Notes (0.3%)
Bear Stearns & Co. 4.39%, due 03/07/2006 4.39%, due 06/06/2006		1,372 457		1,372 457
Repurchase Agreements (3.1%) ††
Credit Suisse First Boston Corp. 4.29%, dated 12/30/2005 to be repurchased at $3,829 on 01/03/2006		3,827		3,827
Goldman Sachs Group, Inc. (The) 4.29%, dated 12/30/2005 to be repurchased at $9,133 on 01/03/2006		9,129		9,129

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

5

Federated Growth & Income

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2005
(all amounts except share amounts in thousands)

	Principal		Value
Repurchase Agreements (continued)
Lehman Brothers, Inc. 4.29%, dated 12/30/2005 to be repurchased at $61 on 01/03/2006	$	61	$	61
Merrill Lynch & Co. 4.24%, dated 12/30/2005 to be repurchased at $7,319 on 01/03/2006		7,316		7,316
Morgan Stanley Dean Witter & Co. 4.36%, dated 12/30/2005 to be repurchased at $807 on 01/03/2006		807		807

	Shares		Value
Investment Companies (1.8%)
American Beacon Fund 1-day yield of 4.19%		313,422	$	313
Barclays Global Investors Institutional Money Market Fund 1-day yield of 4.19%		2,971,964		2,972
Dreyfus Cash Management Plus Fund 1-day yield of 4.09%		1,234,508		1,235
Merrimac Cash Fund, Premium Class 1-day yield of 4.03% @		8,093,267		8,093
Total Security Lending Collateral (cost: $86,441)				86,441
Total Investment Securities (cost: $675,170)			$	691,716

NOTES TO SCHEDULE OF INVESTMENTS:

†  At December 31, 2005, all or a portion of this security is on loan (see Note 1). The value at December 31, 2005, of all securities on loan is $84,513.

‡  Non-income producing.

n  At December 31,2005, repurchase agreements excluding collateral for securities on loan are collateralized by U.S. Government Agency Obligations with interest rates and maturity dates ranging from 3.74%–8.13% and 06/25/2014–06/25/2042, respectively, and with a market value plus accrued interest of $163,519.

*  Floating or variable rate note. Rate is listed as of December 31, 2005.

††  Cash collateral for the Repurchase Agreements, valued at $21,563, that serve as collateral for securities lending are invested in corporate bonds with interest rates and maturity dates ranging from 0.00%–8.75% and 01/03/2006–08/01/2037, respectively.

@  Regulated investment company advised by Investors Bank and Trust Co. ("IBT"). IBT is also the accounting, custody and lending agent for the Fund.

u  Contract amounts are not in thousands.

(a)  Investors Bank and Trust Co. is also the accounting, custody and lending agent for the Fund.

DEFINITIONS:

144A  144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2005, these securities aggregated $7,367 or 1.1% of the total investments of the Fund.

ADR  American Depositary Receipt

EUR  Euro

GBP  Great British Pound

JPY  Japanese Yen

SEK  Swedish Krona

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

6

Federated Growth & Income

STATEMENT OF ASSETS AND LIABILITIES
At December 31, 2005
(all amounts except per share amounts in thousands)

Assets:
Investment securities, at value (cost: $675,170) (including securities loaned of $84,513)	$	691,716
Cash		50
Receivables:
Investment securities sold		21,761
Shares sold		386
Interest		3,595
Income from loaned securities		16
Dividends		328
Dividend reclaims receivable		3
		717,855
Liabilities:
Investment securities purchased		19,999
Accounts payable and accrued liabilities:
Shares redeemed		303
Management and advisory fees		383
Service fees		7
Administration fees		10
Payable for collateral for securities on loan		86,441
Other		76
		107,219
Net Assets	$	610,636
Net Assets Consist of:
Capital stock ($.01 par value)	$	369
Additional paid-in capital		539,894
Distributable net investment income (loss)		9,569
Accumulated net realized gain (loss) from investment securities and foreign currency transactions		44,314
Net unrealized appreciation (depreciation) on:
Investment securities		16,546
Translation of assets and liabilites denominated in foreign currencies		(56	)
Net Assets	$	610,636
Net Assets by Class:
Initial Class	$	577,785
Service Class		32,851
Shares Outstanding:
Initial Class		34,967
Service Class		1,927
Net Asset Value and Offering Price Per Share:
Initial Class	$	16.52
Service Class		17.05

STATEMENT OF OPERATIONS
For the year ended December 31, 2005
(all amounts in thousands)

Investment Income:
Interest	$	11,108
Dividends (net of withholding taxes on foreign dividends of $245)		2,663
Income from loaned securities–net		271
		14,042
Expenses:
Management and advisory fees		4,043
Printing and shareholder reports		194
Custody fees		109
Administration fees		108
Legal fees		10
Audit fees		17
Trustees fees		18
Service fees:
Service Class		64
Other		13
Total expenses		4,576
Net Investment Income (Loss)		9,466
Net Realized Gain (Loss) from:
Investment securities		45,107
Foreign currency transactions		(733	)
		44,374
Net Increase (Decrease) in Unrealized Appreciation (Depreciation) on:
Investment securities		(25,955	)
Translation of assets and liabilities denominated in foreign currencies		(97	)
		(26,052	)
Net Realized and Unrealized Gain (Loss) on Investment Securities and Foreign Currency Transactions		18,322
Net Increase (Decrease) in Net Assets Resulting from Operations	$	27,788

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

7

Federated Growth & Income

STATEMENTS OF CHANGES IN NET ASSETS
For the years ended
(all amounts in thousands)

	December 31, 2005			December 31, 2004
Increase (Decrease) In Net Assets From:
Operations:
Net investment income (loss)	$	9,466		$	8,059
Net realized gain (loss) from investment securities and foreign currency transactions		44,374			50,767
Change in unrealized appreciation (depreciation) on investment securities and foreign currency translation		(26,052	)		(17,123	)
		27,788			41,703
Distributions to Shareholders:
From net investment income:
Initial Class		(11,867	)		(12,509	)
Service Class		(599	)		(249	)
		(12,466	)		(12,758	)
From net realized gains:
Initial Class		(43,671	)		(13,429	)
Service Class		(2,285	)		(294	)
		(45,956	)		(13,723	)
Capital Share Transactions:
Proceeds from shares sold:
Initial Class		188,259			54,028
Service Class		19,741			14,020
		208,000			68,048
Dividends and distributions reinvested:
Initial Class		55,538			25,938
Service Class		2,884			543
		58,422			26,481
Cost of shares redeemed:
Initial Class		(119,745	)		(65,201	)
Service Class		(4,939	)		(1,186	)
		(124,684	)		(66,387	)
		141,738			28,142
Net increase (decrease) in net assets		111,104			43,364
Net Assets:
Beginning of year		499,532			456,168
End of year	$	610,636		$	499,532
Distributable Net Investment Income (Loss)	$	9,569		$	12,466

	December 31, 2005			December 31, 2004
Share Activity:
Shares issued:
Initial Class		11,159			3,148
Service Class		1,111			797
		12,270			3,945
Shares issued–reinvested from distributions:
Initial Class		3,445			1,589
Service Class		173			32
		3,618			1,621
Shares redeemed:
Initial Class		(7,082	)		(3,824	)
Service Class		(279	)		(67	)
		(7,361	)		(3,891	)
Net increase (decrease) in shares outstanding:
Initial Class		7,522			913
Service Class		1,005			762
		8,527			1,675

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

8

Federated Growth & Income

FINANCIAL HIGHLIGHTS

		For a share outstanding throughout each period (a)
		Net Asset		Investment Operations							Distributions									Net Asset
	For the Period Ended (b)	Value, Beginning of Period		Net Investment Income (Loss)		Net Realized and Unrealized Gain (Loss)			Total Operations		From Net Investment Income			From Net Realized Gains			Total Distributions			Value, End of Period
Initial Class	12/31/2005	$	17.59	$	0.30	$	0.52		$	0.82	$	(0.40	)	$	(1.49	)	$	(1.89	)	$	16.52
	12/31/2004		17.09		0.30		1.20			1.50		(0.48	)		(0.52	)		(1.00	)		17.59
	12/31/2003		14.35		0.48		3.24			3.72		(0.49	)		(0.49	)		(0.98	)		17.09
	12/31/2002		15.28		0.62		(0.48	)		0.14		(0.35	)		(0.72	)		(1.07	)		14.35
	12/31/2001		13.43		0.64		1.46			2.10		(0.25	)		–			(0.25	)		15.28
Service Class	12/31/2005		18.12		0.27		0.54			0.81		(0.39	)		(1.49	)		(1.88	)		17.05
	12/31/2004		17.57		0.24		1.27			1.51		(0.44	)		(0.52	)		(0.96	)		18.12
	12/31/2003		15.04		0.17		2.88			3.05		(0.03	)		(0.49	)		(0.52	)		17.57

					Ratios/Supplemental Data
	For the Period	Total			Net Assets, End of Period		Ratio of Expenses to Average Net Assets (f)						Net Investment Income (Loss) to Average			Portfolio Turnover
	Ended (b)	Return (c)(g)			(000's)		Net (d)			Total (e)			Net Assets (f)			Rate (g)
Initial Class	12/31/2005		4.96	%	$	577,785		0.83	%		0.83	%		1.76	%		55	%
	12/31/2004		9.21			482,823		0.82			0.82			1.74			93
	12/31/2003		26.84			453,361		0.81			0.81			3.14			128
	12/31/2002		0.96			389,120		0.81			0.81			4.11			146
	12/31/2001		15.70			281,943		0.86			0.86			4.39			117
Service Class	12/31/2005		4.72			32,851		1.08			1.08			1.54			55
	12/31/2004		8.97			16,709		1.07			1.07			1.37			93
	12/31/2003		20.79			2,807		1.08			1.08			1.55			128

NOTES TO FINANCIAL HIGHLIGHTS

(a)  Per share information is calculated based on average number of shares outstanding.

(b)  Federated Growth & Income (the "Fund") share classes commenced operations as follows:

Initial Class – March 1, 1994

Service Class – May 1, 2003

(c)  Total Return reflects all portfolio expenses and includes reinvestment of dividends and capital gains; it does not reflect the charges and deductions under the policies or annuity contracts.

(d)  Ratio of Net Expenses to Average Net Assets is net of advisory fee waivers, if any (see note 2).

(e)  Ratio of Total Expenses to Average Net Assets includes all expenses before advisory fee waivers.

(f)  Annualized.

(g)  Not annualized.

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

9

Federated Growth & Income

NOTES TO FINANCIAL STATEMENTS
At December 31, 2005
(all amounts in thousands)

NOTE 1.  ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

The AEGON/Transamerica Series Trust ("ATST") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). ATST serves as a funding vehicle for variable life insurance, variable annuity and group annuity products. Federated Growth & Income (the "Fund") is part of ATST.

Effective May 1, 2005, AEGON/Transamerica Series Fund, Inc. changed its name to AEGON/Transamerica Series Trust.

In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

This report should be read in conjunction with the current Fund prospectus, which contains more complete information about the Fund.

In preparing the Fund's financial statements in accordance with accounting principles generally accepted in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Fund.

Multiple class operations, income and expenses: The Fund currently offers two classes of shares, an Initial Class and a Service Class. Income, non-class specific expenses and realized and unrealized gains and losses, are allocated daily to each class, based upon the value of shares outstanding method as permitted under Rule 18f-3 of the 1940 Act. Each class bears its own specific expenses as well as a portion of general, common expenses.

Security valuations: The Fund values its investments at the close of the New York Stock Exchange ("NYSE"), normally 4 p.m. ET, each day the NYSE is open for business. Fund investments are valued at the last sale price or closing price on the day of valuation taken from the primary exchange where the security is principally traded.

Securities traded in the over-the-counter market and listed securities for which no sale was reported on that date are valued at the last quoted bid price.

Debt securities are valued based on a price quotation or other equivalent indication of value supplied by an exchange, a pricing service or a major market maker; however, those that mature in sixty days or less are valued at amortized cost, which approximates market.

Investment company securities are valued at the net asset value of the underlying portfolio.

Foreign securities generally are valued based on quotations from the primary market in which they are traded. Because many foreign securities markets and exchanges close prior to the close of the NYSE, closing prices for foreign securities in those markets or on those exchanges do not reflect the events that occur after that close. If a significant market event impacting the value of a portfolio security (e.g., natural disaster, company announcement, market volatility) occurs subsequent to the close of trading in the security, but prior to the calculation of the Fund's net asset value per share, market quotations for that security may be determined to be unreliable and, accordingly, not "readily available." As a result, foreign equity securities held by the Fund may be valued at fair market value as determined in good faith by the Fund's Administrative Valuation Committee, under the supervision of the Board's Valuation Committee , using guidelines adopted by the Board of Trustees.

Other securities for which quotations are not readily available are valued at fair market value as determined in good faith by the Fund's Administrative Valuation Committee, under the supervision of the Board's Valuation Committee, using guidelines adopted by the Board of Trustees.

Cash: The Fund may leave cash overnight in its cash account with the custodian, Investors Bank & Trust Company ("IBT"). IBT has been contracted on behalf of the Fund to invest the excess cash into a savings account, which at December 31, 2005, was paying an interest rate of 3.00%.

Repurchase agreements: The Fund is authorized to enter into repurchase agreements. The Fund, through its custodian, IBT, receives delivery of the underlying securities, the value of which at the time of purchase is required to be an amount equal to at least 100% of the resale price. The Fund will bear the risk of value fluctuations until the security can be sold and may encounter delays and incur costs in liquidating the security. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Commission recapture: The sub-adviser, to the extent consistent with the best execution and usual commission rate policies and practices, may place security transactions of the Fund with broker/dealers with which ATST has established a Commission Recapture Program. A Commission Recapture Program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Fund. In no event will commissions paid by the Fund be used to pay expenses that would otherwise be borne by any other funds within ATST, or by any other party.

Recaptured commissions during the year ended December 31, 2005, of $52 are included in net realized gains in the Statement of Operations.

AEGON/Transamerica Series Trust

Annual Report 2005

10

Federated Growth & Income

NOTES TO FINANCIAL STATEMENTS (continued)
At December 31, 2005
(all amounts in thousands)

NOTE 1.–(continued)

Securities lending: The Fund may lend securities to qualified borrowers, with IBT acting as the Fund's lending agent. The Fund earns negotiated lenders' fees. The Fund receives cash and/or securities as collateral against the loaned securities. Cash collateral received is invested in short term, interest bearing securities. The Fund monitors the market value of securities loaned on a daily basis and requires collateral in an amount at least equal to the value of the securities loaned. Income from loaned securities on the Statement of Operations is net of fees, in the amount of $116, earned by IBT for its services.

Security transactions and investment income: Security transactions are recorded on the trade date. Security gains and losses are calculated on the first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend date. Interest income, including accretion of discounts and amortization of premiums, is recorded on the accrual basis commencing on the settlement date.

Foreign currency denominated investments: The accounting records of the Fund are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the closing exchange rate each day. The cost of foreign securities is translated at the exchange rate in effect when the investment was acquired. The Fund combines fluctuations from currency exchange rates and fluctuations in value when computing net realized and unrealized gains or losses from investments.

Net foreign currency gains and losses resulting from changes in exchange rates include: 1) foreign currency fluctuations between trade date and settlement date of investment security transactions; 2) gains and losses on forward foreign currency contracts; and 3) the difference between the receivable amounts of interest and dividends recorded in the accounting records in U.S. dollars and the amounts actually received.

Foreign currency denominated assets may involve risks not typically associated with domestic transactions. These risks include revaluation of currencies, adverse fluctuations in foreign currency values and possible adverse political, social and economic developments, including those particular to a specific industry, country or region.

Dividend distributions: Dividends and capital gains distributions are typically declared and reinvested annually and are generally paid and reinvested on the business day following the ex-date.

NOTE 2.  RELATED PARTY TRANSACTIONS

Effective January 1, 2005 AEGON/Transamerica Fund Advisers, Inc. was renamed Transamerica Fund Advisors, Inc. ("TFAI"); AEGON/Transamerica Fund Services, Inc. and AEGON/Transamerica Investor Services, Inc. merged into one entity and was renamed Transamerica Fund Services, Inc. ("TFS").

ATST serves as a funding vehicle for certain affiliated asset allocation portfolios and certain affiliated separate accounts of Western Reserve Life Assurance Co. of Ohio, Transamerica Life Insurance Company, Transamerica Financial Life Insurance Company, Inc., Peoples Benefit Life Insurance Company, Transamerica Occidental Life Insurance Company and Transamerica Life Insurance and Annuity Company.

TFAI is the Fund's investment adviser. TFS is the Fund's administrator and transfer agent. AFSG Securities Corp. ("AFSG") is the Fund's distributor. TFAI, TFS, and AFSG are affiliates of AEGON, NV, a Netherlands corporation.

Certain officers and trustees of the Fund are also officers and/or directors of TFAI, TFS and AFSG.

Investment advisory fee: The Fund pays management fees to TFAI based on average daily net assets ("ANA") at the following breakpoints:

0.75% of the first $500 million of ANA
0.70% of ANA over $500 million

TFAI has contractually agreed to waive its advisory fee and will reimburse the Fund to the extent that operating expenses, excluding 12b-1 fees, exceed the following stated annual limit:

1.00% Expense Limit

If total fund expenses fall below the annual expense limitation agreement agreed to by the adviser within the succeeding three years, the Fund may be required to pay that adviser a portion or all of the waived advisory fees.

There were no amounts recaptured during the year ended December 31, 2005. There are no amounts available for recapture at December 31, 2005.

Distribution and service fees: The Fund adopted a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, ATST entered into a Distribution Agreement with AFSG dated January 1, 1997, as amended.

Under the Distribution Plan and Distribution Agreement on the Initial Class shares, AFSG, on behalf of the Fund, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Fund's shares, amounts equal to actual expenses associated with distributing the shares.

AEGON/Transamerica Series Trust

Annual Report 2005

11

Federated Growth & Income

NOTES TO FINANCIAL STATEMENTS (continued)
At December 31, 2005
(all amounts in thousands)

NOTE 2.–(continued)

The Distribution Plan on the Service Class shares requires ATST to pay distribution fees to AFSG as compensation for its activities, not as reimbursement for specific expenses. The fee on the Service Class is paid to the insurance companies for providing services and account maintenance for their policyholders who invest in the variable insurance products which invest in the Service Class shares.

The Fund is authorized under the 12b-1 plan to pay fees on each class up to the following limits:

Initial Class	0.15	%
Service Class	0.25	%

AFSG has determined that it will not seek payment by the Fund of the distribution expenses incurred with respect to the Initial Class shares before April 30, 2007. Prior to AFSG seeking reimbursement of future expenses, policy and contract owners will be notified in advance. The Fund will pay fees relating to Service Class shares.

Administrative services: The Fund has entered into an agreement with TFS for financial and legal fund administration services. The Fund pays TFS an annual fee of 0.02% of ANA. The Legal fees on the Statement of Operations are for fees paid to external legal counsel.

Deferred compensation plan: Each eligible independent Fund Trustee may elect participation in a non-qualified deferred compensation plan ("the Plan") maintained by Transamerica IDEX Mutual Funds, an affiliate of the Fund. Under the Plan, such Trustees may defer payment of all or a portion of their total fees earned as a Fund Trustee. Each Trustee who is a participant in the Plan may elect that the earnings, losses or gains credited to his or her deferred fee amounts be determined based on a deemed investment in any series of Transamerica IDEX Mutual Funds. The right of a participant to receive a distribution from the Plan of the deferred fees is an unsecured claim against the general assets of all series of Transamerica IDEX Mutual Funds.

The pro rata liability to the Fund of all deferred fees in the Plan amounted, as of December 31, 2005, to $30.

NOTE 3.  INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the year ended December 31, 2005, were as follows:

Purchases of securities:
Long-Term	$	144,963
U.S. Government		177,556
Proceeds from maturities and sales of securities:
Long-Term		158,005
U.S. Government		55,000

NOTE 4.  FEDERAL INCOME TAX MATTERS

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatment for items including, but not limited to, foreign currency transactions, post October loss deferrals, options and REIT's.

Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. Financial records are not adjusted for temporary differences. These reclassifications are as follows:

Additional paid-in capital	$	(43	)
Distributable net investment income (loss)		103
Accumulated net realized gain (loss) from investment securities		(60	)

The tax character of distributions paid may differ from the character of distributions shown in the Statements of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2004 and 2005 was as follows:

2004 Distributions paid from:
Ordinary Income	$	18,969
Long-term Capital Gain		7,512
2005 Distributions paid from:
Ordinary Income		25,083
Long-term Capital Gain		33,339

AEGON/Transamerica Series Trust

Annual Report 2005

12

Federated Growth & Income

NOTES TO FINANCIAL STATEMENTS (continued)
At December 31, 2005
(all amounts in thousands)

NOTE 4.–(continued)

The tax basis components of distributable earnings as of December 31, 2005, are as follows:

Undistributed Ordinary Income	$	15,698
Undistributed Long-term Capital Gain	$	38,946
Post October Currency Loss Deferral	$	(21	)
Net Unrealized Appreciation (Depreciation)	$	15,750	*

*  Amount includes unrealized appreciation (depreciation) on foreign currency denominated assets and liabilities.

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of December 31, 2005, are as follows:

Federal Tax Cost Basis	$	675,170
Unrealized Appreciation	$	16,546
Unrealized (Depreciation)		–
Net Unrealized Appreciation (Depreciation)	$	16,546

NOTE 5.  REGULATORY PROCEEDINGS

There continues to be significant federal and state regulatory activity relating to financial services companies, particularly mutual fund companies and their investment advisers. As part of an ongoing investigation regarding potential market timing, recordkeeping and trading compliance issues and matters affecting the Fund's investment adviser, TFAI, and certain affiliates and former employees of TFAI, the SEC staff has indicated that it is likely to take some action against TFAI and certain of its affiliates at the conclusion of the investigation. The potential timing and the scope of any such action is difficult to predict. Although the impact of any action brought against TFAI and/or its affiliates is difficult to assess at the present time, the Fund currently believes that the likelihood that any such action will have a material adverse impact on it is remote. It is important to note that the Fund is not aware of any allega tion of wrongdoing against it and its Board at the time this annual report is printed. Although it is not anticipated that these developments will have an adverse impact on the Fund, there can be no assurance at this time. TFAI and its affiliates are actively working with the SEC in regard to this matter; however, the exact resolution cannot be determined at this time. TFAI will take such actions that it deems necessary or appropriate to continue providing management services to the Fund and to bring all matters to an appropriate conclusion.

TFAI and/or its affiliates, and not the Fund, will bear the costs regarding these regulatory matters.

AEGON/Transamerica Series Trust

Annual Report 2005

13

Report of Independent Registered Certified Public Accounting Firm

To the Board of Trustees and Shareholders of
Federated Growth & Income

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Federated Growth & Income (the "Fund") (one of the portfolios constituting the AEGON/Transamerica Series Trust) at December 31, 2005, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fund's management; our responsibility is to express an opinion on these financial statements based on o ur audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2005 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

Tampa, Florida
February 23, 2006

Federated Growth & Income (UNAUDITED)

Supplemental Tax Information
(all amounts in thousands)

For tax purposes, the Fund has made a Long-Term Capital Gain Designation of $33,339 for the year ended December 31, 2005.

AEGON/Transamerica Series Trust

Annual Report 2005

14

Federated Growth & Income

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS – REVIEW AND RENEWAL (unaudited)

At a meeting of the Board of Trustees of AEGON/Transamerica Series Trust ("ATST") held on November 2, 2005, the Board reviewed and considered the Investment Advisory Agreement between Federated Growth & Income (the "Portfolio") and Transamerica Fund Advisors, Inc. ("TFAI") as well as the Investment Sub-Advisory Agreement of the Portfolio between TFAI and Federated Equity Management Company of Pennsylvania (the "Sub-Adviser"), to determine whether the agreements should be renewed for a one-year period. Following their review and consideration, the Trustees determined that the Investment Advisory Agreement and the Investment Sub-Advisory Agreement will enable shareholders of the Portfolio to obtain high quality services at a cost that is appropriate, reasonable, and in the best interests of its shareholders. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory A greement and the Investment Sub-Advisory Agreement. In reaching their decision, the Trustees requested and obtained from TFAI and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the proposed agreements. The Trustees also carefully considered the information that they had received throughout the year from TFAI and the Sub-Adviser (such as in-person presentations by the Sub-Adviser) as part of their regular oversight of the Portfolio, as well as: comparative fee, expense and performance information prepared by Lipper Inc. ("Lipper"), independent providers of mutual fund performance, fee and expense information; and profitability data. In considering the proposed continuation of the Investment Advisory Agreement and the Investment Sub-Advisory Agreement, the Trustees evaluated a number of considerations that they believe, in light of the legal advice furnished to them by ATST counsel and independent legal counsel and their own business judgment, to be relevant. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:

The nature, extent and quality of the advisory service to be provided. The Board considered the nature and quality of the services provided by TFAI and the Sub-Adviser to the Portfolio in the past, as well as the services anticipated to be provided in the future. The Board concluded that TFAI and the Sub-Adviser are capable of providing high quality services to the Portfolio, as indicated by the nature and quality of services provided in the past, TFAI's and the Sub-Adviser's management capabilities demonstrated with respect to the portfolios they manage, and the experience, capability and integrity of TFAI's senior management, the financial resources of TFAI and the Sub-Adviser, TFAI's management oversight process, the professional qualifications and experience of the Sub-Adviser's portfolio management team, and the Portfolio's investment performance . The Trustees also concluded that TFAI and the Sub-Adviser proposed to provide investment and related services that were of the same quality and quantity as services provided to the Portfolio in the past, and that these services are appropriate in scope and extent in light of the Portfolio's operations, the competitive landscape of the investment company business and investor needs, and that TFAI's and the Sub-Adviser's obligations will remain substantially the same.

The investment performance of the Portfolio. The Board examined both the short-term and longer-term performance of the Portfolio, including relative performance against a benchmark securities index and a peer group of comparable mutual funds as prepared by Lipper, for various trailing periods ended June 30, 2005. The Trustees concluded that TFAI and the Sub-Adviser had achieved superior investment performance, noting the superior performance of the Portfolio relative to its peers and the benchmark index over the past one-, two-, three-, five- and ten-year periods. On the basis of the Trustees' assessment of the nature, extent and quality of advisory services to be provided or procured by TFAI and the Sub-Adviser, the Trustees concluded that TFAI and the Sub-Adviser are capable of generating a level of investment performance that is appropriate in ligh t of the Portfolio's investment objective, policies and strategies and competitive with many other investment companies, and also determined that TFAI's and the Sub-Adviser's performance records indicate that their continued management is likely to benefit the Portfolio and its shareholders.

The cost of advisory services provided and the level of profitability. The Board reviewed profitability information regarding TFAI's costs of procuring portfolio management services, as well as the costs of provision of administration, fund accounting and other services, to the Portfolio and to ATST as a whole by TFAI and its affiliates. The Trustees reviewed data from Lipper that compared the Portfolio's management fees (including management fees at various asset levels), other fees and expenses (including total expenses including and excluding 12b-1 distribution and service fees) and portfolio turnover rate against a peer group of comparable mutual funds. Based on such information, the Trustees determined that the management fees and overall expense ratio of the Portfolio generally are consistent with industry averages. In addition, on the basis of the Board's review of the management fees to be charged by TFAI for investment advisory and related services, TFAI profitability information (derived from TFAI's audited financial statements), TFAI's estimated management income resulting from its management of the Portfolio, the estimated margin of the Sub-Adviser, as well as the entirety of TFAI's and its affiliates' service relationship with ATST, the Board concluded that the level of investment management fees and other service fees, as well as TFAI's and the Sub-Adviser's profitability, are appropriate in light of the services provided, the management fees and overall expense ratios of comparable investment companies and the anticipated profitability of the relationship between the Portfolio, TFAI and its affiliates, and the Sub-Adviser.

AEGON/Transamerica Series Trust

Annual Report 2005

15

Federated Growth & Income (continued)

Whether fee levels reflect economies of scale and the extent to which economies of scale would be realized as the Portfolio grows. The Board concluded that the inclusion of asset-based breakpoints in the Portfolio's advisory fee schedule appropriately benefits investors by realizing economies of scale in the form of lower management fees as the level of assets grows. In addition, the Board concluded that the Portfolio's management fees appropriately reflect the Portfolio's current size, the current economic environment for TFAI, the competitive nature of the investment company market, and TFAI's pricing strategy. The Trustees also concluded that they will have the opportunity to periodically reexamine whether the Portfolio has achieved economies of scale, and the appropriateness of management fees payable to TFAI and fees payable by TFAI to the Sub-Ad viser, in the future.

Benefits (such as soft dollars) to TFAI, its affiliates, or the Sub-Adviser from their relationship with the Portfolio. The Board concluded that other benefits derived by TFAI, its affiliates, and the Sub-Adviser from their relationship with the Portfolio are reasonable and fair, and are consistent with industry practice and the best interests of the Portfolio and its shareholders. In this regard, the Board noted that TFAI does not realize "soft dollar" benefits from its relationship with the Portfolio, and that the Sub-Adviser is participating in a brokerage program pursuant to which a portion of brokerage commissions paid by the Portfolio is recaptured for the benefit of the Portfolio and its shareholders, thus limiting the amount of "soft-dollar" arrangements the Sub-Adviser may engage in with respect to the Portfolio's brokerage transactions. In a ddition, the Trustees determined that the administration, fund accounting and other fees paid by the Portfolio to affiliates of TFAI are reasonable, fair and in the best interests of shareholders in light of the nature and quality of the services provided, the associated costs to these affiliates of providing the services, the impact of the costs of such services on the Portfolio's overall operating expenses, and the necessity of the services for the Portfolio's operations.

Other considerations. The Board determined that TFAI had made a substantial commitment to the recruitment and retention of high quality personnel, and maintained the financial, compliance and operational resources reasonably necessary to manage the Portfolio in a professional manner that is consistent with the best interests of the Portfolio and its shareholders. In this regard, the Trustees favorably considered the procedures and policies in place by TFAI to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Adviser. The Trustees also determined that TFAI had made a significant entrepreneurial commitment to the management and success of the Portfolio, reflected by TFAI's expense limitation and fee waiver arrangement with the Portfolio, which may result in TFAI waiving a substantial amoun t of advisory fees for the benefit of shareholders.

AEGON/Transamerica Series Trust

Annual Report 2005

16

Great Companies–America^SM

MARKET ENVIRONMENT

The 2005 market was driven by several key factors:

• The under-performance of large-cap stocks

• The out-performance of the energy and utilities sectors

•  The continued compression of Price/Earnings (P/E) ratios which resulted in a range bound market

Large-cap stocks continued to under-perform the broad market for the fifth year in a row. This under-performance began during the last quarter of 2000 and continued through 2005. This is the first time in recent history that we have seen a segment under-perform the broad market for more than three years.

The energy and utilities sectors drove major market returns. According to Standard and Poor's price appreciation calculations, the energy sector was up 29.14% while utilities were up approximately 12.76%. Even with the out-performance of these two sectors the Dow Jones Industrial Average was up only 1.72% for the year and the Standard and Poor's 500 Composite Stock Index ("S&P 500") was up only 4.91%. Without these two sectors, which represent approximately 13% of the S&P 500, both indices would have been close to or in negative territory for the year.

PE ratios have continued to compress while earnings are up which reflects a lack of investor enthusiasm for equities. The damage done to investor confidence caused by the technology bubble bursting, and the rise in real estate, has resulted in investors transferring a significant amount of their assets from equities into other investments.

PERFORMANCE

For the year ended December 31, 2005, Great Companies – America^SM, Initial Class returned 3.88%. By comparison its benchmark, the S&P 500 returned 4.91%.

STRATEGY REVIEW

In recognition of the changing market environment, we have made several modifications to our investing approach, as follows:

•  Turnover has increased as we increased the portfolio's holdings in the energy sector. This was a result of our efforts to place more emphasis on sector weightings.

•  We reduced the market cap level of companies in the portfolio. While we still invest primarily in large-cap stocks, the overall market cap size of the portfolio's holdings has been reduced.

The best performing stocks for the year 2005 included Apple Computer, Inc., Texas Instruments, Incorporated, Hewlett-Packard Company, The Goldman Sachs Group, Inc., and Prudential Financial, Inc.

The worst performing stocks for the year 2005 included International Business Machines Corporation, Cisco Systems, Inc., Electronic Arts, Inc, Citigroup, Inc., and Viacom, Inc.

The sector that had the greatest positive impact on performance, relative to the S&P 500, was information technology; and the sectors that had the greatest negative impact on performance included energy and health care.

James H. Huguet

Gerald W. Bollman, CFA

Matthew C. Stephani, CFA, CPA

Derek Hong, CFA

Co-Portfolio Managers
Great Companies, L.L.C.

AEGON/Transamerica Series Trust

Annual Report 2005

1

Great Companies–America^SM

Comparison of change in value of $10,000 investment in Initial Class shares and its comparative index.

Average Annual Total Return for Periods Ended 12/31/05

	1 year			5 years			From Inception			Inception Date
Initial Class		3.88	%		(1.71	)%		0.76	%	5/1/00
S&P 5001		4.91	%		0.54	%		(1.06	)%	5/1/00
Service Class		3.63	%		–			8.15	%	5/1/03

NOTES

¹  The Standard and Poor's 500 Composite Stock (S&P 500) Index is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. From inception calculation is based on life of Initial Class shares. Source: Standard & Poor's Micropal®© Micropal, Inc. 2005 – 1-800-596-5323 – http://www.funds-sp.com.

The performance data presented represents past performance, future results may vary. The portfolio's investment return and net asset value will fluctuate. Past performance does not guarantee future results. Investor's units when redeemed, may be worth more or less than their original cost.

Current performance may be higher or lower than the performance data quoted. Please visit your insurance company's website for contract or policy level standardized total returns current to the most recent month-end. Portfolio performance is net of investment fees and fund expenses, but not product charges, which, if included, would significantly lower the performance quoted.

Investments in a "non-diversified" portfolio may be subject to specific risks such as susceptibility to single economic, political, or regulatory events, and may be subject to greater loss than investments in a diversified portfolio.

This material must be preceded or accompanied by a current prospectus, which includes specific contents regarding the investment objectives, explanation of share classes and policies of this portfolio.

AEGON/Transamerica Series Trust

Annual Report 2005

2

Great Companies–America^SM

UNDERSTANDING YOUR FUND'S EXPENSES
(unaudited)

SHAREHOLDER EXPENSES

Fund shareholders may incur ongoing costs, including management and advisory fees, distribution and service fees, and other Fund expenses.

The following Example is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.

The Example is based on an investment of $1,000 invested at July 1, 2005 and held for the entire period until December 31, 2005.

ACTUAL EXPENSES

The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of your Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fees, brokerage commissions paid on purchases and sales of fund shares. Therefore, the second line under the Fund in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If any of these transaction costs were included, your costs would be higher. The expenses shown in the table do not reflect any fees that may be charged to you by brokers, financial intermediaries or other financial institutions.

	Beginning Account Value		Ending Account Value		Annualized Expense Ratio			Expenses Paid During Period (a)
Initial Class
Actual	$	1,000.00	$	1,054.80		0.90	%	$	4.66
Hypothetical (b)		1,000.00		1,020.67		0.90			4.58
Service Class
Actual		1,000.00		1,053.30		1.15			5.95
Hypothetical (b)		1,000.00		1,019.41		1.15			5.85

^(a)  Expenses are calculated using each Fund's annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by number of days in the period (184 days), and divided by the number of days in the year (365 days).

^(b)  5% return per year before expenses.

GRAPHICAL PRESENTATION OF SCHEDULE OF INVESTMENTS
By Sector
At December 31, 2005

This chart shows the percentage breakdown by sector of the Fund's total investment securities.

AEGON/Transamerica Series Trust

Annual Report 2005

3

Great Companies–America^SM

SCHEDULE OF INVESTMENTS
At December 31, 2005
(all amounts except share amounts in thousands)

	Shares		Value
COMMON STOCKS (93.9%)
Aerospace (4.3%)
United Technologies Corp.		182,000	$	10,176
Beverages (3.5%)
PepsiCo, Inc.		137,942		8,150
Business Services (3.1%)
Omnicom Group, Inc. †		84,500		7,194
Chemicals & Allied Products (4.0%)
Clorox Co.		84,600		4,813
Procter & Gamble Co.		79,000		4,573
Commercial Banks (2.2%)
JP Morgan Chase & Co.		131,000		5,199
Communication (1.9%)
Viacom, Inc.–Class B ‡		141,000		4,597
Communications Equipment (3.7%)
Motorola, Inc.		192,000		4,337
QUALCOMM, Inc.		100,000		4,308
Computer & Data Processing Services (7.5%)
Electronic Arts, Inc. †‡		123,000		6,434
Microsoft Corp.		223,100		5,834
Yahoo!, Inc. ‡		136,000		5,328
Computer & Office Equipment (6.2%)
Apple Computer, Inc. ‡		137,110		9,857
Hewlett-Packard Co.		163,900		4,692
Electronic & Other Electric Equipment (5.0%)
Emerson Electric Co.		62,000		4,631
General Electric Co.		204,530		7,169
Electronic Components & Accessories (4.9%)
Intel Corp.		277,000		6,914
Texas Instruments, Inc.		141,000		4,522
Food & Kindred Products (1.8%)
Kellogg Co.		97,000		4,192
Insurance (5.3%)
AFLAC, Inc.		97,000		4,503
American International Group, Inc.		116,000		7,915
Leather & Leather Products (3.8%)
Coach, Inc. ‡		269,000		8,968
Life Insurance (3.1%)
Prudential Financial, Inc.		98,800		7,231
Medical Instruments & Supplies (4.2%)
Medtronic, Inc.		171,000		9,844

	Shares		Value
Oil & Gas Extraction (4.6%)
BJ Services Co. †		38,240	$	1,402
Chesapeake Energy Corp. †		69,000		2,189
Nabors Industries, Ltd. ‡		45,240		3,427
XTO Energy, Inc. †		83,980		3,690
Petroleum Refining (0.8%)
ConocoPhillips		34,170		1,988
Pharmaceuticals (10.8%)
Amgen, Inc. ‡		29,000		2,287
Genzyme Corp. ‡		63,090		4,466
Johnson & Johnson		149,501		8,985
Pfizer, Inc.		210,000		4,897
Wyeth		104,864		4,831
Security & Commodity Brokers (10.5%)
American Express Co.		126,000		6,484
Goldman Sachs Group, Inc. (The)		54,696		6,985
Morgan Stanley		86,000		4,880
T. Rowe Price Group, Inc.		89,000		6,411
Toys, Games & Hobbies (0.7%)
Hasbro, Inc.		82,980		1,675
Transportation Equipment (2.0%)
Polaris Industries, Inc. †		95,000		4,769
Total Common Stocks (cost: $207,207)				220,747
	Principal		Value
SECURITY LENDING COLLATERAL (6.1%)
Debt (5.2%)
Bank Notes (0.2%)
Bank of America
4.27%, due 01/17/2006 *	$	211	$	211
4.31%, due 08/10/2006 *		173		173
Certificates Of Deposit (0.3%)
Barclays 4.31%, due 01/17/2006 *		133		133
Canadian Imperial Bank of Commerce 4.15%, due 05/18/2006 *		188		188
Credit Suisse First Boston Corp. 4.18%, due 03/10/2006 *		75		75
Rabobank Nederland 4.10%, due 05/31/2006 *		188		188
Commercial Paper (0.6%)
Fairway Finance-144A 4.31%, due 01/10/2006		375		375
Jupiter Securitization Corp.–144A 4.27%, due 01/05/2006		188		188

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

4

Great Companies–America^SM

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2005
(all amounts except share amounts in thousands)

	Principal		Value
Commercial Paper (continued)
Paradigm Funding LLC–144A 4.30%, due 01/09/2006	$	74	$	74
Park Avenue Receivables Corp.–144A 4.27%, due 01/04/2006		187		187
Preferred Receivables Corp.–144A 4.31%, due 01/04/2006		149		149
Ranger Funding Co. LLC–144A 4.29%, due 01/18/2006		149		149
Sheffield Receivables Corp.–144A 4.26%, due 01/23/2006		90		90
Yorktown Capital LLC 4.27%, due 01/05/2006		188		188
Euro Dollar Overnight (0.8%)
Calyon 4.34%, due 01/05/2006		188		188
Fortis Bank 4.35%, due 01/03/2006 4.35%, due 01/05/2006		376 357		376 357
Harris Trust & Savings Bank 4.25%, due 01/05/2006		308		308
National Australia Bank 4.16%, due 01/03/2006		384		384
Rabobank Nederland 4.15%, due 01/03/2006		135		135
Wells Fargo 4.27%, due 01/03/2006		188		188
Euro Dollar Terms (1.7%)
Bank of Montreal 4.30%, due 01/19/2006		376		376
Barclays 4.27%, due 01/25/2006 4.30%, due 01/31/2006		113 301		113 301
BNP Paribas 4.22%, due 01/24/2006		188		188
Dexia Group 4.25%, due 01/09/2006		188		188
Rabobank Nederland 4.21%, due 01/19/2006		339		339
Royal Bank of Canada 4.25%, due 01/24/2006		263		263
Royal Bank of Scotland 4.30%, due 01/31/2006 4.31%, due 02/01/2006		564 414		564 414
Societe Generale 4.28%, due 01/30/2006		376		376
UBS AG 4.26%, due 01/10/2006		376		376

	Principal		Value
Euro Dollar Terms (continued)
Wells Fargo 4.29%, due 01/30/2006	$	564	$	564
Promissory Notes (0.1%)
Bear Stearns & Co. 4.39%, due 03/07/2006 4.39%, due 06/06/2006		226 75		226 75
Repurchase Agreements (1.5%) ††
Credit Suisse First Boston Corp. 4.29%, dated 12/30/2005 to be repurchased at $630 on 01/03/2006		630		630
Goldman Sachs Group, Inc. (The) 4.29%, dated 12/30/2005 to be repurchased at $1,503 on 01/03/2006		1,502		1,502
Lehman Brothers, Inc. 4.29%, dated 12/30/2005 to be repurchased at $10 on 01/03/2006		10		10
Merrill Lynch & Co. 4.24%, dated 12/30/2005 to be repurchased at $1,204 on 01/03/2006		1,204		1,204
Morgan Stanley Dean Witter & Co. 4.36%, dated 12/30/2005 to be repurchased at $133 on 01/03/2006		133		133
	Shares		Value
Investment Companies (0.9%)
American Beacon Fund 1-day yield of 4.19%		51,568	$	52
Barclays Global Investors Institutional Money Market Fund 1-day yield of 4.19%		488,979		489
Dreyfus Cash Management Plus Fund 1-day yield of 4.09%		203,114		203
Merrimac Cash Fund, Premium Class 1-day yield of 4.03% @		1,331,589		1,332
Total Security Lending Collateral (cost: $14,222)				14,222
Total Investment Securities (cost: $221,429)			$	234,969

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

5

Great Companies–America^SM

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2005
(all amounts in thousands)

NOTES TO SCHEDULE OF INVESTMENTS:

†  At December 31, 2005, all or a portion of this security is on loan (see Note 1). The value at December 31, 2005, of all securities on loan is $13,758.

‡  Non-income producing.

*  Floating or variable rate note. Rate is listed as of December 31, 2005.

††  Cash collateral for the Repurchase Agreements, valued at $3,548, that serve as collateral for securities lending are invested in corporate bonds with interest rates and maturity dates ranging from 0.00% – 8.75% and 01/03/2006 – 08/01/2037, respectively.

@  Regulated investment company advised by Investors Bank and Trust Co. ("IBT"). IBT is also the accounting, custody and lending agent for the Fund.

DEFINITIONS:

144A  144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2005, these securities aggregated $1,212 or 0.5% of the total investments of the Fund.

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

6

Great Companies–America^SM

STATEMENT OF ASSETS AND LIABILITIES
At December 31, 2005
(all amounts except per share amounts in thousands)

Assets:
Investment securities, at value (cost: $221,429) (including securities loaned of $13,758)	$	234,969
Cash		11,586
Receivables:
Investment securities sold		3,098
Shares sold		29
Interest		29
Dividends		190
		249,901
Liabilities:
Accounts payable and accrued liabilities:
Shares redeemed		163
Management and advisory fees		156
Service fees		1
Administration fees		4
Payable for collateral for securities on loan		14,222
Other		55
		14,601
Net Assets	$	235,300
Net Assets Consist of:
Capital stock ($.01 par value)	$	231
Additional paid-in capital		236,304
Distributable net investment income (loss)		1,357
Accumulated net realized gain (loss) from investment securities		(16,132	)
Net unrealized appreciation (depreciation) on investment securities		13,540
Net Assets	$	235,300
Net Assets by Class:
Initial Class	$	231,323
Service Class		3,977
Shares Outstanding:
Initial Class		22,724
Service Class		390
Net Asset Value and Offering Price Per Share:
Initial Class	$	10.18
Service Class		10.20

STATEMENT OF OPERATIONS
For the year ended December 31, 2005
(all amounts in thousands)

Investment Income:
Interest	$	127
Dividends		3,498
Income from loaned securities–net		12
		3,637
Expenses:
Management and advisory fees		1,996
Printing and shareholder reports		157
Custody fees		30
Administration fees		52
Legal fees		5
Audit fees		14
Trustees fees		9
Service fees:
Service Class		10
Other		7
Total expenses		2,280
Net Investment Income (Loss)		1,357
Net Realized and Unrealized Gain (Loss):
Realized gain (loss) from investment securities		23,642
Increase (decrease) in unrealized appreciation (depreciation) on investment securities		(16,593	)
Net Realized and Unrealized Gain (Loss) on Investment Securities		7,049
Net Increase (Decrease) in Net Assets Resulting from Operations	$	8,406

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

7

Great Companies–America^SM

STATEMENTS OF CHANGES IN NET ASSETS
For the years ended
(all amounts in thousands)

	December 31, 2005			December 31, 2004
Increase (Decrease) In Net Assets From:
Operations:
Net investment income (loss)	$	1,357		$	2,213
Net realized gain (loss) from investment securities		23,642			17,317
Change in unrealized appreciation (depreciation) on investment securities		(16,593	)		(14,675	)
		8,406			4,855
Distributions to Shareholders:
From net investment income:
Initial Class		(2,181	)		(1,779	)
Service Class		(32	)		(8	)
		(2,213	)		(1,787	)
Capital Share Transactions:
Proceeds from shares sold:
Initial Class		18,233			15,705
Service Class		1,614			3,946
		19,847			19,651
Proceeds from fund acquisition:
Initial Class		–			124,290
Service Class		–			235
		–			124,525
Dividends and distributions reinvested:
Initial Class		2,181			1,779
Service Class		32			8
		2,213			1,787
Cost of shares redeemed:
Initial Class		(89,390	)		(79,750	)
Service Class		(1,874	)		(728	)
		(91,264	)		(80,478	)
		(69,204	)		65,485
Net increase (decrease) in net assets		(63,011	)		68,553
Net Assets:
Beginning of year		298,311			229,758
End of year	$	235,300		$	298,311
Distributable Net Investment Income (Loss)	$	1,357		$	2,213

	December 31, 2005			December 31, 2004
Share Activity:
Shares issued:
Initial Class		1,798			1,621
Service Class		162			409
		1,960			2,030
Shares issued on fund acquisition:
Initial Class		–			12,824
Service Class		–			24
		–			12,848
Shares issued–reinvested from distributions:
Initial Class		222			194
Service Class		3			1
		225			195
Shares redeemed:
Initial Class		(9,031	)		(8,332	)
Service Class		(188	)		(76	)
		(9,219	)		(8,408	)
Net increase (decrease) in shares outstanding:
Initial Class		(7,011	)		6,307
Service Class		(23	)		358
		(7,034	)		6,665

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

8

Great Companies–America^SM

FINANCIAL HIGHLIGHTS

		For a share outstanding throughout each period (a)
		Net Asset		Investment Operations								Distributions								Net Asset
	For the Period Ended (b)	Value, Beginning of Period		Net Investment Income (Loss)		Net Realized and Unrealized Gain (Loss)			Total Operations			From Net Investment Income			From Net Realized Gains		Total Distributions			Value, End of Period
Initial Class	12/31/2005	$	9.89	$	0.05	$	0.33		$	0.38		$	(0.09	)	$	–	$	(0.09	)	$	10.18
	12/31/2004		9.78		0.07		0.09			0.16			(0.05	)		–		(0.05	)		9.89
	12/31/2003		7.88		0.06		1.88			1.94			(0.04	)		–		(0.04	)		9.78
	12/31/2002		9.96		0.05		(2.11	)		(2.06	)		(0.02	)		–		(0.02	)		7.88
	12/31/2001		11.38		0.04		(1.43	)		(1.39	)		(0.03	)		–		(0.03	)		9.96
Service Class	12/31/2005		9.92		0.03		0.33			0.36			(0.08	)		–		(0.08	)		10.20
	12/31/2004		9.81		0.06		0.08			0.14			(0.03	)		–		(0.03	)		9.92
	12/31/2003		8.37		0.03		1.41			1.44			–			–		–			9.81

					Ratios/Supplemental Data
	For the Period	Total			Net Assets, End of Period		Ratio of Expenses to Average Net Assets (f)						Net Investment Income (Loss) to Average			Portfolio Turnover
	Ended (b)	Return (c)(g)			(000's)		Net (d)			Total (e)			Net Assets (f)			Rate (g)
Initial Class	12/31/2005		3.88	%	$	231,323		0.88	%		0.88	%		0.53	%		112	%
	12/31/2004		1.72			294,213		0.86			0.86			0.78			53
	12/31/2003		24.67			229,217		0.85			0.85			0.73			39
	12/31/2002		(20.69	)		233,961		0.88			0.88			0.54			31
	12/31/2001		(12.20	)		152,874		0.89			0.89			0.39			70
Service Class	12/31/2005		3.63			3,977		1.13			1.13			0.27			112
	12/31/2004		1.46			4,098		1.12			1.12			0.59			53
	12/31/2003		17.25			541		1.12			1.12			0.50			39

NOTES TO FINANCIAL HIGHLIGHTS

(a)  Per share information is calculated based on average number of shares outstanding.

(b)  Great Companies–America^SM (the "Fund") share classes commenced operations as follows:

Initial Class – May 1, 2000
Service Class – May 1, 2003

(c)  Total Return reflects all portfolio expenses and includes reinvestment of dividends and capital gains; it does not reflect the charges and deductions under the policies or annuity contracts.

(d)  Ratio of Net Expenses to Average Net Assets is net of advisory fee waivers, if any (see note 2).

(e)  Ratio of Total Expenses to Average Net Assets includes all expenses before advisory fee waivers.

(f)  Annualized.

(g)  Not annualized.

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

9

Great Companies–America^SM

NOTES TO FINANCIAL STATEMENTS
At December 31, 2005
(all amounts in thousands)

NOTE 1.  ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

The AEGON/Transamerica Series Trust ("ATST") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). ATST serves as a funding vehicle for variable life insurance, variable annuity and group annuity products. Great Companies – America^SM (the "Fund") is part of ATST. The Fund is "non-diversified" under 1940 Act.

Effective May 1, 2005, AEGON/Transamerica Series Fund, Inc. changed its name to AEGON/Transamerica Series Trust.

On May 3, 2004, the Fund acquired all the net assets of the GE U.S. Equity Fund pursuant to a plan of reorganization approved by shareholders. The Fund is the accounting survivor. The acquisition was accomplished by a tax-free exchange of 12,848 shares of the Fund for the 9,533 shares of the GE U.S. Equity Fund outstanding on April 30, 2004. The aggregate net assets of the Fund immediately before the acquisition was $222,179. The GE U.S. Equity Fund's net assets at that date of $124,525, including $11,396 of unrealized appreciation, were combined with those of the Fund, resulting in combined net assets of $346,704.

In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

This report should be read in conjunction with the current Fund prospectus, which contains more complete information about the Fund.

In preparing the Fund's financial statements in accordance with accounting principles generally accepted in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Fund.

Multiple class operations, income and expenses: The Fund currently offers two classes of shares, an Initial Class and a Service Class. Income, non-class specific expenses and realized and unrealized gains and losses, are allocated daily to each class, based upon the value of shares outstanding method as permitted under Rule 18f-3 of the 1940 Act. Each class bears its own specific expenses as well as a portion of general, common expenses.

Security valuations: The Fund values its investments at the close of the New York Stock Exchange ("NYSE"), normally 4 p.m. ET, each day the NYSE is open for business. Fund investments are valued at the last sale price or closing price on the day of valuation taken from the primary exchange where the security is principally traded.

Securities traded in the over-the-counter market and listed securities for which no sale was reported on that date are valued at the last quoted bid price.

Debt securities are valued based on a price quotation or other equivalent indication of value supplied by an exchange, a pricing service or a major market maker; however, those that mature in sixty days or less are valued at amortized cost, which approximates market.

Investment company securities are valued at the net asset value of the underlying portfolio.

Other securities for which quotations are not readily available are valued at fair market value as determined in good faith by the Fund's Administrative Valuation Committee, under the supervision of the Board's Valuation Committee, using guidelines adopted by the Board of Trustees.

Cash: The Fund may leave cash overnight in its cash account with the custodian, Investors Bank & Trust Company ("IBT"). IBT has been contracted on behalf of the Fund to invest the excess cash into a savings account, which at December 31, 2005, was paying an interest rate of 3.00%.

Repurchase agreements: The Fund is authorized to enter into repurchase agreements. The Fund, through its custodian, IBT, receives delivery of the underlying securities, the value of which at the time of purchase is required to be an amount equal to at least 100% of the resale price. The Fund will bear the risk of value fluctuations until the security can be sold and may encounter delays and incur costs in liquidating the security. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Commission recapture: The sub-adviser, to the extent consistent with the best execution and usual commission rate policies and practices, may place security transactions of the Fund with broker/dealers with which ATST has established a Commission Recapture Program. A Commission Recapture Program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Fund. In no event will commissions paid by the Fund be used to pay expenses that would otherwise be borne by any other funds within ATST, or by any other party.

Recaptured commissions during the year ended December 31, 2005, of $99 are included in net realized gains in the Statement of Operations.

Securities lending: The Fund may lend securities to qualified borrowers, with IBT acting as the Fund's lending agent. The Fund earns negotiated lenders' fees. The Fund receives cash and/or securities as collateral against the loaned securities. Cash collateral received is invested in short term, interest bearing securities. The Fund monitors the market value of securities loaned on a daily basis and requires collateral in an amount at least equal to the value of the securities loaned.

AEGON/Transamerica Series Trust

Annual Report 2005

10

Great Companies–America^SM

NOTES TO FINANCIAL STATEMENTS (continued)
At December 31, 2005
(all amounts in thousands)

NOTE 1.–(continued)

Income from loaned securities on the Statement of Operations is net of fees, in the amount of $5, earned by IBT for its services.

Security transactions and investment income: Security transactions are recorded on the trade date. Security gains and losses are calculated on the first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend date. Interest income, including accretion of discounts and amortization of premiums, is recorded on the accrual basis commencing on the settlement date.

Dividend distributions: Dividends and capital gains distributions are typically declared and reinvested annually and are generally paid and reinvested on the business day following the ex-date.

NOTE 2.  RELATED PARTY TRANSACTIONS

Effective January 1, 2005 AEGON/Transamerica Fund Advisers, Inc. was renamed Transamerica Fund Advisors, Inc. ("TFAI"); AEGON/Transamerica Fund Services, Inc. and AEGON/Transamerica Investor Services, Inc. merged into one entity and was renamed Transamerica Fund Services, Inc. ("TFS").

ATST serves as a funding vehicle for certain affiliated asset allocation portfolios and certain affiliated separate accounts of Western Reserve Life Assurance Co. of Ohio, Transamerica Life Insurance Company, Transamerica Financial Life Insurance Company, Inc., Peoples Benefit Life Insurance Company, Transamerica Occidental Life Insurance Company and Transamerica Life Insurance and Annuity Company.

TFAI is the Fund's investment adviser. TFS is the Fund's administrator and transfer agent. AFSG Securities Corp. ("AFSG") is the Fund's distributor. TFAI, TFS, and AFSG are affiliates of AEGON, NV, a Netherlands corporation.

Certain officers and trustees of the Fund are also officers and/or directors of TFAI, TFS and AFSG.

Great Companies, LLC is both an affiliate of the Fund and a sub-adviser to the Fund.

Investment advisory fee: The Fund pays management fees to TFAI based on average daily net assets ("ANA") at the following breakpoints:

0.775% of first $250 million of ANA
0.75% of the next 250 million of ANA
0.70% of the next $500 million of ANA
0.65% of ANA over $1 billion

TFAI has contractually agreed to waive its advisory fee and will reimburse the Fund to the extent that operating expenses, excluding 12b-1 fees, exceed the following stated annual limit:

1.00% Expense Limit

If total fund expenses fall below the annual expense limitation agreement agreed to by the adviser within the succeeding three years, the Fund may be required to pay that adviser a portion or all of the waived advisory fees.

There were no amounts recaptured during the year ended December 31, 2005. There are no amounts available for recapture at December 31, 2005.

Distribution and service fees: The Fund adopted a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, ATST entered into a Distribution Agreement with AFSG dated January 1, 1997, as amended.

Under the Distribution Plan and Distribution Agreement on the Initial Class shares, AFSG, on behalf of the Fund, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Fund's shares, amounts equal to actual expenses associated with distributing the shares.

The Distribution Plan on the Service Class shares requires ATST to pay distribution fees to AFSG as compensation for its activities, not as reimbursement for specific expenses. The fee on the Service Class is paid to the insurance companies for providing services and account maintenance for their policyholders who invest in the variable insurance products which invest in the Service Class shares.

The Fund is authorized under the 12b-1 plan to pay fees on each class up to the following limits:

Initial Class	0.15	%
Service Class	0.25	%

AFSG has determined that it will not seek payment by the Fund of the distribution expenses incurred with respect to the Initial Class shares before April 30, 2007. Prior to AFSG seeking reimbursement of future expenses, policy and contract owners will be notified in advance. The Fund will pay fees relating to Service Class shares.

Administrative services: The Fund has entered into an agreement with TFS for financial and legal fund administration services. The Fund pays TFS an annual fee of 0.02% of ANA. The Legal fees on the Statement of Operations are for fees paid to external legal counsel.

Deferred compensation plan: Each eligible independent Fund Trustee may elect participation in a non-qualified deferred compensation plan ("the Plan") maintained by Transamerica IDEX Mutual Funds, an affiliate of the Fund. Under the Plan, such Trustees may defer payment of all or a portion of their total fees earned as a Fund Trustee. Each

AEGON/Transamerica Series Trust

Annual Report 2005

11

Great Companies–America^SM

NOTES TO FINANCIAL STATEMENTS (continued)
At December 31, 2005
(all amounts in thousands)

NOTE 2.–(continued)

Trustee who is a participant in the Plan may elect that the earnings, losses or gains credited to his or her deferred fee amounts be determined based on a deemed investment in any series of Transamerica IDEX Mutual Funds. The right of a participant to receive a distribution from the Plan of the deferred fees is an unsecured claim against the general assets of all series of Transamerica IDEX Mutual Funds. The pro rata liability to the Fund of all deferred fees in the Plan amounted, as of December 31, 2005, to $12.

NOTE 3.  INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the year ended December 31, 2005, were as follows:

Purchases of securities:
Long-Term	$	282,117
U.S. Government		–
Proceeds from maturities and sales of securities
Long-Term		359,207
U.S. Government		–

NOTE 4.  FEDERAL INCOME TAX MATTERS

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatment for items including, but not limited to, wash sales, post October loss deferrals and capital loss carryforwards.

The capital loss carryforwards are available to offset future realized capital gains through the periods listed:

Capital Loss Carryforwards		Available through
$	4,743	December 31, 2010
	9,588	December 31, 2011

The capital loss carryforward utilized during the year ended December 31, 2005 was $19,291.

The capital loss carryforwards are available to offset future realized gains, subject to certain limitations under the Internal Revenue Code, through the periods listed.

The tax character of distributions paid may differ from the character of distributions shown in the Statements of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2004 and 2005 was as follows:

2004 Distributions paid from:
Ordinary Income	$	1,787
Long-term Capital Gain		–
2005 Distributions paid from:
Ordinary Income		2,213
Long-term Capital Gain		–

The tax basis components of distributable earnings as of December 31, 2005, are as follows:

Undistributed Ordinary Income	$	1,356
Undistributed Long-term Capital Gain	$	–
Post October Capital Loss Deferral	$	(1,204	)
Capital Loss Carryforward	$	(14,331	)
Net Unrealized Appreciation (Depreciation)	$	12,944

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of December 31, 2005, are as follows:

Federal Tax Cost Basis	$	222,025
Unrealized Appreciation	$	16,924
Unrealized (Depreciation)		(3,980	)
Net Unrealized Appreciation (Depreciation)	$	12,944

NOTE 5.  REGULATORY PROCEEDINGS

There continues to be significant federal and state regulatory activity relating to financial services companies, particularly mutual fund companies and their investment advisers. As part of an ongoing investigation regarding potential market timing, recordkeeping and trading compliance issues and matters affecting the Fund's investment adviser, TFAI, and certain affiliates and former employees of TFAI, the SEC staff has indicated that it is likely to take some action against TFAI and certain of its affiliates at the conclusion of the investigation. The potential timing and the scope of any such action is difficult to predict. Although the impact of any action brought against TFAI and/or its affiliates is difficult to assess at the present time, the Fund currently believes that the likelihood that any such action will have a material adverse impact on it is remote. It is important to note that the Fund is not aware of any allega tion of wrongdoing against it and its Board at the time this annual report is printed. Although it is not anticipated that these developments will have an adverse impact on the Fund, there can be no assurance at this time. TFAI and its affiliates are actively working with the SEC in regard to this matter; however, the exact resolution cannot be determined at this time. TFAI will take such actions that it deems necessary or appropriate to continue providing management services to the Fund and to bring all matters to an appropriate conclusion.

TFAI and/or its affiliates, and not the Fund, will bear the costs regarding these regulatory matters.

AEGON/Transamerica Series Trust

Annual Report 2005

12

Report of Independent Registered Certified Public Accounting Firm

To the Board of Trustees and Shareholders of
Great Companies – America^SM

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Great Companies – America^SM (the "Fund") (one of the portfolios constituting the AEGON/Transamerica Series Trust) at December 31, 2005, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fund's management; our responsibility is to express an opinion on these financial stateme nts based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2005 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

Tampa, Florida
February 23, 2006

AEGON/Transamerica Series Trust

Annual Report 2005

13

Great Companies–America^SM

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS – REVIEW AND RENEWAL (unaudited)

At a meeting of the Board of Trustees of AEGON/Transamerica Series Trust ("ATST") held on November 2, 2005, the Board reviewed and considered the Investment Advisory Agreement between Great Companies – AmericaSM Portfolio (the "Portfolio") and Transamerica Fund Advisors, Inc. ("TFAI") as well as the Investment Sub-Advisory Agreement of the Portfolio between TFAI and Great Companies, LLC (the "Sub-Adviser"), to determine whether the agreements should be renewed for a one-year period. Following their review and consideration, the Trustees determined that the Investment Advisory Agreement and the Investment Sub-Advisory Agreement will enable shareholders of the Portfolio to obtain high quality services at a cost that is appropriate, reasonable, and in the best interests of its shareholders. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and the I nvestment Sub-Advisory Agreement. In reaching their decision, the Trustees requested and obtained from TFAI and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the proposed agreements. The Trustees also carefully considered the information that they had received throughout the year from TFAI and the Sub-Adviser (such as in-person presentations by the Sub-Adviser) as part of their regular oversight of the Portfolio, as well as: comparative fee, expense and performance information prepared by Lipper Inc. ("Lipper"), independent providers of mutual fund performance, fee and expense information; and profitability data. In considering the proposed continuation of the Investment Advisory Agreement and Investment Sub-Advisory Agreement, the Trustees evaluated a number of considerations that they believed, in light of the legal advice furnished to them by ATST counsel and independent legal counsel and their own business judgment, to be relevant. They based their decisions on the foll owing considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:

The nature, extent and quality of the advisory service to be provided. The Board considered the nature and quality of the services provided by TFAI and the Sub-Adviser to the Portfolio in the past, as well as the services anticipated to be provided in the future. The Board concluded that TFAI and the Sub-Adviser are capable of providing high quality services to the Portfolio, as indicated by the nature and quality of services provided in the past, TFAI's and the Sub-Adviser's management capabilities demonstrated with respect to the Portfolio, and the experience, capability and integrity of TFAI's senior management, the financial resources of TFAI and the Sub-Adviser, TFAI's management oversight process, and the professional qualifications and experience of the Sub-Adviser's portfolio management team. The Trustees also concluded that TFAI and the Sub-A dviser proposed to provide investment and related services that were of the same quality and quantity as services provided to the Portfolio in the past, and that these services are appropriate in scope and extent in light of the Portfolio's operations, the competitive landscape of the investment company business and investor needs, and that TFAI's and the Sub-Adviser's obligations will remain substantially the same.

The investment performance of the Portfolio. The Board examined both the short-term and longer-term performance of the Portfolio, including relative performance against a benchmark securities index and a peer group of comparable mutual funds as prepared by Lipper for various trailing periods ended June 30, 2005. The Trustees concluded that TFAI and the Sub-Adviser had generally achieved acceptable performance. The Board noted that the Portfolio's performance was above median relative to its peers and superior to the benchmark index over the past five-year period. While the Board expressed concern that the Portfolio's performance has lagged in recent years, it also noted that the Portfolio's new pricing will result in lower management and sub-advisory fees, which may contribute to improving performance. On the basis of the Trustees' assessment of the n ature, extent and quality of advisory services to be provided or procured by TFAI and the Sub-Adviser, the Trustees concluded that TFAI and the Sub-Adviser are capable of generating a level of investment performance that is appropriate in light of the Portfolio's investment objective, policies and strategies and competitive with many other investment companies, and also determined that TFAI's and the Sub-Adviser's performance records indicate that their continued management is likely to benefit the Portfolio and its shareholders.

The cost of advisory services provided and the level of profitability. The Board reviewed profitability information regarding TFAI's costs of procuring portfolio management services, as well as the costs of provision of administration, fund accounting and other services, to the Portfolio and to ATST as a whole by TFAI and its affiliates. The Trustees reviewed data from Lipper that compared the Portfolio's new pricing schedule (including management fees at various asset levels), other fees and expenses (including total expenses including and excluding 12b-1 distribution and service fees) and portfolio turnover rate against peer groups of comparable mutual funds. The Board favorably noted the Portfolio's new pricing which results in lower management and sub-advisory fees to the benefit of the Portfolio and its shareholders. Based on such information, th e Trustees determined that the management fees and overall expense ratio of the Portfolio generally are consistent with industry averages. In addition, on the basis of the Board's review of the management fees to be charged by TFAI for investment advisory and related services, TFAI profitability information (derived from TFAI's audited financial statements), TFAI's estimated management income resulting from its management of the Portfolio, the estimated margin of the Sub-Adviser, as well as the entirety of TFAI's and its affiliates' service relationship with ATST, the Board concluded that the level of investment management fees and other service fees, as well as TFAI's and the Sub-Adviser's profitability, are appropriate in light of

AEGON/Transamerica Series Trust

Annual Report 2005

14

Great Companies–America^SM(continued)

the services provided, the management fees and overall expense ratios of comparable investment companies and the anticipated profitability of the relationship between the Portfolio, TFAI and its affiliates, and the Sub-Adviser.

Whether fee levels reflect economies of scale and the extent to which economies of scale would be realized as the Portfolio grows. The Board concluded that the inclusion of asset-based breakpoints in the Portfolio's advisory fee schedule appropriately benefits investors by realizing economies of scale in the form of lower management fees as the level of assets grows. In addition, the Board concluded that the Portfolio's management fees appropriately reflect the Portfolio's current size, the current economic environment for TFAI, the competitive nature of the investment company market, and TFAI's pricing strategy. The Trustees also concluded that they will have the opportunity to periodically reexamine whether the Portfolio has achieved economies of scale, and the appropriateness of management fees payable to TFAI and fees payable by TFAI to the Sub-Ad viser, in the future.

Benefits (such as soft dollars) to TFAI, its affiliates, or the Sub-Adviser from their relationship with the Portfolio. The Board concluded that other benefits derived by TFAI, its affiliates, and the Sub-Adviser from their relationship with the Portfolio, including "soft dollar" benefits (if any) in connection with brokerage transactions, sales charges and distribution/service fees (to the extent applicable) are reasonable and fair, and are consistent with industry practice and the best interests of the Portfolio and its shareholders. In this regard, the Board noted that TFAI does not realize "soft dollar" benefits from its relationship with the Portfolio, and that the Sub-Adviser is participating in a brokerage program pursuant to which a portion of brokerage commissions paid by the Portfolio is recaptured for the benefit of the Portfolio and its sh areholders, thus limiting the amount of "soft-dollar" arrangements the Sub-Adviser may engage in with respect to the Portfolio's brokerage transactions. In addition, the Trustees determined that the administration, fund accounting and other fees paid by the Portfolio to affiliates of TFAI are reasonable, fair and in the best interests of shareholders in light of the nature and quality of the services provided, the associated costs to these affiliates of providing the services, the impact of the costs of such services on the Portfolio's overall operating expenses, and the necessity of the services for the Portfolio's operations.

Other considerations. The Board also determined that TFAI had made a substantial commitment to the recruitment and retention of high quality personnel, and maintained the financial, compliance and operational resources reasonably necessary to manage the Portfolio in a professional manner that is consistent with the best interests of the Portfolio and its shareholders. In this regard, the Trustees favorably considered the procedures and policies in place by TFAI to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Adviser. The Trustees also determined that TFAI had made a significant entrepreneurial commitment to the management and success of the Portfolio, reflected by TFAI's expense limitation and fee waiver arrangement with the Portfolio, which may result in TFAI waiving a substantial amount of advisory fees for the benefit of shareholders.

AEGON/Transamerica Series Trust

Annual Report 2005

15

Great Companies–Technology^SM

MARKET ENVIRONMENT

Volatility of stock prices and investor sentiment marked 2005 as a year of great uncertainty. First quarter 2005 found prices under great pressure, as did the third quarter. However, the year's performance of Great Companies – Technology^SM and its benchmark the NASDAQ 100 Index ("NASDAQ 100") could be mistaken for a calmer demeanor.

High winds and high energy prices combined last year to make forecasting an even more difficult task than usual. Investors took shelter by fleeing stocks at the first whiff of trouble and that increased individual stock volatility sharply. Further, uncertainty about the duration of the rise in interest rates caused a rising fear of consumer spending weakness. With more and more of technology companies' products aimed at the consumer market (cell phones, music players, and digital televisions), consumer attitudes had a rising influence on technology stock prices. Worries about consumer spending for the holiday season are now behind us and technology stock prices are now reacting with relief.

Our strategy has been to emphasize investment in the highest quality producers of technology, including those companies with products aimed at satisfying the rapidly growing appetites of consumers for the newest and best things. That strategy continues to be rewarded by sales trends within the technology sector. The sustainability of these trends is the big question and concerns about competition and consumer tastes may lead investors to view technology stocks with a shortened time horizon.

PERFORMANCE

For the year ended December 31, 2005, Great Companies– Technology^SM, Initial Class returned 2.06%. By comparison its benchmark, the NASDAQ 100 returned 1.49%.

STRATEGY REVIEW

During the past year we made the following changes in the portfolio:

Additions:

We have increased the intensity of our search for superior technology companies and this is reflected in the following list of additions.

•Adobe Systems, Incorporated ("Adobe")—The company is the world leader in graphics and portable document software. Investor concerns about competition from Microsoft Corporation ("Microsoft") allowed the purchase of Adobe shares at a very favorable price.

•Apple Computer, Inc.—This niche maker of personal computers ("PC") has over the last year re-invented the music delivery business with its iPod devices. The dominance of the company's market position in high-end personal computing is enhanced by the rapid growth of both iPod and music revenues.

•Hewlett-Packard Company ("Hewlett-Packard")—The management change and business improvement at this major PC and printer company has increased the potential for higher shareholder returns.

•Logitech International S.A.—First rate products, consistent high returns on invested capital and a dominant position in its markets made the addition of this computer peripherals manufacturer a highly attractive proposition.

•Motorola, Inc.—The revival of the competitive strength of this venerable communications equipment company is resulting in rising revenue growth, a rapid flow of iconic new cellular handsets and the re-establishment of the Motorola brand as one of two dominant global companies in the wireless communications market.

•Samsung Electronics Co., Ltd—This leader in the worldwide consumer electronics business has generated superior returns and rapid sales growth. Its competitive position has been bolstered by its strong design capabilities and integrated manufacturing strategy.

Deletions:

Several underperforming stocks were sold from the portfolio during the year:

•Dell, Inc.—The resurgence of Hewlett-Packard; the difficulties of maintaining high growth rates; high market share and high returns; and some management stumbles led us to diminished expectations for shareholder returns.

•Symantec Corporation—The combination of challenges from integrating a large acquisition and from increased competition from Microsoft reduced the business prospects of the company.

Some of the best performing stocks that were held in the portfolio were Samsung Electronics Co., Ltd., Apple Computer, Inc., Logitech International S.A. and Texas Instruments, Incorporated. The worst performing stocks were eBay, Inc., Symantec Corporation and Dell, Inc.

James H. Huguet

Gerald W. Bollman, CFA

Matthew C. Stephani, CFA, CPA

Derek Hong, CFA

Co-Portfolio Managers
Great Companies, L.L.C.

AEGON/Transamerica Series Trust

Annual Report 2005

1

Great Companies–Technology^SM

Comparison of change in value of $10,000 investment in Initial Class shares and its comparative index.

Average Annual Total Return for Periods Ended 12/31/05

	1 year			5 years			From Inception			Inception Date
Initial Class		2.06	%		(8.27	)%		(13.55	)%	5/1/00
NASDAQ 1001		1.49	%		(6.81	)%		(13.61	)%	5/1/00
Service Class		1.86	%		–			14.92	%	5/1/03

NOTES

¹  The NASDAQ 100 (NASDAQ 100) Index is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. From inception calculation is based on life of Initial Class shares. Source: Standard & Poor's Micropal®© Micropal, Inc. 2005 – 1-800-596-5323 – http://www.funds-sp.com.

The performance data presented represents past performance, future results may vary. The portfolio's investment return and net asset value will fluctuate. Past performance does not guarantee future results. Investor's units when redeemed, may be worth more or less than their original cost.

Current performance may be higher or lower than the performance data quoted. Please visit your insurance company's website for contract or policy level standardized total returns current to the most recent month-end. Portfolio performance is net of investment fees and fund expenses, but not product charges, which, if included, would significantly lower the performance quoted.

Investments in a "non-diversified" portfolio may be subject to specific risks such as susceptibility to single economic, political, or regulatory events, and may be subject to greater loss than investments in a diversified portfolio.

Investing in technology stocks generally involves greater volatility and risks, so an investment in the portfolio may not be appropriate for everyone.

This material must be preceded or accompanied by a current prospectus, which includes specific contents regarding the investment objectives, explanation of share classes and policies of this portfolio.

AEGON/Transamerica Series Trust

Annual Report 2005

2

Great Companies–Technology^SM

UNDERSTANDING YOUR FUND'S EXPENSES
(unaudited)

SHAREHOLDER EXPENSES

Fund shareholders may incur ongoing costs, including management and advisory fees, distribution and service fees, and other Fund expenses.

The following Example is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.

The Example is based on an investment of $1,000 invested at July 1, 2005 and held for the entire period until December 31, 2005.

ACTUAL EXPENSES

The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of your Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fees, brokerage commissions paid on purchases and sales of fund shares. Therefore, the second line under the Fund in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If any of these transaction costs were included, your costs would be higher. The expenses shown in the table do not reflect any fees that may be charged to you by brokers, financial intermediaries or other financial institutions.

	Beginning Account Value		Ending Account Value		Annualized Expense Ratio			Expenses Paid During Period (a)
Initial Class
Actual	$	1,000.00	$	1,122.70		0.90	%	$	4.82
Hypothetical (b)		1,000.00		1,020.67		0.90			4.58
Service Class
Actual		1,000.00		1,121.00		1.14			6.09
Hypothetical (b)		1,000.00		1,019.46		1.14			5.80

^(a)  Expenses are calculated using each Fund's annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by number of days in the period (184 days), and divided by the number of days in the year (365 days).

^(b)  5% return per year before expenses.

GRAPHICAL PRESENTATION OF SCHEDULE OF INVESTMENTS
By Industry
At December 31, 2005

This chart shows the percentage breakdown by industry of the Fund's total investment securities.

AEGON/Transamerica Series Trust

Annual Report 2005

3

Great Companies–Technology^SM

SCHEDULE OF INVESTMENTS
At December 31, 2005
(all amounts except share amounts in thousands)

	Shares		Value
COMMON STOCKS (93.0%)
Communications Equipment (12.4%)
Corning, Inc. ‡		300,000	$	5,898
Motorola, Inc.		152,800		3,452
Nokia Corp., ADR		259,000		4,740
QUALCOMM, Inc.		103,160		4,444
Computer & Data Processing Services (22.1%)
Activision, Inc. ‡		446,000		6,128
Adobe Systems, Inc.		92,000		3,400
Electronic Arts, Inc. ‡		119,000		6,225
Microsoft Corp.		294,600		7,704
NAVTEQ Corp. ‡		72,000		3,159
VeriSign, Inc. ‡		13,600		298
Yahoo!, Inc. ‡		155,000		6,073
Computer & Office Equipment (17.7%)
Apple Computer, Inc. ‡		133,250		9,579
EMC Corp. ‡		307,200		4,184
Hewlett-Packard Co.		108,000		3,092
Logitech International SA, ADR ‡		204,192		9,550
Electronic & Other Electric Equipment (3.0%)
Samsung Electronics Co., Ltd., GDR–144A †		13,400		4,415
Electronic Components & Accessories (20.6%)
Analog Devices, Inc.		150,200		5,388
Freescale Semiconductor, Inc.–Class B ‡		1,302		33
Intel Corp.		293,576		7,328
Linear Technology Corp. †		193,100		6,965
Texas Instruments, Inc.		137,000		4,394
Xilinx, Inc. †		266,400		6,716
Entertainment (5.0%)
International Game Technology		244,400		7,523
Industrial Machinery & Equipment (3.0%)
Applied Materials, Inc.		252,500		4,530
Lam Research Corp. ‡		800		28
Instruments & Related Products (0.9%)
FLIR Systems, Inc. ‡†		61,000		1,362
Pharmaceuticals (7.6%)
Alkermes, Inc. ‡†		56,700		1,084
Amgen, Inc. ‡		42,000		3,312
Genzyme Corp. ‡		66,677		4,719
MedImmune, Inc. ‡		200		7
Vertex Pharmaceuticals, Inc. ‡		82,000		2,269
Research & Testing Services (0.7%)
Telik, Inc. ‡†		58,300		990
Total Common Stocks (cost: $126,579)				138,989

	Principal		Value
SECURITY LENDING COLLATERAL (7.0%)
Debt (6.0%)
Bank Notes (0.2%)
Bank of America
4.27%, due 01/17/2006 *	$	155	$	155
4.31%, due 08/10/2006 *		128		128
Certificates Of Deposit (0.3%)
Barclays 4.31%, due 01/17/2006 *		98		98
Canadian Imperial Bank of Commerce 4.15%, due 05/18/2006 *		139		139
Credit Suisse First Boston Corp. 4.18%, due 03/10/2006 *		55		55
Rabobank Nederland 4.10%, due 05/31/2006 *		139		139
Commercial Paper (0.7%)
Fairway Finance–144A 4.31%, due 01/10/2006		277		277
Jupiter Securitization Corp.–144A 4.27%, due 01/05/2006		139		139
Paradigm Funding LLC–144A 4.30%, due 01/09/2006		54		54
Park Avenue Receivables Corp.–144A 4.27%, due 01/04/2006		138		138
Preferred Receivables Corp.–144A 4.31%, due 01/04/2006		110		110
Ranger Funding Co. LLC–144A 4.29%, due 01/18/2006		110		110
Sheffield Receivables Corp.–144A 4.26%, due 01/23/2006		67		67
Yorktown Capital LLC 4.27%, due 01/05/2006		139		139
Euro Dollar Overnight (1.0%)
Calyon 4.34%, due 01/05/2006		139		139
Fortis Bank 4.35%, due 01/03/2006 4.35%, due 01/05/2006		277 263		277 263
Harris Trust & Savings Bank 4.25%, due 01/05/2006		227		227
National Australia Bank 4.16%, due 01/03/2006		283		283
Rabobank Nederland 4.15%, due 01/03/2006		100		100
Wells Fargo 4.27%, due 01/03/2006		139		139

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

4

Great Companies–Technology^SM

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2005
(all amounts except share amounts in thousands)

	Principal		Value
Euro Dollar Terms (2.0%)
Bank of Montreal 4.30%, due 01/19/2006	$	277	$	277
Barclays 4.27%, due 01/25/2006 4.30%, due 01/31/2006		83 222		83 222
BNP Paribas 4.22%, due 01/24/2006		139		139
Dexia Group 4.25%, due 01/09/2006		139		139
Rabobank Nederland 4.21%, due 01/19/2006		250		250
Royal Bank of Canada 4.25%, due 01/24/2006		194		194
Royal Bank of Scotland 4.30%, due 01/31/2006 4.31%, due 02/01/2006		416 305		416 305
Societe Generale 4.28%, due 01/30/2006		277		277
UBS AG 4.26%, due 01/10/2006		277		277
Wells Fargo 4.29%, due 01/30/2006		416		416
Promissory Notes (0.1%)
Bear Stearns & Co. 4.39%, due 03/07/2006 4.39%, due 06/06/2006		166 55		166 55
Repurchase Agreements (1.7%) ††
Credit Suisse First Boston Corp. 4.29%, dated 12/30/2005 to be repurchased at $464 on 01/03/2006		464		464

	Principal		Value
Repurchase Agreements (continued)
Goldman Sachs Group, Inc. (The) 4.29%, dated 12/30/2005 to be repurchased at $1,108 on 01/03/2006	$	1,107	$	1,107
Lehman Brothers, Inc. 4.29%, dated 12/30/2005 to be repurchased at $7 on 01/03/2006		7		7
Merrill Lynch & Co. 4.24%, dated 12/30/2005 to be repurchased at $888 on 01/03/2006		887		887
Morgan Stanley Dean Witter & Co. 4.36%, dated 12/30/2005 to be repurchased at $98 on 01/03/2006		98		98
	Shares		Value
Investment Companies (1.0%)
American Beacon Fund 1-day yield of 4.19%		38,019		38
Barclays Global Investors Institutional Money Market Fund 1-day yield of 4.19%		360,504		360
Dreyfus Cash Management Plus Fund 1-day yield of 4.09%		149,748		150
Merrimac Cash Fund, Premium Class 1-day yield of 4.03% @		981,725		982
Total Security Lending Collateral (cost: $10,485)				10,485
Total Investment Securities (cost: $137,064)			$	149,474

NOTES TO SCHEDULE OF INVESTMENTS:

‡  Non-income producing.

†  At December 31, 2005, all or a portion of this security is on loan (see Note 1). The value at December 31, 2005, of all securities on loan is $10,146.

*  Floating or variable rate note. Rate is listed as of December 31, 2005.

††  Cash collateral for the Repurchase Agreements, valued at $2,615, that serve as collateral for securities lending are invested in corporate bonds with interest rates and maturity dates ranging from 0.00%–8.75% and 01/03/2006–08/01/2037, respectively.

@  Regulated investment company advised by Investors Bank and Trust Co. ("IBT"). IBT is also the accounting, custody and lending agent for the Fund.

DEFINITIONS:

144A  144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2005, these securities aggregated $5,310 or 3.6% of the total investments of the Fund.

ADR  American Depositary Receipt

GDR  Global Depositary Receipt

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

5

Great Companies–Technology^SM

STATEMENT OF ASSETS AND LIABILITIES
At December 31, 2005
(all amounts except per share amounts in thousands)

Assets:
Investment securities, at value (cost: $137,064) (including securities loaned of $10,146)	$	149,474
Cash		15,919
Foreign currency (cost: $27)		28
Receivables:
Shares sold		734
Interest		30
Dividends		57
		166,242
Liabilities:
Accounts payable and accrued liabilities:
Shares redeemed		110
Management and advisory fees		116
Administration fees		3
Payable for collateral for securities on loan		10,485
Other		30
		10,744
Net Assets	$	155,498
Net Assets Consist of:
Capital stock ($.01 par value)	$	357
Additional paid-in capital		132,793
Distributable net investment income (loss)		(2	)
Accumulated net realized gain (loss) from investment securities and foreign currency transactions		9,939
Net unrealized appreciation (depreciation) on: Investment securities		12,410
Translation of assets and liabilites denominated in foreign currencies		1
Net Assets	$	155,498
Net Assets by Class:
Initial Class	$	153,247
Service Class		2,251
Shares Outstanding:
Initial Class		35,157
Service Class		519
Net Asset Value and Offering Price Per Share:
Initial Class	$	4.36
Service Class		4.34

STATEMENT OF OPERATIONS
For the year ended December 31, 2005
(all amounts in thousands)

Investment Income:
Interest	$	205
Dividends (net of withholding taxes on foreign dividends of $2)		984
Income from loaned securities–net		18
		1,207
Expenses:
Management and advisory fees		1,470
Printing and shareholder reports		58
Custody fees		23
Administration fees		37
Legal fees		3
Audit fees		14
Trustees fees		7
Service fees:
Service Class		6
Other		5
Total expenses		1,623
Net Investment Income (Loss)		(416	)
Net Realized and Unrealized Gain (Loss)
Realized gain (loss) from investment securities		24,909
Net increase (decrease) in unrealized appreciation (depreciation) on: Investment securities		(21,672	)
Translation of assets and liabilities denominated in foreign currencies		(1	)
		(21,673	)
Net Realized and Unrealized Gain (Loss) on Investment Securities and Foreign Currency Transactions		3,236
Net Increase (Decrease) in Net Assets Resulting from Operations	$	2,820

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

6

Great Companies–Technology^SM

STATEMENTS OF CHANGES IN NET ASSETS
For the years ended
(all amounts in thousands)

	December 31, 2005			December 31, 2004
Increase (Decrease) In Net Assets From:
Operations:
Net investment income (loss)	$	(416	)	$	815
Net realized gain (loss) from investment securities and foreign currency transactions		24,909			17,462
Change in unrealized appreciation (depreciation) on investment securities and foreign currency translation		(21,673	)		(1,984	)
		2,820			16,293
Distributions to Shareholders:
From net investment income:
Initial Class		(768	)		–
Service Class		(5	)		–
		(773	)		–
Capital Share Transactions:
Proceeds from shares sold:
Initial Class		22,745			38,677
Service Class		1,360			1,812
		24,105			40,489
Proceeds from fund acquisition:
Initial Class		–			20,928
Service Class		–			518
		–			21,446
Dividends and distributions reinvested:
Initial Class		768			–
Service Class		5			–
		773			–
Cost of shares redeemed:
Initial Class		(81,334	)		(79,849	)
Service Class		(1,466	)		(910	)
		(82,800	)		(80,759	)
		(57,922	)		(18,824	)
Net increase (decrease) in net assets		(55,875	)		(2,531	)
Net Assets:
Beginning of year		211,373			213,904
End of year	$	155,498		$	211,373
Distributable Net Investment Income (Loss)	$	(2	)	$	798

	December 31, 2005			December 31, 2004
Share Activity:
Shares issued:
Initial Class		5,549			9,543
Service Class		334			449
		5,883			9,992
Shares issued on fund acquisition:
Initial Class		–			5,341
Service Class		–			132
		–			5,473
Shares issued–reinvested from distributions:
Initial Class		187			–
Service Class		1			–
		188			–
Shares redeemed:
Initial Class		(19,279	)		(19,820	)
Service Class		(360	)		(224	)
		(19,639	)		(20,044	)
Net increase (decrease) in shares outstanding:
Initial Class		(13,543	)		(4,936	)
Service Class		(25	)		357
		(13,568	)		(4,579	)

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

7

Great Companies–Technology^SM

FINANCIAL HIGHLIGHTS

		For a share outstanding throughout each period (a)
		Net Asset		Investment Operations									Distributions								Net Asset
	For the Period Ended (b)	Value, Beginning of Period		Net Investment Income (Loss)			Net Realized and Unrealized Gain (Loss)			Total Operations			From Net Investment Income			From Net Realized Gains		Total Distributions			Value, End of Period
Initial Class	12/31/2005	$	4.29	$	(0.01	)	$	0.10		$	0.09		$	(0.02	)	$	–	$	(0.02	)	$	4.36
	12/31/2004		3.97		0.02			0.30			0.32			–			–		–			4.29
	12/31/2003		2.63		(0.02	)		1.36			1.34			–			–		–			3.97
	12/31/2002		4.25		(0.03	)		(1.59	)		(1.62	)		–			–		–			2.63
	12/31/2001		6.74		(0.03	)		(2.46	)		(2.49	)		–			–		–			4.25
Service Class	12/31/2005		4.28		(0.02	)		0.09			0.07			(0.01	)		–		(0.01	)		4.34
	12/31/2004		3.97		0.02			0.29			0.31			–			–		–			4.28
	12/31/2003		3.00		(0.02	)		0.99			0.97			–			–		–			3.97

					Ratios/Supplemental Data
	For the Period	Total			Net Assets, End of Period		Ratio of Expenses to Average Net Assets (f)						Net Investment Income (Loss) to Average			Portfolio Turnover
	Ended (b)	Return (c)(g)			(000's)		Net (d)			Total (e)			Net Assets (f)			Rate (g)
Initial Class	12/31/2005		2.06	%	$	153,247		0.88	%		0.88	%		(0.22	)%		91	%
	12/31/2004		8.06			209,049		0.85			0.85			0.38			35
	12/31/2003		50.95			213,164		0.87			0.87			(0.57	)		40
	12/31/2002		(38.12	)		53,434		1.00			1.01			(0.79	)		86
	12/31/2001		(36.94	)		56,885		0.99			0.99			(0.66	)		75
Service Class	12/31/2005		1.86			2,251		1.13			1.13			(0.47	)		91
	12/31/2004		7.56			2,324		1.15			1.15			0.48			35
	12/31/2003		32.33			740		1.12			1.12			(0.83	)		40

NOTES TO FINANCIAL HIGHLIGHTS

(a)  Per share information is calculated based on average number of shares outstanding.

(b)  Great Companies–TechnologySM (the "Fund") commenced operations on:

Initial Class – May 1, 2000
Service Class – May 1, 2003

(c)  Total Return reflects all portfolio expenses and includes reinvestment of dividends and capital gains; it does not reflect the charges and deductions under the policies or annuity contracts.

(d)  Ratio of Net Expenses to Average Net Assets is net of advisory fee waivers, if any (see note 2).

(e)  Ratio of Total Expenses to Average Net Assets includes all expenses before advisory fee waivers.

(f)  Annualized.

(g)  Not annualized.

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

8

Great Companies–Technology^SM

NOTES TO FINANCIAL STATEMENTS
At December 31, 2005
(all amounts in thousands)

NOTE 1.  ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

The AEGON/Transamerica Series Trust ("ATST") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). ATST serves as a funding vehicle for variable life insurance, variable annuity and group annuity products. Great Companies–Technology^SM (the "Fund") is a part of ATST. The Fund is "non-diversified" under the 1940 Act.

Effective May 1, 2005, AEGON/Transamerica Series Fund, Inc. changed its name to AEGON/Transamerica Series Trust.

On May 3, 2004, the Fund acquired all the net assets of BlackRock Global Science & Technology Opportunities pursuant to a plan of reorganization approved by shareholders of BlackRock Global Science & Technology Opportunities. Great Companies–Technology^SM is the accounting survivor. The acquisition was accomplished by a tax-free exchange of 5,473 shares of the Fund for the 2,595 shares of BlackRock Global Science & Technology Opportunities outstanding on April 30, 2004. The aggregate net assets of the Fund immediately before the acquisition was $203,055. BlackRock Global Science & Technology Opportunities' net assets at that date $21,446, including $628 of unrealized depreciation, were combined with those of the Fund, resulting in combined net assets of $22 4,501.

In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

This report should be read in conjunction with the current Fund prospectus, which contains more complete information about the Fund.

In preparing the Fund's financial statements in accordance with accounting principles generally accepted in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Fund.

Multiple class operations, income and expenses: The Fund currently offers two classes of shares, an Initial Class and a Service Class. Income, non-class specific expenses and realized and unrealized gains and losses, are allocated daily to each class, based upon the value of shares outstanding method as permitted under Rule 18f-3 of the 1940 Act. Each class bears its own specific expenses as well as a portion of general, common expenses.

Security valuations: The Fund values its investments at the close of the New York Stock Exchange ("NYSE"), normally 4 p.m. ET, each day the NYSE is open for business. Fund investments are valued at the last sale price or closing price on the day of valuation taken from the primary exchange where the security is principally traded.

Securities traded in the over-the-counter market and listed securities for which no sale was reported on that date are valued at the last quoted bid price.

Debt securities are valued based on a price quotation or other equivalent indication of value supplied by an exchange, a pricing service or a major market maker; however, those that mature in sixty days or less are valued at amortized cost, which approximates market.

Investment company securities are valued at the net asset value of the underlying portfolio.

Other securities for which quotations are not readily available are valued at fair market value as determined in good faith by the Fund's Administrative Valuation Committee, under the supervision of the Board's Valuation Committee, using guidelines adopted by the Board of Trustees.

Cash: The Fund may leave cash overnight in its cash account with the custodian, Investors Bank & Trust Company ("IBT"). IBT has been contracted on behalf of the Fund to invest the excess cash into a savings account, which at December 31, 2005, was paying an interest rate of 3.00%.

Repurchase agreements: The Fund is authorized to enter into repurchase agreements. The Fund, through its custodian, IBT, receives delivery of the underlying securities, the value of which at the time of purchase is required to be an amount equal to at least 100% of the resale price. The Fund will bear the risk of value fluctuations until the security can be sold and may encounter delays and incur costs in liquidating the security. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Commission recapture: The sub-adviser, to the extent consistent with the best execution and usual commission rate policies and practices, may place security transactions of the Fund with broker/dealers with which ATST has established a Commission Recapture Program. A Commission Recapture Program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Fund. In no event will commissions paid by the Fund be used to pay expenses that would otherwise be borne by any other funds within ATST, or by any other party.

Recaptured commissions during the year ended December 31, 2005, of $64 are included in net realized gains in the Statement of Operations.

Securities lending: The Fund may lend securities to qualified borrowers, with IBT acting as the Fund's lending agent. The Fund earns negotiated lenders' fees. The Fund receives cash and/or securities as collateral against the loaned securities. Cash collateral received is invested in short term, interest bearing securities. The Fund monitors the market value of securities loaned on a daily basis and requires collateral in an amount at least equal to the value of the securities loaned. Income from loaned

AEGON/Transamerica Series Trust

Annual Report 2005

9

Great Companies–Technology^SM

NOTES TO FINANCIAL STATEMENTS (continued)
At December 31, 2005
(all amounts in thousands)

NOTE 1.–(continued)

securities on the Statement of Operations is net of fees, in the amount of $8, earned by IBT for its services.

Security transactions and investment income: Security transactions are recorded on the trade date. Security gains and losses are calculated on the first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend date. Interest income, including accretion of discounts and amortization of premiums, is recorded on the accrual basis commencing on the settlement date.

Dividend distributions: Dividends and capital gains distributions are typically declared and reinvested annually and are generally paid and reinvested on the business day following the ex-date.

NOTE 2.  RELATED PARTY TRANSACTIONS

Effective January 1, 2005 AEGON/Transamerica Fund Advisers, Inc. was renamed Transamerica Fund Advisors, Inc. ("TFAI"); AEGON/Transamerica Fund Services, Inc. and AEGON/Transamerica Investor Services, Inc. merged into one entity and was renamed Transamerica Fund Services, Inc. ("TFS").

ATST serves as a funding vehicle for certain affiliated asset allocation portfolios and certain affiliated separate accounts of Western Reserve Life Assurance Co. of Ohio, Transamerica Life Insurance Company, Transamerica Financial Life Insurance Company, Inc., Peoples Benefit Life Insurance Company, Transamerica Occidental Life Insurance Company and Transamerica Life Insurance and Annuity Company.

TFAI is the Fund's investment adviser. TFS is the Fund's administrator and transfer agent. AFSG Securities Corp. ("AFSG") is the Fund's distributor. TFAI, TFS, and AFSG are affiliates of AEGON, NV, a Netherlands corporation.

Great Companies, LLC is both an affiliate of the Fund and a sub-adviser to the Fund.

Certain officers and trustees of the Fund are also officers and/or directors of TFAI, TFS and AFSG.

The following schedule reflects the percentage of fund assets owned by affiliated investment companies at December 31, 2005:

	Net Assets		% of Net Assets
Asset Allocation–Growth Portfolio	$	2,089		1.34	%
Asset Allocation–Moderate Growth Portfolio		45,711		29.40	%
Asset Allocation–Moderate Portfolio		35,133		22.59	%
Total	$	82,933		53.33	%

Investment advisory fee: The Fund pays management fees to TFAI based on average daily net assets ("ANA") at the following breakpoints:

0.80% of the first $500 million of ANA
0.70% of ANA over $500 million

TFAI has contractually agreed to waive its advisory fee and will reimburse the Fund to the extent that operating expenses, excluding 12b-1 fees, exceed the following stated annual limit:

1.00% Expense Limit

If total fund expenses fall below the annual expense limitation agreement agreed to by the adviser within the succeeding three years, the Fund may be required to pay that adviser a portion or all of the waived advisory fees.

There were no amounts recaptured during the year ended December 31, 2005. There are no amounts available for recapture at December 31, 2005.

Distribution and service fees: The Fund adopted a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, ATST entered into a Distribution Agreement with AFSG dated January 1, 1997, as amended.

Under the Distribution Plan and Distribution Agreement on the Initial Class shares, AFSG, on behalf of the Fund, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Fund's shares, amounts equal to actual expenses associated with distributing the shares.

The Distribution Plan on the Service Class shares requires ATST to pay distribution fees to AFSG as compensation for its activities, not as reimbursement for specific expenses. The fee on the Service Class is paid to the insurance companies for providing services and account maintenance for their policyholders who invest in the variable insurance products which invest in the Service Class shares.

AEGON/Transamerica Series Trust

Annual Report 2005

10

Great Companies–Technology^SM

NOTES TO FINANCIAL STATEMENTS (continued)
At December 31, 2005
(all amounts in thousands)

NOTE 2.–(continued)

The Fund is authorized under the 12b-1 plan to pay fees on each class up to the following limits:

Initial Class	0.15	%
Service Class	0.25	%

AFSG has determined that it will not seek payment by the Fund of the distribution expenses incurred with respect to the Initial Class shares before April 30, 2007. Prior to AFSG seeking reimbursement of future expenses, policy and contract owners will be notified in advance. The Fund will pay fees relating to Service Class shares.

Administrative services: The Fund has entered into an agreement with TFS for financial and legal fund administration services. The Fund pays TFS an annual fee of 0.02% of ANA. The Legal fees on the Statement of Operations are for fees paid to external legal counsel.

Deferred compensation plan: Each eligible independent Fund Trustee may elect participation in a non-qualified deferred compensation plan ("the Plan") maintained by Transamerica IDEX Mutual Funds, an affiliate of the Fund. Under the Plan, such Trustees may defer payment of all or a portion of their total fees earned as a Fund Trustee. Each Trustee who is a participant in the Plan may elect that the earnings, losses or gains credited to his or her deferred fee amounts be determined based on a deemed investment in any series of Transamerica IDEX Mutual Funds. The right of a participant to receive a distribution from the Plan of the deferred fees is an unsecured claim against the general assets of all series of Transamerica IDEX Mutual Funds. The pro rata liability to the Fund of all deferred fees in the Plan amounted, as of December 31, 2005, to $8.

NOTE 3.  INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the year ended December 31, 2005, were as follows:

Purchases of securities:
Long-Term	$	157,023
U.S. Government		–
Proceeds from maturities and sales of securities:
Long-Term		222,510
U.S. Government		–

NOTE 4.  FEDERAL INCOME TAX MATTERS

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatment for items including, but not limited to, wash sales, net operating lossses and capital loss carryforwards.

Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. Financial records are not adjusted for temporary differences. These reclassifications are as follows:

Distributable net investment income (loss)	$	389
Accumulated net realized gain (loss) from investment securities		(389	)

The capital loss carryforward utilized during the year ended December 31, 2005 was $12,540.

The tax character of distributions paid may differ from the character of distributions shown in the Statements of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2004 and 2005 was as follows:

2004 Distributions paid from:
Ordinary Income	$	–
Long-term Capital Gain		–
2005 Distributions paid from:
Ordinary Income		773
Long-term Capital Gain		–

The tax basis components of distributable earnings as of December 31, 2005, are as follows:

Undistributed Ordinary Income	$	4,618
Undistributed Long-term Capital Gain	$	6,455
Capital Loss Carryforward	$	–
Net Unrealized Appreciation (Depreciation)	$	11,275	*

* Amount includes unrealized appreciation (depreciation) on foreign currency denominated assets and liabilities.

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of December 31, 2005, are as follows:

Federal Tax Cost Basis	$	138,198
Unrealized Appreciation	$	15,187
Unrealized (Depreciation)		(3,911	)
Net Unrealized Appreciation (Depreciation)	$	11,276

AEGON/Transamerica Series Trust

Annual Report 2005

11

Great Companies–Technology^SM

NOTES TO FINANCIAL STATEMENTS (continued)
At December 31, 2005
(all amounts in thousands)

NOTE 5.  REGULATORY PROCEEDINGS

There continues to be significant federal and state regulatory activity relating to financial services companies, particularly mutual fund companies and their investment advisers. As part of an ongoing investigation regarding potential market timing, recordkeeping and trading compliance issues and matters affecting the Fund's investment adviser, TFAI, and certain affiliates and former employees of TFAI, the SEC staff has indicated that it is likely to take some action against TFAI and certain of its affiliates at the conclusion of the investigation. The potential timing and the scope of any such action is difficult to predict. Although the impact of any action brought against TFAI and/or its affiliates is difficult to assess at the present time, the Fund currently believes that the likelihood that any such action will have a material adverse impact on it is remote. It is important to note that the Fund is not aware of any allega tion of wrongdoing against it and its Board at the time this annual report is printed. Although it is not anticipated that these developments will have an adverse impact on the Fund, there can be no assurance at this time. TFAI and its affiliates are actively working with the SEC in regard to this matter; however, the exact resolution cannot be determined at this time. TFAI will take such actions that it deems necessary or appropriate to continue providing management services to the Fund and to bring all matters to an appropriate conclusion.

TFAI and/or its affiliates, and not the Fund, will bear the costs regarding these regulatory matters.

AEGON/Transamerica Series Trust

Annual Report 2005

12

Report of Independent Registered Certified Public Accounting Firm

To the Board of Trustees and Shareholders of
Great Companies–Technology^SM

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Great Companies – Technology^SM (the "Fund") (one of the portfolios constituting the AEGON/Transamerica Series Trust) at December 31, 2005, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fund's management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2005 by correspondence with the custodian, provide a reasonable basis for our opinion.

Tampa, Florida
February 23, 2006

AEGON/Transamerica Series Trust

Annual Report 2005

13

Great Companies–Technology^SM

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS – REVIEW AND RENEWAL (unaudited)

At a meeting of the Board of Trustees of AEGON/Transamerica Series Trust ("ATST") held on November 2, 2005, the Board reviewed and considered the Investment Advisory Agreement between Great Companies – Technology^SM (the "Portfolio") and Transamerica Fund Advisors, Inc. ("TFAI") as well as the Investment Sub-Advisory Agreement of the Portfolio between TFAI and Great Companies, LLC (the "Sub-Adviser"), to determine whether the agreements should be renewed for a one-year period. Following their review and consideration, the Trustees determined that the Investment Advisory Agreement and the Investment Sub-Advisory Agreement will enable shareholders of the Portfolio to obtain high quality services at a cost that is appropriate, reasonable, and in the best interests of its shareholders. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and t he Investment Sub-Advisory Agreement. In reaching their decision, the Trustees requested and obtained from TFAI and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the proposed agreements. The Trustees also carefully considered the information that they had received throughout the year from TFAI and the Sub-Adviser (such as in-person presentations by the Sub-Adviser) as part of their regular oversight of the Portfolio, as well as: comparative fee, expense and performance information prepared by Lipper Inc. ("Lipper"), independent providers of mutual fund performance, fee and expense information; and profitability data. In considering the proposed continuation of the Investment Advisory Agreement and Investment Sub-Advisory Agreement, the Trustees evaluated a number of considerations that they believed, in light of the legal advice furnished to them by ATST counsel and independent legal counsel and their own business judgment, to be relevant. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:

The nature, extent and quality of the advisory service to be provided. The Board considered the nature and quality of the services provided by TFAI and the Sub-Adviser to the Portfolio in the past, as well as the services anticipated to be provided in the future. The Board concluded that TFAI and the Sub-Adviser are capable of providing high quality services to the Portfolio, as indicated by the nature and quality of services provided in the past, TFAI's and the Sub-Adviser's management capabilities demonstrated with respect to the Portfolio, and the experience, capability and integrity of TFAI's senior management, the financial resources of TFAI and the Sub-Adviser, TFAI's management oversight process, the professional qualifications and experience of the Sub-Adviser's portfolio management team. The Trustees also concluded that TFAI and the Sub-Advis er proposed to provide investment and related services that were of the same quality and quantity as services provided to the Portfolio in the past, and that these services are appropriate in scope and extent in light of the Portfolio's operations, the competitive landscape of the investment company business and investor needs, and that TFAI's and the Sub-Adviser's obligations will remain substantially the same.

The investment performance of the Portfolio. The Board examined both the short-term and longer-term performance of the Portfolio, including relative performance against a benchmark securities index and a peer group of comparable mutual funds as prepared by Lipper for various trailing periods ended June 30, 2005. The Trustees concluded that TFAI and the Sub-Adviser generally had achieved acceptable performance relative the Portfolio's peers and the benchmark index over the past two- and three-year periods, but expressed concerns about the Portfolio's performance in the past year. The Board decided to continue to monitor its performance at upcoming meetings and asked that TFAI work with the Sub-Adviser to take steps to improve performance. The Board also noted that the Portfolio's new pricing will result in lower management and sub-advisory fees, which could contribute to improving performance. On the basis of the Trustees' assessment of the nature, extent and quality of advisory services to be provided or procured by TFAI and the Sub-Adviser, the Trustees concluded that TFAI and the Sub-Adviser are capable of generating a level of investment performance that is appropriate in light of the Portfolio's investment objective, policies and strategies and competitive with many other investment companies, and also determined that TFAI's and the Sub-Adviser's performance records indicate that their continued management is likely to benefit the Portfolio and its shareholders.

The cost of advisory services provided and the level of profitability. The Board reviewed profitability information regarding TFAI's costs of procuring portfolio management services, as well as the costs of provision of administration, fund accounting and other services, to the Portfolio and to ATST as a whole by TFAI and its affiliates. The Trustees reviewed data from Lipper that compared the Portfolio's new pricing schedule (including management fees at various asset levels), other fees and expenses (including total expenses including and excluding 12b-1 distribution and service fees) and portfolio turnover rate against peer groups of comparable mutual funds. The Board favorably noted the Portfolio's new pricing which results in lower management and sub-advisory fees to the benefit of the Portfolio and its shareholders. Based on such information, th e Trustees determined that the management fees and overall expense ratio of the Portfolio generally are consistent with industry averages. In addition, on the basis of the Board's review of the management fees to be charged by TFAI for investment advisory and related services, TFAI profitability information (derived from TFAI's audited financial statements), TFAI's estimated management income resulting from its management of the Portfolio, the estimated margin of the Sub-Adviser, as well as the entirety of TFAI's and its affiliates' service relationship with ATST, the Board concluded

AEGON/Transamerica Series Trust

Annual Report 2005

14

Great Companies–Technology^SM(continued)

that the level of investment management fees and other service fees, as well as TFAI's and the Sub-Adviser's profitability, are appropriate in light of the services provided, the management fees and overall expense ratios of comparable investment companies and the anticipated profitability of the relationship between the Portfolio, TFAI and its affiliates, and the Sub-Adviser.

Whether fee levels reflect economies of scale and the extent to which economies of scale would be realized as the Portfolio grows. The Board concluded that the inclusion of asset-based breakpoints in the Portfolio's advisory fee schedule appropriately benefits investors by realizing economies of scale in the form of lower management fees as the level of assets grows. In addition, the Board concluded that the Portfolio's management fees appropriately reflect the Portfolio's current size, the current economic environment for TFAI, the competitive nature of the investment company market, and TFAI's pricing strategy. The Trustees also concluded that they will have the opportunity to periodically reexamine whether the Portfolio has achieved economies of scale, and the appropriateness of management fees payable to TFAI and fees payable by TFAI to the Sub-Ad viser, in the future.

Benefits (such as soft dollars) to TFAI, its affiliates, or the Sub-Adviser from their relationship with the Portfolio. The Board concluded that other benefits derived by TFAI, its affiliates, and the Sub-Adviser from their relationship with the Portfolio, including "soft dollar" benefits (if any) in connection with brokerage transactions, sales charges and distribution/service fees (to the extent applicable) are reasonable and fair, and are consistent with industry practice and the best interests of the Portfolio and its shareholders. In this regard, the Board noted that TFAI does not realize "soft dollar" benefits from its relationship with the Portfolio, and that the Sub-Adviser is participating in a brokerage program pursuant to which a portion of brokerage commissions paid by the Portfolio is recaptured for the benefit of the Portfolio and its sh areholders, thus limiting the amount of "soft-dollar" arrangements the Sub-Adviser may engage in with respect to the Portfolio's brokerage transactions. In addition, the Trustees determined that the administration, fund accounting and other fees paid by the Portfolio to affiliates of TFAI are reasonable, fair and in the best interests of shareholders in light of the nature and quality of the services provided, the associated costs to these affiliates of providing the services, the impact of the costs of such services on the Portfolio's overall operating expenses, and the necessity of the services for the Portfolio's operations.

Other considerations. The Board also determined that TFAI had made a substantial commitment to the recruitment and retention of high quality personnel, and maintained the financial, compliance and operational resources reasonably necessary to manage the Portfolio in a professional manner that is consistent with the best interests of the Portfolio and its shareholders. In this regard, the Trustees favorably considered the procedures and policies in place by TFAI to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Adviser. The Trustees also determined that TFAI had made a significant entrepreneurial commitment to the management and success of the Portfolio, reflected by TFAI's expense limitation and fee waiver arrangement with the Portfolio, which may result in TFAI waiving a substantial amount of advisory fees for the benefit of shareholders.

AEGON/Transamerica Series Trust

Annual Report 2005

15

Janus Growth

PERFORMANCE

For the year ended December 31, 2005, Janus Growth, Initial Class returned 9.95%. By comparison its primary and secondary benchmarks, the Standard and Poor's 500 Composite Stock Index ("S&P 500") and Russell 1000 Growth Index returned 4.91% and 5.26%, respectively.

STRATEGY REVIEW

Accounting for a significant part of the portfolio's gains was strong stock selection relative to the S&P 500 in the healthcare sector. Offering better visibility and predictability in businesses such as well-established biotechnology companies and managed care operations, healthcare names proved durable as rising oil prices cast doubts on the near-term direction of the economy. Also bolstering returns was strong stock selection within the telecommunications sector. Meanwhile, a larger-than-the-benchmark position in the consumer discretionary sector diminished performance, as high energy prices cut into consumer spending levels. Another area of weakness in the portfolio was our information technology weighting, where select holdings experienced near-term setbacks.

The single largest contributor to the portfolio's performance during the year was biotechnology firm Celgene Corporation ("Celgene"). We have long believed that Celgene's success would be the efficacy of its new drug, Revlimid, used to treat myelodysplastic syndrome, or MDS. MDS is a collection of disorders in which the body's bone marrow fails to produce enough blood cells. Revlimid also treats plasma cell cancer, known as multiple myeloma. Our rigorous analysis and numerous doctor interviews convinced us that Revlimid had the potential to become a "$1 billion" in revenue remedy upon approval by the Food and Drug Administration ("FDA"). Midway through phase three trials, the FDA looked at the data and found Revlimid to be extremely effective in treating multiple myeloma, sending Celgene's shares higher.

Genentech, Inc. ("Genentech"), a biotechnology industry leader, also gained considerably during the period. We first invested in the company a number of years ago when we determined it was on the verge of introducing a series of medicines that addressed broad disease categories and would likely generate strong revenue growth. As predicted, the asthma treatment Xolair, the psoriasis drug Raptiva and the cancer drugs Avastin and Tarceva all proved successful. Although the stock had already delivered on the big, open-ended growth possibilities we originally identified, we have been thrilled with Genentech's progress on a fifth medicine: Lucentis, the in-development treatment for age-related macular degeneration, which causes sight loss. Considering the likely addition of another flagship product, we worried about the company's manufacturing capacity and trimmed our stake in the company, but Genentech announced it was purchasing an existing large production facility from Biogen Idec, Inc. that expands its production capacity by a third, therefore we remained invested.

Google Inc. ("Google"), a relatively new holding in the portfolio, also contributed significantly to performance. The Internet search engine continually reports growing search query volumes, yet faces much skepticism about its valuation. As long as the customer usage figures continue to climb as we believe, we are comfortable with the current valuation. Google currently generates revenue from both domestic and international searches. Domestic searchers generate more than three times the revenue of an international search. It is plausible that over a number of years those revenue metrics will converge. Google is hiring sales people to explain the benefits of paid search to local advertisers in international markets at a rapid clip to address this enormous revenue opportunity.

Laggards during the period included Advanced Micro Devices, Inc. ("AMD"), which retreated amid worries about the chipmaker's underperforming flash-memory business. Although we shared those concerns as well, we believed that robust sales of AMD's popular and profitable Athlon 64 microprocessor would more than offset losses in its flash-memory unit. But intense competition with rival semiconductor manufacturer Intel Corporation can result in razor-thin margins. Consequently, while there may be some upside potential to the stock once AMD spins off its sluggish flash-memory business, we decided to exit the position.

As mentioned earlier, many of the portfolio's laggards during the period came from the consumer discretionary sector, which sagged under the weight of higher energy prices and subdued consumer sentiment following Hurricanes Katrina and Rita. Cruise line operators such as Royal Caribbean Cruises, Ltd. and Carnival Corporation watched increased fuel expenses absorb a substantial portion of revenue increases. January is when the bulk of customer buying occurs, so we will watch closely for trends and size our position accordingly.

Anticipating that higher energy costs will be the norm, we have trimmed or eliminated names on the margin that we feel are not as likely to fare well when consumer spending is less robust. Many of those that remain hold solid growth characteristics, as we believe they are frequently tied to specific catalysts that have

AEGON/Transamerica Series Trust

Annual Report 2005

1

Janus Growth (continued)

the potential to facilitate price increases or ease a company's entry into a new promising market.

Ultimately, we will invest where we think the growth prospects are best, based on a spectrum of factors ranging from company level developments through industry specific issues and the broader economy.

Thank you for your continued investment with Janus.

Edward Keely, CFA

Portfolio Manager
Janus Capital Management LLC

AEGON/Transamerica Series Trust

Annual Report 2005

2

Janus Growth

Comparison of change in value of $10,000 investment in Initial Class shares and its comparative indices.

Average Annual Total Return for Periods Ended 12/31/05

	1 year			5 years			10 years			From Inception			Inception Date
Initial Class		9.95	%		(3.35	)%		8.12	%		12.59	%	10/2/86
S&P 5001		4.91	%		0.54	%		9.07	%		11.74	%	10/2/86
Russell 1000 Growth1		5.26	%		(3.58	)%		6.73	%		10.53	%	10/2/86
Service Class		9.70	%		–			–			17.40	%	5/1/03

NOTES

¹  The Standard and Poor's 500 Composite Stock (S&P 500) Index and the Russell 1000 Growth (Russell 1000 Growth) Index are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. From inception calculation is based on life of Initial Class shares. Source: Standard & Poor's Micropal®© Micropal, Inc. 2005 – 1-800-596-5323 – http://www.funds-sp.com.

The performance data presented represents past performance, future results may vary. The portfolio's investment return and net asset value will fluctuate. Past performance does not guarantee future results. Investor's units when redeemed, may be worth more or less than their original cost.

Current performance may be higher or lower than the performance data quoted. Please visit your insurance company's website for contract or policy level standardized total returns current to the most recent month-end. Portfolio performance is net of investment fees and fund expenses, but not product charges, which, if included, would significantly lower the performance quoted.

This material must be preceded or accompanied by a current prospectus, which includes specific contents regarding the investment objectives, explanation of share classes and policies of this portfolio.

AEGON/Transamerica Series Trust

Annual Report 2005

3

Janus Growth

UNDERSTANDING YOUR FUND'S EXPENSES
(unaudited)

SHAREHOLDER EXPENSES

Fund shareholders may incur ongoing costs, including management and advisory fees, distribution and service fees, and other Fund expenses.

The following Example is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.

The Example is based on an investment of $1,000 invested at July 1, 2005 and held for the entire period until December 31, 2005.

ACTUAL EXPENSES

The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of your Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fees, brokerage commissions paid on purchases and sales of fund shares. Therefore, the second line under the Fund in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If any of these transaction costs were included, your costs would be higher. The expenses shown in the table do not reflect any fees that may be charged to you by brokers, financial intermediaries or other financial institutions.

	Beginning Account Value		Ending Account Value		Annualized Expense Ratio			Expenses Paid During Period (a)
Initial Class
Actual	$	1,000.00	$	1,106.80		0.85	%	$	4.51
Hypothetical (b)		1,000.00		1,020.92		0.85			4.33
Service Class
Actual		1,000.00		1,105.60		1.10			5.84
Hypothetical (b)		1,000.00		1,019.66		1.10			5.60

(a)  Expenses are calculated using each Fund's annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by number of days in the period (184 days), and divided by the number of days in the year (365 days).

(b)  5% return per year before expenses.

GRAPHICAL PRESENTATION OF SCHEDULE OF INVESTMENTS
By Sector
At December 31, 2005

This chart shows the percentage breakdown by sector of the Fund's total investment securities.

AEGON/Transamerica Series Trust

Annual Report 2005

4

Janus Growth

SCHEDULE OF INVESTMENTS

At December 31, 2005

(all amounts except share amounts in thousands)

	Shares		Value
COMMON STOCKS (88.9%)
Amusement & Recreation Services (2.2%)
Harrah's Entertainment, Inc. †		534,335	$	38,093
Automotive (2.0%)
Harley-Davidson, Inc. †		677,385		34,878
Business Services (3.7%)
eBay, Inc. ‡		1,028,295		44,474
Lamar Advertising Co. †‡		450,570		20,789
Chemicals & Allied Products (3.4%)
Procter & Gamble Co.		525,170		30,397
Reckitt Benckiser PLC		879,331		29,002
Communication (0.7%)
XM Satellite Radio Holdings, Inc.–Class A †‡		466,450		12,725
Communications Equipment (3.5%)
QUALCOMM, Inc.		469,040		20,206
Research In Motion, Ltd. †‡		609,900		40,259
Computer & Data Processing Services (14.1%)
Amdocs, Ltd. ‡		823,610		22,649
Ceridian Corp. ‡		878,830		21,839
Check Point Software Technologies, Ltd. ‡		744,475		14,964
Google, Inc.–Class A ‡		81,685		33,888
NAVTEQ Corp. ‡		760,445		33,361
Yahoo!, Inc. ‡		3,084,030		120,832
Construction (0.4%)
Pulte Homes, Inc.		163,255		6,426
Electronic & Other Electric Equipment (3.6%)
General Electric Co.		1,405,915		49,277
Harman International Industries, Inc.		145,630		14,250
Electronic Components & Accessories (1.4%)
Maxim Integrated Products, Inc.		695,726		25,213
Food Stores (1.1%)
Safeway, Inc. †		837,195		19,808
Health Services (1.9%)
Coventry Health Care, Inc. †‡		596,015		33,949
Hotels & Other Lodging Places (2.9%)
Starwood Hotels & Resorts Worldwide, Inc.		806,775		51,521
Instruments & Related Products (2.0%)
Alcon, Inc.		273,925		35,501
Insurance (4.9%)
UnitedHealth Group, Inc.		1,394,680		86,665
Lumber & Other Building Materials (1.3%)
Lowe's Cos., Inc.		350,865		23,389

	Shares		Value
Medical Instruments & Supplies (10.5%)
Medtronic, Inc.		1,790,760	$	103,094
Synthes, Inc.		367,719		41,211
Varian Medical Systems, Inc. †‡		778,285		39,179
Oil & Gas Extraction (1.6%)
Apache Corp.		123,430		8,457
Schlumberger, Ltd. †		207,820		20,190
Personal Credit Institutions (1.2%)
SLM Corp.		385,195		21,220
Pharmaceuticals (15.0%)
Celgene Corp. †‡		1,382,370		89,578
Dade Behring Holdings, Inc.		426,240		17,429
Genentech, Inc. ‡		277,165		25,638
Roche Holding AG–Genusschein		543,508		81,423
Teva Pharmaceutical Industries, Ltd., ADR †		1,165,475		50,127
Retail Trade (2.5%)
Staples, Inc.		1,928,017		43,785
Security & Commodity Brokers (1.5%)
Chicago Mercantile Exchange †		70,390		25,868
Telecommunications (2.8%)
Nextel Partners, Inc.–Class A ‡		1,728,840		48,304
Transportation & Public Utilities (1.4%)
Expedia, Inc. †‡		1,048,691		25,127
Water Transportation (3.3%)
Carnival Corp.		509,430		27,239
Royal Caribbean Cruises, Ltd. †		675,400		30,433
Total Common Stocks (cost: $1,149,081)				1,562,657
	Principal		Value
SECURITY LENDING COLLATERAL (11.1%)
Debt (9.5%)
Bank Notes (0.3%)
Bank of America
4.27%, due 01/17/2006 *	$	2,898	$	2,898
4.31%, due 08/10/2006 *		2,381		2,381
Certificates Of Deposit (0.5%)
Barclays 4.31%, due 01/17/2006 *		1,828		1,828
Canadian Imperial Bank of Commerce 4.15%, due 05/18/2006 *		2,588		2,588
Credit Suisse First Boston Corp. 4.18%, due 03/10/2006 *		1,035		1,035
Rabobank Nederland 4.10%, due 05/31/2006 *		2,588		2,588

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

5

Janus Growth

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2005

(all amounts except share amounts in thousands)

	Principal		Value
Commercial Paper (1.1%)
Fairway Finance–144A
4.31%, due 01/10/2006	$	5,163	$	5,163
Jupiter Securitization Corp.–144A 4.27%, due 01/05/2006		2,588		2,588
Paradigm Funding LLC–144A 4.30%, due 01/09/2006		1,015		1,015
Park Avenue Receivables Corp.–144A 4.27%, due 01/04/2006		2,570		2,570
Preferred Receivables Corp.–144A 4.31%, due 01/04/2006		2,056		2,056
Ranger Funding Co. LLC–144A 4.29%, due 01/18/2006		2,045		2,045
Sheffield Receivables Corp.–144A 4.26%, due 01/23/2006		1,242		1,242
Yorktown Capital LLC 4.27%, due 01/05/2006		2,588		2,588
Euro Dollar Overnight (1.5%)
Calyon 4.34%, due 01/05/2006		2,588		2,588
Fortis Bank 4.35%, due 01/03/2006 4.35%, due 01/05/2006		5,176 4,917		5,176 4,917
Harris Trust & Savings Bank 4.25%, due 01/05/2006		4,244		4,244
National Australia Bank 4.16%, due 01/03/2006		5,285		5,285
Rabobank Nederland 4.15%, due 01/03/2006		1,863		1,863
Wells Fargo 4.27%, due 01/03/2006		2,588		2,588
Euro Dollar Terms (3.2%)
Bank of Montreal 4.30%, due 01/19/2006		5,176		5,176
Barclays 4.27%, due 01/25/2006 4.30%, due 01/31/2006		1,553 4,141		1,553 4,141
BNP Paribas 4.22%, due 01/24/2006		2,588		2,588
Dexia Group 4.25%, due 01/09/2006		2,588		2,588
Rabobank Nederland 4.21%, due 01/19/2006		4,658		4,658
Royal Bank of Canada 4.25%, due 01/24/2006		3,623		3,623
Royal Bank of Scotland 4.30%, due 01/31/2006 4.31%, due 02/01/2006		7,764 5,693		7,764 5,693

	Principal		Value
Euro Dollar Terms (continued)
Societe Generale
4.28%, due 01/30/2006	$	5,176	$	5,176
UBS AG 4.26%, due 01/10/2006		5,176		5,176
Wells Fargo 4.29%, due 01/30/2006		7,764		7,764
Promissory Notes (0.2%)
Bear Stearns & Co. 4.39%, due 03/07/2006 4.39%, due 06/06/2006		3,105 1,035		3,105 1,035
Repurchase Agreements (2.7%) ††
Credit Suisse First Boston Corp. 4.29%, dated 12/30/2005 to be repurchased at $8,668 on 01/03/2006		8,664		8,664
Goldman Sachs Group, Inc. (The) 4.29%, dated 12/30/2005 to be repurchased at $20,678 on 01/03/2006		20,668		20,668
Lehman Brothers, Inc. 4.29%, dated 12/30/2005 to be repurchased at $138 on 01/03/2006		138		138
Merrill Lynch & Co. 4.24%, dated 12/30/2005 to be repurchased at $16,570 on 01/03/2006		16,562		16,562
Morgan Stanley Dean Witter & Co. 4.36%, dated 12/30/2005 to be repurchased at $1,828 on 01/03/2006		1,827		1,827
	Shares		Value
Investment Companies (1.6%)
American Beacon Fund
1-day yield of 4.19%		709,586	$	710
Barclays Global Investors Institutional Money Market Fund 1-day yield of 4.19%		6,728,499		6,728
Dreyfus Cash Management Plus Fund 1-day yield of 4.09%		2,794,915		2,795
Merrimac Cash Fund, Premium Class 1-day yield of 4.03% @		18,323,082		18,323
Total Security Lending Collateral (cost: $195,701)				195,701
Total Investment Securities (cost: $1,344,782)			$	1,758,358

FORWARD FOREIGN CURRENCY CONTRACTS:

Currency	Bought (Sold)			Settlement Date		Amount in U.S. Dollars Bought (Sold)			Net Unrealized Appreciation (Depreciation)
Swiss Franc		(66,900	)		01/27/2006	$	(53,084	)	$	2,174
						$	(53,084	)	$	2,174

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

6

Janus Growth

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2005

(all amounts in thousands)

NOTES TO SCHEDULE OF INVESTMENTS:

†  At December 31, 2005, all or a portion of this security is on loan (see Note 1). The value at December 31, 2005, of all securities on loan is $188,575.

‡  Non-income producing.

*  Floating or variable rate note. Rate is listed as of December 31, 2005.

††  Cash collateral for the Repurchase Agreements, valued at $48,817, that serve as collateral for securities lending are invested in corporate bonds with interest rates and maturity dates ranging from 0.00% - 8.75% and 01/03/2006 - 08/01/2037, respectively.

@  Regulated investment company advised by Investors Bank and Trust Co. ("IBT"). IBT is also the accounting, custody and lending agent for the Fund.

DEFINITIONS:

144A  144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2005, these securities aggregated $16,679 or 0.9% of the total investments of the Fund.

ADR  American Depositary Receipt

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

7

Janus Growth

STATEMENT OF ASSETS AND LIABILITIES
At December 31, 2005
(all amounts except per share amounts in thousands)

Assets:
Investment securities, at value (cost: $1,344,782) (including securities loaned of $188,575)	$	1,758,358
Cash		141,950
Receivables:
Shares sold		463
Interest		335
Dividends		1,133
Dividend reclaims receivable		1
Unrealized appreciation on forward currency contracts		2,174
		1,904,414
Liabilities:
Accounts payable and accrued liabilities:
Shares redeemed		1,019
Management and advisory fees		1,273
Service fees		1
Administration fees		29
Payable for collateral for securities on loan		195,701
Other		203
		198,226
Net Assets	$	1,706,188
Net Assets Consist of:
Capital stock ($.01 par value)	$	445
Additional paid-in capital		1,999,252
Distributable net investment income (loss)		1,546
Accumulated net realized gain (loss) from investment securities and foreign currency transactions		(710,804	)
Net unrealized appreciation (depreciation) on:
Investment securities		413,576
Translation of assets and liabilites denominated in foreign currencies		2,173
Net Assets	$	1,706,188
Net Assets by Class:
Initial Class	$	1,701,097
Service Class		5,091
Shares Outstanding:
Initial Class		44,344
Service Class		134
Net Asset Value and Offering Price Per Share:
Initial Class	$	38.36
Service Class		38.10

STATEMENT OF OPERATIONS
For the year ended December 31, 2005
(all amounts in thousands)

Investment Income:
Interest	$	2,391
Dividends (net of withholding taxes on foreign dividends of $204)		9,588
Income from loaned securities–net		207
		12,186
Expenses:
Management and advisory fees		12,337
Printing and shareholder reports		629
Custody fees		199
Administration fees		325
Legal fees		30
Audit fees		14
Trustees fees		55
Service fees:
Service Class		9
Other		41
Total expenses before recapture of waived expenses		13,639
Recaptured expenses		176
Net expenses		13,815
Net Investment Income (Loss)		(1,629	)
Net Realized Gain (Loss) from:
Investment securities		137,449
Foreign currency transactions		3,185
		140,634
Net Increase (Decrease) in Unrealized Appreciation (Depreciation) on:
Investment securities		9,993
Translation of assets and liabilities denominated in foreign currencies		2,173
		12,166
Net Realized and Unrealized Gain (Loss) on Investment Securities and Foreign Currency Transactions		152,800
Net Increase (Decrease) in Net Assets Resulting from Operations	$	151,171

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

8

Janus Growth

STATEMENTS OF CHANGES IN NET ASSETS
For the years ended
(all amounts in thousands)

	December 31, 2005			December 31, 2004
Increase (Decrease) in Net Assets From:
Operations:
Net investment income (loss)	$	(1,629	)	$	(3,631	)
Net realized gain (loss) from investment securities and foreign currency transactions		140,634			140,608
Change in unrealized appreciation (depreciation) on investment securities and foreign currency translation		12,166			100,448
		151,171			237,425
Capital Share Transactions:
Proceeds from shares sold:
Initial Class		140,106			45,082
Service Class		3,426			2,222
		143,532			47,304
Cost of shares redeemed:
Initial Class		(306,091	)		(265,616	)
Service Class		(1,609	)		(452	)
		(307,700	)		(266,068	)
		(164,168	)		(218,764	)
Net increase (decrease) in net assets		(12,997	)		18,661
Net Assets:
Beginning of year		1,719,185			1,700,524
End of year	$	1,706,188		$	1,719,185
Distributable Net Investment Income (Loss)	$	1,546		$	(10	)

	December 31, 2005			December 31, 2004
Share Activity:
Shares issued:
Initial Class		3,792			1,414
Service Class		96			71
		3,888			1,485
Shares redeemed:
Initial Class		(8,641	)		(8,498	)
Service Class		(45	)		(15	)
		(8,686	)		(8,513	)
Net increase (decrease) in shares outstanding:
Initial Class		(4,849	)		(7,084	)
Service Class		51			56
		(4,798	)		(7,028	)

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

9

Janus Growth

FINANCIAL HIGHLIGHTS

		For a share outstanding throughout each period (a)
		Net Asset		Investment Operations									Distributions								Net Asset
	For the Period Ended (b)	Value, Beginning of Period		Net Investment Income (Loss)			Net Realized and Unrealized Gain (Loss)			Total Operations			From Net Investment Income		From Net Realized Gains			Total Distributions			Value, End of Period
Initial Class	12/31/2005	$	34.89	$	(0.03	)	$	3.50		$	3.47		$	–	$	–		$	–		$	38.36
	12/31/2004		30.20		(0.07	)		4.76			4.69			–		–			–			34.89
	12/31/2003		22.88		(0.08	)		7.40			7.32			–		–			–			30.20
	12/31/2002		32.65		(0.09	)		(9.68	)		(9.77	)		–		–			–			22.88
	12/31/2001		47.34		(0.12	)		(13.24	)		(13.36	)		–		(1.33	)		(1.33	)		32.65
Service Class	12/31/2005		34.74		(0.12	)		3.48			3.36			–		–			–			38.10
	12/31/2004		30.15		(0.14	)		4.73			4.59			–		–			–			34.74
	12/31/2003		24.83		(0.08	)		5.40			5.32			–		–			–			30.15

					Ratios/Supplemental Data
	For the Period	Total			Net Assets, End of Period		Ratio of Expenses to Average Net Assets (f)						Net Investment Income (Loss) to Average			Portfolio Turnover
	Ended (b)	Return (c)(g)			(000's)		Net (d)			Total (e)			Net Assets (f)			Rate (g)
Initial Class	12/31/2005		9.95	%	$	1,701,097		0.85	% (h)		0.85	% (h)		(0.10	)%		59	%
	12/31/2004		15.53			1,716,298		0.85			0.86			(0.22	)		43
	12/31/2003		31.99			1,699,707		0.84			0.84			(0.30	)		64
	12/31/2002		(29.92	)		1,109,540		0.86			0.86			(0.33	)		68
	12/31/2001		(28.20	)		1,892,586		0.89			0.89			(0.33	)		60
Service Class	12/31/2005		9.70			5,091		1.10	(h)		1.10	(h)		(0.35	)		59
	12/31/2004		15.22			2,887		1.10			1.11			(0.43	)		43
	12/31/2003		21.43			817		1.10			1.10			(0.56	)		64

NOTES TO FINANCIAL HIGHLIGHTS

(a)  Per share information is calculated based on average number of shares outstanding.

(b)  Janus Growth (the "Fund") share classes commenced operations as follows:

Initial Class – October 2, 1986
Service Class – May 1, 2003

(c)  Total Return reflects all portfolio expenses and includes reinvestment of dividends and capital gains; it does not reflect the charges and deductions under the policies or annuity contracts.

(d)  Ratio of Net Expenses to Average Net Assets is net of advisory fee waivers, if any (see note 2).

(e)  Ratio of Total Expenses to Average Net Assets includes all expenses before advisory fee waivers.

(f)  Annualized.

(g)  Not annualized.

(h)  Ratios of Total Expenses to Average Net Assets and net Expenses to Average Net Assets are inclusive of recaptured expenses by the investment advisor, if any. The impact of recaptured expenses was 0.01% and 0.01% for Initial Class and Service Class, respectively (see Note 2).

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

10

Janus Growth

NOTES TO FINANCIAL STATEMENTS
At December 31, 2005
(all amounts in thousands)

NOTE 1.  ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

The AEGON/Transamerica Series Trust ("ATST") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). ATST serves as a funding vehicle for variable life insurance, variable annuity and group annuity products. Janus Growth (the"Fund") is part of ATST.

Effective May 1, 2005, AEGON/Transamerica Series Fund, Inc. changed its name to AEGON/Transamerica Series Trust.

In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

This report should be read in conjunction with the current Fund prospectus, which contains more complete information about the Fund.

In preparing the Fund's financial statements in accordance with accounting principles generally accepted in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Fund.

Multiple class operations, income and expenses: The Fund currently offers two classes of shares, an Initial Class and a Service Class. Income, non-class specific expenses and realized and unrealized gains and losses, are allocated daily to each class, based upon the value of shares outstanding method as permitted under Rule 18f-3 of the 1940 Act. Each class bears its own specific expenses as well as a portion of general, common expenses.

Security valuations: The Fund values its investments at the close of the New York Stock Exchange ("NYSE"), normally 4 p.m. ET, each day the NYSE is open for business. Fund investments are valued at the last sale price or closing price on the day of valuation taken from the primary exchange where the security is principally traded.

Securities traded in the over-the-counter market and listed securities for which no sale was reported on that date are valued at the last quoted bid price.

Debt securities are valued based on a price quotation or other equivalent indication of value supplied by an exchange, a pricing service or a major market maker; however, those that mature in sixty days or less are valued at amortized cost, which approximates market.

Investment company securities are valued at the net asset value of the underlying portfolio.

Foreign securities generally are valued based on quotations from the primary market in which they are traded. Because many foreign securities markets and exchanges close prior to the close of the NYSE, closing prices for foreign securities in those markets or on those exchanges do not reflect the events that occur after that close. If a significant market event impacting the value of a portfolio security (e.g., natural disaster, company announcement, market volatility) occurs subsequent to the close of trading in the security, but prior to the calculation of the Fund's net asset value per share, market quotations for that security may be determined to be unreliable and, accordingly, not "readily available." As a result, foreign equity securities held by the Fund may be valued at fair market value as determined in good faith by the Fund's Administrative Valuation Committee, under the supervision of the Board's Valuation Committee , using guidelines adopted by the Board of Trustees.

Other securities for which quotations are not readily available are valued at fair market value as determined in good faith by the Fund's Administrative Valuation Committee, under the supervision of the Board's Valuation Committee, using guidelines adopted by the Board of Trustees.

Cash: The Fund may leave cash overnight in its cash account with the custodian, Investors Bank & Trust Company ("IBT"). IBT has been contracted on behalf of the Fund to invest the excess cash into a savings account, which at December 31, 2005, was paying an interest rate of 3.00%.

Repurchase agreements: The Fund is authorized to enter into repurchase agreements. The Fund, through its custodian, IBT, receives delivery of the underlying securities, the value of which at the time of purchase is required to be an amount equal to at least 100% of the resale price. The Fund will bear the risk of value fluctuations until the security can be sold and may encounter delays and incur costs in liquidating the security. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Commission recapture: The sub-adviser, to the extent consistent with the best execution and usual commission rate policies and practices, may place security transactions of the Fund with broker/dealers with which ATST has established a Commission Recapture Program. A Commission Recapture Program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Fund. In no event will commissions paid by the Fund be used to pay expenses that would

AEGON/Transamerica Series Trust

Annual Report 2005

11

Janus Growth

NOTES TO FINANCIAL STATEMENTS (continued)
At December 31, 2005
(all amounts in thousands)

NOTE 1.–(continued)

otherwise be borne by any other funds within ATST, or by any other party.

Recaptured commissions during the year ended December 31, 2005, of $283 are included in net realized gains in the Statement of Operations.

Securities lending: The Fund may lend securities to qualified borrowers, with IBT acting as the Fund's lending agent. The Fund earns negotiated lenders' fees. The Fund receives cash and/or securities as collateral against the loaned securities. Cash collateral received is invested in short term, interest bearing securities. The Fund monitors the market value of securities loaned on a daily basis and requires collateral in an amount at least equal to the value of the securities loaned. Income from loaned securities on the Statement of Operations is net of fees, in the amount of $89, earned by IBT for its services.

Security transactions and investment income: Security transactions are recorded on the trade date. Security gains and losses are calculated on the first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend date. Interest income, including accretion of discounts and amortization of premiums, is recorded on the accrual basis commencing on the settlement date.

Foreign currency denominated investments: The accounting records of the Fund are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the closing exchange rate each day. The cost of foreign securities is translated at the exchange rate in effect when the investment was acquired. The Fund combines fluctuations from currency exchange rates and fluctuations in value when computing net realized and unrealized gains or losses from investments.

Net foreign currency gains and losses resulting from changes in exchange rates include: 1) foreign currency fluctuations between trade date and settlement date of investment security transactions; 2) gains and losses on forward foreign currency contracts; and 3) the difference between the receivable amounts of interest and dividends recorded in the accounting records in U.S. dollars and the amounts actually received.

Foreign currency denominated assets may involve risks not typically associated with domestic transactions. These risks include revaluation of currencies, adverse fluctuations in foreign currency values and possible adverse political, social and economic developments, including those particular to a specific industry, country or region.

Forward foreign currency contracts: The Fund may enter into forward foreign currency contracts to hedge against exchange rate risk arising from investments in securities denominated in foreign currencies. Contracts are valued at the contractual forward rate and are marked to market daily, with the change in value recorded as an unrealized gain or loss. When the contracts are settled a realized gain or loss is incurred. Risks may arise from changes in market value of the underlying currencies and from the possible inability of counterparties to meet the terms of their contracts. Open forward foreign currency contracts at December 31, 2005, are listed in the Schedule of Investments.

Dividend distributions: Dividends and capital gains distributions are typically declared and reinvested annually and are generally paid and reinvested on the business day following the ex-date.

NOTE 2.  RELATED PARTY TRANSACTIONS

Effective January 1, 2005 AEGON/Transamerica Fund Advisers, Inc. was renamed Transamerica Fund Advisors, Inc. ("TFAI"); AEGON/Transamerica Fund Services, Inc. and AEGON/Transamerica Investor Services, Inc. merged into one entity and was renamed Transamerica Fund Services, Inc. ("TFS").

ATST serves as a funding vehicle for certain affiliated asset allocation portfolios and certain affiliated separate accounts of Western Reserve Life Assurance Co. of Ohio, Transamerica Life Insurance Company, Transamerica Financial Life Insurance Company, Inc., Peoples Benefit Life Insurance Company, Transamerica Occidental Life Insurance Company and Transamerica Life Insurance and Annuity Company.

TFAI is the Fund's investment adviser. TFS is the Fund's administrator and transfer agent. AFSG Securities Corp. ("AFSG") is the Fund's distributor. TFAI, TFS, and AFSG are affiliates of AEGON, NV, a Netherlands corporation.

Certain officers and trustees of the Fund are also officers and/or directors of TFAI, TFS and AFSG.

The following schedule reflects the percentage of fund assets owned by affiliated investment companies at December 31, 2005:

	Net Assets		% of Net Assets
Asset Allocation – Conservative Portfolio	$	14,935		0.88	%
Asset Allocation – Moderate Growth Portfolio		168,865		9.90	%
Asset Allocation – Moderate Portfolio		54,033		3.17	%
Total	$	237,833		13.95	%

AEGON/Transamerica Series Trust

Annual Report 2005

12

Janus Growth

NOTES TO FINANCIAL STATEMENTS (continued)
At December 31, 2005
(all amounts in thousands)

NOTE 2.–(continued)

Investment advisory fee: The Fund pays management fees to TFAI based on average daily net assets ("ANA") at the following breakpoints:

0.80% of the first $250 million of ANA
0.77% of the next $500 million of ANA
0.75% of the next $750 million of ANA
0.70% of the next $1.5 billion of ANA
0.675% over $3 billion of ANA

TFAI has contractually agreed to waive its advisory fee and will reimburse the Fund to the extent that operating expenses, excluding 12b-1 fees, exceed the following stated annual limit:

0.85% Expense Limit

If total fund expenses fall below the annual expense limitation agreement agreed to by the adviser within the succeeding three years, the Fund may be required to pay that adviser a portion or all of the waived advisory fees.

	Advisory Fee Waived		Available for Recapture Through
Fiscal Year 2004	$	60		12/31/2007

For the year ended December 31, 2005, the Fund recaptured the following previously waived expenses

	Expense Recovered by Advisor		Increase in Total Expenses to Average Net Assets
Fiscal Year 2005	$	176		0.01	%

The sub-adviser, Janus Capital Management LLC, has agreed to a pricing discount based on the aggregate assets that they manage in the ATST and Transamerica IDEX Mutual Funds. The amount of the discount received by the Fund for year ended December 31, 2005 was $10.

Distribution and service fees: The Fund adopted a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, ATST entered into a Distribution Agreement with AFSG dated January 1, 1997, as amended.

Under the Distribution Plan and Distribution Agreement on the Initial Class shares, AFSG, on behalf of the Fund, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Fund's shares, amounts equal to actual expenses associated with distributing the shares.

The Distribution Plan on the Service Class shares requires ATST to pay distribution fees to AFSG as compensation for its activities, not as reimbursement for specific expenses. The fee on the Service Class is paid to the insurance companies for providing services and account maintenance for their policyholders who invest in the variable insurance products which invest in the Service Class shares.

The Fund is authorized under the 12b-1 plan to pay fees on each class up to the following limits:

Initial Class  0.15%
Service Class  0.25%

AFSG has determined that it will not seek payment by the Fund of the distribution expenses incurred with respect to the Initial Class shares before April 30, 2007. Prior to AFSG seeking reimbursement of future expenses, policy and contract owners will be notified in advance. The Fund will pay fees relating to Service Class shares.

Administrative services: The Fund has entered into an agreement with TFS for financial and legal fund administration services. The Fund pays TFS an annual fee of 0.02% of ANA. The Legal fees on the Statement of Operations are for fees paid to external legal counsel.

Deferred compensation plan: Each eligible independent Fund Trustee may elect participation in a non-qualified deferred compensation plan ("the Plan") maintained by Transamerica IDEX Mutual Funds, an affiliate of the Fund. Under the Plan, such Trustees may defer payment of all or a portion of their total fees earned as a Fund Trustee. Each Trustee who is a participant in the Plan may elect that the earnings, losses or gains credited to his or her deferred fee amounts be determined based on a deemed investment in any series of Transamerica IDEX Mutual Funds. The right of a participant to receive a distribution from the Plan of the deferred fees is an unsecured claim against the general assets of all series of Transamerica IDEX Mutual Funds. The pro rata liability to the Fund of all deferred fees in the Plan amounted, as of December 31, 2005, to $85.

NOTE 3.  INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the year ended December 31, 2005, were as follows:

Purchases of securities:
Long-Term	$	891,525
U.S. Government		–
Proceeds from maturities and sales of securities
Long-Term		1,018,003
U.S. Government		–

AEGON/Transamerica Series Trust

Annual Report 2005

13

Janus Growth

NOTES TO FINANCIAL STATEMENTS (continued)
At December 31, 2005
(all amounts in thousands)

NOTE 4.  FEDERAL INCOME TAX MATTERS

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatment for items including, but not limited to, wash sales, foreign currency transactions and capital loss carryforwards.

Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. Financial records are not adjusted for temporary differences. These reclassifications are as follows:

Distributable net investment income (loss)	$	3,185
Accumulated net realized gain (loss) from investment securities		(3,185	)

The capital loss carryforwards are available to offset future realized capital gains through the periods listed:

Capital Loss Carryforwards		Available through
$	335,388	December 31, 2009
	293,625	December 31, 2010
	80,862	December 31, 2011

The capital loss carryforward utilized during the year ended December 31, 2005 was $135,060.

The tax basis components of distributable earnings as of December 31, 2005, are as follows:

Undistributed Ordinary Income	$	3,719
Undistributed Long-term Capital Gain	$	–
Capital Loss Carryforward	$	(709,875	)
Net Unrealized Appreciation (Depreciation)	$	412,647

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of December 31, 2005, are as follows:

Federal Tax Cost Basis	$	1,345,711
Unrealized Appreciation	$	423,033
Unrealized (Depreciation)		(10,386	)
Net Unrealized Appreciation (Depreciation)	$	412,647

NOTE 5.  REGULATORY PROCEEDINGS

There continues to be significant federal and state regulatory activity relating to financial services companies, particularly mutual fund companies and their investment advisers. As part of an ongoing investigation regarding potential market timing, recordkeeping and trading compliance issues and matters affecting the Fund's investment adviser, TFAI, and certain affiliates and former employees of TFAI, the SEC staff has indicated that it is likely to take some action against TFAI and certain of its affiliates at the conclusion of the investigation. The potential timing and the scope of any such action is difficult to predict. Although the impact of any action brought against TFAI and/or its affiliates is difficult to assess at the present time, the Fund currently believes that the likelihood that any such action will have a material adverse impact on it is remote. It is important to note that the Fund is not aware of any allega tion of wrongdoing against it and its Board at the time this annual report is printed. Although it is not anticipated that these developments will have an adverse impact on the Fund, there can be no assurance at this time. TFAI and its affiliates are actively working with the SEC in regard to this matter; however, the exact resolution cannot be determined at this time. TFAI will take such actions that it deems necessary or appropriate to continue providing management services to the Fund and to bring all matters to an appropriate conclusion.

TFAI and/or its affiliates, and not the Fund, will bear the costs regarding these regulatory matters.

AEGON/Transamerica Series Trust

Annual Report 2005

14

Report of Independent Registered Certified Public Accounting Firm

To the Board of Trustees and Shareholders of
Janus Growth

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Janus Growth (the "Fund") (one of the portfolios constituting the AEGON/Transamerica Series Trust) at December 31, 2005, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fund's management; our responsibility is to express an opinion on these financial statements based on our audits. We con ducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2005 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

Tampa, Florida
February 23, 2006

AEGON/Transamerica Series Trust

Annual Report 2005

15

Janus Growth

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS - REVIEW AND RENEWAL (unaudited)

At a meeting of the Board of Trustees of AEGON/Transamerica Series Trust ("ATST") held on November 2, 2005, the Board reviewed and considered the Investment Advisory Agreement between Janus Growth (the "Portfolio") and Transamerica Fund Advisors, Inc. ("TFAI") as well as the Investment Sub-Advisory Agreement of the Portfolio between TFAI and Janus Capital Management LLC (the "Sub-Adviser"), to determine whether the agreements should be renewed for a one-year period. Following their review and consideration, the Trustees determined that the Investment Advisory Agreement and the Investment Sub-Advisory Agreement will enable shareholders of the Portfolio to obtain high quality services at a cost that is appropriate, reasonable, and in the best interests of its shareholders. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and the Investment Sub-Advisory Agreement. In reaching their decision, the Trustees requested and obtained from TFAI and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the proposed agreements. The Trustees also carefully considered the information that they had received throughout the year from TFAI and the Sub-Adviser (such as in-person presentations by the Sub-Adviser) as part of their regular oversight of the Portfolio, as well as: comparative fee, expense and performance information prepared by Lipper Inc. ("Lipper"), independent providers of mutual fund performance, fee and expense information; and profitability data. In considering the proposed continuation of the Investment Advisory Agreement and the Investment Sub-Advisory Agreement, the Trustees evaluated a number of considerations that they believe, in light of the legal advice furnished to them by ATST counsel and independent legal counsel and their own business judgment, to be relevant. They based their decisions on the following consideration s, among others, although they did not identify any consideration or particular information that was controlling of their decisions:

The nature, extent and quality of the advisory service to be provided. The Board considered the nature and quality of the services provided by TFAI and the Sub-Adviser to the Portfolio in the past, as well as the services anticipated to be provided in the future. The Board discussed recent developments affecting the Sub-Adviser (i.e., regulatory scrutiny, new management and rumors of a potential change of control transaction) and considered how those may impact the Portfolio. The Board was satisfied with TFAI's representation about a perceived improvement in the Sub-Adviser's management and improved corporate culture, which could benefit the Portfolio, and concluded that TFAI and the Sub-Adviser are cap able of providing high quality services to the Portfolio, as indicated by the nature and quality of services provided in the past, TFAI's and the Sub-Adviser's management capabilities demonstrated with respect to the portfolios they manage, including the Portfolio, and the experience, capability and integrity of TFAI's senior management, the financial resources of TFAI and the Sub-Adviser, TFAI's management oversight process, the professional qualifications and experience of the Sub-Adviser's portfolio management team, and the Portfolio's investment performance. The Trustees also concluded that TFAI and the Sub-Adviser proposed to provide investment and related services that were of the same quality and quantity as services provided to the Portfolio in the past, and that these services are appropriate in scope and extent in light of the Portfolio's operations, the competitive landscape of the investment company business and investor needs, and that TFAI's and the Sub-Adviser's obligations will remain substan tially the same.

The investment performance of the Portfolio. The Board examined both the short-term and longer-term performance of the Portfolio, including relative performance against a benchmark securities index and a peer group of comparable mutual funds as prepared by Lipper, for various trailing periods ended June 30, 2005. The Board concluded that TFAI and the Sub-Adviser generally had achieved superior investment performance, noting that the performance of the Portfolio was above median relative to its peers over the past one-, two-, three- and ten-year periods, and superior to the benchmark index over the past one-, two-, three- and ten-year periods. On the basis of the Trustees' assessment of the nature, extent and quality of advisory services to be provided or procured by TFAI and the Sub-Adviser, the Trustees concluded that TFAI and the Sub-Adviser are cap able of generating a level of investment performance that is appropriate in light of the Portfolio's investment objective, policies and strategies and competitive with many other investment companies, and also determined that TFAI's and the Sub-Adviser's performance records indicate that their continued management is likely to benefit the Portfolio and its shareholders.

The cost of advisory services provided and the level of profitability. The Board reviewed profitability information regarding TFAI's costs of procuring portfolio management services, as well as the costs of provision of administration, fund accounting and other services, to the Portfolio and to ATST as a whole by TFAI and its affiliates. The Trustees reviewed data from Lipper that compared the Portfolio's management fees (including management fees at various asset levels), other fees and expenses (including total expenses including and excluding 12b-1 distribution and service fees) and portfolio turnover rate against a peer group of comparable mutual funds. Based on such information, the Trustees determined that the management fees and overall expense ratio of the Portfolio generally are consistent with industry averages, although, the Board stated th at it would like to see improved pricing for the Portfolio in the coming year. In addition, on the basis of the Board's review of the management fees to be charged by TFAI for investment advisory and related services, TFAI profitability information (derived from TFAI's audited financial statements),

AEGON/Transamerica Series Trust

Annual Report 2005

16

Janus Growth (continued)

TFAI's estimated management income resulting from its management of the Portfolio, the estimated margin of the Sub-Adviser, as well as the entirety of TFAI's and its affiliates' service relationship with ATST. The Board concluded that the current level of investment management fees and other service fees, as well as TFAI's and the Sub-Adviser's profitability, are appropriate in light of the services provided, the management fees and overall expense ratios of comparable investment companies and the anticipated profitability of the relationship between the Portfolio, TFAI and its affiliates, and the Sub-Adviser.

Whether fee levels reflect economies of scale and the extent to which economies of scale would be realized as the Portfolio grows. Although the investment advisory fees do not reduce should Portfolio assets grow meaningfully, the Board concluded that the advisory fees appropriately reflect the Portfolio's current size, long-term performance, the current economic environment for TFAI, and the competitive nature of the investment company market. In addition, the Board noted that it will have the opportunity to periodically reexamine whether the Portfolio has achieved economies of scale, and the appropriateness of management fees payable to TFAI and fees payable by TFAI to the Sub-Adviser (including whether it would be appropriate to implement advisory fee breakpoints) in the future.

Benefits (such as soft dollars) to TFAI, its affiliates, or the Sub-Adviser from their relationship with the Portfolio. The Board concluded that other benefits derived by TFAI, its affiliates, and the Sub-Adviser from their relationship with the Portfolio are reasonable and fair, and are consistent with industry practice and the best interests of the Portfolio and its shareholders. In this regard, the Board noted that TFAI does not realize "soft dollar" benefits from its relationship with the Portfolio, and that the Sub-Adviser is participating in a brokerage program pursuant to which a portion of brokerage commissions paid by the Portfolio is recaptured for the benefit of the Portfolio and its shareholders, thus limiting the amount of "soft-dollar" arrangements the Sub-Adviser may engage in with respect to the Portfolio's brokerage transactions. In a ddition, the Trustees determined that the administration, fund accounting and other fees paid by the Portfolio to affiliates of TFAI are reasonable, fair and in the best interests of shareholders in light of the nature and quality of the services provided, the associated costs to these affiliates of providing the services, the impact of the costs of such services on the Portfolio's overall operating expenses, and the necessity of the services for the Portfolio's operations.

Other considerations. The Board determined that TFAI had made a substantial commitment to the recruitment and retention of high quality personnel, and maintained the financial, compliance and operational resources reasonably necessary to manage the Portfolio in a professional manner that is consistent with the best interests of the Portfolio and its shareholders. In this regard, the Trustees favorably considered the procedures and policies in place by TFAI to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Adviser. The Trustees also determined that TFAI had made a significant entrepreneurial commitment to the management and success of the Portfolio, reflected by TFAI's expense limitation and fee waiver arrangement with the Portfolio, which may result in TFAI waiving a substantial amoun t of advisory fees for the benefit of shareholders.

AEGON/Transamerica Series Trust

Annual Report 2005

17

Jennison Growth

MARKET ENVIRONMENT

The sharp rise in energy prices and the devastating effects of weather across many different parts of the United States (and around the globe) were some of the more notable events that occurred this past year. But their impact on the economy broadly and the strength of the US corporate sector appears remarkably small when looked at in the fullness of the year. Indeed, Gross Domestic Product ("GDP") grew at better than 3% for much of the year; core inflation, though higher, remained well-contained; solid growth in productivity married with employment and income growth continued; and corporate profits (as measured by the Standard and Poor's 500 Composite Stock Index ("S&P500")) achieved another year of gains.

PERFORMANCE

For the year ended December31, 2005, Jennison Growth, Initial Classreturned 13.79%. By comparison its primary and former benchmarks, the Russell 1000 Growth Index ("Russell 1000 Growth") and the S&P500 returned 5.26% and 4.91%, respectively.

STRATEGY REVIEW

2005 proved rewarding for our portfolio. Jennison Growth significantly outperformed its benchmark, the Russell 1000 Growth. The portfolio also outperformed the broader market as measured by the S&P500. Not only did we achieve some spectacular gains from individual holdings, strong gains came from many companies across a number of different industries and sectors leading to above average performance for the whole.

The portfolio's health care positions had the largest positive impact on total return, driven by a variety of holdings. During the year, companies that brought meaningful scientific advances to the treatment arena or provided services designed to manage the costs of delivering care were rewarded, and the portfolio benefited significantly in both regards. Alcon, Inc., Amgen, Inc., Genentech, Inc. and Roche Holding Ltd. are all benefiting from strong product cycles. On the services side, Caremark Rx, Inc. and the portfolio's HMO's also posted above market returns.

The performance of the portfolio's information technology holdings has also been very strong. Google Inc. was the top contributor to returns. Revenues have grown at a triple digit pace driven by sponsored search query, while earnings have developed even more favorably due to the operating leverage that accompanies this level of revenue growth. We believe that continued innovation will drive revenue growth in a business that is still early in its growth cycle. Another stellar performer, Apple Computer, Inc. more than doubled during the portfolio's fiscal year, as it continued to benefit from the tremendous success of its iPod family of products.

There were also notable performers in the consumer sectors. Whole Foods Market, Inc. continues to be a consistent and important contributor to performance. The company is enjoying healthy sales and square footage growth and most importantly, very strong same-store-sales. In addition, the productivity of new stores has been exceptional. Chico's FAS, Inc. has also been a notable performer. Increased same store sales continue to be the key to success, while their emerging store concept, White House Black Market is also seeing tremendous growth.

eBay Inc. was the greatest detractor from portfolio returns in the last twelve months, although the majority of weakness came early in 2005. The stock fell on concerns that domestic growth was slowing more than anticipated, coupled with increased investment in emerging markets. We added to our position because we believed that management was very focused on stimulating domestic sales, while its other two units International and PayPal, Inc. continued to grow at very high rates. Notably, the stock is up significantly from the lows set in the first quarter as business performance has improved.

For the full year we achieved flat or positive total return from all sectors with the one exception being industrials. The story in industrials relates to our sole holding in General Electric Company, which declined modestly for the year despite posting strong operating results in line with expectations.

The portfolio continues to invest in companies that we believe are high quality with strong balance sheets and proven management teams. We look for superior long-term business fundamentals, which we believe should provide these companies with sustainable, attractive growth opportunities.

Michael A. Del Balso

Spiros Segalas

Kathleen A. McCarragher

Co-Portfolio Managers

Jennison Associates LLC

AEGON/Transamerica Series Trust

Annual Report 2005

1

Jennison Growth

Comparison of change in value of $10,000 investment in Initial Class shares and its comparative indices.

Average Annual Total Return for Periods Ended 12/31/05

	1 year			5 years			From Inception			Inception Date
Initial Class		13.79	%		(2.04	)%		0.36	%	11/18/96
Russell 1000 Growth1		5.26	%		(3.58	)%		4.96	%	11/18/96
S&P 5001		4.91	%		0.54	%		7.62	%	11/18/96
Service Class		13.52	%		–			16.39	%	5/1/03

NOTES

¹  The Russell 1000 Growth (Russell 1000 Growth) Index and the Standard and Poor's 500 Composite Stock (S&P 500) Index are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. From inception calculation is based on life of Initial Class shares. For reporting periods through December 31, 2004, the Fund had selected S&P 500 as its benchmark measure; however, the Russell 1000 Growth is more appropriate for comparison to the Fund. Source: Standard & Poor's Micropal®© Micropal, Inc. 2005 – 1-800-596-5323 – http://www.funds-sp.com.

The performance data presented represents past performance, future results may vary. The portfolio's investment return and net asset value will fluctuate. Past performance does not guarantee future results. Investor's units when redeemed, may be worth more or less than their original cost.

Current performance may be higher or lower than the performance data quoted. Please visit your insurance company's website for contract or policy level standardized total returns current to the most recent month-end. Portfolio performance is net of investment fees and fund expenses, but not product charges, which, if included, would significantly lower the performance quoted.

This material must be preceded or accompanied by a current prospectus, which includes specific contents regarding the investment objectives, explanation of share classes and policies of this portfolio.

The historical financial information for periods prior to May 1, 2002 has been derived from the financial history of the predecessor portfolio, Jennison Growth Portfolio of Endeavor Series Trust. Jennison Associates LLC has been the sub-adviser since October 9, 2000. Prior to that date, a different firm managed the portfolio and the performance set forth prior to October 9, 2000 is attributable to that firm.

AEGON/Transamerica Series Trust

Annual Report 2005

2

Jennison Growth

UNDERSTANDING YOUR FUND'S EXPENSES
(unaudited)

SHAREHOLDER EXPENSES

Fund shareholders may incur ongoing costs, including management and advisory fees, distribution and service fees, and other Fund expenses.

The following Example is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.

The Example is based on an investment of $1,000 invested at July 1, 2005 and held for the entire period until December 31, 2005.

ACTUAL EXPENSES

The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of your Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fees, brokerage commissions paid on purchases and sales of fund shares. Therefore, the second line under the Fund in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If any of these transaction costs were included, your costs would be higher. The expenses shown in the table do not reflect any fees that may be charged to you by brokers, financial intermediaries or other financial institutions.

	Beginning Account Value		Ending Account Value		Annualized Expense Ratio			Expenses Paid During Period (a)
Initial Class
Actual	$	1,000.00	$	1,133.60		0.87	%	$	4.68
Hypothetical (b)		1,000.00		1,020.82		0.87			4.43
Service Class
Actual		1,000.00		1,132.40		1.12			6.02
Hypothetical (b)		1,000.00		1,019.56		1.12			5.70

^(a)  Expenses are calculated using each Fund's annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by number of days in the period (184 days), and divided by the number of days in the year (365 days).

^(b)  5% return per year before expenses.

GRAPHICAL PRESENTATION OF SCHEDULE OF INVESTMENTS
By Sector
At December 31, 2005

This chart shows the percentage breakdown by sector of the Fund's total investment securities.

AEGON/Transamerica Series Trust

Annual Report 2005

3

Jennison Growth

SCHEDULE OF INVESTMENTS
At December 31, 2005
(all amounts except share amounts in thousands)

	Shares		Value
COMMON STOCKS (90.0%)
Apparel & Accessory Stores (1.9%)
Chico's FAS, Inc. ‡		69,400	$	3,049
Beverages (1.1%)
PepsiCo, Inc.		31,000		1,832
Business Services (3.1%)
eBay, Inc. ‡		105,000		4,541
Getty Images, Inc. ‡†		6,000		536
Chemicals & Allied Products (2.8%)
Procter & Gamble Co.		79,027		4,574
Commercial Banks (2.5%)
Bank of America Corp. †		49,500		2,284
JP Morgan Chase & Co.		44,300		1,758
Communications Equipment (2.4%)
Nokia Corp., ADR		108,900		1,993
QUALCOMM, Inc.		45,200		1,947
Computer & Data Processing Services (14.1%)
Adobe Systems, Inc.		97,800		3,615
Electronic Arts, Inc. ‡†		52,900		2,767
Google, Inc.–Class A ‡		14,500		6,015
Microsoft Corp.		113,400		2,965
NAVTEQ Corp. ‡		25,700		1,127
SAP AG, ADR		50,500		2,276
Yahoo!, Inc. ‡		108,500		4,251
Computer & Office Equipment (4.5%)
Apple Computer, Inc. ‡		41,600		2,991
Cisco Systems, Inc. ‡		84,100		1,440
Dell, Inc. ‡		48,000		1,440
EMC Corp. ‡		104,100		1,418
Department Stores (1.0%)
Federated Department Stores, Inc.		25,200		1,672
Electronic & Other Electric Equipment (2.8%)
General Electric Co.		128,600		4,507
Electronic Components & Accessories (7.3%)
Intel Corp.		81,500		2,034
Marvell Technology Group, Ltd. ‡		62,100		3,483
Maxim Integrated Products, Inc.		90,300		3,272
Texas Instruments, Inc.		98,300		3,153
Food Stores (2.0%)
Whole Foods Market, Inc. †		41,400		3,204
Furniture & Home Furnishings Stores (0.8%)
Williams-Sonoma, Inc. ‡†		30,200		1,303
Health Services (1.4%)
Caremark Rx, Inc. ‡		45,900		2,377

	Shares		Value
Hotels & Other Lodging Places (0.9%)
Marriott International, Inc.–Class A		22,600	$	1,514
Industrial Machinery & Equipment (1.2%)
Applied Materials, Inc. †		109,800		1,970
Instruments & Related Products (2.4%)
Agilent Technologies, Inc. ‡		37,600		1,252
Alcon, Inc.		20,000		2,592
Insurance (6.2%)
American International Group, Inc.		56,500		3,855
Cigna Corp.		11,500		1,285
UnitedHealth Group, Inc.		48,700		3,026
WellPoint, Inc. ‡		24,200		1,931
Leather & Leather Products (1.3%)
Coach, Inc. ‡		62,100		2,070
Lumber & Other Building Materials (1.4%)
Lowe's Cos., Inc. †		35,000		2,333
Medical Instruments & Supplies (1.4%)
St. Jude Medical, Inc. ‡		45,000		2,259
Oil & Gas Extraction (3.5%)
Occidental Petroleum Corp.		20,900		1,670
Schlumberger, Ltd. †		40,900		3,973
Petroleum Refining (1.1%)
Suncor Energy, Inc.		28,600		1,806
Pharmaceuticals (10.5%)
Amgen, Inc. ‡		42,800		3,375
Genentech, Inc. ‡		34,600		3,201
Gilead Sciences, Inc. ‡		50,300		2,647
Novartis AG, ADR †		52,300		2,745
Roche Holding AG, ADR		44,300		3,316
Sanofi-Aventis, ADR		40,800		1,791
Restaurants (0.6%)
Cheesecake Factory (The) ‡†		15,000		561
Starbucks Corp. ‡		12,800		384
Retail Trade (0.4%)
Amazon.com, Inc. ‡†		15,400		726
Rubber & Misc. Plastic Products (1.5%)
NIKE, Inc.–Class B		28,900		2,508
Security & Commodity Brokers (6.7%)
American Express Co.		75,500		3,885
Charles Schwab Corp. (The)		178,900		2,624
Goldman Sachs Group, Inc. (The)		13,000		1,660
Merrill Lynch & Co., Inc.		41,200		2,791

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

4

Jennison Growth

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2005
(all amounts except share amounts in thousands)

	Shares		Value
Telecommunications (1.3%)
Sprint Nextel Corp.		87,902	$	2,053
Variety Stores (1.9%)
Target Corp.		56,400		3,100
Total Common Stocks (cost: $120,496)				146,727
	Principal		Value
SECURITY LENDING COLLATERAL (10.0%)
Debt (8.5%)
Bank Notes (0.3%)
Bank of America
4.27%, due 01/17/2006 *	$	240	$	240
4.31%, due 08/10/2006 *		197		197
Certificates Of Deposit (0.4%)
Barclays 4.31%, due 01/17/2006 *		152		152
Canadian Imperial Bank of Commerce 4.15%, due 05/18/2006 *		215		215
Credit Suisse First Boston Corp. 4.18%, due 03/10/2006 *		86		86
Rabobank Nederland 4.10%, due 05/31/2006 *		215		215
Commercial Paper (1.0%)
Fairway Finance–144A 4.31%, due 01/10/2006		428		428
Jupiter Securitization Corp.–144A 4.27%, due 01/05/2006		215		215
Paradigm Funding LLC–144A 4.30%, due 01/09/2006		84		84
Park Avenue Receivables Corp.–144A 4.27%, due 01/04/2006		213		213
Preferred Receivables Corp.–144A 4.31%, due 01/04/2006		171		171
Ranger Funding Co. LLC–144A 4.29%, due 01/18/2006		170		170
Sheffield Receivables Corp.–144A 4.26%, due 01/23/2006		103		103
Yorktown Capital LLC 4.27%, due 01/05/2006		215		215
Euro Dollar Overnight (1.4%)
Calyon 4.34%, due 01/05/2006		215		215
Fortis Bank 4.35%, due 01/03/2006 4.35%, due 01/05/2006		430 408		430 408
Harris Trust & Savings Bank 4.25%, due 01/05/2006		352		352
National Australia Bank 4.16%, due 01/03/2006		439		439

	Principal		Value
Euro Dollar Overnight (continued)
Rabobank Nederland 4.15%, due 01/03/2006	$	155	$	155
Wells Fargo 4.27%, due 01/03/2006		215		215
Euro Dollar Terms (2.8%)
Bank of Montreal 4.30%, due 01/19/2006		430		430
Barclays 4.27%, due 01/25/2006 4.30%, due 01/31/2006		129 344		129 344
BNP Paribas 4.22%, due 01/24/2006		215		215
Dexia Group 4.25%, due 01/09/2006		215		215
Rabobank Nederland 4.21%, due 01/19/2006		387		387
Royal Bank of Canada 4.25%, due 01/24/2006		301		301
Royal Bank of Scotland 4.30%, due 01/31/2006 4.31%, due 02/01/2006		644 472		644 472
Societe Generale 4.28%, due 01/30/2006		430		430	��
UBS AG 4.26%, due 01/10/2006		430		430
Wells Fargo 4.29%, due 01/30/2006		644		644
Promissory Notes (0.2%)
Bear Stearns & Co. 4.39%, due 03/07/2006 4.39%, due 06/06/2006		258 86		258 86
Repurchase Agreements (2.4%) ††
Credit Suisse First Boston Corp. 4.29%, dated 12/30/2005 to be repurchased at $720 on 01/03/2006		719		719
Goldman Sachs Group, Inc. (The) 4.29%, dated 12/30/2005 to be repurchased at $1,716 on 01/03/2006		1,716		1,716
Lehman Brothers, Inc. 4.29%, dated 12/30/2005 to be repurchased at $11 on 01/03/2006		11		11
Merrill Lynch & Co. 4.24%, dated 12/30/2005 to be repurchased at $1,376 on 01/03/2006		1,375		1,375

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

5

Jennison Growth

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2005
(all amounts except share amounts in thousands)

	Principal		Value
Repurchase Agreements (continued)
Morgan Stanley Dean Witter & Co. 4.36%, dated 12/30/2005 to be repurchased at $152 on 01/03/2006	$	152	$	152
	Shares		Value
Investment Companies (1.5%)
American Beacon Fund 1-day yield of 4.19%		58,906	$	59
Barclays Global Investors Institutional Money Market Fund 1-day yield of 4.19%		558,563		558
Dreyfus Cash Management Plus Fund 1-day yield of 4.09%		232,019		232
Merrimac Cash Fund, Premium Class 1-day yield of 4.03% @		1,521,083		1,521
Total Security Lending Collateral (cost: $16,246)				16,246
Total Investment Securities (cost: $136,742)			$	162,973

NOTES TO SCHEDULE OF INVESTMENTS:

‡  Non-income producing.

†  At December 31, 2005, all or a portion of this security is on loan (see Note 1). The value at December 31, 2005, of all securities on loan is $15,427.

*  Floating or variable rate note. Rate is listed as of December 31, 2005.

††  Cash collateral for the Repurchase Agreements, valued at $4,053, that serve as collateral for securities lending are invested in corporate bonds with interest rates and maturity dates ranging from 0.00%–8.75% and 01/03/2006–08/01/2037, respectively.

@  Regulated investment company advised by Investors Bank and Trust Co. ("IBT"). IBT is also the accounting, custody and lending agent for the Fund.

DEFINITIONS:

144A  144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2005, these securities aggregated $1,384 or 0.8% of the total investments of the Fund.

ADR  American Depositary Receipt

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

6

Jennison Growth

STATEMENT OF ASSETS AND LIABILITIES
At December 31, 2005
(all amounts except per share amounts in thousands)

Assets:
Investment securities, at value (cost: $136,742) (including securities loaned of $15,427)	$	162,973
Cash		6,658
Receivables:
Investment securities sold		243
Shares sold		153
Interest		17
Dividends		80
		170,124
Liabilities:
Investment securities purchased		618
Accounts payable and accrued liabilities:
Shares redeemed		37
Management and advisory fees		107
Administration fees		3
Payable for collateral for securities on loan		16,246
Other		14
		17,025
Net Assets	$	153,099
Net Assets Consist of:
Capital stock ($.01 par value)	$	179
Additional paid-in capital		114,459
Distributable net investment income (loss)		–
Accumulated net realized gain (loss) from investment securities		12,230
Net unrealized appreciation (depreciation) on investment securities		26,231
Net Assets	$	153,099
Net Assets by Class:
Initial Class	$	152,630
Service Class		469
Shares Outstanding:
Initial Class		17,851
Service Class		55
Net Asset Value and Offering Price Per Share:
Initial Class	$	8.55
Service Class		8.51

STATEMENT OF OPERATIONS
For the year ended December 31, 2005
(all amounts in thousands)

Investment Income:
Interest	$	67
Dividends (net of withholding taxes on foreign dividends of $20)		867
Income from loaned securities–net		20
		954
Expenses:
Management and advisory fees		1,054
Printing and shareholder reports		10
Custody fees		28
Administration fees		26
Legal fees		3
Audit fees		14
Trustees fees		4
Service fees:
Service Class		1
Other		3
Total expenses		1,143
Net Investment Income (Loss)		(189	)
Net Realized and Unrealized Gain (Loss):
Realized gain (loss) from investment securities		13,156
Increase (decrease) in unrealized appreciation (depreciation) on investment securities		4,561
Net Realized and Unrealized Gain (Loss) on Investment Securities		17,717
Net Increase (Decrease) in Net Assets Resulting from Operations	$	17,528

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

7

Jennison Growth

STATEMENTS OF CHANGES IN NET ASSETS
For the years ended
(all amounts in thousands)

	December 31, 2005			December 31, 2004
Increase (Decrease) In Net Assets From:
Operations:
Net investment income (loss)	$	(189	)	$	289
Net realized gain (loss) from investment securities		13,156			15,221
Change in unrealized appreciation (depreciation) on investment securities		4,561			(3,093	)
		17,528			12,417
Distributions to Shareholders:
From net investment income:
Initial Class		(282	)		–
		(282	)		–
From net realized gains:
Initial Class		(8,294	)		–
Service Class		(27	)		–
		(8,321	)		–
Capital Share Transactions:
Proceeds from shares sold:
Initial Class		66,579			5,795
Service Class		349			1,299
		66,928			7,094
Dividends and distributions reinvested:
Initial Class		8,576			–
Service Class		27			–
		8,603			–
Cost of shares redeemed:
Initial Class		(59,679	)		(50,174	)
Service Class		(789	)		(612	)
		(60,468	)		(50,786	)
		15,063			(43,692	)
Net increase (decrease) in net assets		23,988			(31,275	)
Net Assets:
Beginning of year		129,111			160,386
End of year	$	153,099		$	129,111
Distributable Net Investment Income (Loss)	$	–		$	289

	December 31, 2005			December 31, 2004
Share Activity:
Shares issued:
Initial Class		7,809			763
Service Class		43			171
		7,852			934
Shares issued–reinvested from distributions:
Initial Class		1,089			–
Service Class		3			–
		1,092			–
Shares redeemed:
Initial Class		(7,053	)		(6,580	)
Service Class		(101	)		(78	)
		(7,154	)		(6,658	)
Net increase (decrease) in shares outstanding:
Initial Class		1,845			(5,817	)
Service Class		(55	)		93
		1,790			(5,724	)

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

8

Jennison Growth

FINANCIAL HIGHLIGHTS

		For a share outstanding throughout each period (a)
		Net Asset		Investment Operations									Distributions									Net Asset
	For the Period Ended (b)	Value, Beginning of Period		Net Investment Income (Loss)			Net Realized and Unrealized Gain (Loss)			Total Operations			From Net Investment Income			From Net Realized Gains			Total Distributions			Value, End of Period
Initial Class	12/31/2005	$	8.01	$	(0.01	)	$	1.07		$	1.06		$	(0.02	)	$	(0.50	)	$	(0.52	)	$	8.55
	12/31/2004		7.34		0.01			0.66			0.67			–			–			–			8.01
	12/31/2003		5.70		–			1.64			1.64			–			–			–			7.34
	12/31/2002		8.23		(0.01	)		(2.52	)		(2.53	)		–			–			–			5.70
	12/31/2001		10.30		(0.02	)		(1.87	)		(1.89	)		(0.18	)		–			(0.18	)		8.23
Service Class	12/31/2005		7.98		(0.03	)		1.06			1.03			–	(h)		(0.50	)		(0.50	)		8.51
	12/31/2004		7.33		0.09			0.56			0.65			–			–			–			7.98
	12/31/2003		6.04		(0.02	)		1.31			1.29			–			–			–			7.33

					Ratios/Supplemental Data
	For the Period	Total			Net Assets, End of Period		Ratio of Expenses to Average Net Assets (f)						Net Investment Income (Loss) to Average			Portfolio Turnover
	Ended (b)	Return (c)(g)			(000's)		Net (d)			Total (e)			Net Assets (f)			Rate (g)
Initial Class	12/31/2005		13.79	%	$	152,630		0.87	%		0.87	%		(0.14	)%		67	%
	12/31/2004		9.13			128,235		0.90			0.90			0.19			68
	12/31/2003		28.77			160,265		0.90			0.90			(0.04	)		132
	12/31/2002		(30.74	)		115,138		0.99			1.04			(0.10	)		68
	12/31/2001		(18.54	)		34,245		1.01			1.01			(0.13	)		78
Service Class	12/31/2005		13.52			469		1.12			1.12			(0.41	)		67
	12/31/2004		8.87			876		1.17			1.17			1.23			68
	12/31/2003		21.36			121		1.17			1.17			(0.36	)		132

NOTES TO FINANCIAL HIGHLIGHTS

(a)  Per share information is calculated based on average number of shares outstanding.

(b)  Jennison Growth (the "Fund") share classes commenced operations as follows:

Initial Class – November 18, 1996
Service Class – May 1, 2003

(c)  Total Return reflects all portfolio expenses and includes reinvestment of dividends and capital gains; it does not reflect the charges and deductions under the policies or annuity contracts.

(d)  For the years ended December 31, 2005, 2004, and 2003, Ratio of Net Expenses to Average Net Assets is net of fee waivers and reimbursements by the investment adviser, if any (see note 2). For the year ended December 31, 2002, Ratio of Net Expenses to Average Net Assets is net of fees paid indirectly. For the year ended December 31, 2001, Ratio of Net Expenses to Average Net Assets is net of fees paid indirectly and credits allowed by the custodian.

(e)  Ratio of Total Expenses to Average Net Assets includes all expenses before reimbursements by the investment adviser.

(f)  Annualized.

(g)  Not annualized.

(h)  Rounds to less than $(0.01) per share.

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

9

Jennison Growth

NOTES TO FINANCIAL STATEMENTS
At December 31, 2005
(all amounts in thousands)

NOTE 1.  ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

The AEGON/Transamerica Series Trust, Inc. ("ATST") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). ATST serves as a funding vehicle for variable life insurance, variable annuity and group annuity products. Jennison Growth (the "Fund") is part of ATST.

Effective May 1, 2005, AEGON/Transamerica Series Fund, Inc. changed its name to AEGON/Transamerica Series Trust.

In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

This report should be read in conjunction with the current Fund prospectus, which contains more complete information about the Fund.

In preparing the Fund's financial statements in accordance with accounting principles generally accepted in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Fund.

Multiple class operations, income and expenses: The Fund currently offers two classes of shares, an Initial Class and a Service Class. Income, non-class specific expenses and realized and unrealized gains and losses, are allocated daily to each class, based upon the value of shares outstanding method as permitted under Rule 18f-3 of the 1940Act. Each class bears its own specific expenses as well as a portion of general, common expenses.

Security valuations: The Fund values its investments at the close of the New York Stock Exchange ("NYSE"), normally 4 p.m. ET, each day the NYSE is open for business. Fund investments are valued at the last sale price or closing price on the day of valuation taken from the primary exchange where the security is principally traded.

Securities traded in the over-the-counter market and listed securities for which no sale was reported on that date are valued at the last quoted bid price.

Debt securities are valued based on a price quotation or other equivalent indication of value supplied by an exchange, a pricing service or a major market maker; however, those that mature in sixty days or less are valued at amortized cost, which approximates market.

Investment company securities are valued at the net asset value of the underlying portfolio.

Other securities for which quotations are not readily available are valued at fair market value as determined in good faith by the Fund's Administrative Valuation Committee, under the supervision of the Board's Valuation Committee, using guidelines adopted by the Board of Trustees.

Cash: The Fund may leave cash overnight in its cash account with the custodian, Investors Bank & Trust Company ("IBT"). IBT has been contracted on behalf of the Fund to invest the excess cash into a savings account, which at December 31, 2005, was paying an interest rate of 3.00%.

Repurchase agreements: The Fund is authorized to enter into repurchase agreements. The Fund, through its custodian, IBT, receives delivery of the underlying securities, the value of which at the time of purchase is required to be an amount equal to at least 100% of the resale price. The Fund will bear the risk of value fluctuations until the security can be sold and may encounter delays and incur costs in liquidating the security. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Commission recapture: The sub-adviser, to the extent consistent with the best execution and usual commission rate policies and practices, may place security transactions of the Fund with broker/dealers with which ATST has established a Commission Recapture Program. A Commission Recapture Program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Fund. In no event will commissions paid by the Fund be used to pay expenses that would otherwise be borne by any other funds within ATST, or by any other party.

Recaptured commissions during the year ended December 31, 2005, of $29 are included in net realized gains in the Statement of Operations.

Securities lending: The Fund may lend securities to qualified borrowers, with IBT acting as the Fund's lending agent. The Fund earns negotiated lenders' fees. The Fund receives cash and/or securities as collateral against the loaned securities. Cash collateral received is invested in short term, interest bearing securities. The Fund monitors the market value of securities loaned on a daily basis and requires collateral in an amount at least equal to the value of the securities loaned. Income from loaned securities on the Statement of Operations is net of fees, in the amount of $9, earned by IBT for its services.

Security transactions and investment income: Security transactions are recorded on the trade date. Security gains and losses are calculated on the first-in, first-out basis. Dividend income, if any, is recorded on

AEGON/Transamerica Series Trust

Annual Report 2005

10

Jennison Growth

NOTES TO FINANCIAL STATEMENTS (continued)
At December 31, 2005
(all amounts in thousands)

NOTE 1.–(continued)

the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend date. Interest income, including accretion of discounts and amortization of premiums, is recorded on the accrual basis commencing on the settlement date.

Dividend distributions: Dividends and capital gains distributions are typically declared and reinvested annually and are generally paid and reinvested on the business day following the ex-date.

NOTE 2.  RELATED PARTY TRANSACTIONS

Effective January 1, 2005 AEGON/Transamerica Fund Advisers, Inc. was renamed Transamerica Fund Advisors, Inc. ("TFAI"); AEGON/Transamerica Fund Services, Inc. and AEGON/Transamerica Investor Services, Inc. merged into one entity and was renamed Transamerica Fund Services, Inc. ("TFS").

ATST serves as a funding vehicle for certain affiliated asset allocation portfolios and certain affiliated separate accounts of Western Reserve Life Assurance Co. of Ohio, Transamerica Life Insurance Company, Transamerica Financial Life Insurance Company, Inc., Peoples Benefit Life Insurance Company, Transamerica Occidental Life Insurance Company and Transamerica Life Insurance and Annuity Company.

TFAI is the Fund's investment adviser. TFS is the Fund's administrator and transfer agent. AFSG Securities Corp. ("AFSG") is the Fund's distributor. TFAI, TFS, and AFSG are affiliates of AEGON, NV, a Netherlands corporation.

Certain officers and trustees of the Fund are also officers and/or directors of TFAI, TFS and AFSG.

The following schedule reflects the percentage of fund assets owned by affiliated investment companies at December 31, 2005:

	Net Assets		% of Net Assets
Asset Allocation–Growth Portfolio	$	99,024		64.68	%
Asset Allocation–Moderate Growth Portfolio		8,866		5.79	%
Total	$	107,890		70.47	%

Investment advisory fee: The Fund pays management fees to TFAI based on average daily net assets ("ANA") at the following breakpoints:

From January 1, 2005 to January 31, 2005:

0.85% of ANA

From February 1, 2005 on:

0.80% of the first $500 million of ANA
0.70% of ANA over $500 million

TFAI has contractually agreed to waive its advisory fee and will reimburse the Fund to the extent that operating expenses, excluding 12b-1 fees, exceed the following stated annual limit:

0.94% Expense Limit

If total fund expenses fall below the annual expense limitation agreement agreed to by the adviser within the succeeding three years, the Fund may be required to pay that adviser a portion or all of the waived advisory fees.

There were no amounts recaptured during the year ended December 31, 2005. There are no amounts available for recapture at December 31, 2005.

Distribution and service fees: The Fund adopted a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, ATST entered into a Distribution Agreement with AFSG dated January 1, 1997, as amended.

Under the Distribution Plan and Distribution Agreement on the Initial Class shares, AFSG, on behalf of the Fund, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Fund's shares, amounts equal to actual expenses associated with distributing the shares.

The Distribution Plan on the Service Class shares requires ATST to pay distribution fees to AFSG as compensation for its activities, not as reimbursement for specific expenses. The fee on the Service Class is paid to the insurance companies for providing services and account maintenance for their policyholders who invest in the variable insurance products which invest in the Service Class shares.

The Fund is authorized under the 12b-1 plan to pay fees on each class up to the following limits:

Initial Class	0.15	%
Service Class	0.25	%

AFSG has determined that it will not seek payment by the Fund of the distribution expenses incurred with respect to the Initial Class shares before April 30, 2007. Prior to AFSG seeking reimbursement of future

AEGON/Transamerica Series Trust

Annual Report 2005

11

Jennison Growth

NOTES TO FINANCIAL STATEMENTS (continued)
At December 31, 2005
(all amounts in thousands)

NOTE 2.–(continued)

expenses, policy and contract owners will be notified in advance. The Fund will pay fees relating to Service Class shares.

Administrative services: The Fund has entered into an agreement with TFS for financial and legal fund administration services. The Fund pays TFS an annual fee of 0.02% of ANA. The Legal fees on the Statement of Operations are for fees paid to external legal counsel.

Brokerage commissions: Brokerage commissions incurred on security transactions placed with an affiliate of the sub-adviser for the year ended December 31, 2005, were $1.

Deferred compensation plan: Each eligible independent Fund Trustee may elect participation in a non-qualified deferred compensation plan ("the Plan") maintained by Transamerica IDEX Mutual Funds, an affiliate of the Fund. Under the Plan, such Trustees may defer payment of all or a portion of their total fees earned as a Fund Trustee. Each Trustee who is a participant in the Plan may elect that the earnings, losses or gains credited to his or her deferred fee amounts be determined based on a deemed investment in any series of Transamerica IDEX Mutual Funds. The right of a participant to receive a distribution from the Plan of the deferred fees is an unsecured claim against the general assets of all series of Transamerica IDEX Mutual Funds. The pro rata liability to the Fund of all deferred fees in the Plan amounted, as of December 31, 2005, to $8.

NOTE 3.  INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the year ended December 31, 2005, were as follows:

Purchases of securities:
Long-Term	$	86,381
U.S. Government		–
Proceeds from maturities and sales of securities:
Long-Term		86,322
U.S. Government		–

NOTE 4.  FEDERAL INCOME TAX MATTERS

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatment for items including, but not limited to, wash sales and net operating losses.

Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. Financial records are not adjusted for temporary differences. These reclassifications are as follows:

Distributable net investment income (loss)	$	182
Accumulated net realized gain (loss) from investment securities		(182	)

The tax character of distributions paid may differ from the character of distributions shown in the Statements of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2004 and 2005 was as follows:

2004 Distributions paid from:
Ordinary Income	$	–
Long-term Capital Gain		–
2005 Distributions paid from:
Ordinary Income		2,027
Long-term Capital Gain		6,576

The tax basis components of distributable earnings as of December 31, 2005, are as follows:

Undistributed Ordinary Income	$	791
Undistributed Long-term Capital Gain	$	11,596
Capital Loss Carryforward	$	–
Net Unrealized Appreciation (Depreciation)	$	26,074

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of December 31, 2005, are as follows:

Federal Tax Cost Basis	$	136,899
Unrealized Appreciation	$	27,211
Unrealized (Depreciation)		(1,137	)
Net Unrealized Appreciation (Depreciation)	$	26,074

NOTE 5.  REGULATORY PROCEEDINGS

There continues to be significant federal and state regulatory activity relating to financial services companies, particularly mutual fund companies and their investment advisers. As part of an ongoing investigation regarding potential market timing, recordkeeping and trading compliance issues and matters affecting the Fund's investment adviser, TFAI, and certain affiliates and former employees of TFAI, the SEC staff has indicated that it is likely to take some action against TFAI and certain of its affiliates at the conclusion of the investigation. The potential timing and the scope of any such action is difficult to predict. Although the impact of any action brought against TFAI and/or its affiliates is difficult to assess at the present time, the Fund currently believes that the likelihood that any such action will have a material adverse impact on it is remote. It is important to note that the Fund is

AEGON/Transamerica Series Trust

Annual Report 2005

12

Jennison Growth

NOTES TO FINANCIAL STATEMENTS (continued)
At December 31, 2005
(all amounts in thousands)

NOTE 5.–(continued)

not aware of any allegation of wrongdoing against it and its Board at the time this annual report is printed. Although it is not anticipated that these developments will have an adverse impact on the Fund, there can be no assurance at this time. TFAI and its affiliates are actively working with the SEC in regard to this matter; however, the exact resolution cannot be determined at this time. TFAI will take such actions that it deems necessary or appropriate to continue providing management services to the Fund and to bring all matters to an appropriate conclusion.

TFAI and/or its affiliates, and not the Fund, will bear the costs regarding these regulatory matters.

AEGON/Transamerica Series Trust

Annual Report 2005

13

Report of Independent Registered Certified Public Accounting Firm

To the Board of Trustees and Shareholders of
Jennison Growth

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Jennison Growth (the "Fund") (one of the portfolios constituting the AEGON/Transamerica Series Trust) at December 31, 2005, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fund's management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2005 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

Tampa, Florida
February 23, 2006

Jennison Growth (UNAUDITED)

SUPPLEMENTAL TAX INFORMATION
(all amounts in thousands)

For tax purposes, the Fund has made a Long-Term Capital Gain Designation of $6,576 for the year ended December 31, 2005.

AEGON/Transamerica Series Trust

Annual Report 2005

14

Jennison Growth

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS – REVIEW AND RENEWAL (unaudited)

At a meeting of the Board of Trustees of AEGON/Transamerica Series Trust ("ATST") held on November 2, 2005, the Board reviewed and considered the Investment Advisory Agreement between Jennison Growth (the "Portfolio") and Transamerica Fund Advisors, Inc. ("TFAI") as well as the Investment Sub-Advisory Agreement of the Portfolio between TFAI and Jennison Associates LLC (the "Sub-Adviser"), to determine whether the agreements should be renewed for a one-year period. Following their review and consideration, the Trustees determined that the Investment Advisory Agreement and the Investment Sub-Advisory Agreement will enable shareholders of the Portfolio to obtain high quality services at a cost that is appropriate, reasonable, and in the best interests of its shareholders. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and the Investment Sub-Advisory A greement. In reaching their decision, the Trustees requested and obtained from TFAI and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the proposed agreements. The Trustees also carefully considered the information that they had received throughout the year from TFAI and the Sub-Adviser (such as in-person presentations by the Sub-Adviser) as part of their regular oversight of the Portfolio, as well as: comparative fee, expense and performance information prepared by Lipper Inc. ("Lipper"), independent providers of mutual fund performance, fee and expense information; and profitability data. In considering the proposed continuation of the Investment Advisory Agreement and the Investment Sub-Advisory Agreement, the Trustees evaluated a number of considerations that they believe, in light of the legal advice furnished to them by ATST counsel and independent legal counsel and their own business judgment, to be relevant. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:

The nature, extent and quality of the advisory service to be provided. The Board considered the nature and quality of the services provided by TFAI and the Sub-Adviser to the Portfolio in the past, as well as the services anticipated to be provided in the future. The Board concluded that TFAI and the Sub-Adviser are capable of providing high quality services to the Portfolio, as indicated by the nature and quality of services provided in the past, TFAI's and the Sub-Adviser's management capabilities demonstrated with respect to the portfolios they manage, including the Portfolio, and the experience, capability and integrity of TFAI's senior management, the financial resources of TFAI and the Sub-Adviser, TFAI's management oversight process, the professional qualifications and experience of the Sub-Adviser's portfolio management team, and the Portfolio 's investment performance. The Trustees also concluded that TFAI and the Sub-Adviser proposed to provide investment and related services that were of the same quality and quantity as services provided to the Portfolio in the past, and that these services are appropriate in scope and extent in light of the Portfolio's operations, the competitive landscape of the investment company business and investor needs, and that TFAI's and the Sub-Adviser's obligations will remain substantially the same.

The investment performance of the Portfolio. The Board examined both the short-term and longer-term performance of the Portfolio, including relative performance against a benchmark securities index and a peer group of comparable mutual funds as prepared by Lipper, for various trailing periods ended June 30, 2005. The Trustees conclude that TFAI and the Sub-Adviser generally had achieved superior investment performance, noting the superior performance of the Portfolio relative to its peers and the benchmark index over the past one-, two-, three- and ten-year periods, although the performance of the Portfolio was below median compared to its peers and lagged the benchmark index over the past five-year period. On the basis of the Trustees' assessment of the nature, extent and quality of advisory services to be provided or procured by TFAI and the Sub-Adv iser, the Trustees concluded that TFAI and the Sub-Adviser are capable of generating a level of investment performance that is appropriate in light of the Portfolio's investment objective, policies and strategies and competitive with many other investment companies, and also determined that TFAI's and the Sub-Adviser's performance records indicate that their continued management is likely to benefit the Portfolio and its shareholders.

The cost of advisory services provided and the level of profitability. The Board favorably noted the Portfolio's new pricing schedule, which results in lower asset-based management and sub-adviosry fee breakpoints, which, based upon current asset levels, should result in lower management fees to the benefit of the Portfolio and its shareholders. The Board reviewed profitability information regarding TFAI's costs of procuring portfolio management services, as well as the costs of provision of administration, fund accounting and other services, to the Portfolio and to ATST as a whole by TFAI and its affiliates. The Trustees reviewed data from Lipper that compared the Portfolio's management fees (including management fees at various asset levels), other fees and expenses (including total expenses including and excluding 12b-1 distribution and service fee s) and portfolio turnover rate against a peer group of comparable mutual funds. Based on such information, the Trustees determined that the management fees and overall expense ratio of the Portfolio generally are consistent with industry averages. In addition, on the basis of the Board's review of the management fees to be charged by TFAI for investment advisory and related services, TFAI profitability information (derived from TFAI's audited financial statements), TFAI's estimated management income resulting from its management of the Portfolio, the estimated margin of the Sub-Adviser, as well as the entirety of TFAI's and its affiliates' service relationship with ATST, the Board concluded that the level of investment management fees and

AEGON/Transamerica Series Trust

Annual Report 2005

15

Jennison Growth (continued)

other service fees, as well as TFAI's and the Sub-Adviser's profitability, are appropriate in light of the services provided, the management fees and overall expense ratios of comparable investment companies and the anticipated profitability of the relationship between the Portfolio, TFAI and its affiliates, and the Sub-Adviser.

Whether fee levels reflect economies of scale and the extent to which economies of scale would be realized as the Portfolio grows. The Board concluded that the inclusion of asset-based breakpoints in the Portfolio's advisory fee schedule appropriately benefits investors by realizing economies of scale in the form of lower management fees as the level of assets grows. The Board also favorably noted, as mentioned in the above section, that the Portfolio's new pricing schedule will result in lower asset-based management and sub-advisory fee breakpoints. In addition, the Board concluded that the Portfolio's management fees appropriately reflect the Portfolio's current size, the current economic environment for TFAI, the competitive nature of the investment company market, and TFAI's pricing strategy. The Trustees also concluded that they will have the opp ortunity to periodically reexamine whether the Portfolio has achieved economies of scale, and the appropriateness of management fees payable to TFAI and fees payable by TFAI to the Sub-Adviser, in the future.

Benefits (such as soft dollars) to TFAI, its affiliates, or the Sub-Adviser from their relationship with the Portfolio. The Board concluded that other benefits derived by TFAI, its affiliates, and the Sub-Adviser from their relationship with the Portfolio are reasonable and fair, and are consistent with industry practice and the best interests of the Portfolio and its shareholders. In this regard, the Board noted that TFAI does not realize "soft dollar" benefits from its relationship with the Portfolio, and that the Sub-Adviser is participating in a brokerage program pursuant to which a portion of brokerage commissions paid by the Portfolio is recaptured for the benefit of the Portfolio and its shareholders, thus limiting the amount of "soft-dollar" arrangements the Sub-Adviser may engage in with respect to the Portfolio's brokerage transactions. In a ddition, the Trustees determined that the administration, fund accounting and other fees paid by the Portfolio to affiliates of TFAI are reasonable, fair and in the best interests of shareholders in light of the nature and quality of the services provided, the associated costs to these affiliates of providing the services, the impact of the costs of such services on the Portfolio's overall operating expenses, and the necessity of the services for the Portfolio's operations.

Other considerations. The Board determined that TFAI had made a substantial commitment to the recruitment and retention of high quality personnel, and maintained the financial, compliance and operational resources reasonably necessary to manage the Portfolio in a professional manner that is consistent with the best interests of the Portfolio and its shareholders. In this regard, the Trustees favorably considered the procedures and policies in place by TFAI to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Adviser. The Trustees also determined that TFAI had made a significant entrepreneurial commitment to the management and success of the Portfolio, reflected by TFAI's expense limitation and fee waiver arrangement with the Portfolio, which may result in TFAI waiving a substantial amoun t of advisory fees for the benefit of shareholders.

AEGON/Transamerica Series Trust

Annual Report 2005

16

J. P. Morgan Enhanced Index

MARKET ENVIRONMENT

2005 was characterized by a choppy market as investors attempted to discern the direction of inflation, its impact on economic growth, and the length of the Federal Reserve Board's ("Fed") tightening policy. Despite a robust economy and generally good news from corporate America during the year, the main focus was on the Fed's tightening and oil prices. Investors spent the better part of the year digesting data points to determine the Fed's ability to quell inflation while leaving the economy intact.

During the latter part of the year, solid economic growth, a strong labor market and a Fed that seemed more at ease with the current growth and inflation outlook helped provide a boost to stocks. Furthermore, the markets embraced both falling oil prices, and the appointment of Ben Bernanke as the next Fed Chairman. However, equity gains were capped by relatively cautious news regarding corporate earnings. Consensus expectations for fourth-quarter profit growth fell from +16.5% to +13.3% in the quarter, following ten straight quarters of better-than-expected profit growth.

PERFORMANCE

For the year ended December 31, 2005, J.P. Morgan Enhanced Index, Initial Class returned 3.46%. By comparison its benchmark, the Standard and Poor's 500 Composite Stock Index ("S&P 500") returned 4.91%.

STRATEGY REVIEW

The portfolio underperformed its benchmark, the S&P 500, for the twelve month period ended December 31, 2005. The portfolio seeks to create consistent excess returns relative to the S&P 500 by constructing a well-diversified portfolio of approximately 175–350 names that is style and sector neutral relative to the benchmark. Performance is based on over/underweighting stocks within sectors based on their longer-term earnings prospects as determined by our research.

Stock selection difficulties within pharmaceutical/medical technology, industrial cyclical and systems and network hardware dragged on results. Overweight positions in OSI Pharmaceuticals, Inc. ("OSI") and Boston Scientific Corporation ("Boston Scientific"), combined with an underweight in Apple Computer Inc., negatively impacted performance. OSI and Boston Scientific were the biggest detractors from performance in the pharmaceutical/medical technology sector. Our initial investment in OSI was based on the company's promising cancer drug, Tarceva. After the announcement of the Eyetech Pharmaceuticals, Inc. acquisition in August, we began to question management's direction since the deal would likely dilute the potential impact of Tarceva, as well as being a questionable use of cash. In addition, the acquisition put OSI on a possible collision course with its key partner; Genentech, Inc. Boston Scientific faced continuous headwinds in 2005, battling multiple manufacturing disruptions: recalls of its Taxus stent; pipeline delays; patent litigation; and increased competition in the drug-eluding stent market. We think much of the bad news has been priced into the name, and continue to maintain a position.

Alternatively, stock selection within consumer cyclical, consumer staples and finance benefited results. At the security level, overweight positions in Corning Incorporated ("Corning") and FedEx Corporation ("FedEx"), along with an underweight in Fannie Mae, positively impacted performance. Corning was the top contributor in the network technology sector and the portfolio for 2005. Corning benefited from strong demand for liquid crystal display ("LCD") monitors for televisions and notebook computers. Positive news from retailers in December confirmed continued customer penetration, giving us confidence that price reductions on LCD TV's are driving strong adoption rates for Corning. Positive performance also came from FedEx, which rallied more than 15% in the fourth quarter on robust earnings growth, due to strong margin expansion in both its express and ground businesses.

Terance Chen, CFA

Raffaele Zingone, CFA

Co-Portfolio Managers
J.P. Morgan Investment Management Inc.

AEGON/Transamerica Series Trust

Annual Report 2005

1

J. P. Morgan Enhanced Index

Comparison of change in value of $10,000 investment in Initial Class shares and its comparative index.

Average Annual Total Return for Periods Ended 12/31/05

	1 year			5 years			From Inception			Inception Date
Initial Class		3.46	%		(0.34	)%		6.10	%	5/2/97
S&P 5001		4.91	%		0.54	%		6.89	%	5/2/97
Service Class		3.20	%		–			13.48	%	5/1/03

NOTES

¹  The Standard and Poor's 500 Composite Stock (S&P 500) Index is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. From inception calculation is based on life of Initial Class shares. Source: Standard & Poor's Micropal®^© Micropal, Inc. 2005 – 1-800-596-5323 – http://www.funds-sp.com.

The performance data presented represents past performance, future results may vary. The portfolio's investment return and net asset value will fluctuate. Past performance does not guarantee future results. Investor's units when redeemed, may be worth more or less than their original cost.

Current performance may be higher or lower than the performance data quoted. Please visit your insurance company's website for contract or policy level standardized total returns current to the most recent month-end. Portfolio performance is net of investment fees and fund expenses, but not product charges, which, if included, would significantly lower the performance quoted.

This material must be preceded or accompanied by a current prospectus, which includes specific contents regarding the investment objectives, explanation of share classes and policies of this portfolio.

The historical financial information for periods prior to May 1, 2002 has been derived from the history of the predecessor portfolio, Endeavor Enhanced Index Portfolio of the Endeavor Series Trust.

AEGON/Transamerica Series Trust

Annual Report 2005

2

J. P. Morgan Enhanced Index

UNDERSTANDING YOUR FUND'S EXPENSES
(unaudited)

SHAREHOLDER EXPENSES

Fund shareholders may incur ongoing costs, including management and advisory fees, distribution and service fees, and other Fund expenses.

The following Example is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.

The Example is based on an investment of $1,000 invested at July 1, 2005 and held for the entire period until December 31, 2005.

ACTUAL EXPENSES

The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of your Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fees, brokerage commissions paid on purchases and sales of fund shares. Therefore, the second line under the Fund in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If any of these transaction costs were included, your costs would be higher. The expenses shown in the table do not reflect any fees that may be charged to you by brokers, financial intermediaries or other financial institutions.

	Beginning Account Value		Ending Account Value		Annualized Expense Ratio			Expenses Paid During Period(a)
Initial Class
Actual	$	1,000.00	$	1,044.30		0.84	%	$	4.33
Hypothetical (b)		1,000.00		1,020.97		0.84			4.28
Service Class
Actual		1,000.00		1,043.10		1.10			5.66
Hypothetical (b)		1,000.00		1,019.66		1.10			5.60

(a)  Expenses are calculated using each Fund's annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by number of days in the period (184 days), and divided by the number of days in the year (365 days).

(b)  5% return per year before expenses.

GRAPHICAL PRESENTATION OF SCHEDULE OF INVESTMENTS
By Sector
At December 31, 2005

This chart shows the percentage breakdown by sector of the Fund's total investment securities.

AEGON/Transamerica Series Trust

Annual Report 2005

3

J.P. Morgan Enhanced Index

SCHEDULE OF INVESTMENTS
At December 31, 2005
(all amounts except share amounts in thousands)

	Principal		Value
U.S. GOVERNMENT OBLIGATIONS (0.1%)
U.S. Treasury Note
1.63%, due 02/28/2006 d	$	200	$	199
Total U.S. Government Obligations (cost: $200)				199
	Shares		Value
COMMON STOCKS (91.6%)
Aerospace (1.6%)
Boeing Co. (The)		14,600	$	1,026
Lockheed Martin Corp.		9,600		611
Northrop Grumman Corp.		19,000		1,142
United Technologies Corp.		13,800		772
Air Transportation (1.0%)
FedEx Corp.		21,100		2,182
Amusement & Recreation Services (0.0%)
Disney (Walt) Co. (The)		2,500		60
Apparel & Accessory Stores (0.6%)
Abercrombie & Fitch Co.–Class A †		2,900		189
Kohl's Corp. ‡		25,200		1,225
Ross Stores, Inc. †		1,400		40
Apparel Products (0.1%)
Jones Apparel Group, Inc.		7,600		233
Automotive (0.4%)
Harley-Davidson, Inc.		6,100		314
Lear Corp. †		18,300		521
Beverages (1.9%)
Coca-Cola Co. (The)		76,800		3,096
Coca-Cola Enterprises, Inc.		33,100		635
PepsiCo, Inc.		8,400		496
Business Credit Institutions (0.9%)
CIT Group, Inc.		27,300		1,414
Fannie Mae		900		44
Freddie Mac		9,400		614
Business Services (0.7%)
eBay, Inc. ‡		38,400		1,661
Chemicals & Allied Products (3.4%)
Air Products & Chemicals, Inc.		24,700		1,462
Nalco Holding Co. ‡		34,300		607
Praxair, Inc.		23,800		1,260
Procter & Gamble Co.		62,600		3,623
Rohm & Haas Co.		13,700		663
Commercial Banks (9.8%)
Bank of America Corp. †		94,700		4,370
Bank of New York Co., Inc. (The)		3,500		111
Citigroup, Inc.		137,200		6,658

	Shares		Value
Commercial Banks (continued)
Marshall & IIsley Corp.		1,400	$	60
MBNA Corp.		55,100		1,497
Mellon Financial Corp.		27,100		928
North Fork Bancorp, Inc.		32,000		876
PNC Financial Services Group, Inc.		800		49
State Street Corp.		26,900		1,491
TCF Financial Corp.		500		14
US Bancorp		105,000		3,138
Wells Fargo & Co.		44,900		2,821
Zions Bancorp		700		53
Communication (1.5%)
EchoStar Communications Corp.–Class A ‡		14,000		380
Viacom, Inc.–Class B ‡		91,000		2,967
Communications Equipment (3.1%)
Corning, Inc. ‡		109,900		2,161
Motorola, Inc.		90,200		2,038
QUALCOMM, Inc.		52,200		2,249
Tellabs, Inc. ‡		41,600		453
Computer & Data Processing Services (4.2%)
Affiliated Computer Services, Inc.–Class A ‡		16,600		982
Juniper Networks, Inc. ‡		24,200		540
Microsoft Corp.		225,900		5,907
NCR Corp. ‡		7,400		251
Oracle Corp. ‡		141,500		1,728
Computer & Office Equipment (3.1%)
Cisco Systems, Inc. ‡		134,100		2,296
Dell, Inc. ‡		53,900		1,616
EMC Corp. ‡		15,700		214
Hewlett-Packard Co.		24,500		701
International Business Machines Corp.		26,400		2,170
Seagate Technology, Inc.–Escrow Shares ‡m		8,700		—	o
Construction (0.1%)
Centex Corp. †		2,600		186
Department Stores (0.4%)
Federated Department Stores, Inc.		7,400		491
Foot Locker, Inc.		4,700		111
JC Penney Co., Inc. †		4,300		239
Drug Stores & Proprietary Stores (0.2%)
CVS Corp.		14,500		383
Electric Services (3.0%)
CMS Energy Corp. ‡†		21,800		316
Consolidated Edison, Inc. †		7,200		334
Constellation Energy Group, Inc.		7,700		444
Dominion Resources, Inc. †		26,000		2,007

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

4

J.P. Morgan Enhanced Index

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2005
(all amounts except share amounts in thousands)

	Shares		Value
Electric Services (continued)
Duke Energy Corp. †		8,400	$	231
Edison International		10,800		471
FPL Group, Inc.		3,700		154
Northeast Utilities		19,600		386
Pinnacle West Capital Corp. †		11,600		480
PPL Corp.		28,600		841
SCANA Corp.		3,700		146
Xcel Energy, Inc. †		53,300		984
Electric, Gas & Sanitary Services (0.3%)
PG&E Corp.		15,100		561
Wisconsin Energy Corp.		3,100		121
Electronic & Other Electric Equipment (3.8%)
General Electric Co.		242,200		8,489
Electronic Components & Accessories (3.7%)
Altera Corp. ‡†		36,900		684
Analog Devices, Inc.		15,800		567
Broadcom Corp.–Class A ‡		8,000		377
Intel Corp.		65,000		1,622
Intersil Corp.–Class A		5,500		137
Linear Technology Corp.		12,400		447
Maxim Integrated Products, Inc.		6,100		221
Microchip Technology, Inc.		11,800		379
Texas Instruments, Inc.		16,600		532
Tyco International, Ltd.		93,000		2,684
Xilinx, Inc. †		29,300		739
Entertainment (0.0%)
International Game Technology		1,100		34
Fabricated Metal Products (0.0%)
Fortune Brands, Inc.		500		39
Food & Kindred Products (2.6%)
Altria Group, Inc.		63,000		4,707
Campbell Soup Co.		6,000		179
Kellogg Co.		23,200		1,003
Furniture & Fixtures (0.6%)
Johnson Controls, Inc.		17,400		1,269
Masco Corp.		6,400		193
Gas Production & Distribution (0.0%)
Dynegy, Inc.–Class A ‡†		7,500		36
Health Services (0.4%)
HCA, Inc.		17,700		894
Holding & Other Investment Offices (0.1%)
Mack-Cali Realty Corp. REIT		5,600		242

	Shares		Value
Hotels (0.2%)
Host Marriott Corp. †		23,400	$	443
Hotels & Other Lodging Places (0.2%)
Hilton Hotels Corp.		10,400		251
Starwood Hotels & Resorts Worldwide, Inc.		2,600		166
Industrial Machinery & Equipment (1.3%)
AGCO Corp. ‡		2,500		41
Baker Hughes, Inc.		6,400		389
Deere & Co.		9,800		667
Eaton Corp.		17,500		1,174
Illinois Tool Works, Inc. †		3,900		343
Ingersoll-Rand Co.–Class A		2,000		81
SPX Corp.		6,300		288
Instruments & Related Products (0.9%)
Bausch & Lomb, Inc. †		11,200		760
Cooper Cos. (The), Inc.		4,000		205
Danaher Corp.		10,500		586
Raytheon Co.		9,700		389
Xerox Corp. ‡		7,700		113
Insurance (4.3%)
Aetna, Inc.		19,100		1,801
AFLAC, Inc.		10,100		469
AMBAC Financial Group, Inc.		22,300		1,718
American International Group, Inc.		15,600		1,064
Assurant, Inc. †		7,800		339
Cigna Corp.		700		78
MBIA, Inc. †		8,000		481
UnitedHealth Group, Inc.		6,100		379
W.R. Berkley Corp.		19,000		905
WellPoint, Inc. ‡		26,900		2,146
XL Capital, Ltd.–Class A †		4,300		290
Insurance Agents, Brokers & Service (1.0%)
Hartford Financial Services Group, Inc. (The) †		25,100		2,156
Leather & Leather Products (0.1%)
Coach, Inc. ‡		4,500		150
Life Insurance (1.2%)
Genworth Financial, Inc.–Class A		41,300		1,428
Lincoln National Corp.		5,500		292
Metlife, Inc.		12,000		588
Protective Life Corp.		1,300		57
Torchmark Corp.		5,800		322
Lumber & Other Building Materials (1.9%)
Home Depot, Inc. (The)		59,300		2,400
Lowe's Cos., Inc.		28,700		1,913

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

5

J.P. Morgan Enhanced Index

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2005
(all amounts except share amounts in thousands)

	Shares		Value
Medical Instruments & Supplies (1.7%)
Baxter International, Inc.		31,200	$	1,175
Biomet, Inc. †		300		11
Boston Scientific Corp. ‡		31,700		776
Guidant Corp.		1,400		91
Medtronic, Inc.		8,800		507
St. Jude Medical, Inc. ‡		15,200		763
Zimmer Holdings, Inc. ‡		6,900		465
Mortgage Bankers & Brokers (0.3%)
Countrywide Financial Corp.		21,400		732
Motion Pictures (0.9%)
News Corp., Inc.–Class A		118,800		1,847
Time Warner, Inc.		9,500		166
Oil & Gas Extraction (3.3%)
Anadarko Petroleum Corp.		13,100		1,241
Apache Corp.		7,000		480
Burlington Resources, Inc.		11,800		1,017
Devon Energy Corp.		100		6
EOG Resources, Inc. †		12,700		932
Halliburton Co. †		9,300		576
Kerr-McGee Corp.		800		73
Occidental Petroleum Corp.		19,500		1,558
Rowan Cos., Inc.		22,800		813
Transocean, Inc. ‡		1,000		70
Weatherford International, Ltd. ‡		18,600		673
Paper & Allied Products (0.7%)
3M Co.		3,600		279
Kimberly-Clark Corp.		12,800		764
Smurfit-Stone Container Corp. ‡		33,400		473
Personal Credit Institutions (0.2%)
Capital One Financial Corp.		5,900		510
Petroleum Refining (4.9%)
Chevron Corp.		34,200		1,942
ConocoPhillips		29,100		1,693
Exxon Mobil Corp.		109,800		6,167
Marathon Oil Corp.		2,000		122
Valero Energy Corp.		20,200		1,042
Pharmaceuticals (7.5%)
Amgen, Inc. ‡		32,400		2,555
Barr Pharmaceuticals, Inc. ‡		2,500		156
Charles River Laboratories International, Inc. ‡		7,200		305
Forest Laboratories, Inc. ‡		2,500		102
Gilead Sciences, Inc. ‡		6,800		358
Johnson & Johnson		49,700		2,987
Lilly (Eli) & Co. †		39,300		2,224
McKesson Corp.		10,700		552

	Shares		Value
Pharmaceuticals (continued)
Medco Health Solutions, Inc. ‡		6,900	$	385
Medicis Pharmaceutical Corp.–Class A †		6,100		196
MedImmune, Inc. ‡		4,300		151
OSI Pharmaceuticals, Inc. ‡†		8,800		247
Pfizer, Inc.		92,600		2,159
Sepracor, Inc. ‡†		26,600		1,373
Watson Pharmaceuticals, Inc. ‡		1,800		59
Wyeth		65,900		3,036
Primary Metal Industries (0.9%)
Alcoa, Inc.		27,800		822
United States Steel Corp.		24,100		1,159
Printing & Publishing (1.3%)
Gannett Co., Inc.		32,100		1,944
Scripps (E.W.) Co. (The) †		22,400		1,076
Railroads (0.7%)
CSX Corp.		22,000		1,117
Norfolk Southern Corp.		10,600		475
Regional Mall (0.1%)
Mills Corp. (The) REIT		6,100		256
Residential Building Construction (0.3%)
Lennar Corp.–Class A		10,600		647
Restaurants (0.5%)
McDonald's Corp.		33,400		1,126
Yum! Brands, Inc.		1,300		61
Retail Trade (0.3%)
Staples, Inc.		34,700		788
Rubber & Misc. Plastic Products (0.7%)
NIKE, Inc.–Class B		18,400		1,597
Savings Institutions (0.5%)
Washington Mutual, Inc.		24,200		1,053
Security & Commodity Brokers (2.7%)
American Express Co.		1,300		67
Ameriprise Financial, Inc.		5,300		217
Ameritrade Holding Corp. ‡		5,600		134
E*TRADE Financial Corp. ‡		2,700		56
Goldman Sachs Group, Inc. (The)		23,400		2,988
Merrill Lynch & Co., Inc.		6,600		447
Morgan Stanley		39,500		2,241
Telecommunications (2.7%)
AT&T, Inc.		96,772		2,370
Sprint Nextel Corp.		31,500		736
Verizon Communications, Inc.		102,100		3,075

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

6

J.P. Morgan Enhanced Index

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2005
(all amounts except share amounts in thousands)

	Shares		Value
Textile Mill Products (0.3%)
Mohawk Industries, Inc. ‡		7,600	$	661
Toys, Games & Hobbies (0.0%)
Mattel, Inc.		300		5
Trucking & Warehousing (0.0%)
United Parcel Service, Inc.–Class B		200		15
Variety Stores (1.3%)
Dollar General Corp.		12,900		246
Family Dollar Stores, Inc. †		3,300		82
Target Corp.		29,200		1,605
Wal-Mart Stores, Inc.		23,800		1,114
Warehouse (0.3%)
Prologis		12,500		584
Water Transportation (0.5%)
Carnival Corp.		19,800		1,059
Wholesale Trade Nondurable Goods (0.4%)
SYSCO Corp.		32,100		997
Total Common Stocks (cost: $181,063)				206,470
	Principal		Value
SECURITY LENDING COLLATERAL (8.3%)
Debt (7.1%)
Bank Notes (0.2%)
Bank of America
4.27%, due 01/17/2006 *	$	278	$	278
4.31%, due 08/10/2006 *		228		228
Certificates Of Deposit (0.4%)
Barclays 4.31%, due 01/17/2006 *		175		175
Canadian Imperial Bank of Commerce 4.15%, due 05/18/2006 *		248		248
Credit Suisse First Boston Corp. 4.18%, due 03/10/2006 *		99		99
Rabobank Nederland 4.10%, due 05/31/2006 *		248		248
Commercial Paper (0.8%)
Fairway Finance–144A 4.31%, due 01/10/2006		495		495
Jupiter Securitization Corp.–144A 4.27%, due 01/05/2006		248		248
Paradigm Funding LLC–144A 4.30%, due 01/09/2006		97		97
Park Avenue Receivables Corp.–144A 4.27%, due 01/04/2006		247		247
Preferred Receivables Corp.–144A 4.31%, due 01/04/2006		197		197

	Principal		Value
Commercial Paper (continued)
Ranger Funding Co. LLC–144A 4.29%, due 01/18/2006	$	196	$	196
Sheffield Receivables Corp.–144A 4.26%, due 01/23/2006		119		119
Yorktown Capital LLC 4.27%, due 01/05/2006		248		248
Euro Dollar Overnight (1.1%)
Calyon 4.34%, due 01/05/2006		248		248
Fortis Bank 4.35%, due 01/03/2006 4.35%, due 01/05/2006		497 472		497 472
Harris Trust & Savings Bank 4.25%, due 01/05/2006		407		407
National Australia Bank 4.16%, due 01/03/2006		507		507
Rabobank Nederland 4.15%, due 01/03/2006		179		179
Wells Fargo 4.27%, due 01/03/2006		248		248
Euro Dollar Terms (2.4%)
Bank of Montreal 4.30%, due 01/19/2006		497		497
Barclays 4.27%, due 01/25/2006 4.30%, due 01/31/2006		149 397		149 397
BNP Paribas 4.22%, due 01/24/2006		248		248
Dexia Group 4.25%, due 01/09/2006		248		248
Rabobank Nederland 4.21%, due 01/19/2006		447		447
Royal Bank of Canada 4.25%, due 01/24/2006		348		348
Royal Bank of Scotland 4.30%, due 01/31/2006 4.31%, due 02/01/2006		745 546		745 546
Societe Generale 4.28%, due 01/30/2006		496		496
UBS AG 4.26%, due 01/10/2006		496		496
Wells Fargo 4.29%, due 01/30/2006		745		745

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

7

J.P. Morgan Enhanced Index

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2005
(all amounts except share amounts in thousands)

	Principal		Value
Promissory Notes (0.2%)
Bear Stearns & Co.
4.39%, due 03/07/2006	$	298	$	298
4.39%, due 06/06/2006		99		99
Repurchase Agreements (2.0%) ††
Credit Suisse First Boston Corp. 4.29%, dated 12/30/2005 to be repurchased at $831 on 01/03/2006		831		831
Goldman Sachs Group, Inc. (The) 4.29%, dated 12/30/2005 to be repurchased at $1,983 on 01/03/2006		1,982		1,982
Lehman Brothers, Inc. 4.29%, dated 12/30/2005 to be repurchased at $13 on 01/03/2006		13		13
Merrill Lynch & Co. 4.24%, dated 12/30/2005 to be repurchased at $1,589 on 01/03/2006		1,588		1,588
Morgan Stanley Dean Witter & Co. 4.36%, dated 12/30/2005 to be repurchased at $175 on 01/03/2006		175		175

	Shares		Value
Investment Companies (1.2%)
American Beacon Fund 1-day yield of 4.19%		68,048	$	68
Barclays Global Investors Institutional Money Market Fund 1-day yield of 4.19%		645,250		645
Dreyfus Cash Management Plus Fund 1-day yield of 4.09%		268,027		268
Merrimac Cash Fund, Premium Class 1-day yield of 4.03% @		1,757,147		1,757
Total Security Lending Collateral (cost: $18,767)				18,767
Total Investment Securities (cost: $200,030)			$	225,436
FUTURES CONTRACTS:

	Contracts		Settlement Date		Amount		Net Unrealized Appreciation (Depreciation)
S&P 500 Index		6		03/17/2006	$	1,882	$	(23	)
					$	1,882	$	(23	)

NOTES TO SCHEDULE OF INVESTMENTS:

d  At December 31, 2005, all or a portion of this security is segregated with the custodian to cover margin requirements for open futures contracts. The value of all securities segregated at December 31, 2005 is $199.

†  At December 31, 2005, all or a portion of this security is on loan (see Note 1). The value at December 31, 2005, of all securities on loan is $18,216.

‡  Non-income producing.

o  Value is less than $1.

*  Floating or variable rate note. Rate is listed as of December 31, 2005.

††  Cash collateral for the Repurchase Agreements, valued at $4,681, that serve as collateral for securities lending are invested in corporate bonds with interest rates and maturity dates ranging from 0.00%–8.75% and 01/03/2006–08/01/2037, respectively.

@  Regulated investment company advised by Investors Bank and Trust Co. ("IBT"). IBT is also the accounting, custody and lending agent for the Fund.

m  Securities valued as determined in good faith in accordance with procedure established by the Fund's Board of Trustees.

DEFINITIONS:

144A  144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2005, these securities aggregated $1,599 or 0.7% of the total investments of the Fund.

REIT  Real Estate Investment Trust

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

8

J.P. Morgan Enhanced Index

STATEMENT OF ASSETS AND LIABILITIES
At December 31, 2005
(all amounts except share amounts in thousands)

Assets:
Investment securities, at value (cost: $200,030) (including securities loaned of $18,216)	$	225,436
Cash		1,686
Receivables:
Shares sold		31
Interest		5
Dividends		322
		227,480
Liabilities:
Accounts payable and accrued liabilities:
Shares redeemed		218
Management and advisory fees		135
Service fees		2
Administration fees		3
Payable for collateral for securities on loan		18,767
Variation margin		8
Other		28
		19,161
Net Assets	$	208,319
Net Assets Consist of:
Capital stock ($.01 par value)	$	145
Additional paid-in capital		195,425
Distributable net investment income (loss)		2,021
Accumulated net realized gain (loss) from investment securities and futures contracts		(14,655	)
Net unrealized appreciation (depreciation) on:
Investment securities		25,406
Futures contracts		(23	)
Net Assets	$	208,319
Net Assets by Class:
Initial Class	$	200,857
Service Class		7,462
Shares Outstanding:
Initial Class		14,008
Service Class		520
Net Asset Value and Offering Price Per Share:
Initial Class	$	14.34
Service Class		14.36

STATEMENT OF OPERATIONS
For the year ended December 31, 2005
(all amounts in thousands)

Investment Income:
Interest	$	37
Dividends		3,775
Income from loaned securities–net		16
		3,828
Expenses:
Management and advisory fees		1,617
Printing and shareholder reports		43
Custody fees		46
Administration fees		43
Legal fees		4
Audit fees		14
Trustees fees		8
Service fees:
Service Class		17
Other		5
Total expenses		1,797
Net Investment Income (Loss)		2,031
Net Realized Gain (Loss) from:
Investment securities		12,822
Futures contracts		124
		12,946
Net Increase (Decrease) in Unrealized Appreciation (Depreciation) on:
Investment securities		(8,607	)
Futures contracts		(68	)
		(8,675	)
Net Realized and Unrealized Gain (Loss) on Investment Securities and Futures Contracts		4,271
Net Increase (Decrease) in Net Assets Resulting from Operations	$	6,302

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

9

J.P. Morgan Enhanced Index

STATEMENTS OF CHANGES IN NET ASSETS
For the years ended
(all amounts in thousands)

	December 31, 2005			December 31, 2004
Increase (Decrease) in Net Assets From:
Operations:
Net investment income (loss)	$	2,031		$	2,730
Net realized gain (loss) from investment securities and futures contracts		12,946			15,953
Change in unrealized appreciation (depreciation) on investment securities and futures contracts		(8,675	)		5,419
		6,302			24,102
Distributions to Shareholders:
From net investment income:
Initial Class		(2,630	)		(1,742	)
Service Class		(77	)		(13	)
		(2,707	)		(1,755	)
Capital Share Transactions:
Proceeds from shares sold:
Initial Class		30,891			33,554
Service Class		3,708			6,056
		34,599			39,610
Dividends and distributions reinvested:
Initial Class		2,630			1,742
Service Class		77			13
		2,707			1,755
Cost of shares redeemed:
Initial Class		(67,181	)		(59,882	)
Service Class		(2,795	)		(1,102	)
		(69,976	)		(60,984	)
		(32,670	)		(19,619	)
Net increase (decrease) in net assets		(29,075	)		2,728
Net Assets:
Beginning of year		237,394			234,666
End of year	$	208,319		$	237,394
Distributable Net Investment Income (Loss)	$	2,021		$	2,716

	December31, 2005			December31, 2004
Share Activity:
Shares issued:
Initial Class		2,216			2,578
Service Class		265			462
		2,481			3,040
Shares issued–reinvested from distributions:
Initial Class		189			141
Service Class		6			1
		195			142
Shares redeemed:
Initial Class		(4,849	)		(4,594	)
Service Class		(201	)		(85	)
		(5,050	)		(4,679	)
Net increase (decrease) in shares outstanding:
Initial Class		(2,444	)		(1,875	)
Service Class		70			378
		(2,374	)		(1,497	)

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

10

J.P. Morgan Enhanced Index

FINANCIAL HIGHLIGHTS

		For a share outstanding throughout each period (a)
		Net Asset		Investment Operations								Distributions								Net Asset
	For the Period Ended (b)	Value, Beginning of Period		Net Investment Income (Loss)		Net Realized and Unrealized Gain (Loss)			Total Operations			From Net Investment Income			From Net Realized Gains		Total Distributions			Value, End of Period
Initial Class	12/31/2005	$	14.04	$	0.13	$	0.35		$	0.48		$	(0.18	)	$	–	$	(0.18	)	$	14.34
	12/31/2004		12.75		0.15		1.24			1.39			(0.10	)		–		(0.10	)		14.04
	12/31/2003		9.94		0.10		2.77			2.87			(0.06	)		–		(0.06	)		12.75
	12/31/2002		13.24		0.08		(3.33	)		(3.25	)		(0.05	)		–		(0.05	)		9.94
	12/31/2001		15.13		0.06		(1.86	)		(1.80	)		(0.09	)		–		(0.09	)		13.24
Service Class	12/31/2005		14.08		0.10		0.35			0.45			(0.17	)		–		(0.17	)		14.36
	12/31/2004		12.79		0.17		1.19			1.36			(0.07	)		–		(0.07	)		14.08
	12/31/2003		10.43		0.06		2.31			2.37			(0.01	)		–		(0.01	)		12.79

					Ratios/Supplemental Data
	For the Period	Total			Net Assets, End of Period		Ratio of Expenses to Average Net Assets(f)						Net Investment Income (Loss) to Average			Portfolio Turnover
	Ended (b)	Return (c)(g)			(000's)		Net (d)			Total (e)			Net Assets (f)			Rate (g)
Initial Class	12/31/2005		3.46	%	$	200,857		0.83	%		0.83	%		0.95	%		42	%
	12/31/2004		11.02			231,055		0.80			0.80			1.18			48
	12/31/2003		28.94			233,744		0.82			0.82			0.91			52
	12/31/2002		(24.59	)		159,257		0.85			0.85			0.72			56
	12/31/2001		(11.98	)		150,777		0.87			0.87			0.43			56
Service Class	12/31/2005		3.20			7,462		1.08			1.08			0.71			42
	12/31/2004		10.71			6,339		1.06			1.06			1.33			48
	12/31/2003		22.71			922		1.06			1.06			0.74			52

NOTES TO FINANCIAL HIGHLIGHTS

(a)  Per share information is calculated based on average number of shares outstanding.

(b)  J.P. Morgan Enhanced Index (the "Fund") share classes commenced operations as follows:

Initial Class – May 2, 1997
Service Class – May 1, 2003

(c)  Total Return reflects all portfolio expenses and includes reinvestment of dividends and capital gains; it does not reflect the charges and deductions under the policies or annuity contracts.

(d)  For the years ended December 31, 2005, 2004 and 2003, Ratio of Net Expenses to Average Net Assets is net of fee waivers and reimbursements by the investment adviser, if any (see note 2). For the year ended December 31, 2002, Ratio of Net Expenses to Average Net Assets is net of fees paid indirectly. For the year ended December 31, 2001, Ratio of Net Expenses to Average Net Assets is net of fees paid indirectly and credits allowed by the custodian.

(e)  Ratio of Total Expenses to Average Net Assets includes all expenses before fee waivers and reimbursements by the investment adviser.

(f)  Annualized.

(g)  Not annualized.

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

11

J. P. Morgan Enhanced Index

NOTES TO FINANCIAL STATEMENTS
At December 31, 2005
(all amounts in thousands)

NOTE 1.   ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

The AEGON/Transamerica Series Trust ("ATST") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). ATST serves as a funding vehicle for variable life insurance, variable annuity and group annuity products. J.P. Morgan Enhanced Index (the "Fund") is part of ATST.

Effective May 1, 2005, AEGON/Transamerica Series Fund, Inc. changed its name to AEGON/Transamerica Series Trust.

In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

This report should be read in conjunction with the current Fund prospectus, which contains more complete information about the Fund.

In preparing the Fund's financial statements in accordance with accounting principles generally accepted in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Fund.

Multiple class operations, income and expenses: The Fund currently offers two classes of shares, an Initial Class and a Service Class. Income, non-class specific expenses and realized and unrealized gains and losses, are allocated daily to each class, based upon the value of shares outstanding method as permitted under Rule 18f-3 of the 1940 Act. Each class bears its own specific expenses as well as a portion of general, common expenses.

Security valuations: The Fund values its investments at the close of the New York Stock Exchange ("NYSE"), normally 4 p.m. ET, each day the NYSE is open for business. Fund investments are valued at the last sale price or closing price on the day of valuation taken from the primary exchange where the security is principally traded.

Securities traded in the over-the-counter market and listed securities for which no sale was reported on that date are valued at the last quoted bid price.

Debt securities are valued based on a price quotation or other equivalent indication of value supplied by an exchange, a pricing service or a major market maker; however, those that mature in sixty days or less are valued at amortized cost, which approximates market.

Investment company securities are valued at the net asset value of the underlying portfolio.

Other securities for which quotations are not readily available are valued at fair market value as determined in good faith by the Fund's Administrative Valuation Committee, under the supervision of the Board's Valuation Committee, using guidelines adopted by the Board of Trustees.

Cash: The Fund may leave cash overnight in its cash account with the custodian, Investors Bank & Trust Company ("IBT"). IBT has been contracted on behalf of the Fund to invest the excess cash into a savings account, which at December 31, 2005, was paying an interest rate of 3.00%.

Repurchase agreements: The Fund is authorized to enter into repurchase agreements. The Fund, through its custodian, IBT, receives delivery of the underlying securities, the value of which at the time of purchase is required to be an amount equal to at least 100% of the resale price. The Fund will bear the risk of value fluctuations until the security can be sold and may encounter delays and incur costs in liquidating the security. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Securities lending: The Fund may lend securities to qualified borrowers, with IBT acting as the Fund's lending agent. The Fund earns negotiated lenders' fees. The Fund receives cash and/or securities as collateral against the loaned securities. Cash collateral received is invested in short term, interest bearing securities. The Fund monitors the market value of securities loaned on a daily basis and requires collateral in an amount at least equal to the value of the securities loaned. Income from loaned securities on the Statement of Operations is net of fees, in the amount of $7, earned by IBT for its services.

Real Estate Investment Trusts ("REITs"): There are certain additional risks involved in investing in REITs. These include, but are not limited to, economic conditions, changes in zoning laws, real estate values, property taxes and interest rates.

Security transactions and investment income: Security transactions are recorded on the trade date. Security gains and losses are calculated on the first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the exdividend date. Interest income, including accretion of discounts and amortization of premiums, is recorded on the accrual basis commencing on the settlement date.

Futures contracts: The Fund may enter into futures contracts to manage exposure to market, interest rate or currency fluctuations. Futures

AEGON/Transamerica Series Trust

Annual Report 2005

12

J. P. Morgan Enhanced Index

NOTES TO FINANCIAL STATEMENTS (continued)
At December 31, 2005
(all amounts in thousands)

NOTE 1.–(continued)

contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded. The primary risks associated with futures contracts are imperfect correlation between the change in market value of the securities held and the prices of futures contracts; the possibility of an illiquid market and inability of the counterparty to meet the contract terms.

The underlying face amount of open futures contracts at December 31, 2005, are listed in the Schedule of Investments. The variation margin receivable or payable, as applicable, is included in the Statement of Assets and Liabilities. Variation margin represents the additional payments due or excess deposits made in order to maintain the equity account at the required margin level.

Dividend distributions: Dividends and capital gains distributions are typically declared and reinvested annually and are generally paid and reinvested on the business day following the ex-date.

NOTE 2.  RELATED PARTY TRANSACTIONS

Effective January 1, 2005 AEGON/Transamerica Fund Advisers, Inc. was renamed Transamerica Fund Advisors, Inc. ("TFAI"); AEGON/Transamerica Fund Services, Inc. and AEGON/Transamerica Investor Services, Inc. merged into one entity and was renamed Transamerica Fund Services, Inc. ("TFS").

ATST serves as a funding vehicle for certain affiliated asset allocation portfolios and certain affiliated separate accounts of Western Reserve Life Assurance Co. of Ohio, Transamerica Life Insurance Company, Transamerica Financial Life Insurance Company, Inc., Peoples Benefit Life Insurance Company, Transamerica Occidental Life Insurance Company and Transamerica Life Insurance and Annuity Company.

TFAI is the Fund's investment adviser. TFS is the Fund's administrator and transfer agent. AFSG Securities Corp. ("AFSG") is the Fund's distributor. TFAI, TFS, and AFSG are affiliates of AEGON, NV, a Netherlands corporation.

Certain officers and trustees of the Fund are also officers and/or directors of TFAI, TFS and AFSG.

Investment advisory fee: The Fund pays management fees to TFAI based on average daily net assets ("ANA") at the following breakpoints:

0.75% of the first $750 million of ANA
0.70% of the next $250 million of ANA
0.65% of ANA over $1 billion

TFAI has contractually agreed to waive its advisory fee and will reimburse the Fund to the extent that operating expenses, excluding 12b-1 fees, exceed the following stated annual limit:

0.85% Expense Limit

If total fund expenses fall below the annual expense limitation agreement agreed to by the adviser within the succeeding three years, the Fund may be required to pay that adviser a portion or all of the waived advisory fees.

There were no amounts recaptured during the year ended December 31, 2005. There are no amounts available for recapture at December 31, 2005.

Distribution and service fees: The Fund adopted a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, ATST entered into a Distribution Agreement with AFSG dated January 1, 1997, as amended.

Under the Distribution Plan and Distribution Agreement on the Initial Class shares, AFSG, on behalf of the Fund, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Fund's shares, amounts equal to actual expenses associated with distributing the shares.

The Distribution Plan on the Service Class shares requires ATST to pay distribution fees to AFSG as compensation for its activities, not as reimbursement for specific expenses. The fee on the Service Class is paid to the insurance companies for providing services and account maintenance for their policyholders who invest in the variable insurance products which invest in the Service Class shares.

The Fund is authorized under the 12b-1 plan to pay fees on each class up to the following limits:

Initial Class	0.15	%
Service Class	0.25	%

AFSG has determined that it will not seek payment by the Fund of the distribution expenses incurred with respect to the Initial Class shares before April 30, 2007. Prior to AFSG seeking reimbursement of future expenses, policy and contract owners will be notified in advance. The Fund will pay fees relating to Service Class shares.

Administrative services: The Fund has entered into an agreement with TFS for financial and legal fund administration services. The Fund pays TFS an annual fee of 0.02% of ANA. The Legal fees on the Statement of Operations are for fees paid to external legal counsel.

Deferred compensation plan: Each eligible independent Fund Trustee may elect participation in a non-qualified deferred compensation plan ("the Plan") maintained by Transamerica IDEX Mutual Funds, an affiliate of the Fund. Under the Plan, such Trustees may defer payment

AEGON/Transamerica Series Trust

Annual Report 2005

13

J. P. Morgan Enhanced Index

NOTES TO FINANCIAL STATEMENTS (continued)
At December 31, 2005
(all amounts in thousands)

NOTE 2.–(continued)

of all or a portion of their total fees earned as a Fund Trustee. Each Trustee who is a participant in the Plan may elect that the earnings, losses or gains credited to his or her deferred fee amounts be determined based on a deemed investment in any series of Transamerica IDEX Mutual Funds. The right of a participant to receive a distribution from the Plan of the deferred fees is an unsecured claim against the general assets of all series of Transamerica IDEX Mutual Funds. The pro rata liability to the Fund of all deferred fees in the Plan amounted, as of December 31, 2005, to $10.

NOTE 3.  INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the year ended December 31, 2005, were as follows:

Purchases of securities:
Long-Term	$	90,793
U.S. Government		197
Proceeds from maturities and sales of securities
Long-Term		126,280
U.S. Government		—

NOTE 4.  FEDERAL INCOME TAX MATTERS

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatment for items including, but not limited to, wash sales, REITs and capital loss carryforwards.

Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. Financial records are not adjusted for temporary differences. These reclassifications are as follows:

Additional paid-in capital	$	(2	)
Distributable net investment income (loss)		(19	)
Accumulated net realized gain (loss) from investment securities		21

The capital loss carryforwards are available to offset future realized capital gains through the periods listed:

Capital Loss Carryforwards		Available through
$	8,337	December 31, 2010
	3,432	December 31, 2011

The capital loss carryforward utilized during the year ended December 31, 2005 was $12,275.

The tax character of distributions paid may differ from the character of distributions shown in the Statements of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2004 and 2005 was as follows:

2004 Distributions paid from:
Ordinary Income	$	1,755
Long-term Capital Gain		—
2005 Distributions paid from:
Ordinary Income		2,707
Long-term Capital Gain		—

The tax basis components of distributable earnings as of December 31, 2005, are as follows:

Undistributed Ordinary Income	$	2,020
Undistributed Long-term Capital Gain	$	—
Capital Loss Carryforward	$	(11,769	)
Net Unrealized Appreciation(Depreciation)	$	22,498

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of December 31, 2005, are as follows:

Federal Tax Cost Basis	$	202,938
Unrealized Appreciation	$	27,947
Unrealized (Depreciation)		(5,449	)
Net Unrealized Appreciation (Depreciation)	$	22,498

NOTE 5.  REGULATORY PROCEEDINGS

There continues to be significant federal and state regulatory activity relating to financial services companies, particularly mutual fund companies and their investment advisers. As part of an ongoing investigation regarding potential market timing, recordkeeping and trading compliance issues and matters affecting the Fund's investment adviser, TFAI, and certain affiliates and former employees of TFAI, the SEC staff has indicated that it is likely to take some action against TFAI and certain of its affiliates at the conclusion of the investigation. The potential timing and the scope of any such action is difficult to predict. Although the impact of any action brought against TFAI and/or its affiliates is difficult to assess at the present time, the Fund currently believes that the likelihood that any such action will have a material

AEGON/Transamerica Series Trust

Annual Report 2005

14

J. P. Morgan Enhanced Index

NOTES TO FINANCIAL STATEMENTS (continued)
At December 31, 2005
(all amounts in thousands)

NOTE 5.–(continued)

adverse impact on it is remote. It is important to note that the Fund is not aware of any allegation of wrongdoing against it and its Board at the time this annual report is printed. Although it is not anticipated that these developments will have an adverse impact on the Fund, there can be no assurance at this time. TFAI and its affiliates are actively working with the SEC in regard to this matter; however, the exact resolution cannot be determined at this time. TFAI will take such actions that it deems necessary or appropriate to continue providing management services to the Fund and to bring all matters to an appropriate conclusion.

TFAI and/or its affiliates, and not the Fund, will bear the costs regarding these regulatory matters.

AEGON/Transamerica Series Trust

Annual Report 2005

15

Report of Independent Registered Certified Public Accounting Firm

To the Board of Trustees and Shareholders of
J.P. Morgan Enhanced Index

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of J.P. Morgan Enhanced Index (the "Fund") (one of the portfolios constituting the AEGON/Transamerica Series Trust) at December 31, 2005, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fund's management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2005 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

Tampa, Florida
February 23, 2006

AEGON/Transamerica Series Trust

Annual Report 2005

16

J. P. Morgan Enhanced Index

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS – REVIEW AND RENEWAL (unaudited)

At a meeting of the Board of Trustees of AEGON/Transamerica Series Trust ("ATST") held on November 2, 2005, the Board reviewed and considered the Investment Advisory Agreement between J.P. Morgan Enhanced Index Portfolio (the "Portfolio") and Transamerica Fund Advisors, Inc. ("TFAI") as well as the Investment Sub-Advisory Agreement of the Portfolio between TFAI and J.P. Morgan Investment Advisors, Inc. (the "Sub-Adviser"), to determine whether the agreements should be renewed for a one-year period. Following their review and consideration, the Trustees determined that the Investment Advisory Agreement and the Investment Sub-Advisory Agreement will enable shareholders of the Portfolio to obtain high quality services at a cost that is appropriate, reasonable, and in the best interests of its shareholders. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreemen t and the Investment Sub-Advisory Agreement. In reaching their decision, the Trustees requested and obtained from TFAI and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the proposed agreements. The Trustees also carefully considered the information that they had received throughout the year from TFAI and the Sub-Adviser (such as in-person presentations by the Sub-Adviser) as part of their regular oversight of the Portfolio, as well as: comparative fee, expense and performance information prepared by Lipper Inc. ("Lipper"), independent providers of mutual fund performance, fee and expense information; and profitability data. In considering the proposed continuation of the Investment Advisory Agreement and Investment Sub-Advisory Agreement, the Trustees evaluated a number of considerations that they believed, in light of the legal advice furnished to them by ATST counsel and independent legal counsel and their own business judgment, to be relevant. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:

The nature, extent and quality of the advisory service to be provided. The Board considered the nature and quality of the services provided by TFAI and the Sub-Adviser to the Portfolio in the past, as well as the services anticipated to be provided in the future. The Board concluded that TFAI and the Sub-Adviser are capable of providing high quality services to the Portfolio, as indicated by the nature and quality of services provided in the past, TFAI's and the Sub-Adviser's management capabilities demonstrated with respect to the portfolios they manage, including the Portfolio, and the experience, capability and integrity of TFAI's senior management, the financial resources of TFAI and the Sub-Adviser, TFAI's management oversight process, the professional qualifications and experience of the Sub-Adviser's portfolio management team, and the Portfolio 's investment performance. The Trustees also concluded that TFAI and the Sub-Adviser proposed to provide investment and related services that were of the same quality and quantity as services provided to the Portfolio in the past, and that these services are appropriate in scope and extent in light of the Portfolio's operations, the competitive landscape of the investment company business and investor needs, and that TFAI's and the Sub-Adviser's obligations will remain substantially the same.

The investment performance of the Portfolio. The Board examined both the short-term and longer-term performance of the Portfolio, including relative performance against a benchmark securities index and a peer group of comparable mutual funds as prepared by Lipper for various trailing periods ended June 30, 2005. The Trustees concluded that TFAI and the Sub-Adviser generally had achieved competitive investment performance, noting that the Portfolio performance was above median relative to its peers and superior to the benchmark index over the past one-, two- and three-year periods. On the basis of the Trustees' assessment of the nature, extent and quality of advisory services to be provided or procured by TFAI and the Sub-Adviser, the Trustees concluded that TFAI and the Sub-Adviser are capable of generating a level of investment performance that is ap propriate in light of the Portfolio's investment objective, policies and strategies and competitive with many other investment companies, and also determined that TFAI's and the Sub-Adviser's performance records indicate that their continued management is likely to benefit the Portfolio and its shareholders.

The cost of advisory services provided and the level of profitability. The Board reviewed profitability information regarding TFAI's costs of procuring portfolio management services, as well as the costs of provision of administration, fund accounting and other services, to the Portfolio and to ATST as a whole by TFAI and its affiliates. The Trustees reviewed the proposed management and sub-advisory fees, which reflected a reduction from prior fees, and at the Trustees' request, TFAI also agreed to reduce its management fees further to 69 basis point for assets between $750 million and $1 billion. The Board noted favorably the Portfolio's new pricing schedule, which results in lower management and sub-advisory fees to the benefit of the Portfolio and its shareholders, and also reviewed data from Lipper that compared the Portfolio's new pricing schedul e (including management fees at various asset levels), other fees and expenses (including total expenses including and excluding 12b-1 distribution and service fees) and portfolio turnover rate against peer groups of comparable mutual funds. Based on such information, the Trustees determined that the Portfolio's new pricing schedule and overall expense ratio of the Portfolio generally are consistent with industry averages. In addition, on the basis of the Board's review of the management fees to be charged by TFAI for investment advisory and related services, TFAI profitability information (derived from TFAI's audited financial statements), TFAI's estimated management income resulting from its management of the Portfolio, the estimated margin of the Sub-Adviser, as well as the entirety of TFAI's and its affiliates' service

AEGON/Transamerica Series Trust

Annual Report 2005

17

J. P. Morgan Enhanced Index (continued)

relationship with ATST, the Board concluded that the level of investment management fees and other service fees, as well as TFAI's and the Sub-Adviser's profitability, are appropriate in light of the services provided, the management fees and overall expense ratios of comparable investment companies and the anticipated profitability of the relationship between the Portfolio, TFAI and its affiliates, and the Sub-Adviser.

Whether fee levels reflect economies of scale and the extent to which economies of scale would be realized as the Portfolio grows. The Board concluded that the inclusion of asset-based breakpoints in the Portfolio's advisory fee schedule appropriately benefits investors by realizing economies of scale in the form of lower management fees as the level of assets grows. In addition, the Board concluded that the Portfolio's management fees appropriately reflect the Portfolio's current size, the current economic environment for TFAI, the competitive nature of the investment company market, and TFAI's pricing strategy. The Trustees also concluded that they will have the opportunity to periodically reexamine whether the Portfolio has achieved economies of scale, and the appropriateness of management fees payable to TFAI and fees payable by TFAI to the Sub-Ad viser, in the future.

Benefits (such as soft dollars) to TFAI, its affiliates, or the Sub-Adviser from their relationship with the Portfolio. The Board concluded that other benefits derived by TFAI, its affiliates, and the Sub-Adviser from their relationship with the Portfolio, including "soft dollar" benefits (if any) in connection with brokerage transactions, sales charges and distribution/service fees (to the extent applicable) are reasonable and fair, and are consistent with industry practice and the best interests of the Portfolio and its shareholders. In this regard, the Board noted that TFAI does not realize "soft dollar" benefits from its relationship with the Portfolio, and that the Sub-Adviser's "soft-dollar" arrangements are consistent with applicable law and "best execution" requirements. In addition, the Trustees determined that the administration, fund accoun ting, and other fees paid by the Portfolio to affiliates of TFAI are reasonable, fair and in the best interests of shareholders in light of the nature and quality of the services provided, the associated costs to these affiliates of providing the services, the impact of the costs of such services on the Portfolio's overall operating expenses, and the necessity of the services for the Portfolio's operations.

Other considerations. The Board also determined that TFAI had made a substantial commitment to the recruitment and retention of high quality personnel, and maintained the financial, compliance and operational resources reasonably necessary to manage the Portfolio in a professional manner that is consistent with the best interests of the Portfolio and its shareholders. In this regard, the Trustees favorably considered the procedures and policies in place by TFAI to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Adviser. The Trustees also determined that TFAI had made a significant entrepreneurial commitment to the management and success of the Portfolio, reflected by TFAI's expense limitation and fee waiver arrangement with the Portfolio, which may result in TFAI waiving a substantial amount of advisory fees for the benefit of shareholders.

AEGON/Transamerica Series Trust

Annual Report 2005

18

J.P. Morgan Mid Cap Value

MARKET ENVIRONMENT

The outlook for interest rates dominated U.S. equity market activity in 2005. Economic data was intensely scrutinized in an effort to anticipate when the Federal Reserve Board ("Fed") would end its current rate-hiking campaign. Equities fell in the first quarter on concern about higher interest rates all along the yield curve. In February, Fed Chairman Alan Greenspan stated that the 10-year Treasury's low yield was a "conundrum". Long yields were driven up early in the year by higher-than-expected inflation figures.

Markets gained steadily after the first quarter, as evidence of stable economic growth and tame inflation led investors to speculate that interest rates would not rise as high as originally feared. Although there were bumps in the road, particularly a slowdown in growth and rise in inflation following the Gulf Coast hurricanes, the economy was generally supportive of equity gains in 2005. Equity markets also were sustained by corporate profit growth, estimated at more than 13% for 2005.

The Standard and Poor's 500 Composite Stock Index returned 4.91% during 2005, including a 5.76% gain in the second half of the year. The NASDAQ Composite Index underperformed the broad market for the full year, returning 1.37%. The Russell 2000 Index also slightly underperformed the broad market, returning 4.55% in 2005. The Russell Mid Cap Value Index ("Russell MC Value") gained 1.34% for the fourth quarter and 12.65% for the year.

PERFORMANCE

For the year ended December 31, 2005, J.P. Morgan Mid Cap Value, Initial Class returned 9.15%. By comparison its benchmark, the Russell MC Value returned 12.65%.

STRATEGY REVIEW

The portfolio underperformed the Russell MC Value due to an overweight and stock selection in the consumer discretionary sector, as well as stock selection in the materials sector. Despite the relative underperformance, the portfolio's return was aided by an overweight and stock selection in the industrials sector, as well as stock selection in the consumer staples sector. As a result of our bottom-up stock selection process, we expect stock selection to be the main driver of relative performance. At the individual stock level, IPC Holdings, Ltd. ("IPC Holdings") and Gannett Co., Inc. ("Gannett") were large detractors to performance. IPC Holdings, a provider of property catastrophe reinsurance, announced significant insured losses from Hurricanes Katrina and Rita. Despite relatively stable operating results prior to the hurricanes, the storms negatively impa cted the company's third-quarter financial results. Gannett, a news and information company in the United States and United Kingdom, had weaker revenues throughout the year as significantly lower political advertising spending in its broadcasting segment and weaker advertising demand in Great Britain pulled down results. In addition, speculation that Gannett could acquire struggling newspaper giant Knight-Ridder, Inc. further hindered the stock's performance.

Burlington Resources Inc. ("Burlington") and Coventry Health Care, Inc. ("Coventry") were top individual contributors to performance. Burlington, an energy exploration and development company, reported strong earnings resulting from the huge jump in energy prices in the wake of the hurricanes, production growth and accelerated share repurchases. The company announced an increase in planned 2005 oil and natural gas capital investments. The acquisition of Burlington by ConocoPhillips Company ("ConocoPhillips") further aided stock performance as Burlington's assets provides a strong complement to ConocoPhillips' global portfolio. Coventry, a health maintenance organization, had strong performance for the year, reflecting the company's consistent consolidated earnings growth and improved capitalization. Despite flat organic enrollment growth and the highly competitive health-care environment, the company's earnings growth accelerate d in 2005 due to the acquisition of First Health Group Corp., a health benefits service provider. Coventry's consolidated operating margin increased over the prior year, allowing continued use of excess cash flow to pay down debt.

Jonathan K. L. Simon

Portfolio Manager
J.P. Morgan Investment Management Inc.

This fund was closed to new investors and new share purchases effective close of business December 9, 2005.

AEGON/Transamerica Series Trust

Annual Report 2005

1

J.P. Morgan Mid Cap Value

Comparison of change in value of $10,000 investment in Initial Class shares and its comparative index.

Average Annual Total Return for Periods Ended 12/31/05

	1 year			5 years			From Inception			Inception Date
Initial Class		9.15	%		6.62	%		7.98	%	5/3/99
Russell MidCap Value1		12.65	%		12.20	%		10.92	%	5/3/99
Service Class		8.86	%		–			18.55	%	5/1/03

NOTES

¹  The Russell MidCap Value (Russell MidCap Value) Index is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. From inception calculation is based on life of Initial Class shares. Source: Standard & Poor's Micropal®© Micropal, Inc. 2005 – 1-800-596-5323 – http://www.funds-sp.com.

The performance data presented represents past performance, future results may vary. The portfolio's investment return and net asset value will fluctuate. Past performance does not guarantee future results. Investor's units when redeemed, may be worth more or less than their original cost.

Current performance may be higher or lower than the performance data quoted. Please visit your insurance company's website for contract or policy level standardized total returns current to the most recent month-end. Portfolio performance is net of investment fees and fund expenses, but not product charges, which, if included, would significantly lower the performance quoted.

This material must be preceded or accompanied by a current prospectus, which includes specific contents regarding the investment objectives, explanation of share classes and policies of this portfolio.

AEGON/Transamerica Series Trust

Annual Report 2005

2

J.P. Morgan Mid Cap Value

UNDERSTANDING YOUR FUND'S EXPENSES
(unaudited)

SHAREHOLDER EXPENSES

Fund shareholders may incur ongoing costs, including management and advisory fees, distribution and service fees, and other Fund expenses.

The following Example is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.

The Example is based on an investment of $1,000 invested at July 1, 2005 and held for the entire period until December 31, 2005.

ACTUAL EXPENSES

The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of your Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fees, brokerage commissions paid on purchases and sales of fund shares. Therefore, the second line under the Fund in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If any of these transaction costs were included, your costs would be higher. The expenses shown in the table do not reflect any fees that may be charged to you by brokers, financial intermediaries or other financial institutuions.

	Beginning Account Value		Ending Account Value		Annualized Expense Ratio			Expenses Paid During Period (a)
Initial Class
Actual	$	1,000.00	$	1,040.30		0.88	%	$	4.53
Hypothetical (b)		1,000.00		1,020.77		0.88			4.48
Service Class
Actual		1,000.00		1,038.60		1.14			5.86
Hypothetical (b)		1,000.00		1,019.46		1.14			5.80

(a) Expenses are calculated using each Fund's annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by number of days in the period (184 days), and divided by the number of days in the year (365 days).

(b) 5% return per year before expenses.

GRAPHICAL PRESENTATION OF SCHEDULE OF INVESTMENTS
By Sector
At December 31, 2005

This chart shows the percentage breakdown by sector of the Fund's total investment securities.

AEGON/Transamerica Series Trust

Annual Report 2005

3

J.P. Morgan Mid Cap Value

SCHEDULE OF INVESTMENTS
At December 31, 2005
(all amounts except share amounts in thousands)

	Shares		Value
COMMON STOCKS (90.3%)
Apparel & Accessory Stores (1.0%)
Limited Brands, Inc.		160,800	$	3,594
Apparel Products (3.3%)
Columbia Sportswear Co. ‡†		76,200		3,637
V.F. Corp.		147,900		8,185
Automotive (1.4%)
Genuine Parts Co.		66,400		2,916
Harsco Corp.		33,900		2,289
Automotive Dealers & Service Stations (2.5%)
AutoNation, Inc. ‡		133,200		2,895
AutoZone, Inc. ‡		65,900		6,046
Beverages (1.0%)
Brown-Forman Corp.–Class B		32,800		2,274
Constellation Brands, Inc.–Class A ‡		52,000		1,364
Business Services (0.6%)
Clear Channel Outdoor Holdings, Inc.–Class A ‡		104,000		2,085
Chemicals & Allied Products (5.2%)
Albemarle Corp.		111,500		4,276
Clorox Co.		81,000		4,608
Lauder (Estee) Cos., Inc. (The)–Class A		86,800		2,906
PPG Industries, Inc.		67,700		3,920
Sherwin-Williams Co. (The)		70,000		3,179
Commercial Banks (7.1%)
Cullen/Frost Bankers, Inc.		65,100		3,495
M&T Bank Corp.		61,000		6,652
North Fork Bancorp, Inc.		211,550		5,788
Northern Trust Corp.		48,500		2,513
TCF Financial Corp.		114,200		3,099
Wilmington Trust Corp.		75,800		2,949
Zions Bancorp		18,400		1,390
Communication (0.4%)
Cablevision Systems Corp.–Class A ‡†		70,100		1,645
Computer & Data Processing Services (3.1%)
Affiliated Computer Services, Inc.–Class A ‡		51,300		3,036
Computer Associates International, Inc. †		131,500		3,707
Interactive Data Corp.		87,000		1,976
NCR Corp. ‡		71,100		2,413
Computer & Office Equipment (0.9%)
Pitney Bowes, Inc.		76,900		3,249
Department Stores (1.8%)
Federated Department Stores, Inc.		46,711		3,098
TJX Cos., Inc.		144,700		3,361
Diversified (1.0%)
Vornado Realty Trust REIT		45,600		3,806

	Shares		Value
Electric Services (5.5%)
American Electric Power Co., Inc.		87,800	$	3,257
DPL, Inc.		119,200		3,100
Energy East Corp.		106,900		2,437
FirstEnergy Corp.		14,500		710
PPL Corp.		134,400		3,951
SCANA Corp.		82,600		3,253
Westar Energy, Inc.		147,200		3,165
Electric, Gas & Sanitary Services (0.8%)
PG&E Corp.		73,900		2,743
Electrical Goods (1.7%)
Carlisle Cos., Inc. †		55,400		3,831
Hughes Supply, Inc.		66,200		2,373
Electronic & Other Electric Equipment (1.9%)
Ametek, Inc.		78,300		3,331
Cooper Industries, Ltd.–Class A		51,400		3,752
Electronic Components & Accessories (0.6%)
Amphenol Corp.–Class A		51,500		2,279
Environmental Services (0.8%)
Republic Services, Inc.		79,700		2,993
Fabricated Metal Products (1.7%)
Crane Co.		82,100		2,896
Fortune Brands, Inc.		40,500		3,160
Food & Kindred Products (1.0%)
Del Monte Foods Co. ‡		206,500		2,154
Hormel Foods Corp.		41,400		1,353
Furniture & Home Furnishings Stores (0.5%)
Tuesday Morning Corp.		80,500		1,684
Gas Production & Distribution (4.0%)
AGL Resources, Inc.		96,100		3,345
Energen Corp.		80,900		2,938
Kinder Morgan, Inc		62,600		5,756
UGI Corp.		113,800		2,344
Health Services (4.1%)
Coventry Health Care, Inc. ‡		115,850		6,599
Manor Care, Inc.		74,000		2,943
Omnicare, Inc.		45,600		2,609
Quest Diagnostics, Inc. †		52,200		2,687
Holding & Other Investment Offices (1.1%)
Istar Financial Inc. REIT		45,900		1,636
Rayonier, Inc.		62,200		2,479
Hotels & Other Lodging Places (1.3%)
Hilton Hotels Corp.		200,100		4,825
Industrial Machinery & Equipment (0.9%)
American Standard Cos., Inc.		84,700		3,384

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

4

J.P. Morgan Mid Cap Value

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2005
(all amounts except share amounts in thousands)

	Shares		Value
Insurance (7.7%)
Assurant, Inc. †		181,900	$	7,911
Cincinnati Financial Corp.		74,325		3,321
IPC Holdings, Ltd.		88,100		2,412
MGIC Investment Corp. †		60,100		3,956
Old Republic International Corp. †		201,300		5,286
Principal Financial Group		31,900		1,513
SAFECO Corp.		63,600		3,593
Life Insurance (0.8%)
Genworth Financial, Inc.–Class A		86,000		2,974
Metal Cans & Shipping Containers (1.0%)
Ball Corp.		89,600		3,559
Mining (1.1%)
Vulcan Materials Co.		61,800		4,187
Motor Vehicles, Parts & Supplies (0.2%)
BorgWarner, Inc.		10,600		643
Oil & Gas Extraction (4.1%)
Burlington Resources, Inc.		79,600		6,862
Devon Energy Corp.		98,300		6,148
Hanover Compressor Co. ‡†		371		5
Pioneer Natural Resources Company		40,500		2,077
Paper & Allied Products (0.8%)
MeadWestvaco Corp.		105,500		2,957
Petroleum Refining (1.7%)
Ashland, Inc.		63,700		3,688
Marathon Oil Corp.		38,660		2,357
Pharmaceuticals (1.0%)
Henry Schein, Inc. ‡		12,800		559
Sigma-Aldrich Corp.		49,700		3,146
Printing & Publishing (2.9%)
Dex Media, Inc.		109,100		2,956
Gannett Co., Inc.		50,500		3,059
Knight-Ridder, Inc. †		33,400		2,114
Washington Post–Class B		3,020		2,310
Railroads (0.5%)
Norfolk Southern Corp.		42,400		1,901
Real Estate (1.5%)
Brookfield Properties Co. †		112,350		3,305
Forest City Enterprises, Inc.–Class A		55,300		2,098
Restaurants (2.1%)
Applebees International, Inc.		148,000		3,343
Outback Steakhouse, Inc.		102,600		4,269
Retail Trade (0.6%)
Tiffany & Co. †		53,700		2,056
Savings Institutions (2.3%)
Golden West Financial Corp. †		83,900		5,537
Webster Financial Corp.		59,700		2,800

	Shares		Value
Security & Commodity Brokers (1.4%)
E*TRADE Financial Corp. ‡		129,700	$	2,706
T. Rowe Price Group, Inc. †		35,300		2,543
Telecommunications (3.9%)
ALLTEL Corp. †		81,500		5,143
CenturyTel, Inc.		183,400		6,082
Telephone & Data Systems, Inc.		81,00		2,803
Variety Stores (0.7%)
Family Dollar Stores, Inc. †		107,200		2,658
Wholesale Trade Nondurable Goods (0.8%)
Dean Foods Co. ‡		79,000		2,975
Total Common Stocks (cost: $307,182)				328,130
	Principal		Value
SECURITY LENDING COLLATERAL (9.7%)
Debt (8.3%)
Bank Notes (0.3%)
Bank of America
4.27%, due 01/17/2006 *	$	523	$	523
4.31%, due 08/10/2006 *		430		430
Certificates Of Deposit (0.4%)
Barclays 4.31%, due 01/17/2006 *		330		330
Canadian Imperial Bank of Commerce 4.15%, due 05/18/2006 *		467		467
Credit Suisse First Boston Corp. 4.18%, due 03/10/2006 *		187		187
Rabobank Nederland 4.10%, due 05/31/2006 *		467		467
Commercial Paper (0.9%)
Fairway Finance–144A 4.31%, due 01/10/2006		932		932
Jupiter Securitization Corp.–144A 4.27%, due 01/05/2006		467		467
Paradigm Funding LLC–144A 4.30%, due 01/09/2006		183		183
Park Avenue Receivables Corp.–144A 4.27%, due 01/04/2006		464		464
Preferred Receivables Corp.–144A 4.31%, due 01/04/2006		371		371
Ranger Funding Co. LLC–144A 4.29%, due 01/18/2006		369		369
Sheffield Receivables Corp.–144A 4.26%, due 01/23/2006		224		224
Yorktown Capital LLC 4.27%, due 01/05/2006		467		467

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

5

J.P. Morgan Mid Cap Value

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2005
(all amounts except share amounts in thousands)

	Principal		Value
Euro Dollar Overnight (1.3%)
Calyon
4.34%, due 01/05/2006	$	467	$	467
Fortis Bank 4.35%, due 01/03/2006 4.35%, due 01/05/2006		934 888		934 888
Harris Trust & Savings Bank 4.25%, due 01/05/2006		766		766
National Australia Bank 4.16%, due 01/03/2006		954		954
Rabobank Nederland 4.15%, due 01/03/2006		336		336
Wells Fargo 4.27%, due 01/03/2006		467		467
Euro Dollar Terms (2.8%)
Bank of Montreal 4.30%, due 01/19/2006		934		934
Barclays 4.27%, due 01/25/2006 4.30%, due 01/31/2006		280 748		280 748
BNP Paribas 4.22%, due 01/24/2006		467		467
Dexia Group 4.25%, due 01/09/2006		467		467
Rabobank Nederland 4.21%, due 01/19/2006		841		841
Royal Bank of Canada 4.25%, due 01/24/2006		654		654
Royal Bank of Scotland 4.30%, due 01/31/2006 4.31%, due 02/01/2006		1,401 1,028		1,401 1,028
Societe Generale 4.28%, due 01/30/2006		934		934
UBS AG 4.26%, due 01/10/2006		934		934
Wells Fargo 4.29%, due 01/30/2006		1,401		1,401

	Principal		Value
Promissory Notes (0.2%)
Bear Stearns & Co.
4.39%, due 03/07/2006	$	561	$	561
4.39%, due 06/06/2006		187		187
Repurchase Agreements (2.4%) ††
Credit Suisse First Boston Corp. 4.29%, dated 12/31/2005 to be repurchased at $1,565 on 01/03/2006		1,564		1,564
Goldman Sachs Group, Inc. (The) 4.29%, dated 12/31/2005 to be repurchased at $3,732 on 01/03/2006		3,731		3,731
Lehman Brothers, Inc. 4.29%, dated 12/31/2005 to be repurchased at $25 on 01/03/2006		25		25
Merrill Lynch & Co. 4.24%, dated 12/31/2005 to be repurchased at $2,991 on 01/03/2006		2,990		2,990
Morgan Stanley Dean Witter & Co. 4.355%, dated 12/31/2005 to be repurchased at $330 on 01/03/2006		330		330
	Shares		Value
Investment Companies (1.4%)
American Beacon Fund
1-day yield of 4.19%		128,082	$	128
Barclays Global Investors Institutional Money Market Fund 1-day yield of 4.19%		1,214,510		1,215
Dreyfus Cash Management Plus Fund 1-day yield of 4.09%		504,489		504
Merrimac Cash Fund, Premium Class 1-day yield of 4.03% @		3,307,358		3,307
Total Security Lending Collateral (cost: $35,324)				35,324
Total Investment Securities (cost: $342,506)			$	363,454

NOTES TO SCHEDULE OF INVESTMENTS:

‡  Non-income producing.

†  At December 31, 2005, all or a portion of this security is on loan (see Note 1). The value at December 31, 2005, of all securities on loan is $34,317.

*  Floating or variable rate note. Rate is listed as of December 31, 2005.

††  Cash collateral for the Repurchase Agreements, valued at $8,812, that serve as collateral for securities lending are invested in corporate bonds with interest rates and maturity dates ranging from 0.00%–8.75% and 01/03/2006–08/01/2037, respectively.

@  Regulated investment company advised by Investors Bank and Trust Co. ("IBT"). IBT is also the accounting, custody and lending agent for the Fund.

DEFINITIONS:

144A  144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2005, these securities aggregated $3,010 or 0.8% of the total investments of the Fund.

REIT  Real Estate Investment Trust

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

6

J.P. Morgan Mid Cap Value

STATEMENT OF ASSETS AND LIABILITIES
At December 31, 2005
(all amounts except per share amounts in thousands)

Assets:
Investment securities, at value (cost: $342,506) (including securities loaned of $34,317)	$	363,454
Cash		11,103
Receivables:
Interest		33
Dividends		769
		375,359
Liabilities:
Accounts payable and accrued liabilities: Shares redeemed		850
Management and advisory fees		154
Administration fees		6
Payable for collateral for securities on loan		35,324
Other		34
		36,368
Net Assets	$	338,991
Net Assets Consist of:
Capital stock, ($.01 par value)	$	213
Additional paid-in capital		283,043
Distributable net investment income (loss)		2,875
Accumulated net realized gain (loss) from investment securities		31,912
Net unrealized appreciation (depreciation) on investment securities		20,948
Net Assets	$	338,991
Net Assets by Class:
Initial Class	$	338,377
Service Class		614
Shares Outstanding:
Initial Class		21,292
Service Class		39
Net Asset Value and Offering Price Per Share:
Initial Class	$	15.89
Service Class		15.83

STATEMENT OF OPERATIONS
For the year ended December 31, 2005
(all amounts in thousands)

Investment Income:
Interest	$	68
Dividends (net of withholding taxes on foreign dividends of $15)		5,898
Income from loaned securities–net		46
		6,012
Expenses:
Management and advisory fees		2,853
Printing and shareholder reports		58
Custody fees		50
Administration fees		70
Legal fees		6
Audit fees		14
Trustees fees		11
Service fees:
Service Class		1
Other		10
Total expenses before recapture of waived expenses		3,073
Recaptured expenses		64
Net expenses		3,137
Net Investment Income (Loss)		2,875
Net Realized and Unrealized Gain (Loss):
Realized gain (loss) from investment securities		32,081
Increase (decrease) in unrealized appreciation (depreciation) on investment securities		(3,532	)
Net Realized and Unrealized Gain (Loss) on Investment Securities		28,549
Net Increase (Decrease) in Net Assets Resulting from Operations	$	31,424

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

7

J.P. Morgan Mid Cap Value

STATEMENTS OF CHANGES IN NET ASSETS
For the years ended
(all amounts in thousands)

	December 31, 2005			December 31, 2004
Increase (Decrease) in Net Assets From:
Operations:
Net investment income (loss)	$	2,875		$	807
Net realized gain (loss) from investment securities		32,081			12,800
Change in unrealized appreciation (depreciation) on investment securities		(3,532	)		12,247
		31,424			25,854
Distributions to Shareholders:
From net investment income:
Initial Class		(804	)		(56	)
		(804	)		(56	)
From net realized gains:
Initial Class		(5,735	)		–
Service Class		(10	)		–
		(5,745	)		–
Capital Share Transactions:
Proceeds from shares sold:
Initial Class		130,230			240,163
Service Class		455			404
		130,685			240,567
Dividends and distributions reinvested:
Initial Class		6,539			56
Service Class		10			–
		6,549			56
Cost of shares redeemed:
Initial Class		(119,133	)		(44,424	)
Service Class		(364	)		(303	)
		(119,497	)		(44,727	)
		17,737			195,896
Net increase (decrease) in net assets		42,612			221,694
Net Assets:
Beginning of year		296,379			74,685
End of year	$	338,991		$	296,379
Distributable Net Investment Income (Loss)	$	2,875		$	804

	December 31, 2005			December 31, 2004
Share Activity:
Shares issued:
Initial Class		8,511			15,843
Service Class		30			30
		8,541			15,873
Shares issued–reinvested from distributions:
Initial Class		422			4
Service Class		1			–
		423			4
Shares redeemed:
Initial Class		(7,619	)		(1,624	)
Service Class		(24	)		(22	)
		(7,643	)		(1,646	)
Net increase (decrease) in shares outstanding:
Initial Class		1,314			14,223
Service Class		7			8
		1,321			14,231

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

8

J.P. Morgan Mid Cap Value

FINANCIAL HIGHLIGHTS

		For a share outstanding throughout each period (a)
		Net Asset		Investment Operations									Distributions									Net Asset
	For the Period Ended (b)	Value, Beginning of Period		Net Investment Income (Loss)			Net Realized and Unrealized Gain (Loss)			Total Operations			From Net Investment Income			From Net Realized Gains			Total Distributions			Value, End of Period
Initial Class	12/31/2005	$	14.81	$	0.13		$	1.22		$	1.35		$	(0.03	)	$	(0.24	)	$	(0.27	)	$	15.89
	12/31/2004		12.93		0.08			1.81			1.89			(0.01	)		–			(0.01	)		14.81
	12/31/2003		9.85		0.01			3.08			3.09			(0.01	)		–			(0.01	)		12.93
	12/31/2002		11.29		0.01			(1.45	)		(1.44	)		–			–			–			9.85
	12/31/2001		11.90		0.01			(0.49	)		(0.48	)		(0.12	)		(0.01	)		(0.13	)		11.29
Service Class	12/31/2005		14.77		0.09			1.22			1.31			(0.01	)		(0.24	)		(0.25	)		15.83
	12/31/2004		12.92		0.04			1.82			1.86			(0.01	)		–			(0.01	)		14.77
	12/31/2004		10.21		(0.01	)		2.72			2.71			–			–			–			12.92

					Ratios/Supplemental Data
	For the Period	Total			Net Assets, End of Period		Ratio of Expenses to Average Net Assets (f)						Net Investment Income (Loss) to Average			Portfolio Turnover
	Ended (b)	Return (c)(g)			(000's)		Net (d)			Total (e)			Net Assets (f)			Rate (g)
Initial Class	12/31/2005		9.15	%	$	338,377		0.89	% (h)		0.89	% (h)		0.82	%		68	%
	12/31/2004		14.58			295,909		1.00	(i)		1.00	(i)		0.58			109
	12/31/2003		31.42			74,375		1.00			1.02			0.10			73
	12/31/2002		(12.72	)		50,204		1.00			1.14			0.13			85
	12/31/2001		(3.94	)		30,215		1.00			1.34			0.09			78
Service Class	12/31/2005		8.86			614		1.14	(h)		1.14	(h)		0.59			68
	12/31/2004		14.36			470		1.25	(i)		1.25	(i)		0.27			109
	12/31/2003		26.54			310		1.25			1.28			(0.14	)		73

NOTES TO FINANCIAL HIGHLIGHTS

(a)  Per share information is calculated based on average number of shares outstanding.

(b)  J.P. Morgan Mid Cap Value (the "Fund") share classes commenced operations as follows:

Initial Class – May 3, 1999

Service Class – May 1, 2003

(c)  Total Return reflects all portfolio expenses and includes reinvestment of dividends and capital gains; it does not reflect the charges and deductions under the policies or annuity contracts.

(d)  Ratio of Net Expenses to Average Net Assets is net of advisory fee waivers, if any (see note 2).

(e)  Ratio of Total Expenses to Average Net Assets includes all expenses before advisory fee waivers.

(f)  Annualized.

(g)  Not annualized.

(h)  Ratios of Total Expenses to Average Net Assets and Net Expenses to Average Net Assets are inclusive of recaptured expenses by the investment advisor, if any. The impact of recaptured expenses was 0.02% and 0.02% for Initial Class and Service Class, respectively (see Note 2).

(i)  Ratios of Total Expenses to Average Net Assets and Net Expenses to Average Net Assets are inclusive of recaptured expenses by the investment advisor, if any. The impact of recaptured expenses was 0.07% and 0.07% for Initial Class and Service Class, respectively (see Note 2).

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

9

J.P. Morgan Mid Cap Value

NOTES TO FINANCIAL STATEMENTS
At December 31, 2005
(all amounts in thousands)

NOTE 1.  ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

The AEGON/Transamerica Series Trust ("ATST") is an open-end management investment company, registered under the Investment Company Act of 1940, as amended (the "1940 Act"). ATST serves as a funding vehicle for variable life insurance, variable annuity and group annuity products. J.P. Morgan Mid Cap Value (the "Fund") is a part of ATST.

Effective May 1, 2005, AEGON/Transamerica Series Fund, Inc. changed its name to AEGON/Transamerica Series Trust.

In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

This report should be read in conjunction with the current Fund prospectus, which contains more complete information about the Fund.

In preparing the Fund's financial statements in accordance with accounting principles generally accepted in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Fund.

Multiple class operations, income and expenses: The Fund currently offers two classes of shares, an Initial Class and a Service Class. Income, non-class specific expenses and realized and unrealized gains and losses, are allocated daily to each class, based upon the value of shares outstanding method as permitted under Rule 18f-3 of the 1940 Act. Each class bears its own specific expenses as well as a portion of general, common expenses.

Security valuations: The Fund values its investments at the close of the New York Stock Exchange ("NYSE"), normally 4 p.m. ET, each day the NYSE is open for business. Fund investments are valued at the last sale price or closing price on the day of valuation taken from the primary exchange where the security is principally traded.

Securities traded in the over-the-counter market and listed securities for which no sale was reported on that date are valued at the last quoted bid price.

Debt securities are valued based on a price quotation or other equivalent indication of value supplied by an exchange, a pricing service or a major market maker; however, those that mature in sixty days or less are valued at amortized cost, which approximates market.

Investment company securities are valued at the net asset value of the underlying portfolio.

Other securities for which quotations are not readily available are valued at fair market value as determined in good faith by the Fund's Administrative Valuation Committee, under the supervision of the Board's Valuation Committee, using guidelines adopted by the Board of Trustees.

Cash: The Fund may leave cash overnight in its cash account with the custodian, Investors Bank & Trust Company ("IBT"). IBT has been contracted on behalf of the Fund to invest the excess cash into a savings account, which at December 31, 2005, was paying an interest rate of 3.00%.

Repurchase agreements: The Fund is authorized to enter into repurchase agreements. The Fund, through its custodian, IBT, receives delivery of the underlying securities, the value of which at the time of purchase is required to be an amount equal to at least 100% of the resale price. The Fund will bear the risk of value fluctuations until the security can be sold and may encounter delays and incur costs in liquidating the security. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Securities lending: The Fund may lend securities to qualified borrowers, with IBT acting as the Fund's lending agent. The Fund earns negotiated lenders' fees. The Fund receives cash and/or securities as collateral against the loaned securities. Cash collateral received is invested in short term, interest bearing securities. The Fund monitors the market value of securities loaned on a daily basis and requires collateral in an amount at least equal to the value of the securities loaned. Income from loaned securities on the Statement of Operations is net of fees, in the amount of $20, earned by IBT for its services.

Real Estate Investment Trusts ("REITs"): There are certain additional risks involved in investing in REITs. These include, but are not limited to, economic conditions, changes in zoning laws, real estate values, property taxes and interest rates.

Security transactions and investment income: Security transactions are recorded on the trade date. Security gains and losses are calculated on the first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend date. Interest income, including accretion of discounts and amortization of premiums, is recorded on the accrual basis commencing on the settlement date.

Dividend distributions: Dividends and capital gains distributions are typically declared and reinvested annually and are generally paid and reinvested on the business day following the ex-date.

AEGON/Transamerica Series Trust

Annual Report 2005

10

J.P. Morgan Mid Cap Value

NOTES TO FINANCIAL STATEMENTS (continued)
At December 31, 2005
(all amounts in thousands)

NOTE 2.  RELATED PARTY TRANSACTIONS

Effective January 1, 2005 AEGON/Transamerica Fund Advisers, Inc. was renamed Transamerica Fund Advisors, Inc. ("TFAI"); AEGON/Transamerica Fund Services, Inc. and AEGON/Transamerica Investor Services, Inc. merged into one entity and was renamed Transamerica Fund Services, Inc. ("TFS").

ATST serves as a funding vehicle for certain affiliated asset allocation portfolios and certain affiliated separate accounts of Western Reserve Life Assurance Co. of Ohio, Transamerica Life Insurance Company, Transamerica Financial Life Insurance Company, Inc., Peoples Benefit Life Insurance Company, Transamerica Occidental Life Insurance Company and Transamerica Life Insurance and Annuity Company.

TFAI is the Fund's investment adviser. TFS is the Fund's administrator and transfer agent. AFSG Securities Corp. ("AFSG") is the Fund's distributor. TFAI, TFS, and AFSG are affiliates of AEGON, NV, a Netherlands corporation.

Certain officers and trustees of the Fund are also officers and/or directors of TFAI, TFS and AFSG.

The following schedule reflects the percentage of fund assets owned by affiliated investment companies at December 31, 2005:

	Net Assets		% of Net Assets
Asset Allocation–Conservative Portfolio	$	17,077		5.04	%
Asset Allocation–Growth Portfolio		44,680		13.18	%
Asset Allocation–Moderate Growth Portfolio		158,613		46.79	%
Asset Allocation–Moderate Portfolio		29,589		8.73	%
Total	$	249,959		73.74	%

Investment advisory fee: The Fund pays management fees to TFAI based on average daily net assets ("ANA") at the following breakpoints:

0.85% of the first $100 million of ANA
0.80% of ANA over $100 million

TFAI has contractually agreed to waive its advisory fee and will reimburse the Fund to the extent that operating expenses, excluding 12b-1 fees, exceed the following stated annual limit:

1.00% Expense Limit

If total Fund expenses fall below the annual expense limitation agreement agreed to by the adviser within the succeeding three years, the Fund may be required to pay that adviser a portion or all of the waived advisory fees.

For the year ended December 31, 2005, the Fund recaptured the following of previously waived expenses.

Expense Recovered by Advisor		Increase in Total Expenses to Average Net Assets
$	64		0.02	%

There were no amounts available for recapture at December 31, 2005.

Distribution and service fees: The Fund adopted a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, ATST entered into a Distribution Agreement with AFSG dated January 1, 1997, as amended.

Under the Distribution Plan and Distribution Agreement on the Initial Class shares, AFSG, on behalf of the Fund, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Fund's shares, amounts equal to actual expenses associated with distributing the shares.

The Distribution Plan on the Service Class shares requires ATST to pay distribution fees to AFSG as compensation for its activities, not as reimbursement for specific expenses. The fee on the Service Class is paid to the insurance companies for providing services and account maintenance for their policyholders who invest in the variable insurance products which invest in the Service Class shares.

The Fund is authorized under the 12b-1 plan to pay fees on each class up to the following limits:

Initial Class	0.15	%
Service Class	0.25	%

AFSG has determined that it will not seek payment by the Fund of the distribution expenses incurred with respect to the Initial Class shares before April 30, 2007. Prior to AFSG seeking reimbursement of future expenses, policy and contract owners will be notified in advance. The Fund will pay fees relating to Service Class shares.

Administrative services: The Fund has entered into an agreement with TFS for financial and legal fund administration services. The Fund pays TFS an annual fee of 0.02% of ANA. The Legal fees on the Statement of Operations are for fees paid to external legal counsel.

Deferred compensation plan: Each eligible independent Fund Trustee may elect participation in a non-qualified deferred compensation plan ("the Plan") maintained by Transamerica IDEX Mutual Funds, an affiliate of the Fund. Under the Plan, such Trustees may defer payment of all or a portion of their total fees earned as a Fund Trustee. Each Trustee who is a participant in the Plan may elect that the earnings, losses or gains credited to his or her deferred fee amounts be determined based on a deemed investment in any series of Transamerica IDEX Mutual Funds. The right of a participant to receive a distribution from the Plan of the deferred fees is an unsecured claim against the

AEGON/Transamerica Series Trust

Annual Report 2005

11

J.P. Morgan Mid Cap Value

NOTES TO FINANCIAL STATEMENTS (continued)
At December 31, 2005
(all amounts in thousands)

NOTE 2.–(continued)

general assets of all series of Transamerica IDEX Mutual Funds. At December 31, 2005, the value of invested plan amounts was $17.

NOTE 3.  INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the year ended December 31, 2005, were as follows:

Purchases of securities:
Long-Term	$	238,670
U.S. Government		–
Proceeds from maturities and sales of securities:
Long-Term		228,698
U.S. Government		–

NOTE 4.  FEDERAL INCOME TAX MATTERS

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatment for items including, but not limited to, wash sales.

The tax character of distributions paid may differ from the character of distributions shown in the Statements of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2004 and 2005 was as follows:

2004 Distributions paid from:
Ordinary Income	$	56
Long-term Capital Gain		–
2005 Distributions paid from:
Ordinary Income		1,999
Long-term Capital Gain		4,550

The tax basis components of distributable earnings as of December 31, 2005, are as follows:

Undistributed Ordinary Income	$	16,545
Undistributed Long-term Capital Gain	$	19,260
Capital Loss Carryforward	$	–
Net Unrealized Appreciation (Depreciation)	$	19,930

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of December 31, 2005, are as follows:

Federal Tax Cost Basis	$	343,524
Unrealized Appreciation	$	27,635
Unrealized (Depreciation)		(7,705	)
Net Unrealized Appreciation (Depreciation)	$	19,930

NOTE 5.  REGULATORY PROCEEDINGS

There continues to be significant federal and state regulatory activity relating to financial services companies, particularly mutual fund companies and their investment advisers. As part of an ongoing investigation regarding potential market timing, recordkeeping and trading compliance issues and matters affecting the Fund's investment adviser, TFAI, and certain affiliates and former employees of TFAI, the SEC staff has indicated that it is likely to take some action against TFAI and certain of its affiliates at the conclusion of the investigation. The potential timing and the scope of any such action is difficult to predict. Although the impact of any action brought against TFAI and/or its affiliates is difficult to assess at the present time, the Fund currently believes that the likelihood that any such action will have a material adverse impact on it is remote. It is important to note that the Fund is not aware of any allega tion of wrongdoing against it and its Board at the time this annual report is printed. Although it is not anticipated that these developments will have an adverse impact on the Fund, there can be no assurance at this time. TFAI and its affiliates are actively working with the SEC in regard to this matter; however, the exact resolution cannot be determined at this time. TFAI will take such actions that it deems necessary or appropriate to continue providing management services to the Fund and to bring all matters to an appropriate conclusion.

TFAI and/or its affiliates, and not the Fund, will bear the costs regarding these regulatory matters.

AEGON/Transamerica Series Trust

Annual Report 2005

12

Report of Independent Registered Certified Public Accounting Firm

To the Board of Trustees and Shareholders of

J.P. Morgan Mid Cap Value

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of J.P. Morgan Mid Cap Value (the "Fund") (one of the portfolios constituting the AEGON/Transamerica Series Trust) at December 31, 2005, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fund's management; our responsibility is to express an opinion on these financial statements based on our a udits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2005 by correspondence with the custodian, provide a reasonable basis for our opinion.

Tampa, Florida
February 23, 2006

J.P. Morgan Mid Cap Value (UNAUDITED)

SUPPLEMENTAL TAX INFORMATION
(all amounts in thousands)

For tax purposes, the Fund has made a Long-Term Capital Gain Designation of $4,550 for the year ended December 31, 2005.

AEGON/Transamerica Series Trust

Annual Report 2005

13

J.P. Morgan Mid Cap Value

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS – REVIEW AND RENEWAL (unaudited)

At a meeting of the Board of Trustees of AEGON/Transamerica Series Trust ("ATST") held on November 2, 2005, the Board reviewed and considered the Investment Advisory Agreement between J.P. Morgan Mid Cap Value Portfolio (the "Portfolio") and Transamerica Fund Advisors, Inc. ("TFAI") as well as the Investment Sub-Advisory Agreement of the Portfolio between TFAI and J.P. Morgan Investment Advisors, Inc. (the "Sub-Adviser"), to determine whether the agreements should be renewed for a one-year period. Following their review and consideration, the Trustees determined that the Investment Advisory Agreement and the Investment Sub-Advisory Agreement will enable shareholders of the Portfolio to obtain high quality services at a cost that is appropriate, reasonable, and in the best interests of its shareholders. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and the Investment Sub-Advisory Agreement. In reaching their decision, the Trustees requested and obtained from TFAI and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the proposed agreements. The Trustees also carefully considered the information that they had received throughout the year from TFAI and the Sub-Adviser (such as in-person presentations by the Sub-Adviser) as part of their regular oversight of the Portfolio, as well as: comparative fee, expense and performance information prepared by Lipper Inc. ("Lipper"), independent providers of mutual fund performance, fee and expense information; and profitability data. In considering the proposed continuation of the Investment Advisory Agreement and Investment Sub-Advisory Agreement, the Trustees evaluated a number of considerations that they believed, in light of the legal advice furnished to them by ATST counsel and independent legal counsel and their own business judgment, to be relevant. They based their decisions o n the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:

The nature, extent and quality of the advisory service to be provided. The Board considered the nature and quality of the services provided by TFAI and the Sub-Adviser to the Portfolio in the past, as well as the services anticipated to be provided in the future. The Board concluded that TFAI and the Sub-Adviser are capable of providing high quality services to the Portfolio, as indicated by the nature and quality of services provided in the past, TFAI's and the Sub-Adviser's management capabilities demonstrated with respect to the portfolios they manage, including the Portfolio, and the experience, capability and integrity of TFAI's senior management, the financial resources of TFAI and the Sub-Adviser, TFAI's management oversight process, and the professional qualifications and experience of the Sub-Adviser's portfolio management team. The Trustees also concluded that TFAI and the Sub-Adviser proposed to provide investment and related services that were of the same quality and quantity as services provided to the Portfolio in the past, and that these services are appropriate in scope and extent in light of the Portfolio's operations, the competitive landscape of the investment company business and investor needs, and that TFAI's and the Sub-Adviser's obligations will remain substantially the same.

The investment performance of the Portfolio. The Board examined both the short-term and longer-term performance of the Portfolio, including relative performance against a benchmark securities index and a peer group of comparable mutual funds as prepared by Lipper for various trailing periods ended June 30, 2005. The Trustees concluded that TFAI and the Sub-Adviser had achieved acceptable performance and favorably noted the Portfolio's recent improved performance, with performance above median relative to its peers, and superior to the benchmark index over the past year. On the basis of the Trustees' assessment of the nature, extent and quality of advisory services to be provided or procured by TFAI and the Sub-Adviser, the Trustees concluded that TFAI and the Sub-Adviser are capable of generating a level of investment performance that is appropriate i n light of the Portfolio's investment objective, policies and strategies and competitive with many other investment companies, and also determined that TFAI's and the
Sub-Adviser's performance records indicate that their continued management is likely to benefit the Portfolio and its shareholders.

The cost of advisory services provided and the level of profitability. The Board reviewed profitability information regarding TFAI's costs of procuring portfolio management services, as well as the costs of provision of administration, fund accounting and other services, to the Portfolio and to ATST as a whole by TFAI and its affiliates. The Trustees reviewed data from Lipper that compared the Portfolio's management fees (including management fees at various asset levels), other fees and expenses (including total expenses including and excluding 12b-1 distribution and service fees) and portfolio turnover rate against peer groups of comparable mutual funds. Based on such information, the Trustees determined that the management fees and overall expense ratio of the Portfolio generally are consistent with industry averages. In addition, on the basis of t he Board's review of the management fees to be charged by TFAI for investment advisory and related services, TFAI profitability information (derived from TFAI's audited financial statements), TFAI's estimated management income resulting from its management of the Portfolio, the estimated margin of the Sub-Adviser, as well as the entirety of TFAI's and its affiliates' service relationship with ATST, the Board concluded that the level of investment management fees and other service fees, as well as TFAI's and the Sub-Adviser's profitability, are appropriate in light of the services provided, the management fees and overall expense ratios of comparable investment companies and the anticipated profitability of the relationship between the Portfolio, TFAI and its affiliates, and the Sub-Adviser.

AEGON/Transamerica Series Trust

Annual Report 2005

14

J.P. Morgan Mid Cap Value (continued)

Whether fee levels reflect economies of scale and the extent to which economies of scale would be realized as the Portfolio grows. The Board concluded that the inclusion of asset-based breakpoints in the Portfolio's advisory fee schedule appropriately benefits investors by realizing economies of scale in the form of lower management fees as the level of assets grows. In addition, the Board concluded that the Portfolio's management fees appropriately reflect the Portfolio's current size, the current economic environment for TFAI, the competitive nature of the investment company market, and TFAI's pricing strategy. The Trustees also concluded that they will have the opportunity to periodically reexamine whether the Portfolio has achieved economies of scale, and the appropriateness of management fees payable to TFAI and fees payable by TFAI to the Sub-Ad viser, in the future.

Benefits (such as soft dollars) to TFAI, its affiliates, or the Sub-Adviser from their relationship with the Portfolio. The Board concluded that other benefits derived by TFAI, its affiliates, and the Sub-Adviser from their relationship with the Portfolio, including "soft dollar" benefits (if any) in connection with brokerage transactions, sales charges and distribution/service fees (to the extent applicable) are reasonable and fair, and are consistent with industry practice and the best interests of the Portfolio and its shareholders. In this regard, the Board noted that TFAI does not realize "soft dollar" benefits from its relationship with the Portfolio, and that the Sub-Adviser's "soft-dollar" arrangements are consistent with applicable law and
"best execution" requirements. In addition, the Trustees determined that the administration, fund ac counting and other fees paid by the Portfolio to affiliates of TFAI are reasonable, fair and in the best interests of shareholders in light of the nature and quality of the services provided, the associated costs to these affiliates of providing the services, the impact of the costs of such services on the Portfolio's overall operating expenses, and the necessity of the services for the Portfolio's operations.

Other considerations. The Board also determined that TFAI had made a substantial commitment to the recruitment and retention of high quality personnel, and maintained the financial, compliance and operational resources reasonably necessary to manage the Portfolio in a professional manner that is consistent with the best interests of the Portfolio and its shareholders. In this regard, the Trustees favorably considered the procedures and policies in place by TFAI to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Adviser. The Trustees also determined that TFAI had made a significant entrepreneurial commitment to the management and success of the Portfolio, reflected by TFAI's expense limitation and fee waiver arrangement with the Portfolio, which may result in TFAI waiving a substantial amount of advisory fees for the benefit of shareholders.

AEGON/Transamerica Series Trust

Annual Report 2005

15

Marsico Growth

MARKET ENVIRONMENT

U.S. large capitalization equities, as measured by the Standard and Poor's 500 Composite Stock Index ("S&P 500") posted a return of 4.91% for the year ended December 31, 2005. From the perspective of Global Industry Classification Standards ("GICS") sector performance (in the S&P 500), energy (+31%) and utilities (+17%) posted the highest returns, while areas such as consumer discretionary (-6%), and telecommunication services (-5%) were the laggards. Sectors including financials, health care and consumer staples each had positive gains for the year.

At an industry level, the top-performing groups included health care equipment and services, insurance, real estate, and semiconductors and semi equipment. Industry groups that struggled in the year included automobiles and components and media. Food and staples retailing also had a relatively weak year.

PERFORMANCE

For the year ended December 31, 2005, Marsico Growth, Initial Class returned 8.58%. By comparison its primary and secondary benchmarks, the S&P 500 and the Russell 1000 Growth Index returned 4.91% and 5.26%, respectively.

STRATEGY REVIEW

In reviewing Marsico Growth's annual investment results, there were a number of significant factors, both positive and negative, that impacted performance as compared to the S&P 500 benchmark.

Health care was a major area of emphasis for the portfolio throughout the year, and the portfolio benefited from stock selection within the sector. At an individual stock level, biotechnology company Genentech, Inc. (+70% price return) was the largest individual contributor to performance. In addition, health care services provider UnitedHealth Group Incorporated (+41%), medical equipment company Medtronic, Inc. (+17%), and Amylin Pharmaceuticals, Inc. (+43%) benefited the portfolio.

The portfolio's information technology holdings were also significant performance contributors. Internet services company Google Inc. (+93%) was among the top performing positions of the portfolio. Apple Computer, Inc. (+35%) also had a positive impact on performance for the year. In addition, the portfolio's underweighted posture in the software and services industry enhanced performance relative to the S&P 500 as the industry was among the weak performing areas for the S&P 500.

Another area of strength was stock selection in the industrials sector. Capital goods position Caterpillar Inc. (+21%) posted a solid return for the period. Transportation companies Burlington Northern Santa Fe Corporation (+36%) and FedEx Corporation (+5%) also benefited performance results.

There were a few factors that negatively impacted the portfolio. The most significant area that detracted from overall performance was our decision to have little exposure in the energy sector. On a sector level, the strongest-performing area of investment for the year was energy, which had an absolute return of +31%. The portfolio had, on average, an underweighted posture in energy, thus missing the opportunity for potential gain. In addition, the portfolio's position in Exxon Mobil Corporation (-6% prior to being sold), was a material detractor from performance results.

Finally, select holdings in the consumer discretionary sector hurt performance results for the year. Retailer eBay Inc. (-31% prior to being sold) was the largest individual detractor from performance. In addition, consumer services positions such as Royal Caribbean Cruises Ltd. (–21% prior to being sold), and hotel/casino company Wynn Resorts, Limited (–18%) negatively impacted performance.

Thomas F. Marsico

Portfolio Manager
Marsico Capital Management, LLC*

*  Banc of America Capital Management, LLC (BACAP) has the role of sub-adviser with its affiliate Marsico Capital Management, LLC to provide management services to the Fund.

AEGON/Transamerica Series Trust

Annual Report 2005

1

Marsico Growth

Comparison of change in value of $10,000 investment in Initial Class shares and its comparative indices.

Average Annual Total Return for Periods Ended 12/31/05

	1 year			5 years			From Inception			Inception Date
Initial Class		8.58	%		(0.42	)%		0.85	%	5/3/99
S&P 5001		4.91	%		0.54	%		0.54	%	5/3/99
Russell 1000 Growth1		5.26	%		(3.58	)%		(3.14	)%	5/3/99
Service Class		8.21	%		–			15.10	%	5/1/03

NOTES

¹  The Standard and Poor's 500 Composite Stock (S&P 500) Index and the Russell 1000 Growth (Russell 1000 Growth) Index are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. From inception calculation is based on life of Initial Class shares. Source: Standard & Poor's Micropal®© Micropal, Inc. 2005–1-800-596-5323 – http://www.funds-sp.com.

The performance data presented represents past performance, future results may vary. The portfolio's investment return and net asset value will fluctuate. Past performance does not guarantee future results. Investor's units when redeemed, may be worth more or less than their original cost.

Current performance may be higher or lower than the performance data quoted. Please visit your insurance company's website for contract or policy level standardized total returns current to the most recent month-end. Portfolio performance is net of investment fees and fund expenses, but not product charges, which, if included, would significantly lower the performance quoted.

This material must be preceded or accompanied by a current prospectus, which includes specific contents regarding the investment objectives, explanation of share classes and policies of this portfolio.

AEGON/Transamerica Series Trust

Annual Report 2005

2

Marsico Growth

UNDERSTANDING YOUR FUND'S EXPENSES
(unaudited)

SHAREHOLDER EXPENSES

Fund shareholders may incur ongoing costs, including management and advisory fees, distribution and service fees, and other Fund expenses.

The following Example is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.

The Example is based on an investment of $1,000 invested at July 1, 2005 and held for the entire period until December 31, 2005.

ACTUAL EXPENSES

The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of your Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fees, brokerage commissions paid on purchases and sales of fund shares. Therefore, the second line under the Fund in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If any of these transaction costs were included, your costs would be higher. The expenses shown in the table do not reflect any fees that may be charged to you by brokers, financial intermediaries or other financial institutions.

	Beginning Account Value		Ending Account Value		Annualized Expense Ratio			Expenses Paid During Period (a)
Initial Class
Actual	$	1,000.00	$	1,082.40		0.89	%	$	4.67
Hypothetical (b)		1,000.00		1,020.72		0.89			4.53
Service Class
Actual		1,000.00		1,081.00		1.14			5.98
Hypothetical (b)		1,000.00		1,019.46		1.14			5.80

^(a)  Expenses are calculated using each Fund's annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by number of days in the period (184 days), and divided by the number of days in the year (365 days).

^(b)  5% return per year before expenses.

GRAPHIC PRESENTATION OF SCHEDULE OF INVESTMENTS
By Sector
At December 31, 2005

This chart shows the percentage breakdown by sector of the Fund's total investment securities.

AEGON/Transamerica Series Trust

Annual Report 2005

3

Marsico Growth

SCHEDULE OF INVESTMENTS
At December 31, 2005
(all amounts except share amounts in thousands)

	Shares		Value
COMMON STOCKS (87.1%)
Aerospace (2.3%)
General Dynamics Corp.		31,264	$	3,566
Lockheed Martin Corp.		29,219		1,859
Air Transportation (4.2%)
FedEx Corp.		96,255		9,952
Amusement & Recreation Services (0.4%)
Station Casinos, Inc.		12,524		849
Automotive (0.6%)
Toyota Motor Corp., ADR †		12,756		1,335
Beverages (0.5%)
PepsiCo, Inc.		19,850		1,173
Chemicals & Allied Products (3.5%)
Procter & Gamble Co.		143,753		8,320
Commercial Banks (2.5%)
UBS AG-Registered		55,247		5,257
UCBH Holdings, Inc.		32,338		578
Communications Equipment (4.8%)
Motorola, Inc.		246,581		5,570
QUALCOMM, Inc.		134,360		5,788
Computer & Data Processing Services (2.5%)
Google, Inc.–Class A ‡		14,510		6,020
Computer & Office Equipment (4.0%)
Apple Computer, Inc. ‡		132,286		9,510
Construction (1.9%)
KB Home †		43,117		3,133
MDC Holdings, Inc.		23,268		1,442
Drug Stores & Proprietary Stores (1.4%)
CVS Corp.		68,971		1,822
Walgreen Co.		32,742		1,449
Electronic & Other Electric Equipment (2.5%)
General Electric Co.		168,101		5,892
Health Services (1.0%)
Quest Diagnostics, Inc. †		48,246		2,484
Hotels & Other Lodging Places (2.5%)
MGM Mirage, Inc. ‡		133,331		4,889
Wynn Resorts, Ltd. †‡		19,705		1,081
Industrial Machinery & Equipment (2.6%)
Caterpillar, Inc.		107,131		6,189
Insurance (7.7%)
Progressive Corp. (The) †		19,150		2,236
UnitedHealth Group, Inc.		256,436		15,935

	Shares		Value
Lumber & Other Building Materials (5.9%)
Home Depot, Inc. (The)		97,512	$	3,947
Lowe's Cos., Inc. †		149,127		9,941
Medical Instruments & Supplies (3.5%)
Medtronic, Inc.		84,232		4,849
Zimmer Holdings, Inc. ‡		53,027		3,576
Mortgage Bankers & Brokers (1.7%)
Countrywide Financial Corp.		115,245		3,940
Oil & Gas Extraction (1.0%)
Halliburton Co. †		36,654		2,271
Personal Credit Institutions (2.6%)
SLM Corp.		111,213		6,127
Pharmaceuticals (9.5%)
Amgen, Inc. ‡		65,285		5,148
Amylin Pharmaceuticals, Inc. †‡		43,230		1,726
Genentech, Inc. ‡		139,075		12,864
Genzyme Corp. ‡		39,820		2,819
Railroads (3.6%)
Burlington Northern Santa Fe Corp.		77,386		5,481
Union Pacific Corp.		37,827		3,045
Real Estate (0.6%)
St. Joe Co. (The) †		22,480		1,511
Residential Building Construction (1.8%)
Lennar Corp.–Class A †		48,697		2,972
Toll Brothers, Inc. †‡		36,629		1,269
Restaurants (3.0%)
Starbucks Corp. ‡		109,162		3,276
Yum! Brands, Inc.		83,235		3,902
Security & Commodity Brokers (6.4%)
Chicago Mercantile Exchange †		13,392		4,921
Goldman Sachs Group, Inc. (The)		23,232		2,967
Lehman Brothers Holdings, Inc.		57,118		7,321
Telecommunications (0.2%)
America Movil SA de CV-Class L, ADR		18,362		537
Variety Stores (2.4%)
Target Corp.		105,015		5,773
Total Common Stocks (cost: $158,789)				206,512
	Principal		Value
SHORT-TERM OBLIGATIONS (0.4%)
Repurchase Agreements (0.4%)
Investors Bank & Trust Co. 3.02%, dated 12/30/2005 to be repurchased at $1,018 on 01/03/2006 n(a)	$	1,018	$	1,018
Total Short-Term Obligations (cost: $1,018)				1,018

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

4

Marsico Growth

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2005
(all amounts except share amounts in thousands)

	Principal		Value
SECURITY LENDING COLLATERAL (12.5%)
Debt (10.7%)
Bank Notes (0.3%)
Bank of America
4.27%, due 01/17/2006 *	$	438	$	438
4.31%, due 08/10/2006 *		359		359
Certificates Of Deposit (0.5%)
Barclays 4.31%, due 01/17/2006 *		276		276
Canadian Imperial Bank of Commerce 4.15%, due 05/18/2006 *		391		391
Credit Suisse First Boston Corp. 4.18%, due 03/10/2006 *		156		156
Rabobank Nederland 4.10%, due 05/31/2006 *		391		391
Commercial Paper (1.2%)
Fairway Finance-144A 4.31%, due 01/10/2006		780		780
Jupiter Securitization Corp.-144A 4.27%, due 01/05/2006		391		391
Paradigm Funding LLC-144A 4.30%, due 01/09/2006		153		153
Park Avenue Receivables Corp.-144A 4.27%, due 01/04/2006		388		388
Preferred Receivables Corp.-144A 4.31%, due 01/04/2006		310		310
Ranger Funding Co. LLC-144A 4.29%, due 01/18/2006		309		309
Sheffield Receivables Corp.-144A 4.26%, due 01/23/2006		188		188
Yorktown Capital LLC 4.27%, due 01/05/2006		391		391
Euro Dollar Overnight (1.7%)
Calyon 4.34%, due 01/05/2006		391		391
Fortis Bank 4.35%, due 01/03/2006		781		781
4.35%, due 01/05/2006		742		742
Harris Trust & Savings Bank 4.25%, due 01/05/2006		641		641
National Australia Bank 4.16%, due 01/03/2006		798		798
Rabobank Nederland 4.15%, due 01/03/2006		281		281
Wells Fargo 4.27%, due 01/03/2006		391		391

	Principal		Value
Euro Dollar Terms (3.6%)
Bank of Montreal
4.30%, due 01/19/2006	$	781	$	781
Barclays 4.27%, due 01/25/2006		234		234
4.30%, due 01/31/2006		625		625
BNP Paribas 4.22%, due 01/24/2006		391		391
Dexia Group 4.25%, due 01/09/2006		391		391
Rabobank Nederland 4.21%, due 01/19/2006		703		703
Royal Bank of Canada 4.25%, due 01/24/2006		547		547
Royal Bank of Scotland 4.30%, due 01/31/2006		1,172		1,172
4.31%, due 02/01/2006		860		860
Societe Generale 4.28%, due 01/30/2006		781		781
UBS AG 4.26%, due 01/10/2006		781		781
Wells Fargo 4.29%, due 01/30/2006		1,172		1,172
Promissory Notes (0.3%)
Bear Stearns & Co. 4.39%, due 03/07/2006		469		469
4.39%, due 06/06/2006		156		156
Repurchase Agreements (3.1%) ††
Credit Suisse First Boston Corp. 4.29%, dated 12/30/2005 to be repurchased at $1,309 on 01/03/2006		1,308		1,308
Goldman Sachs Group, Inc. (The) 4.29%, dated 12/30/2005 to be repurchased at $3,122 on 01/03/2006		3,120		3,120
Lehman Brothers, Inc. 4.29%, dated 12/30/2005 to be repurchased at $21 on 01/03/2006		21		21
Merrill Lynch & Co. 4.24%, dated 12/30/2005 to be repurchased at $2,502 on 01/03/2006		2,500		2,500
Morgan Stanley Dean Witter & Co. 4.36%, dated 12/30/2005 to be repurchased at $276 on 01/03/2006		276		276

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

5

Marsico Growth

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2005
(all amounts except share amounts in thousands)

	Shares		Value
Investment Companies (1.8%)
American Beacon Fund
1-day yield of 4.19%		107,128	$	107
Barclays Global Investors Institutional Money Market Fund 1-day yield of 4.19%		1,015,821		1,016

	Shares		Value
Investment Companies (continued)
Dreyfus Cash Management Plus Fund 1-day yield of 4.09%		421,957	$	422
Merrimac Cash Fund, Premium Class 1-day yield of 4.03% @		2,766,290		2,766
Total Security Lending Collateral (cost: $29,545)				29,545
Total Investment Securities (cost: $189,352)			$	237,075

NOTES TO SCHEDULE OF INVESTMENTS:

†  At December 31, 2005, all or a portion of this security is on loan (see Note 1). The value at December 31, 2005, of all securities on loan is $28,820.

‡  Non-income producing.

n  At December 31, 2005, repurchase agreements excluding collateral for securities on loan are collateralized by a U.S. Government Agency Obligation with an interest rate and maturity date of 5.00% and 03/01/2035, respectively, and with a market value plus accrued interest of $1,069

*  Floating or variable rate note. Rate is listed as of December 31, 2005.

††  Cash collateral for the Repurchase Agreements, valued at $7,370, that serve as collateral for securities lending are invested in corporate bonds with interest rates and maturity dates ranging from 0.00% - 8.75% and 01/03/2006 - 08/01/2037, respectively.

@  Regulated investment company advised by Investors Bank and Trust Co. ("IBT"). IBT is also the accounting, custody and lending agent for the Fund.

(a)  Investors Bank and Trust Co. is also the accounting, custody and lending agent for the Fund.

DEFINITIONS:

144A  144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2005, these securities aggregated $2,519 or 1.1% of the total investments of the Fund.

ADR  American Depositary Receipt

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

6

Marsico Growth

STATEMENT OF ASSETS AND LIABILITIES
At December 31, 2005
(all amounts except per share amounts in thousands)

Assets:
Investment securities, at value (cost: $189,352) (including securities loaned of $28,820)	$	237,075
Cash		50
Receivables:
Shares sold		176
Interest		4
Income from loaned securities		1
Dividends		123
Dividend reclaims receivable		16
		237,445
Liabilities:
Investment securities purchased		167
Accounts payable and accrued liabilities:
Shares redeemed		564
Management and advisory fees		143
Service fees		3
Administration fees		4
Payable for collateral for securities on loan		29,545
Other		27
		30,453
Net Assets	$	206,992
Net Assets Consist of:
Capital stock ($.01 par value)	$	200
Additional paid-in capital		165,540
Distributable net investment income (loss)		234
Accumulated net realized gain (loss) from investment securities and foreign currency transactions		(6,705	)
Net unrealized appreciation (depreciation) on investment securities		47,723
Net Assets	$	206,992
Net Assets by Class:
Initial Class	$	194,775
Service Class		12,217
Shares Outstanding:
Initial Class		18,836
Service Class		1,188
Net Asset Value and Offering Price Per Share:
Initial Class	$	10.34
Service Class		10.28

STATEMENT OF OPERATIONS
For the year ended December 31, 2005
(all amounts in thousands)

Investment Income:
Interest	$	209
Dividends (net of withholding taxes on foreign dividends of $29)		1,511
Income from loaned securities-net		31
		1,751
Expenses:
Management and advisory fees		1,359
Printing and shareholder reports		47
Custody fees		28
Administration fees		34
Legal fees		3
Audit fees		14
Trustees fees		5
Service fees:
Service Class		22
Other		4
Total expenses		1,516
Net Investment Income (Loss)		235
Net Realized and Unrealized Gain (Loss)
Realized gain (loss) from investment securities and foreign currency transactions		5,855
Increase (decrease) in unrealized appreciation (depreciation) on investment securities and foreign currency transactions		9,629
Net Realized and Unrealized Gain (Loss) on Investment Securities and   foreign currency transactions		15,484
Net Increase (Decrease) in Net Assets Resulting from Operations	$	15,719

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

7

Marsico Growth

STATEMENTS OF CHANGES IN NET ASSETS
For the years ended
(all amounts in thousands)

	December 31, 2005			December 31, 2004
Increase (Decrease) in Net Assets From:
Operations:
Net investment income (loss)	$	235		$	192
Net realized gain (loss) from investment securities and foreign currency transactions		5,855			1,832
Change in unrealized appreciation (depreciation) on investment securities and foreign currency translation		9,629			13,997
		15,719			16,021
Distributions to Shareholders:
From net investment income:
Initial Class		(134	)		–
		(134	)		–
Capital Share Transactions:
Proceeds from shares sold:
Initial Class		65,780			22,722
Service Class		7,040			5,429
		72,820			28,151
Dividends and distributions reinvested:
Initial Class		134			–
		134			–
Cost of shares redeemed:
Initial Class		(28,989	)		(30,376	)
Service Class		(1,526	)		(963	)
		(30,515	)		(31,339	)
		42,439			(3,188	)
Net increase (decrease) in net assets		58,024			12,833
Net Assets:
Beginning of year		148,968			136,135
End of year	$	206,992		$	148,968
Distributable Net Investment Income (Loss)	$	234		$	161

	December 31, 2005			December 31, 2004
Share Activity:
Shares issued:
Initial Class		6,782			2,644
Service Class		735			637
		7,517			3,281
Shares issued–reinvested from distributions:
Initial Class		14			–
		14			–
Shares redeemed:
Initial Class		(2,975	)		(3,576	)
Service Class		(160	)		(114	)
		(3,135	)		(3,690	)
Net increase (decrease) in shares outstanding:
Initial Class		3,821			(932	)
Service Class		575			523
		4,396			(409	)

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

8

Marsico Growth

FINANCIAL HIGHLIGHTS

		For a share outstanding throughout each period (a)
		Net Asset		Investment Operations									Distributions									Net Asset
	For the Period Ended (b)	Value, Beginning of Period		Net Investment Income (Loss)			Net Realized and Unrealized Gain (Loss)			Total Operations			From Net Investment Income			From Net Realized Gains			Total Distributions			Value, End of Period
Initial Class	12/31/2005	$	9.53	$	0.01		$	0.81		$	0.82		$	(0.01	)	$	–		$	(0.01	)	$	10.34
	12/31/2004		8.49		0.01			1.03			1.04			–			–			–			9.53
	12/31/2003		6.72		(0.01	)		1.78			1.77			–			–			–			8.49
	12/31/2002		9.09		–			(2.36	)		(2.36	)		(0.01	)		–			(0.01	)		6.72
	12/31/2001		10.67		0.02			(1.52	)		(1.50	)		(0.07	)		(0.01	)		(0.08	)		9.09
Service Class	12/31/2005		9.50		(0.01	)		0.79			0.78			–			–			–			10.28
	12/31/2004		8.48		(0.01	)		1.03			1.02			–			–			–			9.50
	12/31/2003		7.06		(0.03	)		1.45			1.42			–			–			–			8.48

					Ratios/Supplemental Data
					Net Assets,		Ratio of Expenses						Net Investment
	For the Period	Total			End of Period		to Average Net Assets (f)						Income (Loss) to Average			Portfolio Turnover
	Ended (b)	Return (c)(g)			(000's)		Net (d)			Total (e)			Net Assets (f)			Rate (g)
Initial Class	12/31/2005		8.58	%	$	194,775		0.88	%		0.88	%		0.15	%		66	%
	12/31/2004		12.25			143,150		0.87			0.87			0.15			80
	12/31/2003		26.34			135,376		0.98			0.98			(0.19	)		111
	12/31/2002		(25.98	)		102,574		1.00			1.06			(0.03	)		103
	12/31/2001		(14.09	)		45,382		1.00			1.21			0.16			17
Service Class	12/31/2005		8.21			12,217		1.13			1.13			(0.12	)		66
	12/31/2004		12.03			5,818		1.10			1.10			(0.07	)		80
	12/31/2003		20.11			759		1.25			1.25			(0.47	)		111

NOTES TO FINANCIAL HIGHLIGHTS

(a)  Per share information is calculated based on average number of shares outstanding.

(b)  Marsico Growth (the "Fund") share classes commenced operations as follows:

Initial Class – May 3, 1999

Service Class – May 1, 2003

(c)  Total Return reflects all portfolio expenses and includes reinvestment of dividends and capital gains; it does not reflect the charges and deductions under the policies or annuity contracts.

(d)  Ratio of Net Expenses to Average Net Assets is net of advisory fee waivers, if any (see note 2).

(e)  Ratio of Total Expenses to Average Net Assets includes all expenses before advisory fee waivers.

(f)  Annualized.

(g)  Not annualized.

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

9

Marsico Growth

NOTES TO FINANCIAL STATEMENTS
At December 31, 2005
(all amounts in thousands)

NOTE 1.  ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

The AEGON/Transamerica Series Trust ("ATST") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). ATST serves as a funding vehicle for variable life insurance, variable annuity and group annuity products. Marsico Growth (the "Fund") is part of ATST.

Effective May 1, 2005, AEGON/Transamerica Series Fund, Inc. changed its name to AEGON/Transamerica Series Trust.

In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

This report should be read in conjunction with the current Fund prospectus, which contains more complete information about the Fund.

In preparing the Fund's financial statements in accordance with accounting principles generally accepted in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Fund.

Multiple class operations, income and expenses: The Fund currently offers two classes of shares, an Initial Class and a Service Class. Income, non-class specific expenses and realized and unrealized gains and losses, are allocated daily to each class, based upon the value of shares outstanding method as permitted under Rule 18f-3 of the 1940 Act. Each class bears its own specific expenses as well as a portion of general, common expenses.

Security valuations: The Fund values its investments at the close of the New York Stock Exchange ("NYSE"), normally 4 p.m. ET, each day the NYSE is open for business. Fund investments are valued at the last sale price or closing price on the day of valuation taken from the primary exchange where the security is principally traded.

Securities traded in the over-the-counter market and listed securities for which no sale was reported on that date are valued at the last quoted bid price.

Debt securities are valued based on a price quotation or other equivalent indication of value supplied by an exchange, a pricing service or a major market maker; however, those that mature in sixty days or less are valued at amortized cost, which approximates market.

Investment company securities are valued at the net asset value of the underlying portfolio.

Foreign securities generally are valued based on quotations from the primary market in which they are traded. Because many foreign securities markets and exchanges close prior to the close of the NYSE, closing prices for foreign securities in those markets or on those exchanges do not reflect the events that occur after that close. If a significant market event impacting the value of a portfolio security (e.g., natural disaster, company announcement, market volatility) occurs subsequent to the close of trading in the security, but prior to the calculation of the Fund's net asset value per share, market quotations for that security may be determined to be unreliable and, accordingly, not "readily available." As a result, foreign equity securities held by the Fund may be valued at fair market value as determined in good faith by the Fund's Administrative Valuation Committee, under the supervision of the Board's Valuation Committee , using guidelines adopted by the Board of Trustees.

Other securities for which quotations are not readily available are valued at fair market value as determined in good faith by the Fund's Administrative Valuation Committee, under the supervision of the Board's Valuation Committee, using guidelines adopted by the Board of Trustees.

Cash: The Fund may leave cash overnight in its cash account with the custodian, Investors Bank & Trust Company ("IBT"). IBT has been contracted on behalf of the Fund to invest the excess cash into a savings account, which at December 31, 2005, was paying an interest rate of 3.00%.

Repurchase agreements: The Fund is authorized to enter into repurchase agreements. The Fund, through its custodian, IBT, receives delivery of the underlying securities, the value of which at the time of purchase is required to be an amount equal to at least 100% of the resale price. The Fund will bear the risk of value fluctuations until the security can be sold and may encounter delays and incur costs in liquidating the security. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Commission recapture: The sub-adviser, to the extent consistent with the best execution and usual commission rate policies and practices, may place security transactions of the Fund with broker/dealers with which ATST has established a Commission Recapture Program. A Commission Recapture Program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Fund. In no event will commissions paid by the Fund be used to pay expenses that would otherwise be borne by any other funds within ATST, or by any other party.

AEGON/Transamerica Series Trust

Annual Report 2005

10

Marsico Growth

NOTES TO FINANCIAL STATEMENTS (continued)
At December 31, 2005
(all amounts in thousands)

NOTE 1.–(continued)

Recaptured commissions during the year ended December 31, 2005, of $51 are included in net realized gains in the Statement of Operations.

Securities lending: The Fund may lend securities to qualified borrowers, with IBT acting as the Fund's lending agent. The Fund earns negotiated lenders' fees. The Fund receives cash and/or securities as collateral against the loaned securities. Cash collateral received is invested in short term, interest bearing securities. The Fund monitors the market value of securities loaned on a daily basis and requires collateral in an amount at least equal to the value of the securities loaned. Income from loaned securities on the Statement of Operations is net of fees, in the amount of $13, earned by IBT for its services.

Security transactions and investment income: Security transactions are recorded on the trade date. Security gains and losses are calculated on the first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend date. Interest income, including accretion of discounts and amortization of premiums, is recorded on the accrual basis commencing on the settlement date.

Foreign currency denominated investments: The accounting records of the Fund are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the closing exchange rate each day. The cost of foreign securities is translated at the exchange rate in effect when the investment was acquired. The Fund combines fluctuations from currency exchange rates and fluctuations in value when computing net realized and unrealized gains or losses from investments.

Net foreign currency gains and losses resulting from changes in exchange rates include: 1) foreign currency fluctuations between trade date and settlement date of investment security transactions; 2) gains and losses on forward foreign currency contracts; and 3) the difference between the receivable amounts of interest and dividends recorded in the accounting records in U.S. dollars and the amounts actually received.

Foreign currency denominated assets may involve risks not typically associated with domestic transactions. These risks include revaluation of currencies, adverse fluctuations in foreign currency values and possible adverse political, social and economic developments, including those particular to a specific industry, country or region.

Option contracts: The Fund may enter into options contracts to manage exposure to market fluctuations. Options are valued at the average of the bid and ask ("Mean Quote") established each day at the close of the board of trade or exchange on which they are traded. The primary risks associated with options are imperfect correlation between the change in value of the securities held and the prices of the options contracts; the possibility of an illiquid market and inability of the counterparty to meet the contracts terms. When the Fund writes a covered call or put option, an amount equal to the premium received by the Fund is included in the Fund's Statement of Assets and Liabilities as an asset and as an equivalent liability. Options are marked-to-market daily to reflect the curren t value of the option written.

There are no open written option contracts at December 31, 2005.

Transactions in written call and put options were as follows:

	Premium			Contracts*
Beginning Balance December 31, 2004	$	–			–
Sales		4			22
Closing Buys		–			–
Expirations		(4	)		(22	)
Exercised		–			–
Balance at December 31, 2005	$	–			–

*  Contracts not in thousands

Dividend distributions: Dividends and capital gains distributions are typically declared and reinvested annually and are generally paid and reinvested on the business day following the ex-date.

NOTE 2.  RELATED PARTY TRANSACTIONS

Effective January 1, 2005 AEGON/Transamerica Fund Advisers, Inc. was renamed Transamerica Fund Advisors, Inc. ("TFAI"); AEGON/Transamerica Fund Services, Inc. and AEGON/Transamerica Investor Services, Inc. merged into one entity and was renamed Transamerica Fund Services, Inc. ("TFS").

ATST serves as a funding vehicle for certain affiliated asset allocation portfolios and certain affiliated separate accounts of Western Reserve Life Assurance Co. of Ohio, Transamerica Life Insurance Company, Transamerica Financial Life Insurance Company, Inc., Peoples Benefit Life Insurance Company, Transamerica Occidental Life Insurance Company and Transamerica Life Insurance and Annuity Company.

TFAI is the Fund's investment adviser. TFS is the Fund's administrator and transfer agent. AFSG Securities Corp. ("AFSG") is the Fund's distributor. TFAI, TFS, and AFSG are affiliates of AEGON, NV, a Netherlands corporation.

Certain officers and trustees of the Fund are also officers and/or directors of TFAI, TFS and AFSG.

AEGON/Transamerica Series Trust

Annual Report 2005

11

Marsico Growth

NOTES TO FINANCIAL STATEMENTS (continued)
At December 31, 2005
(all amounts in thousands)

NOTE 2.–(continued)

The following schedule reflects the percentage of fund assets owned by affiliated investment companies at December 31, 2005:

	Net Assets		% of Net Assets
Asset Allocation – Conservative Portfolio	$	1,081		0.52	%
Asset Allocation – Moderate Portfolio		80,925		39.10	%
Total	$	82,006		39.62	%

Investment advisory fee: The Fund pays management fees to TFAI based on average daily net assets ("ANA") at the following breakpoints:

0.80% of the first $250 million of ANA
0.75% of the next $250 million of ANA
0.70% of the next $500 million of ANA
0.60% of ANA over $1 billion

TFAI has contractually agreed to waive its advisory fee and will reimburse the Fund to the extent that operating expenses, excluding 12b-1 fees, exceed the following stated annual limit:

1.00% Expense Limit

If total fund expenses fall below the annual expense limitation agreement agreed to by the adviser within the succeeding three years, the Fund may be required to pay that adviser a portion or all of the waived advisory fees.

There were no amounts recaptured during the year ended December 31, 2005. There are no amounts available for recapture at December 31, 2005.

Distribution and service fees: The Fund adopted a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, ATST entered into a Distribution Agreement with AFSG dated January 1, 1997, as amended.

Under the Distribution Plan and Distribution Agreement on the Initial Class shares, AFSG, on behalf of the Fund, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Fund's shares, amounts equal to actual expenses associated with distributing the shares.

The Distribution Plan on the Service Class shares requires ATST to pay distribution fees to AFSG as compensation for its activities, not as reimbursement for specific expenses. The fee on the Service Class is paid to the insurance companies for providing services and account maintenance for their policyholders who invest in the variable insurance products which invest in the Service Class shares.

The Fund is authorized under the 12b-1 plan to pay fees on each class up to the following limits:

Initial Class	0.15	%
Service Class	0.25	%

AFSG has determined that it will not seek payment by the Fund of the distribution expenses incurred with respect to the Initial Class shares before April 30, 2007. Prior to AFSG seeking reimbursement of future expenses, policy and contract owners will be notified in advance. The Fund will pay fees relating to Service Class shares.

Administrative services: The Fund has entered into an agreement with TFS for financial and legal fund administration services. The Fund pays TFS an annual fee of 0.02% of ANA. The Legal fees on the Statement of Operations are for fees paid to external legal counsel.

Deferred compensation plan: Each eligible independent Fund Trustee may elect participation in a nonqualified deferred compensation plan ("the Plan") maintained by Transamerica IDEX Mutual Funds, an affiliate of the Fund. Under the Plan, such Trustees may defer payment of all or a portion of their total fees earned as a Fund Trustee. Each Trustee who is a participant in the Plan may elect that the earnings, losses or gains credited to his or her deferred fee amounts be determined based on a deemed investment in any series of Transamerica IDEX Mutual Funds. The right of a participant to receive a distribution from the Plan of the deferred fees is an unsecured claim against the general assets of all series of Transamerica IDEX Mutual Funds. The pro rata liability to the Fund of all deferred fees in the Plan amounted, as of December 31, 2005, to $10.

NOTE 3.  INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the year ended December 31, 2005, were as follows:

Purchases of securities:
Long-Term	$	149,344
U.S. Government		–
Proceeds from maturities and sales of securities
Long-Term		106,561
U.S. Government		–

NOTE 4.  FEDERAL INCOME TAX MATTERS

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code.

AEGON/Transamerica Series Trust

Annual Report 2005

12

Marsico Growth

NOTES TO FINANCIAL STATEMENTS (continued)
At December 31, 2005
(all amounts in thousands)

NOTE 4.–(continued)

Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatment for items including, but not limited to, wash sales, foreign currency transactions, return of capital and capital loss carryforwards.

Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. Financial records are not adjusted for temporary differences. These reclassifications are as follows:

Distributable net investment income (loss)	$	(28	)
Accumulated net realized gain (loss) from investment securities		28

The capital loss carryforwards are available to offset future realized capital gains through the periods listed:

Capital Loss Carryforwards		Available through
$	1,379	December 31, 2010
	5,283	December 31, 2011

The capital loss carryforward utilized during the year ended December 31, 2005 was $5,853.

The tax character of distributions paid may differ from the character of distributions shown in the Statements of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2004 and 2005 was as follows:

2004 Distributions paid from:
Ordinary Income	$	–
Long-term Capital Gain		–
2005 Distributions paid from:
Ordinary Income		134
Long-term Capital Gain		–

The tax basis components of distributable earnings as of December 31, 2005, are as follows:

Undistributed Ordinary Income	$	235
Undistributed Long-term Capital Gain	$	–
Capital Loss Carryforward	$	(6,662	)
Net Unrealized Appreciation (Depreciation)	$	47,679

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of December 31, 2005, are as follows:

Federal Tax Cost Basis	$	189,396
Unrealized Appreciation	$	48,870
Unrealized (Depreciation)		(1,191	)
Net Unrealized Appreciation (Depreciation)	$	47,679

NOTE 5.  REGULATORY PROCEEDINGS

There continues to be significant federal and state regulatory activity relating to financial services companies, particularly mutual fund companies and their investment advisers. As part of an ongoing investigation regarding potential market timing, recordkeeping and trading compliance issues and matters affecting the Fund's investment adviser, TFAI, and certain affiliates and former employees of TFAI, the SEC staff has indicated that it is likely to take some action against TFAI and certain of its affiliates at the conclusion of the investigation. The potential timing and the scope of any such action is difficult to predict. Although the impact of any action brought against TFAI and/or its affiliates is difficult to assess at the present time, the Fund currently believes that the likelihood that any such action will have a material adverse impact on it is remote. It is important to note that the Fund is not aware of any allega tion of wrongdoing against it and its Board at the time this annual report is printed. Although it is not anticipated that these developments will have an adverse impact on the Fund, there can be no assurance at this time. TFAI and its affiliates are actively working with the SEC in regard to this matter; however, the exact resolution cannot be determined at this time. TFAI will take such actions that it deems necessary or appropriate to continue providing management services to the Fund and to bring all matters to an appropriate conclusion.

TFAI and/or its affiliates, and not the Fund, will bear the costs regarding these regulatory matters.

AEGON/Transamerica Series Trust

Annual Report 2005

13

Report of Independent Registered Certified Public Accounting Firm

To the Board of Trustees and Shareholders of
Marsico Growth

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Marsico Growth (the "Fund") (one of the portfolios constituting the AEGON/Transamerica Series Trust) at December 31, 2005, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fund's management; our responsibility is to express an opinion on these financial statements based on our audits. We c onducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2005 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

Tampa, Florida
February 23, 2006

AEGON/Transamerica Series Trust

Annual Report 2005

14

Marsico Growth

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS – REVIEW AND RENEWAL (unaudited)

At a meeting of the Board of Trustees of AEGON/Transamerica Series Trust ("ATST") held on November 2, 2005, the Board reviewed and considered the Investment Advisory Agreement between Marsico Growth Portfolio (the "Portfolio") and Transamerica Fund Advisors, Inc. ("TFAI") as well as the Investment Sub-Advisory Agreement of the Portfolio between TFAI and Columbia Management Advisors, LLC. (the "Sub-Adviser"), to determine whether the agreements should be renewed for a one-year period. Following their review and consideration, the Trustees determined that the Investment Advisory Agreement and the Investment Sub-Advisory Agreement will enable shareholders of the Portfolio to obtain high quality services at a cost that is appropriate, reasonable, and in the best interests of its shareholders. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and the Inves tment Sub-Advisory Agreement. In reaching their decision, the Trustees requested and obtained from TFAI and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the proposed agreements. The Trustees also carefully considered the information that they had received throughout the year from TFAI and the Sub-Adviser (such as in-person presentations by the Sub-Adviser) as part of their regular oversight of the Portfolio, as well as: comparative fee, expense and performance information prepared by Lipper Inc. ("Lipper"), independent providers of mutual fund performance, fee and expense information; and profitability data. In considering the proposed continuation of the Investment Advisory Agreement and Investment Sub-Advisory Agreement, the Trustees evaluated a number of considerations that they believed, in light of the legal advice furnished to them by ATST counsel and independent legal counsel and their own business judgment, to be relevant. They based their decisions on the followin g considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:

The nature, extent and quality of the advisory service to be provided. The Board considered the nature and quality of the services provided by TFAI and the Sub-Adviser to the Portfolio in the past, as well as the services anticipated to be provided in the future. The Board concluded that TFAI and the Sub-Adviser are capable of providing high quality services to the Portfolio, as indicated by the nature and quality of services provided in the past, TFAI's and the Sub-Adviser's management capabilities demonstrated with respect to the portfolios they manage, including the Portfolio, and the experience, capability and integrity of TFAI's senior management, the financial resources of TFAI and the Sub-Adviser, TFAI's management oversight process, the professional qualifications and experience of the Sub-Adviser's portfolio management team, and the Portfolio 's investment performance. The Trustees also concluded that TFAI and the Sub-Adviser proposed to provide investment and related services that were of the same quality and quantity as services provided to the Portfolio in the past, and that these services are appropriate in scope and extent in light of the Portfolio's operations, the competitive landscape of the investment company business and investor needs, and that TFAI's and the Sub-Adviser's obligations will remain substantially the same.

The investment performance of the Portfolio. The Board examined both the short-term and longer-term performance of the Portfolio, including relative performance against a benchmark securities index and a peer group of comparable mutual funds as prepared by Lipper for various trailing periods ended June 30, 2005. The Trustees concluded that TFAI and the Sub-Adviser generally had achieved superior performance and noted that the Portfolio's performance was above median relative to its peers and superior to the benchmark index over the past one-, two-, three- and five year periods. On the basis of the Trustees' assessment of the nature, extent and quality of advisory services to be provided or procured by TFAI and the Sub-Adviser, the Trustees concluded that TFAI and the Sub-Adviser are capable of generating a level of investment performance that is appro priate in light of the Portfolio's investment objective, policies and strategies and competitive with many other investment companies, and also determined that TFAI's and the Sub-Adviser's performance records indicate that their continued management is likely to benefit the Portfolio and its shareholders.

The cost of advisory services provided and the level of profitability. The Board reviewed profitability information regarding TFAI's costs of procuring portfolio management services, as well as the costs of provision of administration, fund accounting and other services, to the Portfolio and to ATST as a whole by TFAI and its affiliates. The Trustees reviewed data from Lipper that compared the Portfolio's management fees (including management fees at various asset levels), other fees and expenses (including total expenses including and excluding 12b-1 distribution and service fees) and portfolio turnover rate against peer groups of comparable mutual funds. Based on such information, the Trustees determined that the management fees and overall expense ratio of the Portfolio generally are consistent with industry averages. In addition, on the basis of t he Board's review of the management fees to be charged by TFAI for investment advisory and related services, TFAI profitability information (derived from TFAI's audited financial statements), TFAI's estimated management income resulting from its management of the Portfolio, the estimated margin of the Sub-Adviser, as well as the entirety of TFAI's and its affiliates' service relationship with ATST, the Board concluded that the level of investment management fees and other service fees, as well as TFAI's and the Sub-Adviser's profitability, are appropriate in light of the services provided, the management fees and overall expense ratios of comparable investment companies and the anticipated profitability of the relationship between the Portfolio, TFAI and its affiliates, and the Sub-Adviser.

AEGON/Transamerica Series Trust

Annual Report 2005

15

Marsico Growth (continued)

Whether fee levels reflect economies of scale and the extent to which economies of scale would be realized as the Portfolio grows. The Board concluded that the inclusion of asset-based breakpoints in the Portfolio's advisory fee schedule appropriately benefits investors by realizing economies of scale in the form of lower management fees as the level of assets grows. In addition, the Board concluded that the Portfolio's management fees appropriately reflect the Portfolio's current size, the current economic environment for TFAI, the competitive nature of the investment company market, and TFAI's pricing strategy. The Trustees also concluded that they will have the opportunity to periodically reexamine whether the Portfolio has achieved economies of scale, and the appropriateness of management fees payable to TFAI and fees payable by TFAI to the Sub-Ad viser, in the future.

Benefits (such as soft dollars) to TFAI, its affiliates, or the Sub-Adviser from their relationship with the Portfolio. The Board concluded that other benefits derived by TFAI, its affiliates, and the Sub-Adviser from their relationship with the Portfolio, including "soft dollar" benefits (if any) in connection with brokerage transactions, sales charges and distribution/service fees (to the extent applicable) are reasonable and fair, and are consistent with industry practice and the best interests of the Portfolio and its shareholders. In this regard, the Board noted that TFAI does not realize "soft dollar" benefits from its relationship with the Portfolio, and that the Sub-Adviser is participating in a brokerage program pursuant to which a portion of brokerage commissions paid by the Portfolio is recaptured for the benefit of the Portfolio and its sh areholders, thus limiting the amount of "soft-dollar" arrangements the Sub-Adviser may engage in with respect to the Portfolio's brokerage transactions. In addition, the Trustees determined that the administration, fund accounting and other fees paid by the Portfolio to affiliates of TFAI are reasonable, fair and in the best interests of shareholders in light of the nature and quality of the services provided, the associated costs to these affiliates of providing the services, the impact of the costs of such services on the Portfolio's overall operating expenses, and the necessity of the services for the Portfolio's operations.

Other considerations. The Board also determined that TFAI had made a substantial commitment to the recruitment and retention of high quality personnel, and maintained the financial, compliance and operational resources reasonably necessary to manage the Portfolio in a professional manner that is consistent with the best interests of the Portfolio and its shareholders. In this regard, the Trustees favorably considered the procedures and policies in place by TFAI to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Adviser. The Trustees also determined that TFAI had made a significant entrepreneurial commitment to the management and success of the Portfolio, reflected by TFAI's expense limitation and fee waiver arrangement with the Portfolio, which may result in TFAI waiving a substantial amount of advisory fees for the benefit of shareholders.

AEGON/Transamerica Series Trust

Annual Report 2005

16

Mercury Large Cap Value

MARKET ENVIRONMENT

U.S. equities generally posted gains for 2005. Shares of large-cap value companies outperformed large-cap growth stocks during the year. The Russell 1000 Value Index ("Russell 1000 Value") rose 7.05%, versus the 5.26% gain of the Russell 1000 Growth Index.

The recurring themes in the market environment in 2005 were rising short-term interest rates and higher energy prices. The Federal Reserve Board ("Fed") raised the target federal funds rate from 2.25% to 4.25% in eight increments of 25 basis points (.25%) during the year. The central bank removed the word "accommodative" from its description of monetary policy and suggested that future rate hikes will be data dependent.

In addition, oil prices rose to record levels above $70.00 per barrel in September 2005 in response to the damage that Hurricane Katrina caused to several key refineries along the U.S. Gulf Coast. Even before this catastrophic disaster occurred, an extended period of rising energy prices had been fueled by: the limited ability of the Organization of the Petroleum Exporting Countries ("OPEC") to increase output; inadequate oil refining and natural gas drilling capacity in the U.S.; and growing demand in Asia, particularly from China and India. Oil prices fell later in the year as some of the damaged Gulf Coast refineries resumed operations and demand declined somewhat.

PERFORMANCE

For the year ended December 31, 2005, Mercury Large Cap Value, Initial Class returned 15.94%. By comparison its primary and former benchmarks, the Russell 1000 Value and the Standard and Poor's 500 Composite Stock Index, returned 7.05% and 4.91%, respectively.

STRATEGY REVIEW

The portfolio considerably outperformed its benchmark, the Russell 1000 Value, in 2005. The relative return benefited from stock selection in energy (Valero Energy Corporation, Burlington Resources Inc., Sunoco, Inc.); healthcare (Humana Inc., Aetna Inc., CIGNA Corporation); financials (Lehman Brothers Holdings Inc., Prudential Financial, Inc.); consumer discretionary (Nordstrom, Inc., J.C. Penney Company, Inc.); and utilities (TXU Corp., Edison International). An overweight position in energy also had a positive effect on the comparative performance. Conversely, security selection in industrials (Yellow Roadway Corporation, Cummins, Inc.) and consumer staples (primarily Costco Wholesale Corporation), an overweight in healthcare and an underweight in utilities detracted somewhat from the relative return.

We currently maintain the portfolio's overweight versus the benchmark in cyclical companies such as those in the information technology and energy sectors. The portfolio remains underweight in financials and consumer staples. In recent months, we have brought our positions in several sectors more closely in line with their benchmark weights.

Robert C. Doll, Jr., CFA

Portfolio Manager
Mercury Advisors

AEGON/Transamerica Series Trust

Annual Report 2005

1

Mercury Large Cap Value

Comparison of change in value of $10,000 investment in Initial Class shares and its comparative indices.

Average Annual Total Return for Periods Ended 12/31/05

	1 year			5 years			From Inception			Inception Date
Initial Class		15.94	%		8.45	%		10.00	%	5/1/96
Russell 1000 Value1		7.05	%		5.28	%		10.66	%	5/1/96
S&P 5001		4.91	%		0.54	%		8.64	%	5/1/96
Service Class		15.73	%		–			23.26	%	5/1/03

NOTES

¹  The Russell 1000 Value (Russell 1000 Value) Index and the Standard and Poor's 500 Composite Stock (S&P 500) Index are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. From inception calculation is based on life of Initial Class shares. For reporting periods through December 31, 2004, the Fund had selected the S&P 500 as its benchmark measure; however, the Russell 1000 Value is more appropriate for comparison to the Fund. Source: Standard & Poor's Micropal®© Micropal, Inc. 2005 &# 150; 1-800-596-5323 – http://www.funds-sp.com.

The performance data presented represents past performance, future results may vary. The portfolio's investment return and net asset value will fluctuate. Past performance does not guarantee future results. Investor's units when redeemed, may be worth more or less than their original cost.

Current performance may be higher or lower than the performance data quoted. Please visit your insurance company's website for contract or policy level standardized total returns current to the most recent month-end. Portfolio performance is net of investment fees and fund expenses, but not product charges, which, if included, would significantly lower the performance quoted.

This material must be preceded or accompanied by a current prospectus, which includes specific contents regarding the investment objectives, explanation of share classes and policies of this portfolio.

AEGON/Transamerica Series Trust

Annual Report 2005

2

Mercury Large Cap Value

UNDERSTANDING YOUR FUND'S EXPENSES
(unaudited)

SHAREHOLDER EXPENSES

Fund shareholders may incur ongoing costs, including management and advisory fees, distribution and service fees, and other Fund expenses.

The following Example is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.

The Example is based on an investment of $1,000 invested at July 1, 2005 and held for the entire period until December 31, 2005.

ACTUAL EXPENSES

The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of your Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fees, brokerage commissions paid on purchases and sales of fund shares. Therefore, the second line under the Fund in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If any of these transaction costs were included, your costs would be higher. The expenses shown in the table do not reflect any fees that may be charged to you by brokers, financial intermediaries or other financial institutions.

	Beginning Account Value		Ending Account Value		Annualized Expense Ratio			Expenses Paid During Period (a)
Initial Class
Actual	$	1,000.00	$	1,088.40		0.84	%	$	4.42
Hypothetical (b)		1,000.00		1,020.97		0.84			4.28
Service Class
Actual		1,000.00		1,087.40		1.09			5.73
Hypothetical (b)		1,000.00		1,019.71		1.09			5.55

^(a)  Expenses are calculated using each Fund's annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by number of days in the period (184 days), and divided by the number of days in the year (365 days).

^(b)  5% return per year before expenses.

GRAPHICAL PRESENTATION OF SCHEDULE OF INVESTMENTS
By Sector
At December 31, 2005

This chart shows the percentage breakdown by sector of the Fund's total investment securities.

AEGON/Transamerica Series Trust

Annual Report 2005

3

Mercury Large Cap Value

SCHEDULE OF INVESTMENTS
At December 31, 2005
(all amounts except share amounts in thousands)

	Shares		Value
COMMON STOCKS (91.7%)
Aerospace (2.0%)
Lockheed Martin Corp.		111,000	$	7,063
Northrop Grumman Corp.		198,000		11,902
Apparel & Accessory Stores (1.4%)
American Eagle Outfitters		242,000		5,561
Nordstrom, Inc. †		205,000		7,667
Automotive (0.5%)
Ford Motor Co.		508,000		3,922
ITT Industries, Inc.		4,000		411
Beverages (1.3%)
Coca-Cola Co. (The)		319,000		12,859
Business Credit Institutions (0.1%)
CIT Group, Inc.		25,000		1,294
Chemicals & Allied Products (0.9%)
Eastman Chemical Co.		161,000		8,306
Commercial Banks (3.6%)
Bank of America Corp.		210,000		9,691
Citigroup, Inc.		370,000		17,956
JP Morgan Chase & Co.		93,000		3,691
State Street Corp.		58,000		3,216
Communication (1.4%)
Viacom, Inc.–Class B ‡		420,000		13,692
Communications Equipment (1.1%)
Motorola, Inc.		459,000		10,369
Computer & Data Processing Services (6.8%)
Autodesk, Inc.		176,000		7,559
BMC Software, Inc. ‡		349,000		7,151
Checkfree Corp. ‡		143,000		6,564
Computer Sciences Corp. ‡		123,000		6,229
Compuware Corp. ‡		975,000		8,746
McAfee, Inc. ‡		242,000		6,565
NCR Corp. ‡		163,000		5,532
Novell, Inc. ‡		321,000		2,834
Oracle Corp. ‡		513,000		6,264
Sabre Holdings Corp.		237,000		5,714
Sybase, Inc. ‡		70,000		1,530
Computer & Office Equipment (3.1%)
Apple Computer, Inc. ‡		125,000		8,986
Hewlett-Packard Co.		714,000		20,442
Department Stores (1.1%)
JC Penney Co., Inc. †		182,000		10,119

	Shares		Value
Electric Services (2.4%)
American Electric Power Co., Inc.		236,000	$	8,753
CMS Energy Corp. †‡		236,000		3,424
Edison International		238,000		10,379
Electronic Components & Accessories (1.4%)
Intersil Corp.–Class A		108,000		2,687
QLogic Corp. ‡		190,000		6,177
Solectron Corp. ‡		1,255,000		4,593
Health Services (1.6%)
Caremark Rx, Inc. ‡		166,000		8,597
HCA, Inc.		124,000		6,262
Industrial Machinery & Equipment (0.1%)
SPX Corp.		8,000		366
Terex Corp. ‡		7,000		416
Instruments & Related Products (2.5%)
Agilent Technologies, Inc. ‡		265,000		8,822
Raytheon Co.		218,000		8,753
Rockwell Automation, Inc.		111,000		6,567
Insurance (13.7%)
Aetna, Inc.		101,000		9,525
AFLAC, Inc.		26,000		1,207
Allstate Corp. (The)		235,000		12,706
Chubb Corp.		110,000		10,741
Cigna Corp.		97,000		10,835
Cincinnati Financial Corp.		102,000		4,557
Loews Corp.		96,000		9,106
MGIC Investment Corp. †		149,000		9,807
PMI Group, Inc. (The)		103,000		4,230
Principal Financial Group		225,000		10,672
Progressive Corp. (The) †		73,000		8,525
SAFECO Corp.		157,000		8,871
St. Paul Travelers Cos., Inc. (The)		152,000		6,790
UnumProvident Corp. †		423,000		9,623
W.R. Berkley Corp.		60,000		2,857
WellPoint, Inc. ‡		133,000		10,612
Insurance Agents, Brokers & Service (2.9%)
AON Corp.		188,000		6,759
Hartford Financial Services Group, Inc. (The)		134,000		11,509
Humana, Inc. ‡		166,000		9,019
Iron & Steel Foundries (0.2%)
Precision Castparts Corp.		30,000		1,554
Life Insurance (3.5%)
Lincoln National Corp. †		194,000		10,288
Metlife, Inc.		217,000		10,633
Prudential Financial, Inc.		164,000		12,003

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

4

Mercury Large Cap Value

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2005
(all amounts except share amounts in thousands)

	Shares		Value
Medical Instruments & Supplies (0.4%)
Becton Dickinson & Co.		71,000	$	4,266
Metal Mining (1.1%)
Phelps Dodge Corp.		72,000		10,359
Mortgage Bankers & Brokers (1.0%)
Countrywide Financial Corp.		282,000		9,642
Oil & Gas Extraction (7.5%)
Anadarko Petroleum Corp.		128,000		12,128
Apache Corp.		142,000		9,730
Burlington Resources, Inc.		157,000		13,533
Devon Energy Corp.		201,000		12,571
Kerr-McGee Corp.		111,000		10,085
Occidental Petroleum Corp.		167,000		13,340
Paper & Allied Products (0.3%)
MeadWestvaco Corp.		114,000		3,195
Petroleum Refining (14.1%)
Amerada Hess Corp. †		74,000		9,385
Chevron Corp.		101,369		5,755
ConocoPhillips		332,000		19,316
Exxon Mobil Corp.		1,013,000		56,900
Marathon Oil Corp.		194,000		11,828
Sunoco, Inc. †		118,000		9,249
Tesoro Corp.		147,000		9,048
Valero Energy Corp.		250,000		12,900
Pharmaceuticals (6.6%)
AmerisourceBergen Corp.		234,000		9,688
Merck & Co., Inc.		538,000		17,114
Pfizer, Inc.		1,288,000		30,036
Watson Pharmaceuticals, Inc. ‡		201,000		6,535
Primary Metal Industries (1.1%)
Nucor Corp. †		156,000		10,408
Radio, Television & Computer Stores (1.0%)
Circuit City Stores, Inc. †		423,000		9,556
Residential Building Construction (1.3%)
Beazer Homes USA, Inc. †		131,000		9,542
Ryland Group, Inc.		42,000		3,029
Retail Trade (0.4%)
Tiffany & Co.		88,000		3,370
Savings Institutions (1.3%)
Washington Mutual, Inc.		286,000		12,441
Security & Commodity Brokers (3.0%)
Goldman Sachs Group, Inc. (The)		116,000		14,814
Lehman Brothers Holdings, Inc.		108,000		13,842

	Shares		Value
Telecommunications (1.0%)
Qwest Communications International †‡		1,690,000	$	9,549
Toys, Games & Hobbies (0.0%)
Hasbro, Inc.		12,000		242
Total Common Stocks (cost: $727,568)				873,456
	Principal		Value
SECURITY LENDING COLLATERAL (8.3%)
Debt (7.1%)
Bank Notes (0.2%)
Bank of America
4.27%, due 01/17/2006 *	$	1,172	$	1,172
4.31%, due 08/10/2006 *		963		963
Certificates Of Deposit (0.4%)
Barclays 4.31%, due 01/17/2006 *		739		739
Canadian Imperial Bank of Commerce 4.15%, due 05/18/2006 *		1,046		1,046
Credit Suisse First Boston Corp. 4.18%, due 03/10/2006 *		419		419
Rabobank Nederland 4.10%, due 05/31/2006 *		1,046		1,046
Commercial Paper (0.8%)
Fairway Finance–144A 4.31%, due 01/10/2006		2,087		2,087
Jupiter Securitization Corp.–144A 4.27%, due 01/05/2006		1,046		1,046
Paradigm Funding LLC–144A 4.30%, due 01/09/2006		410		410
Park Avenue Receivables Corp.–144A 4.27%, due 01/04/2006		1,039		1,039
Preferred Receivables Corp.–144A 4.31%, due 01/04/2006		831		831
Ranger Funding Co. LLC–144A 4.29%, due 01/18/2006		827		827
Sheffield Receivables Corp.–144A 4.26%, due 01/23/2006		502		502
Yorktown Capital LLC 4.27%, due 01/05/2006		1,046		1,046
Euro Dollar Overnight (1.1%)
Calyon 4.34%, due 01/05/2006		1,046		1,046
Fortis Bank 4.35%, due 01/03/2006 4.35%, due 01/05/2006		2,092 1,988		2,092 1,988
Harris Trust & Savings Bank 4.25%, due 01/05/2006		1,716		1,716

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

5

Mercury Large Cap Value

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2005
(all amounts except share amounts in thousands)

	Principal		Value
Euro Dollar Overnight (continued)
National Australia Bank 4.16%, due 01/03/2006	$	2,137	$	2,137
Rabobank Nederland 4.15%, due 01/03/2006		753		753
Wells Fargo 4.27%, due 01/03/2006		1,046		1,046
Euro Dollar Terms (2.4%)
Bank of Montreal 4.30%, due 01/19/2006		2,092		2,092
Barclays 4.27%, due 01/25/2006 4.30%, due 01/31/2006		628 1,674		628 1,674
BNP Paribas 4.22%, due 01/24/2006		1,046		1,046
Dexia Group 4.25%, due 01/09/2006		1,046		1,046
Rabobank Nederland 4.21%, due 01/19/2006		1,883		1,883
Royal Bank of Canada 4.25%, due 01/24/2006		1,465		1,465
Royal Bank of Scotland 4.30%, due 01/31/2006 4.31%, due 02/01/2006		3,139 2,302		3,139 2,302
Societe Generale 4.28%, due 01/30/2006		2,092		2,092
UBS AG 4.26%, due 01/10/2006		2,092		2,092
Wells Fargo 4.29%, due 01/30/2006		3,139		3,139
Promissory Notes (0.2%)
Bear Stearns & Co. 4.39%, due 03/07/2006 4.39%, due 06/06/2006		1,255 419		1,255 419

	Principal		Value
Repurchase Agreements (2.0%) ††
Credit Suisse First Boston Corp. 4.29%, dated 12/30/2005 to be repurchased at $3,504 on 01/03/2006	$	3,503	$	3,503
Goldman Sachs Group, Inc. 4.29%, dated 12/30/05 to be repurchased at $8,360 on 01/03/2006		8,356		8,356
Lehman Brothers, Inc. 4.29%, dated 12/30/2005 to be repurchased at $56 on 01/03/2006		56		56
Merrill Lynch & Co. 4.24%, dated 12/30/2005 to be repurchased at $6,699 on 01/03/2006		6,696		6,696
Morgan Stanley Dean Witter & Co. 4.36%, dated 12/30/2005 to be repurchased at $739 on 01/03/2006		739		739
	Shares		Value
Investment Companies (1.2%)
American Beacon Fund 1-day yield of 4.19%		286,870	$	287
Barclays Global Investors Institutional Money Market Fund 1-day yield of 4.19%		2,720,186		2,720
Dreyfus Cash Management Plus Fund 1-day yield of 4.09%		1,129,923		1,130
Merrimac Cash Fund, Premium Class 1-day yield of 4.03% @		7,407,624		7,408
Total Security Lending Collateral (cost: $79,118)				79,118
Total Investment Securities (cost: $806,686)			$	952,574

NOTES TO SCHEDULE OF INVESTMENTS:

†  At December 31, 2005, all or a portion of this security is on loan (see Note 1). The value at December 31, 2005, of all securities on loan is $76,602.

‡  Non-income producing.

*  Floating or variable rate note. Rate is listed as of December 31, 2005.

††  Cash collateral for the Repurchase Agreements, valued at $19,736, that serve as collateral for securities lending are invested in corporate bonds with interest rates and maturity dates ranging from 0.00%–8.75% and 01/03/2006–08/01/2037, respectively.

@  Regulated investment company advised by Investors Bank and Trust Co. ("IBT"). IBT is also the accounting, custody and lending agent for the Fund.

DEFINITIONS:

144A  144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2005, these securities aggregated $6,742 or 0.7% of the total investments of the Fund.

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

6

Mercury Large Cap Value

STATEMENT OF ASSETS AND LIABILITIES
At December 31, 2005
(all amounts except per share amounts in thousands)

Assets:
Investment securities, at value (cost: $806,686) (including securities loaned of $76,602)	$	952,574
Cash		900
Receivables:
Shares sold		987
Interest		11
Dividends		1,032
		955,504
Liabilities:
Accounts payable and accrued liabilities:
Shares redeemed		5
Management and advisory fees		580
Service fees		3
Administration fees		15
Payable for collateral for securities on loan		79,118
Other		49
		79,770
Net Assets	$	875,734
Net Assets Consist of:
Capital stock ($.01 par value)	$	468
Additional paid-in capital		680,053
Distributable net investment income (loss)		5,003
Accumulated net realized gain (loss) from investment securities		44,322
Net unrealized appreciation (depreciation) on investment securities		145,888
Net Assets	$	875,734
Net Assets by Class:
Initial Class	$	860,826
Service Class		14,908
Shares Outstanding:
Initial Class		45,978
Service Class		793
Net Asset Value and Offering Price Per Share:
Initial Class	$	18.72
Service Class		18.81

STATEMENT OF OPERATIONS
For the year ended December 31, 2005
(all amounts in thousands)

Investment Income:
Interest	$	83
Dividends		10,875
Income from loaned securities–net		70
		11,028
Expenses:
Management and advisory fees		5,623
Printing and shareholder reports		99
Custody fees		72
Administration fees		144
Legal fees		13
Audit fees		14
Trustees fees		22
Service fees:
Service Class		21
Other		17
Total expenses		6,025
Net Investment Income (Loss)		5,003
Net Realized and Unrealized Gain (Loss):
Realized gain (loss) from investment securities		44,685
Increase (decrease) in unrealized appreciation (depreciation) on investment securities		57,741
Net Realized and Unrealized Gain (Loss) on Investment Securities		102,426
Net Increase (Decrease) in Net Assets Resulting from Operations	$	107,429

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

7

Mercury Large Cap Value

STATEMENTS OF CHANGES IN NET ASSETS
For the years ended
(all amounts in thousands)

	December 31, 2005			December 31, 2004
Increase (Decrease) In Net Assets From:
Operations:
Net investment income (loss)	$	5,003		$	5,003
Net realized gain (loss) from investment securities		44,685			42,742
Change in unrealized appreciation (depreciation) on investment securities		57,741			32,729
		107,429			80,474
Distributions to Shareholders:
From net investment income:
Initial Class		(4,945	)		(4,171	)
Service Class		(58	)		(14	)
		(5,003	)		(4,185	)
From net realized gains:
Initial Class		(39,831	)		(7,460	)
Service Class		(500	)		(32	)
		(40,331	)		(7,492	)
Capital Share Transactions:
Proceeds from shares sold:
Initial Class		208,155			199,063
Service Class		13,262			2,645
		221,417			201,708
Proceeds from fund acquisition:
Initial Class		–			991
		–			991
Dividends and distributions reinvested:
Initial Class		44,776			11,630
Service Class		558			46
		45,334			11,676
Cost of shares redeemed:
Initial Class		(37,979	)		(79,083	)
Service Class		(2,748	)		(764	)
		(40,727	)		(79,847	)
		226,024			134,528
Net increase (decrease) in net assets		288,119			203,325
Net Assets:
Beginning of year		587,615			384,290
End of year	$	875,734		$	587,615
Distributable Net Investment Income (Loss)	$	5,003		$	5,003

	December 31, 2005			December 31, 2004
Share Activity:
Shares issued:
Initial Class		11,511			12,627
Service Class		727			170
		12,238			12,797
Shares issued on fund acquisition:
Initial Class		–			66
		–			66
Shares issued–reinvested from distributions:
Initial Class		2,533			811
Service Class		31			3
		2,564			814
Shares redeemed:
Initial Class		(2,113	)		(5,061	)
Service Class		(150	)		(49	)
		(2,263	)		(5,110	)
Net increase (decrease) in shares outstanding:
Initial Class		11,931			8,443
Service Class		608			124
		12,539			8,567

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

8

Mercury Large Cap Value

FINANCIAL HIGHLIGHTS

		For a share outstanding throughout each period (a)
		Net Asset		Investment Operations								Distributions									Net Asset
	For the Period Ended (b)	Value, Beginning of Period		Net Investment Income (Loss)		Net Realized and Unrealized Gain (Loss)			Total Operations			From Net Investment Income			From Net Realized Gains			Total Distributions			Value, End of Period
Initial Class	12/31/2005	$	17.17	$	0.13	$	2.54		$	2.67		$	(0.12	)	$	(1.00	)	$	(1.12	)	$	18.72
	12/31/2004		14.97		0.18		2.47			2.65			(0.16	)		(0.29	)		(0.45	)		17.17
	12/31/2003		11.63		0.17		3.28			3.45			(0.11	)		–			(0.11	)		14.97
	12/31/2002		14.09		0.18		(2.17	)		(1.99	)		(0.12	)		(0.35	)		(0.47	)		11.63
	12/31/2001		14.37		0.15		(0.41	)		(0.26	)		(0.02	)		–			(0.02	)		14.09
Service Class	12/31/2005		17.27		0.09		2.57			2.66			(0.12	)		(1.00	)		(1.12	)		18.81
	12/31/2004		15.06		0.15		2.48			2.63			(0.13	)		(0.29	)		(0.42	)		17.27
	12/31/2003		11.77		0.11		3.19			3.30			(0.01	)		–			(0.01	)		15.06

					Ratios/Supplemental Data
	For the Period	Total			Net Assets, End of Period		Ratio of Expenses to Average Net Assets (f)						Net Investment Income (Loss) to Average			Portfolio Turnover
	Ended (b)	Return (c)(g)			(000's)		Net (d)			Total (e)			Net Assets (f)			Rate (g)
Initial Class	12/31/2005		15.94	%	$	860,826		0.84	%		0.84	%		0.70	%		69	%
	12/31/2004		18.34			584,426		0.85			0.85			1.19			132
	12/31/2003		29.78			383,372		0.84			0.84			1.33			145
	12/31/2002		(14.21	)		242,152		0.89			0.89			1.40			200
	12/31/2001		(1.81	)		165,683		0.94			0.94			1.07			31
Service Class	12/31/2005		15.73			14,908		1.09			1.09			0.49			69
	12/31/2004		18.00			3,189		1.10			1.10			0.97			132
	12/31/2003		28.03			918		1.10			1.10			1.19			145

NOTES TO FINANCIAL HIGHLIGHTS

(a)  Per share information is calculated based on average number of shares outstanding.

(b)  Mercury Large Cap Value (the "Fund") share classes commenced operation as follows:

Initial Class – May 1, 1996
Service Class – May 1, 2003

(c)  Total Return reflects all portfolio expenses and includes reinvestment of dividends and capital gains; it does not reflect the charges and deductions under the policies or annuity contracts.

(d)  Ratio of Net Expenses to Average Net Assets is net of advisory fee waivers, if any (see note 2).

(e)  Ratio of Total Expenses to Average Net Assets includes all expenses before advisory fee waivers.

(f)  Annualized.

(g)  Not annualized.

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

9

Mercury Large Cap Value

NOTES TO FINANCIAL STATEMENTS
At December 31, 2005
(all amounts in thousands)

NOTE 1.  ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

The AEGON/Transamerica Series Trust ("ATST") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). ATST serves as a funding vehicle for variable life insurance, variable annuity and group annuity products. Mercury Large Cap Value (the "Fund") is part of ATST.

Effective May 1, 2005, AEGON/Transamerica Series Fund, Inc. changed its name to AEGON/Transamerica Series Trust.

On May 3, 2004, PBHG/NWQ Value Select Fund acquired all the net assets of BlackRock Large Cap Value Fund pursuant to a plan of reorganization approved by shareholders of BlackRock Large Cap Value Fund. PBHG/NWQ Value Select Fund was the accounting survivor. The acquisition was accomplished by a tax-free exchange of 66 shares of the Fund for the 109 shares of BlackRock Large Cap Value Fund outstanding on April 30, 2004. The aggregate net assets of PBHG/NWQ Value Select Fund immediately before the acquisition was $386,328. BlackRock Large Cap Value Fund's net assets at that date $991, including $137 of unrealized depreciation, were combined with those of the Fund, resulting in combined assets of $387,319.

On May 3, 2004, the Fund changed its name from PBHG/NWQ Value Select to Mercury Large Cap Value and changed its sub-advisers from Pilgrim Baxter & Associates, Inc. and NWQ Investment Management Company, Inc. to Fund Asset Management, L.P., doing business as Mercury Advisors.

In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

This report should be read in conjunction with the current Fund prospectus, which contains more complete information about the Fund.

In preparing the Fund's financial statements in accordance with accounting principles generally accepted in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Fund.

Multiple class operations, income and expenses: The Fund currently offers two classes of shares, an Initial Class and a Service Class. Income, non-class specific expenses and realized and unrealized gains and losses, are allocated daily to each class, based upon the value of shares outstanding method as permitted under Rule 18f-3 of the 1940 Act. Each class bears its own specific expenses as well as a portion of general, common expenses.

Security valuations: The Fund values its investments at the close of the New York Stock Exchange ("NYSE"), normally 4 p.m. ET, each day the NYSE is open for business. Fund investments are valued at the last sale price or closing price on the day of valuation taken from the primary exchange where the security is principally traded.

Securities traded in the over-the-counter market and listed securities for which no sale was reported on that date are valued at the last quoted bid price.

Debt securities are valued based on a price quotation or other equivalent indication of value supplied by an exchange, a pricing service or a major market maker; however, those that mature in sixty days or less are valued at amortized cost, which approximates market.

Investment company securities are valued at the net asset value of the underlying portfolio.

Other securities for which quotations are not readily available are valued at fair market value as determined in good faith by the Fund's Administrative Valuation Committee, under the supervision of the Board's Valuation Committee, using guidelines adopted by the Board of Trustees.

Cash: The Fund may leave cash overnight in its cash account with the custodian, Investors Bank & Trust Company ("IBT"). IBT has been contracted on behalf of the Fund to invest the excess cash into a savings account, which at December 31, 2005, was paying an interest rate of 3.00%.

Repurchase agreements: The Fund is authorized to enter into repurchase agreements. The Fund, through its custodian, IBT, receives delivery of the underlying securities, the value of which at the time of purchase is required to be an amount equal to at least 100% of the resale price. The Fund will bear the risk of value fluctuations until the security can be sold and may encounter delays and incur costs in liquidating the security. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Securities lending: The Fund may lend securities to qualified borrowers, with IBT acting as the Fund's lending agent. The Fund

AEGON/Transamerica Series Trust

Annual Report 2005

10

Mercury Large Cap Value

NOTES TO FINANCIAL STATEMENTS (continued)
At December 31, 2005
(all amounts in thousands)

NOTE 1.–(continued)

earns negotiated lenders' fees. The Fund receives cash and/or securities as collateral against the loaned securities. Cash collateral received is invested in short term, interest bearing securities. The Fund monitors the market value of securities loaned on a daily basis and requires collateral in an amount at least equal to the value of the securities loaned. Income from loaned securities on the Statement of Operations is net of fees, in the amount of $30, earned by IBT for its services.

Security transactions and investment income: Security transactions are recorded on the trade date. Security gains and losses are calculated on the first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend date. Interest income, including accretion of discounts and amortization of premiums, is recorded on the accrual basis commencing on the settlement date.

Dividend distributions: Dividends and capital gains distributions are typically declared and reinvested annually and are generally paid and reinvested on the business day following the ex-date.

NOTE 2.  RELATED PARTY TRANSACTIONS

Effective January 1, 2005 AEGON/Transamerica Fund Advisers, Inc. was renamed Transamerica Fund Advisors, Inc. ("TFAI"); AEGON/Transamerica Fund Services, Inc. and AEGON/Transamerica Investor Services, Inc. merged into one entity and was renamed Transamerica Fund Services, Inc. ("TFS").

ATST serves as a funding vehicle for certain affiliated asset allocation portfolios and certain affiliated separate accounts of Western Reserve Life Assurance Co. of Ohio, Transamerica Life Insurance Company, Transamerica Financial Life Insurance Company, Inc., Peoples Benefit Life Insurance Company, Transamerica Occidental Life Insurance Company and Transamerica Life Insurance and Annuity Company.

TFAI is the Fund's investment adviser. TFS is the Fund's administrator and transfer agent. AFSG Securities Corp. ("AFSG") is the Fund's distributor. TFAI, TFS, and AFSG are affiliates of AEGON, NV, a Netherlands corporation.

Certain officers and trustees of the Fund are also officers and/or directors of TFAI, TFS and AFSG.

The following schedule reflects the percentage of fund assets owned by affiliated investment companies at December 31, 2005:

	Net Assets		% of Net Assets
Asset Allocation–Growth Portfolio	$	142,451		16.27	%
Asset Allocation–Moderate Portfolio		120,224		13.73	%
Asset Allocation–Moderate Growth Portfolio		272,565		31.12	%
Total	$	535,240		61.12	%

Investment advisory fee: The Fund pays management fees to TFAI based on average daily net assets ("ANA") at the following breakpoints:

0.80% of first $250 million of ANA
0.775% of the next $500 million of ANA
0.75% of ANA over $750 million

TFAI has contractually agreed to waive its advisory fee and will reimburse the Fund to the extent that operating expenses, excluding 12b-1 fees, exceed the following stated annual limit:

1.00% Expense Limit

If total fund expenses fall below the annual expense limitation agreement agreed to by the adviser within the succeeding three years, the Fund may be required to pay that adviser a portion or all of the waived advisory fees.

There were no amounts recaptured during the year ended December 31, 2005. There are no amounts available for recapture at December 31, 2005

Distribution and service fees: The Fund adopted a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, ATST entered into a Distribution Agreement with AFSG dated January 1, 1997, as amended.

Under the Distribution Plan and Distribution Agreement on the Initial Class shares, AFSG, on behalf of the Fund, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Fund's shares, amounts equal to actual expenses associated with distributing the shares.

The Distribution Plan on the Service Class shares requires ATST to pay distribution fees to AFSG as compensation for its activities, not as reimbursement for specific expenses. The fee on the Service Class is paid to the insurance companies for providing services and account maintenance for their policyholders who invest in the variable insurance products which invest in the Service Class shares.

AEGON/Transamerica Series Trust

Annual Report 2005

11

Mercury Large Cap Value

NOTES TO FINANCIAL STATEMENTS (continued)
At December 31, 2005
(all amounts in thousands)

NOTE 2.–(continued)

The Fund is authorized under the 12b-1 plan to pay fees on each class up to the following limits:

Initial Class	0.15	%
Service Class	0.25	%

AFSG has determined that it will not seek payment by the Fund of the distribution expenses incurred with respect to the Initial Class shares before April 30, 2007. Prior to AFSG seeking reimbursement of future expenses, policy and contract owners will be notified in advance. The Fund will pay fees relating to Service Class shares.

Administrative services: The Fund has entered into an agreement with TFS for financial and legal fund administration services. The Fund pays TFS an annual fee of 0.02% of ANA. The Legal fees on the Statement of Operations are for fees paid to external legal counsel.

Deferred compensation plan: Each eligible independent Fund Trustee may elect participation in a non-qualified deferred compensation plan ("the Plan") maintained by Transamerica IDEX Mutual Funds, an affiliate of the Fund. Under the Plan, such Trustees may defer payment of all or a portion of their total fees earned as a Fund Trustee. Each Trustee who is a participant in the Plan may elect that the earnings, losses or gains credited to his or her deferred fee amounts be determined based on a deemed investment in any series of Transamerica IDEX Mutual Funds. The right of a participant to receive a distribution from the Plan of the deferred fees is an unsecured claim against the general assets of all series of Transamerica IDEX Mutual Funds. The pro rata liability to the Fund of all deferred fees in the Plan amounted, as of December 31, 2005, to $44.

NOTE 3.  INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the year ended December 31, 2005, were as follows:

Purchases of securities:
Long-Term	$	676,341
U.S. Government		–
Proceeds from maturities and sales of securities:
Long-Term		493,863
U.S. Government		–

NOTE 4.  FEDERAL INCOME TAX MATTERS

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment

company under Subchapter M of the Internal Revenue Code. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatment for items including, but not limited to, wash sales and capital loss carryforwards.

The capital loss carryforwards are available to offset future realized capital gains through the periods listed:

Capital Loss Carryforwards		Available through
$	74	December 31, 2009
	88	December 31, 2010

The capital loss carryforward utilized during the year ended December 31, 2005 was $42.

The capital loss carryforwards are available to offset future realized gains, subject to certain limitations under the Internal Revenue Code, through the periods listed.

The tax character of distributions paid may differ from the character of distributions shown in the Statements of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2004 and 2005 was as follows:

2004 Distributions paid from:
Ordinary Income	$	11,677
Long-term Capital Gain		–
2005 Distributions paid from:
Ordinary Income		9,787
Long-term Capital Gain		35,547

The tax basis components of distributable earnings as of December 31, 2005, are as follows:

Undistributed Ordinary Income	$	26,263
Undistributed Long-term Capital Gain	$	23,301
Capital Loss Carryforward	$	(162	)
Net Unrealized Appreciation (Depreciation)	$	145,811

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of December 31, 2005, are as follows:

Federal Tax Cost Basis	$	806,763
Unrealized Appreciation	$	161,760
Unrealized (Depreciation)		(15,949	)
Net Unrealized Appreciation (Depreciation)	$	145,811

AEGON/Transamerica Series Trust

Annual Report 2005

12

Mercury Large Cap Value

NOTES TO FINANCIAL STATEMENTS (continued)
At December 31, 2005
(all amounts in thousands)

NOTE 5.  REGULATORY PROCEEDINGS

There continues to be significant federal and state regulatory activity relating to financial services companies, particularly mutual fund companies and their investment advisers. As part of an ongoing investigation regarding potential market timing, recordkeeping and trading compliance issues and matters affecting the Fund's investment adviser, TFAI, and certain affiliates and former employees of TFAI, the SEC staff has indicated that it is likely to take some action against TFAI and certain of its affiliates at the conclusion of the investigation. The potential timing and the scope of any such action is difficult to predict. Although the impact of any action brought against TFAI and/or its affiliates is difficult to assess at the present time, the Fund currently believes that the likelihood that any such action will have a material adverse impact on it is remote. It is important to note that the Fund is not aware of any allega tion of wrongdoing against it and its Board at the time this annual report is printed. Although it is not anticipated that these developments will have an adverse impact on the Fund, there can be no assurance at this time. TFAI and its affiliates are actively working with the SEC in regard to this matter; however, the exact resolution cannot be determined at this time. TFAI will take such actions that it deems necessary or appropriate to continue providing management services to the Fund and to bring all matters to an appropriate conclusion.

TFAI and/or its affiliates, and not the Fund, will bear the costs regarding these regulatory matters.

AEGON/Transamerica Series Trust

Annual Report 2005

13

Report of Independent Registered Certified Public Accounting Firm

To the Board of Trustees and Shareholders of
Mercury Large Cap Value

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Mercury Large Cap Value (the "Fund") (one of the portfolios constituting the AEGON/Transamerica Series Trust) at December 31, 2005, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fund's management; our responsibility is to express an opinion on these financial statements based on our aud its. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2005 by correspondence with the custodian, provide a reasonable basis for our opinion.

Tampa, Florida
February 23, 2006

Mercury Large Cap Value (UNAUDITED)

SUPPLEMENTAL TAX INFORMATION
(all amounts in thousands)

For tax purposes, the Fund has made a Long-Term Capital Gain Designation of $35,547 for the year ended December 31, 2005.

AEGON/Transamerica Series Trust

Annual Report 2005

14

Mercury Large Cap Value

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS – REVIEW AND RENEWAL (unaudited)

At a meeting of the Board of Trustees of AEGON/Transamerica Series Trust ("ATST") held on November 2, 2005, the Board reviewed and considered the Investment Advisory Agreement between Mercury Large Cap Value (the "Portfolio") and Transamerica Fund Advisors, Inc. ("TFAI") as well as the Investment Sub-Advisory Agreement of the Portfolio between TFAI and Fund Asset Management, L.P., doing business as Mercury Advisors (the "Sub-Adviser"), to determine whether the agreements should be renewed for a one-year period. Following their review and consideration, the Trustees determined that the Investment Advisory Agreement and the Investment Sub-Advisory Agreement will enable shareholders of the Portfolio to obtain high quality services at a cost that is appropriate, reasonable, and in the best interests of its shareholders. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advi sory Agreement and the Investment Sub-Advisory Agreement. In reaching their decision, the Trustees requested and obtained from TFAI and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the proposed agreements. The Trustees also carefully considered the information that they had received throughout the year from TFAI and the Sub-Adviser (such as in-person presentations by the Sub-Adviser) as part of their regular oversight of the Portfolio, as well as: comparative fee, expense and performance information prepared by Lipper Inc. ("Lipper"), independent providers of mutual fund performance, fee and expense information; and profitability data. In considering the proposed continuation of the Investment Advisory Agreement and Investment Sub-Advisory Agreement, the Trustees evaluated a number of considerations that they believed, in light of the legal advice furnished to them by ATST counsel and independent legal counsel and their own business judgment, to be relevant. They based the ir decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:

The nature, extent and quality of the advisory service to be provided. The Board considered the nature and quality of the services provided by TFAI and the Sub-Adviser to the Portfolio in the past, as well as the services anticipated to be provided in the future. The Board concluded that TFAI and the Sub-Adviser are capable of providing high quality services to the Portfolio, as indicated by the nature and quality of services provided in the past, TFAI's and the Sub-Adviser's management capabilities demonstrated with respect to the portfolios they manage, including the Portfolio, and the experience, capability and integrity of TFAI's senior management, the financial resources of TFAI and the Sub-Adviser, TFAI's management oversight process, the professional qualifications and experience of the Sub-Adviser's portfolio management team, and the Portfolio 's investment performance. The Trustees also concluded that TFAI and the Sub-Adviser proposed to provide investment and related services that were of the same quality and quantity as services provided to the Portfolio in the past, and that these services are appropriate in scope and extent in light of the Portfolio's operations, the competitive landscape of the investment company business and investor needs, and that TFAI's and the Sub-Adviser's obligations will remain substantially the same.

The investment performance of the Portfolio. The Board examined both the short-term and longer-term performance of the Portfolio, including relative performance against a benchmark securities index and a peer group of comparable mutual funds as prepared by Lipper for various trailing periods ended June 30, 2005. The Trustees concluded that TFAI and the Sub-Adviser had achieved superior performance and favorably noted that the Portfolio had achieved performance that was above median relative to its peers and superior to the performance of the benchmark index over the past one-, two-, three- and five-year periods. On the basis of the Trustees' assessment of the nature, extent and quality of advisory services to be provided or procured by TFAI and the Sub-Adviser, the Trustees concluded that TFAI and the Sub-Adviser are capable of generating a level of i nvestment performance that is appropriate in light of the Portfolio's investment objective, policies and strategies and competitive with many other investment companies, and also determined that TFAI's and the Sub-Adviser's performance records indicate that their continued management is likely to benefit the Portfolio and its shareholders.

The cost of advisory services provided and the level of profitability. The Board reviewed profitability information regarding TFAI's costs of procuring portfolio management services, as well as the costs of provision of administration, fund accounting and other services, to the Portfolio and to ATST as a whole by TFAI and its affiliates. The Trustees reviewed data from Lipper that compared the Portfolio's management fees (including management fees at various asset levels), other fees and expenses (including total expenses including and excluding 12b-1 distribution and service fees) and portfolio turnover rate against peer groups of comparable mutual funds. Based on such information, the Trustees determined that the management fees and overall expense ratio of the Portfolio generally are consistent with industry averages. In addition, on the basis of t he Board's review of the management fees to be charged by TFAI for investment advisory and related services, TFAI profitability information (derived from TFAI's audited financial statements), TFAI's estimated management income resulting from its management of the Portfolio, the estimated margin of the Sub-Adviser, as well as the entirety of TFAI's and its affiliates' service relationship with ATST, the Board concluded that the level of investment management fees and other service fees, as well as TFAI's and the Sub-Adviser's profitability, are appropriate in light of the services provided, the management fees and overall expense ratios of comparable investment companies and the anticipated profitability of the relationship between the Portfolio, TFAI and its affiliates, and the Sub-Adviser.

AEGON/Transamerica Series Trust

Annual Report 2005

15

Mercury Large Cap Value (continued)

Whether fee levels reflect economies of scale and the extent to which economies of scale would be realized as the Portfolio grows. The Board concluded that the inclusion of asset-based breakpoints in the Portfolio's advisory fee schedule appropriately benefits investors by realizing economies of scale in the form of lower management fees as the level of assets grows. In addition, the Board concluded that the Portfolio's management fees appropriately reflect the Portfolio's current size, the current economic environment for TFAI, the competitive nature of the investment company market, and TFAI's pricing strategy. The Trustees also concluded that they will have the opportunity to periodically reexamine whether the Portfolio has achieved economies of scale, and the appropriateness of management fees payable to TFAI and fees payable by TFAI to the Sub-Ad viser, in the future.

Benefits (such as soft dollars) to TFAI, its affiliates, or the Sub-Adviser from their relationship with the Portfolio. The Board concluded that other benefits derived by TFAI, its affiliates, and the Sub-Adviser from their relationship with the Portfolio are reasonable and fair, and are consistent with industry practice and the best interests of the Portfolio and its shareholders. In this regard, the Board noted that neither TFAI nor the Sub-Adviser realizes "soft dollar" benefits from its relationship with the Portfolio. In addition, the Trustees determined that the administration, fund accounting and other fees paid by the Portfolio to affiliates of TFAI are reasonable, fair and in the best interests of shareholders in light of the nature and quality of the services provided, the associated costs to these affiliates of providing the services, the i mpact of the costs of such services on the Portfolio's overall operating expenses, and the necessity of the services for the Portfolio's operations.

Other considerations. The Board also determined that TFAI had made a substantial commitment to the recruitment and retention of high quality personnel, and maintained the financial, compliance and operational resources reasonably necessary to manage the Portfolio in a professional manner that is consistent with the best interests of the Portfolio and its shareholders. In this regard, the Trustees favorably considered the procedures and policies in place by TFAI to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Adviser. The Trustees also determined that TFAI had made a significant entrepreneurial commitment to the management and success of the Portfolio, reflected by TFAI's expense limitation and fee waiver arrangement with the Portfolio, which may result in TFAI waiving a substantial amount of advisory fees for the benefit of shareholders.

AEGON/Transamerica Series Trust

Annual Report 2005

16

MFS High Yield

MARKET ENVIRONMENT

The U.S. economy was firmly in mid-cycle as we entered 2005, with corporate earnings rising but at a slower pace than in 2004. Consumer wages and business spending on big items were also rising, with Gross Domestic Product ("GDP") growth at about 3.5%.

A steady increase in oil prices throughout the period resulted in an acceleration of inflation. The moderate growth and inflation combined to give the U.S. Federal Reserve Board ("Fed") an opening to continue raising interest rates. The Fed, which began steadily raising interest rates on June 30, 2004, continued to boost interest rates at a measured pace throughout the twelve-month period. By period-end on December 31, 2005, the federal funds target rate had climbed to 4.25%.

At the beginning of the period, economic data began to suggest that the economy might be slowing. At about the same time, concerns surrounding corporate credit quality rose after the debt of General Motors Corporation and Ford Motor Company, two of the largest issuers of high-grade bonds, was downgraded to "junk" status by Standard & Poor's.

By mid-summer, the pace of economic growth appeared to accelerate and seemed to confirm that the earlier slowdown was temporary and not the beginning of a broad-based cyclical slowdown. Retail sales were stronger despite the rise in oil prices, and manufacturing picked up. This brighter economic outlook, combined with China's revaluation of the Yuan — an event that sparked concern that the Chinese government would slow its purchase of Treasuries — caused interest rates to spike higher.

In August yields declined again as confidence toward the economy once more appeared to fall. Concerns about growth were further exacerbated when Hurricane Katrina ripped through the Gulf Coast of the United States. The subsequent closure and destruction of refineries and oil platforms pushed oil prices to a record $70.85 per barrel. These events caused economists to lower their forecasts for growth and to raise concerns about the potential for accelerating inflation. It soon became clear, however, that the impact of higher energy prices and Hurricane Katrina were not having a broad-based impact on growth. As a result, investors once again pushed bond yields higher as the markets focused on solid growth coupled with persistently high energy costs.

Yields on U.S. Treasuries moved modestly higher during October, partly on the announcement that Ben Bernanke would succeed Alan Greenspan as Fed chairman. The rising yields reflected the market's general uncertainty regarding Mr. Bernanke's appointment and concerns that he might not be as tough an inflation-fighter as Mr. Greenspan. Given this backdrop, the market priced in more interest rate hikes, believing that the Fed would continue to raise the target rate into early 2006 because of the potential increase in inflation and inflationary expectations.

PERFORMANCE

For the year ended December 31, 2005, MFS High Yield, Initial Class returned 1.81%. By comparison, its benchmark, the Lehman Brothers High Yield Bond Index returned 2.74%.

STRATEGY REVIEW

Several of our holdings in the more speculative "CCC"-rated sectors of the high yield market held back the portfolio's relative performance during the period (bonds rated BBB or higher are considered investment grade; bonds rated BB or lower are considered non-investment grade.)

Holdings that detracted from relative performance included cable TV operator Charter Communications, Inc., automotive parts manufacturer Delphi Corporation, packaging manufacturer Huntsman Packaging, Integrated Electrical Services, Inc., a leading consolidator in the electrical contracting and maintenance industry, and independent power producer Calpine Corporation. Our position in brokerage company Refco Inc. also hurt relative returns as the value of the company's debt declined with the discovery of its involvement in fraudulent business practices.

Our overweighted positions in the debt of commodity chemical companies contributed to the portfolio's relative returns. Attractive supply-demand dynamics, which boosted earnings and cash flows, enabled these companies to decrease leverage. Our position in chemical company Rhodia was among the portfolio's top contributing securities.

Several individual holdings that performed well during the period, including television broadcaster Paxson Communications Corporation, wireline operator Qwest Communications International Inc., and oil and gas company Kerr-McGee Corporation, also helped relative results.

John F. Addeo

Scott B. Richards

Co-Portfolio Managers
MFS Investment Management

AEGON/Transamerica Series Trust

Annual Report 2005

1

MFS High Yield

Comparison of change in value of $10,000 investment in Initial Class shares and its comparative index.

Average Annual Total Return for Periods Ended 12/31/05

	1 year			5 years			From Inception			Inception Date
Initial Class		1.81	%		6.87	%		4.09	%	6/1/98
LBHYB1		2.74	%		8.85	%		4.93	%	6/1/98
Service Class		1.50	%		–			7.72	%	5/1/03

NOTES

¹  The Lehman Brothers High Yield Bond (LBHYB) Index is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. From inception calculation is based on life of Initial Class shares. Source: Standard & Poor's Micropal®© Micropal, Inc. 2005 – 1-800-596-5323 – http://www.funds-sp.com.

The performance data presented represents past performance, future results may vary. The portfolio's investment return and net asset value will fluctuate. Past performance does not guarantee future results. Investor's units when redeemed, may be worth more or less than their original cost.

Current performance may be higher or lower than the performance data quoted. Please visit your insurance company's website for contract or policy level standardized total returns current to the most recent month-end. Portfolio performance is net of investment fees and fund expenses, but not product charges, which, if included, would significantly lower the performance quoted.

Investments in high-yield bonds ("junk bonds") may be subject to greater volatility and risks as the income derived from these securities is not guaranteed and may be unpredictable.

This material must be preceded or accompanied by a current prospectus, which includes specific contents regarding the investment objectives, explanation of share classes and policies of this portfolio.

The historical financial information for periods prior to May 1, 2002 has been derived from the financial history of the predecessor portfolio, Endeavor High Yield Portfolio of Endeavor Series Trust.

AEGON/Transamerica Series Trust

Annual Report 2005

2

MFS High Yield

UNDERSTANDING YOUR FUND'S EXPENSES
(unaudited)

SHAREHOLDER EXPENSES

Fund shareholders may incur ongoing costs, including management and advisory fees, distribution and service fees, and other Fund expenses.

The following Example is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.

The Example is based on an investment of $1,000 invested at July 1, 2005 and held for the entire period until December 31, 2005.

ACTUAL EXPENSES

The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of your Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fees, brokerage commissions paid on purchases and sales of fund shares. Therefore, the second line under the Fund in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If any of these transaction costs were included, your costs would be higher. The expenses shown in the table do not reflect any fees that may be charged to you by brokers, financial intermediaries or other financial institutions.

	Beginning Account Value		Ending Account Value		Annualized Expense Ratio			Expenses Paid During Period(a)
Initial Class
Actual	$	1,000.00	$	1,016.20		0.85	%	$	4.32
Hypothetical(b)		1,000.00		1,020.92		0.85	%		4.33
Service Class
Actual	$	1,000.00	$	1,015.00		1.10	%	$	5.59
Hypothetical(b)		1,000.00		1,019.66		1.10	%		5.60

(a)  Expenses are calculated using each Fund's annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by number of days in the period (184 days), and divided by the number of days in the year (365 days).

(b)  5% return per year before expenses.

GRAPHICAL PRESENTATION OF SCHEDULE OF INVESTMENTS
By Bond Credit Quality (Moody Ratings)
At December 31, 2005

This chart shows the percentage breakdown by Bond Credit Quality of the Fund's total investment securities.

AEGON/Transamerica Series Trust

Annual Report 2005

3

MFS High Yield

UNDERSTANDING YOUR FUND'S EXPENSES (continued)
(unaudited)

Credit Rating Description

Aaa Prime grade obligations. Exceptional financial security and ability to meet senior financial obligations.

A2 Upper medium grade obligations. Interest payments and principal are considered adequate, but elements may be present which suggest a susceptibility to impairment some time in the future.

B1 Moderate vulnerability to adverse business, financial and economic conditions but currently has the capacity to meet financial commitments.

B2 More vulnerable to adverse business, financial and economic conditions but currently has the capacity to meet financial commitments.

B3 Assurance of interest and principal payments or of maintenance of other terms of the contract over any long period of time may be small.

Ba1 Moderate vulnerability in the near-term but faces major ongoing uncertainties in the event of adverse business, financial and economic conditions.

Ba2 Vulnerable in the near-term but faces major ongoing uncertainties in the event of adverse business, financial and economic conditions.

Ba3 More vulnerable in the near-term but faces major ongoing uncertainties in the event of adverse business, financial and economic conditions.

Baa1 Medium grade obligations. Interest payments and principal security are adequate for the present but certain protective elements may be lacking or may be characteristically unreliable over great length of time.

Baa2 Medium grade obligations. Interest payments and principal security appear adequate for the present but certain protective elements may be lacking or may be characteristically unreliable over great length of time.

Baa3 Medium grade obligations. Interest payments and principal security are not as adequate for the present but certain protective elements may be lacking or may be characteristically unreliable over great length of time.

Ca Extremely speculative, may be in default on their policyholder obligations or have other marked shortcomings.

Caa1 Highly vulnerable may be in default on their policyholder obligations or there may be present elements of danger with respect to payment of policyholder obligations and claims.

Caa2 Extremely vulnerable may be in default on their policyholder obligations or there may be present elements of danger with respect to payment of policyholder obligations and claims.

Caa3 Speculative, may be in default on their policyholder obligations or have other marked shortcomings.

AEGON/Transamerica Series Trust

Annual Report 2005

4

MFS High Yield

SCHEDULE OF INVESTMENTS
At December 31, 2005
(all amounts except share amounts in thousands)

	Principal		Value
FOREIGN GOVERNMENT OBLIGATIONS (0.3%)
Republic of Brazil 8.88%, due 10/14/2019	$	374	$	419
Republic of Panama 9.38%, due 04/01/2029		329		414
Russian Federation 12.75%, due 06/24/2028		380		697
Total Foreign Government Obligations (cost: $1,389)				1,530
MORTGAGE-BACKED SECURITIES (2.2%)
Arcap REIT, Inc.–144A 6.10%, due 09/21/2045		1,515		1,400
Asset Securitization Corp. 8.01%, due 11/13/2029 *		3,570		3,779
Commercial Mortgage Acceptance Corp.–144A 5.44%, due 09/15/2030 *		230		230
CS First Boston Mortgage Securities Corp.–144A 6.75%, due 11/11/2030		1,115		1,191
First Union National Bank Commercial Mortgage 6.75%, due 10/15/2032		1,305		1,347
GMAC Commercial Mortgage Securities, Inc.–144A 7.66%, due 04/15/2034 *		1,278		1,390
Morgan Stanley Capital I–144A 1.51%, due 04/28/2039 *		10,481		684
Total Mortgage-Backed Securities (cost: $9,388)				10,021
ASSET-BACKED SECURITIES (0.4%)
Crest, Ltd. 7.00%, due 01/28/2040		1,422		1,357
Falcon Franchise Loan LLC–144A 3.78%, due 01/05/2025 * (a)		4,065		685
Total Asset-Backed Securities (cost: $2,033)				2,042
CORPORATE DEBT SECURITIES (84.6%)
Aerospace (0.2%)
Argo-Tech Corp. 9.25%, due 06/01/2011		965		989
Agriculture (0.4%)
Michael Foods, Inc. 8.00%, due 11/15/2013		1,630		1,671
Air Transportation (0.9%)
CHC Helicopter Corp. 7.38%, due 05/01/2014		985		996
Continental Airlines, Inc. 6.90%, due 01/02/2017 6.75%, due 03/15/2017 6.80%, due 08/02/2018 7.57%, due 03/15/2020		613 525 948 1,638		532 460 824 1,460

	Principal		Value
Amusement & Recreation Services (2.3%)
Aztar Corp. 7.88%, due 06/15/2014	$	1,435	$	1,503
Boyd Gaming Corp. 6.75%, due 04/15/2014		1,860		1,846
Caesars Entertainment, Inc. 8.88%, due 09/15/2008 8.13%, due 05/15/2011		495 2,645		535 2,919
Greektown Holdings–144A 10.75%, due 12/01/2013§		1,070		1,062
MGM Mirage 5.88%, due 02/27/2014		1,020		974
Penn National Gaming, Inc. 6.75%, due 03/01/2015		335		329
Pinnacle Entertainment, Inc. 8.25%, due 03/15/2012		250		258
Six Flags, Inc. 9.75%, due 04/15/2013 †		1,340		1,315
Apparel Products (0.4%)
Levi Strauss & Co. 12.25%, due 12/15/2012 9.75%, due 01/15/2015		855 260		953 270
Quiksilver, Inc. 6.88%, due 04/15/2015		410		395
Automotive (3.1%)
Delphi Corp. 6.50%, due 08/15/2013 v		1,540		774
General Motors Acceptance Corp. 6.13%, due 01/22/2008 5.85%, due 01/14/2009 † 6.75%, due 12/01/2014 †		1,385 1,860 5,360		1,268 1,664 4,822
General Motors Corp. 8.38%, due 07/15/2033 †		1,537		1,014
Lear Corp. 8.11%, due 05/15/2009		1,000		931
Lear Corp., Series B 5.75%, due 08/01/2014 †		1,395		1,133
Metaldyne Corp. 10.00%, due 11/01/2013 †		860		778
Navistar International Corp. 7.50%, due 06/15/2011 †		2,110		2,010
Business Credit Institutions (0.7%)
eircom Funding 8.25%, due 08/15/2013		730		781
Ford Motor Credit Co. 7.00%, due 10/01/2013 †		1,491		1,274

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

5

MFS High Yield

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2005
(all amounts except share amounts in thousands)

	Principal		Value
Business Credit Institutions (continued)
Qwest Capital Funding, Inc. 7.25%, due 02/15/2011 †	$	1,145	$	1,159
Business Services (2.3%)
Amsted Industries, Inc.–144A 10.25%, due 10/15/2011§		1,030		1,102
Hertz Corp.–144A 8.88%, due 01/01/2014		910		927
Iron Mountain, Inc. 8.63%, due 04/01/2013 7.75%, due 01/15/2015		740 1,170		771 1,179
KI Holdings, Inc. 0.00%, due 11/15/2014 (b)		1,879		1,231
Lamar Media Corp. 7.25%, due 01/01/2013 6.63%, due 08/15/2015		905 195		939 196
Samsonite Corp. 8.88%, due 06/01/2011		1,075		1,113
Transdigm, Inc. 8.38%, due 07/15/2011		1,580		1,663
United Rentals North America, Inc. 6.50%, due 02/15/2012 7.75%, due 11/15/2013 †		1,270 20		1,237 19
Chemicals & Allied Products (4.9%)
Arco Chemical Co. 9.80%, due 02/01/2020		745		836
Church & Dwight Co., Inc. 6.00%, due 12/15/2012		1,410		1,389
Equistar Chemicals, LP/Equistar Funding Corp. 10.63%, due 05/01/2011		860		946
Huntsman International LLC 10.13%, due 07/01/2009		1,118		1,154
Huntsman International LLC–144A 7.38%, due 01/01/2015 †		2,270		2,191
IMC Global, Inc. 10.88%, due 08/01/2013		705		810
JohnsonDiversey Holdings, Inc. 0.00%, due 05/15/2013 (c)		3,155		2,508
JohnsonDiversey, Inc. 9.63%, due 05/15/2012		2,245		2,256
Kronos International, Inc. 8.88%, due 06/30/2009	EUR	100		123
Lyondell Chemical Co. 9.50%, due 12/15/2008 † 11.13%, due 07/15/2012		207 1,985		217 2,221
Nalco Co. 7.75%, due 11/15/2011 8.88%, due 11/15/2013		425 960		437 1,006

	Principal		Value
Business Services (continued)
NOVA Chemicals Corp. 6.50%, due 01/15/2012	$	895	$	867
Resolution Performance Products, Inc. 13.50%, due 11/15/2010		650		687
Revlon Consumer Products Corp. 9.50%, due 04/01/2011		1,455		1,328
Rhodia SA 8.88%, due 06/01/2011 †		1,520		1,558
Rockwood Specialties Group, Inc. 10.63%, due 05/15/2011 7.50%, due 11/15/2014		962 800		1,055 797
Communication (5.2%)
American Tower Corp. 7.13%, due 10/15/2012		820		845
Cablevision Systems Corp., Series B 8.00%, due 04/15/2012 †		930		870
CCH I Holdings LLC–144A 9.92%, due 04/01/2014		1,234		703
CCH I LLC–144A 11.00%, due 10/01/2015		3,200		2,688
CCO Holdings LLC/CCO Holdings Capital Corp. 8.75%, due 11/15/2013		950		905
Charter Communications Holdings, Inc. 8.63%, due 04/01/2009 †		2,431		1,799
Charter Communications Operating LLC/Charter Communications Operating Capital Corp. –144A 8.38%, due 04/30/2014		930		925
CSC Holdings, Inc. 8.13%, due 07/15/2009 8.13%, due 08/15/2009		750 1,140		757 1,151
CSC Holdings, Inc.–144A 7.00%, due 04/15/2012		1,150		1,087
Echostar DBS Corp. 6.38%, due 10/01/2011		2,750		2,647
Frontiervision Holdings, LP 11.00%, due 10/15/2006 v 11.88%, due 09/15/2007 v		1,730 505		2,301 531
Frontiervision Holdings, LP, Series B 11.88%, due 09/15/2007 †v		725		762
Intelsat Bermuda, Ltd.–144A 8.63%, due 01/15/2015		1,190		1,202
MediaCom LLC / Capital Corp. 9.50%, due 01/15/2013 †		1,315		1,284
PanAmSat Holding Corp. 0.00%, due 11/01/2014 (d)		3,400		2,380
Rogers Cable, Inc. 8.75%, due 05/01/2032		345		397

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

6

MFS High Yield

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2005
(all amounts except share amounts in thousands)

	Principal		Value
Communication (continued)
Videotron Ltee–144A 6.38%, due 12/15/2015	$	355	$	353
Communications Equipment (1.9%)
American Towers, Inc. 7.25%, due 12/01/2011		935		972
Innova S. de R.L. 9.38%, due 09/19/2013		890		988
L-3 Communications Corp. 6.13%, due 01/15/2014 5.88%, due 01/15/2015		1,335 1,000		1,322 970
Lucent Technologies, Inc. 5.50%, due 11/15/2008 † 6.45%, due 03/15/2029		960 580		955 497
Nortel Networks Corp. 6.88%, due 09/01/2023		1,040		931
Northern Telecom Capital 7.88%, due 06/15/2026		395		382
Zeus Special Subsidiary, Ltd.–144A 0.00%, due 02/01/2015 (e)		2,485		1,634
Computer & Data Processing Services (0.3%)
GTECH Holdings Corp. 5.25%, due 12/01/2014		1,635		1,418
Construction (0.5%)
WCI Communities, Inc. 7.88%, due 10/01/2013 6.63%, due 03/15/2015 †		2,000 460		1,885 400
Department Stores (0.8%)
Dollar General Corp. 8.63%, due 06/15/2010		1,305		1,432
J.C. Penney Co., Inc. 8.00%, due 03/01/2010		960		1,051
Neiman-Marcus Group, Inc.–144A 9.00%, due 10/15/2015 †		1,250		1,278
Drug Stores & Proprietary Stores (0.3%)
Rite Aid Corp. 8.13%, due 05/01/2010		1,330		1,353
Electric Services (5.6%)
AES Corp. (The)–144A 8.75%, due 05/15/2013 9.00%, due 05/15/2015		2,120 155		2,308 170
Allegheny Energy Supply Co. LLC–144A 8.25%, due 04/15/2012		1,700		1,917
CMS Energy Corp. 8.50%, due 04/15/2011		2,335		2,542

	Principal		Value
Electric Services (continued)
Empresa Nacional de Electricidad SA 8.35%, due 08/01/2013	$	514	$	585
Enersis SA 7.38%, due 01/15/2014		1,022		1,099
FirstEnergy Corp. 6.45%, due 11/15/2011		636		674
Midwest Generation LLC 8.75%, due 05/01/2034		2,190		2,412
Mirant North America LLC–144A 7.38%, due 12/31/2013		1,100		1,112
Mission Energy Holding Co. 13.50%, due 07/15/2008		935		1,085
Nevada Power Co. 6.50%, due 04/15/2012		165		169
Nevada Power Co., Series L 5.88%, due 01/15/2015		1,140		1,131
NRG Energy, Inc. 8.00%, due 12/15/2013		873		973
PSEG Energy Holdings LLC 7.75%, due 04/16/2007		1,035		1,071
Reliant Energy, Inc. 9.25%, due 07/15/2010 9.50%, due 07/15/2013 6.75%, due 12/15/2014		900 225 340		900 226 297
Sierra Pacific Power Co. 6.25%, due 04/15/2012		980		995
Sierra Pacific Resources 8.63%, due 03/15/2014		35		38
TECO Energy, Inc. 7.00%, due 05/01/2012		1,210		1,270
Tenaska Alabama Partners, LP–144A 7.00%, due 06/30/2021		568		572
Texas Genco LLC/Texas Genco Financing Corp.–144A 6.88%, due 12/15/2014		1,155		1,250
TXU Corp., Series P 5.55%, due 11/15/2014		3,025		2,873
Electric, Gas & Sanitary Services (0.3%)
NorthWestern Corp. 5.88%, due 11/01/2014		1,190		1,192
Electronic Components & Accessories (0.5%)
Flextronics International, Ltd. 6.50%, due 05/15/2013		2,245		2,281
MagnaChip Semiconductor SA/MagnaChip Semiconductor Finance Co. 8.00%, due 12/15/2014		245		234

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

7

MFS High Yield

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2005
(all amounts except share amounts in thousands)

	Principal		Value
Environmental Services (0.5%)
Allied Waste North America, Inc. 6.50%, due 11/15/2010 †	$	2,105	$	2,084
Food & Kindred Products (0.9%)
B&G Foods, Inc. 8.00%, due 10/01/2011		705		719
Hercules, Inc. 6.75%, due 10/15/2029		1,370		1,319
Smithfield Foods, Inc. 7.00%, due 08/01/2011		1,020		1,040
United Biscuits Finance PLC 10.63%, due 04/15/2011	EUR	650		821
Gas Production & Distribution (3.8%)
ANR Pipeline Co. 9.63%, due 11/01/2021		960		1,173
Atlas Pipeline Partners, LP–144A 8.13%, due 12/15/2015		460		464
Colorado Interstate Gas Co. 5.95%, due 03/15/2015		1,075		1,038
Dynegy Holdings, Inc.–144A 9.88%, due 07/15/2010 10.13%, due 07/15/2013		905 125		992 141
El Paso Corp. 7.00%, due 05/15/2011		2,285		2,268
El Paso Natural Gas Co. 7.63%, due 08/01/2010		2,260		2,377
EL Paso Production Holding Co. 7.75%, due 06/01/2013		1,970		2,044
Gaz Capital for Gazprom–144A 8.63%, due 04/28/2034		1,700		2,150
Morgan Stanley Bank AG for OAO Gazprom–144A 9.63%, due 03/01/2013		920		1,110
Pacific Energy Partners, LP / Pacific Energy Finance Corp.–144A 6.25%, due 09/15/2015		510		502
Transcontinental Gas Pipe Line Corp., Series B 7.00%, due 08/15/2011		715		746
Williams Cos., Inc. 7.13%, due 09/01/2011 7.75%, due 06/15/2031		1,993 360		2,070 380
Health Services (4.3%)
Davita Inc. 6.63%, due 03/15/2013 7.25%, due 03/15/2015		1,140 1,320		1,160 1,337
Extendicare Health Services, Inc. 6.88%, due 05/01/2014		1,955		1,911

	Principal		Value
Health Services (continued)
HCA, Inc.
7.88%, due 02/01/2011	$	2,130	$	2,290
6.38%, due 01/15/2015 †		3,715		3,755
Healthsouth Corp. 7.63%, due 06/01/2012 †		1,660		1,685
LifeCare Holdings, Inc.–144A 9.25%, due 08/15/2013 †		1,175		928
Psychiatric Solutions, Inc. 7.75%, due 07/15/2015		250		258
Select Medical Corp. 7.63%, due 02/01/2015		1,905		1,834
Tenet Healthcare Corp. 9.88%, due 07/01/2014		1,855		1,878
Tenet Healthcare Corp.–144A 9.25%, due 02/01/2015		1,025		1,017
Triad Hospitals, Inc. 7.00%, due 11/15/2013		1,770		1,774
Holding & Other Investment Offices (0.7%)
Nell AF Sarl–144A 8.38%, due 08/15/2015 †		1,980		1,960
Sungard Data Systems Inc.–144A 10.25%, due 08/15/2015		1,185		1,185
Hotels & Other Lodging Places (3.9%)
Host Marriott, LP 7.13%, due 11/01/2013 †		1,395		1,451
Host Marriott, LP REIT 6.38%, due 03/15/2015		1,110		1,107
Majestic Star Casino LLC/ Majestic Star Casino Cap 9.50%, due 10/15/2010		535		563
Majestic Star Casino LLC/ Majestic Star Casino Capital Corp. II–144A 9.75%, due 01/15/2011		420		423
Mandalay Resort Group 9.38%, due 02/15/2010 †		1,050		1,150
MGM Mirage 8.50%, due 09/15/2010 8.38%, due 02/01/2011 †		765 3,630		829 3,884
Pinnacle Entertainment, Inc. 8.75%, due 10/01/2013 †		2,130		2,268
Starwood Hotels & Resorts Worldwide, Inc. 7.88%, due 05/01/2012		2,660		2,933
Station Casinos, Inc. 6.50%, due 02/01/2014 6.88%, due 03/01/2016		1,250 150		1,263 153
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. 6.63%, due 12/01/2014		1,645		1,600

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

8

MFS High Yield

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2005
(all amounts except share amounts in thousands)

	Principal		Value
Industrial Machinery & Equipment (1.5%)
Case Corp. 7.25%, due 01/15/2016	$	635	$	592
Case New Holland, Inc. 9.25%, due 08/01/2011		1,620		1,733
Goodman Global Holding Co., Inc.–144A 7.88%, due 12/15/2012		1,200		1,116
JLG Industries, Inc. 8.25%, due 05/01/2008		1,465		1,535
Terex Corp. 10.38%, due 04/01/2011		1,825		1,935
Instruments & Related Products (1.9%)
DirecTV Holdings LLC 6.38%, due 06/15/2015		820		802
DirecTV Holdings LLC/DirecTV Financing Co. 8.38%, due 03/15/2013		572		615
Fisher Scientific International, Inc. 6.75%, due 08/15/2014		405		422
Fisher Scientific International, Inc.–144A 6.13%, due 07/01/2015		1,915		1,915
Safilo Capital International SA–144A 9.63%, due 05/15/2013	EUR	1,855		2,452
Xerox Corp. 7.63%, due 06/15/2013		2,370		2,500
Insurance (0.6%)
Axis Capital Holdings, Ltd. 5.75%, due 12/01/2014		790		790
UnumProvident Corp. 7.63%, due 03/01/2011		1,704		1,838
Insurance Agents, Brokers & Service (0.2%)
Marsh & McLennan Cos., Inc. 5.75%, due 09/15/2015		1,023		1,031
Lumber & Other Building Materials (0.2%)
Nortek, Inc. 8.50%, due 09/01/2014		1,015		979
Management Services (0.3%)
US Oncology, Inc. 10.75%, due 08/15/2014		1,130		1,254
Manufacturing Industries (0.2%)
Bombardier Recreational Products, Inc. 8.38%, due 12/15/2013		1,075		1,076
Medical Instruments & Supplies (0.4%)
CDRV Investors, Inc. 0.00%, due 01/01/2015 (f)		3,180		1,948

	Principal		Value
Metal Cans & Shipping Containers (0.6%)
Crown Americas, Inc.–144A 7.75%, due 11/15/2015	$	2,790	$	2,888
Metal Mining (0.3%)
Freeport-McMoRan Copper & Gold, Inc. 6.88%, due 02/01/2014		1,170		1,182
Mining (0.7%)
Massey Energy Co.–144A 6.88%, due 12/15/2013		1,580		1,594
Peabody Energy Corp. 5.88%, due 04/15/2016		1,530		1,490
Mortgage Bankers & Brokers (1.6%)
Couche-Tard US LP/Couche-Tard Finance Corp. 7.50%, due 12/15/2013		1,885		1,942
Crystal US Holdings 3 LLC/Crystal US Sub 3 Corp. 9.63%, due 06/15/2014		661		735
Crystal US Holdings 3 LLC/Crystal US Sub 3 Corp., Series A 0.00%, due 10/01/2014 (g)		1,302		957
Crystal US Holdings 3 LLC/Crystal US Sub 3 Corp., Series B 0.00%, due 10/01/2014 (h)		1,921		1,398
Da-Lite Screen Co., Inc. 9.50%, due 05/15/2011		935		982
Milacron Escrow Corp. 11.50%, due 05/15/2011 †		1,395		1,193
Motion Pictures (0.9%)
AMC Entertainment, Inc. 9.50%, due 02/01/2011 †		1,001		985
Loews Cineplex Entertainment Corp. 9.00%, due 08/01/2014		1,235		1,247
Marquee, Inc., Series B 8.63%, due 08/15/2012 †		1,625		1,698
Motor Vehicles, Parts & Supplies (0.3%)
TRW Automotive, Inc. 9.38%, due 02/15/2013 11.00%, due 02/15/2013		806 531		872 596
Oil & Gas Extraction (3.2%)
Belden & Blake Corp. 8.75%, due 07/15/2012		325		332
Chesapeake Energy Corp. 7.00%, due 08/15/2014 6.38%, due 06/15/2015 6.88%, due 01/15/2016		1,312 2,335 2,705		1,358 2,335 2,773
Clayton Williams Energy, Inc. 7.75%, due 08/01/2013		1,495		1,435
Hanover Compressor Co. 9.00%, due 06/01/2014		970		1,057

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

9

MFS High Yield

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2005
(all amounts except share amounts in thousands)

	Principal		Value
Oil & Gas Extraction (continued)
Kerr-McGee Corp. 6.95%, due 07/01/2024	$	1,155	$	1,225
MarkWest Energy Partners, LP / MarkWest Energy Finance Corp.–144A 6.88%, due 11/01/2014		1,030		948
Newfield Exploration Co. 6.63%, due 09/01/2014		1,805		1,837
Plains Exploration & Production Co. 7.13%, due 06/15/2014		1,065		1,102
Paper & Allied Products (2.5%)
Abitibi-Consolidated, Inc. 8.55%, due 08/01/2010 † 7.75%, due 06/15/2011		2,478 875		2,509 833
Buckeye Technologies, Inc. 8.50%, due 10/01/2013		1,245		1,245
Graphic Packaging International Corp. 9.50%, due 08/15/2013		1,930		1,843
Norske Skog Canada, Ltd. 8.63%, due 06/15/2011 7.38%, due 03/01/2014		1,740 110		1,662 96
Playtex Products, Inc. 9.38%, due 06/01/2011		1,210		1,267
Pliant Corp. 11.63%, due 06/15/2009 v 11.13%, due 09/01/2009 v†		216 575		229 512
Stone Container Finance 7.38%, due 07/15/2014		1,270		1,156
Paper & Paper Products (1.1%)
Jefferson Smurfit Group PLC, (PIK)–144A 11.50%, due 10/01/2015	EUR	2,710		2,958
MDP Acquisitions PLC 9.63%, due 10/01/2012		1,875		1,875
Paperboard Containers & Boxes (0.5%)
Greif, Inc. 8.88%, due 08/01/2012		1,040		1,108
Jefferson Smurfit-Stone Container Corp. 8.25%, due 10/01/2012		840		806
Plastipak Holdings, Inc.–144A 8.50%, due 12/15/2015		580		586
Personal Credit Institutions (1.2%)
Ford Motor Credit Co. 4.95%, due 01/15/2008 6.63%, due 06/16/2008 5.63%, due 10/01/2008 † 5.80%, due 01/12/2009 8.63%, due 11/01/2010		1,140 1,388 1,190 1,275 1,275		1,021 1,259 1,044 1,112 1,163

	Principal		Value
Personal Services (0.3%)
Service Corp. International/US–144A 7.50%, due 06/15/2017	$	1,230	$	1,221
Petroleum Refining (0.7%)
Amerada Hess Corp. 7.30%, due 08/15/2031		850		984
Enterprise Products Operating, LP 6.38%, due 02/01/2013		791		828
Enterprise Products Operating, LP, Series B 5.60%, due 10/15/2014		747		746
Premcor Refining Group (The), Inc. 7.50%, due 06/15/2015		520		554
Pharmaceuticals (0.6%)
Amerisourcebergen Corp.–144A 5.88%, due 09/15/2015		1,400		1,412
Warner Chilcott Corp.–144A 8.75%, due 02/01/2015		1,335		1,228
Primary Metal Industries (1.3%)
AK Steel Corp. 7.75%, due 06/15/2012		1,485		1,340
Century Aluminum Co. 7.50%, due 08/15/2014		1,175		1,157
Chaparral Steel Co. 10.00%, due 07/15/2013		1,185		1,277
Texas Industries, Inc.–144A 7.25%, due 07/15/2013		940		975
Valmont Industries, Inc. 6.88%, due 05/01/2014		1,170		1,179
Printing & Publishing (2.0%)
ACCO Brands Corp. 7.63%, due 08/15/2015		430		405
American Media Operations, Inc. 8.88%, due 01/15/2011 †		1,250		1,063
Block Communications, Inc.–144A 8.25%, due 12/15/2015		720		713
Dex Media East LLC/Dex Media East Finance Co. 12.13%, due 11/15/2012		1,389		1,625
Dex Media, Inc. 0.00%, due 11/15/2013 (i)		3,650		2,902
Medianews Group, Inc. 6.88%, due 10/01/2013		1,295		1,238
Primedia, Inc. 8.88%, due 05/15/2011 8.00%, due 05/15/2013		205 1,265		189 1,071
Public Administration (0.1%)
Geo Group (The), Inc. 8.25%, due 07/15/2013		700		684

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

10

MFS High Yield

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2005
(all amounts except share amounts in thousands)

	Principal		Value
Radio & Television Broadcasting (1.4%)
Allbritton Communications Co. 7.75%, due 12/15/2012	$	1,683	$	1,691
Granite Broadcasting Corp. 9.75%, due 12/01/2010 †		495		455
Lighthouse International Co. SA–144A 8.00%, due 04/30/2014	EUR	855		1,070
Paxson Communications Corp.–144A 7.54%, due 01/15/2013 *		2,530		2,432
Sirius Satellite Radio, Inc.–144A 9.63%, due 08/01/2013		915		901
Radio, Television & Computer Stores (0.3%)
GSC Holdings Corp.–144A 8.00%, due 10/01/2012 †		1,225		1,152
Railroads (0.6%)
Grupo Transportacion Ferroviaria Mexicana SA de CV 12.50%, due 06/15/2012		940		1,072
Grupo Transportacion Ferroviaria Mexicana SA DE CV–144A 9.38%, due 05/01/2012		101		111
Kansas City Southern Railway, Co. 7.50%, due 06/15/2009		1,455		1,502
Residential Building Construction (1.0%)
Beazer Homes USA, Inc. 6.88%, due 07/15/2015 †		1,280		1,227
DR Horton, Inc. 8.00%, due 02/01/2009		1,500		1,599
Technical Olympic USA, Inc. 9.00%, due 07/01/2010 7.50%, due 03/15/2011 † 7.50%, due 01/15/2015		420 445 1,270		425 397 1,067
Restaurants (0.3%)
Carrols Corp. 9.00%, due 01/15/2013		1,280		1,245
Retail Trade (0.5%)
Amerigas Partners, LP 7.25%, due 05/20/2015		1,010		1,030
Finlay Fine Jewelry Corp. 8.38%, due 06/01/2012 †		1,590		1,431
Rubber & Misc. Plastic Products (1.0%)
Cooper-Standard Automotive, Inc. 8.38%, due 12/15/2014		1,625		1,235
Goodyear Tire & Rubber Co. (The)–144A 9.00%, due 07/01/2015		2,090		2,059
NTK Holdings, Inc. 0.00%, due 03/01/2014 (j)		1,739		1,087

	Principal		Value
Shoe Stores (0.3%)
Payless Shoesource, Inc. 8.25%, due 08/01/2013	$	1,260	$	1,317
Social Services (0.2%)
Knowledge Learning Corp., Inc.–144A 7.75%, due 02/01/2015§		1,110		1,055
Stone, Clay & Glass Products (0.6%)
Owens-Brockway 8.88%, due 02/15/2009 8.25%, due 05/15/2013		715 1,450		746 1,497
Owens-Illinois, Inc. 7.80%, due 05/15/2018		420		418
Telecommunications (6.9%)
Alamosa Delaware, Inc. 12.00%, due 07/31/2009		932		1,019
AT&T Corp. 9.05%, due 11/15/2011 9.75%, due 11/15/2031		1,011 545		1,119 685
Centennial Cellular Operating Co./Centennial Communications Corp. 10.13%, due 06/15/2013		1,055		1,147
Centennial Communications Corp.–144A 10.00%, due 01/01/2013 †		395		399
Cincinnati Bell, Inc. 8.38%, due 01/15/2014		825		812
Citizens Communications Co. 9.25%, due 05/15/2011 6.25%, due 01/15/2013 9.00%, due 08/15/2031		1,884 550 255		2,077 532 258
Esprit Telecom Group PLC 10.88%, due 06/15/2008 v		15		—	o
GCI, Inc. 7.25%, due 02/15/2014		1,000		990
Hawaiian Telcom Communications, Inc.–144A 9.75%, due 05/01/2013 † 12.50%, due 05/01/2015		930 290		909 271
IWO Holdings, Inc. 7.90%, due 01/15/2012 *		250		259
MCI, Inc. 6.91%, due 05/01/2007 7.69%, due 05/01/2009		495 850		499 878
Nextel Communications, Inc., Series F 5.95%, due 03/15/2014		4,805		4,830
Qwest Corp. 7.88%, due 09/01/2011 8.88%, due 03/15/2012		2,100 2,350		2,263 2,650

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

11

MFS High Yield

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2005
(all amounts except share amounts in thousands)

	Principal		Value
Telecommunications (continued)
Rogers Wireless Communications, Inc.
6.38%, due 03/01/2014	$	1,840	$	1,845
7.50%, due 03/15/2015		1,095		1,183
Rural Cellular Corp. 9.88%, due 02/01/2010		1,840		1,941
Time Warner Telecom Holdings, Inc. 9.25%, due 02/15/2014 †		1,545		1,630
US Unwired, Inc. 10.00%, due 06/15/2012		1,420		1,598
WDAC Subsidiary Corp.–144A 8.38%, due 12/01/2014		1,445		1,400
Wind Acquisition Finance SA–144A 10.75%, due 12/01/2015		505		521
Textile Mill Products (0.4%)
Interface, Inc. 10.38%, due 02/01/2010		1,550		1,678
Tobacco Products (0.4%)
Reynolds American, Inc. 7.25%, due 06/01/2012		980		1,000
RJ Reynolds Tobacco Holdings, Inc.–144A 7.30%, due 07/15/2015 †		900		918
Transportation Equipment (0.1%)
Westinghouse Air Brake Co. 6.88%, due 07/31/2013		395		399
Water Transportation (1.5%)
Gulfmark Offshore, Inc. 7.75%, due 07/15/2014		1,075		1,118
Royal Caribbean Cruises, Ltd. 6.88%, due 12/01/2013		3,795		4,019
Stena AB 9.63%, due 12/01/2012 7.00%, due 12/01/2016		395 1,533		429 1,403
Wholesale Trade Durable Goods (1.0%)
Buhrmann US, Inc. 7.88%, due 03/01/2015		1,270		1,240
Omnicare, Inc. 6.88%, due 12/15/2015		500		508
Russel Metals, Inc. 6.38%, due 03/01/2014		1,975		1,916
Wesco Distribution, Inc.–144A 7.50%, due 10/15/2017 †		1,075		1,082
Wholesale Trade Nondurable Goods (0.2%)
Dean Foods Co. 6.63%, due 05/15/2009		1,015		1,034
Total Corporate Debt Securities (cost: $390,118)				386,576

	Shares		Value
PREFERRED STOCKS (0.5%)
Automotive (0.4%)
General Motors Corp.–Class B		121,575	$	1,812
Holding & Other Investment Offices (0.0%)
HRPT Properties Trust REIT		2,025		52
Radio & Television Broadcasting (0.1%)
Paxson Communications Corp., (PIK) ‡		54		470
Telecommunications (0.0%)
PTV, Inc. ‡		2		—	o
Total Preferred Stocks (cost: $2,613)				2,334
COMMON STOCKS (0.9%)
Automotive (0.3%)
Hayes Lemmerz International, Inc. ‡		80,000		—	o
Magna International, Inc.–Class A †		18,925		1,362
Communication (0.0%)
XM Satellite Radio Holdings, Inc. Warrants, Expires 3/15/2010 ‡		65		3
Communications Equipment (0.0%)
Pliant Corp. Warrants, Expires 6/1/2010–144A§ ‡ m		40		—	o
Holding & Other Investment Offices (0.2%)
Telewest Global, Inc. ‡		44,940		1,070
Industrial Machinery & Equipment (0.0%)
Thermadyne Holdings Corp. –Class B Warrants, Expires 5/23/2006 ‡		169		—	o
Paper & Paper Products (0.0%)
Corp. Durango SA de CV–Class B ‡		63,866		28
Pharmaceuticals (0.2%)
Merck & Co., Inc.		27,700		881
Printing & Publishing (0.0%)
GT Group Telecom, Inc. Warrants, Expires 2/1/2010–144A ‡ m		200		—	o
Telecommunications (0.2%)
Completel Europe NV ‡		21		1
Intermedia m		820,000		—	o
NTL, Inc. ‡		4,267		291
Vodafone Group PLC, ADR		16,996		365
Total Common Stocks (cost: $3,625)				4,001

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

12

MFS High Yield

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2005
(all amounts except share amounts in thousands)

	Principal		Value
SECURITY LENDING COLLATERAL (11.1%)
Debt (9.5%)
Bank Notes (0.3%)
Bank of America
4.27%, due 01/17/2006 *	$	748	$	748
4.31%, due 08/10/2006 *		615		615
Certificates Of Deposit (0.5%)
Barclays 4.31%, due 01/17/2006 *		472		472
Canadian Imperial Bank of Commerce 4.15%, due 05/18/2006 *		668		668
Credit Suisse First Boston Corp. 4.18%, due 03/10/2006 *		267		267
Rabobank Nederland 4.10%, due 05/31/2006 *		668		668
Commercial Paper (1.1%)
Fairway Finance–144A 4.31%, due 01/10/2006		1,333		1,333
Jupiter Securitization Corp.–144A 4.27%, due 01/05/2006		668		668
Paradigm Funding LLC–144A 4.30%, due 01/09/2006		262		262
Park Avenue Receivables Corp.–144A 4.27%, due 01/04/2006		664		664
Preferred Receivables Corp.–144A 4.31%, due 01/04/2006		531		531
Ranger Funding Co. LLC–144A 4.29%, due 01/18/2006		528		528
Sheffield Receivables Corp.–144A 4.26%, due 01/23/2006		321		321
Yorktown Capital LLC 4.27%, due 01/05/2006		668		668
Euro Dollar Overnight (1.5%)
Calyon 4.34%, due 01/05/2006		668		668
Fortis Bank 4.35%, due 01/03/2006 4.35%, due 01/05/2006		1,337 1,270		1,337 1,270
Harris Trust & Savings Bank 4.25%, due 01/05/2006		1,096		1,096
National Australia Bank 4.16%, due 01/03/2006		1,365		1,365
Rabobank Nederland 4.15%, due 01/03/2006		481		481
Wells Fargo 4.27%, due 01/03/2006		668		668

	Principal		Value
Euro Dollar Terms (3.2%)
Bank of Montreal 4.30%, due 01/19/2006	$	1,336	$	1,336
Barclays 4.27%, due 01/25/2006 4.30%, due 01/31/2006		401 1,069		401 1,069
BNP Paribas 4.22%, due 01/24/2006		668		668
Dexia Group 4.25%, due 01/09/2006		668		668
Rabobank Nederland 4.21%, due 01/19/2006		1,203		1,203
Royal Bank of Canada 4.25%, due 01/24/2006		936		936
Royal Bank of Scotland 4.30%, due 01/31/2006 4.31%, due 02/01/2006		2,005 1,470		2,005 1,470
Societe Generale 4.28%, due 01/30/2006		1,337		1,337
UBS AG 4.26%, due 01/10/2006		1,337		1,337
Wells Fargo 4.29%, due 01/30/2006		2,005		2,005
Promissory Notes (0.2%)
Bear Stearns & Co. 4.39%, due 03/07/2006 4.39%, due 06/06/2006		802 267		802 267
Repurchase Agreements (2.7%) ††
Credit Suisse First Boston Corp. 4.29%, dated 12/30/2005 to be repurchased at $2,238 on 01/03/2006		2,237		2,237
Goldman Sachs Group, Inc. (The) 4.29%, dated 12/30/2005 to be repurchased at $5,340 on 01/03/2006		5,337		5,337
Lehman Brothers, Inc. 4.29%, dated 12/30/2005 to be repurchased at $36 on 01/03/2006		36		36
Merrill Lynch & Co. 4.24%, dated 12/30/2005 to be repurchased at $4,279 on 01/03/2006		4,277		4,277
Morgan Stanley Dean Witter & Co. 4.36%, dated 12/30/2005 to be repurchased at $472 on 01/03/2006		472		472

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

13

MFS High Yield

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2005
(all amounts except share amounts in thousands)

	Shares		Value
Investment Companies (1.6%)
American Beacon Fund 1-day yield of 4.19%		183,237	$	183
Barclays Global Investors Institutional Money Market Fund 1-day yield of 4.19%		1,737,508		1,738
Dreyfus Cash Management Plus Fund 1-day yield of 4.09%		721,734		722
Merrimac Cash Fund, Premium Class 1-day yield of 4.03%@		4,731,590		4,732
Total Security Lending Collateral (cost: $50,536)				50,536
Total Investment Securities (cost: $459,702)			$	457,040

FORWARD FOREIGN CURRENCY CONTRACTS:
Currency	Bought (Sold)			Settlement Date	Amount in U.S. Dollars Bought (Sold)			Net Unrealized Appreciation (Depreciation)
Euro Dollar		(195	)	02/21/2006	$	(230	)	$	(2	)
					$	(230	)	$	(2	)

NOTES TO SCHEDULE OF INVESTMENTS:

*  Floating or variable rate note. Rate is listed as of December 31, 2005.

§  Security is deemed to be illiquid.

†  At December 31, 2005, all or a portion of this security is on loan (see Note 1). The value at December 31, 2005, of all securities on loan is $49,295.

(a)  Interest only security. Holder is entitled to interest payments on the underlying pool.

(b)  KI Holdings, Inc. has a coupon rate of 0.00% until 11/15/2009, thereafter the coupon rate will be 9.88%.

(c)  JohnsonDiversey Holdings, Inc. has a coupon rate of 0.00% until 05/15/2007, thereafter the coupon rate will be 10.67%.

(d)  PanAmSat Holding Corp. has a coupon rate of 0.00% until 11/01/2009, thereafter the coupon rate will be 10.38%.

(e)  Zeus Special Subsidiary, Ltd.–144A has a coupon rate of 0.00% until 02/01/2010, thereafter the coupon rate will be 9.25%.

(f)  CDRV Investors, Inc. has a coupon rate of 0.00% until 01/01/2010, thereafter the coupon rate will be 9.63%.

(g)  Crystal US Holdings LLC/Crystal US Sub 3 Corp., Series A has a coupon rate of 0.00% until 10/01/2009, thereafter a coupon rate 10.00%.

(h)  Crystal US Holdings LLC/Crystal US Sub 3 Corp., Series B has a coupon rate of 0.00% until 10/01/2009, thereafter a coupon rate 10.50%.

(i)  Dex Media, Inc. has a coupon rate of 0.00% until 11/15/2008, thereafter the coupon rate will be 9.00%.

(j)  NTK Holding, Inc. has a coupon rate of 0.00% until 09/01/2009, thereafter the coupon rate will be 10.75%.

‡  Non-income producing.

o  Value is less than $1.

††  Cash collateral for the Repurchase Agreements, valued at $12,606, that serve as collateral for securities lending are invested in corporate bonds with interest rates and maturity dates ranging from 0.00% - 8.75% and 01/03/2006 - 08/01/2037, respectively.

@  Regulated investment company advised by Investors Bank and Trust Co. ("IBT"). IBT is also the accounting, custody and lending agent for the Fund.

v  Securities are currently in default on interest payments.

m  Securities valued as determined in good faith in accordance with procedure established by the Fund's Board of Trustees.

DEFINITIONS:

144A  144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2005, these securities aggregated $77,526 or 17.0% of the total investments of the Fund.

ADR  American Depositary Receipt

EUR  Euro

PIK  Payment In-Kind

REIT  Real Estate Investment Trust

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

14

MFS High Yield

STATEMENT OF ASSETS AND LIABILITIES
At December 31, 2005
(all amounts except per share amounts in thousands)

Assets:
Investment securities, at value (cost: $459,702) (including securities loaned of $49,295)	$	457,040
Cash		12,154
Receivables:
Investment securities sold		3,702
Shares sold		46
Interest		7,714
Income from loaned securities		20
Dividends		24
Other		1
		480,701
Liabilities:
Investment securities purchased		770
Accounts payable and accrued liabilities:
Shares redeemed		185
Management and advisory fees		319
Service fees		2
Administration fees		8
Payable for collateral for securities on loan		50,536
Unrealized depreciation on forward foreign currency contracts		2
Other		44
		51,866
Net Assets	$	428,835
Net Assets Consist of:
Capital stock ($.01 par value)	$	446
Additional paid-in capital		384,769
Distributable net investment income (loss)		42,493
Accumulated net realized gain (loss) from investment securities and foreign currency transactions		3,801
Net unrealized appreciation (depreciation) on:
Investment securities		(2,662	)
Translation of assets and liabilites denominated in foreign currencies		(12	)
Net Assets	$	428,835
Net Assets by Class:
Initial Class	$	421,010
Service Class		7,825
Shares Outstanding:
Initial Class		43,764
Service Class		807
Net Asset Value and Offering Price Per Share:
Initial Class	$	9.62
Service Class		9.70

STATEMENT OF OPERATIONS
For the year ended December 31, 2005
(all amounts in thousands)

Investment Income:
Interest	$	46,575
Dividends (net of withholding taxes on foreign dividends of $6)		218
Income from loaned securities-net		540
		47,333
Expenses:
Management and advisory fees		4,712
Printing and shareholder reports		71
Custody fees		114
Administration fees		122
Legal fees		12
Audit fees		17
Trustees fees		22
Service fees:
Service Class		16
Other		16
Total expenses		5,102
Net Investment Income (Loss)		42,231
Net Realized Gain (Loss) from:
Investment securities		4,234
Foreign currency transactions		(9	)
		4,225
Net Increase (Decrease) in Unrealized Appreciation (Depreciation) on:
Investment securities		(36,972	)
Translation of assets and liabilities denominated in foreign currencies		(18	)
		(36,990	)
Net Realized and Unrealized Gain (Loss) on Investment Securities and Foreign Currency Transactions		(32,765	)
Net Increase (Decrease) in Net Assets Resulting from Operations		9,466

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

15

MFS High Yield

STATEMENTS OF CHANGES IN NET ASSETS
For the years ended
(all amounts in thousands)

	December 31, 2005			December 31, 2004
Increase (Decrease) in Net Assets From:
Operations:
Net investment income (loss)	$	42,231		$	50,017
Net realized gain (loss) from investment securities and foreign currency transactions		4,225			16,579
Change in unrealized appreciation (depreciation) on investment securities and foreign currency translation		(36,990	)		(5,079	)
		9,466			61,517
Distributions to Shareholders:
From net investment income:
Initial Class		(49,691	)		(39,856	)
Service Class		(658	)		(181	)
		(50,349	)		(40,037	)
From net realized gains:
Initial Class		(15,092	)		(2,728	)
Service Class		(202	)		(13	)
		(15,294	)		(2,741	)
Capital Share Transactions:
Proceeds from shares sold:
Initial Class		65,269			109,877
Service Class		8,784			8,033
		74,053			117,910
Dividends and distributions reinvested:
Initial Class		64,783			42,584
Service Class		860			193
		65,643			42,777
Cost of shares redeemed:
Initial Class		(300,879	)		(184,840	)
Service Class		(6,091	)		(4,596	)
		(306,970	)		(189,436	)
		(167,274	)		(28,749	)
Net increase (decrease) in net assets		(223,451	)		(10,010	)
Net Assets:
Beginning of year		652,286			662,296
End of year	$	428,835		$	652,286
Distributable Net Investment Income (Loss)	$	42,493		$	50,259

	December 31, 2005			December 31, 2004
Share Activity:
Shares issued:
Initial Class		6,456			10,644
Service Class		849			770
		7,305			11,414
Shares issued-reinvested from distributions:
Initial Class		6,713			4,345
Service Class		88			20
		6,801			4,365
Shares redeemed:
Initial Class		(30,813	)		(17,873	)
Service Class	��	(601	)		(442	)
		(31,414	)		(18,315	)
Net increase (decrease) in shares outstanding:
Initial Class		(17,644	)		(2,884	)
Service Class		336			348
		(17,308	)		(2,536	)

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

16

MFS High Yield

FINANCIAL HIGHLIGHTS

		For a share outstanding throughout each period (a)
		Net Asset		Investment Operations							Distributions									Net Asset
	For the Period Ended (b)	Value, Beginning of Period		Net Investment Income (Loss)		Net Realized and Unrealized Gain (Loss)			Total Operations		From Net Investment Income			From Net Realized Gains			Total Distributions			Value, End of Period
Initial Class	12/31/2005	$	10.54	$	0.70	$	(0.51	)	$	0.19	$	(0.85	)	$	(0.26	)	$	(1.11	)	$	9.62
	12/31/2004		10.28		0.77		0.18			0.95		(0.65	)		(0.04	)		(0.69	)		10.54
	12/31/2003		8.83		0.72		0.83			1.55		(0.10	)		-			(0.10	)		10.28
	12/31/2002		8.90		0.60		(0.43	)		0.17		(0.24	)		-			(0.24	)		8.83
	12/31/2001		9.06		0.69		(0.34	)		0.35		(0.51	)		-			(0.51	)		8.90
Service Class	12/31/2005		10.64		0.68		(0.52	)		0.16		(0.84	)		(0.26	)		(1.10	)		9.70
	12/31/2004		10.37		0.75		0.18			0.93		(0.62	)		(0.04	)		(0.66	)		10.64
	12/31/2003		9.48		0.50		0.42			0.92		(0.03	)		-			(0.03	)		10.37

					Ratios/Supplemental Data
	For the Period	Total			Net Assets, End of Period		Ratio of Expenses to Average Net Assets (f)						Net Investment Income (Loss) to Average			Portfolio Turnover
	Ended (b)	Return (c)(g)			(000's)		Net(d)			Total (e)			Net Assets (f)			Rate (g)
Initial Class	12/31/2005		1.81	%	$	421,010		0.83	%		0.83	%		6.92	%		51	%
	12/31/2004		9.77			647,277		0.82			0.82			7.51			71
	12/31/2003		17.74			661,026		0.81			0.81			7.58			64
	12/31/2002		2.07			256,371		0.91			0.91			6.85			38
	12/31/2001		3.78			32,831		1.10			1.12			7.57			50
Service Class	12/31/2005		1.50			7,825		1.08			1.08			6.66			51
	12/31/2004		9.50			5,009		1.07			1.07			7.25			71
	12/31/2003		9.74			1,270		1.03			1.03			7.45			64

NOTES TO FINANCIAL HIGHLIGHTS

(a)  Per share information is calculated based on average number of shares outstanding.

(b)  MFS High Yield (the "Fund") share classes commenced operations as follows:

Initial Class–June 1, 1998
    Service Class–May 1, 2003

(c)  Total Return reflects all portfolio expenses and includes reinvestment of dividends and capital gains; it does not reflect the charges and deductions under the policies or annuity contracts.

(d)  For the years ended December 31, 2005, 2004 and 2003, Ratio of Net Expenses to Average Net Assets is net of fee waivers and reimbursements by the investment adviser, if any (see note 2). For the year ended December 31, 2002, Ratio of Net Expenses to Average Net Assets is net of fees paid indirectly. For the year ended December 31, 2001, Ratio of Net Expenses to Average Net Assets is net of fees paid indirectly and credits allowed by the custodian.

(e)  Ratio of Total Expenses to Average Net Assets includes all expenses before fee waivers and reimbursements by the investment adviser.

(f)  Annualized.

(g)  Not annualized.

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

17

MFS High Yield

NOTES TO FINANCIAL STATEMENTS
At December 31, 2005
(all amounts in thousands)

NOTE 1.  ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

The AEGON/Transamerica Series Trust ("ATST") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). ATST serves as a funding vehicle for variable life insurance, variable annuity and group annuity products. MFS High Yield (the "Fund) is part of ATST.

Effective May 1, 2005, AEGON/Transamerica Series Fund, Inc. changed its name to AEGON/Transamerica Series Trust.

In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

This report should be read in conjunction with the current Fund prospectus, which contains more complete information about the Fund.

In preparing the Fund's financial statements in accordance with accounting principles generally accepted in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Fund.

Multiple class operations, income and expenses: The Fund currently offers two classes of shares, an Initial Class and a Service Class. Income, non-class specific expenses and realized and unrealized gains and losses, are allocated daily to each class, based upon the value of shares outstanding method as permitted under Rule 18f-3 of the 1940 Act. Each class bears its own specific expenses as well as a portion of general, common expenses.

Security valuations: The Fund values its investments at the close of the New York Stock Exchange ("NYSE"), normally 4 p.m. ET, each day the NYSE is open for business. Fund investments are valued at the last sale price or closing price on the day of valuation taken from the primary exchange where the security is principally traded.

Securities traded in the over-the-counter market and listed securities for which no sale was reported on that date are valued at the last quoted bid price.

Debt securities are valued based on a price quotation or other equivalent indication of value supplied by an exchange, a pricing service or a major market maker; however, those that mature in sixty days or less are valued at amortized cost, which approximates market.

Investment company securities are valued at the net asset value of the underlying portfolio.

Foreign securities generally are valued based on quotations from the primary market in which they are traded. Because many foreign securities markets and exchanges close prior to the close of the NYSE, closing prices for foreign securities in those markets or on those exchanges do not reflect the events that occur after that close. If a significant market event impacting the value of a portfolio security (e.g., natural disaster, company announcement, market volatility) occurs subsequent to the close of trading in the security, but prior to the calculation of the Fund's net asset value per share, market quotations for that security may be determined to be unreliable and, accordingly, not "readily available." As a result, foreign equity securities held by the Fund may be valued at fair market value as determined in good faith by the Fund's Administrative Valuation Committee, under the supervision of the Board's Valuation Committee , using guidelines adopted by the Board of Trustees.

Other securities for which quotations are not readily available are valued at fair market value as determined in good faith by the Fund's Administrative Valuation Committee, under the supervision of the Board's Valuation Committee, using guidelines adopted by the Board of Trustees.

Cash: The Fund may leave cash overnight in its cash account with the custodian, Investors Bank & Trust Company ("IBT"). IBT has been contracted on behalf of the Fund to invest the excess cash into a savings account, which at December 31, 2005, was paying an interest rate of 3.00%.

Repurchase agreements: The Fund is authorized to enter into repurchase agreements. The Fund, through its custodian, IBT, receives delivery of the underlying securities, the value of which at the time of purchase is required to be an amount equal to at least 100% of the resale price. The Fund will bear the risk of value fluctuations until the security can be sold and may encounter delays and incur costs in liquidating the security. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Securities lending: The Fund may lend securities to qualified borrowers, with IBT acting as the Fund's lending agent. The Fund earns negotiated lenders' fees. The Fund receives cash and/or securities as collateral against the loaned securities. Cash collateral received is invested in short term, interest bearing securities. The Fund monitors the market value of securities loaned on a daily basis and requires collateral in an amount at least equal to the value of the securities loaned.

AEGON/Transamerica Series Trust

Annual Report 2005

18

MFS High Yield

NOTES TO FINANCIAL STATEMENTS (continued)
At December 31, 2005
(all amounts in thousands)

NOTE 1.–(continued)

Income from loaned securities on the Statement of Operations is net of fees, in the amount of $231, earned by IBT for its services.

Real Estate Investment Trusts ("REITs"): There are certain additional risks involved in investing in REITs. These include, but are not limited to, economic conditions, changes in zoning laws, real estate values, property taxes and interest rates.

Security transactions and investment income: Security transactions are recorded on the trade date. Security gains and losses are calculated on the first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend date. Interest income, including accretion of discounts and amortization of premiums, is recorded on the accrual basis commencing on the settlement date.

Foreign currency denominated investments: The accounting records of the Fund are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the closing exchange rate each day. The cost of foreign securities is translated at the exchange rate in effect when the investment was acquired. The Fund combines fluctuations from currency exchange rates and fluctuations in value when computing net realized and unrealized gains or losses from investments.

Net foreign currency gains and losses resulting from changes in exchange rates include: 1) foreign currency fluctuations between trade date and settlement date of investment security transactions; 2) gains and losses on forward foreign currency contracts; and 3) the difference between the receivable amounts of interest and dividends recorded in the accounting records in U.S. dollars and the amounts actually received.

Foreign currency denominated assets may involve risks not typically associated with domestic transactions. These risks include revaluation of currencies, adverse fluctuations in foreign currency values and possible adverse political, social and economic developments, including those particular to a specific industry, country or region.

Forward foreign currency contracts: The Fund may enter into forward foreign currency contracts to hedge against exchange rate risk arising from investments in securities denominated in foreign currencies. Contracts are valued at the contractual forward rate and are marked to market daily, with the change in value recorded as an unrealized gain or loss. When the contracts are settled a realized gain or loss is incurred. Risks may arise from changes in market value of the underlying currencies and from the possible inability of counterparties to meet the terms of their contracts.

Open forward currency contracts at December 31, 2005, are listed in the Schedule of Investments.

Dividend distributions: Dividends and capital gains distributions are typically declared and reinvested annually and are generally paid and reinvested on the business day following the ex-date.

NOTE 2.  RELATED PARTY TRANSACTIONS

Effective January 1, 2005 AEGON/Transamerica Fund Advisers, Inc. was renamed Transamerica Fund Advisors, Inc. ("TFAI"); AEGON/Transamerica Fund Services, Inc. and AEGON/Transamerica Investor Services, Inc. merged into one entity and was renamed Transamerica Fund Services, Inc. ("TFS").

ATST serves as a funding vehicle for certain affiliated asset allocation portfolios and certain affiliated separate accounts of Western Reserve Life Assurance Co. of Ohio, Transamerica Life Insurance Company, Transamerica Financial Life Insurance Company, Inc., Peoples Benefit Life Insurance Company, Transamerica Occidental Life Insurance Company and Transamerica Life Insurance and Annuity Company.

TFAI is the Fund's investment adviser. TFS is the Fund's administrator and transfer agent. AFSG Securities Corp. ("AFSG") is the Fund's distributor. TFAI, TFS, and AFSG are affiliates of AEGON, NV, a Netherlands corporation.

Certain officers and trustees of the Fund are also officers and/or directors of TFAI, TFS and AFSG.

The following schedule reflects the percentage of fund assets owned by affiliated investment companies at December 31, 2005:

	Net Assets		% of Net Assets
Asset Allocation-Conservative Portfolio	$	27,693		6.46	%
Asset Allocation-Moderate Portfolio		129,981		30.31	%
Asset Allocation-Moderate Growth Portfolio		88,837		20.72	%
Total		246,511		57.49	%

Investment advisory fee: The Fund pays management fees to TFAI based on average daily net assets ("ANA") at the following breakpoints:

0.775% of the first $500 million of ANA
0.76% of the next $500 million of ANA
0.745% of ANA over $1 billion

AEGON/Transamerica Series Trust

Annual Report 2005

19

MFS High Yield

NOTES TO FINANCIAL STATEMENTS (continued)
At December 31, 2005
(all amounts in thousands)

NOTE 2.–(continued)

TFAI has contractually agreed to waive its advisory fee and will reimburse the Fund to the extent that operating expenses, excluding 12b-1 fees, exceed the following stated annual limit:

1.08% Expense Limit

If total fund expenses fall below the annual expense limitation agreement agreed to by the adviser within the succeeding three years, the Fund may be required to pay that adviser a portion or all of the waived advisory fees.

There were no amounts recaptured during the year ended December 31, 2005. There are no amounts available for recapture at December 31, 2005.

Distribution and service fees: The Fund adopted a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, ATST entered into a Distribution Agreement with AFSG dated January 1, 1997, as amended.

Under the Distribution Plan and Distribution Agreement on the Initial Class shares, AFSG, on behalf of the Fund, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Fund's shares, amounts equal to actual expenses associated with distributing the shares.

The Distribution Plan on the Service Class shares requires ATST to pay distribution fees to AFSG as compensation for its activities, not as reimbursement for specific expenses. The fee on the Service Class is paid to the insurance companies for providing services and account maintenance for their policyholders who invest in the variable insurance products which invest in the Service Class shares.

The Fund is authorized under the 12b-1 plan to pay fees on each class up to the following limits:

Initial Class	0.15	%
Service Class	0.25	%

AFSG has determined that it will not seek payment by the Fund of the distribution expenses incurred with respect to the Initial Class shares before April 30, 2007. Prior to AFSG seeking reimbursement of future expenses, policy and contract owners will be notified in advance. The Fund will pay fees relating to Service Class shares.

Administrative services: The Fund has entered into an agreement with TFS for financial and legal fund administration services. The Fund pays TFS an annual fee of 0.02% of ANA. The Legal fees on the Statement of Operations are for fees paid to external legal counsel.

Deferred compensation plan: Each eligible independent Fund Trustee may elect participation in a non-qualified deferred compensation plan ("the Plan") maintained by Transamerica IDEX Mutual Funds, an affiliate of the Fund. Under the Plan, such Trustees may defer payment of all or a portion of their total fees earned as a Fund Trustee. Each Trustee who is a participant in the Plan may elect that the earnings, losses or gains credited to his or her deferred fee amounts be determined based on a deemed investment in any series of Transamerica IDEX Mutual Funds. The right of a participant to receive a distribution from the Plan of the deferred fees is an unsecured claim against the general assets of all series of Transamerica IDEX Mutual Funds.

The pro rata liability to the Fund of all deferred fees in the Plan amounted, as of December 31, 2005, to $21.

NOTE 3.  INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the year ended December 31, 2005, were as follows:

Purchases of securities:
Long-Term	$	289,846
U.S. Government		—
Proceeds from maturities and sales of securities
Long-Term		493,389
U.S. Government		—

NOTE 4.  FEDERAL INCOME TAX MATTERS

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatment for items including, but not limited to, wash sales, foreign currency transactions, defaulted bonds and post October loss deferrals.

Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. Financial records are not adjusted for temporary differences. These reclassifications are as follows:

Distributable net investment income (loss)	$	352
Accumulated net realized gain (loss) from investment securities		(352	)

AEGON/Transamerica Series Trust

Annual Report 2005

20

MFS High Yield

NOTES TO FINANCIAL STATEMENTS (continued)
At December 31, 2005
(all amounts in thousands)

NOTE 4.–(continued)

The tax character of distributions paid may differ from the character of distributions shown in the Statements of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2004 and 2005 was as follows:

2004 Distributions paid from:
Ordinary Income	$	42,778
Long-term Capital Gain		—
2005 Distributions paid from:
Ordinary Income	$	55,335
Long-term Capital Gain		10,308

The tax basis components of distributable earnings as of December 31, 2005, are as follows:

Undistributed Ordinary Income	$	42,580
Undistributed Long-term Capital Gain	$	4,987
Post October Capital Loss Deferral	$	(983	)
Post October Currency Loss Deferral	$	(90	)
Net Unrealized Appreciation (Depreciation)	$	(2,874	)*

*  Amount includes unrealized appreciation (depreciation) on foreign currency denominated assets and liabilities.

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of December 31, 2005, are as follows:

Federal Tax Cost Basis	$	459,902
Unrealized Appreciation	$	8,208
Unrealized (Depreciation)		(11,070	)
Net Unrealized Appreciation (Depreciation)	$	(2,862	)

NOTE 5.  REGULATORY PROCEEDINGS

There continues to be significant federal and state regulatory activity relating to financial services companies, particularly mutual fund companies and their investment advisers. As part of an ongoing investigation regarding potential market timing, recordkeeping and trading compliance issues and matters affecting the Fund's investment adviser, TFAI, and certain affiliates and former employees of TFAI, the SEC staff has indicated that it is likely to take some action against TFAI and certain of its affiliates at the conclusion of the investigation. The potential timing and the scope of any such action is difficult to predict. Although the impact of any action brought against TFAI and/or its affiliates is difficult to assess at the present time, the Fund currently believes that the likelihood that any such action will have a material adverse impact on it is remote. It is important to note that the Fund is not aware of any allegation of wrongdoing against it and its Board at the time this annual report is printed. Although it is not anticipated that these developments will have an adverse impact on the Fund, there can be no assurance at this time. TFAI and its affiliates are actively working with the SEC in regard to this matter; however, the exact resolution cannot be determined at this time. TFAI will take such actions that it deems necessary or appropriate to continue providing management services to the Fund and to bring all matters to an appropriate conclusion.

TFAI and/or its affiliates, and not the Fund, will bear the costs regarding these regulatory matters.

AEGON/Transamerica Series Trust

Annual Report 2005

21

Report of Independent Registered Certified Public Accounting Firm

To the Board of Trustees and Shareholders of
MFS High Yield

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of MFS High Yield (the "Fund") (one of the portfolios constituting the AEGON/Transamerica Series Trust) at December 31, 2005, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fund's management; our responsibility is to express an opinion on these financial statements based on our audits. We c onducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2005 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

Tampa, Florida
February 23, 2006

MFS High Yield (UNAUDITED)

SUPPLEMENTAL TAX INFORMATION
(all amounts in thousands)

For tax purposes, the Fund has made a Long-Term Capital Gain Designation of $10,308 for the year ended December 31, 2005.

AEGON/Transamerica Series Trust

Annual Report 2005

22

MFS High Yield

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS – REVIEW AND RENEWAL (unaudited)

At a meeting of the Board of Trustees of AEGON/Transamerica Series Trust ("ATST") held on November 2, 2005, the Board reviewed and considered the Investment Advisory Agreement between MFS High Yield Portfolio (the "Portfolio") and Transamerica Fund Advisors, Inc. ("TFAI") as well as the Investment Sub-Advisory Agreement of the Portfolio between TFAI and MFS Investment Management (the "Sub-Adviser"), to determine whether the agreements should be renewed for a one-year period. Following their review and consideration, the Trustees determined that the Investment Advisory Agreement and the Investment Sub-Advisory Agreement will enable shareholders of the Portfolio to obtain high quality services at a cost that is appropriate, reasonable, and in the best interests of its shareholders. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and the Investment Sub - -Advisory Agreement. In reaching their decision, the Trustees requested and obtained from TFAI and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the proposed agreements. The Trustees also carefully considered the information that they had received throughout the year from TFAI and the Sub-Adviser (such as in-person presentations by the Sub-Adviser) as part of their regular oversight of the Portfolio, as well as: comparative fee, expense and performance information prepared by Lipper Inc. ("Lipper"), independent providers of mutual fund performance, fee and expense information; and profitability data. In considering the proposed continuation of the Investment Advisory Agreement and Investment Sub-Advisory Agreement, the Trustees evaluated a number of considerations that they believed, in light of the legal advice furnished to them by ATST counsel and independent legal counsel and their own business judgment, to be relevant. They based their decisions on the following conside rations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:

The nature, extent and quality of the advisory service to be provided. The Board considered the nature and quality of the services provided by TFAI and the Sub-Adviser to the Portfolio in the past, as well as the services anticipated to be provided in the future. The Board concluded that TFAI and the Sub-Adviser are capable of providing high quality services to the Portfolio, as indicated by the nature and quality of services provided in the past, TFAI's and the Sub-Adviser's management capabilities demonstrated with respect to the Portfolio, and the experience, capability and integrity of TFAI's senior management, the financial resources of TFAI and the Sub-Adviser, TFAI's management oversight process, and the professional qualifications and experience of the Sub-Adviser's portfolio management team. The Trustees also concluded that TFAI and the Sub-A dviser proposed to provide investment and related services that were of the same quality and quantity as services provided to the Portfolio in the past, and that these services are appropriate in scope and extent in light of the Portfolio's operations, the competitive landscape of the investment company business and investor needs, and that TFAI's and the Sub-Adviser's obligations will remain substantially the same.

The investment performance of the Portfolio. The Board examined both the short-term and longer-term performance of the Portfolio, including relative performance against a benchmark securities index and a peer group of comparable mutual funds as prepared by Lipper for various trailing periods ended June 30, 2005. The Trustees concluded that TFAI and the Sub-Adviser generally had achieved acceptable performance and noted the Portfolio's improved performance in the past year, during which the Portfolio's performance was above median relative to its peers and superior to the performance of the benchmark index. The Board also noted that the Portfolio's new pricing will result in lower management and sub-advisory fees, which could contribute to improving performance. On the basis of the Trustees' assessment of the nature, extent and quality of advisory serv ices to be provided or procured by TFAI and the Sub-Adviser, the Trustees concluded that TFAI and the Sub-Adviser are capable of generating a level of investment performance that is appropriate in light of the Portfolio's investment objective, policies and strategies and competitive with many other investment companies, and also determined that TFAI's and the Sub-Adviser's performance records indicate that their continued management is likely to benefit the Portfolio and its shareholders.

The cost of advisory services provided and the level of profitability. The Board reviewed profitability information regarding TFAI's costs of procuring portfolio management services, as well as the costs of provision of administration, fund accounting and other services, to the Portfolio and to ATST as a whole by TFAI and its affiliates. The Trustees reviewed data from Lipper that compared the Portfolio's new pricing schedule (including management fees at various asset levels), other fees and expenses (including total expenses including and excluding 12b-1 distribution and service fees) and portfolio turnover rate against peer groups of comparable mutual funds. The Board favorably noted the Portfolio's new pricing, which results in lower management and sub-advisory fees to the benefit of the Portfolio and its shareholders. Based on such information, t he Trustees determined that the management fees and overall expense ratio of the Portfolio generally are consistent with industry averages. In addition, on the basis of the Board's review of the management fees to be charged by TFAI for investment advisory and related services, TFAI profitability information (derived from TFAI's audited financial statements), TFAI's estimated management income resulting from its management of the Portfolio, the estimated margin of the Sub-Adviser, as well as the entirety of TFAI's and its affiliates' service relationship with ATST, the Board concluded that the level of investment management fees and other service fees, as well as TFAI's and the Sub-Adviser's profitability, are appropriate in light of

AEGON/Transamerica Series Trust

Annual Report 2005

23

MFS High Yield (continued)

the services provided, the management fees and overall expense ratios of comparable investment companies and the anticipated profitability of the relationship between the Portfolio, TFAI and its affiliates, and the Sub-Adviser.

Whether fee levels reflect economies of scale and the extent to which economies of scale would be realized as the Portfolio grows. The Board concluded that the inclusion of asset-based breakpoints in the Portfolio's advisory fee schedule appropriately benefits investors by realizing economies of scale in the form of lower management fees as the level of assets grows. In addition, the Board concluded that the Portfolio's management fees appropriately reflect the Portfolio's current size, the current economic environment for TFAI, the competitive nature of the investment company market, and TFAI's pricing strategy. The Trustees also concluded that they will have the opportunity to periodically reexamine whether the Portfolio has achieved economies of scale, and the appropriateness of management fees payable to TFAI and fees payable by TFAI to the Sub-Ad viser, in the future.

Benefits (such as soft dollars) to TFAI, its affiliates, or the Sub-Adviser from their relationship with the Portfolio. The Board concluded that other benefits derived by TFAI, its affiliates, and the Sub-Adviser from their relationship with the Portfolio are reasonable and fair, and are consistent with industry practice and the best interests of the Portfolio and its shareholders. In this regard, the Board noted that neither TFAI nor the Sub-Adviser realizes "soft dollar" benefits from its relationship with the Portfolio. In addition, the Trustees determined that the administration, fund accounting and other fees paid by the Portfolio to affiliates of TFAI are reasonable, fair and in the best interests of shareholders in light of the nature and quality of the services provided, the associated costs to these affiliates of providing the services, the i mpact of the costs of such services on the Portfolio's overall operating expenses, and the necessity of the services for the Portfolio's operations.

Other considerations. The Board also determined that TFAI had made a substantial commitment to the recruitment and retention of high quality personnel, and maintained the financial, compliance and operational resources reasonably necessary to manage the Portfolio in a professional manner that is consistent with the best interests of the Portfolio and its shareholders. In this regard, the Trustees favorably considered the procedures and policies in place by TFAI to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Adviser. The Trustees also determined that TFAI had made a significant entrepreneurial commitment to the management and success of the Portfolio, reflected by TFAI's expense limitation and fee waiver arrangement with the Portfolio, which may result in TFAI waiving a substantial amount of advisory fees for the benefit of shareholders.

AEGON/Transamerica Series Trust

Annual Report 2005

24

Munder Net50

MARKET ENVIRONMENT

The Standard and Poor's 500 Composite Stock Index ("S&P 500") posted a 4.91% total return for the year. Technology funds had positive returns on average, roughly inline with the broader market. The Internet sector saw mixed performance with the Inter@ctive Week Internet Index ("Inter@ctive Week") up 1.28% and the Morgan Stanley Internet Index up just under 1% for the year. Munder Net50 had a solid year, returning over 8% for the year.

PERFORMANCE

For the year ended December 31, 2005, Munder Net50, Initial Class returned 8.06%. By comparison its primary and secondary benchmarks, the S&P 500 and Inter@ctive Week returned 4.91% and 1.28%, respectively.

STRATEGY REVIEW

We invest in companies that we believe are positioned to benefit from the growth of the Internet. This investment universe encompasses pure play Internet companies, technology companies, and offline companies transitioning a key aspect of their business online. As in past years, three major trends continue to provide a tailwind for growth of the Internet: favorable demographic trends; increased broadband penetration; and globalization. These continue to drive increased online advertising spending, e-commerce, content and services delivered over the Internet.

The primary driver of Internet growth is usage. Broadband increases usage in several ways. Today, approximately 30% of U.S. households have a broadband Internet connection. Morgan Stanley forecasts U.S. household broadband penetration to eclipse 50% by 2010. High speed connections allow users to do more on the Internet in a shorter amount of time. A broadband connection also allows websites to provide richer content such as audio and video. This enhances the user experience and increases the amount of time they spend on the Internet. The more time users spend online, the less time they spend on other media such as television, radio and magazines. This plays into another major investment theme: advertising. Advertising dollars follow usage. As time spent online grows, dollars spent on online advertising grow. Internet usage accounts for about 14% of all media usage, but only 3% of all advertising spending. We believe that this ma y leave room for Internet advertising spending to outgrow Internet usage. Globalization is another driver of usage. Internet users represented just 12% of the worldwide population in 2004 compared to 65% in the population of the U.S. This provides an opportunity to invest in foreign companies doing business on the Internet as well as being a key driver of growth for many U.S. companies.

Internet and technology stocks performed modestly during the year. This performance was largely driven by strong fundamentals and optimism that Internet advertising and e-commerce would continue to track a strong growth trajectory.

The largest contributors to absolute performance during the year were aQuantive, Inc. ("aQuantive"), Google Inc. ("Google"), and Apple Computer, Inc. ("Apple"), up 182%, 115% and 123% respectively. aQuantive and Google benefited from the continued growth of online advertising and search. Apple's iPod pioneered the portable audio device market and has also been able to increase market share in the personal computer ("PC") market and continues to see strong growth. Solid contributions were made from smaller Internet names including Homestore, Inc. ("Homestore"), The Knot, Inc., and Stamps.com Inc. ("Stamps.com"), up 68%, 126% and 44% respectively. Homestore operates Realtor.com, the largest online listing of homes for sale on the Internet. The Knot.com is a leading site devoted to wedding planning. Stamps.com allows users to print postage as well as create custom photo stamps.

Shanda Interactive Entertainment Limited ("Shanda") and VeriSign, Inc. ("VeriSign") were detractors from relative performance. Shanda is a Chinese Internet and gaming company. While the company faced a tough 2005 we view this a transition year and continue to like the long term opportunity. VersiSign was sold from the portfolio as we are no longer confident in management's ability to grow the company.

Investment Team
Munder Capital Management

AEGON/Transamerica Series Trust

Annual Report 2005

1

Munder Net50

Comparison of change in value of $10,000 investment in Initial Class shares and its comparative indices.

Average Annual Total Return for Periods Ended 12/31/05

	1 year			5 years			From Inception			Inception Date
Initial Class		8.06	%		(0.94	)%		1.67	%	5/3/99
S&P 5001		4.91	%		0.54	%		0.54	%	5/3/99
IIX1		1.28	%		(8.85	)%		(9.09	)%	5/3/99
Service Class		7.77	%		–			22.70	%	5/1/03

NOTES

1  The Standard and Poor's 500 Composite Stock (S&P 500) Index and Inter@ctive Week Internet (IIX) Index are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. From inception calculation is based on life of Initial Class shares. For the S&P 500 only, Source: Standard & Poor's Micropal®© Micropal, Inc. 2005 – 1-800-596-5323 – http://www.funds-sp.com.

The performance data presented represents past performance, future results may vary. The portfolio's investment return and net asset value will fluctuate. Past performance does not guarantee future results. Investor's units when redeemed, may be worth more or less than their original cost.

Current performance may be higher or lower than the performance data quoted. Please visit your insurance company's website for contract or policy level standardized total returns current to the most recent month-end. Portfolio performance is net of investment fees and fund expenses, but not product charges, which, if included, would significantly lower the performance quoted.

This material must be preceded or accompanied by a current prospectus, which includes specific contents regarding the investment objectives, explanation of share classes and policies of this portfolio.

Munder Net50 has extensive technology holdings. Investing in technology stocks generally involves greater volatility and risks so an investment in the portfolio may not be appropriate for everyone.

Investing in Internet-related businesses involves special risks, including aggressive product pricing, short product cycles, product obsolescence and high price volatility due to a rapidly changing technology.

AEGON/Transamerica Series Trust

Annual Report 2005

2

Munder Net50

UNDERSTANDING YOUR FUND'S EXPENSES
(unaudited)

SHAREHOLDER EXPENSES

Fund shareholders may incur ongoing costs, including management and advisory fees, distribution and service fees, and other Fund expenses.

The following Example is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.

The Example is based on an investment of $1,000 invested at July 1, 2005 and held for the entire period until December 31, 2005.

ACTUAL EXPENSES

The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of your Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fees, brokerage commissions paid on purchases and sales of fund shares. Therefore, the second line under the Fund in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If any of these transaction costs were included, your costs would be higher. The expenses shown in the table do not reflect any fees that may be charged to you by brokers, financial intermediaries or other financial institutions.

	Beginning Account Value		Ending Account Value		Annualized Expense Ratio			Expenses Paid During Period (a)
Initial Class
Actual	$	1,000.00	$	1,162.20		1.00	%	$	5.45
Hypothetical (b)		1,000.00		1,020.16		1.00			5.09
Service Class
Actual		1,000.00		1,160.60		1.25			6.81
Hypothetical (b)		1,000.00		1,018.90		1.25			6.36

^(a)  Expenses are calculated using each Fund's annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by number of days in the period (184 days), and divided by the number of days in the year (365 days).

^(b)  5% return per year before expenses.

GRAPHICAL PRESENTATION OF SCHEDULE OF INVESTMENTS
By Sector
At December 31, 2005

This chart shows the percentage breakdown by Sector of the Fund's total investment securities.

AEGON/Transamerica Series Trust

Annual Report 2005

3

Munder Net50

SCHEDULE OF INVESTMENTS
At December 31, 2005
(all amounts except share amounts in thousands)

	Shares		Value
COMMON STOCKS (79.8%)
Business Services (16.5%)
24/7 Real Media, Inc. ‡		79,800	$	586
Akamai Technologies, Inc. ‡		32,900		656
aQuantive, Inc. ‡†		102,200		2,579
Ctrip.com International, Ltd., ADR		17,000		982
eBay, Inc. ‡		144,300		6,241
Getty Images, Inc. ‡†		45,100		4,026
Monster Worldwide, Inc. ‡†		106,400		4,343
NetEase.com, ADR ‡†		40,300		2,263
Valueclick, Inc. ‡†		92,392		1,673
Communication (1.3%)
j2 Global Communications, Inc. ‡†		44,500		1,902
Communications Equipment (2.6%)
KongZhong Corp., ADR ‡		51,700		646
Nokia Corp., ADR †		48,000		878
Openwave Systems, Inc. ‡		35,000		611
QUALCOMM, Inc. †		34,200		1,473
Computer & Data Processing Services (30.4%)
Adobe Systems, Inc.		27,186		1,005
Bankrate, Inc. ‡†		50,600		1,494
Check Point Software Technologies, Ltd. ‡		33,400		671
Checkfree Corp. ‡		49,800		2,286
CNET Networks, Inc. ‡		150,400		2,209
Google, Inc.-Class A ‡		20,900		8,671
Hurray! Holding Co., Ltd., ADR ‡		70,000		629
iVillage, Inc. ‡		98,100		787
JAMDAT Mobile, Inc. ‡†		21,500		572
Juniper Networks, Inc. ‡		26,057		581
Knot (The), Inc. ‡		68,000		778
Linktone, Ltd., ADR ‡		64,000		666
Microsoft Corp.		123,700		3,235
NetFlix, Inc. ‡†		36,700		993
Oracle Corp. ‡		37,600		459
Red Hat, Inc. ‡†		31,700		864
salesforce.com, Inc. ‡†		20,000		641
Shanda Interactive Entertainment, Ltd., ADR ‡†		95,700		1,459
SINA Corp. ‡†		130,700		3,158
Sohu.com, Inc. ‡		87,200		1,599
TOM Online, Inc., ADR ‡†		58,900		1,167
Websense, Inc. ‡†		24,700		1,621
Yahoo!, Inc. ‡		189,000		7,405
Computer & Office Equipment (5.8%)
Apple Computer, Inc. ‡		47,800		3,436
Cisco Systems, Inc. ‡		75,100		1,286
Dell, Inc. ‡		17,000		510

	Shares		Value
Computer & Office Equipment (continued)
EMC Corp. ‡		214,200	$	2,917
Educational Services (0.6%)
Apollo Group, Inc.-Class A ‡		13,537		818
Electronic Components & Accessories (2.1%)
Intel Corp.		67,000		1,672
Maxim Integrated Products, Inc.		37,000		1,341
Management Services (1.0%)
Digitas, Inc. ‡		108,000		1,352
Radio & Television Broadcasting (1.4%)
IAC/InterActiveCorp. ‡		70,041		1,983
Real Estate (3.2%)
Homestore, Inc. ‡		658,830		3,360
HouseValues, Inc. ‡†		91,500		1,192
Retail Trade (8.3%)
Amazon.com, Inc. ‡†		78,500		3,701
Autobytel, Inc. ‡		107,400		531
Blue Nile, Inc. ‡†		14,000		564
Celebrate Express, Inc. ‡		62,700		846
GSI Commerce, Inc. ‡†		49,000		739
priceline.com, Inc. ‡†		108,450		2,421
Stamps.com, Inc. ‡		130,000		2,985
Security & Commodity Brokers (4.0%)
Ameritrade Holding Corp. ‡		119,400		2,866
E*TRADE Financial Corp. ‡		137,200		2,862
Telecommunications (0.6%)
Novatel Wireless, Inc. ‡†		71,000		860
Transportation & Public Utilities (1.4%)
Expedia, Inc. ‡†		80,041		1,918
Wholesale Trade Nondurable Goods (0.6%)
Provide Commerce, Inc. ‡		24,375		807
Total Common Stocks (cost: $89,667)				112,776
	Principal		Value
SHORT-TERM OBLIGATIONS (3.0%)
Repurchase Agreements (3.0%)
Investors Bank & Trust Co. 3.02%, dated 12/30/2005 to be repurchased at $4,307 on 01/03/2006 (a)n	$	4,306	$	4,306
Total Short-Term Obligations (cost: $4,306)				4,306

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

4

Munder Net50

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2005
(all amounts except share amounts in thousands)

	Principal		Value
SECURITY LENDING COLLATERAL (17.2%)
Debt (14.7%)
Bank Notes (0.5%)
Bank of America
4.27%, due 01/17/2006 *	$	360	$	360
4.31%, due 08/10/2006 *		296		296
Certificates Of Deposit (0.7%)
Barclays 4.31%, due 01/17/2006 *		227		227
Canadian Imperial Bank of Commerce 4.15%, due 05/18/2006 *		322		322
Credit Suisse First Boston Corp. 4.18%, due 03/10/2006 *		129		129
Rabobank Nederland 4.10%, due 05/31/2006 *		322		322
Commercial Paper (1.7%)
Fairway Finance–144A 4.31%, due 01/10/2006		642		642
Jupiter Securitization Corp.–144A 4.27%, due 01/05/2006		322		322
Paradigm Funding LLC–144A 4.30%, due 01/09/2006		126		126
Park Avenue Receivables Corp.–144A 4.27%, due 01/04/2006		319		319
Preferred Receivables Corp.–144A 4.31%, due 01/04/2006		255		255
Ranger Funding Co. LLC–144A 4.29%, due 01/18/2006		254		254
Sheffield Receivables Corp.–144A 4.26%, due 01/23/2006		154		154
Yorktown Capital LLC 4.27%, due 01/05/2006		322		322
Euro Dollar Overnight (2.3%)
Calyon 4.34%, due 01/05/2006		322		322
Fortis Bank 4.35%, due 01/03/2006 4.35%, due 01/05/2006		643 611		643 611
Harris Trust & Savings Bank 4.25%, due 01/05/2006		527		527
National Australia Bank 4.16%, due 01/03/2006		657		657
Rabobank Nederland 4.15%, due 01/03/2006		232		232
Wells Fargo 4.27%, due 01/03/2006		322		322

	Principal		Value
Euro Dollar Terms (4.9%)
Bank of Montreal
4.30%, due 01/19/2006	$	643	$	643
Barclays 4.27%, due 01/25/2006 4.30%, due 01/31/2006		193 515		193 515
BNP Paribas 4.22%, due 01/24/2006		322		322
Dexia Group 4.25%, due 01/09/2006		322		322
Rabobank Nederland 4.21%, due 01/19/2006		579		579
Royal Bank of Canada 4.25%, due 01/24/2006		450		450
Royal Bank of Scotland 4.30%, due 01/31/2006 4.31%, due 02/01/2006		965 708		965 708
Societe Generale 4.28%, due 01/30/2006		643		643
UBS AG 4.26%, due 01/10/2006		643		643
Wells Fargo 4.29%, due 01/30/2006		965		965
Promissory Notes (0.4%)
Bear Stearns & Co. 4.39%, due 03/07/2006 4.39%, due 06/06/2006		386 129		386 129
Repurchase Agreements (4.2%) ††
Credit Suisse First Boston Corp. 4.29%, dated 12/30/2005 to be repurchased at $1,077 on 01/03/2006		1,077		1,077
Goldman Sachs Group, Inc. (The) 4.29%, dated 12/30/2005 to be repurchased at $2,570 on 01/03/2006		2,569		2,569
Lehman Brothers, Inc. 4.29%, dated 12/30/2005 to be repurchased at $17 on 01/03/2006		17		17
Merrill Lynch & Co. 4.24%, dated 12/30/2005 to be repurchased at $2,060 on 01/03/2006		2,059		2,059
Morgan Stanley Dean Witter & Co. 4.36%, dated 12/30/2005 to be repurchased at $227 on 01/03/2006		227		227

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

5

Munder Net50

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2005
(all amounts except share amounts in thousands)

	Shares		Value
Investment Companies (2.5%)
American Beacon Fund
1-day yield of 4.19%		88,194	$	88
Barclays Global Investors Institutional Money Market Fund 1-day yield of 4.19%		836,285		836
Dreyfus Cash Management Plus Fund 1-day yield of 4.09%		347,380		347
Merrimac Cash Fund, Premium Class 1-day yield of 4.03% @		2,277,375		2,277
Total Security Lending Collateral (cost: $24,324)				24,324
Total Investment Securities (cost: $118,297)			$	141,406

NOTES TO SCHEDULE OF INVESTMENTS:

‡  Non-income producing.

†  At December 31, 2005, all or a portion of this security is on loan (see Note 1). The value at December 31, 2005, of all securities on loan is $23,347.

(a)  Investors Bank and Trust Co. is also the accounting, custody and lending agent for the Fund.

n  At December 31, 2005, repurchase agreements excluding collateral for securities on loan are collateralized by a U.S. Government Agency Obligation with an interest rate and maturity date of 5.50% and 09/01/2034, respectively, and with a market value plus accrued interest of $4,521

*  Floating or variable rate note. Rate is listed as of December 31, 2005.

††  Cash collateral for the Repurchase Agreements, valued at $6,067, that serve as collateral for securities lending are invested in corporate bonds with interest rates and maturity dates ranging from 0.00% - 8.75% and 01/03/2006 - 08/01/2037, respectively.

@  Regulated investment company advised by Investors Bank and Trust Co. ("IBT"). IBT is also the accounting, custody and lending agent for the Fund.

DEFINITIONS:

144A  144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2005, these securities aggregated $2,072 or 1.5% of the total investments of the Fund.

ADR  American Depositary Receipt

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

6

Munder Net50

STATEMENT OF ASSETS AND LIABILITIES
At December 31, 2005
(all amounts except per share amounts in thousands)

Assets:
Investment securities, at value (cost: $118,297) (including securities loaned of $23,347)	$	141,406
Cash		50
Receivables:
Shares sold		82
Interest		4
Income from loaned securities		17
Dividends		4
		141,563
Liabilities:
Investment securities purchased		430
Accounts payable and accrued liabilities:
Shares redeemed		85
Management and advisory fees		64
Service fees		1
Administration fees		2
Payable for collateral for securities on loan		24,324
Other		26
		24,932
Net Assets	$	116,631
Net Assets Consist of:
Capital stock ($.01 par value)	$	113
Additional paid-in capital		95,977
Distributable net investment income (loss)		–
Accumulated net realized gain (loss) from investment securities and foreign currency transactions		(2,568	)
Net unrealized appreciation (depreciation) on investment securities		23,109
Net Assets	$	116,631
Net Assets by Class:
Initial Class	$	113,452
Service Class		3,179
Shares Outstanding:
Initial Class		10,991
Service Class		310
Net Asset Value and Offering Price Per Share:
Initial Class	$	10.32
Service Class		10.26

STATEMENT OF OPERATIONS
For the year ended December 31, 2005
(all amounts in thousands)

Investment Income:
Interest	$	40
Dividends		106
Income from loaned securities-net		197
		343
Expenses:
Management and advisory fees		817
Printing and shareholder reports		45
Custody fees		21
Administration fees		18
Legal fees		2
Audit fees		14
Trustees fees		3
Service fees:
Service Class		7
Other		2
Total expenses		929
Less:
Management and advisory fee waiver		(16	)
Net expenses		913
Net Investment Income (Loss)		(570	)
Net Realized Gain (Loss) from:
Investment securities		5,059
Foreign currency transactions		(4	)
		5,055
Net Increase (Decrease) in Unrealized Appreciation (Depreciation) on:
Investment securities		1,205
		1,205
Net Realized and Unrealized Gain (Loss) on Investment Securities and Foreign Currency Transactions		6,260
Net Increase (Decrease) in Net Assets Resulting from Operations	$	5,690

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

7

Munder Net50

STATEMENTS OF CHANGES IN NET ASSETS
For the years ended
(all amounts in thousands)

	December 31, 2005			December 31, 2004
Increase (Decrease) in Net Assets From:
Operations:
Net investment income (loss)	$	(570	)	$	(497	)
Net realized gain (loss) from investment securities and foreign currency transactions		5,055			940
Change in unrealized appreciation (depreciation) on investment securities		1,205			11,098
		5,690			11,541
Capital Share Transactions:
Proceeds from shares sold:
Initial Class		30,511			39,595
Service Class		1,683			2,903
		32,194			42,498
Cost of shares redeemed:
Initial Class		(22,605	)		(25,680	)
Service Class		(1,558	)		(1,140	)
		(24,163	)		(26,820	)
		8,031			15,678
Net increase (decrease) in net assets		13,721			27,219
Net Assets:
Beginning of year		102,910			75,691
End of year	$	116,631		$	102,910
Distributable Net Investment Income (Loss)	$	–		$	–

	December 31, 2005			December 31, 2004
Share Activity:
Shares issued:
Initial Class		3,028			4,531
Service Class		189			334
		3,217			4,865
Shares redeemed:
Initial Class		(2,520	)		(3,098	)
Service Class		(170	)		(134	)
		(2,690	)		(3,232	)
Net increase (decrease) in shares outstanding:
Initial Class		508			1,433
Service Class		19			200
		527			1,633

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

8

Munder Net50

FINANCIAL HIGHLIGHTS

		For a share outstanding throughout each period (a)
		Net Asset		Investment Operations									Distributions								Net Asset
	For the Period Ended (b)	Value, Beginning of Period		Net Investment Income (Loss)			Net Realized and Unrealized Gain (Loss)			Total Operations			From Net Investment Income			From Net Realized Gains		Total Distributions			Value, End of Period
Initial Class	12/31/2005	$	9.55	$	(0.06	)	$	0.83		$	0.77		$	–		$	–	$	–		$	10.32
	12/31/2004		8.28		(0.05	)		1.32			1.27			–			–		–			9.55
	12/31/2003		4.97		(0.06	)		3.37			3.31			–			–		–			8.28
	12/31/2002		8.07		(0.05	)		(3.05	)		(3.10	)		–			–		–			4.97
	12/31/2001		10.88		–			(2.76	)		(2.76	)		(0.05	)		–		(0.05	)		8.07
Service Class	12/31/2005		9.52		(0.08	)		0.82			0.74			–			–		–			10.26
	12/31/2004		8.28		(0.06	)		1.30			1.24			–			–		–			9.52
	12/31/2003		5.94		(0.06	)		2.40			2.34			–			–		–			8.28

					Ratios/Supplemental Data
	For the Period	Total			Net Assets, End of Period		Ratio of Expenses to Average Net Assets (f)						Net Investment Income (Loss) to Average			Portfolio Turnover
	Ended (b)	Return (c)(g)			(000's)		Net (d)			Total (e)			Net Assets (f)			Rate (g)
Initial Class	12/31/2005		8.06	%	$	113,452		1.00	%		1.02	%		(0.62	)%		96	%
	12/31/2004		15.34			100,139		1.00	(h)		1.00	(h)		(0.55	)		34
	12/31/2003		66.60			74,941		1.00			1.08			(0.88	)		29
	12/31/2002		(38.41	)		13,596		1.00			1.77			(0.92	)		52
	12/31/2001		(25.42	)		11,245		1.00			1.72			0.05			208
Service Class	12/31/2005		7.77			3,179		1.25			1.27			(0.87	)		96
	12/31/2004		14.98			2,771		1.25	(h)		1.25	(h)		(0.68	)		34
	12/31/2003		39.39			750		1.25			1.38			(1.14	)		29

NOTES TO FINANCIAL HIGHLIGHTS

(a)  Per share information is calculated based on average number of shares outstanding.

(b)  Munder Net50 (the "Fund") share classes commenced operations as follows:

Initial Class – May 3, 1999
    Service Class – May 1, 2003

(c)  Total Return reflects all portfolio expenses and includes reinvestment of dividends and capital gains; it does not reflect the charges and deductions under the policies or annuity contracts.

(d)  Ratio of Net Expenses to Average Net Assets is net of advisory fee waivers and includes the recovery of waived expenses, if any (see note 2).

(e)  Ratio of Total Expenses to Average Net Assets includes all expenses before advisory fee waivers.

(f)  Annualized.

(g)  Not annualized.

(h)  Ratios of Total Expenses to Average Net Assets and net Expenses to Average Net Assets are inclusive of recaptured expenses by the investment adviser, if any. The impact of recaptured expenses was 0.01% and 0.01% for Initial Class and Service Class, respectively (see Note 2).

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

9

Munder Net50

NOTES TO FINANCIAL STATEMENTS
At December 31, 2005
(all amounts in thousands)

NOTE 1.  ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

The AEGON/Transamerica Series Trust ("ATST") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). ATST serves as a funding vehicle for variable life insurance, variable annuity and group annuity products. Munder Net50 (the "Fund") is part of ATST.

Effective May 1, 2005, AEGON/Transamerica Series Fund, Inc. changed its name to AEGON/Transamerica Series Trust.

In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

This report should be read in conjunction with the current Fund prospectus, which contains more complete information about the Fund.

In preparing the Fund's financial statements in accordance with accounting principles generally accepted in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Fund.

Multiple class operations, income and expenses: The Fund currently offers two classes of shares, an Initial Class and a Service Class. Income, non-class specific expenses and realized and unrealized gains and losses, are allocated daily to each class, based upon the value of shares outstanding method as permitted under Rule 18f-3 of the 1940 Act. Each class bears its own specific expenses as well as a portion of general, common expenses.

Security valuations: The Fund values its investments at the close of the New York Stock Exchange ("NYSE"), normally 4 p.m. ET, each day the NYSE is open for business. Fund investments are valued at the last sale price or closing price on the day of valuation taken from the primary exchange where the security is principally traded.

Securities traded in the over-the-counter market and listed securities for which no sale was reported on that date are valued at the last quoted bid price.

Debt securities are valued based on a price quotation or other equivalent indication of value supplied by an exchange, a pricing service or a major market maker; however, those that mature in sixty days or less are valued at amortized cost, which approximates market.

Investment company securities are valued at the net asset value of the underlying portfolio.

Foreign securities generally are valued based on quotations from the primary market in which they are traded. Because many foreign securities markets and exchanges close prior to the close of the NYSE, closing prices for foreign securities in those markets or on those exchanges do not reflect the events that occur after that close. If a significant market event impacting the value of a portfolio security (e.g., natural disaster, company announcement, market volatility) occurs subsequent to the close of trading in the security, but prior to the calculation of the Fund's net asset value per share, market quotations for that security may be determined to be unreliable and, accordingly, not "readily available." As a result, foreign equity securities held by the Fund may be valued at fair market value as determined in good faith by the Fund's Administrative Valuation Committee, under the supervision of the Board's Valuation Committee , using guidelines adopted by the Board of Trustees.

Other securities for which quotations are not readily available are valued at fair market value as determined in good faith by the Fund's Administrative Valuation Committee, under the supervision of the Board's Valuation Committee, using guidelines adopted by the Board of Trustees.

Cash: The Fund may leave cash overnight in its cash account with the custodian, Investors Bank & Trust Company ("IBT"). IBT has been contracted on behalf of the Fund to invest the excess cash into a savings account, which at December 31, 2005, was paying an interest rate of 3.00%.

Repurchase agreements: The Fund is authorized to enter into repurchase agreements. The Fund, through its custodian, IBT, receives delivery of the underlying securities, the value of which at the time of purchase is required to be an amount equal to at least 100% of the resale price. The Fund will bear the risk of value fluctuations until the security can be sold and may encounter delays and incur costs in liquidating the security. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Commission recapture: The sub-adviser, to the extent consistent with the best execution and usual commission rate policies and practices, may place security transactions of the Fund with broker/dealers with which ATST has established a Commission Recapture Program. A Commission Recapture Program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Fund. In no event will commissions paid by the Fund be used to pay expenses that would otherwise be borne by any other funds within ATST, or by any other party.

Recaptured commissions during the year ended December 31, 2005, of $62 are included in net realized gains in the Statement of Operations.

AEGON/Transamerica Series Trust

Annual Report 2005

10

Munder Net50

NOTES TO FINANCIAL STATEMENTS (continued)
At December 31, 2005
(all amounts in thousands)

NOTE 1.–(continued)

Securities lending: The Fund may lend securities to qualified borrowers, with IBT acting as the Fund's lending agent. The Fund earns negotiated lenders' fees. The Fund receives cash and/or securities as collateral against the loaned securities. Cash collateral received is invested in short term, interest bearing securities. The Fund monitors the market value of securities loaned on a daily basis and requires collateral in an amount at least equal to the value of the securities loaned. Income from loaned securities on the Statement of Operations is net of fees, in the amount of $84, earned by IBT for its services.

Security transactions and investment income: Security transactions are recorded on the trade date. Security gains and losses are calculated on the first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend date. Interest income, including accretion of discounts and amortization of premiums, is recorded on the accrual basis commencing on the settlement date.

Foreign currency denominated investments: The accounting records of the Fund are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the closing exchange rate each day. The cost of foreign securities is translated at the exchange rate in effect when the investment was acquired. The Fund combines fluctuations from currency exchange rates and fluctuations in value when computing net realized and unrealized gains or losses from investments.

Net foreign currency gains and losses resulting from changes in exchange rates include: 1) foreign currency fluctuations between trade date and settlement date of investment security transactions; 2) gains and losses on forward foreign currency contracts; and 3) the difference between the receivable amounts of interest and dividends recorded in the accounting records in U.S. dollars and the amounts actually received.

Foreign currency denominated assets may involve risks not typically associated with domestic transactions. These risks include revaluation of currencies, adverse fluctuations in foreign currency values and possible adverse political, social and economic developments, including those particular to a specific industry, country or region.

Dividend distributions: Dividends and capital gains distributions are typically declared and reinvested annually and are generally paid and reinvested on the business day following the ex-date.

NOTE 2.  RELATED PARTY TRANSACTIONS

Effective January 1, 2005 AEGON/Transamerica Fund Advisers, Inc. was renamed Transamerica Fund Advisors, Inc. ("TFAI"); AEGON/Transamerica Fund Services, Inc. and AEGON/Transamerica Investor Services, Inc. merged into one entity and was renamed Transamerica Fund Services, Inc. ("TFS").

ATST serves as a funding vehicle for certain affiliated asset allocation portfolios and certain affiliated separate accounts of Western Reserve Life Assurance Co. of Ohio, Transamerica Life Insurance Company, Transamerica Financial Life Insurance Company, Inc., Peoples Benefit Life Insurance Company, Transamerica Occidental Life Insurance Company and Transamerica Life Insurance and Annuity Company.

TFAI is the Fund's investment adviser. TFS is the Fund's administrator and transfer agent. AFSG Securities Corp. ("AFSG") is the Fund's distributor. TFAI, TFS, and AFSG are affiliates of AEGON, NV, a Netherlands corporation.

Certain officers and trustees of the Fund are also officers and/or directors of TFAI, TFS and AFSG.

The following schedule reflects the percentage of fund assets owned by affiliated investment companies at December 31, 2005:

	Net Assets		% of Net Assets
Asset Allocation–Growth Portfolio	$	38,638		33.13	%
Asset Allocation–Moderate Growth Portfolio		27,559		23.63	%
Asset Allocation–Moderate Portfolio		8,441		7.24	%
Total	$	74,638		64.00	%

Investment advisory fee: The Fund pays management fees to TFAI based on average daily net assets ("ANA") at the following breakpoints:

0.90% of ANA

TFAI has contractually agreed to waive its advisory fee and will reimburse the Fund to the extent that operating expenses, excluding 12b-1 fees, exceed the following stated annual limit:

1.00% Expense Limit

If total fund expenses fall below the annual expense limitation agreement agreed to by the adviser within the succeeding three years, the Fund may be required to pay that adviser a portion or all of the waived advisory fees.

	Advisory Fee Waived		Available for Recapture Through
Fiscal Year 2003	$	27		12/31/2006
Fiscal Year 2005		16		12/31/2008

There were no amounts recaptured during the year ended December 31, 2005.

AEGON/Transamerica Series Trust

Annual Report 2005

11

Munder Net50

NOTES TO FINANCIAL STATEMENTS (continued)
At December 31, 2005
(all amounts in thousands)

NOTE 2.–(continued)

Distribution and service fees: The Fund adopted a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, ATST entered into a Distribution Agreement with AFSG dated January 1, 1997, as amended.

Under the Distribution Plan and Distribution Agreement on the Initial Class shares, AFSG, on behalf of the Fund, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Fund's shares, amounts equal to actual expenses associated with distributing the shares.

The Distribution Plan on the Service Class shares requires ATST to pay distribution fees to AFSG as compensation for its activities, not as reimbursement for specific expenses. The fee on the Service Class is paid to the insurance companies for providing services and account maintenance for their policyholders who invest in the variable insurance products which invest in the Service Class shares.

The Fund is authorized under the 12b-1 plan to pay fees on each class up to the following limits:

Initial Class	0.15	%
Service Class	0.25	%

AFSG has determined that it will not seek payment by the Fund of the distribution expenses incurred with respect to the Initial Class shares before April 30, 2007. Prior to AFSG seeking reimbursement of future expenses, policy and contract owners will be notified in advance. The Fund will pay fees relating to Service Class shares.

Administrative services: The Fund has entered into an agreement with TFS for financial and legal fund administration services. The Fund pays TFS an annual fee of 0.02% of ANA. The Legal fees on the Statement of Operations are for fees paid to external legal counsel.

Deferred compensation plan: Each eligible independent Fund Trustee may elect participation in a non-qualified deferred compensation plan ("the Plan") maintained by Transamerica IDEX Mutual Funds, an affiliate of the Fund. Under the Plan, such Trustees may defer payment of all or a portion of their total fees earned as a Fund Trustee. Each Trustee who is a participant in the Plan may elect that the earnings, losses or gains credited to his or her deferred fee amounts be determined based on a deemed investment in any series of Transamerica IDEX Mutual Funds. The right of a participant to receive a distribution from the Plan of the deferred fees is an unsecured claim against the general assets of all series of Transamerica IDEX Mutual Funds.

The pro rata liability to the Fund of all deferred fees in the Plan amounted, as of December 31, 2005, to $6.

NOTE 3.  INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the year ended December 31, 2005, were as follows:

Purchases of securities:
Long-Term	$	93,188
U.S. Government		–
Proceeds from maturities and sales of securities
Long-Term		86,679
U.S. Government		–

NOTE 4.  FEDERAL INCOME TAX MATTERS

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatment for items including, but not limited to, wash sales, net operating losses, post October capital loss deferrals and capital loss carryforwards.

Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. Financial records are not adjusted for temporary differences. These reclassifications are as follows:

Additional paid-in capital	$	(574	)
Distributable net investment income (loss)		570
Accumulated net realized gain (loss) from investment securities		4

The capital loss carryforward is available to offset future realized capital gains through the period listed:

Capital Loss Carryforward		Available through
$	1,761	December 31, 2011

The capital loss carryforward utilized during the year ended December 31, 2005 was $5,811.

AEGON/Transamerica Series Trust

Annual Report 2005

12

Munder Net50

NOTES TO FINANCIAL STATEMENTS (continued)
At December 31, 2005
(all amounts in thousands)

NOTE 4.–(continued)

The tax basis components of distributable earnings as of December 31, 2005, are as follows:

Undistributed Ordinary Income	$	–
Undistributed Long-term Capital Gain	$	–
Post October Capital Loss Deferral	$	(215	)
Capital Loss Carryforward	$	(1,761	)
Net Unrealized Appreciation (Depreciation)	$	22,517

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of December 31, 2005, are as follows:

Federal Tax Cost Basis	$	118,889
Unrealized Appreciation	$	25,365
Unrealized (Depreciation)		(2,848	)
Net Unrealized Appreciation (Depreciation)	$	22,517

NOTE 5.  REGULATORY PROCEEDINGS

There continues to be significant federal and state regulatory activity relating to financial services companies, particularly mutual fund companies and their investment advisers. As part of an ongoing investigation regarding potential market timing, recordkeeping and trading compliance issues and matters affecting the Fund's investment adviser, TFAI, and certain affiliates and former employees of TFAI, the SEC staff has indicated that it is likely to take some action against TFAI and certain of its affiliates at the conclusion of the investigation. The potential timing and the scope of any such action is difficult to predict. Although the impact of any action brought against TFAI and/or its affiliates is difficult to assess at the present time, the Fund currently believes that the likelihood that any such action will have a material adverse impact on it is remote. It is important to note that the Fund is not aware of any allega tion of wrongdoing against it and its Board at the time this annual report is printed. Although it is not anticipated that these developments will have an adverse impact on the Fund, there can be no assurance at this time. TFAI and its affiliates are actively working with the SEC in regard to this matter; however, the exact resolution cannot be determined at this time. TFAI will take such actions that it deems necessary or appropriate to continue providing management services to the Fund and to bring all matters to an appropriate conclusion.

TFAI and/or its affiliates, and not the Fund, will bear the costs regarding these regulatory matters.

AEGON/Transamerica Series Trust

Annual Report 2005

13

Report of Independent Registered Certified Public Accounting Firm

To the Board of Trustees and Shareholders of
Munder Net50

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Munder Net50 (the "Fund") (one of the portfolios constituting the AEGON/Transamerica Series Trust) at December 31, 2005, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fund's management; our responsibility is to express an opinion on these financial statements based on our audits. We con ducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2005 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

Tampa, Florida

February 23, 2006

AEGON/Transamerica Series Trust

Annual Report 2005

14

Munder Net50

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS – REVIEW AND RENEWAL (unaudited)

At a meeting of the Board of Trustees of AEGON/Transamerica Series Trust ("ATST") held on November 2, 2005, the Board reviewed and considered the Investment Advisory Agreement between Munder Net50 (the "Portfolio") and Transamerica Fund Advisors, Inc. ("TFAI") as well as the Investment Sub-Advisory Agreement of the Portfolio between TFAI and Munder Capital Management (the "Sub-Adviser"), to determine whether the agreements should be renewed for a one-year period. Following their review and consideration, the Trustees determined that the Investment Advisory Agreement and the Investment Sub-Advisory Agreement will enable shareholders of the Portfolio to obtain high quality services at a cost that is appropriate, reasonable, and in the best interests of its shareholders. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and the Investment Sub-Advisory Ag reement. In reaching their decision, the Trustees requested and obtained from TFAI and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the proposed agreements. The Trustees also carefully considered the information that they had received throughout the year from TFAI and the Sub-Adviser (such as in-person presentations by the Sub-Adviser) as part of their regular oversight of the Portfolio, as well as: comparative fee, expense and performance information prepared by Lipper Inc. ("Lipper"), independent providers of mutual fund performance, fee and expense information; and profitability data. In considering the proposed continuation of the Investment Advisory Agreement and the Investment Sub-Advisory Agreement, the Trustees evaluated a number of considerations that they believe, in light of the legal advice furnished to them by ATST counsel and independent legal counsel and their own business judgment, to be relevant. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:

The nature, extent and quality of the advisory service to be provided. The Board considered the nature and quality of the services provided by TFAI and the Sub-Adviser to the Portfolio in the past, as well as the services anticipated to be provided in the future. The Board concluded that TFAI and the Sub-Adviser are capable of providing high quality services to the Portfolio, as indicated by the nature and quality of services provided in the past, TFAI's and the Sub-Adviser's management capabilities demonstrated with respect to the portfolios they manage, and the experience, capability and integrity of TFAI's senior management, the financial resources of TFAI and the Sub-Adviser, TFAI's management oversight process, the professional qualifications and experience of the Sub-Adviser's portfolio management team, and the Portfolio's investment performance . The Trustees also concluded that TFAI and the Sub-Adviser proposed to provide investment and related services that were of the same quality and quantity as services provided to the Portfolio in the past, and that these services are appropriate in scope and extent in light of the Portfolio's operations, the competitive landscape of the investment company business and investor needs, and that TFAI's and the Sub-Adviser's obligations will remain substantially the same.

The investment performance of the Portfolio. The Board examined both the short-term and longer-term performance of the Portfolio, including relative performance against a benchmark securities index and a peer group of comparable mutual funds as prepared by Lipper, for various trailing periods ended June 30, 2005. The Trustees conclude that TFAI and the Sub-Adviser generally had achieved competitive investment performance, favorably noting the Portfolio's competitive two-, three- and five-year performance relative to its peers and benchmark index. The Board expressed concern about the Portfolio's recent underperformance relative to the broader technology sector but noted that the Portfolio's specialized investment mandate likely contributed to the underperformance. On the basis of the Trustees' assessment of the nature, extent and quality of advisory s ervices to be provided or procured by TFAI and the Sub-Adviser, the Trustees concluded that TFAI and the Sub-Adviser are capable of generating a level of investment performance that is appropriate in light of the Portfolio's investment objective, policies and strategies and competitive with many other investment companies, and also determined that TFAI's and the Sub-Adviser's performance records indicate that their continued management is likely to benefit the Portfolio and its shareholders.

The cost of advisory services provided and the level of profitability. The Board reviewed profitability information regarding TFAI's costs of procuring portfolio management services, as well as the costs of provision of administration, fund accounting and other services, to the Portfolio and to ATST as a whole by TFAI and its affiliates. The Trustees reviewed data from Lipper that compared the Portfolio's management fees (including management fees at various asset levels), other fees and expenses (including total expenses including and excluding 12b-1 distribution and service fees) and portfolio turnover rate against a peer group of comparable mutual funds. Based on such information, the Trustees determined that the management fees and overall expense ratio of the Portfolio generally are consistent with industry averages. In addition, on the basis of the Board's review of the management fees to be charged by TFAI for investment advisory and related services, TFAI profitability information (derived from TFAI's audited financial statements), TFAI's estimated management income resulting from its management of the Portfolio, the estimated margin of the Sub-Adviser, as well as the entirety of TFAI's and its affiliates' service relationship with ATST, the Board concluded that the level of investment management fees and other service fees, as well as TFAI's and the Sub-Adviser's profitability, are appropriate in light of the services provided, the

AEGON/Transamerica Series Trust

Annual Report 2005

15

Munder Net50 (continued)

management fees and overall expense ratios of comparable investment companies and the anticipated profitability of the relationship between the Portfolio, TFAI and its affiliates, and the Sub-Adviser.

Whether fee levels reflect economies of scale and the extent to which economies of scale would be realized as the Portfolio grows. Although the investment advisory fees do not reduce should Portfolio assets grow meaningfully, the Board concluded that the advisory fees appropriately reflect the Portfolio's current size, the current economic environment for TFAI, and the competitive nature of the investment company market. In addition, the Board concluded that the Portfolio's management fees appropriately reflect the Portfolio's current size, the current economic environment for TFAI, the competitive nature of the investment company market, and TFAI's pricing strategy. The Trustees also concluded that they will have the opportunity to periodically reexamine whether the Portfolio has achieved economies of scale, and the appropriateness of management fees payable to TFAI and fees payable by TFAI to the Sub-Adviser, in the future.

Benefits (such as soft dollars) to TFAI, its affiliates, or the Sub-Adviser from their relationship with the Portfolio. The Board concluded that other benefits derived by TFAI, its affiliates, and the Sub-Adviser from their relationship with the Portfolio are reasonable and fair, and are consistent with industry practice and the best interests of the Portfolio and its shareholders. In this regard, the Board noted that TFAI does not realize "soft dollar" benefits from its relationship with the Portfolio, and that the Sub-Adviser is participating in a brokerage program pursuant to which a portion of brokerage commissions paid by the Portfolio is recaptured for the benefit of the Portfolio and its shareholders, thus limiting the amount of "soft-dollar" arrangements the Sub-Adviser may engage in with respect to the Portfolio's brokerage transactions. In a ddition, the Trustees determined that the administration, fund accounting and other fees paid by the Portfolio to affiliates of TFAI are reasonable, fair and in the best interests of shareholders in light of the nature and quality of the services provided, the associated costs to these affiliates of providing the services, the impact of the costs of such services on the Portfolio's overall operating expenses, and the necessity of the services for the Portfolio's operations.

Other considerations. The Board determined that TFAI had made a substantial commitment to the recruitment and retention of high quality personnel, and maintained the financial, compliance and operational resources reasonably necessary to manage the Portfolio in a professional manner that is consistent with the best interests of the Portfolio and its shareholders. In this regard, the Trustees favorably considered the procedures and policies in place by TFAI to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Adviser. The Trustees also determined that TFAI had made a significant entrepreneurial commitment to the management and success of the Portfolio, reflected by TFAI's expense limitation and fee waiver arrangement with the Portfolio, which may result in TFAI waiving a substantial amoun t of advisory fees for the benefit of shareholders.

AEGON/Transamerica Series Trust

Annual Report 2005

16

PIMCO Total Return

MARKET ENVIRONMENT

Bonds gained ground in 2005, leaning against the headwinds of the Federal Reserve Board ("Fed") tightening and concern that higher energy prices would fuel inflation pressure. Initially, bonds lost ground in the first quarter of 2005, as volatile interest rates and weakness in credit markets, related to concerns about the automotive industry, weighed on fixed income securities. Short-term interest rates continued to rise during the quarter as the Fed tightened, while strong demand from speculative investors and Asian Central Banks supported longer maturity bonds. However, in the second quarter bonds rallied worldwide as signs of an economic slowdown emerged and risk appetites for credit-sensitive assets revived.

The third quarter was essentially a reversal of the previous three months, as most bond sectors lost ground as interest rates rose. Rates were volatile intra quarter, as investor sentiment shifted about the direction of Fed policy, the impact of Gulf Coast hurricanes, and the potential for a pullback in the U.S. housing market. The Fed continued to increase the federal funds rate in the fourth quarter raising the rate twice in 25 basis point increments to a level of 4.25%. As the year drew to a close, some optimism arose that the Fed might be near the end of its rate increases, as a fall in energy prices calmed fears about inflation. Signs that higher mortgage rates and lofty valuations could finally be pinching affordability in surging property markets also helped placate bond markets. The Lehman Brothers Aggregate Bond Index ("LBAB"), a widely used index for the high-grade bond market, returned 2.43% for the year, despite the tightening cycle by the Fed that began in 2004. The central bank raised the federal funds rate eight times in 25 basis point increments during the year for a total of 200 basis points.

PERFORMANCE

For the year ended December 31, 2005, PIMCO Total Return, Initial Class returned 2.33%. By comparison its benchmark, the LBAB returned 2.43%.

STRATEGY REVIEW

PIMCO's investment process is based upon a long-term approach, which utilizes both "top-down" and "bottom-up" strategies. Top-down strategies focus on duration, yield curve positioning, volatility and sector rotation while bottom-up strategies drive our security selection process and facilitate the identification and analysis of undervalued securities. As we believe that no single strategy should dominate returns, our Total Return strategy relies on multiple sources of value-added in a highly diversified portfolio.

Interest rate strategies were negative for performance during the year. An above benchmark duration through most of the year was negative for performance as interest rates rose. An emphasis on short and intermediate maturities was negative as the yield curve flattened. Mortgage security selection added to returns, offsetting the negative impact of a mortgage overweight over most of the year. Additionally, an underweight to corporates was positive for returns as this sector underperformed due to automotive sector concerns and a potential slowdown among consumers. A tactical allocation to real return and municipal bonds added value, as these less volatile asset classes typically outperform as interest rates rise. Non-U.S. positions added value as economic growth was generally slower and interest rate increases milder outside the U.S. Exposure to emerging market bonds was positive, as this was the best performing fixed income secto r for the year supported by improving credit fundamentals.

Pasi Hamalainen

Portfolio Manager
Pacific Investment Management Company LLC

AEGON/Transamerica Series Trust

Annual Report 2005

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PIMCO Total Return

Comparison of change in value of $10,000 investment in Initial Class shares and its comparative index.

Average Annual Total Return for Periods Ended 12/31/05

	1 year			From Inception			Inception Date
Initial Class		2.33	%		4.88	%	5/1/02
LBAB (1)		2.43	%		5.15	%	5/1/02
Service Class		2.03	%		3.14	%	5/1/03

NOTES

¹ The Lehman Brothers Aggregate Bond (LBAB) Index is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. From inception calculation is based on life of Initial Class shares. Source: Standard & Poor's Micropal®© Micropal, Inc. 2005 – 1-800-596-5323 – http://www.funds-sp.com.

The performance data presented represents past performance, future results may vary. The portfolio's investment return and net asset value will fluctuate. Past performance does not guarantee future results. Investor's units when redeemed, may be worth more or less than their original cost.

Current performance may be higher or lower than the performance data quoted. Please visit your insurance company's website for contract or policy level standardized total returns current to the most recent month-end. Portfolio performance is net of investment fees and fund expenses, but not product charges, which, if included, would significantly lower the performance quoted.

This material must be preceded or accompanied by a current prospectus, which includes specific contents regarding the investment objectives, explanation of share classes and policies of this portfolio.

AEGON/Transamerica Series Trust

Annual Report 2005

2

PIMCO Total Return

UNDERSTANDING YOUR FUND'S EXPENSES
(unaudited)

SHAREHOLDER EXPENSES

Fund shareholders may incur ongoing costs, including management and advisory fees, distribution and service fees, and other Fund expenses.

The following Example is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.

The Example is based on an investment of $1,000 invested at July 1, 2005 and held for the entire period until December 31, 2005.

ACTUAL EXPENSES

The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of your Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fees, brokerage commissions paid on purchases and sales of fund shares. Therefore, the second line under the Fund in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If any of these transaction costs were included, your costs would be higher. The expenses shown in the table do not reflect any fees that may be charged to you by brokers, financial intermediaries or other financial institutions.

	Beginning Account Value		Ending Account Value		Annualized Expense Ratio			Expenses Paid During Period (a)
Initial Class
Actual	$	1,000.00	$	999.00		0.75	%	$	3.78
Hypothetical (b)		1,000.00		1,021.42		0.75			3.82
Service Class
Actual		1,000.00		998.00		1.01			5.09
Hypothetical (b)		1,000.00		1,020.11		1.01			5.14

^(a)  Expenses are calculated using each Fund's annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by number of days in the period (184 days), and divided by the number of days in the year (365 days).

^(b)  5% return per year before expenses.

GRAPHICAL PRESENTATION OF SCHEDULE OF INVESTMENTS
By Asset Type
At December 31, 2005

This chart shows the percentage breakdown by asset type of the Fund's total investment securities.

AEGON/Transamerica Series Trust

Annual Report 2005

3

PIMCO Total Return

SCHEDULE OF INVESTMENTS
At December 31, 2005
(all amounts except share amounts in thousands)

	Principal		Value
U.S. GOVERNMENT OBLIGATIONS (8.9%)
U.S. Treasury Bond
8.75%, due 05/15/2017	$	5,535	$	7,601
7.88%, due 02/15/2021		9,000		12,180
8.13%, due 05/15/2021		2,400		3,323
8.00%, due 11/15/2021		8,400		11,573
U.S. Treasury Inflation Indexed Bond 3.00%, due 07/15/2012 2.00%, due 07/15/2014 1.88%, due 07/15/2015 2.38%, due 01/15/2025		1,241 2,430 10,854 888		1,312 2,417 10,674 933
U.S. Treasury Note 2.75%, due 07/31/2006 3.50%, due 02/15/2010 3.88%, due 09/15/2010 4.25%, due 08/15/2013 4.13%, due 05/15/2015		985 7,800 370 17,500 4,400		976 7,545 362 17,343 4,303
Total U.S. Government Obligations (cost: $81,285)				80,542
U.S. GOVERNMENT AGENCY OBLIGATIONS (53.4%)
Fannie Mae 5.50%, due 03/01/2016 5.50%, due 07/01/2016 5.50%, due 11/01/2016 5.50%, due 12/01/2016 6.00%, due 01/01/2017 5.50%, due 04/01/2017 6.00%, due 05/01/2017 5.50%, due 06/01/2017 5.50%, due 08/01/2017 5.50%, due 09/01/2017 5.50%, due 11/01/2017 5.00%, due 02/01/2018 5.00%, due 05/01/2018 5.00%, due 06/01/2018 5.00%, due 08/01/2018 5.00%, due 10/01/2018 5.00%, due 12/01/2018 5.00%, due 02/01/2019 5.00%, due 03/01/2019 5.00%, due 04/01/2019 5.00%, due 07/01/2019 5.00%, due 08/01/2019 5.00%, due 11/01/2019 5.00%, due 12/01/2019 5.00%, due 01/01/2020 5.00%, due 02/01/2020 5.00%, due 07/01/2020		320 346 119 269 7 137 6 70 205 227 29 26 608 641 520 197 751 30 183 855 463 356 3,666 1,204 149 241 1,975		323 348 119 271 7 138 6 70 206 229 30 25 603 635 516 196 744 30 181 846 459 352 3,629 1,192 147 239 1,954

	Principal		Value
5.00%, due 08/01/2020	$	13,261	$	13,119
5.00%, due 09/01/2020		3,369		3,333
5.46%, due 01/01/2028 *		191		194
6.50%, due 05/01/2032		108		111
6.50%, due 11/01/2032		304		312
5.50%, due 01/01/2033		137		136
5.50%, due 02/01/2033		680		675
5.50%, due 03/01/2033		11,806		11,723
5.50%, due 04/01/2033		2,915		2,894
5.50%, due 07/01/2033		2,401		2,383
5.50%, due 08/01/2033		111		110
5.50%, due 11/01/2033		7,236		7,183
5.50%, due 12/01/2033		357		355
6.50%, due 12/01/2033		245		251
5.50%, due 01/01/2034		2,924		2,902
5.50%, due 02/01/2034		1,043		1,034
5.50%, due 04/01/2034		17,340		17,207
5.50%, due 05/01/2034		14,377		14,268
6.50%, due 05/01/2034		154		158
5.50%, due 06/01/2034		26		26
5.50%, due 09/01/2034		1,313		1,301
5.50%, due 10/01/2034		741		735
5.50%, due 11/01/2034		7,203		7,139
5.50%, due 12/01/2034		4,374		4,335
5.50%, due 01/01/2035		22,799		22,598
5.50%, due 02/01/2035		46,609		46,221
5.50%, due 03/01/2035		12,379		12,262
5.50%, due 04/01/2035		16,918		16,759
5.50%, due 05/01/2035		12,133		12,016
5.50%, due 06/01/2035		6,480		6,418
5.50%, due 07/01/2035		3,222		3,192
5.50%, due 08/01/2035		7,811		7,736
5.50%, due 09/01/2035		738		731
5.00%, due 10/01/2035		497		482
5.50%, due 10/01/2035		1,446		1,432
5.00%, due 11/01/2035		796		772
Fannie Mae TBA 5.50%, due 01/01/2036 5.00%, due 02/01/2036		175,100 28,000		173,349 27,107
Fannie Mae, Series 2003-88 Class TB 3.00%, due 08/25/2009		429		426
Freddie Mac 3.66%, due 02/28/2006 5.47%, due 08/01/2023 * 6.50%, due 03/15/2029		19,100 212 32		18,958 217 32
Freddie Mac, Series 2411, Class FJ 4.72%, due 12/15/2029 *		233		234

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

4

PIMCO Total Return

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2005
(all amounts except share amounts in thousands)

	Principal		Value
Freddie Mac, Series 2572, Class HA 5.00%, due 06/15/2013	$	250	$	250
Freddie Mac, Series T-057, Class 1A1 6.50%, due 07/25/2043		293		300
Freddie Mac, Series T-62, Class 1A1 4.36%, due 10/25/2044 *		8,735		8,783
Ginnie Mae 6.50%, due 02/15/2029 6.50%, due 03/15/2029 6.50%, due 04/15/2029 6.50%, due 05/15/2029 6.50%, due 07/15/2029 6.50%, due 09/15/2029 5.50%, due 11/15/2032 5.50%, due 12/15/2032 5.50%, due 05/15/2033 5.50%, due 11/15/2033 5.50%, due 12/15/2033 5.50%, due 01/15/2034 5.50%, due 02/15/2034 5.50%, due 11/15/2035		119 200 8 11 7 109 890 1,357 265 1,176 1,598 522 1,147 600		124 209 8 12 8 114 897 1,367 267 1,185 1,611 525 1,155 604
Ginnie Mae TBA 5.50%, due 01/01/2036		11,000		11,065
Ginnie Mae, Series 2020-40 6.50%, due 06/20/2032		13		13
Total U.S. Government Agency Obligations (cost: $488,070)				484,818
FOREIGN GOVERNMENT OBLIGATIONS (7.2%)
Bank of England/London Zero coupon, due 01/12/2006	EUR	11,370		13,410
Canada Government 0.70%, due 03/20/2006	JPY	238,000		2,020
Federal Republic of Germany Zero coupon, due 01/18/2006	EUR	6,900		8,134
French Republic
Zero coupon, due 01/05/2006	EUR	8,600		10,147
2.42%, due 05/24/2006	EUR	590		689
Hong Kong Government–144A 5.13%, due 08/01/2014		2,700		2,703
Italian Republic 0.38%, due 10/10/2006	JPY	672,000		5,709
Kingdom of Spain 3.10%, due 09/20/2006	JPY	170,000		1,472
Korea Highway Corp.–144A 5.13%, due 05/20/2015		850		838
Republic of Brazil 5.19%, due 04/15/2006 * 11.25%, due 07/26/2007		312 70		312 76

	Principal		Value
11.50%, due 03/12/2008	$	109	$	122
5.25%, due 04/15/2009 *		1,692		1,681
10.27%, due 06/29/2009 *		1,150		1,328
11.00%, due 01/11/2012		350		427
5.25%, due 04/15/2012		19		19
5.25%, due 04/15/2012 *		1,084		1,071
7.88%, due 03/07/2015		75		80
8.00%, due 01/15/2018		586		631
8.88%, due 10/14/2019		25		28
12.25%, due 03/06/2030		350		505
11.00%, due 08/17/2040		1,550		1,998
Republic of Peru 9.13%, due 02/21/2012 9.88%, due 02/06/2015 5.00%, due 03/07/2017 *		120 2,000 735		137 2,400 685
Republic of South Africa 5.25%, due 05/16/2013	EUR	565		723
Russian Federation 8.25%, due 03/31/2010		200		213
5.00%, due 03/31/2030 (a)		6,579		7,427
Total Foreign Government Obligations (cost: $64,471)				64,985
MORTGAGE-BACKED SECURITIES (1.4%)
Bank of America Mortgage Securities, Series 2002-K, Class 2A1 5.48%, due 10/20/2032 *		117		117
Bear Stearns Adjustable Rate Mortgage Trust, Series 2002-5, Class VIA 5.93%, due 06/25/2032 *		53		53
Bear Stearns Adjustable Rate Mortgage Trust, Series 2003-8, Class 1A1 4.18%, due 01/25/2034 *		973		966
Bear Stearns Adjustable Rate Mortgage Trust, Series 2003-8, Class 2A1 4.82%, due 01/25/2034 *		436		432
Bear Stearns Adjustable Rate Mortgage Trust, Series 2003-8, Class 4A1 4.69%, due 01/25/2034 *		649		643
Centex Home Equity, Series 2004-A, Class AV2 4.66%, due 01/25/2034 *		53		53
Countrywide Alternative Loan Trust, Series 2003-J11, Class 4A1 6.00%, due 10/25/2032		124		122
Countrywide Alternative Loan Trust, Series 2005-11CB, Class 2A8 4.50%, due 06/25/2035		1,364		1,346

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

5

PIMCO Total Return

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2005
(all amounts except share amounts in thousands)

	Principal		Value
Countrywide Alternative Loan Trust,
Series 2005-81, Class A1
4.66%, due 01/25/2036 m	$	3,700	$	3,702
Countrywide Home Loan Mortgage Pass Through Trust, Series 2002-30, Class M 3.86%, due 10/19/2032 *		619		613
Countrywide Home Loan Mortgage Pass Through Trust, Series 2004-7, Class 1A2 4.65%, due 05/25/2034 *		108		108
Credit Suisse First Boston Mortgage Securities Corp., Series 2002, Class P-3 1.85%, due 08/25/2033 *m		394		397
Credit Suisse First Boston Mortgage Securities Corp., Series 2002-P2A, Class A2 2.14%, due 03/25/2032 m		94		94
Home Equity Asset Trust, Series 2002-1, Class A4 4.68%, due 11/25/2032 *		1		1
Residential Funding Mortgage Securities I, Series 2003-S9, Class A1 6.50%, due 03/25/2032		122		123
Sequoia Mortgage Trust, Series 10, Class 2A1 4.75%, due 10/20/2027 *		616		617
SLM Student Loan Trust, Series 2004-8, Class A2 4.22%, due 07/25/2013 *		343		343
Soundview Home Equity Loan Trust, Series 2005-B, Class A1 4.49%, due 05/25/2035 *		2,224		2,224
Structured Asset Mortgage Investments, Inc., Series 2002-AR3, Class A-1 4.70%, due 09/19/2032 *		219		219
Structured Asset Mortgage Investments, Inc., Series 2005-AR8, Class A1 4.67%, due 02/25/2035 *m		700		700
Structured Asset Securities Corp., Series 2002-HF1, Class A 4.67%, due 01/25/2033 *		2		2
Total Mortgage-Backed Securities (cost: $12,930)				12,875

	Principal		Value
ASSET-BACKED SECURITIES (3.0%)
Amortizing Residential Collateral
Trust, Series 2002-BC4, Class A
4.67%, due 07/25/2032 *	$	6	$	6
Bear Stearns Adjustable Rate Mortgage Trust, Series 2005-9, Class A1 4.63%, due 10/25/2035 *		3,620		3,550
Bear Stearns Asset Backed Securities, Inc., Series 2002-2, Class A1 4.71%, due 10/25/2032 *		66		66
Countrywide Asset-Backed Certificates, Series 2005-SD1, Class A1A–144A 4.53%, due 05/25/2035 *		303		303
GSR Mortgage Loan Trust, Series 2005-AR6, Class 2A1 4.54%, due 09/25/2035 *		1,416		1,393
Morgan Stanley ABS Capital I, Series 2003-HE2, Class A2 4.72%, due 08/25/2033 *		262		263
Park Place Securities, Inc., Series 2005-WHQ4, Class A2A 4.49%, due 08/25/2035 *		1,304		1,304
Quest Trust, Series 2004-X2, Class A–144A 4.94%, due 06/25/2034 *		444		445
Rabobank Capital Funding II–144A 5.26%, due 12/31/2049 (b)		1,000		991
Rabobank Capital Funding Trust III–144A 5.25%, due 12/31/2049 (c)		1,480		1,451
RACERS Series 1997-R-8-3-144A 4.64%, due 08/15/2007 *§m		1,100		1,058
Small Business Administration Participation, Series 2003-201 5.13%, due 09/01/2023		576		580
Small Business Administration, Series 2004-20C 4.34%, due 03/01/2024		3,226		3,099
Small Business Administration, Series 2004-P10, Class A 4.50%, due 02/10/2014		1,613		1,574
Washington Mutual, Series 2000-3, Class A 4.66%, due 12/25/2040 *		321		320
Washington Mutual, Series 2002-AR10, Class A6 4.82%, due 10/25/2032 *		114		113
Washington Mutual, Series 2002-AR2, Class A 4.32%, due 02/27/2034 *		304		302

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

6

PIMCO Total Return

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2005
(all amounts except share amounts in thousands)

	Principal		Value
Washington Mutual,
Series 2003-R1, Class A1
4.65%, due 12/25/2027 *	$	10,179	$	10,172
Total Asset-Backed Securities (cost: $27,261)				26,990
CORPORATE DEBT SECURITIES (5.0%)
Air Transportation (0.2%)
Continental Airlines, Inc. 7.06%, due 09/15/2009		1,000		1,027
UAL Corp. 6.20%, due 09/01/2008 7.73%, due 07/01/2010 6.60%, due 09/01/2013		665 150 191		652 149 189
Commercial Banks (0.1%)
China Development Bank 5.00%, due 10/15/2015		300		296
HSBC Capital Funding LP–144A 10.18%, due 12/31/2049 (d)		100		153
Sumitomo Mitsui Banking–144A 5.63%, due 07/15/2049 (e)		550		548
Communication (0.0%)
Comcast Cable Communications 6.75%, due 01/30/2011		210		222
Comcast Corp. 6.50%, due 01/15/2015		200		211
Electric Services (0.5%)
Columbus Southern Power Co., Series C 5.50%, due 03/01/2013		100		102
Florida Power Corp. 4.80%, due 03/01/2013		1,960		1,920
Ohio Power Co., Series F 5.50%, due 02/15/2013		100		102
Progress Energy, Inc. 7.10%, due 03/01/2011 6.85%, due 04/15/2012		600 440		647 472
PSEG Power LLC 6.95%, due 06/01/2012		921		998
Southern California Edison Co. 4.43%, due 01/13/2006 *		350		350
Electric, Gas & Sanitary Services (0.2%)
Entergy Gulf States, Inc. 5.70%, due 06/01/2015		750		734
Niagara Mohawk Power Corp. 7.75%, due 10/01/2008		825		881
Environmental Services (0.1%)
Waste Management, Inc. 7.38%, due 08/01/2010 6.38%, due 11/15/2012		700 375		762 400

	Principal		Value
Gas Production & Distribution (0.3%)
El Paso Energy Corp.
7.80%, due 08/01/2031	$	450	$	449
7.75%, due 01/15/2032 †		425		426
Sonat, Inc. 7.63%, due 07/15/2011		1,000		1,018
Southern Natural Gas Co. 8.00%, due 03/01/2032		820		899
General Obligation-State (0.2%)
California State Economic Recovery 5.25%, due 01/01/2011 6.24%, due 07/01/2011 5.25%, due 07/01/2012 6.24%, due 07/01/2012 5.25%, due 07/01/2013 6.74%, due 07/01/2013		130 65 260 135 130 400		140 75 283 158 144 476
New Jersey State Transportation Trust Fund Authority 6.14%, due 06/15/2011		345		384
Hotels & Other Lodging Places (0.1%)
Harrah's Operating Co., Inc. 8.00%, due 02/01/2011		50		55
Park Place Entertainment Corp. 7.50%, due 09/01/2009		800		852
Starwood Hotels & Resorts Worldwide, Inc. 7.88%, due 05/01/2012		350		386
Manufacturing Industries (0.2%)
Tyco International Group SA 6.38%, due 10/15/2011		1,510		1,568
Mortgage Bankers & Brokers (0.1%)
Petroleum Export/Cayman–144A 5.27%, due 06/15/2011		725		718
Motion Pictures (0.1%)
Time Warner, Inc. 8.11%, due 08/15/2006 6.88%, due 05/01/2012		150 410		153 436
Oil & Gas Extraction (0.4%)
Gaz Capital for Gazprom 8.63%, due 04/28/2034		3,000		3,795
Personal Credit Institutions (0.5%)
Ford Motor Credit Co. 6.88%, due 02/01/2006		3,600		3,592
General Motors Acceptance Corp. 5.24%, due 05/18/2006 * 5.05%, due 01/16/2007 *		30 180		29 171

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

7

PIMCO Total Return

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2005
(all amounts except share amounts in thousands)

	Principal		Value
Personal Credit Institutions (continued)
Household Finance Corp. 6.38%, due 11/27/2012	$	800	$	850
SLM Corp., Series A 4.69%, due 09/15/2006 *		230		230
Petroleum Refining (0.1%)
Enterprise Products Operating, LP 4.95%, due 06/01/2010		500		490
Radio & Television Broadcasting (0.0%)
Clear Channel Communications, Inc. 7.25%, due 10/15/2027		300		308
Railroads (0.1%)
Norfolk Southern Corp. 6.75%, due 02/15/2011		550		593
Revenue-Building Authority (0.2%)
Liberty, NY, Development Corp. 5.25%, due 10/01/2035		1,600		1,816
Revenue-Education (0.1%)
Michigan State Building Authority 5.25%, due 10/15/2013		950		1,045
Revenue-Pollution Control (0.1%)
Rhode Island Clean Water Finance Agency 5.00%, due 10/01/2028		610		637
Revenue-Tobacco (0.4%)
Golden State Tobacco Securitization Corp. 6.75%, due 06/01/2039		460		514
Tobacco Settlement Financing Corp., LA 5.88%, due 05/15/2039		100		105
Tobacco Settlement Financing Corp., NJ 6.38%, due 06/01/2032 6.75%, due 06/01/2039		2,175 260		2,382 290
Revenue-Utilities (0.2%)
Jea, FL, Water & Sewer System 5.00%, due 10/01/2011		700		751
New York, NY, City Municipal Water Finance Authority 5.00%, due 06/15/2035 6.22%, due 06/15/2035		340 500		351 537
Security & Commodity Brokers (0.1%)
Bear Stearns Cos. (The), Inc. 7.63%, due 12/07/2009		560		611
Telecommunications (0.7%)
Cingular Wireless LLC 6.50%, due 12/15/2011		560		599

	Principal		Value
Telecommunications (continued)
France Telecom SA 7.00%, due 03/14/2008 (f)	EUR	1,569	$	1,989
KT Corp.–144A 4.88%, due 07/15/2015		900		867
SBC Communications, Inc. 4.13%, due 09/15/2009		3,025		2,921
Verizon Global Funding Corp. 7.60%, due 03/15/2007		25		26
Total Corporate Debt Securities (cost: $42,300)				44,934
SHORT-TERM U.S. GOVERNMENT OBLIGATIONS (0.2%)
U.S. Treasury Bill 3.90%, due 03/02/2006 d 3.83%, due 03/16/2006 #d		110 2,030		109 2,014
Total Short-Term U.S. Government Obligations (cost: $2,123)				2,123
COMMERCIAL PAPER (20.9%)
Commercial Banks (16.2%)
Barclays U.S. Funding Corp. 4.41%, due 03/29/2006		20,600		20,378
CBA (Delaware) Finance, Inc. 4.15%, due 01/31/2006		600		598
Danske Corp. 4.27%, due 01/03/2006 4.26%, due 01/09/2006 4.15%, due 02/27/2006		13,200 1,700 7,000		13,195 1,698 6,953
DNB NOR Bank ASA 3.80%, due 01/13/2006		10,500		10,486
HBOS Treasury Services 4.13%, due 01/26/2006		3,900		3,888
National Australia Funding Delaware, Inc. 4.29%, due 01/05/2006 4.29%, due 01/18/2006		19,400 3,100		19,389 3,093
Skandinaviska Enskilda Banken AB–144A 4.07%, due 01/19/2006		400		399
Societe Generale North America, Inc. 3.96%, due 01/27/2006 4.15%, due 02/01/2006 4.34%, due 03/06/2006 4.43%, due 04/20/2006		7,700 1,300 11,900 1,800		7,677 1,295 11,807 1,776
UBS Finance Delaware LLC 4.29%, due 01/03/2006 3.95%, due 01/26/2006 4.16%, due 02/28/2006		3,000 18,000 1,700		2,999 17,949 1,688
Westpac Banking Corp.–144A 4.19%, due 02/07/2006		1,500		1,493
Westpac Trust Securities NZ, Ltd., London 4.44%, due 04/28/2006		20,700		20,399

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

8

PIMCO Total Return

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2005
(all amounts except share amounts in thousands)

	Principal		Value
Holding & Other Investment Offices (2.2%)
Rabobank USA Finance Corp. 4.29%, due 01/03/2006	$	20,000	$	19,993
Security & Commodity Brokers (2.5%)
IXIS Corp.–144A 3.85%, due 01/18/2006 4.44%, due 04/19/2006		7,000 15,600		6,987 15,390
Total Commercial Paper (cost: $189,530)				189,530
	Contracts u		Value
PURCHASED OPTIONS (0.0%)
Put Options (0.0%)
90-Day Euro Dollar Futures Put Strike $91.75 Expires 12/18/2006		413		2
Total Purchased Options (cost: $4)				2
PURCHASED SWAPTIONS (0.0%)
Covered Call Swaptions (0.0%)
LIBOR Rate Swaption § Call Strike $4.50 Expires 04/04/2006		87,000,000		48
LIBOR Rate Swaption § Call Strike $4.50 Expires 10/04/2006		107,000,000		280
Total Purchased Swaptions (cost: $824)				328
SECURITY LENDING COLLATERAL (0.0%)
Debt (0.0%)
Bank Notes (0.0%)
Bank of America 4.27%, due 01/17/2006 * 4.31%, due 08/10/2006 *		7 5		7 5
Certificates Of Deposit (0.0%)
Barclays 4.31%, due 01/17/2006 *		4		4
Canadian Imperial Bank of Commerce 4.15%, due 05/18/2006 *		6		6
Credit Suisse First Boston Corp. 4.18%, due 03/10/2006 *		2		2
Rabobank Nederland 4.10%, due 05/31/2006 *		6		6
Commercial Paper (0.0%)
Fairway Finance–144A 4.31%, due 01/10/2006		12		12
Jupiter Securitization Corp.–144A 4.27%, due 01/05/2006		6		6
Paradigm Funding LLC–144A 4.30%, due 01/09/2006		2		2

	Contracts u		Value
Commercial Paper (continued)
Park Avenue Receivables Corp.–144A 4.27%, due 01/04/2006		6	$	6
Preferred Receivables Corp.–144A 4.31%, due 01/04/2006		5		5
Ranger Funding Co. LLC–144A 4.29%, due 01/18/2006		5		5
Sheffield Receivables Corp.–144A 4.26%, due 01/23/2006		3		3
Yorktown Capital LLC 4.27%, due 01/05/2006		6		6
Euro Dollar Overnight (0.0%)
Calyon 4.34%, due 01/05/2006		6		6
Fortis Bank 4.35%, due 01/03/2006 4.35%, due 01/05/2006		12 11		12 11
Harris Trust & Savings Bank 4.25%, due 01/05/2006		10		10
National Australia Bank 4.16%, due 01/03/2006		12		12
Rabobank Nederland 4.15%, due 01/03/2006		4		4
Wells Fargo 4.27%, due 01/03/2006		6		6
Euro Dollar Terms (0.0%)
Bank of Montreal 4.30%, due 01/19/2006		12		12
Barclays 4.27%, due 01/25/2006 4.30%, due 01/31/2006		4 10		4 10
BNP Paribas 4.22%, due 01/24/2006		6		6
Dexia Group 4.25%, due 01/09/2006		6		6
Rabobank Nederland 4.21%, due 01/19/2006		11		11
Royal Bank of Canada 4.25%, due 01/24/2006		8		8
Royal Bank of Scotland 4.30%, due 01/31/2006 4.31%, due 02/01/2006		18 13		18 13
Societe Generale 4.28%, due 01/30/2006		12		12
UBS AG 4.26%, due 01/10/2006		12		12
Wells Fargo 4.29%, due 01/30/2006		18		18

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

9

PIMCO Total Return

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2005
(all amounts except share amounts in thousands)

	Contracts u		Value
Promissory Notes (0.0%)
Bear Stearns & Co.
4.39%, due 03/07/2006		7	$	7
4.39%, due 06/06/2006		2		2
Repurchase Agreements (0.0%) ††
Credit Suisse First Boston Corp. 4.29%, dated 12/30/2005 to be repurchased at $20 on 01/03/2006		20		20
Goldman Sachs Group, Inc. (The) 4.29%, dated 12/30/2005 to be repurchased at $48 on 01/03/2006		48		48
Lehman Brothers, Inc. 4.29%, dated 12/30/2005 to be repurchased at $318 (not in thousands) on 01/03/2006		—		—	o
Merrill Lynch & Co. 4.24%, dated 12/30/2005 to be repurchased at $38 on 01/03/2006		38		38
Morgan Stanley Dean Witter & Co. 4.36%, dated 12/30/2005 to be repurchased at $4 on 01/03/2006		4		4
	Shares		Value
Investment Companies (0.0%)
American Beacon Fund 1-day yield of 4.19%		1,633		2
Barclays Global Investors Institutional Money Market Fund 1-day yield of 4.19%		15,489		16
Dreyfus Cash Management Plus Fund 1-day yield of 4.09%		6,434		6
Merrimac Cash Fund, Premium Class 1-day yield of 4.03% @		42,179		42
Total Security Lending Collateral (cost: $451)				451
Total Investment Securities (cost: $909,249)			$	907,578
	Contracts u		Value
WRITTEN OPTIONS (0.0%)
Covered Call Options (0.0%)
U.S. 10 Year Treasury Note Futures Call Strike $111.00 Expires 02/24/2006		73		(18	)
Put Options (0.0%)
U.S. 10 Year Treasury Note Futures Put Strike $107.00 Expires 02/24/2006		73		(11	)
Total Written Options (premiums: $-34)				(29	)

	Contracts u		Value
WRITTEN SWAPTIONS (0.0%)
Covered Call Swaptions (0.0%)
LIBOR Rate Swaption		37,000,000	$	(72	)
Call Strike $4.54
Expires 04/04/2006
LIBOR Rate Swaption Call Strike $4.54 Expires 10/04/2006		45,000,000		(309	)
Total Written Swaptions (premiums: $-803)				(381	)
SWAP AGREEMENTS:

	Expiration Date	Notional Amount		Net Unrealized Appreciation (Depreciation)
Receive a fixed rate equal to 0.77% and the Fund will pay to the counterparty at par in the event of default of Russian Federation Government Bond, 2.25%, due 03/31/2030.§ Counterparty: JP Morgan Chase	5/20/2007	$	400	$	2
Receive a fixed rate equal to 0.61% and the Fund will pay to the counterparty at par in the event of default of Russian Federation Government Bond, 5.00%, due 03/31/2030.§ Counterparty: Goldman Sachs International	3/20/2007		1,775		5
Receive a fixed rate equal to 0.70% and the Fund will pay to the counterparty at par in the event of default of Russian Federation Government Bond, 5.00%, due 3/31/2030.§ Counterparty: Goldman Sachs International	3/20/2007		725		3
Receive a fixed rate equal to 3.20% and the Fund will pay to the counterparty at par in the event of default of General Motors Acceptance Corp., 6.875%, due 8/28/2012 Counterparty: Lehman Securities, Inc.	6/20/2007		1,200		(35	)
Receive a fixed rate equal to 0.58% and the Fund will pay to the counterparty at par in the event of default of Russian Federation Government Bond, 5.00%, due 03/31/2030.§ Counterparty: Morgan Stanley Capital Services, Inc.	6/20/2006		1,000		1

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

10

PIMCO Total Return

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2005
(all amounts except share amounts in thousands)

Receive a fixed rate equal to 2.80% and the Fund will pay to the counterparty at par in the event of default of General Motors Acceptance Corp., 6.875%, due 08/28/2012. Counterparty: JP Morgan Chase	6/20/2006	3,200	(39	)
Receive a floating rate based on 6-month Japanese Yen-LIBOR and pay a fixed rate equal to 2.00%. Counterparty: UBS AG	6/15/2012	250,000	(81	)
Receive a floating rate based on 6-month Japanese Yen-LIBOR and pay a fixed rate equal to 2.00%. Counterparty: Goldman Sachs Capital Markets, LP	6/15/2012	130,000	(42	)
Receive a floating rate based on 6-month Japanese Yen-LIBOR and pay a fixed rate equal to 2.00%. Counterparty: Morgan Stanley Capital Services, Inc.	6/15/2012	390,000	(97	)
Receive a fixed rate equal to 0.90% and the Fund will pay to the Counterparty, in the event of default on any of the securities in the DJ CDX X05 Index, the remaining interest payments on those defaulted securities. Counterparty: UBS AG	12/20/2010	6,500	(10	)
Receive a fixed rate equal to 2.15% and the Fund will pay a floating rate based on FRC–Excluding Tobacco-Non-Revised Consumer Price Index.§ Counterparty: UBS AG	10/15/2010	6,300	40
Receive a fixed rate equal to 2.10% and the Fund will pay a floating rate based on FRC–Excluding Tobacco-Non-Revised Consumer Price Index.§ Counterparty: Barclays Bank PLC	10/15/2010	2,500	14
Receive a floating rate based on FRC–Excluding Tobacco-Non-Revised Consumer Price Index and the Fund will pay a fixed rate equal to 2.09%.§ Counterparty: BNP Paribas	10/15/2010	5,000	23

Receive a fixed rate equal to 5.00% and the Fund will pay a floating rate based on 3-month United States Dollar-LIBOR.§ Counterparty: Goldman Sachs Capital Markets, LP	6/21/2011	2,100		10
Receive a floating rate based on 3-month United States Dollar-LIBOR and pay a fixed rate equal to 5.00%. Counterparty: Goldman Sachs Capital Markets, LP	6/21/2016	10,200		(135	)
Receive a floating rate based on 3-month United States Dollar-LIBOR and pay a fixed rate equal to 5.00%. Counterparty: Morgan Stanley Capital Services, Inc.	6/21/2016	36,200		(482	)
Total Swap Agreements (premium $-324)			$	(823	)
FUTURES CONTRACTS:

	Contracts			Settlement Date	Amount			Net Unrealized Appreciation (Depreciation)
10 Year Japan Government Bond		8		03/22/2006	$	9,312		$	25
10 Year U.S. Treasury Note		679		03/31/2006		74,287			244
2 Year U.S. Treasury Note		(61	)	03/31/2006		(12,516	)		4
5 Year U.S. Treasury Note		251		03/31/2006		26,692			59
90-Day Euro Dollar		811		06/19/2006		192,927			(944	)
U.S. Treasury Long Bond		162		03/31/2006		18,498			265
					$	309,200		$	(347	)
FORWARD FOREIGN CURRENCY CONTRACTS:
Currency	Bought (Sold)			Settlement Date	Amount in U.S. Dollars Bought (Sold)			Net Unrealized Appreciation (Depreciation)
Euro Dollar		12,702		01/18/2006	$	15,036		$	(35	)
Euro Dollar		(41,151	)	01/18/2006		(48,310	)		(299	)
					$	(33,274	)	$	(334	)

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

11

PIMCO Total Return

SCHEDULE OF INVESTMENTS
At December 31, 2005
(all amounts except share amounts in thousands)

NOTES TO SCHEDULE OF INVESTMENTS:

*  Floating or variable rate note. Rate is listed as of December 31, 2005.

(a)  Russian Federation has a coupon rate of 5.00% until 03/31/2007, thereafter the coupon rate will become 7.50%.

(b)  Rabobank Capital Funding II–144A has a fixed coupon rate 5.26% until 12/31/2013, thereafter the coupon rate will reset quarterly at the 3-month US$ LIBOR + 162.75BP, if not called.

(c)  Rabobank Capital Funding Trust III–144A has a fixed coupon rate 5.25% until 10/21/2016, thereafter the coupon rate will reset quarterly at the 3-month US$ LIBOR + 159BP, if not called.

§  Security is deemed to be illiquid.

(d)  HSBC Capital Funding LP–144A has a fixed coupon rate 10.18% until 06/30/2030, thereafter the coupon rate will reset quarterly at the 3-month US$ LIBOR + 498BP, if not called.

(e)  Sumitomo Matsui Banking–144A has a fixed coupon rate of 5.63% until 10/15/2015, thereafter the coupon rate will reset quarterly at the 3-month US$ LIBOR + 255BP, if not called.

†  At December 31, 2005, all or a portion of this security is on loan (see Note 1). The value at December 31, 2005, of all securities on loan is $441.

(f)  France Telecom SA coupon steps up or down by 25 BP for each rating upgrade or downgrade by Standard and Poor's or Moody's for each notch above or below A-/A3.

#  At December 31, 2005, all or a portion of this security is segregated with the custodian to cover margin requirements for open option contracts. The value of all securities segregated at December 31, 2005, is $228.

††  Cash collateral for the Repurchase Agreements, valued at $112, that serve as collateral for securities lending are invested in corporate bonds with interest rates and maturity dates ranging from 0.00% - 8.75% and 01/03/2006 - 08/01/2037, respectively.

o  Value is less than $1.

@  Regulated investment company advised by Investors Bank and Trust Co. ("IBT"). IBT is also the accounting, custody and lending agent for the Fund.

u  Contract amounts are not in thousands.

d  At December 31, 2005, all or a portion of this security is segregated with the custodian to cover margin requirements for open futures contracts. The value of all securities segregated at December 31, 2005 is $1,627.

m  Securities valued as determined in good faith in accordance with procedure established by the Fund's Board of Trustees.

DEFINITIONS:

144A  144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2005, these securities aggregated $34,383 or 3.8% of the total investment of the Fund.

LIBOR  London Interbank Offer Rate

RACERS  Restructured Asset Certificates with Enhanced Returns

TBA  Mortgage-backed securities traded under delayed delivery commitments. Income on TBA's are not earned until settlement date.

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

12

PIMCO Total Return

STATEMENT OF ASSETS AND LIABILITIES
At December 31, 2005
(all amounts except share amounts in thousands)

Assets:
Investment securities, at value (cost: $909,249) (including securities loaned of $441)	$	907,578
Cash		50,245
Foreign currency (cost: $1,453)		1,398
Receivables:
Investment securities sold		27,002
Shares sold		257
Interest		3,854
Income from loaned securities		1
		990,335
Liabilities:
Investment securities purchased		237,912
Accounts payable and accrued liabilities:
Shares redeemed		356
Management and advisory fees		411
Swap contract interest		27
Service fees		5
Administration fees		12
Payable for collateral for securities on loan		451
Unrealized depreciation on forward foreign currency contracts		334
Variation margin		156
Written options and swaptions (premiums $837)		410
Swap agreements at value (premium $324)		499
Other		63
		240,636
Net Assets	$	749,699
Net Assets Consist of:
Capital stock ($.01 par value)	$	687
Additional paid-in capital		725,950
Distributable net investment income (loss)		26,463
Accumulated net realized gain (loss) from investment securities, futures contracts, written option and swaption contracts, swaps and foreign currency transactions		(596	)
Net unrealized appreciation (depreciation) on:
Investment securities		(1,671	)
Futures contracts		(347	)
Written options and swaption contracts		427
Swap agreements		(823	)
Translation of assets and liabilites denominated in foreign currencies		(391	)
Net Assets	$	749,699
Net Assets by Class:
Initial Class	$	726,038
Service Class		23,661
Shares Outstanding:
Initial Class		66,549
Service Class		2,164
Net Asset Value and Offering Price Per Share:
Initial Class	$	10.91
Service Class		10.93

STATEMENT OF OPERATIONS
For the year ended December 31, 2005
(all amounts in thousands)

Investment Income:
Interest	$	27,376
Income from loaned securities–net		55
		27,431
Expenses:
Management and advisory fees		4,555
Printing and shareholder reports		124
Custody fees		171
Administration fees		136
Legal fees		12
Audit fees		17
Trustees fees		23
Service fees:
Service Class		49
Other		17
Total expenses		5,104
Net Investment Income (Loss)		22,327
Net Realized Gain (Loss) from:
Investment securities		2,854
Futures contracts		(4,263	)
Written option and swaption contracts		1,405
Swap agreements		1,210
Foreign currency transactions		2,865
		4,071
Net Increase (Decrease) in Unrealized Appreciation (Depreciation) on:
Investment securities		(9,725	)
Futures contracts		421
Written option and swaption contracts		(36	)
Swap agreements		(1,049	)
Translation of assets and liabilities denominated in foreign currencies		(250	)
		(10,639	)
Net Realized and Unrealized Gain (Loss) on Investment Securities, Futures Contracts, Written Option and Swaption Contracts, Swaps and Foreign Currency Transactions		(6,568	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	15,759

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

13

PIMCO Total Return

STATEMENTS OF CHANGES IN NET ASSETS
For the years ended
(all amounts in thousands)

	December 31, 2005			December 31, 2004
Increase (Decrease) in Net Assets From:
Operations:
Net investment income (loss)	$	22,327		$	11,855
Net realized gain (loss) from investment securities, futures contracts, written option and swaption contracts, swaps and foreign currency transactions		4,071			17,947
Change in unrealized appreciation (depreciation) on investment securities, futures contracts, written option and swaption contracts, swaps and foreign currency translation		(10,639	)		(1,157	)
		15,759			28,645
Distributions to Shareholders:
From net investment income:
Initial Class		(12,145	)		(10,888	)
Service Class		(378	)		(142	)
		(12,523	)		(11,030	)
From net realized gains:
Initial Class		(15,740	)		(10,662	)
Service Class		(520	)		(166	)
		(16,260	)		(10,828	)
Capital Share Transactions:
Proceeds from shares sold:
Initial Class		158,964			294,003
Service Class		13,778			12,244
		172,742			306,247
Dividends and distributions reinvested:
Initial Class		27,884			21,550
Service Class		899			308
		28,783			21,858
Cost of shares redeemed:
Initial Class		(81,796	)		(241,245	)
Service Class		(5,089	)		(1,102	)
		(86,885	)		(242,347	)
		114,640			85,758
Net increase (decrease) in net assets		101,616			92,545
Net Assets:
Beginning of year		648,083			555,538
End of year	$	749,699		$	648,083
Distributable Net Investment Income (Loss)	$	26,463		$	12,686

	December 31, 2005			December 31, 2004
Share Activity:
Shares issued:
Initial Class		14,449			26,537
Service Class		1,235			1,103
		15,684			27,640
Shares issued–reinvested from distributions:
Initial Class		2,558			1,981
Service Class		82			28
		2,640			2,009
Shares redeemed:
Initial Class		(7,424	)		(21,864	)
Service Class		(461	)		(99	)
		(7,885	)		(21,963	)
Net increase (decrease) in shares outstanding:
Initial Class		9,583			6,654
Service Class		856			1,032
		10,439			7,686

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

14

PIMCO Total Return

FINANCIAL HIGHLIGHTS

		For a share outstanding throughout each period (a)
		Net Asset		Investment Operations							Distributions									Net Asset
	For the Period Ended (b)	Value, Beginning of Period		Net Investment Income (Loss)		Net Realized and Unrealized Gain (Loss)			Total Operations		From Net Investment Income			From Net Realized Gains			Total Distributions			Value, End of Period
Initial Class	12/31/2005	$	11.12	$	0.36	$	(0.10	)	$	0.26	$	(0.20	)	$	(0.27	)	$	(0.47	)	$	10.91
	12/31/2004		10.98		0.19		0.29			0.48		(0.17	)		(0.17	)		(0.34	)		11.12
	12/31/2003		10.62		0.22		0.29			0.51		(0.06	)		(0.09	)		(0.15	)		10.98
	12/31/2002		10.00		0.20		0.42			0.62		–			–			–			10.62
Service Class	12/31/2005		11.16		0.34		(0.11	)		0.23		(0.19	)		(0.27	)		(0.46	)		10.93
	12/31/2004		11.02		0.17		0.29			0.46		(0.15	)		(0.17	)		(0.32	)		11.16
	12/31/2003		10.89		0.12		0.11			0.23		(0.01	)		(0.09	)		(0.10	)		11.02

					Ratios/Supplemental Data
	For the Period	Total			Net Assets, End of Period		Ratio of Expenses to Average Net Assets (f)						Net Investment Income (Loss) to Average			Portfolio Turnover
	Ended (b)	Return (c)(g)			(000's)		Net (d)			Total (e)			Net Assets (f)			Rate (g)
Initial Class	12/31/2005		2.33	%	$	726,038		0.74	%		0.74	%		3.28	%		387	%
	12/31/2004		4.50			633,493		0.75			0.75			1.75			393
	12/31/2003		4.90			552,494		0.75			0.75			2.06			430
	12/31/2002		6.20			385,405		0.78			0.78			2.86			302
Service Class	12/31/2005		2.03			23,661		0.99			0.99			3.10			387
	12/31/2004		4.22			14,590		1.01			1.01			1.54			393
	12/31/2003		2.14			3,044		0.99			0.99			1.67			430

NOTES TO FINANCIAL HIGHLIGHTS

(a)  Per share information is calculated based on average number of shares outstanding.

(b)  PIMCO Total Return (the "Fund") share classes commenced operations on:

Initial Class – May 1, 2002
Service Class – May 1, 2003

(c)  Total Return reflects all portfolio expenses and includes reinvestment of dividends and capital gains; it does not reflect the charges and deductions under the policies or annuity contracts.

(d)  Ratio of Net Expenses to Average Net Assets is net of advisory fee waivers, if any (see note 2).

(e)  Ratio of Total Expenses to Average Net Assets includes all expenses before advisory fee waivers.

(f)  Annualized.

(g)  Not annualized.

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

15

PIMCO Total Return

NOTES TO FINANCIAL STATEMENTS
At December 31, 2005
(all amounts in thousands)

NOTE 1.  ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

The AEGON/Transamerica Series Trust ("ATST") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). ATST serves as a funding vehicle for variable life insurance, variable annuity and group annuity products. PIMCO Total Return (the "Fund") is part of ATST.

Effective May 1, 2005, AEGON/Transamerica Series Fund, Inc. changed its name to AEGON/Transamerica Series Trust.

In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

This report should be read in conjunction with the current Fund prospectus, which contains more complete information about the Fund.

In preparing the Fund's financial statements in accordance with accounting principles generally accepted in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Fund.

Multiple class operations, income and expenses: The Fund currently offers two classes of shares, an Initial Class and a Service Class. Income, non-class specific expenses and realized and unrealized gains and losses, are allocated daily to each class, based upon the value of shares outstanding method as permitted under Rule 18f-3 of the 1940 Act. Each class bears its own specific expenses as well as a portion of general, common expenses.

Security valuations: The Fund values its investments at the close of the New York Stock Exchange ("NYSE"), normally 4 p.m. ET, each day the NYSE is open for business. Fund investments are valued at the last sale price or closing price on the day of valuation taken from the primary exchange where the security is principally traded.

Securities traded in the over-the-counter market and listed securities for which no sale was reported on that date are valued at the last quoted bid price.

Debt securities are valued based on a price quotation or other equivalent indication of value supplied by an exchange, a pricing service or a major market maker; however, those that mature in sixty days or less are valued at amortized cost, which approximates market.

Investment company securities are valued at the net asset value of the underlying portfolio.

Foreign securities generally are valued based on quotations from the primary market in which they are traded. Because many foreign securities markets and exchanges close prior to the close of the NYSE, closing prices for foreign securities in those markets or on those exchanges do not reflect the events that occur after that close. If a significant market event impacting the value of a portfolio security (e.g., natural disaster, company announcement, market volatility) occurs subsequent to the close of trading in the security, but prior to the calculation of the Fund's net asset value per share, market quotations for that security may be determined to be unreliable and, accordingly, not "readily available." As a result, foreign equity securities held by the Fund may be valued at fair market value as determined in good faith by the Fund's Administrative Valuation Committee, under the supervision of the Board's Valuation Committee , using guidelines adopted by the Board of Trustees.

Other securities for which quotations are not readily available are valued at fair market value as determined in good faith by the Fund's Administrative Valuation Committee, under the supervision of the Board's Valuation Committee, using guidelines adopted by the Board of Trustees.

Cash: The Fund may leave cash overnight in its cash account with the custodian, Investors Bank & Trust Company ("IBT"). IBT has been contracted on behalf of the Fund to invest the excess cash into a savings account, which at December 31, 2005, was paying an interest rate of 3.00%.

TBA purchase commitments: The Fund may enter into "TBA" (to be announced) purchase commitments to purchase securities for a fixed price at a future date, typically not to exceed 45 days. TBA purchase commitments are considered securities in themselves, and involve a risk of loss if the value of the security to be purchased declines prior to settlement date, in addition to the risk of decline in the value of the Fund's other assets. Unsettled TBA purchase commitments are valued at the current value of the underlying securities, according to the procedures described under Security Valuations.

Repurchase agreements: The Fund is authorized to enter into repurchase agreements. The Fund, through its custodian, IBT, receives delivery of the underlying securities, the value of which at the time of purchase is required to be an amount equal to at least 100% of the resale price. The Fund will bear the risk of value fluctuations until the security can be sold and may encounter delays and incur costs in liquidating the security. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

AEGON/Transamerica Series Trust

Annual Report 2005

16

PIMCO Total Return

NOTES TO FINANCIAL STATEMENTS (continued)
At December 31, 2005
(all amounts in thousands)

NOTE 1.–(continued)

Securities lending: The Fund may lend securities to qualified borrowers, with IBT acting as the Fund's lending agent. The Fund earns negotiated lenders' fees. The Fund receives cash and/or securities as collateral against the loaned securities. Cash collateral received is invested in short term, interest bearing securities. The Fund monitors the market value of securities loaned on a daily basis and requires collateral in an amount at least equal to the value of the securities loaned. Income from loaned securities on the Statement of Operations is net of fees, in the amount of $23, earned by IBT for its services.

Security transactions and investment income: Security transactions are recorded on the trade date. Security gains and losses are calculated on the first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend date. Interest income, including accretion of discounts and amortization of premiums, is recorded on the accrual basis commencing on the settlement date.

Foreign currency denominated investments: The accounting records of the Fund are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the closing exchange rate each day. The cost of foreign securities is translated at the exchange rate in effect when the investment was acquired. The Fund combines fluctuations from currency exchange rates and fluctuations in value when computing net realized and unrealized gains or losses from investments.

Net foreign currency gains and losses resulting from changes in exchange rates include: 1) foreign currency fluctuations between trade date and settlement date of investment security transactions; 2) gains and losses on forward foreign currency contracts; and 3) the difference between the receivable amounts of interest and dividends recorded in the accounting records in U.S. dollars and the amounts actually received.

Foreign currency denominated assets may involve risks not typically associated with domestic transactions. These risks include revaluation of currencies, adverse fluctuations in foreign currency values and possible adverse political, social and economic developments, including those particular to a specific industry, country or region.

Forward foreign currency contracts: The Fund may enter into forward foreign currency contracts to hedge against exchange rate risk arising from investments in securities denominated in foreign currencies. Contracts are valued at the contractual forward rate and are marked to market daily, with the change in value recorded as an unrealized gain or loss. When the contracts are settled a realized gain or loss is incurred. Risks may arise from changes in market value of the underlying currencies and from the possible inability of counterparties to meet the terms of their contracts.

Open forward foreign currency contracts at December 31, 2005, are listed in the Schedule of Investments.

Swap agreements: The Fund may enter into swap agreements to manage its exposure to interest rates and credit risk. Interest rate swap agreements involve commitments to pay/receive interest in exchange for a market-linked return, both based on notional amounts. In a credit default swap, one party makes a stream of payments to another party in exchange for the right to receive a specified return in the event of a default by a third party, typically corporate issues or sovereign issues of an emerging country, on its obligation. A Portfolio may use credit default swaps to provide a measure of protection against defaults of sovereign issuers (i.e., to reduce risk where a Portfolio owns or has exposure to the sovereign issuer) or to take an active long or short position with respect to the likelihood of a particular issuer's default.

Entering into these agreements involves elements of credit, market and documentation risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements, and that there may be unfavorable changes in interest rates.

Swaps are marked to market daily based upon quotations from market makers and vendors and the change in value, if any, is recorded as unrealized gain or loss in the Statement of Operations. Payments received or made at the beginning of the measurement period are reflected as such on the Statement of Assets and Liabilities. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss in the Statement of Operations. Net periodic payments are included as part of realized gain or loss on the Statement of Operations.

Open swaps agreements at December 31, 2005, are listed in the Schedule of Investments.

Futures contracts: The Fund may enter into futures contracts to manage exposure to market, interest rate or currency fluctuations. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded. The primary risks associated with futures contracts are imperfect correlation between the change in market value of the securities held and the prices of futures contracts; the possibility of an illiquid market and inability of the counterparty to meet the contract terms.

The underlying face amounts of open futures contracts at December 31, 2005, are listed in the Schedule of Investments. The variation margin receivable or payable, as applicable, is included in the Statement of Assets and Liabilities. Variation margin represents the

AEGON/Transamerica Series Trust

Annual Report 2005

17

PIMCO Total Return

NOTES TO FINANCIAL STATEMENTS (continued)
At December 31, 2005
(all amounts in thousands)

NOTE 1.–(continued)

additional payment due or excess deposits made in order to maintain the equity account at the required margin level.

Option contracts: The Fund may enter into options contracts to manage exposure to market fluctuations. Options are valued at the average of the bid and ask ("Mean Quote") established each day at the close of the board of trade or exchange on which they are traded. The primary risks associated with options are imperfect correlation between the change in value of the securities held and the prices of the options contracts; the possibility of an illiquid market and inability of the counterparty to meet the contracts terms. When the Fund writes a covered call or put option, an amount equal to the premium received by the Fund is included in the Fund's Statement of Assets and Liabilities as an asset and as an equivalent liability. Options are marked-to-market daily to reflect the current value of the option written.

Transactions in written options were as follows:

	Premium			Contracts*
Beginning Balance December 31, 2004	$	178			376
Sales		868			3,194
Closing Buys		(537	)		(2,140	)
Expirations		(475	)		(1,284	)
Exercised		—			—
Balance at December 31, 2005	$	34			146

*  Contracts not in thousands

Swaptions contracts: The Fund is authorized to write swaption contracts to manage exposure to fluctuations in interest rates and to enhance fund yield. Swaption contracts written by the Fund represent an option that gives the purchaser the right, but not the obligation, to enter into a previously agreed upon swap contract on a future date. If a written call option is exercised, the writer will enter a swap and is obligated to pay the fixed rate and receive a variable rate in exchange. Swaptions are marked-to-market daily based upon quotations from market makers.

When the Fund writes a swaption, the premium received is recorded as a liability and is subsequently adjusted to the current value of the swaption. Changes in the value of the swaption are reported as Unrealized gains or losses in written options in the Statement of Assets and Liabilities. Gain or loss is recognized when the swaption contract expires or is closed. Premiums received from writing swaptions that expire or are exercised are treated by the Fund as realized gains from written options. The difference between the premium and the amount paid on affecting a closing purchase transaction is treated as a realized gain or loss.

Transactions in written swaptions were as follows:

	Premium			Notional Amount
Beginning Balance December 31, 2004	$	393			50,200
Sales		803			82,000
Closing Buys		—			—
Expirations		(393	)		(50,200	)
Exercised		—			—
Balance at December 31, 2005	$	803			82,000

Dividend distributions: Dividends and capital gains distributions are typically declared and reinvested annually and are generally paid and reinvested on the business day following the ex-date.

NOTE 2.  RELATED PARTY TRANSACTIONS

Effective January 1, 2005 AEGON/Transamerica Fund Advisers, Inc. was renamed Transamerica Fund Advisors, Inc. ("TFAI"); AEGON/Transamerica Fund Services, Inc. and AEGON/Transamerica Investor Services, Inc. merged into one entity and was renamed Transamerica Fund Services, Inc. ("TFS").

ATST serves as a funding vehicle for certain affiliated asset allocation portfolios and certain affiliated separate accounts of Western Reserve Life Assurance Co. of Ohio, Transamerica Life Insurance Company, Transamerica Financial Life Insurance Company, Inc., Peoples Benefit Life Insurance Company, Transamerica Occidental Life Insurance Company and Transamerica Life Insurance and Annuity Company.

TFAI is the Fund's investment adviser. TFS is the Fund's administrator and transfer agent. AFSG Securities Corp. ("AFSG") is the Fund's distributor. TFAI, TFS, and AFSG are affiliates of AEGON, NV, a Netherlands corporation.

Certain officers and trustees of the Fund are also officers and/or directors of TFAI, TFS and AFSG.

The following schedule reflects the percentage of fund assets owned by affiliated investment companies at December 31, 2005:

	Net Assets		% of Net Assets
Asset Allocation–Conservative Portfolio	$	54,181		7.23	%
Asset Allocation–Moderate Growth Portfolio		79,008		10.54	%
Asset Allocation–Moderate Portfolio		194,424		25.93	%
Total	$	327,613		43.70	%

AEGON/Transamerica Series Trust

Annual Report 2005

18

PIMCO Total Return

NOTES TO FINANCIAL STATEMENTS (continued)
At December 31, 2005
(all amounts in thousands)

NOTE 2.–(continued)

Investment advisory fee: The Fund pays management fees to TFAI based on average daily net assets ("ANA") at the following breakpoints:

0.70% of the first $250 million of ANA
0.65% of the next $500 million of ANA
0.60% of ANA over $750 million

TFAI has contractually agreed to waive its advisory fee and will reimburse the Fund to the extent that operating expenses, excluding 12b-1 fees, exceed the following stated annual limit:

1.20% Expense Limit

If total fund expenses fall below the annual expense limitation agreement agreed to by the adviser within the succeeding three years, the Fund may be required to pay that adviser a portion or all of the waived advisory fees.

There were no amounts recaptured during the year ended December 31, 2005. There are no amounts available for recapture at December 31, 2005.

Distribution and service fees: The Fund adopted a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, ATST entered into a Distribution Agreement with AFSG dated January 1, 1997, as amended.

Under the Distribution Plan and Distribution Agreement on the Initial Class shares, AFSG, on behalf of the Fund, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Fund's shares, amounts equal to actual expenses associated with distributing the shares.

The Distribution Plan on the Service Class shares requires ATST to pay distribution fees to AFSG as compensation for its activities, not as reimbursement for specific expenses. The fee on the Service Class is paid to the insurance companies for providing services and account maintenance for their policyholders who invest in the variable insurance products which invest in the Service Class shares.

The Fund is authorized under the 12b-1 plan to pay fees on each class up to the following limits:

Initial Class	0.15	%
Service Class	0.25	%

AFSG has determined that it will not seek payment by the Fund of the distribution expenses incurred with respect to the Initial Class shares before April 30, 2007. Prior to AFSG seeking reimbursement of future expenses, policy and contract owners will be notified in advance. The Fund will pay fees relating to Service Class shares.

Administrative services: The Fund has entered into an agreement with TFS for financial and legal fund administration services. The Fund pays TFS an annual fee of 0.02% of ANA. The Legal fees on the Statement of Operations are for fees paid to external legal counsel.

Deferred compensation plan: Each eligible independent Fund Trustee may elect participation in a non-qualified deferred compensation plan ("the Plan") maintained by Transamerica IDEX Mutual Funds, an affiliate of the Fund. Under the Plan, such Trustees may defer payment of all or a portion of their total fees earned as a Fund Trustee. Each Trustee who is a participant in the Plan may elect that the earnings, losses or gains credited to his or her deferred fee amounts be determined based on a deemed investment in any series of Transamerica IDEX Mutual Funds. The right of a participant to receive a distribution from the Plan of the deferred fees is an unsecured claim against the general assets of all series of Transamerica IDEX Mutual Funds. The pro rata liability to the Fund of all deferred fees in the Plan amounted, as of December 31, 2005, to $37.

NOTE 3.  INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the year ended December 31, 2005, were as follows:

Purchases of securities:
Long-Term	$	145,727
U.S. Government		2,096,103
Proceeds from maturities and sales of securities
Long-Term		172,755
U.S. Government		1,721,796

NOTE 4.  FEDERAL INCOME TAX MATTERS

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatment for items including, but not limited to, wash sales, foreign currency transactions, swaps, option contracts, futures contracts and capital loss carryforwards.

Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. Financial records are not adjusted for temporary differences. These reclassifications are as follows:

Distributable net investment income (loss)	$	3,973
Accumulated net realized gain (loss) from investment securities		(3,973	)

AEGON/Transamerica Series Trust

Annual Report 2005

19

PIMCO Total Return

NOTES TO FINANCIAL STATEMENTS (continued)
At December 31, 2005
(all amounts in thousands)

NOTE 4.–(continued)

The capital loss carryforward is available to offset future realized capital gains through the period listed:

Capital Loss Carryforward		Available through
$	571	December 31, 2013

The tax character of distributions paid may differ from the character of distributions shown in the Statements of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2004 and 2005 was as follows:

2004 Distributions paid from:
Ordinary Income	$	20,145
Long-term Capital Gain		1,713
2005 Distributions paid from:
Ordinary Income		22,107
Long-term Capital Gain		6,676

The tax basis components of distributable earnings as of December 31, 2005, are as follows:

Undistributed Ordinary Income	$	26,075
Undistributed Long-term Capital Gain	$	—
Capital Loss Carryforward	$	(571	)
Net Unrealized Appreciation (Depreciation)	$	(2,442	)*

*  Amount includes unrealized appreciation (depreciation) on derivative instruments.

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of December 31, 2005, are as follows:

Federal Tax Cost Basis	$	909,642
Unrealized Appreciation	$	—
Unrealized (Depreciation)		(2,064	)
Net Unrealized Appreciation (Depreciation)	$	(2,064	)

NOTE 5.  REGULATORY PROCEEDINGS

There continues to be significant federal and state regulatory activity relating to financial services companies, particularly mutual fund companies and their investment advisers. As part of an ongoing investigation regarding potential market timing, recordkeeping and trading compliance issues and matters affecting the Fund's investment adviser, TFAI, and certain affiliates and former employees of TFAI, the SEC staff has indicated that it is likely to take some action against TFAI and certain of its affiliates at the conclusion of the investigation. The potential timing and the scope of any such action is difficult to predict. Although the impact of any action brought against TFAI and/or its affiliates is difficult to assess at the present time, the Fund currently believes that the likelihood that any such action will have a material adverse impact on it is remote. It is important to note that the Fund is not aware of any allegation of wrongdoing against it and its Board at the time this annual report is printed. Although it is not anticipated that these developments will have an adverse impact on the Fund, there can be no assurance at this time. TFAI and its affiliates are actively working with the SEC in regard to this matter; however, the exact resolution cannot be determined at this time. TFAI will take such actions that it deems necessary or appropriate to continue providing management services to the Fund and to bring all matters to an appropriate conclusion.

TFAI and/or its affiliates, and not the Fund, will bear the costs regarding these regulatory matters.

AEGON/Transamerica Series Trust

Annual Report 2005

20

Report of Independent Registered Certified Public Accounting Firm

To the Board of Trustees and Shareholders of
PIMCO Total Return

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of PIMCO Total Return (the "Fund") (one of the portfolios constituting the AEGON/Transamerica Series Trust) at December 31, 2005, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fund's management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2005 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

Tampa, Florida
February 23, 2006

PIMCO Total Return (UNAUDITED)

SUPPLEMENTAL TAX INFORMATION
(all amounts in thousands)

For tax purposes, the Fund has made a Long-Term Capital Gain Designation of $6,676 for the year ended December 31, 2005.

AEGON/Transamerica Series Trust

Annual Report 2005

21

PIMCO Total Return

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS – REVIEW AND RENEWAL (unaudited)

At a meeting of the Board of Trustees of AEGON/Transamerica Series Trust ("ATST") held on November 2, 2005, the Board reviewed and considered the Investment Advisory Agreement between PIMCO Total Return (the "Portfolio") and Transamerica Fund Advisors, Inc. ("TFAI") as well as the Investment Sub-Advisory Agreement of the Portfolio between TFAI and Pacific Investment Management Company LLC (the "Sub-Adviser"), to determine whether the agreements should be renewed for a one-year period. Following their review and consideration, the Trustees determined that the Investment Advisory Agreement and the Investment Sub-Advisory Agreement will enable shareholders of the Portfolio to obtain high quality services at a cost that is appropriate, reasonable, and in the best interests of its shareholders. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and the Inve stment Sub-Advisory Agreement. In reaching their decision, the Trustees requested and obtained from TFAI and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the proposed agreements. The Trustees also carefully considered the information that they had received throughout the year from TFAI and the Sub-Adviser (such as in-person presentations by the Sub-Adviser) as part of their regular oversight of the Portfolio, as well as: comparative fee, expense and performance information prepared by Lipper Inc. ("Lipper"), independent providers of mutual fund performance, fee and expense information; and profitability data. In considering the proposed continuation of the Investment Advisory Agreement and the Investment Sub-Advisory Agreement, the Trustees evaluated a number of considerations that they believe, in light of the legal advice furnished to them by ATST counsel and independent legal counsel and their own business judgment, to be relevant. They based their decisions on the foll owing considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:

The nature, extent and quality of the advisory service to be provided. The Board considered the nature and quality of the services provided by TFAI and the Sub-Adviser to the Portfolio in the past, as well as the services anticipated to be provided in the future. The Board concluded that TFAI and the Sub-Adviser are capable of providing high quality services to the Portfolio, as indicated by the nature and quality of services provided in the past, TFAI's and the Sub-Adviser's management capabilities demonstrated with respect to the portfolios they manage, including the Portfolio, and the experience, capability and integrity of TFAI's senior management, the financial resources of TFAI and the Sub-Adviser, TFAI's management oversight process, the professional qualifications and experience of the Sub-Adviser's portfolio management team, and the Portfolio 's investment performance. The Trustees also concluded that TFAI and the Sub-Adviser proposed to provide investment and related services that were of the same quality and quantity as services provided to the Portfolio in the past, and that these services are appropriate in scope and extent in light of the Portfolio's operations, the competitive landscape of the investment company business and investor needs, and that TFAI's and the Sub-Adviser's obligations will remain substantially the same.

The investment performance of the Portfolio. The Board examined both the short-term and longer-term performance of the Portfolio, including relative performance against a benchmark securities index and a peer group of comparable mutual funds as prepared by Lipper, for various trailing periods ended June 30, 2005. The Trustees concluded that TFAI and the Sub-Adviser generally had achieved competitive investment performance, noting that although the performance of the Portfolio was below median relative to its peers over the past one- and three-year periods, its performance was above median relative to its peers over the past two-year period, and competitive to the benchmark index over the past one-, two- and three-year periods. On the basis of the Trustees' assessment of the nature, extent and quality of advisory services to be provided or procured by TFAI and the Sub-Adviser, the Trustees concluded that TFAI and the Sub-Adviser are capable of generating a level of investment performance that is appropriate in light of the Portfolio's investment objective, policies and strategies and competitive with many other investment companies, and also determined that TFAI's and the Sub-Adviser's performance records indicate that their continued management is likely to benefit the Portfolio and its shareholders.

The cost of advisory services provided and the level of profitability. The Board reviewed profitability information regarding TFAI's costs of procuring portfolio management services, as well as the costs of provision of administration, fund accounting and other services, to the Portfolio and to ATST as a whole by TFAI and its affiliates. The Trustees reviewed data from Lipper that compared the Portfolio's management fees (including management fees at various asset levels), other fees and expenses (including total expenses including and excluding 12b-1distribution and service fees) and portfolio turnover rate against a peer group of comparable mutual funds. Based on such information, the Trustees determined that the management fees and overall expense ratio of the Portfolio generally are consistent with industry averages. In addition, on the basis of t he Board's review of the management fees to be charged by TFAI for investment advisory and related services, TFAI profitability information (derived from TFAI's audited financial statements), TFAI's estimated management income resulting from its management of the Portfolio, the estimated margin of the Sub-Adviser, as well as the entirety of TFAI's and its affiliates' service relationship with ATST, the Board concluded that the level of investment management fees and other service fees, as well as TFAI's and the Sub-Adviser's profitability, are appropriate in light of the services provided, the management fees and overall expense ratios of comparable investment companies and the anticipated profitability of the relationship between the Portfolio, TFAI and its affiliates, and the Sub-Adviser.

AEGON/Transamerica Series Trust

Annual Report 2005

22

PIMCO Total Return (continued)

Whether fee levels reflect economies of scale and the extent to which economies of scale would be realized as the Portfolio grows. The Board concluded that the inclusion of asset-based breakpoints in the Portfolio's advisory fee schedule appropriately benefits investors by realizing economies of scale in the form of lower management fees as the level of assets grows despite the absence of such breakpoints in the sub-advisory fee payable by TFAI to the Sub-Adviser. In addition, the Board concluded that the Portfolio's current management fees appropriately reflect the Portfolio's current size, the current economic environment for TFAI, the competitive nature of the investment company market, and TFAI's pricing strategy. The Trustees also concluded that they will have the opportunity to periodically reexamine whether the Portfolio has achieved economies of scale, and the appropriateness of management fees payable to TFAI and fees payable by TFAI to the Sub-Adviser, in the future.

Benefits (such as soft dollars) to TFAI, its affiliates, or the Sub-Adviser from their relationship with the Portfolio. The Board concluded that other benefits derived by TFAI, its affiliates, and the Sub-Adviser from their relationship with the Portfolio are reasonable and fair, and are consistent with industry practice and the best interests of the Portfolio and its shareholders. In this regard, the Board noted that neither TFAI nor the Sub-Adviser realizes "soft dollar" benefits from its relationship with the Portfolio. In addition, the Trustees determined that the administration, fund accounting and other fees paid by the Portfolio to affiliates of TFAI are reasonable, fair and in the best interests of shareholders in light of the nature and quality of the services provided, the associated costs to these affiliates of providing the services, the i mpact of the costs of such services on the Portfolio's overall operating expenses, and the necessity of the services for the Portfolio's operations.

Other considerations. The Board determined that TFAI had made a substantial commitment to the recruitment and retention of high quality personnel, and maintained the financial, compliance and operational resources reasonably necessary to manage the Portfolio in a professional manner that is consistent with the best interests of the Portfolio and its shareholders. In this regard, the Trustees favorably considered the procedures and policies in place by TFAI to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Adviser. The Trustees also determined that TFAI had made a significant entrepreneurial commitment to the management and success of the Portfolio, reflected by TFAI's expense limitation and fee waiver arrangement with the Portfolio, which may result in TFAI waiving a substantial amoun t of advisory fees for the benefit of shareholders.

AEGON/Transamerica Series Trust

Annual Report 2005

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Salomon All Cap

MARKET ENVIRONMENT

There are periods of time, often five years or more, when bigger companies outperform and there are times when the opposite is true. During 2005, our stock selection increasingly favored larger companies where we felt there was greater value. Although we believe larger companies will do much better in absolute and relative senses in 2006, clearly this emphasis penalized performance over the reporting period.

During the final quarter of 2005, we reduced our holdings in the energy sector to be closer to a neutral weight of the benchmark. We continue to like energy stocks longer term, but we thought the spike in oil and natural gas prices after Hurricanes Katrina and Rita had made these stocks vulnerable to a meaningful correction. We believe "contra energy" (large users of energy) actually might be better performers over the next few quarters should energy prices correct, as we believe they will.

Diversification is a cardinal tenet of prudent investing. However, one can also have too many companies in a portfolio. Currently we are working to reduce, moderately, the number of our holdings. We believe having fewer, somewhat larger positions will not only focus our minds, but may also lead to improved performance in 2006.

PERFORMANCE

For the year ended December 31, 2005, Salomon All Cap, Initial Class returned 4.08%. By comparison its benchmark the Russell 3000 Index returned 6.12%.

STRATEGY REVIEW

The portfolio's holdings in the energy, information technology, and financials sectors were the largest contributors to performance during the reporting period. In contrast, stocks in the consumer discretionary and health care were primary detractors from results. Most the portfolio's underperformance during the reporting period can be attributable to our consumer discretionary holdings. In this sector, we emphasized media companies such as News Corporation, Time Warner Inc., and The Walt Disney Company. We believe the media segment is now selling at one of the lowest relative values to the market in the last 20 years. At current prices, we believe the media stocks contained in the portfolio represent compelling values. In 2006, the winter Olympics and the mid-term elections should help increase advertising revenues for these companies. Our approach is to "select leading business franchises selling at depressed prices for reason s we believe are temporary." Expectations and prices in the media industry are depressed and we feel the stocks should do well in 2006.

In terms of individual stocks, the largest contributors to performance included Halliburton Company, Murphy Oil Corporation, RTI International Metals, Inc., and Canadian Natural Resources Limited. The largest detractors to performance were Solectron Corporation, Lucent Technologies Inc., Comcast Corporation, Enzo Biochem, Inc., and The Interpublic Group of Companies, Inc.

John J. Goode

Peter J. Hable

Co-Portfolio Managers
Salomon Brothers Asset Management Inc.

AEGON/Transamerica Series Trust

Annual Report 2005

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Salomon All Cap

Comparison of change in value of $10,000 investment in Initial Class shares and its comparative index.

Average Annual Total Return for Periods Ended 12/31/05

	1 year			5 years			From Inception			Inception Date
Initial Class		4.08	%		3.36	%		7.44	%	5/3/99
Russell 30001		6.12	%		1.58	%		1.71	%	5/3/99
Service Class		3.81	%		–			15.21	%	5/1/03

NOTES

¹  The Russell 3000 (Russell 3000) Index is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. From inception calculation is based on life of Initial Class shares. Source: Standard & Poor's Micropal®^© Micropal, Inc. 2005 – 1-800-596-5323 – http://www.funds-sp.com.

The performance data presented represents past performance, future results may vary. The portfolio's investment return and net asset value will fluctuate. Past performance does not guarantee future results. Investor's units when redeemed, may be worth more or less than their original cost.

Current performance may be higher or lower than the performance data quoted. Please visit your insurance company's website for contract or policy level standardized total returns current to the most recent month-end. Portfolio performance is net of investment fees and fund expenses, but not product charges, which, if included, would significantly lower the performance quoted.

Investments in a "non-diversified" portfolio may be subject to specific risks such as susceptibility to single economic, political, or regulatory events, and may be subject to greater loss than investments in a diversified portfolio.

This material must be preceded or accompanied by a current prospectus, which includes specific contents regarding the investment objectives, explanation of share classes and policies of this portfolio.

AEGON/Transamerica Series Trust

Annual Report 2005

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Salomon All Cap

UNDERSTANDING YOUR FUND'S EXPENSES
(unaudited)

SHAREHOLDER EXPENSES

Fund shareholders may incur ongoing costs, including management and advisory fees, distribution and service fees, and other Fund expenses.

The following Example is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.

The Example is based on an investment of $1,000 invested at July 1, 2005 and held for the entire period until December 31, 2005.

ACTUAL EXPENSES

The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of your Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fees, brokerage commissions paid on purchases and sales of fund shares. Therefore, the second line under the Fund in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If any of these transaction costs were included, your costs would be higher. The expenses shown in the table do not reflect any fees that may be charged to you by brokers, financial intermediaries or other institutions.

	Beginning Account Value		Ending Account Value		Annualized Expense Ratio			Expenses Paid During Period (a)
Initial Class
Actual	$	1,000.00	$	1,062.40		0.88	%	$	4.57
Hypothetical (b)		1,000.00		1,020.77		0.88	%		4.48
Service Class
Actual	$	1,000.00	$	1,061.20		1.13	%	$	5.87
Hypothetical (b)		1,000.00		1,019.51		1.13	%		5.75

^(a)  Expenses are calculated using each Fund's annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by number of days in the period (184 days), and divided by the number of days in the year (365 days).

^(b)  5% return per year before expenses.

GRAPHICAL PRESENTATION OF SCHEDULE OF INVESTMENTS
By Sector
At December 31, 2005

This chart shows the percentage breakdown by sector of the Fund's total investment securities.

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Annual Report 2005

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SCHEDULE OF INVESTMENTS
At December 31, 2005
(all amounts except share amounts in thousands)

	Shares		Value
COMMON STOCKS (85.4%)
Aerospace (1.1%)
Boeing Co. (The)		71,200	$	5,001
Air Transportation (1.5%)
Southwest Airlines Co.		398,800		6,552
Amusement & Recreation Services (1.4%)
Disney (Walt) Co. (The)		251,500		6,028
Automotive (0.9%)
Lear Corp. †		143,500		4,084
Beverages (0.5%)
Molson Coors Brewing Co.–Class B		33,300		2,231
Business Services (2.6%)
CCE Spinco, Inc. †‡		21,500		282
Clear Channel Communications, Inc.		172,000		5,409
Interpublic Group of Cos., Inc. †‡		568,000		5,481
Chemicals & Allied Products (2.5%)
Dow Chemical Co. (The)		114,100		5,000
du Pont (E.I.) de Nemours & Co. †		139,800		5,942
OM Group, Inc. ‡		3,500		66
Commercial Banks (6.5%)
JP Morgan Chase & Co.		235,600		9,351
MBNA Corp.		225,500		6,125
Mitsubishi UFJ Financial Group, Inc., ADR		593,300		8,122
State Street Corp.		87,600		4,857
Communication (1.2%)
Comcast Corp.–Special Class A ‡		209,400		5,380
Communications Equipment (3.3%)
Lucent Technologies, Inc. ‡		1,669,300		4,440
Motorola, Inc.		249,400		5,634
Nokia Corp., ADR		241,700		4,423
Computer & Data Processing Services (2.5%)
Micromuse, Inc. ‡		297,900		2,946
Microsoft Corp.		306,200		8,007
Computer & Office Equipment (1.8%)
Cisco Systems, Inc. ‡		460,300		7,880
Diversified (0.9%)
Honeywell International, Inc.		108,900		4,057
Electronic Components & Accessories (2.9%)
Novellus Systems, Inc. ‡		88,700		2,139
Taiwan Semiconductor Manufacturing Co., Ltd., ADR		661,802		6,558
Texas Instruments, Inc.		129,300		4,147

	Shares		Value
Food & Kindred Products (1.9%)
Kraft Foods, Inc.–Class A †		132,300	$	3,723
Unilever PLC, Sponsored ADR †		115,700		4,642
Food Stores (1.4%)
Albertson's, Inc.		22,900		489
Safeway, Inc. †		232,500		5,501
Gas Production & Distribution (0.9%)
Dynegy, Inc.–Class A †‡		37,900		183
Williams Cos., Inc. (The)		154,600		3,582
Health Services (0.6%)
Enzo Biochemical, Inc. †‡		216,514		2,689
Industrial Machinery & Equipment (3.5%)
Applied Materials, Inc. †		259,300		4,652
Baker Hughes, Inc.		49,200		2,990
Caterpillar, Inc.		105,000		6,066
Deere & Co. †		26,200		1,785
Instruments & Related Products (3.0%)
Agilent Technologies, Inc. ‡		160,000		5,326
Raytheon Co.		194,100		7,793
Insurance (7.6%)
AMBAC Financial Group, Inc. †		58,800		4,531
American International Group, Inc.		76,600		5,226
Chubb Corp.		72,100		7,041
CNA Surety Corp. ‡		219,800		3,203
MGIC Investment Corp. †		76,100		5,009
PMI Group, Inc. (The)		202,200		8,304
Insurance Agents, Brokers & Service (0.6%)
Hartford Financial Services Group, Inc. (The)		30,900		2,654
Lumber & Other Building Materials (1.2%)
Home Depot, Inc. (The)		131,900		5,339
Lumber & Wood Products (1.2%)
Weyerhaeuser Co.		78,100		5,181
Mining (0.0%)
WGI Heavy Minerals, Inc. ‡		159,200		164
Motion Pictures (3.9%)
News Corp., Inc.–Class A		343,400		5,340
News Corp., Inc.–Class B †		295,200		4,903
Time Warner, Inc.		378,400		6,599
Oil & Gas Extraction (3.6%)
Anadarko Petroleum Corp.		47,000		4,453
GlobalSantaFe Corp.		84,400		4,064
Halliburton Co. †		75,600		4,684
Schlumberger, Ltd. †		28,000		2,720

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

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Salomon All Cap

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2005
(all amounts except share amounts in thousands)

	Shares		Value
Paper & Allied Products (0.4%)
Smurfit-Stone Container Corp. ‡		112,100	$	1,588
Petroleum Refining (3.3%)
BP PLC, ADR		11,000		706
Chevron Corp.		54,900		3,117
ConocoPhillips		31,300		1,821
Exxon Mobil Corp.		50,800		2,853
Murphy Oil Corp.		111,400		6,015
Pharmaceuticals (10.0%)
Abbott Laboratories		144,700		5,706
Amgen, Inc. ‡		41,100		3,241
Aphton Corp. †‡		510,600		179
GlaxoSmithKline PLC, ADR		122,500		6,184
Johnson & Johnson		123,200		7,404
Lilly (Eli) & Co. †		54,400		3,079
Novartis AG, ADR		140,600		7,379
Pfizer, Inc.		182,500		4,256
Wyeth		142,000		6,542
Primary Metal Industries (2.9%)
Alcoa, Inc.		171,900		5,083
Engelhard Corp.		109,700		3,307
RTI International Metals, Inc. ‡		112,700		4,277
Radio & Television Broadcasting (1.3%)
Pearson PLC		463,700		5,476
Security & Commodity Brokers (3.3%)
American Express Co.		106,000		5,455
Ameriprise Financial, Inc.		21,200		869
Goldman Sachs Group, Inc. (The)		8,000		1,022
Merrill Lynch & Co., Inc.		105,000		7,112
Telecommunications (1.3%)
Vodafone Group PLC, ADR		256,300		5,503
Toys, Games & Hobbies (1.9%)
Hasbro, Inc.		241,100		4,865
Mattel, Inc.		221,500		3,504
Variety Stores (1.2%)
Wal-Mart Stores, Inc.		107,500		5,031
Wholesale Trade Nondurable Goods (0.8%)
Unilever PLC		355,400		3,520
Total Common Stocks (cost: $321,516)				374,072

	Principal		Value
SHORT-TERM OBLIGATIONS (3.2%)
Repurchase Agreements (3.2%)
Investors Bank & Trust Co. 3.02%, dated 12/30/2005 to be repurchased at $14,204 on 01/03/2006 n(a)	$	14,199	$	14,199
Total Short-Term Obligations (cost: $14,199)				14,199
SECURITY LENDING COLLATERAL (11.4%)
Debt (9.7%)
Bank Notes (0.3%)
Bank of America 4.27%, due 01/17/2006 * 4.31%, due 08/10/2006 *		740 607		740 607
Certificates Of Deposit (0.5%)
Barclays 4.31%, due 01/17/2006 *		467		467
Canadian Imperial Bank of Commerce 4.15%, due 05/18/2006 *		660		660
Credit Suisse First Boston Corp. 4.18%, due 03/10/2006 *		264		264
Rabobank Nederland 4.10%, due 05/31/2006 *		660		660
Commercial Paper (1.1%)
Fairway Finance–144A 4.31%, due 01/10/2006		1,317		1,317
Jupiter Securitization Corp.–144A 4.27%, due 01/05/2006		660		660
Paradigm Funding LLC–144A 4.30%, due 01/09/2006		259		259
Park Avenue Receivables Corp.–144A 4.27%, due 01/04/2006		656		656
Preferred Receivables Corp.–144A 4.31%, due 01/04/2006		525		525
Ranger Funding Co. LLC-144A 4.29%, due 01/18/2006		522		522
Sheffield Receivables Corp.–144A 4.26%, due 01/23/2006		317		317
Yorktown Capital LLC 4.27%, due 01/05/2006		660		660
Euro Dollar Overnight (1.5%)
Calyon 4.34%, due 01/05/2006		660		660
Fortis Bank 4.35%, due 01/03/2006 4.35%, due 01/05/2006		1,320 1,254		1,320 1,254
Harris Trust & Savings Bank 4.25%, due 01/05/2006		1,083		1,083

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

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Salomon All Cap

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2005
(all amounts except share amounts in thousands)

	Principal		Value
Euro Dollar Overnight (continued)
National Australia Bank 4.16%, due 01/03/2006	$	1,348	$	1,348
Rabobank Nederland 4.15%, due 01/03/2006		475		475
Wells Fargo 4.27%, due 01/03/2006		660		660
Euro Dollar Terms (3.3%)
Bank of Montreal 4.30%, due 01/19/2006		1,320		1,320
Barclays 4.27%, due 01/25/2006 4.30%, due 01/31/2006		396 1,056		396 1,056
BNP Paribas 4.22%, due 01/24/2006		660		660
Dexia Group 4.25%, due 01/09/2006		660		660
Rabobank Nederland 4.21%, due 01/19/2006		1,188		1,188
Royal Bank of Canada 4.25%, due 01/24/2006		924		924
Royal Bank of Scotland 4.30%, due 01/31/2006 4.31%, due 02/01/2006		1,981 1,452		1,981 1,452
Societe Generale 4.28%, due 01/30/2006		1,320		1,320
UBS AG 4.26%, due 01/10/2006		1,320		1,320
Wells Fargo 4.29%, due 01/30/2006		1,981		1,981
Promissory Notes (0.2%)
Bear Stearns & Co. 4.39%, due 03/07/2006 4.39%, due 06/06/2006		792 264		792 264

	Principal		Value
Repurchase Agreements (2.8%) ††
Credit Suisse First Boston Corp. 4.29%, dated 12/30/2005 to be repurchased at $2,211 on 01/03/2006	$	2,210	$	2,210
Goldman Sachs Group, Inc. (The) 4.29%, dated 12/30/2005 to be repurchased at $5,275 on 01/03/2006		5,272		5,272
Lehman Brothers, Inc. 4.29%, dated 12/30/2005 to be repurchased at $35 on 01/03/2006		35		35
Merrill Lynch & Co. 4.24%, dated 12/30/2005 to be repurchased at $4,227 on 01/03/2006		4,225		4,225
Morgan Stanley Dean Witter & Co. 4.36%, dated 12/30/2005 to be repurchased at $466 on 01/03/2006		466		466
	Shares		Value
Investment Companies (1.7%)
American Beacon Fund 1-day yield of 4.19%		181,002	$	181
Barclays Global Investors Institutional Money Market Fund 1-day yield of 4.19%		1,716,311		1,716
Dreyfus Cash Management Plus Fund 1-day yield of 4.09%		712,929		713
Merrimac Cash Fund, Premium Class 1-day yield of 4.03% @		4,673,867		4,674
Total Security Lending Collateral (cost: $49,920)				49,920
Total Investment Securities (cost: $385,635)			$	438,191

NOTES TO SCHEDULE OF INVESTMENTS:

†  At December 31, 2005, all or a portion of this security is on loan (see Note 1). The value at December 31, 2005, of all securities on loan is $48,376.

‡  Non-income producing.

n  At December 31, 2005, repurchase agreements excluding collateral for securities on loan are collateralized by U.S Government Agency Obligations with interest rates and maturity dates ranging from 7.13%–7.63% and 07/25/2015–05/25/2027, respectively, and with a market value plus accrued interest of $14,909.

*  Floating or variable rate note. Rate is listed as of December 31, 2005.

††  Cash collateral for the Repurchase Agreements, valued at $12,452, that serve as collateral for securities lending are invested in corporate bonds with interest rates and maturity dates ranging from 0.00%–8.75% and 01/03/2006–08/01/2037, respectively.

@  Regulated investment company advised by Investors Bank and Trust Co. ("IBT"). IBT is also the accounting, custody and lending agent for the Fund.

(a)  Investors Bank and Trust Co. is also the accounting, custody and lending agent for the Fund.

DEFINITIONS:

144A  144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2005, these securities aggregated $4,256 or 1.0% of the total investments of the Fund.

ADR  American Depositary Receipt

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

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Salomon All Cap

STATEMENT OF ASSETS AND LIABILITIES
At December 31, 2005
(all amounts except per share amounts in thousands)

Assets:
Investment securities, at value (cost: $385,635) (including securities loaned of $48,376)	$	438,191
Cash		50
Receivables:
Investment securities sold		109
Shares sold		45
Interest		7
Dividends		577
		438,979
Liabilities:
Investment securities purchased		484
Accounts payable and accrued liabilities:
Shares redeemed		137
Management and advisory fees		311
Service fees		2
Administration fees		8
Payable for collateral for securities on loan		49,920
Other		64
		50,926
Net Assets	$	388,053
Net Assets Consist of:
Capital stock ($.01 par value)	$	264
Additional paid-in capital		281,006
Distributable net investment income (loss)		3,671
Accumulated net realized gain (loss) from investment securities and foreign currency transactions		50,556
Net unrealized appreciation (depreciation) on investment securities		52,556
Net Assets	$	388,053
Net Assets by Class:
Initial Class	$	379,373
Service Class		8,680
Shares Outstanding:
Initial Class		25,796
Service Class		591
Net Asset Value and Offering Price Per Share:
Initial Class	$	14.71
Service Class		14.68

STATEMENT OF OPERATIONS
For the year ended December 31, 2005
(all amounts in thousands)

Investment Income:
Interest	$	762
Dividends (net of withholding taxes on foreign dividends of $119)		7,617
Income from loaned securities–net		84
		8,463
Expenses:
Management and advisory fees		4,340
Printing and shareholder reports		163
Custody fees		65
Administration fees		110
Legal fees		11
Audit fees		17
Trustees fees		19
Service fees:
Service Class		20
Other		14
Total expenses		4,759
Net Investment Income (Loss)		3,704
Net Realized Gain (Loss) from:
Investment securities		59,231
Foreign currency transactions		(34	)
		59,197
Net Increase (Decrease) in Unrealized Appreciation (Depreciation) on:
Investment securities		(42,305	)
		(42,305	)
Net Realized and Unrealized Gain (Loss) on Investment Securities and Foreign Currency Transactions		16,892
Net Increase (Decrease) in Net Assets Resulting from Operations	$	20,596

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

7

Salomon All Cap

STATEMENTS OF CHANGES IN NET ASSETS
For the years ended
(all amounts in thousands)

	December 31, 2005			December 31, 2004
Increase (Decrease) in Net Assets From:
Operations:
Net investment income (loss)	$	3,704		$	3,327
Net realized gain (loss) from investment securities and foreign currency transactions		59,197			35,712
Change in unrealized appreciation (depreciation) on investment securities		(42,305	)		13,692
		20,596			52,731
Distributions to Shareholders:
From net investment income:
Initial Class		(3,288	)		(1,392	)
Service Class		(39	)		(11	)
		(3,327	)		(1,403	)
Capital Share Transactions:
Proceeds from shares sold:
Initial Class		19,785			62,848
Service Class		3,665			6,661
		23,450			69,509
Dividends and distributions reinvested:
Initial Class		3,288			1,392
Service Class		39			11
		3,327			1,403
Cost of shares redeemed:
Initial Class		(272,070	)		(103,444	)
Service Class		(2,829	)		(861	)
		(274,899	)		(104,305	)
		(248,122	)		(33,393	)
Net increase (decrease) in net assets		(230,853	)		17,935
Net Assets:
Beginning of year		618,906			600,971
End of year	$	388,053		$	618,906
Distributable Net Investment Income (Loss)	$	3,671		$	3,328

	December 31, 2005			December 31, 2004
Share Activity:
Shares issued:
Initial Class		1,392			4,640
Service Class		261			497
		1,653			5,137
Shares issued–reinvested from distributions:
Initial Class		230			111
Service Class		2			1
		232			112
Shares redeemed:
Initial Class		(18,830	)		(7,685	)
Service Class		(200	)		(65	)
		(19,030	)		(7,750	)
Net increase (decrease) in shares outstanding:
Initial Class		(17,208	)		(2,934	)
Service Class		63			433
		(17,145	)		(2,501	)

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

8

Salomon All Cap

FINANCIAL HIGHLIGHTS

		For a share outstanding throughout each period (a)
		Net Asset		Investment Operations								Distributions									Net Asset
	For the Period Ended (b)	Value, Beginning of Period		Net Investment Income (Loss)		Net Realized and Unrealized Gain (Loss)			Total Operations			From Net Investment Income			From Net Realized Gains			Total Distributions			Value, End of Period
Initial Class	12/31/2005	$	14.22	$	0.10	$	0.48		$	0.58		$	(0.09	)	$	–		$	(0.09	)	$	14.71
	12/31/2004		13.06		0.07		1.12			1.19			(0.03	)		–			(0.03	)		14.22
	12/31/2003		9.70		0.04		3.36			3.40			(0.04	)		–			(0.04	)		13.06
	12/31/2002		13.06		0.06		(3.28	)		(3.22	)		(0.10	)		(0.04	)		(0.14	)		9.70
	12/31/2001		12.99		0.19		0.09			0.28			(0.20	)		(0.01	)		(0.21	)		13.06
Service Class	12/31/2005		14.21		0.06		0.48			0.54			(0.07	)		–			(0.07	)		14.68
	12/31/2004		13.08		0.06		1.10			1.16			(0.03	)		–			(0.03	)		14.21
	12/31/2003		10.13		0.01		2.94			2.95			–			–			–			13.08

					Ratios/Supplemental Data
	For the Period	Total			Net Assets, End of Period		Ratio of Expenses to Average Net Assets (f)						Net Investment Income (Loss) to Average			Portfolio Turnover
	Ended (b)	Return (c)(g)			(000's)		Net (d)			Total (e)			Net Assets (f)			Rate (g)
Initial Class	12/31/2005		4.08	%	$	379,373		0.86	%		0.86	%		0.68	%		33	%
	12/31/2004		9.14			611,410		0.87			0.87			0.53			36
	12/31/2003		35.15			599,732		0.86			0.86			0.32			17
	12/31/2002		(24.71	)		308,823		0.91			0.91			0.56			134
	12/31/2001		2.09			287,881		1.00			1.00			1.43			83
Service Class	12/31/2005		3.81			8,680		1.11			1.11			0.44			33
	12/31/2004		8.90			7,496		1.13			1.13			0.42			36
	12/31/2003		29.12			1,239		1.12			1.12			0.14			17

NOTES TO FINANCIAL HIGHLIGHTS

(a)  Per share information is calculated based on average number of shares outstanding.

(b)  Salomon All Cap (the "Fund") share classes commenced operations as follows:

Initial Class – May 3, 1999
Service Class – May 1, 2003

(c)  Total Return reflects all portfolio expenses and includes reinvestment of dividends and capital gains; it does not reflect the charges and deductions under the policies or annuity contracts.

(d)  Ratio of Net Expenses to Average Net Assets is net of advisory fee waivers, if any (see note 2).

(e)  Ratio of Total Expenses to Average Net Assets includes all expenses before advisory fee waivers.

(f)  Annualized.

(g)  Not annualized.

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

9

Salomon All Cap

NOTES TO FINANCIAL STATEMENTS
At December 31, 2005
(all amounts in thousands)

NOTE 1.  ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

The AEGON/Transamerica Series Trust ("ATST") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). ATST serves as a funding vehicle for variable life insurance, variable annuity and group annuity products. Salomon All Cap (the "Fund") is part of ATST. The Fund is "non-diversified" under the 1940 Act.

Effective May 1, 2005, AEGON/Transamerica Series Fund, Inc. changed its name to AEGON/Transamerica Series Trust.

In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

This report should be read in conjunction with the current Fund prospectus, which contains more complete information about the Fund.

In preparing the Fund's financial statements in accordance with accounting principles generally accepted in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Fund.

Multiple class operations, income and expenses: The Fund currently offers two classes of shares, an Initial Class and a Service Class. Income, non-class specific expenses and realized and unrealized gains and losses, are allocated daily to each class, based upon the value of shares outstanding method as permitted under Rule 18f-3 of the 1940 Act. Each class bears its own specific expenses as well as a portion of general, common expenses.

Security valuations: The Fund values its investments at the close of the New York Stock Exchange ("NYSE"), normally 4 p.m. ET, each day the NYSE is open for business. Fund investments are valued at the last sale price or closing price on the day of valuation taken from the primary exchange where the security is principally traded.

Securities traded in the over-the-counter market and listed securities for which no sale was reported on that date are valued at the last quoted bid price.

Debt securities are valued based on a price quotation or other equivalent indication of value supplied by an exchange, a pricing service or a major market maker; however, those that mature in sixty days or less are valued at amortized cost, which approximates market.

Investment company securities are valued at the net asset value of the underlying portfolio.

Other securities for which quotations are not readily available are valued at fair market value as determined in good faith by the Fund's Administrative Valuation Committee, under the supervision of the Board's Valuation Committee, using guidelines adopted by the Board of Trustees.

Cash: The Fund may leave cash overnight in its cash account with the custodian, Investors Bank & Trust Company ("IBT"). IBT has been contracted on behalf of the Fund to invest the excess cash into a savings account, which at December 31, 2005, was paying an interest rate of 3.00%.

Repurchase agreements: The Fund is authorized to enter into repurchase agreements. The Fund, through its custodian, IBT, receives delivery of the underlying securities, the value of which at the time of purchase is required to be an amount equal to at least 100% of the resale price. The Fund will bear the risk of value fluctuations until the security can be sold and may encounter delays and incur costs in liquidating the security. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Commission recapture: The sub-adviser, to the extent consistent with the best execution and usual commission rate policies and practices, may place security transactions of the Fund with broker/dealers with which ATST has established a Commission Recapture Program. A Commission Recapture Program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Fund. In no event will commissions paid by the Fund be used to pay expenses that would otherwise be borne by any other funds within ATST, or by any other party.

Recaptured commissions during the year ended December 31, 2005, of $103 are included in net realized gains in the Statement of Operations.

Securities lending: The Fund may lend securities to qualified borrowers, with IBT acting as the Fund's lending agent. The Fund earns negotiated lenders' fees. The Fund receives cash and/or securities as collateral against the loaned securities. Cash collateral received is invested in short term, interest bearing securities. The Fund monitors the market value of securities loaned on a daily basis and requires collateral in an amount at least equal to the value of the securities loaned. Income from loaned securities on the Statement of Operations is net of fees, in the amount of $36, earned by IBT for its services.

AEGON/Transamerica Series Trust

Annual Report 2005

10

Salomon All Cap

NOTES TO FINANCIAL STATEMENTS (continued)
At December 31, 2005
(all amounts in thousands)

NOTE 1.–(continued)

Security transactions and investment income: Security transactions are recorded on the trade date. Security gains and losses are calculated on the first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend date. Interest income, including accretion of discounts and amortization of premiums, is recorded on the accrual basis commencing on the settlement date.

Foreign currency denominated investments: The accounting records of the Fund are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the closing exchange rate each day. The cost of foreign securities is translated at the exchange rate in effect when the investment was acquired. The Fund combines fluctuations from currency exchange rates and fluctuations in value when computing net realized and unrealized gains or losses from investments.

Net foreign currency gains and losses resulting from changes in exchange rates include: 1) foreign currency fluctuations between trade date and settlement date of investment security transactions; 2) gains and losses on forward foreign currency contracts; and 3) the difference between the receivable amounts of interest and dividends recorded in the accounting records in U.S. dollars and the amounts actually received.

Foreign currency denominated assets may involve risks not typically associated with domestic transactions. These risks include revaluation of currencies, adverse fluctuations in foreign currency values and possible adverse political, social and economic developments, including those particular to a specific industry, country or region.

Forward foreign currency contracts: The Fund may enter into forward foreign currency contracts to hedge against exchange rate risk arising from investments in securities denominated in foreign currencies. Contracts are valued at the contractual forward rate and are marked to market daily, with the change in value recorded as an unrealized gain or loss. When the contracts are settled a realized gain or loss is incurred. Risks may arise from changes in market value of the underlying currencies and from the possible inability of counterparties to meet the terms of their contracts.

There were no open forward foreign currency contracts at December 31, 2005.

Dividend distributions: Dividends and capital gains distributions are typically declared and reinvested annually and are generally paid and reinvested on the business day following the ex-date.

NOTE 2.  RELATED PARTY TRANSACTIONS

Effective January 1, 2005 AEGON/Transamerica Fund Advisers, Inc. was renamed Transamerica Fund Advisors, Inc. ("TFAI"); AEGON/Transamerica Fund Services, Inc. and AEGON/Transamerica Investor Services, Inc. merged into one entity and was renamed Transamerica Fund Services, Inc. ("TFS").

ATST serves as a funding vehicle for certain affiliated asset allocation portfolios and certain affiliated separate accounts of Western Reserve Life Assurance Co. of Ohio, Transamerica Life Insurance Company, Transamerica Financial Life Insurance Company, Inc., Peoples Benefit Life Insurance Company, Transamerica Occidental Life Insurance Company and Transamerica Life Insurance and Annuity Company.

TFAI is the Fund's investment adviser. TFS is the Fund's administrator and transfer agent. AFSG Securities Corp. ("AFSG") is the Fund's distributor. TFAI, TFS, and AFSG are affiliates of AEGON, NV, a Netherlands corporation.

Certain officers and trustees of the Fund are also officers and/or directors of TFAI, TFS and AFSG.

Investment advisory fee: The Fund pays management fees to TFAI based on average daily net assets ("ANA") at the following breakpoints:

0.80% of the first $500 million of ANA
0.70% of ANA over $500 million

TFAI has contractually agreed to waive its advisory fee and will reimburse the Fund to the extent that operating expenses, excluding 12b-1 fees, exceed the following stated annual limit:

0.90% Expense Limit

If total fund expenses fall below the annual expense limitation agreement agreed to by the adviser within the succeeding three years, the Fund may be required to pay that adviser a portion or all of the waived advisory fees.

There were no amounts recaptured during the year ended December 31, 2005. There are no amounts available for recapture at December 31, 2005.

Distribution and service fees: The Fund adopted a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, ATST entered into a Distribution Agreement with AFSG dated January 1, 1997, as amended.

Under the Distribution Plan and Distribution Agreement on the Initial Class shares, AFSG, on behalf of the Fund, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Fund's shares, amounts equal to actual expenses associated with distributing the shares.

AEGON/Transamerica Series Trust

Annual Report 2005

11

Salomon All Cap

NOTES TO FINANCIAL STATEMENTS (continued)
At December 31, 2005
(all amounts in thousands)

NOTE 2.–(continued)

The Distribution Plan on the Service Class shares requires ATST to pay distribution fees to AFSG as compensation for its activities, not as reimbursement for specific expenses. The fee on the Service Class is paid to the insurance companies for providing services and account maintenance for their policyholders who invest in the variable insurance products which invest in the Service Class shares.

The Fund is authorized under the 12b-1 plan to pay fees on each class up to the following limits:

Initial Class	0.15	%
Service Class	0.25	%

AFSG has determined that it will not seek payment by the Fund of the distribution expenses incurred with respect to the Initial Class shares before April 30, 2007. Prior to AFSG seeking reimbursement of future expenses, policy and contract owners will be notified in advance. The Fund will pay fees relating to Service Class shares.

Administrative services: The Fund has entered into an agreement with TFS for financial and legal fund administration services. The Fund pays TFS an annual fee of 0.02% of ANA. The Legal fees on the Statement of Operations are for fees paid to external legal counsel.

Brokerage commissions: Brokerage commissions incurred on security transactions placed with an affiliate of the sub-adviser for the year ended December 31, 2005 were $19.

Deferred compensation plan: Each eligible independent Fund Trustee may elect participation in a non-qualified deferred compensation plan ("the Plan") maintained by Transamerica IDEX Mutual Funds, an affiliate of the Fund. Under the Plan, such Trustees may defer payment of all or a portion of their total fees earned as a Fund Trustee. Each Trustee who is a participant in the Plan may elect that the earnings, losses or gains credited to his or her deferred fee amounts be determined based on a deemed investment in any series of Transamerica IDEX Mutual Funds. The right of a participant to receive a distribution from the Plan of the deferred fees is an unsecured claim against the general assets of all series of Transamerica IDEX Mutual Funds. The pro rata liability to the Fund of all deferred fees in the Plan amount, as of December 31, 2005, to $19.

NOTE 3.  INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the year ended December 31, 2005, were as follows:

Purchases of securities:
Long-Term	$	165,113
U.S. Government		—
Proceeds from maturities and sales of securities
Long-Term		396,933
U.S. Government		—

NOTE 4.  FEDERAL INCOME TAX MATTERS

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatment for items including, but not limited to, wash sales, capital loss carryforwards and foreign currency transactions.

Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. Financial records are not adjusted for temporary differences. These reclassifications are as follows:

Distributable net investment income (loss)	$	(34	)
Accumulated net realized gain (loss) from investment securities		34

The capital loss carryforward utilized during the year ended December 31, 2005 was $8,669.

The tax character of distributions paid may differ from the character of distributions shown in the Statements of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2004 and 2005 was as follows:

2004 Distributions paid from:
Ordinary Income	$	1,403
Long-term Capital Gain		—
2005 Distributions paid from:
Ordinary Income		3,327
Long-term Capital Gain		—

AEGON/Transamerica Series Trust

Annual Report 2005

12

Salomon All Cap

NOTES TO FINANCIAL STATEMENTS (continued)
At December 31, 2005
(all amounts in thousands)

NOTE 4.–(continued)

The tax basis components of distributable earnings as of December 31, 2005, are as follows:

Undistributed Ordinary Income	$	3,671
Undistributed Long-term Capital Gain	$	51,519
Capital Loss Carryforward	$	—
Net Unrealized Appreciation (Depreciation)	$	51,593

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of December 31, 2005, are as follows:

Federal Tax Cost Basis	$	386,598
Unrealized Appreciation	$	61,346
Unrealized (Depreciation)		(9,753	)
Net Unrealized Appreciation (Depreciation)	$	51,593

NOTE 5.  REGULATORY PROCEEDINGS

There continues to be significant federal and state regulatory activity relating to financial services companies, particularly mutual fund companies and their investment advisers. As part of an ongoing investigation regarding potential market timing, recordkeeping and trading compliance issues and matters affecting the Fund's investment adviser, TFAI, and certain affiliates and former employees of TFAI, the SEC staff has indicated that it is likely to take some action against TFAI and certain of its affiliates at the conclusion of the investigation. The potential timing and the scope of any such action is difficult to predict. Although the impact of any action brought against TFAI and/or its affiliates is difficult to assess at the present time, the Fund currently believes that the likelihood that any such action will have a material adverse impact on it is remote. It is important to note that the Fund is not aware of any allega tion of wrongdoing against it and its Board at the time this annual report is printed. Although it is not anticipated that these developments will have an adverse impact on the Fund, there can be no assurance at this time. TFAI and its affiliates are actively working with the SEC in regard to this matter; however, the exact resolution cannot be determined at this time. TFAI will take such actions that it deems necessary or appropriate to continue providing management services to the Fund and to bring all matters to an appropriate conclusion.

TFAI and/or its affiliates, and not the Fund, will bear the costs regarding these regulatory matters.

AEGON/Transamerica Series Trust

Annual Report 2005

13

Report of Independent Registered Certified Public Accounting Firm

To the Board of Trustees and Shareholders of
Salomon All Cap

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Salomon All Cap (the "Fund") (one of the portfolios constituting the AEGON/Transamerica Series Trust) at December 31, 2005, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fund's management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2005 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

Tampa, Florida
February 23, 2006

AEGON/Transamerica Series Trust

Annual Report 2005

14

Salomon All Cap

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS – REVIEW AND RENEWAL (unaudited)

At a meeting of the Board of Trustees of AEGON/Transamerica Series Trust ("ATST") held on November 2, 2005, the Board reviewed and considered the Investment Advisory Agreement between Salomon All Cap Portfolio (the "Portfolio") and Transamerica Fund Advisors, Inc. ("TFAI") as well as the Investment Sub-Advisory Agreement of the Portfolio between TFAI and Salomon Brothers Asset Management Inc. (the "Sub-Adviser"), to determine whether the agreements should be renewed for a one-year period. In light of the upcoming change-of-control of the Sub-Adviser, the Board also considered the successor agreement to the Investment Sub-Advisory Agreement. Following their review and consideration, a majority of the Trustees determined that the Investment Advisory Agreement and the Investment Sub-Advisory Agreement (as well as its successor agreement) will enable shareholders of the Portfolio to obtain high quality services at a cost that is app ropriate, reasonable, and in the best interests of its shareholders. The Board, including a majority of the independent members of the Board, approved the renewal of the Investment Advisory Agreement, the Investment Sub-Advisory Agreement, as well as the successor agreement to the Investment Sub-Advisory Agreement, to take effect following an impending change of control with respect to the Sub-Adviser. In reaching their decision, the Trustees requested and obtained from TFAI and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the proposed agreements. The Trustees also carefully considered the information that they had received throughout the year from TFAI and the Sub-Adviser (such as in-person presentations by the Sub-Adviser) as part of their regular oversight of the Portfolio, as well as: comparative fee, expense and performance information prepared by Lipper Inc. ("Lipper"), independent providers of mutual fund performance, fee and expense information; and profitability d ata. In considering the proposed continuation of the Investment Advisory Agreement and Investment Sub-Advisory Agreement, the Trustees evaluated a number of considerations that they believed, in light of the legal advice furnished to them by ATST counsel and independent legal counsel and their own business judgment, to be relevant. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:

The nature, extent and quality of the advisory service to be provided. The Board considered the nature and quality of the services provided by TFAI and the Sub-Adviser to the Portfolio in the past, as well as the services anticipated to be provided in the future. The Board concluded that TFAI and the Sub-Adviser are capable of providing high quality services to the Portfolio, as indicated by the nature and quality of services provided in the past, TFAI's and the Sub-Adviser's management capabilities demonstrated with respect to the portfolios they manage, including the Portfolio, and the experience, capability and integrity of TFAI's senior management, the financial resources of TFAI and the Sub-Adviser, TFAI's management oversight process, and the professional qualifications and experience of the Sub-Adviser's portfolio management team. The Trustees also concluded that TFAI and the Sub-Adviser proposed to provide investment and related services that were of the same quality and quantity as services provided to the Portfolio in the past, and that these services are appropriate in scope and extent in light of the Portfolio's operations, the competitive landscape of the investment company business and investor needs, and that TFAI's and the Sub-Adviser's obligations will remain substantially the same.

The investment performance of the Portfolio. The Board examined both the short-term and longer-term performance of the Portfolio, including relative performance against a benchmark securities index and a peer group of comparable mutual funds as prepared by Lipper for various trailing periods ended June 30, 2005. The Board expressed concerns about the Portfolio's performance and carefully considered whether to renew the Investment Sub-Advisory Agreement. The Board noted that although the Portfolio had underperformed comparable investment companies, the Sub-Adviser had recently made progress on improving performance. After careful consideration of the materials presented and their discussions at prior Board meetings with representatives of the Sub-Adviser, the Board decided to continue the Investment Sub-Advisory Agreement following the Board's prior di scussion with the Sub-Adviser concerning performance and undertook to carefully monitor the Portfolio's future performance. On the basis of the Trustees' assessment of the nature, extent and quality of advisory services to be provided or procured by TFAI and the Sub-Adviser, the Trustees concluded that TFAI and the Sub-Adviser are capable of generating a level of investment performance that is appropriate in light of the Portfolio's investment objective, policies and strategies and competitive with many other investment companies, and also determined that TFAI's and the Sub-Adviser's performance records indicate that their continued management is likely to benefit the Portfolio and its shareholders.

The cost of advisory services provided and the level of profitability. The Board reviewed profitability information regarding TFAI's costs of procuring portfolio management services, as well as the costs of provision of administration, fund accounting and other services, to the Portfolio and to ATST as a whole by TFAI and its affiliates. The Trustees reviewed data from Lipper that compared the Portfolio's management fees (including management fees at various asset levels), other fees and expenses (including total expenses including and excluding 12b-1 distribution and service fees) and portfolio turnover rate against peer groups of comparable mutual funds. Based on such information, the Trustees determined that the management fees and overall expense ratio of the Portfolio generally are consistent with industry averages. In addition, on the basis of t he Board's review of the management fees to be charged by TFAI for investment advisory and related services, TFAI profitability information (derived from

AEGON/Transamerica Series Trust

Annual Report 2005

15

Salomon All Cap (continued)

TFAI's audited financial statements), TFAI's estimated management income resulting from its management of the Portfolio, the estimated margin of the Sub-Adviser, as well as the entirety of TFAI's and its affiliates' service relationship with ATST, the Board concluded that the level of investment management fees and other service fees, as well as TFAI's and the Sub-Adviser's profitability, are appropriate in light of the services provided, the management fees and overall expense ratios of comparable investment companies and the anticipated profitability of the relationship between the Portfolio, TFAI and its affiliates, and the Sub-Adviser.

Whether fee levels reflect economies of scale and the extent to which economies of scale would be realized as the Portfolio grows. The Board concluded that the inclusion of asset-based breakpoints in the Portfolio's advisory fee schedule appropriately benefits investors by realizing economies of scale in the form of lower management fees as the level of assets grows. In addition, the Board concluded that the Portfolio's management fees appropriately reflect the Portfolio's current size, the current economic environment for TFAI, the competitive nature of the investment company market, and TFAI's pricing strategy. The Trustees also concluded that they will have the opportunity to periodically reexamine whether the Portfolio has achieved economies of scale, and the appropriateness of management fees payable to TFAI and fees payable by TFAI to the Sub-Ad viser, in the future.

Benefits (such as soft dollars) to TFAI, its affiliates, or the Sub-Adviser from their relationship with the Portfolio. The Board concluded that other benefits derived by TFAI, its affiliates, and the Sub-Adviser from their relationship with the Portfolio, including "soft dollar" benefits (if any) in connection with brokerage transactions, sales charges and distribution/service fees (to the extent applicable) are reasonable and fair, and are consistent with industry practice and the best interests of the Portfolio and its shareholders. In this regard, the Board noted that TFAI does not realize "soft dollar" benefits from its relationship with the Portfolio, and that the Sub-Adviser is participating in a brokerage program pursuant to which a portion of brokerage commissions paid by the Portfolio is recaptured for the benefit of the Portfolio and its sh areholders, thus limiting the amount of "soft-dollar" arrangements the Sub-Adviser may engage in with respect to the Portfolio's brokerage transactions. In addition, the Trustees determined that the administration, fund accounting, and other fees paid by the Portfolio to affiliates of TFAI are reasonable, fair and in the best interests of shareholders in light of the nature and quality of the services provided, the associated costs to these affiliates of providing the services, the impact of the costs of such services on the Portfolio's overall operating expenses, and the necessity of the services for the Portfolio's operations.

Other considerations. In considering the successor agreement to the Investment Sub-Advisory Agreement, the Board concluded that the successor agreement would provide continuity of portfolio management services, as the terms of the successor agreement would be substantially similar to those of the current agreement (including the sub-advisory fees) and it was contemplated that all of the current personnel associated with managing the Portfolio will be retained and continue to serve in their current capacity. Additionally, the Board also determined that TFAI had made a substantial commitment to the recruitment and retention of high quality personnel, and maintained the financial, compliance and operational resources reasonably necessary to manage the Portfolio in a professional manner that is consistent with the best interests of the Portfolio and its s hareholders. In this regard, the Trustees favorably considered the procedures and policies in place by TFAI to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Adviser. The Trustees also determined that TFAI had made a significant entrepreneurial commitment to the management and success of the Portfolio, reflected by TFAI's expense limitation and fee waiver arrangement with the Portfolio, which may result in TFAI waiving a substantial amount of advisory fees for the benefit of shareholders.

AEGON/Transamerica Series Trust

Annual Report 2005

16

T. Rowe Price Equity Income

MARKET ENVIRONMENT

The widely followed Dow Jones Industrial Average was essentially flat for the year, while most of the other major indices posted modest gains. Energy dominated the equities markets in 2005 with a powerful advance, and utilities were the only other sector to provide a double-digit return. Consumer discretionary and telecommunications services were the worst sectors over the year, affected by a weak automotive sector and competition from wireless companies, respectively.

PERFORMANCE

For the year ended December 31, 2005, T. Rowe Price Equity Income, Initial Class returned 4.11%. By comparison its primary and secondary benchmarks, the Standard and Poor's 500 Composite Stock Index ("S&P 500") and the Russell 1000 Value Index returned 4.91% and 7.05%, respectively.

STRATEGY REVIEW

The portfolio delivered a moderate return for 2005, but lagged the S&P 500. An overweighting in the weak consumer discretionary sector, particularly media, along with poor stock selection within the group detracted from relative results. The New York Times Company, Comcast Corporation, Tribune Company, and Dow Jones & Company, Inc. were four of the portfolio's top ten detractors from performance over the year. We remain sanguine on the group, however, and believe it will provide significant value in the long term based on the unique content these companies provide. Also of note in the consumer discretionary sector is Eastman Kodak Company, one of the top five detractors from performance. The company suffered from disappointing growth in its digital products business and declining sales in its traditional film business, prompting the rating agencies to cut the company's unsecured debt to junk status. Other areas of disapp ointment were materials and chemicals where International Paper Company and International Flavors & Fragrances Inc., respectively, hindered results.

Positive contributors included information technology, the portfolio's best relative contributor due mostly to stock selection. Within computers and peripherals, Hewlett-Packard Company ("Hewlett-Packard") was a major relative contributor and one of the largest absolute contributors, driven by solid earnings and revenues. International Business Machines Corporation ("IBM") also had a strong impact on relative performance due in part to a timely purchase. Within communications equipment, Motorola, Inc. and Nokia Corporation were beneficial, the former benefiting from new high-end cell phone products and a stock repurchase program, and the latter from strong global demand for handsets and an increase in market share. We have been taking profits in Hewlett-Packard, Texas Instruments Incorporated, and other stocks that have done well and reinvesting the proceeds in strong companies with relatively low valuations such as Cisco Systems, Inc.

The industrial and business services sector was another significant contributor to the portfolio's relative return. Our industrial conglomerate holdings did well, and an overweight in roads and rails also aided results. Railroad stock Union Pacific Corporation was one of the five largest contributors to overall performance thanks to stronger yields and gains from real estate sales.

Brian C. Rogers

Portfolio Manager
T. Rowe Price Associates, Inc.

AEGON/Transamerica Series Trust

Annual Report 2005

1

T. Rowe Price Equity Income

Comparison of change in value of $10,000 investment in Initial Class shares and its comparative indices.

Average Annual Total Return for Periods Ended 12/31/05

	1 year			5 years			10 years			From Inception			Inception Date
Initial Class		4.11	%		5.98	%		10.03	%		11.75	%	1/3/95
S&P 5001		4.91	%		0.54	%		9.07	%		11.40	%	1/3/95
Russell 1000 Value1		7.05	%		5.28	%		10.94	%		13.19	%	1/3/95
Service Class		3.81	%		–			–			15.21	%	5/1/03

NOTES

¹  The Standard and Poor's 500 Composite Stock (S&P 500) Index and the Russell 1000 Value (Russell 1000 Value) Index are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. From inception calculation is based on life of Initial Class shares. Source: Standard & Poor's Micropal®© Micropal, Inc. 2005 – 1-800-596-5323 – http://www.funds-sp.com.

The performance data presented represents past performance, future results may vary. The portfolio's investment return and net asset value will fluctuate. Past performance does not guarantee future results. Investor's units when redeemed, may be worth more or less than their original cost.

Current performance may be higher or lower than the performance data quoted. Please visit your insurance company's website for contract or policy level standardized total returns current to the most recent month-end. Portfolio performance is net of investment fees and fund expenses, but not product charges, which, if included, would significantly lower the performance quoted.

This material must be preceded or accompanied by a current prospectus, which includes specific contents regarding the investment objectives, explanation of share classes and policies of this portfolio.

The historical financial information for periods prior to May 1, 2002 has been derived from the financial history of the predecessor portfolio, T. Rowe Price Equity Income Portfolio of the Endeavor Series Trust.

AEGON/Transamerica Series Trust

Annual Report 2005

2

T. Rowe Price Equity Income

UNDERSTANDING YOUR FUND'S EXPENSES
(unaudited)

SHAREHOLDER EXPENSES

Fund shareholders may incur ongoing costs, including management and advisory fees, distribution and service fees, and other Fund expenses.

The following Example is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.

The Example is based on an investment of $1,000 invested at July 1, 2005 and held for the entire period until December 31, 2005.

ACTUAL EXPENSES

The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of your Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fees, brokerage commissions paid on purchases and sales of fund shares. Therefore, the second line under the Fund in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If any of these transaction costs were included, your costs would be higher. The expenses shown in the table do not reflect any fees that may be charged to you by brokers, financial intermediaries or other financial institutions.

	Beginning Account Value		Ending Account Value		Annualized Expense Ratio			Expenses Paid During Period (a)
Initial Class
Actual	$	1,000.00	$	1,044.50		0.79	%	$	4.07
Hypothetical (b)		1,000.00		1,021.22		0.79			4.02
Service Class
Actual		1,000.00		1,042.90		1.04			5.36
Hypothetical (b)		1,000.00		1,019.96		1.04			5.30

^(a)  Expenses are calculated using each Fund's annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by number of days in the period (184 days), and divided by the number of days in the year (365 days).

^(b)  5% return per year before expenses.

GRAPHIC PRESENTATION OF SCHEDULE OF INVESTMENTS
By Sector
At December 31, 2005

This chart shows the percentage breakdown by sector of the Fund's total investment securities.

AEGON/Transamerica Series Trust

Annual Report 2005

3

T. Rowe Price Equity Income

SCHEDULE OF INVESTMENTS
At December 31, 2005
(all amounts except share amounts in thousands)

	Principal		Value
CONVERTIBLE BOND (0.2%)
Communications Equipment (0.2%)
Lucent Technologies, Inc. 8.00%, due 08/01/2031	$	1,965	$	1,994
Total Convertible Bond (cost: $1,496)				1,994
	Shares		Value
CONVERTIBLE PREFERRED STOCKS (0.3%)
Insurance (0.3%)
UnumProvident Corp.		78,400	$	2,764
Total Convertible Preferred Stocks (cost: $1,960)				2,764
COMMON STOCKS (86.0%)
Aerospace (0.8%)
Lockheed Martin Corp.		120,100		7,642
Amusement & Recreation Services (0.7%)
Disney (Walt) Co. (The)		280,200		6,716
Automotive (0.7%)
Ford Motor Co. †		200,600		1,549
Genuine Parts Co.		120,150		5,277
Beverages (2.2%)
Anheuser-Busch Cos., Inc. †		240,200		10,319
Coca-Cola Co. (The)		240,200		9,682
Business Credit Institutions (0.5%)
Fannie Mae		83,800		4,090
Business Services (0.3%)
Cendant Corp.		167,700		2,893
Chemicals & Allied Products (3.5%)
Avon Products, Inc. †		228,200		6,515
Chemtura Corp.		148,618		1,887
Colgate-Palmolive Co.		190,100		10,427
du Pont (E.I.) de Nemours & Co. †		180,100		7,654
International Flavors & Fragrances, Inc.		172,800		5,789
Commercial Banks (8.6%)
Bank of America Corp. †		140,138		6,467
Bank of Ireland		270,800		4,250
Citigroup, Inc.		93,959		4,560
Fifth Third Bancorp		203,900		7,691
JP Morgan Chase & Co.		480,422		19,068
Mellon Financial Corp.		260,180		8,911
Mercantile Bankshares Corp.		56,600		3,195
National City Corp.		100,400		3,370
Northern Trust Corp.		56,700		2,938
State Street Corp.		150,100		8,322
SunTrust Banks, Inc.		90,100		6,556

	Shares		Value
Commercial Banks (continued)
Wells Fargo & Co.		52,020	$	3,268
Wilmington Trust Corp.		14,200		553
Communication (2.5%)
Cablevision Systems Corp.–Class A ‡		41,900		983
Comcast Corp.–Class A †‡		295,638		7,675
EchoStar Communications Corp.–Class A ‡		92,100		2,502
Viacom, Inc.–Class B ‡		359,600		11,723
Communications Equipment (1.5%)
Lucent Technologies, Inc. †‡		473,300		1,259
Motorola, Inc.		300,200		6,782
Nokia Corp., ADR †		320,300		5,862
Computer & Data Processing Services (1.2%)
Microsoft Corp.		407,800		10,664
Computer & Office Equipment (2.5%)
Cisco Systems, Inc. ‡		314,800		5,389
Hewlett-Packard Co.		254,885		7,297
International Business Machines Corp.		130,100		10,694
Diversified (1.2%)
Honeywell International, Inc. †		290,200		10,810
Electric Services (2.9%)
Duke Energy Corp. †		290,200		7,966
FirstEnergy Corp.		100,650		4,931
Pinnacle West Capital Corp.		24,200		1,001
Progress Energy, Inc. †		140,100		6,153
TECO Energy, Inc.		96,700		1,661
Xcel Energy, Inc. †		260,200		4,803
Electric, Gas & Sanitary Services (0.8%)
NiSource, Inc.		366,800		7,651
Electronic & Other Electric Equipment (3.6%)
Cooper Industries, Ltd.–Class A		90,007		6,571
General Electric Co.		611,750		21,442
Sony Corp.		127,000		5,188
Electronic Components & Accessories (1.9%)
Analog Devices, Inc.		157,200		5,639
Intel Corp.		198,000		4,942
Texas Instruments, Inc.		142,900		4,583
Tyco International, Ltd.		93,900		2,710
Environmental Services (0.7%)
Waste Management, Inc.		210,162		6,378
Fabricated Metal Products (0.6%)
Fortune Brands, Inc.		66,100		5,157

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

4

T. Rowe Price Equity Income

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2005
(all amounts except share amounts in thousands)

	Shares		Value
Food & Kindred Products (2.0%)
Campbell Soup Co.		200,200	$	5,960
ConAgra Foods, Inc. †		25,900		525
General Mills, Inc.		150,100		7,403
Hercules, Inc. ‡		152,400		1,722
McCormick & Co., Inc.		93,900		2,903
Industrial Machinery & Equipment (1.9%)
Deere & Co. †		140,100		9,542
Eaton Corp.		48,800		3,274
Pall Corp.		180,100		4,838
Instruments & Related Products (1.2%)
Eastman Kodak Co. †		195,400		4,572
Raytheon Co.		170,100		6,830
Insurance (3.2%)
American International Group, Inc.		100,100		6,830
Chubb Corp.		51,300		5,009
SAFECO Corp.		64,100		3,622
St. Paul Travelers Cos., Inc. (The)		160,110		7,152
UnumProvident Corp. †		280,200		6,375
Insurance Agents, Brokers & Service (1.6%)
Marsh & McLennan Cos., Inc.		460,400		14,622
Life Insurance (0.8%)
Lincoln National Corp. †		130,066		6,897
Lumber & Other Building Materials (0.5%)
Home Depot, Inc. (The)		115,300		4,667
Medical Instruments & Supplies (1.0%)
Baxter International, Inc.		136,200		5,128
Boston Scientific Corp. ‡		157,200		3,850
Metal Mining (0.2%)
Inco, Ltd. †		35,700		1,555
Mining (0.5%)
Vulcan Materials Co.		70,100		4,749
Motion Pictures (1.1%)
Time Warner, Inc.		600,500		10,473
Oil & Gas Extraction (2.6%)
Anadarko Petroleum Corp.		70,100		6,642
Royal Dutch Shell PLC –Class A, ADR		194,700		11,972
Schlumberger, Ltd. †		52,400		5,091
Paper & Allied Products (3.1%)
Avery Dennison Corp.		120,100		6,638
International Paper Co.		403,793		13,572
Kimberly-Clark Corp.		88,100		5,255
MeadWestvaco Corp.		124,900		3,501

	Shares		Value
Petroleum Refining (4.8%)
Amerada Hess Corp. †		71,730	$	9,097
BP PLC, ADR		112,174		7,204
Chevron Corp.		250,250		14,207
Exxon Mobil Corp.		250,238		14,056
Pharmaceuticals (6.8%)
Abbott Laboratories		128,100		5,051
Bristol-Myers Squibb Co.		326,300		7,498
Johnson & Johnson		150,100		9,021
Lilly (Eli) & Co. †		73,200		4,142
MedImmune, Inc. ‡		149,500		5,236
Merck & Co., Inc.		360,300		11,461
Pfizer, Inc.		264,300		6,164
Schering-Plough Corp. †		244,700		5,102
Wyeth †		200,200		9,223
Primary Metal Industries (0.7%)
Alcoa, Inc.		209,600	$	6,198
Printing & Publishing (3.0%)
Dow Jones & Co., Inc. †		182,500		6,477
Knight-Ridder, Inc. †		77,700		4,918
New York Times Co.–Class A †		326,300		8,631
Tribune Co.		265,100		8,022
Radio, Television & Computer Stores (0.4%)
RadioShack Corp.		168,100		3,535
Railroads (1.9%)
Norfolk Southern Corp.		122,400		5,487
Union Pacific Corp.		153,700		12,374
Regional Mall (0.4%)
Simon Property Group, Inc. †		48,932		3,750
Restaurants (0.5%)
McDonald's Corp.		132,500		4,468
Rubber & Misc. Plastic Products (0.8%)
Newell Rubbermaid, Inc.		320,300		7,617
Security & Commodity Brokers (2.7%)
American Express Co.		50,400		2,594
Ameriprise Financial, Inc.		19,940		818
Charles Schwab Corp. (The)		560,800		8,227
Janus Capital Group, Inc.		103,300		1,925
Morgan Stanley		200,200		11,359
Telecommunications (5.0%)
ALLTEL Corp. †		130,100		8,209
AT&T, Inc.		483,040		11,830
Qwest Communications International ‡		1,281,000		7,238
Sprint Nextel Corp.		360,300		8,417

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

5

T. Rowe Price Equity Income

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2005
(all amounts except share amounts in thousands)

	Shares		Value
Telecommunications (continued)
TELUS Corp.		41,300	$	1,693
TELUS Corp. Non Voting Shares		39,200		1,578
Verizon Communications, Inc.		230,142		6,932
Tobacco Products (0.4%)
UST, Inc.		90,100		3,679
Toys, Games & Hobbies (0.7%)
Mattel, Inc.		410,300		6,491
Variety Stores (1.1%)
Wal-Mart Stores, Inc.		220,200		10,305
Wholesale Trade Nondurable Goods (0.4%)
SYSCO Corp.		61,100		1,897
Unilever NV †		25,500		1,741
Total Common Stocks (cost: $671,542)				793,046
	Principal		Value
SECURITY LENDING COLLATERAL (13.5%)
Debt (11.5%)
Bank Notes (0.4%)
Bank of America
4.27%, due 01/17/2006 *	$	1,841	$	1,841
4.31%, due 08/10/2006 *		1,512		1,512
Certificates Of Deposit (0.6%)
Barclays 4.31%, due 01/17/2006 *		1,161	$	1,161
Canadian Imperial Bank of Commerce 4.15%, due 05/18/2006 *		1,644		1,644
Credit Suisse First Boston Corp. 4.18%, due 03/10/2006 *		657		657
Rabobank Nederland 4.10%, due 05/31/2006 *		1,644		1,644
Commercial Paper (1.3%)
Fairway Finance–144A 4.31%, due 01/10/2006		3,280		3,280
Jupiter Securitization Corp.–144A 4.27%, due 01/05/2006		1,644		1,644
Paradigm Funding LLC–144A 4.30%, due 01/09/2006		645		645
Park Avenue Receivables Corp.–144A 4.27%, due 01/04/2006		1,633		1,633
Preferred Receivables Corp.–144A 4.31%, due 01/04/2006		1,306		1,306
Ranger Funding Co. LLC–144A 4.29%, due 01/18/2006		1,299		1,299
Sheffield Receivables Corp.–144A 4.26%, due 01/23/2006		789		789
Yorktown Capital LLC 4.27%, due 01/05/2006		1,644		1,644

	Principal		Value
Euro Dollar Overnight (1.8%)
Calyon 4.34%, due 01/05/2006	$	1,644	$	1,644
Fortis Bank 4.35%, due 01/03/2006 4.35%, due 01/05/2006		3,288 3,123		3,288 3,123
Harris Trust & Savings Bank 4.25%, due 01/05/2006		2,696		2,696
National Australia Bank 4.16%, due 01/03/2006		3,357		3,357
Rabobank Nederland 4.15%, due 01/03/2006		1,183		1,183
Wells Fargo 4.27%, due 01/03/2006		1,644		1,644
Euro Dollar Terms (3.8%)
Bank of Montreal 4.30%, due 01/19/2006		3,288		3,288
Barclays 4.27%, due 01/25/2006 4.30%, due 01/31/2006		986 2,630		986 2,630
BNP Paribas 4.22%, due 01/24/2006		1,644		1,644
Dexia Group 4.25%, due 01/09/2006		1,644		1,644
Rabobank Nederland 4.21%, due 01/19/2006		2,959		2,959
Royal Bank of Canada 4.25%, due 01/24/2006		2,301		2,301
Royal Bank of Scotland 4.30%, due 01/31/2006 4.31%, due 02/01/2006		4,932 3,616		4,932 3,616
Societe Generale 4.28%, due 01/30/2006		3,288		3,288
UBS AG 4.26%, due 01/10/2006		3,288		3,288
Wells Fargo 4.29%, due 01/30/2006		4,932		4,932
Promissory Notes (0.3%)
Bear Stearns & Co. 4.39%, due 03/07/2006 4.39%, due 06/06/2006		1,973 657		1,973 657
Repurchase Agreements (3.3%) ††
Credit Suisse First Boston Corp. 4.29%, dated 12/30/2005 to be repurchased at $5,506 on 01/03/2006		5,503		5,503
Goldman Sachs Group, Inc. (The) 4.29%, dated 12/30/2005 to be repurchased at $13,135 on 01/03/2006		13,129		13,129

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

6

T. Rowe Price Equity Income

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2005
(all amounts except share amounts in thousands)

	Principal		Value
Repurchase Agreements (continued)
Lehman Brothers, Inc. 4.29%, dated 12/30/2005 to be repurchased at $88 on 01/03/2006	$	88	$	88
Merrill Lynch & Co. 4.24%, dated 12/30/2005 to be repurchased at $10,526 on 01/03/2006		10,521		10,521
Morgan Stanley Dean Witter & Co. 4.36%, dated 12/30/2005 to be repurchased at $1,161 on 01/03/2006		1,161		1,161

	Shares		Value
Investment Companies (2.0%)
American Beacon Fund 1-day yield of 4.19%		450,743	$	451
Barclays Global Investors Institutional Money Market Fund 1-day yield of 4.19%		4,274,078		4,274
Dreyfus Cash Management Plus Fund 1-day yield of 4.09%		1,775,386		1,775
Merrimac Cash Fund, Premium Class 1-day yield of 4.03% @		11,639,191		11,639
Total Security Lending Collateral (cost: $124,313)				124,313
Total Investment Securities (cost: $799,311)			$	922,117

NOTES TO SCHEDULE OF INVESTMENTS:

†  At December 31, 2005, all or a portion of this security is on loan (see Note 1). The value at December 31, 2005, of all securities on loan is $120,001.

‡  Non-income producing.

*  Floating or variable rate note. Rate is listed as of December 31, 2005.

††  Cash collateral for the Repurchase Agreements, valued at $31,010, that serve as collateral for securities lending are invested in corporate bonds with interest rates and maturity dates ranging from 0.00% - 8.75% and 01/03/2006 - 08/01/2037, respectively.

@  Regulated investment company advised by Investors Bank and Trust Co. ("IBT"). IBT is also the accounting, custody and lending agent for the Fund.

DEFINITIONS:

144A  144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2005, these securities aggregated $10,596 or 1.1% of the total investments of the Fund.

ADR  American Depositary Receipt

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

7

T. Rowe Price Equity Income

STATEMENT OF ASSETS AND LIABILITIES
At December 31, 2005
(all amounts except share amounts in thousands)

Assets:
Investment securities, at value (cost: $799,311) (including securities loaned of $120,001)	$	922,117
Cash		25,665
Receivables:
Shares sold		44
Interest		140
Dividends		1,497
Dividend reclaims receivable		23
		949,486
Liabilities:
Accounts payable and accrued liabilities:
Shares redeemed		950
Management and advisory fees		544
Service fees		5
Administration fees		15
Payable for collateral for securities on loan		124,313
Other		31
		125,858
Net Assets	$	823,628
Net Assets Consist of:
Capital stock ($.01 par value)	$	409
Additional paid-in capital		599,424
Distributable net investment income (loss)		14,785
Accumulated net realized gain (loss) from investment securities		86,207
Net unrealized appreciation (depreciation) on: Investment securities		122,806
Translation of assets and liabilites denominated in foreign currencies		(3	)
Net Assets	$	823,628
Net Assets by Class:
Initial Class	$	802,067
Service Class		21,561
Shares Outstanding:
Initial Class		39,870
Service Class		1,068
Net Asset Value and Offering Price Per Share:
Initial Class	$	20.12
Service Class		20.19

STATEMENT OF OPERATIONS
For the year ended December 31, 2005
(all amounts in thousands)

Investment Income:
Interest	$	884
Dividends (net of withholding taxes on foreign dividends of $149)		21,183
Income from loaned securities–net		147
		22,214
Expenses:
Management and advisory fees		6,911
Printing and shareholder reports		22
Custody fees		105
Administration fees		186
Legal fees		17
Audit fees		14
Trustees fees		32
Service fees:
Service Class		43
Other		23
Total expenses		7,353
Net Investment Income (Loss)		14,861
Net Realized Gain (Loss) from:
Investment securities		87,406
Foreign currency transactions		(31	)
		87,375
Net Increase (Decrease) in Unrealized Appreciation (Depreciation) on:
Investment securities		(63,840	)
Translation of assets and liabilities denominated in foreign currencies		(4	)
		(63,844	)
Net Realized and Unrealized Gain (Loss) on Investment Securities and Foreign Currency   Transactions		23,531
Net Increase (Decrease) in Net Assets Resulting from Operations	$	38,392

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

8

T. Rowe Price Equity Income

STATEMENTS OF CHANGES IN NET ASSETS
For the years ended
(all amounts in thousands)

	December 31, 2005			December 31, 2004
Increase (Decrease) in Net Assets From:
Operations:
Net investment income (loss)	$	14,861		$	16,873
Net realized gain (loss) from investment securities and foreign currency transactions		87,375			72,927
Change in unrealized appreciation (depreciation) on investment securities and foreign currency translation		(63,844	)		55,452
		38,392			145,252
Distributions to Shareholders:
From net investment income:
Initial Class		(16,467	)		(14,261	)
Service Class		(324	)		(75	)
		(16,791	)		(14,336	)
From net realized gains:
Initial Class		(69,908	)		(7,604	)
Service Class		(1,440	)		(49	)
		(71,348	)		(7,653	)
Capital Share Transactions:
Proceeds from shares sold:
Initial Class		56,389			77,081
Service Class		12,856			12,081
		69,245			89,162
Dividends and distributions reinvested:
Initial Class		86,376			21,865
Service Class		1,763			124
		88,139			21,989
Cost of shares redeemed:
Initial Class		(211,932	)		(360,087	)
Service Class		(3,824	)		(2,857	)
		(215,756	)		(362,944	)
		(58,372	)		(251,793	)
Net increase (decrease) in net assets		(108,119	)		(128,530	)
Net Assets:
Beginning of year		931,747			1,060,277
End of year	$	823,628		$	931,747
Distributable Net Investment Income (Loss)	$	14,785		$	16,784

	December 31, 2005			December 31, 2004
Share Activity:
Shares issued:
Initial Class		2,686			3,906
Service Class		615			612
		3,301			4,518
Shares issued–reinvested from distributions:
Initial Class		4,396			1,167
Service Class		89			7
		4,485			1,174
Shares redeemed:
Initial Class		(10,358	)		(17,777	)
Service Class		(185	)		(147	)
		(10,543	)		(17,924	)
Net increase (decrease) in shares outstanding:
Initial Class		(3,276	)		(12,704	)
Service Class		519			472
		(2,757	)		(12,232	)

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

9

T. Rowe Price Equity Income

FINANCIAL HIGHLIGHTS

		For a share outstanding throughout each period (a)
		Net Asset		Investment Operations								Distributions									Net Asset
	For the Period Ended (b)	Value, Beginning of Period		Net Investment Income (Loss)		Net Realized and Unrealized Gain (Loss)			Total Operations			From Net Investment Income			From Net Realized Gains			Total Distributions			Value, End of Period
Initial Class	12/31/2005	$	21.32	$	0.33	$	0.50		$	0.83		$	(0.39	)	$	(1.64	)	$	(2.03	)	$	20.12
	12/31/2004		18.96		0.31		2.45			2.76			(0.26	)		(0.14	)		(0.40	)		21.32
	12/31/2003		15.29		0.30		3.59			3.89			(0.12	)		(0.10	)		(0.22	)		18.96
	12/31/2002		18.09		0.28		(2.58	)		(2.30	)		(0.18	)		(0.32	)		(0.50	)		15.29
	12/31/2001		19.52		0.24		0.24			0.48			(0.35	)		(1.56	)		(1.91	)		18.09
Service Class	12/31/2005		21.42		0.28		0.50			0.78			(0.37	)		(1.64	)		(2.01	)		20.19
	12/31/2004		19.05		0.29		2.43			2.72			(0.21	)		(0.14	)		(0.35	)		21.42
	12/31/2003		15.62		0.19		3.35			3.54			(0.01	)		(0.10	)		(0.11	)		19.05

					Ratios/Supplemental Data
	For the Period	Total			Net Assets, End of Period		Ratio of Expenses to Average Net Assets (f)						Net Investment Income (Loss) to Average			Portfolio Turnover
	Ended (b)	Return (c)(g)			(000's)		Net (d)			Total (e)			Net Assets (f)			Rate (g)
Initial Class	12/31/2005		4.11	%	$	802,067		0.79	%		0.79	%		1.60	%		22	%
	12/31/2004		14.81			919,982		0.78			0.78			1.57			22
	12/31/2003		25.59			1,058,801		0.78			0.78			1.80			14
	12/31/2002		(12.81	)		520,204		0.85			0.85			1.72			12
	12/31/2001		2.17			289,420		0.90			0.90			1.48			19
Service Class	12/31/2005		3.81			21,561		1.04			1.04			1.37			22
	12/31/2004		14.56			11,765		1.04			1.04			1.45			22
	12/31/2003		22.74			1,476		1.03			1.03			1.64			14

NOTES TO FINANCIAL HIGHLIGHTS

(a)  Per share information is calculated based on average number of shares outstanding.

(b)  T. Rowe Price Equity Income (the "Fund") share classes commenced operations as follows:

Initial Class – January 3, 1995
Service Class – May 1, 2003

(c)  Total Return reflects all portfolio expenses and includes reinvestment of dividends and capital gains; it does not reflect the charges and deductions under the policies or annuity contracts.

(d)  For the years ended December 31, 2005, 2004 and 2003, Ratio of Net Expenses to Average Net Assets is net of fee waivers and reimbursements by the investment adviser, if any (see note 2). For the year ended December 31, 2002, Ratio of Net Expenses to Average Net Assets is net of fees paid indirectly. For the year ended December 31, 2001, Ratio of Net Expenses to Average Net Assets is net of fees paid indirectly and credits allowed by the custodian.

(e)  Ratio of Total Expenses to Average Net Assets includes all expenses before fee waivers and reimbursements by the investment adviser.

(f)  Annualized.

(g)  Not annualized.

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

10

T. Rowe Price Equity Income

NOTES TO FINANCIAL STATEMENTS
At December 31, 2005
(all amounts in thousands)

NOTE 1.  ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

The AEGON/Transamerica Series Trust ("ATST") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). ATST serves as a funding vehicle for variable life insurance, variable annuity and group annuity products. T. Rowe Price Equity Income (the "Fund") is part of ATST.

Effective May 1, 2005, AEGON/Transamerica Series Fund, Inc. changed its name to AEGON/Transamerica Series Trust.

In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

This report should be read in conjunction with the current Fund prospectus, which contains more complete information about the Fund.

In preparing the Fund's financial statements in accordance with accounting principles generally accepted in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Fund.

Multiple class operations, income and expenses: The Fund currently offers two classes of shares, an Initial Class and a Service Class. Income, non-class specific expenses and realized and unrealized gains and losses, are allocated daily to each class, based upon the value of shares outstanding method as permitted under Rule 18f-3 of the 1940 Act. Each class bears its own specific expenses as well as a portion of general, common expenses.

Security valuations: The Fund values its investments at the close of the New York Stock Exchange ("NYSE"), normally 4 p.m. ET, each day the NYSE is open for business. Fund investments are valued at the last sale price or closing price on the day of valuation taken from the primary exchange where the security is principally traded.

Securities traded in the over-the-counter market and listed securities for which no sale was reported on that date are valued at the last quoted bid price.

Debt securities are valued based on a price quotation or other equivalent indication of value supplied by an exchange, a pricing service or a major market maker; however, those that mature in sixty days or less are valued at amortized cost, which approximates market.

Investment company securities are valued at the net asset value of the underlying portfolio.

Foreign securities generally are valued based on quotations from the primary market in which they are traded. Because many foreign securities markets and exchanges close prior to the close of the NYSE, closing prices for foreign securities in those markets or on those exchanges do not reflect the events that occur after that close. If a significant market event impacting the value of a portfolio security (e.g., natural disaster, company announcement, market volatility) occurs subsequent to the close of trading in the security, but prior to the calculation of the Fund's net asset value per share, market quotations for that security may be determined to be unreliable and, accordingly, not "readily available." As a result, foreign equity securities held by the Fund may be valued at fair market value as determined in good faith by the Fund's Administrative Valuation Committee, under the supervision of the Board's Valuation Committee , using guidelines adopted by the Board of Trustees.

Other securities for which quotations are not readily available are valued at fair market value as determined in good faith by the Fund's Administrative Valuation Committee, under the supervision of the Board's Valuation Committee, using guidelines adopted by the Board of Trustees.

Cash: The Fund may leave cash overnight in its cash account with the custodian, Investors Bank & Trust Company ("IBT"). IBT has been contracted on behalf of the Fund to invest the excess cash into a savings account, which at December 31, 2005, was paying an interest rate of 3.00%.

Repurchase agreements: The Fund is authorized to enter into repurchase agreements. The Fund, through its custodian, IBT, receives delivery of the underlying securities, the value of which at the time of purchase is required to be an amount equal to at least 100% of the resale price. The Fund will bear the risk of value fluctuations until the security can be sold and may encounter delays and incur costs in liquidating the security. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Commission recapture: The sub-adviser, to the extent consistent with the best execution and usual commission rate policies and practices, may place security transactions of the Fund with broker/dealers with which ATST has established a Commission Recapture Program. A Commission Recapture Program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Fund. In no event will commissions paid by the Fund be used to pay expenses that would otherwise be borne by any other funds within ATST, or by any other party.

AEGON/Transamerica Series Trust

Annual Report 2005

11

T. Rowe Price Equity Income

NOTES TO FINANCIAL STATEMENTS (continued)
At December 31, 2005
(all amounts in thousands)

NOTE 1.–(continued)

Recaptured commissions during the year ended December 31, 2005, of $18 are included in net realized gains in the Statement of Operations.

Securities lending: The Fund may lend securities to qualified borrowers, with IBT acting as the Fund's lending agent. The Fund earns negotiated lenders' fees. The Fund receives cash and/or securities as collateral against the loaned securities. Cash collateral received is invested in short term, interest bearing securities. The Fund monitors the market value of securities loaned on a daily basis and requires collateral in an amount at least equal to the value of the securities loaned. Income from loaned securities on the Statement of Operations is net of fees, in the amount of $63, earned by IBT for its services.

Real Estate Investment Trusts ("REITs"): There are certain additional risks involved in investing in REITs. These include, but are not limited to, economic conditions, changes in zoning laws, real estate values, property taxes and interest rates.

Security transactions and investment income: Security transactions are recorded on the trade date. Security gains and losses are calculated on the first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend date. Interest income, including accretion of discounts and amortization of premiums, is recorded on the accrual basis commencing on the settlement date.

Foreign currency denominated investments: The accounting records of the Fund are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the closing exchange rate each day. The cost of foreign securities is translated at the exchange rate in effect when the investment was acquired. The Fund combines fluctuations from currency exchange rates and fluctuations in value when computing net realized and unrealized gains or losses from investments.

Net foreign currency gains and losses resulting from changes in exchange rates include: 1) foreign currency fluctuations between trade date and settlement date of investment security transactions; 2) gains and losses on forward foreign currency contracts; and 3) the difference between the receivable amounts of interest and dividends recorded in the accounting records in U.S. dollars and the amounts actually received.

Foreign currency denominated assets may involve risks not typically associated with domestic transactions. These risks include revaluation of currencies, adverse fluctuations in foreign currency values and possible adverse political, social and economic developments, including those particular to a specific industry, country or region.

Dividend distributions: Dividends and capital gains distributions are typically declared and reinvested annually and are generally paid and reinvested on the business day following the ex-date.

NOTE 2.  RELATED PARTY TRANSACTIONS

Effective January 1, 2005 AEGON/Transamerica Fund Advisers, Inc. was renamed Transamerica Fund Advisors, Inc. ("TFAI"); AEGON/Transamerica Fund Services, Inc. and AEGON/Transamerica Investor Services, Inc. merged into one entity and was renamed Transamerica Fund Services, Inc. ("TFS").

ATST serves as a funding vehicle for certain affiliated asset allocation portfolios and certain affiliated separate accounts of Western Reserve Life Assurance Co. of Ohio, Transamerica Life Insurance Company, Transamerica Financial Life Insurance Company, Inc., Peoples Benefit Life Insurance Company, Transamerica Occidental Life Insurance Company and Transamerica Life Insurance and Annuity Company.

TFAI is the Fund's investment adviser. TFS is the Fund's administrator and transfer agent. AFSG Securities Corp. ("AFSG") is the Fund's distributor. TFAI, TFS, and AFSG are affiliates of AEGON, NV, a Netherlands corporation.

Certain officers and trustees of the Fund are also officers and/or directors of TFAI, TFS and AFSG.

The following schedule reflects the percentage of fund assets owned by affiliated investment companies at December 31, 2005:

	Net Assets		% of Net Assets
Asset Allocation-Conservative Portfolio	$	27,986		3.40	%
Asset Allocation-Growth Portfolio		81		0.01	%
Asset Allocation-Moderate Portfolio		75,619		9.18	%
Asset Allocation-Moderate Growth Portfolio		85,340		10.36	%
Total	$	189,026		22.95	%

Investment advisory fee: The Fund pays management fees to TFAI based on average daily net assets ("ANA") at the following breakpoints:

0.75% of ANA

TFAI has contractually agreed to waive its advisory fee and will reimburse the Fund to the extent that operating expenses, excluding 12b-1 fees, exceed the following stated annual limit:

0.88% Expense Limit

AEGON/Transamerica Series Trust

Annual Report 2005

12

T. Rowe Price Equity Income

NOTES TO FINANCIAL STATEMENTS (continued)
At December 31, 2005
(all amounts in thousands)

NOTE 2.–(continued)

If total fund expenses fall below the annual expense limitation agreement agreed to by the adviser within the succeeding three years, the Fund may be required to pay that adviser a portion or all of the waived advisory fees.

There were no amounts recaptured during the year ended December 31, 2005. There are no amounts available for recapture at December 31, 2005.

The sub-adviser, T. Rowe Price, has agreed to a pricing discount based on aggregate assets that they manage in ATST. The amount of the discount received by the Fund at December 31, 2005 was $71.

Distribution and service fees: The Fund adopted a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, ATST entered into a Distribution Agreement with AFSG dated January 1, 1997, as amended.

Under the Distribution Plan and Distribution Agreement on the Initial Class shares, AFSG, on behalf of the Fund, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Fund's shares, amounts equal to actual expenses associated with distributing the shares.

The Distribution Plan on the Service Class shares requires ATST to pay distribution fees to AFSG as compensation for its activities, not as reimbursement for specific expenses. The fee on the Service Class is paid to the insurance companies for providing services and account maintenance for their policyholders who invest in the variable insurance products which invest in the Service Class shares.

The Fund is authorized under the 12b-1 plan to pay fees on each class up to the following limits:

Initial Class	0.15	%
Service Class	0.25	%

AFSG has determined that it will not seek payment by the Fund of the distribution expenses incurred with respect to the Initial Class shares before April 30, 2007. Prior to AFSG seeking reimbursement of future expenses, policy and contract owners will be notified in advance. The Fund will pay fees relating to Service Class shares.

Administrative services: The Fund has entered into an agreement with TFS for financial and legal fund administration services. The Fund pays TFS an annual fee of 0.02% of ANA. The Legal fees on the Statement of Operations are for fees paid to external legal counsel.

Deferred compensation plan: Each eligible independent Fund Trustee may elect participation in a non-qualified deferred compensation plan ("the Plan") maintained by Transamerica IDEX Mutual Funds, an affiliate of the Fund. Under the Plan, such Trustees may defer payment of all or a portion of their total fees earned as a Fund Trustee. Each Trustee who is a participant in the Plan may elect that the earnings, losses or gains credited to his or her deferred fee amounts be determined based on a deemed investment in any series of Transamerica IDEX Mutual Funds. The right of a participant to receive a distribution from the Plan of the deferred fees is an unsecured claim against the general assets of all series of Transamerica IDEX Mutual Funds. The pro rata liability to the Fund of all deferred fees in the Plan amounted, as of December 31, 2005, to $41.

NOTE 3.  INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the year ended December 31, 2005, were as follows:

Purchases of securities:
Long-Term	$	195,702
U.S. Government		–
Proceeds from maturities and sales of securities
Long-Term		312,859
U.S. Government		–

NOTE 4.  FEDERAL INCOME TAX MATTERS

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatment for items including, but not limited to, wash sales, REITs, foreign currency transactions and post October currency loss deferral.

Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. Financial records are not adjusted for temporary differences. These reclassifications are as follows:

Additional paid-in capital	$	(6	)
Distributable net investment income (loss)		(69	)
Accumulated net realized gain (loss) from investment securities		75

AEGON/Transamerica Series Trust

Annual Report 2005

13

T. Rowe Price Equity Income

NOTES TO FINANCIAL STATEMENTS (continued)
At December 31, 2005
(all amounts in thousands)

NOTE 4.–(continued)

The tax character of distributions paid may differ from the character of distributions shown in the Statements of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2004 and 2005 was as follows:

2004 Distributions paid from:
Ordinary Income	$	19,187
Long-term Capital Gain		2,802
2005 Distributions paid from:
Ordinary Income	$	24,047
Long-term Capital Gain		64,092

The tax basis components of distributable earnings as of December 31, 2005, are as follows:

Undistributed Ordinary Income	$	20,284
Undistributed Long-term Capital Gain	$	81,739
Post October Currency Loss Deferral	$	(5	)
Net Unrealized Appreciation (Depreciation)	$	121,777	*

* Amount includes unrealized appreciation (depreciation) on foreign currency denominated assets and liabilities.

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of December 31, 2005, are as follows:

Federal Tax Cost Basis	$	800,337
Unrealized Appreciation	$	796,777
Unrealized (Depreciation)	$	(674,997	)
Net Unrealized Appreciation (Depreciation)	$	121,780

NOTE 5.  REGULATORY PROCEEDINGS

There continues to be significant federal and state regulatory activity relating to financial services companies, particularly mutual fund companies and their investment advisers. As part of an ongoing investigation regarding potential market timing, recordkeeping and trading compliance issues and matters affecting the Fund's investment adviser, TFAI, and certain affiliates and former employees of TFAI, the SEC staff has indicated that it is likely to take some action against TFAI and certain of its affiliates at the conclusion of the investigation. The potential timing and the scope of any such action is difficult to predict. Although the impact of any action brought against TFAI and/or its affiliates is difficult to assess at the present time, the Fund currently believes that the likelihood that any such action will have a material adverse impact on it is remote. It is important to note that the Fund is not aware of any allega tion of wrongdoing against it and its Board at the time this annual report is printed. Although it is not anticipated that these developments will have an adverse impact on the Fund, there can be no assurance at this time. TFAI and its affiliates are actively working with the SEC in regard to this matter; however, the exact resolution cannot be determined at this time. TFAI will take such actions that it deems necessary or appropriate to continue providing management services to the Fund and to bring all matters to an appropriate conclusion.

TFAI and/or its affiliates, and not the Fund, will bear the costs regarding these regulatory matters.

AEGON/Transamerica Series Trust

Annual Report 2005

14

Report of Independent Registered Certified Public Accounting Firm

To the Board of Trustees and Shareholders of
T. Rowe Price Equity Income

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of T. Rowe Price Equity Income (the "Fund") (one of the portfolios constituting the AEGON/Transamerica Series Trust) at December 31, 2005, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fund's management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2005 by correspondence with the custodian, provide a reasonable basis for our opinion.

Tampa, Florida
February 23, 2006

T. Rowe Price Equity Income (UNAUDITED)

SUPPLEMENTAL TAX INFORMATION
(all amounts in thousands)

For tax purposes, the Fund has made a Long-Term Capital Gain Designation of $64,092 for the year ended December 31, 2005.

AEGON/Transamerica Series Trust

Annual Report 2005

15

T. Rowe Price Equity Income

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS – REVIEW AND RENEWAL (unaudited)

At a meeting of the Board of Trustees of AEGON/Transamerica Series Trust ("ATST") held on November 2, 2005, the Board reviewed and considered the Investment Advisory Agreement between T. Rowe Price Equity Income (the "Portfolio") and Transamerica Fund Advisors, Inc. ("TFAI") as well as the Investment Sub-Advisory Agreement of the Portfolio between TFAI and T. Rowe Price Associates, Inc. (the "Sub-Adviser"), to determine whether the agreements should be renewed for a one-year period. Following their review and consideration, the Trustees determined that the Investment Advisory Agreement and the Investment Sub-Advisory Agreement will enable shareholders of the Portfolio to obtain high quality services at a cost that is appropriate, reasonable, and in the best interests of its shareholders. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and the Invest ment Sub-Advisory Agreement. In reaching their decision, the Trustees requested and obtained from TFAI and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the proposed agreements. The Trustees also carefully considered the information that they had received throughout the year from TFAI and the Sub-Adviser (such as in-person presentations by the Sub-Adviser) as part of their regular oversight of the Portfolio, as well as: comparative fee, expense and performance information prepared by Lipper Inc. ("Lipper"), independent providers of mutual fund performance, fee and expense information; and profitability data. In considering the proposed continuation of the Investment Advisory Agreement and the Investment Sub-Advisory Agreement, the Trustees evaluated a number of considerations that they believe, in light of the legal advice furnished to them by ATST counsel and independent legal counsel and their own business judgment, to be relevant. They based their decisions on the follow ing considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:

The nature, extent and quality of the advisory service to be provided. The Board considered the nature and quality of the services provided by TFAI and the Sub-Adviser to the Portfolio in the past, as well as the services anticipated to be provided in the future. The Board concluded that TFAI and the Sub-Adviser are capable of providing high quality services to the Portfolio, as indicated by the nature and quality of services provided in the past, TFAI's and the Sub-Adviser's management capabilities demonstrated with respect to the portfolios they manage, including the Portfolio, and the experience, capability and integrity of TFAI's senior management, the financial resources of TFAI and the Sub-Adviser, TFAI's management oversight process, the professional qualifications and experience of the Sub-Adviser's portfolio management team, and the Portfolio 's investment performance. The Trustees also concluded that TFAI and the Sub-Adviser proposed to provide investment and related services that were of the same quality and quantity as services provided to the Portfolio in the past, and that these services are appropriate in scope and extent in light of the Portfolio's operations, the competitive landscape of the investment company business and investor needs, and that TFAI's and the Sub-Adviser's obligations will remain substantially the same.

The investment performance of the Portfolio. The Board examined both the short-term and longer-term performance of the Portfolio, including relative performance against a benchmark securities index and a peer group of comparable mutual funds as prepared by Lipper, for various trailing periods ended June 30, 2005. The Trustees concluded that TFAI and the Sub-Adviser generally had achieved competitive investment performance, noting that although the performance of the Portfolio was below median relative to its peers over the past one- and two-year periods, its performance was above median relative to its peers over the past three-, five- and ten-year periods, and competitive to the benchmark index over the past one-, two-, three-, five- and ten-year periods. On the basis of the Trustees' assessment of the nature, extent and quality of advisory services to be provided or procured by TFAI and the Sub-Adviser, the Trustees concluded that TFAI and the Sub-Adviser are capable of generating a level of investment performance that is appropriate in light of the Portfolio's investment objective, policies and strategies and competitive with many other investment companies, and also determined that TFAI's and the Sub-Adviser's performance records indicate that their continued management is likely to benefit the Portfolio and its shareholders.

The cost of advisory services provided and the level of profitability. The Board favorably noted the Portfolio's new pricing schedule, which, based upon current asset levels, should result in slightly lower management fees to the benefit of the Portfolio and its shareholders. The Board reviewed profitability information regarding TFAI's costs of procuring portfolio management services, as well as the costs of provision of administration, fund accounting and other services, to the Portfolio and to ATST as a whole by TFAI and its affiliates. The Trustees reviewed data from Lipper that compared the Portfolio's management fees (including management fees at various asset levels), other fees and expenses (including total expenses including and excluding 12b-1 distribution and service fees) and portfolio turnover rate against a peer group of comparable mutua l funds. Based on such information, the Trustees determined that the management fees and overall expense ratio of the Portfolio generally are consistent with industry averages. In addition, on the basis of the Board's review of the management fees to be charged by TFAI for investment advisory and related services, TFAI profitability information (derived from TFAI's audited financial statements), TFAI's estimated management income resulting from its management of the Portfolio, the estimated margin of the Sub-Adviser, as well as the entirety of TFAI's and its affiliates' service relationship with

AEGON/Transamerica Series Trust

Annual Report 2005

16

T. Rowe Price Equity Income (continued)

ATST, the Board concluded that the level of investment management fees and other service fees, as well as TFAI's and the Sub-Adviser's profitability, are appropriate in light of the services provided, the management fees and overall expense ratios of comparable investment companies and the anticipated profitability of the relationship between the Portfolio, TFAI and its affiliates, and the Sub-Adviser.

Whether fee levels reflect economies of scale and the extent to which economies of scale would be realized as the Portfolio grows. Although the investment advisory fees do not significantly reduce should Portfolio assets grow meaningfully, the Board determined that the investment advisory fees already reflect potential economies of scale to some extent by virtue of their competitive levels determined with reference to industry standards as reported by Lipper and the estimated profitability at current or foreseeable asset levels.  In addition, the Board concluded that the Portfolio's current management fees appropriately reflect the Portfolio's current size, the current economic environment for TFAI, the competitive nature of the investment company market, and TFAI's pricing strategy. The Trustees also concluded that they will have the opportunity to periodically reexamine whether the Portfolio has achieved economies of scale, and the appropriateness of management fees payable to TFAI and fees payable by TFAI to the Sub-Adviser, in the future.

Benefits (such as soft dollars) to TFAI, its affiliates, or the Sub-Adviser from their relationship with the Portfolio. The Board concluded that other benefits derived by TFAI, its affiliates, and the Sub-Adviser from their relationship with the Portfolio are reasonable and fair, and are consistent with industry practice and the best interests of the Portfolio and its shareholders. In this regard, the Board noted that TFAI does not realize "soft dollar" benefits from its relationship with the Portfolio, and that the Sub-Adviser is participating in a brokerage program pursuant to which a portion of brokerage commissions paid by the Portfolio is recaptured for the benefit of the Portfolio and its shareholders, thus limiting the amount of "soft-dollar" arrangements the Sub-Adviser may engage in with respect to the Portfolio's brokerage transactions. In a ddition, the Trustees determined that the administration, fund accounting and other fees paid by the Portfolio to affiliates of TFAI are reasonable, fair and in the best interests of shareholders in light of the nature and quality of the services provided, the associated costs to these affiliates of providing the services, the impact of the costs of such services on the Portfolio's overall operating expenses, and the necessity of the services for the Portfolio's operations.

Other considerations. The Board determined that TFAI had made a substantial commitment to the recruitment and retention of high quality personnel, and maintained the financial, compliance and operational resources reasonably necessary to manage the Portfolio in a professional manner that is consistent with the best interests of the Portfolio and its shareholders. In this regard, the Trustees favorably considered the procedures and policies in place by TFAI to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Adviser. The Trustees also determined that TFAI had made a significant entrepreneurial commitment to the management and success of the Portfolio, reflected by TFAI's expense limitation and fee waiver arrangement with the Portfolio, which may result in TFAI waiving a substantial amoun t of advisory fees for the benefit of shareholders.

AEGON/Transamerica Series Trust

Annual Report 2005

17

T. Rowe Price Growth Stock

MARKET ENVIRONMENT

With the price of oil rising for most of the year, energy and utilities stocks dominated the market until the fourth quarter; when they gave back some of their tremendous earlier gains. But higher energy prices and rising interest rates were hard on the consumer, and many consumer-oriented stocks struggled. Growth companies in many sectors – health care and technology, for example – had solid business performance but had a hard time being noticed.

As a consequence, value stocks were again ahead of growth for the year. However, growth outperformed value in the second half. Strong performances by capital markets firms, health care services and biotechnologies, and Internet companies led the way as oil and utilities stocks slowed.

PERFORMANCE

For the year ended December 31, 2005, T. Rowe Price Growth Stock, Initial Class returned 6.16%. By comparison its primary and secondary benchmarks, the Standard and Poor's 500 Composite Stock Index and the Russell 1000 Growth Index returned 4.91% and 5.26%, respectively.

STRATEGY REVIEW

Our positioning in health care made the largest contribution to our outperformance. The health care services segment made consistent gains and our stock choices fared especially well. Leading contributors in this area included UnitedHealth Group Incorporated and WellPoint, Inc., both of which reported good earnings with continuing improvements in cost and pricing trends. In addition, key holdings in the biotechnology segment, notably Genentech, Inc. and Gilead Sciences, Inc., advanced on positive pharmaceutical developments.

Even though short-term interest rates rose throughout the year, many segments of the financials sector performed well. On an absolute basis, the financials sector performed well in the portfolio. Our focus on capital markets companies made a significant contribution on a relative basis as well; with State Street Corporation, UBS AG, Ameritrade Holding Corporation, and others posting strong returns. For most of the past year, we have focused on capital markets companies because we believe they have good earnings prospects and will not be unduly harmed by the rising interest-rate environment.

Our stock selection in the telecommunications services sector also added value over the benchmark. Most notably, our positions in Latin America wireless provider America Movil, S.A. de C.V. and tower operator Crown Castle International Corp. were strong performers, benefiting from subscriber growth and industry consolidation. We remain overweighted in this sector with a focus on the larger wireless service providers and tower operators.

The good results in these areas helped overcome some challenges. An underweight in the surging energy sector – a common position for a growth portfolio – held us back compared with the benchmark. We were also well exposed to the weakening consumer sectors, and our overweight on media companies in this sector proved especially not beneficial. But the largest detractor for the period was our position in the industrials and business services sector. Many of our chosen stocks, including Cendant Corporation, Tyco International Ltd., and Deere & Company, did not live up to our expectations and weighed down our relative results.

Robert W. Smith

Portfolio Manager
T. Rowe Price Associates, Inc.

AEGON/Transamerica Series Trust

Annual Report 2005

1

T. Rowe Price Growth Stock

Comparison of change in value of $10,000 investment in Initial Class shares and its comparative indices.

Average Annual Total Return for Periods Ended 12/31/05

	1 year			5 years			10 years			From Inception			Inception Date
Initial Class		6.16	%		1.15	%		9.91	%		12.15	%	1/3/95
S&P 5001		4.91	%		0.54	%		9.07	%		11.40	%	1/3/95
Russell 1000 Growth1		5.26	%		(3.58	)%		6.73	%		9.19	%	1/3/95
Service Class		5.90	%		–			–			14.07	%	5/1/03

NOTES

¹  The Standard and Poor's 500 Composite Stock (S&P 500) Index and the Russell 1000 Growth (Russell 1000 Growth) Index are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. From inception calculation is based on life of Initial Class shares. Source: Standard & Poor's Micropal®© Micropal, Inc. 2005 – 1-800-596-5323 – http://www.funds-sp.com.

The performance data presented represents past performance, future results may vary. The portfolio's investment return and net asset value will fluctuate. Past performance does not guarantee future results. Investor's units when redeemed, may be worth more or less than their original cost.

Current performance may be higher or lower than the performance data quoted. Please visit your insurance company's website for contract or policy level standardized total returns current to the most recent month-end. Portfolio performance is net of investment fees and fund expenses, but not product charges, which, if included, would significantly lower the performance quoted.

This material must be preceded or accompanied by a current prospectus, which includes specific contents regarding the investment objectives, explanation of share classes and policies of this portfolio.

The historical financial information for periods prior to May 1, 2000 has been derived from the financial history of the predecessor portfolio, T.Rowe Price Growth Stock of the Endeavor Series Trust.

AEGON/Transamerica Series Trust

Annual Report 2005

2

T. Rowe Price Growth Stock

UNDERSTANDING YOUR FUND'S EXPENSES
(unaudited)

SHAREHOLDER EXPENSES

Fund shareholders may incur ongoing costs, including management and advisory fees, distribution and service fees, and other Fund expenses.

The following Example is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.

The Example is based on an investment of $1,000 invested at July 1, 2005 and held for the entire period until December 31, 2005.

ACTUAL EXPENSES

The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of your Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fees, brokerage commissions paid on purchases and sales of fund shares. Therefore, the second line under the Fund in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If any of these transaction costs were included, your costs would be higher. The expenses shown in the table do not reflect any fees that may be charged to you by brokers, financial intermediaries or other financial institutions.

	Beginning Account Value		Ending Account Value		Annualized Expense Ratio			Expenses Paid During Period (a)
Initial Class
Actual	$	1,000.00	$	1,075.00		0.88	%	$	4.60
Hypothetical(b)		1,000.00		1,020.77		0.88			4.48
Service Class
Actual		1,000.00		1,073.40		1.13			5.91
Hypothetical(b)		1,000.00		1,019.51		1.13			5.75

(a) Expenses are calculated using each Fund's annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by number of days in the period (184 days), and divided by the number of days in the year (365 days).

(b) 5% return per year before expenses.

GRAPHICAL PRESENTATION OF SCHEDULE OF INVESTMENTS
By Sector
At December 31, 2005

This chart shows the percentage breakdown by sector of the Fund's total investment securities.

AEGON/Transamerica Series Trust

Annual Report 2005

3

T. Rowe Price Growth Stock

SCHEDULE OF INVESTMENTS
At December 31, 2005
(all amounts except share amounts in thousands)

	Shares		Value
COMMON STOCKS (93.4%)
Aerospace (0.4%)
General Dynamics Corp.		11,900	$	1,357
Air Transportation (0.3%)
Southwest Airlines Co.		68,200		1,120
Apparel & Accessory Stores (1.3%)
Kohl's Corp. ‡		89,300		4,340
Beverages (0.4%)
PepsiCo, Inc.		22,900		1,353
Business Services (1.7%)
Cendant Corp.		147,300		2,541
First Data Corp.		71,200		3,062
Chemicals & Allied Products (2.7%)
Monsanto Co.		50,000		3,876
Procter & Gamble Co.		60,157		3,482
Reckitt Benckiser PLC		41,994		1,385
Commercial Banks (7.3%)
Anglo Irish Bank Corp. PLC		187,500		2,837
Citigroup, Inc.		151,608		7,357
Northern Trust Corp.		66,300		3,436
State Street Corp.		66,300		3,676
UBS AG		72,400		6,877
Communication (2.2%)
Comcast Corp.- Special Class A ‡		64,500		1,657
Crown Castle International Corp. ‡		80,000		2,153
Liberty Media Corp.-Class A ‡		431,756		3,398
Communications Equipment (2.5%)
Corning, Inc. ‡		210,900		4,146
Nokia OYJ		119,300		2,175
QUALCOMM, Inc.		46,300		1,995
Computer & Data Processing Services (8.4%)
Affiliated Computer Services, Inc.-Class A ‡		21,800		1,290
Amdocs, Ltd. ‡		58,800		1,617
Automatic Data Processing, Inc.		77,400		3,552
Electronic Arts, Inc. ‡		19,000		994
Google, Inc.-Class A ‡		6,400		2,655
Juniper Networks, Inc. ‡		78,100		1,742
Microsoft Corp.		378,300		9,892
Oracle Corp. ‡†		234,400		2,862
Yahoo!, Inc. ‡		78,500		3,076
Computer & Office Equipment (2.9%)
Cisco Systems, Inc. ‡		68,400		1,171
Dell, Inc. ‡		198,800		5,962
EMC Corp. ‡		175,800		2,394

	Shares		Value
Department Stores (0.5%)
Wal-Mart de Mexico SA de CV-Class V		143,500	$	796
Wal-Mart de Mexico SA, Sponsored ADR		16,900		937
Drug Stores & Proprietary Stores (0.7%)
Walgreen Co.		50,700		2,244
Educational Services (0.8%)
Apollo Group, Inc.-Class A ‡		44,700		2,702
Electronic & Other Electric Equipment (4.7%)
General Electric Co.		332,800		11,665
Harman International Industries, Inc.		20,200		1,977
Samsung Electronics Co., Ltd.		2,730		1,769
Electronic Components & Accessories (5.1%)
Analog Devices, Inc.		108,500		3,892
Intel Corp.		173,600		4,333
Marvell Technology Group, Ltd. ‡		36,700		2,058
Maxim Integrated Products, Inc.		74,000		2,682
Tyco International, Ltd.		47,544		1,372
Xilinx, Inc.		97,100		2,448
Entertainment (0.7%)
International Game Technology		74,100		2,281
Health Services (1.7%)
Caremark Rx, Inc. ‡		58,000		3,004
Quest Diagnostics, Inc.		53,300		2,744
Hotels & Other Lodging Places (1.1%)
MGM Mirage, Inc. ‡		15,500		568
Wynn Resorts, Ltd. ‡†		52,900		2,901
Industrial Machinery & Equipment (1.6%)
Baker Hughes, Inc. †		49,800		3,027
Deere & Co.		31,600		2,152
Instruments & Related Products (2.1%)
Danaher Corp.		104,800		5,846
Garmin, Ltd. †		16,400		1,088
Insurance (5.8%)
American International Group, Inc.		108,800		7,423
UnitedHealth Group, Inc.		129,000		8,016
WellPoint, Inc. ‡		44,300		3,535
Insurance Agents, Brokers & Service (1.7%)
Hartford Financial Services Group, Inc. (The)		37,300		3,204
Humana, Inc. ‡		9,500		516
Marsh & McLennan Cos., Inc. †		64,400		2,045
Life Insurance (0.5%)
Genworth Financial, Inc.-Class A		43,000		1,487
Lumber & Other Building Materials (1.1%)
Home Depot, Inc. (The)		87,700		3,550

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

4

T. Rowe Price Growth Stock

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2005
(all amounts except share amounts in thousands)

	Shares		Value
Management Services (1.8%)
Accenture, Ltd.-Class A		204,500	$	5,904
Medical Instruments & Supplies (2.2%)
Medtronic, Inc.		56,500		3,253
St. Jude Medical, Inc. ‡		18,400		924
Stryker Corp.		36,000		1,599
Zimmer Holdings, Inc. ‡		23,600		1,592
Metal Mining (0.9%)
BHP Billiton, Ltd.		184,700		3,082
Mortgage Bankers & Brokers (0.4%)
Countrywide Financial Corp.		41,800		1,429
Motion Pictures (1.5%)
Discovery Holding Co.-Class A ‡		51,245		776
News Corp., Inc.-Class A		143,700		2,234
Time Warner, Inc.		102,900		1,795
Oil & Gas Extraction (1.5%)
Schlumberger, Ltd. †		51,600		5,013
Personal Credit Institutions (1.2%)
SLM Corp.		72,800		4,010
Petroleum Refining (2.8%)
Exxon Mobil Corp.		55,290		3,106
Murphy Oil Corp.		38,100		2,057
Total SA		15,900		3,982
Pharmaceuticals (6.4%)
Amgen, Inc. ‡		67,900		5,355
Genentech, Inc. ‡		25,500		2,359
Gilead Sciences, Inc. ‡		47,100		2,479
Johnson & Johnson		34,400		2,067
Novartis AG		66,500		3,487
Pfizer, Inc.		97,395		2,271
Roche Holding AG-Genusschein		13,800		2,067
Sepracor, Inc. ‡†		21,600		1,114
Radio & Television Broadcasting (0.9%)
Univision Communications, Inc.-Class A ‡		95,500		2,807
Radio, Television & Computer Stores (0.5%)
Best Buy Co., Inc.		35,650		1,550
Residential Building Construction (0.2%)
Lennar Corp.-Class A †		10,700		653
Retail Trade (0.7%)
Petsmart, Inc. †		85,100		2,184
Rubber & Misc. Plastic Products (0.8%)
NIKE, Inc.-Class B		29,800		2,586

	Shares		Value
Security & Commodity Brokers (5.5%)
American Express Co.		100,000	$	5,146
Ameritrade Holding Corp. ‡		67,200		1,613
Charles Schwab Corp. (The)		160,700		2,357
E*TRADE Financial Corp. ‡		48,900		1,020
Franklin Resources, Inc.		16,700		1,570
Goldman Sachs Group, Inc. (The)		11,400		1,456
Legg Mason, Inc.		14,200		1,700
Merrill Lynch & Co., Inc.		48,000		3,251
Shoe Stores (0.4%)
Inditex SA		41,300		1,343
Telecommunications (2.9%)
America Movil SA de CV-Class L, ADR †		96,400		2,821
Rogers Communications, Inc.-Class B †		54,800		2,316
Sprint Nextel Corp.		69,083		1,614
TELUS Corp.		23,700		972
TELUS Corp. Non Voting Shares		27,100		1,091
Vodafone Group PLC		308,904		666
Variety Stores (2.9%)
Target Corp.		39,600		2,177
Wal-Mart Stores, Inc.		158,000		7,394
Water Transportation (1.1%)
Carnival Corp.		67,900		3,631
Wholesale Trade Nondurable Goods (0.6%)
SYSCO Corp.		60,100		1,866
Total Common Stocks (cost: $255,534)				307,431
	Principal		Value
SECURITY LENDING COLLATERAL (6.6%)
Debt (5.6%)
Bank Notes (0.2%)
Bank of America 4.27%, due 01/17/2006 *	$	322	$	322
4.31%, due 08/10/2006 *		264		264
Certificates Of Deposit (0.3%)
Barclays 4.31%, due 01/17/2006 *		203		203
Canadian Imperial Bank of Commerce 4.15%, due 05/18/2006 *		287		287
Credit Suisse First Boston Corp. 4.18%, due 03/10/2006 *		115		115
Rabobank Nederland 4.10%, due 05/31/2006 *		287		287
Commercial Paper (0.6%)
Fairway Finance-144A 4.31%, due 01/10/2006		573		573

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

5

T. Rowe Price Growth Stock

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2005
(all amounts except share amounts in thousands)

	Principal		Value
Commercial Paper (continued)
Jupiter Securitization Corp.-144A 4.27%, due 01/05/2006	$	287	$	287
Paradigm Funding LLC-144A 4.30%, due 01/09/2006		113		113
Park Avenue Receivables Corp.-144A 4.27%, due 01/04/2006		285		285
Preferred Receivables Corp.-144A 4.31%, due 01/04/2006		228		228
Ranger Funding Co. LLC-144A 4.29%, due 01/18/2006		227		227
Sheffield Receivables Corp.-144A 4.26%, due 01/23/2006		138		138
Yorktown Capital LLC 4.27%, due 01/05/2006		287		287
Euro Dollar Overnight (0.9%)
Calyon 4.34%, due 01/05/2006		287		287
Fortis Bank 4.35%, due 01/03/2006 4.35%, due 01/05/2006		574 546		574 546
Harris Trust & Savings Bank 4.25%, due 01/05/2006		471		471
National Australia Bank 4.16%, due 01/03/2006		587		587
Rabobank Nederland 4.15%, due 01/03/2006		207		207
Wells Fargo 4.27%, due 01/03/2006		287		287
Euro Dollar Terms (1.9%)
Bank of Montreal 4.30%, due 01/19/2006		575		575
Barclays 4.27%, due 01/25/2006 4.30%, due 01/31/2006		172 460		172 460
BNP Paribas 4.22%, due 01/24/2006		287		287
Dexia Group 4.25%, due 01/09/2006		287		287
Rabobank Nederland 4.21%, due 01/19/2006		517		517
Royal Bank of Canada 4.25%, due 01/24/2006		402		402
Royal Bank of Scotland 4.30%, due 01/31/2006 4.31%, due 02/01/2006		862 632		862 632
Societe Generale 4.28%, due 01/30/2006		575		575

	Principal		Value
Euro Dollar Terms (continued)
UBS AG 4.26%, due 01/10/2006	$	575	$	575
Wells Fargo 4.29%, due 01/30/2006		862		862
Promissory Notes (0.1%)
Bear Stearns & Co. 4.39%, due 03/07/2006 4.39%, due 06/06/2006		345 115		345 115
Repurchase Agreements (1.6%) ††
Credit Suisse First Boston Corp. 4.29%, dated 12/30/2005 to be repurchased at $962 on 01/03/2006		962		962
Goldman Sachs Group, Inc. (The) 4.29%, dated 12/30/2005 to be repurchased at $2,295 on 01/03/2006		2,294		2,294
Lehman Brothers, Inc. 4.29%, dated 12/30/2005 to be repurchased at $15 on 01/03/2006		15		15
Merrill Lynch & Co. 4.24%, dated 12/30/2005 to be repurchased at $1,839 on 01/03/2006		1,838		1,838
Morgan Stanley Dean Witter & Co. 4.36%, dated 12/30/2005 to be repurchased at $203 on 01/03/2006		203		203
	Shares		Value
Investment Companies (1.0%)
American Beacon Fund 1-day yield of 4.19%		78,764	$	79
Barclays Global Investors Institutional Money Market Fund 1-day yield of 4.19%		746,860		747
Dreyfus Cash Management Plus Fund 1-day yield of 4.09%		310,234		310
Merrimac Cash Fund, Premium Class 1-day yield of 4.03% @		2,033,853		2,034
Total Security Lending Collateral (cost: $21,723)				21,723
Total Investment Securities (cost: $277,257)			$	329,154

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

6

T. Rowe Price Growth Stock

SCHEDULE OF INVESTMENTS
At December 31, 2005
(all amounts in thousands)

NOTES TO SCHEDULE OF INVESTMENTS:

‡  Non-income producing.

†  At December 31, 2005, all or a portion of this security is on loan (see Note 1). The value at December 31, 2005, of all securities on loan is $21,071.

*  Floating or variable rate note. Rate is listed as of December 31, 2005.

††  Cash collateral for the Repurchase Agreements, valued at $5,419, that serve as collateral for securities lending are invested in corporate bonds with interest rates and maturity dates ranging from 0.00% - 8.75% and 01/03/2006 - 08/01/2037, respectively.

@  Regulated investment company advised by Investors Bank and Trust Co. ("IBT"). IBT is also the accounting, custody and lending agent for the Fund.

DEFINITIONS:

144A  144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2005, these securities aggregated $1,851 or 0.6% of the total investments of the Fund.

ADR  American Depositary Receipt

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

7

T. Rowe Price Growth Stock

STATEMENT OF ASSETS AND LIABILITIES
At December 31, 2005
(all amounts except per share amounts in thousands)

Assets:
Investment securities, at value (cost: $277,257) (including securities loaned of $21,071)	$	329,154
Cash		9,460
Receivables:
Investment securities sold		330
Interest		23
Income from loaned securities		11
Dividends		353
Dividend reclaims receivable		8
		339,339
Liabilities:
Investment securities purchased		846
Accounts payable and accrued liabilities:
Shares redeemed		373
Management and advisory fees		212
Service fees		1
Administration fees		5
Payable for collateral for securities on loan		21,723
Other		35
		23,195
Net Assets	$	316,144
Net Assets Consist of:
Capital stock ($.01 par value)	$	138
Additional paid-in capital		253,254
Distributable net investment income (loss)		659
Accumulated net realized gain (loss) from investment securities and foreign currency transactions		10,194
Net unrealized appreciation (depreciation) on:
Investment securities		51,897
Translation of assets and liabilites denominated in foreign currencies		2
Net Assets	$	316,144
Net Assets by Class:
Initial Class	$	311,913
Service Class		4,231
Shares Outstanding:
Initial Class		13,651
Service Class		186
Net Asset Value and Offering Price Per Share:
Initial Class	$	22.85
Service Class		22.73

STATEMENT OF OPERATIONS
For the year ended December 31, 2005
(all amounts in thousands)

Investment Income:
Interest	$	139
Dividends (net of withholding taxes on foreign dividends of $60)		3,372
Income from loaned securities-net		65
		3,576
Expenses:
Management and advisory fees		2,527
Printing and shareholder reports		59
Custody fees		66
Administration fees		64
Legal fees		6
Audit fees		14
Trustees fees		11
Service fees:
Service Class		10
Other		8
Total expenses		2,765
Net Investment Income (Loss)		811
Net Realized Gain (Loss) from:
Investment securities		28,719
Foreign currency transactions		(123	)
		28,596
Net Increase (Decrease) in Unrealized Appreciation (Depreciation) on:
Investment securities		(10,930	)
Translation of assets and liabilities denominated in foreign currencies		1
		(10,929	)
Net Realized and Unrealized Gain (Loss) on Investment Securities and Foreign Currency Transactions		17,667
Net Increase (Decrease) in Net Assets Resulting from Operations	$	18,478

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

8

T. Rowe Price Growth Stock

STATEMENTS OF CHANGES IN NET ASSETS
For the years ended
(all amounts in thousands)

	December 31, 2005			December 31, 2004
Increase (Decrease) in Net Assets From:
Operations:
Net investment income (loss)	$	811		$	1,716
Net realized gain (loss) from investment securities and foreign currency transactions		28,596			22,043
Change in unrealized appreciation (depreciation) on investment securities and foreign currency translation		(10,929	)		6,306
		18,478			30,065
Distributions to Shareholders:
From net investment income:
Initial Class		(1,558	)		(459	)
Service Class		(20	)		(3	)
		(1,578	)		(462	)
Capital Share Transactions:
Proceeds from shares sold:
Initial Class		18,296			18,155
Service Class		2,738			2,619
		21,034			20,774
Dividends and distributions reinvested:
Initial Class		1,558			459
Service Class		20			3
		1,578			462
Cost of shares redeemed:
Initial Class		(58,107	)		(39,498	)
Service Class		(1,760	)		(555	)
		(59,867	)		(40,053	)
		(37,255	)		(18,817	)
Net increase (decrease) in net assets		(20,355	)		10,786
Net Assets:
Beginning of year		336,499			325,713
End of year	$	316,144		$	336,499
Distributable Net Investment Income (Loss)	$	659		$	1,552

	December 31, 2005			December 31, 2004
Share Activity:
Shares issued:
Initial Class		852			905
Service Class		129			132
		981			1,037
Shares issued–reinvested from distributions:
Initial Class		72			25
Service Class		1			—
		73			25
Shares redeemed:
Initial Class		(2,693	)		(1,990	)
Service Class		(82	)		(28	)
		(2,775	)		(2,018	)
Net increase (decrease) in shares outstanding:
Initial Class		(1,769	)		(1,060	)
Service Class		48			104
		(1,721	)		(956	)

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

9

T. Rowe Price Growth Stock

FINANCIAL HIGHLIGHTS

		For a share outstanding throughout each period (a)
		Net Asset		Investment Operations									Distributions									Net Asset
	For the Period Ended (b)	Value, Beginning of Period		Net Investment Income (Loss)			Net Realized and Unrealized Gain (Loss)			Total Operations			From Net Investment Income			From Net Realized Gains			Total Distributions			Value, End of Period
Initial Class	12/31/2005	$	21.63	$	0.06		$	1.27		$	1.33		$	(0.11	)	$	–		$	(0.11	)	$	22.85
	12/31/2004		19.72		0.11			1.83			1.94			(0.03	)		–			(0.03	)		21.63
	12/31/2003		15.09		0.03			4.61			4.64			(0.01	)		–			(0.01	)		19.72
	12/31/2002		19.56		0.02			(4.48	)		(4.46	)		(0.01	)		–			(0.01	)		15.09
	12/31/2001		25.62		0.02			(2.37	)		(2.35	)		–			(3.71	)		(3.71	)		19.56
Service Class	12/31/2005		21.55		–	(h)		1.27			1.27			(0.09	)		–			(0.09	)		22.73
	12/31/2004		19.70		0.09			1.79			1.88			(0.03	)		–			(0.03	)		21.55
	12/31/2003		16.08		–	(h)		3.62			3.62			–			–			–			19.70

					Ratios/Supplemental Data
	For the Period	Total			Net Assets, End of Period		Ratio of Expenses to Average Net Assets (f)						Net Investment Income (Loss) to Average			Portfolio Turnover
	Ended (b)	Return (c)(g)			(000's)		Net (d)			Total (e)			Net Assets (f)			Rate (g)
Initial Class	12/31/2005		6.16	%	$	311,913		0.86	%		0.86	%		0.26	%		38	%
	12/31/2004		9.86			333,533		0.84			0.84			0.53			38
	12/31/2003		30.76			325,035		0.84			0.84			0.20			38
	12/31/2002		(22.81	)		222,912		0.87			0.92			0.12			48
	12/31/2001		(10.04	)		229,751		0.91			0.93			0.11			67
Service Class	12/31/2005		5.90			4,231		1.11			1.11			–	(h)		38
	12/31/2004		9.56			2,966		1.10			1.10			0.47			38
	12/31/2003		22.51			678		1.12			1.12			0.01			38

NOTES TO FINANCIAL HIGHLIGHTS

(a)  Per share information is calculated based on average number of shares outstanding.

(b)  T. Rowe Price Growth Stock (the "Fund") share classes commenced operations as follows:

Initial Class – January 3, 1995
Service Class – May 1, 2003

(c)  Total Return reflects all portfolio expenses and includes reinvestment of dividends and capital gains; it does not reflect the charges and deductions under the policies or annuity contracts.

(d)  For the years ended December 31, 2005, 2004 and 2003, Ratio of Net Expenses to Average Net Assets is net of fee waivers and reimbursements by the investment adviser, if any (see note 2). For the year ended December 31, 2002, Ratio of Net Expenses to Average Net Assets is net of fees paid indirectly. For the year ended December 31, 2001, Ratio of Net Expenses to Average Net Assets is net of fees paid indirectly and credits allowed by the custodian.

(e)  Ratio of Total Expenses to Average Net Assets includes all expenses before fee waivers and reimbursements by the investment adviser.

(f)  Annualized.

(g)  Not annualized.

(h)  Rounds to less than $0.01 or 0.01%.

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

10

T. Rowe Price Growth Stock

NOTES TO FINANCIAL STATEMENTS
At December 31, 2005
(all amounts in thousands)

NOTE 1.  ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

The AEGON/Transamerica Series Trust ("ATST") is an open-end management investment company, registered under the Investment Company Act of 1940, as amended (the "1940 Act"). ATST serves as a funding vehicle for variable life insurance, variable annuity and group annuity products. T. Rowe Price Growth Stock (the "Fund") is a part of ATST.

Effective May 1, 2005, AEGON/Transamerica Series Fund, Inc. changed its name to AEGON/Transamerica Series Trust.

In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

This report should be read in conjunction with the current Fund prospectus, which contains more complete information about the Fund.

In preparing the Fund's financial statements in accordance with accounting principles generally accepted in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Fund.

Multiple class operations, income and expenses: The Fund currently offers two classes of shares, an Initial Class and a Service Class. Income, non-class specific expenses and realized and unrealized gains and losses, are allocated daily to each class, based upon the value of shares outstanding method as permitted under Rule 18f-3 of the 1940 Act. Each class bears its own specific expenses as well as a portion of general, common expenses.

Security valuations: The Fund values its investments at the close of the New York Stock Exchange ("NYSE"), normally 4 p.m. ET, each day the NYSE is open for business. Fund investments are valued at the last sale price or closing price on the day of valuation taken from the primary exchange where the security is principally traded.

Securities traded in the over-the-counter market and listed securities for which no sale was reported on that date are valued at the last quoted bid price.

Debt securities are valued based on a price quotation or other equivalent indication of value supplied by an exchange, a pricing service or a major market maker; however, those that mature in sixty days or less are valued at amortized cost, which approximates market.

Investment company securities are valued at the net asset value of the underlying portfolio.

Foreign securities generally are valued based on quotations from the primary market in which they are traded. Because many foreign securities markets and exchanges close prior to the close of the NYSE, closing prices for foreign securities in those markets or on those exchanges do not reflect the events that occur after that close. If a significant market event impacting the value of a portfolio security (e.g., natural disaster, company announcement, market volatility) occurs subsequent to the close of trading in the security, but prior to the calculation of the Fund's net asset value per share, market quotations for that security may be determined to be unreliable and, accordingly, not "readily available." As a result, foreign equity securities held by the Fund may be valued at fair market value as determined in good faith by the Fund's Administrative Valuation Committee, under the supervision of the Board's Valuation Committee , using guidelines adopted by the Board of Trustees.

Other securities for which quotations are not readily available are valued at fair market value as determined in good faith by the Fund's Administrative Valuation Committee, under the supervision of the Board's Valuation Committee, using guidelines adopted by the Board of Trustees.

Cash: The Fund may leave cash overnight in its cash account with the custodian, Investors Bank & Trust Company ("IBT"). IBT has been contracted on behalf of the Fund to invest the excess cash into a savings account, which at December 31, 2005, was paying an interest rate of 3.00%.

Repurchase agreements: The Fund is authorized to enter into repurchase agreements. The Fund, through its custodian, IBT, receives delivery of the underlying securities, the value of which at the time of purchase is required to be an amount equal to at least 100% of the resale price. The Fund will bear the risk of value fluctuations until the security can be sold and may encounter delays and incur costs in liquidating the security. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Commission recapture: The sub-adviser, to the extent consistent with the best execution and usual commission rate policies and practices, may place security transactions of the Fund with broker/dealers with which ATST has established a Commission Recapture Program. A Commission Recapture Program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Fund. In no event will commissions paid by the Fund be used to pay expenses that would otherwise be borne by any other funds within ATST, or by any other party.

Recaptured commissions during the year ended December 31, 2005, of $19 are included in net realized gains in the Statement of Operations.

AEGON/Transamerica Series Trust

Annual Report 2005

11

T. Rowe Price Growth Stock

NOTES TO FINANCIAL STATEMENTS (continued)
At December 31, 2005
(all amounts in thousands)

NOTE 1.–(continued)

Securities lending: The Fund may lend securities to qualified borrowers, with IBT acting as the Fund's lending agent. The Fund earns negotiated lenders' fees. The Fund receives cash and/or securities as collateral against the loaned securities. Cash collateral received is invested in short term, interest bearing securities. The Fund monitors the market value of securities loaned on a daily basis and requires collateral in an amount at least equal to the value of the securities loaned. Income from loaned securities on the Statement of Operations is net of fees, in the amount of $28, earned by IBT for its services.

Security transactions and investment income: Security transactions are recorded on the trade date. Security gains and losses are calculated on the first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend date. Interest income, including accretion of discounts and amortization of premiums, is recorded on the accrual basis commencing on the settlement date.

Foreign currency denominated investments: The accounting records of the Fund are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the closing exchange rate each day. The cost of foreign securities is translated at the exchange rate in effect when the investment was acquired. The Fund combines fluctuations from currency exchange rates and fluctuations in value when computing net realized and unrealized gains or losses from investments.

Net foreign currency gains and losses resulting from changes in exchange rates include: 1) foreign currency fluctuations between trade date and settlement date of investment security transactions; 2) gains and losses on forward foreign currency contracts; and 3) the difference between the receivable amounts of interest and dividends recorded in the accounting records in U.S. dollars and the amounts actually received.

Foreign currency denominated assets may involve risks not typically associated with domestic transactions. These risks include revaluation of currencies, adverse fluctuations in foreign currency values and possible adverse political, social and economic developments, including those particular to a specific industry, country or region.

Dividend distributions: Dividends and capital gains distributions are typically declared and reinvested annually and are generally paid and reinvested on the business day following the ex-date.

NOTE 2.  RELATED PARTY TRANSACTIONS

Effective January 1, 2005 AEGON/Transamerica Fund Advisers, Inc. was renamed Transamerica Fund Advisors, Inc. ("TFAI"); AEGON/Transamerica Fund Services, Inc. and AEGON/Transamerica Investor Services, Inc. merged into one entity and was renamed Transamerica Fund Services, Inc. ("TFS").

ATST serves as a funding vehicle for certain affiliated asset allocation portfolios and certain affiliated separate accounts of Western Reserve Life Assurance Co. of Ohio, Transamerica Life Insurance Company, Transamerica Financial Life Insurance Company, Inc., Peoples Benefit Life Insurance Company, Transamerica Occidental Life Insurance Company and Transamerica Life Insurance and Annuity Company.

TFAI is the Fund's investment adviser. TFS is the Fund's administrator and transfer agent. AFSG Securities Corp. ("AFSG") is the Fund's distributor. TFAI, TFS, and AFSG are affiliates of AEGON, NV, a Netherlands corporation.

Certain officers and trustees of the Fund are also officers and/or directors of TFAI, TFS and AFSG.

Investment advisory fee: The Fund pays management fees to TFAI based on average daily net assets ("ANA") at the following breakpoints:

0.80% of the first $500 million of ANA
0.775% of ANA over $500 million

TFAI has contractually agreed to waive its advisory fee and will reimburse the Fund to the extent that operating expenses, excluding 12b-1 fees, exceed the following stated annual limit:

0.89% Expense Limit

If total fund expenses fall below the annual expense limitation agreement agreed to by the adviser within the succeeding three years, the Fund may be required to pay that adviser a portion or all of the waived advisory fees.

There were no amounts recaptured during the year ended December 31, 2005. There are no amounts available for recapture at December 31, 2005.

The sub-adviser, T. Rowe Price, has agreed to a pricing discount based on aggregate assets that they manage in ATST. The amount of the discount received by the Fund at December 31, 2005 was $24.

Distribution and service fees: The Fund adopted a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, ATST entered into a Distribution Agreement with AFSG dated January 1, 1997, as amended.

Under the Distribution Plan and Distribution Agreement on the Initial Class shares, AFSG, on behalf of the Fund, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Fund's shares, amounts equal to actual expenses associated with distributing the shares.

The Distribution Plan on the Service Class shares requires ATST to pay distribution fees to AFSG as compensation for its activities, not as reimbursement for specific expenses. The fee on the Service Class is

AEGON/Transamerica Series Trust

Annual Report 2005

12

T. Rowe Price Growth Stock

NOTES TO FINANCIAL STATEMENTS (continued)
At December 31, 2005
(all amounts in thousands)

NOTE 2.–(continued)

paid to the insurance companies for providing services and account maintenance for their policyholders who invest in the variable insurance products which invest in the Service Class shares.

The Fund is authorized under the 12b-1 plan to pay fees on each class up to the following limits:

Initial Class	0.15	%
Service Class	0.25	%

AFSG has determined that it will not seek payment by the Fund of the distribution expenses incurred with respect to the Initial Class shares before April 30, 2007. Prior to AFSG seeking reimbursement of future expenses, policy and contract owners will be notified in advance. The Fund will pay fees relating to Service Class shares.

Administrative services: The Fund has entered into an agreement with TFS for financial and legal fund administration services. The Fund pays TFS an annual fee of 0.02% of ANA. The Legal fees on the Statement of Operations are for fees paid to external legal counsel.

Deferred compensation plan: Each eligible independent Fund Trustee may elect participation in a non-qualified deferred compensation plan ("the Plan") maintained by Transamerica IDEX Mutual Funds, an affiliate of the Fund. Under the Plan, such Trustees may defer payment of all or a portion of their total fees earned as a Fund Trustee. Each Trustee who is a participant in the Plan may elect that the earnings, losses or gains credited to his or her deferred fee amounts be determined based on a deemed investment in any series of Transamerica IDEX Mutual Funds. The right of a participant to receive a distribution from the Plan of the deferred fees is an unsecured claim against the general assets of all series of Transamerica IDEX Mutual Funds. The pro rata liability to the Fund of all deferred fees in the Plan amounted, as of December 31, 2005, to $16.

NOTE 3.  INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the year ended December 31, 2005, were as follows:

Purchases of securities:
Long-Term	$	117,015
U.S. Government		–
Proceeds from maturities and sales of securities
Long-Term		157,239
U.S. Government		–

NOTE 4.  FEDERAL INCOME TAX MATTERS

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatment for items including, but not limited to, wash sales, foreign currency transactions and post October loss deferrals.

Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. Financial records are not adjusted for temporary differences. These reclassifications are as follows:

Distributable net investment income (loss)	$	(126	)
Accumulated net realized gain (loss) from investment securities		126

The capital loss carryforward utilized during the year ended December 31, 2005 was $13,436.

The tax character of distributions paid may differ from the character of distributions shown in the Statements of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2004 and 2005 was as follows:

2004 Distributions paid from:
Ordinary Income	$	462
Long-term Capital Gain
2005 Distributions paid from:
Ordinary Income		1,578
Long-term Capital Gain		–

The tax basis components of distributable earnings as of December 31, 2005, are as follows:

Undistributed Ordinary Income	$	1,558
Undistributed Long-term Capital Gain	$	10,887
Post October Currency Loss Deferral	$	(17	)
Net Unrealized Appreciation (Depreciation)	$	50,324	*

*  Amount includes unrealized appreciation (depreciation) on foreign currency denominated assets and liabilities.

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of December 31, 2005, are as follows:

Federal Tax Cost Basis	$	278,832
Unrealized Appreciation	$	54,704
Unrealized (Depreciation)		(4,382	)
Net Unrealized Appreciation (Depreciation)	$	50,322

AEGON/Transamerica Series Trust

Annual Report 2005

13

T. Rowe Price Growth Stock

NOTES TO FINANCIAL STATEMENTS (continued)
At December 31, 2005
(all amounts in thousands)

NOTE 5.  REGULATORY PROCEEDINGS

There continues to be significant federal and state regulatory activity relating to financial services companies, particularly mutual fund companies and their investment advisers. As part of an ongoing investigation regarding potential market timing, recordkeeping and trading compliance issues and matters affecting the Fund's investment adviser, TFAI, and certain affiliates and former employees of TFAI, the SEC staff has indicated that it is likely to take some action against TFAI and certain of its affiliates at the conclusion of the investigation. The potential timing and the scope of any such action is difficult to predict. Although the impact of any action brought against TFAI and/or its affiliates is difficult to assess at the present time, the Fund currently believes that the likelihood that any such action will have a material adverse impact on it is remote. It is important to note that the Fund is not aware of any allega tion of wrongdoing against it and its Board at the time this annual report is printed. Although it is not anticipated that these developments will have an adverse impact on the Fund, there can be no assurance at this time. TFAI and its affiliates are actively working with the SEC in regard to this matter; however, the exact resolution cannot be determined at this time. TFAI will take such actions that it deems necessary or appropriate to continue providing management services to the Fund and to bring all matters to an appropriate conclusion.

TFAI and/or its affiliates, and not the Fund, will bear the costs regarding these regulatory matters.

AEGON/Transamerica Series Trust

Annual Report 2005

14

Report of Independent Registered Certified Public Accounting Firm

To the Board of Trustees and Shareholders of
T. Rowe Price Growth Stock

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of T. Rowe Price Growth Stock (the "Fund") (one of the portfolios constituting the AEGON/Transamerica Series Trust) at December 31, 2005, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fund's management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2005 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

Tampa, Florida
February 23, 2006

AEGON/Transamerica Series Trust

Annual Report 2005

15

T. Rowe Price Growth Stock

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS – REVIEW AND RENEWAL (unaudited)

At a meeting of the Board of Trustees of AEGON/Transamerica Series Trust ("ATST") held on November 2, 2005, the Board reviewed and considered the Investment Advisory Agreement between T. Rowe Price Growth Stock (the "Portfolio") and Transamerica Fund Advisors, Inc. ("TFAI") as well as the Investment Sub-Advisory Agreement of the Portfolio between TFAI and T. Rowe Price Associates, Inc. (the "Sub-Adviser"), to determine whether the agreements should be renewed for a one-year period. Following their review and consideration, the Trustees determined that the Investment Advisory Agreement and the Investment Sub-Advisory Agreement will enable shareholders of the Portfolio to obtain high quality services at a cost that is appropriate, reasonable, and in the best interests of its shareholders. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and the Investm ent Sub-Advisory Agreement. In reaching their decision, the Trustees requested and obtained from TFAI and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the proposed agreements. The Trustees also carefully considered the information that they had received throughout the year from TFAI and the Sub-Adviser (such as in-person presentations by the Sub-Adviser) as part of their regular oversight of the Portfolio, as well as: comparative fee, expense and performance information prepared by Lipper Inc. ("Lipper"), independent providers of mutual fund performance, fee and expense information; and profitability data. In considering the proposed continuation of the Investment Advisory Agreement and the Investment Sub-Advisory Agreement, the Trustees evaluated a number of considerations that they believe, in light of the legal advice furnished to them by ATST counsel and independent legal counsel and their own business judgment, to be relevant. They based their decisions on the followi ng considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:

The nature, extent and quality of the advisory service to be provided. The Board considered the nature and quality of the services provided by TFAI and the Sub-Adviser to the Portfolio in the past, as well as the services anticipated to be provided in the future. The Board concluded that TFAI and the Sub-Adviser are capable of providing high quality services to the Portfolio, as indicated by the nature and quality of services provided in the past, TFAI's and the Sub-Adviser's management capabilities demonstrated with respect to the portfolios they manage, including the Portfolio, and the experience, capability and integrity of TFAI's senior management, the financial resources of TFAI and the Sub-Adviser, TFAI's management oversight process, the professional qualifications and experience of the Sub-Adviser's portfolio management team, and the Portfolio 's investment performance. The Trustees also concluded that TFAI and the Sub-Adviser proposed to provide investment and related services that were of the same quality and quantity as services provided to the Portfolio in the past, and that these services are appropriate in scope and extent in light of the Portfolio's operations, the competitive landscape of the investment company business and investor needs, and that TFAI's and the Sub-Adviser's obligations will remain substantially the same.

The investment performance of the Portfolio. The Board examined both the short-term and longer-term performance of the Portfolio, including relative performance against a benchmark securities index and a peer group of comparable mutual funds as prepared by Lipper, for various trailing periods ended June 30, 2005. The Trustees concluded that TFAI and the Sub-Adviser generally had achieved superior investment performance, noting that the performance of the Portfolio was above median relative to its peers over the past one-, two-, three-, five- and ten-year periods, and superior to the benchmark index over the past one-, two-, three-, five- and ten-year periods. On the basis of the Trustees' assessment of the nature, extent and quality of advisory services to be provided or procured by TFAI and the Sub-Adviser, the Trustees concluded that TFAI and the Su b-Adviser are capable of generating a level of investment performance that is appropriate in light of the Portfolio's investment objective, policies and strategies and competitive with many other investment companies, and also determined that TFAI's and the Sub-Adviser's performance records indicate that their continued management is likely to benefit the Portfolio and its shareholders.

The cost of advisory services provided and the level of profitability. The Board favorably noted the Portfolio's new pricing schedule, which results in lower asset-based management and sub-advisory fee breakpoints, which, based upon current asset levels, should result in lower management fees to the benefit of the Portfolio and its shareholders. The Board reviewed profitability information regarding TFAI's costs of procuring portfolio management services, as well as the costs of provision of administration, fund accounting and other services, to the Portfolio and to ATST as a whole by TFAI and its affiliates. The Trustees reviewed data from Lipper that compared the Portfolio's management fees (including management fees at various asset levels), other fees and expenses (including total expenses including and excluding 12b-1 distribution and service fee s) and portfolio turnover rate against a peer group of comparable mutual funds. Based on such information, the Trustees determined that the management fees and overall expense ratio of the Portfolio generally are consistent with industry averages. In addition, on the basis of the Board's review of the management fees to be charged by TFAI for investment advisory and related services, TFAI profitability information (derived from TFAI's audited financial statements), TFAI's estimated management income resulting from its management of the Portfolio, the estimated margin of the Sub-Adviser, as well as the entirety of TFAI's and its affiliates' service relationship with ATST, the Board concluded that the level of investment management fees and

AEGON/Transamerica Series Trust

Annual Report 2005

16

T. Rowe Price Growth Stock (continued)

other service fees, as well as TFAI's and the Sub-Adviser's profitability, are appropriate in light of the services provided, the management fees and overall expense ratios of comparable investment companies and the anticipated profitability of the relationship between the Portfolio, TFAI and its affiliates, and the Sub-Adviser.

Whether fee levels reflect economies of scale and the extent to which economies of scale would be realized as the Portfolio grows. The Board favorably noted, as mentioned in the above section, that the Portfolio's new pricing schedule will result in lower asset-based management and sub-advisory fee breakpoints. The Board concluded that the asset-based breakpoints in the Portfolio's advisory fee schedule appropriately benefit investors by realizing economies of scale in the form of lower management fees as the level of assets grows. In addition, the Board concluded that the Portfolio's current management fees appropriately reflect the Portfolio's current size, the current economic environment for TFAI, the competitive nature of the investment company market, and TFAI's pricing strategy. The Trustees also concluded that they will have the opportunity to periodically reexamine whether the Portfolio has achieved economies of scale, and the appropriateness of management fees payable to TFAI and fees payable by TFAI to the Sub-Adviser, in the future.

Benefits (such as soft dollars) to TFAI, its affiliates, or the Sub-Adviser from their relationship with the Portfolio. The Board concluded that other benefits derived by TFAI, its affiliates, and the Sub-Adviser from their relationship with the Portfolio are reasonable and fair, and are consistent with industry practice and the best interests of the Portfolio and its shareholders. In this regard, the Board noted that TFAI does not realize "soft dollar" benefits from its relationship with the Portfolio, and that the Sub-Adviser is participating in a brokerage program pursuant to which a portion of brokerage commissions paid by the Portfolio is recaptured for the benefit of the Portfolio and its shareholders, thus limiting the amount of "soft-dollar" arrangements the Sub-Adviser may engage in with respect to the Portfolio's brokerage transactions. In a ddition, the Trustees determined that the administration, fund accounting and other fees paid by the Portfolio to affiliates of TFAI are reasonable, fair and in the best interests of shareholders in light of the nature and quality of the services provided, the associated costs to these affiliates of providing the services, the impact of the costs of such services on the Portfolio's overall operating expenses, and the necessity of the services for the Portfolio's operations.

Other considerations. The Board determined that TFAI had made a substantial commitment to the recruitment and retention of high quality personnel, and maintained the financial, compliance and operational resources reasonably necessary to manage the Portfolio in a professional manner that is consistent with the best interests of the Portfolio and its shareholders. In this regard, the Trustees favorably considered the procedures and policies in place by TFAI to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Adviser. The Trustees also determined that TFAI had made a significant entrepreneurial commitment to the management and success of the Portfolio, reflected by TFAI's expense limitation and fee waiver arrangement with the Portfolio, which may result in TFAI waiving a substantial amoun t of advisory fees for the benefit of shareholders.

AEGON/Transamerica Series Trust

Annual Report 2005

17

T. Rowe Price Small Cap

MARKET ENVIRONMENT

Small-cap growth stocks produced a third consecutive year of positive returns in 2005. Despite soaring energy costs and rising short-term interest rates, stocks gradually worked their way higher – supported by firm economic and corporate earnings growth and merger activity – and finished near their highest levels of the year amid hopes that the Federal Reserve Board ("Fed") would soon stop raising short-term rates.

PERFORMANCE

For the year ended December 31, 2005, T. Rowe Price Small Cap, Initial Class returned 10.61%. By comparison its primary and former benchmarks, the Russell 2000 Growth Index and the Russell 2000 Index returned 4.15% and 4.55%, respectively.

STRATEGY REVIEW

Favorable stock selection in several sectors, such as health care, industrials and business services, and information technology, drove our outperformance.

The U.S. economy performed well in 2005, growing by more than 3%. As the year drew to a close, factory output was strong, housing activity was moderating, and employment trends remained favorable. In addition, crude oil and gasoline prices were well below their post-Hurricane Katrina peaks, which helped lift consumer sentiment and tempered fears of a significant acceleration of inflation.

Nevertheless, the Fed persisted in raising short-term interest rates at a gradual pace. In 2005, the central bank lifted the federal funds target rate from 2.25% to 4.25%, a level not seen in more than four years. However, there have been increasing signs that the Fed may be nearing the end of its rate tightening program, which began 18 months ago when the fed funds rate was 1.00%.

Small-cap shares narrowly lagged their large-cap peers in 2005; the Russell 2000 Index returned 4.55% versus 4.91% for the Standard and Poor's 500 Composite Stock Index. As measured by various Russell indexes, value stocks generally outperformed growth across all market capitalizations for the full year, but the relative performance of growth stocks improved notably in the second half. In the small-cap growth universe energy and utilities stocks led the advance. Technology and financial shares lagged substantially.

In the health care sector, overweighting providers and services companies and favorable stock selection within that industry – such as Computer Programs and Systems, Inc., which was our largest contributor to performance in 2005, as well as Accredo Health, Incorporated and WellChoice, Inc., which were acquired by Medco Health Solutions, Inc. and WellPoint, Inc., respectively – greatly helped our performance advantage. Coventry Health Care, Inc. and Omnicare, Inc. also performed very well; in fact, these successful long-term holdings have become mid-cap companies, which is what we hope to see all of our holdings become over time. Our equipment and supply company investments also did well, and stock selection among biotechnology stocks contributed to our favorable results. Stellar performers included Cephalon, Inc., Vertex Pharmaceuticals Incorporate d, and Abgenix, Inc., which is being bought by Amgen Inc.

The energy sector, though a fairly small part of our opportunity set, produced substantial gains in 2005 as oil prices surged to $70 per barrel by late August. Virtually all of our holdings appreciated; two of our largest contributors in the sector were Cal Dive International, Inc., a marine contractor and operator of offshore oil facilities, and Spinnaker Exploration Company, which was acquired by Norwegian company Norsk Hydro ASA.

In the industrials and business services sector, good performance of commercial services and supply companies helped our relative results. Two of our top performers in this industry were The Corporate Executive Board Company, which provides professional services to corporations and executives, and medical waste management company Stericycle, Inc. Air freight and logistics companies performed relatively well, and the portfolio benefited from our overweighting.

Although consumer discretionary stock performance improved somewhat in the last few months, the sector's full-year results were generally lackluster, as gains in specialty retailers were partially offset by weakness among media, hotel, and restaurant stocks. Our overweights in leisure equipment and diversified consumer services stocks detracted from our relative performance in 2005. However, our stock selection was strong in those industries.

Paul W. Wojcik, CFA

Portfolio Manager
T. Rowe Price Associates, Inc.

AEGON/Transamerica Series Trust

Annual Report 2005

1

T. Rowe Price Small Cap

Comparison of change in value of $10,000 investment in Initial Class shares and its comparative indices.

Average Annual Total Return for Periods Ended 12/31/05

	1 year			5 years			From Inception			Inception Date
Initial Class		10.61	%		2.37	%		5.46	%	5/3/99
Russell 2000 Growth1		4.15	%		2.28	%		2.27	%	5/3/99
Russell 20001		4.55	%		8.22	%		8.23	%	5/3/99
Service Class		10.40	%		–			20.18	%	5/1/03

NOTES

¹  The Russell 2000 Growth (Russell 2000 Growth) Index and Russell 2000 (Russell 2000) Index are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. From inception calculation is based on life of Initial Class shares. For reporting periods through December 31, 2004, the Fund had selected Russell 2000 as its benchmark measure; however, the Russell 2000 Growth is more appropriate for comparison purposes. Source: Standard & Poor's Micropal®© Micropal, Inc. 2005 – 1-800-596-5323 – http://www.funds-sp.com.

The performance data presented represents past performance, future results may vary. The portfolio's investment return and net asset value will fluctuate. Past performance does not guarantee future results. Investor's units when redeemed, may be worth more or less than their original cost.

Current performance may be higher or lower than the performance data quoted. Please visit your insurance company's website for contract or policy level standardized total returns current to the most recent month-end. Portfolio performance is net of investment fees and fund expenses, but not product charges, which, if included, would significantly lower the performance quoted.

Investing in small cap stocks generally involves greater risk and volatility, therefore an investment in the fund may not be appropriate for everyone.

This material must be preceded or accompanied by a current prospectus, which includes specific contents regarding the investment objectives, explanation of share classes and policies of this portfolio.

AEGON/Transamerica Series Trust

Annual Report 2005

2

T. Rowe Price Small Cap

UNDERSTANDING YOUR FUND'S EXPENSES
(unaudited)

SHAREHOLDER EXPENSES

Fund shareholders may incur ongoing costs, including management and advisory fees, distribution and service fees, and other Fund expenses.

The following Example is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.

The Example is based on an investment of $1,000 invested at July 1, 2005 and held for the entire period until December 31, 2005.

ACTUAL EXPENSES

The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of your Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fees, brokerage commissions paid on purchases and sales of fund shares. Therefore, the second line under the Fund in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If any of these transaction costs were included, your costs would be higher. The expenses shown in the table do not reflect any fees that may be charged to you by brokers, financial intermediaries or other financial institutions.

	Beginning Account Value		Ending Account Value		Annualized Expense Ratio			Expenses Paid During Period (a)
Initial Class
Actual	$	1,000.00	$	1,086.70		0.82	%	$	4.31
. Hypothetical (b)		1,000.00		1,021.07		0.82			4.18
Service Class
Actual		1,000.00		1,085.40		1.07			5.62
Hypothetical (b)		1,000.00		1,019.81		1.07			5.45

^(a)  Expenses are calculated using each Fund's annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by number of days in the period (184 days), and divided by the number of days in the year (365 days).

^(b)  5% return per year before expenses.

GRAPHIC PRESENTATION OF SCHEDULE OF INVESTMENTS
By Sector
At December 31, 2005

This chart shows the percentage breakdown by sector of the Fund's total investment securities.

AEGON/Transamerica Series Trust

Annual Report 2005

3

T. Rowe Price Small Cap

SCHEDULE OF INVESTMENTS
At December 31, 2005
(all amounts except share amounts in thousands)

	Shares		Value
COMMON STOCKS (81.1%)
Air Transportation (1.0%)
Airtran Holdings, Inc. ‡†		34,900	$	559
Frontier Airlines, Inc. ‡†		25,600		237
Skywest, Inc.		122,900		3,301
Amusement & Recreation Services (1.1%)
International Speedway Corp.–Class A		7,500		359
Station Casinos, Inc.		46,400		3,146
WMS Industries, Inc. ‡†		45,200		1,134
Apparel & Accessory Stores (1.4%)
Christopher & Banks Corp.		35,500		667
HOT Topic, Inc. ‡†		58,000		827
Pacific Sunwear of California, Inc. ‡†		69,693		1,737
Ross Stores, Inc. †		25,500		737
Urban Outfitters, Inc. ‡†		68,600		1,736
Apparel Products (0.8%)
Gymboree Corp. ‡		75,900		1,776
Quiksilver, Inc. ‡		124,100		1,718
Auto Repair, Services & Parking (0.2%)
Dollar Thrifty Automotive Group ‡		24,100		869
Automotive (0.7%)
Oshkosh Truck Corp.		63,022		2,810
Automotive Dealers & Service Stations (1.0%)
MarineMax, Inc. ‡		45,900		1,449
O'Reilly Automotive, Inc. ‡		85,700		2,743
Beverages (0.0%)
Boston Beer Co., Inc.–Class A ‡		7,800		195
Business Services (3.0%)
Aptimus, Inc. ‡		41,100		325
ChoicePoint, Inc. ‡		44,600		1,985
Computer Programs & Systems, Inc.		95,700		3,965
Getty Images, Inc. ‡†		21,800		1,946
Heartland Payment Systems, Inc. ‡		12,600		273
Iron Mountain, Inc. ‡		35,150		1,484
Jupitermedia Corp. ‡		71,200		1,052
MoneyGram International, Inc.		40,800		1,064
SupportSoft, Inc. ‡		64,000		270
Commercial Banks (1.6%)
Boston Private Financial Holdings, Inc.		44,900		1,366
CapitalSource, Inc. †		13,600		305
East-West Bancorp, Inc.		40,000		1,460
Investors Financial Services Corp. l		24,900		917
SVB Financial Group ‡		22,900		1,073
UCBH Holdings, Inc.		86,400		1,545

	Shares		Value
Communication (0.5%)
Global Payments, Inc.		45,820	$	2,136
Communications Equipment (1.2%)
Inter-Tel, Inc.		77,600		1,519
Lifeline Systems, Inc. ‡		7,600		278
Plantronics, Inc.		57,200		1,619
Polycom, Inc. ‡		36,412		557
Powerwave Technologies, Inc. ‡†		69,500		874
Computer & Data Processing Services (10.9%)
Activision, Inc. ‡		141,310		1,942
Actuate Corp. ‡		175,400		551
Agile Software Corp. ‡		131,800		788
Avocent Corp. ‡		14,050		382
Blue Coat Systems, Inc. ‡†		34,000		1,554
Borland Software Corp. ‡		75,300		492
CACI International, Inc.–Class A ‡		27,700		1,589
CNET Networks, Inc. ‡†		83,400		1,225
Cognex Corp.		41,100		1,237
Cognizant Technology Solutions Corp. ‡		29,800		1,500
Cybersource Corp. ‡		77,600		512
Digital Insight Corp. ‡		45,100		1,444
Digital River, Inc. ‡†		17,200		512
Earthlink, Inc. ‡		20,000		222
F5 Networks, Inc. ‡		35,700		2,042
Factset Research Systems, Inc. †		32,050		1,319
Fair Isaac Corp.		55,334		2,444
Filenet Corp. ‡		25,100		649
Global Cash Access, Inc. ‡		31,800		464
Hyperion Solutions Corp. ‡		70,650		2,531
Informatica Corp. ‡		90,900		1,091
Inforte Corp.		282,600		1,116
Jack Henry & Associates, Inc.		37,700		719
JAMDAT Mobile, Inc. ‡†		52,700		1,401
Kenexa Corp. ‡		29,600		625
MatrixOne, Inc. ‡		175,100		874
Motive, Inc. ‡		68,900		213
MTC Technologies, Inc. ‡		41,100		1,125
NAVTEQ Corp. ‡		15,500		680
NCI, Inc.–Class A ‡		129,800		1,782
NetIQ Corp. ‡		15,800		194
Open Solutions, Inc. ‡		28,100		644
Packeteer, Inc. ‡		89,800		698
Quest Software, Inc. ‡		22,900		334
Radiant Systems, Inc. ‡		95,750		1,164
Red Hat, Inc. ‡†		58,000		1,580
RightNow Technologies, Inc. ‡†		83,900		1,549
RSA Security, Inc. ‡		9,800		110
Serena Software, Inc. ‡		36,500		856

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

4

T. Rowe Price Small Cap

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2005
(all amounts except share amounts in thousands)

	Shares		Value
Computer & Data Processing Services (continued)
SI International, Inc. ‡		10,300	$	315
SRA International, Inc.–Class A ‡		72,500		2,214
Taleo Corp.–Class A ‡		55,800		741
Websense, Inc. ‡†		28,500		1,871
Computer & Office Equipment (0.9%)
Maxtor Corp. ‡		62,000		430
ScanSource, Inc. ‡		27,400		1,498
Zebra Technologies Corp.–Class A ‡		46,925		2,011
Construction (0.4%)
Insituform Technologies, Inc.–Class A ‡		26,400		511
MDC Holdings, Inc.		21,995		1,363
Drug Stores & Proprietary Stores (0.1%)
Drugstore.Com, Inc. ‡		179,400		511
Educational Services (1.2%)
Corinthian Colleges, Inc. ‡		56,100		661
Education Management Corp. ‡		70,000		2,346
ITT Educational Services, Inc. ‡		33,400		1,974
Electrical Goods (0.3%)
Hughes Supply, Inc.		31,900		1,144
Electronic & Other Electric Equipment (0.7%)
Aeroflex, Inc. ‡		181,200		1,948
Harman International Industries, Inc.		7,000		685
SBS Technologies, Inc. ‡		48,400		487
Electronic Components & Accessories (5.8%)
Advanced Energy Industries, Inc. ‡		121,900		1,442
AMIS Holdings, Inc. ‡		33,900		361
ATMI, Inc. ‡†		31,200		873
Ceradyne, Inc. ‡†		39,800		1,743
Color Kinetics, Inc. ‡†		103,300		1,486
Cymer, Inc. ‡†		42,600		1,513
Dolby Laboratories, Inc.–Class A ‡		29,900		510
Exar Corp. ‡		41,700		522
Integrated Device Technology, Inc. ‡		53,820		709
Integrated Silicon Solutions, Inc. ‡		89,300		575
Intersil Corp.–Class A		71,360		1,775
Mercury Computer Systems, Inc. ‡		48,800		1,007
Micrel, Inc. ‡		26,700		310
Microchip Technology, Inc.		6,637		213
Microsemi Corp. ‡		43,500		1,203
Omnivision Technologies, Inc. ‡†		33,200		663
ON Semiconductor Corp. ‡†		182,100		1,007
Pericom Semiconductor Corp. ‡		32,100		256
Semtech Corp. ‡		49,000		895
Silicon Storage Technology, Inc. ‡		80,200		405
Tessera Technologies, Inc. ‡†		27,300		706
Triquint Semiconductor, Inc. ‡		87,861		391

	Shares		Value
Electronic Components & Accessories (continued)
TTM Technologies, Inc. ‡		204,800	$	1,925
Varian Semiconductor Equipment Associates, Inc. ‡†		38,800		1,704
Virage Logic Corp. ‡		62,900		621
Zoran Corp. ‡		81,682		1,324
Environmental Services (0.7%)
Stericycle, Inc. ‡		27,600		1,625
Waste Connections, Inc. ‡		37,550		1,294
Fabricated Metal Products (0.2%)
Simpson Manufacturing Co., Inc.		22,600		822
Food & Kindred Products (0.1%)
Peet's Coffee & Tea, Inc. ‡†		11,600		352
Furniture & Home Furnishings Stores (0.3%)
Williams-Sonoma, Inc. ‡		25,900		1,118
Health Services (4.3%)
Amedisys, Inc. ‡†		33,500		1,415
Amsurg Corp. ‡		3,300		75
Community Health Systems, Inc. ‡		25,200		966
Coventry Health Care, Inc. ‡		44,450		2,532
DaVita, Inc. ‡		51,500		2,608
Gentiva Health Services, Inc. ‡		34,000		501
LifePoint Hospitals, Inc. ‡		24,900		934
Manor Care, Inc.		24,400		970
Matria Healthcare, Inc. ‡		29,950		1,161
Omnicare, Inc.		37,900		2,169
Option Care, Inc.		19,400		259
Renal Care Group, Inc. ‡		22,100		1,046
Symbion, Inc. ‡†		50,700		1,166
Triad Hospitals, Inc. ‡		15,100		592
United Surgical Partners International, Inc. ‡		44,000		1,415
Holding & Other Investment Offices (0.7%)
Affiliated Managers Group ‡†		34,300		2,753
Hotels & Other Lodging Places (0.0%)
Orient-Express Hotels, Ltd.		5,500		173
Industrial Machinery & Equipment (1.8%)
Actuant Corp.–Class A		47,500		2,651
Brooks Automation, Inc. ‡†		14,800		185
Engineered Support Systems, Inc.		43,400		1,807
Entegris, Inc. ‡		79,700		751
FMC Technologies, Inc. ‡†		20,500		880
Oil States International, Inc. ‡†		42,900		1,359

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

5

T. Rowe Price Small Cap

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2005
(all amounts except share amounts in thousands)

	Shares		Value
Instruments & Related Products (2.7%)
Anaren, Inc. ‡		14,800	$	231
Cohu, Inc.		41,900		958
Cyberoptics Corp. ‡		160,500		2,164
Dionex Corp. ‡		9,450		464
FLIR Systems, Inc. ‡†		68,900		1,539
Fossil, Inc. ‡†		86,012		1,850
Herley Industries, Inc. ‡		10,400		172
II-VI, Inc. ‡		30,500		545
Itron, Inc. ‡		15,700		629
Mine Safety Appliances Co.		33,400		1,209
Orbotech, Ltd. ‡		33,200		796
Varian, Inc. ‡		14,600		581
Insurance (0.9%)
Max Reinsurance Capital, Ltd.		39,600		1,028
RenaissanceRe Holdings, Ltd.		11,500		507
Stancorp Financial Group, Inc.		33,800		1,688
Triad Guaranty, Inc. ‡†		13,000		572
Insurance Agents, Brokers & Service (0.3%)
Brown & Brown, Inc. †		35,400		1,081
Leather & Leather Products (0.2%)
Timberland Co.–Class A ‡		19,400		631
Management Services (1.9%)
Corporate Executive Board Co.		49,000		4,395
Navigant Consulting, Inc. ‡		34,300		754
Resources Connection, Inc. ‡		103,000		2,684
Manufacturing Industries (0.5%)
Daktronics, Inc.		14,100		417
Shuffle Master, Inc. ‡†		61,750		1,552
Medical Instruments & Supplies (6.1%)
American Medical Systems Holdings, Inc. ‡		18,800		335
Armor Holdings, Inc. ‡†		22,300		951
Arthocare Corp. ‡†		38,900		1,639
Aspect Medical Systems, Inc. ‡†		67,500		2,319
DENTSPLY International, Inc.		24,600		1,321
Hologic, Inc. ‡		68,000		2,579
ICU Medical, Inc. ‡†		48,000		1,882
Inamed Corp. ‡		28,950		2,538
Integra LifeSciences Holdings Corp. ‡†		28,800		1,021
Kyphon, Inc. ‡†		35,800		1,462
Mentor Corp. †		16,600		765
Merit Medical Systems, Inc. ‡		34,700		421
Respironics, Inc. ‡		73,300		2,717
Steris Corp.		65,000		1,626
Techne Corp. ‡		25,700		1,443
Thoratec Corp. ‡†		100,000		2,069
Wright Medical Group, Inc. ‡†		17,000		347

	Shares		Value
Motion Pictures (1.1%)
Avid Technology, Inc. ‡		72,879	$	3,991
Macrovision Corp. ‡		34,500		577
Oil & Gas Extraction (4.6%)
Atwood Oceanics, Inc. ‡		5,500		429
Bill Barrett Corp. ‡		60,900		2,351
Cabot Oil & Gas Corp.		45,000		2,030
CAL Dive International, Inc. ‡†		86,000		3,087
Comstock Resources, Inc. ‡		97,300		2,969
Forest Oil Corp. ‡		32,500		1,481
Global Industries, Ltd. ‡		58,900		669
Grey Wolf, Inc. ‡†		52,700		407
Helmerich & Payne, Inc.		14,000		867
Patterson-UTI Energy, Inc.		51,100		1,684
Stone Energy Corp. ‡		24,300		1,106
Unit Corp. ‡		37,500		2,064
Personal Services (0.2%)
Jackson Hewitt Tax Service, Inc.		25,700		712
Pharmaceuticals (5.5%)
Abgenix, Inc. ‡†		63,900		1,375
Alkermes, Inc. ‡†		50,700		969
Amylin Pharmaceuticals, Inc. ‡†		22,400		894
Andrx Corp. ‡		16,700		275
BioMarin Pharmaceuticals, Inc. ‡		32,500		350
Bradley Pharmaceuticals, Inc. ‡†		17,900		170
Cephalon, Inc. ‡†		10,614		687
Charles River Laboratories International, Inc. ‡		24,200		1,025
Digene Corp. ‡		58,500		1,706
Henry Schein, Inc. ‡†		10,600		463
Idexx Laboratories, Inc. ‡		9,600		691
Immucor, Inc. ‡		7,000		164
InterMune, Inc. ‡†		20,900		351
Invitrogen Corp. ‡		24,100		1,606
Martek Biosciences Corp. ‡†		31,600		778
Medicines Co. ‡†		71,900		1,255
Medicis Pharmaceutical Corp.–Class A †		42,600		1,365
Myogen, Inc. ‡		16,500		498
Neurocrine Biosciences, Inc. ‡		26,800		1,681
Noven Pharmaceuticals, Inc. ‡		64,000		968
Par Pharmaceutical Cos., Inc. ‡†		9,300		291
Protein Design Labs, Inc. ‡†		81,100		2,305
Rigel Pharmaceuticals, Inc. ‡†		45,500		380
Salix Pharmaceuticals, Ltd. ‡		76,123		1,338
Taro Pharmaceuticals Industries ‡†		18,200		254
Valeant Pharmaceuticals International		20,300		367
Vertex Pharmaceuticals, Inc. ‡		25,150		696

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

6

T. Rowe Price Small Cap

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2005
(all amounts except share amounts in thousands)

	Shares		Value
Primary Metal Industries (0.2%)
Lone Star Technologies, Inc. ‡		3,300	$	170
Steel Dynamics, Inc. †		20,800		739
Printing & Publishing (0.1%)
Scholastic Corp. ‡		9,800		279
Valassis Communications, Inc. ‡		11,300		329
Radio & Television Broadcasting (0.7%)
COX Radio, Inc.–Class A ‡		34,200		482
Entercom Communications Corp. ‡		21,100		626
Gray Television, Inc.		38,700		380
Radio One, Inc.–Class D ‡		81,700		846
Regent Communications, Inc. ‡		78,200		363
Spanish Broadcasting System, Inc.–Class A ‡		37,900		194
Radio, Television & Computer Stores (0.2%)
GameStop Corp.–Class A ‡†		27,700		881
Research & Testing Services (2.1%)
Advisory Board Co. (The) ‡		74,800		3,566
Exelixis, Inc. ‡		36,100		340
Gen-Probe, Inc. ‡		25,900		1,264
Incyte Corp. ‡		120,200		642
iRobot Corp. ‡†		19,000		633
Pharmaceutical Product Development, Inc.		24,400		1,512
Senomyx, Inc. ‡		48,900		593
Residential Building Construction (0.3%)
Toll Brothers, Inc. ‡†		31,300		1,084
Restaurants (2.1%)
BJ's Restaurants, Inc. ‡		63,800		1,458
CEC Entertainment, Inc. ‡		29,200		994
Cheesecake Factory (The) ‡†		28,800		1,077
PF Chang's China Bistro, Inc. ‡†		38,800		1,926
Rare Hospitality International, Inc. ‡		58,275		1,771
Sonic Corp. ‡		46,762		1,379
Retail Trade (2.1%)
AC Moore Arts & Crafts, Inc. ‡†		112,900		1,643
Coldwater Creek, Inc. ‡		66,900		2,042
Hibbett Sporting Goods, Inc. ‡		64,800		1,846
Marvel Entertainment, Inc. ‡†		34,500		565
Michaels Stores, Inc.		33,500		1,185
Sportsman's Guide (The), Inc. ‡		34,000		811
Zumiez, Inc. ‡		11,600		501
Rubber & Misc. Plastic Products (0.2%)
Applied Films Corp. ‡		17,200		357
Trex Co., Inc. ‡†		21,500		603

	Shares		Value
Security & Commodity Brokers (1.0%)
Eaton Vance Corp.		38,100	$	1,042
Greenhill & Co., Inc. †		16,700		938
IntercontinentalExchange, Inc. ‡		8,500		309
Raymond James Financial, Inc.		48,400		1,823
Social Services (0.5%)
Bright Horizons Family Solutions, Inc. ‡		54,800		2,030
Stone, Clay & Glass Products (0.4%)
Gentex Corp. †		79,900		1,558
Telecommunications (1.0%)
Adtran, Inc.		56,900		1,692
NII Holdings, Inc.–Class B ‡†		29,400		1,284
Novatel Wireless, Inc. ‡†		9,500		115
Ubiquitel, Inc. ‡		39,600		392
Wireless Facilities, Inc. ‡		171,300		874
Transportation & Public Utilities (0.9%)
UTI Worldwide, Inc.		39,600		3,676
Transportation Equipment (0.3%)
Thor Industries, Inc.		29,900		1,198
Trucking & Warehousing (1.1%)
Forward Air Corp.		33,900		1,242
Old Dominion Freight Line, Inc. ‡		69,675		1,880
US Xpress Enterprises, Inc.–Class A ‡		31,000		539
Werner Enterprises, Inc.		40,600		800
Variety Stores (0.2%)
Fred's, Inc. †		60,550		985
Wholesale Trade Durable Goods (1.7%)
Cytyc Corp. ‡		54,600		1,541
Insight Enterprises, Inc. ‡		38,700		759
Interline Brands, Inc. ‡		7,300		166
Patterson Cos., Inc. ‡		23,900		798
Reliance Steel & Aluminum Co.		3,600		220
SCP Pool Corp.		48,687		1,812
Symyx Technologies, Inc. ‡		55,600		1,517
West Marine, Inc. ‡†		13,500		189
Wholesale Trade Nondurable Goods (1.1%)
SunOpta, Inc. ‡†		291,600		1,534
Tractor Supply Co. ‡		26,400		1,398
United Natural Foods, Inc. ‡		59,500		1,571
Total Common Stocks (cost: $280,231)				336,766

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

7

T. Rowe Price Small Cap

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2005
(all amounts except share amounts in thousands)

	Principal		Value
SECURITY LENDING COLLATERAL (18.9%)
Debt (16.1%)
Bank Notes (0.5%)
Bank of America
4.27%, due 01/17/2006 *	$	1,160	$	1,160
4.31%, due 08/10/2006 *		953		953
Certificates Of Deposit (0.8%)
Barclays 4.31%, due 01/17/2006 *		732		732
Canadian Imperial Bank of Commerce 4.15%, due 05/18/2006 *		1,036		1,036
Credit Suisse First Boston Corp. 4.18%, due 03/10/2006 *		414		414
Rabobank Nederland 4.10%, due 05/31/2006 *		1,036		1,036
Commercial Paper (1.8%)
Fairway Finance–144A 4.31%, due 01/10/2006		2,067		2,067
Jupiter Securitization Corp.–144A 4.27%, due 01/05/2006		1,036		1,036
Paradigm Funding LLC–144A 4.30%, due 01/09/2006		406		406
Park Avenue Receivables Corp.–144A 4.27%, due 01/04/2006		1,029		1,029
Preferred Receivables Corp.–144A 4.31%, due 01/04/2006		823		823
Ranger Funding Co. LLC–144A 4.29%, due 01/18/2006		818		818
Sheffield Receivables Corp.–144A 4.26%, due 01/23/2006		497		497
Yorktown Capital LLC 4.27%, due 01/05/2006		1,036		1,036
Euro Dollar Overnight (2.6%)
Calyon 4.34%, due 01/05/2006		1,036		1,036
Fortis Bank 4.35%, due 01/03/2006 4.35%, due 01/05/2006		2,072 1,968		2,072 1,968
Harris Trust & Savings Bank 4.25%, due 01/05/2006		1,699		1,699
National Australia Bank 4.16%, due 01/03/2006		2,115		2,115
Rabobank Nederland 4.15%, due 01/03/2006		746		746
Wells Fargo 4.27%, due 01/03/2006		1,036		1,036

	Principal		Value
Euro Dollar Terms (5.4%)
Bank of Montreal
4.30%, due 01/19/2006	$	2,072	$	2,072
Barclays 4.27%, due 01/25/2006 4.30%, due 01/31/2006		621 1,657		621 1,657
BNP Paribas 4.22%, due 01/24/2006		1,036		1,036
Dexia Group 4.25%, due 01/09/2006		1,036		1,036
Rabobank Nederland 4.21%, due 01/19/2006		1,864		1,864
Royal Bank of Canada 4.25%, due 01/24/2006		1,450		1,450
Royal Bank of Scotland 4.30%, due 01/31/2006 4.31%, due 02/01/2006		3,107 2,279		3,107 2,279
Societe Generale 4.28%, due 01/30/2006		2,072		2,072
UBS AG 4.26%, due 01/10/2006		2,072		2,072
Wells Fargo 4.29%, due 01/30/2006		3,107		3,107
Promissory Notes (0.4%)
Bear Stearns & Co. 4.39%, due 03/07/2006 4.39%, due 06/06/2006		1,243 414		1,243 414
Repurchase Agreements (4.6%) ††
Credit Suisse First Boston Corp. 4.29%, dated 12/30/2005 to be repurchased at $3,469 on 01/03/2006		3,468		3,468
Goldman Sachs Group, Inc. (The) 4.29%, dated 12/30/2005 to be repurchased at $8,276 on 01/03/2006		8,272		8,272
Lehman Brothers, Inc. 4.29%, dated 12/30/2005 to be repurchased at $55 on 01/03/2006		55		55
Merrill Lynch & Co. 4.24%, dated 12/30/2005 to be repurchased at $6,632 on 01/03/2006		6,629		6,629
Morgan Stanley Dean Witter & Co. 4.36%, dated 12/30/2005 to be repurchased at $731 on 01/03/2006		731		731

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

8

T. Rowe Price Small Cap

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2005
(all amounts except share amounts in thousands)

	Shares		Value
Investment Companies (2.8%)
American Beacon Fund 1–day yield of 4.19%		284,015	$	284
Barclays Global Investors Institutional Money Market Fund 1-day yield of 4.19%		2,693,113		2,693
Dreyfus Cash Management Plus Fund 1-day yield of 4.09%		1,118,678		1,119
Merrimac Cash Fund, Premium Class 1-day yield of 4.03% @		7,333,899		7,334
Total Security Lending Collateral (cost: $78,330)				78,330
Total Investment Securities (cost: $358,561)			$	415,096

NOTES TO SCHEDULE OF INVESTMENTS:

‡  Non-income producing.

†  At December 31, 2005, all or a portion of this security is on loan (see Note 1). The value at December 31, 2005, of all securities on loan is $75,262.

*  Floating or variable rate note. Rate is listed as of December 31, 2005.

††  Cash collateral for the Repurchase Agreements, valued at $19,539, that serve as collateral for securities lending are invested in corporate bonds with interest rates and maturity dates ranging from 0.00% - 8.75% and 01/03/2006 - 08/01/2037, respectively.

@  Regulated investment company advised by Investors Bank and Trust Co. ("IBT"). IBT is also the accounting, custody and lending agent for the Fund.

l  Investors Bank and Trust Co., a wholly-owned subsidiary of Investors Financial Services Corp., serves as the accounting, custody and lending agent for the Fund.

DEFINITIONS:

144A  144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2005, these securities aggregated $6,676 or 1.6% of the total investments of the Fund.

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

9

T. Rowe Price Small Cap

STATEMENT OF ASSETS AND LIABILITIES
At December 31, 2005
(all amounts except per share amounts in thousands)

Assets:
Investment securities, at value (cost: $358,561) (including securities loaned of $75,262)	$	415,096
Cash		5,892
Receivables:
Investment securities sold		3,175
Shares sold		65
Interest		22
Income from loaned securities		6
Dividends		82
		424,338
Liabilities:
Investment securities purchased		1,051
Accounts payable and accrued liabilities:
Shares redeemed		1,143
Management and advisory fees		215
Service fees		4
Administration fees		6
Payable for collateral for securities on loan		78,330
Other		31
		80,780
Net Assets	$	343,558
Net Assets Consist of:
Capital stock ($.01 par value)	$	310
Additional paid-in capital		263,569
Distributable net investment income (loss)		–
Accumulated net realized gain (loss) from investment securities		23,144
Net unrealized appreciation (depreciation) on investment securities		56,535
Net Assets	$	343,558
Net Assets by Class:
Initial Class	$	326,681
Service Class		16,877
Shares Outstanding:
Initial Class		29,486
Service Class		1,535
Net Asset Value and Offering Price Per Share:
Initial Class	$	11.08
Service Class		11.00

STATEMENT OF OPERATIONS
For the year ended December 31, 2005
(all amounts in thousands)

Investment Income:
Interest	$	109
Dividends		1,136
Income from loaned securities-net		125
		1,370
Expenses:
Management and advisory fees		2,279
Printing and shareholder reports		44
Custody fees		55
Administration fees		61
Legal fees		6
Audit fees		14
Trustees fees		10
Service fees:
Service Class		27
Other		8
Total expenses		2,504
Net Investment Income (Loss)		(1,134	)
Net Realized and Unrealized Gain (Loss)
Realized gain (loss) from investment securities		24,649
Increase (decrease) in unrealized appreciation (depreciation) on investment securities		6,157
Net Realized and Unrealized Gain (Loss) on Investment Securities		30,806
Net Increase (Decrease) in Net Assets Resulting from Operations	$	29,672

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

10

T. Rowe Price Small Cap

STATEMENTS OF CHANGES IN NET ASSETS
For the years ended
(all amounts in thousands)

	December 31, 2005			December 31, 2004
Increase (Decrease) in Net Assets From:
Operations:
Net investment income (loss)	$	(1,134	)	$	(2,585	)
Net realized gain (loss) from investment securities		24,649			73,201
Change in unrealized appreciation (depreciation) on investment securities		6,157			(33,448	)
		29,672			37,168
Distributions to Shareholders:
From net realized gains:
Initial Class		(58,492	)		–
Service Class		(2,362	)		–
		(60,854	)		–
Capital Share Transactions:
Proceeds from shares sold:
Initial Class		95,597			74,243
Service Class		14,298			7,396
		109,895			81,639
Dividends and distributions reinvested:
Initial Class		58,492			–
Service Class		2,362			–
		60,854			–
Cost of shares redeemed:
Initial Class		(105,737	)		(346,574	)
Service Class		(6,049	)		(1,936	)
		(111,786	)		(348,510	)
		58,963			(266,871	)
Net increase (decrease) in net assets		27,781			(229,703	)
Net Assets:
Beginning of year		315,777			545,480
End of year	$	343,558		$	315,777
Distributable Net Investment Income (Loss)	$	–		$	–

	December 31, 2005			December 31, 2004
Share Activity:
Shares issued:
Initial Class		8,435			6,403
Service Class		1,252			647
		9,687			7,050
Shares issued–reinvested from distributions:
Initial Class		5,587			–
Service Class		227			–
		5,814			–
Shares redeemed:
Initial Class		(9,498	)		(30,061	)
Service Class		(556	)		(173	)
		(10,054	)		(30,234	)
Net increase (decrease) in shares outstanding:
Initial Class		4,524			(23,658	)
Service Class		923			474
		5,447			(23,184	)

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

11

T. Rowe Price Small Cap

FINANCIAL HIGHLIGHTS

		For a share outstanding throughout each period (a)
		Net Asset		Investment Operations									Distributions								Net Asset
	For the Period Ended (b)	Value, Beginning of Period		Net Investment Income (Loss)			Net Realized and Unrealized Gain (Loss)			Total Operations			From Net Investment Income		From Net Realized Gains			Total Distributions			Value, End of Period
Initial Class	12/31/2005	$	12.35	$	(0.04	)	$	1.21		$	1.17		$	–	$	(2.44	)	$	(2.44	)	$	11.08
	12/31/2004		11.19		(0.06	)		1.22			1.16			–		–			–			12.35
	12/31/2003		7.97		(0.05	)		3.27			3.22			–		–			–			11.19
	12/31/2002		10.97		(0.07	)		(2.93	)		(3.00	)		–		–			–			7.97
	12/31/2001		12.15		(0.08	)		(1.10	)		(1.18	)		–		–			–			10.97
Service Class	12/31/2005		12.30		(0.07	)		1.21			1.14			–		(2.44	)		(2.44	)		11.00
	12/31/2004		11.17		(0.08	)		1.21			1.13			–		–			–			12.30
	12/31/2003		8.31		(0.05	)		2.91			2.86			–		–			–			11.17

					Ratios/Supplemental Data
	For the Period	Total			Net Assets, End of Period		Ratio of Expenses to Average Net Assets (f)						Net Investment Income (Loss) to Average			Portfolio Turnover
	Ended (b)	Return (c)(g)			(000's)		Net (d)			Total (e)			Net Assets (f)			Rate (g)
Initial Class	12/31/2005		10.61	%	$	326,681		0.81	%		0.81	%		(0.36	)%		49	%
	12/31/2004		10.37			308,252		0.79			0.79			(0.51	)		27
	12/31/2003		40.40			543,942		0.80			0.80			(0.54	)		17
	12/31/2002		(27.35	)		115,309		0.96			0.96			(0.75	)		39
	12/31/2001		(9.71	)		58,099		1.00			1.05			(0.73	)		42
Service Class	12/31/2005		10.40			16,877		1.06			1.06			(0.63	)		49
	12/31/2004		10.12			7,525		1.05			1.05			(0.74	)		27
	12/31/2003		34.42			1,538		1.05			1.05			(0.74	)		17

NOTES TO FINANCIAL HIGHLIGHTS

(a)  Per share information is calculated based on average number of shares outstanding.

(b)  T. Rowe Price Small Cap (the "Fund") share classes commenced operations as follows:

Initial Class – May 3, 1999
Service Class – May 1, 2003

(c)  Total Return reflects all portfolio expenses and includes reinvestment of dividends and capital gains; it does not reflect the charges and deductions under the policies or annuity contracts.

(d)  Ratio of Net Expenses to Average Net Assets is net of advisory fee waivers, if any (see note 2).

(e)  Ratio of Total Expenses to Average Net Assets includes all expenses before advisory fee waivers.

(f)  Annualized.

(g)  Not annualized.

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

12

T. Rowe Price Small Cap

NOTES TO FINANCIAL STATEMENTS
At December 31, 2005
(all amounts in thousands)

NOTE 1.  ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

The AEGON/Transamerica Series Trust, Inc. ("ATST") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). ATST serves as a funding vehicle for variable life insurance, variable annuity and group annuity products. T. Rowe Price Small Cap (the "Fund") is part of ATST.

Effective May 1, 2005, AEGON/Transamerica Series Fund, Inc. changed its name to AEGON/Transamerica Series Trust.

In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

This report should be read in conjunction with the current Fund prospectus, which contains more complete information about the Fund.

In preparing the Fund's financial statements in accordance with accounting principles generally accepted in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Fund.

Multiple class operations, income and expenses: The Fund currently offers two classes of shares, an Initial Class and a Service Class. Income, non-class specific expenses and realized and unrealized gains and losses, are allocated daily to each class, based upon the value of shares outstanding method as permitted under Rule 18f-3 of the 1940 Act. Each class bears its own specific expenses as well as a portion of general, common expenses.

Security valuations: The Fund values its investments at the close of the New York Stock Exchange ("NYSE"), normally 4 p.m. ET, each day the NYSE is open for business. Fund investments are valued at the last sale price or closing price on the day of valuation taken from the primary exchange where the security is principally traded.

Securities traded in the over-the-counter market and listed securities for which no sale was reported on that date are valued at the last quoted bid price.

Debt securities are valued based on a price quotation or other equivalent indication of value supplied by an exchange, a pricing service or a major market maker; however, those that mature in sixty days or less are valued at amortized cost, which approximates market.Investment company securities are valued at the net asset value of the underlying portfolio.

Other securities for which quotations are not readily available are valued at fair market value as determined in good faith by the Fund's Administrative Valuation Committee, under the supervision of the Board's Valuation Committee, using guidelines adopted by the Board of Trustees.

Cash: The Fund may leave cash overnight in its cash account with the custodian, Investors Bank & Trust Company ("IBT"). IBT has been contracted on behalf of the Fund to invest the excess cash into a savings account, which at December 31, 2005, was paying an interest rate of 3.00%.

Repurchase agreements: The Fund is authorized to enter into repurchase agreements. The Fund, through its custodian, IBT, receives delivery of the underlying securities, the value of which at the time of purchase is required to be an amount equal to at least 100% of the resale price. The Fund will bear the risk of value fluctuations until the security can be sold and may encounter delays and incur costs in liquidating the security. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Commission recapture: The sub-adviser, to the extent consistent with the best execution and usual commission rate policies and practices, may place security transactions of the Fund with broker/dealers with which ATST has established a Commission Recapture Program. A Commission Recapture Program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Fund. In no event will commissions paid by the Fund be used to pay expenses that would otherwise be borne by any other funds within ATST, or by any other party.

Recaptured commissions during the year ended December 31, 2005, of $3 are included in net realized gains in the Statement of Operations.

Securities lending: The Fund may lend securities to qualified borrowers, with IBT acting as the Fund's lending agent. The Fund earns negotiated lenders' fees. The Fund receives cash and/or securities as collateral against the loaned securities. Cash collateral received is invested in short term, interest bearing securities. The Fund monitors the market value of securities loaned on a daily basis and requires collateral in an amount at least equal to the value of the securities loaned. Income from loaned securities on the Statement of Operations is net of fees, in the amount of $53, earned by IBT for its services.

Security transactions and investment income: Security transactions are recorded on the trade date. Security gains and losses are calculated on the first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend date. Interest income, including accretion of discounts and amortization of premiums, is recorded on the accrual basis commencing on the settlement date.

AEGON/Transamerica Series Trust

Annual Report 2005

13

T. Rowe Price Small Cap

NOTES TO FINANCIAL STATEMENTS (continued)
At December 31, 2005
(all amounts in thousands)

NOTE 1.–(continued)

Dividend distributions: Dividends and capital gains distributions are typically declared and reinvested annually and are generally paid and reinvested on the business day following the ex-date.

NOTE 2.  RELATED PARTY TRANSACTIONS

Effective January 1, 2005 AEGON/Transamerica Fund Advisers, Inc. was renamed Transamerica Fund Advisors, Inc. ("TFAI"); AEGON/Transamerica Fund Services, Inc. and AEGON/Transamerica Investor Services, Inc. merged into one entity and was renamed Transamerica Fund Services, Inc. ("TFS").

ATST serves as a funding vehicle for certain affiliated asset allocation portfolios and certain affiliated separate accounts of Western Reserve Life Assurance Co. of Ohio, Transamerica Life Insurance Company, Transamerica Financial Life Insurance Company, Inc., Peoples Benefit Life Insurance Company, Transamerica Occidental Life Insurance Company and Transamerica Life Insurance and Annuity Company.

TFAI is the Fund's investment adviser. TFS is the Fund's administrator and transfer agent. AFSG Securities Corp. ("AFSG") is the Fund's distributor. TFAI, TFS, and AFSG are affiliates of AEGON, NV, a Netherlands corporation.

Certain officers and trustees of the Fund are also officers and/or directors of TFAI, TFS and AFSG.

The following schedule reflects the percentage of fund assets owned by affiliated investment companies at December 31, 2005:

	Net Assets		% of Net Assets
Asset Allocation-Conservative Portfolio	$	5,055		1.47	%
Asset Allocation-Moderate Portfolio		30,172		8.78	%
Total	$	35,227		10.25	%

Investment advisory fee: The Fund pays management fees to TFAI based on average daily net assets ("ANA") at the following breakpoints:

0.75% of ANA

TFAI has contractually agreed to waive its advisory fee and will reimburse the Fund to the extent that operating expenses, excluding 12b-1 fees, exceed the following stated annual limit:

1.00% Expense Limit

If total fund expenses fall below the annual expense limitation agreement agreed to by the adviser within the succeeding three years, the Fund may be required to pay that adviser a portion or all of the waived advisory fees.

There were no amounts recaptured during the year ended December 31, 2005. There are no amounts available for recapture at December 31, 2005.

The sub-adviser, T. Rowe Price, has agreed to a pricing discount based on aggregate assets that they manage in ATST. The amount of the discount received by the Fund for the year ended December 31, 2005 was $24.

Distribution and service fees: The Fund adopted a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, ATST entered into a Distribution Agreement with AFSG dated January 1, 1997, as amended.

Under the Distribution Plan and Distribution Agreement on the Initial Class shares, AFSG, on behalf of the Fund, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Fund's shares, amounts equal to actual expenses associated with distributing the shares.

The Distribution Plan on the Service Class shares requires ATST to pay distribution fees to AFSG as compensation for its activities, not as reimbursement for specific expenses. The fee on the Service Class is paid to the insurance companies for providing services and account maintenance for their policyholders who invest in the variable insurance products which invest in the Service Class shares.

The Fund is authorized under the 12b-1 plan to pay fees on each class up to the following limits:

Initial Class	0.15	%
Service Class	0.25	%

AFSG has determined that it will not seek payment by the Fund of the distribution expenses incurred with respect to the Initial Class shares before April 30, 2007. Prior to AFSG seeking reimbursement of future expenses, policy and contract owners will be notified in advance. The Fund will pay fees relating to Service Class shares.

Administrative services: The Fund has entered into an agreement with TFS for financial and legal fund administration services. The Fund pays TFS an annual fee of 0.02% of ANA. The Legal fees on the Statement of Operations are for fees paid to external legal counsel.

Deferred compensation plan: Each eligible independent Fund Trustee may elect participation in a non-qualified deferred compensation plan ("the Plan") maintained by Transamerica IDEX Mutual Funds, an affiliate of the Fund. Under the Plan, such Trustees may defer payment of all or a portion of their total fees earned as a Fund Trustee. Each Trustee who is a participant in the Plan may elect that the earnings,

AEGON/Transamerica Series Trust

Annual Report 2005

14

T. Rowe Price Small Cap

NOTES TO FINANCIAL STATEMENTS (continued)
At December 31, 2005
(all amounts in thousands)

NOTE 2.–(continued)

losses or gains credited to his or her deferred fee amounts be determined based on a deemed investment in any series of Transamerica IDEX Mutual Funds. The right of a participant to receive a distribution from the Plan of the deferred fees is an unsecured claim against the general assets of all series of Transamerica IDEX Mutual Funds. The pro rata liability to the Fund of all deferred fees in the Plan amounted, as of December 31, 2005, to $17.

NOTE 3.  INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the year ended December 31, 2005, were as follows:

Purchases of securities:
Long-Term	$	149,948
U.S. Government		–
Proceeds from maturities and sales of securities
Long-Term		156,232
U.S. Government		–

NOTE 4.  FEDERAL INCOME TAX MATTERS

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatment for items including, but not limited to, wash sales and net operating loss.

Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. Financial records are not adjusted for temporary differences. These reclassifications are as follows:

Additional paid-in capital	(932	)
Distributable net investment income (loss)	1,134
Accumulated net realized gain (loss)	(202	)

The tax character of distributions paid may differ from the character of distributions shown in the Statements of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2004 and 2005 was as follows:

2004 Distributions paid from:
Ordinary Income	$	–
Long-term Capital Gain		–
2005 Distributions paid from:
Ordinary Income	$	–
Long-term Capital Gain		60,854

The tax basis components of distributable earnings as of December 31, 2005, are as follows:

Undistributed Ordinary Income	$	–
Undistributed Long-term Capital Gain	$	25,898
Capital Loss Carryforward	$	–
Net Unrealized Appreciation (Depreciation)	$	53,781

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of December 31, 2005, are as follows:

Federal Tax Cost Basis	$	361,315
Unrealized Appreciation	$	68,627
Unrealized (Depreciation)		(14,846	)
Net Unrealized Appreciation (Depreciation)	$	53,781

NOTE 5.  REGULATORY PROCEEDINGS

There continues to be significant federal and state regulatory activity relating to financial services companies, particularly mutual fund companies and their investment advisers. As part of an ongoing investigation regarding potential market timing, recordkeeping and trading compliance issues and matters affecting the Fund's investment adviser, TFAI, and certain affiliates and former employees of TFAI, the SEC staff has indicated that it is likely to take some action against TFAI and certain of its affiliates at the conclusion of the investigation. The potential timing and the scope of any such action is difficult to predict. Although the impact of any action brought against TFAI and/or its affiliates is difficult to assess at the present time, the Fund currently believes that the likelihood that any such action will have a material adverse impact on it is remote. It is important to note that the Fund is not aware of any allega tion of wrongdoing against it and its Board at the time this annual report is printed. Although it is not anticipated that these developments will have an adverse impact on the Fund, there can be no assurance at this time. TFAI and its affiliates are actively working with the SEC in regard to this matter; however, the exact resolution cannot be determined at this time. TFAI will take such actions that it deems necessary or appropriate to continue providing management services to the Fund and to bring all matters to an appropriate conclusion.

TFAI and/or its affiliates, and not the Fund, will bear the costs regarding these regulatory matters.

AEGON/Transamerica Series Trust

Annual Report 2005

15

Report of Independent Registered Certified Public Accounting Firm

To the Board of Trustees and Shareholders of
T. Rowe Price Small Cap

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of T. Rowe Price Small Cap (the "Fund") (one of the portfolios constituting the AEGON/Transamerica Series Trust) at December 31, 2005, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fund's management; our responsibility is to express an opinion on these financial statements based on our aud its. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2005 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

Tampa, Florida
February 23, 2006

T. Rowe Price Small Cap (UNAUDITED)

SUPPLEMENTAL TAX INFORMATION
(all amounts in thousands)

For tax purposes, the Fund has made a Long-Term Capital Gain Designation of $60,854 for the year ended December 31, 2005.

AEGON/Transamerica Series Trust

Annual Report 2005

16

T. Rowe Price Small Cap

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS – REVIEW AND RENEWAL (unaudited)

At a meeting of the Board of Trustees of AEGON/Transamerica Series Trust ("ATST") held on November 2, 2005, the Board reviewed and considered the Investment Advisory Agreement between T. Rowe Price Small Cap (the "Portfolio") and Transamerica Fund Advisors, Inc. ("TFAI") as well as the Investment Sub-Advisory Agreement of the Portfolio between TFAI and T. Rowe Price Associates, Inc. (the "Sub-Adviser"), to determine whether the agreements should be renewed for a one-year period. Following their review and consideration, the Trustees determined that the Investment Advisory Agreement and the Investment Sub-Advisory Agreement will enable shareholders of the Portfolio to obtain high quality services at a cost that is appropriate, reasonable, and in the best interests of its shareholders. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and the Investment Sub-Advisory Agreement. In reaching their decision, the Trustees requested and obtained from TFAI and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the proposed agreements. The Trustees also carefully considered the information that they had received throughout the year from TFAI and the Sub-Adviser (such as in-person presentations by the Sub-Adviser) as part of their regular oversight of the Portfolio, as well as: comparative fee, expense and performance information prepared by Lipper Inc. ("Lipper"), independent providers of mutual fund performance, fee and expense information; and profitability data. In considering the proposed continuation of the Investment Advisory Agreement and the Investment Sub-Advisory Agreement, the Trustees evaluated a number of considerations that they believe, in light of the legal advice furnished to them by ATST counsel and independent legal counsel and their own business judgment, to be relevant. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:

The nature, extent and quality of the advisory service to be provided. The Board considered the nature and quality of the services provided by TFAI and the Sub-Adviser to the Portfolio in the past, as well as the services anticipated to be provided in the future. The Board concluded that TFAI and the Sub-Adviser are capable of providing high quality services to the Portfolio, as indicated by the nature and quality of services provided in the past, TFAI's and the Sub-Adviser's management capabilities demonstrated with respect to the portfolios they manage, including the Portfolio, and the experience, capability and integrity of TFAI's senior management, the financial resources of TFAI and the Sub-Adviser, TFAI's management oversight process, the professional qualifications and experience of the Sub-Adviser's portfolio management team, and the Portfolio 's investment performance. The Trustees also concluded that TFAI and the Sub-Adviser proposed to provide investment and related services that were of the same quality and quantity as services provided to the Portfolio in the past, and that these services are appropriate in scope and extent in light of the Portfolio's operations, the competitive landscape of the investment company business and investor needs, and that TFAI's and the Sub-Adviser's obligations will remain substantially the same.

The investment performance of the Portfolio. The Board examined both the short-term and longer-term performance of the Portfolio, including relative performance against a benchmark securities index and a peer group of comparable mutual funds as prepared by Lipper, for various trailing periods ended June 30, 2005. The Trustees concluded that TFAI and the Sub-Adviser generally had achieved competitive investment performance, noting that although the performance of the Portfolio was below median relative to its peers over the past one-, two- and five-year periods, its performance was above median relative to its peers over the past three-year period, and competitive or superior to the benchmark index over the past one-, two-, three- and five-year periods. On the basis of the Trustees' assessment of the nature, extent and quality of advisory services to b e provided or procured by TFAI and the Sub-Adviser, the Trustees concluded that TFAI and the Sub-Adviser are capable of generating a level of investment performance that is appropriate in light of the Portfolio's investment objective, policies and strategies and competitive with many other investment companies, and also determined that TFAI's and the Sub-Adviser's performance records indicate that their continued management is likely to benefit the Portfolio and its shareholders.

The cost of advisory services provided and the level of profitability.  The Board reviewed profitability information regarding TFAI's costs of procuring portfolio management services, as well as the costs of provision of administration, fund accounting and other services, to the Portfolio and to ATST as a whole by TFAI and its affiliates. The Trustees reviewed data from Lipper that compared the Portfolio's management fees (including management fees at various asset levels), other fees and expenses (including total expenses including and excluding 12b-1 distribution and service fees) and portfolio turnover rate against a peer group of comparable mutual funds. Based on such information, the Trustees determined that the management fees and overall expense ratio of the Portfolio generally are consistent with industry averages. In addition, on the bas is of the Board's review of the management fees to be charged by TFAI for investment advisory and related services, and TFAI profitability information (derived from TFAI's audited financial statements), TFAI's estimated management income resulting from its management of the Portfolio, the estimated margin of the Sub-Adviser, as well as the entirety of TFAI's and its affiliates' service relationship with ATST, the Board concluded that the level of investment management fees and other service fees, as well as TFAI's and the Sub-Adviser's profitability, are appropriate in light of the

AEGON/Transamerica Series Trust

Annual Report 2005

17

T. Rowe Price Small Cap (continued)

services provided, the management fees and overall expense ratios of comparable investment companies and the anticipated profitability of the relationship between the Portfolio, TFAI and its affiliates, and the Sub-Adviser.

Whether fee levels reflect economies of scale and the extent to which economies of scale would be realized as the Portfolio grows. Although the investment advisory fees do not reduce should Portfolio assets grow meaningfully, the Board determined that the investment advisory fees already reflect potential economies of scale to some extent by virtue of their competitive levels determined with reference to industry standards as reported by Lipper and the estimated profitability at current or foreseeable asset levels. In addition, the Board concluded that the Portfolio's current management fees appropriately reflect the Portfolio's current size, the current economic environment for TFAI, the competitive nature of the investment company market, and TFAI's pricing strategy. The Trustees also concluded that they will have the opportunity to periodically ree xamine whether the Portfolio has achieved economies of scale, and the appropriateness of management fees payable to TFAI and fees payable by TFAI to the Sub-Adviser, in the future.

Benefits (such as soft dollars) to TFAI, its affiliates, or the Sub-Adviser from their relationship with the Portfolio. The Board concluded that other benefits derived by TFAI, its affiliates, and the Sub-Adviser from their relationship with the Portfolio are reasonable and fair, and are consistent with industry practice and the best interests of the Portfolio and its shareholders. In this regard, the Board noted that TFAI does not realize "soft dollar" benefits from its relationship with the Portfolio, and that the Sub-Adviser is participating in a brokerage program pursuant to which a portion of brokerage commissions paid by the Portfolio is recaptured for the benefit of the Portfolio and its shareholders, thus limiting the amount of "soft-dollar" arrangements the Sub-Adviser may engage in with respect to the Portfolio's brokerage transactions. In a ddition, the Trustees determined that the administration, fund accounting and other fees paid by the Portfolio to affiliates of TFAI are reasonable, fair and in the best interests of shareholders in light of the nature and quality of the services provided, the associated costs to these affiliates of providing the services, the impact of the costs of such services on the Portfolio's overall operating expenses, and the necessity of the services for the Portfolio's operations.

Other considerations. The Board determined that TFAI had made a substantial commitment to the recruitment and retention of high quality personnel, and maintained the financial, compliance and operational resources reasonably necessary to manage the Portfolio in a professional manner that is consistent with the best interests of the Portfolio and its shareholders. In this regard, the Trustees favorably considered the procedures and policies in place by TFAI to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Adviser. The Trustees also determined that TFAI had made a significant entrepreneurial commitment to the management and success of the Portfolio, reflected by TFAI's expense limitation and fee waiver arrangement with the Portfolio, which may result in TFAI waiving a substantial amoun t of advisory fees for the benefit of shareholders.

AEGON/Transamerica Series Trust

Annual Report 2005

18

Templeton Great Companies Global

MARKET ENVIRONMENT

Great Companies, L.L.C.

The year 2005 will be remembered as the worst hurricane season on record for its magnitude and severity both in human and financial toll. The storms aggravated already high energy prices, while the Federal Reserve Board steadily raised interest rates. Consequently, financial strains were manifested in the form of several high profile bankruptcies declared by major airlines and automotive industry companies. The on-going conflict in Iraq; a record federal deficit; the underperformance of the pharmaceutical sector; CEOs being tried and sent to jail; concerns that the real estate industry may have peaked; and investigations within the Bush administration, all contributed to a backdrop of investor angst. This resulted in a very uncertain and choppy stock market. When combined with the disruptive effect of hedge funds and other short-term oriented trading strategies, many stocks traded within a very narrow range.

The energy sector has outperformed the Standard and Poor's 500 Composite Stock Index ("S&P500") over an extended period due to both weather induced supply disruptions and tremendous demand from developing countries. Indeed, after a tremendous multi-year run, the sector was up around 30% in 2005.

Templeton Investment Counsel, LLC

The global economy overcame fears of derailment generated by higher energy costs and advanced at a solid clip during 2005, with signs of firming recoveries in Europe and Japan. Excluding the volatile energy and food sectors, inflation remained relatively subdued worldwide. Despite short-term interest rate hikes in the U.S. and euro zone, interest rate levels remained fairly accommodative for economic growth.

Strong demand for oil sustained high prices during most of the year, while prices for other commodities such as industrial metals were also high. This contributed to economic growth in countries that are tied to mining and industrial commodities, such as Australia and Canada, and some Asian and Latin American emerging markets.

In this environment, global equity markets performed strongly, particularly outside the U.S. In terms of sectors, energy and materials led equity market performance, and telecommunications services and consumer-related sectors lagged.

PERFORMANCE

For the year ended December31, 2005, Templeton Great Companies Global, Initial Classreturned 7.47%. By comparison its benchmark, the Morgan Stanley Capital International World Index ("MSCI World") returned 10.02%.

STRATEGY REVIEW

Great Companies, L.L.C.

In a range bound stock market it is necessary to take profits from time-to-time in order to prevent "round tripping" a stock. While we continue to be long-term investors, we note that a simple buy-and-hold approach in this market environment does not generate the results that shareholders expect. Thus, we initiated some adjustments to the portfolio in the past year. Portfolio turnover was higher than normal; however, it was a by-product of repositioning holdings to take advantage of market opportunities. We also removed several stocks that no longer met our investment screens as they have failed to adapt to a dynamic market environment. In 2005, we removed a number of stocks including Advanced Neuromodulation Systems, Inc. ("Advanced Neuromodulation Systems"), eBay Inc. ("eBay"), Avon Products, Inc., Berkshire Hathaway Inc. – CL B, Zimmer Holdings, Inc., Dell Inc., Cisco Systems, Inc., and Genentech, Inc. ("Genentech"). For example, we removed Genentech from our portfolio. The stock appreciated from $56 at the beginning of the year to over $80 when we removed it. Genentech has been an exceptional holding. The company is a great company; however, we determined the valuation to be rich. Similarly, another biotechnology holding that worked out in spades was Advanced Neuromodulation Systems. This idea was a hit – up substantially from our entry point as investors began to appreciate the growth potential of the neurostimulation market for treating pain. We had closed the gap on the company's intrinsic value and booked the gains.

At present, we are underweight the energy sector as energy prices may have peaked. However, we have broadened our holdings in specific gas and energy services related companies like Chesapeake Energy Corporation and BJ Services Company as we ascertain favorable prospects for these companies.

We had some stellar holdings that significantly outperformed the S&P500 during the year. These included Apple Computer, Inc., Amgen Inc, Genzyme Corporation and Hewlett-Packard Company. Some of our stocks that underperformed during the year were Symantec Corporation ("Symantec"), eBay and Dell Inc. ("Dell"). Symantec made a less than favorable acquisition

AEGON/Transamerica Series Trust

Annual Report 2005

1

Templeton Great Companies Global (continued)

while eBay and Dell were the victims of a sequential slowing of their aggregate business sales growth.

We have repositioned the portfolio for an environment in which we believe oil prices will decline modestly and corporate earnings growth will moderate. The increase in interest rates, higher energy prices than a year ago and a potentially cooling housing and refinancing market will manifest itself in a market that continues to be a bit bumpy.

Templeton Investment Counsel, LLC

During the period, the portfolio benefited most from its allocation to industrials stocks in absolute terms, as well as relative to the MSCI World. Industrials stocks generally performed well due to healthy economic growth leading to strong demand for these companies' products, along with improved profitability from successful cost-cutting efforts. Many of the portfolio's industrials holdings experienced significant gains during the period, and we slowly sold some stocks that reached what we considered full valuation. Our utilities sector allocation, mainly European utilities, also contributed to the portfolio's relative performance. Utility stocks performed positively due to adjustments for power prices leading to strong earnings and cash flow growth. Some of our utilities stocks reached all-time high prices as a result. We selectively trimmed our utilities allocation but continued to identify value in the sector. From a countr y perspective, our allocation to South Korea, which is not represented in the benchmark, benefited the portfolio, with information technology leader Samsung Electronics Co., Ltd. and domestic bank Kookmin Bank posting strong returns. Our holdings in Sweden were also among the strongest performers during the period, including capital goods company Atlas Copco AB and automaker AB Volvo.

Although energy stocks were among the greatest absolute contributors to portfolio performance for the reporting period, the portfolio was negatively impacted in relative terms by its underweighted energy sector position, as well as by stock selection. Despite volatility in crude oil prices, our views on the oil industry remained unchanged, and we felt the energy sector as a whole was near full valuation. Although demand increased over the past few years, exploration efforts were limited partly due to higher exploration and development costs. Geopolitical tensions in oil-producing regions aggravated the supply situation, as did the efforts of several governments to protect and replenish national strategic reserves. Within this context, the supply and demand equilibrium remained fragile, impacting oil prices and energy stocks.

Our financial sector allocation also hurt relative performance, driven by an underweighted position as well as selective stock holdings that underperformed. The above average returns on equity ("RoEs") for banks, combined with what we considered less attractive growth prospects and valuations, made it difficult for us to find bargains in this sector. However, we found some value in the sector and recently increased our allocation to several bank and insurance stocks.

From a geographic perspective, our underweighted position in and stock selection among Japanese equities hurt relative performance. Generally unpopular for more than a decade, Japanese equities rallied in 2005 as investors seemed to believe that Japan might be entering a period of sustained economic growth. Although we continued to add selectively to our Japanese holdings, our bottom-up research did not support a strong case for broadly investing there. We retained an underweighted position in Japanese equities relative to the benchmark based on our valuation analysis for shares of individual companies and our qualitative assessment of their respective management teams.

The U.S. dollar appreciated versus most foreign currencies during the year, which also detracted from the portfolio's performance because investments in securities with non-U.S. currency exposure lost value as the dollar strengthened.

James H. Huguet
Gerald W. Bollman, CFA	Tina Hellmer, CFA
Matthew C. Stephani, CFA, CPA	Antonio T. Docal, CFA
Derek Hong, CFA	Gary Motyl, CFA
Co-Portfolio Managers	Co-Portfolio Managers
Great Companies, L.L.C.	Templeton Investment Counsel, LLC

AEGON/Transamerica Series Trust

Semi-Annual Report 2005

2

Templeton Great Companies Global

Comparison of change in value of $10,000 investment in Initial Class shares and its comparative index.

Average Annual Total Return for Periods Ended 12/31/05

	1 year			5 years			10 years			From Inception			Inception Date
Initial Class		7.47	%		(3.79	)%		8.66	%		10.93	%	12/3/92
MSCIW1		10.02	%		2.64	%		7.47	%		9.48	%	12/3/92
Service Class		7.23	%		–			–			15.20	%	5/1/03

NOTES

¹  The Morgan Stanley Capital International World (MSCIW) Index is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. From inception calculation is based on life of Initial Class shares. Source: Standard & Poor's Micropal®© Micropal, Inc. 2005 – 1-800-596-5323 – http://www.funds-sp.com.

The performance data presented represents past performance, future results may vary. The portfolio's investment return and net asset value will fluctuate. Past performance does not guarantee future results. Investor's units when redeemed, may be worth more or less than their original cost.

Current performance may be higher or lower than the performance data quoted. Please visit your insurance company's website for contract or policy level standardized total returns current to the most recent month-end. Portfolio performance is net of investment fees and fund expenses, but not product charges, which, if included, would significantly lower the performance quoted.

Investments in global securities involve risks relating to political, social and economic developments abroad, foreign currency contracts for hedging, as well as risks resulting from the differences between the regulations to which U.S. and foreign issuer markets are subject.

This material must be preceded or accompanied by a current prospectus, which includes specific contents regarding the investment objectives, explanation of share classes and policies of this portfolio.

AEGON/Transamerica Series Trust

Annual Report 2005

3

Templeton Great Companies Global

UNDERSTANDING YOUR FUND'S EXPENSES
(unaudited)

SHAREHOLDER EXPENSES

Fund shareholders may incur ongoing costs, including management and advisory fees, distribution and service fees, and other Fund expenses.

The following Example is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.

The Example is based on an investment of $1,000 invested at July 1, 2005 and held for the entire period until December 31, 2005.

ACTUAL EXPENSES

The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of your Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fees, brokerage commissions paid on purchases and sales of fund shares. Therefore, the second line under the Fund in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If any of these transaction costs were included, your costs would be higher. The expenses shown in the table do not reflect any fees that may be charged to you by brokers, financial intermediaries or other financial institutions.

	Beginning Account Value		Ending Account Value		Annualized Expense Ratio			Expenses Paid During Period (a)
Initial Class
Actual	$	1,000.00	$	1,107.20		0.94	%	$	4.99
Hypothetical (b)		1,000.00		1,020.47		0.94			4.79
Service Class
Actual		1,000.00		1,106.10		1.19			6.32
Hypothetical (b)		1,000.00		1,019.21		1.19			6.06

^(a)  Expenses are calculated using each Fund's annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by number of days in the period (184 days), and divided by the number of days in the year (365 days).

^(b)  5% return per year before expenses.

GRAPHICAL PRESENTATION OF SCHEDULE OF INVESTMENTS
By Region
At December 31, 2005

This chart shows the percentage breakdown by region of the Fund's total investment securities.

AEGON/Transamerica Series Trust

Annual Report 2005

4

Templeton Great Companies Global

SCHEDULE OF INVESTMENTS
At December 31, 2005
(all amounts except share amounts in thousands)

	Shares		Value
COMMON STOCKS (91.4%)
Australia (0.9%)
Alumina, Ltd.		407,365	$	2,217
National Australia Bank, Ltd.		138,425		3,290
Brazil (0.7%)
Cia Vale do Rio Doce, ADR		31,210		1,284
Empresa Brasileira de Aeronautica SA, ADR †		42,670		1,668
Tele Norte Leste Participacoes SA, ADR †		96,770		1,734
Canada (0.9%)
Alcan, Inc.		61,970		2,535
BCE, Inc. †		122,940		2,944
Cayman Islands (1.0%)
ACE, Ltd.		64,140		3,428
XL Capital, Ltd.–Class A †		37,560		2,531
Denmark (0.4%)
Vestas Wind Systems A/S †‡		169,610		2,778
Finland (1.1%)
Stora Enso OYJ–Class R †		262,300		3,541
UPM–Kymmene OYJ		170,070		3,324
France (3.1%)
Accor SA		50,110		2,747
AXA		122,700		3,947
Michelin (C.G.D.E.)–Class B		40,634		2,277
Sanofi-Aventis		42,715		3,730
Suez SA, ADR †		71,160		2,223
Total SA		11,177		2,799
Valeo SA †		42,693		1,582
Germany (2.8%)
BASF AG, ADR		30,450		2,329
Bayerische Motoren Werke AG		59,750		2,612
Deutsche Post AG		179,890		4,348
E.ON AG, ADR		106,240		3,667
Muenchener Rueckversicherungs AG		13,040		1,760
Siemens AG		33,390		2,853
Hong Kong (0.7%)
Cheung Kong Holdings, Ltd. (a)		269,000		2,760
Hutchison Whampoa, Ltd.		195,000		1,857
Israel (0.3%)
Check Point Software Technologies, Ltd. ‡		106,865		2,148
Italy (1.2%)
ENI SpA, ADR		27,550		3,842
UniCredito Italiano SpA (a)		516,121		3,543
Japan (5.7%)
East Japan Railway Co.		414		2,846
Fuji Photo Film Co., Ltd.		57,100		1,887

	Shares		Value
Japan (continued)
Hitachi, Ltd.		504,000	$	3,396
KDDI Corp.		403		2,323
Konica Minolta Holdings, Inc.		222,500		2,265
Mabuchi Motor Co., Ltd. †		37,100		2,060
Nintendo Co., Ltd.		31,000		3,744
Nippon Telegraph & Telephone Corp.		621		2,821
Nomura Holdings, Inc.		105,500		2,021
Olympus Corp.		96,300		2,530
Sompo Japan Insurance, Inc.		261,000		3,528
Sony Corp., ADR †		75,920		3,098
Takeda Pharmaceutical Co., Ltd.		56,100		3,033
Mexico (0.5%)
Telefonos de Mexico SA de CV–Class L, ADR		126,410		3,120
Netherlands (2.3%)
Akzo Nobel NV, ADR		45,440		2,094
ING Groep NV		98,390		3,402
ING Groep NV, ADR		11,270		392
Koninklijke Philips Electronics NV		111,600		3,457
Reed Elsevier NV		254,480		3,544
VNU NV		46,830		1,548
Norway (0.7%)
Telenor ASA		418,250		4,098
Portugal (0.5%)
Portugal Telecom SGPS SA		312,630		3,154
Singapore (0.5%)
DBS Group Holdings, Ltd.		315,000		3,126
DBS Group Holdings, Ltd., ADR		5,490		218
South Korea (2.4%)
Kookmin Bank, ADR †‡		35,850		2,678
Korea Electric Power Corp., ADR †		76,790		1,497
KT Corp., ADR		132,005		2,845
Samsung Electronics Co., Ltd., GDR		20,150		6,639
SK Telecom Co., Ltd., ADR †		58,805		1,193
Spain (1.8%)
Banco Santander Central Hispano SA		275,344		3,623
Iberdrola SA		54,786		1,493
Repsol YPF SA		119,367		3,475
Telefonica SA		166,366		2,495
Sweden (3.0%)
Atlas Copco AB–Class A		165,680		3,688
Electrolux AB–Class B		88,890		2,308
Nordic Baltic Holding, FDR		332,690		3,467
Securitas AB–Class B		244,380		4,056
Svenska Cellulosa AB–Class B		62,940		2,351
Volvo AB–Class B †		55,880		2,632

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

5

Templeton Great Companies Global

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2005
(all amounts except share amounts in thousands)

	Shares		Value
Switzerland (2.8%)
Lonza Group AG †		50,030	$	3,054
Nestle SA, ADR		49,040		3,656
Novartis AG, ADR		73,050		3,834
Swiss Reinsurance (a)		48,960		3,576
UBS AG		30,280		2,876
UBS AG–Registered		3,270		311
Taiwan (0.4%)
Chunghwa Telecom Co., Ltd., ADR		136,910		2,512
United Kingdom (9.8%)
Alliance Unichem PLC		165,440		2,275
BAE Systems PLC		666,430		4,370
Boots Group PLC †		240,270		2,497
BP PLC, ADR		60,240		3,869
British Airways PLC ‡		319,260		1,832
British Sky Broadcasting PLC		318,190		2,714
Cadbury Schweppes PLC		329,790		3,113
Compass Group PLC		929,970		3,522
GlaxoSmithKline PLC		155,187		3,916
HSBC Holdings PLC		151,082		2,421
HSBC Holdings PLC, ADR †		2,530		204
National Grid PLC		234,589		2,291
National Grid PLC (Deferred Shares) °		301,304		—	o
Pearson PLC		204,210		2,412
Rentokil Initial PLC		899,830		2,527
Rolls-Royce Group PLC ‡		499,020		3,665
Royal Bank of Scotland Group PLC		121,080		3,650
Royal Dutch Shell PLC–Class B		118,262		3,775
Smiths Group PLC		165,730		2,978
Standard Chartered PLC		112,210		2,496
Unilever PLC		251,399		2,490
Vodafone Group PLC		1,790,060		3,859
United States (47.9%)
Adobe Systems, Inc.		108,950		4,027
American International Group, Inc.		146,000		9,962
Amgen, Inc. ‡		53,080		4,186
Apple Computer, Inc. ‡		189,270		13,607
BJ Services Co.		48,250		1,769
Capital One Financial Corp.		85,590		7,395
Chesapeake Energy Corp. †		86,000		2,729
Clorox Co.		113,600		6,463
Coach, Inc. ‡		220,000		7,335
ConocoPhillips		44,800		2,606
Corning, Inc. ‡		331,000		6,507
Danaher Corp. †		98,790		5,510
Electronic Arts, Inc. ‡		104,700		5,477
Emerson Electric Co.		43,760		3,269
General Electric Co.		213,980		7,500

	Shares		Value
United States (continued)
Genzyme Corp. ‡		86,000	$	6,087
Goldman Sachs Group, Inc. (The)		55,060		7,032
Harman International Industries, Inc. †		29,000		2,838
Hershey Co. (The)		49,000		2,707
Hewlett-Packard Co.		218,000		6,241
Intel Corp.		256,190		6,394
International Game Technology		340,000		10,465
ITT Industries, Inc.		29,740		3,058
Johnson & Johnson		98,000		5,890
Johnson Controls, Inc.		90,590		6,605
JP Morgan Chase & Co.		268,000		10,637
Kellogg Co.		135,390		5,852
Linear Technology Corp. †		186,000		6,709
Medtronic, Inc.		112,290		6,465
Microsoft Corp.		255,410		6,679
Morgan Stanley		147,910		8,392
Motorola, Inc.		197,400		4,459
National Oilwell Varco, Inc. ‡		77,000		4,828
Omnicom Group, Inc. †		74,400		6,334
PepsiCo, Inc.		159,000		9,394
Procter & Gamble Co.		142,900		8,271
Prudential Financial, Inc.		76,900		5,628
Quest Diagnostics, Inc.		55,000		2,831
St. Jude Medical, Inc. ‡		130,000		6,526
T. Rowe Price Group, Inc.		69,030		4,972
Telik, Inc. †‡		96,330		1,637
United Technologies Corp.		165,000		9,225
Vertex Pharmaceuticals, Inc. †‡		126,520		3,501
Viacom, Inc.–Class B ‡		323,230		10,537
W.R. Berkley Corp.		160,000		7,619
Waters Corp. †‡		160,520		6,068
WM Wrigley Jr. Co.		44,000		2,926
Wyeth		136,930		6,308
Yahoo!, Inc. ‡		186,140		7,293
Total Common Stocks (cost: $505,097)				569,888
	Principal Amount		Value
SECURITY LENDING COLLATERAL (8.6%)
Debt (7.4%)
Bank Notes (0.2%)
Bank of America 4.27%, due 01/17/2006 *	$	796	$	796
4.31%, due 08/10/2006 *		654		654
Certificates of Deposit (0.4%)
Barclays 4.31%, due 01/17/2006 *		502		502
Canadian Imperial Bank of Commerce 4.15%, due 05/18/2006 *		710		710

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

6

Templeton Great Companies Global

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2005
(all amounts except share amounts in thousands)

	Principal Amount		Value
Certificates of Deposit (continued)
Credit Suisse First Boston Corp. 4.18%, due 03/10/2006 *	$	284	$	284
Rabobank Nederland 4.10%, due 05/31/2006 *		710		710
Commercial Paper (0.8%)
Fairway Finance–144A 4.31%, due 01/10/2006		1,418		1,418
Jupiter Securitization Corp.–144A 4.27%, due 01/05/2006		710		710
Paradigm Funding LLC–144A 4.30%, due 01/09/2006		279		279
Park Avenue Receivables Corp.–144A 4.27%, due 01/04/2006		706		706
Preferred Receivables Corp.–144A 4.31%, due 01/04/2006		564		564
Ranger Funding Co. LLC–144A 4.29%, due 01/18/2006		561		561
Sheffield Receivables Corp.–144A 4.26%, due 01/23/2006		341		341
Yorktown Capital LLC 4.27%, due 01/05/2006		711		711
Euro Dollar Overnight (1.2%)
Calyon 4.34%, due 01/05/2006		711		711
Fortis Bank 4.35%, due 01/03/2006		1,421		1,421
4.35%, due 01/05/2006		1,350		1,350
Harris Trust & Savings Bank 4.25%, due 01/05/2006		1,165		1,165
National Australia Bank 4.16%, due 01/03/2006		1,451		1,451
Rabobank Nederland 4.15%, due 01/03/2006		512		512
Wells Fargo 4.27%, due 01/03/2006		711		711
Euro Dollar Terms (2.5%)
Bank of Montreal 4.30%, due 01/19/2006		1,421		1,421
Barclays 4.27%, due 01/25/2006		426		426
4.30%, due 01/31/2006		1,137		1,137
BNP Paribas 4.22%, due 01/24/2006		711		711
Dexia Group 4.25%, due 01/09/2006		711		711
Rabobank Nederland 4.21%, due 01/19/2006		1,279		1,279

	Principal Amount		Value
Euro Dollar Terms (continued)
Royal Bank of Canada 4.25%, due 01/24/2006	$	995	$	995
Royal Bank of Scotland 4.30%, due 01/31/2006		2,132		2,132
4.31%, due 02/01/2006		1,563		1,563
Societe Generale 4.28%, due 01/30/2006		1,421		1,421
UBS AG 4.26%, due 01/10/2006		1,421		1,421
Wells Fargo 4.29%, due 01/30/2006		2,132		2,132
Promissory Notes (0.2%)
Bear Stearns & Co. 4.39%, due 03/07/2006		853		853
4.39%, due 06/06/2006		284		284
Repurchase Agreements (2.1%) ††
Credit Suisse First Boston Corp. 4.29%, dated 12/30/2005 to be repurchased at $2,380 on 01/03/2006		2,379		2,379
Goldman Sachs Group, Inc. (The) 4.29%, dated 12/30/2005 to be repurchased at $5,678 on 01/03/2006		5,675		5,675
Lehman Brothers, Inc. 4.29%, dated 12/30/2005 to be repurchased at $38 on 01/03/2006		38		38
Merrill Lynch & Co. 4.24%, dated 12/30/2005 to be repurchased at $4,550 on 01/03/2006		4,548		4,548
Morgan Stanley Dean Witter & Co. 4.36%, dated 12/30/2005 to be repurchased at $502 on 01/03/2006		502		502
	Shares		Value
Investment Companies (1.2%)
American Beacon Fund 1-day yield of 4.19%		194,837	$	195
Barclays Global Investors Institutional Money Market Fund 1-day yield of 4.19%		1,847,498		1,847
Dreyfus Cash Management Plus Fund 1-day yield of 4.09%		767,423		767
Merrimac Cash Fund, Premium Class 1-day yield of 4.03% @		5,031,115		5,031
Total Security Lending Collateral (cost: $53,735)				53,735
Total Investment Securities (cost: $558,832)			$	623,623

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

7

Templeton Great Companies Global

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2005
(all amounts except share amounts in thousands)

NOTES TO SCHEDULE OF INVESTMENTS:

†  At December 31, 2005, all or a portion of this security is on loan (see Note 1). The value at December 31, 2005, of all securities on loan is $51,450.

‡  Non-income producing.

(a)  Passive Foreign Investment Company.

o  Value is less than $1.

*  Floating or variable rate note. Rate is listed as of December 31, 2005.

††  Cash collateral for the Repurchase Agreements, valued at $13,404, that serve as collateral for securities lending are invested in corporate bonds with interest rates and maturity dates ranging from 0.00%–8.75% and 01/03/2006–08/01/2037, respectively.

@  Regulated investment company advised by Investors Bank and Trust Co. ("IBT"). IBT is also the accounting, custody and lending agent for the Fund.

°  Securities valued as determined in good faith in accordance with procedure established by the Fund's Board of Trustees.

DEFINITIONS:

144A  144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2005, these securities aggregated $4,579 or 0.7% of the total investments of the Fund.

ADR  American Depositary Receipt

FDR  Finnish Depositary Receipt

GDR  Global Depositary Receipt

SGPS  Sociedade Gestora de Participações Socialis (Holding Enterprise)

	Percentage of Total Investment			Value
INVESTMENTS BY INDUSTRY:
Pharmaceuticals		6.9	%	$	42,760
Commercial Banks		6.8	%		42,540
Insurance		5.2	%		32,404
Telecommunications		4.8	%		29,944
Computer & Data Processing Services		4.1	%		25,624
Computer & Office Equipment		3.7	%		23,244
Security & Commodity Brokers		3.6	%		22,417
Chemicals & Allied Products		3.5	%		22,211
Aerospace		3.0	%		18,928
Business Services		3.0	%		18,748
Electronic & Other Electric Equipment		3.0	%		18,693
Electronic Components & Accessories		3.0	%		18,620
Instruments & Related Products		2.9	%		18,260
Food & Kindred Products		2.9	%		18,254
Communications Equipment		2.7	%		17,218
Life Insurance		2.1	%		13,369
Communication		2.1	%		13,251
Petroleum Refining		2.1	%		13,049
Medical Instruments & Supplies		2.0	%		12,991
Oil & Gas Extraction		1.9	%		11,815
Entertainment		1.7	%		10,465
Beverages		1.5	%		9,394
Electric Services		1.4	%		8,948
Industrial Machinery & Equipment		1.4	%		8,516
Automotive		1.3	%		8,302
Personal Credit Institutions		1.2	%		7,395
Leather & Leather Products		1.2	%		7,335

	Percentage of Total Investment			Value
INVESTMENTS BY INDUSTRY: (continued)
Electrical Goods		1.1	%	$	6,639
Furniture & Fixtures		1.1	%		6,605
Paper & Paper Products		1.0	%		5,892
Transportation & Public Utilities		0.7	%		4,348
Radio & Television Broadcasting		0.6	%		3,960
Manufacturing Industries		0.6	%		3,744
Printing & Publishing		0.6	%		3,544
Restaurants		0.6	%		3,522
Metal Mining		0.6	%		3,501
Paper & Allied Products		0.5	%		3,324
Railroads		0.5	%		2,846
Health Services		0.5	%		2,831
Specialty- Real Estate		0.4	%		2,760
Hotels & Other Lodging Places		0.4	%		2,747
Primary Metal Industries		0.4	%		2,535
Drug Stores & Proprietary Stores		0.4	%		2,497
Wholesale Trade Nondurable Goods		0.4	%		2,490
Rubber & Misc. Plastic Products		0.4	%		2,277
Electric, Gas & Sanitary Services		0.4	%		2,223
Holding & Other Investment Offices		0.3	%		1,857
Air Transportation		0.3	%		1,832
Research & Testing Services		0.3	%		1,637
Motor Vehicles, Parts & Supplies		0.3	%		1,582
Investment Securities, at value		91.4	%		569,888
Security Lending Collateral		8.6	%		53,735
Total Investment Securities		100.0	%	$	623,623

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

8

Templeton Great Companies Global

STATEMENT OF ASSETS AND LIABILITIES
At December 31, 2005
(all amounts except per share amounts in thousands)

Assets:
Investment securities, at value (cost: $558,832) (including securities loaned of $51,450)	$	623,623
Cash		19,079
Receivables:
Shares sold		197
Interest		58
Income from loaned securities		3
Dividends		793
Dividend reclaims receivable		74
Other		211
		644,038
Liabilities:
Accounts payable and accrued liabilities:
Shares redeemed		143
Management and advisory fees		376
Service fees		2
Administration fees		10
Payable for collateral for securities on loan		53,735
Other		173
		54,439
Net Assets	$	589,599
Net Assets Consist of:
Capital stock ($.01 par value)	$	313
Additional paid-in capital		840,289
Distributable net investment income (loss)		5,726
Accumulated net realized gain (loss) from investment securities and foreign currency transactions		(321,513	)
Net unrealized appreciation (depreciation) on:
Investment securities		64,791
Translation of assets and liabilites denominated in foreign currencies		(7	)
Net Assets	$	589,599
Net Assets by Class:
Initial Class	$	581,669
Service Class		7,930
Shares Outstanding:
Initial Class		30,917
Service Class		423
Net Asset Value and Offering Price Per Share:
Initial Class	$	18.81
Service Class		18.73

STATEMENT OF OPERATIONS
For the year ended December 31, 2005
(all amounts in thousands)

Investment Income:
Interest	$	379
Dividends (net of withholding taxes on foreign dividends of $802)		11,889
Income from loaned securities–net		261
		12,529
Expenses:
Management and advisory fees		4,463
Printing and shareholder reports		537
Custody fees		183
Administration fees		120
Legal fees		11
Audit fees		14
Trustees fees		21
Service fees:
Service Class		14
Other		22
Total expenses		5,385
Net Investment Income (Loss)		7,144
Net Realized Gain (Loss) from:
Investment securities		32,207
Foreign currency transactions		(487	)
		31,720
Net Increase (Decrease) in Unrealized Appreciation (Depreciation) on:
Investment securities		2,301
Translation of assets and liabilities denominated in foreign currencies		(23	)
		2,278
Net Realized and Unrealized Gain (Loss) on Investment Securities and Foreign Currency Transactions		33,998
Net Increase (Decrease) in Net Assets Resulting from Operations	$	41,142

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

9

Templeton Great Companies Global

STATEMENTS OF CHANGES IN NET ASSETS
For the years ended
(all amounts in thousands)

	December 31, 2005			December 31, 2004
Increase (Decrease) In Net Assets From:
Operations:
Net investment income (loss)	$	7,144		$	5,256
Net realized gain (loss) from investment securities and foreign currency transactions		31,720			82,896
Change in unrealized appreciation (depreciation) on investment securities and foreign currency translation		2,278			(30,326	)
		41,142			57,826
Distributions to Shareholders:
From net investment income:
Initial Class		(6,140	)		–
Service Class		(59	)		–
		(6,199	)		–
Capital Share Transactions:
Proceeds from shares sold:
Initial Class		18,297			23,784
Service Class		5,539			3,158
		23,836			26,942
Proceeds from fund acquisition:
Initial Class		–			60,123
Service Class		–			1,010
		–			61,133
Dividends and distributions reinvested:
Initial Class		6,140			–
Service Class		59			–
		6,199			–
Cost of shares redeemed:
Initial Class		(119,738	)		(133,028	)
Service Class		(2,012	)		(846	)
		(121,750	)		(133,874	)
		(91,715	)		(45,799	)
Net increase (decrease) in net assets		(56,772	)		12,027
Net Assets:
Beginning of year		646,371			634,344
End of year	$	589,599		$	646,371
Distributable Net Investment Income (Loss)	$	5,726		$	5,179

	December 31, 2005			December 31, 2004
Share Activity:
Shares issued:
Initial Class		1,032			1,457
Service Class		313			197
		1,345			1,654
Shares issued on fund acquisition:
Initial Class		–			3,723
Service Class		–			63
		–			3,786
Shares issued–reinvested from distributions:
Initial Class		347			–
Service Class		3			–
		350			–
Shares redeemed:
Initial Class		(6,772	)		(8,138	)
Service Class		(115	)		(53	)
		(6,887	)		(8,191	)
Net increase (decrease) in shares outstanding:
Initial Class		(5,393	)		(2,958	)
Service Class		201			207
		(5,192	)		(2,751	)

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

10

Templeton Great Companies Global

FINANCIAL HIGHLIGHTS

		For a share outstanding throughout each period (a)
		Net Asset		Investment Operations									Distributions								Net Asset
	For the Period Ended (b)	Value, Beginning of Period		Net Investment Income (Loss)			Net Realized and Unrealized Gain (Loss)			Total Operations			From Net Investment Income			From Net Realized Gains		Total Distributions			Value, End of Period
Initial Class	12/31/2005	$	17.69	$	0.21		$	1.10		$	1.31		$	(0.19	)	$	–	$	(0.19	)	$	18.81
	12/31/2004		16.15		0.14			1.40			1.54			–			–		–			17.69
	12/31/2003		13.16		0.11			2.88			2.99			–			–		–			16.15
	12/31/2002		18.32		0.09			(4.82	)		(4.73	)		(0.43	)		–		(0.43	)		13.16
	12/31/2001		23.97		0.10			(5.57	)		(5.47	)		(0.18	)		–		(0.18	)		18.32
Service Class	12/31/2005		17.65		0.16			1.10			1.26			(0.18	)		–		(0.18	)		18.73
	12/31/2004		16.15		0.12			1.38			1.50			–			–		–			17.65
	12/31/2003		12.97		(0.04	)		3.22			3.18			–			–		–			16.15

					Ratios/Supplemental Data
	For the Period	Total			Net Assets, End of Period		Ratio of Expenses to Average Net Assets (f)						Net Investment Income (Loss) to Average			Portfolio Turnover
	Ended (b)	Return (c)(g)			(000's)		Net (d)			Total (e)			Net Assets (f)			Rate (g)
Initial Class	12/31/2005		7.47	%	$	581,669		0.90	%		0.90	%		1.20	%		61	%
	12/31/2004		9.54			642,460		0.95			0.95			0.84			139
	12/31/2003		22.72			634,110		0.94			0.94			0.81			131
	12/31/2002		(26.02	)		635,357		0.92			0.92			0.60			67
	12/31/2001		(22.84	)		1,082,192		0.95			0.95			0.50			83
Service Class	12/31/2005		7.23			7,930		1.15			1.15			0.88			61
	12/31/2004		9.29			3,911		1.19			1.19			0.73			139
	12/31/2003		24.52			234		1.19			1.19			(0.39	)		131

NOTES TO FINANCIAL HIGHLIGHTS

(a)  Per share information is calculated based on average number of shares outstanding.

(b)  Templeton Great Companies Global (the "Fund") share classes commenced operations as follows:

Initial Class – December 3, 1992
Service Class – May 1, 2003

(c)  Total Return reflects all portfolio expenses and includes reinvestment of dividends and capital gains; it does not reflect the charges and deductions under the policies or annuity contracts.

(d)  Ratio of Net Expenses to Average Net Assets is net of advisory fee waivers, if any (see note 2).

(e)  Ratio of Total Expenses to Average Net Assets includes all expenses before advisory fee waivers.

(f)  Annualized.

(g)  Not annualized.

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

11

Templeton Great Companies Global

NOTES TO FINANCIAL STATEMENTS
At December 31, 2005
(all amounts in thousands)

NOTE 1.  ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

The AEGON/Transamerica Series Trust ("ATST") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). ATST serves as a funding vehicle for variable life insurance, variable annuity and group annuity products. Templeton Great Companies Global (the "Fund") is part of ATST.

Effective May 1, 2005, AEGON/Transamerica Series Fund, Inc. changed its name to AEGON/Transamerica Series Trust.

On May 3, 2004, Janus Global Fund acquired all the net assets of Templeton Great Companies Global Fund pursuant to a plan of reorganization approved by shareholders of Templeton Great Companies Global Fund. Janus Global Fund is the accounting survivor. The acquisition was accomplished by a tax-free exchange of 3,786 shares of the Fund for the 8,704 shares of Templeton Great Companies Global Fund outstanding on April 30, 2004. The aggregate net assets of Janus Global Fund immediately before the acquisition was $595,728. Templeton Great Companies Global Fund's net assets at that date $61,133, including $4,301 of unrealized appreciation, were combined with those of the Fund, resulting in combined net assets of $656,861.

On May 3, 2004, the fund changed its name from Janus Global to Templeton Great Companies Global and changed its sub-adviser from Janus Capital Management LLC to Great Companies, LLC and Templeton Investment Counsel, LLC.

In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

This report should be read in conjunction with the current Fund prospectus, which contains more complete information about the Fund.

In preparing the Fund's financial statements in accordance with accounting principles generally accepted in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Fund.

Multiple class operations, income and expenses: The Fund currently offers two classes of shares, an Initial Class and a Service Class. Income, non-class specific expenses and realized and unrealized gains and losses, are allocated daily to each class, based upon the value of shares outstanding method as permitted under Rule 18f-3 of the 1940 Act. Each class bears its own specific expenses as well as a portion of general, common expenses.

Security valuations: The Fund values its investments at the close of the New York Stock Exchange ("NYSE"), normally 4 p.m. ET, each day the NYSE is open for business. Fund investments are valued at the last sale price or closing price on the day of valuation taken from the primary exchange where the security is principally traded.

Securities traded in the over-the-counter market and listed securities for which no sale was reported on that date are valued at the last quoted bid price.

Debt securities are valued based on a price quotation or other equivalent indication of value supplied by an exchange, a pricing service or a major market maker; however, those that mature in sixty days or less are valued at amortized cost, which approximates market.

Investment company securities are valued at the net asset value of the underlying portfolio.

Foreign securities generally are valued based on quotations from the primary market in which they are traded. Because many foreign securities markets and exchanges close prior to the close of the NYSE, closing prices for foreign securities in those markets or on those exchanges do not reflect the events that occur after that close. If a significant market event impacting the value of a portfolio security (e.g., natural disaster, company announcement, market volatility) occurs subsequent to the close of trading in the security, but prior to the calculation of the Fund's net asset value per share, market quotations for that security may be determined to be unreliable and, accordingly, not "readily available." As a result, foreign equity securities held by the Fund may be valued at fair market value as determined in good faith by the Fund's Administrative Valuation Committee, under the supervision of the Board's Valuation Committee , using guidelines adopted by the Board of Trustees.

Other securities for which quotations are not readily available are valued at fair market value as determined in good faith by the Fund's Administrative Valuation Committee, under the supervision of the Board's Valuation Committee, using guidelines adopted by the Board of Trustees.

Cash: The Fund may leave cash overnight in its cash account with the custodian, Investors Bank & Trust Company ("IBT"). IBT has been contracted on behalf of the Fund to invest the excess cash into a savings account, which at December 31, 2005, was paying an interest rate of 3.00%.

Repurchase agreements: The Fund is authorized to enter into repurchase agreements. The Fund, through its custodian, IBT, receives delivery of the underlying securities, the value of which at the time of

AEGON/Transamerica Series Trust

Annual Report 2005

12

Templeton Great Companies Global

NOTES TO FINANCIAL STATEMENTS (continued)
At December 31, 2005
(all amounts in thousands)

NOTE 1.–(continued)

purchase is required to be an amount equal to at least 100% of the resale price. The Fund will bear the risk of value fluctuations until the security can be sold and may encounter delays and incur costs in liquidating the security. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Commission recapture: The sub-adviser, to the extent consistent with the best execution and usual commission rate policies and practices, may place security transactions of the Fund with broker/dealers with which ATST has established a Commission Recapture Program. A Commission Recapture Program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Fund. In no event will commissions paid by the Fund be used to pay expenses that would otherwise be borne by any other funds within ATST, or by any other party.

Recaptured commissions during the year ended December 31, 2005, of $139 are included in net realized gains in the Statement of Operations.

Securities lending: The Fund may lend securities to qualified borrowers, with IBT acting as the Fund's lending agent. The Fund earns negotiated lenders' fees. The Fund receives cash and/or securities as collateral against the loaned securities. Cash collateral received is invested in short term, interest bearing securities. The Fund monitors the market value of securities loaned on a daily basis and requires collateral in an amount at least equal to the value of the securities loaned. Income from loaned securities on the Statement of Operations is net of fees, in the amount of $112, earned by IBT for its services.

Security transactions and investment income: Security transactions are recorded on the trade date. Security gains and losses are calculated on the first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend date. Interest income, including accretion of discounts and amortization of premiums, is recorded on the accrual basis commencing on the settlement date.

Foreign currency denominated investments: The accounting records of the Fund are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the closing exchange rate each day. The cost of foreign securities is translated at the exchange rate in effect when the investment was acquired. The Fund combines fluctuations from currency exchange rates and fluctuations in value when computing net realized and unrealized gains or losses from investments.

Net foreign currency gains and losses resulting from changes in exchange rates include: 1) foreign currency fluctuations between trade date and settlement date of investment security transactions; 2) gains and losses on forward foreign currency contracts; and 3) the difference between the receivable amounts of interest and dividends recorded in the accounting records in U.S. dollars and the amounts actually received.

Foreign currency denominated assets may involve risks not typically associated with domestic transactions. These risks include revaluation of currencies, adverse fluctuations in foreign currency values and possible adverse political, social and economic developments, including those particular to a specific industry, country or region.

Foreign capital gains taxes: The Fund may be subject to taxes imposed by countries in which it invests, with respect to its investment in issuers existing or operating in such countries. Such taxes are generally based on income earned or repatriated and capital gains realized on the sale of such investments. The Fund accrues such taxes when the related income or capital gains are earned. Some countries require governmental approval for the repatriation of investment income, capital or the proceeds of sales earned by foreign investors. In addition, if there is deterioration in a country's balance of payments or for other reasons, a country may impose temporary restrictions on foreign capital remittances abroad.

Forward foreign currency contracts: The Fund may enter into forward foreign currency contracts to hedge against exchange rate risk arising from investments in securities denominated in foreign currencies. Contracts are valued at the contractual forward rate and are marked to market daily, with the change in value recorded as an unrealized gain or loss. When the contracts are settled a realized gain or loss is incurred. Risks may arise from changes in market value of the underlying currencies and from the possible inability of counterparties to meet the terms of their contracts.

There were no open forward foreign currency contracts at December 31, 2005.

Dividend distributions: Dividends and capital gains distributions are typically declared and reinvested annually and are generally paid and reinvested on the business day following the ex-date.

NOTE 2.  RELATED PARTY TRANSACTIONS

Effective January 1, 2005 AEGON/Transamerica Fund Advisers, Inc. was renamed Transamerica Fund Advisors, Inc. ("TFAI"); AEGON/Transamerica Fund Services, Inc. and AEGON/Transamerica Investor Services, Inc. merged into one entity and was renamed Transamerica Fund Services, Inc. ("TFS").

ATST serves as a funding vehicle for certain affiliated asset allocation portfolios and certain affiliated separate accounts of Western Reserve Life Assurance Co. of Ohio, Transamerica Life Insurance Company, Transamerica Financial Life Insurance Company, Inc., Peoples Benefit

AEGON/Transamerica Series Trust

Annual Report 2005

13

Templeton Great Companies Global

NOTES TO FINANCIAL STATEMENTS (continued)
At December 31, 2005
(all amounts in thousands)

NOTE 2.–(continued)

Life Insurance Company, Transamerica Occidental Life Insurance Company and Transamerica Life Insurance and Annuity Company.

TFAI is the Fund's investment adviser. TFS is the Fund's administrator and transfer agent. AFSG Securities Corp. ("AFSG") is the Fund's distributor. TFAI, TFS, and AFSG are affiliates of AEGON, NV, a Netherlands corporation.

Great Companies, LLC is both an affiliate of the Fund and a sub-adviser to the Fund.

Certain officers and trustees of the Fund are also officers and/or directors of TFAI, TFS and AFSG.

Investment advisory fee: The Fund pays management fees to TFAI based on average daily net assets ("ANA") at the following breakpoints:

0.75% of first $500 million of ANA
0.725% of the next $1 billion of ANA
0.70% of ANA over $1.5 billion

TFAI has contractually agreed to waive its advisory fee and will reimburse the Fund to the extent that operating expenses, excluding 12b-1 fees, exceed the following stated annual limit:

1.00% Expense Limit

If total fund expenses fall below the annual expense limitation agreement agreed to by the adviser within the succeeding three years, the Fund may be required to pay that adviser a portion or all of the waived advisory fees.

There were no amounts recaptured during the year ended December 31, 2005. There are no amounts available for recapture at December 31, 2005.

Distribution and service fees: The Fund adopted a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, ATST entered into a Distribution Agreement with AFSG dated January 1, 1997, as amended.

Under the Distribution Plan and Distribution Agreement on the Initial Class shares, AFSG, on behalf of the Fund, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Fund's shares, amounts equal to actual expenses associated with distributing the shares.

The Distribution Plan on the Service Class shares requires ATST to pay distribution fees to AFSG as compensation for its activities, not as reimbursement for specific expenses. The fee on the Service Class is paid to the insurance companies for providing services and account maintenance for their policyholders who invest in the variable insurance products which invest in the Service Class shares.

The Fund is authorized under the 12b-1 plan to pay fees on each class up to the following limits:

Initial Class	0.15	%
Service Class	0.25	%

AFSG has determined that it will not seek payment by the Fund of the distribution expenses incurred with respect to the Initial Class shares before April 30, 2007. Prior to AFSG seeking reimbursement of future expenses, policy and contract owners will be notified in advance. The Fund will pay fees relating to Service Class shares.

Administrative services: The Fund has entered into an agreement with TFS for financial and legal fund administration services. The Fund pays TFS an annual fee of 0.02% of ANA. The Legal fees on the Statement of Operations are for fees paid to external legal counsel.

Deferred compensation plan: Each eligible independent Fund Trustee may elect participation in a non-qualified deferred compensation plan ("the Plan") maintained by Transamerica IDEX Mutual Funds, an affiliate of the Fund. Under the Plan, such Trustees may defer payment of all or a portion of their total fees earned as a Fund Trustee. Each Trustee who is a participant in the Plan may elect that the earnings, losses or gains credited to his or her deferred fee amounts be determined based on a deemed investment in any series of Transamerica IDEX Mutual Funds. The right of a participant to receive a distribution from the Plan of the deferred fees is an unsecured claim against the general assets of all series of Transamerica IDEX Mutual Funds. The pro rata liability to the Fund of all deferred fees in the Plan amounted, as of December 31, 2005, to $29.

NOTE 3.  INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the year ended December 31, 2005, were as follows:

Purchases of securities:
Long-Term	$	356,622
U.S. Government		–
Proceeds from maturities and sales of securities:
Long-Term		452,793
U.S. Government		–

NOTE 4.  FEDERAL INCOME TAX MATTERS

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital

AEGON/Transamerica Series Trust

Annual Report 2005

14

Templeton Great Companies Global

NOTES TO FINANCIAL STATEMENTS (continued)
At December 31, 2005
(all amounts in thousands)

NOTE 4.–(continued)

gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatment for items including, but not limited to, wash sales, passive foreign investment companies, post October loss deferrals, foreign currency transactions and capital loss carryforwards.

Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. Financial records are not adjusted for temporary differences. These reclassifications are as follows:

Additional paid-in capital	$	(1	)
Distributable net investment income (loss)		(398	)
Accumulated net realized gain (loss) from investment securities		399

The capital loss carryforwards are available to offset future realized capital gains through the periods listed:

Capital Loss Carryforwards		Available through
$	78,098	December 31, 2009
	198,150	December 31, 2010
	45,010	December 31, 2011

The capital loss carryforward utilized during the year ended December 31, 2005 was $31,856.

The tax character of distributions paid may differ from the character of distributions shown in the Statements of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2004 and 2005 was as follows:

2004 Distributions paid from:
Ordinary Income	$	–
Long-term Capital Gain		–
2005 Distributions paid from:
Ordinary Income		6,199
Long-term Capital Gain		–

The tax basis components of distributable earnings as of December 31, 2005, are as follows:

Undistributed Ordinary Income	$	7,456
Undistributed Long-term Capital Gain	$	–
Post October Currency Loss Deferral	$	(12	)
Capital Loss Carryforward	$	(321,258	)
Net Unrealized Appreciation (Depreciation)	$	62,811	*

*  Amount includes unrealized appreciation (depreciation) on foreign currency denominated assets and liabilities.

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of December 31, 2005, are as follows:

Federal Tax Cost Basis	$	560,805
Unrealized Appreciation	$	74,641
Unrealized (Depreciation)		(11,823	)
Net Unrealized Appreciation (Depreciation)	$	62,818

NOTE 5.  REGULATORY PROCEEDINGS

There continues to be significant federal and state regulatory activity relating to financial services companies, particularly mutual fund companies and their investment advisers. As part of an ongoing investigation regarding potential market timing, recordkeeping and trading compliance issues and matters affecting the Fund's investment adviser, TFAI, and certain affiliates and former employees of TFAI, the SEC staff has indicated that it is likely to take some action against TFAI and certain of its affiliates at the conclusion of the investigation. The potential timing and the scope of any such action is difficult to predict. Although the impact of any action brought against TFAI and/or its affiliates is difficult to assess at the present time, the Fund currently believes that the likelihood that any such action will have a material adverse impact on it is remote. It is important to note that the Fund is not aware of any allega tion of wrongdoing against it and its Board at the time this annual report is printed. Although it is not anticipated that these developments will have an adverse impact on the Fund, there can be no assurance at this time. TFAI and its affiliates are actively working with the SEC in regard to this matter; however, the exact resolution cannot be determined at this time. TFAI will take such actions that it deems necessary or appropriate to continue providing management services to the Fund and to bring all matters to an appropriate conclusion.

TFAI and/or its affiliates, and not the Fund, will bear the costs regarding these regulatory matters.

AEGON/Transamerica Series Trust

Annual Report 2005

15

Report of Independent Registered Certified Public Accounting Firm

To the Board of Trustees and Shareholders of
Templeton Great Companies Global

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Templeton Great Companies Global (the "Fund") (one of the portfolios constituting the AEGON/Transamerica Series Trust) at December 31, 2005, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fund's management; our responsibility is to express an opinion on these financial statements based o n our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2005 by correspondence with the custodian, provide a reasonable basis for our opinion.

Tampa, Florida
February 23, 2006

AEGON/Transamerica Series Trust

Annual Report 2005

16

Templeton Great Companies Global

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS – REVIEW AND RENEWAL (unaudited)

At a meeting of the Board of Trustees of AEGON/Transamerica Series Trust ("ATST") held on November 2, 2005, the Board reviewed and considered the Investment Advisory Agreement between Templeton Great Companies Global Portfolio (the "Portfolio") and Transamerica Fund Advisors, Inc. ("TFAI") as well as Investment Sub-Advisory Agreements of the Portfolio between TFAI and each of the sub-advisers, Great Companies, LLC and Templeton Investment Counsel, LLC (the "Sub-Advisers"), to determine whether the agreements should be renewed for a one-year period. Following their review and consideration, the Trustees determined that the Investment Advisory Agreement and the Investment Sub-Advisory Agreements will enable shareholders of the Portfolio to obtain high quality services at a cost that is appropriate, reasonable, and in the best interests of its shareholders. The Board, including the independent members of the Board, unanimously appr oved the renewal of the Investment Advisory Agreement and the Investment Sub-Advisory Agreements. In reaching their decision, the Trustees requested and obtained from TFAI and the Sub-Advisers such information as they deemed reasonably necessary to evaluate the proposed agreements. The Trustees also carefully considered the information that they had received throughout the year from TFAI and the Sub-Advisers (such as in-person presentations by the Sub-Advisers) as part of their regular oversight of the Portfolio, as well as: comparative fee, expense and performance information prepared by Lipper Inc. ("Lipper"), independent providers of mutual fund performance, fee and expense information; and profitability data. In considering the proposed continuation of the Investment Advisory Agreement and Investment Sub-Advisory Agreements, the Trustees evaluated a number of considerations that they believed, in light of the legal advice furnished to them by ATST counsel and independent legal counsel and their own busin ess judgment, to be relevant. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:

The nature, extent and quality of the advisory service to be provided. The Board considered the nature and quality of the services provided by TFAI and the Sub-Advisers to the Portfolio in the past, as well as the services anticipated to be provided in the future. The Board concluded that TFAI and the Sub-Advisers are capable of providing high quality services to the Portfolio, as indicated by the nature and quality of services provided in the past, TFAI's and the Sub-Advisers' management capabilities demonstrated with respect to the portfolios they manage, including the Portfolio, and the experience, capability and integrity of TFAI's senior management, the financial resources of TFAI and the Sub-Advisers, TFAI's management oversight process, and the professional qualifications and experience of the Sub-Advisers' portfolio management teams. The Trust ees also concluded that TFAI and the Sub-Advisers proposed to provide investment and related services that were of the same quality and quantity as services provided to the Portfolio in the past, and that these services are appropriate in scope and extent in light of the Portfolio's operations, the competitive landscape of the investment company business and investor needs, and that TFAI's and the Sub-Advisers' obligations will remain substantially the same.

The investment performance of the Portfolio. The Board examined both the short-term and longer-term performance of the Portfolio, including relative performance against a benchmark securities index and a peer group of comparable mutual funds as prepared by Lipper for various trailing periods ended June 30, 2005. The Trustees concluded that TFAI and the Sub-Advisers generally had achieved acceptable investment performance, although they noted that the domestic portion of the Portfolio had underperformed while the international portion of the Portfolio had generally outperformed the benchmark. The Board decided to monitor closely the future performance of the domestic portion of the Portfolio and also asked TFAI to take necessary steps to improve the Portfolio's performance, including consideration of alternative sub-advisers for the domestic portion of the Portfolio. However, on the basis of the Trustees' assessment of the nature, extent and quality of advisory services to be provided or procured by TFAI and the Sub-Advisers, the Trustees concluded that TFAI and the Sub-Advisers are capable of generating a level of investment performance that is appropriate in light of the Portfolio's investment objective, policies and strategies and competitive with many other investment companies, and also determined that TFAI's and the Sub-Advisers' performance records indicate that their continued management is likely to benefit the Portfolio and its shareholders.

The cost of advisory services provided and the level of profitability. The Board reviewed profitability information regarding TFAI's costs of procuring portfolio management services, as well as the costs of provision of administration, fund accounting and other services, to the Portfolio and to ATST as a whole by TFAI and its affiliates. The Trustees reviewed data from Lipper that compared the Portfolio's management fees (including management fees at various asset levels), other fees and expenses (including total expenses including and excluding 12b-1 distribution and service fees) and portfolio turnover rate against peer groups of comparable mutual funds. Based on such information, the Trustees determined that the management fees and overall expense ratio of the Portfolio generally are consistent with industry averages. In addition, on the basis of t he Board's review of the management fees to be charged by TFAI for investment advisory and related services, TFAI profitability information (derived from TFAI's audited financial statements), TFAI's estimated management income resulting from its management of the Portfolio, the estimated margin of each Sub-Adviser, as well as the entirety of TFAI's and its affiliates' service relationship with ATST, the Board concluded that the level of investment management fees and other service fees, as well as TFAI's and the Sub-Advisers' profitability, are appropriate in light of the services provided,

AEGON/Transamerica Series Trust

Annual Report 2005

17

Templeton Great Companies Global (continued)

the management fees and overall expense ratios of comparable investment companies and the anticipated profitability of the relationship between the Portfolio, TFAI and its affiliates, and the Sub-Advisers.

Whether fee levels reflect economies of scale and the extent to which economies of scale would be realized as the Portfolio grows. The Board concluded that the inclusion of asset-based breakpoints in the Portfolio's advisory fee schedule appropriately benefits investors by realizing economies of scale in the form of lower management fees as the level of assets grows. In addition, the Board concluded that the Portfolio's management fees appropriately reflect the Portfolio's current size, the current economic environment for TFAI, the competitive nature of the investment company market, and TFAI's pricing strategy. The Trustees also concluded that they will have the opportunity to periodically reexamine whether the Portfolio has achieved economies of scale, and the appropriateness of management fees payable to TFAI and fees payable by TFAI to the Sub-Ad visers, in the future.

Benefits (such as soft dollars) to TFAI, its affiliates, or the Sub-Advisers from their relationship with the Portfolio. The Board concluded that other benefits derived by TFAI, its affiliates, and the Sub-Advisers from their relationship with the Portfolio, including "soft dollar" benefits (if any) in connection with brokerage transactions, sales charges and distribution/service fees (to the extent applicable) are reasonable and fair, and are consistent with industry practice and the best interests of the Portfolio and its shareholders. In this regard, the Board noted that TFAI does not realize "soft dollar" benefits from its relationship with the Portfolio, and that the Sub-Advisers are participating in brokerage programs pursuant to which a portion of brokerage commissions paid by the Portfolio is recaptured for the benefit of the Portfolio and its shareholders, thus limiting the amount of "soft-dollar" arrangements the Sub-Advisers may engage in with respect to the Portfolio's brokerage transactions. In addition, the Trustees determined that the administration, fund accounting and other fees paid by the Portfolio to affiliates of TFAI are reasonable, fair and in the best interests of shareholders in light of the nature and quality of the services provided, the associated costs to these affiliates of providing the services, the impact of the costs of such services on the Portfolio's overall operating expenses, and the necessity of the services for the Portfolio's operations.

Other considerations. The Board also determined that TFAI had made a substantial commitment to the recruitment and retention of high quality personnel, and maintained the financial, compliance and operational resources reasonably necessary to manage the Portfolio in a professional manner that is consistent with the best interests of the Portfolio and its shareholders. In this regard, the Trustees favorably considered the procedures and policies in place by TFAI to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Advisers. The Trustees also determined that TFAI had made a significant entrepreneurial commitment to the management and success of the Portfolio, reflected by TFAI's expense limitation and fee waiver arrangement with the Portfolio, which may result in TFAI waiving a substantial amount of advisory fees for the benefit of shareholders.

AEGON/Transamerica Series Trust

Annual Report 2005

18

Third Avenue Value

MARKET ENVIRONMENT

For long-term, bottom-up, fundamental investors like Third Avenue, the general market is relatively unimportant. In the long run, the performance of Third Avenue Value will be driven by the merits of the investments, not by general market considerations. We strive to deliver superior absolute return opportunities with limited investment risk over time; we do not manage for short-term performance or to mimic benchmarks. Regardless of the performance of the general market, we continue to be very comfortable with Third Avenue Value's investment philosophy, and how we are applying it. We will continue to strive to find securities of companies that meet our investment criteria of "Safe and Cheap," regardless of the market environment. ("Safe" signifies that, in Third Avenue's view, the companies have strong finances, competent management, and an understandable business. "Cheap" signifies that, in Third Avenue's view, the companies' s ecurities are selling for significantly less than what a private buyer might pay for control of the business).

PERFORMANCE

For the year ended December 31, 2005, Third Avenue Value, Initial Class returned 18.81%. By comparison its benchmark, the Russell 3000 Value Index returned 6.85%.

STRATEGY REVIEW

At Third Avenue Value, we adhere to a disciplined value approach to investing. We perform a thorough, bottom-up analysis to identify companies that we feel are "Safe and Cheap," based on their financial strength, reasonable management teams, readily available financial information and disclosure, and pricing below their private market values. In order to achieve our goal of creating value in the portfolio over the long term, our portfolio companies, almost without exception, possess strong balance sheets that translate into long-term corporate staying power, and that serve as cushions for the businesses underlying our securities holdings. The portfolio contrasts markedly with those of others who own the common stocks of debt-laden companies, or whose investment portfolios are leveraged in an attempt to improve short-term performance.

During the year ended December 31, 2005, the portfolio added eighteen new common stock positions and eliminated ten positions. In various industries, we continued to focus on individual opportunities that met our aforementioned criteria. We added to the portfolio's energy-related holdings with a new position in Maverick Tube Corporation ("Maverick Tube"). Maverick Tube is one of the largest domestic producers of tubular steel products used in both energy and industrial applications. The company's energy products, which account for more than two-thirds of its sales and are known as Oil Country Tubular Goods, include the tubing, casing and pipes used in drilling for oil and gas. Shares were purchased at roughly two times Generally Accepted Accounting Principles ("GAAP") book value, and at single digit multiples of 2004 and 2005 earnings, which appear to be at or near peak levels.

Positions established in other sectors include Ambac Financial Group, Inc. ("Ambac"), Pfizer Inc. ("Pfizer"), POSCO, and Hang Lung Properties Limited ("Hang Lung"). We purchased shares of Ambac, a leading financial guarantee firm, following a sharp stock price decline due to a reduced earnings outlook. The shares of this well-capitalized company were purchased below adjusted net asset value. Pfizer, the world's largest pharmaceutical company, possesses a key competitive advantage in the strength of its marketing force. Additionally, we believe the long-term outlook for pharmaceutical sales looks favorable, given demographic trends and an aging population. The shares of this cash-generative, highly profitable company were purchased at modest multiples of 2004 adjusted earnings and free cash flow. POSCO, a South Korea-based, blue chip producer of carbon steel and specialty steel, is well capitalized, has an impressive long-term tr ack record, appears to be well positioned to continue increasing its presence in the People's Republic of China, and was attractively valued at the time of purchase. Shares were acquired at roughly book value, and at modest multiples of earnings and operating income. Hang Lung is one of Hong Kong's largest property development and investment companies, with a diversified portfolio of properties in Hong Kong and Mainland China. The company has an excellent track record of timing Hong Kong's historical market volatility (buying land when at the bottom of the cycle), but takes a long-term approach to creating value (as evidenced by its entry into Mainland China in the early 1990's). The company is very conservatively financed (very low debt levels), and shares were purchased at a substantial discount to our estimate of net asset value.

Throughout the year, the portfolio's positions in several holdings were eliminated as a result of "resource conversions" (i.e., going private or selling to a strategic buyer). LNR Property Corporation, a portfolio holding, was acquired by LNR Property Holdings, Ltd. for $63.10 per share in cash, Ascential Software Corporation was acquired by International Business Machines Corporation ("IBM") for $18.50 per share in cash, and Hollywood Entertainment Corporation was acquired by Movie Gallery, Inc., in exchange for $13.25 per share in cash. In each case, the acquisition price represented a significant premium to our cost basis. We believe that proper execution of our "Safe and

AEGON/Transamerica Series Trust

Annual Report 2005

1

Third Avenue Value (continued)

Cheap" investing philosophy gives the portfolio two ways to win: value recognition by the public markets or resource conversions, such as the three previously mentioned.

Performance during the year was driven by meaningful appreciation from Canadian Natural Resources Limited ("Canadian Natural Resources") (up 132%), EnCana Corporation ("EnCana") (up 59%), Toyota Industries Corporation ("Toyota Industries") (up 44%), Legg Mason, Inc. (up 63%), and Arch Capital Group Ltd. (up 41%). These positive contributions to performance were partially offset by declines in other holdings, including Willbros Group, Inc. (down 37%), Alamo Group Inc. (down 25%), and Superior Industries International, Inc. ("Superior Industries") (down 23%). On a sector basis, positive results were driven by select oil and gas holdings, including Canadian Natural Resources, EnCana, St. Mary Land & Exploration Company (up 77%), and Nabors Industries Ltd. (up 48%), and in holding companies, including Toyota Industries, Brookfield Asset Management Inc. (up 40%), Investor AB (up 37%), and Capital Southwest Corporation (up 15%). T hese positive contributions were partially offset by declines in automotive parts holdings, including Superior Industries and American Axle & Manufacturing Holdings, Inc. (acquired in 2005 and down 9% from cost). Regarding the portfolio's foreign holdings, Canada, and to a lesser extent Japan, had the greatest positive impact on performance. Canadian Natural Resources, EnCana, and E-L Financial Corporation Limited (up 54%) were among the Canadian companies to help drive performance, while Japanese contributors included Toyota Industries, Aioi Insurance Company, Limited (up 51%), and Mitsui Sumitomo Insurance Co., Ltd. (up 41%).

Ian Lapey

Curtis R. Jensen

Co-Portfolio Managers
Third Avenue Management LLC

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Annual Report 2005

2

Third Avenue Value

Comparison of change in value of $10,000 investment in Initial Class shares and its comparative index.

Average Annual Total Return for Periods Ended 12/31/05

	1 year			5 years			From Inception			Inception Date
Initial Class		18.81	%		13.75	%		13.64	%	1/2/98
Russell 3000 Value1		6.85	%		5.86	%		7.16	%	1/2/98
Service Class		18.47	%		–			29.72	%	5/1/03

NOTES

¹  The Russell 3000 Value (Russell 3000 Value) Index is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. Source: Standard & Poor's Micropal®© Micropal, Inc. 2005 – 1-800-596-5323 – http://www.funds-sp.com.

The performance data presented represents past performance, future results may vary. The portfolio's investment return and net asset value will fluctuate. Past performance does not guarantee future results. Investor's units when redeemed, may be worth more or less than their original cost.

Current performance may be higher or lower than the performance data quoted. Please visit your insurance company's website for contract or policy level standardized total returns current to the most recent month-end. Portfolio performance is net of investment fees and fund expenses, but not product charges, which, if included, would significantly lower the performance quoted.

Investments in a "non-diversified" portfolio may be subject to specific risks such as susceptibility to single economic, political, or regulatory events, and may be subject to greater loss than investments in a diversified portfolio.

Investments in global securities involve risks relating to political, social and economic developments abroad, foreign currency contracts for hedging, as well as risks resulting from the differences between the regulations to which U.S. and foreign issuer markets are subject.

This material must be preceded or accompanied by a current prospectus, which includes specific contents regarding the investment objectives, explanation of share classes and policies of this portfolio.

AEGON/Transamerica Series Trust

Annual Report 2005

3

Third Avenue Value

UNDERSTANDING YOUR FUND'S EXPENSES
(unaudited)

SHAREHOLDER EXPENSES

Fund shareholders may incur ongoing costs, including management and advisory fees, distribution and service fees, and other Fund expenses.

The following Example is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.

The Example is based on an investment of $1,000 invested at July 1, 2005 and held for the entire period until December 31, 2005.

ACTUAL EXPENSES

The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of your Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fees, brokerage commissions paid on purchases and sales of fund shares. Therefore, the second line under the Fund in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If any of these transaction costs were included, your costs would be higher. The expenses shown in the table do not reflect any fees that may be charged to you by brokers, financial intermediaries or other financial institutions.

	Beginning Account Value		Ending Account Value		Annualized Expense Ratio			Expenses Paid During Period (a)
Initial Class
Actual	$	1,000.00	$	1,114.20		0.87	%	$	4.64
Hypothetical(b)		1,000.00		1,020.82		0.87			4.43
Service Class
Actual		1,000.00		1,112.70		1.13			6.02
Hypothetical(b)		1,000.00		1,019.51		1.13			5.75

^(a)   Expenses are calculated using each Fund's annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by number of days in the period (184 days), and divided by the number of days in the year (365 days).

^(b)   5% return per year before expenses.

GRAPHICAL PRESENTATION OF SCHEDULE OF INVESTMENTS
By Sector
At December 31, 2005

This chart shows the percentage breakdown by sector of the Fund's total investment securities.

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Annual Report 2005

4

Third Avenue Value

SCHEDULE OF INVESTMENTS
At December 31, 2005
(all amounts except share amounts in thousands)

	Shares		Value
COMMON STOCKS (66.2%)
Automotive (4.1%)
American Axle & Manufacturing Holdings, Inc. †		480,700	$	8,811
Superior Industries International, Inc. †		572,262		12,739
Toyota Industries Corp.		690,000		24,795
Business Credit Institutions (0.6%)
CIT Group, Inc.		138,100		7,151
Chemicals & Allied Products (1.2%)
Agrium, Inc.		600,000		13,194
Commercial Banks (0.3%)
Liu Chong Hing Bank, Ltd.		2,494,550		3,957
Communications Equipment (2.0%)
Comverse Technology, Inc. ‡		463,200		12,317
Tellabs, Inc. ‡		918,300		10,009
Computer & Data Processing Services (1.6%)
Borland Software Corp. ‡		396,928		2,592
Geac Computer Corp., Ltd. †‡		1,392,550		15,179
Computer & Office Equipment (0.7%)
Lexmark International, Inc. ‡		190,400		8,536
Electrical Goods (0.8%)
Sycamore Networks, Inc. ‡		1,996,751		8,626
Electronic & Other Electric Equipment (0.8%)
Electro Scientific Industries, Inc. ‡		379,900		9,175
Electronic Components & Accessories (2.9%)
American Power Conversion Corp.		479,300		10,545
AVX Corp. †		1,172,300		16,975
Bel Fuse, Inc.–Class A		121,800		3,045
Bel Fuse, Inc.–Class B		69,300		2,204
Health Services (0.6%)
Cross Country Healthcare, Inc. ‡		397,900		7,075
Holding & Other Investment Offices (6.4%)
BIL International, Ltd.		1,663,000		1,380
Brookfield Asset Management, Inc. †		598,050		30,100
Capital Southwest Corp.		30,941		2,800
Daiichi Sanyko Co., Ltd. ‡		780,000		15,039
Hutchison Whampoa, Ltd.		2,495,800		23,772
Industrial Machinery & Equipment (1.3%)
Alamo Group, Inc.		386,900		7,931
Applied Materials, Inc.		294,000		5,274
Lindsay Manufacturing Co.		113,900		2,190
Instruments & Related Products (0.3%)
Credence Systems Corp. ‡		561,703		3,909

	Shares		Value
Insurance (8.9%)
Aioi Insurance Co., Ltd.		761,400	$	5,292
AMBAC Financial Group, Inc.		143,350		11,047
Arch Capital Group, Ltd. ‡		285,900		15,653
Brit Insurance Holdings PLC		2,000,000		3,058
E-L Financial Corp., Ltd.		8,582		3,727
First American Corp.		48,800		2,211
Leucadia National Corp.		99,100		4,703
MBIA, Inc.		298,900		17,982
Millea Holdings, Inc., ADR		251,092		21,606
Mitsui Sumitomo Insurance Co., Ltd.		757,000		9,258
Montpelier Re Holdings, Ltd. †		61,600		1,164
Radian Group, Inc.		103,464		6,062
Investment Companies (0.2%)
JZ Equity Partners PLC		612,100		2,008
Life Insurance (0.4%)
Phoenix Cos. (The), Inc. †		342,500		4,672
Lumber & Wood Products (0.1%)
Canfor Corp. ‡		73,550		846
Manufacturing Industries (2.0%)
Jakks Pacific, Inc. †‡		574,253		12,025
Leapfrog Enterprises, Inc. †‡		729,600		8,500
Russ Berrie & Co., Inc.		256,700		2,932
Medical Instruments & Supplies (0.5%)
Coherent, Inc. ‡		189,219		5,616
Mining (0.7%)
Fording Canadian Coal Trust †		242,500		8,383
Oil & Gas Extraction (8.3%)
Canadian Natural Resources, Ltd.		544,600		27,023
EnCana Corp.		556,000		25,109
Nabors Industries, Ltd. ‡		126,500		9,582
Pogo Producing Co.		214,600		10,689
St. Mary Land & Exploration Co.		187,200		6,891
Whiting Petroleum Corp. ‡		248,800		9,952
Willbros Group, Inc. †‡		385,700		5,570
Paper & Allied Products (0.7%)
Timberwest Forest Corp.		650,000		8,575
Pharmaceuticals (2.2%)
Parexel International Corp. ‡		368,800		7,472
Pfizer, Inc.		770,000		17,956
Primary Metal Industries (3.7%)
Maverick Tube Corp. †‡		455,475		18,155
POSCO, ADR †		477,600		23,646

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

5

Third Avenue Value

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2005
(all amounts except share amounts in thousands)

	Shares		Value
Real Estate (4.6%)
Forest City Enterprises, Inc.–Class A		478,000	$	18,131
Henderson Land Development		1,520,000		7,155
St. Joe Co. (The) †		234,000		15,729
Trammell Crow Co. ‡		465,300		11,935
Research & Testing Services (0.5%)
Pharmaceutical Product Development, Inc.		12,400		768
Tejon Ranch Co. †‡		137,305		5,481
Residential Building Construction (1.4%)
Hang Lung Properties, Ltd.		10,083,000		15,735
Savings Institutions (1.2%)
Brookline Bancorp, Inc.		536,973		7,609
Investors Bancorp, Inc. †‡		128,000		1,412
NewAlliance Bancshares, Inc. †		306,600		4,458
Security & Commodity Brokers (3.7%)
Instinet Group, Inc. m		1,955,750		9,955
Investor AB–Class A (b)		640,400		11,153
Legg Mason, Inc.		152,400		18,241
Westwood Holdings Group, Inc.		184,475		3,361
Specialty-Real Estate (0.8%)
Cheung Kong Holdings, Ltd. (b)		863,000		8,854
Telecommunications (0.5%)
IDT Corp.–Class B ‡		509,400		5,960
Transportation Equipment (0.9%)
Trinity Industries, Inc. †		221,600		9,766
Warehouse (0.9%)
Prologis		222,219		10,382
Water Transportation (0.4%)
Alexander & Baldwin, Inc.		85,353		4,630
Total Common Stocks (cost: $502,508)				757,400
	Principal		Value
SHORT-TERM U.S. GOVERNMENT OBLIGATIONS (3.9%)
U.S. Treasury Bill 4.17%, due 06/29/2006	$	45,000	$	44,062
Total Short-Term U.S. Government Obligations (cost: $44,062)				44,062
SHORT-TERM OBLIGATIONS (18.9%)
Repurchase Agreements (18.9%)
Investors Bank & Trust Co. 3.02% dated 12/30/2005 to be repurchased at $216,079 on 01/03/2006. n(a)		216,007		216,007
Total Short-Term Obligations (cost: $216,007)				216,007

	Principal		Value
SECURITY LENDING COLLATERAL (11.0%)
Debt (9.4%)
Bank Notes (0.3%)
Bank of America
4.27%, due 01/17/2006 *	$	1,868	$	1,868
4.31%, due 08/10/2006 *		1,535		1,535
Certificates Of Deposit (0.5%)
Barclays 4.31%, due 01/17/2006 *		1,179		1,179
Canadian Imperial Bank of Commerce 4.15%, due 05/18/2006 *		1,668		1,668
Credit Suisse First Boston Corp. 4.18%, due 03/10/2006 *		667		667
Rabobank Nederland 4.10%, due 05/31/2006 *		1,668		1,668
Commercial Paper (1.1%)
Fairway Finance–144A 4.31%, due 01/10/2006		3,329		3,329
Jupiter Securitization Corp.–144A 4.27%, due 01/05/2006		1,668		1,668
Paradigm Funding LLC–144A 4.30%, due 01/09/2006		654		654
Park Avenue Receivables Corp.–144A 4.27%, due 01/04/2006		1,657		1,657
Preferred Receivables Corp.–144A 4.31%, due 01/04/2006		1,325		1,325
Ranger Funding Co. LLC–144A 4.29%, due 01/18/2006		1,318		1,318
Sheffield Receivables Corp.–144A 4.26%, due 01/23/2006		801		801
Yorktown Capital LLC 4.27%, due 01/05/2006		1,668		1,668
Euro Dollar Overnight (1.5%)
Calyon 4.34%, due 01/05/2006		1,668		1,668
Fortis Bank 4.35%, due 01/03/2006 4.35%, due 01/05/2006		3,336 3,170		3,336 3,170
Harris Trust & Savings Bank 4.25%, due 01/05/2006		2,736		2,736
National Australia Bank 4.16%, due 01/03/2006		3,407		3,407
Rabobank Nederland 4.15%, due 01/03/2006		1,201		1,201
Wells Fargo 4.27%, due 01/03/2006		1,668		1,668

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

6

Third Avenue Value

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2005
(all amounts except share amounts in thousands)

	Principal		Value
Euro Dollar Terms (3.1%)
Bank of Montreal 4.30%, due 01/19/2006	$	3,337	$	3,337
Barclays 4.27%, due 01/25/2006 4.30%, due 01/31/2006		1,001 2,669		1,001 2,669
BNP Paribas 4.22%, due 01/24/2006		1,668		1,668
Dexia Group 4.25%, due 01/09/2006		1,668		1,668
Rabobank Nederland 4.21%, due 01/19/2006		3,003		3,003
Royal Bank of Canada 4.25%, due 01/24/2006		2,336		2,336
Royal Bank of Scotland 4.30%, due 01/31/2006 4.31%, due 02/01/2006		5,005 3,670		5,005 3,670
Societe Generale 4.28%, due 01/30/2006		3,337		3,337
UBS AG 4.26%, due 01/10/2006		3,337		3,337
Wells Fargo 4.29%, due 01/30/2006		5,005		5,005
Promissory Notes (0.2%)
Bear Stearns & Co. 4.39%, due 03/07/2006 4.39%, due 06/06/2006		2,002 667		2,002 667
Repurchase Agreements (2.7%) ††
Credit Suisse First Boston Corp. 4.29%, dated 12/31/2005 to be repurchased at $5,588 on 01/03/2006		5,585		5,585

	Principal		Value		��
Repurchase Agreements †† (continued)
Goldman Sachs Group, Inc. (The) 4.29%, dated 12/31/2005 to be repurchased at $13,330 on 01/03/2006	$	13,324	$	13,324
Lehman Brothers, Inc. 4.29%, dated 12/31/2005 to be repurchased at $89 on 01/03/2006		89		89
Merrill Lynch & Co. 4.24%, dated 12/31/2005 to be repurchased at $10,682 on 01/03/2006		10,677		10,677
Morgan Stanley Dean Witter & Co. 4.36%, dated 12/31/2005 to be repurchased at $1,178 on 01/03/2006		1,178		1,178
	Shares		Value
Investment Companies (1.6%)
American Beacon Fund 1-day yield of 4.19%		457,428	$	457
Barclays Global Investors Institutional Money Market Fund 1-day yield of 4.19%		4,337,471		4,337
Dreyfus Cash Management Plus Fund 1-day yield of 4.09%		1,801,719		1,802
Merrimac Cash Fund, Premium Class 1-day yield of 4.03% @		11,811,822		11,812
Total Security Lending Collateral (cost: $126,157)				126,157
Total Investment Securities (cost: $888,734)			$	1,143,626

NOTES TO SCHEDULE OF INVESTMENTS:

†  At December 31, 2005, all or a portion of this security is on loan (see Note 1). The value at December 31, 2005, of all securities on loan is $122,226.

‡  Non-income producing.

n  At December 31, 2005, repurchase agreements excluding collateral for securities on loan are collateralized by U.S. Government Agency Obligations with interest rates ranging from 4.22%–7.25% and 01/25/2017–12/01/2035, respectively, and with a market value plus accrued interest of $226,807

*  Floating or variable rate note. Rate is listed as of December 31, 2005.

††  Cash collateral for the Repurchase Agreements, valued at $31,469, that serve as collateral for securities lending are invested in corporate bonds with interest rates and maturity dates ranging from 0.00%–8.75% and 01/03/2006–08/01/2037, respectively.

@  Regulated investment company advised by Investors Bank and Trust Co. ("IBT"). IBT is also the accounting, custody and lending agent for the Fund.

m  Securities valued as determined in good faith in accordance with procedure established by the Fund's Board of Trustees.

(a)  Investors Bank and Trust Co. is also the accounting, custody and lending agent for the Fund.

(b)  Passive Foreign Investment Company.

DEFINITIONS:

144A  144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2005, these securities aggregated $10,752 or 0.9% of the total investments of the Fund.

ADR  American Depositary Receipt

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

7

Third Avenue Value

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2005
(all amounts except share amounts in thousands)

	Percentage of Total Investments			Value
INVESTMENTS BY COUNTRY:
Bermuda		2.4	%	$	27,780
Canada		11.5	%		131,290
Hong Kong		5.2	%		59,474
Japan		6.6	%		75,991
Panama		0.5	%		5,569
South Korea		2.1	%		23,646
Sweden		1.0	%		11,153
United Kingdom		0.4	%		5,067
United States		36.5	%		417,430
Investment securities, at value		66.2	%		757,400
Short-term investments		33.8	%		386,226
Total investment securities		100.0	%	$	1,143,626

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

8

Third Avenue Value

STATEMENT OF ASSETS AND LIABILITIES
At December 31, 2005
(all amounts except per share amounts in thousands)

Assets:
Investment securities, at value (cost: $888,734) (including securities loaned of $122,226)	$	1,143,626
Foreign currency (cost: $42)		42
Receivables:
Shares sold		603
Interest		57
Income from loaned securities		60
Dividends		700
		1,145,088
Liabilities:
Investment securities purchased		10,405
Accounts payable and accrued liabilities:
Shares redeemed		130
Management and advisory fees		644
Service fees		8
Administration fees		16
Due to custodian		252
Payable for collateral for securities on loan		126,157
Other		68
		137,680
Net Assets	$	1,007,408
Net Assets Consist of:
Capital stock ($.01 par value)	$	416
Additional paid-in capital		689,924
Distributable net investment income (loss)		2,278
Accumulated net realized gain (loss) from investment securities and foreign currency transactions		59,901
Net unrealized appreciation (depreciation) on:
Investment securities		254,892
Translation of assets and liabilites denominated in foreign currencies		(3	)
Net Assets	$	1,007,408
Net Assets by Class:
Initial Class	$	971,322
Service Class		36,086
Shares Outstanding:
Initial Class		40,107
Service Class		1,490
Net Asset Value and Offering Price Per Share:
Initial Class	$	24.22
Service Class		24.21

STATEMENT OF OPERATIONS
For the year ended December 31, 2005
(all amounts in thousands)

Investment Income:
Interest	$	2,111
Dividends (net of withholding taxes on foreign dividends of $438)		8,424
Income from loaned securities–net		757
		11,292
Expenses:
Management and advisory fees		5,622
Printing and shareholder reports		138
Custody fees		127
Administration fees		141
Legal fees		12
Audit fees		14
Trustees fees		21
Service fees:
Service Class		60
Other		22
Total expenses		6,157
Net Investment Income (Loss)		5,135
Net Realized Gain (Loss) from:
Investment securities		59,901
Foreign currency transactions		(234	)
		59,667
Net Increase (Decrease) in Unrealized Appreciation (Depreciation) on:
Investment securities		57,600
Translation of assets and liabilities denominated in foreign currencies		(6	)
		57,594
Net Realized and Unrealized Gain (Loss) on Investment Securities and Foreign Currency Transactions		117,261
Net Increase (Decrease) in Net Assets Resulting from Operations	$	122,396

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

9

Third Avenue Value

STATEMENTS OF CHANGES IN NET ASSETS
For the years ended
(all amounts in thousands)

	December 31, 2005			December 31, 2004
Increase (Decrease) In Net Assets From:
Operations:
Net investment income (loss)	$	5,135		$	2,421
Net realized gain (loss) from investment securities and foreign currency transactions		59,667			18,289
Change in unrealized appreciation (depreciation) on investment securities and foreign currency translation		57,594			96,977
		122,396			117,687
Distributions to Shareholders:
From net investment income:
Initial Class		(3,660	)		(3,407	)
Service Class		(133	)		(30	)
		(3,793	)		(3,437	)
From net realized gains:
Initial Class		(16,528	)		–
Service Class		(669	)		–
		(17,197	)		–
Capital Share Transactions:
Proceeds from shares sold:
Initial Class		321,894			46,907
Service Class		21,942			10,854
		343,836			57,761
Dividends and distributions reinvested:
Initial Class		20,188			3,407
Service Class		802			30
		20,990			3,437
Cost of shares redeemed:
Initial Class		(43,392	)		(56,500	)
Service Class		(3,393	)		(496	)
		(46,785	)		(56,996	)
		318,041			4,202
Net increase (decrease) in net assets		419,447			118,452
Net Assets:
Beginning of year		587,961			469,509
End of year	$	1,007,408		$	587,961
Distributable Net Investment Income (Loss)	$	2,278		$	1,169

	December 31, 2005			December 31, 2004
Share Activity:
Shares issued:
Initial Class		13,777			2,554
Service Class		974			591
		14,751			3,145
Shares issued–reinvested from distributions:
Initial Class		882			199
Service Class		35			2
		917			201
Shares redeemed:
Initial Class		(1,941	)		(3,037	)
Service Class		(149	)		(28	)
		(2,090	)		(3,065	)
Net increase (decrease) in shares outstanding:
Initial Class		12,718			(284	)
Service Class		860			565
		13,578			281

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

10

Third Avenue Value

FINANCIAL HIGHLIGHTS

		For a share outstanding throughout each period (a)
		Net Asset		Investment Operations								Distributions									Net Asset
	For the Period Ended (b)	Value, Beginning of Period		Net Investment Income (Loss)		Net Realized and Unrealized Gain (Loss)			Total Operations			From Net Investment Income			From Net Realized Gains			Total Distributions			Value, End of Period
Initial Class	12/31/2005	$	20.98	$	0.17	$	3.74		$	3.91		$	(0.12	)	$	(0.55	)	$	(0.67	)	$	24.22
	12/31/2004		16.93		0.09		4.08			4.17			(0.12	)		–			(0.12	)		20.98
	12/31/2003		12.39		0.11		4.50			4.61			(0.05	)		(0.02	)		(0.07	)		16.93
	12/31/2002		14.52		0.06		(1.78	)		(1.72	)		(0.07	)		(0.34	)		(0.41	)		12.39
	12/31/2001		13.71		0.11		0.73			0.84			(0.01	)		(0.02	)		(0.03	)		14.52
Service Class	12/31/2005		21.02		0.12		3.73			3.85			(0.11	)		(0.55	)		(0.66	)		24.21
	12/31/2004		16.96		0.05		4.09			4.14			(0.08	)		–			(0.08	)		21.02
	12/31/2003		12.50		0.10		4.38			4.48			–			(0.02	)		(0.02	)		16.96

					Ratios/Supplemental Data
	For the				Net Assets, End of		Ratio of Expenses to Average						Net Investment Income (Loss)			Portfolio
	Period	Total			Period		Net Assets (f)						to Average			Turnover
	Ended (b)	Return (c)(g)			(000's)		Net (d)			Total (e)			Net Assets (f)			Rate (g)
Initial Class	12/31/2005		18.81	%	$	971,322		0.87	%		0.87	%		0.74	%		19	%
	12/31/2004		24.81			574,721		0.86			0.86			0.47			19
	12/31/2003		37.26			468,411		0.85			0.85			0.75			20
	12/31/2002		(11.87	)		251,993		0.89			0.89			0.47			5
	12/31/2001		6.17			163,895		0.92			0.92			0.76			18
Service Class	12/31/2005		18.47			36,086		1.12			1.12			0.53			19
	12/31/2004		24.51			13,240		1.12			1.12			0.29			19
	12/31/2003		35.85			1,098		1.11			1.11			0.93			20

NOTES TO FINANCIAL HIGHLIGHTS

(a)  Per share information is calculated based on average number of shares outstanding.

(b)  Third Avenue Value (the "Fund") share classes commenced operations as follows:

Initial Class – January 2, 1998
Service Class – May 1, 2003

(c)  Total Return reflects all portfolio expenses and includes reinvestment of dividends and capital gains; it does not reflect the charges and deductions under the policies of annuity contracts.

(d)  Ratio of Net Expenses to Average Net Assets is net of advisory fee waivers, if any (see note 2).

(e)  Ratio of Total Expenses to Average Net Assets includes all expenses before advisory fee waivers.

(f)  Annualized.

(g)  Not annualized.

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

11

Third Avenue Value

NOTES TO FINANCIAL STATEMENTS
At December 31, 2005
(all amounts in thousands)

NOTE 1.  ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

The AEGON/Transamerica Series Trust ("ATST") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). ATST serves as a funding vehicle for variable life insurance, variable annuity and group annuity products. Third Avenue Value (the "Fund") is part of ATST. The Fund is "non-diversified" under 1940 Act.

Effective May 1, 2005, AEGON/Transamerica Series Fund, Inc. changed its name to AEGON/Transamerica Series Trust.

In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

This report should be read in conjunction with the current Fund prospectus, which contains more complete information about the Fund.

In preparing the Fund's financial statements in accordance with accounting principles generally accepted in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Fund.

Multiple class operations, income and expenses: The Fund currently offers two classes of shares, an Initial Class and a Service Class. Income, non-class specific expenses and realized and unrealized gains and losses, are allocated daily to each class, based upon the value of shares outstanding method as permitted under Rule 18f-3 of the 1940 Act. Each class bears its own specific expenses as well as a portion of general, common expenses.

Security valuations: The Fund values its investments at the close of the New York Stock Exchange ("NYSE"), normally 4 p.m. ET, each day the NYSE is open for business. Fund investments are valued at the last sale price or closing price on the day of valuation taken from the primary exchange where the security is principally traded.

Securities traded in the over-the-counter market and listed securities for which no sale was reported on that date are valued at the last quoted bid price.

Debt securities are valued based on a price quotation or other equivalent indication of value supplied by an exchange, a pricing service or a

major market maker; however, those that mature in sixty days or less are valued at amortized cost, which approximates market.

Investment company securities are valued at the net asset value of the underlying portfolio.

Foreign securities generally are valued based on quotations from the primary market in which they are traded. Because many foreign securities markets and exchanges close prior to the close of the NYSE, closing prices for foreign securities in those markets or on those exchanges do not reflect the events that occur after that close. If a significant market event impacting the value of a portfolio security (e.g., natural disaster, company announcement, market volatility) occurs subsequent to the close of trading in the security, but prior to the calculation of the Fund's net asset value per share, market quotations for that security may be determined to be unreliable and, accordingly, not "readily available." As a result, foreign equity securities held by the Fund may be valued at fair market value as determined in good faith by the Fund's Administrative Valuation Committee, under the supervision of the Board's Valuation Committee , using guidelines adopted by the Board of Trustees.

Other securities for which quotations are not readily available are valued at fair market value as determined in good faith by the Fund's Administrative Valuation Committee, under the supervision of the Board's Valuation Committee, using guidelines adopted by the Board of Trustees.

Cash: The Fund may leave cash overnight in its cash account with the custodian, Investors Bank & Trust Company ("IBT"). IBT has been contracted on behalf of the Fund to invest the excess cash into a savings account, which at December 31, 2005, was paying an interest rate of 3.00%.

Throughout the year, the Fund may have a cash overdraft balance. A fee is incurred on this overdraft, calculated by multiplying the overdraft by a rate based on the federal funds rate.

Repurchase agreements: The Fund is authorized to enter into repurchase agreements. The Fund, through its custodian, IBT, receives delivery of the underlying securities, the value of which at the time of purchase is required to be an amount equal to at least 100% of the resale price. The Fund will bear the risk of value fluctuations until the security can be sold and may encounter delays and incur costs in liquidating the security. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Commission recapture: The sub-adviser, to the extent consistent with the best execution and usual commission rate policies and practices, may place security transactions of the Fund with broker/dealers with which ATST has established a Commission Recapture Program. A Commission Recapture Program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Fund. In no event will commissions paid by the Fund be used to pay expenses that would otherwise be borne by any other funds within ATST, or by any other party.

AEGON/Transamerica Series Trust

Annual Report 2005

12

Third Avenue Value

NOTES TO FINANCIAL STATEMENTS (continued)
At December 31, 2005
(all amounts in thousands)

NOTE 1.–(continued)

Recaptured commissions during the year ended December 31, 2005, of $39 are included in net realized gains in the Statement of Operations.

Securities lending: The Fund may lend securities to qualified borrowers, with IBT acting as the Fund's lending agent. The Fund earns negotiated lenders' fees. The Fund receives cash and/or securities as collateral against the loaned securities. Cash collateral received is invested in short term, interest bearing securities. The Fund monitors the market value of securities loaned on a daily basis and requires collateral in an amount at least equal to the value of the securities loaned. Income from loaned securities on the Statement of Operations is net of fees, in the amount of $324, earned by IBT for its services.

Real Estate Investment Trusts ("REITs"): There are certain additional risks involved in investing in REITs. These include, but are not limited to, economic conditions, changes in zoning laws, real estate values, property taxes and interest rates.

Dividend income is recorded at management's estimate of the income included in distributions from the REIT investments. Distributions received in excess of the estimated amount are recorded as a reduction of the cost of investments. The actual amounts of income, return of capital and capital gains are only determined by each REIT after the fiscal year end and may differ from the estimated amounts.

Security transactions and investment income: Security transactions are recorded on the trade date. Security gains and losses are calculated on the first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend date. Interest income, including accretion of discounts and amortization of premiums, is recorded on the accrual basis commencing on the settlement date.

Foreign currency denominated investments: The accounting records of the Fund are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the closing exchange rate each day. The cost of foreign securities is translated at the exchange rate in effect when the investment was acquired. The Fund combines fluctuations from currency exchange rates and fluctuations in value when computing net realized and unrealized gains or losses from investments.

Net foreign currency gains and losses resulting from changes in exchange rates include: 1) foreign currency fluctuations between trade date and settlement date of investment security transactions; 2) gains and losses on forward foreign currency contracts; and 3) the difference between the receivable amounts of interest and dividends recorded in the accounting records in U.S. dollars and the amounts actually received.

Foreign currency denominated assets may involve risks not typically associated with domestic transactions. These risks include revaluation of currencies, adverse fluctuations in foreign currency values and possible adverse political, social and economic developments, including those particular to a specific industry, country or region.

Forward foreign currency contracts: The Fund may enter into forward foreign currency contracts to hedge against exchange rate risk arising from investments in securities denominated in foreign currencies. Contracts are valued at the contractual forward rate and are marked to market daily, with the change in value recorded as an unrealized gain or loss. When the contracts are settled a realized gain or loss is incurred. Risks may arise from changes in market value of the underlying currencies and from the possible inability of counterparties to meet the terms of their contracts.

There were no outstanding forward foreign currency contracts at December 31, 2005.

Dividend distributions: Dividends and capital gains distributions are typically declared and reinvested annually and are generally paid and reinvested on the business day following the ex-date.

NOTE 2.  RELATED PARTY TRANSACTIONS

Effective January 1, 2005 AEGON/Transamerica Fund Advisers, Inc. was renamed Transamerica Fund Advisors, Inc. ("TFAI"); AEGON/Transamerica Fund Services, Inc. and AEGON/Transamerica Investor Services, Inc. merged into one entity and was renamed Transamerica Fund Services, Inc. ("TFS").

ATST serves as a funding vehicle for certain affiliated asset allocation portfolios and certain affiliated separate accounts of Western Reserve Life Assurance Co. of Ohio, Transamerica Life Insurance Company, Transamerica Financial Life Insurance Company, Inc., Peoples Benefit Life Insurance Company, Transamerica Occidental Life Insurance Company and Transamerica Life Insurance and Annuity Company.

TFAI is the Fund's investment adviser. TFS is the Fund's administrator and transfer agent. AFSG Securities Corp. ("AFSG") is the Fund's distributor. TFAI, TFS, and AFSG are affiliates of AEGON, NV, a Netherlands corporation.

Certain officers and trustees of the Fund are also officers and/or directors of TFAI, TFS and AFSG.

AEGON/Transamerica Series Trust

Annual Report 2005

13

Third Avenue Value

NOTES TO FINANCIAL STATEMENTS (continued)
At December 31, 2005
(all amounts in thousands)

NOTE 2.–(continued)

The following schedule reflects the percentage of fund assets owned by affiliated investment companies at December 31, 2005:

	Net Assets		% of Net Assets
Asset Allocation–Conservative Portfolio	$	37,182		3.69	%
Asset Allocation–Growth Portfolio		143,339		14.23	%
Asset Allocation–Moderate Portfolio		146,008		14.49	%
Asset Allocation–Moderate Growth Portfolio		232,367		23.07	%
Total	$	558,896		55.48	%

Investment advisory fee: The Fund pays management fees to TFAI based on average daily net assets ("ANA") at the following breakpoints:

0.80% of ANA

TFAI has contractually agreed to waive its advisory fee and will reimburse the Fund to the extent that operating expenses, excluding 12b-1 fees, exceed the following stated annual limit:

1.00% Expense Limit

If total fund expenses fall below the annual expense limitation agreement agreed to by the adviser within the succeeding three years, the Fund may be required to pay that adviser a portion or all of the waived advisory fees.

There were no amounts recaptured during the year ended December 31, 2005. There are no amounts available for recapture at December 31, 2005.

Distribution and service fees: The Fund adopted a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, ATST entered into a Distribution Agreement with AFSG dated January 1, 1997, as amended.

Under the Distribution Plan and Distribution Agreement on the Initial Class shares, AFSG, on behalf of the Fund, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Fund's shares, amounts equal to actual expenses associated with distributing the shares.

The Distribution Plan on the Service Class shares requires ATST to pay distribution fees to AFSG as compensation for its activities, not as reimbursement for specific expenses. The fee on the Service Class is paid to the insurance companies for providing services and account

maintenance for their policyholders who invest in the variable insurance products which invest in the Service Class shares.

The Fund is authorized under the 12b-1 plan to pay fees on each class up to the following limits:

Initial Class 0.15%
Service Class 0.25 %

AFSG has determined that it will not seek payment by the Fund of the distribution expenses incurred with respect to the Initial Class shares before April 30, 2007. Prior to AFSG seeking reimbursement of future expenses, policy and contract owners will be notified in advance. The Fund will pay fees relating to Service Class shares.

Administrative services: The Fund has entered into an agreement with TFS for financial and legal fund administration services. The Fund pays TFS an annual fee of 0.02% of ANA. The Legal fees on the Statement of Operations are for fees paid to external legal counsel.

Brokerage commissions: Brokerage commissions incurred on security transactions placed with an affiliate of the sub-adviser for the year ended December 31, 2005, were $450.

Deferred compensation plan: Each eligible independent Fund Trustee may elect participation in a non-qualified deferred compensation plan ("the Plan") maintained by Transamerica IDEX Mutual Funds, an affiliate of the Fund. Under the Plan, such Trustees may defer payment of all or a portion of their total fees earned as a Fund Trustee. Each Trustee who is a participant in the Plan may elect that the earnings, losses or gains credited to his or her deferred fee amounts be determined based on a deemed investment in any series of Transamerica IDEX Mutual Funds. The right of a participant to receive a distribution from the Plan of the deferred fees is an unsecured claim against the general assets of all series of Transamerica IDEX Mutual Funds. The pro rata liability to the Fund of all deferred fees in the Plan amounted, as of December 31, 2005, to $50.

NOTE 3.  INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the year ended December 31, 2005, were as follows:

Purchases of securities:
Long-Term	$	211,278
U.S. Government		–
Proceeds from maturities and sales of securities:
Long-Term		110,763
U.S. Government		–

AEGON/Transamerica Series Trust

Annual Report 2005

14

Third Avenue Value

NOTES TO FINANCIAL STATEMENTS (continued)
At December 31, 2005
(all amounts in thousands)

NOTE 4.  FEDERAL INCOME TAX MATTERS

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatment for items including, but not limited to, foreign currency transactions, passive foreign investment companies and post October loss deferral.

Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. Financial records are not adjusted for temporary differences. These reclassifications are as follows:

Additional paid-in capital	$	(1	)
Distributable net investment income (loss)		(233	)
Accumulated net realized gain (loss) from investment securities		234

The tax character of distributions paid may differ from the character of distributions shown in the Statements of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2004 and 2005 was as follows:

2004 Distributions paid from:
Ordinary Income	$	3,437
Long-term Capital Gain		–
2005 Distributions paid from:
Ordinary Income		5,733
Long-term Capital Gain		15,257

The tax basis components of distributable earnings as of December 31, 2005, are as follows:

Undistributed Ordinary Income	$	13,093
Undistributed Long-term Capital Gain	$	54,947
Post October Currency Loss Deferral	$	(192	)
Net Unrealized Appreciation (Depreciation)	$	249,220	*

*  Amount includes unrealized appreciation (depreciation) on foreign currency denominated assets and liabilities.

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of December 31, 2005, are as follows:

Federal Tax Cost Basis	$	894,403
Unrealized Appreciation	$	255,841
Unrealized (Depreciation)		(6,618	)
Net Unrealized Appreciation (Depreciation)	$	249,223

NOTE 5.  REGULATORY PROCEEDINGS

There continues to be significant federal and state regulatory activity relating to financial services companies, particularly mutual fund companies and their investment advisers. As part of an ongoing investigation regarding potential market timing, recordkeeping and trading compliance issues and matters affecting the Fund's investment adviser, TFAI, and certain affiliates and former employees of TFAI, the SEC staff has indicated that it is likely to take some action against TFAI and certain of its affiliates at the conclusion of the investigation. The potential timing and the scope of any such action is difficult to predict. Although the impact of any action brought against TFAI and/or its affiliates is difficult to assess at the present time, the Fund currently believes that the likelihood that any such action will have a material adverse impact on it is remote. It is important to note that the Fund is not aware of any allega tion of wrongdoing against it and its Board at the time this annual report is printed. Although it is not anticipated that these developments will have an adverse impact on the Fund, there can be no assurance at this time. TFAI and its affiliates are actively working with the SEC in regard to this matter; however, the exact resolution cannot be determined at this time. TFAI will take such actions that it deems necessary or appropriate to continue providing management services to the Fund and to bring all matters to an appropriate conclusion.

TFAI and/or its affiliates, and not the Fund, will bear the costs regarding these regulatory matters.

AEGON/Transamerica Series Trust

Annual Report 2005

15

Report of Independent Registered Certified Public Accounting Firm

To the Board of Trustees and Shareholders of
Third Avenue Value

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Third Avenue Value (the "Fund") (one of the portfolios constituting the AEGON/Transamerica Series Trust) at December 31, 2005, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fund's management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2005 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

Tampa, Florida
February 23, 2006

Third Avenue Value (UNAUDITED)

SUPPLEMENTAL TAX INFORMATION
(all amounts in thousands)

For tax purposes, the Fund has made a Long-Term Capital Gain Designation of $15,257 for the year ended December 31, 2005.

AEGON/Transamerica Series Trust

Annual Report 2005

16

Third Avenue Value

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS – REVIEW AND RENEWAL (unaudited)

At a meeting of the Board of Trustees of AEGON/Transamerica Series Trust ("ATST") held on November 2, 2005, the Board reviewed and considered the Investment Advisory Agreement between Third Avenue Value Portfolio (the "Portfolio") and Transamerica Fund Advisors, Inc. ("TFAI") as well as the Investment Sub-Advisory Agreement of the Portfolio between TFAI and Third Avenue Management LLC. (the "Sub-Adviser"), to determine whether the agreements should be renewed for a one-year period. Following their review and consideration, the Trustees determined that the Investment Advisory Agreement and the Investment Sub-Advisory Agreement will enable shareholders of the Portfolio to obtain high quality services at a cost that is appropriate, reasonable, and in the best interests of its shareholders. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and the Investm ent Sub-Advisory Agreement. In reaching their decision, the Trustees requested and obtained from TFAI and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the proposed agreements. The Trustees also carefully considered the information that they had received throughout the year from TFAI and the Sub-Adviser (such as in-person presentations by the Sub-Adviser) as part of their regular oversight of the Portfolio, as well as: comparative fee, expense and performance information prepared by Lipper Inc. ("Lipper"), independent providers of mutual fund performance, fee and expense information; and profitability data. In considering the proposed continuation of the Investment Advisory Agreement and Investment Sub-Advisory Agreement, the Trustees evaluated a number of considerations that they believed, in light of the legal advice furnished to them by ATST counsel and independent legal counsel and their own business judgment, to be relevant. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:

The nature, extent and quality of the advisory service to be provided. The Board considered the nature and quality of the services provided by TFAI and the Sub-Adviser to the Portfolio in the past, as well as the services anticipated to be provided in the future. The Board concluded that TFAI and the Sub-Adviser are capable of providing high quality services to the Portfolio, as indicated by the nature and quality of services provided in the past, TFAI's and the Sub-Adviser's management capabilities demonstrated with respect to the Portfolio and the experience, capability and integrity of TFAI's senior management, the financial resources of TFAI and the Sub-Adviser, TFAI's management oversight process, the professional qualifications and experience of the Sub-Adviser's portfolio management team, and the Portfolio's investment performance. The Trustees also concluded that TFAI and the Sub-Adviser proposed to provide investment and related services that were of the same quality and quantity as services provided to the Portfolio in the past, and that these services are appropriate in scope and extent in light of the Portfolio's operations, the competitive landscape of the investment company business and investor needs, and that TFAI's and the Sub-Adviser's obligations will remain substantially the same.

The investment performance of the Portfolio. The Board examined both the short-term and longer-term performance of the Portfolio, including relative performance against a benchmark securities index and a peer group of comparable mutual funds as prepared by Lipper for various trailing periods ended June 30, 2005. The Trustees concluded that TFAI and the Sub-Adviser generally had achieved superior performance and noted that the Portfolio outperformed its peers and the benchmark index over the past one-, two-, three- and five-year periods. On the basis of the Trustees' assessment of the nature, extent and quality of advisory services to be provided or procured by TFAI and the Sub-Adviser, the Trustees concluded that TFAI and the Sub-Adviser are capable of generating a level of investment performance that is appropriate in light of the Portfolio's investm ent objective, policies and strategies and competitive with many other investment companies, and also determined that TFAI's and the Sub-Adviser's performance records indicate that their continued management is likely to benefit the Portfolio and its shareholders.

The cost of advisory services provided and the level of profitability. The Board reviewed profitability information regarding TFAI's costs of procuring portfolio management services, as well as the costs of provision of administration, fund accounting and other services, to the Portfolio and to ATST as a whole by TFAI and its affiliates. The Trustees reviewed data from Lipper that compared the Portfolio's management fees (including management fees at various asset levels), other fees and expenses (including total expenses including and excluding 12b-1 distribution and service fees) and portfolio turnover rate against peer groups of comparable mutual funds. The Trustees noted that the management fees are above industry median, but also favorably noted the Portfolio's very competitive performance relative to its peers and a benchmark. On the basis of th e Board's review of the management fees to be charged by TFAI for investment advisory and related services, TFAI profitability information (derived from TFAI's audited financial statements), TFAI's estimated management income resulting from its management of the Portfolio, the estimated margin of the Sub-Adviser, as well as the entirety of TFAI's and its affiliates' service relationship with ATST, the Board concluded that the level of investment management fees and other service fees, as well as TFAI's and the Sub-Adviser's profitability, are appropriate in light of the services provided, the management fees and overall expense ratios of comparable investment companies and the anticipated profitability of the relationship between the Portfolio, TFAI and its affiliates, and the Sub-Adviser.

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17

Third Avenue Value (continued)

Whether fee levels reflect economies of scale and the extent to which economies of scale would be realized as the Portfolio grows. Although the investment advisory fees do not reduce should Portfolio assets grow meaningfully, the Board concluded that the Portfolio's management fees appropriately reflect the Portfolio's current size, the current economic environment for TFAI, the competitive nature of the investment company market, and TFAI's pricing strategy. The Trustees also concluded that they will have the opportunity to periodically reexamine whether the Portfolio has achieved economies of scale, and the appropriateness of management fees payable to TFAI and fees payable by TFAI to the Sub-Adviser, in the future.

Benefits (such as soft dollars) to TFAI, its affiliates, or the Sub-Adviser from their relationship with the Portfolio. The Board concluded that other benefits derived by TFAI, its affiliates, and the Sub-Adviser from their relationship with the Portfolio, including "soft dollar" benefits (if any) in connection with brokerage transactions, commissions from brokerage transactions effected by affiliated broker-dealers in conformity with applicable law and regulations, sales charges and distribution/service fees (to the extent applicable) are reasonable and fair, and are consistent with the best interests of the Portfolio and its shareholders. The Board noted that TFAI does not realize "soft dollar" benefits from its relationship with the Portfolio, and that the Sub-Adviser is participating in a brokerage program pursuant to which a portion of brokerage commissions paid by the Portfolio is recaptured for the benefit of the Portfolio and its shareholders, thus limiting the amount of "soft-dollar" arrangements the Sub-Adviser may engage in with respect to the Portfolio's brokerage transactions. In addition, the Trustees determined that the administration, fund accounting and other fees paid by the Portfolio to affiliates of TFAI are reasonable, fair and in the best interests of shareholders in light of the nature and quality of the services provided, the associated costs to these affiliates of providing the services, the impact of the costs of such services on the Portfolio's overall operating expenses, and the necessity of the services for the Portfolio's operations.

Other considerations. The Board also determined that TFAI had made a substantial commitment to the recruitment and retention of high quality personnel, and maintained the financial, compliance and operational resources reasonably necessary to manage the Portfolio in a professional manner that is consistent with the best interests of the Portfolio and its shareholders. In this regard, the Trustees favorably considered the procedures and policies in place by TFAI to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Adviser. The Trustees also determined that TFAI had made a significant entrepreneurial commitment to the management and success of the Portfolio, reflected by TFAI's expense limitation and fee waiver arrangement with the Portfolio, which may result in TFAI waiving a substantial amount of advisory fees for the benefit of shareholders.

AEGON/Transamerica Series Trust

Annual Report 2005

18

Transamerica Balanced

MARKET ENVIRONMENT

The U.S. economy continued to grow at an impressive rate in 2005 without generating higher core inflation. Despite thirteen interest-rate hikes by the Federal Reserve Board since mid-2004, overall interest rates remained historically low, facilitating rapid growth in the housing market, steady spending by consumers and higher employment levels. These factors outweighed the impact of higher energy prices, increased defense and deficit spending, and major Gulf Coast hurricanes to keep the economy expanding and stock prices rising. Buoyed by strong gains for energy and utilities stocks in particular, the Standard and Poor's 500 Composite Stock Index ("S&P 500") delivered a one-year total return of 4.91%.

The investment-grade U.S. bond market also delivered modestly positive results. Yields for shorter-term bonds followed interest rates higher, while yields for the longest-maturity bonds (e.g., 30-year Treasuries) declined, resulting in a flatter yield curve. Corporate and mortgage-backed securities delivered mildly positive results but underperformed Treasuries. The Lehman Brothers U.S. Government/Credit Index ("LBGC") advanced 2.37%.

PERFORMANCE

For the year ended December 31, 2005, Transamerica Balanced, Initial Class returned 7.96%. By comparison its primary and secondary benchmarks, the S&P 500 and the LBGC returned 4.91% and 2.37%, respectively.

STRATEGY REVIEW

The 7.96% was considerably more than the 3.89% for a 60%/40% blend of the abovementioned benchmarks. We attribute this to an aggressive asset allocation (generally above 65% equities) and outperformance by both the stock and bond portfolios.

The majority of the portfolio's equity holdings fall into one of several long-term secular investment themes that we have pursued for the past several years. These include the digitization/personalization of communications and entertainment; the development and/or productivity-enhancing application of new technologies; and the development of the global economy and infrastructure.

For example, our emphasis on the expanding global economy and infrastructure led us to invest in Jacobs Engineering Group Inc., a worldwide engineering firm; Caterpillar, Inc., a leading manufacturer of heavy construction equipment; and Anadarko Petroleum Corporation, an energy exploration and production company.

Under the technology theme, we chose SanDisk Corporation ("SanDisk") and Apple Computer, Inc. ("Apple"). SanDisk designs, manufacturers and distributes portable "flash" memory cards used in digital devices. As more businesses find ways to utilize digital memory, SanDisk's business is growing faster than analysts' expectations. Apple's business is booming because its iPODs make personal digital music players user friendly.

We sold our investments in both Diebold, Incorporated ("Diebold") and United Parcel Service, Inc. ("UPS"). Diebold, a manufacturer and servicer of ATMs, recently introduced a new generation of machines but nonetheless lost market share. In our view, management did not have a cogent plan for rectifying the loss. As for UPS, it has struggled with domestic labor problems and made an acquisition that was poorly received by investors.

The portfolio's bond holdings outperformed its benchmark due to limited exposure to changing interest rates (i.e., duration) during most of the period, a "barbelled" duration strategy (i.e., investing in shorter- and longer-term bonds), and an overweighting in carefully selected shorter-term corporate bonds. Within the corporate market, we avoided the troubled automotive sector and focused on short-term subordinated debt from high-quality companies, especially financial services providers.

Gary U. Rollé, CFA

Heidi Y. Hu, CFA

Co-Portfolio Managers
Transamerica Investment Management, LLC

AEGON/Transamerica Series Trust

Annual Report 2005

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Transamerica Balanced

Comparison of change in value of $10,000 investment in Initial Class shares and its comparative indices.

Average Annual Total Return for Periods Ended 12/31/05

	1 year			From Inception			Inception Date
Initial Class		7.96	%		7.34	%	5/1/02
S&P 5001		4.91	%		5.99	%	5/1/02
LBGC1		2.37	%		5.61	%	5/1/02
Service Class		7.79	%		11.13	%	5/1/03

NOTES

¹  The Standard and Poor's 500 Composite Stock (S&P 500) Index and Lehman Brothers U.S. Government/Credit (LBGC) Index are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. From inception calculation is based on life of Initial Class shares. Source: Standard & Poor's Micropal®© Micropal, Inc. 2005 – 1-800-596-5323 – http://www.funds-sp.com.

The performance data presented represents past performance, future results may vary. The portfolio's investment return and net asset value will fluctuate. Past performance does not guarantee future results. Investor's units when redeemed, may be worth more or less than their original cost.

Current performance may be higher or lower than the performance data quoted. Please visit your insurance company's website for contract or policy level standardized total returns current to the most recent month-end. Portfolio performance is net of investment fees and fund expenses, but not product charges, which, if included, would significantly lower the performance quoted.

This material must be preceded or accompanied by a current prospectus, which includes specific contents regarding the investment objectives, explanation of share classes and policies of this portfolio.

AEGON/Transamerica Series Trust

Annual Report 2005

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Transamerica Balanced

UNDERSTANDING YOUR FUND'S EXPENSES
(unaudited)

SHAREHOLDER EXPENSES

Fund shareholders may incur ongoing costs, including management and advisory fees, distribution and service fees, and other Fund expenses.

The following Example is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.

The Example is based on an investment of $1,000 invested at July 1, 2005 and held for the entire period until December 31, 2005.

ACTUAL EXPENSES

The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of your Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fees, brokerage commissions paid on purchases and sales of fund shares. Therefore, the second line under the Fund in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If any of these transactions costs were included, your costs would be higher. The expenses shown in the table do not reflect any fees that may be charged to you by brokers, financial intermediaries or other financial institutions.

	Beginning Account Value		Ending Account Value		Annualized Expense Ratio			Expenses Paid During Period (a)
Initial Class
Actual	$	1,000.00	$	1,099.20		0.99	%	$	5.24
Hypothetical (b)		1,000.00		1,020.21		0.99			5.04
Service Class
Actual		1,000.00		1,098.40		1.24			6.56
Hypothetical (b)		1,000.00		1,018.95		1.24			6.31

^(a)  Expenses are calculated using each Fund's annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by number of days in the period (184 days), and divided by the number of days in the year (365 days).

^(b)  5% return per year before expenses.

GRAPHICAL PRESENTATION OF SCHEDULE OF INVESTMENTS
By Asset Type
At December 31, 2005

This chart shows the percentage breakdown by asset type of the Fund's total investment securities.

AEGON/Transamerica Series Trust

Annual Report 2005

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Transamerica Balanced

SCHEDULE OF INVESTMENTS
At December 31, 2005
(all amounts except share amounts in thousands)

	Principal		Value
U.S. GOVERNMENT OBLIGATIONS (6.4%)
U.S. Treasury Bond 6.13%, due 11/15/2027	$	500	$	603
5.38%, due 02/15/2031 †		1,491		1,675
U.S. Treasury Note 4.13%, due 08/15/2010		975		966
4.50%, due 11/15/2010 †		385		387
4.25%, due 08/15/2015		444		438
4.50%, due 11/15/2015 †		199		201
U.S. Treasury STRIPS Zero Coupon, due 05/15/2030 †		340		112
Total U.S. Government Obligations (cost: $4,358)				4,382
U.S. GOVERNMENT AGENCY OBLIGATIONS (1.1%)
Fannie Mae 6.00%, due 09/01/2034		340		343
5.50%, due 05/01/2035		228		226
5.50%, due 05/01/2035		229		227
Total U.S. Government Agency Obligations (cost: $816)				796
ASSET-BACKED SECURITIES (0.2%)
Harley-Davidson Motorcycle Trust, Series 2005-4, Class A1 4.78%, due 11/15/2010		163		162
Total Asset-Backed Securities (cost: $163)				162
CORPORATE DEBT SECURITIES (17.5%)
Aerospace (0.3%)
Honeywell International, Inc. 5.13%, due 11/01/2006		187		187
Agriculture (0.1%)
Michael Foods, Inc. 8.00%, due 11/15/2013		80		82
Amusement & Recreation Services (0.2%)
Harrah's Operating Co., Inc. 5.50%, due 07/01/2010		160		160
Beverages (0.3%)
Coca-Cola Enterprises, Inc. 5.38%, due 08/15/2006		199		200
Business Credit Institutions (0.6%)
Textron Financial Corp. 2.69%, due 10/03/2006		400		394
Business Services (0.4%)
Clear Channel Communications, Inc. 6.00%, due 11/01/2006		156		157
Hertz Corp.–144A 8.88%, due 01/01/2014		100		102

	Principal		Value
Chemicals & Allied Products (1.2%)
Cytec Industries, Inc. 6.00%, due 10/01/2015	$	90	$	86
Lubrizol Corp. 4.63%, due 10/01/2009		360		353
Monsanto Co. 5.50%, due 07/30/2035		185		177
Potash Corp. of Saskatchewan 7.13%, due 06/15/2007		190		195
Commercial Banks (1.5%)
Barclays Bank PLC 6.28%, due 12/15/2034 †(a)		172		173
HBOS PLC–144A 5.92%, due 09/01/2049 (b)		200		202
Popular North America, Inc., Note 5.20%, due 12/12/2007		105		105
Sumitomo Mitsui Banking–144A 5.63%, due 07/15/2049 (c)		150		149
US Bank NA 3.75%, due 02/06/2009		400		387
Communication (0.3%)
COX Communications, Inc. 6.75%, due 03/15/2011		187		196
Computer & Office Equipment (0.2%)
Hewlett-Packard Co. 3.63%, due 03/15/2008		133		129
Department Stores (0.3%)
Meyer (Fred) Stores, Inc. 7.45%, due 03/01/2008		40		42
Neiman-Marcus Group, Inc.–144A 9.00%, due 10/15/2015 †		150		153
Electric Services (0.3%)
PSEG Funding Trust 5.38%, due 11/16/2007		200		200
Electric, Gas & Sanitary Services (0.3%)
NiSource Finance Corp. 7.88%, due 11/15/2010		190		210
Food & Kindred Products (0.4%)
Tyson Foods, Inc. 8.25%, due 10/01/2011		211		238
Food Stores (0.1%)
Stater Brothers Holdings, Inc. 8.13%, due 06/15/2012		100		99
Gas Production & Distribution (0.6%)
Oneok, Inc. 5.51%, due 02/16/2008		390		391

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

4

Transamerica Balanced

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2005
(all amounts except share amounts in thousands)

	Principal		Value
Holding & Other Investment Offices (2.7%)
Berkshire Hathaway Finance Corp. 3.40%, due 07/02/2007	$	400	$	391
EOP Operating, LP 8.38%, due 03/15/2006		450		453
ERP Operating, LP 5.13%, due 03/15/2016		275		265
Hutchison Whampoa International, Ltd.–144A 7.45%, due 11/24/2033		200		231
iStar Financial, Inc. 4.88%, due 01/15/2009		200		197
Plum Creek Timberlands, LP 5.88%, due 11/15/2015		120		122
Tanger Factory Outlet Centers REIT 6.15%, due 11/15/2015		165		167
Hotels & Other Lodging Places (0.1%)
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. 6.63%, due 12/01/2014		100		97
Industrial Machinery & Equipment (0.1%)
Cummins, Inc. 7.13%, due 03/01/2028		55		55
Insurance (0.3%)
Reinsurance Group of America 6.75%, due 12/15/2065 (d)		200		202
Insurance Agents, Brokers & Service (0.3%)
Metlife, Inc. 5.00%, due 06/15/2015		175		172
Metal Mining (0.2%)
Phelps Dodge Corp. 9.50%, due 06/01/2031		124		168
Mortgage Bankers & Brokers (0.4%)
Countrywide Home Loans, Inc., Series L 2.88%, due 02/15/2007		185		181
ILFC E-Capital Trust II–144A 6.25%, due 12/21/2065 (e)		100		101
Motion Pictures (0.5%)
Time Warner, Inc. 9.13%, due 01/15/2013		310		367
Oil & Gas Extraction (0.3%)
Chesapeake Energy Corp. 7.00%, due 08/15/2014		20		21
Husky Oil, Ltd. 8.90%, due 08/15/2028 (f)		105		113
Nexen, Inc. 5.88%, due 03/10/2035		87		86

	Principal		Value
Personal Credit Institutions (0.4%)
General Electric Capital Corp. 5.35%, due 03/30/2006	$	151	$	151
HSBC Finance Capital Trust IX 5.91%, due 11/30/2035 (g)		100		101
Petroleum Refining (0.3%)
Enterprise Products Operating, LP, Series B 5.60%, due 10/15/2014		100		100
Valero Energy Corp. 7.50%, due 04/15/2032		100		121
Primary Metal Industries (0.7%)
Alcoa, Inc. 4.25%, due 08/15/2007		500		495
Printing & Publishing (0.4%)
Media General, Inc. 6.95%, due 09/01/2006		180		181
News America Holdings, Inc. 7.75%, due 12/01/2045		100		115
Radio & Television Broadcasting (0.6%)
Chancellor Media Corp. 8.00%, due 11/01/2008		225		239
Univision Communications, Inc. 3.88%, due 10/15/2008		184		177
Restaurants (0.1%)
Landry's Restaurants, Inc., Series B 7.50%, due 12/15/2014		100		93
Savings Institutions (0.1%)
Washington Mutual Bank FA 5.13%, due 01/15/2015		75		73
Security & Commodity Brokers (0.7%)
E*Trade Financial Corp. 8.00%, due 06/15/2011		100		104
Nuveen Investments, Inc. 5.00%, due 09/15/2010		200		197
Residential Capital Corp. 6.38%, due 06/30/2010		160		163
Telecommunications (1.6%)
SBC Communications, Inc. 5.75%, due 05/02/2006		400		401
Sprint Capital Corp. 4.78%, due 08/17/2006		500		500
Verizon Global Funding Corp. 4.00%, due 01/15/2008		165		162
Variety Stores (0.1%)
Target Corp. 5.50%, due 04/01/2007		91		92

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

5

Transamerica Balanced

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2005
(all amounts except share amounts in thousands)

	Principal		Value
Water Transportation (0.5%)
Carnival PLC 7.30%, due 06/01/2007	$	337	$	347
Total Corporate Debt Securities (cost: $12,111)				11,968
	Shares		Value
COMMON STOCKS (65.6%)
Air Transportation (0.8%)
FedEx Corp.		5,000	$	517
Automotive (3.1%)
Harley-Davidson, Inc. †		20,000		1,030
PACCAR, Inc.		16,000		1,108
Business Services (1.3%)
eBay, Inc. ‡		20,000		865
Chemicals & Allied Products (1.6%)
Procter & Gamble Co.		19,500		1,129
Communication (1.2%)
XM Satellite Radio Holdings, Inc.–Class A †‡		30,000		818
Communications Equipment (3.1%)
QUALCOMM, Inc.		50,000		2,154
Computer & Data Processing Services (2.6%)
Microsoft Corp.		39,105		1,023
Yahoo!, Inc. ‡		20,000		784
Computer & Office Equipment (3.9%)
Apple Computer, Inc. ‡		20,000		1,438
Sandisk Corp. ‡		20,000		1,256
Drug Stores & Proprietary Stores (1.3%)
Walgreen Co.		20,000		885
Electronic & Other Electric Equipment (1.1%)
General Electric Co.		20,880		732
Engineering & Management Services (5.0%)
Jacobs Engineering Group, Inc. ‡		50,000		3,393
Hotels & Other Lodging Places (4.6%)
Marriott International, Inc.–Class A		41,555		2,783
MGM Mirage, Inc. ‡		11,000		403
Industrial Machinery & Equipment (7.9%)
Caterpillar, Inc.		53,000		3,062
Donaldson Co., Inc.		25,000		795
Kennametal, Inc.		30,000		1,531
Insurance (2.3%)
WellPoint, Inc. ‡		20,000		1,596
Medical Instruments & Supplies (1.5%)
Zimmer Holdings, Inc. ‡		15,000		1,012

	Shares		Value
Oil & Gas Extraction (5.4%)
Anadarko Petroleum Corp.		14,000	$	1,326
Apache Corp.		20,000		1,370
Schlumberger, Ltd. ‡		10,000		971
Petroleum Refining (1.4%)
Suncor Energy, Inc.		15,000		947
Pharmaceuticals (5.1%)
Amgen, Inc. †‡		20,885		1,647
Roche Holding AG–Genusschein		12,241		1,834
Primary Metal Industries (0.7%)
Hubbell, Inc.–Class B †		11,400		514
Printing & Publishing (3.8%)
McGraw-Hill Cos., Inc. (The)		50,000		2,582
Security & Commodity Brokers (4.8%)
American Express Co.		30,000		1,544
Ameriprise Financial, Inc.		25,000		1,025
Chicago Mercantile Exchange		2,000		735
Transportation & Public Utilities (1.0%)
Expeditors International of Washington, Inc.		10,000		675
Wholesale Trade Durable Goods (2.1%)
Grainger (W.W.), Inc.		20,000		1,422
Total Common Stocks (cost: $34,826)				44,906
	Principal		Value
SECURITY LENDING COLLATERAL (9.2%)
Debt (7.8%)
Bank Notes (0.2%)
Bank of America 4.27%, due 01/17/2006 *	$	93	$	93
4.31%, due 08/10/2006 *		76		76
Certificates Of Deposit (0.4%)
Barclays 4.31%, due 01/17/2006 *		59		59
Canadian Imperial Bank of Commerce 4.15%, due 05/18/2006 *		83		83
Credit Suisse First Boston Corp. 4.18%, due 03/10/2006 *		33		33
Rabobank Nederland 4.10%, due 05/31/2006 *		83		83
Commercial Paper (0.9%)
Fairway Finance–144A 4.31%, due 01/10/2006		166		166
Jupiter Securitization Corp.–144A 4.27%, due 01/05/2006		83		83
Paradigm Funding LLC–144A 4.30%, due 01/09/2006		32		32

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

6

Transamerica Balanced

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2005
(all amounts except share amounts in thousands)

	Principal		Value
Commercial Paper (continued)
Park Avenue Receivables Corp.–144A 4.27%, due 01/04/2006	$	82	$	82
Preferred Receivables Corp.–144A 4.31%, due 01/04/2006		66		66
Ranger Funding Co. LLC–144A 4.29%, due 01/18/2006		65		65
Sheffield Receivables Corp.–144A 4.26%, due 01/23/2006		40		40
Yorktown Capital LLC 4.27%, due 01/05/2006		83		83
Euro Dollar Overnight (1.3%)
Calyon 4.34%, due 01/05/2006		83		83
Fortis Bank 4.35%, due 01/03/2006		166		166
4.35%, due 01/05/2006		158		158
Harris Trust & Savings Bank 4.25%, due 01/05/2006		136		136
National Australia Bank 4.16%, due 01/03/2006		169		169
Rabobank Nederland 4.15%, due 01/03/2006		60		60
Wells Fargo 4.27%, due 01/03/2006		83		83
Euro Dollar Terms (2.6%)
Bank of Montreal 4.30%, due 01/19/2006		166		166
Barclays 4.27%, due 01/25/2006		50		50
4.30%, due 01/31/2006		133		133
BNP Paribas 4.22%, due 01/24/2006		83		83
Dexia Group 4.25%, due 01/09/2006		83		83
Rabobank Nederland 4.21%, due 01/19/2006		149		149
Royal Bank of Canada 4.25%, due 01/24/2006		116		116
Royal Bank of Scotland 4.30%, due 01/31/2006		249		249
4.31%, due 02/01/2006		183		183
Societe Generale 4.28%, due 01/30/2006		166		166
UBS AG 4.26%, due 01/10/2006		166		166
Wells Fargo 4.29%, due 01/30/2006		249		249

	Principal		Value
Promissory Notes (0.2%)
Bear Stearns & Co. 4.39%, due 03/07/2006	$	100	$	100
4.39%, due 06/06/2006		33		33
Repurchase Agreements (2.2%) ††
Credit Suisse First Boston Corp. 4.29%, dated 12/30/2005 to be repurchased at $278 on 01/03/2006		278		278
Goldman Sachs Group, Inc. (The) 4.29%, dated 12/30/2005 to be repurchased at $663 on 01/03/2006		663		663
Lehman Brothers, Inc. 4.29%, dated 12/30/2005 to be repurchsed at $4 on 01/03/2006		4		4
Merrill Lynch & Co. 4.24%, dated 12/30/2005 to be repurchased at $531 on 01/03/2006		531		531
Morgan Stanley Dean Witter & Co. 4.36%, dated 12/30/2005 to be repurchased at $59 on 01/03/2006		59		59
	Shares		Value
Investment Companies (1.4%)
American Beacon Fund 1-day yield of 4.19%		22,758	$	23
Barclays Global Investors Institutional Money Market Fund 1-day yield of 4.19%		215,796		216
Dreyfus Cash Management Plus Fund 1-day yield of 4.09%		89,638		90
Merrimac Cash Fund, Premium Class 1-day yield of 4.03% @		587,656		588
Total Security Lending Collateral (cost: $6,277)				6,277
Total Investment Securities (cost: $58,551)			$	68,491

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

7

Transamerica Balanced

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2005
(all amounts in thousands)

NOTES TO SCHEDULE OF INVESTMENTS:

†  At December 31, 2005, all or a portion of this security is on loan (see Note 1). The value at December 31, 2005, of all securities on loan is $6,111.

(a)  Barclays Bank PLC has a fixed coupon rate of 6.28% until 12/15/2034, thereafter the coupon rate will reset quarterly at the 3-month US$ LIBOR + 155BP, if not called.

(b)  HBOS PLC–144A has a fixed coupon rate of 5.92% until 10/01/2015, thereafter the coupon rate will reset quarterly at the 3-month US$ LIBOR + 129.5BP, if not called.

(c)  Sumitomo Matsui Banking–144A has a fixed coupon rate of 5.63% until 10/15/2015, thereafter the coupon rate will reset quarterly at the 3-month US$ LIBOR + 255BP, if not called.

(d)  Reinsurance Group of America has a fixed coupon rate of 6.75% until 12/15/2015, thereafter the coupon rate will reset quarterly at the 3-month US$ LIBOR + 266.5BP, if not called.

(e)  ILFC E–Capital Trust II –144A has a fixed coupon rate of 6.25% until 12/21/2015, thereafter the coupon rate will reset at 180BP+ highest of the 3-month US$ LIBOR, 10 Year CMT or 30 Year CMT, a max of 14.5%, if not called.

(f)  Husky Oil, Ltd. has a fixed coupon rate of 8.90% until 8/15/2008, thereafter the coupon rate will reset quarterly at the 3-month US$ LIBOR + 550BP, if not called.

(g)  HSBC Finance Capital Trust IX has a fixed coupon rate 5.91% until 11/30/2015, thereafter the coupon rate will reset quarterly at the 3-month US$ LIBOR + 192.6BP, if not called.

‡  Non-income producing.

*  Floating or variable rate note. Rate is listed as of December 31, 2005.

††  Cash collateral for the Repurchase Agreements, valued at $1,566, that serve as collateral for securities lending are invested in corporate bonds with interest rates and maturity dates ranging from 0.00%–8.75% and 01/03/2006–08/01/2037, respectively.

@  Regulated investment company advised by Investors Bank and Trust Co. ("IBT"). IBT is also the accounting, custody and lending agent for the Fund.

DEFINITIONS:

144A  144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2005, these securities aggregated $1,472 or 2.1% of the total investments of the Fund.

CMT  Constant Maturity Treasury Index

LIBOR  London Interbank Offer Rate

REIT  Real Estate Investment Trust

STRIPS  Separate Trading of Registered Interest and Principal of Securities

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

8

Transamerica Balanced

STATEMENT OF ASSETS AND LIABILITIES
At December 31, 2005
(all amounts except per share amounts in thousands)

Assets:
Investment securities, at value (cost: $58,551) (including securities loaned of $6,111)	$	68,491
Cash		2,765
Receivables:
Investment securities sold		385
Shares sold		13
Interest		230
Income from loaned securities		1
Dividends		55
		71,940
Liabilities:
Accounts payable and accrued liabilities:
Shares redeemed		103
Management and advisory fees		45
Service fees		1
Administration fees		1
Payable for collateral for securities on loan		6,277
Other		24
		6,451
Net Assets	$	65,489
Net Assets Consist of:
Capital stock ($.01 par value)	$	56
Additional paid-in capital		52,801
Distributable net investment income (loss)		756
Accumulated net realized gain (loss) from investment securities		1,936
Net unrealized appreciation (depreciation) on investment securities		9,940
Net Assets	$	65,489
Net Assets by Class:
Initial Class	$	61,698
Service Class		3,791
Shares Outstanding:
Initial Class		5,303
Service Class		326
Net Asset Value and Offering Price Per Share:
Initial Class	$	11.63
Service Class		11.61

STATEMENT OF OPERATIONS
For the year ended December 31, 2005
(all amounts in thousands)

Investment Income:
Interest	$	852
Dividends (net of withholding taxes on foreign dividends of $4)		512
Income from loaned securities–net		17
		1,381
Expenses:
Management and advisory fees		523
Printing and shareholder reports		40
Custody fees		19
Administration fees		13
Legal fees		1
Audit fees		17
Trustees fees		2
Service fees:
Service Class		8
Other		2
Total expenses		625
Net Investment Income (Loss)		756
Net Realized and Unrealized Gain (Loss):
Realized gain (loss) from investment securities		1,948
Increase (decrease) in unrealized appreciation (depreciation) on investment securities		2,379
Net Realized and Unrealized Gain (Loss) on Investment Securities		4,327
Net Increase (Decrease) in Net Assets Resulting from Operations	$	5,083

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

9

Transamerica Balanced

STATEMENTS OF CHANGES IN NET ASSETS
For the years ended
(all amounts in thousands)

	December 31, 2005			December 31, 2004
Increase (Decrease) In Net Assets From:
Operations:
Net investment income (loss)	$	756		$	889
Net realized gain (loss) from investment securities		1,948			4,778
Change in unrealized appreciation (depreciation) on investment securities		2,379			974
		5,083			6,641
Distributions to Shareholders:
From net investment income:
Initial Class		(838	)		(715	)
Service Class		(45	)		(11	)
		(883	)		(726	)
From net realized gains:
Initial Class		(4,485	)		(369	)
Service Class		(255	)		(7	)
		(4,740	)		(376	)
Capital Share Transactions:
Proceeds from shares sold:
Initial Class		11,102			9,500
Service Class		2,501			2,258
		13,603			11,758
Dividends and distributions reinvested:
Initial Class		5,323			1,083
Service Class		300			18
		5,623			1,101
Cost of shares redeemed:
Initial Class		(17,151	)		(14,430	)
Service Class		(1,437	)		(587	)
		(18,588	)		(15,017	)
		638			(2,158	)
Net increase (decrease) in net assets		98			3,381
Net Assets:
Beginning of year		65,391			62,010
End of year	$	65,489		$	65,391
Distributable Net Investment Income (Loss)	$	756		$	888

	December 31, 2005			December 31, 2004
Share Activity:
Shares issued:
Initial Class		958			870
Service Class		215			205
		1,173			1,075
Shares issued–reinvested from distributions:
Initial Class		481			105
Service Class		27			2
		508			107
Shares redeemed:
Initial Class		(1,483	)		(1,323	)
Service Class		(125	)		(53	)
		(1,608	)		(1,376	)
Net increase (decrease) in shares outstanding:
Initial Class		(44	)		(348	)
Service Class		117			154
		73			(194	)

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

10

Transamerica Balanced

FINANCIAL HIGHLIGHTS

		For a share outstanding throughout each period (a)
		Net Asset		Investment Operations								Distributions									Net Asset
	For the Period Ended (b)	Value, Beginning of Period		Net Investment Income (Loss)		Net Realized and Unrealized Gain (Loss)			Total Operations			From Net Investment Income			From Net Realized Gains			Total Distributions			Value, End of Period
Initial Class	12/31/2005	$	11.77	$	0.14	$	0.74		$	0.88		$	(0.16	)	$	(0.86	)	$	(1.02	)	$	11.63
	12/31/2004		10.79		0.16		1.02			1.18			(0.13	)		(0.07	)		(0.20	)		11.77
	12/31/2003		9.49		0.13		1.19			1.32			(0.02	)		–			(0.02	)		10.79
	12/31/2002		10.00		0.07		(0.58	)		(0.51	)		–			–			–			9.49
Service Class	12/31/2005		11.77		0.11		0.74			0.85			(0.15	)		(0.86	)		(1.01	)		11.61
	12/31/2004		10.79		0.14		1.01			1.15			(0.10	)		(0.07	)		(0.17	)		11.77
	12/31/2003		9.73		0.08		0.98			1.06			–			–			–			10.79

					Ratios/Supplemental Data
	For the Period	Total			Net Assets, End of Period		Ratio of Expenses to Average Net Assets (f)						Net Investment Income (Loss) to Average			Portfolio Turnover
	Ended (b)	Return (c)(g)			(000's)		Net (d)			Total (e)			Net Assets (f)			Rate (g)
Initial Class	12/31/2005		7.96	%	$	61,698		0.94	%		0.94	%		1.17	%		50	%
	12/31/2004		11.16			62,934		0.96			0.96			1.45			128
	12/31/2003		13.90			61,419		1.15			1.15			1.31			65
	12/31/2002		(5.10	)		37,233		1.40			1.59			1.08			42
Service Class	12/31/2005		7.79			3,791		1.19			1.19			0.91			50
	12/31/2004		10.88			2,457		1.19			1.19			1.31			128
	12/31/2003		10.93			591		1.38			1.38			1.14			65

NOTES TO FINANCIAL HIGHLIGHTS

(a)  Per share information is calculated based on average number of shares outstanding.

(b)  Transamerica Balanced (the "Fund") share classes commenced operations as follows:

Initial Class – May 1, 2002
Service Class – May 1, 2003

(c)  Total Return reflects all portfolio expenses and includes reinvestment of dividends and capital gains; it does not reflect the charges and deductions under the policies or annuity contracts.

(d)  Ratio of Net Expenses to Average Net Assets is net of advisory fee waivers, if any (see note 2).

(e)  Ratio of Total Expenses to Average Net Assets includes all expenses before advisory fee waivers.

(f)  Annualized.

(g)  Not annualized.

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

11

Transamerica Balanced

NOTES TO FINANCIAL STATEMENTS
At December 31, 2005
(all amounts in thousands)

NOTE 1.   ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

The AEGON/Transamerica Series Trust ("ATST") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). ATST serves as a funding vehicle for variable life insurance, variable annuity and group annuity products. Transamerica Balanced (the "Fund") is part of ATST.

Effective May 1, 2005, AEGON/Transamerica Series Fund, Inc. changed its name to AEGON/Transamerica Series Trust.

In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

This report should be read in conjunction with the current Fund prospectus, which contains more complete information about the Fund.

In preparing the Fund's financial statements in accordance with accounting principles generally accepted in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Fund.

Multiple class operations, income and expenses: The Fund currently offers two classes of shares, an Initial Class and a Service Class. Income, non-class specific expenses and realized and unrealized gains and losses, are allocated daily to each class, based upon the value of shares outstanding method as permitted under Rule 18f-3 of the 1940 Act. Each class bears its own specific expenses as well as a portion of general, common expenses.

Security valuations: The Fund values its investments at the close of the New York Stock Exchange ("NYSE"), normally 4 p.m. ET, each day the NYSE is open for business. Fund investments are valued at the last sale price or closing price on the day of valuation taken from the primary exchange where the security is principally traded.

Securities traded in the over-the-counter market and listed securities for which no sale was reported on that date are valued at the last quoted bid price.

Debt securities are valued based on a price quotation or other equivalent indication of value supplied by an exchange, a pricing service or a major market maker; however, those that mature in sixty days or less are valued at amortized cost, which approximates market.

Investment company securities are valued at the net asset value of the underlying portfolio.

Foreign securities generally are valued based on quotations from the primary market in which they are traded. Because many foreign securities markets and exchanges close prior to the close of the NYSE, closing prices for foreign securities in those markets or on those exchanges do not reflect the events that occur after that close. If a significant market event impacting the value of a portfolio security (e.g., natural disaster, company announcement, market volatility) occurs subsequent to the close of trading in the security, but prior to the calculation of the Fund's net asset value per share, market quotations for that security may be determined to be unreliable and, accordingly, not "readily available." As a result, foreign equity securities held by the Fund may be valued at fair market value as determined in good faith by the Fund's Administrative Valuation Committee, under the supervision of the Board's Valuation Committee , using guidelines adopted by the Board of Trustees.

Other securities for which quotations are not readily available are valued at fair market value as determined in good faith by the Fund's Administrative Valuation Committee, under the supervision of the Board's Valuation Committee, using guidelines adopted by the Board of Trustees.

Cash: The Fund may leave cash overnight in its cash account with the custodian, Investors Bank & Trust Company ("IBT"). IBT has been contracted on behalf of the Fund to invest the excess cash into a savings account, which at December 31, 2005, was paying an interest rate of 3.00%.

Repurchase agreements: The Fund is authorized to enter into repurchase agreements. The Fund, through its custodian, IBT, receives delivery of the underlying securities, the value of which at the time of purchase is required to be an amount equal to at least 100% of the resale price. The Fund will bear the risk of value fluctuations until the security can be sold and may encounter delays and incur costs in liquidating the security. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Commission recapture: The sub-adviser, to the extent consistent with the best execution and usual commission rate policies and practices, may place security transactions of the Fund with broker/dealers with which ATST has established a Commission Recapture Program. A Commission Recapture Program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Fund. In no event will commissions paid by the Fund be used to pay expenses that would otherwise be borne by any other funds within ATST, or by any other party.

AEGON/Transamerica Series Trust

Annual Report 2005

12

Transamerica Balanced

NOTES TO FINANCIAL STATEMENTS (continued)
At December 31, 2005
(all amounts in thousands)

NOTE 1.–(continued)

Recaptured commissions during the year ended December 31, 2005, of less than $1 are included in net realized gains in the Statement of Operations.

Securities lending: The Fund may lend securities to qualified borrowers, with IBT acting as the Fund's lending agent. The Fund earns negotiated lenders' fees. The Fund receives cash and/or securities as collateral against the loaned securities. Cash collateral received is invested in short term, interest bearing securities. The Fund monitors the market value of securities loaned on a daily basis and requires collateral in an amount at least equal to the value of the securities loaned. Income from loaned securities on the Statement of Operations is net of fees, in the amount of $7, earned by IBT for its services.

Real Estate Investment Trusts ("REITs"): There are certain additional risks involved in investing in REITs. These include, but are not limited to, economic conditions, changes in zoning laws, real estate values, property taxes and interest rates.

Security transactions and investment income: Security transactions are recorded on the trade date. Security gains and losses are calculated on the first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend date. Interest income, including accretion of discounts and amortization of premiums, is recorded on the accrual basis commencing on the settlement date.

Dividend distributions: Dividends and capital gains distributions are typically declared and reinvested annually and are generally paid and reinvested on the business day following the ex-date.

NOTE 2.   RELATED PARTY TRANSACTIONS

Effective January 1, 2005 AEGON/Transamerica Fund Advisers, Inc. was renamed Transamerica Fund Advisors, Inc. ("TFAI"); AEGON/Transamerica Fund Services, Inc. and AEGON/Transamerica Investor Services, Inc. merged into one entity and was renamed Transamerica Fund Services, Inc. ("TFS").

ATST serves as a funding vehicle for certain affiliated asset allocation portfolios and certain affiliated separate accounts of Western Reserve Life Assurance Co. of Ohio, Transamerica Life Insurance Company, Transamerica Financial Life Insurance Company, Inc., Peoples Benefit Life Insurance Company, Transamerica Occidental Life Insurance Company and Transamerica Life Insurance and Annuity Company.

TFAI is the Fund's investment adviser. TFS is the Fund's administrator and transfer agent. AFSG Securities Corp. ("AFSG") is the Fund's distributor. TFAI, TFS, and AFSG are affiliates of AEGON, NV, a Netherlands corporation.

Transamerica Investment Management, LLC is both an affiliate of the Fund and a sub-adviser to the Fund.

Certain officers and trustees of the Fund are also officers and/or directors of TFAI, TFS and AFSG.

Investment advisory fee: The Fund pays management fees to TFAI based on average daily net assets ("ANA") at the following breakpoints:

0.80% of the first $250 million of ANA
0.75% of the next $250 million of ANA
0.70% of the next $1 billion of ANA
0.625% of ANA over $1.5 billion

TFAI has contractually agreed to waive its advisory fee and will reimburse the Fund to the extent that operating expenses, excluding 12b-1 fees, exceed the following stated annual limit:

1.40% Expense Limit

If total fund expenses fall below the annual expense limitation agreement agreed to by the adviser within the succeeding three years, the Fund may be required to pay that adviser a portion or all of the waived advisory fees.

There were no amounts recaptured during the year ended December 31, 2005. There are no amounts available for recapture at December 31, 2005.

Distribution and service fees: The Fund adopted a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, ATST entered into a Distribution Agreement with AFSG dated January 1, 1997, as amended.

Under the Distribution Plan and Distribution Agreement on the Initial Class shares, AFSG, on behalf of the Fund, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Fund's shares, amounts equal to actual expenses associated with distributing the shares.

The Distribution Plan on the Service Class shares requires ATST to pay distribution fees to AFSG as compensation for its activities, not as reimbursement for specific expenses. The fee on the Service Class is paid to the insurance companies for providing services and account maintenance for their policyholders who invest in the variable insurance products which invest in the Service Class shares.

AEGON/Transamerica Series Trust

Annual Report 2005

13

Transamerica Balanced

NOTES TO FINANCIAL STATEMENTS (continued)
At December 31, 2005
(all amounts in thousands)

NOTE 2.–(continued)

The Fund is authorized under the 12b-1 plan to pay fees on each class up to the following limits:

Initial Class	0.15	%
Service Class	0.25	%

AFSG has determined that it will not seek payment by the Fund of the distribution expenses incurred with respect to the Initial Class shares before April 30, 2007. Prior to AFSG seeking reimbursement of future expenses, policy and contract owners will be notified in advance. The Fund will pay fees relating to Service Class shares.

Administrative services: The Fund has entered into an agreement with TFS for financial and legal fund administration services. The Fund pays TFS an annual fee of 0.02% of ANA. The Legal fees on the Statement of Operations are for fees paid to external legal counsel.

Deferred compensation plan: Each eligible independent Fund Trustee may elect participation in a non-qualified deferred compensation plan ("the Plan") maintained by Transamerica IDEX Mutual Funds, an affiliate of the Fund. Under the Plan, such Trustees may defer payment of all or a portion of their total fees earned as a Fund Trustee. Each Trustee who is a participant in the Plan may elect that the earnings, losses or gains credited to his or her deferred fee amounts be determined based on a deemed investment in any series of Transamerica IDEX Mutual Funds. The right of a participant to receive a distribution from the Plan of the deferred fees is an unsecured claim against the general assets of all series of Transamerica IDEX Mutual Funds. The pro rata liability to the Fund of all deferred fees in the Plan amounted, as of December 31, 2005, to $3.

NOTE 3.   INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the year ended December 31, 2005, were as follows:

Purchases of securities:
Long-Term	$	20,440
U.S. Government		10,581
Proceeds from maturities and sales of securities:
Long-Term		27,968
U.S. Government		9,209

NOTE 4.  FEDERAL INCOME TAX MATTERS

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatment for items including, but not limited to, wash sales, foreign currency transactions and return of capital.

Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. Financial records are not adjusted for temporary differences. These reclassifications are as follows:

Distributable net investment income (loss)	$	(5	)
Accumulated net realized gain (loss) from investment securities		5

The tax character of distributions paid may differ from the character of distributions shown in the Statements of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2004 and 2005 was as follows:

2004 Distributions paid from:
Ordinary Income	$	757
Long-term Capital Gain		345
2005 Distributions paid from:
Ordinary Income		2,752
Long-term Capital Gain		2,871

The tax basis components of distributable earnings as of December 31, 2005, are as follows:

Undistributed Ordinary Income	$	1,010
Undistributed Long-term Capital Gain	$	1,684
Capital Loss Carryforward	$	–
Net Unrealized Appreciation (Depreciation)	$	9,938

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of December 31, 2005, are as follows:

Federal Tax Cost Basis	$	58,553
Unrealized Appreciation	$	10,492
Unrealized (Depreciation)		(554	)
Net Unrealized Appreciation (Depreciation)	$	9,938

NOTE 5.  REGULATORY PROCEEDINGS

There continues to be significant federal and state regulatory activity relating to financial services companies, particularly mutual fund companies and their investment advisers. As part of an ongoing investigation regarding potential market timing, recordkeeping and trading compliance issues and matters affecting the Fund's investment

AEGON/Transamerica Series Trust

Annual Report 2005

14

Transamerica Balanced

NOTES TO FINANCIAL STATEMENTS (continued)
At December 31, 2005
(all amounts in thousands)

NOTE 5.—(continued)

adviser, TFAI, and certain affiliates and former employees of TFAI, the SEC staff has indicated that it is likely to take some action against TFAI and certain of its affiliates at the conclusion of the investigation. The potential timing and the scope of any such action is difficult to predict. Although the impact of any action brought against TFAI and/or its affiliates is difficult to assess at the present time, the Fund currently believes that the likelihood that any such action will have a material adverse impact on it is remote. It is important to note that the Fund is not aware of any allegation of wrongdoing against it and its Board at the time this annual report is printed. Although it is not anticipated that these developments will have an adverse impact on the Fund, there can be no assurance at this time. TFAI and its affiliates are actively working with the SEC in regard to this matter; however, the exact resolution ca nnot be determined at this time. TFAI will take such actions that it deems necessary or appropriate to continue providing management services to the Fund and to bring all matters to an appropriate conclusion.

TFAI and/or its affiliates, and not the Fund, will bear the costs regarding these regulatory matters.

AEGON/Transamerica Series Trust

Annual Report 2005

15

Report of Independent Registered Certified Public Accounting Firm

To the Board of Trustees and Shareholders of
Transamerica Balanced

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Transamerica Balanced (the "Fund") (one of the portfolios constituting the AEGON/Transamerica Series Trust) at December 31, 2005, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fund's management; our responsibility is to express an opinion on these financial statements based on our audit s. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2005 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

Tampa, Florida
February 23, 2006

Transamerica Balanced (UNAUDITED)

SUPPLEMENTAL TAX INFORMATION
(all amounts in thousands)

For tax purposes, the Fund has made a Long-Term Capital Gain Designation of $2,871 for the year ended December 31, 2005.

AEGON/Transamerica Series Trust

Annual Report 2005

16

Transamerica Balanced

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS – REVIEW AND RENEWAL (unaudited)

At a meeting of the Board of Trustees of AEGON/Transamerica Series Trust ("ATST") held on November 2, 2005, the Board reviewed and considered the Investment Advisory Agreement between Transamerica Balanced (the "Portfolio") and Transamerica Fund Advisors, Inc. ("TFAI") as well as the Investment Sub-Advisory Agreement of the Portfolio between TFAI and Transamerica Investment Management, LLC (the "Sub-Adviser"), to determine whether the agreements should be renewed for a one-year period. Following their review and consideration, the Trustees determined that the Investment Advisory Agreement and the Investment Sub-Advisory Agreement will enable shareholders of the Portfolio to obtain high quality services at a cost that is appropriate, reasonable, and in the best interests of its shareholders. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and the Inv estment Sub-Advisory Agreement. In reaching their decision, the Trustees requested and obtained from TFAI and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the proposed agreements. The Trustees also carefully considered the information that they had received throughout the year from TFAI and the Sub-Adviser (such as in-person presentations by the Sub-Adviser) as part of their regular oversight of the Portfolio, as well as: comparative fee, expense and performance information prepared by Lipper Inc. ("Lipper"), independent providers of mutual fund performance, fee and expense information; and profitability data. In considering the proposed continuation of the Investment Advisory Agreement and the Investment Sub-Advisory Agreement, the Trustees evaluated a number of considerations that they believe, in light of the legal advice furnished to them by ATST counsel and independent legal counsel and their own business judgment, to be relevant. They based their decisions on the fol lowing considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:

The nature, extent and quality of the advisory service to be provided. The Board considered the nature and quality of the services provided by TFAI and the Sub-Adviser to the Portfolio in the past, as well as the services anticipated to be provided in the future. The Board concluded that TFAI and the Sub-Adviser are capable of providing high quality services to the Portfolio, as indicated by the nature and quality of services provided in the past, TFAI's and the Sub-Adviser's management capabilities demonstrated with respect to the portfolios they manage, including the Portfolio, and the experience, capability and integrity of TFAI's senior management, the financial resources of TFAI and the Sub-Adviser, TFAI's management oversight process, and the professional qualifications and experience of the Sub-Adviser's portfolio management team. The Trustees also concluded that TFAI and the Sub-Adviser proposed to provide investment and related services that were of the same quality and quantity as services provided to the Portfolio in the past, and that these services are appropriate in scope and extent in light of the Portfolio's operations, the competitive landscape of the investment company business and investor needs, and that TFAI's and the Sub-Adviser's obligations will remain substantially the same.

The investment performance of the Portfolio. The Board examined both the short-term and longer-term performance of the Portfolio, including relative performance against a benchmark securities index and a peer group of comparable mutual funds as prepared by Lipper, for various trailing periods ended June 30, 2005. The Board expressed concerns about the Portfolio's relatively high level of expenses and median or below median performance, and requested that the Sub-Adviser be informed about these concerns and be asked to work with TFAI to formulate a plan to address them. However, the Board noted that the Portfolio was previously managed by another sub-adviser, and that the Portfolio's long-term performance cannot be attributed to the Sub-Adviser. On the basis of the Trustees' assessment of the nature, extent and quality of advisory services to be provid ed or procured by TFAI and the Sub-Adviser, the Trustees concluded that TFAI and the Sub-Adviser have achieved an acceptable level of investment performance and are capable of generating a level of investment performance that is appropriate in light of the Portfolio's investment objective, policies and strategies and competitive with many other investment companies, and also determined that TFAI's and the Sub-Adviser's performance records with respect to the Portfolio and other mutual funds indicate that their continued management is likely to benefit the Portfolio and its shareholders.

The cost of advisory services provided and the level of profitability. The Board reviewed profitability information regarding TFAI's costs of procuring portfolio management services, as well as the costs of provision of administration, fund accounting and other services, to the Portfolio and to ATST as a whole by TFAI and its affiliates. The Trustees reviewed data from Lipper that compared the Portfolio's management fees (including management fees at various asset levels), other fees and expenses (including total expenses including and excluding 12b-1 distribution and service fees) and portfolio turnover rate against a peer groups of comparable mutual funds. Based on such information, the Trustees determined that the management fees and overall expense ratio of the Portfolio generally are consistent with industry averages. In addition, on the basis of the Board's review of the management fees to be charged by TFAI for investment advisory and related services, TFAI profitability information (derived from TFAI's audited financial statements), TFAI's estimated management income resulting from its management of the Portfolio, the estimated margin of the Sub-Adviser, as well as the entirety of TFAI's and its affiliates' service relationship with ATST, the Board concluded that the level of investment management fees and other service fees, as well as TFAI's and the Sub-Adviser's profitability, are appropriate in light of the services provided, the management fees and overall expense ratios of comparable investment companies and the anticipated profitability of the relationship between the Portfolio, TFAI and its affiliates, and the Sub-Adviser.

AEGON/Transamerica Series Trust

Annual Report 2005

17

Transamerica Balanced (continued)

Whether fee levels reflect economies of scale and the extent to which economies of scale would be realized as the Portfolio grows. The Board concluded that the inclusion of asset-based breakpoints in the Portfolio's advisory fee schedule appropriately benefits investors by realizing economies of scale in the form of lower management fees as the level of assets grows. In addition, the Board concluded that the Portfolio's management fees appropriately reflect the Portfolio's current size, the current economic environment for TFAI, the competitive nature of the investment company market, and TFAI's pricing strategy. The Trustees also concluded that they will have the opportunity to periodically reexamine whether the Portfolio has achieved economies of scale, and the appropriateness of management fees payable to TFAI and fees payable by TFAI to the Sub-Ad viser, in the future.

Benefits (such as soft dollars) to TFAI, its affiliates, or the Sub-Adviser from their relationship with the Portfolio. The Board concluded that other benefits derived by TFAI, its affiliates, and the Sub-Adviser from their relationship with the Portfolio are reasonable and fair, and are consistent with industry practice and the best interests of the Portfolio and its shareholders. In this regard, the Board noted that TFAI does not realize "soft dollar" benefits from its relationship with the Portfolio, and that the Sub-Adviser is participating in a brokerage program pursuant to which a portion of brokerage commissions paid by the Portfolio is recaptured for the benefit of the Portfolio and its shareholders, thus limiting the amount of "soft-dollar" arrangements the Sub-Adviser may engage in with respect to the Portfolio's brokerage transactions. In a ddition, the Trustees determined that the administration, fund accounting and other fees paid by the Portfolio to affiliates of TFAI are reasonable, fair and in the best interests of shareholders in light of the nature and quality of the services provided, the associated costs to these affiliates of providing the services, the impact of the costs of such services on the Portfolio's overall operating expenses, and the necessity of the services for the Portfolio's operations.

Other considerations. The Board determined that TFAI had made a substantial commitment to the recruitment and retention of high quality personnel, and maintained the financial, compliance and operational resources reasonably necessary to manage the Portfolio in a professional manner that is consistent with the best interests of the Portfolio and its shareholders. In this regard, the Trustees favorably considered the procedures and policies in place by TFAI to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Adviser. The Trustees also determined that TFAI had made a significant entrepreneurial commitment to the management and success of the Portfolio, reflected by TFAI's expense limitation and fee waiver arrangement with the Portfolio, which may result in TFAI waiving a substantial amoun t of advisory fees for the benefit of shareholders.

AEGON/Transamerica Series Trust

Annual Report 2005

18

Transamerica Convertible Securities

MARKET ENVIRONMENT

As we had anticipated, 2005 was a year of solid economic growth. In addition, interest rates, though rising, were still relatively low and inflationary pressures remained moderate. Despite these positive factors, equity markets in the U.S. struggled to make headway, largely due to concern about high energy prices, the potential impact of hurricanes in the oil-producing Gulf Coast, and increased federal deficits. Nearing year-end, however, it became increasingly clear that the economy had withstood these challenges and corporate profitability was intact. Moreover, with inflation in check, investors projected that the Federal Reserve Board would soon cease to boost short-term interest rates. Equity markets rallied. Convertible securities, which are sensitive to both interest rates and equity valuations, were hurt by rising interest rates, a falloff in institutional demand, and problems in the automotive sector, but nonetheless fol lowed the stock market's upward trend after October. The Merrill Lynch All U.S. Convertibles Index ("ML U.S. Convertibles") generated a one-year total return of 1.01%.

PERFORMANCE

For the year ended December 31, 2005, Transamerica Convertible Securities, Initial Class returned 3.88%. By comparison its benchmark, the ML U.S. Convertibles returned 1.01%.

STRATEGY REVIEW

In selecting securities, we focus on companies that generate free cash flow, have strong competitive positions and are positioned to benefit from long-term secular growth themes, such as the rapid expansion of digitally based personal communications and entertainment. This theme led us to invest in Nextel International ("Nextel"), one of the portfolio's top contributors to performance in 2005. We purchased Nextel because it has done an impressive job of building its business in overseas markets.

Two other strong contributors, natural gas providers Chesapeake Energy Corporation and Quicksilver Resources Inc., benefited from the rise in energy prices driven by increased demand in an expanding global economy.

The same theme – investing in companies growing with the global economy – was behind our investment in Tyco International Ltd. ("Tyco"), a multinational collection of manufacturing and service companies. Believing that Tyco's individual businesses were worth more separately than as a whole, we expected the company to dismantle. As it turned out, Tyco did not reach that same conclusion until early 2006, and its securities performed poorly in 2005.

Another disappointment was Lionsgate Entertainment, an independent film company that, like most of Hollywood, suffered from a lack of "blockbuster" movie releases in 2005. We maintained our position, however, since the company has a valuable film library and generates strong free cash flow to invest in future growth.

As mentioned earlier, we seek to invest based on key fundamentals and defined long-term secular growth themes. Entering 2006, we are staying the course, pursuing familiar themes: global economic expansion and the rise in consumer electronics as individuals embrace new, often digitally based personal entertainment and communications devices.

Gary U. Rollé, CFA

Kirk J. Kim, CFA

Edward S. Han

Co-Portfolio Managers
Transamerica Investment Management, LLC

AEGON /Transamerica Series Trust

Annual Report 2005

1

Transamerica Convertible Securities

Comparison of change in value of $10,000 investment in Initial Class shares and its comparative index.

Average Annual Total Return for Periods Ended 12/31/05

	1 year			From Inception			Inception Date
Initial Class		3.88	%		8.63	%	5/1/02
ML U.S. Conv.1		1.01	%		7.82	%	5/1/02
Service Class		3.54	%		12.36	%	5/1/03

NOTES

1  The Merrill Lynch All U.S. Convertible (ML U.S. Conv.) Index is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. From inception calculation is based on life of Initial Class shares. Source: Standard & Poor's Micropal®^© Micropal, Inc. 2005 – 1-800-596-5323 – http://www.funds-sp.com.

The performance data presented represents past performance, future results may vary. The portfolio's investment return and net asset value will fluctuate. Past performance does not guarantee future results. Investor's units when redeemed, may be worth more or less than their original cost.

Current performance may be higher or lower than the performance data quoted. Please visit your insurance company's website for contract or policy level standardized total returns current to the most recent month-end. Portfolio performance is net of investment fees and fund expenses, but not product charges, which, if included, would significantly lower the performance quoted.

Because convertible securities are primarily long-term debt obligations and for that reason influenced by increases and decreases in interest rates, they may be subject to credit risk.

This material must be preceded or accompanied by a current prospectus, which includes specific contents regarding the investment objectives, explanation of share classes and policies of this portfolio.

AEGON/Transamerica Series Trust

Annual Report 2005

2

Transamerica Convertible Securities

UNDERSTANDING YOUR FUND'S EXPENSES
(unaudited)

SHAREHOLDER EXPENSES

Fund shareholders may incur ongoing costs, including management and advisory fees, distribution and service fees, and other Fund expenses.

The following Example is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.

The Example is based on an investment of $1,000 invested at July 1, 2005 and held for the entire period until December 31, 2005.

ACTUAL EXPENSES

The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of your Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fees, brokerage commissions paid on purchases and sales of fund shares. Therefore, the second line under the Fund in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If any of these transaction costs were included, your costs would be higher. The expenses shown in the table do not reflect any fees that may be charged to you by brokers, financial intermediaries or other financial institutions.

	Beginning Account Value		Ending Account Value		Annualized Expense Ratio			Expenses Paid During Period (a)
Initial Class
Actual	$	1,000.00	$	1,075.70		0.80	%	$	4.19
Hypothetical (b)		1,000.00		1,021.17		0.80			4.08
Service Class
Actual		1,000.00		1,074.00		1.05			5.49
Hypothetical (b)		1,000.00		1,019.91		1.05			5.35

^(a)  Expenses are calculated using each Fund's annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by number of days in the period (184 days), and divided by the number of days in the year (365 days).

^(b)  5% return per year before expenses.

GRAPHICAL PRESENTATION OF SCHEDULE OF INVESTMENTS
By Sector
At December 31, 2005

This chart shows the percentage breakdown by sector of the Fund's total investment securities.

AEGON/Transamerica Series Trust

Annual Report 2005

3

Transamerica Convertible Securities

SCHEDULE OF INVESTMENTS
At December 31, 2005
(all amounts except share amounts in thousands)

	Principal		Value
CONVERTIBLE BOND (79.6%)
Amusement & Recreation Services (1.2%)
Virgin River Casino Corp./RBG LLC/B&BB, Inc. 0.00%, due 01/15/2013 (a)	$	6,000	$	4,125
Commercial Banks (16.0%)
Euronet Worldwide, Inc.–144A 3.50%, due 10/15/2025		9,500		9,167
SG Structured Products, Inc. 0.25%, due 11/07/2012		12,000		11,921
Tiers Trust, United States–144A 0.25%, due 10/22/2012		12,400		14,043
Wachovia Corp.–144A 0.25%, due 03/01/2013		12,000		12,319
Wells Fargo & Co. 0.25%, due 04/29/2014		8,000		9,680
Communication (4.3%)
American Tower Corp. 3.00%, due 08/15/2012		3,600		5,184
XM Satellite Radio Holdings, Inc., Senior Note 1.75%, due 12/01/2009 †		6,000		5,182
XM Satellite Radio, Inc.–144A 1.75%, due 12/01/2009 †		6,000		5,182
Computer & Data Processing Services (2.2%)
Openwave Systems, Inc. 2.75%, due 09/09/2008		6,900		7,840
Computer & Office Equipment (2.1%)
Scientific Games Corp.–144A 0.75%, due 12/01/2024		7,000		7,499
Electronic Components & Accessories (3.5%)
Cypress Semiconductor Corp. 1.25%, due 06/15/2008		4,100		4,643
Intel Corp.–144A 2.95%, due 12/15/2035 †		8,000		7,810
Hotels & Other Lodging Places (2.1%)
Starwood Hotels & Resorts Worldwide, Inc. 3.50%, due 05/16/2023		6,000		7,687
Industrial Machinery & Equipment (2.1%)
Cooper Cameron Corp., Senior Note 1.50%, due 05/15/2024 †		5,800		7,569
Management Services (2.4%)
Fluor Corp. 1.50%, due 02/15/2024		6,000		8,558
Manufacturing Industries (4.0%)
Shuffle Master, Inc. 1.25%, due 04/15/2024 †		7,000		7,333

	Principal		Value
Manufacturing Industries (continued)
Tyco International Group SA, Series B 3.13%, due 01/15/2023	$	5,000	$	6,813
Medical Instruments & Supplies (0.8%)
St Jude Medical, Inc., Senior Note, Convertible 2.80%, due 12/15/2035		3,000		2,989
Mortgage Bankers & Brokers (3.8%)
WMT Debt Exchangeable Trust–144A 0.25%, due 05/02/2013 §		1,300		13,701
Motion Pictures (2.1%)
Lions Gate Entertainment Corp. 4.88%, due 12/15/2010 2.94%, due 10/15/2024		1,150 6,800		1,760 5,908
Oil & Gas Extraction (6.7%)
Halliburton Co. 3.13%, due 07/15/2023		4,500		7,695
Quicksilver Resources, Inc., Senior Note, Convertible 1.88%, due 11/01/2024		4,000		6,085
Schlumberger, Ltd., Series B 2.13%, due 06/01/2023		7,800		10,101
Personal Credit Institutions (1.7%)
American Express Co. 1.85%, due 12/01/2033 †(b)		5,900		6,261
Pharmaceuticals (2.1%)
Allergan, Inc. Zero coupon, due 11/06/2022		6,000		7,395
Primary Metal Industries (2.1%)
Inco, Ltd. Zero coupon, due 03/29/2021		6,500		7,451
Printing & Publishing (0.7%)
Barnes Group, Inc.–144A 3.75%, due 08/01/2025		2,700		2,673
Radio, Television & Computer Stores (2.7%)
Guitar Center, Inc. 4.00%, due 07/15/2013 †		6,500		9,644
Security & Commodity Brokers (8.7%)
BlackRock, Inc./New York, Note, Convertible 2.63%, due 02/15/2035		7,250		8,374
Morgan Stanley Group, Inc.–144A 0.25%, due 07/30/2014 §		7,900		8,804
Svensk Exportkredit AB 0.25%, due 01/31/2015 §		8,300		13,840

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

4

Transamerica Convertible Securities

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2005
(all amounts except share amounts in thousands)

	Principal		Value
Telecommunications (5.1%)
Nextel Partners, Inc. 1.50%, due 11/15/2008	$	3,850	$	8,422
NII Holdings, Inc. 2.88%, due 02/01/2034		5,750		9,933
Water Transportation (1.5%)
Carnival Corp. 1.13%, due 04/29/2033 (c)		7,000		5,495
Wholesale Trade Durable Goods (1.7%)
WESCO International, Inc.–144A 2.63%, due 10/15/2025		5,000		6,019
Total Convertible Bond (cost: $254,889)				285,105
	Shares		Value
CONVERTIBLE PREFERRED STOCKS (10.3%)
Chemicals & Allied Products (2.0%)
Celanese Corp.		250,000	$	7,000
Insurance (1.7%)
Fortis Insurance NV–144A ‡		5,120		6,176
Life Insurance (2.1%)
Metlife, Inc.		265,000		7,321
Mining (1.9%)
Arch Coal, Inc.		36,000		6,898
Oil & Gas Extraction (2.6%)
Chesapeake Energy Corp. †		31,725		9,290
Total Convertible Preferred Stocks (cost: $29,632)				36,685
	Principal		Value
SECURITY LENDING COLLATERAL (10.1%)
Debt (8.6%)
Bank Notes (0.2%)
Bank of America
4.27%, due 01/17/2006 *	$	538	$	538
4.31%, due 08/10/2006 *		442		442
Certificates of Deposit (0.4%)
Barclays 4.31%, due 01/17/2006 *		339		339
Canadian Imperial Bank of Commerce 4.15%, due 05/18/2006 *		480		480
Credit Suisse First Boston Corp. 4.18%, due 03/10/2006 *		192		192
Rabobank Nederland 4.10%, due 05/31/2006 *		480		480
Commercial Paper (1.0%)
Fairway Finance–144A 4.31%, due 01/10/2006		958		958

	Principal		Value
Commercial Paper (continued)
Jupiter Securitization Corp.–144A 4.27%, due 01/05/2006	$	480	$	480
Paradigm Funding LLC–144A 4.30%, due 01/09/2006		188		188
Park Avenue Receivables Corp.–144A 4.27%, due 01/04/2006		477		477
Preferred Receivables Corp.–144A 4.31%, due 01/04/2006		381		381
Ranger Funding Co. LLC–144A 4.29%, due 01/18/2006		379		379
Sheffield Receivables Corp.–144A 4.26%, due 01/23/2006		230		230
Yorktown Capital LLC 4.27%, due 01/05/2006		480		480
Euro Dollar Overnight (1.4%)
Calyon 4.34%, due 01/05/2006		480		480
Fortis Bank 4.35%, due 01/03/2006 4.35%, due 01/05/2006		960 912		960 912
Harris Trust & Savings Bank 4.25%, due 01/05/2006		787		787
National Australia Bank 4.16%, due 01/03/2006		980		980
Rabobank Nederland 4.15%, due 01/03/2006		346		346
Wells Fargo 4.27%, due 01/03/2006		480		480
Euro Dollar Terms (2.9%)
Bank of Montreal 4.30%, due 01/19/2006		960		960
Barclays 4.27%, due 01/25/2006 4.30%, due 01/31/2006		288 768		288 768
BNP Paribas 4.22%, due 01/24/2006		480		480
Dexia Group 4.25%, due 01/09/2006		480		480
Rabobank Nederland 4.21%, due 01/19/2006		864		864
Royal Bank of Canada 4.25%, due 01/24/2006		672		672
Royal Bank of Scotland 4.30%, due 01/31/2006 4.31%, due 02/01/2006		1,440 1,056		1,440 1,056

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

5

Transamerica Convertible Securities

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2005
(all amounts except share amounts in thousands)

	Principal		Value
Euro Dollar Terms (continued)
Societe Generale 4.28%, due 01/30/2006	$	960	$	960
UBS AG 4.26%, due 01/10/2006		960		960
Wells Fargo 4.29%, due 01/30/2006		1,440		1,440
Promissory Notes (0.2%)
Bear Stearns & Co. 4.39%, due 03/07/2006 4.39%, due 06/06/2006		576 192		576 192
Repurchase Agreements (2.5%) ††
Credit Suisse First Boston Corp. 4.29%, dated 12/30/2005 to be repurchased at $1,608 on 01/03/2006		1,607		1,607
Goldman Sachs Group, Inc. (The) 4.29%, dated 12/30/2005 to be repurchased at $3,836 on 01/03/2006		3,834		3,834
Lehman Brothers, Inc. 4.29% dated 12/30/2005 to be repurchased at $26 on 01/03/2006		26		26

	Principal		Value
Repurchase Agreements (continued)
Merrill Lynch & Co. 4.24%, dated 12/30/2005 to be repurchased at $3,074 on 01/03/2006	$	3,072	$	3,072
Morgan Stanley Dean Witter & Co. 4.36%, dated 12/30/2005 to be repurchased at $339 on 01/03/2006		339		339
	Shares		Value
Investment Companies (1.5%)
American Beacon Fund 1-day yield of 4.19%		131,623	$	132
Barclays Global Investors Institutional Money Market Fund 1-day yield of 4.19%		1,248,084		1,248
Dreyfus Cash Management Plus Fund 1-day yield of 4.09%		518,435		519
Merrimac Cash Fund, Premium Class 1-day yield of 4.03% @		3,398,788		3,399
Total Security Lending Collateral (cost: $36,301)				36,301
Total Investment Securities (cost: $320,822)			$	358,091

NOTES TO SCHEDULE OF INVESTMENTS:

(a)  Virgin River Casino Corp./RBG LLC/B&BB, Inc. has a coupon rate of 0.00% until 01/15/2009, thereafter the coupon rate will be 12.75%.

(b)  American Express Co. has a coupon rate of 1.85% until 12/01/2006, thereafter the coupon rate will be 0.00%.

(c)  Carnival Corp. has a coupon rate of 1.13% until 04/29/2008, thereafter the coupon rate will be 0.00%.

†  At December 31, 2005, all or a portion of this security is on loan (see Note 1). The value at December 31, 2005, of all securities on loan is $35,451.

§  Security is deemed to be illiquid.

‡  Non-income producing.

*  Floating or variable rate note. Rate is listed as of December 31, 2005.

††  Cash collateral for the Repurchase Agreements, valued at $9,055, that serve as collateral for securities lending are invested in corporate bonds with interest rates and maturity dates ranging from 0.00%–8.75% and 01/03/2006–08/01/2037, respectively.

@  Regulated investment company advised by Investors Bank and Trust Co. ("IBT"). IBT is also the accounting, custody and lending agent for the Fund.

DEFINITIONS:

144A  144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2005, these securities aggregated $96,486 or 26.9% of the total investments of the Fund.

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

6

Transamerica Convertible Securities

STATEMENT OF ASSETS AND LIABILITIES
At December 31, 2005
(all amounts except per share amounts in thousands)

Assets:
Investment securities, at value (cost: $320,822) (including securities loaned of $35,451)	$	358,091
Cash		2,235
Receivables:
Shares sold		341
Interest		953
Income from loaned securities		11
		361,631
Liabilities:
Accounts payable and accrued liabilities:
Shares redeemed		15
Management and advisory fees		218
Service fees		2
Administration fees		6
Payable for collateral for securities on loan		36,301
Other		26
		36,568
Net Assets	$	325,063
Net Assets Consist of:
Capital stock ($.01 par value)	$	290
Additional paid-in capital		273,806
Distributable net investment income (loss)		7,007
Accumulated net realized gain (loss) from investment securities		6,691
Net unrealized appreciation (depreciation) on investment securities		37,269
Net Assets	$	325,063
Net Assets by Class:
Initial Class	$	314,353
Service Class		10,710
Shares Outstanding:
Initial Class		28,061
Service Class		959
Net Asset Value and Offering Price Per Share:
Initial Class	$	11.20
Service Class		11.17

STATEMENT OF OPERATIONS
For the year ended December 31, 2005
(all amounts in thousands)

Investment Income:
Interest	$	6,962
Dividends		2,685
Income from loaned securities–net		208
		9,855
Expenses:
Management and advisory fees		2,648
Printing and shareholder reports		33
Custody fees		43
Administration fees		72
Legal fees		7
Audit fees		14
Trustees fees		12
Service fees:
Service Class		20
Other		9
Total expenses		2,858
Net Investment Income (Loss)		6,997
Net Realized and Unrealized Gain (Loss):
Realized gain (loss) from investment securities		6,727
Increase (decrease) in unrealized appreciation (depreciation) on investment securities		649
Net Realized and Unrealized Gain (Loss) on Investment Securities		7,376
Net Increase (Decrease) in Net Assets Resulting from Operations	$	14,373

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

7

Transamerica Convertible Securities

STATEMENTS OF CHANGES IN NET ASSETS
For the years ended
(all amounts in thousands)

	December 31, 2005			December 31, 2004
Increase (Decrease) In Net Assets From:
Operations:
Net investment income (loss)	$	6,997		$	7,995
Net realized gain (loss) from investment securities		6,727			35,917
Change in unrealized appreciation (depreciation) on investment securities		649			2,896
		14,373			46,808
Distributions to Shareholders:
From net investment income:
Initial Class		(7,833	)		(7,569	)
Service Class		(192	)		(60	)
		(8,025	)		(7,629	)
From net realized gains:
Initial Class		(34,995	)		(14,919	)
Service Class		(893	)		(135	)
		(35,888	)		(15,054	)
Capital Share Transactions:
Proceeds from shares sold:
Initial Class		34,007			33,356
Service Class		5,738			5,676
		39,745			39,032
Dividends and distributions reinvested:
Initial Class		42,828			22,486
Service Class		1,085			195
		43,913			22,681
Cost of shares redeemed:
Initial Class		(84,970	)		(108,667	)
Service Class		(1,477	)		(1,049	)
		(86,447	)		(109,716	)
		(2,789	)		(48,003	)
Net increase (decrease) in net assets		(32,329	)		(23,878	)
Net Assets:
Beginning of year		357,392			381,270
End of year	$	325,063		$	357,392
Distributable Net Investment Income (Loss)	$	7,007		$	7,999

	December 31, 2005			December 31, 2004
Share Activity:
Shares issued:
Initial Class		2,901			2,840
Service Class		497			486
		3,398			3,326
Shares issued–reinvested from distributions:
Initial Class		3,988			2,170
Service Class		101			19
		4,089			2,189
Shares redeemed:
Initial Class		(7,524	)		(9,361	)
Service Class		(130	)		(91	)
		(7,654	)		(9,452	)
Net increase (decrease) in shares outstanding:
Initial Class		(635	)		(4,351	)
Service Class		468			414
		(167	)		(3,937	)

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

8

Transamerica Convertible Securities

FINANCIAL HIGHLIGHTS

		For a share outstanding throughout each period (a)
		Net Asset		Investment Operations								Distributions									Net Asset
	For the Period Ended (b)	Value, Beginning of Period		Net Investment Income (Loss)		Net Realized and Unrealized Gain (Loss)			Total Operations			From Net Investment Income			From Net Realized Gains			Total Distributions			Value, End of Period
Initial Class	12/31/2005	$	12.24	$	0.22	$	0.19		$	0.41		$	(0.27	)	$	(1.18	)	$	(1.45	)	$	11.20
	12/31/2004		11.51		0.24		1.16			1.40			(0.23	)		(0.44	)		(0.67	)		12.24
	12/31/2003		9.32		0.31		1.89			2.20			(0.01	)		–			(0.01	)		11.51
	12/31/2002		10.00		0.17		(0.85	)		(0.68	)		–			–			–			9.32
Service Class	12/31/2005		12.24		0.19		0.18			0.37			(0.26	)		(1.18	)		(1.44	)		11.17
	12/31/2004		11.50		0.20		1.18			1.38			(0.20	)		(0.44	)		(0.64	)		12.24
	12/31/2003		9.86		0.18		1.46			1.64			–			–			–			11.50

					Ratios/Supplemental Data
	For the Period	Total			Net Assets, End of Period		Ratio of Expenses to Average Net Assets (f)						Net Investment Income (Loss) to Average			Portfolio Turnover
	Ended (b)	Return (c)(g)			(000's)		Net (d)			Total (e)			Net Assets (f)			Rate (g)
Initial Class	12/31/2005		3.88	%	$	314,353		0.79	%		0.79	%		1.95	%		85	%
	12/31/2004		13.18			351,386		0.84			0.84			2.04			138
	12/31/2003		23.66			380,387		0.84			0.84			2.88			139
	12/31/2002		(6.80	)		82,148		1.08			1.08			2.73			72
Service Class	12/31/2005		3.54			10,710		1.04			1.04			1.65			85
	12/31/2004		12.99			6,006		1.10			1.10			1.72			138
	12/31/2003		16.69			883		1.09			1.09			2.41			139

NOTES TO FINANCIAL HIGHLIGHTS

(a)  Per share information is calculated based on average number of shares outstanding.

(b)  Transamerica Convertible Securities (the "Fund") share classes commenced operations as follows:

Initial Class – May 1, 2002
Service Class – May 1, 2003

(c)  Total Return reflects all portfolio expenses and includes reinvestment of dividends and capital gains; it does not reflect the charges and deductions under the policies or annuity contracts.

(d)  Ratio of Net Expenses to Average Net Assets is net of advisory fee waivers, if any (see note 2).

(e)  Ratio of Total Expenses to Average Net Assets includes all expenses before advisory fee waivers.

(f)  Annualized.

(g)  Not annualized.

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

9

Transamerica Convertible Securities

NOTES TO FINANCIAL STATEMENTS
At December 31, 2005
(all amounts in thousands)

NOTE 1.  ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

The AEGON/Transamerica Series Trust ("ATST") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). ATST serves as a funding vehicle for variable life insurance, variable annuity and group annuity products. Transamerica Convertible Securities (the "Fund") is part of ATST.

Effective May 1, 2005, AEGON/Transamerica Series Fund, Inc. changed its name to AEGON/Transamerica Series Trust.

In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

This report should be read in conjunction with the current Fund prospectus, which contains more complete information about the Fund.

In preparing the Fund's financial statements in accordance with accounting principles generally accepted in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Fund.

Multiple class operations, income and expenses: The Fund currently offers two classes of shares, an Initial Class and a Service Class. Income, non-class specific expenses and realized and unrealized gains and losses, are allocated daily to each class, based upon the value of shares outstanding method as permitted under Rule 18f-3 of the 1940 Act. Each class bears its own specific expenses as well as a portion of general, common expenses.

Security valuations: The Fund values its investments at the close of the New York Stock Exchange ("NYSE"), normally 4 p.m. ET, each day the NYSE is open for business. Fund investments are valued at the last sale price or closing price on the day of valuation taken from the primary exchange where the security is principally traded.

Securities traded in the over-the-counter market and listed securities for which no sale was reported on that date are valued at the last quoted bid price.

Debt securities are valued based on a price quotation or other equivalent indication of value supplied by an exchange, a pricing service or a major market maker; however, those that mature in sixty days or less are valued at amortized cost, which approximates market.

Investment company securities are valued at the net asset value of the underlying portfolio.

Other securities for which quotations are not readily available are valued at fair market value as determined in good faith by the Fund's Administrative Valuation Committee, under the supervision of the Board's Valuation Committee, using guidelines adopted by the Board of Trustees.

Cash: The Fund may leave cash overnight in its cash account with the custodian, Investors Bank & Trust Company ("IBT"). IBT has been contracted on behalf of the Fund to invest the excess cash into a savings account, which at December 31, 2005, was paying an interest rate of 3.00%.

Repurchase agreements: The Fund is authorized to enter into repurchase agreements. The Fund, through its custodian, IBT, receives delivery of the underlying securities, the value of which at the time of purchase is required to be an amount equal to at least 100% of the resale price. The Fund will bear the risk of value fluctuations until the security can be sold and may encounter delays and incur costs in liquidating the security. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Securities lending: The Fund may lend securities to qualified borrowers, with IBT acting as the Fund's lending agent. The Fund earns negotiated lenders' fees. The Fund receives cash and/or securities as collateral against the loaned securities. Cash collateral received is invested in short term, interest bearing securities. The Fund monitors the market value of securities loaned on a daily basis and requires collateral in an amount at least equal to the value of the securities loaned. Income from loaned securities on the Statement of Operations is net of fees, in the amount of $89, earned by IBT for its services.

Security transactions and investment income: Security transactions are recorded on the trade date. Security gains and losses are calculated on the first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend date. Interest income, including accretion of discounts and amortization of premiums, is recorded on the accrual basis commencing on the settlement date.

Dividend distributions: Dividends and capital gains distributions are typically declared and reinvested annually and are generally paid and reinvested on the business day following the ex-date.

NOTE 2.  RELATED PARTY TRANSACTIONS

Effective January 1, 2005 AEGON/Transamerica Fund Advisers, Inc. was renamed Transamerica Fund Advisors, Inc. ("TFAI"); AEGON/Transamerica Fund Services, Inc. and AEGON/Transamerica Investor Services, Inc. merged into one entity and was renamed Transamerica Fund Services, Inc. ("TFS").

AEGON/Transamerica Series Trust

Annual Report 2005

10

Transamerica Convertible Securities

NOTES TO FINANCIAL STATEMENTS (continued)
At December 31, 2005
(all amounts in thousands)

NOTE 2.–(continued)

ATST serves as a funding vehicle for certain affiliated asset allocation portfolios and certain affiliated separate accounts of Western Reserve Life Assurance Co. of Ohio, Transamerica Life Insurance Company, Transamerica Financial Life Insurance Company, Inc., Peoples Benefit Life Insurance Company, Transamerica Occidental Life Insurance Company and Transamerica Life Insurance and Annuity Company.

TFAI is the Fund's investment adviser. TFS is the Fund's administrator and transfer agent. AFSG Securities Corp. ("AFSG") is the Fund's distributor. TFAI, TFS, and AFSG are affiliates of AEGON, NV, a Netherlands corporation.

Certain officers and trustees of the Fund are also officers and/or directors of TFAI, TFS and AFSG.

Transamerica Investment Management, LLC is both an affiliate of the Fund and a sub-adviser to the Fund.

The following schedule reflects the percentage of fund assets owned by affiliated investment companies at December 31, 2005:

	Net Assets		% of Net Assets
Asset Allocation– Conservative Portfolio	$	21,341		6.57	%
Asset Allocation– Moderate Portfolio		107,579		33.09	%
Asset Allocation– Moderate Growth Portfolio		120,118		36.95	%
Total	$	249,038		76.61	%

Investment advisory fee: The Fund pays management fees to TFAI based on average daily net assets ("ANA") at the following breakpoints:

0.75% of the first $250 million of ANA
0.70% of ANA over $250 million

TFAI has contractually agreed to waive its advisory fee and will reimburse the Fund to the extent that operating expenses, excluding 12b-1 fees, exceed the following stated annual limit:

1.25% Expense Limit

If total fund expenses fall below the annual expense limitation agreement agreed to by the adviser within the succeeding three years, the Fund may be required to pay that adviser a portion or all of the waived advisory fees.

There were no amounts recaptured during the year ended December 31, 2005. There are no amounts available for recapture at December 31, 2005.

Distribution and service fees: The Fund adopted a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, ATST entered into a Distribution Agreement with AFSG dated January 1, 1997, as amended.

Under the Distribution Plan and Distribution Agreement on the Initial Class shares, AFSG, on behalf of the Fund, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Fund's shares, amounts equal to actual expenses associated with distributing the shares.

The Distribution Plan on the Service Class shares requires ATST to pay distribution fees to AFSG as compensation for its activities, not as reimbursement for specific expenses. The fee on the Service Class is paid to the insurance companies for providing services and account maintenance for their policyholders who invest in the variable insurance products which invest in the Service Class shares.

The Fund is authorized under the 12b-1 plan to pay fees on each class up to the following limits:

Initial Class	0.15	%
Service Class	0.25	%

AFSG has determined that it will not seek payment by the Fund of the distribution expenses incurred with respect to the Initial Class shares before April 30, 2007. Prior to AFSG seeking reimbursement of future expenses, policy and contract owners will be notified in advance. The Fund will pay fees relating to Service Class shares.

Administrative services: The Fund has entered into an agreement with TFS for financial and legal fund administration services. The Fund pays TFS an annual fee of 0.02% of ANA. The Legal fees on the Statement of Operations are for fees paid to external legal counsel.

Deferred compensation plan: Each eligible independent Fund Trustee may elect participation in a non-qualified deferred compensation plan ("the Plan") maintained by Transamerica IDEX Mutual Funds, an affiliate of the Fund. Under the Plan, such Trustees may defer payment of all or a portion of their total fees earned as a Fund Trustee. Each Trustee who is a participant in the Plan may elect that the earnings, losses or gains credited to his or her deferred fee amounts be determined based on a deemed investment in any series of Transamerica IDEX Mutual Funds. The right of a participant to receive a distribution from the Plan of the deferred fees is an unsecured claim against the general assets of all series of Transamerica IDEX Mutual Funds.

AEGON/Transamerica Series Trust

Annual Report 2005

11

Transamerica Convertible Securities

NOTES TO FINANCIAL STATEMENTS (continued)
At December 31, 2005
(all amounts in thousands)

NOTE 2.–(continued)

The pro rata liability to the Fund of all deferred fees in the Plan amounted, as of December 31, 2005, to $16.

NOTE 3.  INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the year ended December 31, 2005, were as follows:

Purchases of securities:
Long-Term	$	296,095
U.S. Government		–
Proceeds from maturities and sales of securities:
Long-Term		319,784
U.S. Government		–

NOTE 4.  FEDERAL INCOME TAX MATTERS

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatment for items including, but not limited to, wash sales and equity linked notes.

Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. Financial records are not adjusted for temporary differences. These reclassifications are as follows:

Distributable net investment income (loss)	$	36
Accumulated net realized gain (loss) from investment securities		(36	)

The tax character of distributions paid may differ from the character of distributions shown in the Statements of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2004 and 2005 was as follows:

2004 Distributions paid from:
Ordinary Income	$	22,655
Long-term Capital Gain		28
2005 Distributions paid from:
Ordinary Income		32,109
Long-term Capital Gain		11,804

The tax basis components of distributable earnings as of December 31, 2005, are as follows:

Undistributed Ordinary Income	$	9,402
Undistributed Long-term Capital Gain	$	4,304
Capital Loss Carryforward	$	–
Net Unrealized Appreciation (Depreciation)	$	37,261

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of December 31, 2005, are as follows:

Federal Tax Cost Basis	$	320,830
Unrealized Appreciation	$	42,143
Unrealized (Depreciation)		(4,882	)
Net Unrealized Appreciation (Depreciation)	$	37,261

NOTE 5.  REGULATORY PROCEEDINGS

There continues to be significant federal and state regulatory activity relating to financial services companies, particularly mutual fund companies and their investment advisers. As part of an ongoing investigation regarding potential market timing, recordkeeping and trading compliance issues and matters affecting the Fund's investment adviser, TFAI, and certain affiliates and former employees of TFAI, the SEC staff has indicated that it is likely to take some action against TFAI and certain of its affiliates at the conclusion of the investigation. The potential timing and the scope of any such action is difficult to predict. Although the impact of any action brought against TFAI and/or its affiliates is difficult to assess at the present time, the Fund currently believes that the likelihood that any such action will have a material adverse impact on it is remote. It is important to note that the Fund is not aware of any allega tion of wrongdoing against it and its Board at the time this annual report is printed. Although it is not anticipated that these developments will have an adverse impact on the Fund, there can be no assurance at this time. TFAI and its affiliates are actively working with the SEC in regard to this matter; however, the exact resolution cannot be determined at this time. TFAI will take such actions that it deems necessary or appropriate to continue providing management services to the Fund and to bring all matters to an appropriate conclusion.

TFAI and/or its affiliates, and not the Fund, will bear the costs regarding these regulatory matters.

AEGON/Transamerica Series Trust

Annual Report 2005

12

Report of Independent Registered Certified Public Accounting Firm

To the Board of Trustees and Shareholders of
Transamerica Convertible Securities

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Transamerica Convertible Securities (the "Fund") (one of the portfolios constituting the AEGON/Transamerica Series Trust) at December 31, 2005, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fund's management; our responsibility is to express an opinion on these financial statements base d on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2005 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

Tampa, Florida
February 23, 2006

Transamerica Convertible Securities (UNAUDITED)

SUPPLEMENTAL TAX INFORMATION
(all amounts in thousands)

For tax purposes, the Fund has made a Long-Term Capital Gain Designation of $11,804 for the year ended December 31, 2005.

AEGON/Transamerica Series Trust

Annual Report 2005

13

Transamerica Convertible Securities

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS – REVIEW AND RENEWAL (unaudited)

At a meeting of the Board of Trustees of AEGON/Transamerica Series Trust ("ATST") held on November 2, 2005, the Board reviewed and considered the Investment Advisory Agreement between Transamerica Convertible Securities (the "Portfolio") and Transamerica Fund Advisors, Inc. ("TFAI") as well as the Investment Sub-Advisory Agreement of the Portfolio between TFAI and Transamerica Investment Management, LLC (the "Sub-Adviser"), to determine whether the agreements should be renewed for a one-year period. Following their review and consideration, the Trustees determined that the Investment Advisory Agreement and the Investment Sub-Advisory Agreement will enable shareholders of the Portfolio to obtain high quality services at a cost that is appropriate, reasonable, and in the best interests of its shareholders. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreeme nt and the Investment Sub-Advisory Agreement. In reaching their decision, the Trustees requested and obtained from TFAI and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the proposed agreements. The Trustees also carefully considered the information that they had received throughout the year from TFAI and the Sub-Adviser (such as in-person presentations by the Sub-Adviser) as part of their regular oversight of the Portfolio, as well as: comparative fee, expense and performance information prepared by Lipper Inc. ("Lipper"), independent providers of mutual fund performance, fee and expense information; and profitability data. In considering the proposed continuation of the Investment Advisory Agreement and the Investment Sub-Advisory Agreement, the Trustees evaluated a number of considerations that they believe, in light of the legal advice furnished to them by ATST counsel and independent legal counsel and their own business judgment, to be relevant. They based their decisi ons on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:

The nature, extent and quality of the advisory service to be provided. The Board considered the nature and quality of the services provided by TFAI and the Sub-Adviser to the Portfolio in the past, as well as the services anticipated to be provided in the future. The Board concluded that TFAI and the Sub-Adviser are capable of providing high quality services to the Portfolio, as indicated by the nature and quality of services provided in the past, TFAI's and the Sub-Adviser's management capabilities demonstrated with respect to the portfolios they manage, including the Portfolio, and the experience, capability and integrity of TFAI's senior management, the financial resources of TFAI and the Sub-Adviser, TFAI's management oversight process, and the professional qualifications and experience of the Sub-Adviser's portfolio management team. The Trustees also concluded that TFAI and the Sub-Adviser proposed to provide investment and related services that were of the same quality and quantity as services provided to the Portfolio in the past, and that these services are appropriate in scope and extent in light of the Portfolio's operations, the competitive landscape of the investment company business and investor needs, and that TFAI's and the Sub-Adviser's obligations will remain substantially the same.

The investment performance of the Portfolio. The Board examined both the short-term and longer-term performance of the Portfolio, including relative performance against a benchmark securities index and a peer group of comparable mutual funds as prepared by Lipper, for various trailing periods ended June 30, 2005. The Trustees concluded that TFAI and the Sub-Adviser generally had achieved acceptable investment performance, noting that although the performance of the Portfolio was below median relative to its peers over the past two- and three-year periods, its performance was above median relative to its peers over the past one-year period. On the basis of the Trustees' assessment of the nature, extent and quality of advisory services to be provided or procured by TFAI and the Sub-Adviser, the Trustees concluded that TFAI and the Sub-Adviser are capabl e of generating a level of investment performance that is appropriate in light of the Portfolio's investment objective, policies and strategies and competitive with many other investment companies, and also determined that TFAI's and the Sub-Adviser's performance records indicate that their continued management is likely to benefit the Portfolio and its shareholders.

The cost of advisory services provided and the level of profitability. The Board reviewed profitability information regarding TFAI's costs of procuring portfolio management services, as well as the costs of provision of administration, fund accounting and other services, to the Portfolio and to ATST as a whole by TFAI and its affiliates. The Trustees reviewed data from Lipper that compared the Portfolio's management fees (including management fees at various asset levels), other fees and expenses (including total expenses including and excluding 12b-1 distribution and service fees) and portfolio turnover rate against a peer group of comparable mutual funds. Based on such information, the Trustees determined that the management fees and overall expense ratio of the Portfolio generally are consistent with industry averages. In addition, on the basis of the Board's review of the management fees to be charged by TFAI for investment advisory and related services, TFAI profitability information (derived from TFAI's audited financial statements), TFAI's estimated management income resulting from its management of the Portfolio, the estimated margin of the Sub-Adviser, as well as the entirety of TFAI's and its affiliates' service relationship with ATST, the Board concluded that the level of investment management fees and other service fees, as well as TFAI's and the Sub-Adviser's profitability, are appropriate in light of the services provided, the management fees and overall expense ratios of comparable investment companies and the anticipated profitability of the relationship between the Portfolio, TFAI and its affiliates, and the Sub-Adviser.

AEGON/Transamerica Series Trust

Annual Report 2005

14

Transamerica Convertible Securities (continued)

Whether fee levels reflect economies of scale and the extent to which economies of scale would be realized as the Portfolio grows. The Board concluded that the inclusion of asset-based breakpoints in the Portfolio's advisory fee schedule appropriately benefits investors by realizing economies of scale in the form of lower management fees as the level of assets grows. In addition, the Board concluded that the Portfolio's management fees appropriately reflect the Portfolio's current size, the current economic environment for TFAI, the competitive nature of the investment company market, and TFAI's pricing strategy. The Trustees also concluded that they will have the opportunity to periodically reexamine whether the Portfolio has achieved economies of scale, and the appropriateness of management fees payable to TFAI and fees payable by TFAI to the Sub-Ad viser, in the future.

Benefits (such as soft dollars) to TFAI, its affiliates, or the Sub-Adviser from their relationship with the Portfolio. The Board concluded that other benefits derived by TFAI, its affiliates, and the Sub-Adviser from their relationship with the Portfolio, including "soft-dollar" benefits (if any) in connection with brokerage transactions, sales charges and distribution/service fees (to the extent applicable) are reasonable and fair, and are consistent with industry practice and the best interests of the Portfolio and its shareholders. In this regard, the Board noted that TFAI does not realize "soft dollar" benefits from its relationship with the Portfolio, and that the Sub-Adviser's "soft-dollar" arrangements are consistent with applicable law and "best execution" requirements. In addition, the Trustees determined that the administration, fund accoun ting and other fees paid by the Portfolio to affiliates of TFAI are reasonable, fair and in the best interests of shareholders in light of the nature and quality of the services provided, the associated costs to these affiliates of providing the services, the impact of the costs of such services on the Portfolio's overall operating expenses, and the necessity of the services for the Portfolio's operations.

Other considerations. The Board determined that TFAI had made a substantial commitment to the recruitment and retention of high quality personnel, and maintained the financial, compliance and operational resources reasonably necessary to manage the Portfolio in a professional manner that is consistent with the best interests of the Portfolio and its shareholders. In this regard, the Trustees favorably considered the procedures and policies in place by TFAI to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Adviser. The Trustees also determined that TFAI had made a significant entrepreneurial commitment to the management and success of the Portfolio, reflected by TFAI's expense limitation and fee waiver arrangement with the Portfolio, which may result in TFAI waiving a substantial amoun t of advisory fees for the benefit of shareholders.

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Transamerica Equity

MARKET ENVIRONMENT

The Standard and Poor's 500 Composite Stock Index ("S&P 500") finished 2005 with a modest gain of 4.91%. Much of the advance occurred in the final quarter as wary investors looked past sundry near-term worries to focus on a central fact: the U.S. economy continued to grow at an impressive rate without generating higher core inflation. Despite thirteen interest-rate hikes by the Federal Reserve Board since mid-2004, overall interest rates remained historically low, facilitating rapid growth in the housing market, steady spending by consumers and higher employment levels. In the end, these outweighed the impact of higher energy prices, increased defense and deficit spending, and major Gulf Coast hurricanes to keep the economy expanding and stock prices rising.

For the year as a whole, the energy and utilities sectors were far and away the market leaders. The market's weakest areas included consumer stocks and telecommunications.

PERFORMANCE

For the year ended December 31, 2005, Transamerica Equity, Initial Class returned 16.54%. By comparison its primary and former benchmarks, the Russell 1000 Growth Index and the S&P 500, returned 5.26% and 4.91%, respectively.

STRATEGY REVIEW

We focus on identifying powerful, long-term secular growth trends and quality companies positioned to benefit from them. Major themes in recent years have included the digitization/ personalization of communications and entertainment; the development and/or productivity-enhancing application of new technologies; and the development of the global economy and infrastructure. The majority of the portfolio's top contributors to performance fall into one of these categories.

For example, in the area of technology and productivity, we chose SanDisk Corporation ("SanDisk"), which designs, manufacturers and distributes portable "flash" memory cards used in digital devices. As more businesses find ways to utilize digital memory, SanDisk's business is growing faster than analysts' expectations. At WellPoint, Inc. ("WellPoint"), a managed care company, management is effectively applying technology to manage vast amounts of data and thereby reduce costs of administering health plans. During 2005, WellPoint began applying its efficient approach to Anthem, a managed care company with which it merged in 2004, and moved forward with the acquisition of yet another managed care company, WellChoice, Inc. The third top contributor, Chicago Mercantile Exchange Holdings Inc., one of the world's largest futures exchanges, is riding a wave of worl dwide growth in futures and derivatives trading and, importantly, is at the forefront of the move to electronic exchanges.

Among the expanding-global-infrastructure investments that performed best were Expeditors International, an established freight forwarding company, and Praxair, Inc., which supplies gases used in industrial production.

The price gains in these and other stocks were partially offset by losses for Lexmark International, Inc., United Parcel Service, Inc., and XM Satellite Radio Holdings Inc. ("XM"). We exited the first two but continue to hold XM, where we view the downturn as temporary. A slowdown in sales at XM's major distributor, General Motors Corporation, and heightened competition have weighed on the stock price recently. However, the company continues to meet its targets for customer growth.

Gary U. Rollé, CFA

Kirk J. Kim, CFA

Edward S. Han

Co-Portfolio Managers
Transamerica Investment Management, LLC

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Transamerica Equity

Comparison of change in value of $10,000 investment in Initial Class shares and its comparative indices.

Average Annual Total Return for Periods Ended 12/31/05

	1 year			5 years			10 years			From Inception			Inception Date
Initial Class		16.54	%		2.55	%		14.24	%		16.22	%	12/31/80
Russell 1000 Growth1		5.26	%		(3.58	)%		6.73	%		10.56	%	12/31/80
S&P 5001		4.91	%		0.54	%		9.07	%		12.47	%	12/31/80
Service Class		16.28	%		–			–			20.55	%	5/1/03

NOTES

¹  The Russell 1000 Growth (Russell 1000 Growth) Index and the Standard and Poor's 500 Composite Stock (S&P 500) Index are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. From inception calculation is based on life of Initial Class shares. For reporting periods through December 31, 2004, the Fund had selected the S&P 500 as its benchmark measure; however, the Russell 1000 Growth is more appropriate for comparison to the Fund. Source: Standard & Poor's Micropal®© Micropal, Inc. 2005 – 1-800-596-5323 – http://www.funds-sp.com.

The performance data presented represents past performance, future results may vary. The portfolio's investment return and net asset value will fluctuate. Past performance does not guarantee future results. Investor's units when redeemed,may be worth more or less than their original cost.

Current performance may be higher or lower than the performance data quoted. Please visit your insurance company's website for contract or policy level standardized total returns current to the most recent month-end. Portfolio performance is net of investment fees and fund expenses, but not product charges, which, if included, would significantly lower the performance quoted.

This material must be preceded or accompanied by a current prospectus, which includes specific contents regarding the investment objectives, explanation of share classes and policies of this portfolio.

The historical financial information for periods prior to May 1, 2002 has been derived from the financial history of the predecessor portfolio, Growth Portfolio of Transamerica Variable Insurance Fund, Inc.

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Annual Report 2005

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Transamerica Equity

UNDERSTANDING YOUR FUND'S EXPENSES
(unaudited)

SHAREHOLDER EXPENSES

Fund shareholders may incur ongoing costs, including management and advisory fees, distribution and service fees, and other Fund expenses.

The following Example is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.

The Example is based on an investment of $1,000 invested at July 1, 2005 and held for the entire period until December 31, 2005.

ACTUAL EXPENSES

The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of your Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fees, brokerage commissions paid on purchases and sales of fund shares. Therefore, the second line under the Fund in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If any of these transaction costs were included, your costs would be higher. The expenses shown in the table do not reflect any fees that may be charged to you by brokers, financial intermediaries or other financial institutions.

	Beginning Account Value		Ending Account Value		Annualized Expense Ratio			Expenses Paid During Period (a)
Initial Class
Actual	$	1,000.00	$	1,166.50		0.80	%	$	4.37
Hypothetical (b)		1,000.00		1,021.17		0.80			4.08
Service Class
Actual		1,000.00		1,165.60		1.05			5.73
Hypothetical (b)		1,000.00		1,019.91		1.05			5.35

^(a)  Expenses are calculated using each Fund's annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by number of days in the period (184 days), and divided by the number of days in the year (365 days).

^(b)  5% return per year before expenses.

GRAPHICAL PRESENTATION OF SCHEDULE OF INVESTMENTS
By Sector
At December 31, 2005

This chart shows the percentage breakdown by sector of the Fund's total investment securities.

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Transamerica Equity

SCHEDULE OF INVESTMENTS
At December 31, 2005
(all amounts except share amounts in thousands)

	Shares		Value
COMMON STOCKS (89.1%)
Business Services (4.5%)
eBay, Inc. ‡		1,200,000	$	51,900
Moody's Corp.		550,000		33,781
Chemicals & Allied Products (5.7%)
Praxair, Inc.		1,050,000		55,608
Procter & Gamble Co.		900,000		52,092
Communication (1.9%)
XM Satellite Radio Holdings, Inc.–Class A ‡†		1,300,000		35,464
Communications Equipment (4.6%)
QUALCOMM, Inc.		2,000,000		86,160
Computer & Data Processing Services (6.6%)
Intuit, Inc. ‡		1,000,000		53,300
Microsoft Corp. †		2,700,000		70,605
Computer & Office Equipment (6.5%)
Apple Computer, Inc. ‡		650,000		46,728
Sandisk Corp. ‡		1,200,000		75,384
Drug Stores & Proprietary Stores (2.8%)
Walgreen Co.		1,200,000		53,112
Electronic & Other Electric Equipment (2.6%)
General Electric Co.		1,400,000		49,070
Engineering & Management Services (2.4%)
Jacobs Engineering Group, Inc. ‡		660,000		44,794
Hotels & Other Lodging Places (5.1%)
Marriott International, Inc.–Class A		775,000		51,902
MGM Mirage, Inc. ‡†		1,200,000		44,004
Industrial Machinery & Equipment (2.8%)
Caterpillar, Inc.		900,000		51,993
Insurance (3.4%)
WellPoint, Inc. ‡		800,000		63,832
Management Services (2.4%)
Paychex, Inc. †		1,200,000		45,744
Medical Instruments & Supplies (2.8%)
Zimmer Holdings, Inc. ‡		780,000		52,603
Oil & Gas Extraction (4.6%)
Anadarko Petroleum Corp.		360,000		34,110
Schlumberger, Ltd. †		550,000		53,432
Personal Services (1.6%)
Weight Watchers International, Inc. ‡†		630,000		31,141
Petroleum Refining (2.1%)
Suncor Energy, Inc. †		630,000		39,772

	Shares		Value
Pharmaceuticals (6.2%)
Allergan, Inc. †		500,000	$	53,980
Genentech, Inc. ‡		680,000		62,900
Printing & Publishing (3.1%)
McGraw-Hill Cos., Inc. (The)		1,150,000		59,375
Retail Trade (2.8%)
Staples, Inc.		2,300,000		52,233
Security & Commodity Brokers (8.8%)
American Express Co.		1,100,000		56,606
Ameriprise Financial, Inc.		900,000		36,900
Chicago Mercantile Exchange †		200,000		73,498
Transportation & Public Utilities (2.9%)
Expeditors International of Washington, Inc. †		800,000		54,008
Trucking & Warehousing (2.9%)
United Parcel Service, Inc.–Class B		730,000		54,860
Total Common Stocks (cost: $1,295,245)				1,680,891
	Principal		Value
SECURITY LENDING COLLATERAL (10.9%)
Debt (9.3%)
Bank Notes (0.3%)
Bank of America
4.27%, due 01/17/2006 *	$	3,054	$	3,054
4.31%, due 08/10/2006 *		2,508		2,508
Certificates Of Deposit (0.4%)
Barclays 4.31%, due 01/17/2006 *		1,926		1,926
Canadian Imperial Bank of Commerce 4.15%, due 05/18/2006 *		2,727		2,727
Credit Suisse First Boston Corp. 4.18%, due 03/10/2006 *		1,091		1,091
Rabobank Nederland 4.10%, due 05/31/2006 *		2,727		2,727
Commercial Paper (1.1%)
Fairway Finance–144A 4.31%, due 01/10/2006		5,440		5,440
Jupiter Securitization Corp.–144A 4.27%, due 01/05/2006		2,727		2,727
Paradigm Funding LLC–144A 4.30%, due 01/09/2006		1,069		1,069
Park Avenue Receivables Corp.–144A 4.27%, due 01/04/2006		2,708		2,708
Preferred Receivables Corp.–144A 4.31%, due 01/04/2006		2,166		2,166
Ranger Funding Co. LLC–144A 4.29%, due 01/18/2006		2,154		2,154

The notes to the financial statements are an integral part of this report.

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Annual Report 2005

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Transamerica Equity

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2005
(all amounts except share amounts in thousands)

	Principal		Value
Commercial Paper (continued)
Sheffield Receivables Corp.–144A 4.26%, due 01/23/2006	$	1,309	$	1,309
Yorktown Capital LLC 4.27%, due 01/05/2006		2,727		2,727
Euro Dollar Overnight (1.5%)
Calyon 4.34%, due 01/05/2006		2,727		2,727
Fortis Bank 4.35%, due 01/03/2006 4.35%, due 01/05/2006		5,453 5,181		5,453 5,181
Harris Trust & Savings Bank 4.25%, due 01/05/2006		4,472		4,472
National Australia Bank 4.16%, due 01/03/2006		5,568		5,568
Rabobank Nederland 4.15%, due 01/03/2006		1,963		1,963
Wells Fargo 4.27%, due 01/03/2006		2,726		2,726
Euro Dollar Terms (3.1%)
Bank of Montreal 4.30%, due 01/19/2006		5,453		5,453
Barclays 4.27%, due 01/25/2006 4.30%, due 01/31/2006		1,636 4,363		1,636 4,363
BNP Paribas 4.22%, due 01/24/2006		2,727		2,727
Dexia Group 4.25%, due 01/09/2006		2,727		2,727
Rabobank Nederland 4.21%, due 01/19/2006		4,908		4,908
Royal Bank of Canada 4.25%, due 01/24/2006		3,817		3,817
Royal Bank of Scotland 4.30%, due 01/31/2006 4.31%, due 02/01/2006		8,180 5,999		8,180 5,999
Societe Generale 4.28%, due 01/30/2006		5,453		5,453
UBS AG 4.26%, due 01/10/2006		5,453		5,453

	Principal		Value
Euro Dollar Terms (continued)
Wells Fargo 4.29%, due 01/30/2006	$	8,180	$	8,180
Promissory Notes (0.2%)
Bear Stearns & Co. 4.39%, due 03/07/2006 4.39%, due 06/06/2006		3,272 1,091		3,272 1,091
Repurchase Agreements (2.7%) ††
Credit Suisse First Boston Corp. 4.29%, dated 12/30/2005 to be repurchased at $9,133 on 01/03/2006		9,129		9,129
Goldman Sachs Group, Inc. (The) 4.29%, dated 12/30/2005 to be repurchased at $21,787 on 01/03/2006		21,776		21,776
Lehman Brothers, Inc. 4.29%, dated 12/30/2005 to be repurchased at $146 on 01/03/2006		145		145
Merrill Lynch & Co. 4.24%, dated 12/30/2005 to be repurchased at $17,459 on 01/03/2006		17,451		17,451
Morgan Stanley Dean Witter & Co. 4.36%, dated 12/30/2005 to be repurchased at $1,926 on 01/03/2006		1,925		1,925
	Shares		Value
Investment Companies (1.6%)
American Beacon Fund 1-day yield of 4.19%		747,640	$	748
Barclays Global Investors Institutional Money Market Fund 1-day yield of 4.19%		7,089,343		7,089
Dreyfus Cash Management Plus Fund 1-day yield of 4.09%		2,944,804		2,945
Merrimac Cash Fund, Premium Class 1-day yield of 4.03% @		19,305,735		19,306
Total Security Lending Collateral (cost: $206,196)				206,196
Total Investment Securities (cost: $1,501,441)			$	1,887,087

The notes to the financial statements are an integral part of this report.

NOTES TO SCHEDULE OF INVESTMENTS:

‡  Non-income producing.

†  At December 31, 2005, all or a portion of this security is on loan (see Note 1). The value at December 31, 2005, of all securities on loan is $200,044.

*  Floating or variable rate note. Rate is listed as of December 31, 2005.

††  Cash collateral for the Repurchase Agreements, valued at $51,435, that serve as collateral for securities lending are invested in corporate bonds with interest rates and maturity dates ranging from 0.00% – 8.75% and 01/03/2006 – 08/01/2037, respectively.

@  Regulated investment company advised by Investors Bank and Trust Co. ("IBT"). IBT is also the accounting, custody and lending agent for the Fund.

DEFINITIONS:

144A  144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2005, these securities aggregated $17,573 or 0.9% of the total investments of the Fund.

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Transamerica Equity

STATEMENT OF ASSETS AND LIABILITIES
At December 31, 2005
(all amounts except per share amounts in thousands)

Assets:
Investment securities, at value (cost: $1,501,441) (including securities loaned of $200,044)	$	1,887,087
Cash		45,770
Receivables:
Shares sold		1,047
Interest		206
Dividends		895
		1,935,005
Liabilities:
Investment securities purchased		18,442
Accounts payable and accrued liabilities:
Shares redeemed		1,080
Management and advisory fees		989
Service fees		8
Administration fees		28
Payable for collateral for securities on loan		206,196
Other		168
		226,911
Net Assets	$	1,708,094
Net Assets Consist of:
Capital stock ($.01 par value)	$	716
Additional paid-in capital		1,409,794
Distributable net investment income (loss)		–
Accumulated net realized gain (loss) from investment securities		(88,062	)
Net unrealized appreciation (depreciation) on investment securities		385,646
Net Assets	$	1,708,094
Net Assets by Class:
Initial Class	$	1,670,310
Service Class		37,784
Shares Outstanding:
Initial Class		69,972
Service Class		1,592
Net Asset Value and Offering Price Per Share:
Initial Class	$	23.87
Service Class		23.73

STATEMENT OF OPERATIONS
For the year ended December 31, 2005
(all amounts in thousands)

Investment Income:
Interest	$	468
Dividends (net of withholding taxes on foreign dividends of $3)		8,106
Income from loaned securities–net		169
		8,743
Expenses:
Management and advisory fees		9,097
Printing and shareholder reports		474
Custody fees		117
Administration fees		253
Legal fees		22
Audit fees		14
Trustees fees		41
Service fees:
Service Class		65
Other		30
Total expenses		10,113
Net Investment Income (Loss)		(1,370	)
Net Realized and Unrealized Gain (Loss):
Realized gain (loss) from investment securities		63,389
Increase (decrease) in unrealized appreciation (depreciation) on investment securities		130,988
Net Realized and Unrealized Gain (Loss) on Investment Securities		194,377
Net Increase (Decrease) in Net Assets Resulting from Operations	$	193,007

The notes to the financial statements are an integral part of this report.

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Annual Report 2005

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Transamerica Equity

STATEMENTS OF CHANGES IN NET ASSETS
For the years ended
(all amounts in thousands)

	December 31, 2005			December 31, 2004
Increase (Decrease) In Net Assets From:
Operations:
Net investment income (loss)	$	(1,370	)	$	4,769
Net realized gain (loss) from investment securities		63,389			87,941
Change in unrealized appreciation (depreciation) on investment securities		130,988			69,029
		193,007			161,739
Distributions to Shareholders:
From net investment income:
Initial Class		(4,368	)		–
Service Class		(84	)		–
		(4,452	)		–
From net realized gains:
Initial Class		(18,877	)		–
Service Class		(448	)		–
		(19,325	)		–
Capital Share Transactions:
Proceeds from shares sold:
Initial Class		439,687			72,245
Service Class		23,038			16,611
		462,725			88,856
Proceeds from fund acquisition:
Initial Class		–			518,286
Service Class		–			1,374
		–			519,660
Dividends and distributions reinvested:
Initial Class		23,245			–
Service Class		532			–
		23,777			–
Cost of shares redeemed:
Initial Class		(187,530	)		(161,024	)
Service Class		(7,998	)		(3,496	)
		(195,528	)		(164,520	)
		290,974			443,996
Net increase (decrease) in net assets		460,204			605,735
Net Assets:
Beginning of year		1,247,890			642,155
End of year	$	1,708,094		$	1,247,890
Distributable Net Investment Income (Loss)	$	–		$	4,700

	December 31, 2005			December 31, 2004
Share Activity:
Shares issued:
Initial Class		18,846			3,801
Service Class		1,071			898
		19,917			4,699
Shares issued on fund acquisition:
Initial Class		–			28,129
Service Class		–			74
		–			28,203
Shares issued–reinvested from distributions:
Initial Class		1,062			–
Service Class		24			–
		1,086			–
Shares redeemed:
Initial Class		(8,831	)		(8,571	)
Service Class		(376	)		(188	)
		(9,207	)		(8,759	)
Net increase (decrease) in shares outstanding:
Initial Class		11,077			23,359
Service Class		719			784
		11,796			24,143

The notes to the financial statements are an integral part of this report.

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Annual Report 2005

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Transamerica Equity

FINANCIAL HIGHLIGHTS

		For a share outstanding throughout each period (a)
		Net Asset		Investment Operations									Distributions									Net Asset
	For the Period Ended (b)	Value, Beginning of Period		Net Investment Income (Loss)			Net Realized and Unrealized Gain (Loss)			Total Operations			From Net Investment Income			From Net Realized Gains			Total Distributions			Value, End of Period
Initial Class	12/31/2005	$	20.88	$	(0.02	)	$	3.43		$	3.41		$	(0.08	)	$	(0.34	)	$	(0.42	)	$	23.87
	12/31/2004		18.03		0.09			2.76			2.85			–			–			–			20.88
	12/31/2003		13.74		(0.02	)		4.31			4.29			–			–			–			18.03
	12/31/2002		17.67		(0.04	)		(3.89	)		(3.93	)		–			–			–			13.74
	12/31/2001		21.78		(0.07	)		(3.77	)		(3.84	)		–			(0.27	)		(0.27	)		17.67
Service Class	12/31/2005		20.80		(0.07	)		3.40			3.33			(0.06	)		(0.34	)		(0.40	)		23.73
	12/31/2004		17.99		0.09			2.72			2.81			–			–			–			20.80
	12/31/2003		14.68		(0.04	)		3.35			3.31	��		–			–			–			17.99

					Ratios/Supplemental Data
	For the Period	Total			Net Assets, End of Period		Ratio of Expenses to Average Net Assets (f)						Net Investment Income (Loss) to Average			Portfolio Turnover
	Ended (b)	Return (c)(g)			(000's)		Net (d)			Total (e)			Net Assets (f)			Rate (g)
Initial Class	12/31/2005		16.54	%	$	1,670,310		0.80	%		0.80	%		(0.10	)%		34	%
	12/31/2004		15.81			1,229,731		0.81			0.81			0.48			69
	12/31/2003		31.22			640,555		0.78			0.78			(0.11	)		19
	12/31/2002		(22.24	)		370,216		0.82			0.82			(0.24	)		23
	12/31/2001		(17.63	)		244,735		0.85			0.91			(0.39	)		51
Service Class	12/31/2005		16.28			37,784		1.05			1.05			(0.35	)		34
	12/31/2004		15.62			18,159		1.08			1.08			0.49			69
	12/31/2003		22.55			1,600		1.05			1.05			(0.34	)		19

NOTES TO FINANCIAL HIGHLIGHTS

(a)  Per share information is calculated based on average number of shares outstanding.

(b)  Transamerica Equity (the "Fund") share classes commenced operations as follows:

Initial Class – December 31, 1980

Service Class – May 1, 2003

(c)  Total Return reflects all portfolio expenses and includes reinvestment of dividends and capital gains; it does not reflect the charges and deductions under the policies or annuity contracts.

(d)  For the years ended December 31, 2005, 2004 and 2003, Ratio of Net Expenses to Average Net Assets is net of fee waivers and reimbursements by the investment adviser, if any, (see note 2). For the year ended December 31, 2002, Ratio of Net Expenses is net of fees paid indirectly. For the year ended December 31, 2001, Ratio of Net Expenses to Average Net Assets is net of fees paid indirectly and credits allowed by the custodian.

(e)  Ratio of Total Expenses to Average Net Assets includes all expenses before fee waivers and reimbursements by the investment adviser.

(f)  Annualized.

(g)  Not annualized.

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

8

Transamerica Equity

NOTES TO FINANCIAL STATEMENTS

At December 31, 2005

(all amounts in thousands)

NOTE 1.  ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

AEGON/Transamerica Series Trust ("ATST") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). ATST serves as a funding vehicle for variable life insurance, variable annuity and group annuity products. Transamerica Equity (the "Fund") is part of ATST.

Effective May 1, 2005, AEGON/Transamerica Series Fund, Inc. changed its name to AEGON/Transamerica Series Trust.

On May 3, 2004, the Fund acquired all the net assets of Alger Aggressive Growth and BlackRock Mid Cap Growth pursuant to plans of reorganization approved by the shareholders of Alger Aggressive Growth and BlackRock Mid Cap Growth. The Fund is the accounting survivor. The acquisitions were accomplished by tax-free exchanges of 26,836 and 1,367 shares of the Fund, respectively, for the 34,617 shares of Alger Aggressive Growth and 2,691 shares of BlackRock Mid Cap Growth, outstanding on April 30, 2004. The aggregate net assets of the Fund immediately before the acquisition were $644,877. Alger Aggressive Growth's net assets ($494,472 including $51,571 of unrealized appreciation) and BlackRock Mid Cap Growth's net assets ($25,188, including $1,979 of unrealized appreciation) at that date, were combined with those of the Fund, resulting in combined net assets of $1,164,537.

In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

This report should be read in conjunction with the current Fund prospectus, which contains more complete information about the Fund.

In preparing the Fund's financial statements in accordance with accounting principles generally accepted in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Fund.

Multiple class operations, income and expenses: The Fund currently offers two classes of shares, an Initial Class and a Service Class. Income, non-class specific expenses and realized and unrealized gains and losses, are allocated daily to each class, based upon the value of shares outstanding method as permitted under Rule 18f-3 of the 1940 Act. Each class bears its own specific expenses as well as a portion of general, common expenses.

Security valuations: The Fund values its investments at the close of the New York Stock Exchange ("NYSE"), normally 4 p.m. ET, each day the NYSE is open for business. Fund investments are valued at the last sale price or closing price on the day of valuation taken from the primary exchange where the security is principally traded.

Securities traded in the over-the-counter market and listed securities for which no sale was reported on that date are valued at the last quoted bid price.

Debt securities are valued based on a price quotation or other equivalent indication of value supplied by an exchange, a pricing service or a major market maker; however, those that mature in sixty days or less are valued at amortized cost, which approximates market.

Investment company securities are valued at the net asset value of the underlying portfolio.

Other securities for which quotations are not readily available are valued at fair market value as determined in good faith by the Fund's Administrative Valuation Committee, under the supervision of the Board's Valuation Committee, using guidelines adopted by the Board of Trustees.

Cash: The Fund may leave cash overnight in its cash account with the custodian, Investors Bank & Trust Company ("IBT"). IBT has been contracted on behalf of the Fund to invest the excess cash into a savings account, which at December 31, 2005, was paying an interest rate of 3.00%.

Repurchase agreements: The Fund is authorized to enter into repurchase agreements. The Fund, through its custodian, IBT, receives delivery of the underlying securities, the value of which at the time of purchase is required to be an amount equal to at least 100% of the resale price. The Fund will bear the risk of value fluctuations until the security can be sold and may encounter delays and incur costs in liquidating the security. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Commission recapture: The sub-adviser, to the extent consistent with the best execution and usual commission rate policies and practices, may place security transactions of the Fund with broker/dealers with which ATST has established a Commission Recapture Program. A Commission Recapture Program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Fund. In no event will commissions paid by the Fund be used to pay expenses that would otherwise be borne by any other funds within ATST, or by any other party.

AEGON/Transamerica Series Trust

Annual Report 2005

9

Transamerica Equity

NOTES TO FINANCIAL STATEMENTS (continued)
At December 31, 2005
(all amounts in thousands)

NOTE 1.–(continued)

Recaptured commissions during the year ended December 31, 2005, of $35, are included in net realized gains in the Statement of Operations.

Securities lending: The Fund may lend securities to qualified borrowers, with IBT acting as the Fund's lending agent. The Fund earns negotiated lenders' fees. The Fund receives cash and/or securities as collateral against the loaned securities. Cash collateral received is invested in short term, interest bearing securities. The Fund monitors the market value of securities loaned on a daily basis and requires collateral in an amount at least equal to the value of the securities loaned. Income from loaned securities on the Statement of Operations is net of fees, in the amount of $72, earned by IBT for its services.

Security transactions and investment income: Security transactions are recorded on the trade date. Security gains and losses are calculated on the first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend date. Interest income, including accretion of discounts and amortization of premiums, is recorded on the accrual basis commencing on the settlement date.

Dividend distributions: Dividends and capital gains distributions are typically declared and reinvested annually and are generally paid and reinvested on the business day following the ex-date.

NOTE 2.  RELATED PARTY TRANSACTIONS

Effective January 1, 2005 AEGON/Transamerica Fund Advisers, Inc. was renamed Transamerica Fund Advisors, Inc. ("TFAI"); AEGON/Transamerica Fund Services, Inc. and AEGON/Transamerica Investor Services, Inc. merged into one entity and was renamed Transamerica Fund Services, Inc. ("TFS").

ATST serves as a funding vehicle for certain affiliated asset allocation portfolios and certain affiliated separate accounts of Western Reserve Life Assurance Co. of Ohio, Transamerica Life Insurance Company, Transamerica Financial Life Insurance Company, Inc., Peoples Benefit Life Insurance Company, Transamerica Occidental Life Insurance Company and Transamerica Life Insurance and Annuity Company.

TFAI is the Fund's investment adviser. TFS is the Fund's administrator and transfer agent. AFSG Securities Corp. ("AFSG") is the Fund's distributor. TFAI, TFS, and AFSG are affiliates of AEGON, NV, a Netherlands corporation.

Certain officers and trustees of the Fund are also officers and/or directors of TFAI, TFS and AFSG.

Transamerica Investment Management, LLC is both an affiliate of the Fund and a sub-adviser to the Fund.

The following schedule reflects the percentage of fund assets owned by affiliated investment companies at December 31, 2005:

	Net Assets		% of Net Assets
Asset Allocation–Conservative Portfolio	$	34,071		1.99	%
Asset Allocation–Growth Portfolio		144,492		8.46	%
Asset Allocation–Moderate Growth Portfolio		290,921		17.03	%
Asset Allocation–Moderate Portfolio		116,598		6.83	%
Total	$	586,082		34.31	%

Investment advisory fee: The Fund pays management fees to TFAI based on average daily net assets ("ANA") at the following breakpoints:

0.75% of the first $500 million of ANA
0.70% of ANA over $500 million

TFAI has contractually agreed to waive its advisory fee and will reimburse the Fund to the extent that operating expenses, excluding 12b-1 fees, exceed the following stated annual limit:

0.85% Expense Limit

If total fund expenses fall below the annual expense limitation agreement agreed to by the adviser within the succeeding three years, the Fund may be required to pay that adviser a portion or all of the waived advisory fees.

There were no amounts recaptured during the year ended December 31, 2005. There are no amounts available for recapture at December 31, 2005.

Distribution and service fees: The Fund adopted a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, ATST entered into a Distribution Agreement with AFSG dated January 1, 1997, as amended.

Under the Distribution Plan and Distribution Agreement on the Initial Class shares, AFSG, on behalf of the Fund, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Fund's shares, amounts equal to actual expenses associated with distributing the shares.

The Distribution Plan on the Service Class shares requires ATST to pay distribution fees to AFSG as compensation for its activities, not as reimbursement for specific expenses. The fee on the Service Class is paid to the insurance companies for providing services and account maintenance for their policyholders who invest in the variable insurance products which invest in the Service Class shares.

AEGON/Transamerica Series Trust

Annual Report 2005

10

Transamerica Equity

NOTES TO FINANCIAL STATEMENTS (continued)
At December 31, 2005
(all amounts in thousands)

NOTE 2.–(continued)

The Fund is authorized under the 12b-1 plan to pay fees on each class up to the following limits:

Initial Class	0.15	%
Service Class	0.25	%

AFSG has determined that it will not seek payment by the Fund of the distribution expenses incurred with respect to the Initial Class shares before April 30, 2007. Prior to AFSG seeking reimbursement of future expenses, policy and contract owners will be notified in advance. The Fund will pay fees relating to Service Class shares.

Administrative services: The Fund has entered into an agreement with TFS for financial and legal fund administration services. The Fund pays TFS an annual fee of 0.02% of ANA. The Legal fees on the Statement of Operations are for fees paid to external legal counsel.

Deferred compensation plan: Each eligible independent Fund Trustee may elect participation in a non-qualified deferred compensation plan ("the Plan") maintained by Transamerica IDEX Mutual Funds, an affiliate of the Fund. Under the Plan, such Trustees may defer payment of all or a portion of their total fees earned as a Fund Trustee. Each Trustee who is a participant in the Plan may elect that the earnings, losses or gains credited to his or her deferred fee amounts be determined based on a deemed investment in any series of Transamerica IDEX Mutual Funds. The right of a participant to receive a distribution from the Plan of the deferred fees is an unsecured claim against the general assets of all series of Transamerica IDEX Mutual Funds. The pro rata liability to the Fund of all deferred fees in the Plan amounted, as of December 31, 2005, to $85.

NOTE 3.  INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the year ended December 31, 2005, were as follows:

Purchases of securities:
Long-Term	$	677,450
U.S. Government		–
Proceeds from maturities and sales of securities:
Long-Term		426,821
U.S. Government		–

NOTE 4.  FEDERAL INCOME TAX MATTERS

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. Income and capital gain distributions are determined in accordance

with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatment for items including, but not limited to, wash sales, net operating loss, return of capital and capital loss carryforwards.

Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. Financial records are not adjusted for temporary differences. These reclassifications are as follows:

Additional paid-in capital	$	(1,370	)
Distributable net investment income (loss)		1,122
Accumulated net realized gain (loss) from investment securities		248

The capital loss carryforwards are available to offset future realized capital gains through the periods listed:

Capital Loss Carryforwards		Available through
$	87,964	December 31, 2009
	173	December 31, 2010

The capital loss carryforward utilized during the year ended December 31, 2005 was $63,060.

The capital loss carryforwards are available to offset future realized gains, subject to certain limitations under the Internal Revenue Code, through the periods listed.

The tax character of distributions paid may differ from the character of distributions shown in the Statements of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2004 and 2005 was as follows:

2004 Distributions paid from:
Ordinary Income	$	–
Long-term Capital Gain		–
2005 Distributions paid from:
Ordinary Income		4,452
Long-term Capital Gain		19,325

The tax basis components of distributable earnings as of December 31, 2005, are as follows:

Undistributed Ordinary Income	$	–
Undistributed Long-term Capital Gain	$	–
Capital Loss Carryforward	$	(88,137	)
Net Unrealized Appreciation (Depreciation)	$	385,721

AEGON/Transamerica Series Trust

Annual Report 2005

11

Transamerica Equity

NOTES TO FINANCIAL STATEMENTS (continued)
At December 31, 2005
(all amounts in thousands)

NOTE 4.–(continued)

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of December 31, 2005, are as follows:

Federal Tax Cost Basis	$	1,501,366
Unrealized Appreciation	$	388,696
Unrealized (Depreciation)		(2,975	)
Net Unrealized Appreciation (Depreciation)	$	385,721

NOTE 5.  REGULATORY PROCEEDINGS

There continues to be significant federal and state regulatory activity relating to financial services companies, particularly mutual fund companies and their investment advisers. As part of an ongoing investigation regarding potential market timing, recordkeeping and trading compliance issues and matters affecting the Fund's investment adviser, TFAI, and certain affiliates and former employees of TFAI, the SEC staff has indicated that it is likely to take some action against TFAI and certain of its affiliates at the conclusion of the investigation. The potential timing and the scope of any such action is difficult to predict. Although the impact of any action brought against TFAI and/or its affiliates is difficult to assess at the present time, the Fund currently believes that the likelihood that any such action will have a material adverse impact on it is remote. It is important to note that the Fund is not aware of any allega tion of wrongdoing against it and its Board at the time this annual report is printed. Although it is not anticipated that these developments will have an adverse impact on the Fund, there can be no assurance at this time. TFAI and its affiliates are actively working with the SEC in regard to this matter; however, the exact resolution cannot be determined at this time. TFAI will take such actions that it deems necessary or appropriate to continue providing management services to the Fund and to bring all matters to an appropriate conclusion.

TFAI and/or its affiliates, and not the Fund, will bear the costs regarding these regulatory matters.

AEGON/Transamerica Series Trust

Annual Report 2005

12

Report of Independent Registered Certified Public Accounting Firm

To the Board of Trustees and Shareholders of
Transamerica Equity

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Transamerica Equity (the "Fund") (one of the portfolios constituting the AEGON/Transamerica Series Trust) at December 31, 2005, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fund's management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2005 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

Tampa, Florida
February 23, 2006

Transamerica Equity (UNAUDITED)

SUPPLEMENTAL TAX INFORMATION
(all amounts in thousands)

For tax purposes, the Fund has made a Long-Term Capital Gain Designation of $19,325 for the year ended December 31, 2005.

AEGON/Transamerica Series Trust

Annual Report 2005

13

Transamerica Equity

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS – REVIEW AND RENEWAL (unaudited)

At a meeting of the Board of Trustees of AEGON/Transamerica Series Trust ("ATST") held on November 2, 2005, the Board reviewed and considered the Investment Advisory Agreement between Transamerica Equity (the "Portfolio") and Transamerica Fund Advisors, Inc. ("TFAI") as well as the Investment Sub-Advisory Agreement of the Portfolio between TFAI and Transamerica Investment Management, LLC (the "Sub-Adviser"), to determine whether the agreements should be renewed for a one-year period. Following their review and consideration, the Trustees determined that the Investment Advisory Agreement and the Investment Sub-Advisory Agreement will enable shareholders of the Portfolio to obtain high quality services at a cost that is appropriate, reasonable, and in the best interests of its shareholders. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and the Inves tment Sub-Advisory Agreement. In reaching their decision, the Trustees requested and obtained from TFAI and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the proposed agreements. The Trustees also carefully considered the information that they had received throughout the year from TFAI and the Sub-Adviser (such as in-person presentations by the Sub-Adviser) as part of their regular oversight of the Portfolio, as well as: comparative fee, expense and performance information prepared by Lipper Inc. ("Lipper"), independent providers of mutual fund performance, fee and expense information; and profitability data. In considering the proposed continuation of the Investment Advisory Agreement and the Investment Sub-Advisory Agreement, the Trustees evaluated a number of considerations that they believe, in light of the legal advice furnished to them by ATST counsel and independent legal counsel and their own business judgment, to be relevant. They based their decisions on the follo wing considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:

The nature, extent and quality of the advisory service to be provided. The Board considered the nature and quality of the services provided by TFAI and the Sub-Adviser to the Portfolio in the past, as well as the services anticipated to be provided in the future. The Board concluded that TFAI and the Sub-Adviser are capable of providing high quality services to the Portfolio, as indicated by the nature and quality of services provided in the past, TFAI's and the Sub-Adviser's management capabilities demonstrated with respect to the portfolios they manage, including the Portfolio, and the experience, capability and integrity of TFAI's senior management, the financial resources of TFAI and the Sub-Adviser, TFAI's management oversight process, the professional qualifications and experience of the Sub-Adviser's portfolio management team, and the Portfolio 's investment performance. The Trustees also concluded that TFAI and the Sub-Adviser proposed to provide investment and related services that were of the same quality and quantity as services provided to the Portfolio in the past, and that these services are appropriate in scope and extent in light of the Portfolio's operations, the competitive landscape of the investment company business and investor needs, and that TFAI's and the Sub-Adviser's obligations will remain substantially the same.

The investment performance of the Portfolio. The Board examined both the short-term and longer-term performance of the Portfolio, including relative performance against a benchmark securities index and a peer group of comparable mutual funds as prepared by Lipper, for various trailing periods ended June 30, 2005. The Trustees concluded that TFAI and the Sub-Adviser generally had achieved superior investment performance, noting that the performance of the Portfolio has been above median relative to its peers over the past one-, two-, three-, five- and ten-year periods and superior to the benchmark index over the past one-, two-, three-, five- and ten-year periods. On the basis of the Trustees' assessment of the nature, extent and quality of advisory services to be provided or procured by TFAI and the Sub-Adviser, the Trustees concluded that TFAI and th e Sub-Adviser are capable of generating a level of investment performance that is appropriate in light of the Portfolio's investment objective, policies and strategies and competitive with many other investment companies, and also determined that TFAI's and the Sub-Adviser's performance records indicate that their continued management is likely to benefit the Portfolio and its shareholders.

The cost of advisory services provided and the level of profitability. The Board reviewed profitability information regarding TFAI's costs of procuring portfolio management services, as well as the costs of provision of administration, fund accounting and other services, to the Portfolio and to ATST as a whole by TFAI and its affiliates. The Trustees reviewed data from Lipper that compared the Portfolio's management fees (including management fees at various asset levels), other fees and expenses (including total expenses including and excluding 12b-1 distribution and service fees) and portfolio turnover rate against a peer group of comparable mutual funds. Based on such information, the Trustees determined that the management fees and overall expense ratio of the Portfolio generally are consistent with industry averages. In addition, on the basis of the Board's review of the management fees to be charged by TFAI for investment advisory and related services, TFAI profitability information (derived from TFAI's audited financial statements), TFAI's estimated management income resulting from its management of the Portfolio, the estimated margin of the Sub-Adviser, as well as the entirety of TFAI's and its affiliates' service relationship with ATST, the Board concluded that the level of investment management fees and other service fees, as well as TFAI's and the Sub-Adviser's profitability, are appropriate in light of the services provided, the management fees and overall expense ratios of comparable investment companies and the anticipated profitability of the relationship between the Portfolio, TFAI and its affiliates, and the Sub-Adviser.

AEGON/Transamerica Series Trust

Annual Report 2005

14

Transamerica Equity (continued)

Whether fee levels reflect economies of scale and the extent to which economies of scale would be realized as the Portfolio grows. The Board concluded that the inclusion of asset-based breakpoints in the Portfolio's advisory fee schedule appropriately benefits investors by realizing economies of scale in the form of lower management fees as the level of assets grows. In addition, the Board concluded that the Portfolio's management fees appropriately reflect the Portfolio's current size, the current economic environment for TFAI, the competitive nature of the investment company market, and TFAI's pricing strategy. The Trustees also concluded that they will have the opportunity to periodically reexamine whether the Portfolio has achieved economies of scale, and the appropriateness of management fees payable to TFAI and fees payable by TFAI to the Sub-Ad viser, in the future.

Benefits (such as soft dollars) to TFAI, its affiliates, or the Sub-Adviser from their relationship with the Portfolio. The Board concluded that other benefits derived by TFAI, its affiliates, and the Sub-Adviser from their relationship with the Portfolio are reasonable and fair, and are consistent with industry practice and the best interests of the Portfolio and its shareholders. In this regard, the Board noted that TFAI does not realize "soft dollar" benefits from its relationship with the Portfolio, and that the Sub-Adviser is participating in a brokerage program pursuant to which a portion of brokerage commissions paid by the Portfolio is recaptured for the benefit of the Portfolio and its shareholders, thus limiting the amount of "soft-dollar" arrangements the Sub-Adviser may engage in with respect to the Portfolio's brokerage transactions. In a ddition, the Trustees determined that the administration, fund accounting and other fees paid by the Portfolio to affiliates of TFAI are reasonable, fair and in the best interests of shareholders in light of the nature and quality of the services provided, the associated costs to these affiliates of providing the services, the impact of the costs of such services on the Portfolio's overall operating expenses, and the necessity of the services for the Portfolio's operations.

Other considerations. The Board determined that TFAI had made a substantial commitment to the recruitment and retention of high quality personnel, and maintained the financial, compliance and operational resources reasonably necessary to manage the Portfolio in a professional manner that is consistent with the best interests of the Portfolio and its shareholders. In this regard, the Trustees favorably considered the procedures and policies in place by TFAI to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Adviser. The Trustees also determined that TFAI had made a significant entrepreneurial commitment to the management and success of the Portfolio, reflected by TFAI's expense limitation and fee waiver arrangement with the Portfolio, which may result in TFAI waiving a substantial amoun t of advisory fees for the benefit of shareholders.

AEGON/Transamerica Series Trust

Annual Report 2005

15

Transamerica Equity II

MARKET ENVIRONMENT

The Standard and Poor's 500 Composite Stock Index ("S&P 500") finished 2005 with a modest gain of 4.91%. Much of the advance occurred in the final quarter as wary investors looked past sundry near-term worries to focus on a central fact: the U.S. economy continued to grow at an impressive rate without generating higher core inflation. Despite thirteen interest-rate hikes by the Federal Reserve Board since mid-2004, overall interest rates remained historically low, facilitating rapid growth in the housing market, steady spending by consumers and higher employment levels. In the end, these outweighed the impact of higher energy prices, increased defense and deficit spending, and major Gulf Coast hurricanes to keep the economy expanding and stock prices rising.

For the year as a whole, the energy and utilities sectors were far and away the market leaders. The market's weakest areas included consumer stocks and telecommunications.

PERFORMANCE

For the year ended December 31, 2005, Transamerica Equity II returned 17.29%. By comparison its primary and former benchmarks, the Russell 1000 Growth Index and the S&P 500, returned 5.26% and 4.91%, respectively.

STRATEGY REVIEW

We focus on identifying powerful, long-term secular growth trends and quality companies positioned to benefit from them. Major themes in recent years have included the digitization/ personalization of communications and entertainment; the development and/or productivity-enhancing application of new technologies; and the development of the global economy and infrastructure. The majority of the portfolio's top contributors to performance fall into one of these categories.

For example, in the area of technology and productivity, we chose SanDisk Corporation ("SanDisk"), which designs, manufacturers and distributes portable "flash" memory cards used in digital devices. As more businesses find ways to utilize digital memory, SanDisk's business is growing faster than analysts' expectations. At WellPoint, Inc. ("WellPoint"), a managed care company, management is effectively applying technology to manage vast amounts of data and thereby reduce costs of administering health plans. During 2005, WellPoint began applying its efficient approach to Anthem, a managed care company with which it merged in 2004, and moved forward with the acquisition of yet another managed care company, WellChoice, Inc. The third top contributor, Chicago Mercantile Exchange Holdings Inc., one of the world's largest futures exchanges, is riding a wave of worl dwide growth in futures and derivatives trading and, importantly, is at the forefront of the move to electronic exchanges.

Among the expanding-global-infrastructure investments that performed best were Expeditors International, an established freight forwarding company, and Praxair, Inc., which supplies gases used in industrial production.

The price gains in these and other stocks were partially offset by losses for Lexmark International, Inc. ("Lexmark"), United Parcel Service, Inc., and XM Satellite Radio Holdings Inc. ("XM"). We exited Lexmark and continue to hold XM, where we view the downturn as temporary. A slowdown in sales at XM's major distributor, General Motors Corporation, and heightened competition have weighed on the stock price recently. However, the company continues to meet its targets for customer growth.

Gary U. Rollé, CFA

Portfolio Manager
Transamerica Investment Management, LLC

AEGON/Transamerica Series Trust

Annual Report 2005

1

Transamerica Equity II

Comparison of change in value of $10,000 investment and its comparative indices.

Average Annual Total Return for Periods Ended 12/31/05

	1 year			From Inception			Inception Date
Fund		17.29	%		16.89	%	12/30/03
Russell 1000 Growth1		5.26	%		5.78	%	12/30/03
S&P 5001		4.91	%		7.86	%	12/30/03

NOTES

¹  The Russell 1000 Growth (Russell 1000 Growth) Index and the Standard and Poor's 500 Composite Stock (S&P 500) Index are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. For reporting periods through December 31, 2004, the Fund had selected the S&P 500 as its benchmark measure; however, the Russell 1000 Growth is more appropriate for comparison to the Fund. Source: Standard & Poor's Micropal®© Micropal, Inc. 2005 – 1-800-596-5323 – http://www.funds-sp.com.

The performance data presented represents past performance, future results may vary. The portfolio's investment return and net asset value will fluctuate. Past performance does not guarantee future results. Investor's units when redeemed, may be worth more or less than their original cost.

Current performance may be higher or lower than the performance data quoted. Please visit your insurance company's website for contract or policy level standardized total returns current to the most recent month-end. Portfolio performance is net of investment fees and fund expenses, but not product charges, which, if included, would significantly lower the performance quoted.

This material must be preceded or accompanied by a current prospectus, which includes specific contents regarding the investment objectives, explanation of share classes and policies of this portfolio.

AEGON/Transamerica Series Trust

Annual Report 2005

2

Transamerica Equity II

UNDERSTANDING YOUR FUND'S EXPENSES
(unaudited)

SHAREHOLDER EXPENSES

Fund shareholders may incur ongoing costs, including management and advisory fees, and other Fund expenses.

The following Example is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.

The Example is based on an investment of $1,000 invested at July 1, 2005 and held for the entire period until December 31, 2005.

ACTUAL EXPENSES

The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of your Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fees, brokerage commissions paid on purchases and sales of fund shares. Therefore, the second line under the Fund in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If any of these transaction costs were included, your costs would be higher. The expenses shown in the table do not reflect any fees that may be charged to you by brokers, financial intermediaries or other financial institutions.

	Beginning Account Value		Ending Account Value		Annualized Expense Ratio			Expenses Paid During Period (a)
Initial Class
Actual	$	1,000.00	$	1,168.90		0.30	%	$	1.64
Hypothetical (b)		1,000.00		1,023.69		0.30			1.53

^(a)  Expenses are calculated using each Fund's annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by number of days in the period (184 days), and divided by the number of days in the year (365 days).

^(b)  5% return per year before expenses.

GRAPHICAL PRESENTATION OF SCHEDULE OF INVESTMENTS
By Sector
At December 31, 2005

This chart shows the percentage breakdown by sector of the Fund's total investment securities.

AEGON/Transamerica Series Trust

Annual Report 2005

3

Transamerica Equity II

SCHEDULE OF INVESTMENTS
At December 31, 2005
(all amounts except share amounts in thousands)

	Shares		Value
COMMON STOCKS (100.0%)
Business Services (5.2%)
eBay, Inc. ‡		12,000	$	519
Moody's Corp.		8,300		510
Chemicals & Allied Products (6.9%)
Praxair, Inc.		13,000		688
Procter & Gamble Co.		11,700		677
Communication (2.5%)
XM Satellite Radio Holdings, Inc.–Class A ‡		18,000		491
Communications Equipment (5.4%)
QUALCOMM, Inc.		25,000		1,077
Computer & Data Processing Services (7.2%)
Intuit, Inc. ‡		11,300		602
Microsoft Corp.		31,500		824
Computer & Office Equipment (7.8%)
Apple Computer, Inc. ‡		8,800		633
Sandisk Corp. ‡		14,500		911
Drug Stores & Proprietary Stores (3.8%)
Walgreen Co.		17,000		752
Electronic & Other Electric Equipment (2.5%)
General Electric Co.		14,400		505
Engineering & Management Services (2.0%)
Jacobs Engineering Group, Inc. ‡		5,900		400
Hotels & Other Lodging Places (5.4%)
Marriott International, Inc.–Class A		8,500		569
MGM Mirage, Inc. ‡		14,000		513
Industrial Machinery & Equipment (2.6%)
Caterpillar, Inc.		8,930		516
Insurance (4.8%)
WellPoint, Inc. ‡		11,900		950

	Shares		Value
Management Services (2.5%)
Paychex, Inc.		13,000	$	496
Medical Instruments & Supplies (2.9%)
Zimmer Holdings, Inc. ‡		8,500		573
Oil & Gas Extraction (4.5%)
Anadarko Petroleum Corp.		3,800		360
Schlumberger, Ltd.		5,500		534
Personal Services (2.5%)
Weight Watchers International, Inc. ‡		10,000		494
Petroleum Refining (2.1%)
Suncor Energy, Inc.		6,600		417
Pharmaceuticals (6.4%)
Allergan, Inc.		4,300		464
Genentech, Inc. ‡		8,800		814
Printing & Publishing (2.8%)
McGraw-Hill Cos., Inc. (The)		11,000		568
Retail Trade (3.9%)
Staples, Inc.		34,500		784
Security & Commodity Brokers (8.2%)
American Express Co.		12,990		668
Ameriprise Financial, Inc.		4,750		195
Chicago Mercantile Exchange		2,100		772
Transportation & Public Utilities (3.9%)
Expeditors International of Washington, Inc.		11,500		776
Trucking & Warehousing (4.2%)
United Parcel Service, Inc.–Class B		11,000		827
Total Common Stocks (cost: $14,363)				19,879
Total Investment Securities (cost: $14,363)			$	19,879

NOTES TO SCHEDULE OF INVESTMENTS:

‡  Non-income producing.

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

4

Transamerica Equity II

STATEMENT OF ASSETS AND LIABILITIES
At December 31, 2005
(all amounts except per share amounts in thousands)

Assets:
Investment securities, at value (cost: $14,363)	$	19,879
Cash		131
Receivables:
Dividends		12
		20,022
Liabilities:
Accounts payable and accrued liabilities:
Shares redeemed		17
Management and advisory fees		4
Other		10
		31
Net Assets	$	19,991
Net Assets Consist of:
Capital stock ($.01 par value)	$	21
Additional paid-in capital		13,042
Distributable net investment income (loss)		68
Accumulated net realized gain (loss) from investment securities		1,344
Net unrealized appreciation (depreciation) on investment securities		5,516
Net Assets	$	19,991
Shares Outstanding		2,106
Net Asset Value and Offering Price Per Share	$	9.49

STATEMENT OF OPERATIONS
For the year ended December 31, 2005
(all amounts in thousands)

Investment Income:
Interest	$	3
Dividends		122
		125
Expenses:
Management and advisory fees		57
Printing and shareholder reports		1
Custody fees		6
Administration fees		4
Audit fees		14
Trustees fees		1
Total expenses		83
Less:
Advisory fee waiver		(26	)
Net expenses		57
Net Investment Income (Loss):		68
Net Realized and Unrealized Gain (Loss):
Realized gain (loss) from investment securities		1,483
Increase (decrease) in unrealized appreciation (depreciation) on investment securities		1,520
Net Realized and Unrealized Gain (Loss) on Investment Securities		3,003
Net Increase (Decrease) in Net Assets Resulting from Operations	$	3,071

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

5

Transamerica Equity II

STATEMENTS OF CHANGES IN NET ASSETS
For the years ended
(all amounts in thousands)

	December 31, 2005			December 31, 2004
Increase (Decrease) In Net Assets From:
Operations:
Net investment income (loss)	$	68		$	737
Net realized gain (loss) from investment securities		1,483			26,155
Change in unrealized appreciation (depreciation) on investment securities		1,520			(13,550	)
		3,071			13,342
Distributions to Shareholders:
From net investment income		(218	)		–
From net realized gains		(5,668	)		–
		(5,886	)		–
Capital Share Transactions:
Proceeds from shares sold		158			76
Capital contributed from affiliates		–			517
Dividends and distributions reinvested		5,886			–
Cost of shares redeemed		(2,409	)		(80,487	)
		3,635			(79,894	)
Net increase (decrease) in net assets		820			(66,552	)
Net Assets:
Beginning of year		19,171			85,723
End of year	$	19,991		$	19,171
Distributable Net Investment Income (Loss)	$	68		$	222

	December 31, 2005			December 31, 2004
Share Activity:
Shares issued		14			4
Shares issued–reinvested from distributions		677			–
Shares redeemed		(229	)		(6,917	)
Net increase (decrease) in shares outstanding		462			(6,913	)

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

6

Transamerica Equity II

FINANCIAL HIGHLIGHTS

	For a share outstanding throughout each period (a)
	Net Asset		Investment Operations								Distributions									Net Asset
For the Period Ended (b)	Value, Beginning of Period		Net Investment Income (Loss)			Net Realized and Unrealized Gain (Loss)			Total Operations		From Net Investment Income			From Net Realized Gains			Total Distributions			Value, End of Period
12/31/2005	$	11.66	$	0.04		$	1.62		$	1.66	$	(0.14	)	$	(3.69	)	$	(3.83	)	$	9.49
12/31/2004		10.02		0.09			1.55	(h)		1.64		–			–			–			11.66
12/31/2003		10.00		(0.03	)		0.05			0.02		–			–			–			10.02

				Ratios/Supplemental Data
For the Period	Total			Net Assets, End of Period		Ratio of Expenses to Average Net Assets (f)						Net Investment Income (Loss) to Average			Portfolio Turnover
Ended (b)	Return (c)(g)			(000's)		Net (d)			Total (e)			Net Assets (f)			Rate (g)
12/31/2005		17.29	%	$	19,991		0.30	%		0.44	%		0.36	%		29	%
12/31/2004		16.37	(h)		19,171		0.30			0.36			0.84			33
12/31/2003		0.20			85,723		0.30			0.34			(0.30	)		–

NOTES TO FINANCIAL HIGHLIGHTS

(a)  Per share information is calculated based on average number of shares outstanding.

(b)  The inception date of Transamerican Equity II (the "Fund") is December 30, 2003.

(c)  Total Return reflects all portfolio expenses and includes reinvestment of dividends and capital gains; it does not reflect the charges and deductions under the policies or annuity contracts.

(d)  Ratio of Net Expenses to Average Net Assets is net of advisory fee waivers, if any (see note 2).

(e)  Ratio of Total Expenses to Average Net Assets includes all expenses before advisory fee waivers.

(f)  Annualized.

(g)  Not annualized.

(h)  The capital contribution from affiliates is included in net realized and unrealized gain (loss) of $0.21. The capital contribtuion from affiliates increased total return by 2.10% for the year ended December 31, 2004.

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

7

Transamerica Equity II

NOTES TO FINANCIAL STATEMENTS
At December 31, 2005
(all amounts in thousands)

NOTE 1.   ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

The AEGON/Transamerica Series Trust ("ATST") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). ATST serves as a funding vehicle for variable life insurance, variable annuity and group annuity products. Transamerica Equity II (the "Fund") is part of ATST.

Effective May 1, 2005, AEGON/Transamerica Series Fund, Inc. changed its name to AEGON/Transamerica Series Trust.

In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

This report should be read in conjunction with the current Fund prospectus, which contains more complete information about the Fund.

In preparing the Fund's financial statements in accordance with accounting principles generally accepted in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Fund.

Security valuations: The Fund values its investments at the close of the New York Stock Exchange ("NYSE"), normally 4 p.m. ET, each day the NYSE is open for business. Fund investments are valued at the last sale price or closing price on the day of valuation taken from the primary exchange where the security is principally traded.

Securities traded in the over-the-counter market and listed securities for which no sale was reported on that date are valued at the last quoted bid price.

Other securities for which quotations are not readily available are valued at fair market value as determined in good faith by the Fund's Administrative Valuation Committee, under the supervision of the Board's Valuation Committee, using guidelines adopted by the Board of Trustees.

Cash: The Fund may leave cash overnight in its cash account with the custodian, Investors Bank & Trust Company ("IBT"). IBT has been contracted on behalf of the Fund to invest the excess cash into a savings account, which at December 31, 2005, was paying an interest rate of 3.00%.

Security transactions and investment income: Security transactions are recorded on the trade date. Security gains and losses are calculated on the first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend date. Interest income, including accretion of discounts and amortization of premiums, is recorded on the accrual basis commencing on the settlement date.

Dividend distributions: Dividends and capital gains distributions are typically declared and reinvested annually and are generally paid and reinvested on the business day following the ex-date.

NOTE 2.   RELATED PARTY TRANSACTIONS

Effective January 1, 2005 AEGON/Transamerica Fund Advisers, Inc. was renamed Transamerica Fund Advisors, Inc. ("TFAI"); AEGON/Transamerica Fund Services, Inc. and AEGON/Transamerica Investor Services, Inc. merged into one entity and was renamed Transamerica Fund Services, Inc. ("TFS").

ATST serves as a funding vehicle for certain affiliated asset allocation portfolios and certain affiliated separate accounts of Western Reserve Life Assurance Co. of Ohio, Transamerica Life Insurance Company, Transamerica Financial Life Insurance Company, Inc., Peoples Benefit Life Insurance Company, Transamerica Occidental Life Insurance Company and Transamerica Life Insurance and Annuity Company.

TFAI is the Fund's investment adviser. TFS is the Fund's administrator and transfer agent. AFSG Securities Corp. ("AFSG") is the Fund's distributor. TFAI, TFS, and AFSG are affiliates of AEGON, NV, a Netherlands corporation.

Transamerica Investment Management, LLC is both an affiliate of the Fund and a sub-adviser to the Fund.

Certain officers and trustees of the Fund are also officers and/or directors of TFAI, TFS and AFSG.

Investment advisory fee: The Fund pays management fees to TFAI based on average daily net assets ("ANA") at the following breakpoints:

0.30% of ANA

TFAI has contractually agreed to waive its advisory fee and will reimburse the Fund to the extent that operating expenses, excluding 12b-1 fees, exceed the following stated annual limit:

0.30% Expense Limit

If total fund expenses fall below the annual expense limitation agreement agreed to by the adviser within the succeeding three years, the Fund may be required to pay that adviser a portion or all of the waived advisory fees.

AEGON/Transamerica Series Trust

Annual Report 2005

8

Transamerica Equity II

NOTES TO FINANCIAL STATEMENTS (continued)
At December 31, 2005
(all amounts in thousands)

NOTE 2.–(continued)

	Available Fee Waived		Available for Recapture Through
Fiscal Year 2004	$	52		12/31/2007
Fiscal Year 2005		26		12/31/2008

There were no amounts recaptured during the year ended December 31, 2005.

Distribution and service fees: The Fund adopted a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, ATST entered into a Distribution Agreement with AFSG dated January 1, 1997, as amended.

Under the Distribution Plan and Distribution Agreement, AFSG, on behalf of the Fund, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Fund's shares, amounts equal to actual expenses associated with distributing the shares.

The Fund is authorized under 12b-1 plan to pay fees up to the following limit of 0.15%.

AFSG has determined that it will not seek payment by the Fund of the distribution expenses incurred with before April 30, 2007. Prior to AFSG seeking reimbursement of future expenses, policy and contract owners will be notified in advance.

Administrative services: The Fund has entered into an agreement with TFS for financial and legal fund administration services. The Fund pays TFS an annual fee of 0.02% of ANA. The Legal fees on the Statement of Operations are for fees paid to external legal counsel.

Deferred compensation plan: Each eligible independent Fund Trustee may elect participation in a non-qualified deferred compensation plan ("the Plan") maintained by Transamerica IDEX Mutual Funds, an affiliate of the Fund. Under the Plan, such Trustees may defer payment of all or a portion of their total fees earned as a Fund Trustee. Each Trustee who is a participant in the Plan may elect that the earnings, losses or gains credited to his or her deferred fee amounts be determined based on a deemed investment in any series of Transamerica IDEX Mutual Funds. The right of a participant to receive a distribution from the Plan of the deferred fees is an unsecured claim against the general assets of all series of Transamerica IDEX Mutual Funds. The pro rata liability to the Fund of all deferred fees in the Plan amounted, as of December 31, 2005, to $1.

NOTE 3.   INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the year ended December 31, 2005, were as follows:

Purchases of securities:
Long-Term	$	5,522
U.S. Government		–
Proceeds from maturities and sales of securities:
Long-Term		7,010
U.S. Government		–

NOTE 4.   FEDERAL INCOME TAX MATTERS

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatment for items including, but not limited to, wash sales.

Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. Financial records are not adjusted for temporary differences. These reclassifications are as follows:

Distributable net investment income (loss)	$	(4	)
Accumulated net realized gain (loss) from investment securities		4

The tax character of distributions paid may differ from the character of distributions shown in the Statements of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2004 and 2005 was as follows:

2004 Distributions paid from:
Ordinary Income	$	–
Long-term Capital Gain		–
2005 Distributions paid from:
Ordinary Income		757
Long-term Capital Gain		5,129

The tax basis components of distributable earnings as of December 31, 2005, are as follows:

Undistributed Ordinary Income	$	68
Undistributed Long-term Capital Gain	$	1,387
Capital Loss Carryforward	$	–
Net Unrealized Appreciation (Depreciation)	$	5,473

AEGON/Transamerica Series Trust

Annual Report 2005

9

Transamerica Equity II

NOTES TO FINANCIAL STATEMENTS (continued)
At December 31, 2005
(all amounts in thousands)

NOTE 4.–(continued)

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of December 31, 2005, are as follows:

Federal Tax Cost Basis	$	14,406
Unrealized Appreciation	$	5,648
Unrealized (Depreciation)		(175	)
Net Unrealized Appreciation (Depreciation)	$	5,473

NOTE 5.   REGULATORY PROCEEDINGS

There continues to be significant federal and state regulatory activity relating to financial services companies, particularly mutual fund companies and their investment advisers. As part of an ongoing investigation regarding potential market timing, recordkeeping and trading compliance issues and matters affecting the Fund's investment adviser, TFAI, and certain affiliates and former employees of TFAI, the SEC staff has indicated that it is likely to take some action against TFAI and certain of its affiliates at the conclusion of the investigation. The potential timing and the scope of any such action is difficult to predict. Although the impact of any action brought against TFAI and/or its affiliates is difficult to assess at the present time, the Fund currently believes that the likelihood that any such action will have a material adverse impact on it is remote. It is important to note that the Fund is not aware of any allega tion of wrongdoing against it and its Board at the time this annual report is printed. Although it is not anticipated that these developments will have an adverse impact on the Fund, there can be no assurance at this time. TFAI and its affiliates are actively working with the SEC in regard to this matter; however, the exact resolution cannot be determined at this time. TFAI will take such actions that it deems necessary or appropriate to continue providing management services to the Fund and to bring all matters to an appropriate conclusion.

TFAI and/or its affiliates, and not the Fund, will bear the costs regarding these regulatory matters.

AEGON/Transamerica Series Trust

Annual Report 2005

10

Report of Independent Registered Certified Public Accounting Firm

To the Board of Trustees and Shareholders of
Transamerica Equity II

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Transamerica Equity II (the "Fund") (one of the portfolios constituting the AEGON/Transamerica Series Fund, Inc.) at December 31, 2005, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fund's management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2005 by correspondence with the custodian, provide a reasonable basis for our opinion.

Tampa, Florida
February 23, 2006

Transamerica Equity II (UNAUDITED)

SUPPLEMENTAL TAX INFORMATION
(all amounts in thousands)

For tax purposes, the Fund has made a Long-Term Capital Gain Designation of $5,129 for the year ended December 31, 2005.

AEGON/Transamerica Series Trust

Annual Report 2005

11

Transamerica Equity II

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS – REVIEW AND RENEWAL (unaudited)

At a meeting of the Board of Trustees of AEGON/Transamerica Series Trust ("ATST") held on November 2, 2005, the Board reviewed and considered the Investment Advisory Agreement between Transamerica Equity II (the "Portfolio") and Transamerica Fund Advisors, Inc. ("TFAI") as well as the Investment Sub-Advisory Agreement of the Portfolio between TFAI and Transamerica Investment Management, LLC (the "Sub-Adviser"), to determine whether the agreements should be renewed for a one-year period. Following their review and consideration, the Trustees determined that the Investment Advisory Agreement and the Investment Sub-Advisory Agreement will enable shareholders of the Portfolio to obtain high quality services at a cost that is appropriate, reasonable, and in the best interests of its shareholders. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and the In vestment Sub-Advisory Agreement. In reaching their decision, the Trustees requested and obtained from TFAI and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the proposed agreements. The Trustees also carefully considered the information that they had received throughout the year from TFAI and the Sub-Adviser (such as in-person presentations by the Sub-Adviser) as part of their regular oversight of the Portfolio, as well as: comparative fee, expense and performance information prepared by Lipper Inc. ("Lipper"), independent providers of mutual fund performance, fee and expense information; and profitability data. In considering the proposed continuation of the Investment Advisory Agreement and the Investment Sub-Advisory Agreement, the Trustees evaluated a number of considerations that they believe, in light of the legal advice furnished to them by ATST counsel and independent legal counsel and their own business judgment, to be relevant. They based their decisions on the fo llowing considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:

The nature, extent and quality of the advisory service to be provided. The Board considered the nature and quality of the services provided by TFAI and the Sub-Adviser to the Portfolio in the past, as well as the services anticipated to be provided in the future. The Board concluded that TFAI and the Sub-Adviser are capable of providing high quality services to the Portfolio, as indicated by the nature and quality of services provided in the past, TFAI's and the Sub-Adviser's management capabilities demonstrated with respect to the portfolios they manage, including the Portfolio, and the experience, capability and integrity of TFAI's senior management, the financial resources of TFAI and the Sub-Adviser, TFAI's management oversight process, the professional qualifications and experience of the Sub-Adviser's portfolio management team, and the Portfolio 's investment performance to date. The Trustees also concluded that TFAI and the Sub-Adviser proposed to provide investment and related services that were of the same quality and quantity as services provided to the Portfolio in the past, and that these services are appropriate in scope and extent in light of the Portfolio's operations, the competitive landscape of the investment company business and investor needs, and that TFAI's and the Sub-Adviser's obligations will remain substantially the same.

The investment performance of the Portfolio. The Portfolio's inception date was December 30, 2003. As a result, the Board examined the performance of the Portfolio over the past year, including relative performance against a benchmark securities index and a peer group of comparable mutual funds as prepared by Lipper. The Board expressed its satisfaction with the Portfolio's performance and concluded that TFAI and the Sub-Adviser had achieved superior investment performance thus far, noting that the performance of the Portfolio was superior relative to its peers, as well as the benchmark index, over the past one-year period. On the basis of the Trustees' assessment of the nature, extent and quality of advisory services to be provided or procured by TFAI and the Sub-Adviser, the Trustees concluded that TFAI and the Sub-Adviser are capable of generating a level of investment performance that is appropriate in light of the Portfolio's investment objective, policies and strategies and competitive with many other investment companies, and also determined that TFAI's and the Sub-Adviser's performance records indicate that their continued management is likely to benefit the Portfolio and its shareholders.

The cost of advisory services provided and the level of profitability. The Board reviewed profitability information regarding TFAI's costs of procuring portfolio management services, as well as the costs of provision of administration, fund accounting and other services, to the Portfolio and to ATST as a whole by TFAI and its affiliates. The Trustees reviewed data from Lipper that compared the Portfolio's management fees (including management fees at various asset levels), other fees and expenses (including total expenses including and excluding 12b-1 distribution and service fees) and portfolio turnover rate against a peer group of comparable mutual funds. Based on such information, the Trustees determined that the management fees and overall expense ratio of the Portfolio generally are consistent with industry averages. In addition, on the basis of the Board's review of the management fees to be charged by TFAI for investment advisory and related services, TFAI profitability information (derived from TFAI's audited financial statements), TFAI's estimated management income resulting from its management of the Portfolio, the estimated margin of the Sub-Adviser, as well as the entirety of TFAI's and its affiliates' service relationship with ATST, the Board concluded that the level of investment management fees and other service fees, as well as TFAI's and the Sub-Adviser's profitability, are appropriate in light of the services provided, the

AEGON/Transamerica Series Trust

Annual Report 2005

12

Transamerica Equity II (continued)

management fees and overall expense ratios of comparable investment companies and the anticipated profitability of the relationship between the Portfolio, TFAI and its affiliates, and the Sub-Adviser. The Board expressed its satisfaction with the Portfolio's competitive level of expenses.

Whether fee levels reflect economies of scale and the extent to which economies of scale would be realized as the Portfolio grows. Although the investment advisory fees do not reduce should Portfolio assets grow meaningfully, the Board concluded that the advisory fees appropriately reflect the Portfolio's current size, long-term performance, the current economic environment for TFAI, and the competitive nature of the investment company market. In addition, the Board noted that it will have the opportunity to periodically reexamine whether the Portfolio has achieved economies of scale, and the appropriateness of management fees payable to TFAI and fees payable by TFAI to the Sub-Adviser (including whether it would be appropriate to implement advisory fee breakpoints) in the future.

Benefits (such as soft dollars) to TFAI, its affiliates, or the Sub-Adviser from their relationship with the Portfolio. The Board concluded that other benefits derived by TFAI, its affiliates, and the Sub-Adviser from their relationship with the Portfolio are reasonable and fair, and are consistent with industry practice and the best interests of the Portfolio and its shareholders. In this regard, the Board noted that TFAI does not realize "soft dollar" benefits from its relationship with the Portfolio. In addition, the Trustees determined that the administration, fund accounting and other fees paid by the Portfolio to affiliates of TFAI are reasonable, fair and in the best interests of shareholders in light of the nature and quality of the services provided, the associated costs to these affiliates of providing the services, the impact of the costs o f such services on the Portfolio's overall operating expenses, and the necessity of the services for the Portfolio's operations.

Other considerations. The Board determined that TFAI had made a substantial commitment to the recruitment and retention of high quality personnel, and maintained the financial, compliance and operational resources reasonably necessary to manage the Portfolio in a professional manner that is consistent with the best interests of the Portfolio and its shareholders. In this regard, the Trustees favorably considered the procedures and policies in place by TFAI to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Adviser. The Trustees also determined that TFAI had made a significant entrepreneurial commitment to the management and success of the Portfolio, reflected by TFAI's expense limitation and fee waiver arrangement with the Portfolio, which may result in TFAI waiving a substantial amoun t of advisory fees for the benefit of shareholders.

AEGON/Transamerica Series Trust

Annual Report 2005

13

Transamerica Growth Opportunities

MARKET ENVIRONMENT

Throughout 2005, corporate earnings continued to grow, the economy expanded and inflation remained relatively tame. In spite of these positive factors, the U.S. stock market often struggled to make progress against two strong headwinds: higher energy prices and regular interest-rate increases by the Federal Reserve Board ("Fed"). Any sign of moderation in economic growth sparked a market rally, as investors reasoned that a slower economy might give the Fed cause to end its course of rates hikes sooner rather than later. Likewise, the market typically advanced whenever energy prices receded, leaving consumers with more income to spend elsewhere.

Against this backdrop, the Russell 2500 Growth Index ("Russell 2500 Growth") rose 8.17%, led by 54% and 64% increases for other energy and integrated oils, respectively. The financial services and technology sectors were the index's weakest.

PERFORMANCE

For the year ended December 31, 2005, Transamerica Growth Opportunities, Initial Class returned 16.23%. By comparison its benchmark, the Russell 2500 Growth returned 8.17%.

STRATEGY REVIEW

Our approach to stock selection emphasizes companies poised to benefit from strong secular growth trends and individual catalysts for growth. The portfolio's top contributors for the year – SanDisk Corporation ("SanDisk"), C.H. Robinson Worldwide, Inc. ("Robinson"), Expeditors International ("Expeditors"), and BlackRock, Inc. ("BlackRock") – are prime examples of these strengths.

SanDisk designs, manufactures and distributes worldwide a variety of "flash" memory products, such as the memory cards used in digital video recorders and cameras. In addition, SanDisk's patents on this specialized technology entitle it to royalties when others manufacture these products. As more companies discover ways to utilize portable, ultra-compact memory in their products, SanDisk is growing very rapidly, while its vertical integration has helped it withstand increased competition.

BlackRock also has a competitive position. Considered a premier fixed-income investment manager, its services are in growing demand among baby-boomers seeking income-oriented investments for their retirement and pre-retirement portfolios. As for Robinson and Expeditors, both have strong positions in the worldwide freight industry, which is growing rapidly due to global economic expansion.

Since April, we have steadily added energy investments to the portfolio, and our selections (e.g., Grant Prideco, Inc.) delivered double-digit total returns. Nonetheless, the relative underweighting in this top-performing area of the market hampered results. Also detracting from results were several consumer discretionary stocks, including Gemstar – TV Guide International, Inc. ("Gemstar"), a media company, and Tuesday Morning Corporation ("Tuesday Morning"), a discount retailer of household items. We exited Gemstar, which encountered fundamental problems in both core and new businesses. We also reduced our exposure to Tuesday Morning; fewer home sales and consumer worries about energy and borrowing costs have meant less spending on household items.

John Huber, CFA

Edward S. Han

Co-Portfolio Managers
Transamerica Investment Management, LLC

AEGON/Transamerica Series Trust

Annual Report 2005

1

Transamerica Growth Opportunities

Comparison of change in value of $10,000 investment in Initial Class shares and its comparative index.

Average Annual Total Return for Periods Ended 12/31/05

	1 year			From Inception			Inception Date
Initial Class		16.23	%		12.09	%	5/2/01
Russell 2500 Growth1		8.17	%		4.76	%	5/2/01
Service Class		15.93	%		22.40	%	5/1/03

NOTES

¹  The Russell 2500 Growth (Russell 2500 Growth) Index is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. From inception calculation is based on life of Initial Class shares. Source: Standard & Poor's Micropal®© Micropal, Inc. 2005 – 1-800-596-5323 – http://www.funds-sp.com.

The performance data presented represents past performance, future results may vary. The portfolio's investment return and net asset value will fluctuate. Past performance does not guarantee future results. Investor's units when redeemed,may be worth more or less than their original cost.

Current performance may be higher or lower than the performance data quoted. Please visit your insurance company's website for contract or policy level standardized total returns current to the most recent month-end. Portfolio performance is net of investment fees and fund expenses, but not product charges, which, if included, would significantly lower the performance quoted.

Investing in small cap stocks generally involves greater risk and volatility, therefore an investment in the fund may not be appropriate for everyone.

This material must be preceded or accompanied by a current prospectus, which includes specific contents regarding the investment objectives, explanation of share classes and policies of this portfolio.

The historical financial information for periods prior to May 1, 2002, has been derived from the predecessor portfolio, Small Company Portfolio of Transamerica Variable Insurance Fund, Inc.

AEGON/Transamerica Series Trust

Annual Report 2005

2

Transamerica Growth Opportunities

UNDERSTANDING YOUR FUND'S EXPENSES
(unaudited)

SHAREHOLDER EXPENSES

Fund shareholders may incur ongoing costs, including management and advisory fees, distribution and service fees, and other Fund expenses.

The following Example is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.

The Example is based on an investment of $1,000 invested at July 1, 2005 and held for the entire period until December 31, 2005.

ACTUAL EXPENSES

The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of your Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fees, brokerage commissions paid on purchases and sales of fund shares. Therefore, the second line under the Fund in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If any of these transaction costs were included, your costs would be higher. The expenses shown in the table do not reflect any fees that may be charged to you by brokers, financial intermediaries or other financial institutions.

	Beginning Account Value		Ending Account Value		Annualized Expense Ratio			Expenses Paid During Period (a)
Initial Class
Actual	$	1,000.00	$	1,184.10		0.86	%	$	4.73
Hypothetical (b)		1,000.00		1,020.87		0.86			4.38
Service Class
Actual		1,000.00		1,182.80		1.12			6.16
Hypothetical (b)		1,000.00		1,019.56		1.12			5.70

^(a)  Expenses are calculated using each Fund's annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by number of days in the period (184 days), and divided by the number of days in the year (365 days).

^(b)  5% return per year before expenses.

GRAPHICAL PRESENTATION OF SCHEDULE OF INVESTMENTS
By Sector
At December 31, 2005

This chart shows the percentage breakdown by sector of the Fund's total investment securities.

AEGON/Transamerica Series Trust

Annual Report 2005

3

Transamerica Growth Opportunities

SCHEDULE OF INVESTMENTS
At December 31, 2005
(all amounts except share amounts in thousands)

	Shares		Value
COMMON STOCKS (80.8%)
Amusement & Recreation Services (1.3%)
Station Casinos, Inc.		96,890	$	6,569
Commercial Banks (1.0%)
Wintrust Financial Corp.		90,200		4,952
Communication (3.6%)
Global Payments, Inc.		406,550		18,949
Computer & Data Processing Services (6.6%)
Digital Insight Corp. ‡		289,789		9,279
McAfee, Inc. ‡		335,000		9,089
NAVTEQ Corp. ‡		244,910		10,744
THQ, Inc. ‡†		227,040		5,415
Computer & Office Equipment (3.8%)
Sandisk Corp. ‡†		318,870		20,031
Engineering & Management Services (3.5%)
Jacobs Engineering Group, Inc. ‡		268,712		18,238
Environmental Services (0.3%)
Stericycle, Inc. ‡		22,400		1,319
Furniture & Home Furnishings Stores (1.1%)
Tuesday Morning Corp. †		285,761		5,978
Hardware Stores (3.0%)
Fastenal Co. †		396,450		15,537
Industrial Machinery & Equipment (10.5%)
Cooper Cameron Corp. ‡		417,140		17,270
Graco, Inc.		413,700		15,092
Grant Prideco, Inc. ‡		406,757		17,946
Kennametal, Inc.		82,650		4,218
Management Services (1.6%)
ServiceMaster Co. (The)		704,375		8,417
Medical Instruments & Supplies (4.0%)
DENTSPLY International, Inc.		100,400		5,391
Techne Corp. ‡		265,690		14,919
Varian Medical Systems, Inc. ‡†		12,100		609
Motion Pictures (1.8%)
Lions Gate Entertainment Corp. ‡†		634,000		4,869
Macrovision Corp. ‡		262,944		4,399
Oil & Gas Extraction (0.0%)
Hanover Compressor Co. ‡		2,656		38
Paperboard Containers & Boxes (2.8%)
Packaging Corp. of America †		643,550		14,769
Personal Credit Institutions (3.0%)
Financial Federal Corp. †		347,900		15,464

	Shares		Value
Personal Services (7.3%)
Jackson Hewitt Tax Service, Inc.		660,000	$	18,289
Weight Watchers International, Inc. ‡†		393,980		19,474
Research & Testing Services (2.7%)
Affymetrix, Inc. ‡†		295,750		14,122
Restaurants (2.2%)
PF Chang's China Bistro, Inc. ‡†		229,720		11,400
Retail Trade (3.3%)
Blue Nile, Inc. ‡†		423,840		17,085
Security & Commodity Brokers (4.8%)
BlackRock, Inc.–Class A		232,420		25,213
Stone, Clay & Glass Products (1.1%)
Gentex Corp. †		303,854		5,925
Telecommunications (2.6%)
NeuStar, Inc.–Class A ‡		438,330		13,365
Transportation & Public Utilities (8.9%)
CH Robinson Worldwide, Inc. †		643,110		23,814
Expeditors International of Washington, Inc.		334,780		22,601
Total Common Stocks (cost: $314,107)				420,789
	Principal		Value
SECURITY LENDING COLLATERAL (19.2%)
Debt (16.4%)
Bank Notes (0.5%)
Bank of America
4.27%, due 01/17/2006 *	$	1,479	$	1,479
4.31%, due 08/10/2006 *		1,215		1,215
Certificates Of Deposit (0.8%)
Barclays 4.31%, due 01/17/2006 *		933		933
Canadian Imperial Bank of Commerce 4.15%, due 05/18/2006 *		1,320		1,320
Credit Suisse First Boston Corp. 4.18%, due 03/10/2006 *		528		528
Rabobank Nederland 4.10%, due 05/31/2006 *		1,320		1,320
Commercial Paper (1.9%)
Fairway Finance–144A 4.31%, due 01/10/2006		2,635		2,635
Jupiter Securitization Corp.–144A 4.27%, due 01/05/2006		1,320		1,320
Paradigm Funding LLC–144A 4.30%, due 01/09/2006		518		518
Park Avenue Receivables Corp.–144A 4.27%, due 01/04/2006		1,311		1,311
Preferred Receivables Corp.–144A 4.31%, due 01/04/2006		1,049		1,049

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

4

Transamerica Growth Opportunities

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2005
(all amounts except share amounts in thousands)

	Principal		Value
Commercial Paper (continued)
Ranger Funding Co. LLC–144A 4.29%, due 01/18/2006	$	1,043	$	1,043
Sheffield Receivables Corp.–144A 4.26%, due 01/23/2006		634		634
Yorktown Capital LLC 4.27%, due 01/05/2006		1,320		1,320
Euro Dollar Overnight (2.6%)
Calyon 4.34%, due 01/05/2006		1,320		1,320
Fortis Bank 4.35%, due 01/03/2006 4.35%, due 01/05/2006		2,641 2,509		2,641 2,509
Harris Trust & Savings Bank 4.25%, due 01/05/2006		2,166		2,166
National Australia Bank 4.16%, due 01/03/2006		2,696		2,696
Rabobank Nederland 4.15%, due 01/03/2006		951		951
Wells Fargo 4.27%, due 01/03/2006		1,320		1,320
Euro Dollar Terms (5.5%)
Bank of Montreal 4.30%, due 01/19/2006		2,641		2,641
Barclays 4.27%, due 01/25/2006 4.30%, due 01/31/2006		792 2,113		792 2,113
BNP Paribas 4.22%, due 01/24/2006		1,320		1,320
Dexia Group 4.25%, due 01/09/2006		1,320		1,320
Rabobank Nederland 4.21%, due 01/19/2006		2,377		2,377
Royal Bank of Canada 4.25%, due 01/24/2006		1,849		1,849
Royal Bank of Scotland 4.30%, due 01/31/2006 4.31%, due 02/01/2006		3,961 2,905		3,961 2,905
Societe Generale 4.28%, due 01/30/2006		2,641		2,641

	Principal		Value
Euro Dollar Terms (continued)
UBS AG 4.26%, due 01/10/2006	$	2,641	$	2,641
Wells Fargo 4.29%, due 01/30/2006		3,961		3,961
Promissory Notes (0.4%)
Bear Stearns & Co. 4.39%, due 03/07/2006 4.39%, due 06/06/2006		1,584 528		1,584 528
Repurchase Agreements (4.7%) ††
Credit Suisse First Boston Corp. 4.29%, dated 12/30/2005 to be repurchased at $4,423 on 01/03/2006		4,421		4,421
Goldman Sachs Group, Inc. (The) 4.29%, dated 12/30/2005 to be repurchased at $10,550 on 01/03/2006		10,545		10,545
Lehman Brothers, Inc. 4.29%, dated 12/30/2005 to be repurchased at $71 on 01/03/2006		71		71
Merrill Lynch & Co. 4.24%, dated 12/30/2005 to be repurchased at $8,454 on 01/03/2006		8,451		8,451
Morgan Stanley Dean Witter & Co. 4.36%, dated 12/30/2005 to be repurchased at $933 on 01/03/2006		932		932
	Shares		Value
Investment Companies (2.8%)
American Beacon Fund 1-day yield of 4.19%		362,045	$	362
Barclays Global Investors Institutional Money Market Fund 1-day yield of 4.19%		3,433,015		3,433
Dreyfus Cash Management Plus Fund 1-day yield of 4.09%		1,426,022		1,426
Merrimac Cash Fund, Premium Class 1-day yield of 4.03% @		9,348,803		9,349
Total Security Lending Collateral (cost: $99,851)				99,851
Total Investment Securities (cost: $413,958)			$	520,640

NOTES TO SCHEDULE OF INVESTMENTS:

‡  Non-income producing.

†  At December 31, 2005, all or a portion of this security is on loan (see Note 1). The value at December 31, 2005, of all securities on loan is $96,497.

*  Floating or variable rate note. Rate is listed as of December 31, 2005.

††  Cash collateral for the Repurchase Agreements, valued at $56,113, that serve as collateral for securities lending are invested in corporate bonds with interest rates and maturity dates ranging from 0.00%–8.75% and 01/03/2006–08/01/2037, respectively.

@  Regulated investment company advised by Investors Bank and Trust Co. ("IBT"). IBT is also the accounting, custody and lending agent for the Fund.

DEFINITIONS:

144A  144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2005, these securities aggregated $8,510 or 1.6% of the total investments of the Fund.

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

5

Transamerica Growth Opportunities

STATEMENT OF ASSETS AND LIABILITIES
At December 31, 2005
(all amounts except per share amounts in thousands)

Assets:
Investment securities, at value (cost: $413,958) (including securities loaned of $96,497)	$	520,640
Cash		41,677
Receivables:
Shares sold		583
Interest		98
Income from loaned securities		34
Dividends		304
		563,336
Liabilities:
Investment securities purchased		2,208
Accounts payable and accrued liabilities:
Shares redeemed		173
Management and advisory fees		301
Service fees		3
Administration fees		8
Payable for collateral for securities on loan		99,851
Other		51
		102,595
Net Assets	$	460,741
Net Assets Consist of:
Capital stock ($.01 par value)	$	294
Additional paid-in capital		364,588
Distributable net investment income (loss)		1,154
Accumulated net realized gain (loss) from investment securities		(11,977	)
Net unrealized appreciation (depreciation) on investment securities		106,682
Net Assets	$	460,741
Net Assets by Class:
Initial Class	$	445,761
Service Class		14,980
Shares Outstanding:
Initial Class		28,410
Service Class		961
Net Asset Value and Offering Price Per Share:
Initial Class	$	15.69
Service Class		15.59

STATEMENT OF OPERATIONS
For the year ended December 31, 2005
(all amounts in thousands)

Investment Income:
Interest	$	369
Dividends		3,907
Income from loaned securities–net		332
		4,608
Expenses:
Management and advisory fees		3,126
Printing and shareholder reports		135
Custody fees		43
Administration fees		80
Legal fees		7
Audit fees		14
Trustees fees		13
Service fees:
Service Class		26
Other		10
Total expenses		3,454
Net Investment Income (Loss)		1,154
Net Realized and Unrealized Gain (Loss):
Realized gain (loss) from investment securities		33,842
Increase (decrease) in unrealized appreciation (depreciation) on investment securities		25,483
Net Realized and Unrealized Gain (Loss) on Investment Securities		59,325
Net Increase (Decrease) in Net Assets Resulting from Operations	$	60,479

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

6

Transamerica Growth Opportunities

STATEMENTS OF CHANGES IN NET ASSETS
For the years ended
(all amounts in thousands)

	December 31, 2005			December 31, 2004
Increase (Decrease) In Net Assets From:
Operations:
Net investment income (loss)	$	1,154		$	(21	)
Net realized gain (loss) from investment securities		33,842			42,211
Change in unrealized appreciation (depreciation) on investment securities		25,483			9,569
		60,479			51,759
Distributions to Shareholders:
From net realized gains:
Initial Class		(30,330	)		–
Service Class		(875	)		–
		(31,205	)		–
Capital Share Transactions:
Proceeds from shares sold:
Initial Class		39,121			55,073
Service Class		9,201			6,808
		48,322			61,881
Proceeds from fund acquisition:
Initial Class		–			134,327
Service Class		–			558
		–			134,885
Dividends and distributions reinvested:
Initial Class		30,330			–
Service Class		875			–
		31,205			–
Cost of shares redeemed:
Initial Class		(68,096	)		(66,799	)
Service Class		(3,635	)		(1,107	)
		(71,731	)		(67,906	)
		7,796			128,860
Net increase (decrease) in net assets		37,070			180,619
Net Assets:
Beginning of year		423,671			243,052
End of year	$	460,741		$	423,671
Distributable Net Investment Income (Loss)	$	1,154		$	–

	December 31, 2005			December 31, 2004
Share Activity:
Shares issued:
Initial Class	$	2,594		$	4,060
Service Class		633			507
		3,227			4,567
Shares issued on fund acquisition:
Initial Class		–			10,042
Service Class		–			42
		–			10,084
Shares issued–reinvested from distributions:
Initial Class		2,187			–
Service Class		64			–
		2,251			–
Shares redeemed:
Initial Class		(4,763	)		(5,004	)
Service Class		(252	)		(82	)
		(5,015	)		(5,086	)
					Net increase (decrease) in shares outstanding:
Initial Class		18			9,098
Service Class		445			467
		463			9,565

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

7

Transamerica Growth Opportunities

FINANCIAL HIGHLIGHTS

		For a share outstanding throughout each period (a)
		Net Asset		Investment Operations									Distributions								Net Asset
	For the Period Ended (b)	Value, Beginning of Period		Net Investment Income (Loss)			Net Realized and Unrealized Gain (Loss)			Total Operations			From Net Investment Income		From Net Realized Gains			Total Distributions			Value, End of Period
Initial Class	12/31/2005	$	14.66	$	0.04		$	2.18		$	2.22		$	–	$	(1.19	)	$	(1.19	)	$	15.69
	12/31/2004		12.57		–	(h)		2.09			2.09			–		–			–			14.66
	12/31/2003		9.58		(0.02	)		3.01			2.99			–		–			–			12.57
	12/31/2002		11.18		(0.05	)		(1.55	)		(1.60	)		–		–			–			9.58
	12/31/2001		10.00		(0.01	)		1.19			1.18			–		–			–			11.18
Service Class	12/31/2005		14.61		–	(h)		2.17			2.17			–		(1.19	)		(1.19	)		15.59
	12/31/2004		12.54		(0.04	)		2.11			2.07			–		–			–			14.61
	12/31/2003		9.87		(0.02	)		2.69			2.67			–		–			–			12.54

					Ratios/Supplemental Data
	For the Period	Total			Net Assets, End of Period		Ratio of Expenses to Average Net Assets (f)						Net Investment Income (Loss) to Average			Portfolio Turnover
	Ended (b)	Return (c)(g)			(000's)		Net (d)			Total (e)			Net Assets (f)			Rate (g)
Initial Class	12/31/2005		16.23	%	$	445,761		0.86	%		0.86	%		0.30	%		44	%
	12/31/2004		16.63			416,126		0.88			0.88			–	(h)		63
	12/31/2003		31.21			242,433		0.90			0.90			(0.16	)		23
	12/31/2002		(14.31	)		95,613		1.12			1.12			(0.49	)		14
	12/31/2001		11.80			5,581		1.20			5.89			(0.47	)		4
Service Class	12/31/2005		15.93			14,980		1.11			1.11			0.03			44
	12/31/2004		16.51			7,545		1.14			1.14			(0.31	)		63
	12/31/2003		27.05			619		1.15			1.15			(0.22	)		23

NOTES TO FINANCIAL HIGHLIGHTS

(a)  Per share information is calculated based on average number of shares outstanding.

(b)  Transamerica Growth Opportunities (the "Fund") share classes commenced operations as follows:

Initial Class – May 2, 2001
    Service Class – May 1, 2003

(c)  Total Return reflects all portfolio expenses and includes reinvestment of dividends and capital gains; it does not reflect the charges and deductions under the policies or annuity contracts.

(d)  For the years ended December 31, 2005, 2004 and 2003, Ratio of Net Expenses to Average Net Assets is net of fee waivers and reimbursements by the investment adviser, if any (see note 2). For the year ended December 31, 2002, Ratio of Net Expenses to Average Net Assets is net of fees paid indirectly. For the year ended December 31, 2001, Ratio of Net Expenses to Average Net Assets is net of fees paid indirectly and credits allowed by the custodian.

(e)  Ratio of Total Expenses to Average Net Assets includes all expenses before fee waivers and reimbursements by the investment adviser.

(f)  Annualized.

(g)  Not annualized.

(h)  Amount rounds to less than $0.01 or 0.01%.

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

8

Transamerica Growth Opportunities

NOTES TO FINANCIAL STATEMENTS
At December 31, 2005
(all amounts in thousands)

NOTE 1.  ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

The AEGON/Transamerica Series Trust ("ATST") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). ATST serves as a funding vehicle for variable life insurance, variable annuity and group annuity products. Transamerica Growth Opportunities (the "Fund") is part of ATST.

Effective May 1, 2005, AEGON/Transamerica Series Fund, Inc. changed its name to AEGON/Transamerica Series Trust.

On May 3, 2004, the Fund acquired all the net assets of PBHG Mid Cap Growth Fund pursuant to a plan of reorganization approved by the shareholders. The Fund is the accounting survivor. The acquisition was accomplished by a tax-free exchange of 10,084 shares of the Fund for the 15,437 shares of PBHG Mid Cap Growth Fund outstanding on April 30, 2004. The aggregate net assets of the Fund immediately before the acquisition were $262,434. PBHG Mid Cap Growth Fund's net assets at that date, $134,885 including $21,593 of unrealized appreciation, were combined with those of the Fund, resulting in combined net assets of $397,319.

In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

This report should be read in conjunction with the current Fund prospectus, which contains more complete information about the Fund.

In preparing the Fund's financial statements in accordance with accounting principles generally accepted in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Fund.

Multiple class operations, income and expenses: The Fund currently offers two classes of shares, an Initial Class and a Service Class. Income, non-class specific expenses and realized and unrealized gains and losses, are allocated daily to each class, based upon the value of shares outstanding method as permitted under Rule 18f-3 of the 1940Act. Each class bears its own specific expenses as well as a portion of general, common expenses.

Security valuations: The Fund values its investments at the close of the New York Stock Exchange ("NYSE"), normally 4 p.m. ET, each day the NYSE is open for business. Fund investments are valued at the last sale price or closing price on the day of valuation taken from the primary exchange where the security is principally traded.

Securities traded in the over-the-counter market and listed securities for which no sale was reported on that date are valued at the last quoted bid price.

Debt securities are valued based on a price quotation or other equivalent indication of value supplied by an exchange, a pricing service or a major market maker; however, those that mature in sixty days or less are valued at amortized cost, which approximates market.

Investment company securities are valued at the net asset value of the underlying portfolio.

Other securities for which quotations are not readily available are valued at fair market value as determined in good faith by the Fund's Administrative Valuation Committee, under the supervision of the Board's Valuation Committee, using guidelines adopted by the Board of Trustees.

Cash: The Fund may leave cash overnight in its cash account with the custodian, Investors Bank & Trust Company ("IBT"). IBT has been contracted on behalf of the Fund to invest the excess cash into a savings account, which at December 31, 2005, was paying an interest rate of 3.00%.

Repurchase agreements: The Fund is authorized to enter into repurchase agreements. The Fund, through its custodian, IBT, receives delivery of the underlying securities, the value of which at the time of purchase is required to be an amount equal to at least 100% of the resale price. The Fund will bear the risk of value fluctuations until the security can be sold and may encounter delays and incur costs in liquidating the security. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Commission recapture: The sub-adviser, to the extent consistent with the best execution and usual commission rate policies and practices, may place security transactions of the Fund with broker/dealers with which ATST has established a Commission Recapture Program. A Commission Recapture Program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Fund. In no event will commissions paid by the Fund be used to pay expenses that would otherwise be borne by any other funds within ATST, or by any other party.

Recaptured commissions during the year ended December 31, 2005, of $7 are included in net realized gains in the Statement of Operations.

Securities lending: The Fund may lend securities to qualified borrowers, with IBT acting as the Fund's lending agent. The Fund earns negotiated lenders' fees. The Fund receives cash and/or securities as collateral against the loaned securities. Cash collateral received is invested in short term, interest bearing securities. The Fund monitors the market value of securities loaned on a daily basis and requires collateral in an amount at least equal to the value of the securities loaned. Income

AEGON/Transamerica Series Trust

Annual Report 2005

9

Transamerica Growth Opportunities

NOTES TO FINANCIAL STATEMENTS (continued)
At December 31, 2005
(all amounts in thousands)

NOTE 1.–(continued)

from loaned securities on the Statement of Operations is net of fees, in the amount of $142, earned by IBT for its services.

Security transactions and investment income: Security transactions are recorded on the trade date. Security gains and losses are calculated on the first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend date. Interest income, including accretion of discounts and amortization of premiums, is recorded on the accrual basis commencing on the settlement date.

Dividend distributions: Dividends and capital gains distributions are typically declared and reinvested annually and are generally paid and reinvested on the business day following the ex-date.

NOTE 2.  RELATED PARTY TRANSACTIONS

Effective January 1, 2005 AEGON/Transamerica Fund Advisers, Inc. was renamed Transamerica Fund Advisors, Inc. ("TFAI"); AEGON/Transamerica Fund Services, Inc. and AEGON/Transamerica Investor Services, Inc. merged into one entity and was renamed Transamerica Fund Services, Inc. ("TFS").

ATST serves as a funding vehicle for certain affiliated asset allocation portfolios and certain affiliated separate accounts of Western Reserve Life Assurance Co. of Ohio, Transamerica Life Insurance Company, Transamerica Financial Life Insurance Company, Inc., Peoples Benefit Life Insurance Company, Transamerica Occidental Life Insurance Company and Transamerica Life Insurance and Annuity Company.

TFAI is the Fund's investment adviser. TFS is the Fund's administrator and transfer agent. AFSG Securities Corp. ("AFSG") is the Fund's distributor. TFAI, TFS, and AFSG are affiliates of AEGON, NV, a Netherlands corporation.

Certain officers and trustees of the Fund are also officers and/or directors of TFAI, TFS and AFSG.

Transamerica Investment Management, LLC is both an affiliate of the Fund and a sub-adviser to the Fund.

The following schedule reflects the percentage of fund assets owned by affiliated investment companies at December 31, 2005:

	Net Assets		% of Net Assets
Asset Allocation–Conservative Portfolio	$	11,935		2.59	%
Asset Allocation–Growth Portfolio		30,787		6.68	%
Asset Allocation–Moderate Growth Portfolio		78,508		17.04	%
Asset Allocation–Moderate Portfolio		70,589		15.32	%
Total	$	191,819		41.63	%

Investment advisory fee: The Fund pays management fees to TFAI based on average daily net assets ("ANA") at the following breakpoints:

0.80% of the first $250 million of ANA
0.75% of the next $250 million of ANA
0.70% of ANA over $500 million

TFAI has contractually agreed to waive its advisory fee and will reimburse the Fund to the extent that operating expenses, excluding 12b-1 fees, exceed the following stated annual limit:

1.15% Expense Limit

If total fund expenses fall below the annual expense limitation agreement agreed to by the adviser within the succeeding three years, the Fund may be required to pay that adviser a portion or all of the waived advisory fees.

There were no amounts recaptured during the year ended December 31, 2005. There are no amounts available for recapture at December 31, 2005.

Distribution and service fees: The Fund adopted a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, ATST entered into a Distribution Agreement with AFSG dated January 1, 1997, as amended.

Under the Distribution Plan and Distribution Agreement on the Initial Class shares, AFSG, on behalf of the Fund, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Fund's shares, amounts equal to actual expenses associated with distributing the shares.

AEGON/Transamerica Series Trust

Annual Report 2005

10

Transamerica Growth Opportunities

NOTES TO FINANCIAL STATEMENTS (continued)
At December 31, 2005
(all amounts in thousands)

NOTE 2.–(continued)

The Distribution Plan on the Service Class shares requires ATST to pay distribution fees to AFSG as compensation for its activities, not as reimbursement for specific expenses. The fee on the Service Class is paid to the insurance companies for providing services and account maintenance for their policyholders who invest in the variable insurance products which invest in the Service Class shares.

The Fund is authorized under the 12b-1 plan to pay fees on each class up to the following limits:

Initial Class	0.15	%
Service Class	0.25	%

AFSG has determined that it will not seek payment by the Fund of the distribution expenses incurred with respect to the Initial Class shares before April 30, 2007. Prior to AFSG seeking reimbursement of future expenses, policy and contract owners will be notified in advance. The Fund will pay fees relating to Service Class shares.

Administrative services: The Fund has entered into an agreement with TFS for financial and legal fund administration services. The Fund pays TFS an annual fee of 0.02% of ANA. The Legal fees on the Statement of Operations are for fees paid to external legal counsel.

Deferred compensation plan: Each eligible independent Fund Trustee may elect participation in a non-qualified deferred compensation plan ("the Plan") maintained by Transamerica IDEX Mutual Funds, an affiliate of the Fund. Under the Plan, such Trustees may defer payment of all or a portion of their total fees earned as a Fund Trustee. Each Trustee who is a participant in the Plan may elect that the earnings, losses or gains credited to his or her deferred fee amounts be determined based on a deemed investment in any series of Transamerica IDEX Mutual Funds. The right of a participant to receive a distribution from the Plan of the deferred fees is an unsecured claim against the general assets of all series of Transamerica IDEX Mutual Funds. The pro rata liability to the Fund of all deferred fees in the Plan amounted, as of December 31, 2005, to $23.

NOTE 3.  INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the year ended December 31, 2005, were as follows:

Purchases of securities:
Long-Term	$	169,787
U.S. Government		–
Proceeds from maturities and sales of securities:
Long-Term		217,627
U.S. Government		–

NOTE 4.  FEDERAL INCOME TAX MATTERS

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatment for items including, but not limited to, wash sales and capital loss carryforwards.

The capital loss carryforwards are available to offset future realized capital gains through the periods listed:

Capital Loss Carryforwards		Available through
$	24,779	December 31, 2009
	432	December 31, 2011

The capital loss carryforward utilized during the year ended December 31, 2005 was $20,377.

The capital loss carryforwards are available to offset future realized gains, subject to certain limitations under the Internal Revenue Code, through the periods listed.

The tax character of distributions paid may differ from the character of distributions shown in the Statements of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2004 and 2005 was as follows:

2004 Distributions paid from:

Ordinary Income	$	–
Long-term Capital Gain		–

2005 Distributions paid from:

Ordinary Income	1,150
Long-term Capital Gain	30,055

The tax basis components of distributable earnings as of December 31, 2005, are as follows:

Undistributed Ordinary Income	$	1,154
Undistributed Long-term Capital Gain	$	13,409
Capital Loss Carryforward	$	(25,211	)
Net Unrealized Appreciation (Depreciation)	$	106,507

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of December 31, 2005, are as follows:

Federal Tax Cost Basis	$	414,133
Unrealized Appreciation	$	112,023
Unrealized (Depreciation)		(5,516	)
Net Unrealized Appreciation (Depreciation)	$	106,507

AEGON/Transamerica Series Trust

Annual Report 2005

11

Transamerica Growth Opportunities

NOTES TO FINANCIAL STATEMENTS (continued)
At December 31, 2005
(all amounts in thousands)

NOTE 5.  REGULATORY PROCEEDINGS

There continues to be significant federal and state regulatory activity relating to financial services companies, particularly mutual fund companies and their investment advisers. As part of an ongoing investigation regarding potential market timing, recordkeeping and trading compliance issues and matters affecting the Fund's investment adviser, TFAI, and certain affiliates and former employees of TFAI, the SEC staff has indicated that it is likely to take some action against TFAI and certain of its affiliates at the conclusion of the investigation. The potential timing and the scope of any such action is difficult to predict. Although the impact of any action brought against TFAI and/or its affiliates is difficult to assess at the present time, the Fund currently believes that the likelihood that any such action will have a material adverse impact on it is remote. It is important to note that the Fund is not aware of any allega tion of wrongdoing against it and its Board at the time this annual report is printed. Although it is not anticipated that these developments will have an adverse impact on the Fund, there can be no assurance at this time. TFAI and its affiliates are actively working with the SEC in regard to this matter; however, the exact resolution cannot be determined at this time. TFAI will take such actions that it deems necessary or appropriate to continue providing management services to the Fund and to bring all matters to an appropriate conclusion.

TFAI and/or its affiliates, and not the Fund, will bear the costs regarding these regulatory matters.

AEGON/Transamerica Series Trust

Annual Report 2005

12

Report of Independent Registered Certified Public Accounting Firm

To the Board of Directors and Shareholders of
Transamerica Growth Opportunities

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Transamerica Growth Opportunities (the "Fund") (one of the portfolios constituting the AEGON/Transamerica Series Fund, Inc.) at December 31, 2005, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fund's management; our responsibility is to express an opinion on these financial statemen ts based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2005 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

Tampa, Florida
February 23, 2005

Transamerica Growth Opportunities (UNAUDITED)

SUPPLEMENTAL TAX INFORMATION
(all amounts in thousands)

For tax purposes, the Fund has made a Long-Term Capital Gain Designation of $30,055 for the year ended December 31, 2005.

AEGON/Transamerica Series Trust

Annual Report 2005

13

Transamerica Growth Opportunities

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS – REVIEW AND RENEWAL (unaudited)

At a meeting of the Board of Trustees of AEGON/Transamerica Series Trust ("ATST") held on November 2, 2005, the Board reviewed and considered the Investment Advisory Agreement between Transamerica Growth Opportunities (the "Portfolio") and Transamerica Fund Advisors, Inc. ("TFAI") as well as the Investment Sub-Advisory Agreement of the Portfolio between TFAI and Transamerica Investment Management, LLC (the "Sub-Adviser"), to determine whether the agreements should be renewed for a one-year period. Following their review and consideration, the Trustees determined that the Investment Advisory Agreement and the Investment Sub-Advisory Agreement will enable shareholders of the Portfolio to obtain high quality services at a cost that is appropriate, reasonable, and in the best interests of its shareholders. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and the Investment Sub-Advisory Agreement. In reaching their decision, the Trustees requested and obtained from TFAI and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the proposed agreements. The Trustees also carefully considered the information that they had received throughout the year from TFAI and the Sub-Adviser (such as in-person presentations by the Sub-Adviser) as part of their regular oversight of the Portfolio, as well as: comparative fee, expense and performance information prepared by Lipper Inc. ("Lipper"), independent providers of mutual fund performance, fee and expense information; and profitability data. In considering the proposed continuation of the Investment Advisory Agreement and the Investment Sub-Advisory Agreement, the Trustees evaluated a number of considerations that they believe, in light of the legal advice furnished to them by ATST counsel and independent legal counsel and their own business judgment, to be relevant. They based their decision s on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:

The nature, extent and quality of the advisory service to be provided. The Board considered the nature and quality of the services provided by TFAI and the Sub-Adviser to the Portfolio in the past, as well as the services anticipated to be provided in the future. The Board concluded that TFAI and the Sub-Adviser are capable of providing high quality services to the Portfolio, as indicated by the nature and quality of services provided in the past, TFAI's and the Sub-Adviser's management capabilities demonstrated with respect to the portfolios they manage, including the Portfolio, and the experience, capability and integrity of TFAI's senior management, the financial resources of TFAI and the Sub-Adviser, and TFAI's management oversight process, the professional qualifications and experience of the Sub-Adviser's portfolio management team. The Trustees also concluded that TFAI and the Sub-Adviser proposed to provide investment and related services that were of the same quality and quantity as services provided to the Portfolio in the past, and that these services are appropriate in scope and extent in light of the Portfolio's operations, the competitive landscape of the investment company business and investor needs, and that TFAI's and the Sub-Adviser's obligations will remain substantially the same.

The investment performance of the Portfolio. The Board examined both the short-term and longer-term performance of the Portfolio, including relative performance against a benchmark securities index and a peer group of comparable mutual funds as prepared by Lipper, for various trailing periods ended June 30, 2005. The Trustees concluded that TFAI generally had achieved acceptable investment performance, while noting that the Portfolio's performance could be improved. The Board noted that the performance was the result of the Sub-Adviser's prior equity investment team, and determined that the results of the new team would be carefully monitored on a going-forward basis. On the basis of the Trustees' assessment of the nature, extent and quality of advisory services to be provided or procured by TFAI and the Sub-Adviser, the Trustees concluded that TFAI a nd the Sub-Adviser are capable of generating a level of investment performance that is appropriate in light of the Portfolio's investment objective, policies and strategies and competitive with many other investment companies, and also determined that TFAI's and the Sub-Adviser's performance records indicate that their continued management is likely to benefit the Portfolio and its shareholders.

The cost of advisory services provided and the level of profitability. The Board reviewed profitability information regarding TFAI's costs of procuring portfolio management services, as well as the costs of provision of administration, fund accounting and other services, to the Portfolio and to ATST as a whole by TFAI and its affiliates. The Trustees reviewed data from Lipper that compared the Portfolio's management fees (including management fees at various asset levels), other fees and expenses (including total expenses including and excluding 12b-1 distribution and service fees) and portfolio turnover rate against a peer group of comparable mutual fundss. Based on such information, the Trustees determined that the management fees and overall expense ratio of the Portfolio generally are consistent with industry averages. In addition, on the basis of the Board's review of the management fees to be charged by TFAI for investment advisory and related services, TFAI profitability information (derived from TFAI's audited financial statements), TFAI's estimated management income resulting from its management of the Portfolio, the estimated margin of the Sub-Adviser, as well as the entirety of TFAI's and its affiliates' service relationship with ATST, the Board concluded that the level of investment management fees and other service fees, as well as TFAI's and the Sub-Adviser's profitability, are appropriate in light of the services provided, the

AEGON/Transamerica Series Trust

Annual Report 2005

14

Transamerica Growth Opportunities (continued)

management fees and overall expense ratios of comparable investment companies and the anticipated profitability of the relationship between the Portfolio, TFAI and its affiliates, and the Sub-Adviser.

Whether fee levels reflect economies of scale and the extent to which economies of scale would be realized as the Portfolio grows. The Board concluded that the inclusion of asset-based breakpoints in the Portfolio's advisory fee schedule appropriately benefits investors by realizing economies of scale in the form of lower management fees as the level of assets grows. In addition, the Board concluded that the Portfolio's management fees appropriately reflect the Portfolio's current size, the current economic environment for TFAI, the competitive nature of the investment company market, and TFAI's pricing strategy. The Trustees also concluded that they will have the opportunity to periodically reexamine whether the Portfolio has achieved economies of scale, and the appropriateness of management fees payable to TFAI and fees payable by TFAI to the Sub-Ad viser, in the future.

Benefits (such as soft dollars) to TFAI, its affiliates, or the Sub-Adviser from their relationship with the Portfolio. The Board concluded that other benefits derived by TFAI, its affiliates, and the Sub-Adviser from their relationship with the Portfolio are reasonable and fair, and are consistent with industry practice and the best interests of the Portfolio and its shareholders. In this regard, the Board noted that TFAI does not realize "soft dollar" benefits from its relationship with the Portfolio, and that the Sub-Adviser is participating in a brokerage program pursuant to which a portion of brokerage commissions paid by the Portfolio is recaptured for the benefit of the Portfolio and its shareholders, thus limiting the amount of "soft-dollar" arrangements the Sub-Adviser may engage in with respect to the Portfolio's brokerage transactions. In a ddition, the Trustees determined that the administration, fund accounting and other fees paid by the Portfolio to affiliates of TFAI are reasonable, fair and in the best interests of shareholders in light of the nature and quality of the services provided, the associated costs to these affiliates of providing the services, the impact of the costs of such services on the Portfolio's overall operating expenses, and the necessity of the services for the Portfolio's operations.

Other considerations. The Board determined that TFAI had made a substantial commitment to the recruitment and retention of high quality personnel, and maintained the financial, compliance and operational resources reasonably necessary to manage the Portfolio in a professional manner that is consistent with the best interests of the Portfolio and its shareholders. In this regard, the Trustees favorably considered the procedures and policies in place by TFAI to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Adviser. The Trustees also determined that TFAI had made a significant entrepreneurial commitment to the management and success of the Portfolio, reflected by TFAI's expense limitation and fee waiver arrangement with the Portfolio, which may result in TFAI waiving a substantial amoun t of advisory fees for the benefit of shareholders.

AEGON/Transamerica Series Trust

Annual Report 2005

15

Transamerica Money Market

UNDERSTANDING YOUR FUND'S EXPENSES
(unaudited)

SHAREHOLDER EXPENSES

Fund shareholders may incur ongoing costs, including management and advisory fees, distribution and service fees, and other Fund expenses.

The following Example is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.

The Example is based on an investment of $1,000 invested at July 1, 2005 and held for the entire period until December 31, 2005.

ACTUAL EXPENSES

The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of your Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fees, brokerage commissions paid on purchases and sales of fund shares. Therefore, the second line under the Fund in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If any of these transaction costs were included, your costs would be higher. The expenses shown in the table do not reflect any fees that may be charged to you by brokers, financial intermediaries or other financial institutions.

	Beginning Account Value		Ending Account Value		Annualized Expense Ratio			Expenses Paid During Period (a)
Initial Class
Actual	$	1,000.00	$	1,017.00		0.41	%	$	2.08
Hypothetical (b)		1,000.00		1,023.14		0.41			2.09
Service Class
Actual		1,000.00		1,015.70		0.66			3.35
Hypothetical (b)		1,000.00		1,021.88		0.66			3.36

^(a)  Expenses are calculated using each Fund's annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by number of days in the period (184 days), and divided by the number of days in the year (365 days).

^(b)  5% return per year before expenses.

GRAPHICAL PRESENTATION OF SCHEDULE OF INVESTMENTS
By Maturity Distribution
At December 31, 2005

This chart shows the percentage breakdown by maturity date of the Fund's total investment securities.

AEGON/Transamerica Series Trust

Annual Report 2005

1

Transamerica Money Market

SCHEDULE OF INVESTMENTS
At December 31, 2005
(all amounts except share amounts in thousands)

	Principal		Value
COMMERCIAL PAPER (91.0%)
Automotive (8.6%)
American Honda Finance Corp.
4.04%, due 01/09/2006	$	7,200	$	7,193
4.08%, due 01/23/2006		7,100		7,081
4.09%, due 01/23/2006		6,500		6,483
BMW US Capital LLC–144A 4.18%, due 01/03/2006 4.27%, due 01/26/2006		10,000 1,600		9,997 1,595
Business Credit Institutions (7.8%)
Paccar Financial Corp. 4.03%, due 01/12/2006 4.20%, due 02/02/2006 4.21%, due 02/09/2006 4.20%, due 02/14/2006		4,250 6,900 11,900 6,500		4,244 6,873 11,844 6,466
Commercial Banks (25.4%)
Bank of America, Corp. 4.33%, due 02/22/2006		15,000		14,904
Barclays U.S. Funding Corp. 4.02%, due 01/09/2006 4.03%, due 01/11/2006 4.21%, due 02/08/2006		9,000 7,000 9,000		8,991 6,991 8,959
Old Line Funding Corp.–144A 4.18%, due 01/10/2006 4.33%, due 02/06/2006		7,800 10,860		7,791 10,812
Royal Bank of Scotland 4.12%, due 01/03/2006 4.15%, due 01/30/2006 4.15%, due 01/31/2006		5,000 12,400 13,000		4,998 12,357 12,954
UBS Finance Delaware LLC 4.20%, due 01/27/2006		7,000		6,978
Food & Kindred Products (6.4%)
Nestle Capital Corp.–144A 4.12%, due 01/09/2006 4.10%, due 01/10/2006 4.10%, due 01/11/2006		7,000 8,500 8,600		6,993 8,490 8,589
Holding & Other Investment Offices (6.0%)
CAFCO LLC–144A 4.13%, due 01/18/2006 4.23%, due 01/23/2006		7,000 13,355		6,986 13,319
Quebec Province–144A 4.26%, due 01/27/2006		2,450		2,442

	Principal		Value
Insurance (2.5%)
Metlife Funding, Inc. 4.12%, due 01/23/2006	$	9,400	$	9,375
Oil & Gas Extraction (6.3%)
BP Amoco Capital PLC 4.01%, due 01/17/2006		24,000		23,955
Personal Credit Institutions (14.4%)
General Electric Capital Corp. 4.03%, due 01/10/2006 4.09%, due 01/20/2006 4.19%, due 02/06/2006		7,000 12,400 11,900		6,992 12,372 11,849
Toyota Motor Credit Corp. 4.05%, due 01/19/2006 4.29%, due 02/07/2006		11,300 12,000		11,276 11,946
Printing & Publishing (1.3%)
Gannett Co., Inc.–144A 4.08%, due 01/04/2006		5,000		4,998
Repurchase Agreements (2.9%)
JPMorgan Chase & Co. 4.22%, due 02/28/2006		11,000		10,924
Telecommunications (5.3%)
Verizon Network Funding 4.28%, due 01/11/2006 4.30%, due 01/18/2006		10,000 10,000		9,987 9,978
Wholesale Trade Durable Goods (4.1%)
Procter & Gamble Co.–144A 4.09%, due 01/25/2006		15,400		15,356
Total Commercial Paper (cost: $343,338)				343,338
CERTIFICATES OF DEPOSIT (9.0%)
Bank of America Corp. 4.29%, due 02/21/2006		4,400		4,400
Wells Fargo Bank NA 4.31%, due 01/20/2006 4.30%, due 01/25/2006		3,000 8,500		3,000 8,500
Toronto-Dominion Bank, Ltd. 4.47%, due 03/31/2006		17,860		17,860
Total Certificates Of Deposit (cost: $33,760)				33,760
Total Investment Securities (cost: $377,098)			$	377,098

DEFINITIONS:

144A  144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2005, these securities aggregated $97,368 or 25.8% of the total investments of the Fund.

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

2

Transamerica Money Market

STATEMENT OF ASSETS AND LIABILITIES
At December 31, 2005
(all amounts except per share amounts in thousands)

Assets:
Investment securities, at value (cost: $377,098)	$	377,098
Cash		64
Receivables:
Shares sold		743
Interest		100
		378,005
Liabilities:
Accounts payable and accrued liabilities:
Shares redeemed		997
Management and advisory fees		131
Service fees		6
Administration fees		8
Dividends to shareholders		78
Other		33
		1,253
Net Assets	$	376,752
Net Assets Consist of:
Capital stock ($.01 par value)	$	3,768
Additional paid-in capital		372,984
Net Assets	$	376,752
Net Assets by Class:
Initial Class	$	347,350
Service Class		29,402
Shares Outstanding:
Initial Class		347,350
Service Class		29,402
Net Asset Value and Offering Price Per Share:
Initial Class	$	1.00
Service Class		1.00

STATEMENT OF OPERATIONS
For the year ended December 31, 2005
(all amounts in thousands)

Investment Income:
Interest	$	18,354
Expenses:
Management and advisory fees		1,977
Printing and shareholder reports		58
Custody fees		59
Administration fees		113
Legal fees		11
Audit fees		14
Trustees fees		19
Service fees:
Service Class		73
Other		14
Total expenses		2,338
Net Investment Income (Loss)		16,016
Net Increase (Decrease) in Net Assets Resulting from Operations	$	16,016

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

3

Transamerica Money Market

STATEMENTS OF CHANGES IN NET ASSETS
For the years ended
(all amounts in thousands)

	December 31, 2005			December 31, 2004
Increase (Decrease) In Net Assets From:
Operations:
Net investment income (loss)	$	16,016		$	6,616
		16,016			6,616
Distributions to Shareholders:
From net investment income:
Initial Class		(15,228	)		(6,481	)
Service Class		(788	)		(135	)
		(16,016	)		(6,616	)
Capital Share Transactions:
Proceeds from shares sold:
Initial Class		519,748			645,194
Service Class		96,009			70,586
		615,757			715,780
Dividends and distributions reinvested:
Initial Class		15,183			6,461
Service Class		783			135
		15,966			6,596
Cost of shares redeemed:
Initial Class		(684,402	)		(752,346	)
Service Class		(86,320	)		(58,382	)
		(770,722	)		(810,728	)
		(138,999	)		(88,352	)
Net increase (decrease) in net assets		(138,999	)		(88,352	)
Net Assets:
Beginning of year		515,751			604,103
End of year	$	376,752		$	515,751

	December 31, 2005			December 31, 2004
Share Activity:
Shares issued:
Initial Class		519,748			645,194
Service Class		96,009			70,586
		615,757			715,780
Shares issued–reinvested from distributions:
Initial Class		15,183			6,461
Service Class		783			135
		15,966			6,596
Shares redeemed:
Initial Class		(684,402	)		(752,346	)
Service Class		(86,320	)		(58,382	)
		(770,722	)		(810,728	)
Net increase (decrease) in shares outstanding:
Initial Class		(149,471	)		(100,691	)
Service Class		10,472			12,339
		(138,999	)		(88,352	)

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

4

Transamerica Money Market

FINANCIAL HIGHLIGHTS

		For a share outstanding throughout each period (a)
		Net Asset		Investment Operations						Distributions								Net Asset
	For the Period Ended (b)	Value, Beginning of Period		Net Investment Income (Loss)		Net Realized and Unrealized Gain (Loss)		Total Operations		From Net Investment Income			From Net Realized Gains		Total Distributions			Value, End of Period
Initial Class	12/31/2005	$	1.00	$	0.03	$	–	$	0.03	$	(0.03	)	$	–	$	(0.03	)	$	1.00
	12/31/2004		1.00		0.01		–		0.01		(0.01	)		–		(0.01	)		1.00
	12/31/2003		1.00		0.01		–		0.01		(0.01	)		–		(0.01	)		1.00
	12/31/2002		1.00		0.01		–		0.01		(0.01	)		–		(0.01	)		1.00
	12/31/2001		1.00		0.04		–		0.04		(0.04	)		–		(0.04	)		1.00
Service Class	12/31/2005		1.00		0.03		–		0.03		(0.03	)		–		(0.03	)		1.00
	12/31/2004		1.00		0.01		–		0.01		(0.01	)		–		(0.01	)		1.00
	12/31/2003		1.00		–		–		–		–			–		–			1.00

					Ratios/Supplemental Data
	For the Period	Total			Net Assets, End of Period		Ratio of Expenses to Average Net Assets (f)						Net Investment Income (Loss) to Average
	Ended (b)	Return (c)(g)			(000's)		Net (d)			Total (e)			Net Assets (f)
Initial Class	12/31/2005		2.89	%	$	347,350		0.40	%		0.40	%		2.84	%
	12/31/2004		0.99			496,821		0.39			0.39			1.00
	12/31/2003		0.81			597,512		0.38			0.38			0.78
	12/31/2002		1.44			584,061		0.41			0.41			1.42
	12/31/2001		4.01			467,311		0.44			0.44			3.70
Service Class	12/31/2005		2.63			29,402		0.65			0.65			2.69
	12/31/2004		0.72			18,930		0.64			0.64			0.87
	12/31/2003		0.30			6,591		0.64			0.64			0.44

NOTES TO FINANCIAL HIGHLIGHTS

(a)  Per share information is calculated based on average number of shares outstanding.

(b)  Transamerica Money Market (the "Fund") share classes commenced operations on:

Initial Class – October 2, 1986
Service Class – May 1, 2003

(c)  Total Return reflects all portfolio expenses and includes reinvestment of dividends and capital gains; it does not reflect the charges and deductions under the policies or annuity contracts.

(d)  Ratio of Net Expenses to Average Net Assets is net of advisory fee waivers, if any (see note 2).

(e)  Ratio of Total Expenses to Average Net Assets includes all expenses before advisory fee waivers.

(f)  Annualized.

(g)  Not annualized.

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

5

Transamerica Money Market

NOTES TO FINANCIAL STATEMENTS
At December 31, 2005
(all amounts in thousands)

NOTE 1.  ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

The AEGON/Transamerica Series Trust ("ATST") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). ATST serves as a funding vehicle for variable life insurance, variable annuity and group annuity products. Transamerica Money Market (the "Fund") is part of ATST.

Effective May 1, 2005, AEGON/Transamerica Series Fund, Inc. changed its name to AEGON/Transamerica Series Trust.

In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

This report should be read in conjunction with the current Fund prospectus, which contains more complete information about the Fund.

In preparing the Fund's financial statements in accordance with accounting principles generally accepted in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Fund.

Multiple class operations, income and expenses: The Fund currently offers two classes of shares, an Initial Class and a Service Class. Income, non-class specific expenses and realized and unrealized gains and losses, are allocated daily to each class, based upon the value of shares outstanding method as permitted under Rule 18f-3 of the 1940Act. Each class bears its own specific expenses as well as a portion of general, common expenses.

Securities valuations: As permitted under Rule 2a-7 of the 1940 Act, the securities held by the Fund are valued on the basis of amortized cost, which approximates market value.

Cash: The Fund may leave cash overnight in its cash account with the custodian, Investors Bank & Trust Company ("IBT"). IBT has been contracted on behalf of the Fund to invest the excess cash into a savings account, which at December 31, 2005, was paying an interest rate of 3.00%.

Security transactions and investment income: Security transactions are recorded on the trade date. Security gains and losses are calculated on the first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend date. Interest income, including accretion of discounts and amortization of premiums, is recorded on the accrual basis commencing on the settlement date.

Dividend distributions: Dividends and capital gains distributions are typically declared and reinvested annually and are generally paid and reinvested on the business day following the ex-date.

NOTE 2.  RELATED PARTY TRANSACTIONS

Effective January 1, 2005 AEGON/Transamerica Fund Advisers, Inc. was renamed Transamerica Fund Advisors, Inc. ("TFAI"); AEGON/Transamerica Fund Services, Inc. and AEGON/Transamerica Investor Services, Inc. merged into one entity and was renamed Transamerica Fund Services, Inc. ("TFS").

ATST serves as a funding vehicle for certain affiliated asset allocation portfolios and certain affiliated separate accounts of Western Reserve Life Assurance Co. of Ohio, Transamerica Life Insurance Company, Transamerica Financial Life Insurance Company, Inc., Peoples Benefit Life Insurance Company, Transamerica Occidental Life Insurance Company and Transamerica Life Insurance and Annuity Company.

TFAI is the Fund's investment adviser. TFS is the Fund's administrator and transfer agent. AFSG Securities Corp. ("AFSG") is the Fund's distributor. TFAI, TFS, and AFSG are affiliates of AEGON, NV, a Netherlands corporation.

Certain officers and trustees of the Fund are also officers and/or directors of TFAI, TFS and AFSG.

Transamerica Investment Management, LLC is both an affiliate of the Fund and a sub-adviser to the Fund.

Investment advisory fee: The Fund pays management fees to TFAI based on average daily net assets ("ANA") at the following breakpoints:

0.35% of ANA

TFAI has contractually agreed to waive its advisory fee and will reimburse the Fund to the extent that operating expenses, excluding 12b-1fees, exceed the following stated annual limit:

0.57% Expense Limit

If total fund expenses fall below the annual expense limitation agreement agreed to by the adviser within the succeeding three years, the Fund may be required to pay that adviser a portion or all of the waived advisory fees.

There were no amounts recaptured during the year ended December 31, 2005. There are no amounts available for recapture at December 31, 2005.

AEGON/Transamerica Series Trust

Annual Report 2005

6

Transamerica Money Market

NOTES TO FINANCIAL STATEMENTS (continued)
At December 31, 2005
(all amounts in thousands)

NOTE 2.–(continued)

Distribution and service fees: The Fund adopted a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, ATST entered into a Distribution Agreement with AFSG dated January 1, 1997, as amended.

Under the Distribution Plan and Distribution Agreement on the Initial Class shares, AFSG, on behalf of the Fund, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Fund's shares, amounts equal to actual expenses associated with distributing the shares.

The Distribution Plan on the Service Class shares requires ATST to pay distribution fees to AFSG as compensation for its activities, not as reimbursement for specific expenses. The fee on the Service Class is paid to the insurance companies for providing services and account maintenance for their policyholders who invest in the variable insurance products which invest in the Service Class shares.

The Fund is authorized under the 12b-1 plan to pay fees on each class up to the following limits:

Initial Class	0.15	%
Service Class	0.25	%

AFSG has determined that it will not seek payment by the Fund of the distribution expenses incurred with respect to the Initial Class shares before April 30, 2007. Prior to AFSG seeking reimbursement of future expenses, policy and contract owners will be notified in advance. The Fund will pay fees relating to Service Class shares.

Administrative services: The Fund has entered into an agreement with TFS for financial and legal fund administration services. The Fund pays TFS an annual fee of 0.02% of ANA. The Legal fees on the Statement of Operations are for fees paid to external legal counsel.

Deferred compensation plan: Each eligible independent Fund Trustee may elect participation in a non-qualified deferred compensation plan ("the Plan") maintained by Transamerica IDEX Mutual Funds, an affiliate of the Fund. Under the Plan, such Trustees may defer payment of all or a portion of their total fees earned as a Fund Trustee. Each Trustee who is a participant in the Plan may elect that the earnings, losses or gains credited to his or her deferred fee amounts be determined based on a deemed investment in any series of Transamerica IDEX Mutual Funds. The right of a participant to receive a distribution from the Plan of the deferred fees is an unsecured claim against the general assets of all series of Transamerica IDEX Mutual Funds. The pro rata liability to the Fund of all deferred fees in the Plan amounted, as of December 31, 2005, to $19.

NOTE 3.  FEDERAL INCOME TAX MATTERS

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatment for items including, but not limited to, distributions payable.

The tax character of distributions paid may differ from the character of distributions shown in the Statements of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2004 and 2005 was as follows:

2004 Distributions paid from:
Ordinary Income	$	6,616
Long-term Capital Gain		–
2005 Distributions paid from:
Ordinary Income		16,016
Long-term Capital Gain		–

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of December 31, 2005, are as follows:

Federal Tax Cost Basis	$	377,098
Unrealized Appreciation	$	–
Unrealized (Depreciation)		–
Net Unrealized Appreciation (Depreciation)	$	–

NOTE 4.  REGULATORY PROCEEDINGS

There continues to be significant federal and state regulatory activity relating to financial services companies, particularly mutual fund companies and their investment advisers. As part of an ongoing investigation regarding potential market timing, recordkeeping and trading compliance issues and matters affecting the Fund's investment adviser, TFAI, and certain affiliates and former employees of TFAI, the SEC staff has indicated that it is likely to take some action against TFAI and certain of its affiliates at the conclusion of the investigation. The potential timing and the scope of any such action is difficult to predict. Although the impact of any action brought against TFAI and/or its affiliates is difficult to assess at the present time, the Fund currently believes that the likelihood that any such action will have a material adverse impact on it is remote. It is important to note that the Fund is not aware of any allega tion of wrongdoing against it and its Board at the time this annual report is printed. Although it is not anticipated that these developments will have an adverse impact on the Fund, there can be no assurance at this time. TFAI and its affiliates are actively working with the SEC in regard to this matter; however, the exact resolution cannot be determined at this time. TFAI will take such actions that it deems

AEGON/Transamerica Series Trust

Annual Report 2005

7

Transamerica Money Market

NOTES TO FINANCIAL STATEMENTS (continued)
At December 31, 2005
(all amounts in thousands)

NOTE 4.–(continued)

necessary or appropriate to continue providing management services to the Fund and to bring all matters to an appropriate conclusion.

TFAI and/or its affiliates, and not the Fund, will bear the costs regarding these regulatory matters.

AEGON/Transamerica Series Trust

Annual Report 2005

8

Report of Independent Registered Certified Public Accounting Firm

To the Board of Trustees and Shareholders of
Transamerica Money Market

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Transamerica Money Market (the "Fund") (one of the portfolios constituting the AEGON/Transamerica Series Trust) at December 31, 2005, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fund's management; our responsibility is to express an opinion on these financial statements based on our a udits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2005 by correspondence with the custodian, provide a reasonable basis for our opinion.

Tampa, Florida
February 23, 2006

AEGON/Transamerica Series Trust

Annual Report 2005

9

Transamerica Money Market

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS – REVIEW AND RENEWAL (unaudited)

At a meeting of the Board of Trustees of AEGON/Transamerica Series Trust ("ATST") held on November 2, 2005, the Board reviewed and considered the Investment Advisory Agreement between Transamerica Money Market (the "Portfolio") and Transamerica Fund Advisors, Inc. ("TFAI") as well as the Investment Sub-Advisory Agreement of the Portfolio between TFAI and Transamerica Investment Management, LLC (the "Sub-Adviser"), to determine whether the agreements should be renewed for a one-year period. Following their review and consideration, the Trustees determined that the Investment Advisory Agreement and the Investment Sub-Advisory Agreement will enable shareholders of the Portfolio to obtain high quality services at a cost that is appropriate, reasonable, and in the best interests of its shareholders. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and the Investment Sub-Advisory Agreement. In reaching their decision, the Trustees requested and obtained from TFAI and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the proposed agreements. The Trustees also carefully considered the information that they had received throughout the year from TFAI and the Sub-Adviser (such as in-person presentations by the Sub-Adviser) as part of their regular oversight of the Portfolio, as well as: comparative fee, expense and performance information prepared by Lipper Inc. ("Lipper"), independent providers of mutual fund performance, fee and expense information; and profitability data. In considering the proposed continuation of the Investment Advisory Agreement and the Investment Sub-Advisory Agreement, the Trustees evaluated a number of considerations that they believe, in light of the legal advice furnished to them by ATST counsel and independent legal counsel and their own business judgment, to be relevant. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:

The nature, extent and quality of the advisory service to be provided. The Board considered the nature and quality of the services provided by TFAI and the Sub-Adviser to the Portfolio in the past, as well as the services anticipated to be provided in the future. The Board concluded that TFAI and the Sub-Adviser are capable of providing high quality services to the Portfolio, as indicated by the nature and quality of services provided in the past, TFAI's and the Sub-Adviser's management capabilities demonstrated with respect to the portfolios they manage, including the Portfolio, and the experience, capability and integrity of TFAI's senior management, the financial resources of TFAI and the Sub-Adviser, TFAI's management oversight process, the professional qualifications and experience of the Sub-Adviser's portfolio management team, and the Portfolio 's investment performance. The Trustees also concluded that TFAI and the Sub-Adviser proposed to provide investment and related services that were of the same quality and quantity as services provided to the Portfolio in the past, and that these services are appropriate in scope and extent in light of the Portfolio's operations, the competitive landscape of the investment company business and investor needs, and that TFAI's and the Sub-Adviser's obligations will remain substantially the same.

The investment performance of the Portfolio. The Board examined both the short-term and longer-term performance of the Portfolio, including relative performance against a benchmark securities index and a peer group of comparable mutual funds as prepared by Lipper, for various trailing periods ended June 30, 2005. The Trustees concluded that TFAI and the Sub-Adviser generally had achieved superior investment performance, noting that the performance of the Portfolio has been above median relative to its peers over the past one-, two-, three-, five- and ten-year periods and superior to the benchmark index over the past one-, two-, three-, five- and ten-year periods. On the basis of the Trustees' assessment of the nature, extent and quality of advisory services to be provided or procured by TFAI and the Sub-Adviser, the Trustees concluded that TFAI and th e Sub-Adviser are capable of generating a level of investment performance that is appropriate in light of the Portfolio's investment objective, policies and strategies and competitive with many other investment companies, and also determined that TFAI's and the Sub-Adviser's performance records indicate that their continued management is likely to benefit the Portfolio and its shareholders.

The cost of advisory services provided and the level of profitability. The Board reviewed profitability information regarding TFAI's costs of procuring portfolio management services, as well as the costs of provision of administration, fund accounting and other services, to the Portfolio and to ATST as a whole by TFAI and its affiliates. The Trustees reviewed data from Lipper that compared the Portfolio's management fees (including management fees at various asset levels), and other fees and expenses (including total expenses including and excluding 12b-1 distribution and service fees). Based on such information, the Trustees determined that the management fees and overall expense ratio of the Portfolio generally are consistent with industry averages. In addition, on the basis of the Board's review of the management fees to be charged by TFAI for inve stment advisory and related services, and TFAI profitability information (derived from TFAI's audited financial statements), TFAI's estimated management income resulting from its management of the Portfolio, the estimated margin of the Sub-Adviser, as well as the entirety of TFAI's and its affiliates' service relationship with ATST, the Board concluded that the level of investment management fees and other service fees, as well as TFAI's and the Sub-Adviser's profitability, are appropriate in light of the services provided, the management fees and overall expense ratios of comparable investment companies and the anticipated profitability of the relationship between the Portfolio, TFAI and its affiliates, and the Sub-Adviser.

AEGON/Transamerica Series Trust

Annual Report 2005

10

Transamerica Money Market (continued)

Whether fee levels reflect economies of scale and the extent to which economies of scale would be realized as the Portfolio grows. Although the investment advisory fees do not reduce should Portfolio assets grow meaningfully, the Board determined that the investment advisory fees already reflect potential economies of scale to some extent by virtue of their competitive levels determined with reference to industry standards as reported by Lipper and the estimated profitability at current or foreseeable asset levels. In addition, the Board concluded that the Portfolio's management fees appropriately reflect the Portfolio's current size, the current economic environment for TFAI, the competitive nature of the investment company market, and TFAI's pricing strategy. The Trustees also concluded that they will have the opportunity to periodically reexamine w hether the Portfolio has achieved economies of scale, and the appropriateness of management fees payable to TFAI and fees payable by TFAI to the Sub-Adviser, in the future.

Benefits (such as soft dollars) to TFAI, its affiliates, or the Sub-Adviser from their relationship with the Portfolio. The Board concluded that other benefits derived by TFAI, its affiliates, and the Sub-Adviser from their relationship with the Portfolio are reasonable and fair, and are consistent with industry practice and the best interests of the Portfolio and its shareholders. In this regard, the Board noted that neither TFAI nor the Sub-Adviser realizes "soft dollar" benefits from its relationship with the Portfolio. In addition, the Trustees determined that the administration, fund accounting and other fees paid by the Portfolio to affiliates of TFAI are reasonable, fair and in the best interests of shareholders in light of the nature and quality of the services provided, the associated costs to these affiliates of providing the services, the i mpact of the costs of such services on the Portfolio's overall operating expenses, and the necessity of the services for the Portfolio's operations.

Other considerations. The Board determined that TFAI had made a substantial commitment to the recruitment and retention of high quality personnel, and maintained the financial, compliance and operational resources reasonably necessary to manage the Portfolio in a professional manner that is consistent with the best interests of the Portfolio and its shareholders. In this regard, the Trustees favorably considered the procedures and policies in place by TFAI to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Adviser. The Trustees also determined that TFAI had made a significant entrepreneurial commitment to the management and success of the Portfolio, reflected by TFAI's expense limitation and fee waiver arrangement with the Portfolio, which may result in TFAI waiving a substantial amoun t of advisory fees for the benefit of shareholders.

AEGON/Transamerica Series Trust

Annual Report 2005

11

Transamerica Small/Mid Cap Value

MARKET ENVIRONMENT

Although corporate earnings were steady or expanded slightly, the real story behind the stock market's solid advance during 2005 was the resilience of the U.S. economy and the absence of long-term inflationary pressures. Improved productivity levels and sustained consumer spending kept the economy moving forward in spite of numerous worries, including: inconsistent job growth; raging energy prices; costly natural disasters; a burgeoning federal budget deficit; the steady upward climb in interest rates; and the downgrading of one of the nation's preeminent automakers. However, since headline inflation remained under control – despite sharply higher energy prices during the twelve-month period – the economy and markets largely ignored this proverbial "wall of worries" to post positive results across the board.

For the first time in several years, growth equities showed renewed strength and, late in the year, outpaced value equities, while energy-related stocks outpaced just about everything. Against this backdrop, the Russell 2500 Value Index ("Russell 2500 Value") of small and medium-sized companies generated a twelve-month total return of 7.74%. Energy-related sectors were the index's strongest; and automotive and transportation, its' weakest.

PERFORMANCE

For the year ended December 31, 2005, Transamerica Small/Mid Cap Value, Initial Class returned 13.56%. By comparison its primary and former benchmarks, the Russell 2500 Value and the Russell 2000 Index returned 7.74% and 4.55%, respectively.

STRATEGY REVIEW

We apply a combination of macroeconomic analysis and bottom-up fundamental research to select both sectors and individual securities for investment. The objective: to create relatively concentrated portfolios that, in the aggregate, have lower valuation metrics (e.g., price-to-earnings and price-to-free cash flow ratios) than the benchmark Russell 2500 Value. Our ideal investment candidate possesses an extraordinary catalyst for generating significantly higher earnings than estimated by Wall Street.

At the time we assumed management of the portfolio (in May 2004), this approach convinced us that energy-related stocks offered some of the best values in the marketplace. We significantly overweighted the portfolio's investment in the energy sector, even before energy prices skyrocketed. This overweighting, once energy prices began to rise, combined with vastly superior total returns for our individual energy selections, was the primary factor in the portfolio's outperformance. Eight of the portfolio's ten largest contributors to results in 2005, were energy stocks, including natural gas provider Chesapeake Energy Corporation; Superior Energy Services, Inc., an oil service provider operating in the Gulf of Mexico; and TODCO, a lessor of jack-up oil rigs.

The double- and, in some cases, triple-digit gains for these holdings more than offset losses in stocks that were negatively impacted by rising energy prices – namely, our investments in chemical companies – and downturns for several health care holdings. Oil and natural gas are often used as raw materials in the processing of chemicals. However, prices for these raw materials rose so quickly that manufacturers were initially unable to pass through the higher input costs. Even though the situation was largely rectified by year-end 2005, companies like Georgia Gulf Corporation detracted from full-year results. As for health care, it's fair to say that, while the sector did well, our individual stock selections simply did not keep pace.

Michelle E. Stevens, CFA

Portfolio Manager
Transamerica Investment Management, LLC

AEGON/Transamerica Series Trust

Annual Report 2005

1

Transamerica Small/Mid Cap Value

Comparison of change in value of $10,000 investment in Initial Class shares and its comparative indices.

Average Annual Total Return for Periods Ended 12/31/05

	1 year			5 years			10 years			From Inception			Inception Date
Initial Class		13.56	%		14.47	%		15.86	%		14.34	%	5/4/93
Russell 2500 Value1		7.74	%		13.42	%		13.88	%		14.01	%	5/4/93
Russell 20001		4.55	%		8.22	%		9.26	%		10.60	%	5/4/93
Service Class		13.26	%		–			–			17.21	%	5/3/04

NOTES

1  The Russell 2500 Value (Russell 2500 Value) Index and Russell 2000 (Russell 2000) Index are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. For reporting periods through December 31, 2004, the Fund had selected Russell 2000 as its benchmark measure; however, the Russell 2500 Value is more appropriate for comparison to the Fund. Source: Standard & Poor's Micropal®© Micropal, Inc. 2005 – 1-800-596-5323 – http://www.funds-sp.com.

The performance data presented represents past performance, future results may vary. The portfolio's investment return and net asset value will fluctuate. Past performance does not guarantee future results. Investor's units when redeemed,may be worth more or less than their original cost.

Current performance may be higher or lower than the performance data quoted. Please visit your insurance company's website for contract or policy level standardized total returns current to the most recent month-end. Portfolio performance is net of investment fees and fund expenses, but not product charges, which, if included, would significantly lower the performance quoted.

Investing in small cap stocks generally involves greater risk and volatility, therefore an investment in the Fund may not be appropriate for everyone. Companies with small capitalization have the potential for greater volatility than companies with larger capitalization. The limited volume and trading frequency of small-capitalized stocks may result in substantial price deviation. Further, companies with small capitalization may experience more significant growth and failure rates than companies with large capitalization.

This material must be preceded or accompanied by a current prospectus, which includes specific contents regarding the investment objectives and policies of this portfolio.

The historical financial information for periods prior to May 1, 2002 has been derived from the financial history of the predecessor portfolio, Dreyfus Small Cap Value Portfolio, of the Endeavor Series Trust. The Dreyfus Corporation had been the portfolio's subadviser since September 16, 1996 to April 30, 2004. Prior to that date a different firm managed the portfolio and the performance set forth above, prior to September 16, 1996 is attributable to that firm.

AEGON/Transamerica Series Trust

Annual Report 2005

2

Transamerica Small/Mid Cap Value

UNDERSTANDING YOUR FUND'S EXPENSES
(unaudited)

SHAREHOLDER EXPENSES

Fund shareholders may incur ongoing costs, including management and advisory fees, distribution and service fees, and other Fund expenses.

The following Example is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.

The Example is based on an investment of $1,000 invested at July 1, 2005 and held for the entire period until December 31, 2005.

ACTUAL EXPENSES

The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of your Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fees, brokerage commissions paid on purchases and sales of fund shares. Therefore, the second line under the Fund in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If any of these transaction costs were included, your costs would be higher. The expenses shown in the table do not reflect any fees that may be charged to you by brokers, financial intermediaries or other financial institutions.

	Beginning Account Value		Ending Account Value		Annualized Expense Ratio			Expenses Paid During Period (a)
Initial Class
Actual	$	1,000.00	$	1,084.40		0.87	%	$	4.57
Hypothetical (b)		1,000.00		1,020.82		0.87			4.43
Service Class
Actual		1,000.00		1,082.70		1.12			5.88
Hypothetical (b)		1,000.00		1,019.56		1.12			5.70

^(a)  Expenses are calculated using each Fund's annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by number of days in the period (184 days), and divided by the number of days in the year (365 days).

^(b)  5% return per year before expenses.

GRAPHICAL PRESENTATION OF SCHEDULE OF INVESTMENTS
By Sector
At December 31, 2005

This chart shows the percentage breakdown by sector of the Fund's total investment securities.

AEGON/Transamerica Series Trust

Annual Report 2005

3

Transamerica Small/Mid Cap Value

SCHEDULE OF INVESTMENTS
At December 31, 2005
(all amounts except share amounts in thousands)

	Shares		Value
COMMON STOCKS (84.5%)
Apparel Products (0.9%)
True Religion Apparel, Inc. ‡†		285,000	$	4,389
Chemicals & Allied Products (5.1%)
Chemtura Corp.		300,000		3,810
Lubrizol Corp.		180,000		7,817
Olin Corp.		485,000		9,545
PolyOne Corp. ‡		555,560		3,572
Commercial Banks (3.2%)
Corus Bankshares, Inc. †		140,000		7,878
North Fork Bancorp, Inc.		283,878		7,767
Computer & Data Processing Services (3.2%)
ActivCard Corp. ‡		175,800		614
Fair Isaac Corp. †		240,000		10,601
Sabre Holdings Corp.		183,200		4,417
Computer & Office Equipment (1.0%)
Hypercom Corp. ‡		725,000		4,633
Symbol Technologies, Inc.		3,450		44
Construction (5.8%)
Chemed Corp.		310,000		15,401
McDermott International, Inc. ‡		280,000		12,491
Electric Services (0.1%)
CMS Energy Corp. ‡		20,000		290
Electric, Gas & Sanitary Services (0.6%)
ALLETE, Inc.		66,666		2,933
Electronic & Other Electric Equipment (4.8%)
Acuity Brands, Inc.		300,000		9,540
Genlyte Group, Inc. ‡		260,000		13,928
Electronic Components & Accessories (1.3%)
Advanced Energy Industries, Inc. ‡		165,000		1,952
OSI Systems, Inc. ‡†		232,800		4,281
Environmental Services (2.1%)
Republic Services, Inc.		265,000		9,951
Food & Kindred Products (1.0%)
Hercules, Inc. ‡		356,600		4,030
TreeHouse Foods, Inc. ‡†		47,000		880
Gas Production & Distribution (1.3%)
KeySpan Corp.		175,000		6,246
Health Services (1.5%)
LifePoint Hospitals, Inc. ‡		200,000		7,500
Holding & Other Investment Offices (5.1%)
Annaly Mortgage Management, Inc. REIT †		400,000		4,376
Education Realty Trust, Inc. REIT		325,000		4,189

	Shares		Value
Holding & Other Investment Offices (continued)
LTC Properties, Inc. REIT		450,000	$	9,463
Omega Healthcare Investors, Inc. REIT		291,000		3,664
Parkway Properties, Inc. REIT		79,000		3,171
Hotels (2.2%)
Host Marriott Corp. †		570,000		10,801
Industrial Machinery & Equipment (2.0%)
Allis-Chalmers Corp. ‡		315,000		3,922
Terex Corp. ‡		95,700		5,685
Instruments & Related Products (1.8%)
Fisher Scientific International ‡		140,000		8,660
Insurance (6.0%)
AMBAC Financial Group, Inc.		120,000		9,247
HCC Insurance Holdings, Inc.		367,500		10,907
PartnerRe, Ltd. †		135,000		8,865
Management Services (2.4%)
FTI Consulting, Inc. ‡†		415,000		11,388
Medical Instruments & Supplies (1.7%)
Orthofix International NV ‡		210,000		8,377
Oil & Gas Extraction (16.5%)
Bronco Drilling Co., Inc. ‡		140,225		3,227
Chesapeake Energy Corp. †		420,400		13,339
Global Industries, Ltd. ‡		478,225		5,428
GlobalSantaFe Corp.		225,000		10,834
Noble Energy, Inc.		100,000		4,030
Parker Drilling Co. ‡		79,050		856
Patterson-UTI Energy, Inc.		251,240		8,278
Pioneer Drilling Co. ‡		425,000		7,620
Superior Energy Services, Inc. ‡		805,000		16,945
Todco–Class A		240,150		9,140
Pharmaceuticals (0.4%)
ARIAD Pharmaceuticals, Inc. ‡†		360,000		2,106
Retail Trade (1.8%)
Sports Authority, Inc. (The) ‡†		280,000		8,716
Savings Institutions (0.9%)
Partners Trust Financial Group, Inc.		350,000		4,218
Telecommunications (1.8%)
Citizens Communications Co.		700,000		8,561
Transportation Equipment (0.8%)
Brunswick Corp.		100,000		4,066
Trucking & Warehousing (1.4%)
Yellow Roadway Corp. ‡†		151,100		6,741

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

4

Transamerica Small/Mid Cap Value

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2005
(all amounts except share amounts in thousands)

	Shares		Value
Water Transportation (6.0%)
Aries Maritime Transport, Ltd. †		992,000	$	12,926
DryShips, Inc. †		270,000		3,299
Genco Shipping & Trading, Ltd. †		499,700		8,715
StealthGas, Inc. ‡		305,600		3,851
Wholesale Trade Nondurable Goods (1.8%)
Dean Foods Co. ‡		235,000		8,850
Total Common Stocks (cost: $336,095)				408,971
	Principal		Value
SECURITY LENDING COLLATERAL (15.5%)
Debt (13.2%)
Bank Notes (0.4%)
Bank of America 4.27%, due 01/17/2006 *	$	1,109	$	1,109
4.31%, due 08/10/2006 *		911		911
Certificates of Deposit (0.7%)
Barclays 4.31%, due 01/17/2006 *		700		700
Canadian Imperial Bank of Commerce 4.15%, due 05/18/2006 *		990		990
Credit Suisse First Boston Corp. 4.18%, due 03/10/2006 *		396		396
Rabobank Nederland 4.10%, due 05/31/2006 *		990		990
Commercial Paper (1.5%)
Fairway Finance–144A 4.31%, due 01/10/2006		1,976		1,976
Jupiter Securitization Corp.–144A 4.27%, due 01/05/2006		990		990
Paradigm Funding LLC–144A 4.30%, due 01/09/2006		388		388
Park Avenue Receivables Corp.–144A 4.27%, due 01/04/2006		983		983
Preferred Receivables Corp.–144A 4.31%, due 01/04/2006		787		787
Ranger Funding Co. LLC–144A 4.29%, due 01/18/2006		782		782
Sheffield Receivables Corp.–144A 4.26%, due 01/23/2006		475		475
Yorktown Capital LLC 4.27%, due 01/05/2006		990		990
Euro Dollar Overnight (2.1%)
Calyon 4.34%, due 01/05/2006		990		990
Fortis Bank 4.35%, due 01/03/2006 4.35%, due 01/05/2006		1,981 1,882		1,981 1,882

	Principal		Value
Euro Dollar Overnight (continued)
Harris Trust & Savings Bank 4.25%, due 01/05/2006	$	1,624	$	1,624
National Australia Bank 4.16%, due 01/03/2006		2,022		2,022
Rabobank Nederland 4.15%, due 01/03/2006		713		713
Wells Fargo 4.27%, due 01/03/2006		990		990
Euro Dollar Terms (4.4%)
Bank of Montreal 4.30%, due 01/19/2006		1,981		1,981
Barclays 4.27%, due 01/25/2006 4.30%, due 01/31/2006		594 1,584		594 1,584
BNP Paribas 4.22%, due 01/24/2006		990		990
Dexia Group 4.25%, due 01/09/2006		990		990
Rabobank Nederland 4.21%, due 01/19/2006		1,783		1,783
Royal Bank of Canada 4.25%, due 01/24/2006		1,386		1,386
Royal Bank of Scotland 4.30%, due 01/31/2006 4.31%, due 02/01/2006		2,971 2,179		2,971 2,179
Societe Generale 4.28%, due 01/30/2006		1,981		1,981
UBS AG 4.26%, due 01/10/2006		1,981		1,981
Wells Fargo 4.29%, due 01/30/2006		2,971		2,971
Promissory Notes (0.3%)
Bear Stearns & Co. 4.39%, due 03/07/2006 4.39%, due 06/06/2006		1,188 396		1,188 396
Repurchase Agreements (3.8%) ††
Credit Suisse First Boston Corp. 4.29%, dated 12/30/2005 to be repurchased at $3,317 on 01/03/2006		3,315		3,315
Goldman Sachs Group, Inc. (The) 4.29%, dated 12/30/2005 to be repurchased at $7,912 on 01/03/2006		7,909		7,909
Lehman Brothers, Inc. 4.29%, dated 12/30/2005 to be repurchased at $53 on 01/03/2006		53		53

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

5

Transamerica Small/Mid Cap Value

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2005
(all amounts except share amounts in thousands)

	Principal		Value
Repurchase Agreements (continued)
Merrill Lynch & Co. 4.24%, dated 12/30/2005 to be repurchased at $6,341 on 01/03/2006	$	6,338	$	6,338
Morgan Stanley Dean Witter & Co. 4.36%, dated 12/30/2005 to be repurchased at $699 on 01/03/2006		699		699

	Shares		Value
Investment Companies (2.3%)
American Beacon Fund 1-day yield of 4.19%		271,523	$	272
Barclays Global Investors Institutional Money Market Fund 1-day yield of 4.19%		2,574,657		2,575
Dreyfus Cash Management Plus Fund 1-day yield of 4.09%		1,069,473		1,069
Merrimac Cash Fund, Premium Class 1-day yield of 4.03% @		7,011,319		7,011
Total Security Lending Collateral (cost: $74,885)				74,885
Total Investment Securities (cost: $410,980)			$	483,856

NOTES TO SCHEDULE OF INVESTMENTS:

‡  Non-income producing.

†  At December 31, 2005, all or a portion of this security is on loan (see Note 1). The value at December 31, 2005, of all securities on loan is $71,942.

*  Floating or variable rate note. Rate is listed as of December 31, 2005.

††  Cash collateral for the Repurchase Agreements, valued at $18,680, that serve as collateral for securities lending are invested in corporate bonds with interest rates and maturity dates ranging from 0.00%–8.75% and 01/03/2006–08/01/2037, respectively.

@  Regulated investment company advised by Investors Bank and Trust Co. ("IBT"). IBT is also the accounting, custody and lending agent for the Fund.

DEFINITIONS:

144A  144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2005, these securities aggregated $6,381 or 1.3% of the total investments of the Fund.

REIT  Real Estate Investment Trust

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

6

Transamerica Small/Mid Cap Value

STATEMENT OF ASSETS AND LIABILITIES
At December 31, 2005
(all amounts except per share amounts in thousands)

Assets:
Investment securities, at value (cost: $410,980) (including securities loaned of $71,942)	$	483,856
Cash		8,960
Receivables:
Investment securities sold		427
Shares sold		74
Interest		50
Income from loaned securities		23
Dividends		542
		493,932
Liabilities:
Investment securities purchased		289
Accounts payable and accrued liabilities:
Shares redeemed		350
Management and advisory fees		296
Service fees		2
Administration fees		7
Payable for collateral for securities on loan		74,885
Other		35
		75,864
Net Assets	$	418,068
Net Assets Consist of:
Capital stock ($.01 par value)	$	228
Additional paid-in capital		306,351
Distributable net investment income (loss)		3,867
Accumulated net realized gain (loss) from investment securities		34,746
Net unrealized appreciation (depreciation) on investment securities		72,876
Net Assets	$	418,068
Net Assets by Class:
Initial Class	$	407,351
Service Class		10,717
Shares Outstanding:
Initial Class		22,226
Service Class		587
Net Asset Value and Offering Price Per Share:
Initial Class	$	18.33
Service Class		18.26

STATEMENT OF OPERATIONS
For the year ended December 31, 2005
(all amounts in thousands)

Investment Income:
Interest	$	231
Dividends		6,693
Income from loaned securities–net		574
		7,498
Expenses:
Management and advisory fees		3,380
Printing and shareholder reports		61
Custody fees		44
Administration fees		85
Legal fees		8
Audit fees		14
Trustees fees		14
Service fees:
Service Class		14
Other		11
Total expenses		3,631
Net Investment Income (Loss)		3,867
Net Realized and Unrealized Gain (Loss):
Realized gain (loss) from investment securities		36,052
Increase (decrease) in unrealized appreciation (depreciation) on investment securities		13,796
Net Realized and Unrealized Gain (Loss) on Investment Securities		49,848
Net Increase (Decrease) in Net Assets Resulting from Operations	$	53,715

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

7

Transamerica Small/Mid Cap Value

STATEMENTS OF CHANGES IN NET ASSETS
For the years ended
(all amounts in thousands)

	December 31, 2005			December 31, 2004
Increase (Decrease) In Net Assets From:
Operations:
Net investment income (loss)	$	3,867		$	1,761
Net realized gain (loss) from investment securities		36,052			44,976
Change in unrealized appreciation (depreciation) on investment securities		13,796			10,862
		53,715			57,599
Distributions to Shareholders:
From net investment income:
Initial Class		(1,734	)		–
Service Class		(27	)		–
		(1,761	)		–
From net realized gains:
Initial Class		(18,386	)		–
Service Class		(296	)		–
		(18,682	)		–
Capital Share Transactions:
Proceeds from shares sold:
Initial Class		31,442			70,081
Service Class		9,979			1,644
		41,421			71,725
Dividends and distributions reinvested:
Initial Class		20,120			–
Service Class		323			–
		20,443			–
Cost of shares redeemed:
Initial Class		(98,146	)		(66,556	)
Service Class		(1,444	)		(303	)
		(99,590	)		(66,859	)
		(37,726	)		4,866
Net increase (decrease) in net assets		(4,454	)		62,465
Net Assets:
Beginning of year		422,522			360,057
End of year	$	418,068		$	422,522
Distributable Net Investment Income (Loss)	$	3,867		$	1,761

	December 31, 2005			December 31, 2004
Share Activity:
Shares issued:
Initial Class		1,756			4,513
Service Class		564			106
		2,320			4,619
Shares issued–reinvested from distributions:
Initial Class		1,136			–
Service Class		19			–
		1,155			–
Shares redeemed:
Initial Class		(5,526	)		(4,384	)
Service Class		(81	)		(21	)
		(5,607	)		(4,405	)
Net increase (decrease) in shares outstanding:
Initial Class		(2,634	)		129
Service Class		502			85
		(2,132	)		214

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

8

Transamerica Small/Mid Cap Value

FINANCIAL HIGHLIGHTS

		For a share outstanding throughout each period (a)
		Net Asset		Investment Operations									Distributions									Net Asset
	For the Period Ended (b)	Value, Beginning of Period		Net Investment Income (Loss)			Net Realized and Unrealized Gain (Loss)			Total Operations			From Net Investment Income			From Net Realized Gains			Total Distributions			Value, End of Period
Initial Class	12/31/2005	$	16.94	$	0.16		$	2.11		$	2.27		$	(0.08	)	$	(0.80	)	$	(0.88	)	$	18.33
	12/31/2004		14.56		0.07			2.31			2.38			–			–			–			16.94
	12/31/2003		7.63		(0.05	)		6.98			6.93			–			–			–			14.56
	12/31/2002		15.72		(0.05	)		(6.24	)		(6.29	)		–			(1.80	)		(1.80	)		7.63
	12/31/2001		15.62		(0.03	)		4.66			4.63			–			(4.53	)		(4.53	)		15.72
Service Class	12/31/2005		16.92		0.15			2.06			2.21			(0.07	)		(0.80	)		(0.87	)		18.26
	12/31/2004		14.71		0.10			2.11			2.21			–			–			–			16.92

					Ratios/Supplemental Data
	For the Period	Total			Net Assets, End of Period		Ratio of Expenses to Average Net Assets (f)						Net Investment Income (Loss) to Average			Portfolio Turnover
	Ended (b)	Return (c)(g)			(000's)		Net (d)			Total (e)			Net Assets			Rate (g)
Initial Class	12/31/2005		13.56	%	$	407,351		0.86	%		0.86	%		0.92	%		33	%
	12/31/2004		16.35			421,079		0.84			0.84			0.48			139
	12/31/2003		90.83			360,057		0.88			0.88	(h)		(0.49	)		140
	12/31/2002		(39.46	)		224,359		0.91			1.19			(0.45	)		133
	12/31/2001		28.79			313,685		0.91			1.18			(0.24	)		172
Service Class	12/31/2005		13.26			10,717		1.11			1.11			0.82			33
	12/31/2004		15.02			1,443		1.11			1.11			0.94			139

NOTES TO FINANCIAL HIGHLIGHTS

(a)  Per share information is calculated based on average number of shares outstanding.

(b)  Transamerica Small/Mid Cap Value (the "Fund") share classes commenced operations as follows:

Initial Class – May 4, 1993
Service Class – May 3, 2004

(c)  Total Return reflects all portfolio expenses and includes reinvestment of dividends and capital gains; it does not reflect the charges and deductions under the policies or annuity contracts.

(d)  For the years ended December 31, 2005, 2004 and 2003, Ratio of Net Expenses to Average Net Assets is net of fee waivers and reimbursements by the investment adviser, if any (see note 2). For the year ended December 31, 2002, Ratio of Net Expenses to Average Net Assets is net of fees paid indirectly. For the year ended December 31, 2001, Ratio of Net Expenses to Average Net Assets is net of fees paid indirectly and credits allowed by the custodian.

(e)  Ratio of Total Expenses to Average Net Assets includes all expenses before fee waivers and reimbursements by the investment adviser.

(f)  Annualized.

(g)  Not annualized.

(h)  Ratios of Total Expenses to Average Net Assets and Net Expenses to Average Net Assets are inclusive of recaptured expenses by the investment advisor, if any. The impact of recaptured expenses was 0.04% for Initial Class (See Note 2).

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

9

Transamerica Small/Mid Cap Value

NOTES TO FINANCIAL STATEMENTS
At December 31, 2005
(all amounts in thousands)

NOTE 1.  ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

The AEGON/Transamerica Series Trust ("ATST") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). ATST serves as a funding vehicle for variable life insurance, variable annuity and group annuity products. Transamerica Small/Mid Cap Value (the "Fund") is part of ATST.

Effective May 1, 2005, AEGON/Transamerica Series Fund, Inc. changed its name to AEGON/Transamerica Series Trust.

In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

This report should be read in conjunction with the current Fund prospectus, which contains more complete information about the Fund.

In preparing the Fund's financial statements in accordance with accounting principles generally accepted in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Fund.

Multiple class operations, income and expenses: The Fund currently offers two classes of shares, an Initial Class and a Service Class. Income, non-class specific expenses and realized and unrealized gains and losses, are allocated daily to each class, based upon the value of shares outstanding method as permitted under Rule 18f-3 of the 1940 Act. Each class bears its own specific expenses as well as a portion of general, common expenses.

Security valuations: The Fund values its investments at the close of the New York Stock Exchange ("NYSE"), normally 4 p.m. ET, each day the NYSE is open for business. Fund investments are valued at the last sale price or closing price on the day of valuation taken from the primary exchange where the security is principally traded.

Securities traded in the over-the-counter market and listed securities for which no sale was reported on that date are valued at the last quoted bid price.

Debt securities are valued based on a price quotation or other equivalent indication of value supplied by an exchange, a pricing service or a major market maker; however, those that mature in sixty days or less are valued at amortized cost, which approximates market.

Investment company securities are valued at the net asset value of the underlying portfolio.

Other securities for which quotations are not readily available are valued at fair market value as determined in good faith by the Fund's Administrative Valuation Committee, under the supervision of the Board's Valuation Committee, using guidelines adopted by the Board of Trustees.

Cash: The Fund may leave cash overnight in its cash account with the custodian, Investors Bank & Trust Company ("IBT"). IBT has been contracted on behalf of the Fund to invest the excess cash into a savings account, which at December 31, 2005, was paying an interest rate of 3.00%.

Repurchase agreements: The Fund is authorized to enter into repurchase agreements. The Fund, through its custodian, IBT, receives delivery of the underlying securities, the value of which at the time of purchase is required to be an amount equal to at least 100% of the resale price. The Fund will bear the risk of value fluctuations until the security can be sold and may encounter delays and incur costs in liquidating the security. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Commission recapture: The sub-adviser, to the extent consistent with the best execution and usual commission rate policies and practices, may place security transactions of the Fund with broker/dealers with which ATST has established a Commission Recapture Program. A Commission Recapture Program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Fund. In no event will commissions paid by the Fund be used to pay expenses that would otherwise be borne by any other funds within ATST, or by any other party.

Recaptured commissions during the year ended December 31, 2005, of $66 are included in net realized gains in the Statement of Operations.

Securities lending: The Fund may lend securities to qualified borrowers, with IBT acting as the Fund's lending agent. The Fund earns negotiated lenders' fees. The Fund receives cash and/or securities as collateral against the loaned securities. Cash collateral received is invested in short term, interest bearing securities. The Fund monitors the market value of securities loaned on a daily basis and requires collateral in an amount at least equal to the value of the securities loaned. Income from loaned securities on the Statement of Operations is net of fees, in the amount of $246, earned by IBT for its services.

Real Estate Investment Trusts ("REITs"): There are certain additional risks involved in investing in REITs. These include, but are not limited to, economic conditions, changes in zoning laws, real estate values, property taxes and interest rates.

AEGON/Transamerica Series Trust

Annual Report 2005

10

Transamerica Small/Mid Cap Value

NOTES TO FINANCIAL STATEMENTS (continued)
At December 31, 2005
(all amounts in thousands)

NOTE 1.–(continued)

Dividend income is recorded at management's estimate of the income included in distributions from the REIT investments. Distributions received in excess of the estimated amount are recorded as a reduction of the cost of investments. The actual amounts of income, return of capital and capital gains are only determined by each REIT after the fiscal year end and may differ from the estimated amounts.

Security transactions and investment income: Security transactions are recorded on the trade date. Security gains and losses are calculated on the first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend date. Interest income, including accretion of discounts and amortization of premiums, is recorded on the accrual basis commencing on the settlement date.

Dividend distributions: Dividends and capital gains distributions are typically declared and reinvested annually and are generally paid and reinvested on the business day following the ex-date.

NOTE 2.  RELATED PARTY TRANSACTIONS

Effective January 1, 2005 AEGON/Transamerica Fund Advisers, Inc. was renamed Transamerica Fund Advisors, Inc. ("TFAI"); AEGON/Transamerica Fund Services, Inc. and AEGON/Transamerica Investor Services, Inc. merged into one entity and was renamed Transamerica Fund Services, Inc. ("TFS").

ATST serves as a funding vehicle for certain affiliated asset allocation portfolios and certain affiliated separate accounts of Western Reserve Life Assurance Co. of Ohio, Transamerica Life Insurance Company, Transamerica Financial Life Insurance Company, Inc., Peoples Benefit Life Insurance Company, Transamerica Occidental Life Insurance Company and Transamerica Life Insurance and Annuity Company.

TFAI is the Fund's investment adviser. TFS is the Fund's administrator and transfer agent. AFSG Securities Corp. ("AFSG") is the Fund's distributor. TFAI, TFS, and AFSG are affiliates of AEGON, NV, a Netherlands corporation.

Transamerica Investment Management, LLC is both an affiliate of the Fund and a sub-adviser to the Fund.

Certain officers and trustees of the Fund are also officers and/or directors of TFAI, TFS and AFSG.

The following schedule reflects the percentage of fund assets owned by affiliated investment companies at December 31, 2005:

	Net Assets		% of Net Assets
Asset Allocation–Growth Portfolio	$	28,579		6.84	%
Asset Allocation–Moderate Portfolio		21,279		5.09	%
Total	$	49,858		11.93	%

Investment advisory fee: The Fund pays management fees to TFAI based on average daily net assets ("ANA") at the following breakpoints:

0.80% of the first $500 million of ANA
0.75% of ANA over 500 million

TFAI has contractually agreed to waive its advisory fee and will reimburse the Fund to the extent that operating expenses, excluding 12b-1 fees, exceed the following stated annual limit:

0.89% Expense Limit

If total fund expenses fall below the annual expense limitation agreement agreed to by the adviser within the succeeding three years, the Fund may be required to pay that adviser a portion or all of the waived advisory fees.

There were no amounts recaptured during the year ended December 31, 2005. There are no amounts available for recapture at December 31, 2005.

Distribution and service fees: The Fund adopted a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, ATST entered into a Distribution Agreement with AFSG dated January 1, 1997, as amended.

Under the Distribution Plan and Distribution Agreement on the Initial Class shares, AFSG, on behalf of the Fund, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Fund's shares, amounts equal to actual expenses associated with distributing the shares.

The Distribution Plan on the Service Class shares requires ATST to pay distribution fees to AFSG as compensation for its activities, not as reimbursement for specific expenses. The fee on the Service Class is paid to the insurance companies for providing services and account maintenance for their policyholders who invest in the variable insurance products which invest in the Service Class shares.

The Fund is authorized under the 12b-1 plan to pay fees on each class up to the following limits:

Initial Class 0.15%
Service Class 0.25 %

AEGON/Transamerica Series Trust

Annual Report 2005

11

Transamerica Small/Mid Cap Value

NOTES TO FINANCIAL STATEMENTS (continued)
At December 31, 2005
(all amounts in thousands)

NOTE 2.–(continued)

AFSG has determined that it will not seek payment by the Fund of the distribution expenses incurred with respect to the Initial Class shares before April 30, 2007. Prior to AFSG seeking reimbursement of future expenses, policy and contract owners will be notified in advance. The Fund will pay fees relating to Service Class shares.

Administrative services: The Fund has entered into an agreement with TFS for financial and legal fund administration services. The Fund pays TFS an annual fee of 0.02% of ANA. The Legal fees on the Statement of Operations are for fees paid to external legal counsel.

Deferred compensation plan: Each eligible independent Fund Trustee may elect participation in a non-qualified deferred compensation plan ("the Plan") maintained by Transamerica IDEX Mutual Funds, an affiliate of the Fund. Under the Plan, such Trustees may defer payment of all or a portion of their total fees earned as a Fund Trustee. Each Trustee who is a participant in the Plan may elect that the earnings, losses or gains credited to his or her deferred fee amounts be determined based on a deemed investment in any series of Transamerica IDEX Mutual Funds. The right of a participant to receive a distribution from the Plan of the deferred fees is an unsecured claim against the general assets of all series of Transamerica IDEX Mutual Funds. The pro rata liability to the Fund of all deferred fees in the Plan amounted, as of December 31, 2005, to $21.

NOTE 3.  INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the year ended December 31, 2005, were as follows:

Purchases of securities:
Long-Term	$	137,704
U.S. Government		–
Proceeds from maturities and sales of securities:
Long-Term		181,027
U.S. Government		–

NOTE 4.  FEDERAL INCOME TAX MATTERS

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatment for items including, but not limited to, wash sales.

Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. Financial records are not adjusted for temporary differences. These reclassifications are as follows:

Additional paid-in capital	$	(1	)
Accumulated net realized gain (loss) from investment securities		1

The tax character of distributions paid may differ from the character of distributions shown in the Statements of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2004 and 2005 was as follows:

2004 Distributions paid from:
Ordinary Income	$	–
Long-term Capital Gain		–
2005 Distributions paid from:
Ordinary Income	$	7,985
Long-term Capital Gain		12,458

The tax basis components of distributable earnings as of December 31, 2005, are as follows:

Undistributed Ordinary Income	$	5,286
Undistributed Long-term Capital Gain	$	33,473
Net Unrealized Appreciation (Depreciation)	$	72,730

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of December 31, 2005, are as follows:

Federal Tax Cost Basis	$	411,126
Unrealized Appreciation	$	90,509
Unrealized (Depreciation)		(17,779	)
Net Unrealized Appreciation (Depreciation)	$	72,730

AEGON/Transamerica Series Trust

Annual Report 2005

12

Transamerica Small/Mid Cap Value

NOTES TO FINANCIAL STATEMENTS (continued)
At December 31, 2005
(all amounts in thousands)

NOTE 5.  REGULATORY PROCEEDINGS

There continues to be significant federal and state regulatory activity relating to financial services companies, particularly mutual fund companies and their investment advisers. As part of an ongoing investigation regarding potential market timing, recordkeeping and trading compliance issues and matters affecting the Fund's investment adviser, TFAI, and certain affiliates and former employees of TFAI, the SEC staff has indicated that it is likely to take some action against TFAI and certain of its affiliates at the conclusion of the investigation. The potential timing and the scope of any such action is difficult to predict. Although the impact of any action brought against TFAI and/or its affiliates is difficult to assess at the present time, the Fund currently believes that the likelihood that any such action will have a material adverse impact on it is remote. It is important to note that the Fund is not aware of any allega tion of wrongdoing against it and its Board at the time this annual report is printed. Although it is not anticipated that these developments will have an adverse impact on the Fund, there can be no assurance at this time. TFAI and its affiliates are actively working with the SEC in regard to this matter; however, the exact resolution cannot be determined at this time. TFAI will take such actions that it deems necessary or appropriate to continue providing management services to the Fund and to bring all matters to an appropriate conclusion.

TFAI and/or its affiliates, and not the Fund, will bear the costs regarding these regulatory matters.

AEGON/Transamerica Series Trust

Annual Report 2005

13

Report of Independent Registered Certified Public Accounting Firm

To the Board of Trustees and Shareholders of
Transamerica Small/Mid Cap Value

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Transamerica Small/Mid Cap Value (the "Fund") (one of the portfolios constituting the AEGON/Transamerica Series Trust) at December 31, 2005, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fund's management; our responsibility is to express an opinion on these financial statements based o n our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2005 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

Tampa, Florida
February 23, 2006

Transamerica Small/Mid Cap Value (UNAUDITED)

SUPPLEMENTAL TAX INFORMATION
(all amounts in thousands)

For tax purposes, the Fund has made a Long-Term Capital Gain Designation of $12,458 for the year ended December 31, 2005.

AEGON/Transamerica Series Trust

Annual Report 2005

14

Transamerica Small/Mid Cap Value

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS – REVIEW AND RENEWAL (unaudited)

At a meeting of the Board of Trustees of AEGON/Transamerica Series Trust ("ATST") held on November 2, 2005, the Board reviewed and considered the Investment Advisory Agreement between Transamerica Small/Mid Cap Value (the "Portfolio") and Transamerica Fund Advisors, Inc. ("TFAI") as well as the Investment Sub-Advisory Agreement of the Portfolio between TFAI and Transamerica Investment Management, LLC (the "Sub-Adviser"), to determine whether the agreements should be renewed for a one-year period. Following their review and consideration, the Trustees determined that the Investment Advisory Agreement and the Investment Sub-Advisory Agreement will enable shareholders of the Portfolio to obtain high quality services at a cost that is appropriate, reasonable, and in the best interests of its shareholders. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and the Investment Sub-Advisory Agreement. In reaching their decision, the Trustees requested and obtained from TFAI and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the proposed agreements. The Trustees also carefully considered the information that they had received throughout the year from TFAI and the Sub-Adviser (such as in-person presentations by the Sub-Adviser) as part of their regular oversight of the Portfolio, as well as: comparative fee, expense and performance information prepared by Lipper Inc. ("Lipper"), independent providers of mutual fund performance, fee and expense information; and profitability data. In considering the proposed continuation of the Investment Advisory Agreement and the Investment Sub-Advisory Agreement, the Trustees evaluated a number of considerations that they believe, in light of the legal advice furnished to them by ATST counsel and independent legal counsel and their own business judgment, to be relevant. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:

The nature, extent and quality of the advisory service to be provided. The Board considered the nature and quality of the services provided by TFAI and the Sub-Adviser to the Portfolio in the past, as well as the services anticipated to be provided in the future. The Board concluded that the Portfolio's relatively high portfolio turnover rate had not adversely affected the Portfolio's performance or the Portfolio's total expense ratio. The Board further concluded that TFAI and the Sub-Adviser are capable of providing high quality services to the Portfolio, as indicated by the nature and quality of services provided in the past, TFAI's and the Sub-Adviser's management capabilities demonstrated with respect to the portfolios they manage, including the Portfolio, and the experience, capability and integrity of TFAI's senior management, the financial reso urces of TFAI and the Sub-Adviser, TFAI's management oversight process, the professional qualifications and experience of the Sub-Adviser's portfolio management team, and the Portfolio's investment performance. The Trustees also concluded that TFAI and the Sub-Adviser proposed to provide investment and related services that were of the same quality and quantity as services provided to the Portfolio in the past, and that these services are appropriate in scope and extent in light of the Portfolio's operations, the competitive landscape of the investment company business and investor needs, and that TFAI's and the Sub-Adviser's obligations will remain substantially the same.

The investment performance of the Portfolio. The Board examined both the short-term and longer-term performance of the Portfolio, including relative performance against a benchmark securities index and a peer group of comparable mutual funds as prepared by Lipper, for various trailing periods ended June 30, 2005. The Trustees concluded that TFAI and the Sub-Adviser generally had achieved superior investment performance, noting that the performance of the Portfolio was above median relative to its peers over the past one-, two- and three-year periods, and superior to the benchmark index over the past one-, two- and five-year periods. On the basis of the Trustees' assessment of the nature, extent and quality of advisory services to be provided or procured by TFAI and the Sub-Adviser, the Trustees concluded that TFAI and the Sub-Adviser are capable of ge nerating a level of investment performance that is appropriate in light of the Portfolio's investment objective, policies and strategies and competitive with many other investment companies, and also determined that TFAI's and the Sub-Adviser's performance records indicate that their continued management is likely to benefit the Portfolio and its shareholders.

The cost of advisory services provided and the level of profitability. The Board reviewed profitability information regarding TFAI's costs of procuring portfolio management services, as well as the costs of provision of administration, fund accounting and other services, to the Portfolio and to ATST as a whole by TFAI and its affiliates. The Trustees reviewed data from Lipper that compared the Portfolio's management fees (including management fees at various asset levels), other fees and expenses (including total expenses including and excluding 12b-1 distribution and service fees) and portfolio turnover rate against a peer group of comparable mutual funds. Based on such information, the Trustees determined that the management fees and overall expense ratio of the Portfolio generally are consistent with industry averages. In addition, on the basis of the Board's review of the management fees to be charged by TFAI for investment advisory and related services, TFAI profitability information (derived from TFAI's audited financial statements), TFAI's estimated management income resulting from its management of the Portfolio, the estimated margin of the Sub-Adviser, as well as the entirety of TFAI's and its affiliates' service relationship with ATST, the Board concluded that the level of investment management fees and other service fees, as well as TFAI's and the Sub-Adviser's profitability, are appropriate in light of the services provided, the management fees and overall expense ratios of comparable investment companies and the anticipated profitability of the relationship between the Portfolio, TFAI and its affiliates, and the Sub-Adviser.

AEGON/Transamerica Series Trust

Annual Report 2005

15

Transamerica Small/Mid Cap Value (continued)

Whether fee levels reflect economies of scale and the extent to which economies of scale would be realized as the Portfolio grows. The Board concluded that the inclusion of asset-based breakpoints in the Portfolio's advisory fee schedule appropriately benefits investors by realizing economies of scale in the form of lower management fees as the level of assets grows. In addition, the Board concluded that the Portfolio's management fees appropriately reflect the Portfolio's current size, the current economic environment for TFAI, the competitive nature of the investment company market, and TFAI's pricing strategy. The Trustees also concluded that they will have the opportunity to periodically reexamine whether the Portfolio has achieved economies of scale, and the appropriateness of management fees payable to TFAI and fees payable by TFAI to the Sub-Ad viser, in the future.

Benefits (such as soft dollars) to TFAI, its affiliates, or the Sub-Adviser from their relationship with the Portfolio. The Board concluded that other benefits derived by TFAI, its affiliates, and the Sub-Adviser from their relationship with the Portfolio are reasonable and fair, and are consistent with industry practice and the best interests of the Portfolio and its shareholders. In this regard, the Board noted that TFAI does not realize "soft dollar" benefits from its relationship with the Portfolio, and that the Sub-Adviser is participating in a brokerage program pursuant to which a portion of brokerage commissions paid by the Portfolio is recaptured for the benefit of the Portfolio and its shareholders, thus limiting the amount of "soft-dollar" arrangements the Sub-Adviser may engage in with respect to the Portfolio's brokerage transactions. In a ddition, the Trustees determined that the administration, fund accounting and other fees paid by the Portfolio to affiliates of TFAI are reasonable, fair and in the best interests of shareholders in light of the nature and quality of the services provided, the associated costs to these affiliates of providing the services, the impact of the costs of such services on the Portfolio's overall operating expenses, and the necessity of the services for the Portfolio's operations.

Other considerations. The Board determined that TFAI had made a substantial commitment to the recruitment and retention of high quality personnel, and maintained the financial, compliance and operational resources reasonably necessary to manage the Portfolio in a professional manner that is consistent with the best interests of the Portfolio and its shareholders. In this regard, the Trustees favorably considered the procedures and policies in place by TFAI to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Adviser. The Trustees also determined that TFAI had made a significant entrepreneurial commitment to the management and success of the Portfolio, reflected by TFAI's expense limitation and fee waiver arrangement with the Portfolio, which may result in TFAI waiving a substantial amoun t of advisory fees for the benefit of shareholders.

AEGON/Transamerica Series Trust

Annual Report 2005

16

Transamerica U.S. Government Securities

MARKET ENVIRONMENT

The U.S. Treasury market delivered modestly positive results in 2005. Throughout the year, the Federal Reserve Board ("Fed") steadily raised the target level for a key short-term interest rate, the federal funds rate. As that rate moved from 2.25% to 4.25%, yields for shorter-term Treasuries followed suit. Meanwhile, yields for long-term Treasuries declined, resulting in a flatter yield curve. Long-term bonds were responding to inflationary pressures, which remained relatively contained; and foreign demand for U.S. Treasury securities, which was relatively strong. Against this backdrop, the Lehman Brothers U.S. Government Index ("LBG") advanced 2.65% for the twelve-month period.

PERFORMANCE

For the year ended December 31, 2005, Transamerica U.S. Government Securities, Initial Class, returned 2.23%. By comparison its primary and former benchmarks, the LBG and the Lehman Brothers Aggregate Bond Index returned 2.65% and 2.43%, respectively.

STRATEGY REVIEW

Throughout the period, we were convinced that the economy was growing at a healthy pace and that, as a result, the Fed would continue to raise short-term rates in 2005, to the detriment of bond prices. Therefore, until the fourth quarter, we limited the portfolio's overall exposure to rising rates and the associated principal erosion. In the fourth quarter, we increased duration, in the belief that consumer spending was slowing, inflationary pressures would ease and long-term bonds would rally.

To benefit from a flattening yield curve, we focused on the ends of the maturity spectrum, emphasizing shorter- and longer-term securities. Using short-term securities allowed us to add to current income, because we regularly reinvested proceeds from maturing securities into new and higher-yield issues in a rising-rate environment. Emphasizing securities at the long end of the spectrum allowed us to capture price appreciation, especially when long-term bonds appreciated in the fourth quarter.

The portfolio may invest up to 20% of assets in non-government bonds, including corporate bonds. At December 31, 2005, non-government bonds comprised 17.93% of assets. This sector delivered mildly positive results but underperformed Treasuries.

Within the corporate sector, yield spreads (i.e., the difference between corporate and Treasury yields for similar-maturity bonds) widened, primarily due to concerns about "shareholder orientation" – that is, worries that companies might pay out their available cash to shareholders or deploy it in ways that were detrimental to company credit ratings.

Our individual corporate holdings fared better than the sector in general and contributed to the portfolio's excess gross return versus the index (i.e., before fees and expenses). We attribute this to our avoidance of the troubled automotive industry; to favoring shorter-term bonds, which are less susceptible to interest-rate movements; and to emphasizing subordinated debt, especially from high-quality banks and financial services companies. Subordinated or not, all of a company's bonds are backed by the fundamental strength of its business model and financial performance. However, a company's unsubordinated bonds generally have higher yields.

While mortgage-backed securities underperformed slightly due to a decline in institutional demand, the portfolio's mortgage-backed investments added very modestly to returns for the year.

Heidi Y. Hu, CFA

Peter O. Lopez

Co-Portfolio Managers
Transamerica Investment Management, LLC

AEGON/Transamerica Series Trust

Annual Report 2005

1

Transamerica U.S. Government Securities

Comparison of change in value of $10,000 investment in Initial Class shares and its comparative indices.

Average Annual Total Return for Periods Ended 12/31/05

	1 year			5 years			10 years			From Inception			Inception Date
Initial Class		2.23	%		3.87	%		4.65	%		5.25	%	5/13/94
LBG1		2.65	%		5.38	%		5.94	%		6.63	%	5/13/94
LBAB1		2.43	%		5.87	%		6.16	%		6.87	%	5/13/94
Service Class		1.98	%		–			–			2.08	%	5/1/03

NOTES

¹  Lehman Brothers U.S. Government (LBG) Index and the Lehman Brothers Aggregate Bond (LBAB) Index are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. From inception calculation is based on life of Initial Class shares. Source: Standard & Poor's Micropal®© Micropal, Inc. 2005 – 1-800-596-5323 – http://www.funds-sp.com.

The performance data presented represents past performance, future results may vary. The portfolio's investment return and net asset value will fluctuate. Past performance does not guarantee future results. Investor's units when redeemed,may be worth more or less than their original cost.

Current performance may be higher or lower than the performance data quoted. Please visit your insurance company's website for contract or policy level standardized total returns current to the most recent month-end. Portfolio performance is net of investment fees and fund expenses, but not product charges, which, if included, would significantly lower the performance quoted.

This material must be preceded or accompanied by a current prospectus, which includes specific contents regarding the investment objectives, explanation of share classes and policies of this portfolio.

The historical financial information for periods prior to May 1, 2002 has been derived from the financial history of the predecessor portfolio, Dreyfus U.S. Government Portfolio of Endeavor Series Trust. Transamerica has been the portfolio's subadviser since May 1, 2002. Prior to that date, a different firm managed the portfolio and the performance set forth above prior to May 1, 2002 is attributable to that firm.

AEGON/Transamerica Series Trust

Annual Report 2005

2

Transamerica U.S. Government Securities

UNDERSTANDING YOUR FUND'S EXPENSES
(unaudited)

SHAREHOLDER EXPENSES

Fund shareholders may incur ongoing costs, including management and advisory fees, distribution and service fees, and other Fund expenses.

The following Example is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.

The Example is based on an investment of $1,000 invested at July 1, 2005 and held for the entire period until December 31, 2005.

ACTUAL EXPENSES

The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of your Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fees, brokerage commissions paid on purchases and sales of fund shares. Therefore, the second line under the Fund in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If any of these transaction costs were included, your costs would be higher. The expenses shown in the table do not reflect any fees that may be charged to you by brokers, financial intermediaries or other financial institutions.

	Beginning Account Value		Ending Account Value		Annualized Expense Ratio			Expenses Paid During Period (a)
Initial Class
Actual	$	1,000.00	$	998.80		0.69	%	$	3.48
Hypothetical (b)		1,000.00		1,021.73		0.69			3.52
Service Class
Actual		1,000.00		997.50		0.94			4.73
Hypothetical (b)		1,000.00		1,020.47		0.94			4.79

^(a)  Expenses are calculated using each Fund's annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by number of days in the period (184 days), and divided by the number of days in the year (365 days).

^(b)  5% return per year before expenses.

GRAPHICAL PRESENTATION OF SCHEDULE OF INVESTMENTS
By Bond Type
At December 31, 2005

This chart shows the percentage breakdown by bond type of the Fund's total investment securities.

AEGON/Transamerica Series Trust

Annual Report 2005

3

Transamerica U.S. Government Securities

SCHEDULE OF INVESTMENTS
At December 31, 2005
(all amounts except share amounts in thousands)

	Principal		Value
U.S. GOVERNMENT OBLIGATIONS (39.0%)
U.S. Treasury Bond 7.50%, due 11/15/2016	$	14,000	$	17,585
U.S. Treasury Bond 6.13%, due 11/15/2027 † 5.38%, due 02/15/2031 †		8,250 15,049		9,955 16,904
U.S. Treasury Note 2.75%, due 06/30/2006 6.50%, due 10/15/2006 3.50%, due 11/15/2006 3.00%, due 12/31/2006 4.25%, due 11/30/2007 † 4.13%, due 08/15/2010 4.25%, due 08/15/2015		3,000 15,500 10,500 8,000 1,250 585 856		2,977 15,736 10,418 7,887 1,246 579 845
U.S. Treasury STRIPS Zero Coupon, due 05/15/2030 †		6,940		2,291
Total U.S. Government Obligations (cost: $85,978)				86,423
U.S. GOVERNMENT AGENCY OBLIGATIONS (29.0%)
Fannie Mae 4.75%, due 01/02/2007 2.38%, due 02/15/2007 5.25%, due 08/01/2012 5.50%, due 05/01/2035 5.50%, due 05/01/2035 5.00%, due 07/01/2035		5,000 5,000 2,000 3,151 3,161 2,513		4,995 4,870 2,019 3,120 3,131 2,435
Fannie Mae–Conventional Pool 5.50%, due 08/01/2017 5.00%, due 05/01/2018 6.00%, due 01/01/2034 6.00%, due 08/01/2034 6.00%, due 10/01/2034		2,447 2,455 1,631 935 1,710		2,464 2,432 1,648 943 1,726
Federal Home Loan Bank 3.00%, due 04/15/2009		13,000		12,324
Freddie Mac–Gold Pool 4.90%, due 11/03/2008 5.00%, due 04/01/2018 6.00%, due 09/01/2032 6.00%, due 11/01/2032 5.50%, due 06/01/2035 5.00%, due 07/01/2035		7,300 4,634 749 1,179 5,456 1,510		7,275 4,596 757 1,193 5,411 1,462
Ginnie Mae–FHA/VA Pool 6.00%, due 03/20/2034		1,382		1,413
Total U.S. Government Agency Obligations (cost: $65,709)				64,214

	Principal		Value
ASSET-BACKED SECURITIES (0.9%)
Harley-Davidson Motorcycle Trust,
Series 2005-4, Class A1
4.78%, due 11/15/2010	$	1,913	$	1,912
Total Asset-Backed Securities (cost: $1,913)				1,912
CORPORATE DEBT SECURITIES (17.9%)
Beer, Wine & Distilled Beverages (0.5%)
Foster's Finance Corp.–144A 5.88%, due 06/15/2035		1,100		1,071
Business Services (0.5%)
Hertz Corp.–144A 8.88%, due 01/01/2014		1,000		1,019
Commercial Banks (0.8%)
Sumitomo Mitsui Banking–144A 5.63%, due 07/15/2049 (a)		1,800		1,793
Department Stores (0.5%)
Neiman-Marcus Group, Inc.–144A 9.00%, due 10/15/2015 †		1,000		1,022
Electric Services (0.9%)
PSEG Funding Trust 5.38%, due 11/16/2007		2,000		2,003
Food & Kindred Products (0.4%)
WM Wrigley Jr. Co. 4.65%, due 07/15/2015		1,000		974
Holding & Other Investment Offices (1.3%)
Hutchison Whampoa International, Ltd.–144A 7.45%, due 11/24/2033		780		901
iStar Financial, Inc. 4.88%, due 01/15/2009		2,000		1,968
Insurance (0.9%)
Reinsurance Group of America 6.75%, due 12/15/2065 (b)		2,000		2,018
Metal Mining (0.8%)
Phelps Dodge Corp. 9.50%, due 06/01/2031		1,373		1,860
Oil & Gas Extraction (1.8%)
Chesapeake Energy Corp. 7.50%, due 06/15/2014		1,325		1,405
Husky Oil, Ltd. 8.90%, due 08/15/2028 (c)		1,615		1,732
Nexen, Inc. 5.88%, due 03/10/2035		875		860

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

4

Transamerica U.S. Government Securities

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2005
(all amounts except share amounts in thousands)

	Principal		Value
Personal Credit Institutions (0.3%)
HSBC Finance Capital Trust IX
5.91%, due 11/30/2035 (d)	$	600	$	605
Petroleum Refining (0.3%)
Valero Energy Corp. 7.50%, due 04/15/2032		625		760
Printing & Publishing (1.1%)
Gannett Co., Inc. 5.50%, due 04/01/2007		1,000		1,004
Media General, Inc. 6.95%, due 09/01/2006		1,500		1,512
Radio & Television Broadcasting (0.9%)
Univision Communications, Inc., Senior Note 2.88%, due 10/15/2006		2,000		1,968
Real Estate (1.1%)
Tanger Properties L.P. 9.13%, due 02/15/2008		2,284		2,446
Security & Commodity Brokers (0.5%)
Residential Capital Corp. 6.38%, due 06/30/2010		1,000		1,016
Telecommunications (1.2%)
America Movil SA de CV 5.50%, due 03/01/2014		2,750		2,716
U.S. Government & Agency (3.3%)
Federal Home Loan Mortgage Corp. 4.48%, due 09/19/2008		7,300		7,223
Water Transportation (0.8%)
Royal Caribbean Cruises, Ltd. 8.75%, due 02/02/2011		1,500		1,695
Total Corporate Debt Securities (cost: $39,932)				39,571
SECURITY LENDING COLLATERAL (13.2%)
Debt (11.3%)
Bank Notes (0.4%)
Bank of America 4.27%, due 01/17/2006 * 4.31%, due 08/10/2006 *		432 355		432 355
Certificates of Deposit (0.5%)
Barclays 4.31%, due 01/17/2006 *		272		272
Canadian Imperial Bank of Commerce 4.15%, due 05/18/2006 *		385		385
Credit Suisse First Boston Corp. 4.18%, due 03/10/2006 *		154		154
Rabobank Nederland 4.10%, due 05/31/2006 *		385		385

	Principal		Value
Commercial Paper (1.3%)
Fairway Finance–144A
4.31%, due 01/10/2006	$	769	$	769
Jupiter Securitization Corp.–144A 4.27%, due 01/05/2006		385		385
Paradigm Funding LLC–144A 4.30%, due 01/09/2006		151		151
Park Avenue Receivables Corp.–144A 4.27%, due 01/04/2006		383		383
Preferred Receivables Corp.–144A 4.31%, due 01/04/2006		306		306
Ranger Funding Co. LLC–144A 4.29%, due 01/18/2006		305		305
Sheffield Receivables Corp.–144A 4.26%, due 01/23/2006		185		185
Yorktown Capital LLC 4.27%, due 01/05/2006		386		386
Euro Dollar Overnight (1.8%)
Calyon 4.34%, due 01/05/2006		386		386
Fortis Bank 4.35%, due 01/03/2006 4.35%, due 01/05/2006		771 733		771 733
Harris Trust & Savings Bank 4.25%, due 01/05/2006		632		632
National Australia Bank 4.16%, due 01/03/2006		787		787
Rabobank Nederland 4.15%, due 01/03/2006		278		278
Wells Fargo 4.27%, due 01/03/2006		386		386
Euro Dollar Terms (3.8%)
Bank of Montreal 4.30%, due 01/19/2006		771		771
Barclays 4.27%, due 01/25/2006 4.30%, due 01/31/2006		231 617		231 617
BNP Paribas 4.22%, due 01/24/2006		386		386
Dexia Group 4.25%, due 01/09/2006		386		386
Rabobank Nederland 4.21%, due 01/19/2006		694		694
Royal Bank of Canada 4.25%, due 01/24/2006		540		540
Royal Bank of Scotland 4.30%, due 01/31/2006 4.31%, due 02/01/2006		1,157 848		1,157 848

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

5

Transamerica U.S. Government Securities

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2005
(all amounts except share amounts in thousands)

	Principal		Value
Euro Dollar Terms (continued)
Societe Generale
4.28%, due 01/30/2006	$	771	$	771
UBS AG 4.26%, due 01/10/2006		771		771
Wells Fargo 4.29%, due 01/30/2006		1,157		1,157
Promissory Notes (0.3%)
Bear Stearns & Co. 4.39%, due 03/07/2006 4.39%, due 06/06/2006		463 154		463 154
Repurchase Agreements (3.2%) ††
Credit Suisse First Boston Corp. 4.29%, dated 12/30/2005 to be repurchased at $1,291 on 01/03/2006		1,291		1,291
Goldman Sachs Group, Inc. (The) 4.29%, dated 12/30/2005 to be repurchased at $3,081 on 01/03/2006		3,079		3,079
Lehman Brothers, Inc. 4.29%, dated 12/30/2005 to be repurchased at $21 on 01/03/2006		21		21

	Principal		Value
Repurchase Agreements (continued)
Merrill Lynch & Co.
4.24%, dated 12/30/2005 to be
repurchased at $2,469 on 01/03/2006	$	2,468	$	2,468
Morgan Stanley Dean Witter & Co. 4.36%, dated 12/30/2005 to be repurchased at $272 on 01/03/2006		272		272
	Shares		Value
Investment Companies (1.9%)
American Beacon Fund 1-day yield of 4.19%		105,721	$	106
Barclays Global Investors Institutional Money Market Fund 1-day yield of 4.19%		1,002,476		1,002
Dreyfus Cash Management Plus Fund 1-day yield of 4.09%		416,413		416
Merrimac Cash Fund, Premium Class 1-day yield of 4.03% @		2,729,949		2,730
Total Security Lending Collateral (cost: $29,157)				29,157
Total Investment Securities (cost: $222,689)			$	221,277

NOTES TO SCHEDULE OF INVESTMENTS:

†  At December 31, 2005, all or a portion of this security is on loan (see Note 1). The value at December 31, 2005, of all securities on loan is $28,475.

(a)  Sumitomo Matsui Banking–144A has a fixed coupon rate of 5.63% until 10/15/2015, thereafter the coupon rate will reset quarterly at the 3-month US$ LIBOR + 255BP, if not called.

(b)  Reinsurance Group of America has a fixed coupon rate of 6.75% until 12/15/2015, thereafter the coupon rate will reset quarterly at the 3-month US$ LIBOR + 266.5BP, if not called.

(c)  Husky Oil, Ltd. has a fixed coupon rate of 8.90% until 8/15/2008, thereafter the coupon rate will reset quarterly at the 3-month US$ LIBOR + 550BP, if not called.

(d)  HSBC Finance Capital Trust IX has a fixed coupon rate 5.91% until 11/30/2015, thereafter the coupon rate will reset quarterly at the 3-month US$ LIBOR + 192.6BP, if not called.

*  Floating or variable rate note. Rate is listed as of December 31, 2005.

††  Cash collateral for the Repurchase Agreements, valued at $7,273, that serve as collateral for securities lending are invested in corporate bonds with interest rates and maturity dates ranging from 0.00%–8.75% and 01/03/2006– 08/01/2037, respectively.

@  Regulated investment company advised by Investors Bank and Trust Co. ("IBT"). IBT is also the accounting, custody and lending agent for the Fund.

DEFINITIONS:

144A  144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2005, these securities aggregated $8,290 or 3.7% of the total investments of the Fund.

FHA  Federal Housing Administration

LIBOR  London Interbank Offer Rate

STRIPS  Separate Trading of Registered Interest and Principal of Securities

VA  Veterans Affairs

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

6

Transamerica U.S. Government Securities

STATEMENT OF ASSETS AND LIABILITIES
At December 31, 2005
(all amounts except per share amounts in thousands)

Assets:
Investment securities, at value (cost: $222,689) (including securities loaned of $28,475)	$	221,277
Receivables:
Shares sold		15
Interest		2,076
Income from loaned securities		10
Dividend reclaims receivable		1
		223,379
Liabilities:
Accounts payable and accrued liabilities:
Shares redeemed		185
Management and advisory fees		99
Service fees		2
Administration fees		3
Due to custodian		14
Payable for collateral for securities on loan		29,157
Other		26
		29,486
Net Assets	$	193,893
Net Assets Consist of:
Capital stock ($.01 par value)	$	162
Additional paid-in capital		188,722
Distributable net investment income (loss)		7,237
Accumulated net realized gain (loss) from investment securities		(816	)
Net unrealized appreciation (depreciation) on investment securities		(1,412	)
Net Assets	$	193,893
Net Assets by Class:
Initial Class	$	186,335
Service Class		7,558
Shares Outstanding:
Initial Class		15,611
Service Class		620
Net Asset Value and Offering Price Per Share:
Initial Class	$	11.94
Service Class		12.18

STATEMENT OF OPERATIONS
For the year ended December 31, 2005
(all amounts in thousands)

Investment Income:
Interest	$	8,500
Income from loaned securities–net		141
		8,641
Expenses:
Management and advisory fees		1,244
Printing and shareholder reports		41
Custody fees		30
Administration fees		42
Legal fees		4
Audit fees		14
Trustees fees		7
Service fees:
Service Class		18
Other		5
Total expenses		1,405
Net Investment Income (Loss)		7,236
Net Realized and Unrealized Gain (Loss):
Realized gain (loss) from investment securities		(663	)
Increase (decrease) in unrealized appreciation (depreciation) on investment securities		(2,071	)
Net Realized and Unrealized Gain (Loss) on Investment Securities		(2,734	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	4,502

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

7

Transamerica U.S. Government Securities

STATEMENTS OF CHANGES IN NET ASSETS
For the years ended
(all amounts in thousands)

	December 31, 2005			December 31, 2004
Increase (Decrease) In Net Assets From:
Operations:
Net investment income (loss)	$	7,236		$	8,039
Net realized gain (loss) from investment securities		(663	)		2,445
Change in unrealized appreciation (depreciation) on investment securities		(2,071	)		(2,377	)
		4,502			8,107
Distributions to Shareholders:
From net investment income:
Initial Class		(7,804	)		(8,315	)
Service Class		(235	)		(875	)
		(8,039	)		(9,190	)
From net realized gains:
Initial Class		(2,434	)		(1,131	)
Service Class		(83	)		(128	)
		(2,517	)		(1,259	)
Capital Share Transactions:
Proceeds from shares sold:
Initial Class		18,742			32,489
Service Class		11,059			32,981
		29,801			65,470
Dividends and distributions reinvested:
Initial Class		10,238			9,445
Service Class		318			1,003
		10,556			10,448
Cost of shares redeemed:
Initial Class		(48,602	)		(103,173	)
Service Class		(8,905	)		(29,935	)
		(57,507	)		(133,108	)
		(17,150	)		(57,190	)
Net increase (decrease) in net assets		(23,204	)		(59,532	)
Net Assets:
Beginning of year		217,097			276,629
End of year	$	193,893		$	217,097
Distributable Net Investment Income (Loss)	$	7,237		$	8,040

	December 31, 2005			December 31, 2004
Share Activity:
Shares issued:
Initial Class		1,540			2,576
Service Class		888			2,622
		2,428			5,198
Shares issued–reinvested from distributions:
Initial Class		860			781
Service Class		26			82
		886			863
Shares redeemed:
Initial Class		(3,990	)		(8,308	)
Service Class		(713	)		(2,397	)
		(4,703	)		(10,705	)
Net increase (decrease) in sharesoutstanding:
Initial Class		(1,590	)		(4,951	)
Service Class		201			307
		(1,389	)		(4,644	)

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

8

Transamerica U.S. Government Securities

FINANCIAL HIGHLIGHTS

		For a share outstanding throughout each period (a)
		Net Asset		Investment Operations							Distributions									Net Asset
	For the Period Ended (b)	Value, Beginning of Period		Net Investment Income (Loss)		Net Realized and Unrealized Gain (Loss)			Total Operations		From Net Investment Income			From Net Realized Gains			Total Distributions			Value, End of Period
Initial Class	12/31/2005	$	12.32	$	0.43	$	(0.15	)	$	0.28	$	(0.50	)	$	(0.16	)	$	(0.66	)	$	11.94
	12/31/2004		12.42		0.40		0.00			0.40		(0.44	)		(0.06	)		(0.50	)		12.32
	12/31/2003		12.32		0.36		(0.01	)		0.35		(0.25	)		–			(0.25	)		12.42
	12/31/2002		11.89		0.42		0.26			0.68		(0.25	)		–			(0.25	)		12.32
	12/31/2001		11.88		0.36		0.23			0.59		(0.58	)		–			(0.58	)		11.89
Service Class	12/31/2005		12.53		0.41		(0.16	)		0.25		(0.44	)		(0.16	)		(0.60	)		12.18
	12/31/2004		12.64		0.37		(0.01	)		0.36		(0.41	)		(0.06	)		(0.47	)		12.53
	12/31/2003		12.58		0.38		(0.29	)		0.09		(0.03	)		–			(0.03	)		12.64

					Ratios/Supplemental Data
	For the Period	Total			Net Assets, End of Period		Ratio of Expenses to Average Net Assets (f)						Net Investment Income (Loss) to Average			Portfolio Turnover
	Ended (b)	Return (c)(g)			(000's)		Net (d)			Total (e)			Net Assets (f)			Rate (g)
Initial Class	12/31/2005		2.23	%	$	186,335		0.67	%		0.67	%		3.50	%		92	%
	12/31/2004		3.30			211,847		0.72			0.72			3.19			82
	12/31/2003		2.95			275,208		0.69			0.69			2.89			124
	12/31/2002		5.81			284,569		0.71			0.71			3.50			379
	12/31/2001		5.10			120,875		0.75			0.79			4.64			760
Service Class	12/31/2005		1.98			7,558		0.92			0.92			3.27			92
	12/31/2004		2.90			5,250		0.97			0.97			2.97			82
	12/31/2003		0.68			1,421		0.96			0.96			4.53			124

NOTES TO FINANCIAL HIGHLIGHTS

(a)  Per share information is calculated based on average number of shares outstanding.

(b)  Transamerica U.S. Government Securities (the "Fund") share classes commenced operations as follows:

Initial Class – May 13, 1994
    Service Class – May 1, 2003

(c)  Total Return reflects all portfolio expenses and includes reinvestment of dividends and capital gains; it does not reflect the charges and deductions under the policies or annuity contracts.

(d)  For the years ended December 31, 2005, 2004 and 2003, Ratio of Net Expenses to Average Net Assets is net of fee waivers and reimbursements by the investment adviser, if any (see note 2). For the year ended December 31, 2002, Ratio of Net Expenses to Average Net Assets is net of fees paid indirectly. For the year ended December 31, 2001, Ratio of Net Expenses to Average Net Assets is net of fees paid indirectly and credits allowed by the custodian.

(e)  Ratio of Total Expenses to Average Net Assets includes all expenses before fee waivers and reimbursements by the investment adviser.

(f)  Annualized.

(g)  Not annualized.

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

9

Transamerica U.S. Government Securities

NOTES TO FINANCIAL STATEMENTS
At December 31, 2005
(all amounts in thousands)

NOTE 1.  ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

The AEGON/Transamerica Series Trust ("ATST") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). ATST serves as a funding vehicle for variable life insurance, variable annuity and group annuity products. Transamerica U.S. Government Securities (the "Fund") is part of ATST.

Effective May 1, 2005, AEGON/Transamerica Series Fund, Inc. changed its name to AEGON/Transamerica Series Trust.

In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

This report should be read in conjunction with the current Fund prospectus, which contains more complete information about the Fund.

In preparing the Fund's financial statements in accordance with accounting principles generally accepted in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Fund.

Multiple class operations, income and expenses: The Fund currently offers two classes of shares, an Initial Class and a Service Class. Income, non-class specific expenses and realized and unrealized gains and losses, are allocated daily to each class, based upon the value of shares outstanding method as permitted under Rule 18f-3 of the 1940Act. Each class bears its own specific expenses as well as a portion of general, common expenses.

Security valuations: The Fund values its investments at the close of the New York Stock Exchange ("NYSE"), normally 4 p.m. ET, each day the NYSE is open for business. Fund investments are valued at the last sale price or closing price on the day of valuation taken from the primary exchange where the security is principally traded.

Securities traded in the over-the-counter market and listed securities for which no sale was reported on that date are valued at the last quoted bid price.

Debt securities are valued based on a price quotation or other equivalent indication of value supplied by an exchange, a pricing service or a major market maker; however, those that mature in sixty days or less are valued at amortized cost, which approximates market.

Investment company securities are valued at the net asset value of the underlying portfolio.

Other securities for which quotations are not readily available are valued at fair market value as determined in good faith by the Fund's Administrative Valuation Committee, under the supervision of the Board's Valuation Committee, using guidelines adopted by the Board of Trustees.

Cash: The Fund may leave cash overnight in its cash account with the custodian, Investors Bank & Trust Company ("IBT"). IBT has been contracted on behalf of the Fund to invest the excess cash into a savings account, which at December 31, 2005, was paying an interest rate of 3.00%.

Throughout the year, the Fund may have a cash overdraft balance. A fee is incurred on this overdraft, calculated by multiplying the overdraft by a rate based on the federal funds rate.

Repurchase agreements: The Fund is authorized to enter into repurchase agreements. The Fund, through its custodian, IBT, receives delivery of the underlying securities, the value of which at the time of purchase is required to be an amount equal to at least 100% of the resale price. The Fund will bear the risk of value fluctuations until the security can be sold and may encounter delays and incur costs in liquidating the security. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Securities lending: The Fund may lend securities to qualified borrowers, with IBT acting as the Fund's lending agent. The Fund earns negotiated lenders' fees. The Fund receives cash and/or securities as collateral against the loaned securities. Cash collateral received is invested in short term, interest bearing securities. The Fund monitors the market value of securities loaned on a daily basis and requires collateral in an amount at least equal to the value of the securities loaned. Income from loaned securities on the Statement of Operations is net of fees, in the amount of $61, earned by IBT for its services.

Security transactions and investment income: Security transactions are recorded on the trade date. Security gains and losses are calculated on the first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend date. Interest income, including accretion of discounts and amortization of premiums, is recorded on the accrual basis commencing on the settlement date.

Dividend distributions: Dividends and capital gains distributions are typically declared and reinvested annually and are generally paid and reinvested on the business day following the ex-date.

AEGON/Transamerica Series Trust

Annual Report 2005

10

Transamerica U.S. Government Securities

NOTES TO FINANCIAL STATEMENTS (continued)
At December 31, 2005
(all amounts in thousands)

NOTE 2.  RELATED PARTY TRANSACTIONS

Effective January 1, 2005 AEGON/Transamerica Fund Advisers, Inc. was renamed Transamerica Fund Advisors, Inc. ("TFAI"); AEGON/Transamerica Fund Services, Inc. and AEGON/Transamerica Investor Services, Inc. merged into one entity and was renamed Transamerica Fund Services, Inc. ("TFS").

ATST serves as a funding vehicle for certain affiliated asset allocation portfolios and certain affiliated separate accounts of Western Reserve Life Assurance Co. of Ohio, Transamerica Life Insurance Company, Transamerica Financial Life Insurance Company, Inc., Peoples Benefit Life Insurance Company, Transamerica Occidental Life Insurance Company and Transamerica Life Insurance and Annuity Company.

TFAI is the Fund's investment adviser. TFS is the Fund's administrator and transfer agent. AFSG Securities Corp. ("AFSG") is the Fund's distributor. TFAI, TFS, and AFSG are affiliates of AEGON, NV, a Netherlands corporation.

Certain officers and trustees of the Fund are also officers and/or directors of TFAI, TFS and AFSG.

Transamerica Investment Management, LLC is both an affiliate of the Fund and a sub-adviser to the Fund.

Investment advisory fee: The Fund pays management fees to TFAI based on average daily net assets ("ANA") at the following breakpoints:

0.60% of ANA

TFAI has contractually agreed to waive its advisory fee and will reimburse the Fund to the extent that operating expenses, excluding 12b-1 fees, exceed the following stated annual limit:

0.68% Expense Limit

If total fund expenses fall below the annual expense limitation agreement agreed to by the adviser within the succeeding three years, the Fund may be required to pay that adviser a portion or all of the waived advisory fees.

There were no amounts recaptured during the year ended December 31, 2005. There are no amounts available for recapture at December 31, 2005.

Distribution and service fees: The Fund adopted a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act.

Pursuant to the Distribution Plan, ATST entered into a Distribution Agreement with AFSG dated January 1, 1997, as amended.

Under the Distribution Plan and Distribution Agreement on the Initial Class shares, AFSG, on behalf of the Fund, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Fund's shares, amounts equal to actual expenses associated with distributing the shares.

The Distribution Plan on the Service Class shares requires ATST to pay distribution fees to AFSG as compensation for its activities, not as reimbursement for specific expenses. The fee on the Service Class is paid to the insurance companies for providing services and account maintenance for their policyholders who invest in the variable insurance products which invest in the Service Class shares.

The Fund is authorized under the 12b-1 plan to pay fees on each class up to the following limits:

Initial Class	0.15	%
Service Class	0.25	%

AFSG has determined that it will not seek payment by the Fund of the distribution expenses incurred with respect to the Initial Class shares before April 30, 2007. Prior to AFSG seeking reimbursement of future expenses, policy and contract owners will be notified in advance. The Fund will pay fees relating to Service Class shares.

Administrative services: The Fund has entered into an agreement with TFS for financial and legal fund administration services. The Fund pays TFS an annual fee of 0.02% of ANA. The Legal fees on the Statement of Operations are for fees paid to external legal counsel.

Deferred compensation plan: Each eligible independent Fund Trustee may elect participation in a non-qualified deferred compensation plan ("the Plan") maintained by Transamerica IDEX Mutual Funds, an affiliate of the Fund. Under the Plan, such Trustees may defer payment of all or a portion of their total fees earned as a Fund Trustee. Each Trustee who is a participant in the Plan may elect that the earnings, losses or gains credited to his or her deferred fee amounts be determined based on a deemed investment in any series of Transamerica IDEX Mutual Funds. The right of a participant to receive a distribution from the Plan of the deferred fees is an unsecured claim against the general assets of all series of Transamerica IDEX Mutual Funds. The pro rata liability to the Fund of all deferred fees in the Plan amounted, as of December 31, 2005, to $10.

AEGON/Transamerica Series Trust

Annual Report 2005

11

Transamerica U.S. Government Securities

NOTES TO FINANCIAL STATEMENTS (continued)
At December 31, 2005
(all amounts in thousands)

NOTE 3.  INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the year ended December 31, 2005, were as follows:

Purchases of securities:
Long-Term	$	33,916
U.S. Government		144,683
Proceeds from maturities and sales of securities:
Long-Term		38,880
U.S. Government		166,988

NOTE 4.  FEDERAL INCOME TAX MATTERS

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatment for items including, but not limited to, wash sales and post October loss deferrals.

The tax character of distributions paid may differ from the character of distributions shown in the Statements of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2004 and 2005 was as follows:

2004 Distributions paid from:
Ordinary Income	$	9,751
Long-term Capital Gain		698
2005 Distributions paid from:
Ordinary Income		9,001
Long-term Capital Gain		1,555

The tax basis components of distributable earnings as of December 31, 2005, are as follows:

Undistributed Ordinary Income	$	7,236
Undistributed Long-term Capital Gain	$	261
Post October Capital Loss Deferral	$	(965	)
Net Unrealized Appreciation (Depreciation)	$	(1,523	)

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of December 31, 2005, are as follows:

Federal Tax Cost Basis	$	222,800
Unrealized Appreciation	$	666
Unrealized (Depreciation)		(2,189	)
Net Unrealized Appreciation (Depreciation)	$	(1,523	)

NOTE 5.  REGULATORY PROCEEDINGS

There continues to be significant federal and state regulatory activity relating to financial services companies, particularly mutual fund companies and their investment advisers. As part of an ongoing investigation regarding potential market timing, recordkeeping and trading compliance issues and matters affecting the Fund's investment adviser, TFAI, and certain affiliates and former employees of TFAI, the SEC staff has indicated that it is likely to take some action against TFAI and certain of its affiliates at the conclusion of the investigation. The potential timing and the scope of any such action is difficult to predict. Although the impact of any action brought against TFAI and/or its affiliates is difficult to assess at the present time, the Fund currently believes that the likelihood that any such action will have a material adverse impact on it is remote. It is important to note that the Fund is not aware of any allega tion of wrongdoing against it and its Board at the time this annual report is printed. Although it is not anticipated that these developments will have an adverse impact on the Fund, there can be no assurance at this time. TFAI and its affiliates are actively working with the SEC in regard to this matter; however, the exact resolution cannot be determined at this time. TFAI will take such actions that it deems necessary or appropriate to continue providing management services to the Fund and to bring all matters to an appropriate conclusion.

TFAI and/or its affiliates, and not the Fund, will bear the costs regarding these regulatory matters.

AEGON/Transamerica Series Trust

Annual Report 2005

12

Report of Independent Registered Certified Public Accounting Firm

To the Board of Trustees and Shareholders of
Transamerica U.S. Government Securities

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Transamerica U.S. Government Securities (the "Fund") (one of the portfolios constituting the AEGON/Transamerica Series Trust) at December 31, 2005, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fund's management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2005 by correspondence with the custodian, provide a reasonable basis for our opinion.

Tampa, Florida
February 23, 2006

Transamerica U.S. Government Securities (UNAUDITED)

SUPPLEMENTAL TAX INFORMATION
(all amounts in thousands)

For tax purposes, the Fund has made a Long-Term Capital Gain Designation of $1,555 for the year ended December 31, 2005.

AEGON/Transamerica Series Trust

Annual Report 2005

13

Transamerica U.S. Government Securities

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS – REVIEW AND RENEWAL (unaudited)

At a meeting of the Board of Trustees of AEGON/Transamerica Series Trust ("ATST") held on November 2, 2005, the Board reviewed and considered the Investment Advisory Agreement between Transamerica U.S. Government Securities (the "Portfolio") and Transamerica Fund Advisors, Inc. ("TFAI") as well as the Investment Sub-Advisory Agreement of the Portfolio between TFAI and Transamerica Investment Management, LLC (the "Sub-Adviser"), to determine whether the agreements should be renewed for a one-year period. Following their review and consideration, the Trustees determined that the Investment Advisory Agreement and the Investment Sub-Advisory Agreement will enable shareholders of the Portfolio to obtain high quality services at a cost that is appropriate, reasonable, and in the best interests of its shareholders. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agr eement and the Investment Sub-Advisory Agreement. In reaching their decision, the Trustees requested and obtained from TFAI and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the proposed agreements. The Trustees also carefully considered the information that they had received throughout the year from TFAI and the Sub-Adviser (such as in-person presentations by the Sub-Adviser) as part of their regular oversight of the Portfolio, as well as: comparative fee, expense and performance information prepared by Lipper Inc. ("Lipper"), independent providers of mutual fund performance, fee and expense information; and profitability data. In considering the proposed continuation of the Investment Advisory Agreement and the Investment Sub-Advisory Agreement, the Trustees evaluated a number of considerations that they believe, in light of the legal advice furnished to them by ATST counsel and independent legal counsel and their own business judgment, to be relevant. They based their de cisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:

The nature, extent and quality of the advisory service to be provided. The Board considered the nature and quality of the services provided by TFAI and the Sub-Adviser to the Portfolio in the past, as well as the services anticipated to be provided in the future. The Board concluded that TFAI and the Sub-Adviser are capable of providing high quality services to the Portfolio, as indicated by the nature and quality of services provided in the past, TFAI's and the Sub-Adviser's management capabilities demonstrated with respect to the portfolios they manage, including the Portfolio, and the experience, capability and integrity of TFAI's senior management, the financial resources of TFAI and the Sub-Adviser, TFAI's management oversight process, the professional qualifications and experience of the Sub-Adviser's portfolio management team, and the Portfolio 's improved investment performance. The Trustees also concluded that TFAI and the Sub-Adviser proposed to provide investment and related services that were of the same quality and quantity as services provided to the Portfolio in the past, and that these services are appropriate in scope and extent in light of the Portfolio's operations, the competitive landscape of the investment company business and investor needs, and that TFAI's and the Sub-Adviser's obligations will remain substantially the same.

The investment performance of the Portfolio. The Board examined both the short-term and longer-term performance of the Portfolio, including relative performance against a benchmark securities index and a peer group of comparable mutual funds as prepared by Lipper, for various trailing periods ended June 30, 2005. The Board concluded that TFAI and the Sub-Adviser had improved the Portfoilo's performance and achieved an acceptable level of performance in recent years, noting that a different investment sub-adviser had managed the Portfolio for much of its existence, and that the Portfolio's recent performance was stronger than its long-term track record. On the basis of the Trustees' assessment of the nature, extent and quality of advisory services to be provided or procured by TFAI and the Sub-Adviser, the Trustees concluded that TFAI and the Sub-Advis er are capable of generating a level of investment performance that is appropriate in light of the Portfolio's investment objective, policies and strategies and competitive with many other investment companies, and also determined that TFAI's and the Sub-Adviser's performance records indicate that their continued management is likely to benefit the Portfolio and its shareholders.

The cost of advisory services provided and the level of profitability. The Board noted that the Portfolio's management fees were renegotiated in 2005 and have been lowered, which may result in lower total expenses and improved performance, to the benefit of the shareholders. The Board reviewed profitability information regarding TFAI's costs of procuring portfolio management services, as well as the costs of provision of administration, fund accounting and other services, to the Portfolio and to ATST as a whole by TFAI and its affiliates. The Trustees reviewed data from Lipper that compared the Portfolio's management fees (including management fees at various asset levels), other fees and expenses (including total expenses including and excluding 12b-1 distribution and service fees) and portfolio turnover rate against a peer group of comparable mutual funds. Based on such information, the Trustees determined that the management fees and overall expense ratio of the Portfolio generally are consistent with industry averages. In addition, on the basis of the Board's review of the management fees to be charged by TFAI for investment advisory and related services, TFAI profitability information (derived from TFAI's audited financial statements), TFAI's estimated management income resulting from its management of the Portfolio, the estimated margin of the Sub-Adviser, as well as the entirety of TFAI's and its affiliates' service relationship with ATST, the Board concluded that the level of investment management fees and other service fees, as well as TFAI's and the Sub-Adviser's

AEGON/Transamerica Series Trust

Annual Report 2005

14

Transamerica U.S. Government Securities (continued)

profitability, are appropriate in light of the services provided, the management fees and overall expense ratios of comparable investment companies and the anticipated profitability of the relationship between the Portfolio, TFAI and its affiliates, and the Sub-Adviser.

Whether fee levels reflect economies of scale and the extent to which economies of scale would be realized as the Portfolio grows. Although the investment advisory fees do not reduce should Portfolio assets grow meaningfully, the Board determined that the investment advisory fees already reflect potential economies of scale to some extent by virtue of their competitive levels determined with reference to industry standards as reported by Lipper and the estimated profitability at current or foreseeable asset levels. In addition, the Board concluded that the Portfolio's management fees appropriately reflect the Portfolio's current size, the current economic environment for TFAI, the competitive nature of the investment company market, and TFAI's pricing strategy. The Trustees also concluded that they will have the opportunity to periodically reexamine w hether the Portfolio has achieved economies of scale, and the appropriateness of management fees payable to TFAI and fees payable by TFAI to the Sub-Adviser, in the future.

Benefits (such as soft dollars) to TFAI, its affiliates, or the Sub-Adviser from their relationship with the Portfolio. The Board concluded that other benefits derived by TFAI, its affiliates, and the Sub-Adviser from their relationship with the Portfolio are reasonable and fair, and are consistent with industry practice and the best interests of the Portfolio and its shareholders. In this regard, the Board noted that neither TFAI nor the Sub-Adviser realizes "soft dollar" benefits from its relationship with the Portfolio. In addition, the Trustees determined that the administration, fund accounting and other fees paid by the Portfolio to affiliates of TFAI are reasonable, fair and in the best interests of shareholders in light of the nature and quality of the services provided, the associated costs to these affiliates of providing the services, the i mpact of the costs of such services on the Portfolio's overall operating expenses, and the necessity of the services for the Portfolio's operations.

Other considerations. The Board determined that TFAI had made a substantial commitment to the recruitment and retention of high quality personnel, and maintained the financial, compliance and operational resources reasonably necessary to manage the Portfolio in a professional manner that is consistent with the best interests of the Portfolio and its shareholders. In this regard, the Trustees favorably considered the procedures and policies in place by TFAI to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Adviser. The Trustees also determined that TFAI had made a significant entrepreneurial commitment to the management and success of the Portfolio, reflected by TFAI's expense limitation and fee waiver arrangement with the Portfolio, which may result in TFAI waiving a substantial amoun t of advisory fees for the benefit of shareholders.

AEGON/Transamerica Series Trust

Annual Report 2005

15

Transamerica Value Balanced

MARKET ENVIRONMENT

As we believed, returns in the securities markets moderated in 2005, even though the economy continued to grow at a healthy rate. The strong economy helped to keep corporate profits and earnings growing. Investors, however, were often more concerned with other, less positive factors, including rising energy prices and interest rates, slower-than-anticipated employment growth, burgeoning federal deficits and the potential impact of two major Gulf Coast hurricanes. As a result, the Russell 1000 Value Index ("Russell 1000 Value") gained 7.05%, less than half its total return for 2004.

Throughout the year, the Federal Reserve Board steadfastly boosted a key short-term rate in 0.25% increments; 2.00% in total. Yields on short-term bonds, which are highly sensitive to interest rates, followed suit, resulting in higher current yields and some principal erosion. Yields on long-term securities, which are more attuned to the long-term outlook for inflation, were stable for much of the year but fell toward year-end, pushing prices up. As the yield curve moved higher overall but became very flat, the Lehman Brothers Aggregate Bond Index rose a modest 2.43%.

PERFORMANCE

For the year ended December31, 2005, Transamerica Value Balanced, Initial Classreturned 6.59%. By comparison its primary and secondary benchmarks, the Russell 1000 Value and the Lehman Brothers Intermediate U.S. Government/Credit Index ("LBIGC") returned 7.05% and 1.58%, respectively.

STRATEGY REVIEW

The portfolio generated a one-year total return of 6.59%, versus a 4.86% total return for a 60% equity/ 40% bond blended benchmark. We attribute the portfolio's outperformance to an aggressive equity allocation (65% - 70% equities at most times), use of options to boost equity portfolio returns and, for the bond portfolio, effective duration management and careful selection of corporate bonds.

The largest contributors to equity results included Altria Group, Inc. ("Altria"), a multinational food, beverage and tobacco company; and EOG Resources, Inc. ("EOG"), a natural gas provider. With its tobacco-litigation risk diminishing and sales flourishing, Altria's cash flow has been very strong. It also benefited from the weaker U.S. dollar, since translating foreign revenues into U.S. dollars boosts earnings. Shares of EOG appreciated swiftly as natural gas prices rose more than 40% during the year.

The equity portfolio also benefited from our option-writing activities. We make use of options in several ways. For instance, we have used puts and calls to capitalize on volatility and short term pricing swings in companies like Altria, Merck& Co., Inc. and American International Group, Inc. ("AIG") to take advantage of investors' shortsighted reactions to news events. In industries that have strong fundamentals but have seen significant price increases (i.e. energy), we used put/call options (for companies like GlobalSantaFe Corporation) to generate additional cash flow, enhancing returns from the sector without committing additional capital.

The bond portfolio underperformed the benchmark LBIGC. To limit the capital losses associated with rising interest rates, we maintained a short duration (i.e., low sensitivity to rate changes) for most of the period. We took advantage of the increasingly flat yield curve by investing mostly in shorter- and longer-term (rather than intermediate-term) bonds. Using short-term securities allowed us to regularly reinvest proceeds from maturing securities into new, higher-yield issues as rates rose. The long-term securities provided capital appreciation when the long-term market rallied near year-end. Finally, we added to yield by investing in subordinated debt from high-quality companies, primarily financial services corporations.

John C. Riazzi, CFA

Heidi Y. Hu, CFA

Gary U. Rollé, CFA

Co-Portfolio Managers
Transamerica Investment Management, LLC

AEGON/Transamerica Series Trust

Annual Report 2005

1

Transamerica Value Balanced

Comparison of change in value of $10,000 investment in Initial Class shares and its comparative indices.

Average Annual Total Return for Periods Ended 12/31/05

	1 year			5 years			10 years			From Inception			Inception Date
Initial Class		6.59	%		4.39	%		7.11	%		8.23	%	1/3/95
Russell 1000 Value1		7.05	%		5.28	%		10.94	%		13.19	%	1/3/95
LBIGC1		1.58	%		5.49	%		5.80	%		6.64	%	1/3/95
Service Class		6.21	%		–			–			11.77	%	5/1/03

NOTES

¹  The Russell 1000 Value (Russell 1000 Value) Index and Lehman Brothers Intermediate U.S. Government/Credit (LBIGC) Index are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. From inception calculation is based on life of Initial Class shares. Source: Standard & Poor's Micropal®© Micropal, Inc. 2005 – 1-800-596-5323 – http://www.funds-sp.com

The performance data presented represents past performance, future results may vary. The portfolio's investment return and net asset value will fluctuate. Past performance does not guarantee future results. Investor's units when redeemed, may be worth more or less than their original cost.

Current performance may be higher or lower than the performance data quoted. Please visit your insurance company's website for contract or policy level standardized total returns current to the most recent month-end. Portfolio performance is net of investment fees and fund expenses, but not product charges, which, if included, would significantly lower the performance quoted.

This material must be preceded or accompanied by a current prospectus, which includes specific contents regarding the investment objectives, explanation of share classes and policies of this portfolio.

AEGON/Transamerica Series Trust

Annual Report 2005

2

Transamerica Value Balanced

UNDERSTANDING YOUR FUND'S EXPENSES
(unaudited)

SHAREHOLDER EXPENSES

Fund shareholders may incur ongoing costs, including management and advisory fees, distribution and service fees, and other Fund expenses.

The following Example is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.

The Example is based on an investment of $1,000 invested at July 1, 2005 and held for the entire period until December 31, 2005.

ACTUAL EXPENSES

The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply di vide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first ine of your Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fees, brokerage commissions paid on purchases and sales of fund shares. Therefore, the second line under the Fund in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If any of these transaction costs were included, your costs would be higher. The expenses shown in the table do not reflect any fees that may be charged to you by brokers, financial intermediaries or other financial institutions.

	Beginning Account Value		Ending Account Value		Annualized Expense Ratio			Expenses Paid During Period (a)
Initial Class
Actual	$	1,000.00	$	1,066.70		0.87	%	$	4.53
Hypothetical (b)		1,000.00		1,020.82		0.87			4.43
Service Class
Actual		1,000.00		1,064.40		1.12			5.83
Hypothetical (b)		1,000.00		1,019.56		1.12			5.70

^(a)  Expenses are calculated using each Fund's annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by number of days in the period (184 days), and divided by the number of days in the year (365 days).

^(b)  5% return per year before expenses.

GRAPHICAL PRESENTATION OF SCHEDULE OF INVESTMENTS
By Asset Type
At December 31, 2005

This chart shows the percentage breakdown by asset type of the Fund's total investment securities.

AEGON/Transamerica Series Trust

Annual Report 2005

3

Transamerica Value Balanced

SCHEDULE OF INVESTMENTS#
At December 31, 2005
(all amounts except share amounts in thousands)

	Principal		Value
U.S. GOVERNMENT OBLIGATIONS (3.5%)
U.S. Treasury Bond
6.13%, due 11/15/2027	$	4,600	$	5,551
5.38%, due 02/15/2031		8,217		9,230
U.S. Treasury STRIPS Zero Coupon, due 05/15/2030		2,865		946
Total U.S. Government Obligations (cost: $15,460)				15,727
U.S. GOVERNMENT AGENCY OBLIGATIONS (10.8%)
Fannie Mae–Conventional Pool 5.50%, due 08/01/2017 6.00%, due 01/01/2018 5.00%, due 05/01/2018 6.00%, due 01/01/2034 6.00%, due 08/01/2034 6.00%, due 10/01/2034 5.50%, due 05/01/2035 5.50%, due 05/01/2035 5.00%, due 07/01/2035		1,909 2,378 1,263 2,009 779 1,484 6,490 6,511 4,530		1,922 2,431 1,251 2,030 786 1,498 6,427 6,448 4,390
Freddie Mac–Gold Pool 5.00%, due 04/01/2018 5.50%, due 09/01/2018 5.50%, due 11/01/2018 6.00%, due 11/01/2033 6.00%, due 12/01/2033 5.50%, due 06/01/2035 5.00%, due 07/01/2035		2,406 749 2,426 1,648 1,439 5,831 4,549		2,386 754 2,441 1,666 1,455 5,784 4,405
Ginnie Mae–FHA/VA Pool 6.50%, due 10/15/2027 799 836 6.00%, due 02/20/2034 1,183 1,209 6.00%, due 08/20/2034		172		176
Total U.S. Government Agency Obligations (cost: $49,217)				48,295
ASSET-BACKED SECURITIES (1.4%)
Harley-Davidson Motorcycle Trust, Series 2005-4, Class A1 4.78%, due 11/15/2010		3,348		3,346
USAA Auto Owner Trust, Series 2005-3, Class A2 4.52%, due 06/16/2008		2,879		2,873
Total Asset-Backed Securities (cost: $6,226)				6,219
CORPORATE DEBT SECURITIES (15.6%)
Agriculture (0.2%)
Dole Food Co., Inc. 8.63%, due 05/01/2009		300		307
Michael Foods, Inc. 8.00%, due 11/15/2013		700		717

	Principal		Value
Beverages (0.7%)
Bottling Group LLC
2.45%, due 10/16/2006	$	2,000	$	1,961
Cia Brasileira de Bebidas 8.75%, due 09/15/2013		800		935
Business Services (0.2%)
Hertz Corp.–144A 8.88%, due 01/01/2014		700		713
Chemicals & Allied Products (1.3%)
Lubrizol Corp. 4.63%, due 10/01/2009		2,200		2,156
Monsanto Co. 5.50%, due 07/30/2035		830		793
Nalco Co. 7.75%, due 11/15/2011		1,000		1,027
Potash Corp. of Saskatchewan 7.13%, due 06/15/2007		1,895		1,949
Commercial Banks (2.0%)
Abbey National PLC 7.35%, due 06/15/2049 (a)		2,000		2,036
Bank One Corp. 6.88%, due 08/01/2006		1,000		1,011
HBOS PLC–144A 5.92%, due 09/01/2049 (b)		1,700		1,716
Popular North America, Inc., Note 5.20%, due 12/12/2007		600		599
Sumitomo Mitsui Banking–144A 5.63%, due 07/15/2049 (c)		1,250		1,245
Wells Fargo & Co. 6.25%, due 04/15/2008		530		546
ZFS Finance USA Trust I–144A 6.45%, due 12/15/2065 (d)		1,610		1,632
Department Stores (0.2%)
Neiman-Marcus Group, Inc.–144A 9.00%, due 10/15/2015		1,000		1,022
Electric Services (0.5%)
PSEG Funding Trust 5.38%, due 11/16/2007		2,000		2,003
Food & Kindred Products (0.2%)
Sara Lee Corp. 6.95%, due 10/09/2006		1,000		1,010
Food Stores (0.1%)
Stater Brothers Holdings, Inc. 8.13%, due 06/15/2012		600		594

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

4

Transamerica Value Balanced

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2005
(all amounts except share amounts in thousands)

	Principal		Value
Gas Production & Distribution (0.1%)
Oneok, Inc.
5.51%, due 02/16/2008	$	493	$	495
Holding & Other Investment Offices (1.7%)
EOP Operating, LP 8.38%, due 03/15/2006		3,050		3,071
iStar Financial, Inc. 4.88%, due 01/15/2009		2,000		1,968
Plum Creek Timberlands, LP 5.88%, due 11/15/2015		1,030		1,043
Tanger Factory Outlet Centers REIT 6.15%, due 11/15/2015		1,400		1,414
Industrial Machinery & Equipment (0.1%)
Cummins, Inc. 7.13%, due 03/01/2028		345		343
Insurance (1.1%)
International Lease Finance Corp. 5.63%, due 06/01/2007		1,000		1,008
Reinsurance Group of America 6.75%, due 12/15/2065 (e)		1,645		1,660
Wellpoint Health Networks, Inc. 6.38%, due 06/15/2006		2,400		2,416
Metal Mining (0.3%)
Phelps Dodge Corp. 9.50%, due 06/01/2031		913		1,237
Mortgage Bankers & Brokers (0.2%)
ILFC E-Capital Trust II–144A 6.25%, due 12/21/2065 (f)		765		777
Motion Pictures (0.5%)
Time Warner, Inc. 9.13%, due 01/15/2013		2,000		2,367
Oil & Gas Extraction (0.5%)
Chesapeake Energy Corp. 7.00%, due 08/15/2014		100		104
Husky Oil, Ltd. 8.90%, due 08/15/2028 (g)		1,320		1,416
Nexen, Inc. 5.88%, due 03/10/2035		760		747
Personal Credit Institutions (0.6%)
Ford Motor Credit Co. 6.88%, due 02/01/2006		2,000		1,996
HSBC Finance Capital Trust IX 5.91%, due 11/30/2035 (h)		500		504

	Principal		Value
Petroleum Refining (0.6%)
Enterprise Products Operating, LP, Series B
5.60%, due 10/15/2014	$	2,050	$	2,048
Valero Energy Corp. 7.50%, due 04/15/2032		500		608
Primary Metal Industries (0.1%)
Noranda, Inc. 6.00%, due 10/15/2015		500		505
Printing & Publishing (0.9%)
Gannett Co., Inc. 5.50%, due 04/01/2007		1,500		1,507
Media General, Inc. 6.95%, due 09/01/2006		1,590		1,603
News America Holdings, Inc. 7.75%, due 12/01/2045		610		699
Radio & Television Broadcasting (0.8%)
Chancellor Media Corp. 8.00%, due 11/01/2008		2,025		2,153
Univision Communications, Inc. 3.88%, due 10/15/2008		1,547		1,487
Restaurants (0.1%)
Landry's Restaurants, Inc., Series B 7.50%, due 12/15/2014		500		468
Security & Commodity Brokers (1.1%)
Credit Suisse First Boston (London), Inc.–144A 7.90%, due 05/01/2049 (i)		2,000		2,071
E*Trade Financial Corp. 8.00%, due 06/15/2011		500		520
Lehman Brothers Holdings, Inc. 7.88%, due 08/15/2010		1,000		1,116
Residential Capital Corp. 6.38%, due 06/30/2010		1,300		1,321
Telecommunications (0.4%)
America Movil SA de CV 5.50%, due 03/01/2014		2,000		1,975
Water Transportation (0.9%)
Carnival Corp. 3.75%, due 11/15/2007		2,900		2,835
Royal Caribbean Cruises, Ltd. 8.75%, due 02/02/2011		1,000		1,130
Wholesale Trade Nondurable Goods (0.2%)
Domino's, Inc. 8.25%, due 07/01/2011		729		762
Total Corporate Debt Securities (cost: $69,768)				69,346

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

5

Transamerica Value Balanced

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2005
(all amounts except share amounts in thousands)

	Shares		Value
COMMON STOCKS (68.9%)
Amusement & Recreation Services (1.5%)
Disney (Walt) Co. (The)		270,000	$	6,472
Business Credit Institutions (0.3%)
Fannie Mae		26,000		1,269
Chemicals & Allied Products (1.6%)
Colgate-Palmolive Co.		56,000		3,072
Praxair, Inc.		77,900		4,126
Commercial Banks (7.2%)
Bank of America Corp.		211,844		9,777
Citigroup, Inc.		205,170		9,957
PNC Financial Services Group, Inc.		110,000		6,801
Wachovia Corp.		67,640		3,575
Wells Fargo & Co.		30,000		1,885
Computer & Data Processing Services (4.8%)
Microsoft Corp.		825,000		21,574
Electric Services (1.3%)
Dominion Resources, Inc.		45,000		3,474
Duke Energy Corp.		92,000		2,525
Electronic & Other Electric Equipment (2.4%)
Cooper Industries, Ltd.–Class A		35,000		2,555
General Electric Co.		233,300		8,177
Food & Kindred Products (3.9%)
Altria Group, Inc.		160,000		11,955
HJ Heinz Co.		68,500		2,310
Sara Lee Corp.		165,600		3,130
Gas Production & Distribution (2.2%)
KeySpan Corp.		270,000		9,636
Holding & Other Investment Offices (3.6%)
Plum Creek Timber Co., Inc.		210,000		7,570
Rayonier, Inc.		216,000		8,608
Life Insurance (1.0%)
Genworth Financial, Inc.–Class A		130,000		4,495
Lumber & Wood Products (0.6%)
Louisiana-Pacific Corp.		100,000		2,747
Motion Pictures (4.6%)
Time Warner, Inc.		1,170,000		20,405
Oil & Gas Extraction (4.2%)
Anadarko Petroleum Corp.		55,000		5,211
EOG Resources, Inc.		100,000		7,337
Schlumberger, Ltd.		65,400		6,354
Paper & Allied Products (0.5%)
Kimberly-Clark Corp.		40,000		2,386

	Shares		Value
Petroleum Refining (5.4%)
BP PLC, ADR		175,000	$	11,238
Exxon Mobil Corp.		75,000		4,213
Marathon Oil Corp.		80,000		4,878
Murphy Oil Corp.		70,000		3,779
Pharmaceuticals (8.0%)
Bristol-Myers Squibb Co.		595,000		13,673
Merck & Co., Inc.		554,000		17,623
Schering-Plough Corp.		200,000		4,170
Primary Metal Industries (0.5%)
Hubbell, Inc.–Class B		45,000		2,030
Railroads (0.8%)
Union Pacific Corp.		43,700		3,518
Savings Institutions (3.1%)
Washington Mutual, Inc.		314,540		13,682
Security & Commodity Brokers (6.5%)
Alliance Capital Management Holding, LP		350,000		19,772
Jefferies Group, Inc.		74,800		3,365
Raymond James Financial, Inc.		111,000		4,181
T. Rowe Price Group, Inc.		20,000		1,441
Telecommunications (3.4%)
Sprint Nextel Corp.		650,000		15,184
Tobacco Products (1.5%)
Loews Corp.–Carolina Group		154,000		6,774
Total Common Stocks (cost: $257,823)				306,904
Total Investment Securities (cost: $398,494)			$	446,491
	Contracts +		Value
WRITTEN OPTIONS (–0.2%)
Covered Call Options (–0.1%)
Louisiana-Pacific Corp.		500	$	(7	)
Call Strike $30.00
Expires 01/21/2006
Louisiana-Pacific Corp. Call Strike $30.00 Expires 05/20/2006		500		(56	)
Schering-Plough Corp. Call Strike $22.50 Expires 01/21/2006		1,610		(8	)
Schlumberger, Ltd. Call Strike $110.00 Expires 05/20/2006		654		(167	)
Sprint Corp. (FON Group) Call Strike $27.50 Expires 01/21/2006		2,000		(10	)

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

6

Transamerica Value Balanced

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2005
(all amounts except share amounts in thousands)

	Contracts +		Value
Covered Call Options (continued)
Wells Fargo & Co.		400	$	(8	)
Call Strike $65.00
Expires 01/21/2006
Put Options (–0.1%)
Alliance Capital Management Holding, LP Put Strike $45.00 Expires 01/21/2006		300		(7	)
Altria Group, Inc. Put Strike $40.00 Expires 01/21/2006		1,000		(5	)
American International Group, Inc. Put Strike $50.00 Expires 02/18/2006		780		(8	)
American International Group, Inc. Put Strike $65.00 Expires 08/19/2006		800		(170	)
Bristol-Myers Squibb Co. Put Strike $20.00 Expires 01/21/2006		2,000		(10	)
Colgate-Palmolive Co. Put Strike $45.00 Expires 01/21/2006		100		—	o
Duke Energy Corp. Put Strike $25.00 Expires 01/20/2007		1,000		(115	)

	Contracts +		Value
Ford Motor Credit Co.		1,800	$	(86	)
Put Strike $100.00
Expires 01/21/2006
Freeport McMoRan Cooper & Gold, Inc. Put Strike $35.00 Expires 01/21/2006		1,005		(5	)
GlobalSantaFe Corp. Put Strike $42.50 Expires 04/22/2006		800		(86	)
HJ Heinz Co. Put Strike $35.00 Expires 01/21/2006		800		(106	)
Home Depot Put Strike $35.00 Expires 01/21/2006		360		(2	)
Sara Lee Corp. Put Strike $20.00 Expires 01/21/2006		344		(39	)
Schering-Plough Corp. Put Strike $15.00 Expires 01/21/2006		650		(3	)
Washington Mutual, Inc. 1,300 (7) Put Strike $30.00  Expires 01/21/2006
Total Written Options (premiums: $2,834)				(905	)

NOTES TO SCHEDULE OF INVESTMENTS:

#  Substantially all of the Fund's securities are memo pledged as collateral by the custodian for the listed short index option contracts written by the Fund.

(a)  Abbey National PLC has a fixed coupon rate 7.35% until 10/15/2006, thereafter the coupon rate will reset every 5 years at the 5-Year CMT + 178BP, if not called.

(b)  HBOS PLC–144A has a fixed coupon rate of 5.92% until 10/01/2015, thereafter the coupon rate will reset quarterly at the 3-month US$ LIBOR + 129.5BP, if not called.

(c)  Sumitomo Matsui Banking–144A has a fixed coupon rate of 5.63% until 10/15/2015, thereafter the coupon rate will reset quarterly at the 3-month US$ LIBOR + 255BP, if not called.

(d)  ZFS Finance USA Trust I–144A has a fixed coupon rate of 6.45% until 06/15/2016, thereafter the coupon rate will reset at 200BP+ highest of the 3-month US$ LIBOR, 10 Year CMT or 30 Year CMT, a max of 15%, if not called.

(e)  Reinsurance Group of America has a fixed coupon rate of 6.75% until 12/15/2015, thereafter the coupon rate will reset quarterly at the 3-month US$ LIBOR + 266.5BP, if not called.

(f)  ILFC E-Capital Trust II–144A has a fixed coupon rate of 6.25% until 12/21/2015, thereafter the coupon rate will reset at 180BP+ highest of the 3-month US$ LIBOR, 10 Year CMT or 30 Year CMT, a max of 14.5%, if not called.

(g)  Husky Oil, Ltd. has a fixed coupon rate of 8.90% until 8/15/2008, thereafter the coupon rate will reset quarterly at the 3-month US$ LIBOR + 550BP, if not called.

(h)  HSBC Finance Capital Trust IX has a fixed coupon rate 5.91% until 11/30/2015, thereafter the coupon rate will reset quarterly at the 3-month US$ LIBOR + 192.6BP, if not called.

(i)  Credit Suisse First Boston (London), Inc.-144A has a fixed coupon rate 7.90% until 05/01/2007, thereafter the coupon rate will reset every 5 years at the 5-Year CMT + 200BP, if not called.

o  Value is less than $1.

+  Contract amounts are not in thousands.

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

7

Transamerica Value Balanced

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2005
(all amounts in thousands)

DEFINITIONS:

144A  144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2005, these securities aggregated $9,176 or 2.1% of the total investments of the Fund.

ADR  American Depositary Receipt

CMT  Constant Maturity Treasury Index

FHA  Federal Housing Administration

LIBOR  London Interbank Offer Rate

REIT  Real Estate Investment Trust

STRIPS  Separate Trading of Registered Interest and Principal of Securities

VA  Veterans Affairs

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

8

Transamerica Value Balanced

STATEMENT OF ASSETS AND LIABILITIES
At December 31, 2005
(all amounts except per share amounts in thousands)

Assets:
Investment securities, at value (cost: $398,494)	$	446,491
Cash		20,900
Receivables:
Shares sold		28
Interest		1,487
Dividends		724
Dividend reclaims receivable		1
Receivable from premiums on written options		80
		469,711
Liabilities:
Accounts payable and accrued liabilities:
Shares redeemed		258
Management and advisory fees		301
Service fees		1
Administration fees		8
Written options (premiums $2,834)		905
Other		92
		1,565
Net Assets	$	468,146
Net Assets Consist of:
Capital stock ($.01 par value)	$	363
Additional paid-in capital		402,705
Distributable net investment income (loss)		11,385
Accumulated net realized gain (loss) from investment securities and written options contacts		3,767
Net unrealized appreciation (depreciation) on:
Investment securities		47,997
Written option contracts		1,929
Net Assets	$	468,146
Net Assets by Class:
Initial Class	$	462,906
Service Class		5,240
Shares Outstanding:
Initial Class		35,954
Service Class		395
Net Asset Value and Offering Price Per Share:
Initial Class	$	12.88
Service Class		13.25

STATEMENT OF OPERATIONS
For the year ended December 31, 2005
(all amounts in thousands)

Investment Income:
Interest	$	7,132
Dividends (net of withholding taxes on foreign dividends of $2)		8,408
Income from loaned securities–net		19
		15,559
Expenses:
Management and advisory fees		3,654
Printing and shareholder reports		288
Custody fees		67
Administration fees		98
Legal fees		9
Audit fees		17
Trustees fees		17
Service fees:
Service Class		12
Other		12
Total expenses		4,174
Net Investment Income (Loss)		11,385
Net Realized Gain (Loss) from:
Investment securities		22,373
Written option contracts		5,152
		27,525
Net Increase (Decrease) in Unrealized Appreciation (Depreciation) on:
Investment securities		(7,231	)
Written option contracts		(2,181	)
		(9,412	)
Net Realized and Unrealized Gain (Loss) on Investment Securities and Written Options Contracts		18,113
Net Increase (Decrease) in Net Assets Resulting from Operations	$	29,498

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

9

Transamerica Value Balanced

STATEMENTS OF CHANGES IN NET ASSETS
For the years ended
(all amounts in thousands)

	December 31, 2005			December 31, 2004
Increase (Decrease) In Net Assets From:
Operations:
Net investment income (loss)	$	11,385		$	12,520
Net realized gain (loss) from investment securities and written options contracts		27,525			42,878
Change in unrealized appreciation (depreciation) on investment securities and written options contracts		(9,412	)		(4,350	)
		29,498			51,048
Distributions to Shareholders:
From net investment income:
Initial Class		(12,398	)		(6,350	)
Service Class		(122	)		(24	)
		(12,520	)		(6,374	)
From net realized gains:
Initial Class		(36,578	)		—
Service Class		(373	)		—
		(36,951	)		—
Capital Share Transactions:
Proceeds from shares sold:
Initial Class		10,968			12,731
Service Class		2,880			3,369
		13,848			16,100
Proceeds from fund acquisition:
Initial Class		—			312,953
Service Class		—			467
		—			313,420
Dividends and distributions reinvested:
Initial Class		48,976			6,350
Service Class		495			24
		49,471			6,374
Cost of shares redeemed:
Initial Class		(102,764	)		(100,103	)
Service Class		(1,666	)		(881	)
		(104,430	)		(100,984	)
		(41,111	)		234,910
Net increase (decrease) in net assets		(61,084	)		279,584
Net Assets:
Beginning of year		529,230			249,646
End of year	$	468,146		$	529,230
Distributable Net Investment Income (Loss)	$	11,385		$	12,520

	December 31, 2005			December 31, 2004
Share Activity:
Shares issued:
Initial Class		836			1,020
Service Class		212			260
		1,048			1,280
Shares issued on fund acquisition:
Initial Class		–			25,281
Service Class		–			37
		–			25,318
Shares issued–reinvested from distributions:
Initial Class		3,982			518
Service Class		39			2
		4,021			520
Shares redeemed:
Initial Class		(7,841	)		(7,919	)
Service Class		(124	)		(67	)
		(7,965	)		(7,986	)
Net increase (decrease) in shares outstanding:
Initial Class		(3,023	)		18,900
Service Class		127			232
		(2,896	)		19,132

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

10

Transamerica Value Balanced

FINANCIAL HIGHLIGHTS

		For a share outstanding throughout each period (a)
		Net Asset		Investment Operations								Distributions									Net Asset
	For the Period Ended (b)	Value, Beginning of Period		Net Investment Income (Loss)		Net Realized and Unrealized Gain (Loss)			Total Operations			From Net Investment Income			From Net Realized Gains			Total Distributions			Value, End of Period
Initial Class	12/31/2005	$	13.48	$	0.31	$	0.51		$	0.82		$	(0.36	)	$	(1.06	)	$	(1.42	)	$	12.88
	12/31/2004		12.41		0.36		0.86			1.22			(0.15	)		–			(0.15	)		13.48
	12/31/2003		10.66		0.30		1.81			2.11			(0.36	)		–			(0.36	)		12.41
	12/31/2002		13.29		0.33		(2.20	)		(1.87	)		(0.28	)		(0.48	)		(0.76	)		10.66
	12/31/2001		13.19		0.36		(0.07	)		0.29			(0.19	)		–			(0.19	)		13.29
Service Class	12/31/2005		13.86		0.28		0.52			0.80			(0.35	)		(1.06	)		(1.41	)		13.25
	12/31/2004		12.74		0.37		0.87			1.24			(0.12	)		–			(0.12	)		13.86
	12/31/2003		11.08		0.18		1.52			1.70			(0.04	)		–			(0.04	)		12.74

					Ratios/Supplemental Data
	For the				Net Assets, End of		Ratio of Expenses to Average						Net Investment Income (Loss)			Portfolio
	Period	Total			Period		Net Assets (f)						to Average			Turnover
	Ended (b)	Return (c)(g)			(000's)		Net (d)			Total (e)			Net Assets (f)			Rate (g)
Initial Class	12/31/2005		6.59	%	$	462,906		0.85	%		0.85	%		2.34	%		58	%
	12/31/2004		9.96			525,519		0.84			0.84			2.88			98
	12/31/2003		20.16			249,184		0.82			0.82			2.68			53
	12/31/2002		(13.82	)		247,459		0.83			0.83			2.84			123
	12/31/2001		2.16			235,355		0.89			0.89			2.70			54
Service Class	12/31/2005		6.21			5,240		1.10			1.10			2.09			58
	12/31/2004		9.83			3,711		1.10			1.10			2.81			98
	12/31/2003		15.40			462		1.09			1.09			2.26			53

NOTES TO FINANCIAL HIGHLIGHTS

(a)  Per share information is calculated based on average number of shares outstanding.

(b)  Transamerica Value Balanced (the "Fund") share classes commenced operations as follows:

Initial Class – January 3, 1995
Service Class – May 1, 2003

(c)  Total Return reflects all portfolio expenses and includes reinvestment of dividends and capital gains; it does not reflect the charges and deductions under the policies or annuity contracts.

(d)  Ratio of Net Expenses to Average Net Assets is net of advisory fee waivers, if any (see note 2).

(e)  Ratio of Total Expenses to Average Net Assets includes all expenses before advisory fee waivers.

(f)  Annualized.

(g)  Not annualized.

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

11

Transamerica Value Balanced

NOTES TO FINANCIAL STATEMENTS
At December 31, 2005
(all amounts in thousands)

NOTE 1.  ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

The AEGON/Transamerica Series Trust ("ATST") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). ATST serves as a funding vehicle for variable life insurance, variable annuity and group annuity products. Transamerica Value Balanced (the "Fund") is part of ATST.

On May 3, 2004, the Fund acquired all the net assets of LKCM Strategic Total Return pursuant to a plan of reorganization approved by the shareholders of LKCM Strategic Total Return. The Fund is the accounting survivor. The acquisition was accomplished by a tax-free exchange of 25,318 shares of the Fund for the 21,557 shares of LKCM Strategic Total Return outstanding on April 30, 2004. The aggregate net assets of the Fund immediately before the acquisition was $240,0378. LKCM Strategic Total Return's net assets at that date $313,420, including $45,289 of unrealized appreciation, were combined with those of the Fund, resulting in combined net assets of $553,458.

Effective May 1, 2005, AEGON/Transamerica Series Fund, Inc. changed its name to AEGON/Transamerica Series Trust.

In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

This report should be read in conjunction with the current Fund prospectus, which contains more complete information about the Fund.

In preparing the Fund's financial statements in accordance with accounting principles generally accepted in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Fund.

Multiple class operations, income and expenses: The Fund currently offers two classes of shares, an Initial Class and a Service Class. Income, non-class specific expenses and realized and unrealized gains and losses, are allocated daily to each class, based upon the value of shares outstanding method as permitted under Rule 18f-3 of the 1940 Act. Each class bears its own specific expenses as well as a portion of general, common expenses.

Security valuations: The Fund values its investments at the close of the New York Stock Exchange ("NYSE"), normally 4 p.m. ET, each day the NYSE is open for business. Fund investments are valued at the last sale price or closing price on the day of valuation taken from the primary exchange where the security is principally traded.

Securities traded in the over-the-counter market and listed securities for which no sale was reported on that date are valued at the last quoted bid price.

Debt securities are valued based on a price quotation or other equivalent indication of value supplied by an exchange, a pricing service or a major market maker; however, those that mature in sixty days or less are valued at amortized cost, which approximates market.

Investment company securities are valued at the net asset value of the underlying portfolio.

Other securities for which quotations are not readily available are valued at fair market value as determined in good faith by the Fund's Administrative Valuation Committee, under the supervision of the Board's Valuation Committee, using guidelines adopted by the Board of Trustees.

Cash: The Fund may leave cash overnight in its cash account with the custodian, Investors Bank & Trust Company ("IBT"). IBT has been contracted on behalf of the Fund to invest the excess cash into a savings account, which at December 31, 2005, was paying an interest rate of 3.00%.

Repurchase agreements: The Fund is authorized to enter into repurchase agreements. The Fund, through its custodian, IBT, receives delivery of the underlying securities, the value of which at the time of purchase is required to be an amount equal to at least 100% of the resale price. The Fund will bear the risk of value fluctuations until the security can be sold and may encounter delays and incur costs in liquidating the security. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Commission recapture: The sub-adviser, to the extent consistent with the best execution and usual commission rate policies and practices, may place security transactions of the Fund with broker/dealers with which ATST has established a Commission Recapture Program. A Commission Recapture Program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Fund. In no event will commissions paid by the Fund be used to pay expenses that would otherwise be borne by any other funds within ATST, or by any other party.

Recaptured commissions during the year ended December 31, 2005, of $58 are included in net realized gains in the Statement of Operations.

Securities lending: The Fund may lend securities to qualified borrowers, with IBT acting as the Fund's lending agent. The Fund earns negotiated lenders' fees. The Fund receives cash and/or securities as collateral against the loaned securities. Cash collateral received is invested in short term, interest bearing securities. The Fund monitors the market value of securities loaned on a daily basis and requires collateral in an amount at least equal to the value of the securities loaned. Income from loaned securities on the Statement of Operations is net of fees, in the amount of $8, earned by IBT for its services.

AEGON/Transamerica Series Trust

Annual Report 2005

12

Transamerica Value Balanced

NOTES TO FINANCIAL STATEMENTS (continued)
At December 31, 2005
(all amounts in thousands)

NOTE 1.–(continued)

Real Estate Investment Trusts ("REITs"): There are certain additional risks involved in investing in REITs. These include, but are not limited to, economic conditions, changes in zoning laws, real estate values, property taxes and interest rates.

Dividend income is recorded at management's estimate of the income included in distributions from the REIT investments. Distributions received in excess of the estimated amount are recorded as a reduction of the cost of investments. The actual amounts of income, return of capital and capital gains are only determined by each REIT after the fiscal year end and may differ from the estimated amounts.

Security transactions and investment income: Security transactions are recorded on the trade date. Security gains and losses are calculated on the first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend date. Interest income, including accretion of discounts and amortization of premiums, is recorded on the accrual basis commencing on the settlement date.

Option contracts: The Fund may enter into options contracts to manage exposure to market fluctuations. Options are valued at the average of the bid and ask ("Mean Quote") established each day at the close of the board of trade or exchange on which they are traded. The primary risks associated with options are imperfect correlation between the change in value of the securities held and the prices of the options contracts; the possibility of an illiquid market and inability of the counterparty to meet the contracts terms. When the Fund writes a covered call or put option, an amount equal to the premium received by the Fund is included in the Fund's Statement of Assets and Liabilities as an asset and as an equivalent liability. Options are marked-to-market daily to reflect the current value of the option written.

The underlying face amounts of open contracts at December 31, 2005 are listed in the Schedule of Investments.

Transactions in written call and put options were as follows:

	Premium			Contracts*
Beginning Balance December 31, 2004	$	5,839			38,971
Sales		4,085			30,395
Closing Buys		(533	)		(1,611	)
Expirations		(5,035	)		(34,619	)
Exercised		(1,522	)		(14,433	)
Balance at December 31, 2005	$	2,834			18,703

*  Contracts not in thousands

Dividend distributions: Dividends and capital gains distributions are typically declared and reinvested annually and are generally paid and reinvested on the business day following the ex-date.

NOTE 2.  RELATED PARTY TRANSACTIONS

Effective January 1, 2005 AEGON/Transamerica Fund Advisers, Inc. was renamed Transamerica Fund Advisors, Inc. ("TFAI"); AEGON/Transamerica Fund Services, Inc. and AEGON/Transamerica Investor Services, Inc. merged into one entity and was renamed Transamerica Fund Services, Inc. ("TFS").

ATST serves as a funding vehicle for certain affiliated asset allocation portfolios and certain affiliated separate accounts of Western Reserve Life Assurance Co. of Ohio, Transamerica Life Insurance Company, Transamerica Financial Life Insurance Company, Inc., Peoples Benefit Life Insurance Company, Transamerica Occidental Life Insurance Company and Transamerica Life Insurance and Annuity Company.

TFAI is the Fund's investment adviser. TFS is the Fund's administrator and transfer agent. AFSG Securities Corp. ("AFSG") is the Fund's distributor. TFAI, TFS, and AFSG are affiliates of AEGON, NV, a Netherlands corporation.

Certain officers and trustees of the Fund are also officers and/or directors of TFAI, TFS and AFSG.

Transamerica Investment Management, LLC is both an affiliate of the Fund and a sub-adviser to the Fund.

Investment advisory fee: The Fund pays management fees to TFAI based on average daily net assets ("ANA") at the following breakpoints:

0.75% of the first $500 million of ANA
0.65% of the next $500 million of ANA
0.60% of ANA over $1 billion

TFAI has contractually agreed to waive its advisory fee and will reimburse the Fund to the extent that operating expenses, excluding 12b-1 fees, exceed the following stated annual limit:

1.00% Expense Limit

If total fund expenses fall below the annual expense limitation agreement agreed to by the adviser within the succeeding three years, the Fund may be required to pay that adviser a portion or all of the waived advisory fees.

There were no amounts recaptured during the year ended December 31, 2005. There are no amounts available for recapture at December 31, 2005.

Distribution and service fees: The Fund adopted a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, ATST entered into a Distribution Agreement with AFSG dated January 1, 1997, as amended.

AEGON/Transamerica Series Trust

Annual Report 2005

13

Transamerica Value Balanced

NOTES TO FINANCIAL STATEMENTS (continued)
At December 31, 2005
(all amounts in thousands)

NOTE 2.–(continued)

Under the Distribution Plan and Distribution Agreement on the Initial Class shares, AFSG, on behalf of the Fund, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Fund's shares, amounts equal to actual expenses associated with distributing the shares.

The Distribution Plan on the Service Class shares requires ATST to pay distribution fees to AFSG as compensation for its activities, not as reimbursement for specific expenses. The fee on the Service Class is paid to the insurance companies for providing services and account maintenance for their policyholders who invest in the variable insurance products which invest in the Service Class shares.

The Fund is authorized under the 12b-1 plan to pay fees on each class up to the following limits:

Initial Class	0.15	%
Service Class	0.25	%

AFSG has determined that it will not seek payment by the Fund of the distribution expenses incurred with respect to the Initial Class shares before April 30, 2007. Prior to AFSG seeking reimbursement of future expenses, policy and contract owners will be notified in advance. The Fund will pay fees relating to Service Class shares.

Administrative services: The Fund has entered into an agreement with TFS for financial and legal fund administration services. The Fund pays TFS an annual fee of 0.02% of ANA. The Legal fees on the Statement of Operations are for fees paid to external legal counsel.

Deferred compensation plan: Each eligible independent Fund Trustee may elect participation in a non-qualified deferred compensation plan ("the Plan") maintained by Transamerica IDEX Mutual Funds, an affiliate of the Fund. Under the Plan, such Trustees may defer payment of all or a portion of their total fees earned as a Fund Trustee. Each Trustee who is a participant in the Plan may elect that the earnings, losses or gains credited to his or her deferred fee amounts be determined based on a deemed investment in any series of Transamerica IDEX Mutual Funds. The right of a participant to receive a distribution from the Plan of the deferred fees is an unsecured claim against the general assets of all series of Transamerica IDEX Mutual Funds. The pro rata liability to the Fund of all deferred fees in the Plan amounted, as of December 31, 2005, to $23.

NOTE 3.  INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the year ended December 31, 2005, were as follows:

Purchases of securities:
Long-Term	$	144,770
U.S. Government		132,814
Proceeds from maturities and sales of securities:
Long-Term		197,359
U.S. Government		154,090

NOTE 4.  FEDERAL INCOME TAX MATTERS

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatment for items including, but not limited to, wash sales and capital loss carryforwards.

The capital loss carryforwards are available to offset future realized capital gains through the periods listed:

Capital Loss Carryforwards		Available through
$	9,622	December 31, 2010
	2,773	December 31, 2011

The capital loss carryforward utilized during the year ended December 31, 2005 was $10,345.

The capital loss carryforwards are available to offset future realized gains, subject to certain limitations under the Internal Revenue Code, through the periods listed.

The tax character of distributions paid may differ from the character of distributions shown in the Statements of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2004 and 2005 was as follows:

2004 Distributions paid from:
Ordinary Income	$	6,374
Long-term Capital Gain		–
2005 Distributions paid from:
Ordinary Income		14,420
Long-term Capital Gain		35,051

AEGON/Transamerica Series Trust

Annual Report 2005

14

Transamerica Value Balanced

NOTES TO FINANCIAL STATEMENTS (continued)
At December 31, 2005
(all amounts in thousands)

NOTE 4.–(continued)

The tax basis components of distributable earnings as of December 31, 2005, are as follows:

Undistributed Ordinary Income	$	11,385
Undistributed Long-term Capital Gain	$	17,278
Capital Loss Carryforward	$	(12,395	)
Net Unrealized Appreciation (Depreciation)	$	48,810	*

*  Amount includes unrealized appreciation (depreciation) on written options.

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of December 31, 2005, are as follows:

Federal Tax Cost Basis	$	399,610
Unrealized Appreciation	$	57,430
Unrealized (Depreciation)		(10,549	)
Net Unrealized Appreciation (Depreciation)	$	46,881

NOTE 5.  REGULATORY PROCEEDINGS

There continues to be significant federal and state regulatory activity relating to financial services companies, particularly mutual fund companies and their investment advisers. As part of an ongoing investigation regarding potential market timing, recordkeeping and trading compliance issues and matters affecting the Fund's investment adviser, TFAI, and certain affiliates and former employees of TFAI, the SEC staff has indicated that it is likely to take some action against TFAI and certain of its affiliates at the conclusion of the investigation. The potential timing and the scope of any such action is difficult to predict. Although the impact of any action brought against TFAI and/or its affiliates is difficult to assess at the present time, the Fund currently believes that the likelihood that any such action will have a material adverse impact on it is remote. It is important to note that the Fund is not aware of any allega tion of wrongdoing against it and its Board at the time this annual report is printed. Although it is not anticipated that these developments will have an adverse impact on the Fund, there can be no assurance at this time. TFAI and its affiliates are actively working with the SEC in regard to this matter; however, the exact resolution cannot be determined at this time. TFAI will take such actions that it deems necessary or appropriate to continue providing management services to the Fund and to bring all matters to an appropriate conclusion.

TFAI and/or its affiliates, and not the Fund, will bear the costs regarding these regulatory matters.

AEGON/Transamerica Series Trust

Annual Report 2005

15

Report of Independent Registered Certified Public Accounting Firm

To the Board of Trustees and Shareholders of
Transamerica Value Balanced

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Transamerica Value Balanced (the "Fund") (one of the portfolios constituting the AEGON/Transamerica Series Trust) at December 31, 2005, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fund's management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2005 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

Tampa, Florida
February 23, 2006

Transamerica Value Balanced (UNAUDITED)

SUPPLEMENTAL TAX INFORMATION
(all amounts in thousands)

For tax purposes, the Fund has made a Long-Term Capital Gain Designation of $35,051 for the year ended December 31, 2005.

AEGON/Transamerica Series Trust

Annual Report 2005

16

Transamerica Value Balanced

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS – REVIEW AND RENEWAL (unaudited)

At a meeting of the Board of Trustees of AEGON/Transamerica Series Trust ("ATST") held on November 2, 2005, the Board reviewed and considered the Investment Advisory Agreement between Transamerica Value Balanced (the "Portfolio") and Transamerica Fund Advisors, Inc. ("TFAI") as well as the Investment Sub-Advisory Agreement of the Portfolio between TFAI and Transamerica Investment Management, LLC (the "SubAdviser"), to determine whether the agreements should be renewed for a one-year period. Following their review and consideration, the Trustees determined that the Investment Advisory Agreement and the Investment Sub-Advisory Agreement will enable shareholders of the Portfolio to obtain high quality services at a cost that is appropriate, reasonable, and in the best interests of its shareholders. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and th e Investment Sub-Advisory Agreement. In reaching their decision, the Trustees requested and obtained from TFAI and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the proposed agreements. The Trustees also carefully considered the information that they had received throughout the year from TFAI and the Sub-Adviser (such as in-person presentations by the Sub-Adviser) as part of their regular oversight of the Portfolio, as well as: comparative fee, expense and performance information prepared by Lipper Inc. ("Lipper"), independent providers of mutual fund performance, fee and expense information; and profitability data. In considering the proposed continuation of the Investment Advisory Agreement and the Investment Sub-Advisory Agreement, the Trustees evaluated a number of considerations that they believe, in light of the legal advice furnished to them by ATST counsel and independent legal counsel and their own business judgment, to be relevant. They based their decisions on th e following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:

The nature, extent and quality of the advisory service to be provided. The Board considered the nature and quality of the services provided by TFAI and the Sub-Adviser to the Portfolio in the past, as well as the services anticipated to be provided in the future. The Board concluded that TFAI and the Sub-Adviser are capable of providing high quality services to the Portfolio, as indicated by the nature and quality of services provided in the past, TFAI's and the Sub-Adviser's management capabilities demonstrated with respect to the portfolios they manage, including the Portfolio, and the experience, capability and integrity of TFAI's senior management, the financial resources of TFAI and the Sub-Adviser, TFAI's management oversight process, the professional qualifications and experience of the Sub-Adviser's portfolio management team, and the Portfolio 's investment performance. The Trustees also concluded that TFAI and the Sub-Adviser proposed to provide investment and related services that were of the same quality and quantity as services provided to the Portfolio in the past, and that these services are appropriate in scope and extent in light of the Portfolio's operations, the competitive landscape of the investment company business and investor needs, and that TFAI's and the Sub-Adviser's obligations will remain substantially the same.

The investment performance of the Portfolio. The Board examined both the short-term and longer-term performance of the Portfolio, including relative performance against a benchmark securities index and a peer group of comparable mutual funds as prepared by Lipper, for various trailing periods ended June 30, 2005. The Trustees concluded that TFAI and the Sub-Adviser had generally achieved competitive and acceptable investment performance, noting that although the performance of the Portfolio was below median relative to its peers over the past two- and ten-year periods and trailed the benchmark index over the past ten-year period, its performance was above median relative to its peers over the past one-, three- and five-year periods, and superior or competitive to the benchmark index over the past one-, two-, three- and five-year periods. On the basis of the Trustees' assessment of the nature, extent and quality of advisory services to be provided or procured by TFAI and the Sub-Adviser, the Trustees concluded that TFAI and the Sub-Adviser are capable of generating a level of investment performance that is appropriate in light of the Portfolio's investment objective, policies and strategies and competitive with many other investment companies, and also determined that TFAI's and the Sub-Adviser's performance records indicate that their continued management is likely to benefit the Portfolio and its shareholders.

The cost of advisory services provided and the level of profitability. The Board reviewed profitability information regarding TFAI's costs of procuring portfolio management services, as well as the costs of provision of administration, fund accounting and other services, to the Portfolio and to ATST as a whole by TFAI and its affiliates. The Trustees reviewed data from Lipper that compared the Portfolio's management fees (including management fees at various asset levels), other fees and expenses (including total expenses including and excluding 12b-1 distribution and service fees) and portfolio turnover rate against a peer group of comparable mutual funds. The Board noted that the management fees of the Portfolio are higher than most of its peers, based on the Lipper information, but the Portfolio's total expense ratio is competitive. Based on such i nformation, the Trustees determined that the management fees and overall expense ratio of the Portfolio generally are consistent with industry averages. In addition, on the basis of the Board's review of the management fees to be charged by TFAI for investment advisory and related services, TFAI profitability information (derived from TFAI's audited financial statements), TFAI's estimated management income resulting from its management of the Portfolio, the estimated margin of the Sub-Adviser, as well as the entirety of TFAI's and its affiliates' service relationship with ATST, the Board concluded

AEGON/Transamerica Series Trust

Annual Report 2005

17

Transamerica Value Balanced (continued)

that the level of investment management fees and other service fees, as well as TFAI's and the Sub-Adviser's profitability, are appropriate in light of the services provided, the management fees and overall expense ratios of comparable investment companies and the anticipated profitability of the relationship between the Portfolio, TFAI and its affiliates, and the Sub-Adviser.

Whether fee levels reflect economies of scale and the extent to which economies of scale would be realized as the Portfolio grows. The Board concluded that the inclusion of asset-based breakpoints in the Portfolio's advisory fee schedule appropriately benefits investors by realizing economies of scale in the form of lower management fees as the level of assets grows. In addition, the Board concluded that the Portfolio's management fees appropriately reflect the Portfolio's current size, the current economic environment for TFAI, the competitive nature of the investment company market, and TFAI's pricing strategy. The Trustees also concluded that they will have the opportunity to periodically reexamine whether the Portfolio has achieved economies of scale, and the appropriateness of management fees payable to TFAI and fees payable by TFAI to the Sub-Ad viser, in the future.

Benefits (such as soft dollars) to TFAI, its affiliates, or the Sub-Adviser from their relationship with the Portfolio. The Board concluded that other benefits derived by TFAI, its affiliates, and the Sub-Adviser from their relationship with the Portfolio are reasonable and fair, and are consistent with industry practice and the best interests of the Portfolio and its shareholders. In this regard, the Board noted that TFAI does not realize "soft dollar" benefits from its relationship with the Portfolio, and that the Sub-Adviser is participating in a brokerage program pursuant to which a portion of brokerage commissions paid by the Portfolio is recaptured for the benefit of the Portfolio and its shareholders, thus limiting the amount of "soft-dollar" arrangements the Sub-Adviser may engage in with respect to the Portfolio's brokerage transactions. In a ddition, the Trustees determined that the administration, fund accounting and other fees paid by the Portfolio to affiliates of TFAI are reasonable, fair and in the best interests of shareholders in light of the nature and quality of the services provided, the associated costs to these affiliates of providing the services, the impact of the costs of such services on the Portfolio's overall operating expenses, and the necessity of the services for the Portfolio's operations.

Other considerations. The Board determined that TFAI had made a substantial commitment to the recruitment and retention of high quality personnel, and maintained the financial, compliance and operational resources reasonably necessary to manage the Portfolio in a professional manner that is consistent with the best interests of the Portfolio and its shareholders. In this regard, the Trustees favorably considered the procedures and policies in place by TFAI to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Adviser. The Trustees also determined that TFAI had made a significant entrepreneurial commitment to the management and success of the Portfolio, reflected by TFAI's expense limitation and fee waiver arrangement with the Portfolio, which may result in TFAI waiving a substantial amoun t of advisory fees for the benefit of shareholders.

AEGON/Transamerica Series Trust

Annual Report 2005

18

Van Kampen Active International Allocation

MARKET ENVIRONMENT

Although monetary tightening in the United States and high oil prices weighed on global investor sentiment at points during the period, the international equity markets posted a solid gain in 2005, as measured by the Morgan Stanley Capital International- Europe, Australasia and Far East Index ("MSCI EAFE"), up 14.02% in U.S. dollars.

After a relatively weak start, Japan was one of the strongest performers for the year on a country basis. A strengthening real estate market, improvements in corporate profitability and banks' balance sheets, rising employment, abating deflation, and a clear popular mandate for change helped fuel a rally in Japanese equities. The Asia, excluding Japan, and Europe regions also both posted respectable gains. Despite pockets of weakness and country-specific political uncertainty, European economic numbers and business sentiment were generally better than expected. The United Kingdom ("U.K.") continued to struggle with slowing consumer spending and a cooling housing market, although the climate improved as the year progressed and the Bank of England implemented a rate cut in the second half of the year.

Among sectors, materials and industrials were the leaders, while telecommunication services lagged the pack. The U.S. dollar was quite strong against nearly all major currencies, including the Japanese Yen, the Euro, and the U.K. Sterling.

PERFORMANCE

For the year ended December 31, 2005, Van Kampen Active International Allocation, Initial Class returned 13.79%. By comparison its benchmark, the MSCI EAFE returned 14.02%.

STRATEGY REVIEW

Global earnings growth, though off-peak, is healthy and supported by quiescent labor costs and reform-driven productivity. In the U.S., economic growth remains on track, unemployment is low, and the Federal Reserve Board (the Fed) has room to take rates higher, should they need to. European and Japanese central banks appear to be following the Fed's cautionary lead of not being overly zealous.

We like the economic and sentiment news we have recently seen out of Europe. We are marginally overweight Germany as an attractively valued, cyclical European market. We have been underweight in the U.K. for some time. Although the MSCI EAFE does not include emerging markets, the portfolio includes a small stake in emerging markets, with a sprinkling in Brazil, Turkey, Russia and Poland, among others. Emerging markets have been driven higher by earnings growth. Accordingly, we believe emerging markets are not wildly overpriced.

The portfolio's performance for the twelve month period benefited primarily from an overweight to Japan, an underweight to the U.K. and exposure (roughly 4% of the total portfolio) to emerging markets. In contrast, allocations to Hong Kong and Switzerland detracted from performance. From a sector perspective, an overweight position in energy and an underweight in financials contributed to performance while an underweight to healthcare and a slight overweight to information technology were a drag to performance.

Ann D. Thivierge

Portfolio Manager
Morgan Stanley Investment Management Inc.

AEGON/Transamerica Series Trust

Annual Report 2005

1

Van Kampen Active International Allocation

Comparison of change in value of $10,000 investment in Initial Class shares and its comparative index.

Average Annual Total Return for Periods Ended 12/31/05

	1 year			5 years			10 years			From Inception			Inception Date
Initial Class		13.79	%		2.32	%		5.18	%		5.07	%	4/8/91
MSCI-EAFE1		14.02	%		4.94	%		6.17	%		6.95	%	4/8/91
Service Class		13.61	%		–			–			23.39	%	5/1/03

NOTES

¹  The Morgan Stanley Capital International – Europe, Australasia, and Far East (MSCI-EAFE) Index is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. From inception calculation is based on life of Initial Class shares. Source: Standard & Poor's Micropal®© Micropal, Inc. 2005 – 1-800-596-5323 – http://www.funds-sp.com.

The performance data presented represents past performance, future results may vary. The portfolio's investment return and net asset value will fluctuate. Past performance does not guarantee future results. Investor's units when redeemed, may be worth more or less than their original cost.

Current performance may be higher or lower than the performance data quoted. Please visit your insurance company's website for contract or policy level standardized total returns current to the most recent month-end. Portfolio performance is net of investment fees and fund expenses, but not product charges, which, if included, would significantly lower the performance quoted.

International investing involves special risks including currency fluctuations, political instability, and different financial accounting standards.

This material must be preceded or accompanied by a current prospectus, which includes specific contents regarding the investment objectives, explanation of share classes and policies of this portfolio.

The historical financial information for periods prior to May 1, 2002 has been derived from the financial history of the predecessor portfolio, T.Rowe Price International Stock Portfolio of Endeavor Series Trust. Van Kampen has been the Portfolio's subadviser since May 1, 2002, prior to that date T. Rowe Price Associates, Inc. managed the portfolio and the performance prior to May 1, 2002 is attributable to that firm.

AEGON/Transamerica Series Trust

Annual Report 2005

2

Van Kampen Active International Allocation

UNDERSTANDING YOUR FUND'S EXPENSES
(unaudited)

SHAREHOLDER EXPENSES

Fund shareholders may incur ongoing costs, including management and advisory fees, distribution and service fees, and other Fund expenses.

The following Example is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.

The Example is based on an investment of $1,000 invested at July 1, 2005 and held for the entire period until December 31, 2005.

ACTUAL EXPENSES

The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of your Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fees, brokerage commissions paid on purchases and sales of fund shares. Therefore, the second line under the Fund in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, note that the expenses shown in the table are meant to highlight your ongoing costs and do not reflect any transaction costs. If any of these transaction costs were included, your costs would be higher. The expenses shown in the table do not reflect any fees that may be charged to you by brokers, financial intermediaries or other financial institutions.

	Beginning Account Value		Ending Account Value		Annualized Expense Ratio			Expenses Paid During Period (a)
Initial Class
Actual	$	1,000.00	$	1,159.50		0.94	%	$	5.12
Hypothetical (b)		1,000.00		1,020.47		0.94	%		4.79
Service Class
Actual	$	1,000.00	$	1,158.60		1.19	%	$	6.47
Hypothetical (b)		1,000.00		1,019.21		1.19	%		6.06

^(a)  Expenses are calculated using each Fund's annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by number of days in the period (184 days), and divided by the number of days in the year (365 days).

(b) 5% return per year before expenses.

GRAPHICAL PRESENTATION OF SCHEDULE OF INVESTMENTS
By Region
At December 31, 2005

This chart shows the percentage breakdown by region of the Fund's total investment securities.

AEGON/Transamerica Series Trust

Annual Report 2005

3

Van Kampen Active International Allocation

SCHEDULE OF INVESTMENTS
At December 31, 2005
(all amounts except share amounts in thousands)

	Shares		Value
CONVERTIBLE PREFERRED STOCKS ( 0.1%)
Ireland (0.0%)
Grafton Group PLC ‡		3,500	$	37
Mexico (0.1%)
Fomento Economico Mexicano SA de CV		7,000		51
United Kingdom (0.0%)
Berkeley Group Holdings PLC ‡		1,109		21
Total Convertible Preferred Stocks (cost: $111)				109
PREFERRED STOCKS ( 1.1%)
Brazil (0.9%)
Aracruz Celulose SA–Class B		5,497		22
Banco Bradesco SA		5,000		145
Banco Itau Holding Financeira SA		2,920		70
Brasil Telecom Participacoes SA		3,179,514		23
Caemi Mineracao e Metalurgica SA		22,000		32
Centrais Eletricas Brasileiras SA–Class B		1,510,988		26
Cia de Bebidas das Americas		224,986		87
Cia Energetica de Minas Gerais		1,327,500		54
Cia Vale do Rio Doce–Class A		7,815		280
Contax Participacoes SA		4,715		6
Embratel Participacoes SA ‡		3,251,936		9
Empresa Brasileira de Aeronautica SA		4,979		49
Gerdau SA		3,250		55
Klabin SA		8,500		15
Petroleo Brasileiro SA		31,000		494
Sadia SA		6,000		17
Tele Centro Oeste Celular Participacoes SA		2,308		27
Tele Norte Leste Participacoes SA		3,631		65
Telesp Celular Participacoes SA ‡		2,448		9
Usinas Siderurgicas de Minas Gerais SA–Class A		2,000		48
Votorantim Celulose e Papel SA		703		9
Germany (0.1%)
Fresenius Medical Care AG		100		9
Henkel KGaA		1,037		104
Porsche AG		110		79
ProSieben SAT.1 Media AG		674		13
RWE AG		256		16
Volkswagen AG		1,209		46
Russia (0.1%)
Surgutneftegaz, ADR		2,100		187
Total Preferred Stocks (cost: $1,368)				1,996

	Shares		Value
COMMON STOCKS ( 96.7%)
Australia (4.5%)
Alumina, Ltd.		29,755	$	162
Amcor, Ltd.		23,105		127
AMP, Ltd.		15,002		85
Ansell, Ltd.		1,835		15
Australia & New Zealand Banking Group, Ltd.		16,310		287
Australian Gas Light Co., Ltd.		5,245		66
BHP Billiton, Ltd.		92,000		1,535
BlueScope Steel, Ltd.		18,798		96
Boral, Ltd.		15,307		91
Brambles Industries, Ltd.		11,167		83
Caltex Australia, Ltd.		10,136		144
Coca-Cola Amatil, Ltd.		5,888		33
Coles Myer, Ltd.		12,117		91
Commonwealth Bank of Australia		13,478		423
CSL, Ltd.		808		25
CSR, Ltd.		24,831		63
Foster's Group, Ltd.		23,028		94
Insurance Australia Group, Ltd.		19,171		76
John Fairfax Holdings, Ltd.		11,317		33
Leighton Holdings, Ltd.		2,026		27
Lend Lease Corp, Ltd. (a)		5,605		60
Macquarie Bank, Ltd.		2,358		118
Macquarie Infrastructure Group (a)		25,529		67
Mayne Group, Ltd.		10,157		26
Mayne Pharma, Ltd. ‡		10,157		19
National Australia Bank, Ltd.		18,067		429
Newcrest Mining, Ltd.		8,522		152
OneSteel, Ltd.		14,572		36
Orica, Ltd.		7,346		110
Origin Energy, Ltd.		72,622		400
PaperlinX, Ltd.		11,828		33
Patrick Corp., Ltd.		7,068		38
QBE Insurance Group, Ltd.		7,831		113
Rinker Group, Ltd.		24,421		295
Rio Tinto, Ltd.		7,980		404
Santos, Ltd.		53,330		479
Sonic Healthcare, Ltd.		1,548		17
Stockland		401		2
Suncorp-Metway, Ltd.		6,220		91
Tabcorp Holdings, Ltd.		4,577		52
Telstra Corp., Ltd.		24,350		70
Transurban Group		6,394		31
Wesfarmers, Ltd.		4,239		115
Westpac Banking Corp.		19,060		318
Woodside Petroleum, Ltd.		29,175		839
Woolworths, Ltd.		11,322		140

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

4

Van Kampen Active International Allocation

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2005
(all amounts except share amounts in thousands)

	Shares		Value
Austria (1.0%)
Bank Austria Creditanstalt AG		1,431	$	158
Boehler-Uddeholm AG		142		24
Erste Bank der Oesterreichischen Sparkassen AG		10,071		558
Flughafen Wien AG		1,347		96
IMMOFINANZ Immobilien Anlagen AG ‡†		13,683		131
Mayr-Melnhof Karton AG		541		75
OMV AG		8,138		471
RHI AG ‡		1,056		28
Telekom Austria AG		8,588		192
Voestalpine AG		270		27
Wienerberger AG		1,539		61
Belgium (0.9%)
AGFA-Gevaert NV		971		18
Bekaert SA		84		8
Belgacom SA		1,604		52
Delhaize Group		487		32
Dexia		14,853		341
Fortis		25,323		805
InBev		239		10
KBC Groupe (a)		2,042		190
Solvay SA		859		94
UCB SA		1,721		81
Umicore		332		39
Bermuda (0.4%)
Cheung Kong Infrastructure Holdings, Ltd.		25,000		79
Esprit Holdings, Ltd.		48,000		341
Frontline, Ltd.		800		31
Kerry Properties, Ltd.		16,535		44
Li & Fung, Ltd.		80,000		154
SCMP Group, Ltd.		10,000		4
Ship Finance International, Ltd.		386		6
Yue Yuen Industrial Holdings		24,000		67
Brazil (0.1%)
Arcelor Brasil SA		1,964		24
Cia Brasileira de Distribuicao Grupo Pao de Acucar, ADR †		450		15
Cia de Bebidas das Americas		46,196		15
Cia Siderurgica Nacional SA		744		16
Souza Cruz SA		2,500		31
Uniao de Bancos Brasileiros SA, GDR		1,050		67
Cayman Islands (0.1%)
Hutchison Telecommunications International, Ltd. ‡		66,000		95
Kingboard Chemicals Holdings Co., Ltd.		23,000		62

	Shares		Value
Denmark (0.6%)
Danske Bank A/S		13,439	$	472
DSV A/S		300		37
GN Store Nord		4,900		64
Novo Nordisk A/S–Class B		5,050		283
Novozymes A/S–Class B		686		37
Tele Danmark A/S		2,600		155
Vestas Wind Systems A/S ‡ †		2,300		38
Finland (1.2%)
Cargotec Corp. ‡		646		22
Fortum OYJ		4,428		83
Kesko OYJ–Class B		2,181		62
Kone Oyj ‡		1,292		51
Metso OYJ		3,581		98
Neste Oil Oyj ‡		1,107		31
Nokia OYJ		76,844		1,401
Outokumpu OYJ		2,264		34
Sampo OYJ		5,254		91
Stora Enso OYJ–Class R †		7,826		106
Tietoenator OYJ		1,767		64
UPM-Kymmene OYJ		6,881		134
Uponor OYJ		495		11
Wartsila OYJ–Class B		796		23
France (6.6%)
Accor SA		3,853		211
Air Liquide		1,392		267
Alcatel SA ‡		20,707		256
Alstom ‡		1,474		85
Atos Origin ‡		183		12
Autoroutes du Sud de la France		1,134		67
AXA		36,831		1,185
BNP Paribas		12,393		1,000
Bouygues		4,023		196
Business Objects SA ‡		555		22
Cap Gemini SA ‡		1,993		80
Carrefour SA		7,048		329
Casino Guichard Perrachon SA		764		51
Cie de Saint-Gobain		4,028		239
Cie Generale D'Optique Essilor International SA		706		57
CNP Assurances		1,406		111
Credit Agricole SA		5,140		161
Dassault Systemes SA		517		29
France Telecom SA		17,951		445
Gecina SA		715		82
Groupe Danone		2,627		274
Hermes International		99		25
Imerys SA		460		33
Klepierre		603		56

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

5

Van Kampen Active International Allocation

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2005
(all amounts except share amounts in thousands)

	Shares		Value
France (continued)
Lafarge SA		2,167	$	194
Lagardere S.C.A.		1,411		108
L'Oreal SA †		586		43
LVMH Moet Hennessy Louis Vuitton SA		2,442		216
Michelin (C.G.D.E.)–Class B		1,068		60
Neopost SA		581		58
Pernod-Ricard		101		18
Peugeot SA		1,217		70
PPR SA		635		71
Publicis Groupe		938		33
Renault SA		1,252		102
Safran SA		814		19
Sanofi-Aventis		14,676		1,282
Schneider Electric SA		2,796		249
Societe BIC SA		377		22
Societe Generale-Class A		4,864		596
Societe Television Francaise 1		1,155		32
Sodexho Alliance SA		2,055		84
Suez SA ‡		1,004		-
Suez SA		1,004		31
Suez SA		8,183		254
Technip SA		796		48
Thales SA		1,604		73
Thomson Multimedia SA		2,434		51
Total SA		8,122		2,034
Unibail (a)		975		129
Valeo SA		886		33
Veolia Environnement		1,864		84
Vinci SA		1,842		158
Vivendi Universal SA		8,819		275
Zodiac SA ‡		138		9
Germany (7.7%)
Adidas-Salomon AG		717		135
Allianz AG		10,935		1,651
Altana AG		1,859		101
BASF AG		6,896		527
Bayer AG		8,330		347
Bayerische Hypo-und Vereinsbank AG ‡		20,810		629
Beiersdorf AG		1,946		239
Celesio AG		605		52
Commerzbank AG		22,744		698
Continental AG		1,422		126
DaimlerChrysler AG		9,623		490
Deutsche Bank AG		12,722		1,230
Deutsche Boerse AG		5,074		518
Deutsche Lufthansa AG		4,366		64
Deutsche Post AG		16,022		387

	Shares		Value
Germany (continued)
Deutsche Telekom AG		39,310	$	653
Douglas Holding AG		324		12
E.ON AG		13,106		1,352
Epcos AG ‡		918		12
Fresenius Medical Care AG †		1,101		116
Hochtief AG		150		7
Hypo Real Estate Holding		4,162		216
Infineon Technologies AG ‡		7,022		64
KarstadtQuelle AG ‡†		184		3
Linde AG		1,153		89
Man AG		2,227		118
Merck KGaA		1,098		91
Metro AG		3,353		161
Muenchener Rueckversicherungs AG		2,659		359
Puma AG Rudolf Dassler Sport		224		65
RWE AG		7,703		569
SAP AG		4,591		830
Schering AG		3,613		241
Siemens AG		14,198		1,213
ThyssenKrupp AG †		4,710		98
TUI AG †		3,692		75
Volkswagen AG †		2,494		132
Wincor Nixdorf AG		300		32
Greece (0.3%)
Alpha Bank A.E.		4,268		124
EFG Eurobank Ergasias SA		2,499		78
National Bank of Greece SA		5,427		230
OPAP SA		2,900		100
Titan Cement Co. SA		700		29
Hong Kong (4.0%)
Bank of East Asia, Ltd.		80,401		243
BOC Hong Kong Holdings, Ltd.		183,000		352
Cathay Pacific Airways, Ltd.		50,000		87
Cheung Kong Holdings, Ltd. (a)		78,000		800
CLP Holdings, Ltd.		81,500		473
Hang Lung Properties, Ltd.		95,000		148
Hang Seng Bank, Ltd.		34,100		445
Henderson Land Development		34,000		160
Hong Kong & China Gas		196,000		418
Hong Kong Exchanges and Clearing, Ltd.		53,000		220
HongKong Electric Holdings		69,500		344
Hopewell Holdings, Ltd.		31,000		78
Hutchison Whampoa, Ltd.		104,900		999
Hysan Development Co., Ltd.		31,712		79
Johnson Electric Holdings, Ltd.		77,500		73
Link (The) REIT ‡(a)		81,500		155
MTR Corp.		68,355		134

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

6

Van Kampen Active International Allocation

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2005
(all amounts except share amounts in thousands)

	Shares		Value
Hong Kong (continued)
New World Development, Ltd.		111,693	$	153
PCCW, Ltd.		181,200		112
Shangri-La Asia, Ltd.		49,071		82
Sino Land Co.		63,922		77
Sun Hung Kai Properties, Ltd.		63,000		613
Swire Pacific, Ltd.–Class A		43,000		386
Techtronic Industries Co.		44,000		105
Television Broadcasts, Ltd.		14,000		74
Wharf Holdings, Ltd.		62,000		219
Ireland (0.5%)
Allied Irish Banks PLC		15,869		338
Bank of Ireland		18,498		291
CRH PLC		7,025		206
DCC PLC		450		10
Elan Corp. PLC ‡		5,550		73
Independent News & Media PLC		3,500		10
Irish Life & Permanent PLC (a)		1,049		21
Italy (1.2%)
Alleanza Assicurazioni SpA		1,196		15
Assicurazioni Generali SpA †		2,717		95
Autogrill SpA		1,060		14
Autostrade SpA		2,257		54
Banca Fideuram SpA		2,009		11
Banca Intesa SpA		18,124		96
Banca Intesa SpA RNC		1,601		8
Banca Monte dei Paschi di Siena SpA		1,628		8
Banca Nazionale Del Lavoro SpA ‡		2,319		8
Banca Popolare di Milano SCRL †		1,170		13
Banco Popolare di Verona e Novara SCRL		1,801		36
Benetton Group SpA		360		4
Enel SpA		5,618		44
ENI-Ente Nazionale Idrocarburi SpA		35,981		995
Fiat SpA ‡		1,835		16
Finmeccanica SpA		2,107		41
Italcementi SpA		243		5
Luxottica Group SpA		793		20
Mediaset SpA		1,980		21
Mediobanca SpA		1,091		21
Mediolanum SpA		1,510		10
Pirelli & C SpA		16,439		15
Riunione Adriatica di Sicurta SpA		725		17
Sanpaolo IMI SpA		7,471		117
Seat Pagine Gialle SpA ‡		22,996		11
Telecom Italia SpA		74,454		216
Telecom Italia SpA RNC		42,646		105
Tiscali SpA ‡		1,598		5
UniCredito Italiano SpA (a)		22,665		156

	Shares		Value
Japan (30.6%)
77 Bank, Ltd. (The)		9,000	$	68
Acom Co., Ltd. (a)		1,940		125
Advantest Corp. †		2,200		222
Aeon Co., Ltd.		9,800		249
Aeon Credit Service Co., Ltd.		500		47
Aiful Corp. (a)		1,725		144
Ajinomoto Co., Inc.		14,000		143
Alps Electric Co., Ltd.		4,000		56
Amada Co., Ltd.		7,000		62
Asahi Breweries, Ltd.		7,100		87
Asahi Glass Co., Ltd.		26,000		336
Asahi Kasei Corp.		23,000		156
Asatsu-DK, Inc.		300		10
Astellas Pharma, Inc.		11,800		460
Bank of Fukuoka, Ltd. (The)		15,000		128
Bank of Kyoto, Ltd. (The)		5,000		60
Bank of Yokohama, Ltd. (The)		29,000		237
Benesse Corp.		600		21
Bridgestone Corp.		20,000		416
Canon, Inc.		17,700		1,035
Casio Computer Co., Ltd.		8,300		139
Central Japan Railway Co.		30		287
Chiba Bank, Ltd. (The)		18,000		151
Chiyoda Corp.		5,000		115
Chubu Electric Power Co., Inc.		9,400		224
Chugai Pharmaceutical Co., Ltd.		4,902		105
Citizen Watch Co., Ltd.		8,400		70
COMSYS Holdings Corp.		4,000		57
Credit Saison Co., Ltd. (a)		3,700		185
CSK Corp.		2,000		100
Dai Nippon Printing Co., Ltd.		9,000		160
Daicel Chemical Industries, Ltd.		3,000		22
Daiichi Sanyko Co., Ltd. ‡		16,056		310
Daikin Industries, Ltd.		3,800		111
Daimaru, Inc.		5,000		72
Dainippon Ink & Chemical, Inc.		12,000		52
Daito Trust Construction Co., Ltd.		3,100		160
Daiwa House Industry Co., Ltd.		19,000		297
Daiwa Securities Group, Inc.		72,000		816
Denki Kagaku Kogyo KK		7,000		31
Denso Corp.		14,500		500
Dowa Mining Co., Ltd.		10,000		108
East Japan Railway Co.		71		488
Ebara Corp.		7,000		38
Eisai Co., Ltd.		6,100		256
Familymart Co., Ltd.		1,200		41
Fanuc, Ltd.		4,000		339

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

7

Van Kampen Active International Allocation

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2005
(all amounts except share amounts in thousands)

	Shares		Value
Japan (continued)
Fast Retailing Co., Ltd.		2,000	$	195
Fuji Electric Holdings Co., Ltd.		4,000		21
Fuji Photo Film Co., Ltd.		9,800		324
Fuji Soft ABC, Inc.		900		30
Fujikura, Ltd.		5,000		41
Fujitsu, Ltd.		38,000		289
Furukawa Electric Co., Ltd. (The) ‡(a)		13,000		102
Hirose Electric Co., Ltd.		1,200		160
Hitachi Construction Machinery Co., Ltd.		700		16
Hitachi, Ltd.		72,000		485
Hokuhoku Financial Group, Inc.		29,000		135
Honda Motor Co., Ltd.		20,300		1,158
Hoya Corp.		9,400		338
Ibiden Co., Ltd.		2,400		129
Index Corp.		26		47
INPEX Corp.		8		71
Isetan Co., Ltd.		3,800		81
Ishikawajima-Harima Heavy Industries Co., Ltd. ‡		22,000		70
Itochu Corp.		30,000		250
Itochu Techno-Science Corp.		700		34
Japan Airlines System Corp. †		16,000		44
Japan Real Estate Investment Corp. REIT (a)		17		140
Japan Retail Fund Investment REIT (a)		11		85
Japan Tobacco, Inc.		19		277
JFE Holdings, Inc.		7,400		248
JGC Corp.		6,000		114
Joyo Bank, Ltd. (The)		19,000		113
JS Group Corp.		4,700		94
JSR Corp.		2,800		74
Kajima Corp.		27,000		155
Kaneka Corp.		5,000		60
Kansai Electric Power Co. (The), Inc.		18,200		391
Kao Corp.		13,000		348
Kawasaki Heavy Industries, Ltd. †		22,000		80
Keihin Electric Express Railway Co., Ltd.		5,000		39
Keio Corp.		2,000		12
Keyence Corp.		1,200		341
Kikkoman Corp.		3,000		29
Kintetsu Corp.		31,000		124
Kirin Brewery Co., Ltd.		20,000		233
Kobe Steel, Ltd.		39,000		126
Komatsu, Ltd.		23,000		380
Konami Corp.		2,700		59
Konica Minolta Holdings, Inc.		12,000		122
Kubota Corp.		32,000		269
Kuraray Co., Ltd.		6,500		67

	Shares		Value
Japan (continued)
Kurita Water Industries, Ltd.		1,300	$	25
Kyocera Corp.		3,500		255
Kyowa Hakko Kogyo Co., Ltd.		11		—	o
Kyushu Electric Power Co., Inc.		5,200		113
Lawson, Inc.		800		33
Leopalace21 Corp.		4,100		149
Mabuchi Motor Co., Ltd.		500		28
Marubeni Corp.		29,000		156
Marui Co., Ltd.		8,800		173
Matsushita Electric Industrial Co., Ltd.		45,000		868
Matsushita Electric Works, Ltd.		7,000		65
Meiji Seika Kaisha, Ltd.		3,000		16
Meitec Corp.		300		10
Millea Holdings, Inc.		35		602
Minebea Co., Ltd.		8,000		43
Mitsubishi Chemical Holdings Corp. ‡		15,500		98
Mitsubishi Corp.		26,500		586
Mitsubishi Electric Corp.		45,000		318
Mitsubishi Estate Co., Ltd.		41,000		851
Mitsubishi Heavy Industries, Ltd.		76,000		335
Mitsubishi Materials Corp.		35,000		179
Mitsubishi Rayon Co., Ltd.		10,000		66
Mitsubishi Tokyo Financial Group, Inc.		155		2,102
Mitsui & Co., Ltd.		32,000		411
Mitsui Chemicals, Inc.		9,000		60
Mitsui Fudosan Co., Ltd.		29,000		589
Mitsui Mining & Smelting, Co., Ltd.		21,000		132
Mitsui O.S.K. Lines, Ltd.		2,000		17
Mitsui Sumitomo Insurance Co., Ltd.		29,000		355
Mitsui Trust Holdings, Inc.		14,000		168
Mitsukoshi, Ltd.		4,000		26
Mizuho Financial Group, Inc.		184		1,460
Murata Manufacturing Co., Ltd.		4,900		314
NEC Corp.		48,000		299
NEC Electronics Corp.		1,100		36
NET One Systems Co., Ltd.		16		39
NGK Insulators, Ltd.		8,000		119
NGK Spark Plug Co., Ltd.		5,000		108
Nidec Corp.		2,400		204
Nikko Cordial Corp.		12,000		190
Nikon Corp.		6,000		95
Nintendo Co., Ltd.		3,000		362
Nippon Building Fund, Inc. REIT (a)		17		143
Nippon Electric Glass Co., Ltd.		4,000		87
Nippon Express Co., Ltd.		16,000		98
Nippon Meat Packers, Inc.		3,000		31
Nippon Mining Holdings, Inc.		12,500		89

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

8

Van Kampen Active International Allocation

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2005
(all amounts except share amounts in thousands)

	Shares		Value
Japan (continued)
Nippon Oil Corp.		32,000	$	248
Nippon Paper Group, Inc.		53		212
Nippon Sheet Glass Co., Ltd.		9,000		39
Nippon Steel Corp.		100,000		356
Nippon Telegraph & Telephone Corp.		141		641
Nippon Yusen Kabushiki Kaisha		23,000		158
Nishi-Nippon City Bank, Ltd.		10,000		60
Nissan Chemical Industries, Ltd.		3,000		43
Nissan Motor Co., Ltd.		59,300		601
Nisshin Seifun Group, Inc.		5,500		58
Nissin Food Products Co., Ltd.		1,600		46
Nitto Denko Corp.		4,600		358
Nomura Holdings, Inc.		43,500		833
Nomura Research Institute, Ltd.		1,400		171
NSK, Ltd.		14,000		96
NTN Corp.		11,000		87
NTT Data Corp.		38		189
NTT DoCoMo, Inc.		182		278
Obayashi Corp.		19,000		140
Obic Co., Ltd.		200		44
Oji Paper Co., Ltd.		22,000		130
Oki Electric Industry Co., Ltd.		12,000		44
Okumura Corp.		5,000		28
Olympus Corp.		3,000		79
Omron Corp.		4,800		111
Onward Kashiyama Co., Ltd.		3,000		59
Oracle Corp.		1,000		50
Oriental Land Co., Ltd.		1,400		76
ORIX Corp. (a)		2,900		739
Osaka Gas Co., Ltd.		42,000		145
Pioneer Corp.		3,100		43
Promise Co., Ltd. (a)		2,400		160
Resona Holdings, Inc. ‡		90		362
Ricoh Co., Ltd.		14,000		245
Rohm Co., Ltd.		3,200		348
Sanken Electric Co., Ltd.		3,000		48
Sanyo Electric Co., Ltd. †		36,000		98
Secom Co., Ltd.		3,000		157
Seiko Epson Corp.		2,400		60
Sekisui Chemical Co., Ltd.		7,000		47
Sekisui House, Ltd.		21,000		264
Seven & I Holdings Co., Ltd. ‡		14,960		640
Sharp Corp.		19,000		289
Shimachu Co., Ltd.		1,200		36
Shimamura Co., Ltd.		500		69
Shimano, Inc.		1,700		45
Shimizu Corp.		20,000		147

	Shares		Value
Japan (continued)
Shin-Etsu Chemical Co., Ltd.		8,100	$	430
Shinsei Bank, Ltd.		25,000		145
Shionogi & Co., Ltd.		6,000		84
Shiseido Co., Ltd.		6,000		112
Shizuoka Bank, Ltd. (The)		15,000		150
Showa Denko KK		12,000		47
Showa Shell Sekiyu KK		1,700		20
Skylark Co., Ltd.		2,000		32
SMC Corp.		1,400		200
Softbank Corp. †		22,200		937
Sompo Japan Insurance, Inc.		19,000		257
Sony Corp.		15,500		633
Stanley Electric Co., Ltd.		1,000		16
Sumitomo Bakelite Co., Ltd.		3,000		25
Sumitomo Chemical Co., Ltd.		27,000		185
Sumitomo Corp.		20,000		258
Sumitomo Electric Industries, Ltd.		14,000		213
Sumitomo Heavy Industries, Ltd.		9,000		76
Sumitomo Metal Industries, Ltd.		57,000		219
Sumitomo Metal Mining Co., Ltd.		21,000		260
Sumitomo Mitsui Financial Group, Inc.		89		943
Sumitomo Realty & Development Co., Ltd.		18,000		391
Sumitomo Trust & Banking Co., Ltd. (The)		30,000		306
T&D Holdings, Inc.		5,500		365
Taiheiyo Cement Corp.		12,000		49
Taisei Corp.		27,000		122
Taisho Pharmaceutical Co., Ltd.		911		17
Taiyo Yuden Co., Ltd.		1,000		14
Takashimaya Co., Ltd.		8,000		128
Takeda Pharmaceutical Co., Ltd.		20,100		1,087
Takefuji Corp. (a)		1,690		115
TDK Corp.		2,500		172
Teijin, Ltd.		16,000		102
Terumo Corp.		4,200		124
THK Co., Ltd.		800		21
TIS, Inc.		800		25
Tobu Railway Co., Ltd.		17,000		89
Toho Co., Ltd.		800		18
Tohoku Electric Power Co., Inc.		8,300		169
Tokyo Broadcasting System, Inc.		2,100		57
Tokyo Electric Power Co. (The), Inc.		28,900		702
Tokyo Electron, Ltd.		4,800		301
Tokyo Gas Co., Ltd.		46,000		204
Tokyo Tatemono Co., Ltd.		6,000		60
Tokyu Corp.		20,000		141
TonenGeneral Sekiyu KK		8,000		86
Toppan Printing Co., Ltd.		8,000		93

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

9

Van Kampen Active International Allocation

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2005
(all amounts except share amounts in thousands)

	Shares		Value
Japan (continued)
Toray Industries, Inc.		23,000	$	188
Toshiba Corp.		72,000		430
Tosoh Corp.		8,000		35
Toto, Ltd. †		11,000		93
Toyo Seikan Kaisha, Ltd.		3,100		50
Toyota Industries Corp.		2,100		75
Toyota Motor Corp.		65,600		3,403
Trend Micro, Inc. ‡		3,000		113
Uni-Charm Corp.		400		18
Uniden Corp.		1,000		19
UNY Co., Ltd.		1,000		16
Ushio Inc.		1,000		23
West Japan Railway Co.		4		17
Yahoo! Japan Corp.		229		347
Yamada Denki Co., Ltd.		2,200		275
Yamaha Corp.		1,900		32
Yamaha Motor Co., Ltd.		700		18
Yamato Transport Co., Ltd.		5,000		83
Yamazaki Baking Co., Ltd.		1,000		8
Yokogawa Electric Corp. †		4,600		78
Luxembourg (0.1%)
Arcelor		6,473		160
Mexico (0.5%)
Alfa SA de CV–Class A		3,000		17
America Movil SA de CV–Class L		187,000		273
Cemex SA de CV		30,000		178
Coca-Cola Femsa SA de CV–Class L		2,000		6
Corporacion Geo SA de CV–Class B ‡		4,000		14
Grupo Carso SA de CV–Class A1		8,000		19
Grupo Financiero Banorte SA de CV–Class O		12,000		25
Grupo Mexico SA de CV–Class B		11,000		26
Grupo Modelo SA–Class C		6,000		22
Grupo Televisa SA–Class CPO		22,000		88
Kimberly-Clark de Mexico de CV–Class A		5,000		18
Telefonos de Mexico SA de CV–Class L		126,000		156
Urbi Desarrollos Urbanos SA de CV ‡		1,000		7
Wal-Mart de Mexico SA de CV–Class V		19,000		105
Netherlands (3.1%)
ABN AMRO Holding NV		35,274		920
Akzo Nobel NV		3,522		163
ASML Holding NV ‡†		9,386		187
Corio NV		1,397		76
DSM NV		1,934		79
Euronext NV		2,611		136
European Aeronautic Defense and Space Co. †		3,760		142
Heineken NV		10,704		338
ING Groep NV		36,499		1,262

	Shares		Value
Netherlands (continued)
James Hardie Industries NV		12,239	$	81
Koninklijke Philips Electronics NV		14,448		448
Oce NV		1,677		24
Reed Elsevier NV		6,710		93
Rodamco Europe NV		1,147		95
Royal KPN NV		25,208		252
STMicroelectronics NV		4,009		72
TPG NV		11,732		366
Unilever NV †		9,291		634
VNU NV		2,526		83
Wereldhave NV		569		53
Wolters Kluwer NV		3,538		71
New Zealand (0.0%)
Carter Holt Harvey, Ltd.		11,175		19
Telecom Corp. of New Zealand, Ltd.		4,880		20
Norway (0.4%)
DnB Nor ASA		6,204		66
Norsk Hydro ASA		2,138		219
Orkla ASA		2,230		92
Statoil ASA		8,600		197
Tandberg ASA †		2,500		15
Tandberg Television ASA ‡		1,300		17
Telenor ASA		10,500		103
Yara International ASA		2,738		40
Poland (0.5%)
Agora SA		1,257		27
Bank Pekao SA		2,677		143
Bank Przemyslowo-Handlowy BPH		319		74
Bank Zachodni WBK SA ‡		877		38
Grupa Kety SA		43		2
KGHM Polska Miedz SA		4,349		83
Pko Bank Polski SA		12,748		114
Polski Koncern Naftowy Orlen SA		10,198		196
Prokom Software SA		380		16
Telekomunikacja Polska SA		23,583		170
Portugal (0.1%)
Banco Comercial Portugues SA–Class R		37,292		103
Brisa-Auto Estradas de Portugal SA		5,252		44
Energias de Portugal SA		548		2
Portugal Telecom SGPS SA		9,627		97
PT Multimedia Servicos de Telecomunicacoes e Multimedia SGPS SA		476		5
Russia (1.2%)
LUKOIL, ADR		15,500		922
MMC Norilsk Nickel, ADR		2,300		216
Mobile Telesystems, ADR		4,000		140

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

10

Van Kampen Active International Allocation

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2005
(all amounts except share amounts in thousands)

	Shares		Value
Russia (continued)
OAO Gazprom, ADR		1,895	$	136
Surgutneftegaz, ADR †		4,300		234
Tatneft, ADR		2,000		132
Unified Energy System, GDR		2,548		108
Vimpel-Communications, Sponsored ADR ‡		4,700		208
Singapore (1.5%)
Ascendas Real Estate Investment Trust REIT (a)		27,000		32
Capitaland, Ltd.		36,000		74
CapitaMall Trust REIT (a)		22,800		31
Chartered Semiconductor Manufacturing, Ltd. ‡		36,000		28
City Developments, Ltd.		20,484		107
ComfortDelgro Corp., Ltd.		60,598		58
Creative Technology, Ltd		1,951		16
DBS Group Holdings, Ltd.		37,788		375
Fraser & Neave, Ltd.		6,000		67
Jardine Cycle & Carriage, Ltd.		4,013		27
Keppel Corp., Ltd.		19,000		126
Keppel Land, Ltd.		13,000		29
MCL Land, Ltd.		2,895		3
Neptune Orient Lines, Ltd.		17,000		34
Oversea-Chinese Banking Corp.		71,568		288
Overseas Union Enterprise, Ltd.		1,494		10
Parkway Holdings, Ltd.		22,000		28
SembCorp Industries, Ltd.		29,617		49
SembCorp Marine, Ltd.		20,000		33
Singapore Airlines, Ltd.		18,000		134
Singapore Exchange, Ltd.		27,713		48
Singapore Land, Ltd.		6,000		19
Singapore Post, Ltd.		47,000		33
Singapore Press Holdings, Ltd.		53,622		139
Singapore Technologies Engineering, Ltd.		45,184		78
Singapore Telecommunications, Ltd.		228,560		359
STATS ChipPAC, Ltd. ‡		35,000		23
United Overseas Bank, Ltd.		40,219		353
United Overseas Land, Ltd. (Foreign Registered)		18,651		28
Venture Corp., Ltd.		7,879		65
South Africa (0.6%)
Anglo Platinum, Ltd.		1,100		79
AngloGold Ashanti, Ltd.		2,200		109
Gold Fields, Ltd.		6,200		109
Harmony Gold Mining Co., Ltd. ‡		5,600		75
Impala Platinum Holdings, Ltd.		1,100		162
Kumba Resources, Ltd.		1,000		16
Mittal Steel South Africa, Ltd.		3,400		33
Nampak, Ltd.		8,700		23

	Shares		Value
South Africa (continued)
Pretoria Portland Cement Co., Ltd.		200	$	10
Sappi, Ltd.		3,400		39
Sasol, Ltd.		9,700		346
Spain (2.6%)
Abertis Infraestructuras SA		7,768		195
Acciona SA		405		45
Acerinox SA		2,353		34
ACS Actividades de Construccion y Servicios SA		3,548		114
Altadis SA		7,584		343
Antena 3 de Television SA		716		17
Banco Bilbao Vizcaya Argentaria SA		34,831		620
Banco Popular Espanol SA		9,635		117
Banco Santander Central Hispano SA		48,784		642
Cintra Concesiones de Infraestructuras de Transporte SA ‡		2,511		29
Endesa SA		9,209		241
Fomento de Construcciones y Contratas SA		443		25
Gas Natural SDG SA		12,393		346
Grupo Ferrovial SA		905		62
Iberdrola SA		7,860		214
Inditex SA		2,758		90
Indra Sistemas SA		1,279		25
Repsol YPF SA		10,850		316
Sacyr Vallehermoso SA		993		24
Sociedad General de Aguas de Barcelona SA–Class B		2,411		51
Telefonica SA		60,447		907
Union Fenosa SA		1,877		70
Sweden (1.8%)
Alfa Laval AB		300		6
Assa Abloy AB–Class B		4,627		73
Atlas Copco AB–Class A		5,019		112
Atlas Copco AB–Class B		3,300		66
Electrolux AB–Class B		2,840		74
Eniro AB		1,500		19
Getinge AB		2,400		33
Hennes & Mauritz AB–Class B		4,530		154
Holmen AB–Class B		850		28
Modern Times Group AB–Class B ‡		450		19
Nordea Bank AB		43,737		454
Sandvik AB		2,891		135
Scania AB–Class B		1,400		51
Skandia Forsakrings AB		8,822		53
Skandinaviska Enskilda Banken AB–Class A		7,371		152
Skanska AB–Class B		5,344		81
SKF AB		3,632		51
Ssab Svenskt Stal AB–Class A		500		18

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

11

Van Kampen Active International Allocation

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2005
(all amounts except share amounts in thousands)

	Shares		Value
Sweden (continued)
Svenska Cellulosa AB–Class B		2,500	$	93
Svenska Handelsbanken AB–Class A		12,360		306
Swedish Match AB		4,600		54
Tele2 AB–Class B		1,950		21
Telefonaktiebolaget LM Ericsson–Class B		244,873		841
TeliaSonera AB		21,635		116
Volvo AB–Class A		1,409		65
Volvo AB–Class B †		3,042		143
WM-data AB–Class B		6,925		22
Switzerland (6.3%)
ABB, Ltd. ‡		28,850		279
Ciba Specialty Chemicals AG		938		61
Clariant AG ‡		2,940		43
Compagnie Financiere Richemont AG–Class A		7,359		320
Credit Suisse Group		11,282		574
Geberit AG		56		44
Givaudan		89		60
Holcim, Ltd.		2,492		169
Kudelski SA ‡		690		20
Logitech International SA ‡		1,482		69
Lonza Group AG		487		30
Nestle SA		8,848		2,640
Nobel Biocare Holding AG		540		119
Novartis AG		37,724		1,978
Roche Holding AG-Genusschein		11,436		1,713
Schindler Holding AG		134		53
Serono SA–Class B		147		117
Straumann Holding AG		231		53
Swatch Group AG		888		27
Swatch Group AG–Class B		438		65
Swiss Reinsurance (a)		1,521		111
Swisscom AG		272		86
Syngenta AG ‡		1,404		174
UBS AG		22,261		2,115
Valora Holding AG ‡		28		5
Zurich Financial Services AG ‡		1,097		233
Turkey (1.1%)
Akbank TAS		38,486		314
Anadolu Efes Biracilik Ve Malt Sanayii AS		1,085		30
Arcelik AS		9,226		64
Dogan Sirketler Grubu Holdings ‡		19,964		65
Dogan Yayin Holding ‡		12,350		49
Eregli Demir ve Celik Fabrikalari TAS		21,602		143
Ford Otomotiv Sanayi AS		5,614		49
Haci Omer Sabanci Holding		22,496		128
Hurriyet Gazetecilik AS		7,017		28
KOC Holding AS		16,093		76

	Shares		Value
Turkey (continued)
Migros Turk TAS		6,476	$	63
Trakya Cam Sanayii AS		2,330		9
Tupras-Turkiye Petrol Rafine		6,643		122
Turk Hava Yollari ‡		2,437		15
Turk Sise ve Cam Fabrikalari AS		6,949		24
Turkcell Iletisim Hizmet AS		22,454		136
Turkiye Garanti Bankasi ‡		58,498		212
Turkiye Is Bankasi		40,969		355
Yapi ve Kredi Bankasi ‡		19,616		92
United Kingdom (17.1%)
Aegis Group PLC		10,618		22
Amec PLC		3,204		19
Anglo American PLC		17,891		608
ARM Holdings PLC		11,035		23
Arriva PLC		1,921		19
Associated British Ports Holdings PLC		3,999		40
AstraZeneca PLC		24,118		1,172
Aviva PLC		39,437		478
BAA PLC		16,016		173
BAE Systems PLC		43,172		283
Balfour Beatty PLC		6,964		43
Barclays PLC		78,146		820
Barratt Developments PLC		2,360		40
BBA Group PLC		6,827		39
Bellway PLC		1,058		21
BG Group PLC		46,084		455
BHP Billiton PLC		31,396		512
BOC Group PLC		6,445		133
Boots Group PLC		8,211		85
BP PLC		302,222		3,214
British Airways PLC ‡		7,020		40
British American Tobacco PLC		19,604		438
British Land Co. PLC		11,308		207
British Sky Broadcasting PLC		10,736		92
BT Group PLC		101,092		387
Bunzl PLC		5,003		55
Burberry Group PLC		2,768		20
Cable & Wireless PLC		32,338		66
Cadbury Schweppes PLC		27,124		256
Carnival PLC		3,536		200
Centrica PLC		26,985		118
Cobham PLC		14,220		41
Compass Group PLC		42,645		162
Corus Group PLC		57,058		58
Daily Mail and General Trust NV–Class A		3,023		41
Diageo PLC		44,378		642
DSG International		18,341		52

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

12

Van Kampen Active International Allocation

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2005
(all amounts except share amounts in thousands)

	Shares		Value
United Kingdom (continued)
Electrocomponents PLC		6,075	$	29
Emap PLC		2,527		37
EMI Group PLC		7,963		33
Enterprise Inns PLC		7,260		117
FirstGroup PLC		5,075		35
Friends Provident PLC		29,280		95
GKN PLC		6,509		32
GlaxoSmithKline PLC		81,578		2,059
GUS PLC		7,805		138
Hammerson PLC		6,201		109
Hanson PLC		9,268		102
HBOS PLC		46,391		791
Hilton Group PLC		32,905		205
HSBC Holdings PLC		137,012		2,196
Imi PLC		5,554		48
Imperial Chemical Industries PLC		15,294		87
Imperial Tobacco Group PLC		8,322		248
Intercontinental Hotels Group PLC		9,619		139
J Sainsbury PLC		14,582		79
Johnson Matthey PLC		2,829		69
Kelda Group PLC		7,481		99
Kesa Electricals PLC		2,470		11
Kingfisher PLC		11,088		45
Land Securities Group PLC		10,120		289
Legal & General Group PLC		98,275		206
Liberty International PLC		5,467		92
Lloyds TSB Group PLC		67,058		563
LogicaCMG PLC		9,351		28
Marks & Spencer Group PLC		15,883		138
Meggitt PLC		6,644		41
Misys PLC		6,140		25
Mitchells & Butlers PLC		10,845		78
National Express Group PLC		1,908		28
National Grid PLC		40,333		394
National Grid PLC (Deferred Shares) m		45,961		—	o
Next PLC		2,496		66
Pearson PLC		7,726		91
Peninsular and Oriental Steam Navigation Co. (The)		10,487		84
Persimmon PLC		2,657		57
Pilkington PLC		23,470		60
Prudential PLC		26,592		251
Punch Taverns PLC		5,190		76
Rank Group PLC		12,055		63
Reckitt Benckiser PLC		13,644		450
Reed Elsevier PLC		12,193		114
Reuters Group PLC		14,320		106

	Shares		Value
United Kingdom (continued)
Rexam PLC		7,188	$	63
Rio Tinto PLC		13,603		620
Rolls-Royce Group PLC ‡		24,869		183
Royal & Sun Alliance Insurance Group PLC		39,457		85
Royal Bank of Scotland Group PLC		36,092		1,088
Royal Dutch Shell PLC–Class A		57,154		1,739
Royal Dutch Shell PLC–Class B		40,769		1,301
Sage Group PLC		15,418		68
Scottish & Southern Energy PLC		12,656		220
Scottish Power PLC		27,513		257
Serco Group PLC		3,788		20
Severn Trent PLC		6,508		121
Signet Group PLC		14,749		27
Slough Estates PLC		8,763		90
Smith & Nephew PLC		7,142		66
Smiths Group PLC		7,309		131
Stagecoach Group PLC		7,219		14
Tate & Lyle PLC		9,452		91
Taylor Woodrow PLC		5,774		38
Tesco PLC		82,776		471
Tomkins PLC		12,394		64
Unilever PLC		39,639		393
United Business Media PLC		2,739		30
Vodafone Group PLC		738,360		1,592
Whitbread PLC		5,298		86
William Hill PLC		8,423		77
Wimpey (George) PLC		3,860		32
Wolseley PLC		7,759		163
WPP Group PLC		9,458		102
Yell Group PLC		6,135		57
United States (0.1%)
Synthes, Inc.		1,141		128
Total Common Stocks (cost: $139,520)				172,348
	Principal Amount		Value
SECURITY LENDING COLLATERAL ( 2.1%)
Debt (1.8%)
Bank Notes (0.1%)
Bank of America
4.27%, due 01/17/2006 *	$	55	$	55
4.31%, due 08/10/2006 *		45		45
Certificates of Deposit (0.1%)
Barclays 4.31%, due 01/17/2006 *		34		34
Canadian Imperial Bank of Commerce 4.15%, due 05/18/2006 *		49		49

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

13

Van Kampen Active International Allocation

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2005
(all amounts except share amounts in thousands)

	Principal Amount		Value
Certificates of Deposit (continued)
Credit Suisse First Boston Corp. 4.18%, due 03/10/2006 *	$	19	$	19
Rabobank Nederland 4.10%, due 05/31/2006 *		49		49
Commercial Paper (0.2%)
Fairway Finance–144A 4.31%, due 01/10/2006		97		97
Jupiter Securitization Corp.–144A 4.27%, due 01/05/2006		49		49
Paradigm Funding LLC–144A 4.30%, due 01/09/2006		19		19
Park Avenue Receivables Corp.–144A 4.27%, due 01/04/2006		48		48
Preferred Receivables Corp.–144A 4.31%, due 01/04/2006		39		39
Ranger Funding Co. LLC–144A 4.29%, due 01/18/2006		39		39
Sheffield Receivables Corp.–144A 4.26%, due 01/23/2006		23		23
Yorktown Capital LLC 4.27%, due 01/05/2006		49		49
Euro Dollar Overnight (0.3%)
Calyon 4.34%, due 01/05/2006		49		49
Fortis Bank 4.35%, due 01/03/2006 4.35%, due 01/05/2006		98 93		98 93
Harris Trust & Savings Bank 4.25%, due 01/05/2006		80		80
National Australia Bank 4.16%, due 01/03/2006		100		100
Rabobank Nederland 4.15%, due 01/03/2006		35		35
Wells Fargo 4.27%, due 01/03/2006		49		49
Euro Dollar Terms (0.6%)
Bank of Montreal 4.30%, due 01/19/2006		98		98
Barclays 4.27%, due 01/25/2006 4.30%, due 01/31/2006		29 78		29 78
BNP Paribas 4.22%, due 01/24/2006		49		49
Dexia Group 4.25%, due 01/09/2006		49		49
Rabobank Nederland 4.21%, due 01/19/2006		88		88

	Principal Amount		Value
Euro Dollar Terms (continued)
Royal Bank of Canada
4.25%, due 01/24/2006	$	68	$	68
Royal Bank of Scotland 4.30%, due 01/31/2006 4.31%, due 02/01/2006		146 107		146 107
Societe Generale 4.28%, due 01/30/2006		98		98
UBS AG 4.26%, due 01/10/2006		98		98
Wells Fargo 4.29%, due 01/30/2006		146		146
Promissory Notes (0.0%)
Bear Stearns & Co. 4.39%, due 03/07/2006 4.39%, due 06/06/2006		59 20		59 20
Repurchase Agreements (0.5%) ††
Credit Suisse First Boston Corp. 4.29%, dated 12/30/2005 to be repurchased at $164 on 01/03/2006		163		163
Goldman Sachs Group, Inc. (The) 4.29%, dated 12/30/2005 to be repurchased at $390 on 01/03/2006		390		390
Lehman Brothers, Inc. 4.29%, dated 12/30/2005 to be repurchased at $3 on 01/03/2006		3		3
Merrill Lynch & Co. 4.24%, dated 12/30/2005 to be repurchased at $313 on 01/03/2006		313		313
Morgan Stanley Dean Witter & Co. 4.36%, dated 12/30/2005 to be repurchased at $34 on 01/03/2006		34		34
	Shares		Value
Investment Companies (0.3%)
American Beacon Fund 1-day yield of 4.19%		13,390	$	13
Barclays Global Investors Institutional Money Market Fund 1-day yield of 4.19%		126,967		127
Dreyfus Cash Management Plus Fund 1-day yield of 4.09%		52,740		53
Merrimac Cash Fund, Premium Class 1-day yield of 4.03% @		345,758		346
Total Security Lending Collateral (cost: $3,693)				3,693
Total Investment Securities (cost: $144,692)			$	178,146

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

14

Van Kampen Active International Allocation

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2005
(all amounts except share amounts in thousands)

FORWARD FOREIGN CURRENCY CONTRACTS:
Currency	Bought (Sold)			Settlement Date	Amount in U.S. Dollars Bought (Sold)			Net Unrealized Appreciation (Depreciation)
Australian Dollar		2,224		02/17/2006	$	1,619		$	10
British Pound Sterling		8,294		02/17/2006		14,429			(182	)
British Pound Sterling		(3,930	)	02/17/2006		(6,744	)		(4	)
British Pound Sterling		2,842		03/15/2006		5,027			(146	)
Euro Dollar		11,077		02/17/2006		13,083			22
Euro Dollar		(1,933	)	02/17/2006		(2,275	)		(12	)
Euro Dollar		4,226		03/15/2006		5,062			(56	)
Hong Kong Dollar		(57,057	)	02/17/2006		(7,359	)		(3	)
Japanese Yen		(251,335	)	01/20/2006		(2,196	)		62
Japanese Yen		617,989		02/17/2006		5,191			74
Japanese Yen		(1,305,254	)	02/17/2006		(11,022	)		(99	)
Japanese Yen		401,639		03/15/2006		3,378			55
Singapore Dollar		3,063		02/17/2006		1,818			27
Singapore Dollar		(7,238	)	02/17/2006		(4,294	)		(66	)
Singapore Dollar		1,089		03/15/2006		654			3
Swedish Krona		2,681		03/15/2006		341			(2	)
					$	16,712		$	(317	)

FUTURES CONTRACTS:d
	Contracts		Settlement Date	Amount		Net Unrealized Appreciation (Depreciation)
CAC40 10 Euro		43	03/18/2006	$	2,403	$	26
Dax Index		1	03/18/2006		160		3
FTSE 100 Index		73	03/17/2006		7,043		115
IBEX 35 Index		2	01/21/2006		252		6
MSCI Singapore		20	01/28/2006		668		(1	)
MSCI Taiwan		34	01/28/2006		943		6
OMXS 30 Index		30	01/27/2006		363		8
Topix Index		58	03/10/2006		8,079		204
				$	19,911	$	367

NOTES TO SCHEDULE OF INVESTMENTS:

‡  Non-income producing.

†  At December 31, 2005, all or a portion of this security is on loan (see Note 1). The value at December 31, 2005, of all securities on loan is $3,009.

o  Value is less than $1.

(a)  Passive Foreign Investment Company.

*  Floating or variable rate note. Rate is listed as of December 31, 2005.

††  Cash collateral for the Repurchase Agreements, valued at $921, that serve as collateral for securities lending are invested in corporate bonds with interest rates and maturity dates ranging from 0.00% - 8.75% and 01/03/2006 - 08/01/2037, respectively.

@  Regulated investment company advised by Investors Bank and Trust Co. ("IBT"). IBT is also the accounting, custody and lending agent for the Fund.

m  Securities valued as determined in good faith in accordance with procedure established by the Fund's Board of Trustees.

d  At December 31, 2005, cash in the amount of $669 is segregated with the custodian to cover margin requirements for open future contacts.

DEFINITIONS:

144A  144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2005, these securities aggregated $314 or 0.2% of the total investments of the Fund.

ADR  American Depositary Receipt

GDR  Global Depositary Receipt

REIT  Real Estate Investment Trust

RNC  Risparmio Non Covertibili (Non Convertible Savings Shares)

SCRL  Società Cooperativa a Responsabilità Limitata (Limited Liability Co-operative)

SGPS  Sociedade Gestora de Participações Socialis (Holding Enterprise)

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

15

Van Kampen Active International Allocation

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2005
(all amounts except share amounts in thousands)

	Percentage of Total Investment			Value
INVESTMENTS BY INDUSTRY:
Commercial Banks		17.9	%	$	31,902
Pharmaceuticals		6.4	%		11,350
Petroleum Refining		5.3	%		9,427
Telecommunications		4.4	%		7,851
Oil & Gas Extraction		4.0	%		7,062
Electric Services		3.4	%		6,013
Automotive		3.3	%		5,922
Metal Mining		3.0	%		5,338
Chemicals & Allied Products		2.9	%		5,095
Electronic Components & Accessories		2.9	%		5,094
Insurance		2.9	%		5,080
Holding & Other Investment Offices		2.2	%		3,872
Communications Equipment		2.2	%		3,837
Food & Kindred Products		2.1	%		3,792
Real Estate		1.8	%		3,284
Business Services		1.8	%		3,188
Life Insurance		1.7	%		2,988
Industrial Machinery & Equipment		1.5	%		2,670
Computer & Data Processing Services		1.5	%		2,663
Residential Building Construction		1.3	%		2,392
Security & Commodity Brokers		1.3	%		2,323
Computer & Office Equipment		1.3	%		2,292
Wholesale Trade Durable Goods		1.3	%		2,249
Engineering & Management Services		1.2	%		2,149
Instruments & Related Products		1.0	%		1,869
Beer, Wine & Distilled Beverages		1.0	%		1,807
Primary Metal Industries		1.0	%		1,805
Lumber & Other Building Materials		1.0	%		1,736
Business Credit Institutions		0.9	%		1,530
Gas Production & Distribution		0.8	%		1,434
Tobacco Products		0.8	%		1,391
Railroads		0.7	%		1,332
Motor Vehicles, Parts & Supplies		0.7	%		1,274
Wholesale Trade Nondurable Goods		0.6	%		1,151
Food Stores		0.6	%		1,146
Department Stores		0.6	%		1,114
Radio & Television Broadcasting		0.6	%		974
Transportation & Public Utilities		0.5	%		963
Rubber & Misc. Plastic Products		0.5	%		958
Printing & Publishing		0.5	%		957
Electronic & Other Electric Equipment		0.5	%		956
Misc. General Merchandise Stores		0.5	%		889
Specialty- Real Estate		0.5	%		881
Paper & Paper Products		0.5	%		804
Personal Credit Institutions		0.4	%		775
Aerospace		0.4	%		769
Stone, Clay & Glass Products		0.4	%		757

	Percentage of Total Investment			Value
Restaurants		0.4	%	$	649
Medical Instruments & Supplies		0.4	%		648
Retail Trade		0.4	%		647
Construction		0.4	%		628
Shoe Stores		0.3	%		574
Water Transportation		0.3	%		571
Electric, Gas & Sanitary Services		0.3	%		551
Hotels & Other Lodging Places		0.3	%		518
Amusement & Recreation Services		0.3	%		468
Textile Mill Products		0.2	%		422
Manufacturing Industries		0.2	%		388
Air Transportation		0.2	%		385
Communication		0.2	%		383
Radio, Television & Computer Stores		0.2	%		338
Electrical Goods		0.1	%		255
Trucking & Warehousing		0.1	%		244
Metal Cans & Shipping Containers		0.1	%		240
Transportation Equipment		0.1	%		206
Auto Repair, Services & Parking		0.1	%		195
Public Administration		0.1	%		194
Paper & Allied Products		0.1	%		152
Beverages		0.1	%		142
Apparel		0.1	%		108
Mining		0.1	%		102
Furniture & Fixtures		0.1	%		93
Drug Store & Proprietary Stores		0.1	%		85
Health Services		0.0	%		28
Automotive Dealers & Services Stations		0.0	%		27
Fabricated Metal Products		0.0	%		25
Paperboard Containers & Boxes		0.0	%		23
Educational Services		0.0	%		21
Management Services		0.0	%		20
Motion Pictures		0.0	%		18
Investment Securities, at value 97.9%					174,453
Security Lending Collateral		2.1	%		3,693
Total Investment Securities		100.0	%	$	178,146

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

16

Van Kampen Active International Allocation

STATEMENT OF ASSETS AND LIABILITIES
At December 31, 2005
(all amounts except per share amounts in thousands)

Assets:
Investment securities, at value (cost: $144,692) (including securities loaned of $3,009)	$	178,146
Cash		21,032
Foreign currency (cost: $242)		243
Receivables:
Investment securities sold		26
Shares sold		600
Interest		50
Income from loaned securities		1
Dividends		168
Dividend reclaims receivable		33
Due from investment advisor		23
Unrealized appreciation on forward currency contracts		253
		200,575
Liabilities:
Investment securities purchased		26
Accounts payable and accrued liabilities:
Shares redeemed		16
Management and advisory fees		139
Service fees		1
Administration fees		3
Payable for collateral for securities on loan		3,693
Unrealized depreciation on forward foreign currency contracts		570
Variation margin		274
Other		61
		4,783
Net Assets	$	195,792
Net Assets Consist of:
Capital stock ($.01 par value)	$	158
Additional paid-in capital		172,871
Distributable net investment income (loss)		(366	)
Accumulated net realized gain (loss) from investment securities, futures contracts and foreign currency transactions		(10,373	)
Net unrealized appreciation (depreciation) on:
Investment securities		33,454
Futures contracts		367
Translation of assets and liabilites denominated in foreign currencies		(319	)
Net Assets	$	195,792
Net Assets by Class:
Initial Class	$	190,875
Service Class		4,917
Shares Outstanding:
Initial Class		15,365
Service Class		396
Net Asset Value and Offering Price Per Share:
Initial Class	$	12.42
Service Class		12.43

STATEMENT OF OPERATIONS
For the year ended October 31, 2003
(all amounts in thousands)

Investment Income:
Interest	$	386
Dividends (net of withholding taxes on foreign dividends of $265)		3,839
Income from loaned securities–net		60
		4,285
Expenses:
Management and advisory fees		1,425
Printing and shareholder reports		55
Custody fees		340
Administration fees		34
Legal fees		3
Audit fees		17
Trustees fees		5
Service fees:
Service Class		8
Other		4
Total expenses		1,891
Less:
Management and advisory fee waiver		(308	)
Net expenses		1,583
Net Investment Income (Loss)		2,702
Net Realized Gain (Loss) from:
Investment securities		5,495
Futures contracts		3,861
Foreign currency transactions		(3,009	)
		6,347
Net Increase (Decrease) in Unrealized Appreciation (Depreciation) on:
Investment securities (Net of deferred foreign taxes of $6)		14,711
Futures contracts		(21	)
Translation of assets and liabilities denominated in foreign currencies		(747	)
		13,943
Net Realized and Unrealized Gain (Loss) on Investment Securities, Futures Contracts and Foreign Currency Transactions		20,290
Net Increase (Decrease) in Net Assets Resulting from Operations	$	22,992

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

17

Van Kampen Active International Allocation

STATEMENTS OF CHANGES IN NET ASSETS
For the years ended
(all amounts in thousands)

	December 31, 2005			December 31, 2004
Increase (Decrease) in Net Assets From:
Operations:
Net investment income (loss)	$	2,702		$	2,286
Net realized gain (loss) from investment securities, futures contracts and foreign currency transactions		6,347			28,844
Change in unrealized appreciation (depreciation) on investment securities, futures contracts and foreign currency translation		13,943			(2,691	)
		22,992			28,439
Distributions to Shareholders:
From net investment income:
Initial Class		(5,685	)		(4,893	)
Service Class		(117	)		(16	)
		(5,802	)		(4,909	)
Capital Share Transactions:
Proceeds from shares sold:
Initial Class		40,559			49,631
Service Class		3,886			2,119
		44,445			51,750
Dividends and distributions reinvested:
Initial Class		5,685			4,893
Service Class		117			16
		5,802			4,909
Cost of shares redeemed:
Initial Class		(23,345	)		(114,597	)
Service Class		(1,778	)		(179	)
		(25,123	)		(114,776	)
		25,124			(58,117	)
Net increase (decrease) in net assets		42,314			(34,587	)
Net Assets:
Beginning of year		153,478			188,065
End of year	$	195,792		$	153,478
Distributable Net Investment Income (Loss)	$	(366	)	$	5,184

	December 31, 2005			December 31, 2004
Share Activity:
Shares issued:
Initial Class		3,544			4,834
Service Class		342			206
		3,886			5,040
Shares issued-reinvested from distributions:
Initial Class		502			517
Service Class		10			2
		512			519
Shares redeemed:
Initial Class		(2,063	)		(10,821	)
Service Class		(159	)		(17	)
		(2,222	)		(10,838	)
Net increase (decrease) in shares outstanding:
Initial Class		1,983			(5,470	)
Service Class		193			191
		2,176			(5,279	)

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

18

Van Kampen Active International Allocation

FINANCIAL HIGHLIGHTS

		For a share outstanding throughout each period (a)
		Net Asset		Investment Operations								Distributions									Net Asset
	For the Period Ended (b)	Value, Beginning of Period		Net Investment Income (Loss)		Net Realized and Unrealized Gain (Loss)			Total Operations			From Net Investment Income			From Net Realized Gains			Total Distributions			Value, End of Period
Initial Class	12/31/2005	$	11.30	$	0.18	$	1.34		$	1.52		$	(0.40	)	$	–		$	(0.40	)	$	12.42
	12/31/2004		9.98		0.11		1.45			1.56			(0.24	)		–			(0.24	)		11.30
	12/31/2003		7.59		0.10		2.37			2.47			(0.08	)		–			(0.08	)		9.98
	12/31/2002		9.16		0.08		(1.63	)		(1.55	)		(0.02	)		–			(0.02	)		7.59
	12/31/2001		15.18		0.03		(3.09	)		(3.06	)		–			(2.96	)		(2.96	)		9.16
Service Class	12/31/2005		11.32		0.15		1.36			1.51			(0.40	)		–			(0.40	)		12.43
	12/31/2004		10.00		0.05		1.48			1.53			(0.21	)		–			(0.21	)		11.32
	12/31/2003		7.50		–		2.50			2.50			–			–			–			10.00

					Ratios/Supplemental Data
	For the Period	Total			Net Assets, End of Period		Ratio of Expenses to Average Net Assets (f)						Net Investment Income (Loss) to Average			Portfolio Turnover
	Ended (b)	Return (c)(g)			(000's)		Net (d)			Total (e)			Net Assets (f)			Rate (g)
Initial Class	12/31/2005		13.79	%	$	190,875		0.94	%		1.12	%		1.62	%		22	%
	12/31/2004		16.04			151,185		0.99			1.12			1.13			63
	12/31/2003		32.81			187,949		0.99			1.17			1.20			53
	12/31/2002		(16.97	)		101,056		1.17			1.17			1.01			118
	12/31/2001		(22.96	)		123,986		1.01			1.09			0.26			39
Service Class	12/31/2005		13.61			4,917		1.19			1.37			1.27			22
	12/31/2004		15.71			2,293		1.24			1.37			0.50			63
	12/31/2003		33.36			116		1.24			1.49			0.05			53

NOTES TO FINANCIAL HIGHLIGHTS

(a)  Per share information is calculated based on average number of shares outstanding.

(b)  Van Kampen Active International Allocation (the "Fund") share classes commenced operations as follows:

Initial Class - April 8, 1991
Service Class - May 1, 2003

(c)  Total Return reflects all portfolio expenses and includes reinvestment of dividends and capital gains; it does not reflect the charge and deductions under the policies or annuity contracts.

(d)  For the years ended December 31, 2005, 2004 and 2003, Ratio of Net Expenses to Average Net Assets is net of fee waivers and reimbursements by the investment adviser, if any (see note 2). For the year ended December 31, 2002, Ratio of Net Expenses to Average Net Assets is net of fees paid indirectly. For the year ended December 31, 2001, Ratio of Net Expenses to Average Net Assets is net of fees paid indirectly and credits allowed by the custodian.

(e)  Ratio of Total Expenses to Average Net Assets includes all expenses before fee waivers and reimbursements by the investment adviser.

(f)  Annualized.

(g)  Not annualized.

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

19

Van Kampen Active International Allocation

NOTES TO FINANCIAL STATEMENTS
At December 31, 2005
(all amounts in thousands)

NOTE 1.  ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

The AEGON/Transamerica Series Trust ("ATST") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). ATST serves as a funding vehicle for variable life insurance, variable annuity and group annuity products. Van Kampen Active International Allocation (the "Fund") is part of ATST.

Effective May 1, 2005, AEGON/Transamerica Series Fund, Inc. changed its name to AEGON/Transamerica Series Trust.

In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

This report should be read in conjunction with the current Fund prospectus, which contains more complete information about the Fund.

In preparing the Fund's financial statements in accordance with accounting principles generally accepted in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Fund.

Multiple class operations, income and expenses: The Fund currently offers two classes of shares, an Initial Class and a Service Class. Income, non-class specific expenses and realized and unrealized gains and losses, are allocated daily to each class, based upon the value of shares outstanding method as permitted under Rule 18f-3 of the 1940 Act. Each class bears its own specific expenses as well as a portion of general, common expenses.

Security valuations: The Fund values its investments at the close of the New York Stock Exchange ("NYSE"), normally 4 p.m. ET, each day the NYSE is open for business. Fund investments are valued at the last sale price or closing price on the day of valuation taken from the primary exchange where the security is principally traded.

Securities traded in the over-the-counter market and listed securities for which no sale was reported on that date are valued at the last quoted bid price.

Debt securities are valued based on a price quotation or other equivalent indication of value supplied by an exchange, a pricing service or a major market maker; however, those that mature in sixty days or less are valued at amortized cost, which approximates market.

Investment company securities are valued at the net asset value of the underlying portfolio.

Foreign securities generally are valued based on quotations from the primary market in which they are traded. Because many foreign securities markets and exchanges close prior to the close of the NYSE, closing prices for foreign securities in those markets or on those exchanges do not reflect the events that occur after that close. If a significant market event impacting the value of a portfolio security (e.g., natural disaster, company announcement, market volatility) occurs subsequent to the close of trading in the security, but prior to the calculation of the Fund's net asset value per share, market quotations for that security may be determined to be unreliable and, accordingly, not "readily available." As a result, foreign equity securities held by the Fund may be valued at fair market value as determined in good faith by the Fund's Administrative Valuation Committee, under the supervision of the Board's Valuation Committee , using guidelines adopted by the Board of Trustees.

Other securities for which quotations are not readily available are valued at fair market value as determined in good faith by the Fund's Administrative Valuation Committee, under the supervision of the Board's Valuation Committee, using guidelines adopted by the Board of Trustees.

Cash: The Fund may leave cash overnight in its cash account with the custodian, Investors Bank & Trust Company ("IBT"). IBT has been contracted on behalf of the Fund to invest the excess cash into a savings account, which at December 31, 2005, was paying an interest rate of 3.00%.

Repurchase agreements: The Fund is authorized to enter into repurchase agreements. The Fund, through its custodian, IBT, receives delivery of the underlying securities, the value of which at the time of purchase is required to be an amount equal to at least 100% of the resale price. The Fund will bear the risk of value fluctuations until the security can be sold and may encounter delays and incur costs in liquidating the security. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Securities lending: The Fund may lend securities to qualified borrowers, with IBT acting as the Fund's lending agent. The Fund earns negotiated lenders' fees. The Fund receives cash and/or securities as collateral against the loaned securities. Cash collateral received is invested in short term, interest bearing securities. The Fund monitors the market value of securities loaned on a daily basis and requires collateral in an amount at least equal to the value of the securities loaned. Income from loaned securities on the Statement of Operations is net of fees, in the amount of $26, earned by IBT for its services.

AEGON/Transamerica Series Trust

Annual Report 2005

20

Van Kampen Active International Allocation

NOTES TO FINANCIAL STATEMENTS (continued)
At December 31, 2005
(all amounts in thousands)

NOTE 1.–(continued)

Real Estate Investment Trusts ("REITs"): There are certain additional risks involved in investing in REITs. These include, but are not limited to, economic conditions, changes in zoning laws, real estate values, property taxes and interest rates.

Security transactions and investment income: Security transactions are recorded on the trade date. Security gains and losses are calculated on the first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend date. Interest income, including accretion of discounts and amortization of premiums, is recorded on the accrual basis commencing on the settlement date.

Foreign currency denominated investments: The accounting records of the Fund are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the closing exchange rate each day. The cost of foreign securities is translated at the exchange rate in effect when the investment was acquired. The Fund combines fluctuations from currency exchange rates and fluctuations in value when computing net realized and unrealized gains or losses from investments.

Net foreign currency gains and losses resulting from changes in exchange rates include: 1) foreign currency fluctuations between trade date and settlement date of investment security transactions; 2) gains and losses on forward foreign currency contracts; and 3) the difference between the receivable amounts of interest and dividends recorded in the accounting records in U.S. dollars and the amounts actually received.

Foreign currency denominated assets may involve risks not typically associated with domestic transactions. These risks include revaluation of currencies, adverse fluctuations in foreign currency values and possible adverse political, social and economic developments, including those particular to a specific industry, country or region.

Foreign capital gains taxes: The Fund may be subject to taxes imposed by countries in which it invests, with respect to its investment in issuers existing or operating in such countries. Such taxes are generally based on income earned or repatriated and capital gains realized on the sale of such investments. The Fund accrues such taxes when the related income or capital gains are earned. Some countries require governmental approval for the repatriation of investment income, capital or the proceeds of sales earned by foreign investors. In addition, if there is deterioration in a country's balance of payments or for other reasons, a country may impose temporary restrictions on foreign capital remittances abroad.

The Fund's investments in Thailand are subject to a 15% governmental capital gains tax. Such taxes are due upon sale of individual securities. The Fund accrues for taxes on the capital gains throughout the holding period of the underlying securities.

Forward foreign currency contracts: The Fund may enter into forward foreign currency contracts to hedge against exchange rate risk arising from investments in securities denominated in foreign currencies. Contracts are valued at the contractual forward rate and are marked to market daily, with the change in value recorded as an unrealized gain or loss. When the contracts are settled a realized gain or loss is incurred. Risks may arise from changes in market value of the underlying currencies and from the possible inability of counterparties to meet the terms of their contracts.

Open forward foreign currency contracts at December 31, 2005, are listed in the Schedule of Investments.

Futures contracts: The Fund may enter into futures contracts to manage exposure to market, interest rate or currency fluctuations. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded. The primary risks associated with futures contracts are imperfect correlation between the change in market value of the securities held and the prices of futures contracts; the possibility of an illiquid market and inability of the counterparty to meet the contract terms.

The underlying face amount of open futures contracts at December 31, 2005 are listed on the Schedule of Investments. The variation margin receivable or payable, as applicable, is included in the Statement of Assets and Liabilities. Variation margin represents the additional payments due or excess deposits made in order to maintain the equity account at the required margin level.

Dividend distributions: Dividends and capital gains distributions are typically declared and reinvested annually and are generally paid and reinvested on the business day following the ex-date.

NOTE 2.  RELATED PARTY TRANSACTIONS

Effective January 1, 2005 AEGON/Transamerica Fund Advisers, Inc. was renamed Transamerica Fund Advisors, Inc. ("TFAI"); AEGON/Transamerica Fund Services, Inc. and AEGON/Transamerica Investor Services, Inc. merged into one entity and was renamed Transamerica Fund Services, Inc. ("TFS").

ATST serves as a funding vehicle for certain affiliated asset allocation portfolios and certain affiliated separate accounts of Western Reserve Life Assurance Co. of Ohio, Transamerica Life Insurance Company, Transamerica Financial Life Insurance Company, Inc., Peoples Benefit Life Insurance Company, Transamerica Occidental Life Insurance Company and Transamerica Life Insurance and Annuity Company.

AEGON/Transamerica Series Trust

Annual Report 2005

21

Van Kampen Active International Allocation

NOTES TO FINANCIAL STATEMENTS (continued)
At December 31, 2005
(all amounts in thousands)

NOTE 2.–(continued)

TFAI is the Fund's investment adviser. TFS is the Fund's administrator and transfer agent. AFSG Securities Corp. ("AFSG") is the Fund's distributor. TFAI, TFS, and AFSG are affiliates of AEGON, NV, a Netherlands corporation.

Certain officers and trustees of the Fund are also officers and/or directors of TFAI, TFS and AFSG.

Investment advisory fee: The Fund pays management fees to TFAI based on average daily net assets ("ANA") at the following breakpoints:

0.85% of the first $250 million of ANA
0.80% of ANA over $250 million

TFAI has contractually agreed to waive its advisory fee and will reimburse the Fund to the extent that operating expenses, excluding 12b-1 fees, exceed the following stated annual limit:

0.94% Expense Limit

If total fund expenses fall below the annual expense limitation agreement agreed to by the adviser within the succeeding three years, the Fund may be required to pay that adviser a portion or all of the waived advisory fees.

	Advisory Fee Waived		Available for Recapture Through
Fiscal Year 2003	$	215	12/31/2006
Fiscal Year 2004		278	12/31/2007
Fiscal Year 2005		308	12/31/2008

Distribution and service fees: The Fund adopted a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, ATST entered into a Distribution Agreement with AFSG dated January 1, 1997, as amended.

Under the Distribution Plan and Distribution Agreement on the Initial Class shares, AFSG, on behalf of the Fund, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Fund's shares, amounts equal to actual expenses associated with distributing the shares.

The Distribution Plan on the Service Class shares requires ATST to pay distribution fees to AFSG as compensation for its activities, not as reimbursement for specific expenses. The fee on the Service Class is paid to the insurance companies for providing services and account maintenance for their policyholders who invest in the variable insurance products which invest in the Service Class shares.

The Fund is authorized under the 12b-1 plan to pay fees on each class up to the following limits:

Initial Class	0.15	%
Service Class	0.25	%

AFSG has determined that it will not seek payment by the Fund of the distribution expenses incurred with respect to the Initial Class shares before April 30, 2007. Prior to AFSG seeking reimbursement of future expenses, policy and contract owners will be notified in advance. The Fund will pay fees relating to Service Class shares.

Administrative services: The Fund has entered into an agreement with TFS for financial and legal fund administration services. The Fund pays TFS an annual fee of 0.02% of ANA. The Legal fees on the Statement of Operations are for fees paid to external legal counsel.

Deferred compensation plan: Each eligible independent Fund Trustee may elect participation in a non-qualified deferred compensation plan ("the Plan") maintained by Transamerica IDEX Mutual Funds, an affiliate of the Fund. Under the Plan, such Trustees may defer payment of all or a portion of their total fees earned as a Fund Trustee. Each Trustee who is a participant in the Plan may elect that the earnings, losses or gains credited to his or her deferred fee amounts be determined based on a deemed investment in any series of Transamerica IDEX Mutual Funds. The right of a participant to receive a distribution from the Plan of the deferred fees is an unsecured claim against the general assets of all series of Transamerica IDEX Mutual Funds. The pro rata liability to the Fund of all deferred fees in the Plan amounted, as of December 31, 2005, to $10.

NOTE 3.  INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the year ended December 31, 2005, were as follows:

Purchases of securities:
Long-Term	$	52,233
U.S. Government		–
Proceeds from maturities and sales of securities
Long-Term		32,953
U.S. Government		–

AEGON/Transamerica Series Trust

Annual Report 2005

22

Van Kampen Active International Allocation

NOTES TO FINANCIAL STATEMENTS (continued)
At December 31, 2005
(all amounts in thousands)

NOTE 4.  FEDERAL INCOME TAX MATTERS

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatment for items including, but not limited to, wash sales, foreign currency transactions, post October currency loss deferral, passive foreign investment companies and capital loss carryforwards.

Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. Financial records are not adjusted for temporary differences. These reclassifications are as follows:

Distributable net investment income (loss)	$	(2,450	)
Accumulated net realized gain (loss) from investment securities		2,450

The capital loss carryforwards are available to offset future realized capital gains through the periods listed:

Capital Loss Carryforwards		Available through
$	3,764	December 31, 2010
	5,326	December 31, 2011

The capital loss carryforward utilized during the year ended December 31, 2005 was $7,766.

The tax character of distributions paid may differ from the character of distributions shown in the Statements of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2004 and 2005 was as follows:

2004 Distributions paid from:
Ordinary Income	$	4,909
Long-term Capital Gain		–
2005 Distributions paid from:
Ordinary Income		5,802
Long-term Capital Gain		–

The tax basis components of distributable earnings as of December 31, 2005, are as follows:

Undistributed Ordinary Income	$	689
Undistributed Long-term Capital Gain	$	–
Post October Currency Loss Deferral	$	(206	)
Capital Loss Carryforward	$	(9,090	)
Net Unrealized Appreciation (Depreciation)	$	31,370	*

* Amount includes unrealized appreciation (depreciation) on futures and foreign currency denominated assets and liabilities.

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of December 31, 2005, are as follows:

Federal Tax Cost Basis	$	146,779
Unrealized Appreciation	$	33,499
Unrealized (Depreciation)		(2,132	)
Net Unrealized Appreciation (Depreciation)	$	31,367

NOTE 5.  REGULATORY PROCEEDINGS

There continues to be significant federal and state regulatory activity relating to financial services companies, particularly mutual fund companies and their investment advisers. As part of an ongoing investigation regarding potential market timing, recordkeeping and trading compliance issues and matters affecting the Fund's investment adviser, TFAI, and certain affiliates and former employees of TFAI, the SEC staff has indicated that it is likely to take some action against TFAI and certain of its affiliates at the conclusion of the investigation. The potential timing and the scope of any such action is difficult to predict. Although the impact of any action brought against TFAI and/or its affiliates is difficult to assess at the present time, the Fund currently believes that the likelihood that any such action will have a material adverse impact on it is remote. It is important to note that the Fund is not aware of any allega tion of wrongdoing against it and its Board at the time this annual report is printed. Although it is not anticipated that these developments will have an adverse impact on the Fund, there can be no assurance at this time. TFAI and its affiliates are actively working with the SEC in regard to this matter; however, the exact resolution cannot be determined at this time. TFAI will take such actions that it deems necessary or appropriate to continue providing management services to the Fund and to bring all matters to an appropriate conclusion.

TFAI and/or its affiliates, and not the Fund, will bear the costs regarding these regulatory matters.

AEGON/Transamerica Series Trust

Annual Report 2005

23

Report of Independent Registered Certified Public Accounting Firm

To the Board of Trustees and Shareholders of
Van Kampen Active International Allocation

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Van Kampen Active International Allocation (the "Fund") (one of the portfolios constituting the AEGON/Transamerica Series Trust) at December 31, 2005, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fund's management; our responsibility is to express an opinion on these financial statemen ts based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2005 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

Tampa, Florida
February 23, 2006

AEGON/Transamerica Series Trust

Annual Report 2005

24

Van Kampen Active International Allocation

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS – REVIEW AND RENEWAL (unaudited)

At a meeting of the Board of Trustees of AEGON/Transamerica Series Trust ("ATST") held on November 2, 2005, the Board reviewed and considered the Investment Advisory Agreement between Van Kampen Active International Allocation Portfolio (the "Portfolio") and Transamerica Fund Advisors, Inc. ("TFAI") as well as the Investment Sub-Advisory Agreement of the Portfolio between TFAI and Morgan Stanley Investment Management, Inc.(the "Sub-Adviser"), to determine whether the agreements should be renewed for a one-year period. Following their review and consideration, the Trustees determined that the Investment Advisory Agreement and the Investment Sub-Advisory Agreement will enable shareholders of the Portfolio to obtain high quality services at a cost that is appropriate, reasonable, and in the best interests of its shareholders. The Board, including the independent members of the Board, unanimously approved the renewal of the Investme nt Advisory Agreement and the Investment Sub-Advisory Agreement. In reaching their decision, the Trustees requested and obtained from TFAI and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the proposed agreements. The Trustees also carefully considered the information that they had received throughout the year from TFAI and the Sub-Adviser (such as in-person presentations by the Sub-Adviser) as part of their regular oversight of the Portfolio, as well as: comparative fee, expense and performance information prepared by Lipper Inc. ("Lipper"), independent providers of mutual fund performance, fee and expense information; and profitability data. In considering the proposed continuation of the Investment Advisory Agreement and Investment Sub-Advisory Agreement, the Trustees evaluated a number of considerations that they believed, in light of the legal advice furnished to them by ATST counsel and independent legal counsel and their own business judgment, to be relevant. They ba sed their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:

The nature, extent and quality of the advisory service to be provided. The Board considered the nature and quality of the services provided by TFAI and the Sub-Adviser to the Portfolio in the past, as well as the services anticipated to be provided in the future. The Board concluded that TFAI and the Sub-Adviser are capable of providing high quality services to the Portfolio, as indicated by the nature and quality of services provided in the past, TFAI's and the Sub-Adviser's management capabilities demonstrated with respect to the portfolios they manage, including the Portfolio and the experience, capability and integrity of TFAI's senior management, the financial resources of TFAI and the Sub-Adviser, TFAI's management oversight process, and the professional qualifications and experience of the Sub-Adviser's portfolio management team. The Trustees a lso concluded that TFAI and the Sub-Adviser proposed to provide investment and related services that were of the same quality and quantity as services provided to the Portfolio in the past, and that these services are appropriate in scope and extent in light of the Portfolio's operations, the competitive landscape of the investment company business and investor needs, and that TFAI's and the Sub-Adviser's obligations will remain substantially the same.

The investment performance of the Portfolio. The Board examined both the short-term and longer-term performance of the Portfolio, including relative performance against a benchmark securities index and a peer group of comparable mutual funds as prepared by Lipper for various trailing periods ended June 30, 2005. The Trustees concluded that TFAI and the Sub-Adviser generally had achieved acceptable performance. The Trustees noted that the Portfolio had performed slightly below its peers and had underperformed the benchmark index over the past one-, two-, three-, five- and ten-year periods, and decided to carefully monitor the future performance of the Portfolio. However, the Trustees also noted that the Portfolio exhibited less volatility than most comparable mutual funds, and decided that the Portfolio's performance is not a cause for major concern at this time. On the basis of their assessment of the nature, extent and quality of advisory services to be provided or procured by TFAI and the Sub-Adviser, the Trustees concluded that TFAI and the Sub-Adviser are capable of generating a level of investment performance that is appropriate in light of the Portfolio's investment objective, policies and strategies and competitive with many other investment companies, and also determined that TFAI's and the Sub-Adviser's performance records indicate that their continued management is likely to benefit the Portfolio and its shareholders.

The cost of advisory services provided and the level of profitability. The Board reviewed profitability information regarding TFAI's costs of procuring portfolio management services, as well as the costs of provision of administration, fund accounting and other services, to the Portfolio and to ATST as a whole by TFAI and its affiliates. The Trustees reviewed data from Lipper that compared the Portfolio's management fees (including management fees at various asset levels), other fees and expenses (including total expenses including and excluding 12b-1 distribution and service fees) and portfolio turnover rate against peer groups of comparable mutual funds. Based on such information, the Trustees determined that the management fees and overall expense ratio of the Portfolio generally are consistent with industry averages. In addition, on the basis of t he Board's review of the management fees to be charged by TFAI for investment advisory and related services, TFAI profitability information (derived from TFAI's audited financial statements), TFAI's estimated management income resulting from its management of the Portfolio, the estimated margin of the Sub-Adviser, as well as the entirety of TFAI's and its affiliates' service relationship with ATST, the Board concluded that the level of investment management fees and other service fees, as well as TFAI's and the Sub-Adviser's profitability, are appropriate in light of the services provided, the management fees and overall expense ratios of comparable investment companies and the anticipated profitability of the relationship between the Portfolio, TFAI and its affiliates, and the Sub-Adviser.

AEGON/Transamerica Series Trust

Annual Report 2005

25

Van Kampen Active International Allocation (continued)

Whether fee levels reflect economies of scale and the extent to which economies of scale would be realized as the Portfolio grows. The Board concluded that the inclusion of asset-based breakpoints in the Portfolio's advisory fee schedule appropriately benefits investors by realizing economies of scale in the form of lower management fees as the level of assets grows. In addition, the Board concluded that the Portfolio's management fees appropriately reflect the Portfolio's current size, the current economic environment for TFAI, the competitive nature of the investment company market, and TFAI's pricing strategy. The Trustees also concluded that they will have the opportunity to periodically reexamine whether the Portfolio has achieved economies of scale, and the appropriateness of management fees payable to TFAI and fees payable by TFAI to the Sub-Ad viser, in the future.

Benefits (such as soft dollars) to TFAI, its affiliates, or the Sub-Adviser from their relationship with the Portfolio. The Board concluded that other benefits derived by TFAI, its affiliates, and the Sub-Adviser from their relationship with the Portfolio, including "soft dollar" benefits (if any) in connection with brokerage transactions, sales charges and distribution/service fees (to the extent applicable) are reasonable and fair, and are consistent with industry practice and the best interests of the Portfolio and its shareholders. In this regard, the Board noted that TFAI does not realize "soft dollar" benefits from its relationship with the Portfolio, and that the Sub-Adviser is participating in a brokerage program pursuant to which a portion of brokerage commissions paid by the Portfolio is recaptured for the benefit of the Portfolio and its sh areholders, thus limiting the amount of "soft-dollar" arrangements the Sub-Adviser may engage in with respect to the Portfolio's brokerage transactions. In addition, the Trustees determined that the administration, fund accounting and other fees paid by the Portfolio to affiliates of TFAI are reasonable, fair and in the best interests of shareholders in light of the nature and quality of the services provided, the associated costs to these affiliates of providing the services, the impact of the costs of such services on the Portfolio's overall operating expenses, and the necessity of the services for the Portfolio's operations.

Other considerations. The Board also determined that TFAI had made a substantial commitment to the recruitment and retention of high quality personnel, and maintained the financial, compliance and operational resources reasonably necessary to manage the Portfolio in a professional manner that is consistent with the best interests of the Portfolio and its shareholders. In this regard, the Trustees favorably considered the procedures and policies in place by TFAI to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Adviser. The Trustees also determined that TFAI had made a significant entrepreneurial commitment to the management and success of the Portfolio, reflected by TFAI's expense limitation and fee waiver arrangement with the Portfolio, which may result in TFAI waiving a substantial amount of advisory fees for the benefit of shareholders.

AEGON/Transamerica Series Trust

Annual Report 2005

26

Van Kampen Mid-Cap Growth

MARKET ENVIRONMENT

In the year ended December 31, 2005, the environment for growth investing continued to improve. Although the stock market's overall gain for the year was somewhat modest, a variety of factors helped support improved investor optimism. Generally speaking, corporate earnings surpassed expectations, balance sheets were healthy, and managements were more willing to buy back stocks, increase dividends, or complete mergers. The U.S. economy continued to grow moderately and showed its resilience in the wake of the Gulf Coast hurricanes. Despite some retrenching following the hurricanes, consumer spending and confidence remained robust. In addition, valuations of growth stocks became more attractive, presenting an environment where companies with higher-than-average growth prospects could be more likely to outperform the overall market.

However, the market's upward progress stalled at many points throughout the year. Widespread profit taking and inflation worries plagued investors in January and weak earnings in the automotive industry cast a shadow in the spring. The market recovered somewhat in June and July, but sustained another hit as hurricane season ravaged the Gulf Coast. In the storms' aftermath, oil prices spiked to record highs and raised new doubts about consumers' resilience. Rising interest rates also continued to give investors pause, as the Federal Reserve Board ("Fed") increased the federal funds rate at every meeting during the reporting period.

PERFORMANCE

For the year ended December 31, 2005, Van Kampen Mid-Cap Growth, Initial Class returned 7.55%. By comparison its primary benchmark, the Russell Midcap Growth Index ("Russell Midcap Growth"), and former benchmarks, the Russell 1000 Growth Index ("Russell 1000 Growth") and the Standard and Poor's 500 Composite Stock Index ("S&P 500"), returned 12.10%, 5.26% and 4.91%, respectively.

STRATEGY REVIEW

Prior to November 1, 2005, this portfolio was called Van Kampen Emerging Growth and was managed by the Multi-Cap Growth team. On November 1, the U.S. Growth team assumed management of the portfolio.

Strategy—Multi-Cap Growth Team

As noted above, the Multi-Cap Growth Team managed the portfolio through October 31. Their strategy was to seek companies with accelerating growth or more growth than the overall economy, and rising earnings expectations or rising valuations.

Strategy—U.S. Growth Team

The U.S. Growth Team uses intensive fundamental research to seek high-quality growth companies. The team's investment discipline favors companies that have high barriers to entry, business visibility, rising return on invested capital, free cash flow and a favorable risk/reward profile. Because the team emphasizes secular growth, short-term market events are not as meaningful in the stock selection process.

As Van Kampen Emerging Growth, the portfolio's performance was strong through the end of October, outperforming the S&P 500 and the Russell 1000 Growth (the portfolio's benchmarks prior to November 1, 2005). Stock selection in the health care sector drove the portfolio's most significant gains. Here, selected holdings were rewarded by the market with positive earnings revisions, based on upbeat company-specific news. The portfolio's holdings in the information technology sector also boosted returns. In contrast, select consumer discretionary positions and the consumer staples group were areas of weakness for the portfolio.

Although it lagged the Russell Midcap Growth Index during its two months as Van Kampen Mid-Cap Growth, the portfolio did reap gains from a variety of sources—including the computer services, software and systems industry, the casinos and gambling industry, and the commercial services industry. An overweight in the consumer discretionary sector and an underweight in technology sector proved disadvantageous, as did avoidance of the oil well equipment industry and a number stocks within the automotive and transportation sector. Also, within consumer discretionary, stock selection in consumer electronics had a negative impact.

Investment Team

Van Kampen Asset Management

AEGON/Transamerica Series Trust

Annual Report 2005

1

Van Kampen Mid-Cap Growth

Comparison of change in value of $10,000 investment in Initial Class shares and its comparative indices.

Average Annual Total Return for Periods Ended 12/31/05

	1 year			5 years			10 years			From Inception			Inception Date
Initial Class		7.55	%		(7.97	)%		8.99	%		11.43	%	3/1/93
Russell Midcap Growth1		12.10	%		1.38	%		9.26	%		10.50	%	3/1/93
Russell 1000 Growth1		5.26	%		(3.58	)%		6.73	%		8.51	%	3/1/93
S&P 5001		4.91	%		0.54	%		9.07	%		10.43	%	3/1/93
Service Class		7.31	%		–			–			12.80	%	5/1/03

NOTES

¹  The Russell Midcap Growth (Russell Midcap Growth) Index, the Russell 1000 Growth (Russell 1000 Growth) Index and the Standard and Poor's 500 Composite Stock (S&P 500) Index are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. From inception calculation is based on life of Initial Class shares. For reporting periods through December 31, 2004, the Fund had selected the Russell 1000 Growth Index as its benchmark measure; however, the Russell Mid Cap Growth Index is more appropriate for comparison to the Fund. Source: Standard & Poor's Micropal®^© Micropal, Inc. 2005 – 1-800-596-5323 – http://www.funds-sp.com.

The performance data presented represents past performance, future results may vary. The portfolio's investment return and net asset value will fluctuate. Past performance does not guarantee future results. Investor's units when redeemed, may be worth more or less than their original cost.

Current performance may be higher or lower than the performance data quoted. Please visit your insurance company's website for contract or policy level standardized total returns current to the most recent month-end. Portfolio performance is net of investment fees and fund expenses, but not product charges, which, if included, would significantly lower the performance quoted.

This material must be preceded or accompanied by a current prospectus, which includes specific contents regarding the investment objectives, explanation of share classes and policies of this portfolio.

Effective November 1, 2005, the portfolio changed its name to Van Kampen Mid-Cap Growth.  Please see the supplement dated September 7, 2005 for complete details about the changes to the portfolio.

AEGON/Transamerica Series Trust

Annual Report 2005

2

Van Kampen Mid-Cap Growth

UNDERSTANDING YOUR FUND'S EXPENSES
(unaudited)

SHAREHOLDER EXPENSES

Fund shareholders may incur ongoing costs, including management and advisory fees, distribution and service fees, and other Fund expenses.

The following Example is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.

The Example is based on an investment of $1,000 invested at July 1, 2005 and held for the entire period until December 31, 2005.

ACTUAL EXPENSES

The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of your Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fees, brokerage commissions paid on purchases and sales of fund shares. Therefore, the second line under the Fund in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If any of these transaction costs were included, your costs would be higher. The expenses shown in the table do not reflect any fees that may be charged to you by brokers, financial intermediaries or other financial institutions.

	Beginning Account Value		Ending Account Value		Annualized Expense Ratio			Expenses Paid During Period (a)
Initial Class
Actual	$	1,000.00	$	1,081.50		0.95	%	$	4.98
Hypothetical(b)		1,000.00		1,020.42		0.95	%		4.84
Service Class
Actual	$	1,000.00	$	1,080.40		1.20	%	$	6.29
Hypothetical(b)		1,000.00		1,019.16		1.20	%		6.11

^(a)  Expenses are calculated using each Fund's annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by number of days in the period (184 days), and divided by the number of days in the year (365 days).

^(b)  5% return per year before expenses.

GRAPHICAL PRESENTATION OF SCHEDULE OF INVESTMENTS
By Sector
At December 31, 2005

This chart shows the percentage breakdown by sector of the Fund's total investment securities.

AEGON/Transamerica Series Trust

Annual Report 2005

3

Van Kampen Mid-Cap Growth

SCHEDULE OF INVESTMENTS
At December 31, 2005
(all amounts except share amounts in thousands)

	Shares		Value
COMMON STOCKS (81.7%)
Amusement & Recreation Services (3.4%)
Gaylord Entertainment Co. ‡		158,700	$	6,918
International Speedway Corp.–Class A		140,861		6,747
Station Casinos, Inc.		195,400		13,248
Apparel & Accessory Stores (0.9%)
Chico's FAS, Inc. ‡		152,600		6,704
Automotive (1.3%)
Harley-Davidson, Inc. †		203,500		10,478
Automotive Dealers & Service Stations (2.5%)
AutoZone, Inc. ‡		213,600		19,598
Business Services (10.4%)
ChoicePoint, Inc. ‡		134,500		5,987
Getty Images, Inc. ‡†		247,700		22,112
Iron Mountain, Inc. ‡		399,000		16,846
Lamar Advertising Co. ‡		200,500		9,251
Monster Worldwide, Inc. ‡		534,950		21,837
NetEase.com, ADR ‡†		114,151		6,411
Communication (2.0%)
Crown Castle International Corp. ‡		594,100		15,987
Computer & Data Processing Services (5.8%)
Activision, Inc. ‡†		1,033,599		14,202
Checkfree Corp. ‡		141,400		6,490
Red Hat, Inc. ‡†		415,200		11,310
salesforce.com, Inc. ‡†		340,000		10,897
SINA Corp. ‡†		132,900		3,211
Educational Services (3.9%)
Career Education Corp. ‡†		216,400		7,297
ITT Educational Services, Inc. ‡		216,400		12,791
Strayer Education, Inc. †		113,277		10,614
Electronic Components & Accessories (2.5%)
Freescale Semiconductor, Inc.–Class A ‡†		226,100		5,695
Marvell Technology Group, Ltd. ‡		138,400		7,763
Tessera Technologies, Inc. ‡†		247,800		6,406
Entertainment (2.5%)
International Game Technology †		642,800		19,785
Environmental Services (1.8%)
Stericycle, Inc. ‡		245,528		14,457
Gas Production & Distribution (2.6%)
Questar Corp.		90,600		6,858
Southwestern Energy Co. ‡		385,800		13,866
Health Services (0.8%)
DaVita, Inc. ‡		123,000		6,229

	Shares		Value
Holding & Other Investment Offices (1.8%)
Brookfield Asset Management, Inc. †		275,000	$	13,841
Hotels & Other Lodging Places (1.2%)
Wynn Resorts, Ltd. ‡†		166,800		9,149
Industrial Machinery & Equipment (1.2%)
Pentair, Inc.		272,000		9,389
Insurance (0.6%)
White Mountains Insurance Group, Ltd.		8,700		4,859
Insurance Agents, Brokers & Service (1.0%)
Brown & Brown, Inc. †		247,600		7,562
Lumber & Other Building Materials (0.8%)
Rinker Group, Ltd., ADR		105,000		6,298
Management Services (3.2%)
Corporate Executive Board Co.		280,100		25,125
Medical Instruments & Supplies (0.8%)
Techne Corp. ‡		109,000		6,120
Oil & Gas Extraction (4.7%)
Ultra Petroleum Corp. ‡		662,800		36,984
Personal Services (0.6%)
Weight Watchers International, Inc. ‡		102,800		5,081
Pharmaceuticals (2.0%)
Dade Behring Holdings, Inc.		381,200		15,587
Real Estate (2.9%)
CB Richard Ellis Group, Inc.–Class A ‡		132,300		7,786
Desarrolladora Homex SA de CV, ADR ‡†		273,300		8,385
St. Joe Co. (The)		96,400		6,480
Research & Testing Services (0.8%)
Gen-Probe, Inc. ‡		132,100		6,445
Residential Building Construction (1.2%)
NVR, Inc. ‡†		13,300		9,337
Restaurants (3.4%)
Cheesecake Factory (The) ‡		183,500		6,861
PF Chang's China Bistro, Inc. ‡†		181,200		8,993
Wendy's International, Inc.		197,400		10,908
Security & Commodity Brokers (3.9%)
Ameritrade Holding Corp. ‡		308,000		7,392
Calamos Asset Management, Inc.–Class A		325,550		10,239
Chicago Mercantile Exchange †		35,300		12,972
Telecommunications (2.9%)
NII Holdings, Inc.–Class B ‡†		531,600		23,220
Tobacco Products (1.3%)
Loews Corp.–Carolina Group		226,600		9,968

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

4

Van Kampen Mid-Cap Growth

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2005
(all amounts except share amounts in thousands)

	Shares		Value
Transportation & Public Utilities (5.1%)
CH Robinson Worldwide, Inc. †		402,376	$	14,900
Expedia, Inc. ‡†		416,300		9,975
Expeditors International of Washington, Inc.		229,237		15,476
Wholesale Trade Durable Goods (0.8%)
SCP Pool Corp.		178,305		6,637
Wholesale Trade Nondurable Goods (1.1%)
Tractor Supply Co. ‡		161,880		8,570
Total Common Stocks (cost: $615,364)				644,534
	Principal		Value
SECURITY LENDING COLLATERAL (18.3%)
Debt (15.6%)
Bank Notes (0.5%)
Bank of America
4.27%, due 01/17/2006 *	$	2,145	$	2,145
4.31%, due 08/10/2006 *		1,762		1,762
Certificates Of Deposit (0.7%)
Barclays 4.31%, due 01/17/2006 *		1,353		1,353
Canadian Imperial Bank of Commerce 4.15%, due 05/18/2006 *		1,915		1,915
Credit Suisse First Boston Corp. 4.18%, due 03/10/2006 *		766		766
Rabobank Nederland 4.10%, due 05/31/2006 *		1,915		1,915
Commercial Paper (1.8%)
Fairway Finance–144A 4.31%, due 01/10/2006		3,821		3,821
Jupiter Securitization Corp.–144A 4.27%, due 01/05/2006		1,915		1,915
Paradigm Funding LLC–144A 4.30%, due 01/09/2006		751		751
Park Avenue Receivables Corp.–144A 4.27%, due 01/04/2006		1,902		1,902
Preferred Receivables Corp.–144A 4.31%, due 01/04/2006		1,522		1,522
Ranger Funding Co. LLC–144A 4.29%, due 01/18/2006		1,513		1,513
Sheffield Receivables Corp.–144A 4.26%, due 01/23/2006		919		919
Yorktown Capital LLC 4.27%, due 01/05/2006		1,915		1,915
Euro Dollar Overnight (2.5%)
Calyon 4.34%, due 01/05/2006		1,915		1,915

	Principal		Value
Euro Dollar Overnight (continued)
Fortis Bank
4.35%, due 01/03/2006	$	3,830	$	3,830
4.35%, due 01/05/2006		3,639		3,639
Harris Trust & Savings Bank 4.25%, due 01/05/2006		3,141		3,141
National Australia Bank 4.16%, due 01/03/2006		3,911		3,911
Rabobank Nederland 4.15%, due 01/03/2006		1,379		1,379
Wells Fargo 4.27%, due 01/03/2006		1,915		1,915
Euro Dollar Terms (5.2%)
Bank of Montreal 4.30%, due 01/19/2006		3,830		3,830
Barclays 4.27%, due 01/25/2006 4.30%, due 01/31/2006		1,149 3,064		1,149 3,064
BNP Paribas 4.22%, due 01/24/2006		1,915		1,915
Dexia Group 4.25%, due 01/09/2006		1,915		1,915
Rabobank Nederland 4.21%, due 01/19/2006		3,447		3,447
Royal Bank of Canada 4.25%, due 01/24/2006		2,681		2,681
Royal Bank of Scotland 4.30%, due 01/31/2006 4.31%, due 02/01/2006		5,745 4,213		5,745 4,213
Societe Generale 4.28%, due 01/30/2006		3,830		3,830
UBS AG 4.26%, due 01/10/2006		3,830		3,830
Wells Fargo 4.29%, due 01/30/2006		5,745		5,745
Promissory Notes (0.4%)
Bear Stearns & Co. 4.39%, due 03/07/2006 4.39%, due 06/06/2006		2,298 766		2,298 766
Repurchase Agreements (4.5%) ††
Credit Suisse First Boston Corp. 4.29%, dated 12/30/2005 to be repurchased at $6,414 on 01/03/2006		6,411		6,411
Goldman Sachs Group, Inc. (The) 4.29%, dated 12/30/2005 to be repurchased at $15,302 on 01/03/2006		15,295		15,295

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

5

Van Kampen Mid-Cap Growth

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2005
(all amounts except share amounts in thousands)

	Principal		Value
Repurchase Agreements (continued)
Lehman Brothers, Inc. 4.29%,
dated 12/30/2005 to be repurchased
at $102 on 01/03/2006	$	102	$	102
Merrill Lynch & Co. 4.24%, dated 12/30/2005 to be repurchased at $12,262 on 01/03/2006		12,256		12,256
Morgan Stanley Dean Witter & Co. 4.36%, dated 12/30/2005 to be repurchased at $1,353 on 01/03/2006		1,352		1,352

	Shares		Value
Investment Companies (2.7%)
American Beacon Fund
1-day yield of 4.19%		525,095	$	525
Barclays Global Investors Institutional Money Market Fund 1-day yield of 4.19%		4,979,104		4,979
Dreyfus Cash Management Plus Fund 1-day yield of 4.09%		2,068,243		2,068
Merrimac Cash Fund, Premium Class 1-day yield of 4.03% @		13,559,120		13,559
Total Security Lending Collateral (cost: $144,819)				144,819
Total Investment Securities (cost: $760,183)			$	789,353

NOTES TO SCHEDULE OF INVESTMENTS:

‡  Non-income producing.

†  At December 31, 2005, all or a portion of this security is on loan (see Note 1). The value at December 31, 2005, of all securities on loan is $140,301.

*  Floating or variable rate note. Rate is listed as of December 31, 2005.

††  Cash collateral for the Repurchase Agreements, valued at $36,125, that serve as collateral for securities lending are invested in corporate bonds with interest rates and maturity dates ranging from 0.00%–8.75% and 01/03/2006–08/01/2037, respectively.

@  Regulated investment company advised by Investors Bank and Trust Co. ("IBT"). IBT is also the accounting, custody and lending agent for the Fund.

DEFINITIONS:

144A  144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2005, these securities aggregated $12,343 or 1.6% of the total investments of the Fund.

ADR  American Depositary Receipt

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

6

Van Kampen Mid-Cap Growth

STATEMENT OF ASSETS AND LIABILITIES
At December 31, 2005
(all amounts except per share amounts in thousands)

Assets:
Investment securities, at value (cost: $760,183) (including securities loaned of $140,301)	$	789,353
Cash		4,338
Receivables:
Shares sold		37
Interest		31
Income from loaned securities		44
Dividends		176
		793,979
Liabilities:
Accounts payable and accrued liabilities:
Shares redeemed		1,283
Management and advisory fees		447
Service fees		1
Administration fees		11
Payable for collateral for securities on loan		144,819
Other		164
		146,725
Net Assets	$	647,254
Net Assets Consist of:
Capital stock ($.01 par value)	$	337
Additional paid-in capital		1,130,262
Distributable net investment income (loss)		–
Accumulated net realized gain (loss) from investment securities		(512,515	)
Net unrealized appreciation (depreciation) on investment securities		29,170
Net Assets	$	647,254
Net Assets by Class:
Initial Class	$	642,496
Service Class		4,758
Shares Outstanding:
Initial Class		33,493
Service Class		249
Net Asset Value and Offering Price Per Share:
Initial Class	$	19.18
Service Class		19.07

STATEMENT OF OPERATIONS
For the year ended December 31, 2005
(all amounts in thousands)

Investment Income:
Interest	$	553
Dividends (net of withholding taxes on foreign dividends of $56)		4,413
Income from loaned securities–net		221
		5,187
Expenses:
Management and advisory fees		5,208
Printing and shareholder reports		528
Custody fees		74
Administration fees		130
Legal fees		12
Audit fees		14
Trustees fees		22
Service fees:
Service Class		9
Other		17
Total expenses		6,014
Net Investment Income (Loss)		(827	)
Net Realized and Unrealized Gain (Loss)
Realized gain (loss) from investment securities		128,425
Increase (decrease) in unrealized appreciation (depreciation) on investment securities		(82,526	)
Net Realized and Unrealized Gain (Loss) on Investment Securities		45,899
Net Increase (Decrease) in Net Assets Resulting from Operations	$	45,072

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

7

Van Kampen Mid-Cap Growth

STATEMENTS OF CHANGES IN NET ASSETS
For the years ended
(all amounts in thousands)

	December 31, 2005			December 31, 2004
Increase (Decrease) in Net Assets From:
Operations:
Net investment income (loss)	$	(827	)	$	616
Net realized gain (loss) from investment securities		128,425			76,014
Change in unrealized appreciation (depreciation) on investment securities		(82,526	)		(29,867	)
		45,072			46,763
Distributions to Shareholders:
From net investment income:
Initial Class		(573	)		–
		(573	)		–
Capital Share Transactions:
Proceeds from shares sold:
Initial Class		31,449			21,201
Service Class		3,008			2,636
		34,457			23,837
Dividends and distributions reinvested:
Initial Class		573			–
		573			–
Cost of shares redeemed:
Initial Class		(136,690	)		(127,541	)
Service Class		(1,530	)		(394	)
		(138,220	)		(127,935	)
		(103,190	)		(104,098	)
Net increase (decrease) in net assets		(58,691	)		(57,335	)
Net Assets:
Beginning of year		705,945			763,280
End of year	$	647,254		$	705,945
Distributable Net Investment Income (Loss)	$	–		$	594

	December 31, 2005			December 31, 2004
Share Activity:
Shares issued:
Initial Class		1,705			1,270
Service Class		167			158
		1,872			1,428
Shares issued–reinvested from distributions:
Initial Class		32			–
		32			–
Shares redeemed:
Initial Class		(7,621	)		(7,674	)
Service Class		(85	)		(24	)
		(7,706	)		(7,698	)
Net increase (decrease) in shares outstanding:
Initial Class		(5,884	)		(6,404	)
Service Class		82			134
		(5,802	)		(6,270	)

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

8

Van Kampen Mid-Cap Growth

FINANCIAL HIGHLIGHTS

		For a share outstanding throughout each period (a)
		Net Asset		Investment Operations									Distributions									Net Asset
	For the Period Ended (b)	Value, Beginning of Period		Net Investment Income (Loss)			Net Realized and Unrealized Gain (Loss)			Total Operations			From Net Investment Income			From Net Realized Gains			Total Distributions			Value, End of Period
Initial Class	12/31/2005	$	17.85	$	(0.02	)	$	1.37		$	1.35		$	(0.02	)	$	–		$	(0.02	)	$	19.18
	12/31/2004		16.66		0.01			1.18			1.19			–			–			–			17.85
	12/31/2003		13.00		(0.06	)		3.72			3.66			–			–			–			16.66
	12/31/2002		19.44		(0.04	)		(6.39	)		(6.43	)		(0.01	)		–			(0.01	)		13.00
	12/31/2001		29.66		0.01			(9.84	)		(9.83	)		(0.02	)		(0.37	)		(0.39	)		19.44
Service Class	12/31/2005		17.78		(0.07	)		1.36			1.29			–			–			–			19.07
	12/31/2004		16.63		0.01			1.14			1.15			–			–			–			17.78
	12/31/2003		13.83		(0.06	)		2.86			2.80			–			–			–			16.63

					Ratios/Supplemental Data
	For the Period	Total			Net Assets, End of Period		Ratio of Expenses to Average Net Assets (f)						Net Investment Income (Loss) to Average			Portfolio Turnover
	Ended (b)	Return (c)(g)			(000's)		Net (d)			Total (e)			Net Assets (f)			Rate(g)
Initial Class	12/31/2005		7.55	%	$	642,496		0.92	%		0.92	%		(0.13	)%		177	%
	12/31/2004		7.14			702,974		0.89			0.89			0.09			170
	12/31/2003		28.15			762,732		0.86			0.86			(0.39	)		171
	12/31/2002		(33.06	)		652,427		0.88			0.88			(0.27	)		231
	12/31/2001		(33.23	)		1,077,677		0.92			0.92			0.06			178
Service Class	12/31/2005		7.31			4,758		1.17			1.17			(0.40	)		177
	12/31/2004		6.92			2,971		1.15			1.15			0.06			170
	12/31/2003		20.25			548		1.12			1.12			(0.61	)		171

NOTES TO FINANCIAL HIGHLIGHTS

(a)  Per share information is calculated based on average number of shares outstanding.

(b)  Van Kampen Mid-Cap Growth (the "Fund") share classes commenced operations as follows:

Initial Class–March 1, 1993
Service Class–May 1, 2003

(c)  Total Return reflects all portfolio expenses and includes reinvestment of dividends and capital gains; it does not reflect the charges and deductions under the policies or annuity contracts.

(d)  Ratio of Net Expenses to Average Net Assets is net of advisory fee waivers, if any (see note 2).

(e)  Ratio of Total Expenses to Average Net Assets includes all expenses before advisory fee waivers.

(f)  Annualized.

(g)  Not annualized.

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

9

Van Kampen Mid-Cap Growth

NOTES TO FINANCIAL STATEMENTS
At December 31, 2005
(all amounts in thousands)

NOTE 1.  ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

The AEGON/Transamerica Series Trust ("ATST") is an open-end management investment company, registered under the Investment Company Act of 1940, as amended (the "1940 Act"). ATST serves as a funding vehicle for variable life insurance, variable annuity and group annuity products. Van Kampen Mid-Cap Growth (the "Fund") is part of ATST.

Effective November 1, 2005, the Fund changed its name from Van Kampen Emerging Growth to Van Kampen Mid-Cap Growth.

Effective May 1, 2005, AEGON/Transamerica Series Fund, Inc. changed its name to AEGON/Transamerica Series Trust.

In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

This report should be read in conjunction with the current Fund prospectus, which contains more complete information about the Fund.

In preparing the Fund's financial statements in accordance with accounting principles generally accepted in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Fund.

Multiple class operations, income and expenses: The Fund currently offers two classes of shares, an Initial Class and a Service Class. Income, non-class specific expenses and realized and unrealized gains and losses, are allocated daily to each class, based upon the value of shares outstanding method as permitted under Rule 18f-3 of the 1940 Act. Each class bears its own specific expenses as well as a portion of general, common expenses.

Security valuations: The Fund values its investments at the close of the New York Stock Exchange ("NYSE"), normally 4 p.m. ET, each day the NYSE is open for business. Fund investments are valued at the last sale price or closing price on the day of valuation taken from the primary exchange where the security is principally traded.

Securities traded in the over-the-counter market and listed securities for which no sale was reported on that date are valued at the last quoted bid price.

Debt securities are valued based on a price quotation or other equivalent indication of value supplied by an exchange, a pricing service or a major market maker; however, those that mature in sixty days or less are valued at amortized cost, which approximates market.

Investment company securities are valued at the net asset value of the underlying portfolio.

Other securities for which quotations are not readily available are valued at fair market value as determined in good faith by the Fund's Administrative Valuation Committee, under the supervision of the Board's Valuation Committee, using guidelines adopted by the Board of Trustees.

Cash: The Fund may leave cash overnight in its cash account with the custodian, Investors Bank & Trust Company ("IBT"). IBT has been contracted on behalf of the Fund to invest the excess cash into a savings account, which at December 31, 2005, was paying an interest rate of 3.00%.

Repurchase agreements: The Fund is authorized to enter into repurchase agreements. The Fund, through its custodian, IBT, receives delivery of the underlying securities, the value of which at the time of purchase is required to be an amount equal to at least 100% of the resale price. The Fund will bear the risk of value fluctuations until the security can be sold and may encounter delays and incur costs in liquidating the security. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Commission recapture: The sub-adviser, to the extent consistent with the best execution and usual commission rate policies and practices, may place security transactions of the Fund with broker/dealers with which ATST has established a Commission Recapture Program. A Commission Recapture Program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Fund. In no event will commissions paid by the Fund be used to pay expenses that would otherwise be borne by any other funds within ATST, or by any other party.

Recaptured commissions during the year ended December 31, 2005, of $267 are included in net realized gains in the Statement of Operations.

Securities lending: The Fund may lend securities to qualified borrowers, with IBT acting as the Fund's lending agent. The Fund earns negotiated lenders' fees. The Fund receives cash and/or securities as collateral against the loaned securities. Cash collateral received is invested in short term, interest bearing securities. The Fund monitors the market value of securities loaned on a daily basis and requires collateral in an amount at least equal to the value of the securities loaned. Income from loaned securities on the Statement of Operations is net of fees, in the amount of $95 earned by IBT for its services.

AEGON/Transamerica Series Trust

Annual Report 2005

10

Van Kampen Mid-Cap Growth

NOTES TO FINANCIAL STATEMENTS (continued)
At December 31, 2005
(all amounts in thousands)

NOTE 1.–(continued)

Security transactions and investment income: Security transactions are recorded on the trade date. Security gains and losses are calculated on the first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend date. Interest income, including accretion of discounts and amortization of premiums, is recorded on the accrual basis commencing on the settlement date.

Dividend distributions: Dividends and capital gains distributions are typically declared and reinvested annually and are generally paid and reinvested on the business day following the ex-date.

NOTE 2.  RELATED PARTY TRANSACTIONS

Effective January 1, 2005 AEGON/Transamerica Fund Advisers, Inc. was renamed Transamerica Fund Advisors, Inc. ("TFAI"); AEGON/Transamerica Fund Services, Inc. and AEGON/Transamerica Investor Services, Inc. merged into one entity and was renamed Transamerica Fund Services, Inc. ("TFS").

ATST serves as a funding vehicle for certain affiliated asset allocation portfolios and certain affiliated separate accounts of Western Reserve Life Assurance Co. of Ohio, Transamerica Life Insurance Company, Transamerica Financial Life Insurance Company, Inc., Peoples Benefit Life Insurance Company, Transamerica Occidental Life Insurance Company and Transamerica Life Insurance and Annuity Company.

TFAI is the Fund's investment adviser. TFS is the Fund's administrator and transfer agent. AFSG Securities Corp. ("AFSG") is the Fund's distributor. TFAI, TFS, and AFSG are affiliates of AEGON, NV, a Netherlands corporation.

Certain officers and trustees of the Fund are also officers and/or directors of TFAI, TFS and AFSG.

Investment advisory fee: The Fund pays management fees to TFAI based on average daily net assets ("ANA") at the following breakpoints:

0.80% of ANA

TFAI has contractually agreed to waive its advisory fee and will reimburse the Fund to the extent that operating expenses, excluding 12b-1 fees, exceed the following stated annual limit:

1.00% Expense Limit

If total fund expenses fall below the annual expense limitation agreement agreed to by the adviser within the succeeding three years, the Fund may be required to pay that adviser a portion or all of the waived advisory fees.

There were no amounts recaptured during the year ended December 31, 2005. There are no amounts available for recapture at December 31, 2005.

Distribution and service fees: The Fund adopted a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, ATST entered into a Distribution Agreement with AFSG dated January 1, 1997, as amended.

Under the Distribution Plan and Distribution Agreement on the Initial Class shares, AFSG, on behalf of the Fund, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Fund's shares, amounts equal to actual expenses associated with distributing the shares.

The Distribution Plan on the Service Class shares requires ATST to pay distribution fees to AFSG as compensation for its activities, not as reimbursement for specific expenses. The fee on the Service Class is paid to the insurance companies for providing services and account maintenance for their policyholders who invest in the variable insurance products which invest in the Service Class shares.

The Fund is authorized under the 12b-1 plan to pay fees on each class up to the following limits:

Initial Class	0.15	%
Service Class	0.25	%

AFSG has determined that it will not seek payment by the Fund of the distribution expenses incurred with respect to the Initial Class shares before April 30, 2007. Prior to AFSG seeking reimbursement of future expenses, policy and contract owners will be notified in advance. The Fund will pay fees relating to Service Class shares.

Administrative services: The Fund has entered into an agreement with TFS for financial and legal fund administration services. The Fund pays TFS an annual fee of 0.02% of ANA. The Legal fees on the Statement of Operations are for fees paid to external legal counsel.

Brokerage commissions: Brokerage commissions incurred on security transactions placed with an affiliate of the sub-adviser for the year ended December 31, 2005, were $79.

Deferred compensation plan: Each eligible independent Fund Trustee may elect participation in a non-qualified deferred compensation plan ("the Plan") maintained by Transamerica IDEX Mutual Funds, an affiliate of the Fund. Under the Plan, such Trustees may defer payment of all or a portion of their total fees earned as a Fund Trustee. Each Trustee who is a participant in the Plan may elect that the earnings, losses or gains credited to his or her deferred fee amounts be determined based on a deemed investment in any series of Transamerica IDEX Mutual Funds. The right of a participant to receive a distribution from the Plan of the deferred fees is an unsecured claim against the general assets of all series of Transamerica IDEX Mutual Funds.

AEGON/Transamerica Series Trust

Annual Report 2005

11

Van Kampen Mid-Cap Growth

NOTES TO FINANCIAL STATEMENTS (continued)
At December 31, 2005
(all amounts in thousands)

NOTE 2.–(continued)

The pro rata liability to the Fund of all deferred fees in the Plan amounted, as of December 31, 2005, to $32.

NOTE 3.  INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the year ended December 31, 2005, were as follows:

Purchases of securities:
Long-Term	$	1,103,448
U.S. Government		–
Proceeds from maturities and sales of securities
Long-Term		1,165,867
U.S. Government		–

NOTE 4.  FEDERAL INCOME TAX MATTERS

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatment for items including, but not limited to, net operating losses and capital loss carryforwards.

Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. Financial records are not adjusted for temporary differences. These reclassifications are as follows:

Additional paid-in capital	$	(827	)
Distributable net investment income (loss)		806
Accumulated net realized gain (loss) from investment securities		21

The capital loss carryforwards are available to offset future realized capital gains through the periods listed:

Capital Loss Carryforwards		Available through
$	227,373	December 31, 2009
	285,142	December 31, 2010

The capital loss carryforward utilized during the year ended December 31, 2005 was $128,035.

The tax character of distributions paid may differ from the character of distributions shown in the Statements of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2004 and 2005 was as follows:

2004 Distributions paid from:
Ordinary Income	$	–
Long-term Capital Gain		–
2005 Distributions paid from:
Ordinary Income	$	573
Long-term Capital Gain		–

The tax basis components of distributable earnings as of December 31, 2005, are as follows:

Undistributed Ordinary Income	$	–
Undistributed Long-term Capital Gain	$	–
Capital Loss Carryforward	$	(512,515	)
Net Unrealized Appreciation (Depreciation)	$	29,170

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of December 31, 2005, are as follows:

Federal Tax Cost Basis	$	760,183
Unrealized Appreciation	$	38,801
Unrealized (Depreciation)		(9,631	)
Net Unrealized Appreciation (Depreciation)	$	29,170

NOTE 5.  REGULATORY PROCEEDINGS

There continues to be significant federal and state regulatory activity relating to financial services companies, particularly mutual fund companies and their investment advisers. As part of an ongoing investigation regarding potential market timing, recordkeeping and trading compliance issues and matters affecting the Fund's investment adviser, TFAI, and certain affiliates and former employees of TFAI, the SEC staff has indicated that it is likely to take some action against TFAI and certain of its affiliates at the conclusion of the investigation. The potential timing and the scope of any such action is difficult to predict. Although the impact of any action brought against TFAI and/or its affiliates is difficult to assess at the present time, the Fund currently believes that the likelihood that any such action will have a material adverse impact on it is remote. It is important to note that the Fund is not aware of any allega tion of wrongdoing against it and its Board at the time this annual report is printed. Although it is not anticipated that these developments will have an adverse impact on the Fund, there can be no assurance at this time. TFAI and its affiliates are actively working with the SEC in regard to this matter; however, the exact resolution cannot be determined at this time. TFAI will take such actions that it deems necessary or appropriate to continue providing management services to the Fund and to bring all matters to an appropriate conclusion.

TFAI and/or its affiliates, and not the Fund, will bear the costs regarding these regulatory matters.

AEGON/Transamerica Series Trust

Annual Report 2005

12

Report of Independent Registered Certified Public Accounting Firm

To the Board of Trustees and Shareholders of
Van Kampen Mid-Cap Growth

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Van Kampen Mid-Cap Growth (the "Fund") (one of the portfolios constituting the AEGON/Transamerica Series Trust) at December 31, 2005, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fund's management; our responsibility is to express an opinion on these financial statements based on our a udits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2005 by correspondence with the custodian, provide a reasonable basis for our opinion.

Tampa, Florida
February 23, 2006

AEGON/Transamerica Series Trust

Annual Report 2005

13

Van Kampen Mid-Cap Growth (Formerly Van Kampen Emerging Growth)

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS – REVIEW AND RENEWAL (unaudited)

At a meeting of the Board of Trustees of AEGON/Transamerica Series Trust ("ATST") held on November 2, 2005, the Board reviewed and considered the Investment Advisory Agreement between Van Kampen Mid-Cap Growth Portfolio (the "Portfolio") and Transamerica Fund Advisors, Inc. ("TFAI") as well as the Investment Sub-Advisory Agreement of the Portfolio between TFAI and Morgan Stanley Investment Management, Inc. (the "Sub-Adviser"), to determine whether the agreements should be renewed for a one-year period. Following their review and consideration, the Trustees determined that the Investment Advisory Agreement and the Investment Sub-Advisory Agreement will enable shareholders of the Portfolio to obtain high quality services at a cost that is appropriate, reasonable, and in the best interests of its shareholders. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agre ement and the Investment Sub-Advisory Agreement. In reaching their decision, the Trustees requested and obtained from TFAI and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the proposed agreements. The Trustees also carefully considered the information that they had received throughout the year from TFAI and the Sub-Adviser (such as in-person presentations by the Sub-Adviser) as part of their regular oversight of the Portfolio, as well as: comparative fee, expense and performance information prepared by Lipper Inc. ("Lipper"), independent providers of mutual fund performance, fee and expense information; and profitability data. In considering the proposed continuation of the Investment Advisory Agreement and Investment Sub-Advisory Agreement, the Trustees evaluated a number of considerations that they believed, in light of the legal advice furnished to them by ATST counsel and independent legal counsel and their own business judgment, to be relevant. They based their decisi ons on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:

The nature, extent and quality of the advisory service to be provided. The Board considered the nature and quality of the services provided by TFAI and the Sub-Adviser to the Portfolio in the past, as well as the services anticipated to be provided in the future. The Board concluded that TFAI and the Sub-Adviser are capable of providing high quality services to the Portfolio, as indicated by the nature and quality of services provided in the past, TFAI's and the Sub-Adviser's management capabilities demonstrated with respect to the portfolios they manage, including the Portfolio, and the experience, capability and integrity of TFAI's senior management, the financial resources of TFAI and the Sub-Adviser, TFAI's management oversight process, and the professional qualifications and experience of the Sub-Adviser's portfolio management team.. The Trustees also concluded that TFAI and the Sub-Adviser proposed to provide investment and related services that were of the same quality and quantity as services provided to the Portfolio in the past, and that these services are appropriate in scope and extent in light of the Portfolio's operations, the competitive landscape of the investment company business and investor needs, and that TFAI's and the Sub-Adviser's obligations will remain substantially the same.

The investment performance of the Portfolio. The Board examined both the short-term and longer-term performance of the Portfolio, including relative performance against a benchmark securities index and a peer group of comparable mutual funds as prepared by Lipper for various trailing periods ended June 30, 2005. The Trustees concluded, that TFAI and the Sub-Adviser generally had achieved acceptable investment performance, noting the Portfolio's competitive performance relative to its peers and the benchmark index over the past ten-year period. While the Board noted that the Portfolio's recent performance has lagged and decided to monitor the Portfolio's performance closely going forward, on the basis of the Trustees' assessment of the nature, extent and quality of advisory services to be provided or procured by TFAI and the Sub-Adviser, the Trustees c oncluded that TFAI and the Sub-Adviser are capable of generating a level of investment performance that is appropriate in light of the Portfolio's investment objective, policies and strategies and competitive with many other investment companies, and also determined that TFAI's and the Sub-Adviser's performance records indicate that their continued management is likely to benefit the Portfolio and its shareholders.

The cost of advisory services provided and the level of profitability. The Board reviewed profitability information regarding TFAI's costs of procuring portfolio management services, as well as the costs of provision of administration, fund accounting and other services, to the Portfolio and to ATST as a whole by TFAI and its affiliates. The Trustees reviewed data from Lipper that compared the Portfolio's management fees (including management fees at various asset levels), other fees and expenses (including total expenses including and excluding 12b-1 distribution and service fees) and portfolio turnover rate against peer groups of comparable mutual funds. Based on such information, the Trustees determined that the management fees and overall expense ratio of the Portfolio generally are consistent with industry averages. In addition, on the basis of t he Board's review of the management fees to be charged by TFAI for investment advisory and related services, TFAI profitability information (derived from TFAI's audited financial statements), TFAI's estimated management income resulting from its management of the Portfolio, the estimated margin of the Sub-Adviser, as well as the entirety of TFAI's and its affiliates' service relationship with ATST, the Board concluded that the level of investment management fees and other service fees, as well as TFAI's and the Sub-Adviser's profitability, are appropriate in light of the services provided, the management fees and overall expense ratios of comparable investment companies and the anticipated profitability of the relationship between the Portfolio, TFAI and its affiliates, and the Sub-Adviser.

AEGON/Transamerica Series Trust

Annual Report 2005

14

Van Kampen Mid-Cap Growth (Formerly Van Kampen Emerging Growth) (continued)

Whether fee levels reflect economies of scale and the extent to which economies of scale would be realized as the Portfolio grows. The Board noted the absence of asset-based breakpoints in the Portfolio's management fee schedule, which is explained in part by the relatively high costs of pursuing the Portfolio's investment mandate, which may not necessarily diminish as assets grow. Accordingly,, the Board concluded that the Portfolio's management fees appropriately reflect the Portfolio's current size, the current economic environment for TFAI, the competitive nature of the investment company market, and TFAI's pricing strategy. The Board nevertheless asked TFAI to work with the Sub-Adviser to attempt to propose such breakpoints in the future. Trustees also concluded that they will have the opportunity to periodically reexamine whether the Portfolio h as achieved economies of scale, and the appropriateness of management fees payable to TFAI and fees payable by TFAI to the Sub-Adviser, in the future.

Benefits (such as soft dollars) to TFAI, its affiliates, or the Sub-Adviser from their relationship with the Portfolio. The Board concluded that other benefits derived by TFAI, its affiliates, and the Sub-Adviser from their relationship with the Portfolio, including "soft dollar" benefits (if any) in connection with brokerage transactions, sales charges and distribution/service fees (to the extent applicable) are reasonable and fair, and are consistent with industry practice and the best interests of the Portfolio and its shareholders. In this regard, the Board noted that TFAI does not realize "soft dollar" benefits from its relationship with the Portfolio, and that the Sub-Adviser is participating in a brokerage program pursuant to which a portion of brokerage commissions paid by the Portfolio is recaptured for the benefit of the Portfolio and its sh areholders, thus limiting the amount of "soft-dollar" arrangements the Sub-Adviser may engage in with respect to the Portfolio's brokerage transactions. In addition, the Trustees determined that the administration, fund accounting and other fees paid by the Portfolio to affiliates of TFAI are reasonable, fair and in the best interests of shareholders in light of the nature and quality of the services provided, the associated costs to these affiliates of providing the services, the impact of the costs of such services on the Portfolio's overall operating expenses, and the necessity of the services for the Portfolio's operations.

Other considerations. The Board also determined that TFAI had made a substantial commitment to the recruitment and retention of high quality personnel, and maintained the financial, compliance and operational resources reasonably necessary to manage the Portfolio in a professional manner that is consistent with the best interests of the Portfolio and its shareholders. In this regard, the Trustees favorably considered the procedures and policies in place by TFAI to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Adviser. The Trustees also determined that TFAI had made a significant entrepreneurial commitment to the management and success of the Portfolio, reflected by TFAI's expense limitation and fee waiver arrangement with the Portfolio, which may result in TFAI waiving a substantial amount of advisory fees for the benefit of shareholders.

AEGON/Transamerica Series Trust

Annual Report 2005

15

Van Kampen Large Cap Core

MARKET ENVIRONMENT

During the twelve month period ended December 31, 2005, the stock market advanced modestly in an environment of mixed influences. Among the market's most significant challenges were rising interest rates and oil prices. Moreover, signs of trouble at U.S. auto manufacturers added to investor woes.

Nonetheless, the market was resilient during the period. Despite expectations of the contrary, consumer spending and confidence held up reasonably well, corporate profits remained intact and balance sheets were healthy. Sizeable cash stockpiles gave corporate managements reason to repurchase shares of stock, increase dividend payouts, or complete merger activities. Some highly anticipated initial public offerings generated additional positive sentiment for stock investing, and the economy continued to maintain a decent growth rate. The energy sector led the broad market, driven by lofty commodity prices. Utilities stocks posted a sizeable gain as well. The consumer discretionary and telecommunication services sectors were the market's most significant laggards.

PERFORMANCE

For the year ended December 31, 2005, Van Kampen Large Cap Core, Initial Class returned 9.41%. By comparison, its primary and former benchmarks, the Standard and Poor's 500 Composite Stock Index ("S&P 500") and the Lehman Brother's Intermediate U.S. Government/Credit Index returned 4.91% and 1.58%, respectively.

STRATEGY REVIEW

Value – The value portion of the portfolio is managed by the Multi-Cap Value Team. The team focuses on stocks with reasonable valuations relative to the team's assessment of fair value. Their disciplined, bottom-up stock selection process combines rigorous fundamental and quantitative research. Rather than utilizing just one measure of value, the team applies different measures of value to different industries. A strong contrarian element guides this investment approach, which often uncovers companies that are underappreciated or overlooked by the market due to short-term problems or negative news. The team strives to be ahead of the curve when it comes to identifying potential opportunities and typically looks to sell into strength.

In the value portion of the portfolio, energy and utilities stocks contributed the largest gains to the portfolio's return relative to the S&P 500. The portfolio's exposure to the market's two best performing sectors helped performance. In addition, our stock selection was a positive factor, as the portfolio's holdings in these areas outperformed those of the index's sectors. An underweight relative to the benchmark in industrials also served the portfolio well. However, two areas of relative weakness for the portfolio were telecommunication services and materials. Industry consolidation, management issues and changing business models plagued the telecommunications group. In the portfolio's materials position, paper stocks languished in the face of high production costs (due to rising commodity prices), overcapacity in the industry, and weak pricing powe r.

Growth – The growth stock portion of the portfolio is managed by the U.S. Growth Team. The team uses an intensive fundamental research process to seek high-quality growth companies. The team's investment discipline favors companies that have high barriers to entry, business visibility, rising return on invested capital, free cash flow and a favorable risk/reward profile. Because the team emphasizes secular growth, short-term market events are not as meaningful in the stock selection process.

Within the growth portion of the portfolio, relative performance was most enhanced by healthcare, utilities and energy. Stock selection in a range of healthcare industries – medical and dental instruments and supplies, healthcare management services, and biotechnology research and production – was beneficial, as was a sector overweight relative to the S&P 500. In the utilities sector, stock selection in the wireless industry was the primary driver of performance; selection in the gas distributors industry further enhanced performance. Exposure to crude oil producers also buoyed returns. In contrast, the sectors that contributed the least to relative performance were integrated oils, technology, and producer durables.

Investment Team
Morgan Stanley Investment Management Inc.

AEGON/Transamerica Series Trust

Annual Report 2005

1

Van Kampen Large Cap Core

Comparison of change in value of $10,000 investment in Initial Class shares and its comparative indices.

Average Annual Total Return for Periods Ended 12/31/05

	1 year			5 years			10 years			From Inception			Inception Date
Initial Class		9.41	%		3.03	%		8.75	%		9.67	%	4/8/91
S&P 5001		4.91	%		0.54	%		9.07	%		10.71	%	4/8/91
LBIGC1		1.58	%		5.49	%		5.80	%		6.68	%	4/8/91
Service Class		9.12	%		–			–			14.21	%	5/1/03

NOTES

¹  The Standard and Poor's 500 Composite Stock (S&P 500) Index and the Lehman Brothers Intermediate U.S. Government/Credit (LBIGC) Index are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. From inception calculation is based on life of Initial Class shares. Source: Standard & Poor's Micropal®© Micropal, Inc. 2005 – 1-800-596-5323 – http://www.funds-sp.com.

The performance data presented represents past performance, future results may vary. The portfolio's investment return and net asset value will fluctuate. Past performance does not guarantee future results. Investor's units when redeemed, may be worth more or less than their original cost.

Current performance may be higher or lower than the performance data quoted. Please visit your insurance company's website for contract or policy level standardized total returns current to the most recent month-end. Portfolio performance is net of investment fees and fund expenses, but not product charges, which, if included, would significantly lower the performance quoted.

This material must be preceded or accompanied by a current prospectus, which includes specific contents regarding the investment objectives, explanation of share classes and policies of this portfolio.

The historical information of periods prior to May 1, 2002 has been derived from the financial history of the predecessor portfolio, Endeavor Asset Allocation Portfolio of Endeavor Series Trust. Van Kampen has been the portfolio's subadviser since May 1, 1998. Prior to that date, a different firm managed the portfolio. Performance prior to May 1, 1998 is attributable to that firm.

AEGON/Transamerica Series Trust

Annual Report 2005

2

Van Kampen Large Cap Core

UNDERSTANDING YOUR FUND'S EXPENSES
(unaudited)

SHAREHOLDER EXPENSES

Fund shareholders may incur ongoing costs, including management and advisory fees, distribution and service fees, and other Fund expenses.

The following Example is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.

The Example is based on an investment of $1,000 invested at July 1, 2005 and held for the entire period until December 31, 2005.

ACTUAL EXPENSES

The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of your Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fees, brokerage commissions paid on purchases and sales of fund shares. Therefore, the second line under the Fund in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If any of these transaction costs were included, your costs would be higher. The expenses shown in the table do not reflect any fees that may be charged to you by brokers, financial intermediaries or other financial institutions.

	Beginning Account Value		Ending Account Value		Annualized Expense Ratio			Expenses Paid During Period (a)
Initial Class
Actual	$	1,000.00	$	1,102.00		0.83	%	$	4.40
Hypothetical (b)		1,000.00		1,021.02		0.83			4.23
Service Class
Actual		1,000.00		1,100.20		1.08			5.72
Hypothetical (b)		1,000.00		1,019.76		1.08			5.50

(a)  Expenses are calculated using each Fund's annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by number of days in the period (184 days), and divided by the number of days in the year (365 days).

(b)  5% return per year before expenses.

GRAPHICAL PRESENTATION OF SCHEDULE OF INVESTMENTS
By Sector
At December 31, 2005

This chart shows the percentage breakdown by sector of the Fund's total investment securities.

AEGON/Transamerica Series Trust

Annual Report 2005

3

Van Kampen Large Cap Core

SCHEDULE OF INVESTMENTS
At December 31, 2005
(all amounts except share amounts in thousands)

	Principal		Value
CORPORATE DEBT SECURITIES (0.0%)
Department Stores (0.0%)
Saks, Inc.
8.25%, due 11/15/2008	$	1	$	1
Total Corporate Debt Securities (cost: $1)				1
	Shares		Value
COMMON STOCKS (89.5%)
Air Transportation (0.2%)
Southwest Airlines Co.		24,300	$	398
Amusement & Recreation Services (0.7%)
Disney (Walt) Co. (The)		69,400		1,664
Apparel Products (0.4%)
Jones Apparel Group, Inc.		27,400		842
Automotive (1.1%)
Harley-Davidson, Inc. †		49,000		2,523
Beverages (0.8%)
Anheuser-Busch Cos., Inc.		9,110		391
Coca-Cola Co. (The)		35,500		1,431
Business Credit Institutions (2.2%)
Fannie Mae		8,280		404
Freddie Mac		69,000		4,509
Business Services (5.9%)
Clear Channel Communications, Inc.		75,800		2,384
eBay, Inc. ‡		122,610		5,303
First Data Corp.		13,000		559
Getty Images, Inc. †‡		24,503		2,187
Monster Worldwide, Inc. ‡		27,900		1,139
Moody's Corp.		27,013		1,659
Chemicals & Allied Products (3.7%)
Avon Products, Inc.		2,500		71
Dow Chemical Co. (The)		19,000		833
du Pont (E.I.) de Nemours & Co.		48,600		2,066
Monsanto Co.		58,560		4,540
Rohm & Haas Co.		17,000		823
Commercial Banks (6.6%)
Bank of America Corp. †		74,900		3,457
Bank of New York Co., Inc. (The)		32,300		1,029
Citigroup, Inc.		71,400		3,465
JP Morgan Chase & Co.		25,300		1,004
PNC Financial Services Group, Inc.		27,440		1,697
SunTrust Banks, Inc.		900		65
Wachovia Corp.		33,600		1,776
Wells Fargo & Co.		39,300		2,469

	Shares		Value
Communication (1.7%)
Comcast Corp.–Class A ‡		41,100	$	1,067
Liberty Media Corp.–Class A ‡		166,800		1,313
Viacom, Inc.–Class B ‡		45,300		1,477
Communications Equipment (0.7%)
Corning, Inc. ‡		53,700		1,056
Nokia Corp., ADR		18,200		333
Telefonaktiebolaget LM Ericsson, ADR †‡		7,500		258
Computer & Data Processing Services (5.9%)
Affiliated Computer Services, Inc.–Class A ‡		17,000		1,006
Electronic Arts, Inc. ‡		55,600		2,908
Google, Inc.–Class A †‡		12,825		5,321
Microsoft Corp.		14,800		387
Yahoo!, Inc. ‡		92,596		3,628
Computer & Office Equipment (3.2%)
Apple Computer, Inc. ‡		26,600		1,912
Cisco Systems, Inc. ‡		45,400		777
Dell, Inc. ‡		114,291		3,428
Hewlett-Packard Co.		15,300		438
International Business Machines Corp.		5,460		449
Lexmark International, Inc. ‡		3,863		173
Seagate Technology, Inc.–Escrow Shares ‡m		36,900		—	o
Construction (0.7%)
Pulte Homes, Inc.		40,300		1,586
Department Stores (0.4%)
Federated Department Stores, Inc.		13,879		921
Educational Services (1.1%)
Apollo Group, Inc.–Class A †‡		42,064		2,543
Electric Services (1.3%)
American Electric Power Co., Inc.		24,000		890
Constellation Energy Group, Inc.		7,000		403
Dominion Resources, Inc.		8,700		672
FirstEnergy Corp.		19,410		951
Electric, Gas & Sanitary Services (0.2%)
Public Service Enterprise Group, Inc.		7,300		474
Electronic Components & Accessories (1.6%)
Flextronics International, Ltd. ‡		31,800		332
Intel Corp.		3,200		80
Marvell Technology Group, Ltd. ‡		28,600		1,604
Novellus Systems, Inc. ‡		909		22
Tyco International, Ltd.		52,500		1,515
Entertainment (1.1%)
International Game Technology		83,700		2,576

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

4

Van Kampen Large Cap Core

SCHEDULE OF INVESTMENTS
At December 31, 2005
(all amounts except share amounts in thousands)

	Shares		Value
Food & Kindred Products (3.6%)
Altria Group, Inc.		60,103	$	4,491
Kraft Foods, Inc.–Class A †		45,800		1,289
Unilever NV-NY Shares		34,600		2,375
Gas Production & Distribution (0.6%)
Questar Corp.		19,300		1,461
Holding & Other Investment Offices (1.3%)
Brookfield Asset Management, Inc. †		57,000		2,869
Instruments & Related Products (0.6%)
Alcon, Inc.		11,300		1,464
Insurance (5.4%)
AFLAC, Inc.		6,400		297
American International Group, Inc.		12,900		880
Assurant, Inc.		2,200		96
Berkshire Hathaway, Inc.–Class B ‡		1,642		4,820
Chubb Corp.		18,940		1,849
St. Paul Travelers Cos., Inc. (The)		12,700		567
UnitedHealth Group, Inc.		57,600		3,579
Insurance Agents, Brokers & Service (0.8%)
Hartford Financial Services Group, Inc. (The)		2,100		180
Marsh & McLennan Cos., Inc.		51,900		1,648
Life Insurance (0.6%)
Genworth Financial, Inc.–Class A		10,000		346
Metlife, Inc.		18,700		916
Lumber & Other Building Materials (1.2%)
Home Depot, Inc. (The)		68,525		2,774
Management Services (1.8%)
Corporate Executive Board Co.		25,900		2,323
Paychex, Inc.		44,000		1,677
Medical Instruments & Supplies (1.0%)
Boston Scientific Corp. ‡		21,500		527
St. Jude Medical, Inc. ‡		33,600		1,687
Mortgage Bankers & Brokers (0.7%)
Countrywide Financial Corp.		47,250		1,615
Motion Pictures (1.0%)
News Corp., Inc.–Class B †		36,700		610
Time Warner, Inc.		98,500		1,718
Oil & Gas Extraction (2.7%)
Halliburton Co. †		3,909		242
Total SA, ADR		7,400		935
Ultra Petroleum Corp. ‡		88,760		4,953

	Shares		Value
Paper & Allied Products (2.6%)
International Paper Co.		114,550	$	3,850
Kimberly-Clark Corp.		32,600		1,945
Pharmaceuticals (8.1%)
AmerisourceBergen Corp.		5,200		215
Bristol-Myers Squibb Co.		156,400		3,594
Cardinal Health, Inc.		9,300		639
Genentech, Inc. ‡		22,200		2,054
GlaxoSmithKline PLC, ADR †		89,200		4,503
Pfizer, Inc.		57,400		1,339
Roche Holding AG, ADR		26,520		1,985
Sanofi-Aventis, ADR		23,600		1,036
Schering-Plough Corp.		69,500		1,449
Wyeth		30,500		1,405
Primary Metal Industries (1.0%)
Alcoa, Inc.		79,900		2,363
Printing & Publishing (0.3%)
Gannett Co., Inc.		5,400		327
Tribune Co.		8,200		248
Radio, Television & Computer Stores (0.2%)
Best Buy Co., Inc.		11,100		483
Retail Trade (1.2%)
Amazon.com, Inc. †‡		56,200		2,650
Security & Commodity Brokers (1.4%)
Chicago Mercantile Exchange		5,875		2,159
Merrill Lynch & Co., Inc.		13,300		901
Telecommunications (6.6%)
America Movil SA de CV–Class L, ADR		167,300		4,895
AT&T, Inc.		157,200		3,850
Sprint Nextel Corp.		108,900		2,544
Verizon Communications, Inc.		115,500		3,479
Toys, Games & Hobbies (0.2%)
Mattel, Inc.		21,800		345
Transportation & Public Utilities (1.3%)
CH Robinson Worldwide, Inc.		40,070		1,484
Expeditors International of Washington, Inc.		22,800		1,539
Variety Stores (4.2%)
Costco Wholesale Corp. †		86,500		4,279
Sears Holdings Corp. †‡		27,800		3,212
Wal-Mart Stores, Inc.		43,900		2,055
Water Transportation (1.6%)
Carnival Corp.		66,500		3,556
Total Common Stocks (cost: $179,828)				201,759

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

5

Van Kampen Large Cap Core

SCHEDULE OF INVESTMENTS
At December 31, 2005
(all amounts except share amounts in thousands)

	Principal		Value
SECURITY LENDING COLLATERAL (10.5%)
Debt (9.0%)
Bank Notes (0.3%)
Bank of America
4.27%, due 01/17/2006 *	$	350	$	350
4.31%, due 08/10/2006 *		288		288
Certificates Of Deposit (0.4%)
Barclays 4.31%, due 01/17/2006 *		221		221
Canadian Imperial Bank of Commerce 4.15%, due 05/18/2006 *		313		313
Credit Suisse First Boston Corp. 4.18%, due 03/10/200 *		125		125
Rabobank Nederland 4.10%, due 05/31/2006 *		313		313
Commercial Paper (1.1%)
Fairway Finance–144A 4.31%, due 01/10/2006		624		624
Jupiter Securitization Corp.–144A 4.27%, due 01/05/2006		313		313
Paradigm Funding LLC–144A 4.30%, due 01/09/2006		123		123
Park Avenue Receivables Corp.–144A 4.27%, due 01/04/2006		311		311
Preferred Receivables Corp.–144A 4.31%, due 01/04/2006		249		249
Ranger Funding Co. LLC–144A 4.29%, due 01/18/2006		247		247
Sheffield Receivables Corp.–144A 4.26%, due 01/23/2006		150		150
Yorktown Capital LLC 4.27%, due 01/05/2006		313		313
Euro Dollar Overnight (1.4%)
Calyon 4.34%, due 01/05/2006		313		313
Fortis Bank 4.35%, due 01/03/2006 4.35%, due 01/05/2006		626 594		626 594
Harris Trust & Savings Bank 4.25%, due 01/05/2006		513		513
National Australia Bank 4.16%, due 01/03/2006		639		639
Rabobank Nederland 4.15%, due 01/03/2006		225		225
Wells Fargo 4.27%, due 01/03/2006		313		313

	Principal		Value
Euro Dollar Terms (3.0%)
Bank of Montreal
4.30%, due 01/19/2006	$	626	$	626
Barclays 4.27%, due 01/25/2006 4.30%, due 01/31/2006		188 501		188 501
BNP Paribas 4.22%, due 01/24/2006		313		313
Dexia Group 4.25%, due 01/09/2006		313		313
Rabobank Nederland 4.21%, due 01/19/2006		563		563
Royal Bank of Canada 4.25%, due 01/24/2006		438		438
Royal Bank of Scotland 4.30%, due 01/31/2006 4.31%, due 02/01/2006		939 688		939 688
Societe Generale 4.28%, due 01/30/2006		626		626
UBS AG 4.26%, due 01/10/2006		626		626
Wells Fargo 4.29%, due 01/30/2006		939		939
Promissory Notes (0.2%)
Bear Stearns & Co. 4.39%, due 03/07/2006 4.39%, due 06/06/2006		375 125		375 125
Repurchase Agreements (2.6%) ††
Credit Suisse First Boston Corp. 4.29%, dated 12/30/2005 to be repurchased at $1,048 on 01/03/2006		1,048		1,048
Goldman Sachs Group, Inc. (The) 4.29%, dated 12/30/2005 to be repurchased at $2,500 on 01/03/2006		2,499		2,499
Lehman Brothers, Inc. 4.29%, dated 12/30/2005 to be repurchased at $17 on 01/03/2006		17		17
Merrill Lynch & Co. 4.24%, dated 12/30/2005 to be repurchased at $2,004 on 01/03/2006		2,003		2,003
Morgan Stanley Dean Witter & Co. 4.36%, dated 12/30/2005 to be repurchased at $221 on 01/03/2006		221		221

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

6

Van Kampen Large Cap Core

SCHEDULE OF INVESTMENTS
At December 31, 2005
(all amounts except share amounts in thousands)

	Shares		Value
Investment Companies (1.5%)
American Beacon Fund
1-day yield of 4.19%		85,803	$	86
Barclays Global Investors Institutional Money Market Fund 1-day yield of 4.19%		813,607		813
Dreyfus Cash Management Plus Fund 1-day yield of 4.09%		337,960		338
Merrimac Cash Fund, Premium Class 1-day yield of 4.03% @		2,215,619		2,216
Total Security Lending Collateral (cost: $23,664)				23,664
Total Investment Securities (cost: $203,493)			$	225,424

NOTES TO SCHEDULE OF INVESTMENTS:

†  At December 31, 2005, all or a portion of this security is on loan (see Note 1). The value at December 31, 2005, of all securities on loan is $23,004.

‡  Non-income producing.

o  Value is less than $1.

*  Floating or variable rate note. Rate is listed as of December 31, 2005.

††  Cash collateral for the Repurchase Agreements, valued at $5,903, that serve as collateral for securities lending are invested in corporate bonds with interest rates and maturity dates ranging from 0.00%–8.75% and 01/03/2006–08/01/2037, respectively.

@  Regulated investment company advised by Investors Bank and Trust Co. ("IBT"). IBT is also the accounting, custody and lending agent for the Fund.

m  Securities valued as determined in good faith in accordance with procedure established by the Fund's Board of Trustees.

DEFINITIONS:

144A  144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2005, these securities aggregated $2,017 or 0.9% of the total investment of the Fund.

ADR  American Depositary Receipt

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

7

Van Kampen Large Cap Core

STATEMENT OF ASSETS AND LIABILITIES
At December 31, 2005
(all amounts except per share amounts in thousands)

Assets:
Investment securities, at value (cost: $203,493) (including securities loaned of $23,004)	$	225,424
Cash		8,152
Receivables:
Investment securities sold		434
Interest		22
Dividends		354
		234,386
Liabilities:
Investment securities purchased		1,344
Accounts payable and accrued liabilities: Shares redeemed		21
Management and advisory fees		136
Administration fees		4
Payable for collateral for securities on loan		23,664
Other		22
		25,191
Net Assets	$	209,195
Net Assets Consist of:
Capital stock ($.01 par value)	$	115
Additional paid-in capital		176,164
Distributable net investment income (loss)		1,782
Accumulated net realized gain (loss) from investment securities		9,203
Net unrealized appreciation (depreciation) on investment securities		21,931
Net Assets	$	209,195
Net Assets by Class:
Initial Class	$	208,119
Service Class		1,076
Shares Outstanding:
Initial Class		11,418
Service Class		58
Net Asset Value and Offering Price Per Share:
Initial Class	$	18.23
Service Class		18.52

STATEMENT OF OPERATIONS
For the year ended December 31, 2005
(all amounts in thousands)

Investment Income:
Interest	$	113
Dividends (net of withholding taxes on foreign dividends of $45)		3,361
Income from loaned securities–net		47
		3,521
Expenses:
Management and advisory fees		1,594
Printing and shareholder reports		28
Custody fees		37
Administration fees		43
Legal fees		4
Audit fees		17
Trustees fees		7
Service fees:
Service Class		2
Other		5
Total expenses		1,737
Net Investment Income (Loss)		1,784
Net Realized and Unrealized Gain (Loss)
Realized gain (loss) from investment securities		18,549
Increase (decrease) in unrealized appreciation (depreciation) on investment securities		(2,292	)
Net Realized and Unrealized Gain (Loss) on Investment Securities		16,257
Net Increase (Decrease) in Net Assets Resulting from Operations	$	18,041

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

8

Van Kampen Large Cap Core

STATEMENTS OF CHANGES IN NET ASSETS
For the periods ended
(all amounts in thousands)

	December 31, 2005			December 31, 2004
Increase (Decrease) in Net Assets From:
Operations:
Net investment income (loss)	$	1,784		$	2,892
Net realized gain (loss) from investment securities		18,549			24,801
Change in unrealized appreciation (depreciation) on investment securities		(2,292	)		(33	)
		18,041			27,660
Distributions to Shareholders:
From net investment income:
Initial Class		(2,867	)		(3,903	)
Service Class		(13	)		(7	)
		(2,880	)		(3,910	)
Capital Share Transactions:
Proceeds from shares sold:
Initial Class		5,250			5,706
Service Class		458			603
		5,708			6,309
Dividends and distributions reinvested:
Initial Class		2,867			3,903
Service Class		13			7
		2,880			3,910
Cost of shares redeemed:
Initial Class		(49,221	)		(45,635	)
Service Class		(288	)		(106	)
		(49,509	)		(45,741	)
		(40,921	)		(35,522	)
Net increase (decrease) in net assets		(25,760	)		(11,772	)
Net Assets:
Beginning of year		234,955			246,727
End of year	$	209,195		$	234,955
Distributable Net Investment Income (Loss)	$	1,782		$	2,884

	December 31, 2005			December 31, 2004
Share Activity:
Shares issued:
Initial Class		308			367
Service Class		26			39
		334			406
Shares issued–reinvested from distributions:
Initial Class		170			269
Service Class		1			1
		171			270
Shares redeemed:
Initial Class		(2,915	)		(2,936	)
Service Class		(16	)		(7	)
		(2,931	)		(2,943	)
Net increase (decrease) in shares outstanding:
Initial Class		(2,437	)		(2,300	)
Service Class		11			33
		(2,426	)		(2,267	)

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

9

Van Kampen Large Cap Core

FINANCIAL HIGHLIGHTS

		For a share outstanding throughout each period (a)
		Net Asset		Investment Operations								Distributions									Net Asset
	For the Period Ended (b)	Value, Beginning of Period		Net Investment Income (Loss)		Net Realized and Unrealized Gain (Loss)			Total Operations			From Net Investment Income			From Net Realized Gains			Total Distributions			Value, End of Period
Initial Class	12/31/2005	$	16.90	$	0.14	$	1.43		$	1.57		$	(0.24	)	$	–		$	(0.24	)	$	18.23
	12/31/2004		15.26		0.19		1.71			1.90			(0.26	)		–			(0.26	)		16.90
	12/31/2003		12.85		0.22		2.46			2.68			(0.27	)		–			(0.27	)		15.26
	12/31/2002		15.73		0.24		(2.81	)		(2.57	)		(0.31	)		–			(0.31	)		12.85
	12/31/2001		19.47		0.35		(1.64	)		(1.29	)		(0.37	)		(2.08	)		(2.45	)		15.73
Service Class	12/31/2005		17.19		0.10		1.45			1.55			(0.22	)		–			(0.22	)		18.52
	12/31/2004		15.51		0.16		1.75			1.91			(0.23	)		–			(0.23	)		17.19
	12/31/2003		13.37		0.13		2.03			2.16			(0.02	)		–			(0.02	)		15.51

					Ratios/Supplemental Data
					Net Assets,		Ratio of Expenses						Net Investment
	For the				End of		to Average						Income (Loss)			Portfolio
	Period	Total			Period		Net Assets (f)						to Average			Turnover
	Ended (b)	Return (c)(g)			(000's)		Net (d)			Total (e)			Net Assets (f)			Rate (g)
Initial Class	12/31/2005		9.41	%	$	208,119		0.82	%		0.82	%		0.84	%		50	%
	12/31/2004		12.75			234,150		0.82			0.82			1.23			175
	12/31/2003		21.08			246,502		0.83			0.83			1.62			180
	12/31/2002		(16.38	)		243,355		0.84			0.85			1.73			251
	12/31/2001		(7.06	)		291,091		0.86			0.92			1.95			221
Service Class	12/31/2005		9.12			1,076		1.07			1.07			0.59			50
	12/31/2004		12.53			805		1.07			1.07			1.03			175
	12/31/2003		16.14			225		1.08			1.08			1.31			180

NOTES TO FINANCIAL HIGHLIGHTS

(a)  Per share information is calculated based on average number of shares outstanding.

(b)  Van Kampen Large Cap Core (the "Fund") share classes commenced operations as follows:

Initial Class – April 8, 1991
    Service Class – May 1, 2003

(c)  Total Return reflects all portfolio expenses and includes reinvestment of dividends and capital gains; it does not reflect the charges and deductions under the policies or annuity contracts.

(d)  For the years ended December 31, 2005, 2004, and 2003, Ratio of Net Expenses to Average Net Assets is net of fee waivers and reimbursements by the investment adviser, if any (see note 2). For the year ended December 31, 2002, Ratio of Net Expenses to Average Net Assets is net of fees paid indirectly. For the year ended December 31, 2001, Ratio of Net Expenses to Average Net Assets is net of fees paid indirectly and credits allowed by the custodian.

(e)  Ratio of Total Expenses to Average Net Assets includes all expenses before fee waivers and reimbursements by the investment adviser.

(f)  Annualized.

(g)  Not annualized.

The notes to the financial statements are an integral part of this report.

AEGON/Transamerica Series Trust

Annual Report 2005

10

Van Kampen Large Cap Core

NOTES TO FINANCIAL STATEMENTS
At December 31, 2005
(all amounts in thousands)

NOTE 1.  ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

The AEGON/Transamerica Series Trust ("ATST") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). ATST serves as a funding vehicle for variable life insurance, variable annuity and group annuity products. Van Kampen Large Cap Core (the "Fund") is part of ATST.

Effective May 1, 2005, AEGON/Transamerica Series Fund, Inc. changed its name to AEGON/Transamerica Series Trust.

In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

This report should be read in conjunction with the current Fund prospectus, which contains more complete information about the Fund.

In preparing the Fund's financial statements in accordance with accounting principles generally accepted in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Fund.

Multiple class operations, income and expenses: The Fund currently offers two classes of shares, an Initial Class and a Service Class. Income, non-class specific expenses and realized and unrealized gains and losses, are allocated daily to each class, based upon the value of shares outstanding method as permitted under Rule 18f-3 of the 1940 Act. Each class bears its own specific expenses as well as a portion of general, common expenses.

Security valuations: The Fund values its investments at the close of the New York Stock Exchange ("NYSE"), normally 4 p.m. ET, each day the NYSE is open for business. Fund investments are valued at the last sale price or closing price on the day of valuation taken from the primary exchange where the security is principally traded.

Securities traded in the over-the-counter market and listed securities for which no sale was reported on that date are valued at the last quoted bid price.

Debt securities are valued based on a price quotation or other equivalent indication of value supplied by an exchange, a pricing service or a major market maker; however, those that mature in sixty days or less are valued at amortized cost, which approximates market.

Investment company securities are valued at the net asset value of the underlying portfolio.

Other securities for which quotations are not readily available are valued at fair market value as determined in good faith by the Fund's Administrative Valuation Committee, under the supervision of the Board's Valuation Committee, using guidelines adopted by the Board of Trustees.

Cash: The Fund may leave cash overnight in its cash account with the custodian, Investors Bank & Trust Company ("IBT"). IBT has been contracted on behalf of the Fund to invest the excess cash into a savings account, which at December 31, 2005, was paying an interest rate of 3.00%.

Repurchase agreements: The Fund is authorized to enter into repurchase agreements. The Fund, through its custodian, IBT, receives delivery of the underlying securities, the value of which at the time of purchase is required to be an amount equal to at least 100% of the resale price. The Fund will bear the risk of value fluctuations until the security can be sold and may encounter delays and incur costs in liquidating the security. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Commission recapture: The sub-adviser, to the extent consistent with the best execution and usual commission rate policies and practices, may place security transactions of the Fund with broker/dealers with which ATST has established a Commission Recapture Program. A Commission Recapture Program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Fund. In no event will commissions paid by the Fund be used to pay expenses that would otherwise be borne by any other funds within ATST, or by any other party.

Recaptured commissions during the year ended December 31, 2005, of $52 are included in net realized gains in the Statement of Operations.

Securities lending: The Fund may lend securities to qualified borrowers, with IBT acting as the Fund's lending agent. The Fund earns negotiated lenders' fees. The Fund receives cash and/or securities as collateral against the loaned securities. Cash collateral received is invested in short term, interest bearing securities. The Fund monitors the market value of securities loaned on a daily basis and requires collateral in an amount at least equal to the value of the securities loaned. Income from loaned securities on the Statement of Operations is net of fees, in the amount of $20, earned by IBT for its services.

Security transactions and investment income: Security transactions are recorded on the trade date. Security gains and losses are calculated on the first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend date. Interest income, including accretion of discounts and amortization of premiums, is recorded on the accrual basis commencing on the settlement date.

Dividend distributions: Dividends and capital gains distributions are typically declared and reinvested annually and are generally paid and reinvested on the business day following the ex-date.

AEGON/Transamerica Series Trust

Annual Report 2005

11

Van Kampen Large Cap Core

NOTES TO FINANCIAL STATEMENTS (continued)
At December 31, 2005
(all amounts in thousands)

NOTE 2.  RELATED PARTY TRANSACTIONS

Effective January 1, 2005 AEGON/Transamerica Fund Advisers, Inc. was renamed Transamerica Fund Advisors, Inc. ("TFAI"); AEGON/Transamerica Fund Services, Inc. and AEGON/Transamerica Investor Services, Inc. merged into one entity and was renamed Transamerica Fund Services, Inc. ("TFS").

ATST serves as a funding vehicle for certain affiliated asset allocation portfolios and certain affiliated separate accounts of Western Reserve Life Assurance Co. of Ohio, Transamerica Life Insurance Company, Transamerica Financial Life Insurance Company, Inc., Peoples Benefit Life Insurance Company, Transamerica Occidental Life Insurance Company and Transamerica Life Insurance and Annuity Company.

TFAI is the Fund's investment adviser. TFS is the Fund's administrator and transfer agent. AFSG Securities Corp. ("AFSG") is the Fund's distributor. TFAI, TFS, and AFSG are affiliates of AEGON, NV, a Netherlands corporation.

Certain officers and trustees of the Fund are also officers and/or directors of TFAI, TFS and AFSG.

Investment advisory fee: The Fund pays management fees to TFAI based on average daily net assets ("ANA") at the following breakpoints:

0.75% of the first $250 million of ANA
0.70% of ANA over $250 million

TFAI has contractually agreed to waive its advisory fee and will reimburse the Fund to the extent that operating expenses, excluding 12b-1 fees, exceed the following stated annual limit:

0.84% Expense Limit

If total fund expenses fall below the annual expense limitation agreement agreed to by the adviser within the succeeding three years, the Fund may be required to pay that adviser a portion or all of the waived advisory fees.

There were no amounts recaptured during the year ended December 31, 2005. There are no amounts available for recapture at December 31, 2005.

Distribution and service fees: The Fund adopted a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act.

Pursuant to the Distribution Plan, ATST entered into a Distribution Agreement with AFSG dated January 1, 1997, as amended.

Under the Distribution Plan and Distribution Agreement on the Initial Class shares, AFSG, on behalf of the Fund, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Fund's shares, amounts equal to actual expenses associated with distributing the shares.

The Distribution Plan on the Service Class shares requires ATST to pay distribution fees to AFSG as compensation for its activities, not as reimbursement for specific expenses. The fee on the Service Class is paid to the insurance companies for providing services and account maintenance for their policyholders who invest in the variable insurance products which invest in the Service Class shares.

The Fund is authorized under the 12b-1 plan to pay fees on each class up to the following limits:

Initial Class	0.15	%
Service Class	0.25	%

AFSG has determined that it will not seek payment by the Fund of the distribution expenses incurred with respect to the Initial Class shares before April 30, 2007. Prior to AFSG seeking reimbursement of future expenses, policy and contract owners will be notified in advance. The Fund will pay fees relating to Service Class shares.

Administrative services: The Fund has entered into an agreement with TFS for financial and legal fund administration services. The Fund pays TFS an annual fee of 0.02% of ANA. The Legal fees on the Statement of Operations are for fees paid to external legal counsel.

Brokerage commissions: Brokerage commissions incurred on security transactions placed with an affiliate of the sub-adviser for the year ended December 31, 2005 were $6.

Deferred compensation plan: Each eligible independent Fund Trustee may elect participation in a non-qualified deferred compensation plan ("the Plan") maintained by Transamerica IDEX Mutual Funds, an affiliate of the Fund. Under the Plan, such Trustees may defer payment of all or a portion of their total fees earned as a Fund Trustee. Each Trustee who is a participant in the Plan may elect that the earnings, losses or gains credited to his or her deferred fee amounts be determined based on a deemed investment in any series of Transamerica IDEX Mutual Funds. The right of a participant to receive a distribution from the Plan of the deferred fees is an unsecured claim against the general assets of all series of Transamerica IDEX Mutual Funds. The pro rata liability to the Fund of all deferred fees in the Plan amounted, as of December 31, 2005, to $10.

AEGON/Transamerica Series Trust

Annual Report 2005

12

Van Kampen Large Cap Core

NOTES TO FINANCIAL STATEMENTS (continued)
At December 31, 2005
(all amounts in thousands)

NOTE 3.  INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the year ended December 31, 2005, were as follows:

Purchases of securities:
Long-Term	$	102,661
U.S. Government		–
Proceeds from maturities and sales of securities
Long-Term		144,579
U.S. Government		–

NOTE 4.  FEDERAL INCOME TAX MATTERS

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatment for items including, but not limited to, wash sales.

Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. Financial records are not adjusted for temporary differences. These reclassifications are as follows:

Distributable net investment income (loss)	$	(6	)
Accumulated net realized gain (loss) from investment securities		6

The capital loss carryforward utilized during the year ended December 31, 2005 was $7,642.

The tax character of distributions paid may differ from the character of distributions shown in the Statements of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2004 and 2005 was as follows:

2004 Distributions paid from:
Ordinary Income	$	3,910
Long-term Capital Gain		–
2005 Distributions paid from:
Ordinary Income		2,880
Long-term Capital Gain		–

The tax basis components of distributable earnings as of December 31, 2005, are as follows:

Undistributed Ordinary Income	$	3,771
Undistributed Long-term Capital Gain	$	8,541
Capital Loss Carryforward	$	–
Net Unrealized Appreciation (Depreciation)	$	20,604

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of December 31, 2005, are as follows:

Federal Tax Cost Basis	$	204,820
Unrealized Appreciation	$	26,900
Unrealized (Depreciation)		(6,296	)
Net Unrealized Appreciation (Depreciation)	$	20,604

NOTE 5. REGULATORY PROCEEDINGS

There continues to be significant federal and state regulatory activity relating to financial services companies, particularly mutual fund companies and their investment advisers. As part of an ongoing investigation regarding potential market timing, recordkeeping and trading compliance issues and matters affecting the Fund's investment adviser, TFAI, and certain affiliates and former employees of TFAI, the SEC staff has indicated that it is likely to take some action against TFAI and certain of its affiliates at the conclusion of the investigation. The potential timing and the scope of any such action is difficult to predict. Although the impact of any action brought against TFAI and/or its affiliates is difficult to assess at the present time, the Fund currently believes that the likelihood that any such action will have a material adverse impact on it is remote. It is important to note that the Fund is not aware of any allega tion of wrongdoing against it and its Board at the time this annual report is printed. Although it is not anticipated that these developments will have an adverse impact on the Fund, there can be no assurance at this time. TFAI and its affiliates are actively working with the SEC in regard to this matter; however, the exact resolution cannot be determined at this time. TFAI will take such actions that it deems necessary or appropriate to continue providing management services to the Fund and to bring all matters to an appropriate conclusion.

TFAI and/or its affiliates, and not the Fund, will bear the costs regarding these regulatory matters.

AEGON/Transamerica Series Trust

Annual Report 2005

13

Report of Independent Registered Certified Public Accounting Firm

To the Board of Trustees and Shareholders of

Van Kampen Large Cap Core

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Van Kampen Large Cap Core (the "Fund") (one of the portfolios constituting the AEGON/Transamerica Series Trust) at December 31, 2005, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fund's management; our responsibility is to express an opinion on these financial statements based on our a udits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2005 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

Tampa, Florida
February 23, 2006

AEGON/Transamerica Series Trust

Annual Report 2005

14

Van Kampen Large Cap Core

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS – REVIEW AND RENEWAL (unaudited)

At a meeting of the Board of Trustees of AEGON/Transamerica Series Trust ("ATST") held on November 2, 2005, the Board reviewed and considered the Investment Advisory Agreement between Van Kampen Large Cap Core (the "Portfolio") and Transamerica Fund Advisors, Inc. ("TFAI") as well as the Investment Sub-Advisory Agreement of the Portfolio between TFAI and Morgan Stanley Investment Management, Inc. (the "Sub-Adviser"), to determine whether the agreements should be renewed for a one-year period. Following their review and consideration, the Trustees determined that the Investment Advisory Agreement and the Investment Sub-Advisory Agreement will enable shareholders of the Portfolio to obtain high quality services at a cost that is appropriate, reasonable, and in the best interests of its shareholders. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and the Investment Sub-Advisory Agreement. In reaching their decision, the Trustees requested and obtained from TFAI and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the proposed agreements. The Trustees also carefully considered the information that they had received throughout the year from TFAI and the Sub-Adviser (such as in-person presentations by the Sub-Adviser) as part of their regular oversight of the Portfolio, as well as: comparative fee, expense and performance information prepared by Lipper Inc. ("Lipper"), independent providers of mutual fund performance, fee and expense information; and profitability data. In considering the proposed continuation of the Investment Advisory Agreement and Investment Sub-Advisory Agreement, the Trustees evaluated a number of considerations that they believed, in light of the legal advice furnished to them by ATST counsel and independent legal counsel and their ownbusiness judgment, to be relevant. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:

The nature, extent and quality of the advisory service to be provided. The Board considered the nature and quality of the services provided by TFAI and the Sub-Adviser to the Portfolio in the past, as well as the services anticipated to be provided in the future. The Board concluded that TFAI and the Sub-Adviser are capable of providing high quality services to the Portfolio, as indicated by the nature and quality of services provided in the past, TFAI's and the Sub-Adviser's management capabilities demonstrated with respect to the portfolios they manage, including the Portfolio, and the experience, capability and integrity of TFAI's senior management, the financial resources of TFAI and the Sub-Adviser, TFAI's management oversight process, the professional qualifications and experience of the Sub-Adviser's portfolio management team, and the Portfolio 's investment performance. The Trustees also concluded that TFAI and the Sub-Adviser proposed to provide investment and related services that were of the same quality and quantity as services provided to the Portfolio in the past, and that these services are appropriate in scope and extent in light of the Portfolio's operations, the competitive landscape of the investment company business and investor needs, and that TFAI's and the Sub-Adviser's obligations will remain substantially the same.

The investment performance of the Portfolio. The Board examined both the short-term and longer-term performance of the Portfolio, including relative performance against a benchmark securities index and a peer group of comparable mutual funds as prepared by Lipper for various trailing periods ended June 30, 2005. The Trustees concluded that TFAI and the Sub-Adviser generally had achieved competitive investment performance, noting that the performance of the Portfolio was above median relative to its peers over the past one-, two-, three- and five-year periods; and competitive to the benchmark index over the past one-, two-, three-, five, and ten-year periods. On the basis of the Trustees' assessment of the nature, extent and quality of advisory services to be provided or procured by TFAI and the Sub-Adviser, the Trustees concluded that TFAI and the Sub - -Adviser are capable of generating a level of investment performance that is appropriate in light of the Portfolio's investment objective, policies and strategies and competitive with many other investment companies, and also determined that TFAI's and the Sub-Adviser's performance records indicate that their continued management is likely to benefit the Portfolio and its shareholders.

The cost of advisory services provided and the level of profitability. The Board reviewed profitability information regarding TFAI's costs of procuring portfolio management services, as well as the costs of provision of administration, fund accounting and other services, to the Portfolio and to ATST as a whole by TFAI and its affiliates. The Trustees reviewed data from Lipper that compared the Portfolio's management fees (including management fees at various asset levels), other fees and expenses (including total expenses including and excluding 12b-1 distribution and service fees) and portfolio turnover rate against peer groups of comparable mutual funds. Based on such information, the Trustees determined that the management fees and overall expense ratio of the Portfolio generally are consistent with industry averages. In addition, on the basis of t he Board's review of the management fees to be charged by TFAI for investment advisory and related services, TFAI profitability information (derived from TFAI's audited financial statements), TFAI's estimated management income resulting from its management of the Portfolio, the estimated margin of the Sub-Adviser, as well as the entirety of TFAI's and its affiliates' service relationship with ATST, the Board concluded that the level of investment management fees and other service fees, as well as TFAI's and the Sub-Adviser's profitability, are appropriate in light of the services provided, the

AEGON/Transamerica Series Trust

Annual Report 2005

15

Van Kampen Large Cap Core (continued)

management fees and overall expense ratios of comparable investment companies and the anticipated profitability of the relationship between the Portfolio, TFAI and its affiliates, and the Sub-Adviser.

Whether fee levels reflect economies of scale and the extent to which economies of scale would be realized as the Portfolio grows. The Board concluded that the inclusion of asset-based breakpoints in the Portfolio's advisory fee schedule appropriately benefits investors by realizing economies of scale in the form of lower management fees as the level of assets grows. In addition, the Board concluded that the Portfolio's management fees appropriately reflect the Portfolio's current size, the current economic environment for TFAI, the competitive nature of the investment company market, and TFAI's pricing strategy. The Trustees also concluded that they will have the opportunity to periodically reexamine whether the Portfolio has achieved economies of scale, and the appropriateness of management fees payable to TFAI and fees payable by TFAI to the Sub-Ad viser, in the future.

Benefits (such as soft dollars) to TFAI, its affiliates, or the Sub-Adviser from their relationship with the Portfolio. The Board concluded that other benefits derived by TFAI, its affiliates, and the Sub-Adviser from their relationship with the Portfolio, including "soft dollar" benefits (if any) in connection with brokerage transactions, sales charges and distribution/service fees (to the extent applicable) are reasonable and fair, and are consistent with industry practice and the best interests of the Portfolio and its shareholders. In this regard, the Board noted that TFAI does not realize "soft dollar" benefits from its relationship with the Portfolio, and that the Sub-Adviser is participating in a brokerage program pursuant to which a portion of brokerage commissions paid by the Portfolio is recaptured for the benefit of the Portfolio and its sh areholders, thus limiting the amount of "soft-dollar" arrangements the Sub-Adviser may engage in with respect to the Portfolio's brokerage transactions. In addition, the Trustees determined that the administration, fund accounting and other fees paid by the Portfolio to affiliates of TFAI are reasonable, fair and in the best interests of shareholders in light of the nature and quality of the services provided, the associated costs to these affiliates of providing the services, the impact of the costs of such services on the Portfolio's overall operating expenses, and the necessity of the services for the Portfolio's operations.

Other considerations. The Board also determined that TFAI had made a substantial commitment to the recruitment and retention of high quality personnel, and maintained the financial, compliance and operational resources reasonably necessary to manage the Portfolio in a professional manner that is consistent with the best interests of the Portfolio and its shareholders. In this regard, the Trustees favorably considered the procedures and policies in place by TFAI to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Adviser. The Trustees also determined that TFAI had made a significant entrepreneurial commitment to the management and success of the Portfolio, reflected by TFAI's expense limitation and fee waiver arrangement with the Portfolio, which may result in TFAI waiving a substantial amount of advisory fees for the benefit of shareholders.

AEGON/Transamerica Series Trust

Annual Report 2005

16

AEGON/Transamerica Series Trust

MANAGEMENT OF THE FUND

Name, Address and Age	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Funds in Complex Overseen by Trustee		Other Directorships Held By Trustee
INTERESTED TRUSTEES
Thomas P. O'Neill*** AEGON USA, Inc. 1111 North Charles Street Baltimore, MD 21201-5574 (DOB: 3/11/58)	Trustee	Indefinite** 2003–present	President, AEGON Financial Services Group, Inc., Financial Institution Division (2001–present); Trustee, Transamerica IDEX Mutual Funds (TA IDEX) (2003–present); Director, Transamerica Income Shares, Inc. (TIS) (2003–present) & Transamerica Index Funds, Inc. (TIF) (2004–2004); Director, National Aquarium of Baltimore		87	N/A
Brian C. Scott*** Transamerica Fund Advisors, Inc. 570 Carillon Parkway St. Petersburg, FL 33716 (DOB: 9/29/43)	Trustee, President & Chief Executive Officer (CEO)	Indefinite** Trustee 2003–present; President, CEO 2002–present	Trustee (2003–present), President & CEO (2002–present), TA IDEX; Director, TIS (2002–2005, 2006–present); President & Director, TIF (2002–2004); Manager, Transamerica Investment Management (2002–2005); Director (2002–present), CEO & President (2001–present), Transamerica Fund Advisors, Inc. (TFAI) & Transamerica Fund Services, Inc. (TFS); CEO, Transamerica Investors, Inc. (TII) (2003–present); Director, President & CEO, Endeavor Management Co. (2001–2002)		87	N/A
INDEPENDENT TRUSTEES
Peter R. Brown 8323 40th Place North St. Petersburg, FL 33709 (DOB: 5/10/28)	Chairman, Trustee	Indefinite** 1986–present	Chairman & Trustee, TA IDEX (1986–present); Chairman (2003–present) & Director (2002–present), TIS; Chairman & Director, TIF (2002–2004); Chairman of the Board, Peter Brown Construction Company (1963–2000); Rear Admiral (Ret.) U.S. Navy Reserve, Civil Engineer Corps.		87	N/A
Charles C. Harris 2840 West Bay Drive, #215 Belleair Bluffs, FL 33770 (DOB: 7/15/30)	Trustee	Indefinite** 1986–present	Trustee, TA IDEX (1994–present); Director, TIS (2002–present)		87	N/A
Russell A. Kimball, Jr. 1160 Gulf Boulevard Clearwater Beach, FL 33767 (DOB: 8/17/44)	Trustee	Indefinite** 1986–present	Trustee, TA IDEX (2002–present); Director, TIS (2002–present); General Manager, Sheraton Sand Key Resort (1975–present)		87	N/A
William W. Short, Jr. 7882 Lantana Creek Road Largo, FL 33777 (DOB: 2/25/36)	Trustee	Indefinite** 2000–present	Trustee, TA IDEX (1986–present); Director, TIS (2002–present); Retired CEO and Chairman of the Board, Shorts, Inc.		87	N/A
Daniel Calabria 7068 S. Shore Drive S. South Pasadena, FL 33707 (DOB: 3/5/36)	Trustee	Indefinite** 2001–present	Trustee, TA IDEX (1996–present); Director, TIS (2002–present); Trustee (1993–2004) & President (1993–1995), Florida Tax Free Funds		87	N/A
Janice B. Case 205 Palm Island NW Clearwater, FL 33767 (DOB: 9/27/52)	Trustee	Indefinite** 2001–present	Trustee, TA IDEX (2002–present); Director, TIS (2002–present); Director, Central Vermont Public Service Co. (Audit Committee); Director, Western Electricity Coordinating Council (Chairman, Human Resources and Compensation Committee); Senior Vice President (1996–2000), Vice President (1990–1996), Director of Customer Service & Marketing (1987–1990), Florida Power Corporation		87	Central Vermont Public Service Co.
Leo J. Hill 7922 Bayou Club Blvd. Largo, FL 33777 (DOB: 3/27/56)	Trustee	Indefinite** 2001–present	Trustee, TA IDEX (2002–present); Director, TIS (2002–present); Owner & President, Prestige Automotive Group (2001–2005)		87	N/A
John W. Waechter 5913 Bayview Circle Gulfport, FL 33707 (DOB: 2/25/52)	Trustee	Indefinite** 2004–present	Trustee, TA IDEX (2005–present); Director, TIS (2004–present); Executive Vice President, Chief Financial Officer, Chief Compliance Officer, William R. Hough & Co. (1979–2004); Treasurer, The Hough Group of Funds (1993–2004)		87	N/A

Name, Address* and Age	Position Held with Fund*	Term of Office and Length of Time Served†			Principal Occupation(s) or Employment During Past 5 Years
OFFICERS
John K. Carter (DOB: 4/24/61)	Senior Vice President, General Counsel, Secretary & Chief Compliance Officer		1999–	present	Sr. Vice President (2003–present), General Counsel (2002–present), Secretary (1999–present) & Chief Compliance Officer (2004–present), TA IDEX & TIS; Director, Sr. Vice President (2002–present), General Counsel & Secretary (2001–present), TFAI & TFS; Chief Compliance Officer, TFAI (2004–present); Vice President, AFSG Securities Corporation (AFSG) (2001–present); Vice President, Secretary (2003–present) & Chief Compliance Officer (2004–present), TII; Vice President, Transamerica Investment Services, Inc. (TISI) (2003–2005) & TIM (2001–2005)
Glenn E. Brightman (DOB: 12/1/72)	Vice President & Principal Financial Officer		2005–	present	Vice President & Principal Financial Officer, TA IDEX & TIS (2005–present); Vice President & Interim Principal Financial Officer, TII (2005–present)

*  The business address of each officer is 570 Carillon Parkway, St. Petersburg, Florida 33716. No officer of the Fund except for the Chief Compliance Officer receives any compensation from the Fund.

**  Each trustee serves an indefinite term until he or she is removed, reaches mandatory retirement age, resigns or becomes incapacitated.

***  May be deemed as "interested person" of the Fund as defined in the 1940 Act due to employment with TFAI or an affiliate of TFAI.

†  Elected and serves at the pleasure of the Board of Trustees of AEGON/Transamerica Series Trust.

Additional information about the Fund trustees can be found in the Statement of Additional Information, available without charge upon request by calling 1-888-233-4339.

PROXY VOTING POLICIES AND PROCEDURES AND QUARTERLY PORTFOLIO HOLDINGS

A description of the AEGON/Transamerica Series Trusts' proxy voting policies and procedures is available in the Statement of Additional Information of the Funds, available without charge upon request by calling 1-800-851-9777 (toll free) or on the Securities and Exchange Commission website (www.sec.gov).

In addition, the Funds are required to file Form N-PX, with their complete proxy voting records for the 12 months ended June 30^th, no later than August 31^st of each year. The Form is available without charge: (1) from the Funds, upon request by calling 1-800-851-9777; and (2) on the SEC's website at www.sec.gov.

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarter of each fiscal year on Form N-Q which is available on the Commission's website at www.sec.gov. The Funds' Form N-Q may be reviewed and copied at the Commission's Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

P.O. Box 9012
Clearwater, FL 33758-9012

Item 2: Code of Ethics.

(a)Registrant has adopted a code of ethics that applies to its principal executive officer, principal financial officer, and any other officers who serve a similar function.

(b)Registrant’s code of ethics is reasonably designed as described in this Form N-CSR.

(c)During the period covered by the report, no amendments were made to the provisions of this code of ethics.

(d)During the period covered by the report, Registrant did not grant any waivers, including implicit waivers, from the provisions of this code of ethics.

(e)Not Applicable

(f)Registrant has filed this code of ethics as an exhibit pursuant to Item 12(a)(1) of Form N-CSR.

Item 3: Audit Committee Financial Expert.

Registrant’s Board of Trustees has determined that John W. Waechter is an “audit committee financial expert,” as such term is defined in Item 3 of Form N-CSR. Mr. Waechter is “independent” under the standards set forth in Item 3 of Form N-CSR. The designation of Mr. Waechter as “audit committee financial expert” pursuant to Item 3 of Form N-CSR does not (i) impose upon him any duties, obligations, or liabilities that are greater than the duties, obligations and liabilities imposed upon him as a member of the Registrant’s audit committee or Board of Trustees in the absence of such designation; or (ii) affect the duties, obligations or liabilities of any other member of the Registrant’s audit committee or Board of Trustees.

Item 4: Principal Accountant Fees and Services.

		Fiscal Year Ended 12/31
	(in thousands)	2004		2005
(a)	Audit Fees	504		492
(b)	Audit-related Fees	22		22
(c)	Tax Fees	53		39
(d)	All Other Fees	N/A		N/A
(e) (1)	Pre-approval policy * (see below)
(e) (2)	% of above that were pre-approved	0	%	0	%
(f)	If greater than 50%, disclose hours	N/A		N/A
(g)	Non-audit fees rendered to Adviser (or affiliate that provided services to Registrant)	N/A		N/A
(h)	Disclose whether the Audit Committee has considered whether the provisions of non-audit services rendered to the Adviser that were NOT pre-approved is compatible with maintaining the auditor’s independence.	Yes		Yes

* (e) (1) The Audit Committee may delegate any portion of its authority, including the authority to grant pre-approvals of audit and permitted non-audit services, to one or more members or a subcommittee. Any decision of the subcommittee to grant pre-approvals shall be presented to the full Audit Committee at its next regularly scheduled meeting.

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Item 5: Audit Committee of Listed Registrants.

The following individuals comprise the standing Audit Committee: Peter R. Brown, Daniel Calabria, Janice B. Case, Charles C. Harris, Leo J. Hill, Russell A. Kimball, William W. Short and John W. Waechter.

Item 6: Schedule of Investments.

The Schedules of Investments are included in the annual report to shareholders filed under Item 1 of this Form N-CSR.

Item 7: Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. Not applicable.

Item 8: Portfolio Managers of Closed-End Management Investment Companies. Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. Not applicable.

Item 10: Submission of Matters to a Vote of Security Holders

The Registrant’s Nominating Committee’s provisions with respect to nominations of Trustees to its Board are as follows:

A candidate for nomination as Trustee submitted by a shareholder will not be deemed to be properly submitted to the Committee for the Committee’s consideration unless the following requirements have been met and procedures followed:

1.Each eligible shareholder or shareholder group may submit no more than one nominee each calendar year.

2.The nominee must satisfy all qualifications provided herein and in the Funds’ organizational documents, including qualification as a possible Independent Trustee if the nominee is to serve in that capacity.

•The nominee may not be the nominating shareholder, a member of the nominating shareholder group or a member of the immediate family of the nominating shareholder or any member of the nominating shareholder group.(1)

•Neither the nominee nor any member of the nominee’s immediate family may be currently employed or employed within the year prior to the nomination by any nominating shareholder entity or entity in a nominating shareholder group.

•Neither the nominee nor any immediate family member of the nominee is permitted to have accepted directly or indirectly, during the year of the election for which the nominee’s name was submitted, during the immediately preceding calendar year, or during the year when the nominee’s name was submitted, any consulting, advisory, or other compensatory fee from the nominating shareholder or any member of a nominating shareholder group.

(1)           Terms such as “immediate family member” and “control” shall be interpreted in accordance with the federal securities laws.

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•The nominee may not be an executive officer, director or person fulfilling similar functions of the nominating shareholder or any member of the nominating shareholder group, or of an affiliate of the nominating shareholder or any such member of the nominating shareholder group.

•The nominee may not control the nominating shareholder or any member of the nominating shareholder group (or, in the case of a holder or member that is a fund, an interested person of such holder or member as defined by Section 2(a)(19) of the 1940 Act).

•A shareholder or shareholder group may not submit for consideration a nominee which has previously been considered by the Committee.

3.In order for the Committee to consider shareholder submissions, the following requirements must be satisfied regarding the shareholder or shareholder group submitting the proposed nominee:

Any shareholder or shareholder group submitting a proposed nominee must beneficially own,

•Any shareholder or shareholder group submitting a proposed nominee must beneficially own, either individually or in the aggregate, more than 5% of a Fund’s (or a series thereof) securities that are eligible to vote both at the time of submission of the nominee and at the time of the Board member election. Each of the securities used for purposes of calculating this ownership must have been held continuously for at least two years as of the date of the nomination. In addition, such securities must continue to be held through the date of the meeting. The nominating shareholder or shareholder group must also bear the economic risk of the investment.

•The nominating shareholder or shareholder group must also submit a certification which provides the number of shares which the person or group has (a) sole power to vote or direct the vote; (b) shared power to vote or direct the vote; (c) sole power to dispose or direct the disposition of such shares; and (d) shared power to dispose or direct the disposition of such shares. In addition the certification shall provide that the shares have been held continuously for at least two years.

4.Shareholders or shareholder groups submitting proposed nominees must substantiate compliance with the above requirements at the time of submitting their proposed nominee as part of their written submission to the attention of the Funds’ Secretary, who will provide all submissions to the Committee. This submission to the Funds must include:

•the shareholder’s contact information;

•the nominee’s contact information and the number of applicable Fund shares owned by the proposed nominee;

•all information regarding the nominee that would be required to be disclosed in solicitations of proxies for elections of directors required by Regulation 14A under the Securities Exchange Act of 1934; and

•a notarized letter executed by the nominee, stating his or her intention to serve as a nominee and be named in a Fund’s proxy statement, if so designated by the Committee and the Funds’ Board.

5.The Committee will consider all submissions meeting the applicable requirements stated herein that are received by December 31 of the most recently completed calendar year.

Item 11: Controls and Procedures.

(a)Based on their evaluation of registrant’s disclosure controls and procedures (as defined in rule 30a-2(c) under the Investment Company Act of 1940 (17 CFR 270.30a-2(c)) as of December 31, 2005, registrant’s principal executive officer and principal financial officer found registrant’s disclosure controls and procedures to be

4

appropriately designed to ensure that information required to be disclosed by registrant in the reports that it files under the Securities Exchange Act of 1934 (a) is accumulated and communicated to registrant’s management, including its principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure, and (b) is recorded, processed, summarized and reported, within the time periods specified in the rules and forms adopted by the U.S. Securities and Exchange Commission.

(b)There have been no significant changes in Registrant’s internal controls over financial reporting that occurred during the Registrant’s second fiscal quarter that has materially affected, or is reasonable likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12: Exhibits.

(a)(1) Registrant’s code of ethics (that is the subject of the disclosure required by Item 2(a)) is attached.

(2) Separate certifications for Registrant’s principal executive officer and principal financial officer, as required by Rule 30a-2(a) under the 1940 Act, are attached.

(3) N/A

(b)A certification for Registrant’s principal executive officer and principal financial officer, as required by Rule 30a-2(b) under the 1940 Act, is attached. The certification furnished pursuant to this paragraph is not deemed to be “filed” for purposes of Section 18 of the Securities Act of 1934, or otherwise subject to liability of that section. Such certification is not deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent that the Registrant specifically incorporates it by reference.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

AEGON/Transamerica Series Trust
(Registrant)
By:	/s/ Brian C. Scott
	Brian C. Scott
	Chief Executive Officer
Date:	March 2, 2006

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Brian C. Scott
	Brian C. Scott
	Chief Executive Officer
Date:	March 2, 2006
By:	/s/ Glenn E. Brightman
	Glenn E. Brightman
	Principal Financial Officer
Date:	March 2, 2006

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EXHIBIT INDEX

Exhibit No.	Description of Exhibit
12(a)(1)	Code of Ethics for Principal Executive and Senior Financial Officers
12(a)(2)(i)	Section 302 N-CSR Certification of Principal Executive Officer
12(a)(2)(ii)	Section 302 N-CSR Certification of Principal Financial Officer
12(b)	Section 906 N-CSR Certification of Principal Executive Officer and Principal Financial Officer

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