As filed with the SEC on September 3, 2004.

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 FUND, INC.

(Exact Name of Registrant as Specified in Charter)

570 Carillon Parkway, St. Petersburg, Florida 33716

(Address of Principal Executive Offices) (Zip Code)

Registrant’s Telephone Number, including Area Code: (727) 299-1800

John K. Carter, Esq. P.O. Box 5068, Clearwater, Florida 33758-5068

(Name and Address of Agent for Service)

Date of fiscal year end: December 31

Date of reporting period: January 1, 2004 – June 30, 2004

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

Investment Options Semi-Annual Report Summer 2004

WRL Investment Options Semi-Annual Report

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 Corporation

www.westernreserve.com

Customer Service: 1-800-851-9777

The following pages contain the most recent semi-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 Fund, 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 Professional in the future.

A financial professional can help you build a comprehensive picture of your current and future financial needs. What’s more, financial professionals are familiar with the market’s history, including long-term returns and volatility of various asset classes. With your financial professional, you can develop an investment program that incorporates factors such as your goals, your investment timeline, and your risk tolerance.

The Securities and Exchange Commission requires that a semi-annual report be sent to all shareholders. The following pages provide a comprehensive review of the investments of each fund as well as the detailed accounting data. The report also provides a discussion of the accounting policies for the funds in addition to any matters presented to the shareholders that may have required their vote.

Please contact your financial professional if you have any questions about the contents of this report.

Sincerely,

Brian C. Scott

President

AEGON/Transamerica Series Fund, Inc.

AEGON Bond

SCHEDULE OF INVESTMENTS

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Principal		Value
U.S. GOVERNMENT OBLIGATIONS (13.7%)
U.S. Government Strips
Zero coupon, due 05/15/2008	$	1,000	$	871
Zero coupon, due 02/15/2010		1,500		1,191
Zero coupon, due 02/15/2011		700		525
Zero coupon, due 05/15/2012		1,200		837
Zero coupon, due 08/15/2012		250		172
Zero coupon, due 11/15/2012		1,000		677
Zero coupon, due 05/15/2013		200		131
Zero coupon, due 11/15/2013 (a)		3,000		1,911
Zero coupon, due 02/15/2014		750		471
Zero coupon, due 02/15/2016		1,650		910
Zero coupon, due 05/15/2016		2,200		1,192
Zero coupon, due 02/15/2017		8,400		4,324
Zero coupon, due 02/15/2019		300		135
Zero coupon, due 02/15/2022		150		56
Zero coupon, due 02/15/2023		750		263
U.S. Treasury Bond
11.75%, due 11/15/2014 (a)		2,500		3,434
7.25%, due 05/15/2016 (a)		2,000		2,419
7.50%, due 11/15/2016 (a)		2,750		3,390
7.25%, due 08/15/2022		300		368
6.25%, due 08/15/2023 (a)		5,000		5,537
7.63%, due 02/15/2025 (a)		1,125		1,444
6.50%, due 11/15/2026		1,500		1,715
Total U.S. Government Obligations (cost: $30,656)				31,973
U.S. GOVERNMENT AGENCY OBLIGATIONS (52.1%)
Fannie Mae
7.00%, due 01/25/2008		1,043		1,086
8.00%, due 07/01/2009		509		543
6.50%, due 12/25/2012		1,024		1,066
5.00%, due 11/25/2015		1,500		1,498
7.00%, due 12/25/2016		1,220		1,294
9.50%, due 06/25/2018		573		624
5.00%, due 07/25/2022		178		178
5.00%, due 05/15/2023		698		701
5.50%, due 05/25/2023		500		486
6.50%, due 11/25/2025		186		185
8.00%, due 01/15/2030		2,083		2,217
7.25%, due 09/15/2030		2,000		2,093
7.25%, due 12/15/2030		1,000		1,042
7.00%, due 03/25/2031		613		644
6.50%, due 04/15/2031		2,098		2,184
7.00%, due 09/25/2031		875		920
7.00%, due 11/25/2031		602		631
6.50%, due 04/25/2032		2,185		2,281
5.75%, due 06/25/2033		750		691
5.50%, due 02/25/2034		600		603
6.50%, due 10/25/2042		358		373
6.50%, due 12/25/2042		1,275		1,330
7.50%, due 12/25/2042		613		656
Zero coupon, due 04/25/2034.		144		76

	Principal		Value
Fannie Mae–Conventional Pool
7.50%, due 01/01/2008	$	417	$	435
6.50%, due 04/01/2008		468		487
6.50%, due 04/01/2009		344		365
5.50%, due 06/01/2012		407		420
5.00%, due 12/01/2016		395		398
5.50%, due 03/01/2017		1,030		1,054
6.50%, due 03/01/2017		369		390
5.50%, due 09/01/2017		719		735
4.50%, due 03/01/2019		982		961
9.00%, due 10/01/2019		633		710
9.00%, due 06/01/2025		289		326
6.00%, due 12/01/2032		766		783
6.00%, due 03/01/2033		1,046		1,069
Fannie Mae–Series 2001-5
6.00%, due 03/25/2016		1,000		1,051
Fannie Mae–Series 2001-44
7.00%, due 09/25/2031		1,000		1,054
Fannie Mae–Series 2002-1
6.50%, due 02/25/2022		1,000		1,030
Fannie Mae–Series 2002-18 PC
5.50%, due 04/25/2017		1,000		1,029
Fannie Mae–Series 2002-48
6.50%, due 11/25/2032		1,000		1,042
Fannie Mae–Series 2002-59
6.50%, due 04/25/2032		1,500		1,578
Fannie Mae–Series 2002-W5
6.00%, due 07/25/2029		1,000		1,031
Fannie Mae–Series 2503
5.50%, due 11/15/2015		1,300		1,348
Fannie Mae–Series G94-13
7.00%, due 06/17/2022		870		902
Fannie Mae (c)
12.91%, due 10/25/2008		314		344
21.61%, due 02/25/2032		213		253
12.47%, due 12/25/2032		282		274
10.95%, due 07/25/2033		298		204
5.97%, due 08/25/2033		340		248
10.67%, due 09/25/2033		211		199
7.43%, due 03/25/2034		236		148
16.50%, due 04/25/2034		496		542
16.50%, due 05/25/2034		744		808
Fannie Mae Strip
Zero coupon, due 01/01/2033		312		226
Zero coupon, due 08/01/2033		187		128
Freddie Mac
6.50%, due 02/15/2008		259		264
6.88%, due 09/15/2010		500		561
5.75%, due 01/15/2012		200		211
6.00%, due 02/15/2013		1,272		1,320
6.50%, due 02/15/2013		1,517		1,528
5.50%, due 09/15/2013		883		904

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

AEGON Bond    1

AEGON Bond

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Principal		Value
Freddie Mac (continued)
6.50%, due 10/15/2013	$	142	$	145
6.00%, due 12/15/2013		5,067		5,322
5.00%, due 07/15/2014		1,000		1,022
6.00%, due 08/15/2015		2,000		2,065
8.50%, due 11/15/2015		99		101
5.50%, due 02/15/2017		1,000		1,023
6.00%, due 01/15/2019		750		758
8.50%, due 09/15/2020		524		535
5.50%, due 12/15/2022		1,000		1,003
7.50%, due 02/15/2023		1,579		1,672
7.00%, due 03/15/2024		1,000		1,072
7.50%, due 09/15/2028		192		193
7.00%, due 06/15/2029		1,000		1,088
6.00%, due 11/15/2029		564		570
6.00%, due 05/15/2030		500		508
7.50%, due 08/15/2030		701		722
7.00%, due 10/15/2030		1,292		1,364
6.50%, due 08/15/2031		541		567
6.38%, due 03/15/2032		1,000		1,031
6.50%, due 03/15/2032		729		756
7.00%, due 03/15/2032		5,000		5,264
7.00%, due 04/15/2032		1,000		1,053
7.00%, due 05/15/2032		1,735		1,805
6.50%, due 06/15/2032		600		631
6.50%, due 07/15/2032		849		901
6.00%, due 11/15/2032		500		499
6.00%, due 02/15/2033		500		495
0.00%, due 03/15/2034		150		68
6.50%, due 02/25/2043		1,362		1,420
7.00%, due 02/25/2043		448		473
Freddie Mac–Gold Pool
6.50%, due 05/01/2009		425		450
6.50%, due 04/01/2016		246		260
6.50%, due 12/01/2017		740		781
Freddie Mac–Series 2357 VX
6.50%, due 12/15/2017		1,000		1,047
Freddie Mac–Series 2392
6.00%, due 12/15/2020		1,000		1,031
Freddie Mac–Series 2410
5.50%, due 02/15/2009		1,303		1,342
Freddie Mac–Series 2527
5.50%, due 10/15/2013		889		906
Freddie Mac–Series T-41
7.50%, due 07/25/2032		1,461		1,566
Freddie Mac–Series T-51
7.50%, due 08/25/2042		632		674
Freddie Mac (c)
6.60%, due 07/15/2017		3,109		258
6.90%, due 03/15/2032		917		94
10.00%, due 03/25/2032		134		148
5.90%, due 02/15/2033		3,094		299
6.45%, due 02/15/2033		1,985		216

	Principal		Value
Freddie Mac (c) (continued)
6.00%, due 03/15/2033	$	3,135	$	317
7.36%, due 10/15/2033		242		157
7.36%, due 11/15/2033		142		88
7.43%, due 01/15/2034		700		383
9.80%, due 02/15/2034		150		128
Ginnie Mae
5.50%, due 12/20/2013		901		921
6.50%, due 10/16/2024		1,200		1,266
9.00%, due 05/16/2027		151		165
6.50%, due 04/20/2029		699		719
7.50%, due 11/20/2029		1,057		1,144
8.50%, due 02/16/2030		722		792
8.00%, due 06/20/2030		288		305
7.50%, due 09/20/2030		781		816
6.50%, due 03/20/2031		1,000		1,039
7.00%, due 10/20/2031		477		511
6.50%, due 12/20/2031		773		797
6.50%, due 06/20/2032		1,900		1,970
6.50%, due 07/16/2032		1,000		1,022
6.50%, due 07/20/2032		849		880
6.50%, due 08/20/2032		500		514
Zero coupon, due 03/16/2033		181		147
Zero coupon, due 06/16/2033		353		175
6.50%, due 06/20/2033		850		900
Zero coupon, due 08/20/2033		77		38
Ginnie Mae–FHA/VA Pool
7.50%, due 09/15/2009		670		711
8.00%, due 01/15/2016		392		415
7.00%, due 07/15/2017		535		571
6.50%, due 03/15/2023		550		579
Ginnie Mae–Series 1999-44
8.00%, due 12/20/2029		651		687
Ginnie Mae–Series 2000-36
7.33%, due 11/20/2030		293		307
Ginnie Mae–Series 2002-2
6.50%, due 01/20/2019		500		520
Ginnie Mae–Series 2002-7
6.50%, due 01/20/2032		1,000		1,035
Ginnie Mae–Series 2002-29
6.50%, due 02/16/2013		503		505
Ginnie Mae–Series 2002-40
6.50%, due 07/20/2022		1,500		1,521
Ginnie Mae–Series 2002-67
6.00%, due 03/20/2013		4,369		4,517
Ginnie Mae–Series 2002-71
6.00%, due 12/20/2014		902		923
Ginnie Mae (c)
27.78%, due 04/20/2031		223		276
5.50%, due 01/20/2032		1,091		226
6.85%, due 04/16/2032		1,454		147
16.64%, due 04/16/2034		149		158
Total U.S. Government Agency Obligations (cost: $124,116 )				121,252

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

AEGON Bond    2

AEGON Bond

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Principal		Value
FOREIGN GOVERNMENT OBLIGATIONS (0.4%)
United Mexican States
4.63%, due 10/08/2008	$	330	$	325
6.38%, due 01/16/2013		75		75
7.50%, due 04/08/2033		600		581
Total Foreign Government Obligations (cost: $993)				981
MORTGAGE-BACKED SECURITIES (11.6%)
Aetna Commercial Mortgage Trust 1997-ALIC
6.71%, due 01/15/2006		1,775		1,799
American Housing Trust
9.13%, due 04/25/2021		334		334
CBM Funding Corporation
7.08%, due 11/01/2007		1,439		1,524
Citicorp Mortgage Securities, Inc.
7.50%, due 04/25/2025		140		139
Commercial Mortgage Asset Trust 1999-C1
6.59%, due 07/17/2008		2,000		2,158
Commercial Mortgage Pass-Through Certificate
6.30%, due 07/16/2034		4,000		4,217
Countrywide Alternative Loan Trust–Series 2001-6
7.00%, due 07/25/2031		450		450
Countrywide Alternative Loan Trust–Series 2002-26
6.75%, due 04/25/2032		901		901
Countrywide Home Loans, Inc.
3.25%, due 05/21/2008		250		240
Countrywide Home Loans, Inc.–Series L
4.00%, due 03/22/2011		225		210
GE Capital Commercial Mortgage Corporation
6.44%, due 08/11/2033		3,000		3,233
LB Commercial Conduit Mortgage Trust 1999-C1
6.41%, due 06/15/2031		1,208		1,261
MASTR Asset Securitization Trust
6.50%, due 07/25/2032		391		390
Morgan Stanley Capital I Inc. (c)
6.88%, due 11/15/2030		2,000		2,175
Norwest Intergrated Structured Assets, Inc. 2000-1
7.50%, due 03/25/2030		425		427
Prudential Securities Secured Financing Corporation
6.51%, due 07/15/2008		3,000		3,233
Residential Accredit Loans, Inc.
14.32%, due 10/25/2017 (c)		252		274
7.75%, due 12/25/2030		216		216
Residential Accredit Loans, Inc.–Series 2002-QS6
6.50%, due 05/25/2032		147		147
Residential Accredit Loans, Inc.–Series 2003-QS3 (c)
14.08%, due 02/25/2018		191		204
Residential Asset Mortgage Products, Inc.
6.29%, due 10/25/2031		277		281
Structured Asset Securities Corporation
6.85%, due 02/25/2031		114		114

	Principal		Value
Vendee Mortgage Trust
7.50%, due 02/15/2027	$	1,730	$	1,921
Vendee Mortgage Trust–Series 2003-1
5.75%, due 12/15/2020		641		658
Washington Mutual MSC Mortgage Pass-Through Certificate
Zero coupon, due 03/25/2033		296		194
Washington Mutual, Inc.
Zero coupon, due 11/25/2017		366		311
Total Mortgage-Backed Securities (cost: $26,197)				27,011
ASSET-BACKED SECURITIES (2.6%)
AmeriCredit Automobile Receivables Trust 2002-A
4.61%, due 01/12/2009		200		204
CIT RV Trust 1998-A
6.09%, due 02/15/2012		465		472
MBNA Credit Card Master Note Trust–Series 2003-C1 (c)
2.86%, due 06/15/2012		150		159
MBNA Master Credit Card Trust 1999-J
7.85%, due 02/15/2012		300		342
Nomura Asset Acceptance Corporation
7.00%, due 04/25/2033		97		98
6.00%, due 05/25/2033		322		331
Onyx Acceptance Auto Trust 2002-C
4.07%, due 04/15/2009		1,000		1,015
SYSTEMS 2001 Asset Trust Pass-Through Certificate, Class G–144A
6.66%, due 09/15/2013		1,438		1,551
WFS Financial Owner Trust 2002-2
4.50%, due 02/20/2010		1,750		1,787
Total Asset-Backed Securities (cost: $5,774 )				5,959
CORPORATE DEBT SECURITIES (16.4%)
Air Transportation (0.2%)
Continental Airlines, Inc.
6.90%, due 01/02/2017		380		293
Delta Air Lines, Inc.
6.42%, due 07/02/2012		250		259
Auto Repair, Services & Parking (0.0%)
PHH Corporation
7.13%, due 03/01/2013		100		109
Automotive (1.6%)
DaimlerChrysler North America Holding Corporation
7.38%, due 09/15/2006		1,000		1,074
Ford Motor Company
6.63%, due 02/15/2028		550		482
General Motors Corporation
6.85%, due 10/15/2008		2,000		2,097

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

AEGON Bond    3

AEGON Bond

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Principal		Value
Business Credit Institutions (0.7%)
Ford Motor Credit Company
7.38%, due 10/28/2009	$	1,000	$	1,067
MassMutual Global Funding II–144A
3.50%, due 03/15/2010		150		142
Principal Life Global Funding–144A
2.80%, due 06/26/2008		140		134
6.25%, due 02/15/2012		250		267
Business Services (0.1%)
International Lease Finance Corporation
4.50%, due 05/01/2008		75		76
5.88%, due 05/01/2013		75		77
Chemicals & Allied Products (1.0%)
Dow Chemical Company (The)
6.13%, due 02/01/2011		260		275
DSM NV–144A
6.75%, due 05/15/2009		2,000		2,166
Commercial Banks (1.9%)
Bank of America Corporation
7.40%, due 01/15/2011		2,000		2,267
Citigroup Inc.
7.25%, due 10/01/2010		500		563
Corporacion Andina de Fomento
5.20%, due 05/21/2013		100		96
First Union National Bank
7.80%, due 08/18/2010		250		289
KeyCorp
4.70%, due 05/21/2009		100		100
Popular North America, Inc.
4.25%, due 04/01/2008		150		150
State Street Corporation
7.65%, due 06/15/2010		300		349
SunTrust Banks, Inc.
6.38%, due 04/01/2011		250		271
Wells Fargo & Company
3.13%, due 04/01/2009		260		247
Communication (1.1%)
Comcast Corporation
5.50%, due 03/15/2011		350		353
Cox Communications, Inc.
6.75%, due 03/15/2011		1,500		1,617
Liberty Media Corporation
5.70%, due 05/15/2013		25		25
Tele-Communications, Inc.
9.80%, due 02/01/2012		500		627
Computer & Office Equipment (0.1%)
International Business Machines Corporation
6.22%, due 08/01/2027		250		255

	Principal		Value
Electric Services (0.7%)
Appalachian Power Company
4.80%, due 06/15/2005	$	200	$	204
Constellation Energy Group, Inc.
7.00%, due 04/01/2012		250		272
Dominion Resources, Inc.
6.25%, due 06/30/2012		240		252
DTE Energy Company
6.65%, due 04/15/2009		200		214
Duke Energy Corporation
4.20%, due 10/01/2008		50		49
5.63%, due 11/30/2012		200		199
Exelon Generation Company, LLC
6.95%, due 06/15/2011		250		274
Ohio Valley Electric Corporation–144A
5.94%, due 02/12/2006		125		131
PSEG Power LLC
7.75%, due 04/15/2011		115		130
Food Stores (0.1%)
Kroger Co. (The)
8.05%, due 02/01/2010		200		230
Gas Production & Distribution (0.1%)
KeySpan Gas East Corporation
7.88%, due 02/01/2010		100		116
Southern California Gas Company
4.80%, due 10/01/2012		100		98
General Obligation-State (0.2%)
Illinois State, Pension Funding, General Obligation Bonds
5.10%, due 06/01/2033		600		532
Holding & Other Investment Offices (0.1%)
EOP Operating Limited Partnership
6.75%, due 02/15/2012		300		322
Insurance (0.1%)
MGIC Investment Corporation
6.00%, due 03/15/2007		150		159
Life Insurance (0.6%)
ASIF Global Financing XIX–144A
4.90%, due 01/17/2013		500		488
ASIF Global Financing XX–144A
2.65%, due 01/17/2006		200		199
John Hancock Global Funding, Ltd.–144A
7.90%, due 07/02/2010		300		348
New York Life Global Funding–144A
3.88%, due 01/15/2009		200		197
Protective Life Secured Trusts (Protective Life Insurance Company)
4.00%, due 04/01/2011		250		237

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

AEGON Bond    4

AEGON Bond

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Principal		Value
Mortgage Bankers & Brokers (0.3%)
Captiva Finance Ltd.–144A
6.86%, due 11/30/2009	$	777	$	777
Motion Pictures (0.5%)
Time Warner Inc.
8.18%, due 08/15/2007		400		447
9.15%, due 02/01/2023		500		618
Paper & Allied Products (0.1%)
International Paper Company
6.50%, due 11/15/2007		50		54
4.25%, due 01/15/2009		65		64
4.00%, due 04/01/2010		165		157
Personal Credit Institutions (2.5%)
American General Finance Corporation
4.50%, due 11/15/2007		170		173
5.38%, due 10/01/2012		100		100
General Electric Capital Corporation
4.25%, due 01/15/2008		700		709
4.63%, due 09/15/2009		500		505
6.13%, due 02/22/2011		500		535
5.88%, due 02/15/2012		200		210
6.00%, due 06/15/2012		750		791
General Motors Acceptance Corporation
7.25%, due 03/02/2011		1,500		1,574
Household Finance Corporation
6.40%, due 06/17/2008		100		108
6.75%, due 05/15/2011		760		831
Toyota Motor Credit Corporation
2.88%, due 08/01/2008		100		96
Railroads (0.1%)
Burlington Northern Santa Fe Corporation
7.13%, due 12/15/2010		200		223
Savings Institutions (0.1%)
Washington Mutual Bank, FA
6.88%, due 06/15/2011		250		274
Security & Commodity Brokers (2.1%)
Bear Stearns Companies Inc. (The)
3.25%, due 03/25/2009		500		473
Credit Suisse First Boston (USA), Inc.
4.70%, due 06/01/2009		125		125
Goldman Sachs Group, Inc. (The)
6.88%, due 01/15/2011		1,500		1,647
Lehman Brothers Holdings Inc.
7.88%, due 08/15/2010		1,000		1,162
Morgan Stanley
4.25%, due 05/15/2010		500		491
6.75%, due 04/15/2011		400		438
6.60%, due 04/01/2012		250		269
4.75%, due 04/01/2014		145		134

	Principal		Value
Telecommunications (2.1%)
AT&T Wireless Services, Inc.
7.50%, due 05/01/2007	$	225	$	247
7.88%, due 03/01/2011		100		114
BellSouth Corporation
6.00%, due 10/15/2011		250		263
BT Group PLC
8.88%, due 12/15/2030		1,000		1,234
France Telecom (d)
8.75%, due 03/01/2011		200		232
NYNEX Capital Funding Company
8.23%, due 10/15/2009		400		461
NYNEX Corporation
9.55%, due 05/01/2010		217		248
Sprint Capital Corporation
6.88%, due 11/15/2028		800		769
Verizon Communications Inc.
7.51%, due 04/01/2009		475		531
8.35%, due 12/15/2030		500		601
Total Corporate Debt Securities (cost: $36,587)				38,063
SECURITY LENDING COLLATERAL (5.5%)
Debt (4.5%)
Agency Discount Notes (0.4%)
Fannie Mae
0.96%, due 07/01/2004		304		304
Federal Home Loan Bank
0.96%, due 07/01/2004		380		380
0.99%, due 07/01/2004		152		152
0.97%, due 07/02/2004		190		190
Bank Notes (0.1%)
Credit Suisse First Boston (USA), Inc.
1.13%, due 09/08/2004		76		76
Deutsche Bank AG
1.16%, due 10/12/2004		190		190
Commercial Paper (1.4%)
Compass Securitization–144A
1.25%, due 07/23/2004		266		266
Falcon Asset Securitization Corp–144A
1.27%, due 07/20/2004		190		190
General Electric Capital Corporation
1.20%, due 07/19/2004		190		190
1.21%, due 07/22/2004		152		152
1.22%, due 07/23/2004		152		152
1.23%, due 07/26/2004		190		190
1.22%, due 08/04/2004		379		379
Govco Incorporated–144A
1.25%, due 08/02/2004		76		76
Greyhawk Funding LLC–144A
1.12%, due 07/13/2004		152		152
1.22%, due 07/20/2004		76		76

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

AEGON Bond    5

AEGON Bond

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Principal		Value
Commercial Paper (continued)
Jupiter Securitization Corp–144A
1.07%, due 07/02/2004	$	76	$	76
Morgan Stanley
1.58%, due 10/22/2004		175		175
1.58%, due 12/10/2004		494		494
1.58%, due 03/16/2005		479		479
Sheffield Receivables–144A
1.24%, due 07/20/2004		114		114
Euro Dollar Overnight (0.2%)
Bank of Nova Scotia (The)
1.04%, due 07/06/2004		190		190
Den Danske Bank
1.08%, due 07/02/2004		190		190
Euro Dollar Terms (1.1%)
Bank of America Corporation
1.08%, due 07/19/2004		76		76
Bank of Montreal
1.20%, due 07/23/2004		39		39
Bank of Nova Scotia (The)
1.20%, due 07/14/2004		190		190
1.24%, due 07/23/2004		38		38
Bank of the West Inc.
1.28%, due 07/28/2004		76		76
Branch Banking & Trust
1.08%, due 07/14/2004		38		38
Calyon
1.16%, due 07/15/2004		722		722
1.17%, due 08/04/2004		114		114
1.34%, due 08/24/2004		266		266
Fortis Bank
1.19%, due 07/14/2004		38		38
1.29%, due 09/03/2004		76		76
HBOS PLC
1.30%, due 09/03/2004		76		76
Royal Bank of Canada
1.05%, due 07/08/2004		114		114
Royal Bank of Scotland Group PLC (The)
1.06%, due 07/30/2004		342		342

	Principal		Value
Euro Dollar Terms (continued)
Wells Fargo & Company
1.19%, due 07/14/2004	$	152	$	152
1.25%, due 07/23/2004		76		76
1.24%, due 07/26/2004		76		76
Master Notes (0.2%)
Bear Stearns Companies Inc. (The)
1.64%, due 09/08/2004		228		228
1.64%, due 12/15/2004		152		152
Repurchase Agreements (1.1%) (b)
Credit Suisse First Boston (USA), Inc. 1.54%, Repurchase Agreement dated 06/30/2004 to be repurchased at $891 on 07/01/2004		891		891
Goldman Sachs Group Inc. (The) 1.54%, Repurchase Agreement dated 06/30/2004 to be repurchased at $380 on 07/01/2004		380		380
Merrill Lynch & Co., Inc. 1.54%, Repurchase Agreement dated 06/30/2004 to be repurchased at $1,153 on 07/01/2004		1,153		1,153
Morgan Stanley 1.58%, Repurchase Agreement dated 06/30/2004 to be repurchased at $342 on 07/01/2004		342		342
	Shares		Value
Investment Companies (1.0%)
Money Market Funds (1.0%)
Merrill Lynch Premier Institutional Fund 1-day yield of 1.17%		315,057	$	315
Merrimac Cash Fund– Premium Class 1-day yield of 1.11%		1,955,331		1,955
Total Security Lending Collateral (cost: $12,758)				12,758
Total Investment Securities (cost: $237,081)			$	237,997
SUMMARY:
Investments, at value		102.3%	$	237,997
Liabilities in excess of other assets		(2.3)%		(5,371	)
Net assets		100.0%	$	232,626

NOTES TO SCHEDULE OF INVESTMENTS:

(a) At June 30, 2004, all or a portion of this security is on loan (see Note 1). The value at June 30, 2004, of all securities on loan is $12,207.

(b) Cash collateral for the Repurchase Agreements, valued at $2,819, that serve as collateral for securities lending are invested in corporate bonds with interest rates and maturity dates ranging from 0.00%–9.88% and 08/01/2004–09/25/2099, respectively.

(c) Floating or variable rate note. Rate is listed as of June 30, 2004.

(d) Securities are stepbonds. France Telecom has a coupon rate 8.75% until 09/01/2004, thereafter the coupon rate will be 8.50%.

DEFINITIONS:

144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2004, these securities aggregated $7,350 or 3.16% of the net assets of the Fund.

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

AEGON Bond    6

AEGON Bond

STATEMENT OF ASSETS AND LIABILITIES

At June 30, 2004

(all amounts except per share amounts in thousands)

(unaudited)

Assets:
Investment securities, at value (cost: $ 237,081) (including securities loaned of $12,207)	$	237,997
Cash		5,766
Receivables:
Interest		1,736
Other		13
		245,512
Liabilities:
Accounts payable and accrued liabilities:
Management and advisory fees		95
Service fees		1
Payable for collateral for securities on loan		12,758
Other		32
		12,886
Net Assets	$	232,626
Net Assets Consist of:
Capital stock, 75,000 shares authorized ($.01 par value)	$	183
Additional paid-in capital		208,492
Undistributed net investment income		22,650
Undistributed net realized gain (loss) from: Investment securities		385
Net unrealized appreciation (depreciation) on: Investment securities		916
Net Assets	$	232,626
Net Assets by Class:
Initial Class	$	228,734
Service Class		3,892
Shares Outstanding:
Initial Class		18,054
Service Class		295
Net Asset Value and Offering Price Per Share:
Initial Class	$	12.67
Service Class		13.21

STATEMENT OF OPERATIONS

For the period ended June 30, 2004

(all amounts in thousands)

(unaudited)

Investment Income:
Interest	$	7,409
Income from loaned securities–net		8
		7,417
Expenses:
Management and advisory fees		553
Printing and shareholder reports		43
Custody fees		40
Administration fees		19
Legal fees		1
Auditing and accounting fees		7
Directors fees		4
Service fees:
Service Class		3
Total expenses		670
Net Investment Income (Loss)		6,747
Net Realized Gain (Loss) from:
Investment securities		(487	)
Net Increase (Decrease) in Unrealized Appreciation (Depreciation) on:
Investment securities		(5,093	)
Net Gain (Loss) on Investment Securities		(5,580	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	1,167

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

AEGON Bond    7

AEGON Bond

STATEMENTS OF CHANGES IN NET ASSETS

For the year or period ended

(all amounts in thousands)

	June 30, 2004 (unaudited)			December 31, 2003
Increase (Decrease) In Net Assets From:
Operations:
Net investment income (loss)	$	6,747		$	15,903
Net realized gain (loss) from investment securities		(487	)		4,563
Net unrealized appreciation (depreciation) on investment securities		(5,093	)		(6,785	)
		1,167			13,681
Distributions to Shareholders:
From net investment income:
Initial Class		–			(14,289	)
Service Class		–			(2	)
		–			(14,291	)
From net realized gains:
Initial Class		–			–
Service Class		–			–
		–			–
Capital Share Transactions:
Proceeds from shares sold:
Initial Class		8,325			57,976
Service Class		3,212			1,453
		11,537			59,429
Dividends and distributions reinvested:
Initial Class		–			14,289
Service Class		–			2
		–			14,291
Cost of shares redeemed:
Initial Class		(45,465	)		(138,710	)
Service Class		(596	)		(151	)
		(46,061	)		(138,861	)
		(34,524	)		(65,141	)
Net increase (decrease) in net assets		(33,357	)		(65,751	)
Net Assets:
Beginning of period		265,983			331,734
End of period	$	232,626		$	265,983
Undistributed Net Investment Income	$	22,650		$	15,903

	June 30, 2004 (unaudited)		December 31, 2003
Share Activity:
Shares issued:
Initial Class	649		4,539
Service Class	240		112
	889		4,651
Shares issued–reinvested from distributions:
Initial Class	–		1,172
Service Class	–		–
	–		1,172
Shares redeemed:
Initial Class	(3,577	)	(10,887	)
Service Class	(45	)	(12	)
	(3,622	)	(10,899	)
Net increase (decrease) in shares outstanding:
Initial Class	(2,928	)	(5,176	)
Service Class	195		100
	(2,733	)	(5,076	)

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

AEGON Bond    8

AEGON Bond

FINANCIAL HIGHLIGHTS

(unaudited for the period ended June 30, 2004)

	For the Period Ended (b)	For a share outstanding throughout each period (a)
		Net Asset Value, Beginning of Period		Investment Operations								Distributions								Net Asset Value, End of Period
				Net Investment Income (Loss)		Net Realized and Unrealized Gain (Loss)			Total Operations			From Net Investment Income			From Net Realized Gains		Total Distributions
Initial Class	06/30/2004	$	12.61	$	0.35	$	(0.29	)	$	0.06		$	–		$	–	$	–		$	12.67
	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
	12/31/2000		10.61		0.67		0.48			1.15			(0.62	)		–		(0.62	)		11.14
	12/31/1999		11.59		0.64		(0.97	)		(0.33	)		(0.65	)		–		(0.65	)		10.61
Service Class	06/30/2004		13.16		0.35		(0.30	)		0.05			–			–		–			13.21
	12/31/2003		12.97		0.40		(0.17	)		0.23			(0.04	)		–		(0.04	)		13.16

	For the Period Ended (b)	Total Return (c)(g)		Ratios/Supplemental Data
				Net Assets, End of Period (000’s)		Ratio of Expenses to Average Net Assets (f)				Net Investment Income (Loss) to Average Net Assets (f)		Portfolio Turnover Rate (g)
						Net (d)		Total (e)
Initial Class	06/30/2004	0.48	%	$	228,734	0.54	%	0.54	%	5.49	%	6	%
	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
	12/31/2000	10.89			142,027	0.53		0.53		6.06		45
	12/31/1999	(2.94	)		153,885	0.53		0.53		5.67		26
Service Class	06/30/2004	0.38			3,892	0.79		0.79		5.27		6
	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) The inception dates of the Fund’s share classes are 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 fee waivers by the investment adviser, if any (see note 2).

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

(f) Annualized.

(g) Not annualized for periods of less than one year.

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

AEGON Bond    9

AEGON Bond

NOTES TO FINANCIAL STATEMENTS

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

The AEGON/Transamerica Series Fund, Inc. (“ATSF”) is a Maryland corporation registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. ATSF serves as a funding vehicle for variable life insurance, variable annuity and group annuity products. AEGON Bond (“the Fund”), part of ATSF, began operations on October 2, 1986.

In the normal course of business the Fund enters into contracts that contain a variety of representations and warranties, which 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.

See the Prospectus and Statement of Additional Information for a description of the Fund’s investment objective.

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 policies were consistently followed by the Fund, in accordance with GAAP.

Multiple class operations 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.

Pricing of shares: The Fund prices its shares on the basis of the net asset value of each class of shares of the Fund, which is determined as of the close of the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern Time) on each day on which the NYSE is open for trading (other than a day on which there are insufficient changes in the value of the Fund’s portfolio securities to materially affect the Fund’s net asset value or a day on which no shares are tendered for redemption and no order to purchase any shares is received).

Security valuations: Fund investments traded on an exchange are valued at the closing price on the day of valuation on the exchange where the security is principally traded.

Debt securities are valued by independent pricing services; 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 also are valued at fair market value as determined in good faith using guidelines established by and under the supervision of the Board of Directors and the Fund’s Valuation Committee. These guidelines may include: the type of security; any restrictions on its resale; financial or business news of the issuer; similar or related securities that are actively trading; related corporate actions; and other significant events occurring after the close of trading in the security.

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 June 30, 2004, was paying an interest rate of 0.75%.

Repurchase agreements: The Fund is authorized to enter into repurchase agreements. The Fund, through 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. Repurchase agreements involve the risk that the seller will fail to repurchase the security, as agreed. In that case, 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 are incurred.

Securities lending: The Fund may lend securities to enhance fund earnings from investing cash collateral received in making such loans to qualified borrowers (typically broker/dealers). The Fund has engaged its custodian bank, IBT, as a lending agent to administer its securities lending program. IBT earned $4 of program net income for its services. When the Fund makes a security loan, it receives cash collateral as protection against the risk that the borrower will default on the loan, and records an asset for the cash invested collateral and a liability for the return of the collateral.

Loans of securities are required to be secured by collateral at least equal to 102% of the value of the securities at inception of the loan, and not less then 100% thereafter. The Fund may invest cash collateral in short-term money market instruments including: U.S. Treasury Bills, U.S. agency obligations, commercial paper, money market mutual funds, repurchase agreements and other highly rated, liquid investments. During the life of securities loans, the collateral and securities loaned remain subject to fluctuation in value. IBT marks to market securities loaned and the collateral each business day. If additional collateral is due (at least $1), IBT collects additional cash collateral from the borrowers. Although securities loaned will be fully collateralized at all times, IBT may experience delays in, or may be prevented from, recovering the collateral on behalf of the Fund. The Fund may recall a loaned security position at any time from the borrower through IBT. In the event the borrower fails to timely return a recalled security, IBT may indemnify the Fund by purchasing replacement securities for the Fund at its own expense and claiming the collateral to fund such a purchase. IBT absorbs the loss if the collateral value is not sufficient to cover the cost of the replacement securities. If replacement securities are not available, IBT will credit the equivalent cash value to the Fund.

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

AEGON Bond    10

AEGON Bond

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1–(continued)

While a security is on loan, the Fund does not have the right to vote that security. However, if time permits, the Fund will attempt to recall a security on loan and vote the proxy.

Income from securities lending is included in the Statement of Operations. The amount of collateral and value of securities on loan are included in the Statement of Assets and Liabilities as well as in the Schedule of Investments.

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. Interest income, including accretion of discounts and amortization of premiums, is recorded on the accrual basis commencing on the settlement date.

Dividend distributions: Dividend 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

AEGON/Transamerica Fund Advisers, Inc. (“ATFA”) is the Fund’s investment adviser. AEGON/Transamerica Fund Services, Inc. (“ATFS”) is the Fund’s administrator and transfer agent. AFSG Securities Corp. (“AFSG”) is the Fund’s distributor. AFSG is 100% owned by AUSA Holding Company (“AUSA”). ATFA is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) (“WRL”) and AUSA (22%). ATFS is a wholly owned subsidiary of WRL. AUSA and WRL are wholly owned indirect subsidiaries of AEGON NV, a Netherlands corporation.

Certain officers and directors of the Fund are also officers and/or directors of ATFA, ATFS, AFSG and WRL. No affiliated officer or director receives any compensation directly from the Fund.

Investment advisory fees: The Fund pays management fees to ATFA based on average daily net assets (“ANA”) at the following rate:

0.45% of ANA

ATFA 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 limitations 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 are no amounts subject to recapture at June 30, 2004.

Distribution and services fees: The Fund adopted a distribution plan (“Distribution Plan”) pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended. Pursuant to the Distribution Plan, ATSF entered into a Distribution Agreement with AFSG effective May 1, 1999.

Under the Distribution Plan and Distribution Agreement on the Initial Class shares, AFSG, on behalf of the Fund, is authorized to pay various affiliated 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 ATSF 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, 2005. 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 ATFS for financial and legal fund administration services, which includes such items as compliance, expenses, financial statements and other reporting, distributions, tax returns, prospectus preparation, board of directors meeting support, transfer agency and other legal matters. The Legal fees on the Statement of Operations are for fees paid to external legal counsel. The Fund paid ATFS $19, for the period ended June 30, 2004.

Deferred compensation plan: Each eligible Fund Director may elect participation in the Deferred Compensation Plan for Directors of ATSF (“the Plan”). Under the Plan, such Directors may defer payment of a percentage of their total fees earned as a Fund Director. These deferred

amounts may be invested in any portfolio of Transamerica IDEX Mutual Funds, an affiliate of the Fund. At June 30, 2004, the value of invested plan amounts was $9. Invested plan amounts and the total liability for deferred compensation to the Directors under the Plan at June 30, 2004, are included in Net assets in the accompanying Statement of Assets and Liabilities.

NOTE  3. INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the period ended June 30, 2004, were as follows:

Purchases of securities:
Long-Term excluding U.S. Government	$	5,389
U.S. Government		10,111
Proceeds from maturities and sales of securities:
Long-Term excluding U.S. Government		18,650
U.S. Government		26,528

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

AEGON Bond    11

AEGON Bond

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  4. FEDERAL INCOME TAX MATTERS

The Fund has not made any provision for federal income 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 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 treatments for items including, but not limited to, wash sales, net operating losses and capital loss carryforwards.

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of June 30, 2004, are as follows:

Federal Tax Cost Basis	$	237,081
Unrealized Appreciation	$	5,213
Unrealized (Depreciation)		(4,297	)
Net Unrealized Appreciation (Depreciation)	$	916

NOTE  5. OTHER MATTERS

ATSF, and certain of its affiliated entities, have received requests for information from the Staff of the Securities and Exchange Commission in connection with market timing and late trading within the funds. ATSF and the affiliated entities have voluntarily cooperated in the investigation and have been providing the information as requested.

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

AEGON Bond    12

American Century International

SCHEDULE OF INVESTMENTS

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Shares	Value
CONVERTIBLE PREFERRED STOCKS (0.7%)
Switzerland (0.7%)
Compagnie Financiere Richemont AG–Units	80,260	$	2,095
Total Convertible Preferred Stocks (cost: $1,952)			2,095
PREFERRED STOCKS (0.6%)
Australia (0.0%)
News Corporation Limited (The)–ADR	731		24
Germany (0.6%)
Porsche AG	2,740		1,843
Total Preferred Stocks (cost: $1,361)			1,867
COMMON STOCKS (95.7%)
Australia (2.5%)
BHP Billiton Limited	302,400		2,638
Commonwealth Bank of Australia	85,750		1,945
QBE Insurance Group Limited	312,570		2,785
Austria (1.4%)
Erste Bank der oesterreichischen Sparkassen AG	26,124		4,105
Bermuda (2.6%)
Accenture Ltd–Class A (a)	51,640		1,419
Esprit Holdings Limited	378,000		1,691
Li & Fung Limited	784,000		1,146
Tyco International Ltd. (b)	105,810		3,507
Brazil (0.3%)
Tele Norte Leste Participacoes SA–ADR (b)	66,584		848
Canada (0.5%)
Shoppers Drug Mart Corporation (a)	59,752		1,479
China (0.6%)
Huaneng Power International, Inc.	1,858,000		1,656
France (11.9%)
Accor SA	19,617		828
AXA	175,992		3,878
Credit Agricole SA	136,726		3,329
Essilor International SA	23,800		1,554
Lafarge SA	22,040		1,967
LVMH Moet Hennessy Louis Vuitton SA	30,523		2,209
Pernod Ricard	18,560		2,375
Schneider Electric SA	38,940		2,659
Societe Generale–Class A	35,144		2,988
Total Fina Elf SA	35,180		6,711
Vinci SA	21,410		2,158
Vivendi Universal SA (a)	163,760		4,545
Germany (4.9%)
Continental AG	51,170		2,469
Fresenius Medical Care AG	11,090		822
METRO AG	42,160		2,002
PUMA AG Rudolf Dassler Sport	13,275		3,375
SAP AG	23,268		3,880
Siemens AG–Registered Shares	24,428		1,759

	Shares	Value
Greece (1.1%)
Alpha Bank SA	73,276	$	1,864
Greek Organization of Football Prognostics	69,730		1,317
Guernsey (0.5%)
Amdocs Limited (a)	61,350		1,437
Ireland (0.8%)
Anglo Irish Bank Corporation PLC	148,233		2,317
Israel (1.1%)
Teva Pharmaceutical Industries Ltd.–ADR (b)	48,317		3,251
Italy (0.6%)
Saipem SpA	50,014		456
Terna SpA (a)	586,972		1,276
Japan (20.7%)
AIFUL Corporation	20,400		2,131
Bank of Yokohama, Ltd. (The)	263,000		1,645
Canon Inc.	76,050		4,010
CASIO Computer Co., Ltd.	100,000		1,515
Chugai Pharmaceutical Co., Ltd.	132,996		2,088
Fast Retailing Co., Ltd.	32,000		2,591
Hoya Corporation	41,103		4,303
Ito-Yokado Co., Ltd.	67,000		2,869
Marui Co., Ltd.	212,500		2,864
Matsushita Electric Industrial Co., Ltd.	308,000		4,374
Mitsubishi Tokyo Financial Group, Inc.	280		2,593
Mitsui & Co., Ltd.	355,000		2,659
Nippon Broadcasting System, Incorporated	27,000		1,364
Omron Corporation	95,000		2,226
ORIX Corporation	20,400		2,338
Sharp Corporation	233,000		3,724
Sumitomo Mitsui Financial Group, Inc. (b)	780		5,350
Toppan Printing Co., Ltd.	227,000		2,571
Toray Industries, Inc.	520,000		2,451
TOTO LTD.	17,000		179
Toyota Motor Corporation	76,500		3,100
Yahoo Japan Corporation (a)	105		1,021
Yamaha Motor Co., Ltd.	90,000		1,402
Yamato Transport Co., Ltd.	99,000		1,617
Mexico (0.8%)
America Movil, SA de CV–Series L–ADR	64,795		2,357
Netherlands (1.3%)
ING Groep NV	92,016		2,173
Royal Numico NV–CVA (a)	49,610		1,595
Norway (1.4%)
Norsk Hydro ASA (b)	39,970		2,598
Telenor ASA	222,750		1,549
Russia (1.7%)
Mobile TeleSystems OJSC–ADR	27,845		3,397
Vimpel-Communications–ADR (a)	16,940		1,634
South Africa (0.5%)
MTN Group Limited	321,200		1,473

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

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SCHEDULE OF INVESTMENTS (continued)

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Shares	Value
South Korea (3.0%)
Hana Bank	73,060	$	1,543
Hyundai Motor Company Limited	43,590		1,678
Samsung Electronics Co., Ltd.	13,923		5,750
Spain (5.2%)
Acesa Infraestructuras, SA	93,250		1,626
ACS, Actividades de Construccion y Servicios SA	93,269		1,572
Gamesa Corporacion Tecnologica, SA	132,710		1,956
Grupo Ferrovial, SA (b)	51,730		2,155
Repsol-YPF, SA	173,090		3,793
Telefonica SA	289,480		4,280
Sweden (2.8%)
Telefonaktiebolaget LM Ericsson–Class B (a)	1,518,160		4,477
Volvo AB–B Shares (b)	108,920		3,792
Switzerland (7.8%)
ABB Ltd. (a)	365,521		1,999
Alcon, Inc.	17,890		1,407
Credit Suisse Group (a)	39,643		1,408
Nestle SA–Registered Shares	10,900		2,907
Novartis AG	115,350		5,088
Roche Holding AG–Genusschein	65,204		6,455
UBS AG–Registered Shares	53,864		3,795
United Kingdom (15.1%)
AstraZeneca PLC	59,766		2,682
BP PLC	430,312		3,802
British Sky Broadcasting Group PLC	20,896		236
BT Group PLC	128,331		462
Cadbury Schweppes PLC	268,770		2,320
Diageo PLC	159,050		2,145
Enterprise Inns PLC	185,650		1,937
Man Group PLC	123,791		3,207
mmO2 PLC (a)	802,668		1,351
Next PLC	92,090		2,377
Pearson PLC	231,070		2,809
Rank Group PLC (The)	34,289		187
Reckitt Benckiser PLC	189,566		5,368
Royal Bank of Scotland Group PLC (The)	48,798		1,406
Smith & Nephew PLC	581,885		6,265
Tesco PLC	937,740		4,529
United Business Media PLC	178,060		1,638
Vodafone Group PLC	111,225		244
Wolseley PLC	91,160		1,414
United States (6.6%)
Coach, Inc. (a)	58,700		2,653
DIRECTV Group, Inc (The) (a)	6,542		112
EMC Corporation (a)	9,000		103
iShares MSCI EAFE Index Fund (b)	90,000		12,874
Oracle Corporation (a)	51,630		616
Synthes, Inc.	17,310		1,973
Texas Instruments Incorporated	26,378		638
Washington Post Company (The)–Class B	536		498
Total Common Stocks (cost: $253,141)			281,933

	Principal		Value
SECURITY LENDING COLLATERAL (10.6%)
Debt (8.7%)
Agency Discount Notes (0.9%)
Fannie Mae
0.96%, due 07/01/2004	$	743	$	743
Federal Home Loan Bank
0.96%, due 07/01/2004		929		929
0.99%, due 07/01/2004		371		371
0.97%, due 07/02/2004		464		464
Bank Notes (0.2%)
Credit Suisse First Boston (USA), Inc.
1.13%, due 09/08/2004		186		186
Deutsche Bank AG
1.16%, due 10/12/2004		464		464
Commercial Paper (2.6%)
Compass Securitization–144A
1.25%, due 07/23/2004		649		649
Falcon Asset Securitization Corp–144A
1.27%, due 07/20/2004		464		464
General Electric Capital Corporation
1.20%, due 07/19/2004		463		463
1.21%, due 07/22/2004		372		372
1.22%, due 07/23/2004		372		372
1.23%, due 07/26/2004		464		464
1.22%, due 08/04/2004		927		927
Govco Incorporated–144A
1.25%, due 08/02/2004		186		186
Greyhawk Funding LLC–144A
1.12%, due 07/13/2004		371		371
1.22%, due 07/20/2004		185		185
Jupiter Securitization Corp–144A
1.07%, due 07/02/2004		186		186
Morgan Stanley
1.58%, due 10/22/2004		427		427
1.58%, due 12/10/2004		1,208		1,208
1.58%, due 03/16/2005		1,170		1,170
Sheffield Receivables–144A
1.24%, due 07/20/2004		279		279
Euro Dollar Overnight (0.3%)
Bank of Nova Scotia (The)
1.04%, due 07/06/2004		464		464
Den Danske Bank
1.08%, due 07/02/2004		464		464
Euro Dollar Terms (2.1%)
Bank of America Corporation
1.08%, due 07/19/2004		186		186
Bank of Montreal
1.20%, due 07/23/2004		94		94
Bank of Nova Scotia (The)
1.20%, due 07/14/2004		464		464
1.24%, due 07/23/2004		93		93

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

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American Century International

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Principal		Value
Euro Dollar Terms (continued)
Bank of the West Inc.
1.28%, due 07/28/2004	$	186	$	186
Branch Banking &Trust
1.08%, due 07/14/2004		93		93
Calyon
1.16%, due 07/15/2004		1,765		1,765
1.17%, due 08/04/2004		279		279
1.34%, due 08/24/2004		650		650
Fortis Bank
1.19%, due 07/14/2004		93		93
1.29%, due 09/03/2004		186		186
HBOS PLC
1.30%, due 09/03/2004		186		186
Royal Bank of Canada
1.05%, due 07/08/2004		279		279
Royal Bank of Scotland Group PLC (The)
1.06%, due 07/30/2004		836		836
Wells Fargo & Company
1.19%, due 07/14/2004		372		372
1.25%, due 07/23/2004		186		186
1.24%, due 07/26/2004		186		186
Master Notes (0.3%)
Bear Stearns Companies Inc. (The)
1.64%, due 09/08/2004		557		557
1.64%, due 12/15/2004		372		372
Repurchase Agreements (2.3%) (c)
Credit Suisse First Boston (USA), Inc. 1.54%, Repurchase Agreement dated 06/30/2004 to be repurchased at $2,174 on 07/01/2004		2,174		2,174
Goldman Sachs Group Inc. (The) 1.54%, Repurchase Agreement dated 06/30/2004 to be repurchased at $929 on 07/01/2004		929		929

	Principal		Value
Repurchase Agreements (continued)
Merrill Lynch & Co., Inc. 1.54%, Repurchase Agreement dated 06/30/2004 to be repurchased at $2,814 on 07/01/2004	$	2,814	$	2,814
Morgan Stanley 1.58%, Repurchase Agreement dated 06/30/2004 to be repurchased at $836 on 07/01/2004		836		836
	Shares		Value
Investment Companies (1.9%)
Money Market Funds (1.9%)
Merrill Lynch Premier Institutional Fund 1-day yield of 1.17%		769,744	$	770
Merrimac Cash Fund–Premium Class 1-day yield of 1.11%		4,777,243		4,777
Total Security Lending Collateral (cost: $31,171)				31,171
Total Investment Securities (cost: $287,625)			$	317,066
SUMMARY:
Investments, at value		107.6%	$	317,066
Liabilities in excess of other assets		(7.6)%		(22,483	)
Net assets		100.0%	$	294,583

FORWARD FOREIGN CURRENCY CONTRACTS:
Currency	Bought (Sold)		Settlement Date	Amount in U.S. Dollars Bought (Sold)			Net Unrealized Appreciation (Depreciation)
Euro Dollar	600		07/01/2004	$	731		$	(1	)
Euro Dollar	(1,495	)	07/02/2004		(1,808	)		(11	)
Euro Dollar	(1,193	)	07/06/2004		(1,442	)		(11	)
British Pound	(566	)	07/06/2004		(1,024	)		(3	)
Japanese Yen	72,120		07/01/2004		668			(6	)
Japanese Yen	(6,335	)	07/01/2004		(58	)		—
Japanese Yen	369,665		07/02/2004		3,413			(24	)
Swedish Krona	540		07/01/2004		72			—
Swiss Franc	(689	)	07/02/2004		(548	)		(2	)
Swiss Franc	(1,622	)	07/06/2004		(1,286	)		(9	)
Total Forward Foreign Currency Contracts				$	(1,282	)	$	(67	)

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

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American Century International

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Percentage of Net Assets	Value
INVESTMENTS BY INDUSTRY:
Commercial Banks	11.5 %	34,288
Telecommunications	7.5 %	22,074
Pharmaceuticals	7.2 %	21,158
Electronic & Other Electric Equipment	6.1 %	18,074
Automotive	4.8 %	14,284
Oil & Gas Extraction	4.6 %	13,557
Finance	4.4 %	12,873
Medical Instruments & Supplies	3.3 %	9,791
Construction	2.7 %	7,852
Instruments & Related Products	2.6 %	7,667
Printing & Publishing	2.6 %	7,516
Computer & Data Processing Services	2.4 %	6,954
Life Insurance	2.1 %	6,051
Computer & Office Equipment	1.9 %	5,628
Chemicals & Allied Products	1.8 %	5,368
Food & Kindred Products	1.8 %	5,282
Apparel & Accessory Stores	1.7 %	4,968
Department Stores	1.7 %	4,866
Wholesale Trade Durable Goods	1.6 %	4,754
Motion Pictures	1.6 %	4,569
Food Stores	1.5 %	4,529
Beverages	1.5 %	4,465
Electronic Components & Accessories	1.4 %	4,145
Petroleum Refining	1.3 %	3,802
Business Services	1.3 %	3,757
Manufacturing Industries	1.1 %	3,375
Transportation & Public Utilities	1.1 %	3,243

	Percentage of Net Assets	Value
Holding & Other Investment Offices	1.1 %		3,207
Electric Services	1.0 %		2,932
Retail Trade	1.0 %		2,869
Insurance	0.9 %		2,785
Machinery, Equipment & Supplies	0.9 %		2,659
Leather & Leather Products	0.9 %		2,653
Metal Mining	0.9 %		2,638
Textile Mill Products	0.8 %		2,451
Beer, Wine & Distilled Beverages	0.7 %		2,209
Personal Credit Institutions	0.7 %		2,131
Restaurants	0.7 %		1,937
Industrial Machinery & Equipment	0.6 %		1,759
Apparel Products	0.6 %		1,691
Radio & Television Broadcasting	0.5 %		1,600
Amusement & Recreation Services	0.5 %		1,504
Drug Stores & Proprietary Stores	0.5 %		1,479
Lumber & Constuction Materials	0.5 %		1,414
Transportation Equipment	0.4 %		1,146
Hotels & Other Lodging Places	0.3 %		828
Health Services	0.3 %		822
Fabricated Metal Products	0.1 %		179
Communication	0.0 %		112
Investments, at market value	97.0 %		285,895
Short-term investments	10.6 %		31,171
Other assets in excess of liabilities	(7.6)%		(22,483)
Net assets	100.0 %	$	294,583

NOTES TO SCHEDULE OF INVESTMENTS:

(a) No dividends were paid during the preceding twelve months.

(b) At June 30, 2004, all or a portion of this security is on loan (see Note 1). The value at June 30, 2004, of all securities on loan is $30,077.

(c) Cash collateral for the Repurchase Agreements, valued at $6,889, that serve as collateral for securities lending are invested in corporate bonds with interest rates and maturity dates ranging from 0.00%–9.88% and 08/01/2004–09/25/2099, respectively.

DEFINITIONS:

ADR American Depositary Receipt

CVA Certificaaten van aandelen (share certificates)

144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2004, these securities aggregated $2,320 or 0.79% of the net assets of the Fund.

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

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American Century International

STATEMENT OF ASSETS AND LIABILITIES

At June 30, 2004

(all amounts except per share amounts in thousands)

(unaudited)

Assets:
Investment securities, at value (cost: $ 287,625) (including securities loaned of $30,077)	$	317,066
Cash		7,889
Foreign cash (cost: $ 86)		85
Receivables:
Investment securities sold		6,227
Interest		2
Dividends		459
Dividend reclaims receivable		79
Other		28
		331,835
Liabilities:
Investment securities purchased		5,720
Accounts payable and accrued liabilities:
Management and advisory fees		246
Payable for collateral for securities on loan		31,171
Unrealized depreciation on forward foreign currency contracts		67
Other		48
		37,252
Net Assets	$	294,583
Net Assets Consist of:
Capital stock, 100,000 shares authorized ($.01 par value)	$	382
Additional paid-in capital		261,922
Undistributed net investment income		1,473
Undistributed net realized gain (loss) from:
Investment securities		2,547
Foreign currency transactions		(1,134	)
Net unrealized appreciation (depreciation) on:
Investment securities		29,441
Translation of assets and liabilities denominated in foreign currencies		(48	)
Net Assets	$	294,583
Net Assets by Class:
Initial Class	$	293,274
Service Class		1,309
Shares Outstanding:
Initial Class		38,011
Service Class		170
Net Asset Value and Offering Price Per Share:
Initial Class	$	7.72
Service Class		7.70

STATEMENT OF OPERATIONS

For the period ended June 30, 2004

(all amounts in thousands)

(unaudited)

Investment Income:
Interest	$	8
Dividends		3,770
Income from loaned securities–net		126
Less withholding taxes on foreign dividends		(379	)
		3,525
Expenses:
Management and advisory fees		1,395
Printing and shareholder reports		35
Custody fees		152
Administration fees		23
Legal fees		1
Auditing and accounting fees		7
Directors fees		4
Service fees:
Service Class		1
Total expenses		1,618
Net Investment Income (Loss)		1,907
Net Realized Gain (Loss) from:
Investment securities		27,709
Foreign currency transactions		(1,134	)
		26,575
Net Increase (Decrease) in Unrealized Appreciation (Depreciation) on:
Investment securities		(20,863	)
Translation of assets and liabilities denominated in foreign currencies		(45	)
		(20,908	)
Net Gain (Loss) on Investment Securities and Foreign Currency Transactions		5,667
Net Increase (Decrease) in Net Assets Resulting from Operations	$	7,574

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

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STATEMENTS OF CHANGES IN NET ASSETS

For the period or year ended

(all amounts in thousands)

	June 30, 2004 (unaudited)			December 31, 2003
Increase (Decrease) In Net Assets From:
Operations:
Net investment income (loss)	$	1,907		$	1,306
Net realized gain (loss) from investment securities and foreign currency transactions		26,575			8,382
Net unrealized appreciation (depreciation) on investment securities and foreign currency translation		(20,908	)		56,524
		7,574			66,212
Distributions to Shareholders:
From net investment income:
Initial Class		–			–
Service Class		–			–
		–			–
From net realized gains:
Initial Class		–			–
Service Class		–			–
		–			–
Capital Share Transactions:
Proceeds from shares sold:
Initial Class		24,989			235,106
Service Class		2,715			18,972
		27,704			254,078
Proceeds from fund acquisition:
Initial Class		–			98,992
Service Class		–			–
		–			98,992
Dividends and distributions reinvested:
Initial Class		–			–
Service Class		–			–
		–			–
Cost of shares redeemed:
Initial Class		(42,769	)		(204,161	)
Service Class		(2,103	)		(18,705	)
		(44,872	)		(222,866	)
		(17,168	)		130,204
Net increase (decrease) in net assets		(9,594	)		196,416
Net Assets:
Beginning of period		304,177			107,761
End of period	$	294,583		$	304,177
Undistributed Net Investment Income (Loss)	$	1,473		$	(434	)

	June 30, 2004 (unaudited)		December 31, 2003
Share Activity:
Shares issued:
Initial Class	3,221		38,024
Service Class	349		2,831
	3,570		40,855
Shares issued–proceeds from fund acquisition:
Initial Class	–		16,750
Service Class	–		–
	–		16,750
Shares issued–reinvested from distributions:
Initial Class	–		–
Service Class	–		–
	–		–
Shares redeemed:
Initial Class	(5,571	)	(32,336	)
Service Class	(265	)	(2,745	)
	(5,836	)	(35,081	)
Net increase (decrease) in shares outstanding:
Initial Class	(2,350	)	22,438
Service Class	84		86
	(2,266	)	22,524

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

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American Century International

FINANCIAL HIGHLIGHTS

(unaudited for the period ended June 30, 2004)

	For the Period Ended (b)	For a share outstanding throughout each period (a)
		Net Asset Value, Beginning of Period		Investment Operations									Distributions									Net Asset Value, End of Period
				Net Investment Income (Loss)			Net Realized and Unrealized Gain (Loss)			Total Operations			From Net Investment Income			From Net Realized Gains			Total Distributions
Initial Class	06/30/2004	$	7.53	$	0.05		$	0.14		$	0.19		$	–		$	–		$	–		$	7.72
	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
	12/31/2000		14.28		0.04			(2.15	)		(2.11	)		(0.19	)		(1.64	)		(1.83	)		10.34
	12/31/1999		12.07		0.04			2.90			2.94			(0.05	)		(0.68	)		(0.73	)		14.28
Service Class	06/30/2004		7.52		0.05			0.13			0.18			–			–			–			7.70
	12/31/2003		5.91		(0.02	)		1.63			1.61			–			–			–			7.52

	For the Period Ended (b)	Total Return (c)(g)		Ratios/Supplemental Data
				Net Assets, End of Period (000’s)		Ratio of Expenses to Average Net Assets (f)				Net Investment Income (Loss) to Average Net Assets (f)		Portfolio Turnover Rate (g)
						Net (d)		Total (e)
Initial Class	06/30/2004	2.52	%	$	293,274	1.07	%	1.07	%	1.26	%	77	%
	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
	12/31/2000	(14.99	)		36,651	1.30		1.66		0.29		112
	12/31/1999	24.95			33,579	1.50		1.84		0.31		100
Service Class	06/30/2004	2.39			1,309	1.32		1.32		1.35		77
	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) The inception dates of the Fund’s share classes are 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 period ended June 30, 2004 and the year ended December 31, 2003 the Ratio of Net Expenses to Average Net Assets is net of fee waivers by the investment advisor, 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 and prior years, 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 for periods of less than one year.

(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 Fund, Inc.	Semi-Annual Report 2004

American Century International    7

American Century International

NOTES TO FINANCIAL STATEMENTS

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

The AEGON/Transamerica Series Fund, Inc. (“ATSF”) is a Maryland corporation registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. ATSF serves as a funding vehicle for variable life insurance, variable annuity and group annuity products. American Century International (“the Fund”), part of ATSF, began operations on January 2, 1997.

On May 1, 2003, the Fund acquired all the net assets of Gabelli Global Growth pursuant to a plan of reorganization approved by shareholders of Gabelli Global Growth on April 16, 2003. The acquisition was accomplished by a tax-free exchange of 16,750 shares of the Fund for the 14,424 shares of Gabelli Global Growth outstanding on April 30, 2003. Gabelli Global Growth’s net assets at that date ($98,992), including $(6,335) of unrealized depreciation, were combined with those of the Fund, resulting in combined net assets of $247,331.

In the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties, which 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.

See the Prospectus and Statement of Additional Information for a description of the Fund’s investment objective.

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 policies were consistently followed by the Fund, in accordance with GAAP.

Multiple class operations 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.

Pricing of shares: The Fund prices its shares on the basis of the net asset value of each class of shares of the Fund, which is determined as of the close of the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern Time) on each day on which the NYSE is open for trading (other than a day on which there are insufficient changes in the value of the Fund’s portfolio securities to materially affect the Fund’s net asset value or a day on which no shares are tendered for redemption and no order to purchase any shares is received).

Security valuations: Fund investments traded on an exchange are valued at the closing price on the day of valuation on the 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 by independent pricing services; 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 and are translated from the local currency into U.S. dollars using closing exchange rates. Many foreign securities markets are open for trading at times when the U.S. markets are closed for trading and many foreign securities markets close for trading before the close of the NYSE. The value of foreign securities may be affected significantly on a day that the NYSE is closed and an investor is unable to purchase or redeem shares. 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.” If market quotations are not readily available, and the impact of such a significant market event materially affects the net asset value per share of the Fund, an affected portfolio security will be valued at fair market value as determined in good faith using guidelines adopted by the Board of Directors of the Fund, under the supervision of the Fund’s Valuation Committee. Factors that may be considered to value foreign securities at fair market value may include, among others: the value of other securities traded on other markets, foreign currency exchange activity and the trading of financial products tied to foreign securities.

Other securities for which quotations are not readily available also are valued at fair market value as determined in good faith using guidelines established by and under the supervision of the Board of Directors and the Fund’s Valuation Committee. These guidelines may include: the type of security; any restrictions on its resale; financial or business news of the issuer; similar or related securities that are actively trading; related corporate actions; and other significant events occurring after the close of trading in the security.

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 June 30, 2004, was paying an interest rate of 0.75%.

Repurchase agreements: The Fund is authorized to enter into repurchase agreements. The Fund, through 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.

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

American Century International    8

American Century International

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1–(continued)

Repurchase agreements involve the risk that the seller will fail to repurchase the security, as agreed. In that case, 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 are incurred.

Securities lending: The Fund may lend securities to enhance fund earnings from investing cash collateral received in making such loans to qualified borrowers (typically broker/dealers). The Fund has engaged its custodian bank, IBT, as a lending agent to administer its securities lending program. IBT earned $54 of program net income for its services. When the Fund makes a security loan, it receives cash collateral as protection against the risk that the borrower will default on the loan, and records an asset for the cash invested collateral and a liability for the return of the collateral.

Loans of securities are required to be secured by collateral at least equal to 102% of the value of the securities at inception of the loan, and not less then 100% thereafter. The Fund may invest cash collateral in short-term money market instruments including: U.S. Treasury Bills, U.S. agency obligations, commercial paper, money market mutual funds, repurchase agreements and other highly rated, liquid investments. During the life of securities loans, the collateral and securities loaned remain subject to fluctuation in value. IBT marks to market securities loaned and the collateral each business day. If additional collateral is due (at least $1), IBT collects additional cash collateral from the borrowers. Although securities loaned will be fully collateralized at all times, IBT may experience delays in, or may be prevented from, recovering the collateral on behalf of the Fund. The Fund may recall a loaned security position at any time from the borrower through IBT. In the event the borrower fails to timely return a recalled security, IBT may indemnify the Fund by purchasing replacement securities for the Fund at its own expense and claiming the collateral to fund such a purchase. IBT absorbs the loss if the collateral value is not sufficient to cover the cost of the replacement securities. If replacement securities are not available, IBT will credit the equivalent cash value to the Fund.

While a security is on loan, the Fund does not have the right to vote that security. However, if time permits, the Fund will attempt to recall a security on loan and vote the proxy.

Income from securities lending is included in the Statement of Operations. The amount of collateral and value of securities on loan are included in the Statement of Assets and Liabilities as well as in the Schedule of Investments.

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 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, including unanticipated movements in exchange currency rates, the degree of government supervision and regulation of security markets, and the possibility of political or economic instability.

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 closed 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 June 30, 2004, are listed in the Schedule of Investments.

Dividend distributions: Dividend 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 Fund, Inc. Semi-Annual Report 2004

American Century International    9

American Century International

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  2. RELATED PARTY TRANSACTIONS

AEGON/Transamerica Fund Advisers, Inc. (“ATFA”) is the Fund’s investment adviser. AEGON/Transamerica Fund Services, Inc. (“ATFS”)

is the Fund’s administrator and transfer agent. AFSG Securities Corp. (“AFSG”) is the Fund’s distributor. AFSG is 100% owned by AUSA Holding Company (“AUSA”). ATFA is a directly owned subsidiary of

Western Reserve Life Assurance Co. of Ohio (78%) (“WRL”) and AUSA (22%). ATFS is a wholly owned subsidiary of WRL. AUSA and WRL are wholly owned indirect subsidiaries of AEGON NV, a Netherlands corporation.

Certain officers and directors of the Fund are also officers and/or directors of ATFA, ATFS, AFSG and WRL. No affiliated officer or director receives any compensation directly from the Fund.

The following schedule reflects the percentage of fund assets owned by affiliated mutual funds (i.e. through the asset allocation funds):

	Net Assets		% of Net Assets
Asset Allocation–Growth Portfolio	$	17,130	6	%
Asset Allocation–Moderate Growth Portfolio		35,444	12	%
Asset Allocation–Moderate Portfolio		23,739	8	%
Select + Aggressive		96	0	%
Select + Growth & Income		671	0	%
Total	$	77,080	26	%

Investment advisory fees: The Fund pays management fees to ATFA based on average daily net assets (“ANA”) at the following breakpoints:

1.00% of the first $50 million of ANA

0.95% of the next $100 million of ANA

0.90% of the next $350 million of ANA

0.85% of the next $500 million of ANA

0.80% of ANA over $1 billion

ATFA 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 limitations 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 are no amounts subject to recapture at June 30, 2004.

Distribution and service fees: The Fund adopted a distribution plan (“Distribution Plan”) pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended. Pursuant to the Distribution Plan, ATSF entered into a Distribution Agreement with AFSG effective May 1, 1999.

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 ATSF 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, 2005. 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 ATFS for financial and legal fund administration services, which includes such items as compliance, expenses, financial statements and other reporting, distributions, tax returns, prospectus preparation, board of directors meeting support, transfer agency and other legal matters. The Legal fees on the Statement of Operations are for fees paid to external legal counsel. The Fund paid ATFS $23 for Administration fees for the period ended June 30, 2004.

Brokerage commissions: Brokerage commissions incurred on security transactions placed with an affiliate of the sub-adviser for the period ended June 30, 2004, were $49.

Deferred compensation plan: Each eligible Fund Director may elect participation in the Deferred Compensation Plan for Directors of ATSF (“the Plan”). Under the Plan, such Directors may defer payment of a percentage of their total fees earned as a Fund Director. These deferred

amounts may be invested in any portfolio of Transamerica IDEX Mutual Funds, an affiliate of the Fund. At June 30, 2004, the value of invested plan amounts was $11. Invested plan amounts and the total liability for deferred compensation to the Directors under the Plan at June 30, 2004, are included in Net assets in the accompanying Statement of Assets and Liabilities.

NOTE  3. INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the period ended June 30, 2004, were as follows:

Purchases of securities:
Long-Term excluding U.S. Government	$	230,662
U.S. Government		—
Proceeds from maturities and sales of securities:
Long-Term excluding U.S. Government		253,849
U.S. Government		—

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

American Century International    10

American Century International

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  4. FEDERAL INCOME TAX MATTERS

The Fund has not made any provision for federal income 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 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 treatments for items including, but not limited to, wash sales, foreign currency transactions, net operating losses and capital loss carryforwards.

The capital loss carryforwards are available to offset future realized capital gains through the periods listed:

Capital Loss Carryforward	Available through
$16,819	December 31, 2009
7,950	December 31, 2010

The Fund has elected to treat the net capital and currency losses incurred in the two month period prior to December 31, 2003 of $434 (Post-October Loss Deferred) as having been incurred in the fiscal year ending December 31, 2004.

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of June 30, 2004, are as follows:

Federal Tax Cost Basis	$	287,900
Unrealized Appreciation	$	32,305
Unrealized (Depreciation)		(3,139	)
Net Unrealized Appreciation (Depreciation)	$	29,166

NOTE  5. OTHER MATTERS

ATSF, and certain of its affiliated entities, have received requests for information from the Staff of the Securities and Exchange Commission in connection with market timing and late trading within the funds. ATSF and the affiliated entities have voluntarily cooperated in the investigation and have been providing the information as requested.

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

American Century International    11

American Century Large Company Value

SCHEDULE OF INVESTMENTS

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Shares	Value
COMMON STOCKS (95.4%)
Aerospace (1.0%)
Boeing Company (The)	12,200	$	623
Amusement & Recreation Services (0.6%)
Harrah’s Entertainment, Inc.	7,100		384
Apparel & Accessory Stores (0.5%)
Limited, Inc. (The)	18,500		346
Apparel Products (1.2%)
Liz Claiborne, Inc.	10,400		374
V.F. Corporation	7,600		370
Automotive (2.1%)
General Motors Corporation (b)	11,200		522
Honeywell International Inc.	17,500		641
Toyota Motor Corporation–ADR (b)	2,600		212
Beverages (1.2%)
Coors (Adolph) Company (b)	4,900		354
Pepsi Bottling Group, Inc. (The)	12,800		391
Chemicals & Allied Products (1.1%)
PPG Industries, Inc.	11,600		725
Commercial Banks (16.5%)
Bank of America Corporation	23,900		2,022
Bank One Corporation	19,100		974
Citigroup Inc.	60,100		2,795
KeyCorp	16,100		481
National City Corporation	19,600		686
PNC Financial Services Group, Inc. (The)	12,300		653
U.S. Bancorp	30,800		850
Wachovia Corporation	18,200		810
Wells Fargo & Company	23,100		1,322
Computer & Data Processing Services (4.1%)
Computer Associates International, Inc.	20,700		581
Computer Sciences Corporation (a)	12,100		562
Electronic Data Systems Corporation (b)	18,800		360
Fiserv, Inc. (a)	9,600		373
Microsoft Corporation	25,900		740
Computer & Office Equipment (2.8%)
Hewlett-Packard Company	57,100		1,205
International Business Machines Corporation	6,600		582
Department Stores (1.5%)
May Department Stores Company (The) (b)	22,900		630
Sears, Roebuck and Co. (b)	8,800		332
Drug Stores & Proprietary Stores (0.7%)
CVS Corporation	10,200		429
Electric Services (1.1%)
PPL Corporation	15,300		702
Electric, Gas & Sanitary Services (1.9%)
Exelon Corporation	25,300		842
NiSource Inc.	18,200		375

	Shares	Value
Electronic & Other Electric Equipment (1.4%)
General Electric Company	21,600	$	700
Whirlpool Corp. (b)	2,900		199
Electronic Components & Accessories (1.0%)
Tyco International Ltd. (b)	19,100		633
Environmental Services (0.6%)
Waste Management, Inc.	11,900		365
Fabricated Metal Products (0.6%)
Parker-Hannifin Corporation	7,000		416
Finance (2.9%)
Standard & Poor’s 500 Depositary Receipt (b)	16,600		1,901
Food & Kindred Products (3.5%)
Altria Group, Inc.	17,800		891
Heinz (H.J.) Company	13,900		545
Sara Lee Corporation	17,700		407
Unilever NV–NY Shares	6,100		418
Food Stores (0.6%)
Kroger Co. (The) (a)	22,900		417
Health Services (0.7%)
HCA Inc.	10,600		441
Industrial Machinery & Equipment (2.3%)
Black & Decker Corporation (The) (b)	7,400		460
Dover Corporation	9,300		392
Ingersoll-Rand Company–Class A	8,800		601
Instruments & Related Products (0.8%)
Raytheon Company	9,100		326
Snap-on Incorporated	5,300		178
Insurance (4.8%)
Allstate Corporation (The)	18,600		866
American International Group, Inc.	9,400		670
CIGNA Corporation	5,800		399
Loews Corporation	11,900		714
MGIC Investment Corporation (b)	5,800		440
Insurance Agents, Brokers & Service (1.9%)
Hartford Financial Services Group, Inc. (The)	10,400		715
Marsh & McLennan Companies, Inc. (b)	11,400		517
Life Insurance (0.8%)
Torchmark Corporation	9,500		511
Lumber & Wood Products (1.1%)
Weyerhaeuser Company	11,100		701
Medical Instruments & Supplies (1.2%)
Baxter International Inc.	15,800		545
Becton, Dickinson and Company	4,900		254
Motion Pictures (1.4%)
Blockbuster Inc.–Class A (b)	15,600		237
Time Warner Inc. (a)	39,000		686
Oil & Gas Extraction (1.3%)
ConocoPhillips	10,900		832

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

American Century Large Company Value    1

American Century Large Company Value

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Shares		Value
Paper & Allied Products (0.8%)
Kimberly-Clark Corporation		8,200	$	540
Petroleum Refining (8.1%)
ChevronTexaco Corporation		10,500		988
Exxon Mobil Corporation		58,600		2,602
Royal Dutch Petroleum Company–NY Registered Shares		32,200		1,664
Pharmaceuticals (4.5%)
Abbott Laboratories		18,500		754
AmerisourceBergen Corporation		6,100		365
Bristol-Myers Squibb Co.		21,200		519
Johnson & Johnson		12,000		668
Merck & Co., Inc.		12,800		608
Primary Metal Industries (1.6%)
Alcoa Inc.		16,000		528
Nucor Corporation		6,500		499
Printing & Publishing (1.7%)
Donnelley (R.R.) & Sons Company		12,700		419
Gannett Co., Inc.		7,700		653
Restaurants (1.2%)
McDonald’s Corporation		31,000		806
Rubber & Misc. Plastic Products (0.8%)
Newell Financial Trust I (b)		14,600		343
Reebok International Ltd. (b)		5,100		183
Savings Institutions (1.3%)
Washington Mutual, Inc.		21,400		827
Security & Commodity Brokers (2.6%)
Merrill Lynch & Co., Inc.		15,300		826
Morgan Stanley		16,300		861
Telecommunications (5.7%)
ALLTEL Corporation		10,000		506
AT&T Corp. (b)		20,100		294
BellSouth Corporation		25,800		676
SBC Communications Inc.		35,500		861
Sprint Corporation (FON Group)		31,100		547
Verizon Communications, Inc.		12,100		438
Vodafone Group PLC–ADR		17,300		382
U.S. Government Agencies (3.9%)
Freddie Mac		40,100		2,538
Total Common Stocks (cost: $ 58,574 )				61,520
	Principal		Value
SECURITY LENDING COLLATERAL (10.4%)
Debt (8.6%)
Agency Discount Notes (0.8%)
Fannie Mae
0.96%, due 07/01/2004	$	159	$	159

	Principal		Value
Agency Discount Notes (continued)
Federal Home Loan Bank
0.96%, due 07/01/2004	$	200	$	200
0.99%, due 07/01/2004		80		80
0.97%, due 07/02/2004		100		100
Bank Notes (0.2%)
Credit Suisse First Boston (USA), Inc.
1.13%, due 09/08/2004		40		40
Deutsche Bank AG
1.16%, due 10/12/2004		100		100
Commercial Paper (2.7%)
Compass Securitization–144A
1.25%, due 07/23/2004		139		139
Falcon Asset Securitization Corp–144A
1.27%, due 07/20/2004		100		100
General Electric Capital Corporation
1.20%, due 07/19/2004		100		100
1.21%, due 07/22/2004		80		80
1.22%, due 07/23/2004		80		80
1.23%, due 07/26/2004		100		100
1.22%, due 08/04/2004		199		199
Govco Incorporated–144A
1.25%, due 08/02/2004		40		40
Greyhawk Funding LLC–144A
1.12%, due 07/13/2004		80		80
1.22%, due 07/20/2004		40		40
Jupiter Securitization Corp–144A
1.07%, due 07/02/2004		40		40
Morgan Stanley
1.58%, due 10/22/2004		92		92
1.58%, due 12/10/2004		259		259
1.58%, due 03/16/2005		251		251
Sheffield Receivables–144A
1.24%, due 07/20/2004		60		60
Euro Dollar Overnight (0.3%)
Bank of Nova Scotia (The)
1.04%, due 07/06/2004		99		99
Den Danske Bank
1.08%, due 07/02/2004		100		100
Euro Dollar Terms (2.0%)
Bank of America Corporation
1.08%, due 07/19/2004		40		40
Bank of Montreal
1.20%, due 07/23/2004		20		20
Bank of Nova Scotia (The)
1.20%, due 07/14/2004		99		99
1.24%, due 07/23/2004		20		20
Bank of the West Inc.
1.28%, due 07/28/2004		40		40
Branch Banking & Trust
1.08%, due 07/14/2004		20		20

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

American Century Large Company Value    2

American Century Large Company Value

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Principal		Value
Euro Dollar Terms (continued)
Calyon
1.16%, due 07/15/2004	$	379	$	379
1.17%, due 08/04/2004		60		60
1.34%, due 08/24/2004		139		139
Fortis Bank
1.19%, due 07/14/2004		20		20
1.29%, due 09/03/2004		40		40
HBOS PLC
1.30%, due 09/03/2004		40		40
Royal Bank of Canada
1.05%, due 07/08/2004		60		60
Royal Bank of Scotland Group PLC (The)
1.06%, due 07/30/2004		180		180
Wells Fargo & Company
1.19%, due 07/14/2004		80		80
1.25%, due 07/23/2004		40		40
1.24%, due 07/26/2004		40		40
Master Notes (0.3%)
Bear Stearns Companies Inc. (The)
1.64%, due 09/08/2004		119		119
1.64%, due 12/15/2004		80		80

	Principal		Value
Repurchase Agreements (2.3%) (c)
Credit Suisse First Boston (USA), Inc. 1.54%, Repurchase Agreement dated 06/30/2004 to be repurchased at $467 on 07/01/2004	$	467	$	467
Goldman Sachs Group Inc. (The) 1.54%, Repurchase Agreement dated 06/30/2004 to be repurchased at $200 on 07/01/2004		200		200
Merrill Lynch & Co., Inc. 1.54%, Repurchase Agreement dated 06/30/2004 to be repurchased at $605 on 07/01/2004		605		605
Morgan Stanley 1.58%, Repurchase Agreement dated 06/30/2004 to be repurchased at $180 on 07/01/2004		180		180
	Shares		Value
Investment Companies (1.8%)
Money Market Funds (1.8%)
Merrill Lynch Premier Institutional Fund 1 day yield of 1.17%		165,382	$	165
Merrimac Cash Fund– Premium Class 1 day yield of 1.11%		1,026,405		1,026
Total Security Lending Collateral (cost: $6,697)				6,697
Total Investment Securities (cost: $65,271)			$	68,217
SUMMARY:
Investments, at value		105.8%	$	68,217
Liabilities in excess of other assets		(5.8)%		(3,725	)
Net assets		100.0%	$	64,492

NOTES TO SCHEDULE OF INVESTMENTS:

(a) No dividends were paid during the preceding twelve months.

(b) At June 30, 2004, all or a portion of this security is on loan (see Note 1). The value at June 30, 2004, of all securities on loan is $ 6,496.

(c) Cash collateral for the Repurchase Agreements, valued at $ 1,480, that serve as collateral for securities lending are invested in corporate bonds with interest rates and maturity dates ranging from 0.00%–9.88% and 08/01/2004–09/25/2099, respectively.

DEFINITIONS:

ADR American Depositary Receipt

144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2004, these securities aggregated $499 or 0.77% of the net assets of the Fund.

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

American Century Large Company Value    3

American Century Large Company Value

STATEMENT OF ASSETS AND LIABILITIES

At June 30, 2004

(all amounts except per share amounts in thousands)

(unaudited)

Assets:
Investment securities, at value (cost: $ 65,271) (including securities loaned of $6,496)	$	68,217
Cash		2,974
Receivables:
Interest		1
Dividends		106
Other		4
		71,302
Liabilities:
Investment securities purchased		53
Accounts payable and accrued liabilities:
Management and advisory fees		50
Payable for collateral for securities on loan		6,697
Other		10
		6,810
Net Assets		64,492
Net Assets Consist of:
Capital stock, 50,000 shares authorized ($.01 par value)	$	63
Additional paid-in capital		54,192
Undistributed net investment income		1,019
Undistributed net realized gain (loss) from: Investment securities		6,272
Net unrealized appreciation (depreciation) on: Investment securities		2,946
Net Assets	$	64,492
Net Assets by Class:
Initial Class	$	63,784
Service Class		708
Shares Outstanding:
Initial Class		6,273
Service Class		70
Net Asset Value and Offering Price Per Share:
Initial Class	$	10.17
Service Class		10.16

STATEMENT OF OPERATIONS

For the period ended June 30, 2004

(all amounts in thousands)

(unaudited)

Investment Income:
Interest	$	1
Dividends		663
Income from loaned securities–net		5
Less withholding taxes on foreign dividends		(2	)
		667
Expenses:
Management and advisory fees		273
Custody fees		17
Administration fees		5
Auditing and accounting fees		6
Directors fees		1
Service fees:
Service Class		1
Total expenses		303
Net Investment Income (Loss)		364
Net Realized Gain (Loss) from:
Investment securities		7,747
Net Increase (Decrease) in Unrealized Appreciation (Depreciation) on:
Investment securities		(5,957	)
Net Gain (Loss) on Investment Securities		1,790
Net Increase (Decrease) in Net Assets Resulting from Operations	$	2,154

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

American Century Large Company Value     4

American Century Large Company Value

STATEMENTS OF CHANGES IN NET ASSETS

For the period or year ended

(all amounts in thousands)

	June 30, 2004 (unaudited)			December 31, 2003
Increase (Decrease) In Net Assets From:
Operations:
Net investment income (loss)	$	364		$	655
Net realized gain (loss) from investment securities		7,747			838
Net unrealized appreciation (depreciation) on investment securities		(5,957	)		11,149
		2,154			12,642
Distributions to Shareholders:
From net investment income:
Initial Class		–			(146	)
Service Class		–			–
		–			(146	)
From net realized gains:
Initial Class		–			–
Service Class		–			–
		–			–
Capital Share Transactions:
Proceeds from shares sold:
Initial Class		7,143			17,204
Service Class		588			138
		7,731			17,342
Dividends and distributions reinvested:
Initial Class		–			146
Service Class		–			–
		–			146
Cost of shares redeemed:
Initial Class		(5,480	)		(4,752	)
Service Class		(40	)		(3	)
		(5,520	)		(4,755	)
		2,211			12,733
Net increase (decrease) in net assets		4,365			25,229
Net Assets:
Beginning of period		60,127			34,898
End of period	$	64,492		$	60,127
Undistributed Net Investment Income	$	1,019		$	655

	June 30, 2004 (unaudited)		December 31, 2003
Share Activity:
Shares issued:
Initial Class	712		2,122
Service Class	59		15
	771		2,137
Shares issued–reinvested from distributions:
Initial Class	–		17
Service Class	–		–
	–		17
Shares redeemed:
Initial Class	(553	)	(593	)
Service Class	(4	)	–
	(557	)	(593	)
Net increase (decrease) in shares outstanding:
Initial Class	159		1,546
Service Class	55		15
	214		1,561

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

American Century Large Company Value    5

American Century Large Company Value

FINANCIAL HIGHLIGHTS

(unaudited for the period ended June 30, 2004)

	For the Period Ended (b)	For a share outstanding throughout each period (a)
		Net Asset Value, Beginning of Period		Investment Operations								Distributions								Net Asset Value, End of Period
				Net Investment Income (Loss)		Net Realized and Unrealized Gain (Loss)			Total Operations			From Net Investment Income			From Net Realized Gains		Total Distributions
Initial Class	06/30/2004	$	9.81	$	0.06	$	0.30		$	0.36		$	–		$	–	$	–		$	10.17
	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	06/30/2004		9.82		0.05		0.29			0.34			–			–		–			10.16
	12/31/2003		7.90		0.08		1.85			1.93			(0.01	)		–		(0.01	)		9.82

	For the Period Ended (b)	Total Return (c)(g)		Ratios/Supplemental Data
				Net Assets, End of Period (000’s)		Ratio of Expenses to Average Net Assets (f)				Net Investment Income (Loss) to Average Net Assets (f)		Portfolio Turnover Rate (g)
						Net (d)		Total (e)
Initial Class	06/30/2004	3.67	%	$	63,784	1.00	%	1.00	%	1.20	%	95	%
	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	06/30/2004	3.46			708	1.25		1.25		1.00		95
	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) The inception dates of the Fund’s share classes are 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 fee waivers by the investment adviser, if any (see note 2).

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

(f) Annualized.

(g) Not annualized for periods of less than one year.

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

American Century Large Company Value    6

American Century Large Company Value

NOTES TO FINANCIAL STATEMENTS

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

The AEGON/Transamerica Series Fund, Inc. (“ATSF”) is a Maryland corporation registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. ATSF serves as a funding vehicle for variable life insurance, variable annuity and group annuity products. American Century Large Company Value (“the Fund”), part of ATSF, began operations on May 1, 2001.

On May 3, 2004, the Fund changed its name from American Century Income & Growth to American Century Large Company Value.

In the normal course of business the Fund enters into contracts that contain a variety of representations and warranties, which 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.

See the Prospectus and Statement of Additional Information for a description of the Fund’s investment objective.

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 policies were consistently followed by the Fund, in accordance with GAAP.

Multiple class operations 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.

Pricing of shares: The Fund prices its shares on the basis of the net asset value of each class of shares of the Fund, which is determined as of the close of the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern Time) on each day on which the NYSE is open for trading (other than a day on which there are insufficient changes in the value of the Fund’s portfolio securities to materially affect the Fund’s net asset value or a day on which no shares are tendered for redemption and no order to purchase any shares is received).

Security valuations: Fund investments traded on an exchange are valued at the closing price on the day of valuation on the 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 by independent pricing services; 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 also are valued at fair market value as determined in good faith using guidelines established by and under the supervision of the Board of Directors, and the Fund’s Valuation Committee. These guidelines may include: the type of security; any restrictions on its resale; financial or business news of the issuer; similar or related securities that are actively trading; related corporate actions; and other significant events occurring after the close of trading in the security.

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 June 30, 2004, was paying an interest rate of 0.75%.

Repurchase agreements: The Fund is authorized to enter into repurchase agreements. The Fund, through 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. Repurchase agreements involve the risk that the seller will fail to repurchase the security, as agreed. In that case, 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 are incurred.

Securities lending: The Fund may lend securities to enhance fund earnings from investing cash collateral received in making such loans to qualified borrowers (typically broker/dealers). The Fund has engaged its custodian bank, IBT, as a lending agent to administer its securities lending program. IBT earned $2 of program net income for its services. When the Fund makes a security loan, it receives cash collateral as protection against the risk that the borrower will default on the loan, and records an asset for the cash invested collateral and a liability for the return of the collateral.

Loans of securities are required to be secured by collateral at least equal to 102% of the value of the securities at inception of the loan, and not less then 100% thereafter. The Fund may invest cash collateral in short-term money market instruments including: U.S. Treasury Bills, U.S. agency obligations, commercial paper, money market mutual funds, repurchase agreements and other highly rated, liquid investments. During the life of securities loans, the collateral and securities loaned remain subject to fluctuation in value. IBT marks to market securities loaned and the collateral each business day. If additional collateral is due (at least $1), IBT collects additional cash collateral from the borrowers. Although securities loaned will be fully collateralized at all

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

American Century Large Company Value    7

American Century Large Company Value

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1–(continued)

times, IBT may experience delays in, or may be prevented from, recovering the collateral on behalf of the Fund. The Fund may recall a loaned security position at any time from the borrower through IBT. In the event the borrower fails to timely return a recalled security, IBT may indemnify the Fund by purchasing replacement securities for the Fund at its own expense and claiming the collateral to fund such a purchase. IBT absorbs the loss if the collateral value is not sufficient to cover the cost of the replacement securities. If replacement securities are not available, IBT will credit the equivalent cash value to the Fund.

While a security is on loan, the Fund does not have the right to vote that security. However, if time permits, the Fund will attempt to recall a security on loan and vote the proxy.

Income from securities lending is included in the Statement of Operations. The amount of collateral and value of securities on loan are included in the Statement of Assets and Liabilities as well as in the Schedule of Investments.

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 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: Dividend 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

AEGON/Transamerica Fund Advisers, Inc. (“ATFA”) is the Fund’s investment adviser. AEGON/Transamerica Fund Services, Inc. (“ATFS”) is the Fund’s administrator and transfer agent. AFSG Securities Corp. (“AFSG”) is the Fund’s distributor. AFSG is 100% owned by AUSA Holding Company (“AUSA”). ATFA is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) (“WRL”) and AUSA (22%). ATFS is a wholly owned subsidiary of WRL. AUSA and WRL are wholly owned indirect subsidiaries of AEGON NV, a Netherlands corporation.

Certain officers and directors of the Fund are also officers and/or directors of ATFA, ATFS, AFSG and WRL. No affiliated officer or director receives any compensation directly from the Fund.

Investment advisory fees: The Fund pays management fees to ATFA based on average daily net assets (“ANA”) at the following breakpoints:

0.90% of the first $100 million of ANA

0.85% of the next $150 million of ANA

0.80% of ANA over $250 million

ATFA 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 limitations 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 are no amounts subject to recapture at June 30, 2004.

Distribution and service fees: The Fund adopted a distribution plan (“Distribution Plan”) pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended. Pursuant to the Distribution Plan, ATSF entered into a Distribution Agreement with AFSG effective May 1, 1999.

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 ATSF 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, 2005. 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 ATFS for financial and legal fund administration services, which includes such items as compliance, expenses, financial statements and other reporting, distributions, tax returns, prospectus preparation, board of directors meeting support, transfer agency and other legal matters. The Legal fees on the Statement of Operations are for fees paid to external legal counsel. The Fund paid ATFS $5 for Administration fees for the period ended June 30, 2004.

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

American Century Large Company Value    8

American Century Large Company Value

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  2–(continued)

Deferred compensation plan: Each eligible Fund Director may elect participation in the Deferred Compensation Plan for Directors of ATSF (“the Plan”). Under the Plan, such Directors may defer payment of a percentage of their total fees earned as a Fund Director. These deferred amounts may be invested in any portfolio of Transamerica IDEX Mutual Funds, an affiliate of the Fund. At June 30, 2004, the value of invested plan amounts was $2. Invested plan amounts and the total liability for deferred compensation to the Directors under the Plan at June 30, 2004, are included in Net assets in the accompanying Statement of Assets and Liabilities.

NOTE  3. INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the period ended June 30, 2004, were as follows:

Purchases of securities:
Long-Term excluding U.S. Government	$	55,329
U.S. Government		2,414
Proceeds from maturities and sales of securities:
Long-Term excluding U.S. Government		57,330
U.S. Government		659

NOTE  4. FEDERAL INCOME TAX MATTERS

The Fund has not made any provision for federal income 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 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 treatments for items including, but not limited to, wash sales, net operating losses and capital loss carryforwards.

The capital loss carryforwards are available to offset future realized capital gains through the period listed:

Capital Loss Carryforward	Available through
$771	December 31, 2010

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of June 30, 2004, are as follows:

Federal Tax Cost Basis	$	65,583
Unrealized Appreciation	$	3,439
Unrealized (Depreciation)		(805	)
Net Unrealized Appreciation (Depreciation)	$	2,634

NOTE  5. OTHER MATTERS

ATSF, and certain of its affiliated entities, have received requests for information from the Staff of the Securities and Exchange Commission in connection with market timing and late trading within the funds. ATSF and the affiliated entities have voluntarily cooperated in the investigation and have been providing the information as requested.

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

American Century Large Company Value    9

Asset Allocation–Conservative Portfolio

SCHEDULE OF INVESTMENTS

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Shares	Value
INVESTMENT COMPANIES (100.0%) (b)
Aggressive Equity (11.2%)
Munder Net50 (a)	208,226	$	1,907
T. Rowe Price Small Cap (a)	1,671,959		19,813
Third Avenue Value	1,183,267		21,630
Transamerica Growth Opportunities (a)	1,120,731		15,175
Transamerica Small/Mid Cap Value (a)	87,380		1,312
Capital Preservation (10.5%)
Transamerica Money Market	56,229,502		56,230
Fixed-Income (52.6%)
MFS High Yield	10,961,060		113,118
PIMCO Total Return	6,259,741		68,982
Transamerica Convertible Securities	8,318,592		99,158
Growth Equity (21.9%)
Great Companies–TechnologySM (a)	2,476,299		10,376
J.P. Morgan Mid Cap Value	99,255		1,309
Janus Growth (a)	296,011		9,561
Marsico Growth (a)	911,737		7,823

	Shares	Value
Growth Equity (continued)
Mercury Large Cap Value	904,578	$	14,292
Salomon All Cap	1,142,017		15,726
T. Rowe Price Equity Income	2,230,667		44,190
Transamerica Equity (a)	720,149		13,625
Specialty–Real Estate (0.1%)
Clarion Real Estate Securities	37,899		606
World Equity (3.7%)
Capital Guardian Global	1,564,258		18,599
Van Kampen Active International Allocation	105,510		1,081
Total Investment Companies (cost: $456,865)		$	534,513
SUMMARY:
Investments, at value	100.0%	$	534,513
Liabilities in excess of other assets	0.0%		(34	)
Net assets	100.0%	$	534,479

NOTES TO SCHEDULE OF INVESTMENTS:

(a) No dividends were paid during the preceding twelve months.

(b) The Fund invests its assets in the Initial Class shares of underlying portfolios of AEGON/Transamerica Series Fund, Inc., which are affiliates of the Fund.

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Asset Allocation–Conservative Portfolio     1

Asset Allocation–Conservative Portfolio

STATEMENT OF ASSETS AND LIABILITIES

At June 30, 2004

(all amounts except per share amounts in thousands)

(unaudited)

Assets:
Investment in affiliated investment companies, at value (cost: $ 456,865)	$	534,513
Receivables:
Dividends		37
		534,550
Liabilities:
Accounts payable and accrued liabilities:
Management and advisory fees		48
Service fees		9
Other		14
		71
Net Assets	$	534,479
Net Assets Consist of:
Capital stock, 150,000 shares authorized ($.01 par value)	$	466
Additional paid-in capital		437,898
Undistributed net investment income		1,407
Undistributed net realized gain (loss) from: Investment in affiliated investment companies		17,060
Net unrealized appreciation (depreciation) on: Investment in affiliated investment companies		77,648
Net Assets	$	534,479
Net Assets by Class:
Initial Class	$	488,771
Service Class		45,708
Shares Outstanding:
Initial Class		42,621
Service Class		3,992
Net Asset Value and Offering Price Per Share:
Initial Class	$	11.47
Service Class		11.45

STATEMENT OF OPERATIONS

For the period ended June 30, 2004

(all amounts in thousands)

(unaudited)

Investment Income:
Dividends from affiliated investment companies	$	141
Expenses:
Management and advisory fees		252
Printing and shareholder reports		3
Custody fees		16
Administration fees		38
Legal fees		2
Auditing and accounting fees		6
Directors fees		7
Service fees:
Service Class		36
Total expenses		360
Net Investment Income (Loss)		(219	)
Net Realized Gain (Loss) from:
Investment in affiliated investment companies		10,434
Net Increase (Decrease) in Unrealized Appreciation (Depreciation) on:
Investment in affiliated investment companies		3,575
Net Gain (Loss) on Investment in Affiliated Investment Companies		14,009
Net Increase (Decrease) in Net Assets Resulting from Operations	$	13,790

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Asset Allocation–Conservative Portfolio    2

Asset Allocation–Conservative Portfolio

STATEMENTS OF CHANGES IN NET ASSETS

For the period or year ended

(all amounts in thousands)

	June 30, 2004 (unaudited)			December 31, 2003
Increase (Decrease) In Net Assets From:
Operations:
Net investment income (loss)	$	(219	)	$	1,626
Net realized gain (loss) from investment in affiliated investment companies		10,434			7,507
Net unrealized appreciation (depreciation) on investment in affiliated investment companies		3,575			73,016
		13,790			82,149
Distributions to Shareholders:
From net investment income:
Initial Class		–			(469	)
Service Class		–			–
		–			(469	)
From net realized gains:
Initial Class		–			–
Service Class		–			–
		–			–
Capital Share Transactions:
Proceeds from shares sold:
Initial Class		77,468			298,028
Service Class		32,972			15,596
		110,440			313,624
Dividends and distributions reinvested:
Initial Class		–			469
Service Class		–			–
		–			469
Cost of shares redeemed:
Initial Class		(55,581	)		(95,399	)
Service Class		(2,910	)		(1,468	)
		(58,491	)		(96,867	)
		51,949			217,226
Net increase (decrease) in net assets		65 739			298,906
Net Assets:
Beginning of period		468,740			169,834
End of period	$	534,479		$	468,740
Undistributed Net Investment Income	$	1,407		$	1,626

	June 30, 2004 (unaudited)		December 31, 2003
Share Activity:
Shares issued:
Initial Class	6,814		31,417
Service Class	2,901		1,487
	9,715		32,904
Shares issued–reinvested from distributions:
Initial Class	–		47
Service Class	–		–
	–		47
Shares redeemed:
Initial Class	(4,866	)	(9,465	)
Service Class	(257	)	(139	)
	(5,123	)	(9,604	)
Net increase (decrease) in shares outstanding:
Initial Class	1,948		21,999
Service Class	2,644		1,348
	4,592		23,347

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Asset Allocation–Conservative Portfolio    3

Asset Allocation–Conservative Portfolio

FINANCIAL HIGHLIGHTS

(unaudited for the period ended June 30, 2004)

	For the Period Ended (b)	For a share outstanding throughout each period (a)
		Net Asset Value, Beginning of Period		Investment Operations									Distributions								Net Asset Value, End of Period
				Net Investment Income (Loss)			Net Realized and Unrealized Gain (Loss)			Total Operations			From Net Investment Income			From Net Realized Gains		Total Distributions
Initial Class	06/30/2004	$	11.16	$	–		$	0.31		$	0.31		$	–		$	–	$	–		$	11.47
	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	06/30/2004		11.15		(0.02	)		0.32			0.30			–			–		–			11.45
	12/31/2003		9.53		–			1.62			1.62			–			–		–			11.15

	For the Period Ended (b)	Total Return (c)(g)		Ratios/Supplemental Data
				Net Assets, End of Period (000’s)		Ratio of Expenses to Average Net Assets (f)				Net Investment Income (Loss) to Average Net Assets (f)		Portfolio Turnover Rate (g)
						Net (d)		Total (e)
Initial Class	06/30/2004	2.78	%	$	488,771	0.13	%	0.13	%	(0.07	)%	10	%
	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	06/30/2004	2.69			45,708	0.38		0.38		(0.32	)	10
	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) The inception dates of the Fund’s share classes are 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 fee waivers by the investment adviser, if any (see note 2).

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

(f) Annualized.

(g) Not annualized for periods of less than one year.

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Asset Allocation–Conservative Portfolio    4

Asset Allocation–Conservative Portfolio

NOTES TO FINANCIAL STATEMENTS

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

The AEGON/Transamerica Series Fund, Inc. (“ATSF”) is a Maryland corporation registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. ATSF serves as a funding vehicle for variable life insurance, variable annuity and group annuity products. Asset Allocation–Conservative Portfolio (“the Fund”), part of ATSF, began operations on May 1, 2002.

In the normal course of business the Fund enters into contracts that contain a variety of representations and warranties, which 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.

See the Prospectus and Statement of Additional Information for a description of the Fund’s investment objective.

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 policies were consistently followed by the Fund, in accordance with GAAP.

Multiple class operations 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.

Pricing of shares: The Fund prices its shares on the basis of the net asset value of each class of shares of the Fund, which is determined as of the close of the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern Time) on each day on which the NYSE is open for trading (other than a day on which there are insufficient changes in the value of the Fund’s portfolio securities to materially affect the Fund’s net asset value or a day on which no shares are tendered for redemption and no order to purchase any shares is received).

Security valuations: The Fund’s investments are valued at the net asset values of the underlying portfolios of ATSF. The net asset values of the underlying portfolios are determined at the close of the NYSE (generally 4:00 p.m. eastern time) on the valuation date.

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: Dividend 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

AEGON/Transamerica Fund Advisers, Inc. (“ATFA”) is the Fund’s investment adviser. AEGON/Transamerica Fund Services, Inc. (“ATFS”) is the Fund’s administrator and transfer agent. AFSG Securities Corp. (“AFSG”) is the Fund’s distributor. AFSG is 100% owned by AUSA Holding Company (“AUSA”). ATFA is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) (“WRL”) and AUSA (22%). ATFS is a wholly owned subsidiary of WRL. AUSA and WRL are wholly owned indirect subsidiaries of AEGON NV, a Netherlands corporation.

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

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

Certain officers and directors of the Fund are also officers and/or directors of ATFA, ATFS, AFSG and WRL. No affiliated officer or director receives any compensation directly from the Fund.

Investment advisory fees: The Fund pays management fees to ATFA based on average daily net assets (“ANA”) at the following rate:

0.10% of ANA

ATFA 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 limitations 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 are no amounts subject to recapture at June 30, 2004.

Distribution and service fees: The Fund adopted a distribution plan (“Distribution Plan”) pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended. Pursuant to the Distribution Plan, ATSF entered into a Distribution Agreement with AFSG effective May 1, 1999.

Under the Distribution Plan and Distribution Agreement on the Initial Class shares, AFSG, on behalf of the Fund, is authorized to pay various

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

Asset Allocation–Conservative Portfolio    5

Asset Allocation–Conservative Portfolio

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  2–(continued)

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 ATSF 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, 2005. 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 ATFS for financial and legal fund administration services, which includes such items as compliance, expenses, financial statements and other reporting, distributions, tax returns, prospectus preparation, board of directors meeting support, transfer agency and other legal matters. The Legal fees on the Statement of Operations are for fees paid to external legal counsel. The Fund paid ATFS $38 for Administration fees for the period ended June 30, 2004.

Deferred compensation plan: Each eligible Fund Director may elect participation in the Deferred Compensation Plan for Directors of ATSF (“the Plan”). Under the Plan, such Directors may defer payment of a percentage of their total fees earned as a Fund Director. These deferred amounts may be invested in any portfolio of Transamerica IDEX Mutual Funds, an affiliate of the Fund. At June 30, 2004, the value of invested plan amounts was $20. Invested plan amounts and the total liability for deferred compensation to the Directors under the Plan at June 30, 2004, are included in Net assets in the accompanying Statement of Assets and Liabilities.

NOTE  3. INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the period ended June 30, 2004, were as follows:

Purchases of securities:
Long-Term excluding U.S. Government	$	104,302
U.S. Government		–
Proceeds from maturities and sales of securities:
Long-Term excluding U.S. Government		52,529
U.S. Government		–

NOTE  4. FEDERAL INCOME TAX MATTERS

The Fund has not made any provision for federal income 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 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 treatments for items including, but not limited to, wash sales, and capital loss carryforwards.

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of June 30, 2004, are as follows:

Federal Tax Cost Basis	$	457,313
Unrealized Appreciation	$	77,200
Unrealized (Depreciation)		0
Net Unrealized Appreciation (Depreciation)	$	77,200

NOTE  5. OTHER MATTERS

ATSF, and certain of its affiliated entities, have received requests for information from the Staff of the Securities and Exchange Commission in connection with market timing and late trading within the funds. ATSF and the affiliated entities have voluntarily cooperated in the investigation and have been providing the information as requested.

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

Asset Allocation–Conservative Portfolio    6

Asset Allocation–Growth Portfolio

SCHEDULE OF INVESTMENTS

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Shares	Value
INVESTMENT COMPANIES (100.0%) (b)
Aggressive Equity (25.8%)
Munder Net50 (a)	1,698,866	$	15,562
T. Rowe Price Small Cap (a)	5,642,595		66,865
Third Avenue Value	2,424,868		44,327
Transamerica Growth Opportunities (a)	2,260,834		30,612
Transamerica Small/Mid Cap Value (a)	1,366,074		20,518
Growth Equity (55.8%)
Capital Guardian Value	1,183,554		21,777
Great Companies–TechnologySM (a)	5,752,631		24,104
J.P. Morgan Mid Cap Value	1,878,573		24,778
Janus Growth (a)	999,757		32,292
Jennison Growth (a)	4,433,962		33,565
Mercury Large Cap Value	2,883,318		45,556
Salomon All Cap	4,614,841		63,546
T. Rowe Price Equity Income	4,882,843		96,729
Transamerica Equity (a)	2,197,085		41,569

	Shares	Value
Specialty–Real Estate (1.2%)
Clarion Real Estate Securities	531,886	$	8,510
World Equity (17.2%)
American Century International (a)	2,218,923		17,130
Capital Guardian Global	5,667,773		67,390
Van Kampen Active International Allocation	3,271,279		33,531
Total Investment Companies (cost: $571,330)		$	688,361
SUMMARY:
Investments, at value	100.0%	$	688,361
Liabilities in excess of other assets	0.0%		(87	)
Net assets	100.0%	$	688,274

NOTES TO SCHEDULE OF INVESTMENTS:

(a) No dividends were paid during the preceding twelve months.

(b) The Fund invests its assets in the Initial Class shares of underlying portfolios of AEGON/Transamerica Series Fund, Inc., which are affiliates of the Fund.

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Asset Allocation–Growth Portfolio    1

Asset Allocation–Growth Portfolio

STATEMENT OF ASSETS AND LIABILITIES

At June 30, 2004

(all amounts except per share amounts in thousands) (unaudited)

Assets:
Investment in affiliated investment companies, at value (cost: $ 571,330)	$	688,361
Liabilities:
Accounts payable and accrued liabilities:
Management and advisory fees		59
Service fees		11
Other		17
		87
Net Assets	$	688,274
Net Assets Consist of:
Capital stock, 150,000 shares authorized ($.01 par value)	$	616
Additional paid-in capital		563,116
Undistributed net investment income		173
Undistributed net realized gain (loss) from: Investment in affiliated investment companies		7,338
Net unrealized appreciation (depreciation) on: Investment in affiliated investment companies		117,031
Net Assets	$	688,274
Net Assets by Class:
Initial Class	$	633,252
Service Class		55,022
Shares Outstanding:
Initial Class		56,627
Service Class		4,927
Net Asset Value and Offering Price Per Share:
Initial Class	$	11.18
Service Class		11.17

STATEMENT OF OPERATIONS

For the period ended June 30, 2004

(all amounts in thousands)

(unaudited)

Investment Income:
Dividends from affiliated investment companies	$	–
Expenses:
Management and advisory fees		302
Printing and shareholder reports		7
Custody fees		17
Administration fees		45
Legal fees		2
Auditing and accounting fees		6
Directors fees		7
Service fees:
Service Class		41
Total expenses		427
Net Investment Income (Loss)		(427	)
Net Realized Gain (Loss) from:
Investment in affiliated investment companies		1,520
Net Increase (Decrease) in Unrealized Appreciation (Depreciation) on:
Investment in affiliated investment companies		26,022
Net Gain (Loss) on Investment in Affiliated Investment Companies		27,542
Net Increase (Decrease) in Net Assets Resulting from Operations	$	27,115

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Asset Allocation–Growth Portfolio    2

Asset Allocation–Growth Portfolio

STATEMENTS OF CHANGES IN NET ASSETS

For the period or year ended

(all amounts in thousands)

	June 30, 2004 (unaudited)			December 31, 2003
Increase (Decrease) In Net Assets From:
Operations:
Net investment income (loss)	$	(427	)	$	600
Net realized gain (loss) from investment in affiliated investment companies		1,520			6,444
Net unrealized appreciation (depreciation) on investment in affiliated investment companies		26,022			93,161
		27,115			100,205
Distributions to Shareholders:
From net investment income:
Initial Class		–			(533	)
Service Class		–			–
		–			(533	)
From net realized gains:
Initial Class		–			–
Service Class		–			–
		–			–
Capital Share Transactions:
Proceeds from shares sold:
Initial Class		142,725			272,914
Service Class		42,774			15,400
		185,499			288,314
Dividends and distributions reinvested:
Initial Class		–			533
Service Class		–			–
		–			533
Cost of shares redeemed:
Initial Class		(36,742	)		(26,459	)
Service Class		(4,023	)		(1,811	)
		(40,765	)		(28,270	)
		144,734			260,577
Net increase (decrease) in net assets		171,849			360,249
Net Assets:
Beginning of period		516,425			156,176
End of period	$	688,274		$	516,425
Undistributed Net Investment Income	$	173		$	600

	June 30, 2004 (unaudited)		December 31, 2003
Share Activity:
Shares issued:
Initial Class	13,007		30,736
Service Class	3,904		1,581
	16,911		32,317
Shares issued–reinvested from distributions:
Initial Class	–		58
Service Class	–		–
	–		58
Shares redeemed:
Initial Class	(3,388	)	(2,891	)
Service Class	(373	)	(185	)
	(3,761	)	(3,076	)
Net increase (decrease) in shares outstanding:
Initial Class	9,619		27,903
Service Class	3,531		1,396
	13,150		29,299

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Asset Allocation–Growth Portfolio    3

Asset Allocation–Growth Portfolio

FINANCIAL HIGHLIGHTS

(unaudited for the period ended June 30, 2004)

	For the Period Ended (b)	For a share outstanding throughout each period (a)
		Net Asset Value, Beginning of Period		Investment Operations									Distributions								Net Asset Value, End of Period
				Net Investment Income (Loss)			Net Realized and Unrealized Gain (Loss)			Total Operations			From Net Investment Income			From Net Realized Gains		Total Distributions
Initial Class	06/30/2004	$	10.67	$	(0.01	)	$	0.52		$	0.51		$	–		$	–	$	–		$	11.18
	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	06/30/2004		10.67		(0.02	)		0.52			0.50			–			–		–			11.17
	12/31/2003		8.46		–			2.21			2.21			–			–		–			10.67

	For the Period Ended (b)	Total Return (c)(g)		Ratios/Supplemental Data
				Net Assets, End of Period (000’s)		Ratio of Expenses to Average Net Assets (f)				Net Investment Income (Loss) to Average Net Assets (f)		Portfolio Turnover Rate (g)
						Net (d)		Total (e)
Initial Class	06/30/2004	4.78	%	$	633,252	0.13	%	0.13	%	(0.13	)%	2	%
	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	06/30/2004	4.69			55,022	0.38		0.38		(0.38	)	2
	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) The inception dates of the Fund’s share classes are 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 fee waivers by the investment adviser, if any (see note 2).

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

(f) Annualized.

(g) Not annualized for periods of less than one year.

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Asset Allocation–Growth Portfolio    4

Asset Allocation–Growth Portfolio

NOTES TO FINANCIAL STATEMENTS

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

The AEGON/Transamerica Series Fund, Inc. (“ATSF”) is a Maryland corporation registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. ATSF serves as a funding vehicle for variable life insurance, variable annuity and group annuity products. Asset Allocation–Growth Portfolio (“the Fund”), part of ATSF, began operations on May 1, 2002.

In the normal course of business the Fund enters into contracts that contain a variety of representations and warranties, which 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.

See the Prospectus and Statement of Additional Information for a description of the Fund’s investment objective.

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 policies were consistently followed by the Fund, in accordance with GAAP.

Multiple class operations 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.

Pricing of shares: The Fund prices its shares on the basis of the net asset value of each class of shares of the Fund, which is determined as of the close of the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern Time) on each day on which the NYSE is open for trading (other than a day on which there are insufficient changes in the value of the Fund’s portfolio securities to materially affect the Fund’s net asset value or a day on which no shares are tendered for redemption and no order to purchase any shares is received).

Security valuations: The Fund’s investments are valued at the net asset values of the underlying portfolios of ATSF. The net asset values of the underlying portfolios are determined at the close of the NYSE (generally 4:00 p.m. eastern time) on the valuation date.

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: Dividend 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

AEGON/Transamerica Fund Advisers, Inc. (“ATFA”) is the Fund’s investment adviser. AEGON/Transamerica Fund Services, Inc. (“ATFS”) is the Fund’s administrator and transfer agent. AFSG Securities Corp. (“AFSG”) is the Fund’s distributor. AFSG is 100% owned by AUSA Holding Company (“AUSA”). ATFA is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) (“WRL”) and AUSA (22%). ATFS is a wholly owned subsidiary of WRL. AUSA and WRL are wholly owned indirect subsidiaries of AEGON NV, a Netherlands corporation.

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

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

Certain officers and directors of the Fund are also officers and/or directors of ATFA, ATFS, AFSG and WRL. No affiliated officer or director receives any compensation directly from the Fund.

Investment advisory fees: The Fund pays management fees to ATFA based on average daily net assets (“ANA”) at the following rate:

0.10% of ANA

ATFA 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 limitations 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 are no amounts subject to recapture at June 30, 2004.

Distribution and service fees: The Fund adopted a distribution plan (“Distribution Plan”) pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended. Pursuant to the Distribution Plan, ATSF entered into a Distribution Agreement with AFSG effective May 1, 1999.

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

Asset Allocation–Growth Portfolio    5

Asset Allocation–Growth Portfolio

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2004

(all amounts in thousands)

(unaudited)

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 ATSF 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, 2005. 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 ATFS for financial and legal fund administration services, which includes such items as compliance, expenses, financial statements and other reporting, distributions, tax returns, prospectus preparation, board of directors meeting support, transfer agency and other legal matters. The Legal fees on the Statement of Operations are for fees paid to external legal counsel. The Fund paid ATFS $45 for Administration fees for the period ended June 30, 2004.

Deferred compensation plan: Each eligible Fund Director may elect participation in the Deferred Compensation Plan for Directors of ATSF (“the Plan”). Under the Plan, such Directors may defer payment of a percentage of their total fees earned as a Fund Director. These deferred amounts may be invested in any portfolio of Transamerica IDEX Mutual Funds, an affiliate of the Fund. At June 30, 2004, the value of invested plan amounts was $26. Invested plan amounts and the total liability for deferred compensation to the Directors under the Plan at June 30, 2004, are included in Net assets in the accompanying Statement of Assets and Liabilities.

NOTE  3. INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the period ended June 30, 2004, were as follows:

Purchases of securities:
Long-Term excluding U.S. Government	$	155,361
U.S. Government		—
Proceeds from maturities and sales of securities:
Long-Term excluding U.S. Government		10,437
U.S. Government		—

NOTE  4. FEDERAL INCOME TAX MATTERS

The Fund has not made any provision for federal income 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 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 treatments for items including, but not limited to, wash sales, and capital loss carryforwards.

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of June 30, 2004, are as follows:

Federal Tax Cost Basis	$	571,523
Unrealized Appreciation	$	116,850
Unrealized (Depreciation)		(12	)
Net Unrealized Appreciation (Depreciation)	$	116,838

NOTE  5. OTHER MATTERS

ATSF, and certain of its affiliated entities, have received requests for information from the Staff of the Securities and Exchange Commission in connection with market timing and late trading within the funds. ATSF and the affiliated entities have voluntarily cooperated in the investigation and have been providing the information as requested.

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

Asset Allocation–Growth Portfolio    6

Asset Allocation–Moderate Portfolio

SCHEDULE OF INVESTMENTS

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Shares	Value
INVESTMENT COMPANIES (100.0%) (b)
Aggressive Equity (17.4%)
Munder Net50 (a)	817,909	$	7,492
T. Rowe Price Small Cap (a)	7,572,937		89,739
Third Avenue Value	4,311,238		78,809
Transamerica Growth Opportunities (a)	4,343,348		58,809
Transamerica Small/Mid Cap Value (a)	302,701		4,547
Capital Preservation (7.2%)
Transamerica Money Market	98,866,057		98,866
Fixed-Income (36.8%)
MFS High Yield	21,498,465		221,864
PIMCO Total Return	11,099,323		122,315
Transamerica Convertible Securities	13,693,352		163,225
Growth Equity (32.7%)
Great Companies–TechnologySM (a)	10,637,211		44,570
J.P. Morgan Mid Cap Value	339,891		4,483
Janus Growth (a)	1,277,030		41,248
Marsico Growth (a)	4,718,435		40,484

	Shares	Value
Growth Equity (continued)
Mercury Large Cap Value	2,735,575	$	43,221
Salomon All Cap	3,140,662		43,247
T. Rowe Price Equity Income	7,859,216		155,691
Transamerica Equity (a)	4,103,646		77,641
Specialty–Real Estate (0.4%)
Clarion Real Estate Securities	313,493		5,016
World Equity (5.5%)
American Century International (a)	3,074,941		23,739
Capital Guardian Global	3,325,026		39,535
Van Kampen Active International Allocation	1,152,489		11,813
Total Investment Companies (cost: $1,139,107)		$	1,376,354
SUMMARY:
Investments, at value	100.0%	$	1,376,354
Liabilities in excess of other assets	0.0%		(110	)
Net assets	100.0%	$	1,376,244

NOTES TO SCHEDULE OF INVESTMENTS:

(a) No dividends were paid during the preceding twelve months.

(b) The Fund invests its assets in the Initial Class shares of underlying portfolios of AEGON/Transamerica Series Fund, Inc., which are affiliates of the Fund.

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Asset Allocation–Moderate Portfolio    1

Asset Allocation–Moderate Portfolio

STATEMENT OF ASSETS AND LIABILITIES

At June 30, 2004

(all amounts except per share amounts in thousands)

(unaudited)

Assets:
Investment in affiliated investment companies, at value (cost: $1,139,107)	$	1,376,354
Receivables:
Dividends		61
		1,376,415
Liabilities:
Accounts payable and accrued liabilities:
Management and advisory fees		121
Service fees		21
Other		29
		171
Net Assets	$	1,376,244
Net Assets Consist of:
Capital Stock, 200,000 shares authorized ($.01 par value)	$	1,210
Additional paid-in capital		1,122,847
Undistributed net investment income		2,687
Undistributed net realized gain (loss) from: Investment in affiliated investment companies		12,253
Net unrealized appreciation (depreciation) on: Investment in affiliated investment companies		237,247
Net Assets	$	1,376,244
Net Assets by Class:
Initial Class	$	1,272,139
Service Class		104,105
Shares Outstanding:
Initial Class		111,828
Service Class		9,169
Net Asset Value and Offering Price Per Share:
Initial Class	$	11.38
Service Class		11.35

STATEMENT OF OPERATIONS

For the period ended June 30, 2004

(all amounts in thousands)

(unaudited)

Investment Income:
Dividends from affiliated investment companies	$	227
Expenses:
Management and advisory fees		641
Printing and shareholder reports		7
Custody fees		23
Administration fees		96
Legal fees		5
Auditing and accounting fees		6
Directors fees		17
Service fees:
Service Class		76
Total expenses		871
Net Investment Income (Loss)		(644	)
Net Realized Gain (Loss) from:
Affiliated investment companies		573
Net Increase (Decrease) in Unrealized Appreciation (Depreciation) on:
Affiliated investment companies		43,957
Net Gain (Loss) on Investment in Affiliated Investment Companies		44,530
Net Increase (Decrease) in Net Assets Resulting from Operations	$	43,886

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Asset Allocation–Moderate Portfolio    2

Asset Allocation–Moderate Portfolio

STATEMENTS OF CHANGES IN NET ASSETS

For the period or year ended

(all amounts in thousands)

	June 30, 2004 (unaudited)			December 31, 2003
Increase (Decrease) In Net Assets From:
Operations:
Net investment income (loss)	$	(644	)	$	3,332
Net realized gain (loss) from investment in affiliated investment companies		573			12,938
Net unrealized appreciation (depreciation) on investment in affiliated investment companies		43,957			194,934
		43,886			211,204
Distributions to Shareholders:
From net investment income:
Initial Class		–			(936	)
Service Class		–			–
		–			(936	)
From net realized gains:
Initial Class		–			–
Service Class		–			–
		–			–
Capital Share Transactions:
Proceeds from shares sold:
Initial Class		106,784			622,376
Service Class		79,866			28,157
		186,650			650,533
Dividends and distributions reinvested:
Initial Class		–			936
Service Class		–			–
		–			936
Cost of shares redeemed:
Initial Class		(46,193	)		(68,023	)
Service Class		(5,613	)		(1,884	)
		(51,806	)		(69,907	)
		134,844			581,562
Net increase (decrease) in net assets		178,730			791,830
Net Assets:
Beginning of period		1,197,514			405,684
End of period	$	1,376,244		$	1,197,514
Undistributed Net Investment Income	$	2,687		$	3,331

	June 30, 2004 (unaudited)		December 31, 2003
Share Activity:
Shares issued:
Initial Class	9,498		67,114
Service Class	7,123		2,734
	16,621		69,848
Shares issued–reinvested from distributions:
Initial Class	–		96
Service Class	–		–
	–		96
Shares redeemed:
Initial Class	(4,119	)	(6,804	)
Service Class	(506	)	(182	)
	(4,625	)	(6,986	)
Net increase (decrease) in shares outstanding:
Initial Class	5,379		60,406
Service Class	6,617		23,552
	11,996		62,958

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Asset Allocation–Moderate Portfolio    3

Asset Allocation–Moderate Portfolio

FINANCIAL HIGHLIGHTS

(unaudited for the period ended June 30, 2004)

	For the Period Ended (b)	For a share outstanding throughout each period (a)
		Net Asset Value, Beginning of Period		Investment Operations									Distributions								Net Asset Value, End of Period
				Net Investment Income (Loss)			Net Realized and Unrealized Gain (Loss)			Total Operations			From Net Investment Income			From Net Realized Gains		Total Distributions
Initial Class	06/30/2004	$	10.99	$	–		$	0.39		$	0.39		$	–		$	–	$	–		$	11.38
	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	06/30/2004		10.98		(0.02	)		0.39			0.37			–			–		–			11.35
	12/31/2003		9.21		0.01			1.76			1.77			–			–		–			10.98

	For the Period Ended (b)	Total Return (c)(g)		Ratios/Supplemental Data
				Net Assets, End of Period (000’s)		Ratio of Expenses to Average Net Assets (f)				Net Investment Income (Loss) to Average Net Assets (f)		Portfolio Turnover Rate (g)
						Net (d)		Total (e)
Initial Class	06/30/2004	3.55	%	$	1,272,139	0.12	%	0.12	%	(0.09	)%	–	%
	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	06/30/2004	3.37			104,105	0.37		0.37		(0.34	)	–
	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) The inception dates of the Fund’s share classes are 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 fee waivers by the investment adviser, if any (see note 2).

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

(f) Annualized.

(g) Not annualized for periods of less than one year.

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Asset Allocation–Moderate Portfolio     4

Asset Allocation–Moderate Portfolio

NOTES TO FINANCIAL STATEMENTS

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

The AEGON/Transamerica Series Fund, Inc. (“ATSF”) is a Maryland corporation registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. ATSF serves as a funding vehicle for variable life insurance, variable annuity and group annuity products. Asset Allocation– Moderate Portfolio (“the Fund”), part of ATSF, began operations on May 1, 2002.

In the normal course of business the Fund enters into contracts that contain a variety of representations and warranties, which 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.

See the Prospectus and Statement of Additional Information for a description of the Fund’s investment objective.

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 policies were consistently followed by the Fund, in accordance with GAAP.

Multiple class operations 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.

Pricing of shares: The Fund prices its shares on the basis of the net asset value of each class of shares of the Fund, which is determined as of the close of the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern Time) on each day on which the NYSE is open for trading (other than a day on which there are insufficient changes in the value of the Fund’s portfolio securities to materially affect the Fund’s net asset value or a day on which no shares are tendered for redemption and no order to purchase any shares is received).

Security valuations: The Fund’s investments are valued at the net asset values of the underlying portfolios of ATSF. The net asset values of the underlying portfolios are determined at the close of the NYSE (generally 4:00 p.m. eastern time) on the valuation date.

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: Dividend 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

AEGON/Transamerica Fund Advisers, Inc. (“ATFA”) is the Fund’s investment adviser. AEGON/Transamerica Fund Services, Inc. (“ATFS”) is the Fund’s administrator and transfer agent. AFSG Securities Corp. (“AFSG”) is the Fund’s distributor. AFSG is 100% owned by AUSA Holding Company (“AUSA”). ATFA is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) (“WRL”) and AUSA (22%). ATFS is a wholly owned subsidiary of WRL. AUSA and WRL are wholly owned indirect subsidiaries of AEGON NV, a Netherlands corporation.

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

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

Certain officers and directors of the Fund are also officers and/or directors of ATFA, ATFS, AFSG and WRL. No affiliated officer or director receives any compensation directly from the Fund.

Investment advisory fees: The Fund pays management fees to ATFA based on average daily net assets (“ANA”) at the following rate:

0.10% of ANA

ATFA 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 limitations 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 are no amounts subject to recapture at June 30, 2004.

Distributions and service fees: The Fund adopted a distribution plan (“Distribution Plan”) pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended. Pursuant to the Distribution Plan, À entered into a Distribution Agreement with AFSG effective May 1, 1999.

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

Asset Allocation–Moderate Portfolio    5

Asset Allocation–Moderate Portfolio

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2004

(all amounts in thousands)

(unaudited)

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 ATSF 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, 2005. 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 ATFS for financial and legal fund administration services, which includes such items as compliance, expenses, financial statements and other reporting, distributions, tax returns, prospectus preparation, board of directors meeting support, transfer agency and other legal matters. The Legal fees on the Statement of Operations are for fees paid to external legal counsel. The Fund paid ATFS $96 for Administration fees for the period ended June 30, 2004.

Deferred compensation plan: Each eligible Fund Director may elect participation in the Deferred Compensation Plan for Directors of ATSF (“the Plan”). Under the Plan, such Directors may defer payment of a percentage of their total fees earned as a Fund Director. These deferred amounts may be invested in any portfolio of Transamerica IDEX Mutual Funds, an affiliate of the Fund. At June 30, 2004, the value of invested plan amounts was $56. Invested plan amounts and the total liability for deferred compensation to the Directors under the Plan at June 30, 2004, are included in Net assets in the accompanying Statement of Assets and Liabilities.

NOTE  3. INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the period ended June 30, 2004, were as follows:

Purchases of securities:
Long-Term excluding U.S. Government	$	139,074
U.S. Government		0
Proceeds from maturities and sales of securities:
Long-Term excluding U.S. Government		5,384
U.S. Government		0

NOTE  4. FEDERAL INCOME TAX MATTERS

The Fund has not made any provision for federal income 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 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 treatments for items including, but not limited to, wash sales, and capital loss carryforwards.

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of June 30, 2004, are as follows:

Federal Tax Cost Basis	$	1,139,345
Unrealized Appreciation	$	237,009
Unrealized (Depreciation)		0
Net Unrealized Appreciation (Depreciation)	$	237,009

NOTE  5. OTHER MATTERS

ATSF, and certain of its affiliated entities, have received requests for information from the Staff of the Securities and Exchange Commission in connection with market timing and late trading within the funds. ATSF and the affiliated entities have voluntarily cooperated in the investigation and have been providing the information as requested.

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

Asset Allocation–Moderate Portfolio    6

Asset Allocation–Moderate Growth Portfolio

SCHEDULE OF INVESTMENTS

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Shares	Value
INVESTMENT COMPANIES (100.0%) (b)
Aggressive Equity (20.1%)
Munder Net50 (a)	2,568,814	$	23,530
T. Rowe Price Small Cap (a)	9,740,310		115,423
Third Avenue Value	5,059,382		92,486
Transamerica Growth Opportunities (a)	4,585,972		62,093
Capital Preservation (0.0%)
Transamerica Money Market	505		1
Fixed-Income (20.4%)
MFS High Yield	12,799,595		132,092
PIMCO Total Return	7,908,221		87,149
Transamerica Convertible Securities	6,680,282		79,629
Growth Equity (47.5%)
Capital Guardian Value	2,033,357		37,414
Great Companies–TechnologySM (a)	10,439,987		43,744
J.P. Morgan Mid Cap Value	2,596,594		34,249
Janus Growth (a)	1,818,448		58,736
Jennison Growth (a)	10,438,015		79,016

	Shares	Value
Growth Equity (continued)
Mercury Large Cap Value	4,610,971	$	72,853
Salomon All Cap	5,368,483		73,924
T. Rowe Price Equity Income	10,354,124		205,114
Transamerica Equity (a)	4,774,278		90,329
Specialty–Real Estate (2.4%)
Clarion Real Estate Securities	2,218,055		35,489
World Equity (9.6%)
American Century International (a)	4,591,147		35,444
Capital Guardian Global	5,596,368		66,540
Van Kampen Active International Allocation	3,693,926		37,863
Total Investment Companies (cost: $1,208,616)		$	1,463,118
SUMMARY:
Investments, at value	100.0%	$	1,463,118
Liabilities in excess of other assets	0.0%		(186	)
Net assets	100.0%	$	1,462,932

NOTES TO SCHEDULE OF INVESTMENTS:

(a) No dividends were paid during the preceding twelve months.

(b) The Fund invests its assets in the Initial Class shares of underlying portfolios of AEGON/Transamerica Series Fund, Inc., which are affiliates of the Fund.

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Asset Allocation–Moderate Growth Portfolio    1

Asset Allocation–Moderate Growth Portfolio

STATEMENT OF ASSETS AND LIABILITIES

At June 30, 2004

(all amounts except per share amounts in thousands)

(unaudited)

Assets:
Investment in affiliated investment companies, at value (cost: $1,208,616)	$	1,463,118
Liabilities:
Accounts payable and accrued liabilities:
Management and advisory fees		128
Service fees		27
Other		31
		186
Net Assets	$	1,462,932
Net Assets Consist of:
Capital Stock, 200,000 shares authorized ($.01 par value)	$	1,296
Additional paid-in capital		1,192,784
Undistributed net investment income		1,828
Undistributed net realized gain (loss) from: Investment in affiliated investment companies		12,522
Net unrealized appreciation (depreciation) on: Investment in affiliated investment companies		254,502
Net Assets	$	1,462,932
Net Assets by Class:
Initial Class	$	1,328,909
Service Class		134,023
Shares Outstanding:
Initial Class		117,751
Service Class		11,883
Net Asset Value and Offering Price Per Share:
Initial Class	$	11.29
Service Class		11.28

STATEMENT OF OPERATIONS

For the period ended June 30, 2004

(all amounts in thousands)

(unaudited)

Investment Income:
Dividends from affiliated investment companies	$	–
Expenses:
Management and advisory fees		662
Printing and shareholder reports		12
Custody fees		24
Administration fees		99
Legal fees		5
Auditing and accounting fees		6
Directors fees		17
Service fees:
Service Class		98
Total expenses		923
Net Investment Income (Loss)		(923	)
Net Realized Gain (Loss) from:
Investment in affiliated investment companies		4,360
Net Increase (Decrease) in Unrealized Appreciation (Depreciation) on:
Investment in affiliated investment companies		51,095
Net Gain (Loss) on Investment in Affiliated Investment Companies		55,455
Net Increase (Decrease) in Net Assets Resulting from Operations	$	54,532

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Asset Allocation–Moderate Growth Portfolio    2

Asset Allocation–Moderate Growth Portfolio

STATEMENTS OF CHANGES IN NET ASSETS

For the period or year ended

(all amounts in thousands)

	June 30, 2004 (unaudited)			December 31, 2003
Increase (Decrease) In Net Assets From:
Operations:
Net investment income (loss)	$	(923	)	$	2,751
Net realized gain (loss) from investment in affiliated investment companies		4,360			9,696
Net unrealized appreciation (depreciation) on investment in affiliated investment companies		51,095			205,986
		54,532			218,433
Distributions to Shareholders:
From net investment income:
Initial Class		–			(1,196	)
Service Class		–			–
		–			(1,196	)
From net realized gains:
Initial Class		–			–
Service Class		–			–
		–			–
Capital Share Transactions:
Proceeds from shares sold:
Initial Class		179,137			601,905
Service Class		95,664			38,069
		274,801			639,974
Dividends and distributions reinvested:
Initial Class		–			1,196
Service Class		–			–
		–			1,196
Cost of shares redeemed:
Initial Class		(68,368	)		(46,854	)
Service Class		(4,967	)		(1,227	)
		(73,335	)		(48,081	)
		201,466			593,089
Net increase (decrease) in net assets		255,998			810,326
Net Assets:
Beginning of period		1,206,934			396,608
End of period	$	1,462,932		$	1,206,934
Undistributed Net Investment Income	$	1,828		$	2,751

	June 30, 2004 (unaudited)		December 31, 2003
Share Activity:
Shares issued:
Initial Class	16,114		66,296
Service Class	8,634		3,827
	24,748		70,123
Shares issued–reinvested from distributions:
Initial Class	–		126
Service Class	–		–
	–		126
Shares redeemed:
Initial Class	(6,202	)	(5,115	)
Service Class	(453	)	(125	)
	(6,655	)	(5,240	)
Net increase (decrease) in shares outstanding:
Initial Class	9,912		61,307
Service Class	8,181		3,702
	18,093		65,009

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Asset Allocation–Moderate Growth Portfolio    3

Asset Allocation–Moderate Growth Portfolio

FINANCIAL HIGHLIGHTS

(unaudited for the period ended June 30, 2004)

	For the Period Ended (b)	For a share outstanding throughout each period (a)
		Net Asset Value, Beginning of Period		Investment Operations									Distributions								Net Asset Value, End of Period
				Net Investment Income (Loss)			Net Realized and Unrealized Gain (Loss)			Total Operations			From Net Investment Income			From Net Realized Gains		Total Distributions
Initial Class	06/30/2004	$	10.82	$	(0.01	)	$	0.48		$	0.47		$	–		$	–	$	–		$	11.29
	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	06/30/2004		10.83		(0.02	)		0.47			0.45			–			–		–			11.28
	12/31/2003		8.87		0.01			1.95			1.96			–			–		–			10.83

	For the Period Ended (b)	Total Return (c)(g)		Ratios/Supplemental Data
				Net Assets, End of Period (000’s)		Ratio of Expenses to Average Net Assets (f)				Net Investment Income (Loss) to Average Net Assets (f)		Portfolio Turnover Rate (g)
						Net (d)		Total (e)
Initial Class	06/30/2004	4.34	%	$	1,328,909	0.12	%	0.12	%	(0.12	)%	2	%
	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	06/30/2004	4.16			134,023	0.37		0.37		(0.37	)	2
	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) The inception dates of the Fund’s share classes are 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 fee waivers by the investment adviser, if any (see note 2).

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

(f) Annualized.

(g) Not annualized for periods of less than one year.

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Asset Allocation–Moderate Growth Portfolio    4

Asset Allocation–Moderate Growth Portfolio

NOTES TO FINANCIAL STATEMENTS

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

The AEGON/Transamerica Series Fund, Inc. (“ATSF”) is a Maryland corporation registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. ATSF serves as a funding vehicle for variable life insurance, variable annuity and group annuity products. Asset Allocation–Moderate Growth Portfolio (“the Fund”), part of ATSF, began operations on May 1, 2002.

In the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties, which 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.

See the Prospectus and Statement of Additional Information for a description of the Fund’s investment objective.

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 policies were consistently followed by the Fund, in accordance with GAAP.

Multiple class operations 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.

Pricing of shares: The Fund prices its shares on the basis of the net asset value of each class of shares of the Fund, which is determined as of the close of the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern Time) on each day on which the NYSE is open for trading (other than a day on which there are insufficient changes in the value of the Fund’s portfolio securities to materially affect the Fund’s net asset value or a day on which no shares are tendered for redemption and no order to purchase any shares is received).

Security valuations: The Fund’s investments are valued at the net asset values of the underlying portfolios of ATSF. The net asset values of the underlying portfolios are determined at the close of the NYSE (generally 4:00 p.m. eastern time) on the valuation date.

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: Dividend 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

AEGON/Transamerica Fund Advisers, Inc. (“ATFA”) is the Fund’s investment adviser. AEGON/Transamerica Fund Services, Inc. (“ATFS”) is the Fund’s administrator and transfer agent. AFSG Securities Corp. (“AFSG”) is the Fund’s distributor. AFSG is 100% owned by AUSA Holding Company (“AUSA”). ATFA is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) (“WRL”) and AUSA (22%). ATFS is a wholly owned subsidiary of WRL. AUSA and WRL are wholly owned indirect subsidiaries of AEGON NV, a Netherlands corporation.

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

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

Certain officers and directors of the Fund are also officers and/or directors of ATFA, ATFS, AFSG and WRL. No affiliated officer or director receives any compensation directly from the Fund.

Investment advisory fees: The Fund pays management fees to ATFA based on average daily net assets (“ANA”) at the following rate:

0.10% of ANA

ATFA 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 limitations 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 are no amounts subject to recapture at June 30, 2004.

Distribution and service fees: The Fund adopted a distribution plan (“Distribution Plan”) pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended. Pursuant to the Distribution Plan, ATSF entered into a Distribution Agreement with AFSG effective May 1, 1999.

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

Asset Allocation–Moderate Growth Portfolio    5

Asset Allocation–Moderate Growth Portfolio

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2004

(all amounts in thousands)

(unaudited)

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 ATSF 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, 2005. 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 ATFS for financial and legal fund administration services, which includes such items as compliance, expenses, financial statements and other reporting, distributions, tax returns, prospectus preparation, board of directors meeting support, transfer agency and other legal matters. The Legal fees on the Statement of Operations are for fees paid to external legal counsel. The Fund paid ATFS $99 for Administration fees for the period ended June 30, 2004.

Deferred compensation plan: Each eligible Fund Director may elect participation in the Deferred Compensation Plan for Directors of ATSF (“the Plan”). Under the Plan, such Directors may defer payment of a percentage of their total fees earned as a Fund Director. These deferred amounts may be invested in any portfolio of Transamerica IDEX Mutual Funds, an affiliate of the Fund. At June 30, 2004, the value of invested plan amounts was $56. Invested plan amounts and the total liability for deferred compensation to the Directors under the Plan at June 30, 2004, are included in Net assets in the accompanying Statement of Assets and Liabilities.

NOTE  3. INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the period ended June 30, 2004, were as follows:

Purchases of securities:
Long-Term excluding U.S. Government	$	225,763
U.S. Government		–
Proceeds from maturities and sales of securities:
Long-Term excluding U.S. Government		23,951
U.S. Government		–

NOTE  4. FEDERAL INCOME TAX MATTERS

The Fund has not made any provision for federal income 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 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 treatments for items including, but not limited to, wash sales, and capital loss carryforwards.

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of June 30, 2004, are as follows:

Federal Tax Cost Basis	$	1,209,822
Unrealized Appreciation	$	253,296
Unrealized (Depreciation)		0
Net Unrealized Appreciation (Depreciation)	$	253,296

NOTE  5. OTHER MATTERS

ATSF, and certain of its affiliated entities, have received requests for information from the Staff of the Securities and Exchange Commission in connection with market timing and late trading within the funds. ATSF and the affiliated entities have voluntarily cooperated in the investigation and have been providing the information as requested.

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

Asset Allocation–Moderate Growth Portfolio    6

Capital Guardian Global

SCHEDULE OF INVESTMENTS

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Principal		Value
CONVERTIBLE BONDS (0.6%)
Cayman Islands (0.4%)
SMFG Finance (Cayman) Ltd.
2.25%, due 07/11/2005	$	18,000	$	397
SMFG Finance Ltd.–144A
2.25%, due 07/11/2005		51,000		1,123
United States (0.2%)
Amazon.com, Inc.
4.75%, due 02/01/2009		576		575
Total Convertible Bonds (cost: $1,261)				2,095
	Shares		Value
CONVERTIBLE PREFERRED STOCKS (0.5%)
Switzerland (0.3%)
Compagnie Financiere Richemont AG–Units		50,793	$	1,326
United States (0.2%)
Chubb Corporation (b)		20,200		564
Total Convertible Preferred Stocks (cost: $1,631)				1,890
PREFERRED STOCKS (0.5%)
Australia (0.2%)
News Corporation Limited (The)		80,527		659
News Corporation Limited (The)–ADR		5,625		185
Brazil (0.0%)
Companhia Vale do Rio Doce–ADR (a)		4,000		156
Telesp Celular SA		80,000		(d	)
Germany (0.3%)
Fresenius Medical Care AG		16,800		900
Total Preferred Stocks (cost: $1,614)				1,900
COMMON STOCKS (96.5%)
Australia (1.6%)
Amcor Limited		123,300		598
Australia and New Zealand Banking Group Limited		47,554		605
Coca-Cola Amatil Limited		121,500		586
Foster’s Group Limited		137,700		452
Promina Group Limited		131,900		367
Publishing & Broadcasting Limited		96,100		860
Qantas Airways Limited		241,936		593
Rinker Group Limited		54,779		307
Wesfarmers Ltd.		29,300		600
Westpac Banking Corporation		49,100		602
Woolworths Limited		58,100		461
Austria (0.2%)
Erste Bank der oesterreichischen Sparkassen AG		100		16
Telekom Austria AG		46,893		716

	Shares	Value
Bermuda (1.2%)
Esprit Holdings Limited	179,000	$	801
Ingersoll-Rand Company–Class A	15,300		1,045
Li & Fung Limited	453,000		662
PartnerRe Ltd.	16,800		953
Weatherford International Ltd. (a)(b)	19,700		886
Brazil (0.0%)
Companhia Vale do Rio Doce–ADR (a)	3,100		147
Canada (3.1%)
Alcan Inc.	42,600		1,755
BCE Inc. (b)	25,700		512
Bombardier Inc.–Class B (b)	698,900		2,103
Four Seasons Hotels Inc. (b)	15,000		903
Great-West Lifeco Inc. (b)	14,500		522
Inco Limited (a)	42,300		1,462
IGM Financial, Inc. (b)	44,300		1,078
Manulife Financial Corporation (b)	23,700		961
Suncor Energy Inc.	10,800		276
Thomson Corporation (The) (b)	56,800		1,898
Cayman Islands (0.7%)
Seagate Technology, Inc. (a)(b)	66,000		952
Transocean Inc. (a)	22,000		637
XL Capital Ltd.–Class A	11,400		860
Denmark (0.2%)
Novo Nordisk A/S–Class B	16,700		860
Finland (0.1%)
Nokia Corporation	26,020		376
France (5.4%)
Air Liquide	9,570		1,583
BNP Paribas SA (b)	48,300		2,972
Bouygues SA	39,700		1,330
Carrefour SA	15,520		753
Essilor International SA	20,900		1,365
France Telecom (a)	30,900		806
Groupe Danone	7,400		646
L’Oreal SA	6,700		535
Renault SA	13,300		1,013
Sanofi-Synthelabo (b)	100,900		6,399
Schneider Electric SA	13,500		922
Vivendi Universal SA (a)	58,600		1,626
Germany (2.8%)
Allianz AG–Registered Shares	8,500		921
Bayerische Hypo–und Vereinsbank AG (a)	38,300		683
Bayerische Motoren Werke AG (BMW)	15,200		673
DaimlerChrysler AG–Registered Shares	52,900		2,479
Deutsche Bank AG	6,200		488
Deutsche Borse AG (b)	10,000		511
E.ON AG	3,300		238
Infineon Technologies AG (a)	59,900		807
Muenchener Rueckversicherungs-Gesellschaft AG (MunichRe)–Registered Shares	8,228		894

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Capital Guardian Global    1

Capital Guardian Global

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Shares	Value
Germany (continued)
SAP AG	1,600	$	267
SAP AG–ADR	31,800		1,330
Siemens AG–Registered Shares	11,900		857
Hong Kong (0.8%)
Hang Lung Properties Limited	506,000		652
Hang Seng Bank Limited	37,000		474
Hutchison Whampoa Limited	48,000		328
Johnson Electric Holdings Limited	8,000		8
Sun Hung Kai Properties Limited	186,000		1,526
Ireland (0.3%)
CRH PLC (GBP)	5,500		116
CRH PLC (IRE)	24,000		507
RyanAir Holdings PLC–ADR (a)(b)	13,800		452
Israel (0.1%)
Teva Pharmaceutical Industries Ltd.–ADR (b)	8,200		552
Japan (11.8%)
AEON Co., Ltd.	45,000		1,807
Canon Inc.	14,000		738
Daimaru, Inc. (The)	89,000		810
Enplas Corporation	13,000		423
FANUC LTD	10,600		633
Hirose Electric Co., Ltd.	6,900		759
Honda Motor Co., Ltd.	15,700		757
Hoya Corporation	9,700		1,016
Kansai Electric Power Company, Incorporated (The)	32,500		593
Konica Corporation	44,000		608
Kyocera Corporation	9,700		824
Millea Holdings, Inc.	84		1,248
Mitsubishi Corporation	62,000		603
Mitsubishi Estate Company, Limited	117,000		1,453
Mitsubishi Heavy Industries, Ltd.	177,000		480
Mitsubishi Motors Corporation (a)(b)	104,000		170
Mitsubishi Tokyo Financial Group, Inc.	81		750
Mitsui Sumitomo Insurance Co., Ltd.	140,000		1,316
NEC Corporation	259,000		1,824
Nidec Corporation	5,400		554
Nikko Cordial Corporation	125,000		606
Nikon Corporation (b)	59,000		664
Nintendo Co., Ltd.	12,500		1,450
Nissan Motor Co., Ltd.	164,000		1,824
Nissin Food Products Co., Ltd.	33,500		866
Nitto Denko Corporation	11,500		588
OBIC Co., Ltd.	3,400		725
Omron Corporation	29,000		679
ORIX Corporation	6,400		734
Ricoh Company, Ltd.	39,000		830
Rohm Company, Ltd.	5,500		659
Sankyo Company, Ltd.	32,200		698
Sekisui House, Ltd.	60,000		666
Shimamura Co., Ltd.	7,600		659

	Shares	Value
Japan (continued)
Shionogi & Co., Ltd.	28,000	$	482
SMC Corporation	5,700		617
Sony Corporation	5,700		215
Sumitomo Chemical Company, Limited	437,000		2,040
Sumitomo Mitsui Financial Group, Inc. (b)	255		1,749
Suzuki Motor Corporation	68,000		1,198
Takeda Pharmaceutical Company Limited	17,700		777
Tokyo Electron Limited	18,700		1,049
Tokyo Gas Co., Ltd.	155,000		550
Toyota Motor Corporation	57,700		2,338
UFJ Holdings, Inc. (a)	233		1,030
Uni-Charm Corporation	10,700		534
Yahoo Japan Corporation (a)	49		476
Yamato Transport Co., Ltd.	50,000		817
Yokogawa Electric Corporation	40,000		534
Mexico (0.3%)
America Movil, SA de CV–Series L–ADR	8,400		306
America Telecom, SA de CV–ADR (a)	193,800		746
Netherlands (5.2%)
ABN AMRO Holding NV	47,933		1,049
ASM Lithography Holding NV (a)(b)	80,900		1,370
Elsevier NV	40,500		569
Heineken Holding NV (b)	25,875		758
Heineken NV	50,187		1,650
ING Groep NV	16,215		383
James Hardie Industries NV	145,400		607
Koninklijke KPN NV	85,500		652
Koninklijke Philips Electronics NV	11,800		318
Koninklijke Philips Electronics NV–NY Registered Shares	2,100		57
Royal Dutch Petroleum Company	142,600		7,322
Royal Dutch Petroleum Company–NY Registered Shares	41,700		2,155
Royal Numico NV–CVA (a)	23,400		752
Unilever NV–CVA	14,500		990
Vedior NV–CVA	42,000		612
Norway (0.8%)
Norsk Hydro ASA (b)	18,600		1,209
Norske Skogindustrier ASA	34,300		611
Statoil ASA (b)	76,700		974
Yara International ASA (a)	36,900		298
Panama (0.2%)
Carnival Corporation	16,300		766
Russia (0.2%)
YUKOS Oil Company–ADR (b)	21,100		671
Singapore (0.5%)
Singapore Telecommunications Limited	666,600		871
United Overseas Bank Limited	66,000		514
Venture Manufacturing (Singapore) Ltd.	46,000		481

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Capital Guardian Global     2

Capital Guardian Global

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Shares	Value
South Africa (0.5%)
Sasol Limited	108,000	$	1,670
South Korea (0.2%)
Samsung Electronics Co., Ltd.–GDR–144A (LUX)	2,250		463
Samsung Electronics Co., Ltd.–GDR–144A (USD)	580		119
Spain (1.3%)
Banco Bilbao Vizcaya Argentaria, SA (b)	191,400		2,558
Inditex, SA	46,100		1,058
Telefonica SA	85,888		1,270
Sweden (0.4%)
Assa Abloy AB–Class B Free	3,600		46
ForeningsSparbanken AB	82,200		1,573
Switzerland (4.8%)
Chocoladefabriken Lindt & Sprungli AG	620		651
Holcim Ltd.	51,826		2,818
Nestle SA–Registered Shares	9,400		2,507
Nobel Biocare Holding AG	5,911		925
Novartis AG	97,111		4,284
Swatch Group AG (The)–Class B (b)	6,800		885
Swiss Reinsurance Company–Registered Shares	34,913		2,268
Swisscom AG–Registered Shares	6,773		2,239
UBS AG–Registered Shares	13,900		979
Taiwan (0.2%)
Taiwan Semiconductor Manufacturing Company Ltd.–ADR	92,992		773
United Kingdom (11.5%)
ARM Holdings PLC	33,000		72
AstraZeneca PLC	208,700		9,483
AstraZeneca PLC–ADR (b)	82,500		3,765
Barclays PLC	93,500		797
BG Group PLC	292,700		1,804
BHP Billiton PLC	314,147		2,727
British Sky Broadcasting Group PLC	58,400		659
Corus Group PLC (a)	585,930		423
Corus Group PLC (deferred) (a)	413,600		(d	)
Diageo PLC	103,000		1,389
HBOS PLC	78,800		976
HSBC Holdings PLC	151,174		2,249
Lloyds TSB Group PLC	92,000		721
National Grid Group PLC (The)	164,700		1,271
Pearson PLC	124,500		1,513
Reckitt Benckiser PLC	22,100		626
Reed Elsevier PLC	81,200		790
Royal Bank of Scotland Group PLC (The)	106,300		3,062
Smiths Group PLC	55,100		746
Unilever PLC	95,100		933
Vodafone Group PLC	3,498,266		7,663
Wolseley PLC	40,500		628

	Shares	Value
United States (42.1%)
AES Corporation (The) (a)	56,000	$	556
Affiliated Computer Services, Inc.– Class A (a)(b)	13,600		720
Agilent Technologies, Inc. (a)	39,600		1,159
Allergan, Inc.	38,000		3,402
Altera Corporation (a)	31,100		691
Altria Group, Inc.	30,600		1,532
Amazon.com, Inc. (a)(b)	10,700		582
American International Group, Inc.	16,650		1,187
American Standard Companies Inc. (a)	60,600		2,443
AmeriCredit Corp. (a)(b)	10,600		207
Amgen Inc. (a)	75,500		4,120
Anheuser-Busch Companies, Inc.	40,500		2,187
Applera Corporation–Applied Biosystems Group	45,000		979
Applied Materials, Inc. (a)	203,459		3,992
Applied Micro Circuits Corporation (a)	71,900		383
AT&T Corp. (b)	113,500		1,661
Automatic Data Processing, Inc.	46,700		1,956
Avon Products, Inc.	11,000		508
Baker Hughes Incorporated (b)	36,500		1,374
Bank of America Corporation	10,328		874
Bank One Corporation	25,900		1,321
Berkshire Hathaway Inc.–Class A (a)	34		3,024
Boise Cascade Corporation	19,600		738
Brocade Communications Systems, Inc. (a)	158,200		946
Cablevision Systems Corporation– Class A (a)(b)	120,752		2,373
CheckFree Holdings Corporation (a)(b)	17,400		522
ChevronTexaco Corporation	25,300		2,381
Chubb Corporation	9,500		648
Cisco Systems, Inc. (a)	172,600		4,091
Citigroup Inc.	15,500		721
Comcast Corporation–Class A (a)	25,500		715
Costco Wholesale Corporation	18,700		768
Cox Communications, Inc.–Class A (a)	47,700		1,326
Del Monte Foods Company (a)	54,800		557
Delphi Corporation (b)	123,800		1,322
Delta Air Lines, Inc. (a)(b)	73,000		520
DIRECTV Group, Inc. (The) (a)	64,098		1,096
du Pont (E.I.) de Nemours and Company	16,500		733
Duke Energy Corporation	52,400		1,063
eBay Inc. (a)	22,100		2,032
Emerson Electric Co.	9,400		597
Exxon Mobil Corporation	83,700		3,717
Fannie Mae	59,600		4,253
Fluor Corporation	30,200		1,440
Forest Laboratories, Inc. (a)	92,200		5,221
Freddie Mac	47,300		2,994
General Electric Company	53,800		1,743
Golden West Financial Corporation	21,800		2,318
Goldman Sachs Group, Inc. (The)	6,300		593
Heinz (H.J.) Company	7,000		274
IKON Office Solutions, Inc.	74,700		857

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Capital Guardian Global     3

Capital Guardian Global

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Shares	Value
United States (continued)
Illinois Tool Works Inc. (b)	4,400	$	422
Intel Corporation	44,400		1,225
InterActiveCorp (a)(b)	65,700		1,980
International Business Machines Corporation	7,200		635
International Paper Company	14,500		648
Jabil Circuit, Inc. (a)	26,100		657
Kinder Morgan, Inc.	12,200		723
KLA–Tencor Corporation (a)(b)	83,000		4,098
Kohl’s Corporation (a)	14,800		626
Kraft Foods, Inc.–Class A	15,000		475
Lauder (Estee) Companies Inc. (The)–Class A	16,900		824
Lilly (Eli) and Company	48,100		3,363
Lincare Holdings Inc. (a)	20,900		687
Linear Technology Corporation	18,300		722
Lockheed Martin Corporation	1,400		73
Lowe’s Companies, Inc.	39,600		2,081
Medtronic, Inc.	25,800		1,257
Microsoft Corporation	107,200		3,062
Monster Worldwide, Inc. (a)(b)	15,800		406
Morgan Chase & Co. (J.P.)	28,800		1,117
Navistar International Corporation (a)(b)	32,000		1,240
Northrop Grumman Corporation	31,200		1,675
Novellus Systems, Inc. (a)	16,400		516
PacifiCare Health Systems, Inc. (a)	16,000		619
PeopleSoft, Inc. (a)	66,800		1,236
Pepsi Bottling Group, Inc. (The) (b)	50,600		1,545
PepsiCo, Inc.	14,100		760
Pfizer Inc.	51,500		1,765
PMC-Sierra, Inc. (a)(b)	28,100		403
Polycom, Inc. (a)	24,200		542
QUALCOMM Incorporated	54,100		3,948
Raytheon Company	11,900		426
Schlumberger Limited	48,700		3,093
SLM Corporation	71,300		2,884
Sprint Corporation (FON Group) (b)	344,850		6,069
Starwood Hotels & Resorts Worldwide, Inc.	20,400		915
State Street Corporation	22,000		1,079
Sun Microsystems, Inc. (a)	122,700		533
Tenet Healthcare Corporation (a)(b)	97,700		1,310
Teradyne, Inc. (a)	55,700		1,264
Time Warner Inc. (a)	251,150		4,415
United Technologies Corporation	22,500		2,058
Unocal Corporation	44,500		1,691
Verizon Communications, Inc.	26,900		974
Washington Mutual, Inc.	48,400		1,870
WellPoint Health Networks Inc. (a)	7,300		818
Wells Fargo & Company	66,100		3,783
Xilinx, Inc.	25,700		856
Total Common Stocks (cost: $305,691)			355,404

	Principal		Value
SECURITY LENDING COLLATERAL (14.5%)
Debt (11.9%)
Agency Discount Notes (1.2%)
Fannie Mae
0.96%, due 07/01/2004	$	1,277	$	1,277
Federal Home Loan Bank
0.96%, due 07/01/2004		1,596		1,596
0.99%, due 07/01/2004		638		638
0.97%, due 07/02/2004		798		798
Bank Notes (0.3%)
Credit Suisse First Boston (USA), Inc.
1.13%, due 09/08/2004		319		319
Deutsche Bank AG
1.16%, due 10/12/2004		798		798
Commercial Paper (3.5%)
Compass Securitization–144A
1.25%, due 07/23/2004		1,116		1,116
Falcon Asset Securitization Corp–144A
1.27%, due 07/20/2004		797		797
General Electric Capital Corporation
1.20%, due 07/19/2004		797		797
1.21%, due 07/22/2004		639		639
1.22%, due 07/23/2004		639		639
1.23%, due 07/26/2004		798		798
1.22%, due 08/04/2004		1,594		1,594
Govco Incorporated–144A
1.25%, due 08/02/2004		319		319
Greyhawk Funding LLC–144A
1.12%, due 07/13/2004		637		637
1.22%, due 07/20/2004		318		318
Jupiter Securitization Corp–144A
1.07%, due 07/02/2004		319		319
Morgan Stanley
1.58%, due 10/22/2004		734		734
1.58%, due 12/10/2004		2,076		2,076
1.58%, due 03/16/2005		2,012		2,012
Sheffield Receivables–144A
1.24%, due 07/20/2004		479		479
Euro Dollar Overnight (0.4%)
Bank of Nova Scotia (The)
1.04%, due 07/06/2004		798		798
Den Danske Bank
1.08%, due 07/02/2004		798		798
Euro Dollar Terms (2.9%)
Bank of America Corporation
1.08%, due 07/19/2004		319		319
Bank of Montreal
1.20%, due 07/23/2004		162		162
Bank of Nova Scotia (The)
1.20%, due 07/14/2004		798		798
1.24%, due 07/23/2004		160		160

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Capital Guardian Global     4

Capital Guardian Global

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Principal		Value
Euro Dollar Terms (continued)
Bank of the West Inc.
1.28%, due 07/28/2004	$	319	$	319
Branch Banking &Trust
1.08%, due 07/14/2004		160		160
Calyon
1.16%, due 07/15/2004		3,034		3,034
1.17%, due 08/04/2004		479		479
1.34%, due 08/24/2004		1,118		1,118
Fortis Bank
1.19%, due 07/14/2004		160		160
1.29%, due 09/03/2004		319		319
HBOS PLC
1.30%, due 09/03/2004		319		319
Royal Bank of Canada
1.05%, due 07/08/2004		479		479
Royal Bank of Scotland Group PLC (The)
1.06%, due 07/30/2004		1,437		1,437
Wells Fargo & Company
1.19%, due 07/14/2004		639		639
1.25%, due 07/23/2004		319		319
1.24%, due 07/26/2004		319		319
Master Notes (0.4%)
Bear Stearns Companies Inc. (The)
1.64%, due 09/08/2004		958		958
1.64%, due 12/15/2004		639		639
Repurchase Agreements (3.2%) (c)
Credit Suisse First Boston (USA), Inc. 1.54%, Repurchase Agreement dated 06/30/2004 to be repurchased at $3,736 on 07/01/2004		3,736		3,736
Goldman Sachs Group Inc. (The) 1.54%, Repurchase Agreement dated 06/30/2004 to be repurchased at $1,597 on 07/01/2004		1,597		1,597
Merrill Lynch & Co., Inc. 1.54%, Repurchase Agreement dated 06/30/2004 to be repurchased at $4,839 on 07/01/2004		4,839		4,839
Morgan Stanley 1.58%, Repurchase Agreement dated 06/30/2004 to be repurchased at $1,437 on 07/01/2004		1,437		1,437

	Shares	Value
Investment Companies (2.6%)
Money Market Funds (2.6%)
Merrill Lynch Premier Institutional Fund
1-day yield of 1.17%	1,323,006	$	1,323
Merrimac Cash Fund– Premium Class 1-day yield of 1.11%	8,210,942		8,211
Total Security Lending Collateral (cost: $53,576)			53,576
Total Investment Securities (cost: $363,773)		$	414,865
SUMMARY:
Investments, at value	112.6%	$	414,865
Liabilities in excess of other assets	(12.6)%		(46,525	)
Net assets	100.0%	$	368,340

FORWARD FOREIGN CURRENCY CONTRACTS:
Currency	Bought (Sold)	Settlement Date	Amount in U.S. Dollars Bought (Sold)		Net Unrealized Appreciation (Depreciation)
Canadian Dollar	(102)	07/02/2004	$	(76)	$	—
Canadian Dollar	(36)	07/30/2004		(26)		—
Canadian Dollar	(2,475)	08/06/2004		(1,788)		(59)
Canadian Dollar	2,248	08/27/2004		1,663		14
Euro Dollar	28	07/01/2004		34		—
Euro Dollar	41	07/02/2004		50		—
Euro Dollar	(1,396)	08/27/2004		(1,663)		(35)
Japanese Yen	9,372	07/01/2004		86		—
Japanese Yen	4,636	07/02/2004		43		—
Japanese Yen	(5,328)	07/02/2004		(49)		—
Japanese Yen	196,962	08/06/2004		1,788		21
Japanese Yen	(176,512)	09/07/2004		(1,593)		(30)
Swedish Krona	(76)	07/02/2004		(10)		—
Swiss Franc	(3,750)	08/12/2004		(2,897)		(100)
Swiss Franc	(2,521)	08/25/2004		(1,977)		(39)
Swiss Franc	(1,486)	09/07/2004		(1,194)		5
Total Forward Foreign Currency Contracts			$	(7,609)	$	(223)

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Capital Guardian Global    5

Capital Guardian Global

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Percentage of Net Assets	Value
INVESTMENTS BY INDUSTRY:
Pharmaceuticals	12.4 %	45,922
Commercial Banks	9.1 %	33,865
Telecommunications	6.5 %	24,485
Petroleum Refining	4.3 %	15,851
Insurance	4.3 %	15,687
Industrial Machinery & Equipment	3.6 %	13,106
Automotive	3.5 %	13,014
Computer & Office Equipment	3.2 %	11,645
Instruments & Related Products	3.2 %	11,634
Oil & Gas Extraction	2.9 %	10,831
Computer & Data Processing Services	2.7 %	9,772
Food & Kindred Products	2.6 %	9,431
Electronic & Other Electric Equipment	2.4 %	8,914
Electronic Components & Accessories	2.4 %	8,898
Beverages	2.4 %	8,875
Chemicals & Allied Products	2.2 %	8,269
U.S. Government Agencies	2.0 %	7,247
Motion Pictures	1.9 %	6,885
Business Services	1.7 %	6,204
Aerospace	1.6 %	5,909
Communication	1.5 %	5,510
Communications Equipment	1.2 %	4,324
Electric Services	1.2 %	4,271
Savings Institutions	1.1 %	4,188
Construction	1.0 %	3,743
Printing & Publishing	1.0 %	3,732
Primary Metal Industries	1.0 %	3,640
Real Estate	1.0 %	3,631
Medical Instruments & Supplies	1.0 %	3,547
Metal Mining	0.8 %	3,030
Security & Commodity Brokers	0.8 %	2,995

	Percentage of Net Assets	Value
Retail Trade	0.8 %		2,964
Health Services	0.8 %		2,897
Personal Credit Institutions	0.8 %		2,884
Stone, Clay & Glass Products	0.8 %		2,818
Transportation & Public Utilities	0.8 %		2,797
Wholesale Trade Durable Goods	0.8 %		2,786
Gas Production & Distribution	0.7 %		2,527
Lumber & Other Building Materials	0.6 %		2,081
Life Insurance	0.5 %		1,866
Paper & Allied Products	0.5 %		1,857
Hotels & Other Lodging Places	0.5 %		1,818
Apparel & Accessory Stores	0.5 %		1,717
Air Transportation	0.4 %		1,565
Machinery, Equipment & Supplies	0.4 %		1,539
Department Stores	0.4 %		1,436
Lumber & Constuction Materials	0.3 %		1,251
Food Stores	0.3 %		1,214
Apparel Products	0.2 %		801
Variety Stores	0.2 %		768
Water Transportation	0.2 %		766
Paper & Paper Products	0.2 %		738
Transportation Equipment	0.2 %		662
Radio & Television Broadcasting	0.2 %		659
Manufacturing Industries	0.2 %		646
Beer, Wine & Distilled Beverages	0.1 %		452
Business Credit Institutions	0.1 %		397
Holding & Other Investment Offices	0.1 %		328
Investments, at market value	98.1 %		361,289
Short-term investments	14.5 %		53,576
Other assets in excess of liabilities	(12.6)%		(46,525)
Net assets	100.0 %	$	368,340

NOTES TO SCHEDULE OF INVESTMENTS:

(a) No dividends were paid during the preceding twelve months.

(b) At June 30, 2004, all or a portion of this security is on loan (see Note 1). The value at June 30, 2004, of all securities on loan is $51,137.

(c) Cash collateral for the Repurchase Agreements, valued at $11,840, that serve as collateral for securities lending are invested in corporate bonds with interest rates and maturity dates ranging from 0.00%–9.88% and 08/01/2004–09/25/2099, respectively.

(d) Value is less than $1.

DEFINITIONS:

ADR American Depositary Receipt

CVA Certificaaten van aandelen (share certificates)

GDR Global Depositary Receipt

144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2004, these securities aggregated $5,690 or 0.02% of the net assets of the Fund.

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Capital Guardian Global     6

Capital Guardian Global

STATEMENT OF ASSETS AND LIABILITIES

At June 30, 2004

(all amounts except per share amounts in thousands)

(unaudited)

Assets:
Investment securities, at value (cost: $ 363,773) (including securities loaned of $51,137)	$	414,865
Cash		7,738
Foreign cash (cost: $49)		49
Receivables:
Investment securities sold		268
Interest		20
Dividends		502
Dividend reclaims receivable		69
Unrealized appreciation on forward foreign currency contracts		40
Other		48
		423,599
Liabilities:
Investment securities purchased		1,026
Accounts payable and accrued liabilities:
Management and advisory fees		333
Service fees		1
Payable for collateral for securities on loan		53,576
Unrealized depreciation on forward foreign currency contracts		263
Other		60
		55,259
Net Assets	$	368,340
Net Assets Consist of:
Capital stock, 50,000 shares authorized ($.01 par value)	$	310
Additional paid-in capital		312,637
Undistributed net investment income		2,701
Undistributed net realized gain (loss) from:
Investment securities		2,202
Foreign currency transactions		(379	)
Net unrealized appreciation (depreciation) on:
Investment securities		51,092
Translation of assets and liabilities denominated in foreign currencies		(223	)
Net Assets	$	368,340
Net Assets by Class:
Initial Class	$	365,027
Service Class		3,313
Shares Outstanding:
Initial Class		30,703
Service Class		279
Net Asset Value and Offering Price Per Share:
Initial Class	$	11.89
Service Class		11.87

STATEMENT OF OPERATIONS

For the period ended June 30, 2004

(all amounts in thousands)

(unaudited)

Investment Income:
Interest	$	60
Dividends		3,520
Income from loaned securities–net		86
Less withholding taxes on foreign dividends		(306	)
		3,360
Expenses:
Management and advisory fees		1,759
Printing and shareholder reports		1
Custody fees		85
Administration fees		26
Legal fees		1
Auditing and accounting fees		7
Directors fees		4
Service fees:
Service Class		3
Total expenses		1,886
Net Investment Income (Loss)		1,474
Net Realized Gain (Loss) from:
Investment securities		9,501
Foreign currency transactions		(379	)
		9,122
Net Increase (Decrease) in Unrealized Appreciation (Depreciation) on:
Investment securities		(6,561	)
Translation of assets and liabilities denominated in foreign currencies		17
		(6,544	)
Net Gain (Loss) on Investment Securities and Foreign Currency Transactions		2,578
Net Increase (Decrease) in Net Assets Resulting from Operations	$	4,052

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Capital Guardian Global    7

Capital Guardian Global

STATEMENTS OF CHANGES IN NET ASSETS

For the period or year ended

(all amounts in thousands)

	June 30, 2004 (unaudited)			December 31, 2003
Increase (Decrease) In Net Assets From:
Operations:
Net investment income (loss)	$	1,474		$	942
Net realized gain (loss) from investment securities and foreign currency transactions		9,122			1,558
Net unrealized appreciation (depreciation) on investment securities and foreign currency translation		(6,544	)		67,078
		4,052			69,578
Distributions to Shareholders:
From net investment income:
Initial Class		–			(406	)
Service Class		–			–
		–			(406	)
From net realized gains:
Initial Class		–			–
Service Class		–			–
		–			–
Capital Share Transactions:
Proceeds from shares sold:
Initial Class		102,365			88,443
Service Class		2,193			1,345
		104,558			89,788
Dividends and distributions reinvested:
Initial Class		–			406
Service Class		–			–
		–			406
Cost of shares redeemed:
Initial Class		(12,991	)		(6,730	)
Service Class		(101	)		(261	)
		(13,092	)		(6,991	)
		91,466			83,203
Net increase (decrease) in net assets		95,518			152,375
Net Assets:
Beginning of period		272,822			120,447
End of period	$	368,340		$	272,822
Undistributed Net Investment Income	$	2,701		$	1,227

	June 30, 2004 (unaudited)		December 31, 2003
Share Activity:
Shares issued:
Initial Class	8,506		9,771
Service Class	184		128
	8,690		9,899
Shares issued–reinvested from distributions:
Initial Class	–		42
Service Class	–		–
	–		42
Shares redeemed:
Initial Class	(1,098	)	(710	)
Service Class	(9	)	(24	)
	(1,107	)	(734	)
Net increase (decrease) in shares outstanding:
Initial Class	7,408		9,103
Service Class	175		104
	7,583		9,207

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Capital Guardian Global    8

Capital Guardian Global

FINANCIAL HIGHLIGHTS

(unaudited for the period ended June 30, 2004)

	For the Period Ended (b)	For a share outstanding throughout each period (a)
		Net Asset Value, Beginning of Period		Investment Operations									Distributions									Net Asset Value, End of Year
				Net Investment Income (Loss)			Net Realized and Unrealized Gain (Loss)			Total Operations			From Net Investment Income			From Net Realized Gains			Total Distributions
Initial Class	06/30/2004	$	11.66	$	0.05		$	0.18		$	0.23		$	–		$	–		$	–		$	11.89
	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
	12/31/2000		15.77		0.02			(2.37	)		(2.35	)		–			(1.36	)		(1.36	)		12.06
	12/31/1999		10.66		(0.01	)		5.12			5.11			–			–			–			15.77
Service Class	06/30/2004		11.66		0.04			0.17			0.21			–			–			–			11.87
	12/31/2003		8.76		(0.01	)		2.91			2.90			–			–			–			11.66

	For the Period Ended (b)	Total Return (c)(g)		Ratios/Supplemental Data
				Net Assets, End of Period (000’s)		Ratio of Expenses to Average Net Assets (f)				Net Investment Income (Loss) to Average Net Assets (f)		Portfolio Turnover Rate (g)
						Net (d)		Total (e)
Initial Class	06/30/2004	1.97	%	$	365,027	1.09	%	1.09	%	0.85	%	10	%
	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
	12/31/2000	(15.42	)		50,351	1.28		1.30		0.08		303
	12/31/1999	47.84			40,770	1.48		1.49		(0.12	)	157
Service Class	06/30/2004	1.80			3,313	`1.34		1.34		0.70		10
	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) The inception dates of the Fund’s share classes are 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 or annuity contracts.

(d) For the period ended June 30, 2004 and the year ended December 31, 2003, Ratio of Net Expenses to Average Net Assets is net of fee waivers 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 and prior years, 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 for periods of less than one year.

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Capital Guardian Global    9

Capital Guardian Global

NOTES TO FINANCIAL STATEMENTS

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

The AEGON/Transamerica Series Fund, Inc. (“ATSF”) is a Maryland corporation registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. ATSF serves as a funding vehicle for variable life insurance, variable annuity and group annuity products. Capital Guardian Global (“the Fund”), part of ATSF, began operations as part of the Endeavor Series Trust, on February 3, 1998. The Fund became part of ATSF on May 1, 2002.

In the normal course of business the Fund enters into contracts that contain a variety of representations and warranties, which 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.

See the Prospectus and Statement of Additional Information for a description of the Fund’s investment objective.

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 policies were consistently followed by the Fund, in accordance with GAAP.

Multiple class operations 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.

Pricing of shares: The Fund prices its shares on the basis of the net asset value of each class of shares of the Fund, which is determined as of the close of the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern Time) on each day on which the NYSE is open for trading (other than a day on which there are insufficient changes in the value of the Fund’s portfolio securities to materially affect the Fund’s net asset value or a day on which no shares are tendered for redemption and no order to purchase any shares is received).

Security valuations: Fund investments traded on an exchange are valued at the closing price on the day of valuation on the exchange where the security is principally traded.

Debt securities are valued by independent pricing services; 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 and are translated from the local currency into U.S. dollars using closing exchange rates. Many foreign securities markets are open for trading at times when the U.S. markets are closed for trading and many foreign securities markets close for trading before the close of the NYSE. The value of foreign securities may be affected significantly on a day that the NYSE is closed and an investor is unable to purchase or redeem shares. 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.” If market quotations are not readily available, and the impact of such a significant market event materially affects the net asset value per share of the Fund, an affected portfolio security will be valued at fair market value as determined in good faith using guidelines adopted by the Board of Directors of the Fund, under the supervision of the Fund’s Valuation Committee. Factors that may be considered to value foreign securities at fair market value may include, among others: the value of other securities traded on other markets, foreign currency exchange activity and the trading of financial products tied to foreign securities.

Other securities for which quotations are not readily available also are valued at fair market value as determined in good faith using guidelines established by and under the supervision of the Board of Directors, and the Fund’s Valuation Committee. These guidelines may include: the type of security; any restrictions on its resale; financial or business news of the issuer; similar or related securities that are actively trading; related corporate actions; and other significant events occurring after the close of trading in the security.

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 June 30, 2004, was paying an interest rate of 0.75%.

Repurchase agreements: The Fund is authorized to enter into repurchase agreements. The Fund, through 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. Repurchase agreements involve the risk that the seller will fail to repurchase the security, as agreed. In that case, 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 are incurred.

Directed brokerage: 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 ATSF has established a Directed Brokerage Program. A Directed Brokerage Program is any arrangement under which a broker/dealer

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

Capital Guardian Global    10

Capital Guardian Global

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1–(continued)

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 ATSF, or by any other party. Directed commissions for the period ended June 30, 2004, of $53 are included in net realized gains in the Statement of Operations.

Securities lending: The Fund may lend securities to enhance fund earnings from investing cash collateral received in making such loans to qualified borrowers (typically broker/dealers). The Fund has engaged its custodian bank, IBT, as a lending agent to administer its securities lending program. IBT earned $37 of program net income for its services. When the Fund makes a security loan, it receives cash collateral as protection against the risk that the borrower will default on the loan, and records an asset for the cash invested collateral and a liability for the return of the collateral.

Loans of securities are required to be secured by collateral at least equal to 102% of the value of the securities at inception of the loan, and not less then 100% thereafter. The Fund may invest cash collateral in short-term money market instruments including: U.S. Treasury Bills, U.S. agency obligations, commercial paper, money market mutual funds, repurchase agreements and other highly rated, liquid investments. During the life of securities loans, the collateral and securities loaned remain subject to fluctuation in value. IBT marks to market securities loaned and the collateral each business day. If additional collateral is due (at least $1), IBT collects additional cash collateral from the borrowers. Although securities loaned will be fully collateralized at all times, IBT may experience delays in, or may be prevented from, recovering the collateral on behalf of the Fund. The Fund may recall a loaned security position at any time from the borrower through IBT. In the event the borrower fails to timely return a recalled security, IBT may indemnify the Fund by purchasing replacement securities for the Fund at its own expense and claiming the collateral to fund such a purchase. IBT absorbs the loss if the collateral value is not sufficient to cover the cost of the replacement securities. If replacement securities are not available, IBT will credit the equivalent cash value to the Fund.

While a security is on loan, the Fund does not have the right to vote that security. However, if time permits, the Fund will attempt to recall a security on loan and vote the proxy.

Income from securities lending is included in the Statement of Operations. The amount of collateral and value of securities on loan are included in the Statement of Assets and Liabilities as well as in the Schedule of Investments.

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 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, including unanticipated movements in exchange currency rates, the degree of government supervision and regulation of security markets, and the possibility of political or economic instability.

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 closed 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 June 30, 2004, are listed in the Schedule of Investments.

Dividend distributions: Dividend 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

AEGON/Transamerica Fund Advisers, Inc. (“ATFA”) is the Fund’s investment adviser. AEGON/Transamerica Fund Services, Inc. (“ATFS”) is the Fund’s administrator and transfer agent. AFSG Securities Corp. (“AFSG”) is the Fund’s distributor. AFSG is 100% owned

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

Capital Guardian Global    11

Capital Guardian Global

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  2–(continued)

by AUSA Holding Company (“AUSA”). ATFA is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) (“WRL”) and AUSA (22%). ATFS is a wholly owned subsidiary of WRL. AUSA and WRL are wholly owned indirect subsidiaries of AEGON NV, a Netherlands corporation.

Certain officers and directors of the Fund are also officers and/or directors of ATFA, ATFS, AFSG and WRL. No affiliated officer or director receives any compensation directly from the Fund.

The following schedule reflects the percentage of fund assets owned by affiliated mutual funds (i.e. through the asset allocation funds):

	Net Assets		% of Net Assets
Asset Allocation–Conservative Portfolio	$	18,599	5	%
Asset Allocation–Growth Portfolio		67,390	18	%
Asset Allocation–Moderate Growth Portfolio		66,541	18	%
Asset Allocation–Moderate Portfolio		39,535	11	%
Total	$	192,065	52	%

Investment advisory fees: The Fund pays management fees to ATFA based on average daily net assets (“ANA”) at the following breakpoints:

1.05% of the first $150 million

1.00% of the next $150 million

0.95% of the next $200 million

0.925% of ANA over $500 million

ATFA 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 limitations 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 are no amounts subject to recapture at June 30, 2004.

Distribution and service fees: The Fund adopted a distribution plan (“Distribution Plan”) pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended. Pursuant to the Distribution Plan, ATSF entered into a Distribution Agreement with AFSG effective May 1, 1999.

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 ATSF 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, 2005. 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 ATFS for financial and legal fund administration services, which includes such items as compliance, expenses, financial statements and other reporting, distributions, tax returns, prospectus preparation, board of directors meeting support, transfer agency and other legal matters. The Legal fees on the Statement of Operations are for fees paid to external legal counsel. The Fund paid ATFS $26 for Administration fees for the period ended June 30, 2004.

Deferred compensation plan: Each eligible Fund Director may elect participation in the Deferred Compensation Plan for Directors of ATSF (“the Plan”). Under the Plan, such Directors may defer payment of a percentage of their total fees earned as a Fund Director. These deferred amounts may be invested in any portfolio of Transamerica IDEX Mutual Funds, an affiliate of the Fund. At June 30, 2004, the value of invested plan amounts was $14. Invested plan amounts and the total liability for deferred compensation to the Directors under the Plan at June 30, 2004, are included in Net assets in the accompanying Statement of Assets and Liabilities.

NOTE  3. INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the period ended June 30, 2004, were as follows:

Purchases of securities:
Long-Term excluding U.S. Government	$	130,146
U.S. Government		3,829
Proceeds from maturities and sales of securities:
Long-Term excluding U.S. Government		33,526
U.S. Government		–

NOTE  4. FEDERAL INCOME TAX MATTERS

The Fund has not made any provision for federal income 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 the Internal Revenue Code. Income and capital gain distributions are determined in accordance with income tax regulations,

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

Capital Guardian Global    12

Capital Guardian Global

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  4–(continued)

which may differ from GAAP. These differences are primarily due to differing treatments for items including, but not limited to, wash sales, foreign currency transactions, and capital loss carryforwards.

The capital loss carryforwards are available to offset future realized capital gains through the periods listed:

Capital Loss Carryforward	Available through
$1,687	December 31, 2009
3,505	December 31, 2010
1,205	December 31, 2011

The Fund has elected to treat the net currency losses incurred in the two month period prior to December 31, 2003 of $311 (Post-October Loss Deferred) as having been incurred in the fiscal year ending December 31, 2004.

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of June 30, 2004, are as follows:

Federal Tax Cost Basis	$	364,516
Unrealized Appreciation	$	55,173
Unrealized (Depreciation)		(4,824	)
Net Unrealized Appreciation (Depreciation)	$	50,349

NOTE  5. OTHER MATTERS

ATSF, and certain of its affiliated entities, have received requests for information from the Staff of the Securities and Exchange Commission in connection with market timing and late trading within the funds. ATSF and the affiliated entities have voluntarily cooperated in the investigation and have been providing the information as requested.

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

Capital Guardian Global    13

Capital Guardian U.S. Equity

SCHEDULE OF INVESTMENTS

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Shares	Value
CONVERTIBLE PREFERRED STOCKS (0.2%)
Primary Metal Industries (0.2%)
Phelps Dodge Corporation (b)	3,100	$	513
Total Convertible Preferred Stocks (cost: $277)			513
COMMON STOCKS (97.0%)
Aerospace (1.8%)
Lockheed Martin Corporation	11,000		573
Northrop Grumman Corporation	29,400		1,579
United Technologies Corporation	28,900		2,644
Amusement & Recreation Services (0.1%)
Disney (Walt) Company (The)	6,500		166
Automotive (0.3%)
Navistar International Corporation (a)(b)	18,400		713
Automotive Dealers & Service Stations (0.3%)
AutoNation, Inc. (a)	47,800		817
Beverages (2.0%)
Anheuser-Busch Companies, Inc.	52,000		2,808
Pepsi Bottling Group, Inc. (The) (b)	21,100		644
PepsiCo, Inc.	33,600		1,810
Business Services (2.7%)
CheckFree Holdings Corporation (a)(b)	43,700		1,311
Clear Channel Communications, Inc.	11,400		421
eBay Inc. (a)	30,800		2,832
Monster Worldwide, Inc. (a)(b)	38,700		995
Omnicom Group, Inc.	6,800		516
Robert Half International Inc.	18,900		563
Thomson Corporation (The) (b)	14,900		499
Chemicals & Allied Products (2.3%)
Air Products and Chemicals, Inc.	26,600		1,395
Avon Products, Inc.	13,400		618
Dow Chemical Company (The)	11,000		448
du Pont (E.I.) de Nemours and Company	47,400		2,106
Lauder (Estee) Companies Inc. (The)–Class A	12,900		629
Procter & Gamble Company (The)	18,400		1,002
Commercial Banks (4.9%)
Bank One Corporation	82,200		4,192
Citigroup Inc.	9,567		445
Morgan Chase & Co. (J.P.)	34,100		1,322
State Street Corporation	25,700		1,260
Wells Fargo & Company	98,600		5,643
Communication (1.9%)
Cablevision Systems Corporation–Class A (a)(b)	76,073		1,495
Comcast Corporation–Class A (a)	19,700		552
Cox Communications, Inc.–Class A (a)(b)	51,700		1,437
DIRECTV Group, Inc. (The) (a)	60,637		1,037
Viacom, Inc.–Class B	17,900		639

	Shares	Value
Communications Equipment (2.0%)
Corning Incorporated (a)	22,600	$	295
QUALCOMM Incorporated	58,700		4,284
Siemens AG–ADR	10,000		725
Computer & Data Processing Services (5.8%)
Affiliated Computer Services, Inc.–Class A (a)(b)	55,000		2,912
Automatic Data Processing, Inc.	42,800		1,792
Cadence Design Systems, Inc. (a)	47,500		695
Microsoft Corporation	161,800		4,621
PeopleSoft, Inc. (a)	89,300		1,652
Sabre Holdings Corporation	32,900		912
SAP AG–ADR	32,600		1,363
VeriSign, Inc. (a)	58,100		1,156
Computer & Office Equipment (3.3%)
Apple Computer, Inc. (a)	21,700		706
Cisco Systems, Inc. (a)	152,700		3,619
Hewlett-Packard Company	16,057		339
International Business Machines Corporation	15,100		1,331
Lexmark International, Inc. (a)	8,700		840
Seagate Technology, Inc. (a)	40,100		579
Sun Microsystems, Inc. (a)	292,200		1,268
Construction (1.0%)
Fluor Corporation (b)	55,700		2,655
Department Stores (0.2%)
Kohl’s Corporation (a)	11,600		490
Electric Services (2.0%)
AES Corporation (The) (a)	211,200		2,097
American Electric Power Company, Inc. (b)	17,700		566
Duke Energy Corporation	87,400		1,773
Pinnacle West Capital Corporation	18,200		735
Electric, Gas & Sanitary Services (0.2%)
NiSource Inc.	21,300		439
Electrical Goods (0.3%)
Avnet, Inc. (a)	39,000		885
Electronic & Other Electric Equipment (2.1%)
Emerson Electric Co.	15,600		991
General Electric Company	141,900		4,598
Electronic Components & Accessories (2.8%)
Altera Corporation (a)	46,900		1,042
Applied Micro Circuits Corporation (a)	47,000		250
Intel Corporation	49,800		1,374
Jabil Circuit, Inc. (a)	40,100		1,010
JDS Uniphase Corporation (a)	135,400		513
Linear Technology Corporation	17,100		675
Micron Technology, Inc. (a)(b)	35,000		536
PMC-Sierra, Inc. (a)(b)	45,400		651
Tyco International Ltd.	16,600		550
Xilinx, Inc.	28,000		933

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Capital Guardian U.S. Equity     1

Capital Guardian U.S. Equity

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Shares	Value
Food & Kindred Products (2.9%)
Altria Group, Inc.	49,400	$	2,472
Campbell Soup Company	60,000		1,613
Heinz (H.J.) Company	15,700		615
Kraft Foods, Inc.–Class A	38,500		1,220
Unilever NV–NY Shares	27,100		1,857
Furniture & Home Furnishings Stores (0.4%)
Williams-Sonoma, Inc. (a)(b)	34,800		1,147
Gas Production & Distribution (0.5%)
Equitable Resources, Inc.	13,700		708
Kinder Morgan, Inc.	14		1
Williams Companies, Inc. (The)	47,700		568
Health Services (2.2%)
DaVita Inc. (a)	17,400		536
HCA Inc. (b)	12,300		512
Health Management Associates, Inc.–Class A (b)	18,000		404
Lincare Holdings Inc. (a)	72,500		2,382
Tenet Healthcare Corporation (a)(b)	79,400		1,065
Triad Hospitals, Inc. (a)	22,000		819
Holding & Other Investment Offices (0.2%)
General Growth Properties, Inc.	16,000		473
Hotels & Other Lodging Places (0.2%)
Starwood Hotels & Resorts Worldwide, Inc.	14,300		641
Industrial Machinery & Equipment (5.1%)
American Standard Companies Inc. (a)	85,200		3,434
Applied Materials, Inc. (a)	236,900		4,648
ASM Lithography Holding NV–NY Registered Shares (a)	40,300		690
Baker Hughes Incorporated	37,300		1,404
Illinois Tool Works Inc.	13,300		1,275
Ingersoll-Rand Company–Class A	23,400		1,598
Novellus Systems, Inc. (a)	13,600		428
Instruments & Related Products (3.6%)
Agilent Technologies, Inc. (a)	80,900		2,369
Applera Corporation–Applied Biosystems Group	105,700		2,299
Credence Systems Corporation (a)(b)	9,700		134
KLA–Tencor Corporation (a)(b)	66,400		3,279
Raytheon Company	4,300		154
Teradyne, Inc. (a)	63,500		1,441
Insurance (3.8%)
American International Group, Inc.	11,400		813
Anthem, Inc. (a)(b)	6,000		537
Assurant, Inc.	3,400		90
Berkshire Hathaway Inc.–Class A (a)	36		3,202
Chubb Corporation	13,800		941
Cincinnati Financial Corporation	6,510		283
Everest Re Group, Ltd.	3,400		273
PMI Group, Inc. (The) (b)	42,000		1,828
WellPoint Health Networks Inc. (a)	4,700		526
XL Capital Ltd.–Class A	20,700		1,562

	Shares	Value
Insurance Agents, Brokers & Service (0.4%)
Hartford Financial Services Group, Inc. (The)	14,399	$	990
Lumber & Other Building Materials (1.4%)
Lowe’s Companies, Inc. (b)	72,100		3,789
Manufacturing Industries (0.2%)
Mattel, Inc.	27,000		493
Medical Instruments & Supplies (1.2%)
Becton, Dickinson and Company	21,300		1,103
Guidant Corporation	29,975		1,675
Medtronic, Inc.	9,400		458
Metal Mining (0.2%)
Newmont Mining Corporation	12,200		473
Motion Pictures (1.1%)
Time Warner Inc. (a)	168,750		2,967
Oil & Gas Extraction (4.3%)
BJ Services Company (a)	28,900		1,325
Schlumberger Limited	63,500		4,033
Transocean Inc. (a)	31,700		917
Unocal Corporation	77,600		2,949
Weatherford International Ltd. (a)	45,900		2,065
Paper & Allied Products (0.7%)
International Paper Company	20,400		912
Kimberly-Clark Corporation	12,900		850
Paper & Paper Products (0.4%)
Boise Cascade Corporation	28,600		1,077
Personal Credit Institutions (2.2%)
SLM Corporation	145,600		5,890
Petroleum Refining (3.7%)
ChevronTexaco Corporation	5,900		555
Exxon Mobil Corporation	95,400		4,237
Royal Dutch Petroleum Company–NY Registered Shares	73,000		3,772
Shell Transport & Trading Company PLC–ADR (b)	28,400		1,269
Pharmaceuticals (13.9%)
Allergan, Inc.	77,200		6,911
Amgen Inc. (a)	62,000		3,384
AstraZeneca PLC–ADR (b)	228,300		10,420
Forest Laboratories, Inc. (a)	152,700		8,647
ImClone Systems Incorporated (a)(b)	9,600		824
Lilly (Eli) and Company	66,500		4,649
Pfizer Inc.	45,000		1,543
Teva Pharmaceutical Industries Ltd.–ADR (b)	8,200		552
Printing & Publishing (0.2%)
Knight-Ridder, Inc.	7,000		504
Radio & Television Broadcasting (0.0%)
Entercom Communications Corp. (a)	2,100		78
Radio One, Inc.–Class D (a)	1,700		27

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Capital Guardian U.S. Equity    2

Capital Guardian U.S. Equity

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Shares		Value
Radio, Television & Computer Stores (0.3%)
RadioShack Corporation		24,800	$	710
Railroads (0.2%)
Canadian Pacific Railway Limited		7,800		192
Union Pacific Corporation		7,800		464
Restaurants (0.2%)
McDonald’s Corporation		17,700		460
Retail Trade (0.3%)
Amazon.com, Inc. (a)		15,000		816
Savings Institutions (2.1%)
Golden West Financial Corporation		22,900		2,435
Washington Mutual, Inc.		83,300		3,219
Security & Commodity Brokers (0.5%)
AmeriCredit Corp. (a)(b)		47,900		935
Goldman Sachs Group, Inc. (The)		4,900		461
Telecommunications (3.6%)
AT&T Corp. (b)		42,900		628
SBC Communications Inc.		13,700		332
Sprint Corporation (FON Group)		418,950		7,374
Verizon Communications, Inc.		33,000		1,194
Transportation & Public Utilities (1.3%)
InterActiveCorp (a)(b)		62,800		1,893
Kinder Morgan Management, LLC (a)		42,329		1,556
U.S. Government Agencies (2.0%)
Fannie Mae		38,700		2,762
Freddie Mac		41,200		2,608
Variety Stores (0.9%)
Costco Wholesale Corporation		58,500		2,403
Water Transportation (0.6%)
Carnival Corporation		33,100		1,556
Wholesale Trade Nondurable Goods (0.2%)
SYSCO Corporation		16,900		606
Total Common Stocks (cost: $209,479)				257,146
	Principal		Value
SECURITY LENDING COLLATERAL (12.8%)
Debt (10.5%)
Agency Discount Notes (1.0%)
Fannie Mae 0.96%, due 07/01/2004	$	808	$	808
Federal Home Loan Bank
0.96%, due 07/01/2004		1,009		1,009
0.99%, due 07/01/2004		404		404
0.97%, due 07/02/2004		505		505

	Principal		Value
Bank Notes (0.3%)
Credit Suisse First Boston (USA), Inc. 1.13%, due 09/08/2004	$	202	$	202
Deutsche Bank AG 1.16%, due 10/12/2004		505		505
Commercial Paper (3.1%)
Compass Securitization–144A 1.25%, due 07/23/2004		706		706
Falcon Asset Securitization Corp–144A 1.27%, due 07/20/2004		504		504
General Electric Capital Corporation
1.20%, due 07/19/2004		504		504
1.21%, due 07/22/2004		404		404
1.22%, due 07/23/2004		404		404
1.23%, due 07/26/2004		505		505
1.22%, due 08/04/2004		1,007		1,007
Govco Incorporated–144A 1.25%, due 08/02/2004		202		202
Greyhawk Funding LLC–144A 1.12%, due 07/13/2004		403		403
1.22%, due 07/20/2004		201		201
Jupiter Securitization Corp–144A 1.07%, due 07/02/2004		202		202
Morgan Stanley 1.58%, due 10/22/2004		465		465
1.58%, due 12/10/2004		1,313		1,313
1.58%, due 03/16/2005		1,272		1,272
Sheffield Receivables–144A 1.24%, due 07/20/2004		303		303
Euro Dollar Overnight (0.4%)
Bank of Nova Scotia (The) 1.04%, due 07/06/2004		505		505
Den Danske Bank 1.08%, due 07/02/2004		505		505
Euro Dollar Terms (2.5%)
Bank of America Corporation 1.08%, due 07/19/2004		202		202
Bank of Montreal 1.20%, due 07/23/2004		102		102
Bank of Nova Scotia (The) 1.20%, due 07/14/2004		505		505
1.24%, due 07/23/2004		101		101
Bank of the West Inc. 1.28%, due 07/28/2004		202		202
Branch Banking & Trust 1.08%, due 07/14/2004		101		101
Calyon 1.16%, due 07/15/2004		1,919		1,919
1.17%, due 08/04/2004		303		303
1.34%, due 08/24/2004		707		707
Fortis Bank 1.19%, due 07/14/2004		101		101
1.29%, due 09/03/2004		202		202

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

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Capital Guardian U.S. Equity

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Principal		Value
Euro Dollar Terms (continued)
HBOS PLC 1.30%, due 09/03/2004	$	202	$	202
Royal Bank of Canada 1.05%, due 07/08/2004		303		303
Royal Bank of Scotland Group PLC (The) 1.06%, due 07/30/2004		909		909
Wells Fargo & Company 1.19%, due 07/14/2004		404		404
1.25%, due 07/23/2004		202		202
1.24%, due 07/26/2004		202		202
Master Notes (0.4%)
Bear Stearns Companies Inc. (The) 1.64%, due 09/08/2004		606		606
1.64%, due 12/15/2004		404		404
Repurchase Agreements (2.8%) (c)
Credit Suisse First Boston (USA), Inc. 1.54%, Repurchase Agreement dated 06/30/2004 to be repurchased at $2,363 on 07/01/2004		2,363		2,363
Goldman Sachs Group Inc. (The) 1.54%, Repurchase Agreement dated 06/30/2004 to be repurchased at $1,009 on 07/01/2004		1,009		1,009

	Principal		Value
Repurchase Agreements (continued)
Merrill Lynch & Co., Inc. 1.54%, Repurchase Agreement dated 06/30/2004 to be repurchased at $3,060 on 07/01/2004	$	3,060	$	3,060
Morgan Stanley 1.58%, Repurchase Agreement dated 06/30/2004 to be repurchased at $909 on 07/01/2004		909		909
	Shares		Value
Investment Companies (2.3%)
Money Market Funds (2.3%)
Merrill Lynch Premier Institutional Fund 1 day yield of 1.17%		836,778	$	837
Merrimac Cash Fund– Premium Class 1 day yield of 1.11%		5,193,279		5,193
Total Security Lending Collateral (cost: $33,886)				33,886
Total Investment Securities (cost: $243,642)			$	291,545
SUMMARY:
Investments, at value		110.0 %	$	291,545
Liabilities in excess of other assets		(10.0)%		(26,416)
Net assets		100.0 %	$	265,129

NOTES TO SCHEDULE OF INVESTMENTS:

(a) No dividends were paid during the preceding twelve months.

(b) At June 30, 2004, all or a portion of this security is on loan (see Note 1). The value at June 30, 2004, of all securities on loan is $32,764.

(c) Cash collateral for the Repurchase Agreements, valued at $7,488, that serve as collateral for securities lending are invested in corporate bonds with interest rates and maturity dates ranging from 0.00%–9.88% and 08/01/2004–09/25/2099, respectively.

DEFINITIONS:

ADR American Depositary Receipt

144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2004, these securities aggregated $2,521 or 0.95% of the net assets of the Fund.

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Capital Guardian U.S. Equity    4

Capital Guardian U.S. Equity

STATEMENT OF ASSETS AND LIABILITIES

At June 30, 2004

(all amounts except per share amounts in thousands)

(unaudited)

Assets:
Investment securities, at value (cost: $ 243,642) (including securities loaned of $32,764)	$	291,545
Cash		7,399
Receivables:
Investment securities sold		27
Interest		2
Dividends		261
Other		31
		299,265
Liabilities:
Investment securities purchased		12
Accounts payable and accrued liabilities:
Management and advisory fees		201
Service fees		1
Payable for collateral for securities on loan		33,886
Other		36
		34,136
Net Assets	$	265,129
Net Assets Consist of:
Capital stock, 50,000 shares authorized ($.01 par value)	$	255
Additional paid-in capital		218,769
Undistributed net investment income		1,196
Accumulated net realized gain (loss) from: Investment securities		(2,994	)
Net unrealized appreciation (depreciation) on: Investment securities		47,903
Net Assets	$	265,129
Net Assets by Class:
Initial Class	$	259,793
Service Class		5,336
Shares Outstanding:
Initial Class		24,982
Service Class		514
Net Asset Value and Offering Price Per Share:
Initial Class	$	10.40
Service Class		10.39

STATEMENT OF OPERATIONS

For the period ended June 30, 2004

(all amounts in thousands)

(unaudited)

Investment Income:
Interest	$	32
Dividends		1,581
Income from loaned securities–net		22
Less withholding taxes on foreign dividends		(24	)
		1,611
Expenses:
Management and advisory fees		1,090
Printing and shareholder reports		2
Custody fees		18
Administration fees		19
Legal fees		1
Auditing and accounting fees		6
Directors fees		3
Service fees:
Service Class		5
Total expenses		1,144
Net Investment Income (Loss)		467
Net Realized Gain (Loss) from: Investment securities		2,836
Net Increase (Decrease) in Unrealized Appreciation (Depreciation) on: Investment securities		4,538
Net Gain (Loss) on Investment Securities		7,374
Net Increase (Decrease) in Net Assets Resulting from Operations	$	7,841

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Capital Guardian U.S. Equity    5

Capital Guardian U.S. Equity

STATEMENTS OF CHANGES IN NET ASSETS

For the year or period ended

(all amounts in thousands)

	June 30, 2004 (unaudited)			December 31, 2003
Increase (Decrease) In Net Assets From:
Operations:
Net investment income (loss)	$	467		$	728
Net realized gain (loss) from investment securities		2,836			(894	)
Net unrealized appreciation (depreciation) on investment securities		4,538			57,413
		7,841			57,247
Distributions to Shareholders:
From net investment income:
Initial Class		–			(318	)
Service Class		–			–
					(318	)
From net realized gains:
Initial Class		–			–
Service Class		–			–
					–
Capital Share Transactions:
Proceeds from shares sold:
Initial Class		24,661			79,117
Service Class		3,307			2,245
		27,968			81,362
Dividends and distributions reinvested:
Initial Class		–			318
Service Class		–			–
		–			318
Cost of shares redeemed:
Initial Class		(11,593	)		(13,701	)
Service Class		(367	)		(112	)
		(11,960	)		(13,813	)
		16,008			67,867
Net increase (decrease) in net assets		23,849			124,796
Net Assets:
Beginning of period		241,280			116,484
End of period	$	265,129		$	241,280
Undistributed Net Investment Income	$	1,196		$	729

	June 30, 2004 (unaudited)		December 31, 2003
Share Activity:
Shares issued:
Initial Class	2,374		9,582
Service Class	318		244
	2,692		9,826
Shares issued–reinvested from distributions:
Initial Class	–		37
Service Class	–		–
	–		37
Shares redeemed:
Initial Class	(1,132	)	(1,640	)
Service Class	(36	)	(12	)
	(1,168	)	(1,652	)
Net increase (decrease) in shares outstanding:
Initial Class	1,242		7,979
Service Class	282		232
	1,524		8,211

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Capital Guardian U.S. Equity    6

Capital Guardian U.S. Equity

FINANCIAL HIGHLIGHTS

(unaudited for the period ended June 30, 2004)

	For the Period Ended (b)	For a share outstanding throughout each period (a)
		Net Asset Value, Beginning of Period		Investment Operations								Distributions									Net Asset Value, End of Period
				Net Investment Income (Loss)		Net Realized and Unrealized Gain (Loss)			Total Operations			From Net Investment Income			From Net Realized Gains			Total Distributions
Initial Class	06/30/2004	$	10.07	$	0.02	$	0.31		$	0.33		$	–		$	–		$	–		$	10.40
	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
	12/31/2000		10.00		0.01		0.09			0.10			–			–			–			10.10
Service Class	06/30/2004		10.07		0.01		0.31			0.32			–			–			–			10.39
	12/31/2003		7.96		0.01		2.10			2.11			–			–			–			10.07

	For the Period Ended (b)	Total Return (c)(g)		Ratios/Supplemental Data
				Net Assets, End of Period (000’s)		Ratio of Expenses to Average Net Assets (f)				Net Investment Income (Loss) to Average Net Assets (f)		Portfolio Turnover Rate (g)
						Net (d)		Total (e)
Initial Class	06/30/2004	3.28	%	$	259,793	0.89	%	0.89	%	0.37	%	7	%
	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
	12/31/2000	1.00			33,507	1.13		1.13		0.45		108
Service Class	06/30/2004	3.18			5,336	1.14		1.14		0.14		7
	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) The inception dates of the Fund’s share classes are 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 period ended June 30, 2004 and the year ended December 31, 2003, Ratio of Net Expenses to Average Net Assets is net of fee waivers 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 and prior years, 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 for periods of less than one year.

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

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Capital Guardian U.S. Equity

NOTES TO FINANCIAL STATEMENTS

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

The AEGON/Transamerica Series Fund, Inc. (“ATSF”) is a Maryland corporation registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. ATSF serves as a funding vehicle for variable life insurance, variable annuity and group annuity products. Capital Guardian U.S. Equity (“the Fund”), part of ATSF, began operations as part of the Endeavor Series Trust on October 9, 2000. The Fund became part of ATSF on May 1, 2002.

In the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties, which 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.

See the Prospectus and Statement of Additional Information for a description of the Fund’s investment objective.

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 policies were consistently followed by the Fund, in accordance with GAAP.

Multiple class operations 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.

Pricing of shares: The Fund prices its shares on the basis of the net asset value of each class of shares of the Fund, which is determined as of the close of the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern Time) on each day on which the NYSE is open for trading (other than a day on which there are insufficient changes in the value of the Fund’s portfolio securities to materially affect the Fund’s net asset value or a day on which no shares are tendered for redemption and no order to purchase any shares is received).

Security valuations: Fund investments traded on an exchange are valued at the closing price on the day of valuation on the 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 by independent pricing services; 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 also are valued at fair market value as determined in good faith using guidelines established by and under the supervision of the Board of Directors, and the Fund’s Valuation Committee. These guidelines may include: the type of security; any restrictions on its resale; financial or business news of the issuer; similar or related securities that are actively trading; related corporate actions; and other significant events occurring after the close of trading in the security.

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 June 30, 2004, was paying an interest rate of 0.75%.

Repurchase agreements: The Fund is authorized to enter into repurchase agreements. The Fund, through 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. Repurchase agreements involve the risk that the seller will fail to repurchase the security, as agreed. In that case, 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 are incurred.

Directed brokerage: 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 ATSF has established a Directed Brokerage Program. A Directed Brokerage 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 ATSF, or by any other party. Directed commissions for the period ended June 30, 2004, of $10 are included in net realized gains in the Statement of Operations.

Securities lending: The Fund may lend securities to enhance fund earnings from investing cash collateral received in making such loans to qualified borrowers (typically broker/dealers). The Fund has engaged its custodian bank, IBT, as a lending agent to administer its securities lending program. IBT earned $9 of program net income for its services. When the Fund makes a security loan, it receives cash collateral as protection against the risk that the borrower will default on the loan, and records an asset for the cash invested collateral and a liability for the return of the collateral.

Loans of securities are required to be secured by collateral at least equal to 102% of the value of the securities at inception of the loan, and not

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

Capital Guardian U.S. Equity    8

Capital Guardian U.S. Equity

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1–(continued)

less then 100% thereafter. The Fund may invest cash collateral in short-term money market instruments including: U.S. Treasury Bills, U.S. agency obligations, commercial paper, money market mutual funds, repurchase agreements and other highly rated, liquid investments. During the life of securities loans, the collateral and securities loaned

remain subject to fluctuation in value. IBT marks to market securities loaned and the collateral each business day. If additional collateral is due (at least $1), IBT collects additional cash collateral from the borrowers. Although securities loaned will be fully collateralized at all times, IBT may experience delays in, or may be prevented from, recovering the collateral on behalf of the Fund. The Fund may recall a loaned security position at any time from the borrower through IBT. In the event the borrower fails to timely return a recalled security, IBT may indemnify the Fund by purchasing replacement securities for the Fund at its own expense and claiming the collateral to fund such a purchase. IBT absorbs the loss if the collateral value is not sufficient to cover the cost of the replacement securities. If replacement securities are not available, IBT will credit the equivalent cash value to the Fund.

While a security is on loan, the Fund does not have the right to vote that security. However, if time permits, the Fund will attempt to recall a security on loan and vote the proxy.

Income from securities lending is included in the Statement of Operations. The amount of collateral and value of securities on loan are included in the Statement of Assets and Liabilities as well as in the Schedule of Investments.

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 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: Dividend 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

AEGON/Transamerica Fund Advisers, Inc. (“ATFA”) is the Fund’s investment adviser. AEGON/Transamerica Fund Services, Inc. (“ATFS”) is the Fund’s administrator and transfer agent. AFSG Securities Corp. (“AFSG”) is the Fund’s distributor. AFSG is 100% owned by AUSA Holding Company (“AUSA”). ATFA is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) (“WRL”) and AUSA (22%). ATFS is a wholly owned subsidiary of WRL. AUSA and WRL are wholly owned indirect subsidiaries of AEGON NV, a Netherlands corporation.

Certain officers and directors of the Fund are also officers and/or directors of ATFA, ATFS, AFSG and WRL. No affiliated officer or director receives any compensation directly from the Fund.

Investment advisory fees: The Fund pays management fees to ATFA based on average daily net assets (“ANA”) at the following breakpoints:

0.85% of first $300 million

0.80% of the next $200 million of ANA

0.775% of ANA over $500 million

ATFA 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 limitations 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 are no amounts subject to recapture at June 30, 2004.

Distribution and service fees: The Fund adopted a distribution plan (“Distribution Plan”) pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended. Pursuant to the Distribution Plan, ATSF entered into a Distribution Agreement with AFSG effective May 1, 1999.

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 ATSF 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, 2005. 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 Fund, Inc. Semi-Annual Report 2004

Capital Guardian U.S. Equity    9

Capital Guardian U.S. Equity

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  2–(continued)

Administrative services: The Fund has entered into an agreement with ATFS for financial and legal fund administration services, which includes such items as compliance, expenses, financial statements and other reporting, distributions, tax returns, prospectus preparation, board of directors meeting support, transfer agency and other legal matters. The Legal fees on the Statement of Operations are for fees paid to external legal counsel. The Fund paid ATFS $19 for Administration fees for the period ended June 30, 2004.

Deferred compensation plan: Each eligible Fund Director may elect participation in the Deferred Compensation Plan for Directors of ATSF

(“the Plan”). Under the Plan, such Directors may defer payment of a percentage of their total fees earned as a Fund Director. These deferred amounts may be invested in any portfolio of Transamerica IDEX Mutual Funds, an affiliate of the Fund. At June 30, 2004, the value of invested plan amounts was $10. Invested plan amounts and the total liability for deferred compensation to the Directors under the Plan at June 30, 2004, are included in Net assets in the accompanying Statement of Assets and Liabilities.

NOTE  3. INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the period ended June 30, 2004, were as follows:

Purchases of securities:
Long-Term excluding U.S. Government	$	30,752
U.S. Government		–
Proceeds from maturities and sales of securities:
Long-Term excluding U.S. Government		725
U.S. Government		–

NOTE  4. FEDERAL INCOME TAX MATTERS

The Fund has not made any provision for federal income 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 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 treatments 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 Carryforward	Available through
$2,272	December 31, 2010
1,859	December 31, 2011

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of June 30, 2004, are as follows:

Federal Tax Cost Basis	$	244,918
Unrealized Appreciation	$	48,946
Unrealized (Depreciation)		(2,319	)
Net Unrealized Appreciation (Depreciation)	$	46,627

NOTE  5. OTHER MATTERS

ATSF, and certain of its affiliated entities, have received requests for information from the Staff of the Securities and Exchange Commission in connection with market timing and late trading within the funds. ATSF and the affiliated entities have voluntarily cooperated in the investigation and have been providing the information as requested.

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

Capital Guardian U.S. Equity    10

Capital Guardian Value

SCHEDULE OF INVESTMENTS

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Shares	Value
CONVERTIBLE PREFERRED STOCKS (1.0%)
Automotive (0.7%)
Ford Motor Company Capital Trust II	68,800	$	3,767
Primary Metal Industries (0.3%)
Phelps Dodge Corporation (b)	11,500		1,902
Total Convertible Preferred Stocks (cost: $4,437)			5,669
COMMON STOCKS (90.8%)
Aerospace (4.1%)
Northrop Grumman Corporation	164,000		8,807
United Technologies Corporation	149,000		13,631
Automotive (0.8%)
Ford Motor Company (b)	68,500		1,072
Navistar International Corporation (a)(b)	80,400		3,116
Automotive Dealers & Service Stations (0.5%)
AutoNation, Inc. (a)(b)	146,500		2,505
Business Services (0.4%)
Thomson Corporation (The) (b)	73,100		2,446
Chemicals & Allied Products (5.6%)
Air Products and Chemicals, Inc.	277,200		14,539
Dow Chemical Company (The)	56,200		2,287
du Pont (E.I.) de Nemours and Company	308,300		13,695
Commercial Banks (6.3%)
Bank One Corporation	334,500		17,060
Morgan Chase & Co. (J.P.)	95,800		3,714
Wells Fargo & Company	240,400		13,758
Communications Equipment (0.4%)
Siemens AG–ADR	29,200		2,118
Computer & Data Processing Services (2.0%)
Affiliated Computer Services, Inc.–Class A (a)(b)	48,100		2,546
Cadence Design Systems, Inc. (a)(b)	251,000		3,672
Sabre Holdings Corporation	170,300		4,719
Computer & Office Equipment (0.7%)
Hewlett-Packard Company	136,492		2,880
Polycom, Inc. (a)	43,400		973
Construction (0.8%)
Fluor Corporation	90,300		4,305
Electric Services (3.9%)
AES Corporation (The) (a)	221,300		2,198
American Electric Power Company, Inc. (b)	109,600		3,507
Duke Energy Corporation	380,800		7,726
FirstEnergy Corp.	20,300		759
Pinnacle West Capital Corporation (b)	175,700		7,097
Electric, Gas & Sanitary Services (0.2%)
NiSource Inc.	62,400		1,287
Electrical Goods (0.6%)
Avnet, Inc. (a)	133,600		3,033

	Shares	Value
Electronic & Other Electric Equipment (4.0%)
Emerson Electric Co.	55,300	$	3,514
General Electric Company	494,800		16,032
Hubbell Incorporated–Class B	52,800		2,466
Electronic Components & Accessories (0.8%)
Micron Technology, Inc. (a)(b)	106,500		1,631
Tyco International Ltd.	76,300		2,529
Food & Kindred Products (7.7%)
Altria Group, Inc.	285,800		14,304
Campbell Soup Company (b)	267,200		7,182
General Mills, Inc.	74,400		3,536
Kraft Foods, Inc.–Class A (b)	391,200		12,393
Unilever NV–NY Shares	68,100		4,666
Gas Production & Distribution (1.4%)
Equitable Resources, Inc.	151,900		7,855
Health Services (1.6%)
Lincare Holdings Inc. (a)	105,400		3,463
Triad Hospitals, Inc. (a)	146,000		5,436
Holding & Other Investment Offices (1.9%)
General Growth Properties, Inc. (b)	366,400		10,834
Hotels & Other Lodging Places (0.8%)
Starwood Hotels & Resorts Worldwide, Inc.	93,500		4,193
Industrial Machinery & Equipment (1.7%)
Ingersoll-Rand Company–Class A	137,300		9,379
Instruments & Related Products (0.6%)
Raytheon Company	97,400		3,484
Insurance (6.5%)
American International Group, Inc.	46,000		3,279
Anthem, Inc. (a)(b)	80,600		7,219
Assurant, Inc.	82,500		2,176
Chubb Corporation	19,300		1,316
CIGNA Corporation	50,800		3,496
Everest Re Group, Ltd.	56,600		4,548
PacifiCare Health Systems, Inc. (a)	48,000		1,856
PMI Group, Inc. (The) (b)	124,000		5,396
St. Paul Companies, Inc. (The)	50,107		2,031
XL Capital Ltd.–Class A	56,100		4,233
Insurance Agents, Brokers & Service (2.7%)
Hartford Financial Services Group, Inc. (The)	216,600		14,889
Manufacturing Industries (0.3%)
Mattel, Inc.	99,000		1,807
Motion Pictures (0.6%)
Time Warner Inc. (a)	187,600		3,298
Oil & Gas Extraction (3.5%)
Transocean Inc. (a)	202,600		5,863
Unocal Corporation	228,700		8,691
Weatherford International Ltd. (a)	100,800		4,534

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Capital Guardian Value    1

Capital Guardian Value

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Shares	Value
Paper & Allied Products (2.4%)
International Paper Company	164,200	$	7,340
Kimberly-Clark Corporation	85,200		5,613
Paper & Paper Products (0.5%)
Boise Cascade Corporation	79,700		3,000
Personal Credit Institutions (2.2%)
SLM Corporation	295,800		11,965
Petroleum Refining (5.1%)
ChevronTexaco Corporation	29,500		2,776
Exxon Mobil Corporation	107,066		4,755
Royal Dutch Petroleum Company–NY Registered Shares	233,000		12,039
Shell Transport & Trading Company PLC–ADR (b)	188,500		8,426
Pharmaceuticals (4.9%)
AstraZeneca PLC–ADR (b)	157,600		7,193
Lilly (Eli) and Company	91,000		6,362
Merck & Co., Inc.	202,800		9,633
Pfizer Inc.	109,300		3,747
Primary Metal Industries (0.6%)
Alcoa Inc.	64,000		2,114
Nucor Corporation	17,000		1,305
Railroads (2.0%)
Canadian National Railway Company (b)	55,050		2,400
Canadian Pacific Railway Limited	110,400		2,719
Union Pacific Corporation	97,400		5,790
Savings Institutions (1.4%)
Washington Mutual, Inc.	198,900		7,685
Security & Commodity Brokers (1.6%)
AmeriCredit Corp. (a)(b)	320,500		6,259
Goldman Sachs Group, Inc. (The)	25,300		2,382
Telecommunications (7.7%)
CenturyTel, Inc.	48,100		1,445
SBC Communications Inc.	279,600		6,780
Sprint Corporation (FON Group) (b)	1,230,000		21,648
Verizon Communications, Inc.	335,100		12,128
Transportation & Public Utilities (0.6%)
Kinder Morgan Management, LLC (a)	89,180		3,279
U.S. Government Agencies (0.6%)
Fannie Mae	47,900		3,418
Water Transportation (0.8%)
Carnival Corporation	97,400		4,578
Total Common Stocks (cost: $419,828)			497,758

	Principal		Value
SECURITY LENDING COLLATERAL (11.4%)
Debt (9.4%)
Agency Discount Notes (0.9%)
Fannie Mae 0.96%, due 07/01/2004	$	1,497	$	1,497
Federal Home Loan Bank 0.96%, due 07/01/2004		1,871		1,871
0.99%, due 07/01/2004		748		748
0.97%, due 07/02/2004		936		936
Bank Notes (0.2%)
Credit Suisse First Boston (USA), Inc. 1.13%, due 09/08/2004		374		374
Deutsche Bank AG 1.16%, due 10/12/2004		936		936
Commercial Paper (2.9%)
Compass Securitization–144A 1.25%, due 07/23/2004		1,308		1,308
Falcon Asset Securitization Corp–144A 1.27%, due 07/20/2004		934		934
General Electric Capital Corporation 1.20%, due 07/19/2004		934		934
1.21%, due 07/22/2004		748		748
1.22%, due 07/23/2004		748		748
1.23%, due 07/26/2004		936		936
1.22%, due 08/04/2004		1,868		1,868
Govco Incorporated–144A 1.25%, due 08/02/2004		374		374
Greyhawk Funding LLC–144A 1.12%, due 07/13/2004		746		746
1.22%, due 07/20/2004		372		372
Jupiter Securitization Corp.–144A 1.07%, due 07/02/2004		374		374
Morgan Stanley 1.58%, due 10/22/2004		861		861
1.58%, due 12/10/2004		2,433		2,433
1.58%, due 03/16/2005		2,358		2,358
Sheffield Receivables–144A 1.24%, due 07/20/2004		561		561
Euro Dollar Overnight (0.3%)
Bank of Nova Scotia (The) 1.04%, due 07/06/2004		936		936
Den Danske Bank 1.08%, due 07/02/2004		936		936
Euro Dollar Terms (2.3%)
Bank of America Corporation 1.08%, due 07/19/2004		374		374
Bank of Montreal 1.20%, due 07/23/2004		190		190
Bank of Nova Scotia (The) 1.20%, due 07/14/2004		936		936
1.24%, due 07/23/2004		187		187

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Capital Guardian Value    2

Capital Guardian Value

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Principal		Value
Euro Dollar Terms (continued)
Bank of the West Inc. 1.28%, due 07/28/2004	$	374	$	374
Branch Banking & Trust 1.08%, due 07/14/2004		187		187
Calyon 1.16%, due 07/15/2004		3,555		3,555
1.17%, due 08/04/2004		561		561
1.34%, due 08/24/2004		1,310		1,310
Fortis Bank 1.19%, due 07/14/2004		187		187
1.29%, due 09/03/2004		374		374
HBOS PLC 1.30%, due 09/03/2004		374		374
Royal Bank of Canada 1.05%, due 07/08/2004		561		561
Royal Bank of Scotland Group PLC (The) 1.06%, due 07/30/2004		1,684		1,684
Wells Fargo & Company 1.19%, due 07/14/2004		748		748
1.25%, due 07/23/2004		374		374
1.24%, due 07/26/2004		374		374
Master Notes (0.3%)
Bear Stearns Companies Inc. (The) 1.64%, due 09/08/2004		1,123		1,123
1.64%, due 12/15/2004		748		748
Repurchase Agreements (2.5%) (c)
Credit Suisse First Boston (USA), Inc. 1.54%, Repurchase Agreement dated 06/30/2004 to be repurchased at $4,379 on 07/01/2004		4,379		4,379

	Principal		Value
Repurchase Agreements (continued)
Goldman Sachs Group Inc. (The) 1.54%, Repurchase Agreement dated 06/30/2004 to be repurchased at $1,871 on 07/01/2004	$	1,871	$	1,871
Merrill Lynch & Co., Inc. 1.54%, Repurchase Agreement dated 06/30/2004 to be repurchased at $5,670 on 07/01/2004		5,670		5,670
Morgan Stanley 1.58%, Repurchase Agreement dated 06/30/2004 to be repurchased at $1,684 on 07/01/2004		1,684		1,684
	Shares		Value
Investment Companies (2.0%)
Money Market Funds (2.0%)
Merrill Lynch Premier Institutional Fund 1-day yield of 1.17%		1,550,487	$	1,550
Merrimac Cash Fund– Premium Class 1-day yield of 1.11%		9,622,751		9,623
Total Security Lending Collateral (cost: $62,787)				62,787
Total Investment Securities (cost: $487,052)			$	566,214
SUMMARY:
Investments, at value		103.2 %	$	566,214
Liabilities in excess of other assets		(3.2)%		(17,664	)
Net assets		100.0 %	$	548,550

NOTES TO SCHEDULE OF INVESTMENTS:

(a) No dividends were paid during the preceding twelve months.

(b) At June 30, 2004, all or a portion of this security is on loan (see Note 1). The value at June 30, 2004, of all securities on loan is $60,708.

(c) Cash collateral for the Repurchase Agreements, valued at $13,876, that serve as collateral for securities lending are invested in corporate bonds with interest rates and maturity dates ranging from 0.00%–9.88% and 08/01/2004–09/25/2099, respectively.

DEFINITIONS:

ADR American Depositary Receipt

144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2004, theses securities aggregated $5,043 or 0.92% of the net assets of the Fund.

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Capital Guardian Value    3

Capital Guardian Value

STATEMENT OF ASSETS AND LIABILITIES

At June 30, 2004

(all amounts except per share amounts in thousands)

(unaudited)

Assets:
Investment securities, at value (cost: $ 487,052) (including securities loaned of $60,708)	$	566,214
Cash		44,690
Receivables:
Investment securities sold		38
Interest		10
Dividends		985
Dividend reclaims receivable		4
Other		55
		611,996
Liabilities:
Investment securities purchased		201
Accounts payable and accrued liabilities:
Management and advisory fees		393
Service fees		2
Payable for collateral for securities on loan		62,787
Other		63
		63,446
Net Assets	$	548,550
Net Assets Consist of:
Capital stock, 50,000 shares authorized ($.01 par value)	$	298
Additional paid-in capital		446,338
Undistributed net investment income		8,983
Undistributed net realized gain (loss) from: Investment securities		13,769
Net unrealized appreciation (depreciation) on: Investment securities		79,162
Net Assets	$	548,550
Net Assets by Class:
Initial Class	$	539,045
Service Class		9,505
Shares Outstanding:
Initial Class		29,291
Service Class		514
Net Asset Value and Offering Price Per Share:
Initial Class	$	18.40
Service Class		18.48

STATEMENT OF OPERATIONS

For the period ended June 30, 2004

(all amounts in thousands)

(unaudited)

Investment Income:
Interest	$	40
Dividends		5,380
Income from loaned securities–net		40
Less withholding taxes on foreign dividends		(66	)
		5,394
Expenses:
Management and advisory fees		2,032
Printing and shareholder reports		2
Custody fees		25
Administration fees		36
Legal fees		2
Auditing and accounting fees		6
Directors fees		7
Service fees:
Service Class		7
Total expenses		2,117
Net Investment Income (Loss)		3,277
Net Realized Gain (Loss) from:
Investment securities		16,707
Net Increase (Decrease) in Unrealized Appreciation (Depreciation) on:
Investment securities		3,504
Net Gain (Loss) on Investment Securities		20,211
Net Increase (Decrease) in Net Assets Resulting from Operations	$	23,488

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Capital Guardian Value    4

Capital Guardian Value

STATEMENTS OF CHANGES IN NET ASSETS

For the period or year ended

(all amounts in thousands)

	June 30, 2004 (unaudited)			December 31, 2003
Increase (Decrease) In Net Assets From:
Operations:
Net investment income (loss)	$	3,277		$	5,951
Net realized gain (loss) from investment securities		16,707			6,593
Net unrealized appreciation (depreciation) on investment securities		3,504			103,036
		23,488			115,580
Distributions to Shareholders:
From net investment income:
Initial Class		–			(2,964	)
Service Class		–			–
		–			(2,964	)
From net realized gains:
Initial Class		–			–
Service Class		–			–
		–			–
Capital Share Transactions:
Proceeds from shares sold:
Initial Class		83,896			78,659
Service Class		7,245			2,306
		91,141			80,965
Dividends and distributions reinvested:
Initial Class		–			2,964
Service Class		–			–
		–			2,964
Cost of shares redeemed:
Initial Class		(27,146	)		(21,633	)
Service Class		(306	)		(264	)
		(27,452	)		(21,897	)
		63,689			62,032
Net increase (decrease) in net assets		87,177			174,648
Net Assets:
Beginning of period		461,373			286,725
End of period	$	548,550		$	461,373
Undistributed Net Investment Income	$	8,983		$	5,706

	June 30, 2004 (unaudited)		December 31, 2003
Share Activity:
Shares issued:
Initial Class	4,654		5,627
Service Class	402		145
	5,056		5,772
Shares issued–reinvested from distributions:
Initial Class	–		197
Service Class	–		–
	–		197
Shares redeemed:
Initial Class	(1,515	)	(1,473	)
Service Class	(17	)	(16	)
	(1,532	)	(1,489	)
Net increase (decrease) in shares outstanding:
Initial Class	3,139		4,351
Service Class	385		129
	3,524		4,480

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Capital Guardian Value    5

Capital Guardian Value

FINANCIAL HIGHLIGHTS

(unaudited for the period ended June 30, 2004)

	For the Period Ended (b)	For a share outstanding throughout each period (a)
		Net Asset Value, Beginning of Period		Investment Operations								Distributions									Net Asset Value, End of Period
				Net Investment Income (Loss)		Net Realized and Unrealized Gain (Loss)			Total Operations			From Net Investment Income			From Net Realized Gains			Total Distributions
Initial Class	06/30/2004	$	17.56	$	0.12	$	0.72		$	0.84		$	–		$	–		$	–		$	18.40
	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
	12/31/2000		19.99		0.15		0.68			0.83			(0.19	)		(3.05	)		(3.24	)		17.58
	12/31/1999		21.68		0.18		(0.72	)		(0.54	)		(0.24	)		(0.91	)		(1.15	)		19.99
Service Class	06/30/2004		17.65		0.10		0.73			0.83			–			–			–			18.48
	12/31/2003		13.66		0.15		3.85			4.00			(0.01	)		–			(0.01	)		17.65

	For the Period Ended (b)	Total Return (c)(g)		Ratios/Supplemental Data
				Net Assets, End of Period (000’s)		Ratio of Expenses to Average Net Assets (f)				Net Investment Income (Loss) to Average Net Assets (f)		Portfolio Turnover Rate (g)
						Net (d)		Total (e)
Initial Class	06/30/2004	4.78	%	$	539,045	0.86	%	0.86	%	1.34	%	17	%
	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
	12/31/2000	5.57			182,354	0.91		0.93		0.77		85
	12/31/1999	(3.06	)		209,653	0.88		0.95		0.77		51
Service Class	06/30/2004	4.70			9,505	1.11		1.11		1.13		17
	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) The inception dates of the Fund’s share classes are 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 period ended June 30, 2004 and the year ended December 31, 2003, Ratio of Net Expenses to Average Net Assets is net of fee waivers by the investment advisor, 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 and prior years, 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 for periods of less than one year.

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Capital Guardian Value    6

Capital Guardian Value

NOTES TO FINANCIAL STATEMENTS

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

The AEGON/Transamerica Series Fund, Inc. (“ATSF”) is a Maryland corporation registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. ATSF serves as a funding vehicle for variable life insurance, variable annuity and group annuity products. Capital Guardian Value (“the Fund”), part of ATSF, began operations as part of the Endeavor Series Trust on May 27, 1993. The Fund became part of ATSF on May 1, 2002.

In the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties, which 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.

See the Prospectus and Statement of Additional Information for a description of the Fund’s investment objective.

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 policies were consistently followed by the Fund, in accordance with GAAP.

Multiple class operations 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.

Pricing of shares: The Fund prices its shares on the basis of the net asset value of each class of shares of the Fund, which is determined as of the close of the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern Time) on each day on which the NYSE is open for trading (other than a day on which there are insufficient changes in the value of the Fund’s portfolio securities to materially affect the Fund’s net asset value or a day on which no shares are tendered for redemption and no order to purchase any shares is received).

Security valuations: Fund investments traded on an exchange are valued at the closing price on the day of valuation on the 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 by independent pricing services; 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 also are valued at fair market value as determined in good faith using guidelines established by and under the supervision of the Board of Directors and the Fund’s Valuation Committee. These guidelines may include: the type of security; any restrictions on its resale; financial or business news of the issuer; similar or related securities that are actively trading; related corporate actions; and other significant events occurring after the close of trading in the security.

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 June 30, 2004, was paying an interest rate of 0.75%.

Repurchase agreements: The Fund is authorized to enter into repurchase agreements. The Fund, through 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. Repurchase agreements involve the risk that the seller will fail to repurchase the security, as agreed. In that case, 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 are incurred.

Directed brokerage: 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 ATSF has established a Directed Brokerage Program. A Directed Brokerage 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 ATSF, or by any other party. Directed commissions for the period ended June 30, 2004, of $32 are included in net realized gains in the Statement of Operations.

Securities lending: The Fund may lend securities to enhance fund earnings from investing cash collateral received in making such loans to qualified borrowers (typically broker/dealers). The Fund has engaged its custodian bank, IBT, as a lending agent to administer its securities lending program. IBT earned $17 of program net income for its services. When the Fund makes a security loan, it receives cash collateral as protection against the risk that the borrower will default on the loan, and records an asset for the cash invested collateral and a liability for the return of the collateral.

Loans of securities are required to be secured by collateral at least equal to 102% of the value of the securities at inception of the loan, and not less then 100% thereafter. The Fund may invest cash collateral in short-

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

Capital Guardian Value    7

Capital Guardian Value

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1–(continued)

term money market instruments including: U.S. Treasury Bills, U.S. agency obligations, commercial paper, money market mutual funds, repurchase agreements and other highly rated, liquid investments.

During the life of securities loans, the collateral and securities loaned remain subject to fluctuation in value. IBT marks to market securities loaned and the collateral each business day. If additional collateral is due (at least $1), IBT collects additional cash collateral from the borrowers. Although securities loaned will be fully collateralized at all times, IBT may experience delays in, or may be prevented from, recovering the collateral on behalf of the Fund. The Fund may recall a loaned security position at any time from the borrower through IBT. In the event the borrower fails to timely return a recalled security, IBT may indemnify the Fund by purchasing replacement securities for the Fund at its own expense and claiming the collateral to fund such a purchase. IBT absorbs the loss if the collateral value is not sufficient to cover the cost of the replacement securities. If replacement securities are not available, IBT will credit the equivalent cash value to the Fund.

While a security is on loan, the Fund does not have the right to vote that security. However, if time permits, the Fund will attempt to recall a security on loan and vote the proxy.

Income from securities lending is included in the Statement of Operations. The amount of collateral and value of securities on loan are included in the Statement of Assets and Liabilities as well as in the Schedule of Investments.

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 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: Dividend 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

AEGON/Transamerica Fund Advisers, Inc. (“ATFA”) is the Fund’s investment adviser. AEGON/Transamerica Fund Services, Inc. (“ATFS”) is the Fund’s administrator and transfer agent. AFSG Securities Corp. (“AFSG”) is the Fund’s distributor. AFSG is 100% owned by AUSA Holding Company (“AUSA”). ATFA is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) (“WRL”) and AUSA (22%). ATFS is a wholly owned subsidiary of WRL. AUSA and WRL are wholly owned indirect subsidiaries of AEGON NV, a Netherlands corporation.

Certain officers and directors of the Fund are also officers and/or directors of ATFA, ATFS, AFSG and WRL. No affiliated officer or director receives any compensation directly from the Fund.

The following schedule reflects the percentage of fund assets owned by affiliated mutual funds (i.e. through the asset allocation funds):

	Net Assets		% of Net Assets
Asset Allocation–Growth Portfolio	$	21,777	4	%
Asset Allocation–Moderate Growth Portfolio		37,414	7	%
Total	$	59,191	11	%

Investment advisory fees: The Fund pays management fees to ATFA based on average daily net assets (“ANA”) at the following breakpoints:

0.85% of first $300 million

0.80% of the next $200 million of ANA

0.775% of ANA over $500 million

ATFA 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 limitations 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 are no amounts subject to recapture at June 30, 2004.

Distribution and service fees: The Fund adopted a distribution plan (“Distribution Plan”) pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended. Pursuant to the Distribution Plan, ATSF entered into a Distribution Agreement with AFSG effective May 1, 1999.

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 ATSF 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

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

Capital Guardian Value    8

Capital Guardian Value

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  2–(continued)

before April 30, 2005. 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 ATFS for financial and legal fund administration services, which includes such items as compliance, expenses, financial statements and other reporting, distributions, tax returns, prospectus preparation, board of directors meeting support, transfer agency and other legal matters. The Legal fees on the Statement of Operations are for fees paid to external legal counsel. The Fund paid ATFS $36 for Administration fees for the period ended June 30, 2004.

Deferred compensation plan: Each eligible Fund Director may elect participation in the Deferred Compensation Plan for Directors of ATSF (“the Plan”). Under the Plan, such Directors may defer payment of a percentage of their total fees earned as a Fund Director. These deferred amounts may be invested in any portfolio of Transamerica IDEX Mutual Funds, an affiliate of the Fund. At June 30, 2004, the value of invested plan amounts was $21. Invested plan amounts and the total liability for deferred compensation to the Directors under the Plan at June 30, 2004, are included in Net assets in the accompanying Statement of Assets and Liabilities.

NOTE  3. INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the period ended June 30, 2004, were as follows:

Purchases of securities:
Long-Term excluding U.S. Government	$	112,375
U.S. Government		338
Proceeds from maturities and sales of securities:
Long-Term excluding U.S. Government		78,862
U.S. Government		–

NOTE  4. FEDERAL INCOME TAX MATTERS

The Fund has not made any provision for federal income 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 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 treatments 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 period listed:

Capital Loss Carryforward	Available through
$2,938	December 31, 2010

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of June 30, 2004, are as follows:

Federal Tax Cost Basis	$	487,052
Unrealized Appreciation	$	81,356
Unrealized (Depreciation)		(2,194	)
Net Unrealized Appreciation (Depreciation)	$	79,162

NOTE  5. OTHER MATTERS

ATSF, and certain of its affiliated entities, have received requests for information from the Staff of the Securities and Exchange Commission in connection with market timing and late trading within the funds. ATSF and the affiliated entities have voluntarily cooperated in the investigation and have been providing the information as requested.

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

Capital Guardian Value    9

Clarion Real Estate Securities

SCHEDULE OF INVESTMENTS

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Shares	Value
COMMON STOCKS (97.7%)
Holding & Other Investment Offices (90.7%)
Apartments (17.6%)
Archstone-Smith Trust	395,000	$	11,585
Avalonbay Communities, Inc.	91,600		5,177
Camden Property Trust	258,700		11,848
Essex Property Trust, Inc.	38,000		2,597
Gables Residential Trust (b)	153,000		5,199
Home Properties of New York, Inc.	135,800		5,293
United Dominion Realty Trust, Inc.	269,000		5,321
Diversified (4.4%)
Liberty Property Trust (b)	295,200		11,870
Health Care (2.5%)
Health Care REIT, Inc.	207,151		6,732
Hotels (13.2%)
Hilton Hotels Corporation	289,200		5,396
Host Marriott Corporation (a)(b)	752,100		9,297
LaSalle Hotel Properties	160,400		3,914
Starwood Hotels & Resorts Worldwide, Inc.	298,600		13,392
Strategic Hotel Capital, Inc. (a)(b)	223,550		3,286
Office Property (26.9%)
Arden Realty, Inc.	314,300		9,245
Boston Properties, Inc. (b)	234,300		11,734
Brandywine Realty Trust	95,700		2,602
Corporate Office Properties Trust	159,750		3,970
Mack-Cali Realty Corporation	254,900		10,548
Maguire Properties, Inc.	323,900		8,023
Prentiss Properties Trust	270,300		9,060
SL Green Realty Corp.	180,700		8,457
Trizec Properties, Inc. (b)	493,800		8,029
Regional Malls (17.6%)
CBL & Associates Properties, Inc.	95,100		5,231
General Growth Properties, Inc.	310,600		9,185
Macerich Company (The)	172,700		8,267
Mills Corporation (The)	248,100		11,586
Simon Property Group, Inc. (b)	248,100		12,757
Shopping Centers (8.5%)
Acadia Realty Trust	196,500		2,700
Developers Diversified Realty Corporation	220,100		7,785
Pan Pacific Retail Properties, Inc.	52,400		2,647
Regency Centers Corporation	223,900		9,605
Warehouse (7.0%)
Catellus Development Corporation	211,398		5,211
EastGroup Properties	80,000		2,694
ProLogis	330,700		10,887
Total Common Stocks (cost: $226,281)			261,130

	Principal		Value
SECURITY LENDING COLLATERAL (12.0%)
Debt (9.9%)
Agency Discount Notes (1.0%)
Fannie Mae
0.96%, due 07/01/2004	$	765	$	765
Federal Home Loan Bank
0.96%, due 07/01/2004		956		956
0.99%, due 07/01/2004		382		382
0.97%, due 07/02/2004		478		478
Bank Notes (0.3%)
Credit Suisse First Boston (USA), Inc.
1.13%, due 09/08/2004		191		191
Deutsche Bank AG
1.16%, due 10/12/2004		478		478
Commercial Paper (2.8%)
Compass Securitization–144A
1.25%, due 07/23/2004		669		669
Falcon Asset Securitization Corp–144A
1.27%, due 07/20/2004		477		477
General Electric Capital Corporation
1.20%, due 07/19/2004		477		477
1.21%, due 07/22/2004		383		383
1.22%, due 07/23/2004		383		383
1.23%, due 07/26/2004		478		478
1.22%, due 08/04/2004		955		955
Govco Incorporated–144A
1.25%, due 08/02/2004		191		191
Greyhawk Funding LLC–144A
1.12%, due 07/13/2004		382		382
1.22%, due 07/20/2004		190		190
Jupiter Securitization Corp–144A
1.07%, due 07/02/2004		191		191
Morgan Stanley
1.58%, due 10/22/2004		440		440
1.58%, due 12/10/2004		1,244		1,244
1.58%, due 03/16/2005		1,205		1,205
Sheffield Receivables–144A
1.24%, due 07/20/2004		287		287
Euro Dollar Overnight (0.4%)
Bank of Nova Scotia (The)
1.04%, due 07/06/2004		478		478
Den Danske Bank
1.08%, due 07/02/2004		478		478
Euro Dollar Terms (2.4%)
Bank of America Corporation
1.08%, due 07/19/2004		191		191
Bank of Montreal
1.20%, due 07/23/2004		97		97
Bank of Nova Scotia (The)
1.20%, due 07/14/2004		478		478
1.24%, due 07/23/2004		96		96

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Clarion Real Estate Securities    1

Clarion Real Estate Securities

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Principal		Value
Euro Dollar Terms (continued)
Bank of the West Inc.
1.28%, due 07/28/2004	$	191	$	191
Branch Banking & Trust
1.08%, due 07/14/2004		96		96
Calyon
1.16%, due 07/15/2004		1,818		1,818
1.17%, due 08/04/2004		287		287
1.34%, due 08/24/2004		670		670
Fortis Bank
1.19%, due 07/14/2004		96		96
1.29%, due 09/03/2004		191		191
HBOS PLC
1.30%, due 09/03/2004		191		191
Royal Bank of Canada
1.05%, due 07/08/2004		287		287
Royal Bank of Scotland Group PLC (The)
1.06%, due 07/30/2004		861		861
Wells Fargo & Company
1.19%, due 07/14/2004		383		383
1.25%, due 07/23/2004		191		191
1.24%, due 07/26/2004		191		191
Master Notes (0.4%)
Bear Stearns Companies Inc. (The)
1.64%, due 09/08/2004		574		574
1.64%, due 12/15/2004		383		383
Repurchase Agreements (2.6%) (c)
Credit Suisse First Boston (USA), Inc. 1.54%, Repurchase Agreement dated 06/30/2004 to be repurchased at $2,238 on 07/01/2004		2,238		2,238

	Principal		Value
Repurchase Agreements (continued)
Goldman Sachs Group Inc. (The) 1.54%, Repurchase Agreement dated 06/30/2004 to be repurchased at $957 on 07/01/2004	$	957	$	957
Merrill Lynch & Co., Inc. 1.54%, Repurchase Agreement dated 06/30/2004 to be repurchased at $2,900 on 07/01/2004		2,900		2,900
Morgan Stanley 1.58%, Repurchase Agreement dated 06/30/2004 to be repurchased at $861 on 07/01/2004		860		860
	Shares		Value
Investment Companies (2.1%)
Money Market Funds (2.1%)
Merrill Lynch Premier Institutional Fund
1-day yield of 1.17%		792,653	$	793
Merrimac Cash Fund– Premium Class
1-day yield of 1.11%		4,919,425		4,920
Total Security Lending Collateral (cost: $32,098)				32,098
Total Investment Securities (cost: $258,379)			$	293,228
SUMMARY:
Investments, at value		109.7 %	$	293,228
Liabilities in excess of other assets		(9.7)%		(26,007	)
Net assets		100.0 %	$	267,221

NOTES TO SCHEDULE OF INVESTMENTS:

(a) No dividends were paid during the preceding twelve months.

(b) At June 30, 2004, all or a portion of this security is on loan (see Note 1). The value at June 30, 2004, of all securities on loan is $30,901.

(c) Cash collateral for the Repurchase Agreements, valued at $7,094, that serve as collateral for securities lending are invested in corporate bonds with interest rates and maturity dates ranging from 0.00%–9.88% and 08/01/2004–09/25/2099, respectively.

DEFINITIONS:

144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2004, these securities aggregated $2,387 or 0.89% of the net assets of the Fund.

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Clarion Real Estate Securities    2

Clarion Real Estate Securities

STATEMENT OF ASSETS AND LIABILITIES

At June 30, 2004

(all amounts except per share amounts in thousands)

(unaudited)

Assets:
Investment securities, at value (cost: $258,379) (including securities loaned of $30,901)	$	293,228
Cash		7,787
Receivables:
Investment securities sold		725
Interest		2
Dividends		1,574
Other		12
		303,328
Liabilities:
Investment securities purchased		3,802
Accounts payable and accrued liabilities:
Management and advisory fees		183
Service fees		1
Payable for collateral for securities on loan		32,098
Other		23
		36,107
Net Assets	$	267,221
Net Assets Consist of:
Capital Stock, 50,000 shares authorized ($.01 par value)	$	167
Additional paid-in capital		205,250
Undistributed net investment income		11,671
Undistributed net realized gain (loss) from:
Investment securities		15,284
Net unrealized appreciation (depreciation) on:
Investment securities		34,849
Net Assets	$	267,221
Net Assets by Class:
Initial Class	$	263,026
Service Class		4,195
Shares Outstanding:
Initial Class		16,438
Service Class		258
Net Asset Value and Offering Price Per Share:
Initial Class	$	16.00
Service Class		16.28

STATEMENT OF OPERATIONS

For the period ended June 30, 2004

(all amounts in thousands)

(unaudited)

Investment Income:
Interest	$	8
Dividends		6,025
Income from loaned securities–net		8
		6,041
Expenses:
Management and advisory fees		935
Printing and shareholder reports		18
Custody fees		14
Administration fees		18
Legal fees		1
Auditing and accounting fees		6
Directors fees		3
Service fees:
Service Class		3
Total expenses		998
Net Investment Income (Loss)		5,043
Net Realized Gain (Loss) from:
Investment securities		9,819
Net Increase (Decrease) in Unrealized Appreciation (Depreciation) on:
Investment securities		(1,933	)
Net Gain (Loss) on Investment Securities		7,886
Net Increase (Decrease) in Net Assets Resulting from Operations	$	12,929

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Clarion Real Estate Securities    3

Clarion Real Estate Securities

STATEMENTS OF CHANGES IN NET ASSETS

For the period or year ended

(all amounts in thousands)

	June 30, 2004 (unaudited)			December 31, 2003
Increase (Decrease) In Net Assets From:
Operations:
Net investment income (loss)	$	5,043		$	6,466
Net realized gain (loss) from investment securities		9,819			8,291
Net unrealized appreciation (depreciation) on investment securities		(1,933	)		37,703
		12,929			52,460
Distributions to Shareholders:
From net investment income:
Initial Class		–			(3,718	)
Service Class		–			(1	)
		–			(3,719	)
From net realized gains:
Initial Class		–			(743	)
Service Class		–			(2	)
		–			(745	)
Capital Share Transactions:
Proceeds from shares sold:
Initial Class		76,841			79,755
Service Class		3,682			981
		80,523			80,736
Dividends and distributions reinvested:
Initial Class		–			4,461
Service Class		–			2
		–			4,463
Cost of shares redeemed:
Initial Class		(39,771	)		(43,164	)
Service Class		(691	)		(19	)
		(40,462	)		(43,183	)
		40,061			42,016
Net increase (decrease) in net assets		52,990			90,012
Net Assets:
Beginning of period		214,231			124,219
End of period	$	267,221		$	214,231
Undistributed Net Investment Income	$	11,671		$	6,628

	June 30, 2004 (unaudited)		December 31, 2003
Share Activity:
Shares issued:
Initial Class	4,928		6,315
Service Class	233		71
	5,161		6,386
Shares issued–reinvested from distributions:
Initial Class	–		344
Service Class	–		–
	–		344
Shares redeemed:
Initial Class	(2,622	)	(3,416	)
Service Class	(45	)	(1	)
	(2,667	)	(3,417	)
Net increase (decrease) in shares outstanding:
Initial Class	2,306		3,243
Service Class	188		70
	2,494		3,313

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Clarion Real Estate Securities    4

Clarion Real Estate Securities

FINANCIAL HIGHLIGHTS

(unaudited for the period ended June 30, 2004)

	For the Period Ended (b)	For a share outstanding throughout each period (a)
		Net Asset Value, Beginning of Period		Investment Operations								Distributions									Net Asset Value, End of Period
				Net Investment Income (Loss)		Net Realized and Unrealized Gain (Loss)			Total Operations			From Net Investment Income			From Net Realized Gains			Total Distributions
Initial Class	06/30/2004	$	15.08	$	0.33	$	0.59		$	0.92		$	–		$	–		$	–		$	16.00
	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
	12/31/2000		8.06		0.59		1.79			2.38			(0.12	)		–			(0.12	)		10.32
	12/31/1999		8.51		0.49		(0.79	)		(0.30	)		(0.15	)		–			(0.15	)		8.06
Service Class	06/30/2004		15.37		0.35		0.56			0.91			–			–			–			16.28
	12/31/2003		12.00		0.33		3.13			3.46			(0.03	)		(0.06	)		(0.09	)		15.37

	For the Period Ended (b)	Total Return (c)(g)		Ratios/Supplemental Data
				Net Assets, End of Period (000’s)		Ratio of Expenses to Average Net Assets (f)				Net Investment Income (Loss) to Average Net Assets (f)		Portfolio Turnover Rate (g)
						Net (d)		Total (e)
Initial Class	06/30/2004	6.10	%	$	263,026	0.85	%	0.85	%	4.31	%	31	%
	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
	12/31/2000	29.62			16,577	1.00		1.71		6.27		291
	12/31/1999	(3.77	)		3,199	1.00		2.69		5.91		190
Service Class	06/30/2004	5.92			4,195	1.10		1.10		4.51		31
	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) The inception dates of the Fund’s share classes are 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 fee waivers by the investment adviser, if any (see note 2).

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

(f) Annualized.

(g) Not annualized for periods of less than one year.

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Clarion Real Estate Securities    5

Clarion Real Estate Securities

NOTES TO FINANCIAL STATEMENTS

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

The AEGON/Transamerica Series Fund, Inc. (“ATSF”) is a Maryland corporation registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. ATSF serves as a funding vehicle for variable life insurance, variable annuity and group annuity products. Clarion Real Estate Securities (“the Fund”), part of ATSF, began operations on May 1, 1998.

In the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties, which 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.

See the Prospectus and Statement of Additional Information for a description of the Fund’s investment objective.

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 policies were consistently followed by the Fund, in accordance with GAAP.

Multiple class operations 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.

Pricing of shares: The Fund prices its shares on the basis of the net asset value of each class of shares of the Fund, which is determined as of the close of the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern Time) on each day on which the NYSE is open for trading (other than a day on which there are insufficient changes in the value of the Fund’s portfolio securities to materially affect the Fund’s net asset value or a day on which no shares are tendered for redemption and no order to purchase any shares is received).

Security valuations: Fund investments traded on an exchange are valued at the closing price on the day of valuation on the 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 by independent pricing services; 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 also are valued at fair market value as determined in good faith using guidelines established by and under the supervision of the Board of Directors, and the Fund’s Valuation Committee. These guidelines may include: the type of security; any restrictions on its resale; financial or business news of the issuer; similar or related securities that are actively trading; related corporate actions; and other significant events occurring after the close of trading in the security.

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 June 30, 2004, was paying an interest rate of 0.75%.

Repurchase agreements: The Fund is authorized to enter into repurchase agreements. The Fund, through 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. Repurchase agreements involve the risk that the seller will fail to repurchase the security, as agreed. In that case, 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 are incurred.

Directed brokerage: 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 ATSF has established a Directed Brokerage Program. A Directed Brokerage 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 ATSF, or by any other party. Directed commissions for the period ended June 30, 2004, of $52 are included in net realized gains in the Statement of Operations.

Securities lending: The Fund may lend securities to enhance fund earnings from investing cash collateral received in making such loans to qualified borrowers (typically broker/dealers). The Fund has engaged its custodian bank, IBT, as a lending agent to administer its securities lending program. IBT earned $3 of program net income for its services. When the Fund makes a security loan, it receives cash collateral as protection against the risk that the borrower will default on the loan, and records an asset for the cash invested collateral and a liability for the return of the collateral.

Loans of securities are required to be secured by collateral at least equal to 102% of the value of the securities at inception of the loan, and not

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

Clarion Real Estate Securities    6

Clarion Real Estate Securities

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1–(continued)

less then 100% thereafter. The Fund may invest cash collateral in short-term money market instruments including: U.S. Treasury Bills, U.S. agency obligations, commercial paper, money market mutual funds, repurchase agreements and other highly rated, liquid investments. During the life of securities loans, the collateral and securities loaned remain subject to fluctuation in value. IBT marks to market securities loaned and the collateral each business day. If additional collateral is due (at least $1), IBT collects additional cash collateral from the borrowers. Although securities loaned will be fully collateralized at all times, IBT may experience delays in, or may be prevented from, recovering the collateral on behalf of the Fund. The Fund may recall a loaned security position at any time from the borrower through IBT. In the event the borrower fails to timely return a recalled security, IBT may indemnify the Fund by purchasing replacement securities for the Fund at its own expense and claiming the collateral to fund such a purchase. IBT absorbs the loss if the collateral value is not sufficient to cover the cost of the replacement securities. If replacement securities are not available, IBT will credit the equivalent cash value to the Fund.

While a security is on loan, the Fund does not have the right to vote that security. However, if time permits, the Fund will attempt to recall a security on loan and vote the proxy.

Income from securities lending is included in the Statement of Operations. The amount of collateral and value of securities on loan are included in the Statement of Assets and Liabilities as well as in the Schedule of Investments.

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 value of its 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 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: Dividend 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

AEGON/Transamerica Fund Advisers, Inc. (“ATFA”) is the Fund’s investment adviser. AEGON/Transamerica Fund Services, Inc. (“ATFS”) is the Fund’s administrator and transfer agent. AFSG Securities Corp. (“AFSG”) is the Fund’s distributor. AFSG is 100% owned by AUSA Holding Company (“AUSA”). ATFA is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) (“WRL”) and AUSA (22%). ATFS is a wholly owned subsidiary of WRL. AUSA and WRL are wholly owned indirect subsidiaries of AEGON NV, a Netherlands corporation.

Certain officers and directors of the Fund are also officers and/or directors of ATFA, ATFS, AFSG and WRL. No affiliated officer or director receives any compensation directly from the Fund.

The following schedule reflects the percentage of fund assets owned by affiliated mutual funds (i.e. through the asset allocation funds):

	Net Assets		% of Net Assets
Asset Allocation–Growth Portfolio	$	8,510	3	%
Asset Allocation–Moderate Growth Portfolio		35,489	13	%
Asset Allocation–Moderate Portfolio		5,016	2	%
Total	$	49,015	18	%

Investment advisory fees: The Fund pays management fees to ATFA based on average daily net assets (“ANA”) at the following rate:

0.80% of ANA

ATFA 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 limitations 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 are no amounts subject to recapture at June 30, 2004.

Distribution and service fees: The Fund adopted a distribution plan (“Distribution Plan”) pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended. Pursuant to the Distribution Plan, ATSF entered into a Distribution Agreement with AFSG effective May 1, 1999.

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 Fund, Inc. Semi-Annual Report 2004

Clarion Real Estate Securities    7

Clarion Real Estate Securities

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  2–(continued)

The Distribution Plan on the Service Class shares requires ATSF 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, 2005. 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 ATFS for financial and legal fund administration services, which includes such items as compliance, expenses, financial statements and other reporting, distributions, tax returns, prospectus preparation, board of directors meeting support, transfer agency and other legal matters. The Legal fees on the Statement of Operations are for fees paid to external legal counsel. The Fund paid ATFS $18 for Administration fees for the period ended June 30, 2004.

Deferred compensation plan: Each eligible Fund Director may elect participation in the Deferred Compensation Plan for Directors of ATSF (“the Plan”). Under the Plan, such Directors may defer payment of a percentage of their total fees earned as a Fund Director. These deferred amounts may be invested in any portfolio of Transamerica IDEX Mutual Funds, an affiliate of the Fund. At June 30, 2004, the value of invested plan amounts was $10. Invested plan amounts and the total liability for deferred compensation to the Directors under the Plan at June 30, 2004, are included in Net assets in the accompanying Statement of Assets and Liabilities.

NOTE  3. INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the period ended June 30, 2004, were as follows:

Purchases of securities:
Long-Term excluding U.S. Government	$	119,470
U.S. Government		–
Proceeds from maturities and sales of securities:
Long-Term excluding U.S. Government		72,934
U.S. Government		–

NOTE  4. FEDERAL INCOME TAX MATTERS

The Fund has not made any provision for federal income 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 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 treatments for items including, but not limited to, wash sales and REIT return of capital adjustments.

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of June 30, 2004, are as follows:

Federal Tax Cost Basis	$	258,266
Unrealized Appreciation	$	34,993
Unrealized (Depreciation)		(31	)
Net Unrealized Appreciation (Depreciation)	$	34,962

NOTE  5. OTHER MATTERS

ATSF, and certain of its affiliated entities, have received requests for information from the Staff of the Securities and Exchange Commission in connection with market timing and late trading within the funds. ATSF and the affiliated entities have voluntarily cooperated in the investigation and have been providing the information as requested.

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

Clarion Real Estate Securities    8

Federated Growth & Income

SCHEDULE OF INVESTMENTS

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Principal		Value
U.S. GOVERNMENT OBLIGATIONS (4.6%)
U.S. Treasury Note
2.50%, due 05/31/2006	$	12,000	$	11,960
2.38%, due 08/15/2006		9,000		8,923
Total U.S. Government Obligations (cost: $20,872)				20,883
FOREIGN GOVERNMENT OBLIGATIONS (15.8%)
Canada
3.00%, due 06/01/2006		7,300		5,421
Canada Treasury Bill
Zero coupon, due 08/12/2004		7,200		5,362
French Republic
3.50%, due 07/12/2004		5,450		6,636
Kingdom of Sweden
Zero coupon, due 09/15/2004		43,000		5,690
Zero coupon, due 12/15/2004		41,000		5,396
Zero coupon, due 03/16/2005		33,000		4,317
8.00%, due 08/15/2007		35,000		5,254
New Zealand
6.50%, due 02/15/2005		21,000		13,352
6.50%, due 02/15/2006		6,600		4,214
New Zealand Treasury Bill
Zero coupon, due 09/22/2004		8,500		5,320
Zero coupon, due 12/22/2004		4,600		2,836
Zero coupon, due 03/23/2005		11,900		7,228
Total Foreign Government Obligations (cost: $65,806)				71,026
CORPORATE DEBT SECURITIES (2.5%)
Electric Services (0.6%)
PSEG Energy Holdings Inc.
10.00%, due 10/01/2009		2,500		2,825
Gas Production & Distribution (1.9%)
El Paso Corporation (b)
6.95%, due 12/15/2007		2,300		2,225
6.75%, due 05/15/2009		3,300		2,987
Williams Companies, Inc. (The)
7.88%, due 09/01/2021		3,500		3,369
Total Corporate Debt Securities (cost: $15,119)				11,406
	Shares		Value
COMMON STOCKS (36.1%)
Beer, Wine & Distilled Beverages (0.9%)
Kirin Brewery Company, Limited		390,000	$	3,859
Drug Stores & Proprietary Stores (1.1%)
Boots Group PLC (The)–ADR (b)		207,000		5,165
Electric Services (2.0%)
EnCana Corporation		88,700		3,828
Scottish Power PLC		712,300		5,153
Electric, Gas & Sanitary Services (2.1%)
Pennon Group PLC		217,656		3,129
United Utilities PLC		747,689		6,216

	Shares	Value
Food & Kindred Products (0.7%)
Tate & Lyle PLC	497,000	$	2,975
Gas Production & Distribution (1.3%)
Snam Rete Gas SpA	1,362,800		5,866
Holding & Other Investment Offices (5.3%)
CFS Gandel Retail Trust	3,538,600		3,424
General Property Trust–Units	991,400		2,409
Health Care Property Investors, Inc.	190,800		4,587
Investa Property Group	1,837,600		2,495
Pan Pacific Retail Properties, Inc.	103,800		5,244
Regency Centers Corporation	79,800		3,423
Ronin Property Group	2,621,000		2,062
Instruments & Related Products (1.1%)
Fuji Photo Film Co., Ltd.–ADR (b)	157,100		4,968
Metal Mining (5.3%)
Anglogold Ltd.–ADR (b)	141,100		4,538
Barrick Gold Corporation (b)	104,300		2,060
Gold Fields Limited–ADR	297,000		3,121
Goldcorp Incorporated	193,500		2,258
Harmony Gold Mining Company Limited–ADR (b)	450,000		4,766
Kinross Gold Corporation (a)(b)	435,200		2,420
Lihir Gold Limited–ADR (a)(b)	212,500		2,994
Placer Dome, Inc.	136,200		2,266
Oil & Gas Extraction (3.7%)
Husky Energy Inc. (b)	250,000		4,787
Nexen Inc.	61,100		2,371
Petro-Canada	49,600		2,131
Santos Limited–ADR	190,200		3,675
Statoil ASA (b)	278,200		3,533
Paper & Allied Products (1.0%)
Carter Holt Harvey Limited	3,327,600		4,370
Paperboard Containers & Boxes (0.8%)
Mayr-Melnhof Karton AG–ADR (b)	114,398		3,688
Petroleum Refining (1.3%)
OMV AG–ADR (b)	154,900		6,031
Pharmaceuticals (5.1%)
Daiichi Pharmaceutical Co., Ltd.	265,200		4,730
Santen Pharmaceutical Co., Ltd.	97,000		1,525
Taisho Pharmaceutical Co., Ltd.	131,000		2,907
Takeda Pharmaceutical Company Limited	149,800		6,579
Tanabe Seiyaku Co., Ltd.	68,000		609
Yamanouchi Pharmaceutical Co., Ltd.	199,000		6,697
Real Estate (1.0%)
Rodamco Europe NV	71,650		4,330
Telecommunications (3.4%)
BCE Inc. (b)	212,300		4,231
Chughwa Telecom Co., Ltd.–ADR	207,000		3,651

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Federated Growth & Income    1

Federated Growth & Income

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Shares		Value
Telecommunications (continued)
Tele Danmark A/S		58,900	$	1,914
Telestra Corporation Limited–ADR		319,300		5,645
Total Common Stocks (cost: $136,268)				162,630
	Principal		Value
SHORT-TERM OBLIGATIONS (36.4%)
Investor’s Bank & Trust Company (d) 0.70%, Repurchase Agreement dated 06/30/2004 to be repurchased at $163,547 on 07/01/2004	$	163,547	$	163,547
Total Short-Term Obligations (cost: $163,547)				163,547
SECURITY LENDING COLLATERAL (9.1%)
Debt (7.5%)
Agency Discount Notes (0.7%)
Fannie Mae
0.96%, due 07/01/2004		981		981
Federal Home Loan Bank
0.96%, due 07/01/2004		1,226		1,226
0.99%, due 07/01/2004		490		490
0.97%, due 07/02/2004		613		613
Bank Notes (0.2%)
Credit Suisse First Boston (USA), Inc.
1.13%, due 09/08/2004		245		245
Deutsche Bank AG
1.16%, due 10/12/2004		613		613
Commercial Paper (2.2%)
Compass Securitization–144A
1.25%, due 07/23/2004		857		857
Falcon Asset Securitization Corp–144A
1.27%, due 07/20/2004		612		612
General Electric Capital Corporation
1.20%, due 07/19/2004		612		612
1.21%, due 07/22/2004		491		491
1.22%, due 07/23/2004		491		491
1.23%, due 07/26/2004		613		613
1.22%, due 08/04/2004		1,224		1,224
Govco Incorporated–144A
1.25%, due 08/02/2004		245		245
Greyhawk Funding LLC–144A
1.12%, due 07/13/2004		489		489
1.22%, due 07/20/2004		244		244
Jupiter Securitization Corp–144A
1.07%, due 07/02/2004		245		245
Morgan Stanley
1.58%, due 10/22/2004		564		564
1.58%, due 12/10/2004		1,594		1,594
1.58%, due 03/16/2005		1,545		1,545
Sheffield Receivables–144A
1.24%, due 07/20/2004		368		368

	Principal		Value
Euro Dollar Overnight (0.3%)
Bank of Nova Scotia (The)
1.04%, due 07/06/2004	$	613	$	613
Den Danske Bank
1.08%, due 07/02/2004		613		613
Euro Dollar Terms (1.8%)
Bank of America Corporation
1.08%, due 07/19/2004		245		245
Bank of Montreal
1.20%, due 07/23/2004		124		124
Bank of Nova Scotia (The)
1.20%, due 07/14/2004		613		613
1.24%, due 07/23/2004		123		123
Bank of the West Inc.
1.28%, due 07/28/2004		245		245
Branch Banking & Trust
1.08%, due 07/14/2004		123		123
Calyon
1.16%, due 07/15/2004		2,331		2,331
1.17%, due 08/04/2004		368		368
1.34%, due 08/24/2004		859		859
Fortis Bank
1.19%, due 07/14/2004		123		123
1.29%, due 09/03/2004		245		245
HBOS PLC
1.30%, due 09/03/2004		245		245
Royal Bank of Canada
1.05%, due 07/08/2004		368		368
Royal Bank of Scotland Group PLC (The)
1.06%, due 07/30/2004		1,104		1,104
Wells Fargo & Company
1.19%, due 07/14/2004		491		491
1.25%, due 07/23/2004		245		245
1.24%, due 07/26/2004		245		245
Master Notes (0.3%)
Bear Stearns Companies Inc. (The)
1.64%, due 09/08/2004		736		736
1.64%, due 12/15/2004		491		491
Repurchase Agreements (2.0%) (c)
Credit Suisse First Boston (USA), Inc. 1.54%, Repurchase Agreement dated 06/30/2004 to be repurchased at $2,871 on 07/01/2004		2,871		2,871
Goldman Sachs Group Inc. (The) 1.54%, Repurchase Agreement dated 06/30/2004 to be repurchased at $1,226 on 07/01/2004		1,226		1,226
Merrill Lynch & Co., Inc. 1.54% Repurchase Agreement dated 06/30/2004 to be repurchased at $3,717 on 07/01/2004		3,717		3,717
Morgan Stanley 1.58% Repurchase Agreement dated 06/30/2004 to be repurchased at $1,104 on 07/01/2004		1,104		1,104

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Federated Growth & Income    2

Federated Growth & Income

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Shares	Value
Investment Companies (1.6%)
Money Market Funds (1.6%)
Merrill Lynch Premier Institutional Fund
1-day yield of 1.17%	1,016,241	$	1,016
Merrimac Cash Fund–Premium Class
1-day yield of 1.11%	6,307,073		6,307
Total Security Lending Collateral (cost: $41,153)			41,153
Total Investment Securities (cost: $442,765)		$	470,645
SUMMARY:
Investments, at value	104.5 %	$	470,645
Liabilities in excess of other assets	(4.5)%		(20,451	)
Net assets	100.0 %	$	450,194

FORWARD FOREIGN CURRENCY CONTRACTS:
Currency	Bought (Sold)		Settlement Date	Amount in U.S. Dollars Bought (Sold)			Net Unrealized Appreciation (Depreciation)
Australian Dollar	(206	)	07/01/2004	$	(142	)	$	(1	)
Australian Dollar	(981	)	07/02/2004		(681	)		(2	)
Japanese Yen	(739,421	)	07/01/2004		(6,805	)		25
New Zealand Dollar	(14,433	)	07/01/2004		(9,080	)		(77	)
Total Forward Foreign Currency Contracts				$	(16,708	)	$	(55	)

NOTES TO SCHEDULE OF INVESTMENTS:

(a) No dividends were paid during the preceding twelve months.

(b) At June 30, 2004, all or a portion of this security is on loan (see Note 1). The value at June 30, 2004, of all securities on loan is $39,198.

(c) Cash collateral for the Repurchase Agreements, valued at $9,095, that serve as collateral for securities lending are invested in corporate bonds with interest rates and maturity dates ranging from 0.00%–9.88% and 08/01/2004–09/25/2099, respectively.

(d) At June 30, 2004, the collateral for the repurchase agreement excluding collateral for securities on loan is as follows:

Collateral	Market Value and Accrued Interest
$49,812 Fannie Mae–129223 8.50%, due 08/01/2006	$	14,628
$15,496 Fannie Mae ARM–382393 3.87%, due 05/01/2007		14,421
$40,000 Fannie Mae Floating Rate Note Series 2003–107–Class FD 1.80%, due 11/25/2033		37,872
$28,998 Freddie Mac ARM–780214 3.87%, due 01/01/2033		14,225
$42,927 Ginnie Mae ARM–80587 3.50%, due 03/20/2032		14,387
$53,000 Residential Funding Mortgage Securities I, Inc. Series 2003-20–Class 1A2 5.25%, due 12/25/2033		38,079
$45,370 Washington Mutual Floating Rate Note Series 2004-S1–Class 2A1 1.85%, due 03/25/2034		38,113
	$	171,725

DEFINITIONS:

ADR American Depositary Receipt

ARM Adjustable Rate Mortgage

144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2004, these securities aggregated $3,060 or 0.07% of the net assets of the Fund.

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Federated Growth & Income    3

Federated Growth & Income

STATEMENT OF ASSETS AND LIABILITIES

At June 30, 2004

(all amounts except per share amounts in thousands)

(unaudited)

Assets:
Investment securities, at value (cost: $442,765) (including securities loaned of $39,198)	$	470,645
Cash		50
Foreign cash (cost: $37)		36
Receivables:
Investment securities sold		18,809
Interest		1,288
Dividends		852
Dividend reclaims receivable		65
Unrealized appreciation on forward foreign currency contracts		25
Other		38
		491,808
Liabilities:
Investment securities purchased		18
Accounts payable and accrued liabilities:
Management and advisory fees		301
Service fees		2
Payable for collateral for securities on loan		41,153
Unrealized depreciation on forward foreign currency contracts		80
Other		60
		41,614
Net Assets	$	450,194
Net Assets Consist of:
Capital Stock, 50,000 shares authorized ($.01 par value)	$	262
Additional paid-in capital		362,297
Undistributed net investment income		17,472
Undistributed net realized gain (loss) from:
Investment securities		42,802
Foreign currency transactions		(435	)
Net unrealized appreciation (depreciation) on:
Investment securities		27,880
Translation of assets and liabilities denominated in foreign currencies		(84	)
Net Assets	$	450,194
Net Assets by Class:
Initial Class	$	441,921
Service Class		8,273
Shares Outstanding:
Initial Class		25,746
Service Class		469
Net Asset Value and Offering Price Per Share:
Initial Class	$	17.17
Service Class		17.63

STATEMENT OF OPERATIONS

For the period ended June 30, 2004

(all amounts in thousands)

(unaudited)

Investment Income:
Interest	$	2,865
Dividends		4,305
Income from loaned securities–net		68
Less withholding taxes on foreign dividends		(297	)
		6,941
Expenses:
Management and advisory fees		1,690
Printing and shareholder reports		53
Custody fees		70
Administration fees		34
Legal fees		2
Auditing and accounting fees		7
Directors fees		7
Service fees:
Service Class		6
Total expenses		1,869
Net Investment Income (Loss)		5,072
Net Realized Gain (Loss) from:
Investment securities		29,127
Foreign currency transactions		(435	)
		28,692
Net Increase (Decrease) in Unrealized Appreciation (Depreciation) on:
Investment securities		(31,654	)
Translation of assets and liabilities denominated in foreign currencies		(215	)
		(31,869	)
Net Gain (Loss) on Investment Securities and Foreign Currency Transactions		(3,177	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	1,895

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Federated Growth & Income    4

Federated Growth & Income

STATEMENTS OF CHANGES IN NET ASSETS

For the period or year ended

(all amounts in thousands)

	June 30, 2004 (unaudited)			December 31, 2003
Increase (Decrease) In Net Assets From:
Operations:
Net investment income (loss)	$	5,072		$	13,130
Net realized gain (loss) from investment securities and foreign currency transactions		28,692			24,290
Net unrealized appreciation (depreciation) on investment securities and foreign currency translation		(31,869	)		64,152
		1,895			101,572
Distributions to Shareholders:
From net investment income:
Initial Class		–			(12,753	)
Service Class		–			(2	)
		–			(12,755	)
From net realized gains:
Initial Class		–			(12,832	)
Service Class		–			(18	)
		–			(12,850	)
Capital Share Transactions:
Proceeds from shares sold:
Initial Class		18,796			50,522
Service Class		5,813			2,878
		24,609			53,400
Dividends and distributions reinvested:
Initial Class		–			25,586
Service Class		–			20
		–			25,606
Cost of shares redeemed:
Initial Class		(32,110	)		(87,623	)
Service Class		(368	)		(302	)
		(32,478	)		(87,925	)
		(7,869	)		(8,919	)
Net increase (decrease) in net assets		(5,974	)		67,048
Net Assets:
Beginning of period		456,168			389,120
End of period	$	450,194		$	456,168
Undistributed Net Investment Income	$	17,472		$	12,400

	June 30, 2004 (unaudited)		December 31, 2003
Share Activity:
Shares issued:
Initial Class	1,097		3,337
Service Class	330		177
	1,427		3,514
Shares issued–reinvested from distributions:
Initial Class	–		1,683
Service Class	–		1
	–		1,684
Shares redeemed:
Initial Class	(1,883	)	(5,613	)
Service Class	(21	)	(18	)
	(1,904	)	(5,631	)
Net increase (decrease) in shares outstanding:
Initial Class	(786	)	(593	)
Service Class	309		160
	(477	)	(433	)

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Federated Growth & Income    5

Federated Growth & Income

FINANCIAL HIGHLIGHTS

(unaudited for the period ended June 30, 2004)

	For the Period Ended (b)	For a share outstanding throughout each period (a)
		Net Asset Value, Beginning of Period		Investment Operations								Distributions									Net Asset Value, End of Period
				Net Investment Income (Loss)		Net Realized and Unrealized Gain (Loss)			Total Operations			From Net Investment Income			From Net Realized Gains			Total Distributions
Initial Class	06/30/2004	$	17.09	$	0.19	$	(0.11	)	$	0.08		$	–		$	–		$	–		$	17.17
	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
	12/31/2000		10.91		0.51		2.65			3.16			(0.63	)		(0.01	)		(0.64	)		13.43
	12/31/1999		12.28		0.48		(1.00	)		(0.52	)		(0.75	)		(0.10	)		(0.85	)		10.91
Service Class	06/30/2004		17.57		0.19		(0.13	)		0.06			–			–			–			17.63
	12/31/2003		15.04		0.17		2.88			3.05			(0.03	)		(0.49	)		(0.52	)		17.57

	For the Period Ended (b)	Total Return (c)(g)		Ratios/Supplemental Data
				Net Assets, End of Period (000’s)		Ratio of Expenses to Average Net Assets (f)				Net Investment Income (Loss) to Average Net Assets (f)		Portfolio Turnover Rate (g)
						Net (d)		Total (e)
Initial Class	06/30/2004	0.47	%	$	441,921	0.83	%	0.83	%	2.25	%	35	%
	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
	12/31/2000	29.16			122,886	0.86		0.86		4.31		147
	12/31/1999	(4.45	)		76,280	0.89		0.89		4.01		117
Service Class	06/30/2004	0.34			8,273	1.08		1.08		2.00		35
	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) The inception dates of the Fund’s share classes are 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 fee waivers by the investment adviser, if any. (see note 2).

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

(f) Annualized.

(g) Not annualized for periods of less than one year.

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Federated Growth & Income     6

Federated Growth & Income

NOTES TO FINANCIAL STATEMENTS

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

The AEGON/Transamerica Series Fund, Inc. (“ATSF”) is a Maryland corporation registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. ATSF serves as a funding vehicle for variable life insurance, variable annuity and group annuity products. Federated Growth & Income (“the Fund”), part of ATSF, began operations on March 1, 1994.

In the normal course of business the Fund enters into contracts that contain a variety of representations and warranties, which 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.

See the Prospectus and Statement of Additional Information for a description of the Fund’s investment objective.

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 policies were consistently followed by the Fund, in accordance with GAAP.

Multiple class operations 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.

Pricing of shares: The Fund prices its shares on the basis of the net asset value of each class of shares of the Fund, which is determined as of the close of the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern Time) on each day on which the NYSE is open for trading (other than a day on which there are insufficient changes in the value of the Fund’s portfolio securities to materially affect the Fund’s net asset value or a day on which no shares are tendered for redemption and no order to purchase any shares is received).

Security valuations: Fund investments traded on an exchange are valued at the closing price on the day of valuation on the 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 by independent pricing services; 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 and are translated from the local currency into U.S. dollars using closing exchange rates. Many foreign securities markets are open for trading at times when the U.S. markets are closed for trading and many foreign securities markets close for trading before the close of the NYSE. The value of foreign securities may be affected significantly on a day that the NYSE is closed and an investor is unable to purchase or redeem shares. 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.” If market quotations are not readily available, and the impact of such a significant market event materially affects the net asset value per share of the Fund, an affected portfolio security will be valued at fair market value as determined in good faith using guidelines adopted by the Board of Directors of the Fund, under the supervision of the Fund’s Valuation Committee. Factors that may be considered to value foreign securities at fair market value may include, among others: the value of other securities traded on other markets, foreign currency exchange activity and the trading of financial products tied to foreign securities.

Other securities for which quotations are not readily available also are valued at fair market value as determined in good faith using guidelines established by and under the supervision of the Board of Directors, and the Fund’s Valuation Committee. These guidelines may include: the type of security; any restrictions on its resale; financial or business news of the issuer; similar or related securities that are actively trading; related corporate actions; and other significant events occurring after the close of trading in the security.

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 June 30, 2004, was paying an interest rate of 0.75%.

Repurchase agreements: The Fund is authorized to enter into repurchase agreements. The Fund, through 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. Repurchase agreements involve the risk that the seller will fail to repurchase the security, as agreed. In that case, 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 are incurred.

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

Federated Growth & Income    7

Federated Growth & Income

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1–(continued)

Directed brokerage: 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 ATSF has established a Directed Brokerage Program. A Directed Brokerage 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 ATSF, or by any other party. Directed commissions for the period ended June 30, 2004, of $2 are included in net realized gains in the Statement of Operations.

Securities lending: The Fund may lend securities to enhance fund earnings from investing cash collateral received in making such loans to qualified borrowers (typically broker/dealers). The Fund has engaged its custodian bank, IBT, as a lending agent to administer its securities lending program. IBT earned $29 of program net income for its services. When the Fund makes a security loan, it receives cash collateral as protection against the risk that the borrower will default on the loan, and records an asset for the cash invested collateral and a liability for the return of the collateral.

Loans of securities are required to be secured by collateral at least equal to 102% of the value of the securities at inception of the loan, and not less

then 100% thereafter. The Fund may invest cash collateral in short-term money market instruments including: U.S. Treasury Bills, U.S. agency obligations, commercial paper, money market mutual funds, repurchase agreements and other highly rated, liquid investments. During the life of securities loans, the collateral and securities loaned remain subject to

fluctuation in value. IBT marks to market securities loaned and the collateral each business day. If additional collateral is due (at least $1), IBT collects additional cash collateral from the borrowers. Although securities loaned will be fully collateralized at all times, IBT may experience delays in, or may be prevented from, recovering the collateral on behalf of the Fund. The Fund may recall a loaned security position at any time from the borrower through IBT. In the event the borrower fails to timely return a recalled security, IBT may indemnify the Fund by purchasing replacement securities for the Fund at its own expense and claiming the collateral to fund such a purchase. IBT absorbs the loss if the collateral value is not sufficient to cover the cost of the replacement securities. If replacement securities are not available, IBT will credit the equivalent cash value to the Fund.

While a security is on loan, the Fund does not have the right to vote that security. However, if time permits, the Fund will attempt to recall a security on loan and vote the proxy.

Income from securities lending is included in the Statement of Operations. The amount of collateral and value of securities on loan are included in the Statement of Assets and Liabilities as well as in the Schedule of Investments.

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 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, including unanticipated movements in exchange currency rates, the degree of government supervision and regulation of security markets, and the possibility of political or economic instability.

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 closed 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 June 30, 2004, are listed in the Schedule of Investments.

Dividend distributions: Dividend 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 Fund, Inc. Semi-Annual Report 2004

Federated Growth & Income    8

Federated Growth & Income

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  2. RELATED PARTY TRANSACTIONS

AEGON/Transamerica Fund Advisers, Inc. (“ATFA”) is the Fund’s investment adviser. AEGON/Transamerica Fund Services, Inc. (“ATFS”) is the Fund’s administrator and transfer agent. AFSG Securities Corp. (“AFSG”) is the Fund’s distributor. AFSG is 100% owned by AUSA Holding Company (“AUSA”). ATFA is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) (“WRL”) and AUSA (22%). ATFS is a wholly owned subsidiary of WRL. AUSA and WRL are wholly owned indirect subsidiaries of AEGON NV, a Netherlands corporation.

Certain officers and directors of the Fund are also officers and/or directors of ATFA, ATFS, AFSG and WRL. No affiliated officer or director receives any compensation directly from the Fund.

Investment advisory fees: The Fund pays management fees to ATFA based on average daily net assets (“ANA”) at the following rate:

0.75% of ANA

ATFA 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 limitations 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 are no amounts subject to recapture at June 30, 2004.

Distribution and service fees: The Fund adopted a distribution plan (“Distribution Plan”) pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended. Pursuant to the Distribution Plan, ATSF entered into a Distribution Agreement with AFSG effective May 1, 1999.

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 ATSF 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, 2005. 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 ATFS for financial and legal fund administration services, which includes such items as compliance, expenses, financial statements and other reporting, distributions, tax returns, prospectus preparation, board of directors meeting support, transfer agency and other legal matters. The Legal fees on the Statement of Operations are for fees paid to external legal counsel. The Fund paid ATFS $34, for Administration fees, for the period ended June 30, 2004.

Deferred compensation plan: Each eligible Fund Director may elect participation in the Deferred Compensation Plan for Directors of ATSF (“the Plan”). Under the Plan, such Directors may defer payment of a percentage of their total fees earned as a Fund Director. These deferred amounts may be invested in any portfolio of Transamerica IDEX Mutual Funds, an affiliate of the Fund. At June 30, 2004, the value of invested plan amounts was $17. Invested plan amounts and the total liability for deferred compensation to the Directors under the Plan at June 30, 2004, are included in Net assets in the accompanying Statement of Assets and Liabilities.

NOTE  3. INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the period ended June 30, 2004, were as follows:

Purchases of securities:
Long-Term excluding U.S. Government	$	86,384
U.S. Government		20,871
Proceeds from maturities and sales of securities:
Long-Term excluding U.S. Government		187,801
U.S. Government		–

NOTE  4. FEDERAL INCOME TAX MATTERS

The Fund has not made any provision for federal income 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 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 treatments for items including, but not limited to, wash sales and foreign currency transactions.

The Fund has elected to treat the net capital losses incurred in the two month period prior to December 31, 2003 of $384 (Post-October Loss

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

Federated Growth & Income    9

Federated Growth & Income

NOTES TO THE FINANCIAL STATEMENTS (continued)

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  4–(continued)

Deferred) as having been incurred in the fiscal year ending December 31, 2004.

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of June 30, 2004, are as follows:

Federal Tax Cost Basis	$	442,720
Unrealized Appreciation	$	32,182
Unrealized (Depreciation)		(4,257	)
Net Unrealized Appreciation (Depreciation)	$	27,925

NOTE  5. OTHER MATTERS

ATSF, and certain of its affiliated entities, have received requests for information from the Staff of the Securities and Exchange Commission in connection with market timing and late trading within the funds. ATSF and the affiliated entities have voluntarily cooperated in the investigation and have been providing the information as requested.

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

Federated Growth & Income    10

Great Companies–America^SM

SCHEDULE OF INVESTMENTS

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Shares	Value
COMMON STOCKS (99.4%)
Aerospace (7.0%)
United Technologies Corporation	256,137	$	23,431
Beverages (5.8%)
Anheuser-Busch Companies, Inc.	14,094		761
Coca-Cola Company (The)	63,000		3,180
PepsiCo, Inc.	282,032		15,196
Business Services (12.9%)
First Data Corporation	537,523		23,931
Omnicom Group, Inc. (b)	248,608		18,867
Chemicals & Allied Products (9.5%)
Colgate-Palmolive Company	266,894		15,600
Procter & Gamble Company (The)	291,936		15,893
Commercial Banks (4.5%)
Citigroup Inc.	318,711		14,820
Computer & Data Processing Services (1.2%)
Microsoft Corporation	143,580		4,101
Computer & Office Equipment (3.6%)
Cisco Systems, Inc. (a)	83,172		1,971
International Business Machines Corporation	113,838		10,035
Electronic & Other Electric Equipment (7.3%)
General Electric Company	753,930		24,427
Electronic Components & Accessories (5.1%)
Intel Corporation	69,770		1,926
Texas Instruments Incorporated	624,300		15,095
Insurance (4.8%)
American International Group, Inc.	214,765		15,308
Berkshire Hathaway Inc.–Class B (a)	191		564
Insurance Agents, Brokers & Service (2.0%)
Marsh & McLennan Companies, Inc. (b)	148,554		6,741
Medical Instruments & Supplies (6.8%)
Medtronic, Inc.	465,667		22,687
Paper & Allied Products (6.9%)
3M Company	256,002		23,043
Pharmaceuticals (12.7%)
Abbott Laboratories	357,503		14,572
Hospira, Inc. (a)	36,399		1,005
Johnson & Johnson	117,101		6,523
Pfizer Inc.	439,606		15,070
Wyeth	138,584		5,011
Security & Commodity Brokers (9.3%)
Goldman Sachs Group, Inc. (The)	69,696		6,563
Lehman Brothers Holdings Inc.	200,300		15,072
Merrill Lynch & Co., Inc.	169,000		9,123
Total Common Stocks (cost: $297,974)			330,516

	Principal		Value
SECURITY LENDING COLLATERAL (2.5%)
Debt (2.1%)
Agency Discount Notes (0.2%)
Fannie Mae
0.96%, due 07/01/2004	$	197	$	197
Federal Home Loan Bank
0.96%, due 07/01/2004		246		246
0.99%, due 07/01/2004		98		98
0.97%, due 07/02/2004		123		123
Bank Notes (0.1%)
Credit Suisse First Boston (USA), Inc.
1.13%, due 09/08/2004		49		49
Deutsche Bank AG
1.16%, due 10/12/2004		123		123
Commercial Paper (0.6%)
Compass Securitization–144A
1.25%, due 07/23/2004		172		172
Falcon Asset Securitization Corp–144A
1.27%, due 07/20/2004		123		123
General Electric Capital Corporation
1.20%, due 07/19/2004		123		123
1.21%, due 07/22/2004		98		98
1.22%, due 07/23/2004		98		98
1.23%, due 07/26/2004		123		123
1.22%, due 08/04/2004		245		245
Govco Incorporated–144A
1.25%, due 08/02/2004		49		49
Greyhawk Funding LLC–144A
1.12%, due 07/13/2004		98		98
1.22%, due 07/20/2004		49		49
Jupiter Securitization Corp–144A
1.07%, due 07/02/2004		49		49
Morgan Stanley
1.58%, due 10/22/2004		113		113
1.58%, due 12/10/2004		319		319
1.58%, due 03/16/2005		310		310
Sheffield Receivables–144A
1.24%, due 07/20/2004		74		74
Euro Dollar Overnight (0.1%)
Bank of Nova Scotia (The)
1.04%, due 07/06/2004		123		123
Den Danske Bank
1.08%, due 07/02/2004		123		123
Euro Dollar Terms (0.5%)
Bank of America Corporation
1.08%, due 07/19/2004		49		49
Bank of Montreal
1.20%, due 07/23/2004		25		25
Bank of Nova Scotia (The)
1.20%, due 07/14/2004		123		123
1.24%, due 07/23/2004		25		25

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Great Companies–America^SM    1

Great Companies–America^SM

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Principal		Value
Euro Dollar Terms (continued)
Bank of the West Inc. 1.28%, due 07/28/2004	$	49	$	49
Branch Banking & Trust 1.08%, due 07/14/2004		25		25
Calyon 1.16%, due 07/15/2004		467		467
1.17%, due 08/04/2004		74		74
1.34%, due 08/24/2004		172		172
Fortis Bank 1.19%, due 07/14/2004		25		25
1.29%, due 09/03/2004		49		49
HBOS PLC 1.30%, due 09/03/2004		49		49
Royal Bank of Canada 1.05%, due 07/08/2004		74		74
Royal Bank of Scotland Group PLC (The) 1.06%, due 07/30/2004		221		221
Wells Fargo & Company 1.19%, due 07/14/2004		98		98
1.25%, due 07/23/2004		49		49
1.24%, due 07/26/2004		49		49
Master Notes (0.1%)
Bear Stearns Companies Inc. (The) 1.64%, due 09/08/2004		147		147
1.64%, due 12/15/2004		98		98
Repurchase Agreements (0.5%) (c)
Credit Suisse First Boston (USA), Inc. 1.54%, Repurchase Agreement dated 06/30/2004 to be repurchased at $574 on 07/01/2004		574		574

	Principal		Value
Repurchase Agreements (continued)
Goldman Sachs Group Inc. (The) 1.54%, Repurchase Agreement dated 06/30/2004 to be repurchased at $246 on 07/01/2004	$	246	$	246
Merrill Lynch & Co., Inc. 1.54%, Repurchase Agreement dated 06/30/2004 to be repurchased at $744 on 07/01/2004		744		744
Morgan Stanley 1.58%, Repurchase Agreement dated 06/30/2004 to be repurchased at $221 on 07/01/2004		221		221
	Shares		Value
Investment Companies (0.4%)
Money Market Funds (0.4%)
Merrill Lynch Premier Institutional Fund 1 day yield of 1.17%		203,624	$	204
Merrimac Cash Fund– Premium Class 1 day yield of 1.11%		1,263,748		1,264
Total Security Lending Collateral (cost: $8,246)				8,246
Total Investment Securities (cost: $306,220)			$	338,762
SUMMARY:
Investments, at value		101.9 %	$	338,762
Liabilities in excess of other assets		(1.9)%		(6,336	)
Net assets		100.0 %	$	332,426

NOTES TO SCHEDULE OF INVESTMENTS:

(a) No dividends were paid during the preceding twelve months.

(b) At June 30, 2004, all or a portion of this security is on loan (see Note 1). The value at June 30, 2004, of all securities on loan is $8,048.

(c) Cash collateral for the Repurchase Agreements, valued at $1,822, that serve as collateral for securities lending are invested in corporate bonds with interest and maturity dates ranging from 0.00%–9.88% and 08/01/2004–09/25/2099, respectively.

DEFINITIONS:

144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2004, these securities aggregated $614 or 0.18% of the net assets of the Fund.

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Great Companies–America^SM    2

Great Companies–America^SM

STATEMENT OF ASSETS AND LIABILITIES

At June 30, 2004

(all amounts except per share amounts in thousands)

(unaudited)

Assets:
Investment securities, at value (cost: $ 306,220) (including securities loaned of $8,048)	$	338,762
Cash		1,848
Receivables:
Interest		3
Dividends		310
Other		9
		340,932
Liabilities:
Accounts payable and accrued liabilities:
Management and advisory fees		233
Service fees		1
Payable for collateral for securities on loan		8,246
Other		26
		8,506
Net Assets	$	332,426
Net Assets Consist of:
Capital stock, 100,000 shares authorized ($.01 par value)	$	341
Additional paid-in capital		312,988
Undistributed net investment income		2,667
Accumulated net realized gain (loss) from: Investment securities		(16,112	)
Net unrealized appreciation (depreciation) on:
Investment securities		32,542
Net Assets	$	332,426
Net Assets by Class:
Initial Class	$	330,089
Service Class		2,337
Shares Outstanding:
Initial Class		33,866
Service Class		239
Net Asset Value and Offering Price Per Share:
Initial Class	$	9.75
Service Class		9.76

STATEMENT OF OPERATIONS

For the period ended June 30, 2004

(all amounts in thousands)

(unaudited)

Investment Income:
Interest	$	11
Dividends		1,976
Income from loaned securities–net		4
		1,991
Expenses:
Management and advisory fees		1,033
Printing and shareholder reports		32
Custody fees		12
Administration fees		19
Legal fees		1
Auditing and accounting fees		7
Directors fees		3
Service fees:
Service Class		2
Total expenses		1,109
Net Investment Income (Loss)		882
Net Realized Gain (Loss) from:
Investment securities		11,156
Net Increase (Decrease) in Unrealized Appreciation (Depreciation) on:
Investment securities		(12,266	)
Net Gain (Loss) on Investment Securities		(1,110	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(228	)

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Great Companies–America^SM    3

Great Companies–America^SM

STATEMENTS OF CHANGES IN NET ASSETS

For the period or year ended

(all amounts in thousands)

	June 30, 2004 (unaudited)			December 31, 2003
Increase (Decrease) In Net Assets From:
Operations:
Net investment income (loss)	$	882		$	1,785
Net realized gain (loss) from investment securities		11,156			(5,244	)
Net unrealized appreciation (depreciation) on investment securities		(12,266	)		60,596
		(228	)		57,137
Distributions to Shareholders:
From net investment income:
Initial Class		–			(997	)
Service Class		–			–
		–			(997	)
From net realized gains:
Initial Class		–			–
Service Class		–			–
		–			–
Capital Share Transactions:
Proceeds from shares sold:
Initial Class		10,461			64,421
Service Class		1,832			527
		12,293			64,948
Proceeds from fund acquisition:
Initial Class		124,290			–
Service Class		235			–
		124,525			–
Dividends and distributions reinvested:
Initial Class		–			997
Service Class		–			–
		–			997
Cost of shares redeemed:
Initial Class		(33,653	)		(126,260	)
Service Class		(269	)		(28	)
		(33,922	)		(126,288	)
		102,896			(60,343	)
Net increase (decrease) in net assets		102,668			(4,203	)
Net Assets:
Beginning of period		229,758			233,961
End of period	$	332,426		$	229,758
Undistributed Net Investment Income	$	2,667		$	1,785

	June 30, 2004 (unaudited)		December 31, 2003
Share Activity:
Shares issued:
Initial Class	1,066		7,947
Service Class	188		58
	1,254		8,005
Shares issued–on fund acquisition:
Initial Class	12,824		–
Service Class	24		–
	12,848		–
Shares issued–reinvested from distributions:
Initial Class	–		113
Service Class	–		–
	–		113
Shares redeemed:
Initial Class	(3,452	)	(14,308	)
Service Class	(28	)	(3	)
	(3,480	)	(14,311	)
Net increase (decrease) in shares outstanding:
Initial Class	10,438		(6,248	)
Service Class	184		55
	10,622		(6,193	)

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Great Companies–America^SM    4

Great Companies–America^SM

FINANCIAL HIGHLIGHTS

(unaudited for the period ended June 30, 2004)

	For the Period Ended (b)	For a share outstanding throughout each period (a)
		Net Asset Value, Beginning of Period		Investment Operations								Distributions								Net Asset Value, End of Period
				Net Investment Income (Loss)		Net Realized and Unrealized Gain (Loss)			Total Operations			From Net Investment Income			From Net Realized Gains		Total Distributions
Initial Class	06/30/2004	$	9.78	$	0.03	$	(0.06	)	$	(0.03	)	$	–		$	–	$	–		$	9.75
	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
	12/31/2000		10.00		0.04		1.34			1.38			–			–		–			11.38
Service Class	06/30/2004		9.81		0.02		(0.07	)		(0.05	)		–			–		–			9.76
	12/31/2003		8.37		0.03		1.41			1.44			–			–		–			9.81

	For the Period Ended (b)	Total Return (c)(g)		Ratios/Supplemental Data
				Net Assets, End of Period (000’s)		Ratio of Expenses to Average Net Assets (f)				Net Investment Income (Loss) to Average Net Assets (f)		Portfolio Turnover Rate (g)
						Net (d)		Total (e)
Initial Class	06/30/2004	(0.31	)%	$	330,089	0.85	%	0.85	%	0.67	%	42	%
	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
	12/31/2000	13.80			83,121	0.91		0.91		0.52		15
Service Class	06/30/2004	(0.51	)		2,337	1.10		1.10		0.42		42
	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) The inception dates of the Fund’s share classes are 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 fee waivers by the investment adviser, if any (see note 2).

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

(f) Annualized.

(g) Not annualized for periods of less than one year.

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Great Companies–America^SM     5

Great Companies–America^SM

NOTES TO FINANCIAL STATEMENTS

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

The AEGON/Transamerica Series Fund, Inc. (“ATSF”) is a Maryland corporation registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. ATSF serves as a funding vehicle for variable life insurance, variable annuity and group annuity products. Great Companies–America^SM (“the Fund”), part of ATSF, began operations on May 1, 2000. The fund is “non-diversified” under 1940 Act.

On May 3, 2004, the Fund acquired all the net assets of GE U.S. Equity pursuant to a plan of reorganization approved by shareholders. The acquisition was accomplished by a tax-free exchange of 12,848 shares of the Fund for the 9,533 shares of GE U.S. Equity outstanding on April 30, 2004. GE U.S. Equity’s net assets at that date, $124,526 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 and warranties, which 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.

See the Prospectus and Statement of Additional Information for a description of the Fund’s investment objective.

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 policies were consistently followed by the Fund, in accordance with GAAP.

Multiple class operations 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.

Pricing of shares: The Fund prices its shares on the basis of the net asset value of each class of shares of the Fund, which is determined as of the close of the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern Time) on each day on which the NYSE is open for trading (other than a day on which there are insufficient changes in the value of the Fund’s portfolio securities to materially affect the Fund’s net asset value or a day on which no shares are tendered for redemption and no order to purchase any shares is received).

Security valuations: Fund investments traded on an exchange are valued at the closing price on the day of valuation on the 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 by independent pricing services; 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 also are valued at fair market value as determined in good faith using guidelines established by and under the supervision of the Board of Directors, and the Fund’s Valuation Committee. These guidelines may include: the type of security; any restrictions on its resale; financial or business news of the issuer; similar or related securities that are actively trading; related corporate actions; and other significant events occurring after the close of trading in the security.

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 June 30, 2004, was paying an interest rate of 0.75%.

Repurchase agreements: The Fund is authorized to enter into repurchase agreements. The Fund, through 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. Repurchase agreements involve the risk that the seller will fail to repurchase the security, as agreed. In that case, 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 are incurred.

Directed brokerage: 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 ATSF has established a Directed Brokerage Program. A Directed Brokerage 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 ATSF, or by any other party. Directed commissions for the period ended June 30, 2004, of $3 are included in net realized gains in the Statement of Operations.

Securities lending: The Fund may lend securities to enhance fund earnings from investing cash collateral received in making such loans to qualified borrowers (typically broker/dealers). The Fund has engaged its custodian bank, IBT, as a lending agent to administer its securities lending program. IBT earned $2 of program net income for its services.

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

Great Companies–America^SM    6

Great Companies–America^SM

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1–(continued)

When the Fund makes a security loan, it receives cash collateral as protection against the risk that the borrower will default on the loan, and records an asset for the cash invested collateral and a liability for the return of the collateral.

Loans of securities are required to be secured by collateral at least equal to 102% of the value of the securities at inception of the loan, and not less then 100% thereafter. The Fund may invest cash collateral in short-term money market instruments including: U.S. Treasury Bills, U.S. agency obligations, commercial paper, money market mutual funds, repurchase agreements and other highly rated, liquid investments. During the life of securities loans, the collateral and securities loaned remain subject to fluctuation in value. IBT marks to market securities loaned and the collateral each business day. If additional collateral is due (at least $1), IBT collects additional cash collateral from the borrowers. Although securities loaned will be fully collateralized at all times, IBT may experience delays in, or may be prevented from, recovering the collateral on behalf of the Fund. The Fund may recall a loaned security position at any time from the borrower through IBT. In the event the borrower fails to timely return a recalled security, IBT may indemnify the Fund by purchasing replacement securities for the Fund at its own expense and claiming the collateral to fund such a purchase. IBT absorbs the loss if the collateral value is not sufficient to cover the cost of the replacement securities. If replacement securities are not available, IBT will credit the equivalent cash value to the Fund.

While a security is on loan, the Fund does not have the right to vote that security. However, if time permits, the Fund will attempt to recall a security on loan and vote the proxy.

Income from securities lending is included in the Statement of Operations. The amount of collateral and value of securities on loan are included in the Statement of Assets and Liabilities as well as in the Schedule of Investments.

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 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: Dividend 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

AEGON/Transamerica Fund Advisers, Inc. (“ATFA”) is the Fund’s investment adviser. AEGON/Transamerica Fund Services, Inc. (“ATFS”) is the Fund’s administrator and transfer agent. AFSG Securities Corp. (“AFSG”) is the Fund’s distributor. AFSG is 100% owned by AUSA Holding Company (“AUSA”). ATFA is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) (“WRL”) and AUSA (22%). ATFS is a wholly owned subsidiary of WRL. AUSA and WRL are wholly owned indirect subsidiaries of AEGON NV, a Netherlands corporation.

Certain officers and directors of the Fund are also officers and/or directors of ATFA, ATFS, AFSG and WRL. No affiliated officer or director receives any compensation directly from the Fund.

Great Companies, LLC is both an affiliate of the Fund and a sub-adviser to the Fund.

Investment advisory fees: The Fund pays management fees to ATFA based on average daily net assets (“ANA”) at the following breakpoints:

From January 1, 2004 to April 30, 2004:

0.80% of ANA

From May 1, 2004 on:

0.775% of first $250 million of ANA

0.75% of ANA over $250 million

The actual advisory fee accrued for the six-month period ended June 30, 2004, per average net assets is 0.79%.

ATFA has contractually agreed to waive its advisory fee and 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 limitations 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 are no amounts subject to recapture at June 30, 2004.

Distribution and service fees: The Fund adopted a distribution plan (“Distribution Plan”) pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended. Pursuant to the Distribution Plan, ATSF entered into a Distribution Agreement with AFSG effective May 1, 1999.

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 ATSF 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 Fund, Inc. Semi-Annual Report 2004

Great Companies–America^SM    7

Great Companies–America^SM

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2004

(all amounts in thousands)

(unaudited)

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, 2005. 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 ATFS for financial and legal fund administration services, which includes such items as compliance, expenses, financial statements and

other reporting, distributions, tax returns, prospectus preparation, board of directors meeting support, transfer agency and other legal matters. The Legal fees on the Statement of Operations are for fees paid to external legal counsel. The Fund paid ATFS $19 for Administration fees for the period ended June 30, 2004.

Deferred compensation plan: Each eligible Fund Director may elect participation in the Deferred Compensation Plan for Directors of ATSF (“the Plan”). Under the Plan, such Directors may defer payment of a percentage of their total fees earned as a Fund Director. These deferred amounts may be invested in any portfolio of Transamerica IDEX Mutual Funds, an affiliate of the Fund. At June 30, 2004, the value of invested plan amounts was $13. Invested plan amounts and the total liability for deferred compensation to the Directors under the Plan at June 30, 2004, are included in Net assets in the accompanying Statement of Assets and Liabilities.

NOTE  3. INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the period ended June 30, 2004, were as follows:

Purchases of securities:
Long-Term excluding U.S. Government	$	106,143
U.S. Government		–
Proceeds from maturities and sales of securities:
Long-Term excluding U.S. Government		124,422
U.S. Government		3,270

NOTE  4. FEDERAL INCOME TAX MATTERS

The Fund has not made any provision for federal income 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 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 treatments 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 Carryforward	Available through
$4,494	December 31, 2009
8,761	December 31, 2010
9,588	December 31, 2011

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of June 30, 2004, are as follows:

Federal Tax Cost Basis	$	312,975
Unrealized Appreciation	$	28,540
Unrealized (Depreciation)		(2,753	)
Net Unrealized Appreciation (Depreciation)	$	25,787

NOTE  5. OTHER MATTERS

ATSF, and certain of its affiliated entities, have received requests for information from the Staff of the Securities and Exchange Commission in connection with market timing and late trading within the funds. ATSF and the affiliated entities have voluntarily cooperated in the investigation and have been providing the information as requested.

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

Great Companies–America^SM    8

AEGON/TRANSAMERICA SERIES FUND, INC.

RESULTS OF SHAREHOLDER PROXY (unaudited)

Section 270.30d-1 under the Investment Company Act of 1940, as amended, titled “Reports to Stockholders of Management Companies,” requires regulated investment companies to report on all subject matters put to the vote of shareholders and provide final results. Accordingly, the Board of Directors of the Fund solicited a vote by the shareholders for the following items.

Each vote reported represents one dollar of net asset value held on the record date for the meeting.

GE U.S. Equity

At a special meeting of shareholders held on April 27, 2004, the results of Proposal 1 were as follows:

Proposal 1: Approval of an Agreement and Plan of Reorganization providing for the acquisition of all of the assets and liabilities of GE U.S. Equity (the “Acquired Fund”) by Great Companies – America^SM (the “Acquiring Fund”) solely in exchange for shares of Acquiring Fund, followed by the complete liquidation of Acquired Fund.

For	Against	Abstain
87.18%	7.54%	5.28%

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

Great Companies–America^SM    9

Great Companies–Technology^SM

SCHEDULE OF INVESTMENTS

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Shares	Value
COMMON STOCKS (96.0%)
Business Services (14.7%)
Accenture Ltd–Class A (a)	13,300	$	365
eBay Inc. (a)	144,400		13,278
First Data Corporation	462,717		20,600
Communications Equipment (4.8%)
Motorola, Inc.	11,800		215
QUALCOMM Incorporated	151,300		11,042
Computer & Data Processing Services (25.7%)
Electronic Arts Inc. (a)	282,700		15,421
Microsoft Corporation	676,600		19,324
Oracle Corporation (a)	29,100		347
PeopleSoft, Inc. (a)	8,100		150
SAP AG–ADR	8,300		347
Symantec Corporation (a)	219,100		9,591
VeriSign, Inc. (a)	13,600		271
Yahoo! Inc. (a)(b)	393,740		14,305
Computer & Office Equipment (19.8%)
Cisco Systems, Inc. (a)	449,100		10,644
Dell Inc. (a)	422,800		15,145
EMC Corporation (a)	1,320,000		15,048
International Business Machines Corporation	59,600		5,254
Electronic & Other Electric Equipment (0.2%)
Samsung Electronics Co., Ltd–GDR–144A (USD)	2,400		494
Electronic Components & Accessories (21.4%)
Agere Systems Inc.–Class A (a)(b)	74,700		172
Altera Corporation (a)	10,700		238
Analog Devices, Inc. (b)	215,200		10,131
Intel Corporation	307,076		8,475
Linear Technology Corporation	6,000		237
Maxim Integrated Products	213,100		11,171
PMC–Sierra, Inc. (a)(b)	10,900		156
Texas Instruments Incorporated	352,200		8,516
Xilinx, Inc.	310,600		10,345
Industrial Machinery & Equipment (2.1%)
Applied Materials, Inc. (a)	239,300		4,695
Lam Research Corporation (a)	9,800		263
Instruments & Related Products (3.2%)
KLA–Tencor Corporation (a)(b)	4,500		222
Waters Corporation (a)	151,800		7,253
Pharmaceuticals (4.1%)
Amgen Inc. (a)	152,600		8,327
Amylin Pharmaceuticals, Inc. (a)(b)	7,700		176
Dendreon Corporation (a)	4,700		58
Gilead Sciences, Inc. (a)	2,500		168
Guilford Pharmaceuticals Inc. (a)(b)	20,000		95
Ilex Oncology, Inc. (a)	7,000		175
Invitrogen Corporation (a)	3,300		238
Medimmune, Inc. (a)	10,200		239

	Shares		Value
Radio & Television Broadcasting (0.0%)
Sirius Satellite Radio Inc. (a)		20,900	$	64
Total Common Stocks (cost: $177,833)				223,255
	Principal		Value
SECURITY LENDING COLLATERAL (7.4%)
Debt (6.1%)
Agency Discount Notes (0.6%)
Fannie Mae 0.96%, due 07/01/2004	$	412	$	412
Federal Home Loan Bank
0.96%, due 07/01/2004		515		515
0.99%, due 07/01/2004		206		206
0.97%, due 07/02/2004		258		258
Bank Notes (0.2%)
Credit Suisse First Boston (USA), Inc. 1.13%, due 09/08/2004		103		103
Deutsche Bank AG 1.16%, due 10/12/2004		258		258
Commercial Paper (1.8%)
Compass Securitization–144A 1.25%, due 07/23/2004		360		360
Falcon Asset Securitization Corp–144A 1.27%, due 07/20/2004		257		257
General Electric Capital Corporation
1.20%, due 07/19/2004		257		257
1.21%, due 07/22/2004		206		206
1.22%, due 07/23/2004		206		206
1.23%, due 07/26/2004		258		258
1.22%, due 08/04/2004		514		514
Govco Incorporated–144A 1.25%, due 08/02/2004		103		103
Greyhawk Funding LLC–144A 1.12%, due 07/13/2004		206		206
1.22%, due 07/20/2004		102		102
Jupiter Securitization Corp–144A 1.07%, due 07/02/2004		103		103
Morgan Stanley
1.58%, due 10/22/2004		237		237
1.58%, due 12/10/2004		669		669
1.58%, due 03/16/2005		648		648
Sheffield Receivables–144A 1.24%, due 07/20/2004		155		155
Euro Dollar Overnight (0.2%)
Bank of Nova Scotia (The) 1.04%, due 07/06/2004		258		258
Den Danske Bank 1.08%, due 07/02/2004		258		258
Euro Dollar Terms (1.5%)
Bank of America Corporation 1.08%, due 07/19/2004		103		103

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Great Companies–Technology^SM     1

Great Companies–Technology^SM

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Principal		Value
Euro Dollar Terms (continued)
Bank of Montreal 1.20%, due 07/23/2004	$	52	$	52
Bank of Nova Scotia (The)
1.20%, due 07/14/2004		258		258
1.24%, due 07/23/2004		52		52
Bank of the West Inc. 1.28%, due 07/28/2004		103		103
Branch Banking & Trust 1.08%, due 07/14/2004		52		52
Calyon
1.16%, due 07/15/2004		978		978
1.17%, due 08/04/2004		155		155
1.34%, due 08/24/2004		361		361
Fortis Bank
1.19%, due 07/14/2004		52		52
1.29%, due 09/03/2004		103		103
HBOS PLC 1.30%, due 09/03/2004		103		103
Royal Bank of Canada 1.05%, due 07/08/2004		155		155
Royal Bank of Scotland Group PLC (The) 1.06%, due 07/30/2004		464		464
Wells Fargo & Company
1.19%, due 07/14/2004		206		206
1.25%, due 07/23/2004		103		103
1.24%, due 07/26/2004		103		103
Master Notes (0.2%)
Bear Stearns Companies Inc. (The)
1.64%, due 09/08/2004		309		309
1.64%, due 12/15/2004		206		206

	Principal		Value
Repurchase Agreements (1.6%) (c)
Credit Suisse First Boston (USA), Inc. 1.54%, Repurchase Agreement dated 06/30/2004 to be repurchased at $1,205 on 07/01/2004	$	1,205	$	1,205
Goldman Sachs Group Inc. (The) 1.54%, Repurchase Agreement dated 06/30/2004 to be repurchased at $515 on 07/01/2004		515		515
Merrill Lynch & Co., Inc. 1.54%, Repurchase Agreement dated 06/30/2004 to be repurchased at $1,560 on 07/01/2004		1,560		1,560
Morgan Stanley 1.58%, Repurchase Agreement dated 06/30/2004 to be repurchased at $464 on 07/01/2004		464		464
	Shares		Value
Investment Companies (1.3%)
Money Market Funds (1.3%)
Merrill Lynch Premier Institutional Fund 1 day yield of 1.17%		426,879	$	427
Merrimac Cash Fund– Premium Class 1 day yield of 1.11%		2,649,328		2,649
Total Security Lending Collateral (cost: $17,287)				17,287
Total Investment Securities (cost: $195,120)			$	240,542
SUMMARY:
Investments, at value		103.4%	$	240,542
Liabilities in excess of other assets		(3.4)%		(7,984	)
Net assets		100.0%	$	232,558

NOTES TO SCHEDULE OF INVESTMENTS:

(a) No dividends were paid during the preceding twelve months.

(b) At June 30, 2004, all or a portion of this security is on loan (see Note 1). The value at June 30, 2004, of all securities on loan is $16,551.

(c) Cash collateral for the Repurchase Agreements, valued at $3,820, that serve as collateral for securities lending are invested in corporate bonds with interest rates and maturity dates ranging from 0.00%–9.88% and 08/01/2004–09/25/2099, respectively.

DEFINITIONS:

ADR American Depositary Receipt

GDR Global Depositary Receipt

144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2004, these securities aggregated $1,780 or 0.77% of the net assets of the Fund.

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Great Companies–Technology^SM     2

Great Companies–Technology^SM

STATEMENT OF ASSETS AND LIABILITIES

At June 30, 2004

(all amounts except per share amounts in thousands)

(unaudited)

Assets:
Investment securities, at value (cost: $ 195,120) (including securities loaned of $16,551)	$	240,542
Cash		8,621
Foreign cash (cost: $814)		840
Receivables:
Interest		3
Dividends		10
Other		10
		250,026
Liabilities:
Accounts payable and accrued liabilities:
Management and advisory fees		164
Payable for collateral for securities on loan		17,287
Other		17
		17,468
Net Assets	$	232,558
Net Assets Consist of:
Capital stock, 150,000 shares authorized ($.01 par value)	$	556
Additional paid-in capital		216,093
Accumulated net investment loss		(715	)
Accumulated net realized gain (loss) from:
Investment securities		(28,805	)
Written option contracts		3
Foreign currency transactions		(22	)
Net unrealized appreciation (depreciation) on:
Investment securities		45,422
Translation of assets and liabilities denominated in foreign currencies		26
Net Assets	$	232,558
Net Assets by Class:
Initial Class	$	230,668
Service Class		1,890
Shares Outstanding:
Initial Class		55,108
Service Class		453
Net Asset Value and Offering Price Per Share:
Initial Class	$	4.19
Service Class		4.17

STATEMENT OF OPERATIONS

For the period ended June 30, 2004

(all amounts in thousands)

(unaudited)

Investment Income:
Interest	$	18
Dividends		169
Income from loaned securities–net		10
		197
Expenses:
Management and advisory fees		861
Printing and shareholder reports		10
Custody fees		12
Administration fees		16
Legal fees		1
Auditing and accounting fees		7
Directors fees		3
Service fees:
Service Class		2
Total expenses		912
Net Investment Income (Loss)		(715	)
Net Realized Gain (Loss) from:
Investment securities		3,251
Written option contracts		3
Foreign currency transactions		(22	)
		3,232
Net Increase (Decrease) in Unrealized Appreciation (Depreciation) on:
Investment securities		9,354
Translation of assets and liabilities denominated in foreign currencies		26
		9,380
Net Gain (Loss) on Investment Securities, Option Contracts and Foreign Currency Transactions		12,612
Net Increase (Decrease) in Net Assets Resulting from Operations	$	11,897

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

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Great Companies–Technology^SM

STATEMENTS OF CHANGES IN NET ASSETS

For the period or year ended

(all amounts in thousands)

	June 30, 2004 (unaudited)			December 31, 2003
Increase (Decrease) In Net Assets From:
Operations:
Net investment income (loss)	$	(715	)	$	(789	)
Net realized gain (loss) from investment securities, written option contracts and foreign currency transactions		3,232			5,445
Net unrealized appreciation (depreciation) on investment securities and foreign currency translation		9,380			49,330
		11,897			53,986
Distributions to Shareholders:
From net investment income:
Initial Class		–			–
Service Class		–			–
		–			–
From net realized gains:
Initial Class		–			–
Service Class		–			–
		–			–
Capital Share Transactions:
Proceeds from shares sold:
Initial Class		24,414			137,067
Service Class		879			769
		25,293			137,836
Proceeds from fund acquisition:
Initial Class		20,928			–
Service Class		518			–
		21,446			–
Dividends and distributions reinvested:
Initial Class		–			–
Service Class		–			–
		–			–
Cost of shares redeemed:
Initial Class		(39,644	)		(31,243	)
Service Class		(338	)		(109	)
		(39,982	)		(31,352	)
		6,757			106,484
Net increase (decrease) in net assets		18,654			160,470
Net Assets:
Beginning of period		213,904			53,434
End of period	$	232,558		$	213,904
Accumulated Net Investment Loss	$	(715	)	$	–

	June 30, 2004 (unaudited)		December 31, 2003
Share Activity:
Shares issued:
Initial Class	5,998		43,188
Service Class	219		215
	6,217		43,403
Shares Issued–on fund acquisition
Initial Class	5,341		–
Service Class	132		–
	5,473		–
Shares issued–reinvested from distributions:
Initial Class	–		–
Service Class	–		–
	–		–
Shares redeemed:
Initial Class	(9,867	)	(9,878	)
Service Class	(85	)	(28	)
	(9,952	)	(9,906	)
Net increase (decrease) in shares outstanding:
Initial Class	1,472		33,310
Service Class	266		187
	1,738		33,497

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Great Companies–Technology^SM    4

Great Companies–Technology^SM

FINANCIAL HIGHLIGHTS

(unaudited for the period ended June 30, 2004)

	For the Period Ended (b)	For a share outstanding throughout each period (a)
		Net Asset Value, Beginning of Period		Investment Operations									Distributions						Net Asset Value, End of Period
				Net Investment Income (Loss)			Net Realized and Unrealized Gain (Loss)			Total Operations			From Net Investment Income		From Net Realized Gains		Total Distributions
Initial Class	06/30/2004	$	3.97	$	(0.01	)	$	0.23		$	0.22		$	–	$	–	$	–	$	4.19
	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
	12/31/2000		10.00		(0.01	)		(3.25	)		(3.26	)		–		–		–		6.74
Service Class	06/30/2004		3.97		(0.02	)		0.22			0.20			–		–		–		4.17
	12/31/2003		3.00		(0.02	)		0.99			0.97			–		–		–		3.97

	For the Period Ended (b)	Total Return (c)(g)		Ratios/Supplemental Data
				Net Assets, End of Period (000’s)		Ratio of Expenses to Average Net Assets (f)				Net Investment Income (Loss) to Average Net Assets (f)		Portfolio Turnover Rate (g)
						Net (d)		Total (e)
Initial Class	06/30/2004	5.54	%	$	230,668	0.85	%	0.85	%	(0.66	)%	25	%
	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
	12/31/2000	(32.60	)		24,159	1.00		1.05		(0.16	)	48
Service Class	06/30/2004	5.04			1,890	1.10		1.10		(0.91	)	25
	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) The inception dates of the Fund’s share classes are 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 fee waivers by the investment adviser, if any (see note 2).

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

(f) Annualized.

(g) Not annualized for periods of less than one year.

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Great Companies–Technology^SM     5

Great Companies–Technology^SM

NOTES TO FINANCIAL STATEMENTS

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

The AEGON/Transamerica Series Fund, Inc. (“ATSF”) is a Maryland corporation registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. ATSF serves as a funding vehicle for variable life insurance, variable annuity and group annuity products. Great Companies–Technology^SM (“the Fund”), part of ATSF, began operations on May 1, 2000.

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. 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. BlackRock Global Science & Technology Opportunities’ net assets at that date $2,446, including $628 of unrealized depreciation, were combined with those of the Fund, resulting in combined net assets of $235,004.

In the normal course of business the Fund enters into contracts that contain a variety of representations and warranties, which 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.

See the Prospectus and Statement of Additional Information for a description of the Fund’s investment objective.

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 policies were consistently followed by the Fund, in accordance with GAAP.

Multiple class operations 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.

Pricing of shares: The Fund prices its shares on the basis of the net asset value of each class of shares of the Fund, which is determined as of the close of the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern Time) on each day on which the NYSE is open for trading (other than a day on which there are insufficient changes in the value of the Fund’s portfolio securities to materially affect the Fund’s net asset value or a day on which no shares are tendered for redemption and no order to purchase any shares is received).

Security valuations: Fund investments traded on an exchange are valued at the closing price on the day of valuation on the 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 by independent pricing services; 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 also are valued at fair market value as determined in good faith using guidelines established by and under the supervision of the Board of Directors, and the Fund’s Valuation Committee. These guidelines may include: the type of security; any restrictions on its resale; financial or business news of the issuer; similar or related securities that are actively trading; related corporate actions; and other significant events occurring after the close of trading in the security.

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 June 30, 2004, was paying an interest rate of 0.75%.

Repurchase agreements: The Fund is authorized to enter into repurchase agreements. The Fund, through 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. Repurchase agreements involve the risk that the seller will fail to repurchase the security, as agreed. In that case, 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 are incurred.

Directed brokerage: 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 ATSF has established a Directed Brokerage Program. A Directed Brokerage 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 ATSF, or by any other party. Directed commissions for the period ended June 30, 2004, of $13 are included in net realized gains in the Statement of Operations.

Securities lending: The Fund may lend securities to enhance fund earnings from investing cash collateral received in making such loans to qualified borrowers (typically broker/dealers). The Fund has engaged its custodian bank, IBT, as a lending agent to administer its securities

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

Great Companies–Technology^SM    6

Great Companies–Technology^SM

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1–(continued)

lending program. IBT earned $4 of program net income for its services. When the Fund makes a security loan, it receives cash collateral as protection against the risk that the borrower will default on the loan, and records an asset for the cash invested collateral and a liability for the return of the collateral.

Loans of securities are required to be secured by collateral at least equal to 102% of the value of the securities at inception of the loan, and not less then 100% thereafter. The Fund may invest cash collateral in short-term money market instruments including: U.S. Treasury Bills, U.S. agency obligations, commercial paper, money market mutual funds, repurchase agreements and other highly rated, liquid investments. During the life of securities loans, the collateral and securities loaned remain subject to fluctuation in value. IBT marks to market securities loaned and the collateral each business day. If additional collateral is due (at least $1), IBT collects additional cash collateral from the borrowers. Although securities loaned will be fully collateralized at all times, IBT may experience delays in, or may be prevented from, recovering the collateral on behalf of the Fund. The Fund may recall a loaned security position at any time from the borrower through IBT. In the event the borrower fails to timely return a recalled security, IBT may indemnify the Fund by purchasing replacement securities for the Fund at its own expense and claiming the collateral to fund such a purchase. IBT absorbs the loss if the collateral value is not sufficient to cover the cost of the replacement securities. If replacement securities are not available, IBT will credit the equivalent cash value to the Fund.

While a security is on loan, the Fund does not have the right to vote that security. However, if time permits, the Fund will attempt to recall a security on loan and vote the proxy.

Income from securities lending is included in the Statement of Operations. The amount of collateral and value of securities on loan are included in the Statement of Assets and Liabilities as well as in the Schedule of Investments.

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 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. Option contracts 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 contract 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. The amount of the liability is subsequently marked-to-market to reflect the current value of the option written.

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, including unanticipated movements in exchange currency rates, the degree of government supervision and regulation of security markets, and the possibility of political or economic instability.

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 closed 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 June 30, 2004, are listed in the Schedule of Investments.

Dividend distributions: Dividend 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

AEGON/Transamerica Fund Advisers, Inc. (“ATFA”) is the Fund’s investment adviser. AEGON/Transamerica Fund Services, Inc. (“ATFS”) is the Fund’s administrator and transfer agent. AFSG Securities Corp. (“AFSG”) is the Fund’s distributor. AFSG is 100% owned by AUSA Holding Company (“AUSA”). ATFA is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) (“WRL”) and AUSA (22%). ATFS is a wholly owned subsidiary of WRL. AUSA and WRL are wholly owned indirect subsidiaries of AEGON NV, a Netherlands corporation.

Great Companies, LLC is both an affiliate of the Fund and a sub-adviser to the Fund.

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

Great Companies–Technology^SM    7

Great Companies–Technology^SM

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  2–(continued)

Certain officers and directors of the Fund are also officers and/or directors of ATFA, ATFS, AFSG and WRL. No affiliated officer or director receives any compensation directly from the Fund.

The following schedule reflects the percentage of fund assets owned by affiliated mutual funds (i.e. through the asset allocation funds):

	Net Assets		% of Net Assets
Asset Allocation–Conservative Portfolio	$	10,376	4	%
Asset Allocation–Growth Portfolio		24,104	10	%
Asset Allocation–Moderate Growth Portfolio		43,744	19	%
Asset Allocation–Moderate Portfolio		44,570	20	%
Total	$	122,794	53	%

Investment advisory fees: The Fund pays management fees to ATFA based on average daily net assets (“ANA”) at the following rate:

0.80% of ANA

ATFA 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 limitations 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 are no amounts subject to recapture at June 30, 2004.

Distribution and service fees: The Fund adopted a distribution plan (“Distribution Plan”) pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended. Pursuant to the Distribution Plan, ATSF entered into a Distribution Agreement with AFSG effective May 1, 1999.

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 ATSF 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, 2005. 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 ATFS for financial and legal fund administration services, which includes such items as compliance, expenses, financial statements and other reporting, distributions, tax returns, prospectus preparation, board of directors meeting support, transfer agency and other legal matters. The Legal fees on the Statement of Operations are for fees paid to external legal counsel. The Fund paid ATFS $16 for Administration fees for the period ended June 30, 2004.

Deferred compensation plan: Each eligible Fund Director may elect participation in the Deferred Compensation Plan for Directors of ATSF (“the Plan”). Under the Plan, such Directors may defer payment of a percentage of their total fees earned as a Fund Director. These deferred amounts may be invested in any portfolio of Transamerica IDEX Mutual Funds, an affiliate of the Fund. At June 30, 2004, the value of invested plan amounts was $9. Invested plan amounts and the total liability for deferred compensation to the Directors under the Plan at June 30, 2004, are included in Net assets in the accompanying Statement of Assets and Liabilities.

NOTE  3. INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the period ended June 30, 2004, were as follows:

Purchases of securities:
Long-Term excluding U.S. Government	$	50,756
U.S. Government		–
Proceeds from maturities and sales of securities:
Long-Term excluding U.S. Government		56,902
U.S. Government		–

NOTE  4. FEDERAL INCOME TAX MATTERS

The Fund has not made any provision for federal income 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 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 treatments for items including, but not limited to, wash sales, net operating losses and capital loss carryforwards.

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

Great Companies–Technology^SM    8

Great Companies–Technology^SM

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  4–(continued)

The capital loss carryforwards are available to offset future realized capital gains through the periods listed:

Capital Loss Carryforward	Available through
$7,553	December 31, 2009
22,190	December 31, 2010

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of June 30, 2004, are as follows:

Federal Tax Cost Basis	$	197,220
Unrealized Appreciation	$	44,077
Unrealized (Depreciation)		(755	)
Net Unrealized Appreciation (Depreciation)	$	43,322

NOTE  5. OTHER MATTERS

ATSF, and certain of its affiliated entities, have received requests for information from the Staff of the Securities and Exchange Commission in connection with market timing and late trading within the funds. ATSF and the affiliated entities have voluntarily cooperated in the investigation and have been providing the information as requested.

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

Great Companies–Technology^SM    9

AEGON/TRANSAMERICA SERIES FUND, INC.

RESULTS OF SHAREHOLDER PROXY (unaudited)

Section 270.30d-1 under the Investment Company Act of 1940, as amended, titled “Reports to Stockholders of Management Companies,” requires regulated investment companies to report on all subject matters put to the vote of shareholders and provide final results. Accordingly, the Board of Directors of the Fund solicited a vote by the shareholders for the following items.

Each vote reported represents one dollar of net asset value held on the record date for the meeting.

BlackRock Global Science & Technology Opportunities

At a special meeting of shareholders held on April 27, 2004, the results of Proposal 1 were as follows:

Proposal 1: Approval of an Agreement and Plan of Reorganization providing for the acquisition of all of the assets and liabilities of BlackRock Global Science & Technology Opportunities (the “Acquired Fund”) by Great Companies – Technology^SM (the “Acquiring Fund”), solely in exchange for shares of Acquiring Fund, followed by the complete liquidation of Acquired Fund.

For	Against	Abstain
86.18%	6.08%	7.74%

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

Great Companies–Technology^SM    10

Janus Growth

SCHEDULE OF INVESTMENTS

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Shares	Value
COMMON STOCKS (88.6%)
Air Transportation (2.0%)
FedEx Corporation (b)	424,175	$	34,651
Automotive Dealers & Service Stations (1.8%)
Advance Auto Parts, Inc. (a)	698,190		30,846
Beer, Wine & Distilled Beverages (1.0%)
LVMH Moet Hennessy Louis Vuitton SA (b)	230,573		16,686
Business Services (6.3%)
Clear Channel Communications, Inc. (b)	1,965,535		72,627
eBay Inc. (a)	378,215		34,777
Chemicals & Allied Products (1.4%)
Procter & Gamble Company (The)	432,110		23,524
Commercial Banks (5.9%)
Citigroup Inc.	551,220		25,632
MBNA Corporation	1,673,560		43,161
Northern Trust Corporation	375,975		15,896
Providian Financial Corporation (a)(b)	1,022,835		15,005
Communication (4.6%)
Liberty Media Corporation–Class A (a)	6,690,937		60,152
Liberty Media International, Inc.–Class A (a)	334,546		12,412
XM Satellite Radio Holdings Inc.–Class A (a)(b)	177,130		4,834
Communications Equipment (2.0%)
Motorola, Inc.	1,148,690		20,964
Research In Motion Limited (a)(b)	196,645		13,458
Computer & Data Processing Services (11.5%)
Check Point Software Technologies, Ltd. (a)(b)	740,730		19,992
Electronic Arts Inc. (a)(b)	1,159,920		63,274
Yahoo! Inc. (a)(b)	3,084,030		112,043
Computer & Office Equipment (5.1%)
Cisco Systems, Inc. (a)	2,141,950		50,764
Lexmark International, Inc. (a)	367,560		35,480
Electronic Components & Accessories (4.9%)
Advanced Micro Devices, Inc. (a)(b)	3,181,435		50,585
Maxim Integrated Products	389,756		20,431
Xilinx, Inc.	339,292		11,302
Furniture & Fixtures (1.0%)
Kinetic Concepts, Inc. (a)	339,050		16,919
Hotels & Other Lodging Places (3.8%)
Marriott International, Inc.–Class A (b)	555,420		27,704
Starwood Hotels & Resorts Worldwide, Inc.	830,775		37,259
Instruments & Related Products (1.3%)
Alcon, Inc.	273,925		21,544
Insurance (4.1%)
UnitedHealth Group Incorporated	1,111,685		69,202
Manufacturing Industries (0.6%)
International Game Technology	245,465		9,475
Medical Instruments & Supplies (8.1%)
Biomet, Incorporated	535,310		23,789
Boston Scientific Corporation (a)	636,055		27,223
Medtronic, Inc.	1,790,760		87,246

	Shares		Value
Paper & Allied Products (1.3%)
3M Company		252,650	$	22,741
Personal Credit Institutions (1.1%)
SLM Corporation		457,930		18,523
Pharmaceuticals (13.5%)
Amgen Inc. (a)		594,990		32,469
Celgene Corporation (a)(b)		397,690		22,772
Elan Corporation PLC–ADR (a)(b)		315,280		7,800
Eon Labs, Inc. (a)		146,390		5,992
Forest Laboratories, Inc. (a)		591,710		33,509
Genentech, Inc. (a)		1,358,500		76,348
Roche Holding AG–Genusschein		420,959		41,676
Teva Pharmaceutical Industries Ltd.–ADR (b)		125,658		8,456
Restaurants (1.5%)
McDonald’s Corporation		965,300		25,098
Retail Trade (4.5%)
Amazon.com, Inc. (a)(b)		768,560		41,810
Staples, Inc.		1,196,355		35,064
Security & Commodity Brokers (0.6%)
Legg Mason, Inc.		106,625		9,704
U.S. Government Agencies (0.7%)
Fannie Mae		177,245		12,648
Total Common Stocks (cost: $1,164,330)				1,503,467
	Principal		Value
SECURITY LENDING COLLATERAL (11.3%)
Debt (9.3%)
Agency Discount Notes (0.9%)
Fannie Mae
0.96%, due 07/01/2004	$	4,576	$	4,576
Federal Home Loan Bank
0.96%, due 07/01/2004		5,719		5,719
0.99%, due 07/01/2004		2,286		2,286
0.97%, due 07/02/2004		2,860		2,860
Bank Notes (0.2%)
Credit Suisse First Boston (USA), Inc.
1.13%, due 09/08/2004		1,144		1,144
Deutsche Bank AG
1.16%, due 10/12/2004		2,860		2,860
Commercial Paper (2.9%)
Compass Securitization–144A
1.25%, due 07/23/2004		3,998		3,998
Falcon Asset Securitization Corp–144A
1.27%, due 07/20/2004		2,855		2,855
General Electric Capital Corporation
1.20%, due 07/19/2004		2,853		2,853
1.21%, due 07/22/2004		2,288		2,288
1.22%, due 07/23/2004		2,288		2,288
1.23%, due 07/26/2004		2,860		2,860
1.22%, due 08/04/2004		5,709		5,709

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Janus Growth    1

Janus Growth

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Principal		Value
Commercial Paper (continued)
Govco Incorporated–144A
1.25%, due 08/02/2004	$	1,144	$	1,144
Greyhawk Funding LLC–144A
1.12%, due 07/13/2004		2,282		2,282
1.22%, due 07/20/2004		1,138		1,138
Jupiter Securitization Corp–144A
1.07%, due 07/02/2004		1,144		1,144
Morgan Stanley
1.58%, due 10/22/2004		2,630		2,630
1.58%, due 12/10/2004		7,436		7,436
1.58%, due 03/16/2005		7,207		7,207
Sheffield Receivables–144A
1.24%, due 07/20/2004		1,716		1,716
Euro Dollar Overnight (0.3%)
Bank of Nova Scotia (The)
1.04%, due 07/06/2004		2,860		2,860
Den Danske Bank
1.08%, due 07/02/2004		2,860		2,860
Euro Dollar Terms (2.2%)
Bank of America Corporation
1.08%, due 07/19/2004		1,144		1,144
Bank of Montreal
1.20%, due 07/23/2004		580		580
Bank of Nova Scotia (The)
1.20%, due 07/14/2004		2,860		2,860
1.24%, due 07/23/2004		572		572
Bank of the West Inc.
1.28%, due 07/28/2004		1,144		1,144
Branch Banking & Trust
1.08%, due 07/14/2004		572		572
Calyon
1.16%, due 07/15/2004		10,868		10,868
1.17%, due 08/04/2004		1,716		1,716
1.34%, due 08/24/2004		4,004		4,004
Fortis Bank
1.19%, due 07/14/2004		572		572
1.29%, due 09/03/2004		1,144		1,144
HBOS PLC
1.30%, due 09/03/2004		1,144		1,144
Royal Bank of Canada
1.05%, due 07/08/2004		1,716		1,716

	Principal		Value
Euro Dollar Terms (continued)
Royal Bank of Scotland Group PLC (The)
1.06%, due 07/30/2004	$	5,148	$	5,148
Wells Fargo & Company
1.19%, due 07/14/2004		2,288		2,288
1.25%, due 07/23/2004		1,144		1,144
1.24%, due 07/26/2004		1,144		1,144
Master Notes (0.3%)
Bear Stearns Companies Inc. (The)
1.64%, due 09/08/2004		3,432		3,432
1.64%, due 12/15/2004		2,288		2,288
Repurchase Agreements (2.5%) (c)
Credit Suisse First Boston (USA), Inc.
1.54%, Repurchase Agreement dated 06/30/2004 to be repurchased at $13,385 on 07/01/2004		13,385		13,385
Goldman Sachs Group Inc. (The)
1.54%, Repurchase Agreement dated 06/30/2004 to be repurchased at $5,720 on 07/01/2004		5,720		5,720
Merrill Lynch & Co., Inc.
1.54%, Repurchase Agreement dated 06/30/2004 to be repurchased at $17,332 on 07/01/2004		17,332		17,332
Morgan Stanley
1.58%, Repurchase Agreement dated 06/30/2004 to be repurchased at $5,148 on 07/01/2004		5,148		5,148
	Shares		Value
Investment Companies (2.0%)
Money Market Funds (2.0%)
Merrill Lynch Premier Institutional Fund 1 day yield of 1.17%		4,739,670	$	4,740
Merrimac Cash Fund– Premium Class 1 day yield of 1.11%		29,415,707		29,416
Total Security Lending Collateral (cost: $191,934)				191,934
Total Investment Securities (cost: $1,356,264)			$	1,695,401
SUMMARY:
Investments, at value		99.9%	$	1,695,401
Other assets in excess of liabilities		0.1%		1,744
Net assets		100.0%	$	1,697,145

NOTES TO SCHEDULE OF INVESTMENTS:

(a) No dividends were paid during the preceding twelve months.

(b) At June 30, 2004, all or a portion of this security is on loan (see Note 1). The value at June 30, 2004, of all securities on loan is $183,563.

(c) Cash collateral for the Repurchase Agreements, valued at $42,416, that serve as collateral for securities lending are invested in corporate bonds with interest rates and maturity dates ranging from 0.00%–9.88% and 08/01/2004–09/25/2099, respectively.

DEFINITIONS:

ADR American Depositary Receipt

144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2004, these securities aggregated $14,277 or 0.01% of the net assets of the Fund.

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Janus Growth    2

Janus Growth

STATEMENT OF ASSETS AND LIABILITIES

At June 30, 2004

(all amounts except per share amounts in thousands)

(unaudited)

Assets:
Investment securities, at value (cost: $1,356,264) (including securities loaned of $183,563)	$	1,695,401
Cash		183,875
Receivables:
Investment securities sold		14,066
Interest		42
Dividends		777
Dividend reclaims receivable		43
Other		118
		1,894,322
Liabilities:
Investment securities purchased		3,841
Accounts payable and accrued liabilities:
Management and advisory fees		1,209
Payable for collateral for securities on loan		191,934
Other		193
		197,177
Net Assets	$	1,697,145
Net Assets Consist of:
Capital stock, 850,000 shares authorized ($.01 par value)	$	525
Additional paid-in capital		2,268,759
Accumulated net investment loss		(2,041	)
Accumulated net realized gain (loss) from:
Investment securities		(909,258	)
Foreign currency transactions		23
Net unrealized appreciation (depreciation) on: Investment securities		339,137
Net Assets	$	1,697,145
Net Assets by Class:
Initial Class	$	1,695,493
Service Class		1,652
Shares Outstanding:
Initial Class		52,491
Service Class		51
Net Asset Value and Offering Price Per Share:
Initial Class	$	32.30
Service Class		32.21

STATEMENT OF OPERATIONS

For the period ended June 30, 2004

(all amounts in thousands)

(unaudited)

Investment Income:
Interest	$	205
Dividends		5,016
Income from loaned securities–net		131
Less withholding taxes on foreign dividends		(210	)
		5,142
Expenses:
Management and advisory fees		6,732
Printing and shareholder reports		202
Custody fees		88
Administration fees		126
Legal fees		7
Auditing and accounting fees		6
Directors fees		25
Service fees:
Service Class		2
Total expenses		7,188
Less:
Advisory fee waiver and expense reimbursement		(5	)
Net expenses		7,183
Net Investment Income (Loss)		(2,041	)
Net Realized Gain (Loss) from:
Investment securities		79,585
Foreign currency transactions		23
		79,608
Net Increase (Decrease) in Unrealized Appreciation (Depreciation) on:
Investment securities		36,003
Translation of assets and liabilities denominated in foreign currencies		(1	)
		36,002
Net Gain (Loss) on Investment Securities and Foreign Currency Transactions		115,610
Net Increase (Decrease) in Net Assets Resulting from Operations	$	113,569

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Janus Growth    3

Janus Growth

STATEMENTS OF CHANGES IN NET ASSETS

For the year or period ended

(all amounts in thousands)

	June 30, 2004 (unaudited)			December 31, 2003
Increase (Decrease) In Net Assets From:
Operations:
Net investment income (loss)	$	(2,041	)	$	(4,302	)
Net realized gain (loss) from investment securities and foreign currency transactions		79,608			(72,299	)
Net unrealized appreciation (depreciation) on investment securities and foreign currency translation		36,002			475,138
		113,569			398,537
Distributions to Shareholders:
From net investment income:
Initial Class		–			–
Service Class		–			–
		–			–
From net realized gains:
Initial Class		–			–
Service Class		–			–
		–			–
Capital Share Transactions:
Proceeds from shares sold:
Initial Class		22,126			180,078
Service Class		876			814
		23,002			180,892
Proceeds from fund acquisition:
Initial Class		–			246,159
Service Class		–			–
		–			246,159
Dividends and distributions reinvested:
Initial Class		–			–
Service Class		–			–
		–			–
Cost of shares redeemed:
Initial Class		(139,826	)		(234,533	)
Service Class		(124	)		(71	)
		(139,950	)		(234,604	)
		(116,948	)		192,447
Net increase (decrease) in net assets		(3,379	)		590,984
Net Assets:
Beginning of period		1,700,524			1,109,540
End of period	$	1,697,145		$	1,700,524
Accumulated Net Investment Loss	$	(2,041	)	$	–

	June 30, 2004 (unaudited)		December 31, 2003
Share Activity:
Shares issued:
Initial Class	705		6,871
Service Class	28		29
	733		6,900
Shares issued–on fund acquisition:
Initial Class	–		9,914
Service Class	–		–
	–		9,914
Shares issued–reinvested from distributions:
Initial Class	–		–
Service Class	–		–
	–		–
Shares redeemed:
Initial Class	(4,491	)	(9,012	)
Service Class	(4	)	(2	)
	(4,495	)	(9,014	)
Net increase (decrease) in shares outstanding:
Initial Class	(3,786	)	(2,141	)
Service Class	24		27
	(3,762	)	7,800

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Janus Growth    4

Janus Growth

FINANCIAL HIGHLIGHTS

(unaudited for the period ended June 30, 2004)

	For the Period Ended (b)	For a share outstanding throughout each period (a)
		Net Asset Value, Beginning of Period		Investment Operations									Distributions									Net Asset Value, End of Period
				Net Investment Income (Loss)			Net Realized and Unrealized Gain (Loss)			Total Operations			From Net Investment Income			From Net Realized Gains			Total Distributions
Initial Class	06/30/2004	$	30.20	$	(0.04	)	$	2.14		$	2.10		$	–		$	–		$	–		$	32.30
	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
	12/31/2000		78.00		(0.14	)		(21.10	)		(21.24	)		(0.10	)		(9.32	)		(9.42	)		47.34
	12/31/1999		59.94		(0.04	)		34.02			33.98			(1.17	)		(14.75	)		(15.92	)		78.00
Service Class	06/30/2004		30.15		(0.07	)		2.13			2.06			–			–			–			32.21
	12/31/2003		24.83		(0.08	)		5.40			5.32			–			–			–			30.15

	For the Period Ended (b)	Total Return (c)(g)		Ratios/Supplemental Data
				Net Assets, End of Period (000’s)		Ratio of Expenses to Average Net Assets (f)				Net Investment Income (Loss) to Average Net Assets (f)		Portfolio Turnover Rate (g)
						Net (d)		Total (e)
Initial Class	06/30/2004	6.95	%	$	1,695,493	0.85	%	0.85	%	(0.24	)%	23	%
	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
	12/31/2000	(28.94	)		2,957,087	0.82		0.82		(0.18	)	49
	12/31/1999	59.67			4,141,240	0.82		0.82		(0.05	)	71
Service Class	06/30/2004	6.83			1,652	1.10		1.10		(0.47	)	23
	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) The inception dates of the Fund’s share classes are 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 fee waivers by the investment adviser, if any (see note 2).

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

(f) Annualized.

(g) Not annualized for periods of less than one year.

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Janus Growth    5

Janus Growth

NOTES TO FINANCIAL STATEMENTS

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

The AEGON/Transamerica Series Fund, Inc. (“ATSF”) is a Maryland corporation registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. ATSF serves as a funding vehicle for variable life insurance, variable annuity and group annuity products. Janus Growth (“the Fund”), part of ATSF, began operations on October 2, 1986.

On May 1, 2003, the Fund acquired all the net assets of Janus Growth II pursuant to a plan of reorganization approved by shareholders of Janus Growth II on April 16, 2003. The acquisition was accomplished by a tax-free exchange of 9,914 shares of the Fund for the 6,961 shares of Janus Growth II outstanding on April 30, 2003. Janus Growth II’s net assets at that date $246,159, including $4,068 of unrealized depreciation were combined with those of the Fund, resulting in combined net assets of $1,411,921.

In the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties, which 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.

See the Prospectus and Statement of Additional Information for a description of the Fund’s investment objective.

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 policies were consistently followed by the Fund, in accordance with GAAP.

Multiple class operations 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.

Pricing of shares: The Fund prices its shares on the basis of the net asset value of each class of shares of the Fund, which is determined as of the close of the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern Time) on each day on which the NYSE is open for trading (other than a day on which there are insufficient changes in the value of the Fund’s portfolio securities to materially affect the Fund’s net asset value or a day on which no shares are tendered for redemption and no order to purchase any shares is received).

Security valuations: Fund investments traded on an exchange are valued at the closing price on the day of valuation on the 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 by independent pricing services; 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 and are translated from the local currency into U.S. dollars using closing exchange rates. Many foreign securities markets are open for trading at times when the U.S. markets are closed for trading, and many foreign securities markets close for trading before the close of the NYSE. The value of foreign securities may be affected significantly on a day that the NYSE is closed and an investor is unable to purchase or redeem shares. 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.” If market quotations are not readily available, and the impact of such a significant market event materially affects the net asset value per share of the Fund, an affected portfolio security will be valued at fair market value as determined in good faith using guidelines adopted by the Board of Directors of the Fund, under the supervision of the Fund’s Valuation Committee. Factors that may be considered to value foreign securities at fair market value may include, among other: the value of other securities traded on other markets, foreign currency exchange activity and the trading of financial products tied to foreign securities.

Other securities for which quotations are not readily available also are valued at fair market value as determined in good faith using guidelines established by and under the supervision of the Board of Directors, and the Fund’s Valuation Committee. These guidelines may include: the type of security; any restrictions on its resale; financial or business news of the issuer; similar or related securities that are actively trading; related corporate actions; and other significant events occurring after the close of trading in the security.

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 June 30, 2004, was paying an interest rate of 0.75%.

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

Janus Growth    6

Janus Growth

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1–(continued)

Repurchase agreements: The Fund is authorized to enter into repurchase agreements. The Fund, through 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. Repurchase agreements involve the risk that the seller will fail to repurchase the security, as agreed. In that case, 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 are incurred.

Directed brokerage: 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 ATSF has established a Directed Brokerage Program. A Directed Brokerage 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 ATSF, or by any other party. Directed commissions for the period ended June 30, 2004, of $197 are included in net realized gains in the Statement of Operations.

Securities lending: The Fund may lend securities to enhance fund earnings from investing cash collateral received in making such loans to qualified borrowers (typically broker/dealers). The Fund has engaged its custodian bank, IBT, as a lending agent to administer its securities lending program. IBT earned $56 of program net income for its services. When the Fund makes a security loan, it receives cash collateral as protection against the risk that the borrower will default on the loan, and records an asset for the cash invested collateral and a liability for the return of the collateral.

Loans of securities are required to be secured by collateral at least equal to 102% of the value of the securities at inception of the loan, and not less then 100% thereafter. The Fund may invest cash collateral in short-term money market instruments including: U.S. Treasury Bills, U.S. agency obligations, commercial paper, money market mutual funds, repurchase agreements and other highly rated, liquid investments. During the life of securities loans, the collateral and securities loaned remain subject to fluctuation in value. IBT marks to market securities loaned and the collateral each business day. If additional collateral is due (at least $1), IBT collects additional cash collateral from the borrowers. Although securities loaned will be fully collateralized at all times, IBT may experience delays in, or may be prevented from, recovering the collateral on behalf of the Fund. The Fund may recall a loaned security position at any time from the borrower through IBT. In the event the borrower fails to timely return a recalled security, IBT may indemnify the Fund by purchasing replacement securities for the Fund at its own expense and claiming the collateral to fund such a purchase. IBT absorbs the loss if the collateral value is not sufficient to cover the cost of the replacement securities. If replacement securities are not available, IBT will credit the equivalent cash value to the Fund.

While a security is on loan, the Fund does not have the right to vote that security. However, if time permits, the Fund will attempt to recall a security on loan and vote the proxy.

Income from securities lending is included in the Statement of Operations. The amount of collateral and value of securities on loan are included in the Statement of Assets and Liabilities as well as in the Schedule of Investments.

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 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, including unanticipated movements in exchange currency rates, the degree of government supervision and regulation of security markets, and the possibility of political or economic instability.

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 closed 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.

Dividend distributions: Dividend 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 Fund, Inc. Semi-Annual Report 2004

Janus Growth    7

Janus Growth

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  2. RELATED PARTY TRANSACTIONS

AEGON/Transamerica Fund Advisers, Inc. (“ATFA”) is the Fund’s investment adviser. AEGON/Transamerica Fund Services, Inc. (“ATFS”) is the Fund’s administrator and transfer agent. AFSG Securities Corp. (“AFSG”) is the Fund’s distributor. AFSG is 100% owned by AUSA Holding Company (“AUSA”). ATFA is a directly owned sub- sidiary of Western Reserve Life Assurance Co. of Ohio (78%) (“WRL”) and AUSA (22%). ATFS is a wholly owned subsidiary of WRL. AUSA and WRL are wholly owned indirect subsidiaries of AEGON NV, a Netherlands corporation.

Certain officers and directors of the Fund are also officers and/or directors of ATFA, ATFS, AFSG and WRL. No affiliated officer or director receives any compensation directly from the Fund.

Investment advisory fees: The Fund pays management fees to ATFA based on average daily net assets (“ANA”) at the following rate:

0.80% of ANA

ATFA 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 limitations 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 are no amounts subject to recapture at June 30, 2004.

The sub-adviser, Janus Capital Management, LLC, has agreed to a pricing discount based on the aggregate assets that they manage in the ATSF and Transamerica IDEX Mutual Funds. The amount of the discount received by the Fund at June 30, 2004 was $62.

Distribution and service fees: The Fund adopted a distribution plan (“Distribution Plan”) pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended. Pursuant to the Distribution Plan, ATSF entered into a Distribution Agreement with AFSG effective May 1, 1999.

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 ATSF 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, 2005. 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 ATFS for financial and legal fund administration services, which includes such items as compliance, expenses, financial statements and other reporting, distributions, tax returns, prospectus preparation, board of directors meeting support, transfer agency and other legal matters. The Legal fees on the Statement of Operations are for fees paid to external legal counsel. The Fund paid ATFS $126 for Administration fees for the period ended June 30, 2004.

Deferred compensation plan: Each eligible Fund Director may elect participation in the Deferred Compensation Plan for Directors of ATSF (“the Plan”). Under the Plan, such Directors may defer payment of a percentage of their total fees earned as a Fund Director. These deferred amounts may be invested in any portfolio of Transamerica IDEX Mutual Funds, an affiliate of the Fund. At June 30, 2004, the value of invested plan amounts was $64. Invested plan amounts and the total liability for deferred compensation to the Directors under the Plan at June 30, 2004, are included in Net assets in the accompanying Statement of Assets and Liabilities.

NOTE  3. INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the period ended June 30, 2004, were as follows:

Purchases of securities:
Long-Term excluding U.S. Government	$	346,888
U.S. Government		–
Proceeds from maturities and sales of securities:
Long-Term excluding U.S. Government		486,820
U.S. Government		2,931

NOTE  4. FEDERAL INCOME TAX MATTERS

The Fund has not made any provision for federal income 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 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

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

Janus Growth    8

Janus Growth

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  4–(continued)

differing treatments for items including, but not limited to, wash sales, foreign currency transactions, net operating losses and capital loss carryforwards.

The capital loss carryforwards are available to offset future realized capital gains through the periods listed:

Capital Loss Carryforward	Available through
$599,605	December 31, 2009
293,625	December 31, 2010
80,862	December 31, 2011

The Fund has elected to treat the net capital and currency losses incurred in the two month period prior to December 31, 2003 of $10,045 (Post-October Loss Deferred) as having been incurred in the fiscal year ending December 31, 2004.

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of June 30, 2004, are as follows:

Federal Tax Cost Basis	$	1,359,006
Unrealized Appreciation	$	382,534
Unrealized (Depreciation)		(46,139	)
Net Unrealized Appreciation (Depreciation)	$	336,395

NOTE  5. OTHER MATTERS

ATSF, and certain of its affiliated entities, have received requests for information from the Staff of the Securities and Exchange Commission in connection with market timing and late trading within the funds. ATSF and the affiliated entities have voluntarily cooperated in the investigation and have been providing the information as requested.

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

Janus Growth    9

Jennison Growth

SCHEDULE OF INVESTMENTS

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Shares	Value
COMMON STOCKS (98.5%)
Apparel & Accessory Stores (1.3%)
Chico’s FAS, Inc. (a)(b)	43,800	$	1,978
Business Services (2.8%)
eBay Inc. (a)	47,700		4,386
Chemicals & Allied Products (3.6%)
Avon Products, Inc. (b)	49,300		2,275
Lauder (Estee) Companies Inc. (The)–Class A	22,600		1,102
Procter & Gamble Company (The)	27,800		1,513
Smith International, Inc. (a)	13,700		764
Commercial Banks (6.0%)
Citigroup Inc.	78,033		3,629
Morgan Chase & Co. (J.P.)	97,500		3,780
State Street Corporation	39,300		1,927
Communication (1.7%)
DIRECTV Group, Inc. (The) (a)	82,100		1,404
Viacom, Inc.–Class B	34,200		1,222
Computer & Data Processing Services (12.3%)
Amdocs Limited (a)	25,300		593
Electronic Arts Inc. (a)	57,800		3,153
Mercury Interactive Corporation (a)(b)	27,500		1,370
Microsoft Corporation	168,100		4,801
SAP AG–ADR (b)	79,600		3,328
Symantec Corporation (a)	33,200		1,453
Yahoo! Inc. (a)	126,500		4,596
Computer & Office Equipment (9.5%)
Apple Computer, Inc. (a)	61,400		1,998
Cisco Systems, Inc. (a)	222,100		5,264
Dell Inc. (a)	114,100		4,087
International Business Machines Corporation	31,700		2,794
Lexmark International, Inc. (a)	8,400		811
Department Stores (0.4%)
Kohl’s Corporation (a)	16,100		681
Educational Services (1.6%)
Apollo Group, Inc.–Class A (a)	27,900		2,463
Electronic & Other Electric Equipment (3.5%)
General Electric Company	129,400		4,193
Harman International Industries, Incorporated	14,100		1,283
Electronic Components & Accessories (9.3%)
Intel Corporation	190,400		5,255
Marvell Technology Group Ltd. (a)(b)	78,600		2,099
Maxim Integrated Products	40,800		2,139
National Semiconductor Corporation (a)	70,500		1,550
Texas Instruments Incorporated	147,000		3,554
Food Stores (2.7%)
Kroger Co. (The) (a)	69,600		1,267
Whole Foods Market, Inc. (b)	31,000		2,959

	Shares	Value
Furniture & Home Furnishings Stores (2.0%)
Bed Bath & Beyond Inc. (a)	81,100	$	3,118
Health Services (1.5%)
Caremark Rx, Inc. (a)	71,800		2,365
Instruments & Related Products (2.5%)
Agilent Technologies, Inc. (a)	105,400		3,086
Alcon, Inc.	11,100		873
Insurance (1.5%)
American International Group, Inc.	32,800		2,338
Lumber & Other Building Materials (1.3%)
Lowe’s Companies, Inc.	40,200		2,113
Medical Instruments & Supplies (1.6%)
Guidant Corporation	26,200		1,464
Medtronic, Inc.	20,500		999
Oil & Gas Extraction (5.5%)
BJ Services Company (a)(b)	53,600		2,457
Schlumberger Limited	54,300		3,449
Total Fina Elf SA–ADR	25,800		2,479
Weatherford International Ltd. (a)	5,200		234
Pharmaceuticals (14.0%)
Allergan, Inc.	24,100		2,157
Amgen Inc. (a)	42,800		2,336
AstraZeneca PLC–ADR (b)	39,200		1,789
Genentech, Inc. (a)	50,400		2,832
Gilead Sciences, Inc. (a)	35,100		2,352
IVAX Corporation (a)(b)	21,000		504
Lilly (Eli) and Company	36,900		2,580
Medimmune, Inc. (a)	38,900		910
Novartis AG–ADR	41,500		1,847
Pfizer Inc.	85,640		2,936
Roche Holding AG–ADR	17,900		1,772
Radio & Television Broadcasting (1.5%)
Univision Communications Inc.–Class A (a)	73,200		2,337
Restaurants (2.5%)
Starbucks Corporation (a)	90,800		3,948
Retail Trade (1.6%)
Tiffany & Co.	66,000		2,432
Security & Commodity Brokers (4.7%)
American Express Company	75,600		3,884
Goldman Sachs Group, Inc. (The)	19,100		1,798
Merrill Lynch & Co., Inc.	30,400		1,641
Telecommunications (0.1%)
Vodafone Group PLC-ADR	10,000		221
Transportation & Public Utilities (1.0%)
InterActiveCorp (a)(b)	52,100		1,570
Variety Stores (2.5%)
Costco Wholesale Corporation	42,600		1,750
Target Corporation	51,100		2,170
Total Common Stocks (cost: $131,214)			154,412

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Jennison Growth    1

Jennison Growth

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Principal		Value
SECURITY LENDING COLLATERAL (11.2%)
Debt (9.2%)
Agency Discount Notes (0.9%)
Fannie Mae 0.96%, due 07/01/2004	$	418	$	418
Federal Home Loan Bank 0.96%, due 07/01/2004		522		522
0.99%, due 07/01/2004		209		209
0.97%, due 07/02/2004		261		261
Bank Notes (0.2%)
Credit Suisse First Boston (USA), Inc. 1.13%, due 09/08/2004		104		104
Deutsche Bank AG 1.16%, due 10/12/2004		261		261
Commercial Paper (2.9%)
Compass Securitization–144A 1.25%, due 07/23/2004		365		365
Falcon Asset Securitization Corp–144A 1.27%, due 07/20/2004		261		261
General Electric Capital Corporation 1.20%, due 07/19/2004		260		260
1.21%, due 07/22/2004		209		209
1.22%, due 07/23/2004		209		209
1.23%, due 07/26/2004		261		261
1.22%, due 08/04/2004		521		521
Govco Incorporated–144A 1.25%, due 08/02/2004		104		104
Greyhawk Funding LLC–144A 1.12%, due 07/13/2004		208		208
1.22%, due 07/20/2004		104		104
Jupiter Securitization Corp–144A 1.07%, due 07/02/2004		104		104
Morgan Stanley 1.58%, due 10/22/2004		240		240
1.58%, due 12/10/2004		679		679
1.58%, due 03/16/2005		658		658
Sheffield Receivables–144A 1.24%, due 07/20/2004		157		157
Euro Dollar Overnight (0.3%)
Bank of Nova Scotia (The) 1.04%, due 07/06/2004		261		261
Den Danske Bank 1.08%, due 07/02/2004		261		261
Euro Dollar Terms (2.2%)
Bank of America Corporation 1.08%, due 07/19/2004		104		104
Bank of Montreal 1.20%, due 07/23/2004		53		53

	Principal		Value
Euro Dollar Terms (continued)
Bank of Nova Scotia (The) 1.20%, due 07/14/2004	$	261	$	261
1.24%, due 07/23/2004		52		52
Bank of the West Inc. 1.28%, due 07/28/2004		104		104
Branch Banking & Trust 1.08%, due 07/14/2004		52		52
Calyon 1.16%, due 07/15/2004		992		992
1.17%, due 08/04/2004		157		157
1.34%, due 08/24/2004		365		365
Fortis Bank 1.19%, due 07/14/2004		52		52
1.29%, due 09/03/2004		104		104
HBOS PLC 1.30%, due 09/03/2004		104		104
Royal Bank of Canada 1.05%, due 07/08/2004		157		157
Royal Bank of Scotland Group PLC (The) 1.06%, due 07/30/2004		470		470
Wells Fargo & Company 1.19%, due 07/14/2004		209		209
1.25%, due 07/23/2004		104		104
1.24%, due 07/26/2004		104		104
Master Notes (0.3%)
Bear Stearns Companies Inc. (The) 1.64%, due 09/08/2004		313		313
1.64%, due 12/15/2004		209		209
Repurchase Agreements (2.4%) (c)
Credit Suisse First Boston (USA), Inc. 1.54%, Repurchase Agreement dated 06/30/04 to be repurchased at $1,221 on 07/01/2004		1,221		1,221
Goldman Sachs Group Inc. (The) 1.54%, Repurchase Agreement dated 06/30/04 to be repurchased at $522 on 07/01/2004		522		522
Merrill Lynch & Co., Inc. 1.54%, Repurchase Agreement dated 06/30/04 to be repurchased at $1,581 on 07/01/2004		1,581		1,581
Morgan Stanley 1.58%, Repurchase Agreement dated 06/30/04 to be repurchased at $470 on 07/01/2004		470		470

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

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Jennison Growth

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Shares	Value
Investment Companies (2.0%)
Money Market Funds (2.0%)
Merrill Lynch Premier Institutional Fund 1-day yield of 1.17%	432,475	$	432
Merrimac Cash Fund– Premium Class 1-day yield of 1.11%	2,684,059		2,684
Total Security Lending Collateral (cost: $17,513)			17,513
Total Investment Securities (cost: $148,727)		$	171,925
SUMMARY:
Investments, at value	109.7 %	$	171,925
Liabilities in excess of other assets	(9.7)%		(15,262	)
Net assets	100.0 %	$	156,663

NOTES TO SCHEDULE OF INVESTMENTS:

(a) No dividends were paid during the preceding twelve months.

(b) At June 30, 2004, all or a portion of this security is on loan (see Note 1). The value at June 30, 2004, of all securities on loan is $15,639.

(c) Cash collateral for the Repurchase Agreements, valued at $3,870, that serve as collateral for securities lending are invested in corporate bonds with interest rates and maturity dates ranging from 0.00%–9.88% and 08/01/2004–09/25/2099, respectively.

DEFINITIONS:

ADR American Depositary Receipt

144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2004, these securities aggregated $1,146 or 0.73% of the net assets of the Fund.

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

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STATEMENT OF ASSETS AND LIABILITIES

At June 30, 2004

(all amounts except per share amounts in thousands)

(unaudited)

Assets:
Investment securities, at value (cost: $ 148,727) (including securities loaned of $15,639)	$	171,925
Cash		1,965
Receivables:
Investment securities sold		515
Interest		1
Dividends		89
Dividend reclaims receivable		6
Other		16
		174,517
Liabilities:
Investment securities purchased		201
Accounts payable and accrued liabilities:
Management and advisory fees		119
Payable for collateral for securities on loan		17,513
Other		21
		17,854
Net Assets	$	156,663
Net Assets Consist of:
Capital stock, 50,000 shares authorized ($.01 par value)	$	207
Additional paid-in capital		134,599
Accumulated net investment loss		(81	)
Accumulated net realized gain (loss) from:
Investment securities		(1,260	)
Net unrealized appreciation (depreciation) on:
Investment securities		23,198
Net Assets	$	156,663
Net Assets by Class:
Initial Class	$	156,493
Service Class		170
Shares Outstanding:
Initial Class		20,669
Service Class		23
Net Asset Value and Offering Price Per Share:
Initial Class	$	7.57
Service Class		7.55

STATEMENT OF OPERATIONS

For the period ended June 30, 2004

(all amounts in thousands)

(unaudited)

Investment Income:
Interest	$	2
Dividends		646
Income from loaned securities–net		11
Less withholding taxes on foreign dividends		(33	)
		626
Expenses:
Management and advisory fees		671
Printing and shareholder reports		1
Custody fees		14
Administration fees		12
Legal fees		1
Auditing and accounting fees		6
Directors fees		2
Total expenses		707
Net Investment Income (Loss)		(81	)
Net Realized Gain (Loss) from:
Investment securities		6,384
Net Increase (Decrease) in Unrealized Appreciation (Depreciation) on:
Investment securities		(1,565	)
Net Gain (Loss) on Investment Securities		4,819
Net Increase (Decrease) in Net Assets Resulting from Operations	$	4,738

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

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STATEMENTS OF CHANGES IN NET ASSETS

For the period or year ended

(all amounts in thousands)

	June 30, 2004 (unaudited)			December 31, 2003
Increase (Decrease) In Net Assets From:
Operations:
Net investment income (loss)	$	(81	)	$	(68	)
Net realized gain (loss) from investment securities		6,384			13,465
Net unrealized appreciation (depreciation) on investment securities		(1,565	)		31,086
		4,738			44,483
Distributions to Shareholders:
From net investment income:
Initial Class		–			–
Service Class		–			–
		–			–
From net realized gains:
Initial Class		–			–
Service Class		–			–
		–			–
Capital Share Transactions:
Proceeds from shares sold:
Initial Class		830			88,226
Service Class		50			114
		880			88,340
Dividends and distributions reinvested:
Initial Class		–			–
Service Class		–			–
		–			–
Cost of shares redeemed:
Initial Class		(9,336	)		(87,571	)
Service Class		(5	)		(4	)
		(9,341	)		(87,575	)
		(8,461	)		765
Net increase (decrease) in net assets		(3,723	)		45,248
Net Assets:
Beginning of period		160,386			115,138
End of period	$	156,663		$	160,386
Accumulated Net Investment Loss	$	(81	)	$	–

	June 30, 2004 (unaudited)		December 31, 2003
Share Activity:
Shares issued:
Initial Class	111		15,163
Service Class	7		18
	118		15,181
Shares issued–reinvested from distributions:
Initial Class	–		–
Service Class	–		–
	–		–
Shares redeemed:
Initial Class	(1,265	)	(13,541	)
Service Class	(1	)	(1	)
	(1,266	)	(13,542	)
Net increase (decrease) in shares outstanding:
Initial Class	(1,154	)	1,622
Service Class	6		17
	(1,148	)	1,639

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

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Jennison Growth

FINANCIAL HIGHLIGHTS

(unaudited for the period ended June 30, 2004)

	For the Period Ended (b)	For a share outstanding throughout each period (a)
		Net Asset Value, Beginning of Period		Investment Operations									Distributions									Net Asset Value, End of Period
				Net Investment Income (Loss)			Net Realized and Unrealized Gain (Loss)			Total Operations			From Net Investment Income			From Net Realized Gains			Total Distributions
Initial Class	06/30/2004	$	7.34	$	–		$	0.23		$	0.23		$	–		$	–		$	–		$	7.57
	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
	12/31/2000		12.56		0.20			(1.56	)		(1.36	)		(0.18	)		(0.72	)		(0.90	)		10.30
	12/31/1999		12.22		0.18			0.41			0.59			(0.13	)		(0.12	)		(0.25	)		12.56
Service Class	06/30/2004		7.33		(0.01	)		0.23			0.22			–			–			–			7.55
	12/31/2003		6.04		(0.02	)		1.31			1.29			–			–			–			7.33

	For the Period Ended (b)	Total Return (c)(g)		Ratios/Supplemental Data
				Net Assets, End of Period (000’s)		Ratio of Expenses to Average Net Assets (f)				Net Investment Income (Loss) to Average Net Assets (f)		Portfolio Turnover Rate (g)
						Net (d)		Total (e)
Initial Class	06/30/2004	3.13	%	$	156,493	0.89	%	0.89	%	(0.10	)%	33	%
	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
	12/31/2000	(11.58	)		36,458	0.93		1.00		1.60		166
	12/31/1999	4.79			44,900	0.85		0.91		1.34		48
Service Class	06/30/2004	2.98			170	1.14		1.14		(0.35	)	33
	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) The inception dates of the Fund’s share classes are 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 period ended June 30, 2004 and the year ended December 31, 2003, Ratio of Net Expenses to Average Net Assets is net of fee waivers 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 and prior years, 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 for periods of less than one year.

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Jennison Growth    6

Jennison Growth

NOTES TO FINANCIAL STATEMENTS

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

The AEGON/Transamerica Series Fund, Inc. (“ATSF”) is a Maryland corporation registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. ATSF serves as a funding vehicle for variable life insurance, variable annuity and group annuity products. Jennison Growth (“the Fund”), part of ATSF, began operations as part of the Endeavor Series Trust, on November 18, 1996. The Fund became part of ATSF on May 1, 2002.

In the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties, which 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.

See the Prospectus and Statement of Additional Information for a description of the Fund’s investment objective.

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 policies were consistently followed by the Fund, in accordance with GAAP.

Multiple class operations 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.

Pricing of shares: The Fund prices its shares on the basis of the net asset value of each class of shares of the Fund, which is determined as of the close of the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern Time) on each day on which the NYSE is open for trading (other than a day on which there are insufficient changes in the value of the Fund’s portfolio securities to materially affect the Fund’s net asset value or a day on which no shares are tendered for redemption and no order to purchase any shares is received).

Security valuations: Fund investments traded on an exchange are valued at the closing price on the day of valuation on the 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 by independent pricing services; 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 also are valued at fair market value as determined in good faith using guidelines established by and under the supervision of the Board of Directors, and the Fund’s Valuation Committee. These guidelines may include: the type of security; any restrictions on its resale; financial or business news of the issuer; similar or related securities that are actively trading; related corporate actions; and other significant events occurring after the close of trading in the security.

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 June 30, 2004, was paying an interest rate of 0.75%.

Repurchase agreements: The Fund is authorized to enter into repurchase agreements. The Fund, through 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. Repurchase agreements involve the risk that the seller will fail to repurchase the security, as agreed. In that case, 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 are incurred.

Directed brokerage: 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 ATSF has established a Directed Brokerage Program. A Directed Brokerage 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 ATSF, or by any other party. Directed commissions for the period ended June 30, 2004, of $20 are included in net realized gains in the Statement of Operations.

Securities lending: The Fund may lend securities to enhance fund earnings from investing cash collateral received in making such loans to qualified borrowers (typically broker/dealers). The Fund has engaged its custodian bank, IBT, as a lending agent to administer its securities lending program. IBT earned $5 of program net income for its services. When the Fund makes a security loan, it receives cash collateral as protection against the risk that the borrower will default on the loan, and records an asset for the cash invested collateral and a liability for the return of the collateral.

Loans of securities are required to be secured by collateral at least equal to 102% of the value of the securities at inception of the loan, and not

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

Jennison Growth    7

Jennison Growth

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1–(continued)

less then 100% thereafter. The Fund may invest cash collateral in short-term money market instruments including: U.S. Treasury Bills, U.S. agency obligations, commercial paper, money market mutual funds, repurchase agreements and other highly rated, liquid investments. During the life of securities loans, the collateral and securities loaned remain subject to fluctuation in value. IBT marks to market securities loaned and the collateral each business day. If additional collateral is due (at least $1), IBT collects additional cash collateral from the borrowers. Although securities loaned will be fully collateralized at all times, IBT may experience delays in, or may be prevented from, recovering the collateral on behalf of the Fund. The Fund may recall a loaned security position at any time from the borrower through IBT. In the event the borrower fails to timely return a recalled security, IBT may indemnify the Fund by purchasing replacement securities for the Fund at its own expense and claiming the collateral to fund such a purchase. IBT absorbs the loss if the collateral value is not sufficient to cover the cost of the replacement securities. If replacement securities are not available, IBT will credit the equivalent cash value to the Fund.

While a security is on loan, the Fund does not have the right to vote that security. However, if time permits, the Fund will attempt to recall a security on loan and vote the proxy.

Income from securities lending is included in the Statement of Operations. The amount of collateral and value of securities on loan are included in the Statement of Assets and Liabilities as well as in the Schedule of Investments.

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 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: Dividend 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

AEGON/Transamerica Fund Advisers, Inc. (“ATFA”) is the Fund’s investment adviser. AEGON/Transamerica Fund Services, Inc. (“ATFS”) is the Fund’s administrator and transfer agent. AFSG Securities Corp. (“AFSG”) is the Fund’s distributor. AFSG is 100% owned by AUSA Holding Company (“AUSA”). ATFA is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) (“WRL”) and AUSA (22%). ATFS is a wholly owned subsidiary of WRL. AUSA and WRL are wholly owned indirect subsidiaries of AEGON NV, a Netherlands corporation.

Certain officers and directors of the Fund are also officers and/or directors of ATFA, ATFS, AFSG and WRL. No affiliated officer or director receives any compensation directly from the Fund.

The following schedule reflects the percentage of fund assets owned by affiliated mutual funds (i.e. through the asset allocation funds):

	Net Assets		% of Net Assets
Asset Allocation–Growth Portfolio	$	33,565	21	%
Asset Allocation–Moderate Growth Portfolio		79,016	50	%
Total	$	112,581	71	%

Investment advisory fees: The Fund pays management fees to ATFA based on average daily net assets (“ANA”) at the following rate:

0.85% of ANA

ATFA 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:

0.99% Expense Limit

If total fund expenses fall below the annual expense limitations 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 are no amounts subject to recapture at June 30, 2004.

Distribution and service fees: The Fund adopted a distribution plan (“Distribution Plan”) pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended. Pursuant to the Distribution Plan, ATSF entered into a Distribution Agreement with AFSG effective May 1, 1999.

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 ATSF 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, 2005. 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 Fund, Inc. Semi-Annual Report 2004

Jennison Growth    8

Jennison Growth

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  2–(continued)

Administrative services: The Fund has entered into an agreement with ATFS for financial and legal fund administration services, which includes such items as compliance, expenses, financial statements and other reporting, distributions, tax returns, prospectus preparation, board of directors meeting support, transfer agency and other legal matters. The Legal fees on the Statement of Operations are for fees paid to external legal counsel. The Fund paid ATFS $12 for Administration fees for the period ended June 30, 2004.

Deferred compensation plan: Each eligible Fund Director may elect participation in the Deferred Compensation Plan for Directors of ATSF (“the Plan”). Under the Plan, such Directors may defer payment of a percentage of their total fees earned as a Fund Director. These deferred amounts may be invested in any portfolio of Transamerica IDEX Mutual Funds, an affiliate of the Fund. At June 30, 2004, the value of invested plan amounts was $6. Invested plan amounts and the total liability for deferred compensation to the Directors under the Plan at June 30, 2004, are included in Net assets in the accompanying Statement of Assets and Liabilities.

NOTE  3. INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the period ended June 30, 2004, were as follows:

Purchases of securities:
Long-Term excluding U.S. Government	$	51,269
U.S. Government		–
Proceeds from maturities and sales of securities:
Long-Term excluding U.S. Government		58,635
U.S. Government		–

NOTE  4. FEDERAL INCOME TAX MATTERS

The Fund has not made any provision for federal income 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 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 treatments for items including, but not limited to, wash sales, net operating losses and capital loss carryforwards.

The capital loss carryforwards are available to offset future realized capital gains through the period listed:

Capital Loss Carryforward	Available through
$4,640	December 31, 2010

The Fund has elected to treat the net capital losses incurred in the two month period prior to December 31, 2003 of $459 (Post-October Loss Deferred) as having been incurred in the fiscal year ending December 31, 2004.

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of June 30, 2004, are as follows:

Federal Tax Cost Basis	$	150,538
Unrealized Appreciation	$	23,966
Unrealized (Depreciation)		(2,579	)
Net Unrealized Appreciation (Depreciation)	$	21,387

NOTE  5. OTHER MATTERS

ATSF, and certain of its affiliated entities, have received requests for information from the Staff of the Securities and Exchange Commission in connection with market timing and late trading within the funds. ATSF and the affiliated entities have voluntarily cooperated in the investigation and have been providing the information as requested.

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

Jennison Growth    9

J.P. Morgan Enhanced Index

SCHEDULE OF INVESTMENTS

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Principal		Value
U.S. GOVERNMENT OBLIGATIONS (0.1%)
U.S. Treasury Note (d)
1.63%, due 01/31/2005.	$	200	$	200
Total U.S. Government Obligations (cost: $201)				200
	Shares		Value
COMMON STOCKS (99.2%)
Aerospace (2.4%)
Lockheed Martin Corporation		31,200	$	1,625
Northrop Grumman Corporation		26,200		1,407
United Technologies Corporation		28,500		2,607
Air Transportation (0.0%)
FedEx Corporation		1,000		82
Amusement & Recreation Services (0.6%)
Disney (Walt) Company (The)		52,200		1,331
Apparel & Accessory Stores (0.6%)
Abercrombie & Fitch Co.–Class A		17,000		659
Gap, Inc. (The) (b)		29,300		711
Ross Stores, Inc.		1,400		37
TJX Companies, Inc. (The)		1,700		41
Apparel Products (0.5%)
Jones Apparel Group, Inc.		28,600		1,129
Automotive (0.8%)
Ford Motor Company (b)		42,200		660
General Motors Corporation (b)		22,800		1,062
PACCAR Inc.		4,600		267
Beverages (3.1%)
Anheuser-Busch Companies, Inc.		34,200		1,847
Coca-Cola Company (The)		81,500		4,114
PepsiCo, Inc.		23,700		1,277
Business Credit Institutions (0.5%)
CIT Group, Inc.		28,500		1,091
Business Services (1.0%)
eBay Inc. (a)		13,400		1,232
First Data Corporation		24,100		1,073
Chemicals & Allied Products (3.7%)
Air Products and Chemicals, Inc.		8,000		420
Dow Chemical Company (The)		29,700		1,209
Eastman Chemical Company (b)		3,600		166
Praxair, Inc.		35,300		1,409
Procter & Gamble Company (The)		90,000		4,900
Rohm and Haas Company		15,700		653
Commercial Banks (9.0%)
AmSouth Bancorporation		9,600		245
Bank of America Corporation		28,800		2,437
Bank of New York Company, Inc. (The)		90,900		2,680
Citigroup Inc.		164,000		7,626
Compass Bancshares, Inc.		4,400		189
First Horizon National Corporation		2,100		95

	Shares	Value
Commercial Banks (continued)
KeyCorp	24,400	$	729
MBNA Corporation	17,800		459
Mellon Financial Corporation	2,400		70
North Fork Bancorporation, Inc.	15,300		582
SunTrust Banks, Inc. (b)	7,500		487
Wachovia Corporation	56,400		2,510
Wells Fargo & Company	56,600		3,239
Communication (1.7%)
Echostar Communications Corporation–Class A (a)	9,000		277
Viacom, Inc.–Class B	103,900		3,712
Communications Equipment (1.4%)
Corning Incorporated (a)(b)	56,000		731
Motorola, Inc.	56,400		1,029
QUALCOMM Incorporated	16,000		1,168
Tellabs, Inc. (a)(b)	46,900		410
Computer & Data Processing Services (5.6%)
Computer Sciences Corporation (a)	23,400		1,086
Mercury Interactive Corporation (a)(b)	22,300		1,111
Microsoft Corporation	215,300		6,149
Oracle Corporation (a)	244,700		2,919
SunGard Data Systems Inc. (a)	16,000		416
Take-Two Interactive Software, Inc. (a)(b)	18,400		564
VERITAS Software Corporation (a)	34,500		956
Computer & Office Equipment (5.2%)
Cisco Systems, Inc. (a)	169,200		4,010
Dell Inc. (a)	76,500		2,740
Hewlett-Packard Company	78,000		1,646
International Business Machines Corporation	23,500		2,072
Juniper Networks, Inc. (a)	20,700		509
Lexmark International, Inc. (a)	7,400		714
NCR Corporation (a)	11,100		550
Seagate Technology, Inc. (a)(f)	8,700		(e	)
Construction (0.6%)
Centex Corporation	15,400		705
KB Home (b)	7,700		528
Pulte Homes, Inc.	1,300		68
Department Stores (0.8%)
Federated Department Stores, Inc.	16,500		810
Kohl’s Corporation (a)(b)	24,700		1,044
May Department Stores Company (The)	2,500		69
Drug Stores & Proprietary Stores (0.2%)
CVS Corporation	11,200		471
Electric Services (1.9%)
Dominion Resources, Inc.	10,500		662
Edison International	500		13
Entergy Corporation (b)	15,900		891
FPL Group, Inc.	12,600		806
Pinnacle West Capital Corporation	18,500		747

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

J.P. Morgan Enhanced Index    1

J.P. Morgan Enhanced Index

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Shares	Value
Electric Services (continued)
PPL Corporation	18,400	$	845
TXU Corp.	13,200		535
Electric, Gas & Sanitary Services (0.7%)
Consolidated Edison, Inc. (b)	1,700		68
PG&E Corporation (a)	17,100		478
SCANA Corporation	3,800		138
Wisconsin Energy Corporation	3,200		104
Xcel Energy Inc. (b)	55,400		926
Electronic & Other Electric Equipment (4.8%)
Cooper Industries, Inc.–Class A	11,100		659
Eaton Corporation	18,000		1,165
General Electric Company	294,700		9,548
Electronic Components & Accessories (4.5%)
Altera Corporation (a)(b)	58,100		1,291
Analog Devices, Inc.	22,500		1,059
Intel Corporation	128,300		3,542
Intersil Corporation–Class A	25,600		554
Linear Technology Corporation	9,000		355
Tyco International Ltd. (b)	92,900		3,079
Xilinx, Inc.	25,300		843
Fabricated Metal Products (1.0%)
Gillette Company (The)	55,400		2,349
Food & Kindred Products (1.4%)
Altria Group, Inc.	62,900		3,148
Kellogg Company	2,900		121
Furniture & Fixtures (0.6%)
Johnson Controls, Inc.	16,700		891
Lear Corporation	7,700		454
Furniture & Home Furnishings Stores (0.1%)
Bed Bath & Beyond Inc. (a)	9,200		354
Health Services (0.4%)
HCA Inc.	24,400		1,015
Holding & Other Investment Offices (0.3%)
CarrAmerica Realty Corporation	6,800		206
Equity Office Properties Trust	2,000		54
Kimco Realty Corporation	200		9
Mack-Cali Realty Corporation	300		12
ProLogis	16,100		530
Hotels & Other Lodging Places (0.3%)
Hilton Hotels Corporation	17,800		332
Starwood Hotels & Resorts Worldwide, Inc.	10,600		475
Industrial Machinery & Equipment (1.4%)
Baker Hughes Incorporated	25,400		956
Caterpillar, Inc.	3,900		310
Cooper Cameron Corporation (a)	14,900		726
Deere & Company	2,800		196
ITT Industries, Inc.	1,000		83

	Shares	Value
Industrial Machinery & Equipment (continued)
Novellus Systems, Inc. (a)	29,500	$	927
SPX Corporation	2,200		102
Instruments & Related Products (0.0%)
Danaher Corporation	1,600		83
Insurance (5.2%)
Aetna Inc.	14,400		1,224
Allstate Corporation (The)	49,200		2,290
Ambac Financial Group, Inc.	21,300		1,564
American International Group, Inc.	24,700		1,761
Anthem, Inc. (a)(b)	24,100		2,158
Assurant, Inc.	8,300		219
MBIA, Inc.	12,500		714
Progressive Corporation (The)	1,600		136
St. Paul Companies, Inc. (The)	27,600		1,119
WellPoint Health Networks Inc. (a)	5,400		605
XL Capital Ltd.–Class A	5,300		400
Insurance Agents, Brokers & Service (0.8%)
Hartford Financial Services Group, Inc. (The)	26,400		1,815
Life Insurance (0.5%)
Genworth Financial, Inc.–Class A (a)(b)	28,100		645
Protective Life Corporation	1,300		50
Torchmark Corporation	8,500		457
Lumber & Other Building Materials (1.9%)
Home Depot, Inc. (The)	82,100		2,890
Lowe’s Companies, Inc.	31,800		1,671
Lumber & Wood Products (0.3%)
Masco Corporation	24,200		755
Manufacturing Industries (0.4%)
Hasbro Inc.	47,800		908
Medical Instruments & Supplies (1.6%)
Becton, Dickinson and Company (b)	3,000		155
Boston Scientific Corporation (a)	34,900		1,494
Guidant Corporation	36,100		2,017
Mortgage Bankers & Brokers (1.0%)
Countrywide Financial Corporation	21,400		1,503
Doral Financial Corporation	7,000		242
GreenPoint Financial Corp.	14,300		568
Motion Pictures (0.6%)
Fox Entertainment Group, Inc.–Class A (a)	48,600		1,298
Time Warner Inc. (a)	12,100		213
Oil & Gas Extraction (2.7%)
Anadarko Petroleum Corporation	11,600		680
ConocoPhillips	38,900		2,968
Devon Energy Corporation	5,900		389
Dynegy Inc. (a)	8,800		37
Pride International, Inc. (a)(b)	33,000		565
Rowan Companies, Inc. (a)	22,500		547
Unocal Corporation	30,600		1,163

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

J.P. Morgan Enhanced Index    2

J.P. Morgan Enhanced Index

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Shares	Value
Paper & Allied Products (0.4%)
3M Company	2,400	$	216
Kimberly-Clark Corporation	3,900		257
Smurfit-Stone Container Corporation (a)	18,200		363
Petroleum Refining (3.1%)
ChevronTexaco Corporation	16,300		1,534
Exxon Mobil Corporation	117,500		5,218
Valero Energy Corporation	6,800		502
Pharmaceuticals (9.7%)
Amgen Inc. (a)	44,400		2,423
Biogen, Inc. (a)	2,000		127
Forest Laboratories, Inc. (a)	37,200		2,107
Gilead Sciences, Inc. (a)	5,600		375
Human Genome Sciences, Inc. (a)	9,500		110
Johnson & Johnson	91,800		5,113
Lilly (Eli) and Company	30,300		2,118
Medicis Pharmaceutical Corporation–Class A	17,900		715
Medimmune, Inc. (a)	11,200		262
Merck & Co., Inc.	23,100		1,097
Pfizer Inc.	159,500		5,468
Sepracor Inc. (a)(b)	14,000		741
Watson Pharmaceuticals, Inc. (a)	11,900		320
Wyeth	44,900		1,624
Primary Metal Industries (1.2%)
Alcoa Inc.	37,000		1,222
United States Steel Corporation (b)	44,900		1,577
Printing & Publishing (1.3%)
Gannett Co., Inc.	23,500		1,994
Scripps (E.W.) Company (The) (b)	7,900		830
Tribune Company	4,000		182
Railroads (0.5%)
CSX Corporation	9,900		324
Norfolk Southern Corporation	36,600		971
Real Estate (0.1%)
Rouse Company (The) (b)	3,500		166
Residential Building Construction (0.1%)
Lennar Corporation (b)	5,200		233
Restaurants (1.1%)
McDonald’s Corporation	70,200		1,825
Wendy’s International, Inc.	4,100		143
YUM! Brands, Inc. (a)	18,600		692
Rubber & Misc. Plastic Products (0.5%)
NIKE, Inc.–Class B	14,800		1,121
Savings Institutions (0.4%)
Washington Mutual, Inc.	27,000		1,043
Security & Commodity Brokers (2.9%)
Goldman Sachs Group, Inc. (The)	16,600		1,563
Legg Mason, Inc.	10,200		928

	Shares		Value
Security & Commodity Brokers (continued)
Morgan Stanley		62,000	$	3,273
Schwab (Charles) Corporation (The)		107,800		1,036
Telecommunications (3.4%)
BellSouth Corporation		10,100		265
Nextel Communications, Inc.–Class A (a)		48,300		1,288
Qwest Communications International Inc. (a)		29,300		105
SBC Communications Inc.		70,400		1,707
Sprint Corporation (FON Group)		64,400		1,133
Verizon Communications, Inc.		100,500		3,638
Trucking & Warehousing (0.4%)
United Parcel Service, Inc.–Class B		14,000		1,052
U.S. Government Agencies (1.1%)
Fannie Mae		14,700		1,049
Freddie Mac		24,800		1,570
Variety Stores (2.3%)
Family Dollar Stores, Inc.		3,400		103
Target Corporation		29,000		1,232
Wal-Mart Stores, Inc.		76,300		4,026
Water Transportation (0.5%)
Carnival Corporation		25,800		1,213
Wholesale Trade Nondurable Goods (0.1%)
SYSCO Corporation		8,600		308
Total Common Stocks (cost: $210,543)				234,184
	Principal		Value
SHORT-TERM U.S. GOVERNMENT OBLIGATIONS (2.3%)
U. S. Treasury Bill
1.04%, due 09/02/2004	$	2	$	2
1.06%, due 09/09/2004		253		252
1.13%, due 09/16/2004		30		30
1.25%, due 09/16/2004		15		15
1.28%, due 09/16/2004		219		218
1.25%, due 09/23/2004		137		137
1.30%, due 09/30/2004		614		612
1.31%, due 09/30/2004		142		142
1.36%, due 10/07/2004		3,964		3,949
1.38%, due 10/14/2004		176		175
Total Short-Term U.S. Government Obligations (cost: $5,532)				5,532
SECURITY LENDING COLLATERAL (6.4%)
Debt (5.3%)
Agency Discount Notes (0.5%)
Fannie Mae
0.96%, due 07/01/2004		360		360
Federal Home Loan Bank
0.96%, due 07/01/2004		450		450
0.99%, due 07/01/2004		180		180
0.97%, due 07/02/2004		225		225

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

J.P. Morgan Enhanced Index    3

J.P. Morgan Enhanced Index

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Principal		Value
Bank Notes (0.1%)
Credit Suisse First Boston (USA), Inc.
1.13%, due 09/08/2004	$	90	$	90
Deutsche Bank AG
1.16%, due 10/12/2004		225		225
Commercial Paper (1.6%)
Compass Securitization–144A
1.25%, due 07/23/2004		314		314
Falcon Asset Securitization Corp–144A
1.27%, due 07/20/2004		224		224
General Electric Capital Corporation
1.20%, due 07/19/2004		224		224
1.21%, due 07/22/2004		180		180
1.22%, due 07/23/2004		180		180
1.23%, due 07/26/2004		225		225
1.22%, due 08/04/2004		449		449
Govco Incorporated–144A
1.25%, due 08/02/2004		90		90
Greyhawk Funding LLC–144A
1.12%, due 07/13/2004		179		179
1.22%, due 07/20/2004		89		89
Jupiter Securitization Corp–144A
1.07%, due 07/02/2004		90		90
Morgan Stanley
1.58%, due 10/22/2004		207		207
1.58%, due 12/10/2004		584		584
1.58%, due 03/16/2005		567		567
Sheffield Receivables–144A
1.24%, due 07/20/2004		135		135
Euro Dollar Overnight (0.2%)
Bank of Nova Scotia (The)
1.04%, due 07/06/2004		225		225
Den Danske Bank
1.08%, due 07/02/2004		225		225
Euro Dollar Terms (1.3%)
Bank of America Corporation
1.08%, due 07/19/2004		90		90
Bank of Montreal
1.20%, due 07/23/2004		46		46
Bank of Nova Scotia (The)
1.20%, due 07/14/2004		225		225
1.24%, due 07/23/2004		45		45

	Principal		Value
Euro Dollar Terms (continued)
Bank of the West Inc.
1.28%, due 07/28/2004	$	90	$	90
Branch Banking & Trust
1.08%, due 07/14/2004		45		45
Calyon
1.16%, due 07/15/2004		853		853
1.17%, due 08/04/2004		135		135
1.34%, due 08/24/2004		315		315
Fortis Bank
1.19%, due 07/14/2004		45		45
1.29%, due 09/03/2004		90		90
HBOS PLC
1.30%, due 09/03/2004		90		90
Royal Bank of Canada
1.05%, due 07/08/2004		135		135
Royal Bank of Scotland Group PLC (The)
1.06%, due 07/30/2004		405		405
Wells Fargo & Company
1.19%, due 07/14/2004		180		180
1.25%, due 07/23/2004		90		90
1.24%, due 07/26/2004		90		90
Master Notes (0.2%)
Bear Stearns Companies Inc. (The)
1.64%, due 09/08/2004		270		270
1.64%, due 12/15/2004		180		180
Repurchase Agreements (1.4%) (c)
Credit Suisse First Boston (USA), Inc.
1.54%, Repurchase Agreement dated 06/30/2004 to be repurchased at $1,051 on 07/01/2004		1,051		1,051
Goldman Sachs Group Inc. (The) 1.54%, Repurchase Agreement dated 06/30/2004 to be repurchased at $450 on 07/01/2004		450		450
Merrill Lynch & Co., Inc. 1.54%, Repurchase Agreement dated 06/30/2004 to be repurchased at $1,362 on 07/01/2004		1,362		1,362
Morgan Stanley 1.58%, Repurchase Agreement dated 06/30/2004 to be repurchased at $405 on 07/01/2004		405		405

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

J.P. Morgan Enhanced Index    4

J.P. Morgan Enhanced Index

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Shares	Value
Investment Companies (1.1%)
Money Market Funds (1.1%)
Merrill Lynch Premier Institutional Fund
1-day yield of 1.17%	372,643	$	373
Merrimac Cash Fund– Premium Class
1-day yield of 1.11%	2,312,726		2,313
Total Security Lending Collateral (cost: $15,090)			15,090
Total Investment Securities (cost: $231,366)		$	255,006
SUMMARY:
Investments, at value	108.0 %	$	255,006
Liabilities in excess of other assets	(8.0)%		(18,896	)
Net assets	100.0 %	$	236,110

FUTURES CONTRACTS:
	Contracts	Settlement Date	Amount		Net Unrealized Appreciation (Depreciation)
S&P 500 Index	6	9/16/2004	$	1,699	$	12

NOTES TO SCHEDULE OF INVESTMENTS:

(a) No dividends were paid during the preceding twelve months.

(b) At June 30, 2004, all or a portion of this security is on loan (see Note 1). The value at June 30, 2004, of all securities on loan is $ 14,557.

(c) Cash collateral for the Repurchase Agreements, valued at $ 3,335, that serve as collateral for securities lending are invested in corporate bonds with interest rates and maturity dates ranging from 0.00%–9.88% and 08/01/2004–09/25/2099, respectively.

(d) At June 30, 2004, 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 June 30, 2004, is $ 200.

(e) Value is less than $ 1.

(f) Securities valued as determined in good faith in accordance with procedures established by the Fund’s Board of Directors. Security is delisted.

DEFINITIONS:

144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2004, these securities aggregated $1,121 or 0.47% of the net assets of the Fund.

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

J.P. Morgan Enhanced Index    5

J.P. Morgan Enhanced Index

STATEMENT OF ASSETS AND LIABILITIES

At June 30, 2004

(all amounts except per share amounts in thousands)

(unaudited)

Assets:
Investment securities, at value (cost: $231,366) (including securities loaned of $14,557)	$	255,006
Cash		50
Receivables:
Interest		2
Dividends		279
Variation margin		7
Other		14
		255,358
Liabilities:
Investment securities purchased		3,979
Accounts payable and accrued liabilities:
Management and advisory fees		157
Payable for collateral for securities on loan		15,090
Other		22
		19,248
Net Assets	$	236,110
Net Assets Consist of:
Capital Stock, 50,000 shares authorized ($.01 par value)	$	180
Additional paid-in capital		242,382
Undistributed net investment income		2,676
Accumulated net realized gain (loss) from:
Investment securities		(32,886	)
Futures contracts		106
Net unrealized appreciation (depreciation) on:
Investment securities		23,640
Futures contracts		12
Net Assets	$	236,110
Net Assets by Class:
Initial Class	$	233,831
Service Class		2,279
Shares Outstanding:
Initial Class		17,806
Service Class		173
Net Asset Value and Offering Price Per Share:
Initial Class	$	13.13
Service Class		13.15

STATEMENT OF OPERATIONS

For the period ended June 30, 2004

(all amounts in thousands)

(unaudited)

Investment Income:
Interest	$	20
Dividends		1,823
Income from loaned securities–net		8
		1,851
Expenses:
Management and advisory fees		877
Printing and shareholder reports		1
Custody fees		22
Administration fees		18
Legal fees		1
Auditing and accounting fees		6
Directors fees		3
Service fees:
Service Class		2
Total expenses		930
Net Investment Income (Loss)		921
Net Realized Gain (Loss) from:
Investment securities		10,707
Futures contracts		106
		10,813
Net Increase (Decrease) in Unrealized Appreciation (Depreciation) on:
Investment securities		(4,914	)
Futures contracts		(73	)
		(4,987	)
Net Gain (Loss) on Investment Securities and Futures Contracts		5,826
Net Increase (Decrease) in Net Assets Resulting from Operations	$	6,747

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

J.P. Morgan Enhanced Index    6

J.P. Morgan Enhanced Index

STATEMENTS OF CHANGES IN NET ASSETS

For the period or year ended

(all amounts in thousands)

	June 30, 2004 (unaudited)			December 31, 2003
Increase (Decrease) In Net Assets From:
Operations:
Net investment income (loss)	$	921		$	1,756
Net realized gain (loss) from investment securities and futures contracts		10,813			(2,489	)
Net unrealized appreciation (depreciation) on investment securities and futures contracts		(4,987	)		52,678
		6,747			51,945
Distributions to Shareholders:
From net investment income:
Initial Class		–			(1,047	)
Service Class		–			–
		–			(1,047	)
From net realized gains:
Initial Class		–			–
Service Class		–			–
		–			–
Capital Share Transactions:
Proceeds from shares sold:
Initial Class		21,763			55,773
Service Class		1,887			1,170
		23,650			56,943
Dividends and distributions reinvested:
Initial Class		–			1,047
Service Class		–			–
		–			1,047
Cost of shares redeemed:
Initial Class		(28,390	)		(33,157	)
Service Class		(563	)		(322	)
		(28,953	)		(33,479	)
		(5,303	)		24,511
Net increase (decrease) in net assets		1,444			75,409
Net Assets:
Beginning of period		234,666			159,257
End of period	$	236,110		$	234,666
Undistributed Net Investment Income	$	2,676		$	1,755

	June 30, 2004 (unaudited)		December 31, 2003
Share Activity:
Shares issued:
Initial Class	1,675		5,216
Service Class	145		98
	1,820		5,314
Shares issued–reinvested from distributions:
Initial Class	–		94
Service Class	–		–
	–		94
Shares redeemed:
Initial Class	(2,196	)	(3,010	)
Service Class	(44	)	(26	)
	(2,240	)	(3,036	)
Net increase (decrease) in shares outstanding:
Initial Class	(521	)	2,300
Service Class	101		72
	(420	)	2,372

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

J.P. Morgan Enhanced Index    7

J.P. Morgan Enhanced Index

FINANCIAL HIGHLIGHTS

(unaudited for the period ended June 30, 2004)

	For the Period Ended (b)	For a share outstanding throughout each period (a)
		Net Asset Value, Beginning of Period		Investment Operations								Distributions									Net Asset Value, End of Period
				Net Investment Income (Loss)		Net Realized and Unrealized Gain (Loss)			Total Operations			From Net Investment Income			From Net Realized Gains			Total Distributions
Initial Class	06/30/2004	$	12.75	$	0.05	$	0.33		$	0.38		$	–		$	–		$	–		$	13.13
	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
	12/31/2000		18.16		0.07		(1.99	)		(1.92	)		(0.08	)		(1.03	)		(1.11	)		15.13
	12/31/1999		16.08		0.08		2.78			2.86			(0.03	)		(0.75	)		(0.78	)		18.16
Service Class	06/30/2004		12.79		0.04		0.32			0.36			–			–			–			13.15
	12/31/2003		10.43		0.06		2.31			2.37			(0.01	)		–			(0.01	)		12.79

	For the Period Ended (b)	Total Return (c)(g)		Ratios/Supplemental Data
				Net Assets, End of Period (000’s)		Ratio of Expenses to Average Net Assets (f)				Net Investment Income (Loss) to Average Net Assets (f)		Portfolio Turnover Rate (g)
						Net (d)		Total (e)
Initial Class	06/30/2004	2.98	%	$	233,831	0.79	%	0.79	%	0.79	%	30	%
	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
	12/31/2000	(10.92	)		156,517	0.87		0.87		0.53		68
	12/31/1999	18.16			153,967	0.78		0.78		0.73		56
Service Class	06/30/2004	2.81			2,279	1.04		1.04		0.55		30
	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) The inception dates of the Fund’s share classes are 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 period ended June 30, 2004 and the year ended December 31, 2003, Ratio of Net Expenses to Average Net Assets is net of fee waivers by the investment advisor, 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 and prior years, 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 for periods of less than one year.

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

J.P. Morgan Enhanced Index    8

J.P. Morgan Enhanced Index

NOTES TO FINANCIAL STATEMENTS

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

The AEGON/Transamerica Series Fund, Inc. (“ATSF”) is a Maryland corporation registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. ATSF serves as a funding vehicle for variable life insurance, variable annuity and group annuity products. J.P. Morgan Enhanced Index (“the Fund”), part of ATSF, began operations as part of the Endeavor Series Trust, on May 2, 1997. The Fund became part of ATSF on May 1, 2002.

In the normal course of business the Fund enters into contracts that contain a variety of representations and warranties, which 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.

See the Prospectus and Statement of Additional Information for a description of the Fund’s investment objective.

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 policies were consistently followed by the Fund, in accordance with GAAP.

Multiple class operations 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.

Pricing of shares: The Fund prices its shares on the basis of the net asset value of each class of shares of the Fund, which is determined as of the close of the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern Time) on each day on which the NYSE is open for trading (other than a day on which there are insufficient changes in the value of the Fund’s portfolio securities to materially affect the Fund’s net asset value or a day on which no shares are tendered for redemption and no order to purchase any shares is received).

Security valuations: Fund investments traded on an exchange are valued at the closing price on the day of valuation on the 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 by independent pricing services; 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 also are valued at fair market value as determined in good faith using guidelines established by and under the supervision of the Board of Directors, and the Fund’s Valuation Committee. These guidelines may include: the type of security; any restrictions on its resale; financial or business news of the issuer; similar or related securities that are actively trading; related corporate actions; and other significant events occurring after the close of trading in the security.

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 June 30, 2004, was paying an interest rate of 0.75%.

Repurchase agreements: The Fund is authorized to enter into repurchase agreements. The Fund, through 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. Repurchase agreements involve the risk that the seller will fail to repurchase the security, as agreed. In that case, 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 are incurred.

Securities lending: The Fund may lend securities to enhance fund earnings from investing cash collateral received in making such loans to qualified borrowers (typically broker/dealers). The Fund has engaged its custodian bank, IBT, as a lending agent to administer its securities lending program. IBT earned $3 of program net income for its services. When the Fund makes a security loan, it receives cash collateral as protection against the risk that the borrower will default on the loan, and records an asset for the cash invested collateral and a liability for the return of the collateral.

Loans of securities are required to be secured by collateral at least equal to 102% of the value of the securities at inception of the loan, and not less then 100% thereafter. The Fund may invest cash collateral in short-term money market instruments including: U.S. Treasury Bills, U.S. agency obligations, commercial paper, money market mutual funds, repurchase agreements and other highly rated, liquid investments. During the life of securities loans, the collateral and securities loaned remain subject to fluctuation in value. IBT marks to market securities loaned and the collateral each business day. If additional collateral is

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

J.P. Morgan Enhanced Index    9

J.P. Morgan Enhanced Index

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1–(continued)

due (at least $1), IBT collects additional cash collateral from the borrowers. Although securities loaned will be fully collateralized at all times, IBT may experience delays in, or may be prevented from, recovering the collateral on behalf of the Fund. The Fund may recall a loaned security position at any time from the borrower through IBT. In the event the borrower fails to timely return a recalled security, IBT may indemnify the Fund by purchasing replacement securities for the Fund at its own expense and claiming the collateral to fund such a purchase. IBT absorbs the loss if the collateral value is not sufficient to cover the cost of the replacement securities. If replacement securities are not available, IBT will credit the equivalent cash value to the Fund.

While a security is on loan, the Fund does not have the right to vote that security. However, if time permits, the Fund will attempt to recall a security on loan and vote the proxy.

Income from securities lending is included in the Statement of Operations. The amount of collateral and value of securities on loan are included in the Statement of Assets and Liabilities as well as in the Schedule of Investments.

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 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.

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 counterpart to meet the contract terms.

The underlying face amount of open futures contracts at June 30, 2004, 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: Dividend 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

AEGON/Transamerica Fund Advisers, Inc. (“ATFA”) is the Fund’s investment adviser. AEGON/Transamerica Fund Services, Inc. (“ATFS”) is the Fund’s administrator and transfer agent. AFSG Securities Corp. (“AFSG”) is the Fund’s distributor. AFSG is 100% owned by AUSA Holding Company (“AUSA”). ATFA is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) (“WRL”) and AUSA (22%). ATFS is a wholly owned subsidiary of WRL. AUSA and WRL are wholly owned indirect subsidiaries of AEGON NV, a Netherlands corporation.

Certain officers and directors of the Fund are also officers and/or directors of ATFA, ATFS, AFSG and WRL. No affiliated officer or director receives any compensation directly from the Fund.

Investment advisory fees: The Fund pays management fees to ATFA based on average daily net assets (“ANA”) at the following rate:

0.75% of ANA

ATFA 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 limitations 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 are no amounts subject to recapture at June 30, 2004.

Distribution and service fees: The Fund adopted a distribution plan (“Distribution Plan”) pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended. Pursuant to the Distribution Plan, ATSF entered into a Distribution Agreement with AFSG effective May 1, 1999.

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 ATSF 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 Fund, Inc. Semi-Annual Report 2004

J.P. Morgan Enhanced Index    10

J.P. Morgan Enhanced Index

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2004

(all amounts in thousands)

(unaudited)

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, 2005. 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 ATFS for financial and legal fund administration services, which includes such items as compliance, expenses, financial statements and other reporting, distributions, tax returns, prospectus preparation, board of directors meeting support, transfer agency and other legal matters. The Legal fees on the Statement of Operations are for fees paid to external legal counsel. The Fund paid ATFS $18 for Administration fees for the period ended June 30, 2004.

Deferred compensation plan: Each eligible Fund Director may elect participation in the Deferred Compensation Plan for Directors of ATSF (“the Plan”). Under the Plan, such Directors may defer payment of a percentage of their total fees earned as a Fund Director. These deferred amounts may be invested in any portfolio of Transamerica IDEX Mutual Funds, an affiliate of the Fund. At June 30, 2004, the value of invested plan amounts was $9. Invested plan amounts and the total liability for deferred compensation to the Directors under the Plan at June 30, 2004, are included in Net assets in the accompanying Statement of Assets and Liabilities.

NOTE  3. INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the period ended June 30, 2004, were as follows:

Purchases of securities:
Long-Term excluding U.S. Government	$	70,856
U.S. Government		201
Proceeds from maturities and sales of securities:
Long-Term excluding U.S. Government		73,178
U.S. Government		1,614

NOTE  4. FEDERAL INCOME TAX MATTERS

The Fund has not made any provision for federal income 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 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 treatments for items including, but not limited to, wash sales, foreign currency transactions, and capital loss carryforwards.

The capital loss carryforwards are available to offset future realized capital gains through the periods listed:

Capital Loss Carryforward	Available through
$     909	December 31, 2008
13,533	December 31, 2009
21,375	December 31, 2010
3,432	December 31, 2011

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of June 30, 2004, are as follows:

Federal Tax Cost Basis	$	234,875
Unrealized Appreciation	$	25,762
Unrealized (Depreciation)		(5,631	)
Net Unrealized Appreciation (Depreciation)	$	20,131

NOTE  5. OTHER MATTERS

ATSF, and certain of its affiliated entities, have received requests for information from the Staff of the Securities and Exchange Commission in connection with market timing and late trading within the funds. ATSF and the affiliated entities have voluntarily cooperated in the investigation and have been providing the information as requested.

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

J.P. Morgan Enhanced Index    11

J.P. Morgan Mid Cap Value

SCHEDULE OF INVESTMENTS

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Shares	Value
COMMON STOCKS (94.9%)
Apparel & Accessory Stores (0.9%)
TJX Companies, Inc. (The)	54,900	$	1,325
Apparel Products (3.9%)
Columbia Sportswear Company (a)	47,700		2,605
V.F. Corporation	59,900		2,917
Automotive (0.8%)
BorgWarner, Inc.	24,300		1,064
Automotive Dealers & Service Stations (3.2%)
AutoNation, Inc. (a)(b)	63,000		1,077
AutoZone, Inc. (a)(b)	42,700		3,420
Beverages (1.1%)
Brown-Forman Corporation–Class B	10,400		502
Constellation Brands, Inc. (a)	27,800		1,032
Business Services (0.6%)
Equifax Inc.	32,500		804
Chemicals & Allied Products (2.8%)
Albemarle Corporation	3,700		117
Sherwin-Williams Company (The)	42,200		1,753
Sigma-Aldrich Corporation (b)	34,900		2,080
Commercial Banks (7.7%)
Cullen/Frost Bankers, Inc.	21,000		940
M&T Bank Corporation	35,500		3,099
North Fork Bancorporation, Inc. (b)	67,400		2,565
TCF Financial Corporation	14,200		824
Wilmington Trust Corporation (b)	94,300		3,510
Computer & Data Processing Services (2.9%)
Affiliated Computer Services, Inc.–Class A (a)	14,200		752
Computer Associates International, Inc. (b)	36,500		1,024
DST Systems, Inc. (a)	24,100		1,159
IMS Health Incorporated	49,600		1,163
Computer & Office Equipment (0.8%)
Lexmark International, Inc. (a)	11,300		1,091
Electric Services (1.6%)
Dominion Resources, Inc.	24,700		1,558
Energy East Corporation	28,300		686
Electric, Gas & Sanitary Services (1.9%)
SCANA Corporation	37,300		1,357
Sempra Energy	39,400		1,357
Electrical Goods (0.5%)
Hughes Supply, Inc.	11,800		695
Electronic & Other Electric Equipment (1.0%)
Cooper Industries, Inc.–Class A	24,800		1,473
Environmental Services (1.4%)
Republic Services, Inc.	67,800		1,962

	Shares	Value
Fabricated Metal Products (1.9%)
Crane Co.	53,200	$	1,670
Fortune Brands, Inc.	8,700		656
Harsco Corporation	8,700		409
Food & Kindred Products (2.8%)
Bunge Limited	18,400		716
Dean Foods Company (a)	25,400		948
Hormel Foods Corporation	25,000		778
Smucker (J.M.) Company (The)	32,200		1,478
Gas Production & Distribution (4.1%)
Energen Corporation	21,200		1,017
Equitable Resources, Inc.	25,700		1,329
Kinder Morgan, Inc.	59,500		3,528
Health Services (1.0%)
Lincare Holdings Inc. (a)	37,700		1,239
Quest Diagnostics Incorporated	1,300		110
Holding & Other Investment Offices (3.2%)
Kimco Realty Corporation	23,300		1,060
Plum Creek Timber Company, Inc.	34,700		1,131
PS Business Parks, Inc.	28,400		1,143
Public Storage, Inc.	27,100		1,247
Industrial Machinery & Equipment (0.6%)
IDEX Corporation	26,500		910
Insurance (10.2%)
Assurant, Inc.	129,800		3,424
Cincinnati Financial Corporation	39,800		1,732
Coventry Health Care, Inc. (a)	8,600		421
MGIC Investment Corporation (b)	34,400		2,610
Old Republic International Corp.	102,000		2,419
PartnerRe Ltd.	18,100		1,027
Principal Financial Group, Inc.	33,500		1,165
SAFECO Corporation	27,500		1,210
WellPoint Health Networks Inc. (a)	4,500		504
Insurance Agents, Brokers & Service (1.1%)
Willis Group Holdings Limited	42,600		1,595
Life Insurance (1.8%)
IPC Holdings, Ltd.	69,600		2,569
Lumber & Wood Products (1.0%)
Rayonier, Inc.	32,100		1,427
Manufacturing Industries (0.2%)
Mattel, Inc.	11,800		215
Mining (1.2%)
Vulcan Materials Company	36,200		1,721
Motor Vehicles, Parts & Supplies (0.8%)
Genuine Parts Company	28,400		1,127
Oil & Gas Extraction (3.3%)
Burlington Resources Inc.	54,300		1,965
Devon Energy Corporation	41,500		2,739

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

J.P. Morgan Mid Cap Value     1

J.P. Morgan Mid Cap Value

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Shares	Value
Paper & Allied Products (0.6%)
Pactiv Corporation (a)	33,200	$	828
Personal Services (0.3%)
Block (H&R), Inc. (b)	7,900		377
Petroleum Refining (1.2%)
Premcor Inc. (a)	47,000		1,763
Pharmaceuticals (0.8%)
NBTY, Inc. (a)	37,400		1,099
Printing & Publishing (5.3%)
Deluxe Corporation (b)	44,100		1,918
Gannett Co., Inc.	27,400		2,325
Knight-Ridder, Inc.	11,400		821
Scripps (E.W.) Company (The)	18,400		1,932
Washington Post Company (The)–Class B	600		558
Real Estate (2.2%)
Brookfield Properties Corporation	51,300		1,475
LNR Property Corporation (b)	31,100		1,687
Restaurants (2.2%)
Outback Steakhouse, Inc.	56,300		2,329
YUM! Brands, Inc. (a)	21,700		808
Rubber & Misc. Plastic Products (0.8%)
Carlisle Companies Incorporated	18,500		1,152
Savings Institutions (4.0%)
Charter One Financial, Inc.	11,100		491
Golden West Financial Corporation	36,100		3,839
Webster Financial Corporation	29,600		1,392
Security & Commodity Brokers (2.4%)
Interactive Data Corporation (a)	71,900		1,252
Legg Mason, Inc.	11,600		1,056
T. Rowe Price Group, Inc.	21,300		1,074
Stone, Clay & Glass Products (1.7%)
Florida Rock Industries, Inc.	56,100		2,366
Telecommunications (4.5%)
ALLTEL Corporation	42,600		2,156
CenturyTel, Inc.	84,000		2,523
Telephone and Data Systems, Inc. (b)	23,000		1,638
Textile Mill Products (1.5%)
Mohawk Industries, Inc. (a)	28,900		2,119
Transportation Equipment (1.6%)
United Defense Industries, Inc. (a)	64,100		2,244
Variety Stores (1.5%)
Family Dollar Stores, Inc. (b)	52,300		1,591
Tuesday Morning Corporation (a)	19,400		563
Total Common Stocks (cost: $130,474)			134,526

	Principal		Value
SECURITY LENDING COLLATERAL (10.4%)
Debt (8.5%)
Agency Discount Notes (0.8%)
Fannie Mae
0.96%, due 07/01/2004	$	352	$	352
Federal Home Loan Bank
0.96%, due 07/01/2004		440		441
0.99%, due 07/01/2004		176		176
0.97%, due 07/02/2004		220		220
Bank Notes (0.2%)
Credit Suisse First Boston (USA), Inc.
1.13%, due 09/08/2004		88		88
Deutsche Bank AG
1.16%, due 10/12/2004		220		220
Commercial Paper (2.6%)
Compass Securitization–144A
1.25%, due 07/23/2004		308		308
Falcon Asset Securitization Corp–144A
1.27%, due 07/20/2004		220		220
General Electric Capital Corporation
1.20%, due 07/19/2004		220		220
1.21%, due 07/22/2004		176		176
1.22%, due 07/23/2004		176		176
1.23%, due 07/26/2004		220		220
1.22%, due 08/04/2004		440		440
Govco Incorporated–144A
1.25%, due 08/02/2004		88		88
Greyhawk Funding LLC–144A
1.12%, due 07/13/2004		176		176
1.22%, due 07/20/2004		88		88
Jupiter Securitization Corp–144A
1.07%, due 07/02/2004		88		88
Morgan Stanley
1.58%, due 10/22/2004		203		203
1.58%, due 12/10/2004		573		574
1.58%, due 03/16/2005		555		556
Sheffield Receivables–144A
1.24%, due 07/20/2004		132		132
Euro Dollar Overnight (0.3%)
Bank of Nova Scotia (The)
1.04%, due 07/06/2004		220		220
Den Danske Bank
1.08%, due 07/02/2004		220		220
Euro Dollar Terms (2.0%)
Bank of America Corporation
1.08%, due 07/19/2004		88		88
Bank of Montreal
1.20%, due 07/23/2004		45		45
Bank of Nova Scotia (The)
1.20%, due 07/14/2004		220		220
1.24%, due 07/23/2004		44		44

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

J.P. Morgan Mid Cap Value    2

J.P. Morgan Mid Cap Value

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Principal		Value
Euro Dollar Terms (continued)
Bank of the West Inc.
1.28%, due 07/28/2004	$	88	$	88
Branch Banking & Trust
1.08%, due 07/14/2004		44		44
Calyon
1.16%, due 07/15/2004		837		837
1.17%, due 08/04/2004		132		132
1.34%, due 08/24/2004		308		308
Fortis Bank
1.19%, due 07/14/2004		44		44
1.29%, due 09/03/2004		88		88
HBOS PLC
1.30%, due 09/03/2004		88		88
Royal Bank of Canada
1.05%, due 07/08/2004		132		132
Royal Bank of Scotland Group PLC (The)
1.06%, due 07/30/2004		396		396
Wells Fargo & Company
1.19%, due 07/14/2004		176		176
1.25%, due 07/23/2004		88		88
1.24%, due 07/26/2004		88		88
Master Notes (0.3%)
Bear Stearns Companies Inc. (The)
1.64%, due 09/08/2004		264		264
1.64%, due 12/15/2004		176		176
Repurchase Agreements (2.3%) (c)
Credit Suisse First Boston (USA), Inc. 1.54%, Repurchase Agreement dated 06/30/2004 to be repurchased at $1,031 on 07/01/2004		1,031		1,031

	Principal		Value
Repurchase Agreements (continued)
Goldman Sachs Group Inc. (The) 1.54%, Repurchase Agreement dated 06/30/2004 to be repurchased at $442 on 07/01/2004	$	442	$	442
Merrill Lynch & Co., Inc. 1.54%, Repurchase Agreement dated 06/30/2004 to be repurchased at $1,335 on 07/01/2004		1,335		1,335
Morgan Stanley 1.58%, Repurchase Agreement dated 06/30/2004 to be repurchased at $396 on 07/01/2004		396		396
	Shares		Value
Investment Companies (1.9%)
Money Market Funds (1.9%)
Merrill Lynch Premier Institutional Fund
1 day yield of 1.17%		365,025	$	365
Merrimac Cash Fund– Premium Class
1 day yield of 1.11%		2,265,448		2,265
Total Security Lending Collateral (cost: $14,782)				14,782
Total Investment Securities (cost: $145,256)			$	149,308
SUMMARY:
Investments, at value		105.3 %	$	149,308
Liabilities in excess of other assets		(5.3)%		(7,487	)
Net assets		100.0 %	$	141,821

NOTES TO SCHEDULE OF INVESTMENTS:

(a) No dividends were paid during the preceding twelve months.

(b) At June 30, 2004, all or a portion of this security is on loan (see Note 1). The value at June 30, 2004, of all securities on loan is $14,381.

(c) Cash collateral for the Repurchase Agreements, valued at $3,267, that serve as collateral for securities lending are invested in corporate bonds with interest rates and maturity dates ranging from 0.00%–9.88% and 08/01/2004–09/25/2099, respectively.

DEFINITIONS:

144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2004, these securities aggregated $1,100 or 0.78% of the net assets of the Fund.

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

J.P. Morgan Mid Cap Value     3

J.P. Morgan Mid Cap Value

STATEMENT OF ASSETS AND LIABILITIES

At June 30, 2004

(all amounts except per share amounts in thousands)

(unaudited)

Assets:
Investment securities, at value (cost: $ 145,256) (including securities loaned of $14,381)	$	149,308
Cash		6,605
Receivables:
Investment securities sold		1,165
Interest		2
Dividends		161
Dividend reclaims receivable		1
Other		11
		157,253
Liabilities:
Investment securities purchased		506
Accounts payable and accrued liabilities:
Management and advisory fees		124
Payable for collateral for securities on loan		14,782
Other		20
		15,432
Net Assets	$	141,821
Net Assets Consist of:
Capital Stock, 50,000 shares authorized ($.01 par value)	$	108
Additional paid-in capital		134,583
Undistributed net investment income		263
Undistributed net realized gain (loss) from: Investment securities		2,815
Net unrealized appreciation (depreciation) on:
Investment securities		4,052
Net Assets	$	141,821
Net Assets by Class:
Initial Class	$	141,342
Service Class		479
Shares Outstanding:
Initial Class		10,717
Service Class		36
Net Asset Value and Offering Price Per Share:
Initial Class	$	13.19
Service Class		13.17

STATEMENT OF OPERATIONS

For the period ended June 30, 2004

(all amounts in thousands)

(unaudited)

Investment Income:
Interest	$	7
Dividends		652
Income from loaned securities–net		7
Less withholding taxes on foreign dividends		(1	)
		665
Expenses:
Management and advisory fees		388
Printing and shareholder reports		12
Custody fees		14
Administration fees		7
Auditing and accounting fees		6
Directors fees		1
Service fees:
Service Class		1
Total expenses before recovery of waived expenses		429
Recovered expenses		29
Total expenses		458
Net Investment Income (Loss)		207
Net Realized Gain (Loss) from:
Investment securities		10,042
Net Increase (Decrease) in Unrealized Appreciation (Depreciation) on:
Investment securities		(8,181	)
Net Gain (Loss) on Investment Securities		1,861
Net Increase (Decrease) in Net Assets Resulting from Operations	$	2,068

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

J.P. Morgan Mid Cap Value    4

J.P. Morgan Mid Cap Value

STATEMENTS OF CHANGES IN NET ASSETS

For the period or year ended

(all amounts in thousands)

	June 30, 2004 (unaudited)			December 31, 2003
Increase (Decrease) In Net Assets From:
Operations:
Net investment income (loss)	$	207		$	58
Net realized gain (loss) from investment securities		10,042			137
Net unrealized appreciation (depreciation) on investment securities		(8,181	)		15,809
		2,068			16,004
Distributions to Shareholders:
From net investment income:
Initial Class		–			(65	)
Service Class		–			–
		–			(65	)
From net realized gains:
Initial Class		–			–
Service Class		–			–
		–			–
Capital Share Transactions:
Proceeds from shares sold:
Initial Class		74,174			22,377
Service Class		308			278
		74,482			22,655
Dividends and distributions reinvested:
Initial Class		–			65
Service Class		–			–
		–			65
Cost of shares redeemed:
Initial Class		(9,269	)		(14,175	)
Service Class		(145	)		(3	)
		(9,414	)		(14,178	)
		65,068			8,542
Net increase (decrease) in net assets		67,136			24,481
Net Assets:
Beginning of period		74,685			50,204
End of period	$	141,821		$	74,685
Undistributed Net Investment Income	$	263		$	56

	June 30, 2004 (unaudited)		December 31, 2003
Share Activity:
Shares issued:
Initial Class	5,665		2,026
Service Class	23		24
	5,688		2,050
Shares issued–reinvested from distributions:
Initial Class	–		6
Service Class	–		–
	–		6
Shares redeemed:
Initial Class	(703	)	(1,374	)
Service Class	(11	)	–
	(714	)	(1,374	)
Net increase (decrease) in shares outstanding:
Initial Class	4,962		658
Service Class	12		24
	4,974		682

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

J.P. Morgan Mid Cap Value    5

J.P. Morgan Mid Cap Value

FINANCIAL HIGHLIGHTS

(unaudited for the period ended June 30, 2004)

	For the Period Ended (b)	For a share outstanding throughout each period (a)
		Net Asset Value, Beginning of Period		Investment Operations									Distributions									Net Asset Value, End of Period
				Net Investment Income (Loss)			Net Realized and Unrealized Gain (Loss)			Total Operations			From Net Investment Income			From Net Realized Gains			Total Distributions
Initial Class	06/30/2004	$	12.93	$	0.03		$	0.23		$	0.26		$	–		$	–		$	–		$	13.19
	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
	12/31/2000		10.72		0.03			1.36			1.39			(0.21	)		–			(0.21	)		11.90
	12/31/1999		10.00		0.04			0.68			0.72			–			–			–			10.72
Service Class	06/30/2004		12.92		0.01			0.24			0.25			–			–			–			13.17
	12/31/2003		10.21		(0.01	)		2.72			2.71			–			–			–			12.92

	For the Period Ended (b)	Total Return (c)(g)		Ratios/Supplemental Data
				Net Assets, End of Period (000’s)		Ratio of Expenses to Average Net Assets (f)				Net Investment Income (Loss) to Average Net Assets (f)		Portfolio Turnover Rate (g)
						Net (d)		Total (e)
Initial Class	06/30/2004	2.01	%	$	141,342	1.00	%	1.00	%	0.45	%	123	%
	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
	12/31/2000	12.92			14,714	1.00		1.90		0.29		111
	12/31/1999	7.20			3,384	1.00		4.89		0.58		94
Service Class	06/30/2004	1.93			479	1.25		1.25		0.19		123
	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) The inception dates of the Fund’s share classes are 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 fee waivers by the investment adviser, if any (see note 2).

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

(f) Annualized.

(g) Not annualized for periods of less than one year.

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

J.P. Morgan Mid Cap Value     6

J.P. Morgan Mid Cap Value

NOTES TO FINANCIAL STATEMENTS

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

The AEGON/Transamerica Series Fund, Inc. (“ATSF”) is a Maryland corporation registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. ATSF serves as a funding vehicle for variable life insurance, variable annuity and group annuity products. J.P. Morgan Mid Cap Value (“the Fund”), part of ATSF, began operations on May 3, 1999.

On May 3, 2004, the Fund changed its name from Dreyfus Mid Cap to J.P. Morgan Mid Cap Value and changed its sub-adviser from The Dreyfus Corporation to J.P. Morgan Investment Management, Inc.

In the normal course of business the Fund enters into contracts that contain a variety of representations and warranties, which 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.

See the Prospectus and Statement of Additional Information for a description of the Fund’s investment objective.

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 policies were consistently followed by the Fund, in accordance with GAAP.

Multiple class operations 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.

Pricing of shares: The Fund prices its shares on the basis of the net asset value of each class of shares of the Fund, which is determined as of the close of the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern Time) on each day on which the NYSE is open for trading (other than a day on which there are insufficient changes in the value of the Fund’s portfolio securities to materially affect the Fund’s net asset value or a day on which no shares are tendered for redemption and no order to purchase any shares is received).

Security valuations: Fund investments traded on an exchange are valued at the closing price on the day of valuation on the 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 by independent pricing services; 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 and are translated from the local currency into U.S. dollars using closing exchange rates. Many foreign securities markets are open for trading at times when the U.S. markets are closed for trading, and many foreign securities markets close for trading before the close of the NYSE. The value of foreign securities may be affected significantly on a day that the NYSE is closed and an investor is unable to purchase or redeem shares. 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.” If market quotations are not readily available, and the impact of such a significant market event materially affects the net asset value per share of the Fund, an affected portfolio security will be valued at fair market value as determined in good faith using guidelines adopted by the Board of Directors of the Fund, under the supervision of the Fund’s Valuation Committee. Factors that may be considered to value foreign securities at fair market value may include, among others: the value of other securities traded on other markets, foreign currency exchange activity and the trading of financial products tied to foreign securities.

Other securities for which quotations are not readily available also are valued at fair market value as determined in good faith using guidelines established by and under the supervision of the Board of Directors, and the Fund’s Valuation Committee. These guidelines may include: the type of security; any restrictions on its resale; financial or business news of the issuer; similar or related securities that are actively trading; related corporate actions; and other significant events occurring after the close of trading in the security.

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 June 30, 2004, was paying an interest rate of 0.75%.

Repurchase agreements: The Fund is authorized to enter into repurchase agreements. The Fund, through 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. Repurchase agreements involve the risk that the seller will fail to repurchase the security, as agreed. In that case, the Fund will bear the risk of value fluctuations until the security can be sold and may

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

J.P. Morgan Mid Cap Value    7

J.P. Morgan Mid Cap Value

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1–(continued)

encounter delays and incur costs in liquidating the security. In the event of bankruptcy or insolvency of the seller, delays and costs are incurred.

Directed brokerage: 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 ATSF has established a Directed Brokerage Program. A Directed Brokerage 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 ATSF, or by any other party. Directed commissions for the period ended June 30, 2004, of $18 are included in net realized gains in the Statement of Operations.

Securities lending: The Fund may lend securities to enhance fund earnings from investing cash collateral received in making such loans to qualified borrowers (typically broker/dealers). The Fund has engaged its custodian bank, IBT, as a lending agent to administer its securities lending program. IBT earned $3 of program net income for its services. When the Fund makes a security loan, it receives cash collateral as protection against the risk that the borrower will default on the loan, and records an asset for the cash invested collateral and a liability for the return of the collateral.

Loans of securities are required to be secured by collateral at least equal to 102% of the value of the securities at inception of the loan, and not less then 100% thereafter. The Fund may invest cash collateral in short-term money market instruments including: U.S. Treasury Bills, U.S. agency obligations, commercial paper, money market mutual funds, repurchase agreements and other highly rated, liquid investments. During the life of securities loans, the collateral and securities loaned remain subject to fluctuation in value. IBT marks to market securities loaned and the collateral each business day. If additional collateral is due (at least $1), IBT collects additional cash collateral from the borrowers. Although securities loaned will be fully collateralized at all times, IBT may experience delays in, or may be prevented from, recovering the collateral on behalf of the Fund. The Fund may recall a loaned security position at any time from the borrower through IBT. In the event the borrower fails to timely return a recalled security, IBT may indemnify the Fund by purchasing replacement securities for the Fund at its own expense and claiming the collateral to fund such a purchase. IBT absorbs the loss if the collateral value is not sufficient to cover the cost of the replacement securities. If replacement securities are not available, IBT will credit the equivalent cash value to the Fund.

While a security is on loan, the Fund does not have the right to vote that security. However, if time permits, the Fund will attempt to recall a security on loan and vote the proxy.

Income from securities lending is included in the Statement of Operations. The amount of collateral and value of securities on loan are included in the Statement of Assets and Liabilities as well as in the Schedule of Investments.

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 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: Dividend 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

AEGON/Transamerica Fund Advisers, Inc. (“ATFA”) is the Fund’s investment adviser. AEGON/Transamerica Fund Services, Inc. (“ATFS”) is the Fund’s administrator and transfer agent. AFSG Securities Corp. (“AFSG”) is the Fund’s distributor. AFSG is 100% owned by AUSA Holding Company (“AUSA”). ATFA is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) (“WRL”) and AUSA (22%). ATFS is a wholly owned subsidiary of WRL. AUSA and WRL are wholly owned indirect subsidiaries of AEGON NV, a Netherlands corporation.

Certain officers and directors of the Fund are also officers and/or directors of ATFA, ATFS, AFSG and WRL. No affiliated officer or director receives any compensation directly from the Fund.

The following schedule reflects the percentage of fund assets owned by affiliated mutual funds (i.e. through the asset allocation funds):

	Net Assets		% of Net Assets
Asset Allocation–Conservative Portfolio	$	1,309	1	%
Asset Allocation–Growth Portfolio		24,778	17	%
Asset Allocation–Moderate Growth Portfolio		34,249	24	%
Asset Allocation–Moderate Portfolio		4,483	3	%
Total	$	64,819	45	%

Investment advisory fees: The Fund pays management fees to ATFA based on average daily net assets (“ANA”) at the following breakpoints:

0.85% of first $100 million

0.80% of ANA over $100 million

ATFA 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

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

J.P. Morgan Mid Cap Value    8

J.P. Morgan Mid Cap Value

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  2–(continued)

If total fund expenses fall below the annual expense limitations 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 are no amounts subject to recapture at June 30, 2004.

	Advisory Fee Waived		Available for Recapture Through
Fiscal Year 2001	$	77	12/31/2004
Fiscal Year 2002		69	12/31/2005
Fiscal year 2003		9	12/31/2006

	Expenses Recovered by Adviser		Increase in Total Expenses to Average Net Assets
Recovered in 2004	$	29	0.06%

Distribution and service fees: The Fund adopted a distribution plan (“Distribution Plan”) pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended. Pursuant to the Distribution Plan, ATSF entered into a Distribution Agreement with AFSG effective May 1, 1999.

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 ATSF 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, 2005. 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 ATFS for financial and legal fund administration services, which includes such items as compliance, expenses, financial statements and other reporting, distributions, tax returns, prospectus preparation, board of directors meeting support, transfer agency and other legal matters. The Legal fees on the Statement of Operations are for fees paid to external legal counsel. The Fund paid ATFS $7 for Administration fees for the period ended June 30, 2004.

Brokerage Commissions: Brokerage commissions incurred on security transactions placed with an affiliate of the sub-advisor for the period ended June 30, 2004, were $2.

Deferred compensation plan: Each eligible Fund Director may elect participation in the Deferred Compensation Plan for Directors of ATSF (“the Plan”). Under the Plan, such Directors may defer payment of a percentage of their total fees earned as a Fund Director. These deferred amounts may be invested in any portfolio of Transamerica IDEX Mutual Funds, an affiliate of the Fund. At June 30, 2004, the value of invested plan amounts was $5. Invested plan amounts and the total liability for deferred compensation to the Directors under the Plan at June 30, 2004, are included in Net assets in the accompanying Statement of Assets and Liabilities.

NOTE  3. INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the period ended June 30, 2004, were as follows:

Purchases of securities:
Long-Term excluding U.S. Government	$	173,477
U.S. Government		–
Proceeds from maturities and sales of securities:
Long-Term excluding U.S. Government		111,583
U.S. Government		–

NOTE  4. FEDERAL INCOME TAX MATTERS

The Fund has not made any provision for federal income 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 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 treatments for items including, but not limited to, wash sales, foreign currency transactions, and capital loss carryforwards.

The capital loss carryforwards are available to offset future realized capital gains through the periods listed:

Capital Loss Carryforward	Available through
$1,280	December 31, 2009
5,118	December 31, 2010
805	December 31, 2011

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of June 30, 2004, are as follows:

Federal Tax Cost Basis	$	145,297
Unrealized Appreciation	$	5,371
Unrealized (Depreciation)		(1,360	)
Net Unrealized Appreciation (Depreciation)	$	4,011

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

J.P. Morgan Mid Cap Value    9

J.P. Morgan Mid Cap Value

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  5. OTHER MATTERS

ATSF, and certain of its affiliated entities, have received requests for information from the Staff of the Securities and Exchange Commission in connection with market timing and late trading within the funds. ATSF and the affiliated entities have voluntarily cooperated in the investigation and have been providing the information as requested.

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

J.P. Morgan Mid Cap Value    10

Marsico Growth

SCHEDULE OF INVESTMENTS

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Shares	Value
COMMON STOCKS (98.7%)
Air Transportation (3.1%)
FedEx Corporation	51,598	$	4,215
Amusement & Recreation Services (1.8%)
Mandalay Resort Group (b)	27,762		1,906
Wynn Resorts, Limited (a)(b)	13,491		521
Automotive (1.1%)
Honeywell International Inc.	40,313		1,477
Beverages (2.4%)
PepsiCo, Inc.	59,559		3,209
Business Services (2.0%)
eBay Inc. (a)	29,944		2,753
Chemicals & Allied Products (3.6%)
Monsanto Company	16,814		647
Procter & Gamble Company (The)	77,608		4,225
Commercial Banks (5.2%)
Citigroup Inc.	146,377		6,807
UCBH Holdings, Inc. (b)	6,195		245
Communications Equipment (7.8%)
Motorola, Inc.	201,601		3,679
QUALCOMM Incorporated	96,179		7,019
Computer & Data Processing Services (5.7%)
Automatic Data Processing, Inc.	17,469		732
Electronic Arts Inc. (a)	53,846		2,937
Microsoft Corporation	143,964		4,111
Computer & Office Equipment (3.0%)
Dell Inc. (a)	113,560		4,068
Drug Stores & Proprietary Stores (1.0%)
CVS Corporation	31,787		1,336
Electronic & Other Electric Equipment (4.2%)
General Electric Company	177,843		5,762
Electronic Components & Accessories (2.7%)
Texas Instruments Incorporated	15,013		363
Tyco International Ltd. (b)	99,017		3,281
Furniture & Home Furnishings Stores (1.0%)
Bed Bath & Beyond Inc. (a)	35,550		1,367
Health Services (1.5%)
Quest Diagnostics Incorporated	24,123		2,049
Industrial Machinery & Equipment (3.4%)
Caterpillar, Inc.	57,814		4,593
Insurance (5.5%)
UnitedHealth Group Incorporated	119,998		7,470
Lumber & Other Building Materials (3.2%)
Lowe’s Companies, Inc.	82,697		4,346

	Shares		Value
Medical Instruments & Supplies (9.1%)
Boston Scientific Corporation (a)		94,027	$	4,024
Medtronic, Inc.		55,412		2,700
St. Jude Medical, Inc. (a)		13,138		994
Zimmer Holdings, Inc. (a)		53,091		4,683
Mortgage Bankers & Brokers (3.2%)
Countrywide Financial Corporation (b)		61,712		4,335
Personal Credit Institutions (4.8%)
SLM Corporation		162,608		6,577
Pharmaceuticals (7.7%)
Genentech, Inc. (a)		153,040		8,601
Roche Holding AG–Genusschein		19,113		1,892
Residential Building Construction (1.6%)
Lennar Corporation (b)		48,697		2,178
Retail Trade (2.2%)
Tiffany & Co.		82,815		3,052
Rubber & Misc. Plastic Products (2.2%)
NIKE, Inc.–Class B (b)		39,528		2,994
Security & Commodity Brokers (4.8%)
Goldman Sachs Group, Inc. (The)		26,679		2,512
Merrill Lynch & Co., Inc.		74,651		4,030
Transportation Equipment (1.5%)
General Dynamics Corporation		20,704		2,056
Variety Stores (1.6%)
Wal-Mart Stores, Inc.		41,946		2,213
Water Transportation (1.8%)
Royal Caribbean Cruises Ltd. (b)		55,290		2,400
Total Common Stocks (cost: $110,631)				134,359
	Principal		Value
SHORT-TERM OBLIGATIONS (1.8%)
Investor’s Banker & Trust Company (d) 0.70%, Repurchase Agreement dated 06/30/2004 to be repurchased at $2,506 on 07/01/2004	$	2,506	$	2,506
Total Short-Term Obligations (cost: $ 2,506)				2,506
SECURITY LENDING COLLATERAL (8.7%)
Debt (7.2%)
Agency Discount Notes (0.7%)
Fannie Mae 0.96%, due 07/01/2004		282		282
Federal Home Loan Bank 0.96%, due 07/01/2004		352		352
0.99%, due 07/01/2004		141		141
0.97%, due 07/02/2004		176		176
Bank Notes (0.2%)
Credit Suisse First Boston (USA), Inc. 1.13%, due 09/08/2004		71		71

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Marsico Growth    1

Marsico Growth

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Principal		Value
Bank Notes (continued)
Deutsche Bank AG 1.16%, due 10/12/2004	$	176	$	176
Commercial Paper (2.1%)
Compass Securitization–144A 1.25%, due 07/23/2004		247		247
Falcon Asset Securitization Corp–144A 1.27%, due 07/20/2004		176		176
General Electric Capital Corporation 1.20%, due 07/19/2004		176		176
1.21%, due 07/22/2004		141		141
1.22%, due 07/23/2004		141		141
1.23%, due 07/26/2004		176		176
1.22%, due 08/04/2004		352		352
Govco Incorporated–144A 1.25%, due 08/02/2004		71		71
Greyhawk Funding LLC–144A 1.12%, due 07/13/2004		141		141
1.22%, due 07/20/2004		70		70
Jupiter Securitization Corp–144A 1.07%, due 07/02/2004		71		71
Morgan Stanley 1.58%, due 10/22/2004		162		162
1.58%, due 12/10/2004		459		459
1.58%, due 03/16/2005		445		445
Sheffield Receivables–144A 1.24%, due 07/20/2004		106		106
Euro Dollar Overnight (0.3%)
Bank of Nova Scotia (The) 1.04%, due 07/06/2004		176		176
Den Danske Bank 1.08%, due 07/02/2004		176		176
Euro Dollar Terms (1.7%)
Bank of America Corporation 1.08%, due 07/19/2004		71		71
Bank of Montreal 1.20%, due 07/23/2004		36		36
Bank of Nova Scotia (The) 1.20%, due 07/14/2004		176		176
1.24%, due 07/23/2004		35		35
Bank of the West Inc. 1.28%, due 07/28/2004		71		71
Branch Banking & Trust 1.08%, due 07/14/2004		35		35
Calyon 1.16%, due 07/15/2004		670		670
1.17%, due 08/04/2004		106		106
1.34%, due 08/24/2004		247		247
Fortis Bank 1.19%, due 07/14/2004		35		35
1.29%, due 09/03/2004		71		71
HBOS PLC 1.30%, due 09/03/2004		71		71

	Principal		Value
Euro Dollar Terms (continued)
Royal Bank of Canada 1.05%, due 07/08/2004	$	106	$	106
Royal Bank of Scotland Group PLC (The) 1.06%, due 07/30/2004		318		318
Wells Fargo & Company 1.19%, due 07/14/2004		141		141
1.25%, due 07/23/2004		71		71
1.24%, due 07/26/2004		71		71
Master Notes (0.3%)
Bear Stearns Companies Inc. (The) 1.64%, due 09/08/2004		212		212
1.64%, due 12/15/2004		141		141
Repurchase Agreements (1.9%) (c)
Credit Suisse First Boston (USA), Inc. 1.54%, Repurchase Agreement dated 06/30/2004 to be repurchased at $826 on 07/01/2004		826		826
Goldman Sachs Group Inc. (The) 1.54%, Repurchase Agreement dated 06/30/2004 to be repurchased at $353 on 07/01/2004		353		353
Merrill Lynch & Co., Inc. 1.54%, Repurchase Agreement dated 06/30/2004 to be repurchased at $1,069 on 07/01/2004		1,069		1,069
Morgan Stanley 1.58%, Repurchase Agreement dated 06/30/2004 to be repurchased at $318 on 07/01/2004		318		318

	Shares	Value
Investment Companies (1.5%)
Money Market Funds (1.5%)
Merrill Lynch Premier Institutional Fund 1 day yield of 1.17%	292,403	$	292
Merrimac Cash Fund– Premium Class 1 day yield of 1.11%	1,814,734		1,815
Total Security Lending Collateral (cost: $11,841)			11,841
Total Investment Securities (cost: $124,978)		$	148,706
SUMMARY:
Investments, at value	109.2 %	$	148,706
Liabilities in excess of other assets	(9.2)%		(12,511	)
Net assets	100.0 %	$	136,195

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Marsico Growth    2

Marsico Growth

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

NOTES TO SCHEDULE OF INVESTMENTS:

(a) No dividends were paid during the preceding twelve months.

(b) At June 30, 2004, all or a portion of this security is on loan (see Note 1). The value at June 30, 2004, of all securities on loan is $11,514.

(c) Cash collateral for the Repurchase Agreements, valued at $2,617, that serve as collateral for securities lending are invested in corporate bonds with interest rates and maturity dates ranging from from 0.00%–9.88% and 08/01/2004–09/25/2099, respectively.

(d) At June 30, 2004, repurchase agreements are collateralized by $2,989 SBA–Pool# 505791 (3.38%, due 12/25/2026) with a market value and accrued interest of $2,632.

DEFINITIONS:

144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2004, these securities aggregated $882 or 0.65% of the net assets of the Fund.

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Marsico Growth    3

Marsico Growth

STATEMENT OF ASSETS AND LIABILITIES

At June 30, 2004

(all amounts except per share amounts in thousands)

(unaudited)

Assets:
Investment securities, at value (cost: $ 124,978) (including securities loaned of $11,514)	$	148,706
Cash		50
Receivables:
Investment securities sold		1,315
Dividends		97
Other		16
		150,184
Liabilities:
Investment securities purchased		2,028
Accounts payable and accrued liabilities:
Management and advisory fees		97
Service fees		1
Payable for collateral for securities on loan		11,841
Other		22
		13,989
Net Assets	$	136,195
Net Assets Consist of:
Capital stock, 50,000 shares authorized ($.01 par value)	$	159
Additional paid-in capital		124,846
Undistributed net investment income		74
Accumulated net realized gain (loss) from:
Investment securities		(12,581	)
Foreign currency transactions		(31	)
Net unrealized appreciation (depreciation) on: Investment securities		23,728
Net Assets	$	136,195
Net Assets by Class:
Initial Class	$	132,112
Service Class		4,083
Shares Outstanding:
Initial Class		15,391
Service Class		477
Net Asset Value and Offering Price Per Share:
Initial Class	$	8.58
Service Class		8.56

STATEMENT OF OPERATIONS

For the period ended June 30, 2004

(all amounts in thousands)

(unaudited)

Investment Income:
Interest	$	8
Dividends		641
Income from loaned securities–net		4
Less withholding taxes on foreign dividends		(4	)
		649
Expenses:
Management and advisory fees		537
Printing and shareholder reports		7
Custody fees		14
Administration fees		10
Legal fees		1
Auditing and accounting fees		6
Directors fees		2
Service fees:
Service Class		3
Total expenses		580
Net Investment Income (Loss)		69
Net Realized Gain (Loss) from:
Investment securities		1,875
Foreign currency transactions		(31	)
		1,844
Net Increase (Decrease) in Unrealized Appreciation (Depreciation) on:
Investment securities		(400	)
Translation of assets and liabilities denominated in foreign currencies		31
		(369	)
Net Gain (Loss) on Investment Securities and Foreign Currency Transactions		1,475
Net Increase (Decrease) in Net Assets Resulting from Operations	$	1,544

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Marsico Growth    4

Marsico Growth

STATEMENTS OF CHANGES IN NET ASSETS

For the period or year ended

(all amounts in thousands)

	June 30, 2004 (unaudited)			December 31, 2003
Increase (Decrease) In Net Assets From:
Operations:
Net investment income (loss)	$	69		$	(245	)
Net realized gain (loss) from investment securities and foreign currency transactions		1,844			3,092
Net unrealized appreciation (depreciation) on investment securities		(369	)		29,090
		1,544			31,937
Distributions to Shareholders:
From net investment income:
Initial Class		–			–
Service Class		–			–
		–			–
From net realized gains:
Initial Class		–			–
Service Class		–			–
		–			–
Capital Share Transactions:
Proceeds from shares sold:
Initial Class		14,092			73,160
Service Class		3,430			765
		17,522			73,925
Dividends and distributions reinvested:
Initial Class		–			–
Service Class		–			–
		–			–
Cost of shares redeemed:
Initial Class		(18,844	)		(72,258	)
Service Class		(162	)		(43	)
		(19,006	)		(72,301	)
		(1,484	)		1,624
Net increase (decrease) in net assets		60			33,561
Net Assets:
Beginning of period		136,135			102,574
End of period	$	136,195		$	136,135
Undistributed Net Investment Income	$	74		$	5

	June 30, 2004 (unaudited)		December 31, 2003
Share Activity:
Shares issued:
Initial Class	1,658		10,137
Service Class	406		95
	2,064		10,232
Shares issued–reinvested from distributions:
Initial Class	–		–
Service Class	–		–
	–		–
Shares redeemed:
Initial Class	(2,214	)	(9,463	)
Service Class	(19	)	(5	)
	(2,233	)	(9,468	)
Net increase (decrease) in shares outstanding:
Initial Class	(556	)	674
Service Class	387		90
	(169	)	764

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Marsico Growth    5

Marsico Growth

FINANCIAL HIGHLIGHTS

(unaudited for the period ended June 30, 2004)

	For the Period Ended (b)	For a share outstanding throughout each period (a)
		Net Asset Value, Beginning of Period		Investment Operations									Distributions									Net Asset Value, End of Period
				Net Investment Income (Loss)			Net Realized and Unrealized Gain (Loss)			Total Operations			From Net Investment Income			From Net Realized Gains			Total Distributions
Initial Class	06/30/2004	$	8.49	$	–		$	0.09		$	0.09		$	–		$	–		$	–		$	8.58
	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
	12/31/2000		11.75		0.02			(0.95	)		(0.93	)		(0.10	)		(0.05	)		(0.15	)		10.67
	12/31/1999		10.00		0.01			1.74			1.75			–			–			–			11.75
Service Class	06/30/2004		8.48		–			0.08			0.08			–			–			–			8.56
	12/31/2003		7.06		(0.03	)		1.45			1.42			–			–			–			8.48

	For the Period Ended (b)	Total Return (c)(g)		Ratios/Supplemental Data
				Net Assets, End of Period (000’s)		Ratio of Expenses to Average Net Assets (f)				Net Investment Income (Loss) to Average Net Assets (f)		Portfolio Turnover Rate (g)
						Net (d)		Total (e)
Initial Class	06/30/2004	1.06	%	$	132,112	0.86	%	0.86	%	0.11	%	57	%
	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
	12/31/2000	(8.02	)		20,185	1.00		1.37		0.15		37
	12/31/1999	17.50			8,204	1.00		2.68		0.12		40
Service Class	06/30/2004	0.94			4,083	1.11		1.11		(0.14	)	57
	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) The inception dates of the Fund’s share classes are 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 fee waivers by the investment adviser, if any (see note 2).

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

(f) Annualized.

(g) Not annualized for periods of less than one year.

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Marsico Growth    6

Marsico Growth

NOTES TO FINANCIAL STATEMENTS

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

The AEGON/Transamerica Series Fund, Inc. (“ATSF”) is a Maryland corporation registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. ATSF serves as a funding vehicle for variable life insurance, variable annuity and group annuity products. Marsico Growth (“the Fund”), part of ATSF, began operations on May 3, 1999.

In the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties, which 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.

See the Prospectus and Statement of Additional Information for a description of the Fund’s investment objective.

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 policies were consistently followed by the Fund, in accordance with GAAP.

Multiple class operations 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.

Pricing of shares: The Fund prices its shares on the basis of the net asset value of each class of shares of the Fund, which is determined as of the close of the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern Time) on each day on which the NYSE is open for trading (other than a day on which there are insufficient changes in the value of the Fund’s portfolio securities to materially affect the Fund’s net asset value or a day on which no shares are tendered for redemption and no order to purchase any shares is received).

Security valuations: Fund investments traded on an exchange are valued at the closing price on the day of valuation on the 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 by independent pricing services; 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 and are translated from the local currency into U.S. dollars using closing exchange rates. Many foreign securities markets are open for trading at times when the U.S. markets are closed for trading, and many foreign securities markets close for trading before the close of the NYSE. The value of foreign securities may be affected significantly on a day that the NYSE is closed and an investor is unable to purchase or redeem shares. 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.” If market quotations are not readily available, and the impact of such a significant market event materially affects the net asset value per share of the Fund, an affected portfolio security will be valued at fair market value as determined in good faith using guidelines adopted by the Board of Directors of the Fund, under the supervision of the Fund’s Valuation Committee. Factors that may be considered to value foreign securities at fair market value may include, among others: the value of other securities traded on other markets, foreign currency exchange activity and the trading of financial products tied to foreign securities.

Other securities for which quotations are not readily available also are valued at fair market value as determined in good faith using guidelines established by and under the supervision of the Board of Directors, and the Fund’s Valuation Committee. These guidelines may include: the type of security; any restrictions on its resale; financial or business news of the issuer; similar or related securities that are actively trading; related corporate actions; and other significant events occurring after the close of trading in the security.

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 June 30, 2004, was paying an interest rate of 0.75%.

Repurchase agreements: The Fund is authorized to enter into repurchase agreements. The Fund, through 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. Repurchase agreements involve the risk that the seller will fail to repurchase the security, as agreed. In that case, 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 are incurred.

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

Marsico Growth    7

Marsico Growth

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1–(continued)

Directed brokerage: 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 ATSF has established a Directed Brokerage Program. A Directed Brokerage 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 ATSF, or by any other party. Directed commissions for the period ended June 30, 2004, of $13 are included in net realized gains in the Statement of Operations.

Securities lending: The Fund may lend securities to enhance fund earnings from investing cash collateral received in making such loans to qualified borrowers (typically broker/dealers). The Fund has engaged its custodian bank, IBT, as a lending agent to administer its securities lending program. IBT earned $2 of program net income for its services. When the Fund makes a security loan, it receives cash collateral as protection against the risk that the borrower will default on the loan, and records an asset for the cash invested collateral and a liability for the return of the collateral.

Loans of securities are required to be secured by collateral at least equal to 102% of the value of the securities at inception of the loan, and not less then 100% thereafter. The Fund may invest cash collateral in short-term money market instruments including: U.S. Treasury Bills, U.S. agency obligations, commercial paper, money market mutual funds, repurchase agreements and other highly rated, liquid investments. During the life of securities loans, the collateral and securities loaned remain subject to fluctuation in value. IBT marks to market securities loaned and the collateral each business day. If additional collateral is due (at least $1), IBT collects additional cash collateral from the borrowers. Although securities loaned will be fully collateralized at all times, IBT may experience delays in, or may be prevented from, recovering the collateral on behalf of the Fund. The Fund may recall a loaned security position at any time from the borrower through IBT. In the event the borrower fails to timely return a recalled security, IBT may indemnify the Fund by purchasing replacement securities for the Fund at its own expense and claiming the collateral to fund such a purchase. IBT absorbs the loss if the collateral value is not sufficient to cover the cost of the replacement securities. If replacement securities are not available, IBT will credit the equivalent cash value to the Fund.

While a security is on loan, the Fund does not have the right to vote that security. However, if time permits, the Fund will attempt to recall a security on loan and vote the proxy.

Income from securities lending is included in the Statement of Operations. The amount of collateral and value of securities on loan are included in the Statement of Assets and Liabilities as well as in the Schedule of Investments.

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 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, including unanticipated movements in exchange currency rates, the degree of government supervision and regulation of security markets, and the possibility of political or economic instability.

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 closed 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.

Dividend distributions: Dividend 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

AEGON/Transamerica Fund Advisers, Inc. (“ATFA”) is the Fund’s investment adviser. AEGON/Transamerica Fund Services, Inc. (“ATFS”) is the Fund’s administrator and transfer agent. AFSG Securities Corp. (“AFSG”) is the Fund’s distributor. AFSG is 100% owned by AUSA Holding Company (“AUSA”). ATFA is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) (“WRL”) and AUSA (22%). ATFS is a wholly owned subsidiary of WRL. AUSA and WRL are wholly owned indirect subsidiaries of AEGON NV, a Netherlands corporation.

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

Marsico Growth    8

Marsico Growth

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  2–(continued)

Certain officers and directors of the Fund are also officers and/or directors of ATFA, ATFS, AFSG and WRL. No affiliated officer or director receives any compensation directly from the Fund.

The following schedule reflects the percentage of fund assets owned by affiliated mutual funds (i.e., through the asset allocation funds):

	Net Assets		% of Net Assets
Asset Allocation–Conservative Portfolio	$	7,823	6	%
Asset Allocation–Moderate Portfolio		40,484	30	%
Total	$	48,307	36	%

Investment advisory fees: The Fund pays management fees to ATFA based on average daily net assets (“ANA”) at the following breakpoints:

0.80% of first $250 million

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

ATFA 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 limitations 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 are no amounts subject to recapture at June 30, 2004.

Distribution and service fees: The Fund adopted a distribution plan (“Distribution Plan”) pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended. Pursuant to the Distribution Plan, ATSF entered into a Distribution Agreement with AFSG effective May 1, 1999.

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 ATSF 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, 2005. 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 ATFS for financial and legal fund administration services, which includes such items as compliance, expenses, financial statements and other reporting, distributions, tax returns, prospectus preparation, board of directors meeting support, transfer agency and other legal matters. The Legal fees on the Statement of Operations are for fees paid to external legal counsel. The Fund paid ATFS $10 for Administration fees for the period ended June 30, 2004.

Deferred compensation plan: Each eligible Fund Director may elect participation in the Deferred Compensation Plan for Directors of ATSF (“the Plan”). Under the Plan, such Directors may defer payment of a percentage of their total fees earned as a Fund Director. These deferred amounts may be invested in any portfolio of Transamerica IDEX Mutual Funds, an affiliate of the Fund. At June 30, 2004, the value of invested plan amounts was $5. Invested plan amounts and the total liability for deferred compensation to the Directors under the Plan at June 30, 2004, are included in Net assets in the accompanying Statement of Assets and Liabilities.

NOTE  3. INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the period ended June 30, 2004, were as follows:

Purchases of securities:
Long-Term excluding U.S. Government	$	75,889
U.S. Government		—
Proceeds from maturities and sales of securities:
Long-Term excluding U.S. Government		69,135
U.S. Government		4,479

NOTE  4. FEDERAL INCOME TAX MATTERS

The Fund has not made any provision for federal income 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 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 treatments for items including, but not limited to, wash sales, foreign currency transactions, and capital loss carryforwards.

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

Marsico Growth    9

Marsico Growth

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  4–(continued)

The capital loss carryforwards are available to offset future realized capital gains through the periods listed:

Capital Loss Carryforward	Available through
$1,890	December 31, 2009
6,745	December 31, 2010
5,283	December 31, 2011

The Fund has elected to treat the net capital and currency losses incurred in the two month period prior to December 31, 2003 of $222 (Post-October Loss Deferred) as having been incurred in the fiscal year ending December 31, 2004.

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of June 30, 2004, are as follows:

Federal Tax Cost Basis	$	125,046
Unrealized Appreciation	$	24,541
Unrealized (Depreciation)		(881	)
Net Unrealized Appreciation (Depreciation)	$	23,660

NOTE  5. OTHER MATTERS

ATSF, and certain of its affiliated entities, have received requests for information from the Staff of the Securities and Exchange Commission in connection with market timing and late trading within the funds. ATSF and the affiliated entities have voluntarily cooperated in the investigation and have been providing the information as requested.

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

Marsico Growth    10

Mercury Large Cap Value

SCHEDULE OF INVESTMENTS

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Shares	Value
COMMON STOCKS (100.0%)
Aerospace (0.5%)
Northrop Grumman Corporation	40,000	$	2,148
Amusement & Recreation Services (2.5%)
Disney (Walt) Company (The)	255,000		6,500
Mandalay Resort Group	48,000		3,295
Apparel & Accessory Stores (2.1%)
Limited, Inc. (The)	235,000		4,395
Nordstrom, Inc.	91,000		3,878
Auto Repair, Services & Parking (0.5%)
Ryder System, Inc. (b)	47,000		1,883
Automotive (3.5%)
Ford Motor Company	164,000		2,567
General Motors Corporation	114,000		5,310
Honeywell International Inc.	164,000		6,007
Chemicals & Allied Products (1.7%)
du Pont (E.I.) de Nemours and Company	149,800		6,654
Commercial Banks (8.1%)
Bank of America Corporation	47,000		3,977
Citigroup Inc.	293,925		13,668
KeyCorp	159,000		4,753
Morgan Chase & Co. (J.P.)	245,000		9,499
Communications Equipment (4.4%)
Avaya Inc. (a)	246,000		3,884
Lucent Technologies Inc. (a)	1,324,000		5,004
Motorola, Inc. (b)	214,000		3,906
Tellabs, Inc. (a)(b)	492,000		4,300
Computer & Data Processing Services (2.6%)
Autodesk, Inc. (b)	96,000		4,110
Computer Sciences Corporation (a)(b)	48,000		2,229
Microsoft Corporation	136,000		3,884
Computer & Office Equipment (4.3%)
Cisco Systems, Inc. (a)	162,000		3,839
Hewlett-Packard Company	400,000		8,440
Xerox Corporation (a)(b)	328,000		4,756
Construction (2.4%)
Ashland Inc.	30,000		1,584
D.R. Horton, Inc.	139,000		3,948
KB Home (b)	59,000		4,049
Department Stores (3.9%)
Federated Department Stores, Inc.	90,000		4,419
J.C. Penney Company, Inc. (b)	126,000		4,758
May Department Stores Company (The) (b)	157,000		4,316
Saks Incorporated (a)	121,000		1,815
Electric Services (1.4%)
Edison International	154,000		3,938
TXU Corp.	35,000		1,418

	Shares	Value
Electronic & Other Electric Equipment (3.3%)
General Electric Company	399,000	$	12,928
Electronic Components & Accessories (3.0%)
Advanced Micro Devices, Inc. (a)(b)	264,000		4,198
Atmel Corporation (a)	672,000		3,978
Cypress Semiconductor Corporation (a)(b)	245,000		3,477
Fabricated Metal Products (1.0%)
Fortune Brands, Inc.	53,000		3,998
Food & Kindred Products (3.5%)
Archer Daniels Midland Co.	279,000		4,682
Sara Lee Corporation	195,000		4,483
Tyson Foods, Inc.–Class A	210,000		4,400
Furniture & Fixtures (0.8%)
Lear Corporation	56,000		3,303
Industrial Machinery & Equipment (1.1%)
Cummins Inc.	70,000		4,375
Instruments & Related Products (1.9%)
Agilent Technologies, Inc. (a)	135,000		3,953
Rockwell International Corporation	94,000		3,526
Insurance (10.4%)
Allstate Corporation (The)	137,000		6,377
Anthem, Inc. (a)(b)	50,000		4,478
Aon Corporation	159,000		4,527
Chubb Corporation	53,000		3,614
CIGNA Corporation	68,000		4,679
Fidelity National Financial, Inc.	114,000		4,257
Loews Corporation	44,000		2,638
PacifiCare Health Systems, Inc. (a)	109,000		4,214
SAFECO Corporation	100,000		4,400
W.R. Berkley Corporation	40,000		1,718
Insurance Agents, Brokers & Service (2.6%)
Hartford Financial Services Group, Inc. (The)	78,000		5,361
MetLife, Inc.	133,000		4,767
Life Insurance (1.2%)
Lincoln National Corporation	97,000		4,583
Torchmark Corporation	2,000		108
Lumber & Wood Products (1.2%)
Georgia-Pacific Corporation	128,000		4,733
Medical Instruments & Supplies (1.4%)
Bard, (C.R.) Inc.	27,000		1,530
Becton, Dickinson and Company (b)	77,000		3,989
Mortgage Bankers & Brokers (1.3%)
Countrywide Financial Corporation (b)	72,000		5,057
Oil & Gas Extraction (7.1%)
Anadarko Petroleum Corporation	85,000		4,980
ConocoPhillips	100,000		7,629

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Mercury Large Cap Value    1

Mercury Large Cap Value

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Shares		Value
Oil & Gas Extraction (continued)
Dynegy Inc. (a)		349,000	$	1,487
Kerr-McGee Corporation		83,000		4,463
Occidental Petroleum Corporation		107,000		5,179
Transocean Inc. (a)		139,000		4,023
Petroleum Refining (9.8%)
Amerada Hess Corporation		59,000		4,672
ChevronTexaco Corporation		118,000		11,105
Exxon Mobil Corporation		307,000		13,634
Sunoco, Inc. (b)		69,000		4,390
Valero Energy Corporation		62,000		4,573
Pharmaceuticals (2.0%)
Invitrogen Corporation (a)(b)		56,000		4,031
Pfizer Inc.		106,000		3,634
Primary Metal Industries (3.4%)
Nucor Corporation (b)		59,000		4,529
Phelps Dodge Corporation (a)		57,000		4,418
United States Steel Corporation (b)		122,000		4,285
Railroads (1.1%)
Norfolk Southern Corporation		162,000		4,296
Restaurants (1.5%)
McDonald’s Corporation		232,000		6,032
Savings Institutions (0.7%)
Independence Community Bank Corp.		37,000		1,347
IndyMac Bancorp, Inc. (b)		46,000		1,454
Security & Commodity Brokers (1.5%)
Bear Stearns Companies Inc. (The) (b)		14,000		1,180
E*TRADE Financial Corporation (a)		358,000		3,992
Legg Mason, Inc.		7,000		637
U.S. Government Agencies (1.0%)
Fannie Mae		54,000		3,853
Variety Stores (1.3%)
Costco Wholesale Corporation		123,000		5,051
Total Common Stocks (cost: $359,849)				392,336
	Principal		Value
SECURITY LENDING COLLATERAL (10.8%)
Debt (8.9%)
Agency Discount Notes (0.9%)
Fannie Mae 0.96%, due 07/01/2004	$	1,007	$	1,007
Federal Home Loan Bank
0.96%, due 07/01/2004		1,258		1,258
0.99%, due 07/01/2004		503		503
0.97%, due 07/02/2004		629		629

	Principal		Value
Bank Notes (0.2%)
Credit Suisse First Boston (USA), Inc. 1.13%, due 09/08/2004	$	252	$	252
Deutsche Bank AG 1.16%, due 10/12/2004		629		629
Commercial Paper (2.8%)
Compass Securitization–144A
1.25%, due 07/23/2004		880		880
Falcon Asset Securitization Corp–144A
1.27%, due 07/20/2004		628		628
General Electric Capital Corporation
1.20%, due 07/19/2004		628		628
1.21%, due 07/22/2004		504		504
1.22%, due 07/23/2004		504		504
1.23%, due 07/26/2004		629		629
1.22%, due 08/04/2004		1,256		1,256
Govco Incorporated–144A
1.25%, due 08/02/2004		252		252
Greyhawk Funding LLC–144A
1.12%, due 07/13/2004		502		502
1.22%, due 07/20/2004		250		250
Jupiter Securitization Corp–144A
1.07%, due 07/02/2004		252		252
Morgan Stanley
1.58%, due 10/22/2004		579		579
1.58%, due 12/10/2004		1,635		1,635
1.58%, due 03/16/2005		1,585		1,585
Sheffield Receivables–144A
1.24%, due 07/20/2004		378		378
Euro Dollar Overnight (0.3%)
Bank of Nova Scotia (The)
1.04%, due 07/06/2004		629		629
Den Danske Bank
1.08%, due 07/02/2004		629		629
Euro Dollar Terms (2.1%)
Bank of America Corporation
1.08%, due 07/19/2004		252		252
Bank of Montreal
1.20%, due 07/23/2004		128		128
Bank of Nova Scotia (The)
1.20%, due 07/14/2004		629		629
1.24%, due 07/23/2004		126		126
Bank of the West Inc.
1.28%, due 07/28/2004		252		252
Branch Banking & Trust
1.08%, due 07/14/2004		126		126
Calyon
1.16%, due 07/15/2004		2,392		2,392
1.17%, due 08/04/2004		378		378
1.34%, due 08/24/2004		881		881

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Mercury Large Cap Value    2

Mercury Large Cap Value

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Principal		Value
Euro Dollar Terms (continued)
Fortis Bank
1.19%, due 07/14/2004	$	126	$	126
1.29%, due 09/03/2004		252		252
HBOS PLC
1.30%, due 09/03/2004		252		252
Royal Bank of Canada
1.05%, due 07/08/2004		378		378
Royal Bank of Scotland Group PLC (The)
1.06%, due 07/30/2004		1,133		1,133
Wells Fargo & Company
1.19%, due 07/14/2004		504		504
1.25%, due 07/23/2004		252		252
1.24%, due 07/26/2004		252		252
Master Notes (0.3%)
Bear Stearns Companies Inc. (The)
1.64%, due 09/08/2004		755		755
1.64%, due 12/15/2004		504		504
Repurchase Agreements (2.3%) (c)
Credit Suisse First Boston (USA), Inc. 1.54%, Repurchase agreement dated 06/30/2004 to be repurchased at $2,946 on 07/01/2004		2,946		2,946
Goldman Sachs Group Inc. (The) 1.54%, Repurchase agreement dated 06/30/2004 to be repurchased at $1,259 on 07/01/2004		1,259		1,259

	Principal		Value
Repurchase Agreements (continued)
Merrill Lynch & Co., Inc. 1.54%, Repurchase agreement dated 06/30/2004 to be repurchased at $3,814 on 07/01/2004	$	3,814	$	3,814
Morgan Stanley 1.58%, Repurchase agreement dated 06/30/2004 to be repurchased at $1,133 on 07/01/2004		1,133		1,133
	Shares		Value
Investment Companies (1.9%)
Money Market Funds (1.9%)
Merrill Lynch Premier Institutional Fund 1 day yield of 1.17%		1,043,027	$	1,043
Merrimac Cash Fund– Premium Class 1 day yield of 1.11%		6,473,317		6,473
Total Security Lending Collateral (cost: $42,238)				42,238
Total Investment Securities (cost: $402,087)			$	434,574
SUMMARY:
Investments, at value		110.7 %	$	434,574
Liabilities in excess of other assets		(10.7)%		(42,104	)
Net assets		100.0 %	$	392,470

NOTES TO SCHEDULE OF INVESTMENTS:

(a) No dividends were paid during the preceding twelve months.

(b) At June 30, 2004, all or a portion of this security is on loan (see Note 1). The value at June 30, 2004, of all securities on loan is $40,742.

(c) Cash collateral for the Repurchase Agreements, valued at $9,334, that serve as collateral for securities lending are invested in corporate bonds with interest rates and maturity dates ranging from 0.00%–9.88% and 08/01/2004–09/25/2099, respectively.

DEFINITIONS:

144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2004, these securities aggregated $3,142 or 0.80% of the net assets of the Fund.

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Mercury Large Cap Value    3

Mercury Large Cap Value

STATEMENT OF ASSETS AND LIABILITIES

At June 30, 2004

(all amounts except per share amounts in thousands)

(unaudited)

Assets:
Investment securities, at value (cost: $ 402,087) (including securities loaned of $40,742)	$	434,574
Receivables:
Investment securities sold		29,541
Dividends		642
Other		5
		464,762
Liabilities:
Investment securities purchased		28,769
Accounts payable and accrued liabilities:
Management and advisory fees		275
Due to custodian		952
Payable for collateral for securities on loan		42,238
Other		58
		72,292
Net Assets		392,470
Net Assets Consist of:
Capital stock, 100,000 shares authorized ($.01 par value)		248
Additional paid-in capital		307,137
Undistributed net investment income		6,420
Undistributed net realized gain (loss) from: Investment securities		46,178
Net unrealized appreciation (depreciation) on: Investment securities		32,487
Net Assets	$	392,470
Net Assets by Class:
Initial Class	$	390,866
Service Class		1,604
Shares Outstanding:
Initial Class		24,741
Service Class		101
Net Asset Value and Offering Price Per Share:
Initial Class	$	15.80
Service Class		15.87

STATEMENT OF OPERATIONS

For the period ended June 30, 2004

(all amounts in thousands)

(unaudited)

Investment Income:
Interest	$	25
Dividends		3,824
Income from loaned securities–net		21
Less withholding taxes on foreign dividends		(3)
		3,867
Expenses:
Management and advisory fees		1,542
Printing and shareholder reports		26
Custody fees		19
Administration fees		29
Legal fees		2
Auditing and accounting fees		7
Directors fees		5
Service fees:
Service Class		2
Total expenses		1,632
Net Investment Income (Loss)		2,235
Net Realized Gain (Loss) from:
Investment securities		41,223
Net Increase (Decrease) in Unrealized Appreciation (Depreciation) on:
Investment securities		(22,931	)
Net Gain (Loss) on Investment Securities		18,292
Net Increase (Decrease) in Net Assets Resulting from Operations	$	20,527

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Mercury Large Cap Value    4

Mercury Large Cap Value

STATEMENTS OF CHANGES IN NET ASSETS

For the period or year ended

(all amounts in thousands)

	June 30, 2004 (unaudited)			December 31, 2003
Increase (Decrease) In Net Assets From:
Operations:
Net investment income (loss)	$	2,235		$	4,184
Net realized gain (loss) from:		41,223			17,606
Net unrealized appreciation (depreciation)		(22,931	)		65,852
		20,527			87,642
Distributions to Shareholders:
From net investment income:
Initial Class		–			(2,653	)
Service Class		–			–
		–			(2,653	)
From net realized gains:
Initial Class		–			–
Service Class		–			–
		–			–
Capital Share Transactions:
Proceeds from shares sold:
Initial Class		18,903			111,588
Service Class		936			892
		19,839			112,480
Proceeds from fund acquisition:
Initial Class		991			–
Service Class		–			–
		991			–
Dividends and distributions reinvested:
Initial Class		–			2,653
Service Class		–			–
		–			2,653
Cost of shares redeemed:
Initial Class		(32,860	)		(57,904	)
Service Class		(317	)		(80	)
		(33,177	)		(57,984	)
		(12,347	)		57,149
Net increase (decrease) in net assets		8,180			142,138
Net Assets:
Beginning of period		384,290			242,152
End of period	$	392,470		$	384,290
Undistributed Net Investment Income	$	6,420		$	4,185

	June 30, 2004 (unaudited)		December 31, 2003
Share Activity:
Shares issued:
Initial Class	1,303		9,291
Service Class	60		67
	1,363		9,358
Shares issued–on fund acquisition
Initial Class	66		–
Service Class	–		–
	66		–
Shares issued–reinvested from distributions:
Initial Class	–		205
Service Class	–		–
	–		205
Shares redeemed:
Initial Class	(2,166	)	(4,713	)
Service Class	(20	)	(6	)
	(2,186	)	(4,719	)
Net increase (decrease) in shares outstanding:
Initial Class	(863	)	4,783
Service Class	40		61
	(823	)	4,844

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Mercury Large Cap Value    5

Mercury Large Cap Value

FINANCIAL HIGHLIGHTS

(unaudited for the period ended June 30, 2004)

	For the Period Ended (b)	For a share outstanding throughout each period (a)
		Net Asset Value, Beginning of Period		Investment Operations								Distributions									Net Asset Value, End of Period
				Net Investment Income (Loss)		Net Realized and Unrealized Gain (Loss)			Total Operations			From Net Investment Income			From Net Realized Gains			Total Distributions
Initial Class	06/30/2004	$	14.97	$	0.09	$	0.74		$	0.83		$	–		$	–		$	–		$	15.80
	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
	12/31/2000		12.77		0.15		1.78			1.93			(0.18	)		(0.15	)		(0.33	)		14.37
	12/31/1999		12.12		0.10		0.85			0.95			(0.10	)		(0.20	)		(0.30	)		12.77
Service Class	06/30/2004		15.06		0.07		0.74			0.81			–			–			–			15.87
	12/31/2003		11.77		0.11		3.19			3.30			(0.01	)		–			(0.01	)		15.06

	For the Period Ended (b)	Total Return (c)(g)		Ratios/Supplemental Data
				Net Assets, End of Period (000’s)		Ratio of Expenses to Average Net Assets (f)				Net Investment Income (Loss) to Average Net Assets (f)		Portfolio Turnover Rate (g)
						Net (d)		Total (e)
Initial Class	06/30/2004	5.54	%	$	390,866	0.84	%	0.84	%	1.16	%	90	%
	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
	12/31/2000	15.19			144,818	0.88		0.88		1.10		46
	12/31/1999	7.95			137,158	0.90		0.90		0.77		34
Service Class	06/30/2004	5.38			1,604	1.09		1.09		0.95		90
	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) The inception dates of the Fund’s share classes are 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 fee waivers by the investment adviser, if any (see note 2).

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

(f) Annualized.

(g) Not annualized for periods of less than one year.

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Mercury Large Cap Value    6

Mercury Large Cap Value

NOTES TO FINANCIAL STATEMENTS

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

The AEGON/Transamerica Series Fund, Inc. (“ATSF”) is a Maryland corporation registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. ATSF serves as a funding vehicle for variable life insurance, variable annuity and group annuity products. Mercury Large Cap Value (“the Fund”), part of ATSF, began operations on May 1, 1996.

On May 3, 2004, PBHG/NWQ Value Select acquired all the net assets of BlackRock Large Cap Value pursuant to a plan of reorganization approved by shareholders of BlackRock Large Cap Value. The acquisition was accomplished by a tax-free exchange of 66 shares of the Fund for the 109 shares of BlackRock Large Cap Value outstanding on April 30, 2004. BlackRock Large Cap Value’s net assets at that date $991, including $137 of unrealized depreciation, were combined with those of the Fund, resulting in combined net 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 and warranties, which 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.

See the Prospectus and Statement of Additional Information for a description of the Fund’s investment objective.

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 policies were consistently followed by the Fund, in accordance with GAAP.

Multiple class operations 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.

Pricing of shares: The Fund prices its shares on the basis of the net asset value of each class of shares of the Fund, which is determined as of the close of the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern Time) on each day on which the NYSE is open for trading (other than a day on which there are insufficient changes in the value of the Fund’s portfolio securities to materially affect the Fund’s net asset value or a day on which no shares are tendered for redemption and no order to purchase any shares is received).

Security valuations: Fund investments traded on an exchange are valued at the closing price on the day of valuation on the 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 by independent pricing services; 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 also are valued at fair market value as determined in good faith using guidelines established by and under the supervision of the Board of Directors, and the Fund’s Valuation Committee. These guidelines may include: the type of security; any restrictions on its resale; financial or business news of the issuer; similar or related securities that are actively trading; related corporate actions; and other significant events occurring after the close of trading in the security.

Overdraft: At June 30, 2004 the Fund was in a cash overdraft. The amount of the cash overdraft is included as Due to custodian in the accompanying Statement of Assets and Liabilities. The Fund pays monthly overdraft charges based on the average daily overdraft balance during the month. The average balance is multiplied by a rate equal to 0.50% plus the federal funds rate. As of June 30, 2004, this rate was 2.00%.

Repurchase agreements: The Fund is authorized to enter into repurchase agreements. The Fund, through Investors Bank & Trust Company (“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. Repurchase agreements involve the risk that the seller will fail to repurchase the security, as agreed. In that case, 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 are incurred.

Directed brokerage: 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

ATSF has established a Directed Brokerage Program. A Directed Brokerage Program is any arrangement under which a broker/dealer applies a

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

Mercury Large Cap Value     7

Mercury Large Cap Value

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1–(continued)

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 ATSF, or by any other party. Directed commissions for the period ended June 30, 2004, of $30 are included in net realized gains in the Statement of Operations.

Securities lending: The Fund may lend securities to enhance fund earnings from investing cash collateral received in making such loans to qualified borrowers (typically broker/dealers). The Fund has engaged its custodian bank, IBT, as a lending agent to administer its securities lending program. IBT earned $9 of program net income for its services. When the Fund makes a security loan, it receives cash collateral as protection against the risk that the borrower will default on the loan, and records an asset for the cash invested collateral and a liability for the return of the collateral.

Loans of securities are required to be secured by collateral at least equal to 102% of the value of the securities at inception of the loan, and not less then 100% thereafter. The Fund may invest cash collateral in short-term money market instruments including: U.S. Treasury Bills, U.S. agency obligations, commercial paper, money market mutual funds, repurchase agreements and other highly rated, liquid investments. During the life of securities loans, the collateral and securities loaned remain subject to fluctuation in value. IBT marks to market securities loaned and the collateral each business day. If additional collateral is due (at least $1), IBT collects additional cash collateral from the borrowers. Although securities loaned will be fully collateralized at all times, IBT may experience delays in, or may be prevented from, recovering the collateral on behalf of the Fund. The Fund may recall a loaned security position at any time from the borrower through IBT. In the event the borrower fails to timely return a recalled security, IBT may indemnify the Fund by purchasing replacement securities for the Fund at its own expense and claiming the collateral to fund such a purchase. IBT absorbs the loss if the collateral value is not sufficient to cover the cost of the replacement securities. If replacement securities are not available, IBT will credit the equivalent cash value to the Fund.

While a security is on loan, the Fund does not have the right to vote that security. However, if time permits, the Fund will attempt to recall a security on loan and vote the proxy.

Income from securities lending is included in the Statement of Operations. The amount of collateral and value of securities on loan are included in the Statement of Assets and Liabilities as well as in the Schedule of Investments.

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 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: Dividend 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

AEGON/Transamerica Fund Advisers, Inc. (“ATFA”) is the Fund’s investment adviser. AEGON/Transamerica Fund Services, Inc. (“ATFS”) is the Fund’s administrator and transfer agent. AFSG Securities Corp. (“AFSG”) is the Fund’s distributor. AFSG is 100% owned by AUSA Holding Company (“AUSA”). ATFA is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) (“WRL”) and AUSA (22%). ATFS is a wholly owned subsidiary of WRL. AUSA and WRL are wholly owned indirect subsidiaries of AEGON NV, a Netherlands corporation.

Certain officers and directors of the Fund are also officers and/or directors of ATFA, ATFS, AFSG and WRL. No affiliated officer or director receives any compensation directly from the Fund.

The following schedule reflects the percentage of fund assets owned by affiliated mutual funds (i.e. through the asset allocation funds):

	Market Value		% of Net Assets
Asset Allocation–Conservative Portfolio	$	14,292	4	%
Asset Allocation–Growth Portfolio		45,556	12	%
Asset Allocation–Moderate Growth Portfolio		72,853	19	%
Asset Allocation–Moderate Portfolio		43,222	11	%
Total	$	175,923	46	%

Investment advisory fees: The Fund pays management fees to ATFA based on average daily net assets (“ANA”) at the following breakpoints:

From January 1, 2004 to April 30, 2004:

0.80% of ANA

From May 1, 2004 on:

0.80% of first $250 million of ANA

0.775% of the next $500 million of ANA

0.75% of ANA over $750 million

The actual advisory fee accrued for the six-month period ended June 30, 2004, per average net assets is 0.80%.

ATFA 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

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

Mercury Large Cap Value    8

Mercury Large Cap Value

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  2–(continued)

If total fund expenses fall below the annual expense limitations 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 are no amounts subject to recapture at June 30, 2004.

Distribution and services fees: The Fund adopted a distribution plan (“Distribution Plan”) pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended. Pursuant to the Distribution Plan, ATSF entered into a Distribution Agreement with AFSG effective May 1, 1999.

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 ATSF 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, 2005. 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 ATFS for financial and legal fund administration services, which includes such items as compliance, expenses, financial statements and other reporting, distributions, tax returns, prospectus preparation, board of directors meeting support, transfer agency and other legal matters. The Legal fees on the Statement of Operations are for fees paid to external legal counsel. The Fund paid ATFS $29, for Administration fees, for the period ended June 30, 2004.

Deferred compensation plan: Each eligible Fund Director may elect participation in the Deferred Compensation Plan for Directors of ATSF (“the Plan”). Under the Plan, such Directors may defer payment of a percentage of their total fees earned as a Fund Director. These deferred amounts may be invested in any portfolio of Transamerica IDEX Mutual Funds, an affiliate of the Fund. At June 30, 2004, the value of invested plan amounts was $15. Invested plan amounts and the total liability for deferred compensation to the Directors under the Plan at June 30, 2004, are included in Net assets in the accompanying Statement of Assets and Liabilities.

NOTE  3. INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the period ended June 30, 2004, were as follows:

Purchases of securities:
Long-Term excluding U.S. Government	$	351,030
U.S. Government		–
Proceeds from maturities and sales of securities:
Long-Term excluding U.S. Government		332,091
U.S. Government		–

NOTE  4. FEDERAL INCOME TAX MATTERS

The Fund has not made any provision for federal income 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 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 treatments for items including, but not limited to, wash sales and capital loss carryforwards.

The Fund has elected to treat the net capital losses incurred in the two month period prior to December 31, 2003, of $1,703 (Post-October Loss Deferred) as having been incurred in the fiscal year ending December 31, 2004.

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of June 30, 2004, are as follows:

Federal Tax Cost Basis	$	402,310
Unrealized Appreciation	$	34,779
Unrealized (Depreciation)		(2,515	)
Net Unrealized Appreciation (Depreciation)	$	32,264

NOTE  5. OTHER MATTERS

ATSF, and certain of its affiliated entities, have received requests for information from the Staff of the Securities and Exchange Commission in connection with market timing and late trading within the funds. ATSF and the affiliated entities have voluntarily cooperated in the investigation and have been providing the information as requested.

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

Mercury Large Cap Value    9

AEGON/TRANSAMERICA SERIES FUND, INC.

RESULTS OF SHAREHOLDER PROXY (unaudited)

Section 270.30d-1 under the Investment Company Act of 1940, as amended, titled “Reports to Stockholders of Management Companies,” requires regulated investment companies to report on all subject matters put to the vote of shareholders and provide final results. Accordingly, the Board of Directors of the Fund solicited a vote by the shareholders for the following items.

Each vote reported represents one dollar of net asset value held on the record date for the meeting.

BlackRock Large Cap Value

At a special meeting of shareholders held on April 27, 2004, the results of Proposal 1 were as follows:

Proposal 1: Approval of an Agreement and Plan of Reorganization providing for the acquisition of all of the assets and liabilities of BlackRock Large Cap Value (the “Acquired Fund”) by PBHG/NWQ Value Select (the “Acquiring Fund”) solely in exchange for shares of Acquiring Fund, following by the complete liquidation of Acquired Fund.

For	Against	Abstain
100.00%	0.00%	0.00%

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

Mercury Large Cap Value     10

MFS High Yield

SCHEDULE OF INVESTMENTS

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Principal		Value
FOREIGN GOVERNMENT OBLIGATIONS (0.7%)
Federative Republic of Brazil 8.00%, due 04/15/2014	$	1,443	$	1,316
11.00%, due 08/17/2040		650		613
Republic of Panama 9.38%, due 01/16/2023		1,226		1,251
Russian Federation 12.75%, due 06/24/2028		726		1,056
Total Foreign Government Obligations (cost: $4,573)				4,236
MORTGAGE-BACKED SECURITIES (1.7%)
Asset Securitization Corporation (g) 8.29%, due 11/13/2029		3,570		3,561
Commercial Mortgage Acceptance Corporation 5.44%, due 09/15/2030		230		212
CS First Boston Mortgage Securities Corp. 6.75%, due 11/11/2030		1,115		998
First Union–Lehman Brothers Commercial Mortgage Trust 7.00%, due 04/18/2029		800		859
7.50%, due 11/18/2029		1,940		1,805
First Union National Bank 6.75%, due 10/15/2032		1,305		1,241
GE Capital Commercial Mortgage Corporation, Series 2000-1 (g) 7.79%, due 01/15/2033		965		957
GMAC Commercial Mortgage Securities, Inc. 7.90%, due 04/15/2034		1,278		1,331
Total Mortgage-Backed Securities (cost: $10,875)				10,964
ASSET-BACKED SECURITIES (0.1%)
Falcon Franchise Loan LLC 3.54%, due 01/05/2025		4,306		787
Total Asset-Backed Securities (cost: $799)				787
CORPORATE DEBT SECURITIES (90.1%)
Aerospace (0.8%)
Argo-Tech Corporation–144A 9.25%, due 06/01/2011		1,915		1,972
Dunlop Standard Aerospace Holdings PLC 11.88%, due 05/15/2009		190		202
Dunlop Standard Aerospace Holdings PLC–144A 11.88%, due 05/15/2009		1,170		1,243
K & F Industries, Inc. 9.25%, due 10/15/2007		149		153
9.63%, due 12/15/2010		1,340		1,469
Agriculture (0.3%)
Seminis Vegetable Seeds–144A 10.25%, due 10/01/2013		1,660		1,805
Air Transportation (0.8%)
CHC Helicopter Corporation–144A 7.38%, due 05/01/2014		1,235		1,213

	Principal		Value
Air Transportation (continued)
Continental Airlines, Inc.
6.90%, due 01/02/2017	$	674	$	520
6.75%, due 03/15/2017		527		401
6.80%, due 08/02/2018		1,415		1,107
7.57%, due 03/15/2020		1,688		1,322
Delta Air Lines, Inc. 7.92%, due 11/18/2010		515		337
Amusement & Recreation Services (3.6%)
Ameristar Casinos, Inc. 10.75%, due 02/15/2009		60		68
AMF Bowling Worldwide, Inc.–144A (b) 10.00%, due 03/01/2010		1,105		1,133
Aztar Corporation–144A 7.88%, due 06/15/2014		1,155		1,167
Boyd Gaming Corporation–144A 6.75%, due 04/15/2014		3,350		3,157
Hollywood Park Inc. 9.25%, due 02/15/2007		14		14
Isle of Capri Casinos, Inc.–144A 7.00%, due 03/01/2014		2,020		1,874
Mandalay Resort Group (b) 9.38%, due 02/15/2010		1,700		1,853
MGM MIRAGE 8.50%, due 09/15/2010		765		826
8.38%, due 02/01/2011 (b)		3,630		3,793
Pinnacle Entertainment, Inc. 8.25%, due 03/15/2012–144A		250		239
8.75%, due 10/01/2013 (b)		2,905		2,883
Six Flags, Inc. (b) 9.75%, due 04/15/2013		2,515		2,528
Station Casinos, Inc. 6.50%, due 02/01/2014		2,120		2,041
Vail Resorts, Inc. (b) 6.75%, due 02/15/2014		2,240		2,122
Apparel & Accessory Stores (0.2%)
J. Crew Operating Corp. (b) 10.38%, due 10/15/2007		1,540		1,563
Apparel Products (0.2%)
Levi Strauss & Co (b) 7.00%, due 11/01/2006		1,405		1,312
WestPoint Stevens Inc. (b)(e) 7.88%, due 06/15/2005		5,060		127
7.88%, due 06/15/2008		1,220		31
Automotive (2.7%)
Advanced Accessory Systems, LLC–144A 10.75%, due 06/15/2011		1,320		1,280
Dana Corporation 6.50%, due 03/01/2009		500		520
10.13%, due 03/15/2010		1,045		1,183
9.00%, due 08/15/2011		720		842
7.00%, due 03/01/2029		2,085		2,002

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

MFS High Yield    1

MFS High Yield

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Principal		Value
Automotive (continued)
Delco Remy International, Inc.–144A (b) 9.38%, due 04/15/2012	$	745	$	725
Dura Operating Corporation (b) 9.00%, due 05/01/2009		1,525		1,495
Eagle-Picher, Inc. 9.75%, due 09/01/2013		915		984
Metaldyne Corporation 11.00%, due 06/15/2012 (b)		695		591
10.00%, due 11/01/2013–144A		1,025		1,005
Navistar International Corporation 7.50%, due 06/15/2011		3,255		3,336
Tenneco Automotive Inc. 10.25%, due 07/15/2013 10.25%, due 07/15/2013–144A		1,795 1,130		2,028 1,277
Venture Holdings Trust (e) 0.00%, due 07/01/2005		125		3
Beverages (0.2%)
Merisant Company–144A 9.50%, due 07/15/2013		1,270		1,353
Business Credit Institutions (1.1%)
BCP Caylux Holdings Luxembourg SCA–144A 9.63%, due 06/15/2014		2,150		2,228
eircom Funding 8.25%, due 08/15/2013		835		868
PCA LLC (PCA Finance Corporation) 11.88%, due 08/01/2009.		1,910		2,053
Safilo Capital International SA–144A 9.63%, due 05/15/2013		1,945		2,214
Business Services (2.4%)
Hanover Compressor Company 9.00%, due 06/01/2014		495		514
Hanover Equipment Trust 2001B 8.75%, due 09/01/2011		2,305		2,466
Lamar Media Corp. 7.25%, due 01/01/2013		2,155		2,193
Muzak LLC (Muzak Finance Corporation)–144A 10.00%, due 02/15/2009		2,045		1,800
NDCHealth Corporation 10.50%, due 12/01/2012		805		888
R.H. Donnelley Financial Corporation I 10.88%, due 12/15/2012		1,070		1,241
United Rentals (North America), Inc. 6.50%, due 02/15/2012		1,330		1,257
7.75%, due 11/15/2013 (b)		2,145		2,027
7.00%, due 02/15/2014		930		828
Williams Scotsman, Inc. 9.88%, due 06/01/2007		1,755		1,742
10.00%, due 08/15/2008		560		610

	Principal		Value
Chemicals & Allied Products (5.7%)
Acetex Corporation 10.88%, due 08/01/2009	$	1,695	$	1,856
Equistar Chemicals, LP 10.63%, due 05/01/2011		4,245		4,711
Hercules Incorporated–144A 6.75%, due 10/15/2029		2,030		1,949
Huntsman ICI Chemicals LLC (b) 10.13%, due 07/01/2009		3,315		3,381
Huntsman International LLC 9.88%, due 03/01/2009		2,040		2,203
IMC Global Inc. 10.88%, due 08/01/2013		2,165		2,582
JohnsonDiversey Holdings, Inc. (h) 0.00%, due 05/15/2013		1,520		1,170
JohnsonDiversey, Inc. 9.63%, due 05/15/2012		4,520		4,927
Lyondell Chemical Company 9.50%, due 12/15/2008 (b)		160		167
11.13%, due 07/15/2012		2,065		2,287
Nalco Company 7.75%, due 11/15/2011–144A		675		707
8.88%, due 11/15/2013–144A (b)		460		482
NOVA Chemicals Corporation 6.50%, due 01/15/2012		1,615		1,591
Resolution Performance Products LLC (b) 13.50%, due 11/15/2010		750		699
Revlon Consumer Products Corporation (b) 8.63%, due 02/01/2008		2,110		1,867
Rhodia SA–144A (b) 8.88%, due 06/01/2011		4,740		4,005
Rockwood Specialties Group, Inc. 10.63%, due 05/15/2011		1,400		1,491
SGL Carbon Luxembourg SA–144A 8.50%, due 02/01/2012		700		822
Sovereign Specialty Chemicals, Inc. 11.88%, due 03/15/2010		80		82
Sterling Chemicals, Inc. (f) 0.00%, due 08/15/2006		40		(d	)
11.25%, due 04/01/2007		50		(d	)
Commercial Banks (0.0%)
ASPropulsion Capital BV–144A 9.63%, due 10/01/2013		150		186
Communication (7.6%)
American Tower Corporation 9.38%, due 02/01/2009		750		801
Cablevision Systems Corporation–144A (b) 8.00%, due 04/15/2012		2,750		2,709
Charter Communications Holdings LLC 8.63%, due 04/01/2009 (b)		8,935		7,126
9.92%, due 04/01/2011		5,420		4,281
8.75%, due 11/15/2013–144A (b)		950		910

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

MFS High Yield    2

MFS High Yield

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Principal		Value
Communication (continued)
Charter Communications Operating LLC (Charter Communications Operating Capital Corp.)–144A 8.38%, due 04/30/2014	$	930	$	900
Colt Telecom Group PLC 7.63%, due 12/15/2009		600		705
Crown Castle International Corp. 7.50%, due 12/01/2013		1,985		1,975
CSC Holdings, Inc. 8.13%, due 07/15/2009		1,000		1,040
8.13%, due 08/15/2009		6,195		6,443
6.75%, due 04/15/2012–144A		1,650		1,584
DIRECTTV Holdings Finance 8.38%, due 03/15/2013		2,285		2,528
Echostar DBS Corporation 6.38%, due 10/01/2011		1,930		1,901
FrontierVision Operating Partners, L.P. (e) 11.00%, due 10/15/2006		1,445		1,763
GCI, Inc.–144A 7.25%, due 02/15/2014		2,015		1,924
Innova S. de R.L. 9.38%, due 09/19/2013		1,650		1,728
Insight Midwest LP (b) 9.75%, due 10/01/2009		1,790		1,888
Mediacom Broadband LLC (Mediacom Communications Corporation) 11.00%, due 07/15/2013		2,680		2,854
Renaissance Media Group LLC 10.00%, due 04/15/2008		945		973
Telewest Communications PLC 9.25%, due 04/15/2009		3,920		1,882
0.00%, due 02/01/2010 (i)		15		7
XM Satellite Radio Inc. 6.65%, due 05/01/2009–144A (g)		1,025		1,026
12.00%, due 06/15/2010		1,765		2,023
Communications Equipment (1.7%)
Alamosa (Delaware), Inc. 0.00%, due 07/31/2009 (j) 11.00%, due 07/31/2010		152 1,657		147 1,806
American Towers, Inc. 7.25%, due 12/01/2011		525		526
CC V Holdings Finance, Inc. (k) 11.88%, due 12/01/2008		662		701
L-3 Communications Corporation 7.63%, due 06/15/2012		2,600		2,743
Lucent Technologies Inc. (b) 5.50%, due 11/15/2008		2,050		1,937
Nortel Networks Corporation (b) 6.13%, due 02/15/2006		3,390		3,407
Computer & Data Processing Services (0.0%)
Kronos Incorporated 8.88%, due 06/30/2009		100		129

	Principal		Value
Computer & Office Equipment (0.6%)
General Binding Corporation 9.38%, due 06/01/2008	$	1,305	$	1,349
Xerox Corporation 7.63%, due 06/15/2013		2,565		2,623
Construction (1.0%)
D.R. Horton, Inc. 8.00%, due 02/01/2009		2,550		2,792
Technical Olympic USA, Inc. 9.00%, due 07/01/2010		650		666
WCI Communities, Inc. 7.88%, due 10/01/2013		3,000		3,030
Department Stores (0.5%)
Saks Incorporated 7.00%, due 12/01/2013		3,284		3,243
Drug Stores & Proprietary Stores (0.7%)
Rite Aid Corporation 9.50%, due 02/15/2011		1,585		1,747
9.25%, due 06/01/2013 (b)		2,715		2,851
Electric Services (6.6%)
AES Corporation (The)–144A 8.75%, due 05/15/2013		3,940		4,221
9.00%, due 05/15/2015		1,600		1,714
Allegheny Energy Supply Company, LLC–144A (b) 8.75%, due 04/15/2012		2,630		2,600
Calpine Corporation (b) 8.50%, due 02/15/2011 (b)		1,290		842
8.75%, due 07/15/2013–144A (b)		4,220		3,460
CenterPoint Energy Resources, Corp. 7.88%, due 04/01/2013		1,580		1,768
CenterPoint Energy, Inc. (b) 7.25%, due 09/01/2010		2,000		2,127
Dynegy Holdings Inc.–144A 9.88%, due 07/15/2010		2,475		2,661
Edison Mission Energy 7.73%, due 06/15/2009		1,400		1,362
Empresa Nacional de Electricidad SA 8.35%, due 08/01/2013		1,700		1,815
FirstEnergy Corp. 6.45%, due 11/15/2011		2,570		2,664
Illinova Corporation 11.50%, due 12/15/2010		860		1,017
Mirant Corporation (e) 0.00%, due 05/01/2011		2,600		1,950
Mission Energy Holding Company 13.50%, due 07/15/2008		1,340		1,499
MSW Energy Holdings LLC–144A 7.38%, due 09/01/2010		1,200		1,194
NRG Energy, Inc.–144A 8.00%, due 12/15/2013		3,720		3,757
PSEG Energy Holdings Inc. 8.63%, due 02/15/2008		800		860

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

MFS High Yield    3

MFS High Yield

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Principal		Value
Electric Services (continued)
PSEG Energy Holdings LLC 7.75%, due 04/16/2007	$	2,035	$	2,132
Reliant Resources, Inc. 9.25%, due 07/15/2010		1,870		1,996
9.50%, due 07/15/2013		1,270		1,368
TECO Energy, Inc. 7.50%, due 06/15/2010		1,705		1,722
Electric, Gas & Sanitary Services (1.2%)
CMS Energy Corporation 8.50%, due 04/15/2011		2,130		2,173
Midwest Generation, LLC–144A 8.75%, due 05/01/2034		2,570		2,596
Nevada Power Company–144A 6.50%, due 04/15/2012		415		394
PG&E Corporation–144A 6.88%, due 07/15/2008		410		428
Sierra Pacific Power Company–144A 6.25%, due 04/15/2012		720		677
Sierra Pacific Resources–144A 8.63%, due 03/15/2014		1,280		1,248
Electronic Components & Accessories (0.9%)
Amkor Technology, Inc. (b) 7.75%, due 05/15/2013		1,975		1,871
Communications & Power Industries, Inc. 8.00%, due 02/01/2012		495		495
Flextronics International Ltd. 6.50%, due 05/15/2013		3,245		3,164
ON Semiconductor Corporation 13.00%, due 05/15/2008		490		562
Environmental Services (1.5%)
Allied Waste North America, Inc. 8.88%, due 04/01/2008		1,875		2,053
6.50%, due 11/15/2010–144A (b)		5,855		5,796
7.88%, due 04/15/2013		1,935		2,022
Fabricated Metal Products (1.8%)
Atrium Companies, Inc. 10.50%, due 05/01/2009		900		943
Blount, Inc. 7.00%, due 06/15/2005		1,585		1,617
13.00%, due 08/01/2009		1,275		1,366
Jacuzzi Brands, Inc. 9.63%, due 07/01/2010		680		728
Oxford Automotive, Inc.–144A (b) 12.00%, due 10/15/2010		1,065		831
Remington Arms Company, Inc. 10.50%, due 02/01/2011		3,370		3,269
TriMas Corporation 9.88%, due 06/15/2012		1,830		1,940
Werner Holdings Co., Inc. (b) 10.00%, due 11/15/2007		1,060		885

	Principal		Value
Food & Kindred Products (1.0%)
Burns, Philp & Company Limited 9.75%, due 07/15/2012	$	3,100	$	3,209
Michael Foods, Inc. 8.00%, due 11/15/2013		1,405		1,451
Premier International Foods PLC 12.00%, due 09/01/2009		670		715
United Biscuits Finance PLC 10.63%, due 04/15/2011		900		1,200
Food Stores (0.6%)
Couche-Tard U.S. L.P. (Couche-Tard Financing Corp.) 7.50%, due 12/15/2013		3,875		3,875
Furniture & Fixtures (0.7%)
BE Aerospace, Inc. (b) 9.50%, due 11/01/2008		1,000		965
8.88%, due 05/01/2011		2,495		2,320
Tempur-Pedic, Inc. (Tempur Production USA Inc) 10.25%, due 08/15/2010		967		1,090
Gas Production & Distribution (2.4%)
ANR Pipeline Company 9.63%, due 11/01/2021		900		1,008
El Paso Corporation (b) 7.00%, due 05/15/2011		4,780		4,183
El Paso Natural Gas Company 7.63%, due 08/01/2010		2,760		2,829
GulfTerra Energy Partners, L.P. 8.50%, due 06/01/2010		1,534		1,668
Williams Companies, Inc. (The) 7.13%, due 09/01/2011		5,610		5,694
Health Services (2.9%)
Alliance Imaging, Inc. (b) 10.38%, due 04/15/2011		2,020		2,116
Beverly Enterprises, Inc.–144A 7.88%, due 06/15/2014		1,325		1,303
Extendicare Health Services Inc.–144A (b) 6.88%, due 05/01/2014		1,130		1,062
HCA Inc. (b) 7.88%, due 02/01/2011		7,860		8,621
Insight Health Services Corp. (b) 9.88%, due 11/01/2011		1,675		1,792
Mariner Health Care, Inc.–144A 8.25%, due 12/15/2013		2,030		2,132
Tenet Healthcare Corporation 6.50%, due 06/01/2012		1,425		1,240
9.88%, due 07/01/2014–144A		845		860
Holding & Other Investment Offices (0.6%)
Arch Western Finance LLC–144A 6.75%, due 07/01/2013		1,340		1,340
Lighthouse International Co SA–144A 8.00%, due 04/30/2014		2,250		2,643

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

MFS High Yield    4

MFS High Yield

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Principal		Value
Hotels & Other Lodging Places (2.3%)
Hilton Hotels Corporation 7.63%, due 12/01/2012	$	5,240	$	5,633
Las Vegas Sands, Inc. (Venetian Casino Resort LLC) 11.00%, due 06/15/2010		1,300		1,502
MeriStar Hospitality Corporation (b) 10.50%, due 06/15/2009		465		495
Park Place Entertainment Corporation 8.88%, due 09/15/2008		745		808
8.13%, due 05/15/2011		3,360		3,566
Starwood Hotels & Resorts Worldwide, Inc. 7.88%, due 05/01/2012		2,955		3,162
Industrial Machinery & Equipment (3.6%)
AGCO Corporation 9.50%, due 05/01/2008		1,480		1,613
American Standard Companies Inc. 7.38%, due 02/01/2008		1,260		1,361
AMSTED Industries Incorporated–144A 10.25%, due 10/15/2011		1,675		1,817
CNH New Holland, Inc.–144A 9.25%, due 08/01/2011		565		593
Columbus McKinnon Corporation 10.00%, due 08/01/2010		1,630		1,728
Gulfmark Offshore, Inc. 8.75%, due 06/01/2008		1,655		1,696
JLG Industries, Inc. 8.25%, due 05/01/2008		2,630		2,762
Joy Global Inc. 8.75%, due 03/15/2012		235		263
Manitowoc Company, Inc. (The) 10.38%, due 05/15/2011		1,195		1,622
10.50%, due 08/01/2012		1,880		2,153
Rexnord Corporation 10.13%, due 12/15/2012		1,280		1,408
SPX Corporation 7.50%, due 01/01/2013		1,990		2,040
Terex Corporation (b) 10.38%, due 04/01/2011		2,855		3,183
Thermadyne Holdings Corporation 9.25%, due 02/01/2014		1,100		1,086
Instruments & Related Products (0.5%)
Da-Lite Screen Company, Inc.–144A 9.50%, due 05/15/2011		1,170		1,217
Dresser, Inc. 9.38%, due 04/15/2011		1,755		1,878
Leather & Leather Products (0.2%)
Samsonite Corporation–144A 8.88%, due 06/01/2011		1,115		1,154

	Principal		Value
Lumber & Wood Products (1.6%)
Georgia-Pacific Corporation 9.38%, due 02/01/2013	$	7,140	$	8,175
Ply Gem Industries, Inc.–144A 9.00%, due 02/15/2012		1,870		1,907
Management Services (0.3%)
Corrections Corporation of America 9.88%, due 05/01/2009		315		350
7.50%, due 05/01/2011		1,050		1,061
GEO Group, Inc. (The) 8.25%, due 07/15/2013		760		752
Manufacturing Industries (0.3%)
K2 Corporation–144A 7.38%, due 07/01/2014		345		351
TD Funding Corporation 8.38%, due 07/15/2011		1,300		1,320
Metal Cans & Shipping Containers (0.9%)
Crown European Holdings SA 9.50%, due 03/01/2011		2,120		2,311
10.88%, due 03/01/2013		2,915		3,323
Mining (0.3%)
Peabody Energy Corporation 6.88%, due 03/15/2013		1,850		1,873
Motion Pictures (0.6%)
AMC Entertainment Inc. (b) 9.50%, due 02/01/2011		2,456		2,554
Vivendi Universal SA 9.25%, due 04/15/2010		1,055		1,247
Motor Vehicles, Parts & Supplies (0.4%)
TRW Automotive Inc.
9.38%, due 02/15/2013		1,821		2,053
11.00%, due 02/15/2013		725		856
Oil & Gas Extraction (3.6%)
Belden & Blake Corporation 9.88%, due 06/15/2007		1,340		1,374
Chesapeake Energy Corporation 8.13%, due 04/01/2011 (b)		3,610		3,899
6.88%, due 01/15/2016		455		444
Dynegy Inc. (b) 6.88%, due 04/01/2011		845		728
El Paso Production Holding Company 7.75%, due 06/01/2013		3,455		3,170
Encore Acquisition Company 8.38%, due 06/15/2012		1,085		1,161
6.25%, due 04/15/2014–144A		370		348
Gaz Capital SA (Gazprom)–144A 8.63%, due 04/28/2034		1,700		1,647
Magnum Hunter Resources, Inc. 9.60%, due 03/15/2012		795		875
OAO Gazprom–144A 9.63%, due 03/01/2013		920		946

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

MFS High Yield    5

MFS High Yield

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Principal		Value
Oil & Gas Extraction (continued)
Ocean Rig ASA 10.25%, due 06/01/2008	$	1,515	$	1,500
Parker Drilling Company 9.63%, due 10/01/2013		480		498
Petroleum Geo-Services ASA 10.00%, due 11/05/2010		1,900		1,967
Pioneer Natural Resources Company 7.50%, due 04/15/2012		930		1,053
Plains Exploration & Production Company–144A 7.13%, due 06/15/2014		570		580
Pride International, Inc.–144A 7.38%, due 07/15/2014		1,045		1,055
SESI, LLC 8.88%, due 05/15/2011		95		102
Vintage Petroleum, Inc. 8.25%, due 05/01/2012		1,850		1,961
Paper & Allied Products (3.4%)
Abitibi-Consolidated Inc. 8.55%, due 08/01/2010		4,115		4,338
Buckeye Technologies, Inc. 8.00%, due 10/15/2010		365		335
8.50%, due 10/01/2013		1,745		1,762
Corporacion Durango, SA de CV–144A (e) 13.75%, due 07/15/2009		720		360
Graphic Packaging Corporation 8.50%, due 08/15/2011		570		610
9.50%, due 08/15/2013		2,880		3,125
Mail-Well I Corporation 9.63%, due 03/15/2012		2,190		2,354
Norske Skog Canada Limited 8.63%, due 06/15/2011		1,660		1,760
7.38%, due 03/01/2014–144A		1,110		1,074
Pliant Corporation 0.00%, due 06/15/2009 (l)		1,075		906
13.00%, due 06/01/2010		1,310		1,172
Smurfit-Stone Container Corporation 8.25%, due 10/01/2012		1,790		1,862
The Newark Group, Inc.–144A (b) 9.75%, due 03/15/2014		2,375		2,274
Paper & Paper Products (0.4%)
MDP Acquisitions PLC 9.63%, due 10/01/2012		2,320		2,540
Paperboard Containers & Boxes (0.3%)
Greif Bros. Corporation 8.88%, due 08/01/2012		845		909
Kappa Beheer BV 10.63%, due 07/15/2009		1,195		1,249
Petroleum Refining (0.6%)
CITGO Petroleum Corporation 11.38%, due 02/01/2011		1,445		1,676

	Principal		Value
Petroleum Refining (continued)
Giant Industries, Inc. 8.00%, due 05/15/2014	$	755	$	755
Premcor Refining Group, Inc. (b) 7.75%, due 02/01/2012		1,540		1,598
Pharmaceuticals (0.2%)
Alpharma Inc.–144A 8.63%, due 05/01/2011		1,480		1,532
Primary Metal Industries (1.5%)
Commonwealth Industries, Inc. 10.75%, due 10/01/2006		735		742
Ispat Inland ULC–144A 9.75%, due 04/01/2014		1,245		1,282
Kaiser Aluminum & Chemical Corporation (e) 9.88%, due 02/15/2049		1,845		1,933
Oregon Steel Mills, Inc. (b) 10.00%, due 07/15/2009		270		286
Russell Metals, Inc. 6.38%, due 03/01/2014		1,600		1,500
Steel Dynamics, Inc. 9.50%, due 03/15/2009		1,600		1,768
United States Steel Corporation 9.75%, due 05/15/2010		1,206		1,336
Valmont Industries Inc.–144A 6.88%, due 05/01/2014		935		919
Printing & Publishing (2.5%)
Dex Media East LLC (Dex Media Finance Co.) 12.13%, due 11/15/2012		2,250		2,627
9.88%, due 08/15/2013		1,370		1,504
Dex Media, Inc.–144A (m) 0.00%, due 11/15/2013		4,960		3,199
Hollinger Inc.–144A 11.88%, due 03/01/2011		426		498
Hollinger International Publishing Inc.–144A 9.00%, due 12/15/2010		2,000		2,310
Houghton Mifflin Company 9.88%, due 02/01/2013		1,210		1,210
MediaNews Group, Inc. 6.88%, due 10/01/2013		1,900		1,796
Primedia Inc. 8.88%, due 05/15/2011		1,280		1,267
8.00%, due 05/15/2013–144A		2,000		1,880
Radio & Television Broadcasting (2.8%)
Allbritton Communications Company 7.75%, due 12/15/2012		3,343		3,293
Emmis Operating Company–144A 6.88%, due 05/15/2012		1,510		1,480
Granite Broadcasting Corporation–144A 9.75%, due 12/01/2010		3,595		3,343
Paxson Communications Corporation 10.75%, due 07/15/2008 (b)		850		863
0.00%, due 01/15/2009 (n)		2,975		2,588

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

MFS High Yield    6

MFS High Yield

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Principal		Value
Radio & Television Broadcasting (continued)
Spanish Broadcasting System, Inc. 9.63%, due 11/01/2009	$	4,180	$	4,409
Young Broadcasting Inc. 8.50%, due 12/15/2008		1,870		1,968
Railroads (0.6%)
Kansas City Southern 7.50%, due 06/15/2009		2,595		2,595
TFM, S.A. de C.V. 12.50%, due 06/15/2012		1,440		1,534
Real Estate (0.3%)
CBRE Escrow, Inc. 9.75%, due 05/15/2010		1,620		1,782
Residential Building Construction (0.1%)
Tech Olympic USA, Inc. 7.50%, due 03/15/2011		445		414
Retail Trade (1.1%)
AmeriGas Partners, L.P. 8.88%, due 05/20/2011		1,810		1,928
Cole National Group, Inc. 8.63%, due 08/15/2007		1,485		1,500
8.88%, due 05/15/2012		1,885		2,012
Finlay Fine Jewelry Corporation 8.38%, due 06/01/2012		1,630		1,691
Rubber & Misc. Plastic Products (0.5%)
Formica Corporation (e) 0.00%, due 03/01/2009		100		19
Graham Packaging Company, L.P. (GPC Capital Corp. I) (b) 8.75%, due 01/15/2008		2,200		2,211
Plastipak Holdings, Inc. 10.75%, due 09/01/2011		980		1,054
Portola Packaging, Inc.–144A (b) 8.25%, due 02/01/2012		295		236
Social Services (0.4%)
Kindercare Learning Centers, Inc. 9.50%, due 02/15/2009		2,677		2,717
Stone, Clay & Glass Products (1.5%)
Hexcel Corporation 9.88%, due 10/01/2008		470		516
9.75%, due 01/15/2009		2,820		2,957
Owens-Brockway Glass Container Inc. 8.88%, due 02/15/2009		3,230		3,488
8.75%, due 11/15/2012		2,300		2,496
8.25%, due 05/15/2013		85		88
Telecommunications (6.5%)
Centennial Communications Corp. 10.13%, due 06/15/2013		3,765		3,887
Citizens Communications Company 9.00%, due 08/15/2031		2,470		2,382

	Principal		Value
Telecommunications (continued)
Dobson Communications Corporation (b) 8.88%, due 10/01/2013	$	2,375	$	1,805
Esprit Telecom Group PLC (e) 10.88%, due 06/15/2008		15		(d	)
MCI, Inc. 5.91%, due 05/01/2007		290		281
6.69%, due 05/01/2009		290		268
7.74%, due 05/01/2014		249		223
Nextel Communications, Inc. 7.38%, due 08/01/2015		10,070		10,171
NTL Cable PLC–144A (b) 8.75%, due 04/15/2014		175		179
Qwest Capital Funding, Inc. (b) 7.25%, due 02/15/2011		3,675		3,142
Qwest Corporation–144A 13.50%, due 12/15/2010		7,555		8,783
8.88%, due 03/15/2012		2,800		3,024
Rogers Wireless Inc.–144A 6.38%, due 03/01/2014		1,115		1,026
Rural Cellular Corporation 9.75%, due 01/15/2010 (b)		1,323		1,201
9.88%, due 02/01/2010		1,840		1,826
8.25%, due 03/15/2012–144A		485		496
Time Warner Telecom Inc. 10.13%, due 02/01/2011 (b)		1,540		1,401
9.25%, due 02/15/2014–144A (b)		1,630		1,565
US Unwired, Inc.–144A 10.00%, due 06/15/2012		635		641
Textile Mill Products (0.3%)
Interface, Inc. (b) 10.38%, due 02/01/2010		1,618		1,804
Transportation Equipment (0.3%)
Bombardier Recreational Products–144A (b) 8.38%, due 12/15/2013		1,900		1,886
Trucking & Warehousing (0.5%)
Iron Mountain Incorporated 8.63%, due 04/01/2013		1,585		1,680
7.75%, due 01/15/2015		1,770		1,757
Variety Stores (0.1%)
Dollar General Corporation 8.63%, due 06/15/2010		390		433
Water Transportation (0.4%)
Royal Caribbean Cruises Ltd. 6.88%, due 12/01/2013		1,820		1,800
Stena AB 9.63%, due 12/01/2012		645		716
Wholesale Trade Durable Goods (0.5%)
Fisher Scientific International Inc. 8.13%, due 05/01/2012		3,075		3,290
Jorgensen (Earle M.) Company 9.75%, due 06/01/2012		175		192

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

MFS High Yield    7

MFS High Yield

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Principal		Value
Wholesale Trade Nondurable Goods (0.4%)
Pinnacle Foods, Inc.–144A 8.25%, due 12/01/2013	$	310	$	299
Roundy’s, Inc. 8.88%, due 06/15/2012		2,470		2,618
Total Corporate Debt Securities (cost: $580,905)				585,351
CONVERTIBLE BONDS (0.2%)
Industrial Machinery & Equipment (0.2%)
AGCO Corporation 6.88%, due 04/15/2014		1,230		1,451
Telecommunications (0.0%)
Jazztel PLC 12.00%, due 10/30/2012		1		1
Total Convertible Bonds (cost: $1,469)				1,452
	Shares		Value
PREFERRED STOCKS (0.0%)
Automotive (0.0%)
Hayes Lemmerz International, Inc.		12	$	1
Communication (0.0%)
PTV, Inc.		2		(d	)
Printing & Publishing (0.0%)
Primedia Inc.–Series H		1,400		120
Total Preferred Stocks (cost: $127)				121
COMMON STOCKS (0.6%)
Automotive (0.0%)
Hayes Lemmerz International, Inc. (a)		3,536		53
Hayes Lemmerz International, Inc. (a)		80,000		(d	)
Chemicals & Allied Products (0.0%)
Sterling Chemicals, Inc.–warrants, Expires 12/31/2008 (f)		8		(d	)
Sterling Chemicals, Inc. (a)		7		(d	)
Communication (0.0%)
XM Satellite Radio Inc.–warrants, Expires 03/15/2010		65		4
Electric, Gas & Sanitary Services (0.2%)
DPL Inc. (b)		78,322		1,521
Fabricated Metal Products (0.0%)
Oxford Automotive, Inc. (a)		21		5
Industrial Machinery & Equipment (0.0%)
Thermadyne Holdings Corporation– Series B–warrants, Expires 05/23/2006		169		(d	)
Thermadyne Holdings Corporation (a)		16,831		236
Paper & Allied Products (0.0%)
Pliant Corporation–warrants, Expires 06/01/2010		40		(d	)

	Shares		Value
Telecommunications (0.4%)
CompleTel Europe NV (a)		642	$	18
GT Group Telecom Inc.–warrants, Expires 02/01/2010		200		(d	)
Jazztel PLC (a)		28,006		9
Manitoba Telecom Services Inc–Class B (a)(b)		238		8
MCI, Inc. (a)		108,358		1,528
MCI, Inc. (a)		4,888,000		(d	)
MCI, Inc. (a)		4,887,000		(d	)
NTL Incorporated (a)(b)		4,267		246
VersaTel Telecom International NV (a)		972		2
Total Common Stocks (cost: $2,067 )				3,630
	Principal		Value
SECURITY LENDING COLLATERAL (15.4%)
Debt (12.7%)
Agency Discount Notes (1.2%)
Fannie Mae 0.96%, due 07/01/2004	$	2,389	$	2,389
Federal Home Loan Bank 0.96%, due 07/01/2004		2,986		2,986
0.99%, due 07/01/2004		1,194		1,194
0.97%, due 07/02/2004		1,493		1,493
Bank Notes (0.3%)
Credit Suisse First Boston (USA), Inc. 1.13%, due 09/08/2004		597		597
Deutsche Bank AG 1.16%, due 10/12/2004		1,493		1,493
Commercial Paper (3.9%)
Compass Securitization–144A 1.25%, due 07/23/2004		2,087		2,087
Falcon Asset Securitization Corp–144A 1.27%, due 07/20/2004		1,491		1,491
General Electric Capital Corporation
1.20%, due 07/19/2004		1,490		1,490
1.21%, due 07/22/2004		1,195		1,195
1.22%, due 07/23/2004		1,195		1,195
1.23%, due 07/26/2004		1,493		1,493
1.22%, due 08/04/2004		2,981		2,981
Govco Incorporated–144A
1.25%, due 08/02/2004		597		597
Greyhawk Funding LLC–144A
1.12%, due 07/13/2004		1,191		1,191
1.22%, due 07/20/2004		594		594
Jupiter Securitization Corp–144A
1.07%, due 07/02/2004		597		597
Morgan Stanley
1.58%, due 10/22/2004		1,374		1,374
1.58%, due 12/10/2004		3,883		3,883
1.58%, due 03/16/2005		3,763		3,763
Sheffield Receivables–144A
1.24%, due 07/20/2004		896		896

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

MFS High Yield    8

MFS High Yield

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Principal		Value
Euro Dollar Overnight (0.5%)
Bank of Nova Scotia (The)
1.04%, due 07/06/2004	$	1,493	$	1,493
Den Danske Bank
1.08%, due 07/02/2004		1,493		1,493
Euro Dollar Terms (3.0%)
Bank of America Corporation
1.08%, due 07/19/2004		597		597
Bank of Montreal
1.20%, due 07/23/2004		303		303
Bank of Nova Scotia (The)
1.20%, due 07/14/2004		1,493		1,493
1.24%, due 07/23/2004		299		299
Bank of the West Inc.
1.28%, due 07/28/2004		597		597
Branch Banker & Trust
1.08%, due 07/14/2004		299		299
Calyon
1.16%, due 07/15/2004		5,674		5,674
1.17%, due 08/04/2004		896		896
1.34%, due 08/24/2004		2,091		2,091
Fortis Bank
1.19%, due 07/14/2004		299		299
1.29%, due 09/03/2004		597		597
HBOS PLC
1.30%, due 09/03/2004		597		597
Royal Bank of Canada
1.05%, due 07/08/2004		896		896
Royal Bank of Scotland Group PLC (The)
1.06%, due 07/30/2004		2,688		2,688
Wells Fargo & Company
1.19%, due 07/14/2004		1,195		1,195
1.25%, due 07/23/2004		597		597
1.24%, due 07/26/2004		597		597
Master Notes (0.5%)
Bear Stearns Companies Inc. (The)
1.64%, due 09/08/2004		1,792		1,792
1.64%, due 12/15/2004		1,195		1,195
Repurchase Agreements (3.3%) (c)
Credit Suisse First Boston (USA), Inc. 1.54%, Repurchase Agreement dated 06/30/2004 to be repurchased at $6,989 on 07/01/2004		6,989		6,989
Goldman Sachs Group Inc. (The) 1.54%, Repurchase Agreement dated 06/30/2004 to be repurchased at $2,987 on 07/01/2004		2,987		2,987
Merrill Lynch & Co., Inc. 1.54%, Repurchase Agreement dated 06/30/2004 to be repurchased at $9,048 on 07/01/2004		9,048		9,048
Morgan Stanley 1.58%, Repurchase Agreement dated 06/30/2004 to be repurchased at $2,688 on 07/01/2004		2,688		2,688

	Shares	Value
Investment Companies (2.7%)
Money Market Funds (2.7%)
Merrill Lynch Premier Institutional Fund 1 day yield of 1.17%.	2,474,690	$	2,475
Merrimac Cash Fund– Premium Class 1-day yield of 1.11%	15,358,613		15,359
Total Security Lending Collateral (cost: $100,213)			100,213
Total Investment Securities (cost: $701,028)		$	706,754
SUMMARY:
Investments, at value	108.8 %	$	706,754
Liabilities in excess of other assets	(8.8)%		(57,105	)
Net assets	100.0 %	$	649,649

FORWARD FOREIGN CURRENCY CONTRACTS:
Currency	Bought (Sold)		Settlement Date	Amount in U.S. Dollars Bought (Sold)			Net Unrealized Appreciation (Depreciation)
Euro Dollar	492		07/02/2004	$	598		$	1
Euro Dollar	(195	)	08/16/2004		(236	)		(2	)
Total Forward Foreign Currency Contracts				$	362		$	(1	)

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

MFS High Yield    9

MFS High Yield

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

NOTES TO SCHEDULE OF INVESTMENTS:

(a) No dividends were paid during the preceding twelve months.

(b) At June 30, 2004, all or a portion of this security is on loan (see Note 1). The value at June 30, 2004, of all securities on loan is $97,735.

(c) Cash collateral for the Repurchase Agreements, valued at $22,146, that serve as collateral for securities lending are invested in corporate bonds with interest rates and maturity dates ranging from 0.00%–9.88% and 08/01/2004–09/25/2099, respectively.

(d) Value is less than $1.

(e) Securities are currently in default on interest payments.

(f) Securities valued as determined in good faith in accordance with with procedure established by the Fund’s Board of Directors.

(g) Floating or variable rate note. Rate is listed as of June 30, 2004.

(h) Securities are stepbonds. JohnsonDiversey Holdings, Inc. has a coupon rate 0.00% until 05/15/07, thereafter the coupon rate will be 10.67%.

(i) Securities are stepbonds. Telewest Communications PLC has a coupon rate 0.00% until 02/01/05, thereafter the coupon rate will be 11.38%.

(j) Securities are stepbonds. Alamosa (Delaware) has a coupon rate 0.00% until 07/31/05, thereafter the coupon rate will be 12.00%.

(k) Securities are stepbonds. CC V Holdings Finance, Inc. has a coupon rate 0.00% until 12/01/03, thereafter the coupon rate will be 11.88%.

(l) Securities are stepbonds. Pliant Corporation has a coupon rate 0.00% until 12/15/06, thereafter the coupon rate will be 11.13%.

(m) Securities are stepbonds. Dex Media, Inc. has a coupon rate 0.00% until 11/15/08, thereafter the coupon rate will be 9.00%.

(n) Securities are stepbonds. Paxson Communications Corporation has a coupon rate 0.00% until 01/15/06, thereafter the coupon rate will be 12.25%.

DEFINITIONS:

144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2004, these securities aggregated $138,136 or 21.26% of the net assets of the Fund.

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

MFS High Yield    10

MFS High Yield

STATEMENT OF ASSETS AND LIABILITIES

At June 30, 2004

(all amounts except per share amounts in thousands)

(unaudited)

Assets:
Investment securities, at value (cost: $ 701,028) (including securities loaned of $97,735)	$	706,754
Cash		31,983
Receivables:
Investment securities sold		4,717
Interest		12,649
Dividends		3
Unrealized appreciation on forward foreign currency contracts		1
Other		92
		756,199
Liabilities:
Investment securities purchased		5,800
Accounts payable and accrued liabilities:
Management and advisory fees		450
Service fees		1
Payable for collateral for securities on loan		100,213
Unrealized depreciation on forward foreign currency contracts		2
Other		84
		106,550
Net Assets	$	649,649
Net Assets Consist of:
Capital stock, 150,000 shares authorized ($.01 par value)	$	629
Additional paid-in capital		565,864
Undistributed net investment income		65,131
Undistributed net realized gain (loss) from:
Investment securities		12,354
Foreign currency transactions		(53	)
Net unrealized appreciation (depreciation) on:
Investment securities		5,726
Translation of assets and liabilities denominated in foreign currencies		(2	)
Net Assets	$	649,649
Net Assets by Class:
Initial Class	$	646,549
Service Class		3,100
Shares Outstanding:
Initial Class		62,628
Service Class		299
Net Asset Value and Offering Price Per Share:
Initial Class	$	10.32
Service Class		10.40

STATEMENT OF OPERATIONS

For the period ended June 30, 2004

(all amounts in thousands)

(unaudited)

Investment Income:
Interest	$	27,905
Dividends		9
Income from loaned securities–net		170
		28,084
Expenses:
Management and advisory fees		2,569
Custody fees		54
Administration fees		50
Legal fees		3
Auditing and accounting fees		7
Directors fees		9
Service fees:
Service Class		3
Total expenses		2,695
Net Investment Income (Loss)		25,389
Net Realized Gain (Loss) from:
Investment securities		10,433
Foreign currency transactions		(53	)
		10,380
Net Increase (Decrease) in Unrealized Appreciation (Depreciation) on:
Investment securities		(33,684	)
Translation of assets and liabilities denominated in foreign currencies		13
		(33,671	)
Net Gain (Loss) on Investment Securities and Foreign Currency Transactions		(23,291	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	2,098

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

MFS High Yield    11

MFS High Yield

STATEMENTS OF CHANGES IN NET ASSETS

For the period or year ended

(all amounts in thousands)

	June 30, 2004 (unaudited)			December 31, 2003
Increase (Decrease) In Net Assets From:
Operations:
Net investment income (loss)	$	25,389		$	39,688
Net realized gain (loss) from investment securities and foreign currency transactions		10,380			7,482
Net unrealized appreciation (depreciation) on investment securities and foreign currency translation		(33,671	)		40,045
		2,098			87,215
Distributions to Shareholders:
From net investment income:
Initial Class		–			(6,088	)
Service Class		–			(1	)
		–			(6,089	)
From net realized gains:
Initial Class		–			–
Service Class		–			–
		–			–
Capital Share Transactions:
Proceeds from shares sold:
Initial Class		65,260			407,988
Service Class		3,381			6,089
		68,641			414,077
Dividends and distributions reinvested:
Initial Class		–			6,088
Service Class		–			1
		–			6,089
Cost of shares redeemed:
Initial Class		(81,859	)		(90,433	)
Service Class		(1,527	)		(4,934	)
		(83,386	)		(95,367	)
		(14,745	)		324,799
Net increase (decrease) in net assets		(12,647	)		405,925
Net Assets:
Beginning of period		662,296			256,371
End of period	$	649,649		$	662,296
Undistributed Net Investment Income	$	65,131		$	39,742

	June 30, 2004 (unaudited)		December 31, 2003
Share Activity:
Shares issued:
Initial Class	6,304		44,087
Service Class	325		618
	6,629		44,705
Shares issued–reinvested from distributions:
Initial Class	–		657
Service Class	–		–
	–		657
Shares redeemed:
Initial Class	(7,968	)	(9,513	)
Service Class	(149	)	(495	)
	(8,117	)	(10,008	)
Net increase (decrease) in shares outstanding:
Initial Class	(1,664	)	35,231
Service Class	176		123
	(1,488	)	35,354

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

MFS High Yield    12

MFS High Yield

FINANCIAL HIGHLIGHTS

(unaudited for the period ended June 30, 2004)

	For the Period Ended (b)	For a share outstanding throughout each period (a)
		Net Asset Value, Beginning of Period		Investment Operations								Distributions								Net Asset Value, End of Year
				Net Investment Income (Loss)		Net Realized and Unrealized Gain (Loss)			Total Operations			From Net Investment Income			From Net Realized Gains		Total Distributions
Initial Class	06/30/2004	$	10.28	$	0.39	$	(0.35	)	$	0.04		$	–		$	–	$	–		$	10.32
	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
	12/31/2000		10.09		0.68		(1.18	)		(0.50	)		(0.53	)		–		(0.53	)		9.06
	12/31/1999		9.69		0.47		0.09			0.56			(0.16	)		–		(0.16	)		10.09
Service Class	06/30/2004		10.37		0.39		(0.36	)		0.03			–			–		–			10.40
	12/31/2003		9.48		0.50		0.42			0.92			(0.03	)		–		(0.03	)		10.37

	For the Period Ended (b)	Total Return (c)(g)		Ratios/Supplemental Data
				Net Assets, End of Period (000’s)		Ratio of Expenses to Average Net Assets (f)				Net Investment Income (Loss) to Average Net Assets (f)		Portfolio Turnover Rate (g)
						Net (d)		Total (e)
Initial Class	06/30/2004	0.39	%	$	646,549	0.81	%	0.81	%	7.66	%	37	%
	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
	12/31/2000	(5.18	)		21,733	1.13		1.14		7.87		57
	12/31/1999	5.82			20,015	1.22		1.27		7.07		77
Service Class	06/30/2004	0.29			3,100	1.06		1.06		7.41		37
	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) The inception dates of the Fund’s share classes are 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 period ended June 30, 2004 and for the year ended December 31, 2003, Ratio of Net Expenses to Average Net Assets is net of fee waivers by the investment advisor, 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 and prior years, 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 for periods of less than one year.

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

MFS High Yield    13

MFS High Yield

NOTES TO FINANCIAL STATEMENTS

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

The AEGON/Transamerica Series Fund, Inc. (“ATSF”) is a Maryland corporation registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. ATSF serves as a funding vehicle for variable life insurance, variable annuity and group annuity products. MFS High Yield (“the Fund”), part of ATSF, began operations as part of the Endeavor Series Trust, on June 1, 1998. The Fund became part of ATSF on May 1, 2002.

In the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties, which 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.

See the Prospectus and Statement of Additional Information for a description of the Fund’s investment objective.

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 policies were consistently followed by the Fund, in accordance with GAAP.

Multiple class operations 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.

Pricing of shares: The Fund prices its shares on the basis of the net asset value of each class of shares of the Fund, which is determined as of the close of the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern Time) on each day on which the NYSE is open for trading (other than a day on which there are insufficient changes in the value of the Fund’s portfolio securities to materially affect the Fund’s net asset value or a day on which no shares are tendered for redemption and no order to purchase any shares is received).

Security valuations: Fund investments traded on an exchange are valued at the closing price on the day of valuation on the 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 by independent pricing services; 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 and are translated from the local currency into U.S. dollars using closing exchange rates. Many foreign securities markets are open for trading at times when the U.S. markets are closed for trading, and many foreign securities markets close for trading before the close of the NYSE. The value of foreign securities may be affected significantly on a day that the NYSE is closed and an investor is unable to purchase or redeem shares. 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.” If market quotations are not readily available, and the impact of such a significant market event materially affects the net asset value per share of the Fund, an affected portfolio security will be valued at fair market value as determined in good faith using guidelines adopted by the Board of Directors of the Fund, under the supervision of the Fund’s Valuation Committee. Factors that may be considered to value foreign securities at fair market value may include, among others: the value of other securities traded on other markets, foreign currency exchange activity and the trading of financial products tied to foreign securities.

Other securities for which quotations are not readily available also are valued at fair market value as determined in good faith using guidelines established by and under the supervision of the Board of Directors, and the Fund’s Valuation Committee. These guidelines may include: the type of security; any restrictions on its resale; financial or business news of the issuer; similar or related securities that are actively trading; related corporate actions; and other significant events occurring after the close of trading in the security.

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 June 30, 2004, was paying an interest rate of 0.75%.

Repurchase agreements: The Fund is authorized to enter into repurchase agreements. The Fund, through 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. Repurchase agreements involve the risk that the seller will fail to repurchase the security, as agreed. In that case, the Fund will bear the

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

MFS High Yield    14

MFS High Yield

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1–(continued)

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 are incurred.

Securities lending: The Fund may lend securities to enhance fund earnings from investing cash collateral received in making such loans to

qualified borrowers (typically broker/dealers). The Fund has engaged its custodian bank, IBT, as a lending agent to administer its securities lending program. IBT earned $73 of program net income for its services. When the Fund makes a security loan, it receives cash collateral as protection against the risk that the borrower will default on the loan, and records an asset for the cash invested collateral and a liability for the return of the collateral.

Loans of securities are required to be secured by collateral at least equal to 102% of the value of the securities at inception of the loan, and not less then 100% thereafter. The Fund may invest cash collateral in short-term money market instruments including: U.S. Treasury Bills, U.S. agency obligations, commercial paper, money market mutual funds, repurchase agreements and other highly rated, liquid investments. During the life of securities loans, the collateral and securities loaned remain subject to fluctuation in value. IBT marks to market securities loaned and the collateral each business day. If additional collateral is due (at least $1), IBT collects additional cash collateral from the borrowers. Although securities loaned will be fully collateralized at all times, IBT may experience delays in, or may be prevented from, recovering the collateral on behalf of the Fund. The Fund may recall a loaned security position at any time from the borrower through IBT. In the event the borrower fails to timely return a recalled security, IBT may indemnify the Fund by purchasing replacement securities for the Fund at its own expense and claiming the collateral to fund such a purchase. IBT absorbs the loss if the collateral value is not sufficient to cover the cost of the replacement securities. If replacement securities are not available, IBT will credit the equivalent cash value to the Fund.

While a security is on loan, the Fund does not have the right to vote that security. However, if time permits, the Fund will attempt to recall a security on loan and vote the proxy.

Income from securities lending is included in the Statement of Operations. The amount of collateral and value of securities on loan are included in the Statement of Assets and Liabilities as well as in the Schedule of Investments.

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 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, including unanticipated movements in exchange currency rates, the degree of government supervision and regulation of security markets, and the possibility of political or economic instability.

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 closed 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 June 30, 2004, are listed in the Schedule of Investments.

Dividend distributions: Dividend 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

AEGON/Transamerica Fund Advisers, Inc. (“ATFA”) is the Fund’s investment adviser. AEGON/Transamerica Fund Services, Inc. (“ATFS”) is the Fund’s administrator and transfer agent. AFSG Securities Corp. (“AFSG”) is the Fund’s distributor. AFSG is 100% owned by AUSA Holding Company (“AUSA”). ATFA is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) (“WRL”) and AUSA (22%). ATFS is a wholly owned subsidiary of WRL. AUSA and WRL are wholly owned indirect subsidiaries of AEGON NV, a Netherlands corporation.

Certain officers and directors of the Fund are also officers and/or directors of ATFA, ATFS, AFSG and WRL. No affiliated officer or director receives any compensation directly from the Fund.

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

MFS High Yield    15

MFS High Yield

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  2–(continued)

The following schedule reflects the percentage of fund assets owned by affiliated mutual funds (i.e. through the asset allocation funds):

	Net Assets		% of Net Assets
Asset Allocation–Conservative Portfolio	$	113,118	17	%
Asset Allocation–Moderate Growth Portfolio		132,092	20	%
Asset Allocation–Moderate Portfolio		221,864	34	%
Select + Conservative		584	0	%
Select + Growth & Income		602	0	%
Total	$	468,263	71	%

Investment advisory fees: The Fund pays management fees to ATFA based on average daily net assets (“ANA”) at the following rate:

0.775% of ANA

ATFA 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 limitations 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 are no amounts subject to recapture at June 30, 2004.

Distribution and service fees: The Fund adopted a distribution plan (“Distribution Plan”) pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended. Pursuant to the Distribution Plan, ATSF entered into a Distribution Agreement with AFSG effective May 1, 1999.

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 ATSF 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, 2005. 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 ATFS for financial and legal fund administration services, which includes such items as compliance, expenses, financial statements and other reporting, distributions, tax returns, prospectus preparation, board of directors meeting support, transfer agency and other legal matters. The Legal fees on the Statement of Operations are for fees paid to external legal counsel. The Fund paid ATFS $50 for Administration fees for the period ended June 30, 2004.

Deferred compensation plan: Each eligible Fund Director may elect participation in the Deferred Compensation Plan for Directors of ATSF (“the Plan”). Under the Plan, such Directors may defer payment of a percentage of their total fees earned as a Fund Director. These deferred amounts may be invested in any portfolio of Transamerica IDEX Mutual Funds, an affiliate of the Fund. At June 30, 2004, the value of invested plan amounts was $25. Invested plan amounts and the total liability for deferred compensation to the Directors under the Plan at June 30, 2004, are included in Net assets in the accompanying Statement of Assets and Liabilities.

NOTE  3. INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the period ended June 30, 2004, were as follows:

Purchases of securities:
Long-Term excluding U.S. Government	$	246,156
U.S. Government		–
Proceeds from maturities and sales of securities:
Long-Term excluding U.S. Government		231,863
U.S. Government		–

NOTE  4. FEDERAL INCOME TAX MATTERS

The Fund has not made any provision for federal income 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 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 treatments for items including, but not limited to, wash sales, foreign currency transactions, net operating losses and capital loss carryforwards.

The Fund has elected to treat the net capital and currency losses incurred in the two month period prior to December 31, 2003, of $467

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

MFS High Yield    16

MFS High Yield

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  4–(continued)

(Post-October Loss Deferred) as having been incurred in the fiscal year ending December 31, 2004.

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of June 30, 2004, are as follows:

Federal Tax Cost Basis	$	701,186
Unrealized Appreciation	$	21,013
Unrealized (Depreciation)		(15,445	)
Net Unrealized Appreciation (Depreciation)	$	5,568

NOTE  5. OTHER MATTERS

ATSF, and certain of its affiliated entities, have received requests for information from the Staff of the Securities and Exchange Commission in connection with market timing and late trading within the funds. ATSF and the affiliated entities have voluntarily cooperated in the investigation and have been providing the information as requested.

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

MFS High Yield    17

Munder Net50

SCHEDULE OF INVESTMENTS

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Shares	Value
COMMON STOCKS (93.6%)
Business Services (27.5%)
Akamai Technologies, Inc. (a)(b)	83,300	$	1,495
aQuantive, Inc. (a)	52,200		516
Ask Jeeves, Inc. (a)	101,000		3,942
Bankrate, Inc. (a)	11,300		97
Ctrip.com International, Ltd.–ADR (a)(b)	18,800		636
Digital Insight Corporation (a)	135,200		2,803
DoubleClick Inc. (a)	239,600		1,862
eBay Inc. (a)	71,100		6,538
FindWhat.com (a)(b)	22,100		511
Getty Images, Inc. (a)(b)	44,300		2,658
Monster Worldwide, Inc. (a)(b)	171,300		4,406
NetEase.com, Inc.–ADR (a)(b)	28,800		1,190
Shanda Interactive Entertainment Limited–ADR (a)(b)	16,000		247
Websense, Inc. (a)	32,100		1,195
Communications Equipment (0.1%)
QUALCOMM Incorporated	1,800		131
Computer & Data Processing Services (30.6%)
Blackboard Inc. (a)	800		16
Check Point Software Technologies, Ltd. (a)	58,400		1,576
lastminute.com plc (a)	344,900		1,129
Linktone Ltd–ADR (a)(b)	44,600		488
Macromedia, Inc. (a)	11,000		270
Micromuse Inc. (a)	83,000		555
Microsoft Corporation	103,100		2,945
MicroStrategy Incorporated–warrants, Expires 06/24/2007	35		(e	)
Oracle Corporation (a)	158,700		1,893
Red Hat, Inc. (a)(b)	59,500		1,367
Sage Group PLC (The)	58,000		196
salesforce.com, inc. (a)(b)	1,800		29
SINA Corporation (a)(b)	60,700		2,001
Sohu.com Inc. (a)(b)	38,700		769
SportsLine.com, Inc. (a)	31,600		34
Symantec Corporation (a)(b)	10,800		473
TIBCO Software Inc. (a)	116,700		986
TOM Online Inc.–ADR (a)(b)	36,100		484
T-Online International AG (a)	21,600		246
United Online, Inc. (a)(b)	133,538		2,352
VeriSign, Inc. (a)	217,500		4,328
VERITAS Software Corporation (a)	36,919		1,023
Wanadoo–Allotment Right (a)	39,000		(e	)
webMethods, Inc. (a) 7.9%	108,700		932
Yahoo! Inc. (a)	196,000		7,121
Computer & Office Equipment (12.2%)
Apple Computer, Inc. (a)(b)	36,700		1,194
Cisco Systems, Inc. (a)	143,100		3,391
Dell Inc. (a)	61,800		2,214
EMC Corporation (a)	127,700		1,456

	Shares	Value
Computer & Office Equipment (continued)
Juniper Networks, Inc. (a)	56,757	$	1,395
Lexmark International, Inc. (a)	17,500		1,689
Network Appliance, Inc. (a)(b)	41,900		902
SurfControl PLC (a)	16,400		181
Educational Services (0.6%)
Apollo Group, Inc.–University of Phoenix Online (a)	6,800		596
Management Services (0.6%)
DiamondCluster International, Inc. (a)	48,400		421
Harris Interactive Inc. (a)	27,600		185
Motion Pictures (5.5%)
CNET Networks, Inc. (a)(b)	170,400		1,886
Macrovision Corporation (a)	25,100		628
Netflix, Inc. (a)(b)	67,100		2,412
Time Warner Inc. (a)	38,500		677
Personal Services (0.1%)
eDiets.com, Inc. (a)(b)	24,700		71
Real Estate (0.4%)
Homestore, Inc. (a)	110,800		442
Retail Trade (4.1%)
1-800-FLOWERS.COM, Inc.–Class A (a)	125,400		1,021
Amazon.com, Inc. (a)	25,400		1,382
Autobytel, Inc. (a)	86,000		781
Blue Nile, Inc. (a)(b)	1,500		56
priceline.com Incorporated (a)(b)	27,800		749
Provide Commerce, Inc. (a)	8,600		170
Savings Institutions (0.5%)
Bank United Corp.–Litigation Contingent Payment Rights Trust (a)	600		(e	)
NetBank, Inc.	46,800		512
Security & Commodity Brokers (3.6%)
Ameritrade Holding Corporation (a)	158,200		1,796
E*TRADE Financial Corporation (a)	171,700		1,914
Telecommunications (0.0%)
Tencent Holdings Limited (a)	34,000		19
Transportation & Public Utilities ( 5.4% )
ebookers PLC (a)	42,200		208
InterActiveCorp (a)(b)	147,127		4,434
InterActiveCorp–warrants Expires 02/04/2009	652		23
Orbitz, Inc.–Class A (a)(b)	39,200		848
Wholesale Trade Durable Goods (2.4%)
Digital River, Inc. (a)(b)	75,300		2,457
Total Common Stocks (cost: $77,811)			95,550

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Munder Net50    1

Munder Net50

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Principal		Value
SHORT-TERM OBLIGATIONS (6.5%)
Investor’s Banker & Trust Company (d) 0.70%, Repurchase Agreement dated 06/30/2004 to be repurchased at $6,629 on 07/01/2004	$	6,629	$	6,629
Total Short-Term Obligations (cost: $6,629)				6,629
SECURITY LENDING COLLATERAL (23.8%)
Debt (19.6%)
Agency Discount Notes (1.9%)
Fannie Mae
0.96%, due 07/01/2004		580		580
Federal Home Loan Bank
0.96%, due 07/01/2004		726		726
0.99%, due 07/01/2004		290		290
0.97%, due 07/02/2004		362		362
Bank Notes (0.5%)
Credit Suisse First Boston (USA), Inc.
1.13%, due 09/08/2004		145		145
Deutsche Bank AG
1.16%, due 10/12/2004		363		363
Commercial Paper (5.9%)
Compass Securitization–144A
1.25%, due 07/23/2004		507		507
Falcon Asset Securitization Corp–144A
1.27%, due 07/20/2004		363		363
General Electric Capital Corporation
1.20%, due 07/19/2004		362		362
1.21%, due 07/22/2004		290		290
1.22%, due 07/23/2004		290		290
1.23%, due 07/26/2004		362		362
1.22%, due 08/04/2004		724		724
Govco Incorporated–144A
1.25%, due 08/02/2004		145		145
Greyhawk Funding LLC–144A
1.12%, due 07/13/2004		289		289
1.22%, due 07/20/2004		144		144
Jupiter Securitization Corp–144A
1.07%, due 07/02/2004		145		145
Morgan Stanley
1.58%, due 10/22/2004		333		333
1.58%, due 12/10/2004		942		942
1.58%, due 03/16/2005		913		913
Sheffield Receivables–144A
1.24%, due 07/20/2004		217		217
Euro Dollar Overnight (0.7%)
Bank of Nova Scotia (The)
1.04%, due 07/06/2004		363		363
Den Danske Bank
1.08%, due 07/02/2004		363		363

	Principal		Value
Euro Dollar Terms (4.7%)
Bank of America Corporation
1.08%, due 07/19/2004	$	145	$	145
Bank of Montreal
1.20%, due 07/23/2004		73		73
Bank of Nova Scotia (The)
1.20%, due 07/14/2004		363		363
1.24%, due 07/23/2004		72		72
Bank of the West Inc.
1.28%, due 07/28/2004		145		145
Branch Banking & Trust
1.08%, due 07/14/2004		72		72
Calyon
1.16%, due 07/15/2004		1,377		1,377
1.17%, due 08/04/2004		217		217
1.34%, due 08/24/2004		507		507
Fortis Bank
1.19%, due 07/14/2004		72		72
1.29%, due 09/03/2004		145		145
HBOS PLC
1.30%, due 09/03/2004		145		145
Royal Bank of Canada
1.05%, due 07/08/2004		217		217
Royal Bank of Scotland Group PLC (The)
1.06%, due 07/30/2004		652		652
Wells Fargo & Company
1.19%, due 07/14/2004		290		290
1.25%, due 07/23/2004		145		145
1.24%, due 07/26/2004		145		145
Master Notes (0.7%)
Bear Stearns Companies Inc. (The)
1.64%, due 09/08/2004		435		435
1.64%, due 12/15/2004		290		290
Repurchase Agreements (5.2%) (c)
Credit Suisse First Boston (USA), Inc. 1.54%, Repurchase Agreement dated 06/30/2004 to be repurchased at $1,696 on 07/01/2004		1,696		1,696
Goldman Sachs Group Inc. (The) 1.54%, Repurchase Agreement dated 06/30/2004 to be repurchased at $726 on 07/01/2004		726		726
Merrill Lynch & Co., Inc. 1.54%, Repurchase Agreement dated 06/30/2004 to be repurchased at $2,196 on 07/01/2004		2,196		2,196
Morgan Stanley 1.58%, Repurchase Agreement dated 06/30/2004 to be repurchased at $652 on 07/01/2004		652		652

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Munder Net50    2

Munder Net50

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Shares	Value
Investment Companies (4.2%)
Money Market Funds (4.2%)
Merrill Lynch Premier Institutional Fund 1 day yield of 1.17%	600,661	$	601
Merrimac Cash Fund– Premium Class 1 day yield of 1.11%	3,727,869		3,728
Total Security Lending Collateral (cost: $24,324)			24,324
Total Investment Securities (cost: $108,764)		$	126,503
SUMMARY:
Investments, at value	123.9%	$	126,503
Liabilities in excess of other assets	(23.9)%		(24,371	)
Net assets	100.0%	$	102,132

NOTES TO SCHEDULE OF INVESTMENTS:

(a) No dividends were paid during the preceding twelve months.

(b) At June 30, 2004, all or a portion of this security is on loan (see Note 1). The value at June 30, 2004, of all securities on loan is $23,604.

(c) Cash collateral for the Repurchase Agreements, valued at $5,375, that serve as collateral for securities lending are invested in corporate bonds with interest rates and maturity dates ranging from 0.00%–9.88% and 08/01/2004–09/25/2099, respectively.

(d) At June 30, 2004, repurchase agreements are collateralized by $33,951 Fannie Mae ARM–Pool# 643395 (5.06%, due 04/01/2032) with a market value and accrued interest of $6,960.

(e) Value is less than $1.

DEFINITIONS:

ADR American Depositary Receipt

ARM Adjustable Rate Mortgage

144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2004, these securities aggregated $1,665 or 1.63% of the net assets of the Fund.

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Munder Net50    3

Munder Net50

STATEMENT OF ASSETS AND LIABILITIES

At June 30, 2004

(all amounts except per share amounts in thousands)

(unaudited)

Assets:
Investment securities, at value (cost: $ 108,764) (including securities loaned of $23,604)	$	126,503
Cash		50
Receivables:
Interest		1
Other		20
		126,574
Liabilities:
Accounts payable and accrued liabilities:
Management and advisory fees		97
Payable for collateral for securities on loan		24,324
Other		21
		24,442
Net Assets	$	102,132
Net Assets Consist of:
Capital stock, 50,000 shares authorized ($.01 par value)	$	111
Additional paid-in capital		91,560
Accumulated net investment loss		(425	)
Accumulated net realized gain (loss) from:
Investment securities		(6,848	)
Foreign currency transactions		(5	)
Net unrealized appreciation (depreciation) on: Investment securities		17,739
Net Assets	$	102,132
Net Assets by Class:
Initial Class	$	100,418
Service Class		1,714
Shares Outstanding:
Initial Class		10,960
Service Class		187
Net Asset Value and Offering Price Per Share:
Initial Class	$	9.16
Service Class		9.15

STATEMENT OF OPERATIONS

For the period ended June 30, 2004

(all amounts in thousands)

(unaudited)

Investment Income:
Interest	$	6
Dividends		6
Income from loaned securities–net		18
Less withholding taxes on foreign dividends		(1	)
		29
Expenses:
Management and advisory fees		405
Printing and shareholder reports		5
Custody fees		9
Administration fees		7
Auditing and accounting fees		6
Directors fees		1
Service fees:
Service Class		2
Total expenses before recovery of waived expenses		435
Recovered expenses		17
Total expenses		452
Net Investment Income (Loss)		(423	)
Net Realized Gain (Loss) from:
Investment securities		1,725
Foreign currency transactions		(5	)
		1,720
Net Increase (Decrease) in Unrealized Appreciation (Depreciation) on:
Investment securities		6,933
Net Gain (Loss) on Investment Securities and Foreign Currency Transactions		8,653
Net Increase (Decrease) in Net Assets Resulting from Operations	$	8,230

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Munder Net50    4

Munder Net50

STATEMENTS OF CHANGES IN NET ASSETS

For the period or year ended

(all amounts in thousands)

	June 30, 2004 (unaudited)			December 31, 2003
Increase (Decrease) In Net Assets From:
Operations:
Net investment income (loss)	$	(423	)	$	(297	)
Net realized gain (loss) from investment securities and foreign currency transactions		1,720			(3,222	)
Net unrealized appreciation (depreciation) on investment securities		6,933			14,888
		8,230			11,369
Distributions to Shareholders:
From net investment income:
Initial Class		–			–
Service Class		–			–
		–			–
From net realized gains:
Initial Class		–			–
Service Class		–			–
		–			–
Capital Share Transactions:
Proceeds from shares sold:
Initial Class		30,784			68,245
Service Class		1,460			1,228
		32,244			69,473
Dividends and distributions reinvested:
Initial Class		–			–
Service Class		–			–
		–			–
Cost of shares redeemed:
Initial Class		(13,422	)		(18,214	)
Service Class		(611	)		(533	)
		(14,033	)		(18,747	)
		18,211			50,726
Net increase (decrease) in net assets		26,441			62,095
Net Assets:
Beginning of period		75,691			13,596
End of period	$	102,132		$	75,691
Accumulated Net Investment Loss	$	(425	)	$	(2	)

	June 30, 2004 (unaudited)		December 31, 2003
Share Activity:
Shares issued:
Initial Class	3,479		9,279
Service Class	166		160
	3,645		9,439
Shares issued–reinvested from distributions:
Initial Class	–		–
Service Class	–		–
	–		–
Shares redeemed:
Initial Class	(1,569	)	(2,965	)
Service Class	(70	)	(69	)
	(1,639	)	(3,034	)
Net increase (decrease) in shares outstanding:
Initial Class	1,910		6,314
Service Class	96		91
	2,006		6,405

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Munder Net50    5

Munder Net50

FINANCIAL HIGHLIGHTS

(unaudited for the period ended June 30, 2004)

	For the Period Ended (b)	For a share outstanding throughout each period (a)
		Net Asset Value, Beginning of Period		Investment Operations									Distributions									Net Asset Value, End of Period
				Net Investment Income (Loss)			Net Realized and Unrealized Gain (Loss)			Total Operations			From Net Investment Income			From Net Realized Gains			Total Distributions
Initial Class	06/30/2004	$	8.28	$	(0.04	)	$	0.92		$	0.88		$	–		$	–		$	–		$	9.16
	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
	12/31/2000		11.25		0.08			(0.14	)		(0.06	)		(0.26	)		(0.05	)		(0.31	)		10.88
	12/31/1999		10.00		0.03			1.74			1.77			(0.52	)		–			(0.52	)		11.25
Service Class	06/30/2004		8.28		(0.05	)		0.92			0.87			–			–			–			9.15
	12/31/2003		5.94		(0.06	)		2.40			2.34			–			–			–			8.28

	For the Period Ended (b)	Total Return (c)(g)		Ratios/Supplemental Data
				Net Assets, End of Period (000’s)		Ratio of Expenses to Average Net Assets (f)				Net Investment Income (Loss) to Average Net Assets (f)		Portfolio Turnover Rate (g)
						Net (d)		Total (e)
Initial Class	06/30/2004	10.63	%	$	100,418	0.96	%	1.00	%	(0.93	)%	13	%
	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
	12/31/2000	(0.62	)		6,451	1.00		2.44		0.71		110
	12/31/1999	17.82			2,783	1.00		5.57		0.50		341
Service Class	06/30/2004	10.51			1,714	1.21		1.25		(1.19	)	13
	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) The inception dates of the Fund’s share classes are 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 fee waivers by the investment adviser, if any (see note 2).

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

(f) Annualized.

(g) Not annualized for periods of less than one year.

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Munder Net50    6

Munder Net50

NOTES TO FINANCIAL STATEMENTS

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

The AEGON/Transamerica Series Fund, Inc. (“ATSF”) is a Maryland corporation registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. ATSF serves as a funding vehicle for variable life insurance, variable annuity and group annuity products. Munder Net50 (“the Fund”), part of ATSF, began operations on May 3, 1999.

In the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties, which 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.

See the Prospectus and Statement of Additional Information for a description of the Fund’s investment objective.

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 policies were consistently followed by the Fund, in accordance with GAAP.

Multiple class operations 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.

Pricing of shares: The Fund prices its shares on the basis of the net asset value of each class of shares of the Fund, which is determined as of the close of the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern Time) on each day on which the NYSE is open for trading (other than a day on which there are insufficient changes in the value of the Fund’s portfolio securities to materially affect the Fund’s net asset value or a day on which no shares are tendered for redemption and no order to purchase any shares is received).

Security valuations: Fund investments traded on an exchange are valued at the closing price on the day of valuation on the 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 by independent pricing services; 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 and are translated from the local currency into U.S. dollars using closing exchange rates. Many foreign securities markets are open for trading at times when the U.S. markets are closed for trading, and many foreign securities markets close for trading before the close of the NYSE. The value of foreign securities may be affected significantly on a day that the NYSE is closed and an investor is unable to purchase or redeem shares. 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.” If market quotations are not readily available, and the impact of such a significant market event materially affects the net asset value per share of the Fund, an affected portfolio security will be valued at fair market value as determined in good faith using guidelines adopted by the Board of Directors of the Fund, under the supervision of the Fund’s Valuation Committee. Factors that may be considered to value foreign securities at fair market value may include, among others: the value of other securities traded on other markets, foreign currency exchange activity and the trading of financial products tied to foreign securities.

Other securities for which quotations are not readily available also are valued at fair market value as determined in good faith using guidelines established by and under the supervision of the Board of Directors, and the Fund’s Valuation Committee. These guidelines may include: the type of security; any restrictions on its resale; financial or business news of the issuer; similar or related securities that are actively trading; related corporate actions; and other significant events occurring after the close of trading in the security.

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 June 30, 2004, was paying an interest rate of 0.75%.

Repurchase agreements: The Fund is authorized to enter into repurchase agreements. The Fund, through 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. Repurchase agreements involve the risk that the seller will fail to repurchase the security, as agreed. In that case, 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 are incurred.

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

Munder Net50    7

Munder Net50

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1–(continued)

Securities lending: The Fund may lend securities to enhance fund earnings from investing cash collateral received in making such loans to qualified borrowers (typically broker/dealers). The Fund has engaged its custodian bank, IBT, as a lending agent to administer its securities lending program. IBT earned $8 of program net income for its services. When the Fund makes a security loan, it receives cash collateral as protection against the risk that the borrower will default on the loan, and records an asset for the cash invested collateral and a liability for the return of the collateral.

Loans of securities are required to be secured by collateral at least equal to 102% of the value of the securities at inception of the loan, and not less then 100% thereafter. The Fund may invest cash collateral in short-term money market instruments including: U.S. Treasury Bills, U.S. agency obligations, commercial paper, money market mutual funds, repurchase agreements and other highly rated, liquid investments. During the life of securities loans, the collateral and securities loaned remain subject to fluctuation in value. IBT marks to market securities loaned and the collateral each business day. If additional collateral is due (at least $1), IBT collects additional cash collateral from the borrowers. Although securities loaned will be fully collateralized at all times, IBT may experience delays in, or may be prevented from, recovering the collateral on behalf of the Fund. The Fund may recall a loaned security position at any time from the borrower through IBT. In the event the borrower fails to timely return a recalled security, IBT may indemnify the Fund by purchasing replacement securities for the Fund at its own expense and claiming the collateral to fund such a purchase. IBT absorbs the loss if the collateral value is not sufficient to cover the cost of the replacement securities. If replacement securities are not available, IBT will credit the equivalent cash value to the Fund.

While a security is on loan, the Fund does not have the right to vote that security. However, if time permits, the Fund will attempt to recall a security on loan and vote the proxy.

Income from securities lending is included in the Statement of Operations. The amount of collateral and value of securities on loan are included in the Statement of Assets and Liabilities as well as in the Schedule of Investments.

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 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, including unanticipated movements in exchange currency rates, the degree of government supervision and regulation of security markets, and the possibility of political or economic instability.

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 closed 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.

Dividend distributions: Dividend 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

AEGON/Transamerica Fund Advisers, Inc. (“ATFA”) is the Fund’s investment adviser. AEGON/Transamerica Fund Services, Inc. (“ATFS”) is the Fund’s administrator and transfer agent. AFSG Securities Corp. (“AFSG”) is the Fund’s distributor. AFSG is 100% owned by AUSA Holding Company (“AUSA”). ATFA is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) (“WRL”) and AUSA (22%). ATFS is a wholly owned subsidiary of WRL. AUSA and WRL are wholly owned indirect subsidiaries of AEGON NV, a Netherlands corporation.

Certain officers and directors of the Fund are also officers and/or directors of ATFA, ATFS, AFSG and WRL. No affiliated officer or director receives any compensation directly from the Fund.

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

Munder Net50    8

Munder Net50

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  2–(continued)

The following schedule reflects the percentage of fund assets owned by affiliated mutual funds (i.e., through the asset allocation funds):

	Net Assets		% of Net Assets
Asset Allocation–Conservative Portfolio	$	1,907	2	%
Asset Allocation–Growth Portfolio		15,562	15	%
Asset Allocation–Moderate Growth Portfolio		23,530	23	%
Asset Allocation–Moderate Portfolio		7,492	7	%
Total	$	48,491	47	%

Investment advisory fees: The Fund pays management fees to ATFA based on average daily net assets (“ANA”) at the following rate:

0.90% of ANA

ATFA 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 limitations 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.

	Advisory Fee Waived		Available for Recapture Through
Fiscal Year 2001	$	80	12/31/2004
Fiscal Year 2002		44	12/31/2005
Fiscal Year 2003		27	12/31/2006

	Expenses Recovered by Adviser		Increase in Total Expenses to Average Net Assets
Recovered in 2004	$	17	0.04%

Distribution and service fees: The Fund adopted a distribution plan (“Distribution Plan”) pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended. Pursuant to the Distribution Plan, ATSF entered into a Distribution Agreement with AFSG effective May 1, 1999.

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 ATSF 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, 2005. 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 ATFS for financial and legal fund administration services, which includes such items as compliance, expenses, financial statements and other reporting, distributions, tax returns, prospectus preparation, board of directors meeting support, transfer agency and other legal matters. The Legal fees on the Statement of Operations are for fees paid to external legal counsel. The Fund paid ATFS $7 for Administration fees for the period ended June 30, 2004.

Deferred compensation plan: Each eligible Fund Director may elect participation in the Deferred Compensation Plan for Directors of ATSF (“the Plan”). Under the Plan, such Directors may defer payment of a percentage of their total fees earned as a Fund Director. These deferred amounts may be invested in any portfolio of Transamerica IDEX Mutual Funds, an affiliate of the Fund. At June 30, 2004, the value of invested plan amounts was $4. Invested plan amounts and the total liability for deferred compensation to the Directors under the Plan at June 30, 2004, are included in Net assets in the accompanying Statement of Assets and Liabilities.

NOTE  3. INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the period ended June 30, 2004, were as follows:

Purchases of securities:
Long-Term excluding U.S. Government	$	26,361
U.S. Government		—
Proceeds from maturities and sales of securities:
Long-Term excluding U.S. Government		11,126
U.S. Government		—

NOTE  4. FEDERAL INCOME TAX MATTERS

The Fund has not made any provision for federal income 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 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

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

Munder Net50    9

Munder Net50

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  4–(continued)

differing treatments for items including, but not limited to, wash sales, foreign currency transactions and capital loss carryforwards.

The capital loss carryforwards are available to offset future realized capital gains through the periods listed:

Capital Loss Carryforward	Available through
$2,061	December 31, 2009
2,914	December 31, 2010
3,254	December 31, 2011

The Fund has elected to treat the net capital losses incurred in the two month period prior to December 31, 2003 of $1 (Post-October Loss Deferred) as having been incurred in the fiscal year ending December 31, 2004.

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of June 30, 2004, are as follows:

Federal Tax Cost Basis	$	108,972
Unrealized Appreciation	$	20,696
Unrealized (Depreciation)		(3,165	)
Net Unrealized Appreciation (Depreciation)	$	17,531

NOTE  5. OTHER MATTERS

ATSF, and certain of its affiliated entities, have received requests for information from the Staff of the Securities and Exchange Commission in connection with market timing and late trading within the funds. ATSF and the affiliated entities have voluntarily cooperated in the investigation and have been providing the information as requested.

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

Munder Net50    10

PIMCO Total Return

SCHEDULE OF INVESTMENTS

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Principal		Value
U.S. GOVERNMENT OBLIGATIONS (1.5%)
U.S. Treasury Bond
4.88%, due 02/15/2012	$	700	$	723
U.S. Treasury Inflation Index
3.50%, due 01/15/2011		1,134		1,259
3.38%, due 01/15/2012		3,811		4,222
3.88%, due 04/15/2029		3,213		4,097
Total U.S. Government Obligations (cost: $10,353)				10,301
U.S. GOVERNMENT AGENCY OBLIGATIONS (22.7%)
Fannie Mae
3.00%, due 08/25/2009		700		699
6.00%, due 11/25/2027		283		283
3.48%, due 01/01/2028 (f)		274		281
Fannie Mae–August TBA
5.00%, due 08/01/2018		11,400		11,372
Fannie Mae–Conventional Pool
5.50%, due 03/01/2016		523		537
5.50%, due 07/01/2016		594		610
5.50%, due 11/01/2016		590		606
5.50%, due 12/01/2016		400		410
6.00%, due 01/01/2017		11		12
5.50%, due 02/01/2017		2,383		2,444
5.50%, due 03/01/2017		439		450
5.50%, due 04/01/2017		749		769
6.00%, due 05/01/2017		9		9
5.50%, due 05/01/2017		130		133
5.50%, due 06/01/2017		108		111
6.00%, due 06/01/2017		385		402
5.50%, due 08/01/2017		227		233
5.50%, due 09/01/2017		2,519		2,585
5.50%, due 11/01/2017		2,553		2,619
5.50%, due 01/01/2018		441		452
5.00%, due 02/01/2018		34		34
5.50%, due 02/01/2018		594		609
5.00%, due 05/01/2018		828		831
5.50%, due 06/01/2018		766		786
5.00%, due 08/01/2018		381		383
6.50%, due 07/01/2032		890		927
5.21%, due 04/01/2033 (f)		395		397
6.00%, due 10/01/2033		159		162
5.50%, due 11/01/2033		7,142		7,129
5.50%, due 12/01/2033		1,466		1,463
5.50%, due 01/01/2034		1,264		1,259
5.50%, due 02/01/2034		1,499		1,493
5.50%, due 04/01/2034		3,830		3,816
5.50%, due 05/01/2034		2,996		2,985
Fannie Mae–July TBA
5.00%, due 07/01/2034		30,900		29,838
5.50%, due 07/01/2034		26,600		26,467
Freddie Mac
5.00%, due 09/15/2016		901		918
6.50%, due 07/25/2043		493		515
6.00%, due 12/15/2007		203		206
6.00%, due 08/15/2027		201		201

	Principal		Value
Freddie Mac (continued)
6.50%, due 12/15/2028	$	542	$	544
1.59%, due 12/15/2029 (f)		463		463
6.50%, due 02/15/2030		261		273
Freddie Mac–Conventional Pool (f)
3.46%, due 08/01/2023		332		341
Freddie Mac–Gold Pool
6.50%, due 08/01/2032		3,406		3,554
Ginnie Mae–FHA/VA Pool
6.50%, due 02/15/2029		235		247
6.50%, due 03/15/2029		377		394
6.50%, due 04/15/2029		16		17
6.50%, due 05/15/2029		31		32
6.50%, due 07/15/2029		13		14
6.50%, due 09/15/2029		211		221
6.50%, due 03/15/2031		24		25
6.50%, due 04/15/2031		791		828
6.50%, due 06/15/2031		440		460
6.50%, due 07/15/2031		386		403
6.50%, due 08/15/2031		168		176
6.50%, due 09/15/2031		252		264
6.50%, due 10/15/2031		355		370
6.50%, due 11/15/2031		771		807
6.50%, due 12/15/2031		201		210
6.50%, due 01/15/2032		367		384
6.50%, due 02/15/2032		153		160
6.50%, due 04/15/2032		398		416
6.50%, due 05/15/2032		612		640
6.50%, due 08/15/2032		60		63
6.50%, due 09/15/2032		692		723
6.50%, due 10/15/2032		22		23
5.50%, due 11/15/2032		1,477		1,478
6.50%, due 11/15/2032		31		32
5.50%, due 12/15/2032		2,113		2,115
6.50%, due 01/15/2033		443		463
5.00%, due 03/15/2033		214		208
5.50%, due 03/15/2033		429		429
5.50%, due 04/15/2033		490		491
5.50%, due 05/15/2033		1,450		1,453
5.00%, due 05/15/2033		652		634
5.50%, due 06/15/2033		1,843		1,844
5.00%, due 06/15/2033		217		211
5.00%, due 07/15/2033		2,251		2,187
5.50%, due 07/15/2033		6,460		6,466
5.00%, due 08/15/2033		6,710		6,522
5.50%, due 08/15/2033		720		721
5.00%, due 09/15/2033		3,472		3,395
5.50%, due 10/15/2033		376		376
5.50%, due 11/15/2033		2,132		2,133
5.50%, due 12/15/2033		2,462		2,463
5.50%, due 01/15/2034		840		841
5.50%, due 02/15/2034		237		237
5.50%, due 02/15/2034		1,690		1,690

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

PIMCO Total Return    1

PIMCO Total Return

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Principal		Value
Ginnie Mae–July TBA
5.50%, due 07/01/2034	$	600	$	599
Ginnie Mae–Series 2002-40
6.50%, due 06/20/2032		11		12
Total U.S. Government Agency Obligations (cost: $154,862)				154,488
FOREIGN GOVERNMENT OBLIGATIONS (4.0%)
European Investment Bank
0.88%, due 11/08/2004		144,000		1,324
Federal Republic of Germany
3.25%, due 09/24/2004		457		558
4.50%, due 07/04/2009		6,000		7,585
Federative Republic of Brazil
2.06%, due 04/15/2006 (f)		1,248		1,229
11.50%, due 03/12/2008		84		90
2.13%, due 04/15/2009 (f)		2,212		2,002
11.00%, due 01/11/2012		350		352
8.88%, due 04/15/2024		350		281
12.25%, due 03/06/2030		350		364
11.00%, due 08/17/2040		2,043		1,926
Republic of Italy
5.00%, due 12/15/2004		520,000		4,873
Republic of Panama
8.25%, due 04/22/2008		10		11
Republic of Peru
9.13%, due 02/21/2012		120		123
9.88%, due 02/06/2015		2,000		2,090
4.50%, due 03/07/2017 (f)		750		604
Republic of South Africa
5.25%, due 05/16/2013		565		669
6.50%, due 06/02/2014		1,200		1,212
Russian Federation (g)
5.00%, due 03/31/2030		910		831
United Mexican States
8.38%, due 01/14/2011		1,270		1,435
Total Foreign Government Obligations (cost: $26,411)				27,559
MORTGAGE-BACKED SECURITIES (2.4%)
Amortizing Residential Collateral Trust (f)
1.59%, due 07/25/2032		128		128
Bank of America Mortgage Securities, Inc. (f)
5.67%, due 10/20/2032		286		291
Bear Stearns Adjustable Rate Mortgage Trust (f)
5.97%, due 06/25/2032		107		107
4.92%, due 01/25/2034		921		925
4.80%, due 01/25/2034		1,262		1,258
4.36%, due 01/25/2034		2,233		2,245
CDC Mortgage Capital Trust (f)
1.59%, due 01/25/2033		119		119
Citicorp Mortgage Securities, Inc.
6.50%, due 04/25/2029		621		622
Countrywide Alternative Loan Trust–Series 2003-J1
6.00%, due 10/25/2032		292		295
Countrywide Home Loan Trust–Series 2002-1 (f)
5.70%, due 03/19/2032		115		118

	Principal		Value
Countrywide Home Loan Trust–Series 2004-7 (f)
1.57%, due 05/25/2034	$	352	$	349
Countrywide Home Loans, Inc.
4.98%, due 09/19/2032		268		269
Credit-Based Asset Servicing and Securities, Series 2002-CB6 (f)
1.80%, due 01/25/2033		179		180
CS First Boston Mortgage Securities Corp.
2.14%, due 03/25/2032		264		263
1.59%, due 08/25/2033 (f)		1,098		1,102
GSMPS Mortgage Loan Trust
7.00%, due 06/25/2043		584		614
Home Equity Asset Trust (f)
1.60%, due 11/25/2032		120		120
Residential Funding Mortgage Securities I, Inc.
6.50%, due 03/25/2032		231		234
Sequoia Mortgage Funding Corporation– Series 10 (f)
1.66%, due 10/20/2027		1,219		1,222
Small Business Administration Participation Certificates
5.13%, due 09/01/2023		638		635
4.34%, due 03/01/2024		3,460		3,247
Structured Asset Mortgage Investments Inc. (f)
1.61%, due 09/19/2032		480		482
Structured Asset Securities Corporation (f)
1.59%, due 01/25/2033		13		13
1.46%, due 08/25/2033		178		178
Washington Mutual (f)
4.82%, due 10/25/2032		299		302
3.05%, due 02/27/2034		446		446
Washington Mutual Mortgage Securities Corporation (f)
2.73%, due 12/25/2040		579		580
Wells Fargo Mortgage Backed Securities Trust–Series 2002-E (f)
4.96%, due 09/25/2032		134		136
Total Mortgage-Backed Securities (cost: $16,770)				16,480
ASSET-BACKED SECURITIES (0.9%)
Bear Stearns Asset Backed Securities, Inc. (f)
1.63%, due 10/25/2032		199		199
Centex Home Equity, Series 2004-A (f)
1.58%, due 01/25/2034		1,496		1,496
Morgan Stanley Capital I Inc. Series 2003-HE2 (f)
1.64%, due 08/25/2033		1,275		1,278
Quest Trust–144A (f)
1.85%, due 06/25/2034		1,580		1,577
RACERS SER 1997-R-8-3–144A (f)
1.55%, due 08/15/2007		1,100		1,073
Structured Asset Investment Loan Trust (f)
1.40%, due 04/25/2033		194		194
Vanderbilt Acquisition Loan Trust
3.28%, due 01/07/2013		31		31
Total Asset-Backed Securities (cost: $5,860)				5,848

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

PIMCO Total Return    2

PIMCO Total Return

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (9.9%)
Air Transportation (0.3%)
Continental Airlines, Inc.
7.06%, due 09/15/2009	$	1,000	$	989
Delta Air Lines, Inc.
7.57%, due 11/18/2010		300		278
UAL Corporation
6.20%, due 09/01/2008		700		576
6.60%, due 09/01/2013		200		167
United Air Lines, Inc. (d)
7.73%, due 07/01/2010		150		122
Automotive (0.2%)
DaimlerChrysler North America Holding Corporation
6.50%, due 11/15/2013		940		964
Ford Motor Company
7.45%, due 07/16/2031		700		667
Business Credit Institutions (0.4%)
Federal Republic of Germany
5.25%, due 07/04/2010		300		392
Ford Motor Credit Company
7.38%, due 10/28/2009		1,030		1,099
1.59%, due 07/18/2005 (f)		400		400
United Mexican States (f)
1.84%, due 01/13/2009		930		945
Business Services (0.0%)
Clear Channel Communications, Inc.
7.25%, due 10/15/2027		300		320
Commercial Banks (0.2%)
HSBC Capital Funding LP–144A (f)
10.18%, due 12/31/2049		100		139
KfW International Finance Inc.
1.00%, due 12/20/2004		100,000		921
Communication (0.1%)
Comcast Cable Communications, Inc.
6.75%, due 01/30/2011		210		227
Comcast Corporation
6.50%, due 01/15/2015		200		207
CSC Holdings, Inc.
7.63%, due 04/01/2011		220		221
TCI Communications, Inc.
8.65%, due 09/15/2004		100		101
Electric Services (1.0%)
Columbus Southern Power Company
5.50%, due 03/01/2013		100		100
Florida Power Corporation
4.80%, due 03/01/2013		1,960		1,893
Ohio Power Company
5.50%, due 02/15/2013		100		101
Oncor Electric Delivery Company
6.38%, due 01/15/2015		600		632

	Principal		Value
Electric Services (continued)
Progress Energy, Inc.
6.85%, due 04/15/2012	$	1,600	$	1,729
PSEG Power LLC
6.95%, due 06/01/2012		921		1,001
Southern California Edison Company (f)
1.44%, due 01/13/2006		350		350
Electric, Gas & Sanitary Services (0.4%)
Niagara Mohawk Power Corporation
7.75%, due 10/01/2008		825		929
PG&E Corporation (f)
1.81%, due 04/03/2006		2,130		2,131
Electronic Components & Accessories (0.2%)
Tyco International Group SA
6.38%, due 10/15/2011		1,510		1,606
Environmental Services (0.2%)
Waste Management, Inc.
7.38%, due 08/01/2010		700		786
6.38%, due 11/15/2012		375		397
Gas Production & Distribution (0.3%)
El Paso Corporation
7.80%, due 08/01/2031		450		361
7.75%, due 01/15/2032 (a)		425		341
Sonat Inc.
7.63%, due 07/15/2011		1,000		893
Southern Natural Gas Company
8.00%, due 03/01/2032		820		771
General Obligation–County (0.7%)
Baltimore County, General Obligation Bonds
5.00%, due 08/01/2012		1,000		1,089
Cook County, Illinois Public Improvements, General Obligation Bonds
5.13%, due 11/15/2026		1,400		1,401
Montgomery County Construction Public Improvement, General Obligation Bonds, Series A
5.00%, due 04/01/2011		1,900		2,068
General Obligation–State (0.1%)
Illinois State, Pension Funding, General Obligation Bonds
5.10%, due 06/01/2033		800		710
Holding & Other Investment Offices (0.1%)
Rabobank Nederland–144A (f)
5.26%, due 12/31/2049		1,000		968
Hotels & Other Lodging Places (0.3%)
Harrah’s Operating Company, Inc.
8.00%, due 02/01/2011		50		56
Hilton Hotels Corporation
7.00%, due 07/15/2004		500		500

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

PIMCO Total Return    3

PIMCO Total Return

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Principal		Value
Hotels & Other Lodging Places (continued)
Park Place Entertainment Corporation
7.50%, due 09/01/2009	$	800	$	842
Starwood Hotels & Resorts Worldwide, Inc.
7.88%, due 05/01/2012		350		375
Life Insurance (0.3%)
ASIF II
1.20%, due 01/26/2005		170,000		1,567
Protective Life Corporation–144A (f)
1.69%, due 09/26/2005		260		259
Motion Pictures (0.1%)
Time Warner Inc.
8.11%, due 08/15/2006		150		164
6.88%, due 05/01/2012		410		443
Oil & Gas Extraction (0.7%)
Gaz Capital SA (Gazprom)
8.63%, due 04/28/2034		3,000		2,916
Pemex Project Funding Master Trust
7.38%, due 12/15/2014		1,300		1,326
RasLaffan Liquefied Natural Gas Company Limited–144A
3.44%, due 09/15/2009		550		537
Personal Credit Institutions (1.0%)
General Motors Acceptance Corporation
6.88%, due 08/28/2012		150		153
2.40%, due 10/20/2005 (f)		4,410		4,446
Household Finance Corporation
6.38%, due 11/27/2012		800		848
1.86%, due 06/17/2005 (f)		1,000		1,003
SLM Corporation (f)
1.72%, due 09/15/2006		230		231
VW Credit Leasing, Ltd. (f)
1.43%, due 01/21/2005		360		360
Primary Metal Industries (0.1%)
Alcan Inc.–144A (f)
1.62%, due 12/08/2004		800		800
Railroads (0.1%)
Norfolk Southern Corporation
6.75%, due 02/15/2011		550		602
Revenue–Building Authority (0.2%)
Michigan State Building Authority, Revenue Bonds, Series I,
5.25%, due 10/15/2013		950		1,045
Revenue–Pollution Control (0.1%)
New York State Environmental Facilities, Revenue Bonds,
5.00%, due 06/15/2032		240		237
5.00%, due 06/15/2033		80		79
5.00%, due 07/15/2033		70		69

	Principal		Value
Revenue–Pollution Control (continued)
Rhode Island Clean Water Financing Agency, Revenue Bonds, Series A,
5.00%, due 10/01/2028	$	610	$	602
Revenue–Special (0.7%)
California State Economic Recovery, Revenue Bonds,
5.25%, due 01/01/2010		130		142
5.25%, due 01/01/2011		130		142
5.00%, due 07/01/2011		130		142
5.00%, due 07/01/2012		270		293
5.25%, due 07/01/2012		260		285
5.25%, due 07/01/2013		930		1,018
5.25%, due 07/01/2014		140		153
5.00%, due 07/01/2023		130		139
New York City Transitional Finance Authority, Revenue Bonds, Series C,
5.00%, due 02/01/2033		1,900		1,844
New York City Transitional Finance Authority, Revenue Bonds, Series D,
5.00%, due 02/01/2031		100		97
Tobacco Settlement Financing Corporation, New Jersey, Revenue Bonds,
6.00%, due 06/01/2037		770		625
Revenue–Tobacco (0.5%)
Golden State Tobacco Securitization Corporation, California, Revenue Bonds, Series 2003-A-1,
6.75%, due 06/01/2039		460		413
Golden State Tobacco Securitization Corporation, California, Revenue Bonds, Series A-2,
7.90%, due 06/01/2042		195		199
Iowa Tobacco Settlement Authority, Revenue Bonds, Series B,
5.60%, due 06/01/2035		705		533
Tobacco Settlement Financing Corporation, New Jersey, Revenue Bonds,
6.38%, due 06/01/2032		2,175		1,948
Revenue–Transportation (0.3%)
Florida State Turnpike Authority, Revenue Bonds, Series C,
5.00%, due 07/01/2033		140		137
New Jersey State Transit Authority, Revenue Bonds, Series C,
5.00%, due 06/15/2011		690		743
Phoenix, Arizona, Street & Highway User, Revenue Bonds,
5.00%, due 07/01/2009		1,300		1,405
Revenue–Utilities (0.6%)
De Kalb County Georgia Water & Sewer, Revenue Bonds, Series A,
5.00%, due 10/01/2035		610		601

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

PIMCO Total Return    4

PIMCO Total Return

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Principal		Value
Revenue–Utilities (continued)
JEA Florida Water & Sewer System, Revenue Bonds,
5.00%, due 10/01/2011	$	700	$	756
New York City Municipal Water Finance Authority, Revenue Bonds, Series A,
5.00%, due 06/15/2035		340		329
New York City Municipal Water Finance Authority, Revenue Bonds, Series C,
5.00%, due 06/15/2035		1,000		967
San Antonio, Texas Water Utility Improvements, Revenue Bonds, Series A,
5.00%, due 05/15/2032		1,400		1,363
South Central Connecticut Regional Water Authority, Revenue Bonds, Series A,
5.00%, due 08/01/2033		70		70
Security & Commodity Brokers (0.1%)
Bear Stearns Companies Inc. (The)
7.63%, due 12/07/2009		560		636
Telecommunications (0.6%)
Cingular Wireless
6.50%, due 12/15/2011		560		598
Deutsche Telekom AG
8.25%, due 06/15/2005		325		342
Deutsche Telekom International Finance B.V.
8.13%, due 05/29/2012		484		716
France Telecom
8.25%, due 03/14/2008		1,569		2,123
Sprint Capital Corporation
7.63%, due 01/30/2011		50		55
Sprint Capital Corporation–144A
8.75%, due 03/15/2032		200		233
Verizon Global Funding Corp.
7.60%, due 03/15/2007		25		28
Total Corporate Debt Securities (cost: $66,923)				67,527
CONVERTIBLE BONDS (0.2%)
Mortgage-Backed (0.2%)
Small Business Administration Participation Certificates
4.50%, due 02/10/2014		1,788		1,691
Total Convertible Bonds (cost: $1,788)				1,691
SHORT-TERM U.S. GOVERNMENT OBLIGATIONS (42.9%)
Fannie Mae
1.01%, due 07/01/2004		7,700		7,700
1.03%, due 07/07/2004		1,400		1,400
1.04%, due 07/14/2004		6,700		6,697
1.05%, due 07/21/2004		18,600		18,589
1.06%, due 07/21/2004		18,600		18,589
1.06%, due 07/28/2004		6,800		6,795
1.06%, due 08/04/2004		3,400		3,397
1.13%, due 08/11/2004		18,600		18,577
1.15%, due 08/18/2004		2,500		2,496

	Principal		Value
Fannie Mae (continued)
1.18%, due 08/25/2004	$	10,800	$	10,781
1.19%, due 08/25/2004		6,700		6,688
1.25%, due 09/01/2004		6,700		6,686
1.13%, due 09/08/2004		6,800		6,785
1.43%, due 09/08/2004		5,200		5,186
1.41%, due 09/22/2004		6,800		6,777
1.43%, due 09/22/2004		6,800		6,777
Federal Home Loan Bank
1.25%, due 07/01/2004		5,000		5,000
1.24%, due 09/01/2004		5,800		5,788
1.25%, due 09/01/2004		6,700		6,686
Freddie Mac
1.01%, due 07/15/2004		3,800		3,799
1.06%, due 08/03/2004		6,800		6,793
1.15%, due 08/06/2004		6,000		5,993
1.12%, due 08/10/2004		6,800		6,792
1.13%, due 08/10/2004		6,800		6,792
1.21%, due 08/20/2004		6,700		6,689
1.18%, due 08/24/2004		9,200		9,184
1.32%, due 09/07/2004		7,300		7,282
1.20%, due 09/08/2004		6,800		6,784
1.20%, due 09/13/2004		10,000		9,975
1.45%, due 09/14/2004		18,500		18,445
1.43%, due 09/21/2004		18,400		18,340
1.47%, due 09/28/2004		8,000		7,971
1.48%, due 09/28/2004		1,100		1,096
1.56%, due 10/20/2004		6,800		6,767
U. S. Treasury Bill
1.23%, due 09/09/2004		13,400		13,368
1.39%, due 09/16/2004 (c)		1,120		1,117
1.14%, due 09/02/2004 (c)		3,420		3,413
Total Short-Term U.S. Government Obligations (cost: $291,995)				291,994
COMMERCIAL PAPER (21.9%)
ASB Bank Limited–144A
1.49%, due 09/22/2004		2,900		2,890
Barclays U.S. Funding LLC
1.21%, due 08/23/2004		6,000		5,989
1.11%, due 08/26/2004		8,300		8,286
1.28%, due 09/21/2004		400		399
CDC Commercial Paper Inc–144A
1.12%, due 08/19/2004		18,600		18,572
1.25%, due 09/16/2004		1,700		1,695
Danske Bank Aktieselskab
1.07%, due 07/21/2004		800		800
Danske Corporation
1.27%, due 09/20/2004		2,800		2,792
European Investment Bank
1.03%, due 07/02/2004		2,200		2,200
General Electric Capital Corporation
1.06%, due 07/09/2004		1,800		1,800
1.05%, due 07/13/2004		18,500		18,494
1.14%, due 09/03/2004		100		100

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

PIMCO Total Return    5

PIMCO Total Return

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Principal		Value
Governor & Company of the Bank of Ireland (The)
1.25%, due 09/01/2004	$	3,400	$	3,393
HBOS Treasury Services PLC
1.04%, due 07/01/2004		100		100
1.04%, due 07/06/2004		3,300		3,300
1.06%, due 07/16/2004		100		100
1.08%, due 07/23/2004		100		100
1.15%, due 09/03/2004		100		100
1.64%, due 10/26/2004		700		696
ING (US) Funding LLC
1.28%, due 09/01/2004		200		200
Rabobank USA Finance Corp
1.24%, due 09/13/2004		7,800		7,780
Royal Bank of Scotland Group PLC (The)
1.07%, due 07/09/2004		1,600		1,600
1.11%, due 08/25/2004		18,400		18,369
1.14%, due 08/26/2004		300		299
Svenska Handelsbanken AB
1.09%, due 08/03/2004		18,700		18,681
1.09%, due 08/03/2004		900		899
1.25%, due 09/01/2004		300		299
1.30%, due 09/24/2004		400		399
Total SA
1.42%, due 07/01/2004		16,600		16,600
Toyota Motor Credit Corporation
1.48%, due 09/22/2004		1,300		1,296
UBS Finance (Delaware) LLC
1.04%, due 07/06/2004		3,700		3,699
1.06%, due 07/13/2004		7,300		7,297
1.13%, due 09/07/2004		100		100
Westpac Banking Corporation
1.03%, due 07/07/2004		200		200
Total Commercial Paper (cost: $149,524)				149,524
CERTIFICATES OF DEPOSITS (2.0%)
Wells Fargo & Company
1.19%, due 07/14/2004		13,400		13,400
Total Certificates of Deposits (cost: $13,400)				13,400
SECURITY LENDING COLLATERAL (0.1%)
Debt (0.1%)
Agency Discount Notes (0.0%)
Fannie Mae
0.96%, due 07/01/2004		9		9
Federal Home Loan Bank
0.96%, due 07/01/2004		12		12
0.99%, due 07/01/2004		4		4
0.97%, due 07/02/2004		5		5
Bank Notes (0.0%)
Credit Suisse First Boston (USA), Inc.
1.13%, due 09/08/2004		2		2
Deutsche Bank AG
1.16%, due 10/12/2004		5		5

	Principal		Value
Commercial Paper (0.1%)
Compass Securitization–144A
1.25%, due 07/23/2004	$	8	$	8
Falcon Asset Securitization Corp–144A
1.27%, due 07/20/2004		5		5
General Electric Capital Corporation
1.20%, due 07/19/2004		5		5
1.21%, due 07/22/2004		4		4
1.22%, due 07/23/2004		4		4
1.23%, due 07/26/2004		5		5
1.22%, due 08/04/2004		11		11
Govco Incorporated–144A
1.25%, due 08/02/2004		2		2
Greyhawk Funding LLC–144A
1.12%, due 07/13/2004		4		4
1.22%, due 07/20/2004		2		2
Jupiter Securitization Corp–144A
1.07%, due 07/02/2004		2		2
Morgan Stanley
1.58%, due 10/22/2004		5		5
1.58%, due 12/10/2004		15		15
1.58%, due 03/16/2005		15		15
Sheffield Receivables–144A
1.24%, due 07/20/2004		3		3
Euro Dollar Overnight (0.0%)
Bank of Nova Scotia (The)
1.04%, due 07/06/2004		5		5
Den Danske Bank
1.08%, due 07/02/2004		5		5
Euro Dollar Terms (0.0%)
Bank of America Corporation
1.08%, due 07/19/2004		2		2
Bank of Montreal
1.20%, due 07/23/2004		1		1
Bank of Nova Scotia (The)
1.20%, due 07/14/2004		5		5
1.24%, due 07/23/2004		1		1
Bank of the West Inc.
1.28%, due 07/28/2004		2		2
Branch Banking & Trust
1.08%, due 07/14/2004		1		1
Calyon
1.16%, due 07/15/2004		22		22
1.17%, due 08/04/2004		3		3
1.34%, due 08/24/2004		8		8
Fortis Bank
1.19%, due 07/14/2004		1		1
1.29%, due 09/03/2004		2		2
HBOS PLC
1.30%, due 09/03/2004		2		2
Royal Bank of Canada
1.05%, due 07/08/2004		3		3

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

PIMCO Total Return    6

PIMCO Total Return

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Principal		Value
Euro Dollar Terms (continued)
Royal Bank of Scotland Group PLC (The)
1.06%, due 07/30/2004	$	10	$	10
Wells Fargo & Company
1.19%, due 07/14/2004		4		4
1.25%, due 07/23/2004		2		2
1.24%, due 07/26/2004		2		2
Master Notes (0.0%)
Bear Stearns Companies Inc. (The)
1.64%, due 09/08/2004		7		7
1.64%, due 12/15/2004		4		4
Repurchase Agreements (0.0%) (b)
Credit Suisse First Boston (USA), Inc. 1.54%, Repurchase agreement dated 06/30/2004 to be repurchased at $26 on 07/01/2004		26		26
Goldman Sachs Group Inc. (The) 1.54%, Repurchase agreement dated 06/30/2004 to be repurchased at $11 on 07/01/2004		11		11
Merrill Lynch & Co., Inc. 1.54%, Repurchase agreement dated 06/30/2004 to be repurchased at $34 on 07/01/2004		34		34
Morgan Stanley 1.58%, Repurchase agreement dated 06/30/2004 to be repurchased at $10 on 07/01/2004		10		10
	Shares		Value
Investment Companies (0.0%)
Money Market Funds (0.0%)
Merrill Lynch Premier Institutional Fund
1.17%, due 07/01/2004		9	$	9
Merrimac Cash Fund–Premium Class
1.11%, due 07/01/2004		57		57
Total Security Lending Collateral (cost: $366)				366
Total Investment Securities (cost: $738,252)			$	739,178

	Notional Amount	Value
WRITTEN SWAPTIONS (-0.1%)
Covered Call Swaptions (h) (-0.1%)
LIBOR Rate Swaption
Call Strike 3.80%
Expires 10/07/2004	37,600	$	(7	)
LIBOR Rate Swaption
Call Strike 4.00%
Expires 01/07/2005	3,500		(5	)
LIBOR Rate Swaption
Call Strike 4.00%
Expires 01/07/2005	3,500		(5	)
LIBOR Rate Swaption
Call Strike 6.00%
Expires 10/07/2004	37,600		(25	)
LIBOR Rate Swaption
Call Strike 7.00%
Expires 01/07/2005	7,000		(3	)
Total Written Swaptions (premium: $921)			(45	)
	Contracts (e)	Value
WRITTEN OPTIONS (-0.1%)
Put Options (-0.1%)
5-Year U.S. Treasury Note
Put Strike $109.00 Expires 08/27/2004	500		(476	)
Total Written Options (premium: $590)			(476	)
SUMMARY:
Investments, at value	108.5%	$	739,178
Written options	(0.1)%		(476	)
Written swaptions	(0.1)%		(45	)
Liabilities in excess of other assets	(8.3)%		(56,895	)
Net assets	100.0%	$	681,762

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

PIMCO Total Return    7

PIMCO Total Return

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

SWAP AGREEMENTS:
	Expiration Date	Notional Amount		Net Unrealized Appreciation (Depreciation)
Receive a fixed rate equal to 0.63% and the Fund will pay to the counterparty at par in the event of default of United Mexican States, 11.50%, due 05/15/2026
Counterparty: Morgan Stanley Capital Services Inc.	05/20/2005	$	1,195	$	3
Receive a fixed rate equal to 0.65% and the Fund will pay to the counterparty at par in the event of default of United Mexican States, 7.50%, due 04/08/2033
Counterparty: Barclays Bank PLC	05/20/2005		395		1
Receive a floating rate based on the monthly performance of the Lehman Brothers ERISA Eligible CMBS Index and pay floating rate based on 1-month United States Dollar–LIBOR (London Interbank Offer Rate) less 0.65% (l)
Counterparty: Morgan Stanley Capital Services Inc.	09/30/2004		4,280		(10	)
Receive a fixed rate equal to 1.31% and the Fund will pay to the counterparty at par in the event of default of United Mexican States, 11.50%, due 05/15/2026
Counterparty: Goldman Sachs Capital Markets, L.P.	01/29/2005		800		5
Receive a fixed rate equal to 5.00% and pay floating rate based on 3-month United States Dollar–LIBOR (London Interbank Offer Rate)
Counterparty: Lehman Brothers Special Financing Inc.	12/15/2014		5,700		64
Receive a fixed rate equal to 4.00% and pay floating rate based on 6-month EURIBOR (Euro Interbank Offer Rate)
Counterparty: JP Morgan Chase Bank	03/15/2007		9,300		(62	)
Receive a fixed rate equal to 4.00% and pay floating rate based on 6-month EURIBOR (Euro Interbank Offer Rate)
Counterparty: Merrill Lynch Capital Services, Inc.	03/15/2007		7,800		4

SWAP AGREEMENTS:
	Expiration Date	Notional Amount		Net Unrealized Appreciation (Depreciation)
Receive a fixed rate equal to 4.00% and pay floating rate based on 6-month EURIBOR (Euro Interbank Offer Rate)
Counterparty: Barclays Bank PLC	03/15/2007	$	8,500	$	(15	)
Total Swap Agreements (premium: $195)		$	37,970	$	(10	)

FUTURES CONTRACTS:
	Contracts (e)	Settlement Date	Amount		Net Unrealized Appreciation (Depreciation)
Euro Dollar	14	3/14/2005	$	3,381	$	15
Euro Dollar	129	6/13/2005		31,328		(165	)
Euro Dollar	3	3/13/2006		728		(9	)
Euro-BOBL (i)	20	9/10/2004		2,700		(2	)
Euro-BUND (j)	23	9/10/2004		3,168		20
3 Month Euro EURIBOR (k)	143	9/19/2005		41,906		(120	)
3 Month Euro EURIBOR (k)	348	12/19/2005		103,425		(462	)
2-Year Treasury Note	713	9/26/2004		149,759		362
5-Year U.S. Treasury Note	240	9/30/2004		26,029		56
10-Year U.S. Treasury Note	1019	9/30/2004		110,125		1,281
90-Day Euro Dollar	239	12/13/2004		58,342		(113	)
90-Day Euro Dollar	3	9/19/2005		732		(10	)
90-Day Euro Dollar	3	12/19/2005		730		(10	)
Total Future Contracts			$	532,353	$	843

FORWARD FOREIGN CURRENCY CONTRACTS:
Currency	Bought (Sold)		Settlement Date	Amount in U.S. Dollars Bought (Sold)			Net Unrealized Appreciation (Depreciation)
Euro Dollar	(20	)	07/01/2004	$	(25	)	$	—
Euro Dollar	280		07/20/2004		339			1
Euro Dollar	(13,917	)	07/20/2004		(17,124	)		190
Japanese Yen	(184,323	)	07/21/2004		(1,678	)		(14	)
Total Forward Foreign Currency Contracts				$	(18,488	)	$	177

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

PIMCO Total Return    8

PIMCO Total Return

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

NOTES TO SCHEDULE OF INVESTMENTS:

(a) At June 30, 2004, all or a portion of this security is on loan (see Note 1). The value at June 30, 2004, of all securities on loan is $357.

(b) Cash collateral for the Repurchase Agreements, valued at $81, that serve as collateral for securities lending are invested in corporate bonds with interest rates and maturity dates ranging from 0.00%–9.88% and 08/01/2004–09/25/2099, respectively.

(c) At June 30, 2004, 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 June 30, 2004, is $4,529.

(d) Securities are currently in default on interest payments.

(e) Contract Amounts are not in thousands.

(f) Floating or variable rate note. Rate is listed as of June 30, 2004.

(g) Securities are stepbonds. Russia Federation has a coupon rate 5.00% until 03/31/2007, thereafter the coupon rate will be 7.50%.

(h) An option on an interest rate swap. If exercised, the fund will pay the strike order to receive the 3 Month LIBOR (London Interbank Offer Rate).

(i) Notional medium-term debt instrument issued by the German Federal Government.

(j) Notional long-term debt instrument issued by the German Federal Government.

(k) Euro Interbank Offered Rate.

(l) If the monthly performance of the CMBS Index is negative the fund pays a floating rate in addition to the 1-month United States Dollar—LIBOR (London Interbank Offer Rate).

DEFINITIONS:

144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2004, these securities aggregated $28,769 or 4.22% of the net assets of the Fund.

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 Fund, Inc.	Semi-Annual Report 2004

PIMCO Total Return    9

PIMCO Total Return

STATEMENT OF ASSETS AND LIABILITIES

At June 30, 2004

(all amounts except per share amounts in thousands)

(unaudited)

Assets:
Investment securities, at value (cost: $738,252) (including securities loaned of $357)	$	739,178
Cash		3,185
Foreign cash (cost: $4,387)		4,412
Receivables:
Investment securities sold		27,176
Interest		2,254
Unrealized appreciation on forward foreign currency contracts		191
Swap agreements at value (premium: $330)		407
Variation margin		1,454
Other		1
		778,258
Liabilities:
Investment securities purchased		94,915
Accounts payable and accrued liabilities:
Management and advisory fees		427
Service fees		2
Payable for collateral for securities on loan		366
Unrealized depreciation on forward foreign currency contracts		14
Swap agreement at value (premium: $135)		222
Written options and swaptions (premium: $1,511)		521
Other		29
		96,496
Net Assets	$	681,762
Net Assets Consist of:
Capital stock, 100,000 shares authorized ($.01 par value)	$	619
Additional paid-in capital		651,587
Undistributed net investment income		16,444
Undistributed net realized gain (loss) from:
Futures contracts		(588	)
Investment securities		9,229
Written option and swaption contracts		1,579
Swap agreements		109
Foreign currency transactions		(161	)
Net unrealized appreciation (depreciation) on:
Investment securities		926
Futures contracts		843
Written option and swaption contracts		990
Swap agreements		(10	)
Translation of assets and liabilities denominated in foreign currencies		195
Net Assets	$	681,762
Net Assets by Class:
Initial Class	$	672,403
Service Class		9,359
Shares Outstanding:
Initial Class		61,019
Service Class		848
Net Asset Value and Offering Price Per Share:
Initial Class	$	11.02
Service Class		11.04

STATEMENT OF OPERATIONS

For the period ended June 30, 2004

(all amounts in thousands)

(unaudited)

Investment Income:
Interest	$	7,973
Income from loaned securities–net		3
		7,976
Expenses:
Management and advisory fees		2,234
Printing and shareholder reports		10
Custody fees		70
Administration fees		48
Legal fees		2
Auditing and accounting fees		7
Directors fees		9
Service fees:
Service Class		8
Total Expenses		2,388
Net Investment Income (Loss)		5,588
Net Realized Gain (Loss) from:
Investment securities		625
Futures contracts		(588	)
Written option and swaption contracts		664
Swap agreements		176
Foreign currency transactions		(161	)
		716
Net Increase (Decrease) in Unrealized Appreciation (Depreciation) on:
Investment securities		(5,844	)
Futures contracts		(495	)
Written option and swaption contracts		167
Swap agreements		(303	)
Translation of assets and liabilities denominated in foreign currencies		428
		(6,047	)
Net Gain (Loss) on Investment Securities, Futures/Option/Swaption Contracts, Swap Agreements and Foreign Currency Transactions		(5,331	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	257

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

PIMCO Total Return    10

PIMCO Total Return

STATEMENTS OF CHANGES IN NET ASSETS

For the period or year ended

(all amounts in thousands)

	June 30, 2004 (unaudited)			December 31, 2003
Increase (Decrease) In Net Assets From:
Operations:
Net investment income (loss)	$	5,588		$	10,930
Net realized gain (loss) from investment securities, futures/option/swaption contracts, swaps agreements, and foreign currency transactions		716			11,094
Net unrealized appreciation (depreciation) on investment securities, futures/option/swaption contracts, swaps agreements, and translation of assets and liabilities denominated in foreign currencies		(6,047	)		1,717
		257			23,741
Distributions to Shareholders:
From net investment income:
Initial Class		–			(3,130	)
Service Class		–			(1	)
		–			(3,131	)
From net realized gains:
Initial Class		–			(4,413	)
Service Class		–			(11	)
		–			(4,424	)
Capital Share Transactions:
Proceeds from shares sold:
Initial Class		196,736			325,747
Service Class		6,804			3,857
		203,540			329,604
Dividends and distributions reinvested:
Initial Class		–			7,543
Service Class		–			12
		–			7,555
Cost of shares redeemed:
Initial Class		(77,127	)		(182,365	)
Service Class		(446	)		(847	)
		(77,573	)		(183,212	)
		125,967			153,947
Net increase (decrease) in net assets		126,224			170,133
Net Assets:
Beginning of period		555,538			385,405
End of period	$	681,762		$	555,538
Undistributed Net Investment Income	$	16,444		$	10,856

	June 30, 2004 (unaudited)		December 31, 2003
Share Activity:
Shares issued:
Initial Class	17,714		30,210
Service Class	612		353
	18,326		30,563
Shares issued–reinvested from distributions:
Initial Class	–		718
Service Class	–		1
	–		719
Shares redeemed:
Initial	(7,007	)	(16,894	)
Service	(40	)	(78	)
	(7,047	)	(16,972	)
Net increase (decrease) in shares outstanding
Initial	10,707		14,034
Service	572		276
	11,279		14,310

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

PIMCO Total Return    11

PIMCO Total Return

FINANCIAL HIGHLIGHTS

(unaudited for the period ended June 30, 2004)

	For the Period Ended (b)	For a share outstanding throughout each period (a)
		Net Asset Value, Beginning of Period		Investment Operations							Distributions									Net Asset Value, End of Period
				Net Investment Income (Loss)		Net Realized and Unrealized Gain (Loss)			Total Operations		From Net Investment Income			From Net Realized Gains			Total Distributions
Initial Class	06/30/2004	$	10.98	$	0.10	$	(0.06	)	$	0.04	$	–		$	–		$	–		$	11.02
	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	06/30/2004		11.02		0.08		(0.06	)		0.02		–			–			–			11.04
	12/31/2003		10.89		0.12		0.11			0.23		(0.01	)		(0.09	)		(0.10	)		11.02

	For the Period Ended (b)	Total Return (c)(g)		Ratios/Supplemental Data
				Net Assets, End of Period (000’s)		Ratio of Expenses to Average Net Assets (f)				Net Investment Income (Loss) to Average Net Assets (f)		Portfolio Turnover Rate (g)
						Net (d)		Total (e)
Initial Class	06/30/2004	0.36	%	$	672,403	0.75	%	0.75	%	1.75	%	140	%
	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	06/30/2004	0.18			9,359	1.00		1.00		1.47		140
	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) The inception dates of the Fund’s share classes are 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 fee waivers by the investment adviser, if any (see note 2).

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

(f) Annualized.

(g) Not annualized for periods of less than one year.

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

PIMCO Total Return    12

PIMCO Total Return

NOTES TO FINANCIAL STATEMENTS

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

The AEGON/Transamerica Series Fund, Inc. (“ATSF”) is a Maryland corporation registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. ATSF serves as a funding vehicle for variable life insurance, variable annuity and group annuity products. PIMCO Total Return (“the Fund”), part of ATSF, began operations on May 1, 2002.

In the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties, which 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.

See the Prospectus and Statement of Additional Information for a description of the Fund’s investment objective.

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 policies were consistently followed by the Fund, in accordance with GAAP.

Multiple class operations 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.

Pricing of shares: The Fund prices its shares on the basis of the net asset value of each class of shares of the Fund, which is determined as of the close of the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern Time) on each day on which the NYSE is open for trading (other than a day on which there are insufficient changes in the value of the Fund’s portfolio securities to materially affect the Fund’s net asset value or a day on which no shares are tendered for redemption and no order to purchase any shares is received).

Security valuations: Fund investments traded on an exchange are valued at the closing price on the day of valuation on the exchange where the security is principally traded.

Debt securities are valued by independent pricing services; 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 and are translated from the local currency into U.S. dollars using closing exchange rates. Many foreign securities markets are open for trading at times when the U.S. markets are closed for trading, and many foreign securities markets close for trading before the close of the NYSE. The value of foreign securities may be affected significantly on a day that the NYSE is closed and an investor is unable to purchase or redeem shares. 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.” If market quotations are not readily available, and the impact of such a significant market event materially affects the net asset value per share of the Fund, an affected portfolio security will be valued at fair market value as determined in good faith using guidelines adopted by the Board of Directors of the Fund, under the supervision of the Fund’s Valuation Committee. Factors that may be considered to value foreign securities at fair market value may include, among others: the value of other securities traded on other markets, foreign currency exchange activity and the trading of financial products tied to foreign securities.

Other securities for which quotations are not readily available also are valued at fair market value as determined in good faith using guidelines established by and under the supervision of the Board of Directors, and the Fund’s Valuation Committee. These guidelines may include: the type of security; any restrictions on its resale; financial or business news of the issuer; similar or related securities that are actively trading; related corporate actions; and other significant events occurring after the close of trading in the security.

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 June 30, 2004, was paying an interest rate of 0.75%.

Repurchase agreements: The Fund is authorized to enter into repurchase agreements. The Fund, through 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. Repurchase agreements involve the risk that the seller will fail to repurchase the security, as agreed. In that case, 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 are incurred.

Securities lending: The Fund may lend securities to enhance fund earnings from investing cash collateral received in making such loans to qualified borrowers (typically broker/dealers). The Fund has engaged its custodian bank, IBT, as a lending agent to administer its securities

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

PIMCO Total Return    13

PIMCO Total Return

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1–(continued)

lending program. IBT earned $1 of program net income for its services. When the Fund makes a security loan, it receives cash collateral as protection against the risk that the borrower will default on the loan, and records an asset for the cash invested collateral and a liability for the return of the collateral.

Loans of securities are required to be secured by collateral at least equal to 102% of the value of the securities at inception of the loan, and not less then 100% thereafter. The Fund may invest cash collateral in short-term money market instruments including: U.S. Treasury Bills, U.S. agency obligations, commercial paper, money market mutual funds, repurchase agreements and other highly rated, liquid investments. During the life of securities loans, the collateral and securities loaned remain subject to fluctuation in value. IBT marks to market securities loaned and the collateral each business day. If additional collateral is due (at least $1), IBT collects additional cash collateral from the borrowers. Although securities loaned will be fully collateralized at all times, IBT may experience delays in, or may be prevented from, recovering the collateral on behalf of the Fund. The Fund may recall a loaned security position at any time from the borrower through IBT. In the event the borrower fails to timely return a recalled security, IBT may indemnify the Fund by purchasing replacement securities for the Fund at its own expense and claiming the collateral to fund such a purchase. IBT absorbs the loss if the collateral value is not sufficient to cover the cost of the rejplacement securities. If replacement securities are not available, IBT will credit the equivalent cash value to the Fund.

While a security is on loan, the Fund does not have the right to vote that security. However, if time permits, the Fund will attempt to recall a security on loan and vote the proxy.

Income from securities lending is included in the Statement of Operations. The amount of collateral and value of securities on loan are included in the Statement of Assets and Liabilities as well as in the Schedule of Investments.

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. TBA purchase commitments are included in the Schedule of Investments.

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. 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, including unanticipated movements in exchange currency rates, the degree of government supervision and regulation of security markets, and the possibility of political or economic instability.

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 closed 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 June 30, 2004, are listed in the Schedule of Investments.

Swap Agreements: The Fund may invest in swap agreements. A swap is an agreement to exchange the return generated by one instrument for the return generated by another instrument. The Fund may enter into interest rate and credit default swap agreements to manage its exposure to interest rates and credit risk. Interest rate swap agreements involve commitments to pay interest in exchange for a market-linked return, both based on notional amounts. To the extent the total return of the security or index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Fund will receive a payment from or make a payment to the counterparty. 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. The Fund may use credit default swaps to provide a measure of protection against defaults of sovereign issuers (i.e., to reduce risk where the Fund 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.

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

PIMCO Total Return    14

PIMCO Total Return

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1–(continued)

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 interest income on the Statement of Operations.

Entering into these agreements involves, to varying degrees, 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. Open Swap Agreements at June 30, 2004, are listed in the Schedule of Investments.

Futures, options and swaptions contracts: The Fund may enter into futures and/or options 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. Option contracts 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 futures contracts and options are imperfect correlation between the change in value of the securities held and the prices of futures contracts and options; the possibility of an illiquid market and inability of the counterparty to meet the contract 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. The amount of the liability is subsequently marked-to-market to reflect the current value of the option written.

The Fund is authorized to write swaption contracts to manage exposure to fluctuations in interest rates and to enhance portfolio yield. Swaption contracts written by the Fund represents 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 fixed 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 effecting a closing purchase transaction is also treated as a realized gain, or if the premium is less than the amount paid for the closing purchase, as a realized loss.

Entering into a swaption contract involves, to varying degrees, the elements of credit, market and interest rate risk in excess of the amounts reported in the Statement of Assets and Liabilities, associated with both option contracts and swap contracts. To reduce credit risk from potential counterparty default, the Fund enters into swaption contracts with counterparties whose creditworthiness has been approved by the Board of Directors. The portfolio bears the market risk arising from any changes in index values or interest rates.

The underlying face amounts of open futures, option, and swaption contracts at June 30, 2004, are listed in the Schedule of Investments. The variation margin receivable is included in the accompanying Statement of Assets and Liabilities. The variation margin receivable or payable, as applicable, is included in the accompanying 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.

Transactions in written options were as follows:

	Premium		Contracts*
Beginning balance 12/31/2003	$	–	–
Sales		590	500
Closing Buys		–	–
Expirations		–	–
Exercised		–	–
Balance at 06/30/2004	$	590	500

* Contracts not in thousands.

Transactions in swaptions were as follows:

	Premium			Notional Amounts
Beginning balance 12/31/2003	$	1,586		125,300
Sales		–		–
Closing Buys		–		–
Expirations		(665	)	(36,100	)
Exercised		–		–
Balance at 06/30/2004	$	921		89,200

Dividend distributions: Dividend 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

AEGON/Transamerica Fund Advisers, Inc. (“ATFA”) is the Fund’s investment adviser. AEGON/Transamerica Fund Services, Inc. (“ATFS”) is the Fund’s administrator and transfer agent. AFSG Secu -

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

PIMCO Total Return    15

PIMCO Total Return

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  2–(continued)

rities Corp. (“AFSG”) is the Fund’s distributor. AFSG is 100% owned by AUSA Holding Company (“AUSA”). ATFA is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) (“WRL”) and AUSA (22%). ATFS is a wholly owned subsidiary of WRL. AUSA and WRL are wholly owned indirect subsidiaries of AEGON NV, a Netherlands corporation.

Certain officers and directors of the Fund are also officers and/or directors of ATFA, ATFS, AFSG and WRL. No affiliated officer or director receives any compensation directly from the Fund.

The following schedule reflects the percentage of fund assets owned by affiliated mutual funds (i.e. through the asset allocation funds):

	Net Assets		% of Net Assets
Asset Allocation–Conservative Portfolio	$	68,982	10	%
Asset Allocation–Moderate Growth Portfolio		87,149	13	%
Asset Allocation–Moderate Portfolio		122,315	18	%
Select & Conservative		1,434	0	%
Select & Growth & Income		1,389	0	%
Total	$	281,269	41	%

Investment advisory fees: The Fund pays management fees to ATFA based on average daily net assets (“ANA”) at the following rate:

0.70% of ANA

ATFA 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 limitations 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 are no amounts subject to recapture at June 30, 2004.

Distribution and service fees: The Fund adopted a distribution plan (“Distribution Plan”) pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended. Pursuant to the Distribution Plan, ATSF entered into a Distribution Agreement with AFSG effective May 1, 1999.

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 ATSF 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, 2005. 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 ATFS for financial and legal fund administration services, which includes such items as compliance, expenses, financial statements and other reporting, distributions, tax returns, prospectus preparation, board of directors meeting support, transfer agency and other legal matters. The Legal fees on the Statement of Operations are for fees paid to external legal counsel. The Fund paid ATFS $48 for Administration fees for the period ended June 30, 2004.

Deferred compensation plan: Each eligible Fund Director may elect participation in the Deferred Compensation Plan for Directors of ATSF (“the Plan”). Under the Plan, such Directors may defer payment of a percentage of their total fees earned as a Fund Director. These deferred amounts may be invested in any portfolio of Transamerica IDEX Mutual Funds, an affiliate of the Fund. At June 30, 2004, the value of invested plan amounts was $26. Invested plan amounts and the total liability for deferred compensation to the Directors under the Plan at June 30, 2004, are included in Net assets in the accompanying Statement of Assets and Liabilities.

NOTE  3. INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the period ended June 30, 2004, were as follows:

Purchases of securities:
Long-Term excluding U.S. Government	$	51,483
U.S. Government		349,034
Proceeds from maturities and sales of securities:
Long-Term excluding U.S. Government		71,800
U.S. Government		332,705

NOTE  4. FEDERAL INCOME TAX MATTERS

The Fund has not made any provision for federal income 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

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

PIMCO Total Return    16

PIMCO Total Return

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  4–(continued)

under 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 treatments for items including, but not limited to, wash sales and foreign currency transactions.

The Fund has elected to treat the net capital and currency losses incurred in the two month period prior to December 31, 2003 of $344 (Post-October Loss Deferred) as having been incurred in the fiscal year ending December 31, 2004.

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of June 30, 2004, are as follows:

Federal Tax Cost Basis	$	738,276
Unrealized Appreciation	$	3,808
Unrealized (Depreciation)		(2,906	)
Net Unrealized Appreciation (Depreciation)	$	902

NOTE  5. OTHER MATTERS

ATSF, and certain of its affiliated entities, have received requests for information from the Staff of the Securities and Exchange Commission in connection with market timing and late trading within the funds. ATSF and the affiliated entities have voluntarily cooperated in the investigation and have been providing the information as requested.

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

PIMCO Total Return    17

Salomon All Cap

SCHEDULE OF INVESTMENTS

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Shares	Value
PREFERRED STOCKS (1.1%)
Motion Pictures (1.1%)
News Corporation Limited (The)–ADR	223,400	$	7,345
Total Preferred Stocks (cost: $6,583)			7,345
COMMON STOCKS (98.5%)
Aerospace (1.0%)
Boeing Company (The)	122,200		6,243
Air Transportation (1.5%)
AMR Corporation (a)(b)	113,000		1,368
Continental Airlines, Inc. (a)	126,300		1,436
Delta Air Lines, Inc. (a)(b)	201,200		1,433
Frontier Airlines, Inc. (a)	109,400		1,190
Northwest Airlines Corporation (a)(b)	123,800		1,377
Southwest Airlines Co.	164,100		2,752
Amusement & Recreation Services (1.2%)
Disney (Walt) Company (The)	303,600		7,739
Apparel Products (0.6%)
Tommy Hilfiger Corporation (a)	243,200		3,682
Automotive (1.4%)
Delphi Corporation	360,200		3,847
Honeywell International Inc.	150,000		5,495
Chemicals & Allied Products (2.5%)
Cabot Corporation	145,500		5,922
Crompton Corporation	456,700		2,877
Dow Chemical Company (The)	192,000		7,814
Commercial Banks (4.9%)
Bank of New York Company, Inc. (The)	148,000		4,363
Bank One Corporation	125,000		6,375
Mitsubishi Tokyo Financial Group, Inc.–ADR	914,000		8,564
Morgan Chase & Co. (J.P.)	185,300		7,184
State Street Corporation	120,700		5,919
Communication (3.8%)
Comcast Corporation–Special Class A (a)	322,500		8,904
Liberty Media Corporation–Class A (a)	879,500		7,907
Liberty Media International, Inc.–Class A (a)	43,975		1,631
Viacom, Inc.–Class B	175,100		6,255
Communications Equipment (4.8%)
Lucent Technologies Inc. (a)(b)	2,500,000		9,450
Motorola, Inc.	752,100		13,726
Nokia Corporation–ADR	579,000		8,419
Computer & Data Processing Services (5.8%)
Actuate Corporation (a)	45,000		178
Micromuse Inc. (a)	622,800		4,167
Microsoft Corporation	346,100		9,884
RealNetworks, Inc. (a)	616,400		4,216
Sabre Holdings Corporation	230,000		6,373
SunGard Data Systems Inc. (a)	233,300		6,066
Unisys Corporation (a)	533,100		7,399

	Shares	Value
Computer & Office Equipment (0.8%)
3Com Corporation (a)	796,500	$	4,978
Socket Communications, Inc. (a)	12,800		37
Construction (0.7%)
Chicago Bridge & Iron Company NV–NY Registered Shares	65,000		1,810
Fluor Corporation (b)	51,800		2,469
Electric Services (0.1%)
Calpine Corporation (a)(b)	179,300		775
Electronic & Other Electric Equipment (0.9%)
Sony Corporation–ADR (b)	150,000		5,708
Electronic Components & Accessories (5.6%)
Intel Corporation	305,500		8,432
Lattice Semiconductor Corporation (a)	127,600		894
Solectron Corporation (a)	1,977,400		12,794
Taiwan Semiconductor Manufacturing Company Ltd.–ADR	970,991		8,069
Texas Instruments Incorporated	265,500		6,420
Environmental Services (1.4%)
Waste Management, Inc.	300,700		9,216
Fabricated Metal Products (0.3%)
Shaw Group Inc. (The) (a)(b)	195,300		1,978
Food Stores (1.4%)
Safeway Inc. (a)(b)	350,000		8,869
Gas Production & Distribution (1.0%)
Williams Companies, Inc. (The) (b)	531,900		6,330
Health Services (0.5%)
Enzo Biochemical, Inc. (a)(b)	236,400		3,546
Industrial Machinery & Equipment (1.4%)
Caterpillar, Inc.	83,400		6,625
Deere & Company	36,100		2,532
Instruments & Related Products (3.3%)
Agilent Technologies, Inc. (a)	350,900		10,274
Raytheon Company	317,000		11,339
Insurance (8.0%)
Ambac Financial Group, Inc.	108,300		7,954
American International Group, Inc.	135,900		9,687
Assured Guaranty Ltd. (a)	90,900		1,541
Chubb Corporation	111,100		7,575
CNA Surety Corporation (a)	303,300		3,321
MBIA, Inc.	54,600		3,119
MGIC Investment Corporation (b)	117,000		8,876
PMI Group, Inc. (The) (b)	38,600		1,680
Radian Group, Inc.	192,300		9,211
Insurance Agents, Brokers & Service (1.6%)
Hartford Financial Services Group, Inc. (The)	61,700		4,241
Marsh & McLennan Companies, Inc. (b)	137,500		6,240

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Salomon All Cap    1

Salomon All Cap

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Shares	Value
Life Insurance (0.3%)
Scottish Annuity & Life Holdings, Ltd. (b)	98,400	$	2,288
Lumber & Other Building Materials (1.1%)
Home Depot, Inc. (The)	203,100		7,149
Lumber & Wood Products (2.8%)
Georgia-Pacific Corporation	267,700		9,900
Weyerhaeuser Company	132,100		8,338
Manufacturing Industries (1.1%)
Hasbro Inc.	371,500		7,059
Metal Mining (1.4%)
Newmont Mining Corporation	228,300		8,849
Mining (0.0%)
Wgi Heavy Minerals, Incorporated (a)	48,000		294
Motion Pictures (2.7%)
Metro-Goldwyn-Mayer Inc. (a)(b)	239,607		2,899
News Corporation Limited (The)–ADR (b)	128,200		4,541
Time Warner Inc. (a)	583,000		10,249
Oil & Gas Extraction (3.6%)
Anadarko Petroleum Corporation	122,500		7,179
GlobalSantaFe Corporation	200,000		5,300
Halliburton Company	228,600		6,917
Schlumberger Limited	65,000		4,128
Paper & Allied Products (1.1%)
Smurfit-Stone Container Corporation (a)(b)	371,500		7,411
Petroleum Refining (2.7%)
ChevronTexaco Corporation	100,000		9,411
Murphy Oil Corporation	115,500		8,512
Pharmaceuticals (12.9%)
Abbott Laboratories	244,400		9,962
Amgen Inc. (a)	56,700		3,094
Aphton Corporation (a)(b)	496,400		1,986
Genelabs Technologies, Inc. (a)	300,600		694
Glaxo Wellcome PLC–ADR	188,800		7,828
Johnson & Johnson	199,500		11,112
McKesson HBOC, Inc.	234,700		8,057
Merck & Co., Inc.	233,100		11,072
Novartis AG–ADR	182,800		8,135
Pfizer Inc.	360,600		12,361
Wyeth	202,800		7,333
XOMA Ltd. (a)	494,400		2,215
Primary Metal Industries (4.8%)
Alcoa Inc.	293,300		9,688
Allegheny Technologies Incorporated	411,800		7,433
Brush Engineered Materials Inc. (a)	55,900		1,057
Engelhard Corporation	165,900		5,360
RTI International Metals, Inc. (a)	173,300		2,764
United States Steel Corporation (b)	154,100		5,412

	Shares		Value
Security & Commodity Brokers (3.0%)
American Express Company (b)		163,100	$	8,380
Merrill Lynch & Co., Inc.		138,100		7,455
Morgan Stanley		72,000		3,799
Telecommunications (3.6%)
Nippon Telegraph and Telephone Corporation–ADR		303,900		8,157
SBC Communications Inc.		325,000		7,881
Vodafone Group PLC–ADR		337,600		7,461
Transportation & Public Utilities (0.2%)
InterActiveCorp (a)(b)		41,700		1,257
Transportation Equipment (0.2%)
Fleetwood Enterprises, Inc. (a)		99,000		1,440
Variety Stores (1.4%)
Costco Wholesale Corporation		223,800		9,191
Wholesale Trade Durable Goods (1.1%)
IKON Office Solutions, Inc.		600,000		6,882
Total Common Stocks (cost: $561,623)				644,585
	Principal		Value
SHORT-TERM OBLIGATIONS (0.4%)
Investor’s Bank & Trust Company (d)
0.70%, Repurchase Agreement dated 06/30/2004 to be repurchased at $2,656 on 07/01/2004	$	2,656	$	2,656
Total Short-Term Obligations (cost: $2,656)				2,656
SECURITY LENDING COLLATERAL (8.8%)
Debt (7.2%)
Agency Discount Notes (0.7%)
Fannie Mae
0.96%, due 07/01/2004		1,380		1,380
Federal Home Loan Bank
0.96%, due 07/01/2004		1,724		1,724
0.99%, due 07/01/2004		689		689
0.97%, due 07/02/2004		862		862
Bank Notes (0.2%)
Credit Suisse First Boston (USA), Inc.
1.13%, due 09/08/2004		345		345
Deutsche Bank AG
1.16%, due 10/12/2004		862		862
Commercial Paper (2.1%)
Compass Securitization–144A
1.25%, due 07/23/2004		1,206		1,206
Falcon Asset Securitization Corp–144A
1.27%, due 07/20/2004		861		861
General Electric Capital Corporation
1.20%, due 07/19/2004		861		861
1.21%, due 07/22/2004		690		690
1.22%, due 07/23/2004		690		690

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

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Salomon All Cap

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Principal		Value
Commercial Paper (continued)
1.23%, due 07/26/2004	$	862	$	862
1.22%, due 08/04/2004		1,721		1,721
Govco Incorporated–144A
1.25%, due 08/02/2004		345		345
Greyhawk Funding LLC–144A
1.12%, due 07/13/2004		688		688
1.22%, due 07/20/2004		343		343
Jupiter Securitization Corp–144A
1.07%, due 07/02/2004		345		345
Morgan Stanley
1.58%, due 10/22/2004		793		793
1.58%, due 12/10/2004		2,243		2,243
1.58%, due 03/16/2005		2,173		2,173
Sheffield Receivables–144A
1.24%, due 07/20/2004		517		517
Euro Dollar Overnight (0.3%)
Bank of Nova Scotia (The)
1.04%, due 07/06/2004		862		862
Den Danske Bank
1.08%, due 07/02/2004		862		862
Euro Dollar Terms (1.7%)
Bank of America Corporation
1.08%, due 07/19/2004		345		345
Bank of Montreal
1.20%, due 07/23/2004		175		175
Bank of Nova Scotia (The)
1.20%, due 07/14/2004		862		862
1.24%, due 07/23/2004		172		172
Bank of the West Inc.
1.28%, due 07/28/2004		345		345
Branch Banking & Trust
1.08%, due 07/14/2004		172		172
Calyon
1.16%, due 07/15/2004		3,278		3,278
1.17%, due 08/04/2004		517		517
1.34%, due 08/24/2004		1,207		1,207
Fortis Bank
1.19%, due 07/14/2004		172		172
1.29%, due 09/03/2004		345		345
HBOS PLC
1.30%, due 09/03/2004		345		345
Royal Bank of Canada
1.05%, due 07/08/2004		517		517
Royal Bank of Scotland Group PLC (The)
1.06%, due 07/30/2004		1,552		1,552
Wells Fargo & Company
1.19%, due 07/14/2004		690		690
1.25%, due 07/23/2004		345		345
1.24%, due 07/26/2004		345		345

	Principal		Value
Master Notes (0.3%)
Bear Stearns Companies Inc. (The)
1.64%, due 09/08/2004	$	1,035	$	1,035
1.64%, due 12/15/2004		690		690
Repurchase Agreements (1.9%) (c)
Credit Suisse First Boston (USA), Inc.
1.54%, Repurchase Agreement dated 06/30/2004 to be repurchased at $4,037 on 07/01/2004		4,037		4,037
Goldman Sachs Group Inc. (The) 1.54%, Repurchase Agreement dated 06/30/2004 to be repurchased at $1,725 on 07/01/2004		1,725		1,725
Merrill Lynch & Co., Inc. 1.54%, Repurchase Agreement dated 06/30/2004 to be repurchased at $5,227 on 07/01/2004		5,227		5,227
Morgan Stanley 1.58%, Repurchase Agreement dated 06/30/2004 to be repurchased at $1,552 on 07/01/2004		1,552		1,552

	Shares	Value
Investment Companies (1.6%)
Money Market Funds (1.6%)
Merrill Lynch Premier Institutional Fund 1-day yield of 1.17%	1,429,139	$	1,429
Merrimac Cash Fund– Premium Class 1-day yield of 1.11%	8,869,631		8,870
Total Security Lending Collateral (cost: $57,873)			57,873
Total Investment Securities (cost: $628,735 )		$	712,459
SUMMARY:
Investments, at value	108.8%	$	712,459
Liabilities in excess of other assets	(8.8)%		(57,394	)
Net assets	100.0%	$	655,065

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

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Salomon All Cap

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

NOTES TO SCHEDULE OF INVESTMENTS:

(a) No dividends were paid during the preceding twelve months.

(b) At June 30, 2004, all or a portion of this security is on loan (see Note 1). The value at June 30, 2004, of all securities on loan is $54,834.

(c) Cash collateral for the Repurchase Agreements, valued at $12,790, that serve as collateral for securities lending are invested in corporate bonds with interest rates and maturity dates ranging from 0.00%–9.88% and 08/01/2004–09/25/2099, respectively.

(d) At June 30, 2004, repurchase agreements are collateralized by $3,021 Fannie Mae ARM–Pool# 759534 (4.50%, due 01/01/2034) with a market value and accrued interest of $2,788.

DEFINITIONS:

ADR American Depositary Receipt

ARM Adjustable Rate Mortgage

144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2004, these securities aggregated $4,305 or 0.66% of the net assets of the Fund.

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

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Salomon All Cap

STATEMENT OF ASSETS AND LIABILITIES

At June 30, 2004

(all amounts except per share amounts in thousands)

(unaudited)

Assets:
Investment securities, at value (cost: $ 628,735) (including securities loaned of $54,834)	$	712,459
Cash		50
Receivables:
Investment securities sold		882
Interest		2
Dividends		641
Other		53
		714,087
Liabilities:
Investment securities purchased		612
Accounts payable and accrued liabilities:
Management and advisory fees		471
Service fees		1
Payable for collateral for securities on loan		57,873
Other		65
		59,022
Net Assets	$	655,065
Net Assets Consist of:
Capital stock, 100,000 shares authorized ($.01 par value)	$	476
Additional paid-in capital		583,521
Undistributed net investment income		2,357
Accumulated net realized gain (loss) from: Investment securities		(15,013	)
Net unrealized appreciation (depreciation) on: Investment securities		83,724
Net Assets	$	655,065
Net Assets by Class:
Initial Class	$	650,587
Service Class		4,478
Shares Outstanding:
Initial Class		47,231
Service Class		325
Net Asset Value and Offering Price Per Share:
Initial Class	$	13.77
Service Class		13.78

STATEMENT OF OPERATIONS

For the period ended June 30, 2004

(all amounts in thousands)

(unaudited)

Investment Income:
Interest	$	55
Dividends		3,659
Income from loaned securities–net		81
Less withholding taxes on foreign dividends		(99	)
		3,696
Expenses:
Management and advisory fees		2,607
Printing and shareholder reports		35
Custody fees		32
Administration fees		48
Legal fees		2
Auditing and accounting fees		7
Directors fees		9
Service fees:
Service Class		3
Total expenses		2,743
Net Investment Income (Loss)		953
Net Realized Gain (Loss) from:
Investment securities		29,374
Net Increase (Decrease) in Unrealized Appreciation (Depreciation) on:
Investment securities		2,555
Net Gain (Loss) on Investment Securities		31,929
Net Increase (Decrease) in Net Assets Resulting from Operations	$	32,882

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

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Salomon All Cap

STATEMENTS OF CHANGES IN NET ASSETS

For the period or year ended

(all amounts in thousands)

	June 30, 2004 (unaudited)			December 31, 2003
Increase (Decrease) In Net Assets From:
Operations:
Net investment income (loss)	$	953		$	1,404
Net realized gain (loss) from investment securities transactions		29,374			(515	)
Net unrealized appreciation (depreciation) on investment securities		2,555			138,124
		32,882			139,013
Distributions to Shareholders:
From net investment income:
Initial Class		–			(1,713	)
Service Class		–			–
		–			(1,713	)
From net realized gains:
Initial Class		–			–
Service Class		–			–
		–			–
Capital Share Transactions:
Proceeds from shares sold:
Initial Class		50,519			201,048
Service Class		3,394			1,263
		53,913			202,311
Dividends and distributions reinvested:
Initial Class		–			1,713
Service Class		–			–
		–			1,713
Cost of shares redeemed:
Initial Class		(32,410	)		(49,032	)
Service Class		(291	)		(144	)
		(32,701	)		(49,176	)
		21,212			154,848
Net increase (decrease) in net assets		54,094			292,148
Net Assets:
Beginning of period		600,971			308,823
End of period	$	655,065		$	600,971
Undistributed Net Investment Income	$	2,357		$	1,404

	June 30, 2004 (unaudited)		December 31, 2003
Share Activity:
Shares issued:
Initial Class	3,715		18,572
Service Class	252		107
	3,967		18,679
Shares issued–reinvested from distributions:
Initial Class	–		153
Service Class	–		–
	–		153
Shares redeemed:
Initial Class	(2,422	)	(4,614	)
Service Class	(22	)	(12	)
	(2,444	)	(4,626	)
Net increase (decrease) in shares outstanding:
Initial Class	1,293		14,111
Service Class	230		95
	1,523		14,206

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

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Salomon All Cap

FINANCIAL HIGHLIGHTS

(unaudited for the period ended June 30, 2004)

	For the Period Ended (b)	For a share outstanding throughout each period (a)
		Net Asset Value, Beginning of Period		Investment Operations								Distributions									Net Asset Value, End of Period
				Net Investment Income (Loss)		Net Realized and Unrealized Gain (Loss)			Total Operations			From Net Investment Income			From Net Realized Gains			Total Distributions
Initial Class	06/30/2004	$	13.06	$	0.02	$	0.69		$	0.71		$	–		$	–		$	–		$	13.77
	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
	12/31/2000		11.18		0.14		1.90			2.04			(0.20	)		(0.03	)		(0.23	)		12.99
	12/31/1999		10.00		0.08		1.48			1.56			(0.38	)		–			(0.38	)		11.18
Service Class	06/30/2004		13.08		0.01		0.69			0.70			–			–			–			13.78
	12/31/2003		10.13		0.01		2.94			2.95			–			–			–			13.08

	For the Period Ended (b)	Total Return (c)(g)		Ratios/Supplemental Data
				Net Assets, End of Period (000’s)		Ratio of Expenses to Average Net Assets (f)				Net Investment Income (Loss) to Average Net Assets (f)		Portfolio Turnover Rate (g)
						Net (d)		Total (e)
Initial Class	06/30/2004	5.44	%	$	650,587	0.86	%	0.86	%	0.30	%	18	%
	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
	12/31/2000	18.30			85,730	1.00		1.25		1.11		118
	12/31/1999	15.57			6,686	1.00		2.87		1.09		216
Service Class	06/30/2004	5.35			4,478	1.11		1.11		0.08		18
	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) The inception dates of the Fund’s share classes are 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 fee waivers by the investment adviser, if any (see note 2).

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

(f) Annualized.

(g) Not annualized for periods of less than one year.

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Salomon All Cap    7

Salomon All Cap

NOTES TO FINANCIAL STATEMENTS

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

The AEGON/Transamerica Series Fund, Inc. (“ATSF”) is a Maryland corporation registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. ATSF serves as a funding vehicle for variable life insurance, variable annuity and group annuity products. Salomon All Cap (“the Fund”), part of ATSF, began operations on May 3, 1999. The Fund is “non-diversified” under the 1940 Act.

In the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties, which 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.

See the Prospectus and Statement of Additional Information for a description of the Fund’s investment objective.

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 policies were consistently followed by the Fund, in accordance with GAAP.

Multiple class operations 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.

Pricing of shares: The Fund prices its shares on the basis of the net asset value of each class of shares of the Fund, which is determined as of the close of the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern Time) on each day on which the NYSE is open for trading (other than a day on which there are insufficient changes in the value of the Fund’s portfolio securities to materially affect the Fund’s net asset value or a day on which no shares are tendered for redemption and no order to purchase any shares is received).

Security valuations: Fund investments traded on an exchange are valued at the closing price on the day of valuation on the 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 by independent pricing services; 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 also are valued at fair market value as determined in good faith using guidelines established by and under the supervision of the Board of Directors, and the Fund’s Valuation Committee. These guidelines may include: the type of security; any restrictions on its resale; financial or business news of the issuer; similar or related securities that are actively trading; related corporate actions; and other significant events occurring after the close of trading in the security.

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 June 30, 2004, was paying an interest rate of 0.75%.

Repurchase agreements: The Fund is authorized to enter into repurchase agreements. The Fund, through 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. Repurchase agreements involve the risk that the seller will fail to repurchase the security, as agreed. In that case, 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 are incurred.

Directed brokerage: 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 ATSF has established a Directed Brokerage Program. A Directed Brokerage 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 ATSF, or by any other party. Directed commissions for the period ended June 30, 2004, of $140 are included in net realized gains in the Statement of Operations.

Securities lending: The Fund may lend securities to enhance fund earnings from investing cash collateral received in making such loans to qualified borrowers (typically broker/dealers). The Fund has engaged its custodian bank, IBT, as a lending agent to administer its securities lending program. IBT earned $35 of program net income for its services. When the Fund makes a security loan, it receives cash collateral as protection against the risk that the borrower will default on the loan, and records an asset for the cash invested collateral and a liability for the return of the collateral.

Loans of securities are required to be secured by collateral at least equal to 102% of the value of the securities at inception of the loan, and not less then 100% thereafter. The Fund may invest cash collateral in short-

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

Salomon All Cap    8

Salomon All Cap

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1–(continued)

term money market instruments including: U.S. Treasury Bills, U.S. agency obligations, commercial paper, money market mutual funds, repurchase agreements and other highly rated, liquid investments. During the life of securities loans, the collateral and securities loaned remain subject to fluctuation in value. IBT marks to market securities loaned and the collateral each business day. If additional collateral is due (at least $1), IBT collects additional cash collateral from the borrowers. Although securities loaned will be fully collateralized at all times, IBT may experience delays in, or may be prevented from, recovering the collateral on behalf of the Fund. The Fund may recall a loaned security position at any time from the borrower through IBT. In the event the borrower fails to timely return a recalled security, IBT may indemnify the Fund by purchasing replacement securities for the Fund at its own expense and claiming the collateral to fund such a purchase. IBT absorbs the loss if the collateral value is not sufficient to cover the cost of the replacement securities. If replacement securities are not available, IBT will credit the equivalent cash value to the Fund.

While a security is on loan, the Fund does not have the right to vote that security. However, if time permits, the Fund will attempt to recall a security on loan and vote the proxy.

Income from securities lending is included in the Statement of Operations. The amount of collateral and value of securities on loan are included in the Statement of Assets and Liabilities as well as in the Schedule of Investments.

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 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, including unanticipated movements in exchange currency rates, the degree of government supervision and regulation of security markets, and the possibility of political or economic instability.

Dividend distributions: Dividend 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

AEGON/Transamerica Fund Advisers, Inc. (“ATFA”) is the Fund’s investment adviser. AEGON/Transamerica Fund Services, Inc. (“ATFS”) is the Fund’s administrator and transfer agent. AFSG Securities Corp. (“AFSG”) is the Fund’s distributor. AFSG is 100% owned by AUSA Holding Company (“AUSA”). ATFA is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) (“WRL”) and AUSA (22%). ATFS is a wholly owned subsidiary of WRL. AUSA and WRL are wholly owned indirect subsidiaries of AEGON NV, a Netherlands corporation.

Certain officers and directors of the Fund are also officers and/or directors of ATFA, ATFS, AFSG and WRL. No affiliated officer or director receives any compensation directly from the Fund.

The following schedule reflects the percentage of fund assets owned by affiliated mutual funds (i.e., through the asset allocation funds):

	Net Assets		% of Net Assets
Asset Allocation–Conservative Portfolio	$	15,726	2	%
Asset Allocation–Growth Portfolio		63,546	10	%
Asset Allocation–Moderate Growth Portfolio		73,924	11	%
Asset Allocation–Moderate Portfolio		43,247	7	%
Total	$	196,443	30	%

Investment advisory fees: The Fund pays management fees to ATFA based on average daily net assets (“ANA”) at the following breakpoints:

0.90% of first $100 million

0.80% of ANA over $100 million

ATFA 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 limitations 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 are no amounts subject to recapture at June 30, 2004.

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

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Salomon All Cap

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  2–(continued)

Distribution and service fees: The Fund adopted a distribution plan (“Distribution Plan”) pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended. Pursuant to the Distribution Plan, ATSF entered into a Distribution Agreement with AFSG effective May 1, 1999.

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 ATSF 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, 2005. 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 ATFS for financial and legal fund administration services, which includes such items as compliance, expenses, financial statements and other reporting, distributions, tax returns, prospectus preparation, board of directors meeting support, transfer agency and other legal matters. The Legal fees on the Statement of Operations are for fees paid to external legal counsel. The Fund paid ATFS $48 for Administration fees for the period ended June 30, 2004.

Brokerage commissions: Brokerage commissions incurred on security transactions placed with an affiliate of the sub-adviser for the period ended June 30, 2004, were $10.

Deferred compensation plan: Each eligible Fund Director may elect participation in the Deferred Compensation Plan for Directors of ATSF (“the Plan”). Under the Plan, such Directors may defer payment of a percentage of their total fees earned as a Fund Director. These deferred amounts may be invested in any portfolio of Transamerica IDEX Mutual Funds, an affiliate of the Fund. At June 30, 2004, the value of invested plan amounts was $25. Invested plan amounts and the total liability for deferred compensation to the Directors under the Plan at June 30, 2004, are included in Net assets in the accompanying Statement of Assets and Liabilities.

NOTE  3. INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the period ended June 30, 2004, were as follows:

Purchases of securities:
Long-Term excluding U.S. Government	$	173,153
U.S. Government		–
Proceeds from maturities and sales of securities:
Long-Term excluding U.S. Government		105,294
U.S. Government		–

NOTE  4. FEDERAL INCOME TAX MATTERS

The Fund has not made any provision for federal income 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 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 treatments for items including, but not limited to, wash sales, foreign currency transactions, and capital loss carryforwards.

The capital loss carryforwards are available to offset future realized capital gains through the periods listed:

Capital Loss Carryforward	Available through
$36,471	December 31, 2010
7,784	December 31, 2011

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of June 30, 2004, are as follows:

Federal Tax Cost Basis	$	628,867
Unrealized Appreciation	$	93,278
Unrealized (Depreciation)		(9,686	)
Net Unrealized Appreciation (Depreciation)	$	83,592

NOTE  5. OTHER MATTERS

ATSF, and certain of its affiliated entities, have received requests for information from the Staff of the Securities and Exchange Commission in connection with market timing and late trading within the funds. ATSF and the affiliated entities have voluntarily cooperated in the investigation and have been providing the information as requested.

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

Salomon All Cap    10

Select+ Aggressive

SCHEDULE OF INVESTMENTS

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Shares	Value
INVESTMENT COMPANIES (100.0%) (b)
Aggressive Equity (10.8%)
Third Avenue Value	2,853	$	52
Capital Preservation (4.2%)
Transamerica Money Market	20,227		20
Growth Equity (65.0%)
T. Rowe Price Equity Income	6,087		121
T. Rowe Price Growth Stock	7,064		142
Transamerica Equity (a)	2,630		50
World Equity (20.0%)
American Century International (a)	12,432		96
Total Investment Companies (cost: $415)		$	481
SUMMARY:
Investment companies, at value	100.0%	$	481
Liabilities in excess of other assets	0.0%		—
Net assets	100.0%	$	481

NOTES TO SCHEDULE OF INVESTMENTS:

(a) No dividends were paid during the preceding twelve months.

(b) The Fund invests its assets in the Initial Class shares of underlying portfolios of AEGON/Transamerica Series Fund, Inc., which are affiliates of the Fund.

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Select+ Aggressive    1

Select+ Aggressive

STATEMENT OF ASSETS AND LIABILITIES

At June 30, 2004

(all amounts except per share amounts in thousands)

(unaudited)

Assets:
Investment securities, at value (cost: $415)	$	481
Other		3
		484
Liabilities:
Accounts payable and accrued liabilities:
Management and advisory fees		1
Other		2
		3
Net Assets	$	481
Net Assets Consist of:
Capital stock, 50,000 shares authorized ($.01 par value)	$	–
Additional paid-in capital		403
Accumulated net investment loss		(2	)
Undistributed net realized gain (loss) from:
Investment in affiliated investment companies		14
Net unrealized appreciation (depreciation) on:
Investment in affiliated investment companies		66
Net Assets	$	481
Shares Outstanding:		37
Net Asset Value and Offering Price Per Share:	$	12.87

STATEMENT OF OPERATIONS

For the period ended June 30, 2004

(all amounts in thousands)

(unaudited)

Investment Income:
Dividends from affiliated investment companies	$	–
Expenses:
Custody fees		9
Auditing and accounting fees		6
Total expenses		15
Less:
Advisory fee waiver and expense reimbursement		(14	)
Net expenses		1
Net Investment Income (Loss)		(1	)
Net Realized Gain (Loss) from:
Investment in affiliated investment companies		11
Net Increase (Decrease) in Unrealized Appreciation (Depreciation) on:
Investment in affiliated investment companies		7
Net Gain (Loss) on Investment in Affiliated Investment Companies		18
Net Increase (Decrease) in Net Assets Resulting from Operations	$	17

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Select+ Aggressive    2

Select+ Aggressive

STATEMENTS OF CHANGES IN NET ASSETS

For the period or year ended

(all amounts in thousands)

	June 30, 2004 (unaudited)			December 31, 2003
Increase (Decrease) In Net Assets From:
Operations:
Net investment income (loss)	$	(1	)	$	(1	)
Net realized gain (loss) from investment in affiliated investment companies		11			3
Net unrealized appreciation (depreciation) on investment in affiliated investment companies		7			61
		17			63
Distributions to Shareholders:
From net investment income		–			–
From net realized gains		–			–
		–			–
Capital Share Transactions:
Proceeds from shares sold		19			316
Dividends and distributions reinvested					–
Cost of shares redeemed		(8	)		(24	)
		11			292
Net increase (decrease) in net assets		28			355
Net Assets:
Beginning of period		453			98
End of period	$	481		$	453
Accumulated Net Investment Loss	$	(2	)	$	(1	)

	June 30, 2004 (unaudited)		December 31, 2003
Share Activity:
Shares issued	2		28
Shares issued–reinvested from distributions	–		–
Shares redeemed	(1	)	(2	)
Net increase (decrease) in shares outstanding	1		26

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Select+ Aggressive    3

Select+ Aggressive

FINANCIAL HIGHLIGHTS

(unaudited for the period ended June 30, 2004)

For the Period Ended (b)	For a share outstanding throughout each period (a)
	Net Asset Value, Beginning of Period		Investment Operations									Distributions						Net Asset Value, End of Period
			Net Investment Income (Loss)			Net Realized and Unrealized Gain (Loss)			Total Operations			From Net Investment Income		From Net Realized Gains		Total Distributions
06/30/2004	$	12.42	$	(0.03	)	$	0.48		$	0.45		$	–	$	–	$	–	$	12.87
12/31/2003		9.76		(0.03	)		2.69			2.66			–		–		–		12.42
12/31/2002		10.00		–			(0.24	)		(0.24	)		–		–		–		9.76

For the Period Ended (b)	Total Return (c)(g)		Ratios/Supplemental Data
			Net Assets, End of Period (000’s)		Ratio of Expenses to Average Net Assets (f)				Net Investment Income (Loss) to Average Net Assets (f)		Portfolio Turnover Rate (g)
					Net (d)		Total (e)
06/30/2004	3.62	%	$	481	0.55	%	6.31	%	(0.52	)%	13	%
12/31/2003	27.25			453	0.55		25.81		(0.25	)	23
12/31/2002	(2.40	)		98	0.55		77.92		(0.49	)	–

NOTES TO FINANCIAL HIGHLIGHTS:

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

(b) The inception date of the Fund is December 5, 2002.

(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 fee waivers by the investment adviser, if any (see note 2).

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

(f) Annualized.

(g) Not annualized for periods of less than one year.

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Select+ Aggressive    4

Select+ Aggressive

NOTES TO FINANCIAL STATEMENTS

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

The AEGON/Transamerica Series Fund, Inc. (“ATSF”) is a Maryland corporation registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. ATSF serves as a funding vehicle for variable life insurance, variable annuity and group annuity products. Select + Aggressive (“the Fund”), part of ATSF, began operations on December 5, 2002.

In the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties, which 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.

See the Prospectus and Statement of Additional Information for a description of the Fund’s investment objective.

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 policies were consistently followed by the Fund, in accordance with GAAP.

Pricing of shares: The Fund prices its shares on the basis of the net asset value of the Fund, which is determined as of the close of the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern Time) on each day on which the NYSE is open for trading (other than a day on which there are insufficient changes in the value of the Fund’s portfolio securities to materially affect the Fund’s net asset value or a day on which no shares are tendered for redemption and no order to purchase any shares is received).

Security valuations: The Fund’s investments are valued at the net asset values of the underlying portfolios of ATSF. The net asset values of the underlying portfolios are determined at the close of the NYSE (generally 4:00 p.m. eastern time) on the valuation date.

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: Dividend 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

AEGON/Transamerica Fund Advisers, Inc. (“ATFA”) is the Fund’s investment adviser. AEGON/Transamerica Fund Services, Inc. (“ATFS”) is the Fund’s administrator and transfer agent. AFSG Securities Corp. (“AFSG”) is the Fund’s distributor. AFSG is 100% owned by AUSA Holding Company (“AUSA”). ATFA is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) (“WRL”) and AUSA (22%). ATFS is a wholly owned subsidiary of WRL. AUSA and WRL are wholly owned indirect subsidiaries of AEGON NV, a Netherlands corporation.

Certain officers and directors of the Fund are also officers and/or directors of ATFA, ATFS, AFSG and WRL. No affiliated officer or director receives any compensation directly from the Fund.

Transamerica Investment Management, LLC is an affiliate of the Fund and sub-adviser to other funds within ATSF.

Investment advisory fees: The Fund pays management fees to ATFA based on average daily net assets (“ANA”) at the following rate:

0.10% of ANA

ATFA 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:

0.55% Expense Limit

If total fund expenses fall below the annual expense limitations 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.

	Advisory Fee Waived		Available for Recapture Through
Fiscal Year 2003	$	53	12/31/2006

Distribution and service fees: The Fund adopted a distribution plan (“Distribution Plan”) pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended. Pursuant to the Distribution Plan, ATSF entered into a Distribution Agreement with AFSG effective May 1, 1999.

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 the 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 before April 30, 2005. Prior to AFSG seeking reimbursement of future expenses, policy and contract owners will be notified in advance.

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

Select+ Aggressive    5

Select+ Aggressive

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  2–(continued)

Administrative services: The Fund has entered into an agreement with ATFS for financial and legal fund administration services, which includes such items as compliance, expenses, financial statements and other reporting, distributions, tax returns, prospectus preparation, board of directors meeting support, transfer agency and other legal matters. The Legal fees on the Statement of Operations are for fees paid to external legal counsel. The Fund paid ATFS less than $1 for Administration fees for the period ended June 30, 2004.

Deferred compensation plan: Each eligible Fund Director may elect participation in the Deferred Compensation Plan for Directors of ATSF (“the Plan”). Under the Plan, such Directors may defer payment of a percentage of their total fees earned as a Fund Director. These deferred amounts may be invested in any portfolio of Transamerica IDEX Mutual Funds, an affiliate of the Fund. At June 30, 2004, the value of invested plan amounts was less than $1. Invested plan amounts and the total liability for deferred compensation to the Directors under the Plan at June 30, 2004, are included in Net assets in the accompanying Statement of Assets and Liabilities.

NOTE  3. INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the period ended June 30, 2004, were as follows:

Purchases of securities:
Long-Term excluding U.S. Government	$	73
U.S. Government		—
Proceeds from maturities and sales of securities:
Long-Term excluding U.S. Government		60
U.S. Government		—

NOTE  4. FEDERAL INCOME TAX MATTERS

The Fund has not made any provision for federal income 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 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 treatments for items including, but not limited to, wash sales, net operating losses and capital loss carryforwards.

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of June 30, 2004, are as follows:

Federal Tax Cost Basis	$	415
Unrealized Appreciation	$	66
Unrealized (Depreciation)		0
Net Unrealized Appreciation (Depreciation)	$	66

NOTE  5. OTHER MATTERS

ATSF, and certain of its affiliated entities, have received requests for information from the Staff of the Securities and Exchange Commission in connection with market timing and late trading within the funds. ATSF and the affiliated entities have voluntarily cooperated in the investigation and have been providing the information as requested.

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

Select+ Aggressive    6

Select+ Conservative

SCHEDULE OF INVESTMENTS

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Shares	Value
INVESTMENT COMPANIES (100.1%) (a)
Aggressive Equity (6.4%)
Third Avenue Value	13,335	$	244
Capital Preservation (4.6%)
Transamerica Money Market	174,693		175
Fixed-Income (66.2%)
MFS High Yield	56,616		584
PIMCO Total Return	130,153		1,434
Transamerica U.S. Government Securities	42,605		527
Growth Equity (22.9%)
T. Rowe Price Equity Income	22,272		441
T. Rowe Price Growth Stock	21,631		437
Total Investment Companies (cost: $3,528)		$	3,842
SUMMARY:
Investment companies, at value	100.1 %	$	3,842
Liabilities in excess of other assets	(0.1)%		(2	)
Net assets	100.0 %	$	3,840

NOTES TO SCHEDULE OF INVESTMENTS:

(a) The Fund invests its assets in the Initial Class shares of underlying portfolios of AEGON/Transamerica Series Fund, Inc., which are affiliates of the Fund.

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Select+ Conservative    1

Select+ Conservative

STATEMENT OF ASSETS AND LIABILITIES

At June 30, 2004

(all amounts except per share amounts in thousands)

(unaudited)

Assets:
Investment in affiliated investment companies, at value (cost: $3,528)	$	3,842
Other		1
		3,843
Liabilities:
Other		3
Net Assets	$	3,840
Net Assets Consist of:
Capital stock, 50,000 shares authorized ($.01 par value)	$	3
Additional paid-in capital		3,486
Undistributed net investment income		8
Undistributed net realized gain (loss) from:
Investment in affiliated investment companies		29
Net unrealized appreciation (depreciation) on:
Investment in affiliated investment companies		314
Net Assets	$	3,840
Shares Outstanding:		338
Net Asset Value and Offering Price Per Share:	$	11.37

STATEMENT OF OPERATIONS

For the period ended June 30, 2004

(all amounts in thousands)

(unaudited)

Investment Income:
Dividends from affiliated investment companies	$	1
Expenses:
Management and advisory fees		2
Custody fees		11
Auditing and accounting fees		6
Total expenses		19
Less:
Advisory fee waiver and expense reimbursement		(8	)
Net expenses		11
Net Investment Income (Loss)		(10	)
Net Realized Gain (Loss) from:
Investment in affiliated investment companies		20
Increase (decrease) in unrealized appreciation (depreciation) on:
Investment in affiliated investment companies		30
Net Gain (Loss) on Investment in Affiliated Investment Companies		50
Net Increase (Decrease) in Net Assets Resulting from Operations	$	40

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Select+ Conservative    2

Select+ Conservative

STATEMENTS OF CHANGES IN NET ASSETS

For the period or year ended

(all amounts in thousands)

	June 30, 2004 (unaudited)			December 31, 2003
Increase (Decrease) In Net Assets From:
Operations:
Net investment income (loss)	$	(10	)	$	18
Net realized gain (loss) from investment in affiliated investment companies		20			9
Net unrealized appreciation (depreciation) on investment in affiliated investment companies		30			284
		40			311
Distributions to Shareholders:
From net investment income:		–			–
From net realized gains:		–			–
Capital Share Transactions:
Proceeds from shares sold		297			3,417
Dividends and distributions reinvested		–			–
Cost of shares redeemed		(203	)		(134	)
		94			3,283
Net increase (decrease) in net assets		134			3,594
Net Assets:
Beginning of period		3,706			112
End of period	$	3,840		$	3,706
Undistributed Net Investment Income	$	8		$	18

	June 30, 2004 (unaudited)		December 31, 2003
Share Activity:
Shares issued	26		332
Shares issued–reinvested from distributions	–		–
Shares redeemed	(18	)	(13	)
Net increase (decrease) in shares outstanding	8		319

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Select+ Conservative    3

Select+ Conservative

FINANCIAL HIGHLIGHTS

(unaudited for the period ended June 30, 2004)

For the Period Ended (b)	For a share outstanding throughout each period (a)
	Net Asset Value, Beginning of Period		Investment Operations							Distributions						Net Asset Value, End of Period
			Net Investment Income (Loss)			Net Realized and Unrealized Gain (Loss)		Total Operations		From Net Investment Income		From Net Realized Gains		Total Distributions
06/30/2004	$	11.24	$	(0.03	)	$	0.16	$	0.13	$	–	$	–	$	–	$	11.37
12/31/2003		10.03		0.08			1.13		1.21		–		–		–		11.24
12/31/2002		10.00		–			0.03		0.03		–		–		–		10.03

For the Period Ended (b)	Total Return (c)(g)		Ratios/Supplemental Data
			Net Assets, End of Period (000’s)		Ratio of Expenses to Average Net Assets (f)				Net Investment Income (Loss) to Average Net Assets (f)		Portfolio Turnover Rate (g)
					Net (d)		Total (e)
06/30/2004	1.16	%	$	3,840	0.55	%	0.98	%	(0.52	)%	6	%
12/31/2003	12.06			3,706	0.55		2.49		0.73		6
12/31/2002	0.30			112	0.55		72.67		(0.49	)	–

NOTES TO FINANCIAL HIGHLIGHTS:

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

(b) The inception date of the Fund is December 5, 2002.

(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 fee waivers by the investment adviser, if any (see note 2).

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

(f) Annualized.

(g) Not annualized for periods of less than one year.

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Select+ Conservative    4

Select+ Conservative

NOTES TO FINANCIAL STATEMENTS

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

The AEGON/Transamerica Series Fund, Inc. (“ATSF”) is a Maryland corporation registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. ATSF serves as a funding vehicle for variable life insurance, variable annuity and group annuity products. Select + Conservative (“the Fund”), part of ATSF, began operations on December 5, 2002.

In the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties, which 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.

See the Prospectus and Statement of Additional Information for a description of the Fund’s investment objective.

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 policies were consistently followed by the Fund, in accordance with GAAP.

Pricing of shares: The Fund prices its shares on the basis of the net asset value of the Fund, which is determined as of the close of the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern Time) on each day on which the NYSE is open for trading (other than a day on which there are insufficient changes in the value of the Fund’s portfolio securities to materially affect the Fund’s net asset value or a day on which no shares are tendered for redemption and no order to purchase any shares is received).

Security valuations: The Fund’s investments are valued at the net asset values of the underlying portfolios of ATSF. The net asset values of the underlying portfolios are determined at the close of the NYSE (generally 4:00 p.m. eastern time) on the valuation date.

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: Dividend 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

AEGON/Transamerica Fund Advisers, Inc. (“ATFA”) is the Fund’s investment adviser. AEGON/Transamerica Fund Services, Inc. (“ATFS”) is the Fund’s administrator and transfer agent. AFSG Securities Corp. (“AFSG”) is the Fund’s distributor. AFSG is 100% owned by AUSA Holding Company (“AUSA”). ATFA is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) (“WRL”) and AUSA (22%). ATFS is a wholly owned subsidiary of WRL. AUSA and WRL are wholly owned indirect subsidiaries of AEGON NV, a Netherlands corporation.

Certain officers and directors of the Fund are also officers and/or directors of ATFA, ATFS, AFSG and WRL. No affiliated officer or director receives any compensation directly from the Fund.

Transamerica Investment Management, LLC is an affiliate of the Fund and sub-adviser to other funds within ATSF.

Investment advisory fees: The Fund pays management fees to ATFA based on average daily net assets (“ANA”) at the following rate:

0.10% of ANA

ATFA 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:

0.55% Expense Limit

If total fund expenses fall below the annual expense limitations 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.

	Advisory Fee Waived		Available for Recapture Through
Fiscal Year 2003	$	47	12/31/2006

Distribution and service fees: The Fund adopted a distribution plan (“Distribution Plan”) pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended. Pursuant to the Distribution Plan, ATSF entered into a Distribution Agreement with AFSG effective May 1, 1999.

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 the 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 before April 30, 2005. Prior to AFSG seeking reimbursement of future expenses, policy and contract owners will be notified in advance.

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

Select+ Conservative    5

Select+ Conservative

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  2–(continued)

Administrative services: The Fund has entered into an agreement with ATFS for financial and legal fund administration services, which includes such items as compliance, expenses, financial statements and other reporting, distributions, tax returns, prospectus preparation, board of directors meeting support, transfer agency and other legal matters. The Legal fees on the Statement of Operations are for fees paid to external legal counsel. The Fund paid ATFS less than $1 for Administration fees for the period ended June 30, 2004.

Deferred compensation plan: Each eligible Fund Director may elect participation in the Deferred Compensation Plan for Directors of ATSF (“the Plan”). Under the Plan, such Directors may defer payment of a percentage of their total fees earned as a Fund Director. These deferred amounts may be invested in any portfolio of Transamerica IDEX Mutual Funds, an affiliate of the Fund. At June 30, 2004, the value of invested plan amounts was less than $1. Invested plan amounts and the total liability for deferred compensation to the Directors under the Plan at June 30, 2004, are included in Net assets in the accompanying Statement of Assets and Liabilities.

NOTE  3. INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the period ended June 30, 2004, were as follows:

Purchases of securities:
Long-Term excluding U.S. Government	$	295
U.S. Government		–
Proceeds from maturities and sales of securities:
Long-Term excluding U.S. Government		210
U.S. Government		–

NOTE  4. FEDERAL INCOME TAX MATTERS

The Fund has not made any provision for federal income 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 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 treatments for items including, but not limited to, wash sales, net operating losses and capital loss carryforwards.

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of June 30, 2004, are as follows:

Federal Tax Cost Basis	$	3,528
Unrealized Appreciation	$	317
Unrealized (Depreciation)		(3	)
Net Unrealized Appreciation (Depreciation)	$	314

NOTE  5. OTHER MATTERS

ATSF, and certain of its affiliated entities, have received requests for information from the Staff of the Securities and Exchange Commission in connection with market timing and late trading within the funds. ATSF and the affiliated entities have voluntarily cooperated in the investigation and have been providing the information as requested.

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

Select+ Conservative    6

Select+ Growth & Income

SCHEDULE OF INVESTMENTS

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Shares	Value
INVESTMENT COMPANIES (100.0%) (b)
Aggressive Equity (11.6%)
Third Avenue Value	40,529	$	741
Capital Preservation (4.3%)
Transamerica Money Market	270,746		271
Fixed-Income (31.3%)
MFS High Yield	58,378		602
PIMCO Total Return	126,082		1,389
Growth Equity (42.3%)
T. Rowe Price Equity Income	33,987		673
T. Rowe Price Growth Stock	82,972		1,676
Transamerica Equity (a)	18,417		348
World Equity (10.5%)
American Century International (a)	86,880		671
Total Investment Companies (cost: $5,528 )		$	6,371
SUMMARY:
Investment companies, at value	100.0%	$	6,371
Liabilities in excess of other assets	0.0%		(3	)
Net assets	100.0%	$	6,368

NOTES TO SCHEDULE OF INVESTMENTS:

(a) No dividends were paid during the preceding twelve months.

(b) The Fund invests its assets in the Initial Class shares of underlying portfolios of AEGON/Transamerica Series Fund, Inc., which are affiliates of the Fund.

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Select+ Growth & Income    1

Select+ Growth & Income

STATEMENT OF ASSETS AND LIABILITIES

At June 30, 2004

(all amounts except per share amounts in thousands)

(unaudited)

Assets:
Investment in affiliated investment companies, at value (cost: $5,528)	$	6,371
Other		1
		6,372
Liabilities:
Accounts payable and accrued liabilities:
Management and advisory fees		1
Other		3
		4
Net Assets	$	6,368
Net Assets Consist of:
Capital stock, 50,000 shares authorized ($.01 par value)	$	5
Additional paid-in capital		5,402
Accumulated net investment loss		(12	)
Undistributed net realized gain (loss) from: Investment in affiliated investment companies		130
Net unrealized appreciation (depreciation) on: Investment in affiliated investment companies		843
Net Assets	$	6,368
Shares Outstanding:		521
Net Asset Value and Offering Price Per Share:	$	12.25

STATEMENT OF OPERATIONS

For the period ended June 30, 2004

(all amounts in thousands)

(unaudited)

Investment Income:
Dividends from affiliated investment companies	$	1
		1
Expenses:
Management and advisory fees		3
Custody fees		11
Auditing and accounting fees		6
Total expenses		20
Less:
Advisory fee waiver and expense reimbursement		(4	)
Net expenses		16
Net Investment Income (Loss)		(15	)
Net Realized Gain (Loss) from:
Investment in affiliated investment companies		105
Net Increase (Decrease) in Unrealized Appreciation (Depreciation) on:
Investment in affiliated investment companies		47
Net Gain (Loss) on Investment in Affiliated Investment Companies		152
Net Increase (Decrease) in Net Assets Resulting from Operations	$	137

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Select+ Growth & Income    2

Select+ Growth & Income

STATEMENTS OF CHANGES IN NET ASSETS

For the period or year ended

(all amounts in thousands)

	June 30, 2004 (unaudited)			December 31, 2003
Increase (Decrease) In Net Assets From:
Operations:
Net investment income (loss)	$	(15	)	$	3
Net realized gain (loss) from investment in affiliated investment companies		105			25
Net unrealized appreciation (depreciation) on investment in affiliated investment companies		47			799
		137			827
Distributions to Shareholders:
From net investment income		–			–
From net realized gains		–			–
		–			–
Capital Share Transactions:
Proceeds from shares sold		1,083			3,708
Dividends and distributions reinvested		–			–
Cost of shares redeemed		(222	)		(210	)
		861			3,498
Net increase (decrease) in net assets		998			4,325
Net Assets:
Beginning of period		5,370			1,045
End of period	$	6,368		$	5,370
Accumulated Net Investment Loss	$	(12	)	$	3

	June 30, 2004 (unaudited)		December 31, 2003
Share Activity:
Shares issued	89		364
Shares issued–reinvested from distributions	–		–
Shares redeemed	(18	)	(20	)
Net increase (decrease) in shares outstanding	71		344

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Select+ Growth & Income    3

Select+ Growth & Income

FINANCIAL HIGHLIGHTS

(unaudited for the period ended June 30, 2004)

For the Period Ended (b)	For a share outstanding throughout each period (a)
	Net Asset Value, Beginning of Period		Investment Operations									Distributions						Net Asset Value, End of Period
			Net Investment Income (Loss)			Net Realized and Unrealized Gain (Loss)			Total Operations			From Net Investment Income		From Net Realized Gains		Total Distributions
06/30/2004	$	11.95	$	(0.03	)	$	0.33		$	0.30		$	–	$	–	$	–	$	12.25
12/31/2003		9.88		0.01			2.06			2.07			–		–		–		11.95
12/31/2002		10.00		–			(0.12	)		(0.12	)		–		–		–		9.88

For the Period Ended (b)	Total Return (c)(g)		Ratios/Supplemental Data
			Net Assets, End of Period (000’s)		Ratio of Expenses to Average Net Assets (f)				Net Investment Income (Loss) to Average Net Assets (f)		Portfolio Turnover Rate (g)
					Net (d)		Total (e)
06/30/2004	2.51	%	$	6,368	0.55	%	0.70	%	(0.52	)%	9	%
12/31/2003	20.95			5,370	0.55		1.64		0.07		15
12/31/2002	(1.20	)		1,045	0.55		17.63		(0.49	)	–

NOTES TO FINANCIAL HIGHLIGHTS:

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

(b) The inception date of the Fund is December 5, 2002.

(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 fee waivers by the investment adviser, if any (see note 2).

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

(f) Annualized.

(g) Not annualized for periods of less than one year.

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Select+ Growth & Income    4

Select+ Growth & Income

NOTES TO FINANCIAL STATEMENTS

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

The AEGON/Transamerica Series Fund, Inc. (“ATSF”) is a Maryland corporation registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. ATSF serves as a funding vehicle for variable life insurance, variable annuity and group annuity products. Select + Growth & Income (“the Fund”), part of ATSF, began operations on December 5, 2002.

In the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties, which 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.

See the Prospectus and Statement of Additional Information for a description of the Fund’s investment objective.

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 policies were consistently followed by the Fund, in accordance with GAAP.

Pricing of shares: The Fund prices its shares on the basis of the net asset value of the Fund, which is determined as of the close of the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern Time) on each day on which the NYSE is open for trading (other than a day on which there are insufficient changes in the value of the Fund’s portfolio securities to materially affect the Fund’s net asset value or a day on which no shares are tendered for redemption and no order to purchase any shares is received).

Security valuations: The Fund’s investments are valued at the net asset values of the underlying portfolios of ATSF. The net asset values of the underlying portfolios are determined at the close of the NYSE (generally 4:00 p.m. eastern time) on the valuation date.

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: Dividend 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

AEGON/Transamerica Fund Advisers, Inc. (“ATFA”) is the Fund’s investment adviser. AEGON/Transamerica Fund Services, Inc. (“ATFS”) is the Fund’s administrator and transfer agent. AFSG Securities Corp. (“AFSG”) is the Fund’s distributor. AFSG is 100% owned by AUSA Holding Company (“AUSA”). ATFA is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) (“WRL”) and AUSA (22%). ATFS is a wholly owned subsidiary of WRL. AUSA and WRL are wholly owned indirect subsidiaries of AEGON NV, a Netherlands corporation.

Certain officers and directors of the Fund are also officers and/or directors of ATFA, ATFS, AFSG and WRL. No affiliated officer or director receives any compensation directly from the Fund.

Transamerica Investment Management, LLC is an affiliate of the Fund and sub-adviser to other funds within ATSF.

Investment advisory fees: The Fund pays management fees to ATFA based on average daily net assets (“ANA”) at the following rate:

0.10% of ANA

ATFA 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:

0.55% Expense Limit

If total fund expenses fall below the annual expense limitations 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.

	Advisory Fee Waived		Available for Recapture Through
Fiscal Year 2003	$	42	12/31/2006

Distribution and service fees: The Fund adopted a distribution plan (“Distribution Plan”) pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended. Pursuant to the Distribution Plan, ATSF entered into a Distribution Agreement with AFSG effective May 1, 1999.

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 the 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 before April 30, 2005. Prior to AFSG seeking reimbursement of future expenses, policy and contract owners will be notified in advance.

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

Select+ Growth & Income    5

Select+ Growth & Income

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  2–(continued)

Administrative services: The Fund has entered into an agreement with ATFS for financial and legal fund administration services, which includes such items as compliance, expenses, financial statements and other reporting, distributions, tax returns, prospectus preparation, board of directors meeting support, transfer agency and other legal matters. The Legal fees on the Statement of Operations are for fees paid to external legal counsel. The Fund paid ATFS less than $1 for Administration fees for the period ended June 30, 2004.

Deferred compensation plan: Each eligible Fund Director may elect participation in the Deferred Compensation Plan for Directors of ATSF (“the Plan”). Under the Plan, such Directors may defer payment of a percentage of their total fees earned as a Fund Director. These deferred amounts may be invested in any portfolio of Transamerica IDEX Mutual Funds, an affiliate of the Fund. At June 30, 2004, the value of invested plan amounts was less than $1. Invested plan amounts and the total liability for deferred compensation to the Directors under the Plan at June 30, 2004, are included in Net assets in the accompanying Statement of Assets and Liabilities.

NOTE  3. INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the period ended June 30, 2004, were as follows:

Purchases of securities:
Long-Term excluding U.S. Government	$	1,630
U.S. Government		—
Proceeds from maturities and sales of securities:
Long-Term excluding U.S. Government		552
U.S. Government		—

NOTE  4. FEDERAL INCOME TAX MATTERS

The Fund has not made any provision for federal income 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 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 treatments for items including, but not limited to, wash sales, net operating losses and capital loss carryforwards.

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of June 30, 2004, are as follows:

Federal Tax Cost Basis	$	5,529
Unrealized Appreciation	$	842
Unrealized (Depreciation)		0
Net Unrealized Appreciation (Depreciation)	$	842

NOTE  5. OTHER MATTERS

ATSF, and certain of its affiliated entities, have received requests for information from the Staff of the Securities and Exchange Commission in connection with market timing and late trading within the funds. ATSF and the affiliated entities have voluntarily cooperated in the investigation and have been providing the information as requested.

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

Select+ Growth & Income    6

Templeton Great Companies Global

SCHEDULE OF INVESTMENTS

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Shares	Value
PREFERRED STOCKS (0.0%)
Brazil (0.0%)
Companhia Vale do Rio Doce–ADR (a)	2,410	$	94
Total Preferred Stocks (cost: $89)			94
COMMON STOCKS (89.8%)
Australia (2.0%)
Alumina Limited	441,080		1,621
AMP Limited	610,150		2,689
Australia and New Zealand Banking Group Limited	126,900		1,615
BHP Billiton Limited	293,930		2,564
BHP Billiton Limited–ADR	6,610		116
Mayne Group Limited	680,440		1,615
National Australia Bank Limited	132,900		2,761
Brazil (0.3%)
Companhia Vale do Rio Doce–ADR (a)	40,380		1,920
Canada (0.9%)
Alcan Inc.	76,200		3,139
BCE Inc.	118,410		2,373
Cayman Islands (0.8%)
ACE Limited	61,620		2,605
XL Capital Ltd.–Class A (b)	36,080		2,723
Denmark (1.1%)
ISS A/S	57,890		2,863
Vestas Wind Systems A/S (a)	278,413		4,092
Finland (0.9%)
Stora Enso Oyj–R Shares	157,720		2,141
UPM-Kymmene Oyj	174,020		3,313
France (2.7%)
Accor SA	54,280		2,292
Aventis SA	33,350		2,519
AXA	132,870		2,928
Compagnie Generale des Etablissements Michelin–Class B	56,400		3,120
Suez SA–ADR	91,770		1,934
Total Fina Elf SA	13,740		2,621
Valeo SA	47,140		1,965
Germany (2.7%)
BASF AG–ADR	54,280		2,923
Bayer AG–ADR (b)	99,390		2,902
Deutsche Post AG–Registered Shares	181,170		3,915
E.ON AG–ADR	61,620		4,467
SAP AG–ADR (b)	38,000		1,589
Volkswagen AG–ADR (b)	206,580		1,744
Hong Kong (0.6%)
Cheung Kong (Holdings) Limited	292,000		2,153
Hutchison Whampoa Limited	211,000		1,441
India (0.0%)
Satyam Computer Services Limited–ADR (b)	4,980		92

	Shares	Value
Israel (0.5%)
Check Point Software Technologies, Ltd. (a)(b)	125,025	$	3,374
Italy (0.9%)
Eni SpA.–ADR (b)	36,600		3,672
Riunione Adriatica di Sicurta SpA	103,820		1,885
Japan (3.7%)
Canon Inc.	33,500		1,766
Canon Inc.–ADR	2,410		129
Denso Corporation	95,500		2,224
East Japan Railway Company	449		2,520
Hitachi, Ltd.	181,000		1,246
NEC Corporation	151,000		1,063
Nintendo Co., Ltd.	32,300		3,747
Nippon Telegraph and Telephone Corporation	673		3,598
Nomura Securities Co., Ltd. (The)	115,000		1,703
Sony Corporation–ADR	82,170		3,127
Sompo Japan Insurance, Inc.	282,000		2,883
Mexico (0.4%)
Telefonos de Mexico SA de CV–ADR	84,540		2,813
Netherlands (2.0%)
Akzo Nobel NV–ADR	76,200		2,838
Elsevier NV	275,560		3,871
IHC Caland N.V.	4,460		208
ING Groep NV	106,550		2,516
ING Groep NV–ADR	12,200		289
Koninklijke Philips Electronics NV	120,840		3,255
New Zealand (0.0%)
Telecom Corporation of New Zealand Limited	3,660		14
Norway (0.4%)
Telenor ASA	387,140		2,693
Portugal (0.5%)
Portugal Telecom, SGPS, SA–Registered Shares	317,830		3,432
Singapore (0.5%)
DBS Group Holdings Ltd.	341,000		2,852
DBS Group Holdings Ltd–ADR	5,850		196
South Korea (1.7%)
Kookmin Bank–ADR (a)(b)	6,290		197
Korea Electric Power Corporation–ADR (b)	155,300		1,423
KT Corp.–ADR (b)	137,725		2,485
Samsung Electronics Co., Ltd.–GDR–144A (LUX)	20,680		4,255
Samsung Electronics Co., Ltd.–GDR–144A (USD)	460		95
SK Telecom Co., Ltd.–ADR (b)	126,325		2,652
Spain (1.5%)
Iberdrola SA	152,190		3,214
Repsol-YPF, SA	170,120		3,728
Telefonica SA	167,620		2,479

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Templeton Great Companies Global    1

Templeton Great Companies Global

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Shares	Value
Sweden (2.9%)
Atlas Copco AB–A Shares	86,410	$	3,209
Autoliv, Inc.–SDR	65,740		2,747
Electrolux AB–Series B	96,260		1,848
Nordea AB–FDR	461,590		3,326
Securitas AB–Class B	207,430		2,591
Svenska Cellulosa AB–B Shares	68,160		2,590
Volvo AB–B Shares	60,510		2,106
Switzerland (2.4%)
Lonza Group Ltd.–Registered Shares	52,200		2,644
Nestle SA–ADR	53,170		3,545
Novartis AG–ADR	79,110		3,520
Swiss Reinsurance Company–Registered Shares	47,040		3,055
UBS AG–Registered Shares (CHF)	32,780		2,310
UBS AG–Registered Shares (USD) (a)	3,540		252
Taiwan (0.4%)
Chughwa Telecom Co., Ltd.–ADR (b)	148,250		2,615
United Kingdom (7.9%)
Abbey National PLC	270,030		2,514
Alliance UniChem PLC	275,040		3,256
BAE Systems PLC	695,220		2,765
BP PLC–ADR	73,270		3,925
Brambles Industries PLC	661,040		2,554
British Airways PLC (a)	333,070		1,665
Cadbury Schweppes PLC	367,540		3,172
GlaxoSmithKline PLC	148,390		3,004
HSBC Holdings PLC	163,582		2,433
HSBC Holdings PLC–ADR	2,730		205
National Grid Group PLC (The)	351,410		2,713
Pearson PLC	204,320		2,483
Rentokil Initial PLC	677,540		1,776
Rolls-Royce Group PLC	540,370		2,468
Shell Transport & Trading Company PLC	570,120		4,184
Smiths Group PLC	248,430		3,364
Standard Chartered PLC	165,150		2,690
Unilever PLC	320,180		3,142
Vodafone Group PLC	1,061,790		2,326
United States (52.1%)
3M Company	150,100		13,511
Advanced Neuromodulation Systems, Inc. (a)	15,600		512
American International Group, Inc.	212,900		15,176
Amgen Inc. (a)	129,750		7,080
Anheuser-Busch Companies, Inc.	162,900		8,797
Avon Products, Inc. (b)	190,000		8,767
Berkshire Hathaway Inc.–Class B (a)	4,300		12,706
Cephalon, Inc. (a)	60,000		3,240
Cintas Corporation	96,500		4,600
Citigroup Inc.	275,000		12,788
Dell Inc. (a)	202,000		7,236
eBay Inc. (a)(b)	164,400		15,117
EMC Corporation (a)	640,000		7,296
First Data Corporation	156,800		6,981
General Electric Company	543,500		17,609

	Shares		Value
United States (continued)
Genzyme Corporation–General Division (a)		93,200	$	4,411
Goldman Sachs Group, Inc. (The)		95,000		8,945
IMS Health Incorporated		382,300		8,961
International Game Technology		340,000		13,124
Maxim Integrated Products		155,000		8,125
Medtronic, Inc.		264,070		12,865
Merrill Lynch & Co., Inc.		245,700		13,263
Microsoft Corporation		431,410		12,320
Moody’s Corporation (b)		208,500		13,482
Omnicom Group, Inc.		160,500		12,179
PepsiCo, Inc.		210,000		11,314
Pfizer Inc.		269,800		9,249
Procter & Gamble Company (The)		211,200		11,497
QUALCOMM Incorporated		115,000		8,393
Symantec Corporation (a)		150,000		6,567
United Technologies Corporation		144,000		13,173
Wrigley (Wm.) Jr. Company		70,000		4,414
Xilinx, Inc.		210,000		6,995
Yahoo! Inc. (a)		150,680		5,474
Zimmer Holdings, Inc. (a)		75,000		6,615
Total Common Stocks (cost: $557,817)				574,976
	Principal		Value
SECURITY LENDING COLLATERAL (4.2%)
Debt (3.4%)
Agency Discount Notes (0.3%)
Fannie Mae
0.96%, due 07/01/2004	$	647	$	647
Federal Home Loan Bank
0.96%, due 07/01/2004		808		808
0.99%, due 07/01/2004		323		323
0.97%, due 07/02/2004		404		404
Bank Notes (0.1%)
Credit Suisse First Boston (USA), Inc.
1.13%, due 09/08/2004		162		162
Deutsche Bank AG
1.16%, due 10/12/2004		404		404
Commercial Paper (1.1%)
Compass Securitization–144A
1.25%, due 07/23/2004		565		565
Falcon Asset Securitization Corp–144A
1.27%, due 07/20/2004		404		404
General Electric Capital Corporation
1.20%, due 07/19/2004		403		403
1.21%, due 07/22/2004		323		323
1.22%, due 07/23/2004		323		323
1.23%, due 07/26/2004		404		404
1.22%, due 08/04/2004		807		807
Govco Incorporated–144A
1.25%, due 08/02/2004		162		162

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Templeton Great Companies Global    2

Templeton Great Companies Global

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Principal		Value
Commercial Paper (continued)
Greyhawk Funding LLC–144A
1.12%, due 07/13/2004	$	323	$	323
1.22%, due 07/20/2004		161		161
Jupiter Securitization Corp–144A
1.07%, due 07/02/2004		162		162
Morgan Stanley
1.58%, due 10/22/2004		372		372
1.58%, due 12/10/2004		1,051		1,051
1.58%, due 03/16/2005		1,019		1,019
Sheffield Receivables–144A
1.24%, due 07/20/2004		243		243
Euro Dollar Overnight (0.1%)
Bank of Nova Scotia (The)
1.04%, due 07/06/2004		404		404
Den Danske Bank
1.08%, due 07/02/2004		404		404
Euro Dollar Terms (0.8%)
Bank of America Corporation
1.08%, due 07/19/2004		162		162
Bank of Montreal
1.20%, due 07/23/2004		82		82
Bank of Nova Scotia (The)
1.20%, due 07/14/2004		404		404
1.24%, due 07/23/2004		81		81
Bank of the West Inc.
1.28%, due 07/28/2004		162		162
Branch Banking & Trust
1.08%, due 07/14/2004		81		81
Calyon
1.16%, due 07/15/2004		1,536		1,536
1.17%, due 08/04/2004		243		243
1.34%, due 08/24/2004		566		566
Fortis Bank
1.19%, due 07/14/2004		81		81
1.29%, due 09/03/2004		162		162
HBOS PLC
1.30%, due 09/03/2004		162		162
Royal Bank of Canada
1.05%, due 07/08/2004		243		243
Royal Bank of Scotland Group PLC (The)
1.06%, due 07/30/2004		728		728
Wells Fargo & Company
1.19%, due 07/14/2004		323		323
1.25%, due 07/23/2004		162		162
1.24%, due 07/26/2004		162		162
Master Notes (0.1%)
Bear Stearns Companies Inc. (The)
1.64%, due 09/08/2004		485		485
1.64%, due 12/15/2004		323		323

	Principal		Value
Repurchase Agreements (0.9%) (c)
Credit Suisse First Boston (USA), Inc. 1.54%, Repurchase agreement dated 06/30/2004 to be repurchased at $1,892 on 07/01/2004	$	1,892	$	1,892
Goldman Sachs Group Inc. (The) 1.54%, Repurchase agreement dated 06/30/2004 to be repurchased at $809 on 07/01/2004		809		809
Merrill Lynch & Co., Inc. 1.54%, Repurchase agreement dated 06/30/2004 to be repurchased at $2,448 on 07/01/2004		2,448		2,448
Morgan Stanley 1.58%, Repurchase agreement dated 06/30/2004 to be repurchased at $728 on 07/01/2004		728		728
	Shares		Value
Investment Companies (0.8%)
Money Market Funds (0.8%)
Merrill Lynch Premier Institutional Fund
1-day yield of 1.17%		669,988	$	670
Merrimac Cash Fund–Premium Class
1-day yield of 1.11%		4,158,134		4,158
Total Security Lending Collateral (cost: $27,131)				27,131
Total Investment Securities (cost: $585,037)			$	602,201
SUMMARY:
Investments, at value		94.0%	$	602,201
Other assets in excess of liabilities		6.0%		38,174
Net assets		100.0%	$	640,375

FORWARD FOREIGN CURRENCY CONTRACTS:
Currency	Bought (Sold)		Settlement Date	Amount in U.S. Dollars Bought (Sold)			Net Unrealized Appreciation (Depreciation)
Australian Dollar	1,255		07/01/2004	$	871		$	3
Australian Dollar	(197	)	07/01/2004		(136	)		—
Australian Dollar	(349	)	07/02/2004		(242	)		(1	)
Euro Dollar	6,000		09/27/2004		7,123			172
Euro Dollar	(4,800	)	09/27/2004		(5,876	)		40
Euro Dollar	(1,200	)	09/27/2004		(1,451	)		(8	)
British Pound	70		07/01/2004		127			—
British Pound	2,800		10/15/2004		4,899			135
British Pound	(2,800	)	10/15/2004		(4,931	)		(104	)
British Pound	3,800		11/19/2004		6,632			181
British Pound	(3,800	)	11/19/2004		(6,808	)		(5	)
Japanese Yen	(611	)	07/01/2004		(6	)		—
Swedish Krona	1,748		07/01/2004		233			(1	)
Swedish Krona	(951	)	07/01/2004		(126	)		—
Swiss Franc	2,600		09/27/2004		1,993			88
Swiss Franc	(2,600	)	09/27/2004		(2,064	)		(17	)
Swiss Franc	2,775		10/15/2004		2,127			96
Swiss Franc	(2,775	)	10/15/2004		(2,138	)		(85	)
Total Forward Foreign Currency Contracts				$	227		$	494

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Templeton Great Companies Global    3

Templeton Great Companies Global

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Percentage of Net Assets	Value
INVESTMENTS BY INDUSTRY:
Business Services	8.4%	$	53,212
Insurance	6.9%		43,930
Computer & Data Processing Services	6.0%		38,378
Commercial Banks	5.3%		34,139
Chemicals & Allied Products	5.3%		34,091
Electronic & Other Electric Equipment	5.3%		33,935
Pharmaceuticals	5.3%		33,760
Telecommunications	4.3%		27,480
Security & Commodity Brokers	3.7%		23,911
Beverages	3.6%		23,284
Paper & Allied Products	3.4%		21,554
Medical Instruments & Supplies	3.1%		19,992
Computer & Office Equipment	2.9%		18,736
Electronic Components & Accessories	2.9%		18,484
Aerospace	2.9%		18,406
Manufacturing Industries	2.0%		13,124
Electric Services	1.8%		11,817
Food & Kindred Products	1.7%		11,101
Automotive	1.7%		10,786
Oil & Gas Extraction	1.6%		10,021
Communications Equipment	1.3%		8,393

	Percentage of Net Assets	Value
Petroleum Refining	1.3%	$	8,109
Industrial Machinery & Equipment	1.1%		7,301
Printing & Publishing	1.0%		6,354
Life Insurance	0.9%		5,733
Trucking & Warehousing	0.9%		5,530
Transportation & Public Utilities	0.8%		5,074
Primary Metal Industries	0.7%		4,760
Metal Mining	0.7%		4,694
Apparel Products	0.7%		4,600
Rubber & Misc. Plastic Products	0.5%		3,120
Hotels & Other Lodging Places	0.4%		2,292
Real Estate	0.3%		2,153
Electric, Gas & Sanitary Services	0.3%		1,934
Personal Services	0.3%		1,776
Air Transportation	0.3%		1,665
Holding & Other Investment Offices	0.2%		1,441
Investments, at market value	89.8%		575,070
Short-term investments	4.2%		27,131
Other assets in excess of liabilities	6.0%		38,174
Net assets	100.0%	$	640,375

NOTES TO SCHEDULE OF INVESTMENTS:

(a) No dividends were paid during the preceding twelve months.

(b) At June 30, 2004, all or a portion of this security is on loan (see Note 1). The value at June 30, 2004, of all securities on loan is $26,203.

(c) Cash collateral for the Repurchase Agreements, valued at $ 5,996, that serve as collateral for securities lending are invested in corporate bonds with interest rates and maturity dates ranging from 0.00%–9.88% and 08/01/2004–09/25/2099, respectively.

DEFINITIONS:

ADR American Depositary Receipt

FDR Finnish Depositary Receipt

GDR Global Depositary Receipt

SDR Swedish Depositary Receipt

144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities may be resold as as transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2004, these securities aggregated $6,370 or 0.99% of the net assets of the Fund.

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Templeton Great Companies Global    4

Templeton Great Companies Global

STATEMENT OF ASSETS AND LIABILITIES

At June 30, 2004

(all amounts except per share amounts in thousands)

(unaudited)

Assets:
Investment securities, at value (cost: $585,037) (including securities loaned of $26,203)	$	602,201
Cash		36,107
Foreign cash (cost: $29,011)		28,870
Receivables:
Investment securities sold		1,024
Interest		6
Dividends		1,156
Dividend reclaims receivable		170
Unrealized appreciation on forward foreign currency contracts		715
Other		9
		670,258
Liabilities:
Investment securities purchased		1,933
Accounts payable and accrued liabilities:
Management and advisory fees		450
Payable for collateral for securities on loan		27,131
Foreign taxes		5
Unrealized depreciation on forward foreign currency contracts		221
Other		143
		29,883
Net Assets	$	640,375
Net Assets Consist of:
Capital Stock, 150,000 shares authorized ($.01 par value)	$	394
Additional paid-in capital		976,334
Undistributed net investment income		2,548
Accumulated net realized gain (loss) from:
Investment securities		(355,907	)
Foreign currency transactions		(518	)
Net unrealized appreciation (depreciation) on:
Investment securities		17,164
Translation of assets and liabilities denominated in foreign currencies		360
Net Assets	$	640,375
Net Assets by Class:
Initial Class		638,268
Service Class		2,107
Shares Outstanding:
Initial Class		39,224
Service Class		130
Net Asset Value and Offering Price Per Share:
Initial Class	$	16.27
Service Class		16.25

STATEMENT OF OPERATIONS

For the period ended June 30, 2004

(all amounts in thousands)

(unaudited)

Investment Income:
Interest	$	24
Dividends		6,185
Income from loaned securities–net		60
Less withholding taxes on foreign dividends		(551	)
		5,718
Expenses:
Management and advisory fees		2,484
Printing and shareholder reports		130
Custody fees		456
Administration fees		48
Legal fees		3
Auditing and accounting fees		5
Directors fees		10
Service fees:
Service Class		1
Total expenses		3,137
Net Investment Income (Loss)		2,581
Net Realized Gain (Loss) from:
Investment securities		79,330
Foreign currency transactions		(518	)
		78,812
Net Increase (Decrease) in Unrealized Appreciation (Depreciation) on:
Investment securities		(75,653	)
Translation of assets and liabilities denominated in foreign currencies		345
		(75,308	)
Net Gain (Loss) on Investment Securities and Foreign Currency Transactions		3,504
Net Increase (Decrease) in Net Assets Resulting from Operations	$	6,085

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Templeton Great Companies Global    5

Templeton Great Companies Global

STATEMENTS OF CHANGES IN NET ASSETS

For the period or year ended

(all amounts in thousands)

	June 30, 2004 (unaudited)			December 31, 2003
Increase (Decrease) In Net Assets From:
Operations:
Net investment income (loss)	$	2,581		$	4,947
Net realized gain (loss) from investment securities and foreign currency transactions		78,812			(45,456	)
Net unrealized appreciation (depreciation) on investment securities and foreign currency translation		(75,308	)		168,023
		6,085			127,514
Distributions to Shareholders:
From net investment income:
Initial Class		–			–
Service Class		–			–
		–			–
From net realized gains:
Initial Class		–			–
Service Class		–			–
		–			–
Capital Share Transactions:
Proceeds from shares sold:
Initial Class		13,269			534,696
Service Class		1,001			20,846
		14,270			555,542
Proceeds from fund acquisition:
Initial Class		60,123			–
Service Class		1,010			–
		61,133			–
Dividends and distributions reinvested:
Initial Class		–			–
Service Class		–			–
		–			–
Cost of shares redeemed:
Initial Class		(75,262	)		(663,298	)
Service Class		(195	)		(20,771	)
		(75,457	)		(684,069	)
		(54	)		(128,527	)
Net increase (decrease) in net assets		6,031			(1,013	)
Net Assets:
Beginning of period		634,344			635,357
End of period	$	640,375		$	634,344
Undistributed Net Investment Income (Loss)	$	2,548		$	(33	)

	June 30, 2004 (unaudited)		December 31, 2003
Share Activity:
Shares issued:
Initial Class	820		39,422
Service Class	64		1,396
	884		40,818
Shares issued–on fund acquisition:
Initial Class	3,723		–
Service Class	63		–
	3,786		–
Shares issued–reinvested from distributions:
Initial Class	–		–
Service Class	–		–
	–		–
Shares redeemed:
Initial Class	(4,587	)	(48,446	)
Service Class	(12	)	(1,381	)
	(4,599	)	(49,827	)
Net increase (decrease) in shares outstanding:
Initial Class	(44	)	(9,024	)
Service Class	115		15
	71		(9,009	)

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Templeton Great Companies Global    6

Templeton Great Companies Global

FINANCIAL HIGHLIGHTS

(unaudited for the period ended June 30, 2004)

	For the Period Ended (b)	For a share outstanding throughout each period (a)
		Net Asset Value, Beginning of Period		Investment Operations									Distributions									Net Asset Value, End of Period
				Net Investment Income (Loss)			Net Realized and Unrealized Gain (Loss)			Total Operations			From Net Investment Income			From Net Realized Gains			Total Distributions
Initial Class	06/30/2004	$	16.22	$	0.07		$	(0.02	)	$	0.05		$	–		$	–		$	–		$	16.27
	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
	12/31/2000		37.46		0.02			(6.06	)		(6.04	)		(0.90	)		(6.55	)		(7.45	)		23.97
	12/31/1999		23.71		(0.04	)		16.42			16.38			–			(2.63	)		(2.63	)		37.46
Service Class	06/30/2004		16.22		0.07			(0.04	)		0.03			–			–			–			16.25
	12/31/2003		12.97		(0.04	)		3.22			3.18			–			–			–			16.15

	For the Period Ended (b)	Total Return (c)(g)		Ratios/Supplemental Data
				Net Assets, End of Period (000’s)		Ratio of Expenses to Average Net Assets (f)				Net Investment Income (Loss) to Average Net Assets (f)		Portfolio Turnover Rate (g)
						Net (d)		Total (e)
Initial Class	06/30/2004	0.31	%	$	638,268	0.99	%	0.99	%	0.81	%	120	%
	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
	12/31/2000	(17.55	)		1,717,573	0.89		0.89		0.06		82
	12/31/1999	71.10			1,926,210	0.92		0.92		(0.14	)	68
Service Class	06/30/2004	0.62			2,107	1.24		1.24		0.56		120
	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) The inception dates of the Fund’s share classes are 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 fee waivers by the investment adviser, if any (see note 2).

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

(f) Annualized.

(g) Not annualized for periods of less than one year.

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Templeton Great Companies Global     7

Templeton Great Companies Global

NOTES TO FINANCIAL STATEMENTS

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

The AEGON/Transamerica Series Fund, Inc. (“ATSF”) is a Maryland corporation registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. ATSF serves as a funding vehicle for variable life insurance, variable annuity and group annuity products. Templeton Great Companies Global (“the Fund”), part of ATSF, began operations on December 3, 1992.

On May 3, 2004, Janus Global acquired all the net assets of Templeton Great Companies Global pursuant to a plan of reorganization approved by shareholders of Templeton Great Companies Global. 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 outstanding on April 30, 2004. Templeton Great Companies Global’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 and warranties, which 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.

See the Prospectus and Statement of Additional Information for a description of the Fund’s investment objective.

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 policies were consistently followed by the Fund, in accordance with GAAP.

Multiple class operations 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.

Pricing of shares: The Fund prices its shares on the basis of the net asset value of each class of shares of the Fund, which is determined as of the close of the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern Time) on each day on which the NYSE is open for trading (other than a day on which there are insufficient changes in the value of the Fund’s portfolio securities to materially affect the Fund’s net asset value or a day on which no shares are tendered for redemption and no order to purchase any shares is received).

Security valuations: Fund investments traded on an exchange are valued at the closing price on the day of valuation on the 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 by independent pricing services; 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 and are translated from the local currency into U.S. dollars using closing exchange rates. Many foreign securities markets are open for trading at times when the U.S. markets are closed for trading and many foreign securities markets close for trading before the close of the NYSE. The value of foreign securities may be affected significantly on a day that the NYSE is closed and an investor is unable to purchase or redeem shares. 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.” If market quotations are not readily available, and the impact of such a significant market event materially affects the net asset value per share of the Fund, an affected portfolio security will be valued at fair market value as determined in good faith using guidelines adopted by the Board of Directors of the Fund, under the supervision of the Fund’s Valuation Committee. Factors that may be considered to value foreign securities at fair market value may include, among others: the value of other securities traded on other markets, foreign currency exchange activity and the trading of financial products tied to foreign securities.

Other securities for which quotations are not readily available also are valued at fair market value as determined in good faith using guidelines established by and under the supervision of the Board of Directors, and the Fund’s Valuation Committee. These guidelines may include: the type of security’ any restrictions on its resale; financial or business news of the issuer; similar or related securities that are actively trading; related corporate actions; and other significant events occurring after the close of trading in the security.

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

Templeton Great Companies Global    8

Templeton Great Companies Global

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1–(continued)

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 June 30, 2004, was paying an interest rate of 0.75%.

Repurchase agreements: The Fund is authorized to enter into repurchase agreements. The Fund, through 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. Repurchase agreements involve the risk that the seller will fail to repurchase the security, as agreed. In that case, 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 are incurred.

Directed brokerage: 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 ATSF has established a Directed Brokerage Program. A Directed Brokerage 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 ATSF, or by any other party. Directed commissions for the period ended June 30, 2004, of $131 are included in net realized gains in the Statement of Operations.

Securities lending: The Fund may lend securities to enhance fund earnings from investing cash collateral received in making such loans to qualified borrowers (typically broker/dealers). The Fund has engaged its custodian bank, IBT, as a lending agent to administer its securities lending program. IBT earned $26 of program net income for its services. When the Fund makes a security loan, it receives cash collateral as protection against the risk that the borrower will default on the loan, and records an asset for the cash invested collateral and a liability for the return of the collateral.

Loans of securities are required to be secured by collateral at least equal to 102% of the value of the securities at inception of the loan, and not less then 100% thereafter. The Fund may invest cash collateral in short-term money market instruments including: U.S. Treasury Bills, U.S. agency obligations, commercial paper, money market mutual funds, repurchase agreements and other highly rated, liquid investments. During the life of securities loans, the collateral and securities loaned remain subject to fluctuation in value. IBT marks to market securities loaned and the collateral each business day. If additional collateral is due (at least $1), IBT collects additional cash collateral from the borrowers. Although securities loaned will be fully collateralized at all times, IBT may experience delays in, or may be prevented from, recovering the collateral on behalf of the Fund. The Fund may recall a loaned security position at any time from the borrower through IBT. In the event the borrower fails to timely return a recalled security, IBT may indemnify the Fund by purchasing replacement securities for the Fund at its own expense and claiming the collateral to fund such a purchase. IBT absorbs the loss if the collateral value is not sufficient to cover the cost of the replacement securities. If replacement securities are not available, IBT will credit the equivalent cash value to the Fund.

While a security is on loan, the Fund does not have the right to vote that security. However, if time permits, the Fund will attempt to recall a security on loan and vote the proxy.

Income from securities lending is included in the Statement of Operations. The amount of collateral and value of securities on loan are included in the Statement of Assets and Liabilities as well as in the Schedule of Investments.

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 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, including unanticipated movements in exchange currency rates, the degree of government supervision and regulation of security markets, and the possibility of political or economic instability.

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 a deterioration in a country’s balance of payments or for other rea -

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

Templeton Great Companies Global    9

Templeton Great Companies Global

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1–(continued)

sons, a country may impose temporary restrictions on foreign capital remittances abroad.

The Fund’s investments in India are subject to a 30% governmental short-term capital gains tax. The Indian government has elected to waive the long-term capital gains tax of 10% on equities securities held for longer than one year. This waiver of tax is effective through March of 2007. 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 closed 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 June 30, 2004, are listed in the Schedule of Investments.

Dividend distributions: Dividend 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

AEGON/Transamerica Fund Advisers, Inc. (“ATFA”) is the Fund’s investment adviser. AEGON/Transamerica Fund Services, Inc. (“ATFS”) is the Fund’s administrator and transfer agent. AFSG Securities Corp. (“AFSG”) is the Fund’s distributor. AFSG is 100% owned by AUSA Holding Company (“AUSA”). ATFA is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) (“WRL”) and AUSA (22%). ATFS is a wholly owned subsidiary of WRL. AUSA and WRL are wholly owned indirect subsidiaries of AEGON NV, a Netherlands corporation.

Great Companies, LLC, is both an affiliate of the Fund and a co-subadviser of the Fund, managing the domestic portion of the Fund.

Certain officers and directors of the Fund are also officers and/or directors of ATFA, ATFS, AFSG and WRL. No affiliated officer or director receives any compensation directly from the Fund.

Investment advisory fees: The Fund pays management fees to ATFA based on average daily net assets (“ANA”) at the following breakpoints:

From January 1, 2004 to April 30, 2004:

0.80% of ANA

From May 1, 2004 on:

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

The actual advisory fee accrued for the six-month period ended June 30, 2004, per average net assets is 0.78%.

ATFA 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 limitations 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 are no amounts subject to recapture at June 30, 2004.

Distribution and service fees: The Fund adopted a distribution plan (“Distribution Plan”) pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended. Pursuant to the Distribution Plan, ATSF entered into a Distribution Agreement with AFSG effective

May 1, 1999.

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 ATSF 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, 2005. 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 ATFS for financial and legal fund administration services, which includes such items as compliance, expenses, financial statements and other reporting, distributions, tax returns, prospectus preparation, board of directors meeting support, transfer agency and other legal matters. The Legal fees on the Statement of Operations are for fees paid

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

Templeton Great Companies Global    10

Templeton Great Companies Global

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  2–(continued)

to external legal counsel. The Fund paid ATFS $48 for Administration fees.

Deferred compensation plan: Each eligible Fund Director may elect participation in the Deferred Compensation Plan for Directors of ATSF (“the Plan”). Under the Plan, such Directors may defer payment of a percentage of their total fees earned as a Fund Director. These deferred amounts may be invested in any portfolio of Transamerica IDEX Mutual Funds, an affiliate of the Fund. At June 30, 2004, the value of invested plan amounts was $24. Invested plan amounts and the total liability for deferred compensation to the Directors under the Plan at June 30, 2004, are included in Net assets in the accompanying Statement of Assets and Liabilities.

NOTE  3. INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the period ended June 30, 2004, were as follows:

Purchases of securities:
Long-Term excluding U.S. Government	$	726,025
U.S. Government		10
Proceeds from maturities and sales of securities:
Long-Term excluding U.S. Government		828,618
U.S. Government		15

NOTE  4. FEDERAL INCOME TAX MATTERS

The Fund has not made any provision for federal income 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 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 treatments for items including, but not limited to, wash sales, foreign currency transactions, net operating losses and capital loss carryforwards.

The capital loss carryforwards are available to offset future realized capital gains through the periods listed:

Capital Loss Carryforward	Available through
$181,151	December 31, 2009
198,150	December 31, 2010
45,010	December 31, 2011

The Fund has elected to treat the net capital and currency losses incurred in the two month period prior to December 31, 2003 of $7,122 (Post-October Loss Deferred) as having been incurred in the fiscal year ending December 31, 2004.

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of June 30, 2004, are as follows:

Federal Tax Cost Basis	$	585,757
Unrealized Appreciation	$	25,656
Unrealized (Depreciation)		(9,212	)
Net Unrealized Appreciation (Depreciation)	$	16,444

NOTE  5. OTHER MATTERS

ATSF, and certain of its affiliated entities, have received requests for information from the Staff of the Securities and Exchange Commission in connection with market timing and late trading within the funds. ATSF and the affiliated entities have voluntarily cooperated in the investigation and have been providing the information as requested.

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

Templeton Great Companies Global    11

AEGON/TRANSAMERICA SERIES FUND, INC.

RESULTS OF SHAREHOLDER PROXY (unaudited)

Section 270.30d-1 under the Investment Company Act of 1940, as amended, titled “Reports to Stockholders of Management Companies,” requires regulated investment companies to report on all subject matters put to the vote of shareholders and provide final results. Accordingly, the Board of Directors of the Fund solicited a vote by the shareholders for the following items.

Each vote reported represents one dollar of net asset value held on the record date for the meeting.

Janus Global

At a special meeting of shareholders held on April 27, 2004, the results of Proposal 1 were as follows:

Proposal 1: Adoption of new sub-advisory agreements between AEGON/Transamerica Fund Advisers, Inc. and Great Companies, L.L.C. and Templeton Investment Counsel, LLC on behalf of the Fund.

For	Against	Abstain
88.62%	3.34%	8.04%

Templeton Great Companies Global

At a special meeting of shareholders held on April 27, 2004, the results of Proposal 1 were as follows:

Proposal 1: Approval of an Agreement and Plan of Reorganization providing for the acquisition of all of the assets and liabilities of Templeton Great Companies Global (the “Acquired Fund”) by Janus Global (the “Acquiring Fund”) solely in exchange for shares of Acquiring Fund, followed by the complete liquidation of Acquired Fund.

For	Against	Abstain
81.47%	6.94%	11.59%

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

Templeton Great Companies Global    12

Third Avenue Value

SCHEDULE OF INVESTMENTS

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Principal		Value
U.S. GOVERNMENT OBLIGATIONS (4.8%)
U.S. Treasury Note (b) 2.13%, due 10/31/2004	$	25,000	$	25,048
Total U.S. Government Obligations (cost: $25,019)				25,048
	Shares		Value
CONVERTIBLE PREFERRED STOCKS (3.2%)
Forestry (1.3%)
TimberWest Forest Corp.–units		650,000	$	6,507
Mining (1.9%)
Fording Canadian Coal Trust–units (b)		235,000		9,894
Total Convertible Preferred Stocks (cost: $10,195)				16,401
PREFERRED STOCKS (0.5%)
Holding & Other Investment Offices (0.5%)
Koger Equity, Inc.		92,300		2,372
Total Preferred Stocks (cost: $2,308)				2,372
COMMON STOCKS (83.0%)
Automotive (4.3%)
Superior Industries International, Inc. (b)		171,112		5,724
Toyota Industries Corporation		690,000		16,576
Business Credit Institutions (1.0%)
CIT Group, Inc.		138,100		5,288
Business Services (1.4%)
Cross Country Healthcare, Inc. (a)		397,900		7,222
Chemicals & Allied Products (1.7%)
Agrium, Inc. (b)		600,000		8,730
Communications Equipment (4.2%)
Comverse Technology, Inc. (a)		463,200		9,235
Sycamore Networks, Inc. (a)		635,068		2,686
Tellabs, Inc. (a)(b)		918,300		8,026
Ulticom, Inc. (a)		139,900		1,637
Computer & Data Processing Services (1.1%)
Geac Computer Corporation Limited (a)		814,300		5,570
Construction (0.9%)
Quanta Services, Inc. (a)		736,600		4,582
Electric Services (2.7%)
EnCana Corporation		323,000		13,941
Electronic & Other Electric Equipment (3.2%)
American Power Conversion Corporation		454,300		8,927
Electro Scientific Industries, Inc. (a)		269,400		7,627
Electronic Components & Accessories (3.8%)
AVX Corporation		592,600		8,563
Bel Fuse Inc.–Class A		121,800		4,380
Bel Fuse Inc.–Class B		69,300		2,890
TriQuint Semiconductor, Inc. (a)		673,500		3,677
Finance (0.3%)
JZ Equity Partners PLC		612,100		1,421

	Shares	Value
Health Services (0.5%)
AMN Healthcare Services, Inc. (a)(b)	178,675	$	2,732
Holding & Other Investment Offices (5.2%)
Capital Southwest Corporation	30,941		2,445
Hutchison Whampoa Limited	1,945,800		13,285
Investor AB–Class A	640,400		6,552
Koger Equity, Inc.	199,000		4,601
Hotels & Other Lodging Places (0.0%)
Lodgian, Inc.–Class A warrants, Expires 11/25/2007	32,370		3
Lodgian, Inc.–Class B warrants, Expires 11/25/2009	6,456		e
Lodgian, Inc. (a)(b)	7,440		78
Industrial Machinery & Equipment (2.8%)
Alamo Group Inc.	386,900		6,152
Applied Materials, Inc. (a)	294,000		5,768
Lindsay Manufacturing Co.	113,900		2,736
Instruments & Related Products (1.6%)
Coherent, Inc. (a)	100,000		2,985
Credence Systems Corporation (a)(b)	369,400		5,098
Insurance (12.2%)
Aioi Insurance Company, Limited	761,400		3,372
Arch Capital Group Inc. (a)	285,900		11,402
BRiT Insurance Holdings PLC	2,000,000		3,011
First American Corporation (The)	48,800		1,263
Leucadia National Corporation	59,400		2,952
MBIA, Inc.	109,400		6,249
Millea Holdings, Inc.–ADR (b)	251,092		18,777
Mitsui Sumitomo Insurance Co., Ltd.	757,000		7,115
Phoenix Companies, Inc. (The) (b)	330,800		4,052
Radian Group, Inc.	103,464		4,956
Insurance Agents, Brokers & Service (0.4%)
E-L Financial Corporation Limited	8,582		2,304
Life Insurance (0.4%)
MONY Group Inc. (The) (a)(b)	66,900		2,094
Manufacturing Industries (2.4%)
JAKKS Pacific, Inc. (a)(b)	494,253		10,276
Russ Berrie and Company, Inc.	109,300		2,124
Metal Mining (3.3%)
Brascan Corporation–Class A (b)	598,049		16,889
Oil & Gas Extraction (7.5%)
Canadian Natural Resources Limited	354,800		10,609
Nabors Industries Ltd. (a)	126,500		5,720
Pogo Producing Company	44,300		2,188
Smedvig ASA–A Shares (b)	977,700		10,757
St. Mary Land & Exploration Company	22,300		795
Whiting Petroleum Corporation (a)	109,700		2,759
Willbros Group, Inc. (a)	385,700		5,812

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Third Avenue Value    1

Third Avenue Value

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Shares		Value
Paper & Allied Products (2.9%)
St. Joe Company (The) (b)		377,000	$	14,967
Pharmaceuticals (1.5%)
Sankyo Company, Ltd.		360,000		7,807
Real Estate (8.4%)
Catellus Development Corporation		372,507		9,181
Forest City Enterprises, Inc.–Class A (b)		233,350		12,368
LNR Property Corporation (b)		207,200		11,241
Tejon Ranch Co. (a)(b)		137,305		4,778
Trammell Crow Company (a)		465,300		6,561
Research & Testing Services (1.5%)
PAREXEL International Corporation (a)		368,800		7,302
Pharmaceutical Product Development, Inc. (a)		12,400		394
Savings Institutions (1.2%)
Brookline Bancorp, Inc.		439,443		6,447
Security & Commodity Brokers (3.3%)
Instinet Group Incorporated (a)		1,161,300		6,132
Legg Mason, Inc.		71,200		6,480
SWS Group, Inc. (b)		169,100		2,587
Westwood Holdings Group, Inc.		112,475		2,025
Transportation Equipment (1.4%)
Trinity Industries, Inc. (b)		221,600		7,045
Variety Stores (1.5%)
Kmart Holding Corporation (a)(b)		109,600		7,869
Water Transportation (0.4%)
Alexander & Baldwin, Inc.		63,300		2,117
Total Common Stocks (cost: $306,740)				429,914
	Principal		Value
SHORT-TERM OBLIGATIONS (8.5%)
Investor’s Bank & Trust Company (d) 0.70%, Repurchase Agreement dated 06/30/2004 to be repurchased at $44,117 on 07/01/2004	$	44,117	$	44,117
Total Short-Term Obligations (cost: $44,117)				44,117
SECURITY LENDING COLLATERAL (20.1%)
Debt (16.5%)
Agency Discount Notes (1.6%)
Fannie Mae 0.96%, due 07/01/2004		2,480		2,480
Federal Home Loan Bank
0.96%, due 07/01/2004		3,099		3,099
0.99%, due 07/01/2004		1,239		1,239
0.97%, due 07/02/2004		1,550		1,550
Bank Notes (0.4%)
Credit Suisse First Boston (USA), Inc. 1.13%, due 09/08/2004		620		620
Deutsche Bank AG 1.16%, due 10/12/2004		1,550		1,550

	Principal		Value
Commercial Paper (4.9%)
Compass Securitization–144A 1.25%, due 07/23/2004	$	2,167	$	2,167
Falcon Asset Securitization Corp–144A 1.27%, due 07/20/2004		1,547		1,547
General Electric Capital Corporation
1.20%, due 07/19/2004		1,547		1,547
1.21%, due 07/22/2004		1,239		1,239
1.22%, due 07/23/2004		1,239		1,239
1.23%, due 07/26/2004		1,550		1,550
1.22%, due 08/04/2004		3,094		3,094
Govco Incorporated–144A 1.25%, due 08/02/2004		620		620
Greyhawk Funding LLC–144A
1.12%, due 07/13/2004		1,236		1,236
1.22%, due 07/20/2004		616		616
Jupiter Securitization Corp–144A 1.07%, due 07/02/2004		620		620
Morgan Stanley
1.58%, due 10/22/2004		1,426		1,426
1.58%, due 12/10/2004		4,030		4,030
1.58%, due 03/16/2005		3,906		3,906
Sheffield Receivables–144A 1.24%, due 07/20/2004		930		930
Euro Dollar Overnight (0.6%)
Bank of Nova Scotia (The) 1.04%, due 07/06/2004		1,550		1,550
Den Danske Bank 1.08%, due 07/02/2004		1,550		1,550
Euro Dollar Terms (4.0%)
Bank of America Corporation 1.08%, due 07/19/2004		620		620
Bank of Montreal 1.20%, due 07/23/2004		314		314
Bank of Nova Scotia (The)
1.20%, due 07/14/2004		1,550		1,550
1.24%, due 07/23/2004		310		310
Bank of the West Inc. 1.28%, due 07/28/2004		620		620
Branch Banking & Trust 1.08%, due 07/14/2004		310		310
Calyon
1.16%, due 07/15/2004		5,889		5,889
1.17%, due 08/04/2004		930		930
1.34%, due 08/24/2004		2,170		2,170
Fortis Bank
1.19%, due 07/14/2004		310		310
1.29%, due 09/03/2004		620		620
HBOS PLC 1.30%, due 09/03/2004		620		620
Royal Bank of Canada 1.05%, due 07/08/2004		930		930
Royal Bank of Scotland Group PLC (The) 1.06%, due 07/30/2004		2,790		2,790

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Third Avenue Value    2

Third Avenue Value

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Principal		Value
Wells Fargo & Company
1.19%, due 07/14/2004	$	1,239	$	1,239
1.25%, due 07/23/2004		620		620
1.24%, due 07/26/2004		620		620
Master Notes (0.6%)
Bear Stearns Companies Inc. (The)
1.64%, due 09/08/2004		1,860		1,860
1.64%, due 12/15/2004		1,239		1,239
Repurchase Agreements (4.4%) (c)
Credit Suisse First Boston (USA), Inc. 1.54%, Repurchase Agreement dated 06/30/2004 to be repurchased at $7,253 on 07/01/2004		7,253		7,253
Goldman Sachs Group Inc. (The) 1.54%, Repurchase Agreement dated 06/30/2004 to be repurchased at $3,100 on 07/01/2004		3,100		3,100
Merrill Lynch & Co., Inc. 1.54%, Repurchase Agreement dated 06/30/2004 to be repurchased at $9,392 on 07/01/2004		9,392		9,392
Morgan Stanley 1.58%, Repurchase Agreement dated 06/30/2004 to be repurchased at $2,790 on 07/01/2004		2,790		2,790

	Shares	Value
Investment Companies (3.6%)
Money Market Funds (3.6%)
Merrill Lynch Premier Institutional Fund 1 day yield of 1.17%	2,568,430	$	2,568
Merrimac Cash Fund– Premium Class 1 day yield of 1.11%	15,940,389		15,940
Total Security Lending Collateral (cost: $ 104,009)			104,009
Total Investment Securities (cost: $492,388)		$	621,861
SUMMARY:
Investments, at value	120.1 %	$	621,861
Liabilities in excess of other assets	(20.1)%		(103,884	)
Net assets	100.0 %	$	517,977

FORWARD FOREIGN CURRENCY CONTRACTS:
Currency	Bought (Sold)		Settlement Date	Amount in U.S. Dollars Bought (Sold)			Net Unrealized Appreciation (Depreciation)
Japanese Yen	(13,439	)	07/01/2004	$	(123	)	$	—
Total Forward Foreign Currency Contracts				$	(123	)	$	—

NOTES TO SCHEDULE OF INVESTMENTS:

(a) No dividends were paid during the preceding twelve months.

(b) At June 30, 2004, all or a portion of this security is on loan (see Note 1). The value at June 30, 2004, of all securities on loan is $100,022.

(c) Cash collateral for the Repurchase Agreements, valued at $22,985, that serve as collateral for securities lending are invested in corporate bonds with interest rates and maturity dates ranging from 0.00%–9.88% and 08/01/2004–09/25/2099, respectively.

(d) At June 30, 2004, the collateral for repurchase agreements (excluding collateral for securities on loan) is as follows:

(e) Value is less than $1.

Collateral	Market Value and Accrued Interest
$39,987 Freddie Mac–Conventional Pool# 780215 3.93% due on 01/01/2033	$	17,941
$45,000 Fannie Mae ARM–Pool# 699508 4.09% due on 05/01/2033		28,382
	$	46,323

DEFINITIONS:

ADR American Depositary Receipt

ARM Adjustable Rate Mortgage

144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2004, these securities aggregated $7,736 or 0.01% of the net assets of the Fund.

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Third Avenue Value    3

Third Avenue Value

STATEMENT OF ASSETS AND LIABILITIES

At June 30, 2004

(all amounts except per share amounts in thousands)

(unaudited)

Assets:
Investment securities, at value (cost: $ 492,388) (including securities loaned of $100,022)	$	621,861
Cash		50
Foreign cash(cost: $124)		123
Receivables:
Interest		93
Dividends		836
Dividend reclaims receivable		40
Other		96
		623,099
Liabilities:
Investment securities purchased		636
Accounts payable and accrued liabilities:
Management and advisory fees		359
Service fees		1
Payable for collateral for securities on loan		104,009
Other		117
		105,122
Net Assets	$	517,977
Net Assets Consist of:
Capital Stock, 50,000 shares authorized ($.01 par value)	$	283
Additional paid-in capital		378,788
Undistributed net investment income		3,672
Undistributed net realized gain (loss) from:
Investment securities		5,789
Foreign currency transactions		(27	)
Net unrealized appreciation (depreciation) on:
Investment securities		129,473
Translation of assets and liabilities denominated in foreign currencies		(1	)
Net Assets	$	517,977
Net Assets by Class:
Initial Class	$	512,173
Service Class		5,804
Shares Outstanding:
Initial Class		28,015
Service Class		317
Net Asset Value and Offering Price Per Share:
Initial Class	$	18.28
Service Class		18.29

STATEMENT OF OPERATIONS

For the period ended June 30, 2004

(all amounts in thousands)

(unaudited)

Investment Income:
Interest	$	396
Dividends		3,320
Income from loaned securities–net		115
Less withholding taxes on foreign dividends		(256	)
		3,575
Expenses:
Management and advisory fees		1,980
Printing and shareholder reports		32
Custody fees		43
Administration fees		37
Legal fees		2
Auditing and accounting fees		6
Directors fees		7
Service fees:
Service Class		4
Total expenses		2,111
Net Investment Income (Loss)		1,464
Net Realized Gain (Loss) from:
Investment securities		6,904
Foreign currency transactions		(27	)
		6,877
Net Increase (Decrease) in Unrealized Appreciation (Depreciation) on:
Investment securities		29,158
Translation of assets and liabilities denominated in foreign currencies		(4	)
		29,154
Net Gain (Loss) on Investment Securities and Foreign Currency Transactions		36,031
Net Increase (Decrease) in Net Assets Resulting from Operations	$	37,495

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Third Avenue Value    4

Third Avenue Value

STATEMENTS OF CHANGES IN NET ASSETS

For the period or year ended

(all amounts in thousands)

	June 30, 2004 (unaudited)			December 31, 2003
Increase (Decrease) In Net Assets From:
Operations:
Net investment income (loss)	$	1,464		$	2,598
Net realized gain (loss) from investment securities and foreign currency transactions		6,877			(1,233	)
Net unrealized appreciation (depreciation) on investment securities and foreign currency translation		29,154			117,137
		37,495			118,502
Distributions to Shareholders:
From net investment income:
Initial Class		–			(1,165	)
Service Class		–			–
		–			(1,165	)
From net realized gains:
Initial Class		–			(459	)
Service Class		–			–
		–			(459	)
Capital Share Transactions:
Proceeds from shares sold:
Initial Class		23,864			127,153
Service Class		4,617			1,033
		28,481			128,186
Dividends and distributions reinvested:
Initial Class		–			1,624
Service Class		–			–
		–			1,624
Cost of shares redeemed:
Initial Class		(17,344	)		(29,126	)
Service Class		(164	)		(46	)
		(17,508	)		(29,172	)
		10,973			100,638
Net increase (decrease) in net assets		48,468			217,516
Net Assets:
Beginning of period		469,509			251,993
End of period	$	517,977		$	469,509
Undistributed Net Investment Income	$	3,672		$	2,208

	June 30, 2004 (unaudited)		December 31, 2003
Share Activity:
Shares issued:
Initial Class	1,344		9,379
Service Class	261		68
	1,605		9,447
Shares issued–reinvested from distributions:
Initial Class	–		116
Service Class	–		–
	–		116
Shares redeemed:
Initial Class	(1,002	)	(2,167	)
Service Class	(9	)	(3	)
	(1,011	)	(2,170	)
Net increase (decrease) in shares outstanding:
Initial Class	342		7,328
Service Class	252		65
	594		7,393

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Third Avenue Value    5

Third Avenue Value

FINANCIAL HIGHLIGHTS

(unaudited for the period ended June 30, 2004)

	For the Period Ended (b)	For a share outstanding throughout each period (a)
		Net Asset Value, Beginning of Period		Investment Operations								Distributions									Net Asset Value, End of Period
				Net Investment Income (Loss)		Net Realized and Unrealized Gain (Loss)			Total Operations			From Net Investment Income			From Net Realized Gains			Total Distributions
Initial Class	06/30/2004	$	16.93	$	0.05	$	1.30		$	1.35		$	–		$	–		$	–		$	18.28
	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
	12/31/2000		10.45		0.20		3.50			3.70			(0.12	)		(0.32	)		(0.44	)		13.71
	12/31/1999		9.29		0.16		1.28			1.44			(0.28	)		–			(0.28	)		10.45
Service Class	06/30/2004		16.96		0.05		1.28			1.33			–			–			–			18.29
	12/31/2003		12.50		0.10		4.38			4.48			–			(0.02	)		(0.02	)		16.96

	For the Period Ended (b)	Total Return (c)(g)		Ratios/Supplemental Data
				Net Assets, End of Period (000’s)		Ratio of Expenses to Average Net Assets (f)				Net Investment Income (Loss) to Average Net Assets (f)		Portfolio Turnover Rate (g)
						Net (d)		Total (e)
Initial Class	06/30/2004	7.97	%	$	512,173	0.85	%	0.85	%	0.59	%	9	%
	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
	12/31/2000	35.47			92,742	0.92		0.92		1.56		24
	12/31/1999	15.72			19,217	1.00		1.06		1.76		10
Service Class	06/30/2004	7.84			5,804	1.10		1.10		0.34		9
	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) The inception dates of the Fund’s share classes are 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 or annuity contracts.

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

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

(f) Annualized.

(g) Not annualized for periods of less than one year.

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Third Avenue Value    6

Third Avenue Value

NOTES TO FINANCIAL STATEMENTS

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

The AEGON/Transamerica Series Fund, Inc. (“ATSF”) is a Maryland corporation registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. ATSF serves as a funding vehicle for variable life insurance, variable annuity and group annuity products. Third Avenue Value (“the Fund”), part of ATSF, began operations on January 2, 1998. The Fund is “non-diversified” under 1940 Act.

In the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties, which 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.

See the Prospectus and Statement of Additional Information for a description of the Fund’s investment objective.

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 policies were consistently followed by the Fund, in accordance with GAAP.

Multiple class operations 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.

Pricing of shares: The Fund prices its shares on the basis of the net asset value of each class of shares of the Fund, which is determined as of the close of the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern Time) on each day on which the NYSE is open for trading (other than a day on which there are insufficient changes in the value of the Fund’s portfolio securities to materially affect the Fund’s net asset value or a day on which no shares are tendered for redemption and no order to purchase any shares is received).

Security valuations: Fund investments traded on an exchange are valued at the closing price on the day of valuation on the 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 by independent pricing services; 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 and are translated from the local currency into U.S. dollars using closing exchange rates. Many foreign securities markets are open for trading at times when the U.S. markets are closed for trading and many foreign securities markets close for trading before the close of the NYSE. The value of foreign securities may be affected significantly on a day that the NYSE is closed and an investor is unable to purchase or redeem shares. 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.” If market quotations are not readily available, and the impact of such a significant market event materially affects the net asset value per share of the Fund, an affected portfolio security will be valued at fair market value as determined in good faith using guidelines adopted by the Board of Directors of the Fund, under the supervision of the Fund’s Valuation Committee. Factors that may be considered to value foreign securities at fair market value may include, among others: the value of other securities traded on other markets, foreign currency exchange activity and the trading of financial products tied to foreign securities.

Other securities for which quotations are not readily available also are valued at fair market value as determined in good faith using guidelines established by and under the supervision of the Board of Directors, and the Fund’s Valuation Committee. These guidelines may include: the type of security; any restrictions on its resale; financial or business news of the issuer; similar or related securities that are actively trading; related corporate actions; and other significant events occurring after the close of trading in the security.

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 June 30, 2004, was paying an interest rate of 0.75%.

Repurchase agreements: The Fund is authorized to enter into repurchase agreements. The Fund, through 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. Repurchase agreements involve the risk that the seller will fail to repurchase the security, as agreed. In that case, 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 are incurred.

Directed brokerage: The sub-adviser, to the extent consistent with the best execution and usual commission rate policies and practices, may

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

Third Avenue Value    7

Third Avenue Value

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1–(continued)

place security transactions of the Fund with broker/dealers with which

ATSF has established a Directed Brokerage Program. A Directed Brokerage 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 ATSF, or by any other party. Directed commissions for the period ended June 30, 2004, of $2 are included in net realized gains in the Statement of Operations.

Securities lending: The Fund may lend securities to enhance fund earnings from investing cash collateral received in making such loans to qualified borrowers (typically broker/dealers). The Fund has engaged its custodian bank, IBT, as a lending agent to administer its securities lending program. IBT earned $49 of program net income for its services. When the Fund makes a security loan, it receives cash collateral as protection against the risk that the borrower will default on the loan, and records an asset for the cash invested collateral and a liability for the return of the collateral.

Loans of securities are required to be secured by collateral at least equal to 102% of the value of the securities at inception of the loan, and not less then 100% thereafter. The Fund may invest cash collateral in short-term money market instruments including: U.S. Treasury Bills, U.S. agency obligations, commercial paper, money market mutual funds, repurchase agreements and other highly rated, liquid investments. During the life of securities loans, the collateral and securities loaned remain subject to fluctuation in value. IBT marks to market securities loaned and the collateral each business day. If additional collateral is due (at least $1), IBT collects additional cash collateral from the borrowers. Although securities loaned will be fully collateralized at all times, IBT may experience delays in, or may be prevented from, recovering the collateral on behalf of the Fund. The Fund may recall a loaned security position at any time from the borrower through IBT. In the event the borrower fails to timely return a recalled security, IBT may indemnify the Fund by purchasing replacement securities for the Fund at its own expense and claiming the collateral to fund such a purchase. IBT absorbs the loss if the collateral value is not sufficient to cover the cost of the replacement securities. If replacement securities are not available, IBT will credit the equivalent cash value to the Fund.

While a security is on loan, the Fund does not have the right to vote that security. However, if time permits, the Fund will attempt to recall a security on loan and vote the proxy.

Income from securities lending is included in the Statement of Operations. The amount of collateral and value of securities on loan are included in the Statement of Assets and Liabilities as well as in the Schedule of Investments.

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 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, including unanticipated movements in exchange currency rates, the degree of government supervision and regulation of security markets, and the possibility of political or economic instability.

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 closed 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 June 30, 2004, are listed in the Schedule of Investments.

Dividend distributions: Dividend 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

AEGON/Transamerica Fund Advisers, Inc. (“ATFA”) is the Fund’s investment adviser. AEGON/Transamerica Fund Services, Inc. (“ATFS”) is the Fund’s administrator and transfer agent. AFSG Securities Corp. (“AFSG”) is the Fund’s distributor. AFSG is 100% owned by AUSA Holding Company (“AUSA”). ATFA is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) (“WRL”) and AUSA (22%). ATFS is a wholly owned subsidiary of WRL. AUSA and WRL are wholly owned indirect subsidiaries of AEGON NV, a Netherlands corporation.

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

Third Avenue Value    8

Third Avenue Value

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  2–(continued)

Certain officers and directors of the Fund are also officers and/or directors of ATFA, ATFS, AFSG and WRL. No affiliated officer or director receives any compensation directly from the Fund.

The following schedule reflects the percentage of fund assets owned by affiliated mutual funds (i.e., through the asset allocation funds):

	Net Assets		% of Net Assets
Asset Allocation–Conservative Portfolio	$	21,630	4	%
Asset Allocation–Growth Portfolio		44,327	9	%
Asset Allocation–Moderate Growth Portfolio		92,486	18	%
Asset Allocation–Moderate Portfolio		78,809	15	%
Select+ Aggressive		52	0	%
Select+ Conservative		244	0	%
Select+ Growth & Income		741	0	%
Total	$	238,289	46	%

Investment advisory fees: The Fund pays management fees to ATFA based on average daily net assets (“ANA”) at the following rate:

0.80% of ANA

ATFA 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 limitations 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 are no amounts subject to recapture at June 30, 2004.

Distribution and service fees: The Fund adopted a distribution plan (“Distribution Plan”) pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended. Pursuant to the Distribution Plan, ATSF entered into a Distribution Agreement with AFSG effective May 1, 1999.

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 ATSF 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, 2005. 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 ATFS for financial and legal fund administration services, which includes such items as compliance, expenses, financial statements and other reporting, distributions, tax returns, prospectus preparation, board of directors meeting support, transfer agency and other legal matters. The Legal fees on the Statement of Operations are for fees paid to external legal counsel. The Fund paid ATFS $37 for Administration fees for the period ended June 30, 2004.

Brokerage commissions: Brokerage commissions incurred on security transactions placed with an affiliate of the sub-adviser for the period ended June 30, 2004, were $259.

Deferred compensation plan: Each eligible Fund Director may elect participation in the Deferred Compensation Plan for Directors of ATSF (“the Plan”). Under the Plan, such Directors may defer payment of a percentage of their total fees earned as a Fund Director. These deferred amounts may be invested in any portfolio of Transamerica IDEX Mutual Funds, an affiliate of the Fund. At June 30, 2004, the value of invested plan amounts was $20. Invested plan amounts and the total liability for deferred compensation to the Directors under the Plan at June 30, 2004, are included in Net assets in the accompanying Statement of Assets and Liabilities.

NOTE  3. INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the period ended June 30, 2004, were as follows:

Purchases of securities:
Long-Term excluding U.S. Government	$	72,940
U.S. Government		–
Proceeds from maturities and sales of securities:
Long-Term excluding U.S. Government		41,911
U.S. Government		–

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

Third Avenue Value    9

Third Avenue Value

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  4. FEDERAL INCOME TAX MATTERS

The Fund has not made any provision for federal income 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 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 treatments for items including, but not limited to, wash sales, foreign currency transactions, and capital loss carryforwards.

The capital loss carryforwards are available to offset future realized capital gains through the period listed:

Capital Loss Carryforward	Available through
$257	December 31, 2011

The Fund has elected to treat the net capital and currency losses incurred in the two month period prior to December 31, 2003 of $568 (Post-October Loss Deferred) as having been incurred in the fiscal year ending December 31, 2004.

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of June 30, 2004, are as follows:

Federal Tax Cost Basis	$	492,389
Unrealized Appreciation	$	133,346
Unrealized (Depreciation)		(3,874	)
Net Unrealized Appreciation (Depreciation)	$	129,472

NOTE  5. OTHER MATTERS

ATSF, and certain of its affiliated entities, have received requests for information from the Staff of the Securities and Exchange Commission in connection with market timing and late trading within the funds. ATSF and the affiliated entities have voluntarily cooperated in the investigation and have been providing the information as requested.

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

Third Avenue Value    10

Transamerica Balanced

SCHEDULE OF INVESTMENTS

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Principal		Value
U.S. GOVERNMENT OBLIGATIONS (11.0%)
U.S. Treasury Bond
4.75%, due 05/15/2014	$	300	$	303
5.38%, due 02/15/2031		1,946		1,963
4.00%, due 02/15/2014 (b)		2,135		2,035
U.S. Treasury Note
3.13%, due 04/15/2009 (b)		1,100		1,069
4.00%, due 06/15/2009		1,400		1,412
Total U.S. Government Obligations (cost: $6,770)				6,782
CORPORATE DEBT SECURITIES (20.6%)
Amusement & Recreation Services (1.0%)
Disney (Walt) Company (The)
4.88%, due 07/02/2004		206		206
Harrah’s Operating Company, Inc.–144A
5.50%, due 07/01/2010		400		402
Automotive (0.3%)
Honeywell International Inc.
5.13%, due 11/01/2006		187		194
Beverages (1.0%)
Bottling Group, LLC
2.45%, due 10/16/2006		400		394
Coca-Cola Enterprises Inc.
5.38%, due 08/15/2006		199		208
Business Credit Institutions (0.6%)
Textron Financial Corporation
2.69%, due 10/03/2006		400		394
Business Services (1.1%)
Clear Channel Communications, Inc.
6.00%, due 11/01/2006		156		164
8.00%, due 11/01/2008		450		509
Commercial Banks (0.3%)
US Bank NA
5.70%, due 12/15/2008		172		182
Communication (1.1%)
Cox Communications, Inc.
7.50%, due 08/15/2004		11		11
Echostar DBS Corporation
5.75%, due 10/01/2008		128		126
Viacom Inc.
7.75%, due 06/01/2005		500		524
Computer & Office Equipment (0.2%)
Hewlett-Packard Company
3.63%, due 03/15/2008		133		131
Department Stores (0.1%)
Meyer (Fred) Stores, Inc.
7.45%, due 03/01/2008		40		44
Electric, Gas & Sanitary Services (0.0%)
PG&E Corporation (d)
1.81%, due 04/03/2006		20		20

	Principal		Value
Food & Kindred Products (1.4%)
Dean Foods Company
8.15%, due 08/01/2007	$	700	$	754
6.90%, due 10/15/2017		25		25
Kellogg Company
2.88%, due 06/01/2008		84		80
Food Stores (0.2%)
Stater Bros. Holdings Inc.–144A
8.13%, due 06/15/2012		100		100
Furniture & Fixtures (0.8%)
Lear Corporation
7.96%, due 05/15/2005		500		521
Holding & Other Investment Offices (0.8%)
EOP Operating Limited Partnership
8.38%, due 03/15/2006		450		487
Hotels & Other Lodging Places (0.1%)
John Q. Hammons Hotels, Inc.–Series B
8.88%, due 05/15/2012		51		55
Insurance (0.9%)
ACE INA Holdings, Inc.
8.20%, due 08/15/2004		400		403
UnitedHealth Group Incorporated
5.20%, due 01/17/2007		162		169
Insurance Agents, Brokers & Service (0.2%)
Marsh & McLennan Companies, Inc.
5.38%, due 03/15/2007		106		111
Life Insurance (0.1%)
AIG SunAmer Global Financing IX–144A
5.10%, due 01/17/2007		50		52
Lumber & Other Building Materials (0.4%)
Home Depot, Inc. (The)
6.50%, due 09/15/2004		224		226
Mortgage-Backed (0.3%)
Countrywide Home Loans, Inc.
2.88%, due 02/15/2007		185		181
Motion Pictures (0.9%)
Time Warner Inc.
5.63%, due 05/01/2005		262		268
6.15%, due 05/01/2007		262		277
Oil & Gas Extraction (0.6%)
Kerr-McGee Corporation
6.95%, due 07/01/2024		400		399
Paper & Allied Products (0.6%)
International Paper Company
5.50%, due 01/15/2014		400		392

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Transamerica Balanced     1

Transamerica Balanced

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Principal		Value
Personal Credit Institutions (0.9%)
General Electric Capital Corporation
4.25%, due 01/28/2005	$	59	$	60
2.85%, due 01/30/2006		110		110
5.35%, due 03/30/2006		151		157
General Motors Acceptance Corporation
5.36%, due 07/27/2004		117		117
4.38%, due 12/10/2007		90		89
Petroleum Refining (0.8%)
Amerada Hess Corporation
7.13%, due 03/15/2033		500		498
Primary Metal Industries (1.1%)
Alcoa Inc.
4.25%, due 08/15/2007		500		507
Noranda Inc.
6.00%, due 10/15/2015		200		179
Printing & Publishing (0.5%)
News America Holdings Incorporated
7.75%, due 12/01/2045		275		314
Security & Commodity Brokers (0.2%)
E*TRADE Financial Corporation–144A (b)
8.00%, due 06/15/2011		100		100
Salomon Smith Barney Holdings Inc.
6.50%, due 02/15/2008		48		52
Telecommunications (3.4%)
AT&T Wireless Services, Inc.
7.35%, due 03/01/2006		60		64
7.50%, due 05/01/2007		68		75
Deutsche Telekom International Finance BV
3.88%, due 07/22/2008		146		144
SBC Communications Inc.
5.75%, due 05/02/2006		400		419
Sprint Capital Corporation
4.78%, due 08/17/2006		500		510
Telefonica SA
7.35%, due 09/15/2005		400		422
Verizon Global Funding Corp.
6.13%, due 06/15/2007		271		289
4.00%, due 01/15/2008		165		165
Transportation & Public Utilities (0.3%)
Magellan Midstream Partners, L.P.
6.45%, due 06/01/2014		200		201
Variety Stores (0.4%)
Target Corporation
5.50%, due 04/01/2007		91		96
Wal-Mart Stores, Inc.
5.45%, due 08/01/2006		158		165
Total Corporate Debt Securities (cost: $12,764)				12,742

	Shares	Value
COMMON STOCKS (65.1%)
Automotive (4.6%)
BorgWarner, Inc.	13,000	$	569
Delphi Corporation	24,000		256
Harley-Davidson, Inc.	20,000		1,238
PACCAR Inc. (b)	15,000		870
Beverages (0.8%)
PepsiCo, Inc.	8,970		483
Chemicals & Allied Products (2.3%)
Ecolab Inc. (b)	15,000		476
Procter & Gamble Company (The)	16,910		921
Commercial Banks (2.2%)
Morgan Chase & Co. (J.P.)	34,940		1,355
Communication (0.3%)
Cox Communications, Inc.–Class A (a)(b)	6,000		167
Communications Equipment (4.2%)
Motorola, Inc.	42,830		782
QUALCOMM Incorporated	25,000		1,825
Computer & Data Processing Services (3.2%)
Microsoft Corporation	39,105		1,117
Yahoo! Inc. (a)	23,490		853
Computer & Office Equipment (3.3%)
Diebold, Incorporated	4,500		238
International Business Machines Corporation	8,340		735
SanDisk Corporation (a)(b)	50,000		1,085
Construction (3.2%)
Jacobs Engineering Group Inc. (a)	50,000		1,969
Electronic & Other Electric Equipment (4.4%)
General Electric Company	43,880		1,422
Hubbell Incorporated–Class B	20,000		934
Samsung Electronics Co., Ltd.–GDR–144A (USD)	1,895		390
Electronic Components & Accessories (1.1%)
Intel Corporation	24,000		662
Fabricated Metal Products (1.0%)
Gillette Company (The)	15,000		636
Hotels & Other Lodging Places (4.0%)
Marriott International, Inc.–Class A	31,555		1,574
Starwood Hotels & Resorts Worldwide, Inc.	19,945		895
Industrial Machinery & Equipment (9.5%)
American Standard Companies Inc. (a)	9,000		363
Caterpillar, Inc.	30,000		2,383
Donaldson Company, Inc.	21,000		615
Graco Inc.	22,200		689
Illinois Tool Works Inc.	10,000		959
Kennametal Inc.	20,000		916

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Transamerica Balanced    2

Transamerica Balanced

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Shares		Value
Insurance (3.5%)
Berkshire Hathaway Inc.–Class B (a)		417	$	1,231
UnitedHealth Group Incorporated		6,335		394
WellPoint Health Networks Inc. (a)		4,600		515
Lumber & Other Building Materials (0.5%)
Lowe’s Companies, Inc. (b)		6,000		315
Medical Instruments & Supplies (0.7%)
Zimmer Holdings, Inc. (a)		5,000		441
Oil & Gas Extraction (2.1%)
Anadarko Petroleum Corporation		14,000		820
Apache Corporation		11,000		479
Paper & Allied Products (2.1%)
3M Company		14,540		1,308
Petroleum Refining (1.1%)
Exxon Mobil Corporation		14,785		657
Pharmaceuticals (5.2%)
Allergan, Inc.		11,000		985
Amgen Inc. (a)		9,885		539
Genentech, Inc. (a)		8,400		472
Roche Holding AG–Genusschein		12,241		1,212
Printing & Publishing (3.1%)
McGraw-Hill Companies, Inc. (The)		25,000		1,914
Trucking & Warehousing (1.7%)
United Parcel Service, Inc.–Class B		14,000		1,052
Wholesale Trade Durable Goods (1.0%)
Grainger (W.W.), Inc.		10,500		604
Total Common Stocks (cost: $37,170)				40,315
	Principal		Value
SECURITY LENDING COLLATERAL (7.1%)
Debt (5.9%)
Agency Discount Notes (0.6%)
Fannie Mae
0.96%, due 07/01/2004	$	105	$	105
Federal Home Loan Bank
0.96%, due 07/01/2004		131		131
0.99%, due 07/01/2004		53		53
0.97%, due 07/02/2004		67		67
Bank Notes (0.1%)
Credit Suisse First Boston (USA), Inc.
1.13%, due 09/08/2004		26		26
Deutsche Bank AG
1.16%, due 10/12/2004		66		66
Commercial Paper (1.8%)
Compass Securitization–144A
1.25%, due 07/23/2004		92		92
Falcon Asset Securitization Corp–144A
1.27%, due 07/20/2004		66		66

	Principal		Value
Commercial Paper (continued)
General Electric Capital Corporation
1.20%, due 07/19/2004	$	67	$	67
1.21%, due 07/22/2004		53		53
1.22%, due 07/23/2004		53		53
1.23%, due 07/26/2004		66		66
1.22%, due 08/04/2004		131		131
Govco Incorporated–144A
1.25%, due 08/02/2004		26		26
Greyhawk Funding LLC–144A
1.12%, due 07/13/2004		52		52
1.22%, due 07/20/2004		26		26
Jupiter Securitization Corp–144A
1.07%, due 07/02/2004		26		26
Morgan Stanley
1.58%, due 10/22/2004		60		60
1.58%, due 12/10/2004		171		171
1.58%, due 03/16/2005		166		166
Sheffield Receivables–144A
1.24%, due 07/20/2004		39		39
Euro Dollar Overnight (0.2%)
Bank of Nova Scotia (The)
1.04%, due 07/06/2004		66		66
Den Danske Bank
1.08%, due 07/02/2004		66		66
Euro Dollar Terms (1.4%)
Bank of America Corporation
1.08%, due 07/19/2004		26		26
Bank of Montreal
1.20%, due 07/23/2004		13		13
Bank of Nova Scotia (The)
1.20%, due 07/14/2004		66		66
1.24%, due 07/23/2004		13		13
Bank of the West Inc.
1.28%, due 07/28/2004		26		26
Branch Banking & Trust
1.08%, due 07/14/2004		13		13
Calyon
1.16%, due 07/15/2004		250		250
1.17%, due 08/04/2004		39		39
1.34%, due 08/24/2004		92		92
Fortis Bank
1.19%, due 07/14/2004		13		13
1.29%, due 09/03/2004		26		26
HBOS PLC
1.30%, due 09/03/2004		26		26
Royal Bank of Canada
1.05%, due 07/08/2004		39		39
Royal Bank of Scotland Group PLC (The)
1.06%, due 07/30/2004		118		118
Wells Fargo & Company
1.19%, due 07/14/2004		53		53
1.25%, due 07/23/2004		26		26
1.24%, due 07/26/2004		26		26

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Transamerica Balanced    3

Transamerica Balanced

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Principal		Value
Master Notes (0.2%)
Bear Stearns Companies Inc. (The)
1.64%, due 09/08/2004	$	79	$	79
1.64%, due 12/15/2004		53		53
Repurchase Agreements (1.5%) (c)
Credit Suisse First Boston (USA), Inc.
1.54%, Repurchase Agreement dated 06/30/2004 to be repurchased at $308 on 07/01/2004		308		308
Goldman Sachs Group Inc. (The)
1.54%, Repurchase Agreement dated 06/30/2004 to be repurchased at $131 on 07/01/2004		131		131
Merrill Lynch & Co., Inc.
1.54%, Repurchase Agreement dated 06/30/2004 to be repurchased at $398 on 07/01/2004		398		398
Morgan Stanley
1.58%, Repurchase Agreement dated 06/30/2004 to be repurchased at $118 on 07/01/2004		118		118

	Shares	Value
Investment Companies (1.3%)
Money Market Funds (1.3%)
Merrill Lynch Premier Institutional Fund 1 day yield of 1.17%	108,914	$	109
Merrimac Cash Fund– Premium Class 1 day yield of 1.11%	675,949		676
Total Security Lending Collateral (cost: $4,411)			4,411
Total Investment Securities (cost: $61,115)		$	64,250
SUMMARY:
Investments, at value	103.8 %	$	64,250
Liabilities in excess of other assets	(3.8)%		(2,329	)
Net assets	100.0 %	$	61,921

NOTES TO SCHEDULE OF INVESTMENTS:

(a) No dividends were paid during the preceding twelve months.

(b) At June 30, 2004, all or a portion of this security is on loan (see Note 1). The value at June 30, 2004, of all securities on loan is $4,305.

(c) Cash collateral for the Repurchase Agreements, valued at $975, that serve as collateral for securities lending are invested in corporate bonds with interest rates and maturity dates ranging from 0.00%–9.88% and 08/01/2004–09/25/2099, respectively.

(d) Floating or variable rate note. Rate is listed as of June 30, 2004.

DEFINITIONS:

GDR Global Depositary Receipt

144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2004, these securities aggregated $1,371 or 2.21% of the net assets of the Fund.

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Transamerica Balanced    4

Transamerica Balanced

STATEMENT OF ASSETS AND LIABILITIES

At June 30, 2004

(all amounts except per share amounts in thousands)

(unaudited)

Assets:
Investment securities, at value (cost: $ 61,115) (including securities loaned of $4,305)	$	64,250
Cash		4,406
Receivables:
Investment securities sold		1,209
Interest		262
Dividends		26
Other		6
		70,159
Liabilities:
Investment securities purchased		3,761
Accounts payable and accrued liabilities:
Management and advisory fees		53
Payable for collateral for securities on loan		4,411
Other		13
		8,238
Net Assets	$	61,921
Net Assets Consist of:
Capital stock, 50,000 shares authorized ($.01 par value)	$	57
Additional paid-in capital		53,324
Undistributed net investment income		1,116
Undistributed net realized gain (loss) from:
Investment securities		4,290
Foreign currency transactions		(1	)
Net unrealized appreciation (depreciation) on: Investment securities		3,135
Net Assets	$	61,921
Net Assets by Class:
Initial Class	$	60,952
Service Class		969
Shares Outstanding:
Initial Class		5,572
Service Class		89
Net Asset Value and Offering Price Per Share:
Initial Class	$	10.94
Service Class		10.92

STATEMENT OF OPERATIONS

For the period ended June 30, 2004

(all amounts in thousands)

(unaudited)

Investment Income:
Interest	$	495
Dividends		198
Income from loaned securities–net		8
Less withholding taxes on foreign dividends		(8	)
		693
Expenses:
Management and advisory fees		263
Printing and shareholder reports		4
Custody fees		22
Administration fees		5
Auditing and accounting fees		7
Directors fees		1
Service fees:
Service Class		1
Total expenses		303
Net Investment Income (Loss)		390
Net Realized Gain (Loss) from:
Investment securities		3,970
Foreign currency transactions		(1	)
		3,969
Net Increase (Decrease) in Unrealized Appreciation (Depreciation) on:
Investment securities		(3,452	)
Net Gain (Loss) on Investment Securities and Foreign Currency Transactions		517
Net Increase (Decrease) in Net Assets Resulting from Operations	$	907

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Transamerica Balanced    5

Transamerica Balanced

STATEMENTS OF CHANGES IN NET ASSETS

For the year or period ended

(all amounts in thousands)

	June 30, 2004 (unaudited)			December 31, 2003
Increase (Decrease) In Net Assets From:
Operations:
Net investment income (loss)	$	390		$	725
Net realized gain (loss) from investment securities and foreign currency transactions		3,969			783
Net unrealized appreciation (depreciation) on investment securities		(3,452	)		6,647
		907			8,155
Distributions to Shareholders:
From net investment income:
Initial Class		–			(107	)
Service Class		–			–
		–			(107	)
From net realized gains:
Initial Class		–			–
Service Class		–			–
		–			–
Capital Share Transactions:
Proceeds from shares sold:
Initial Class		5,236			41,653
Service Class		576			658
		5,812			42,311
Dividends and distributions reinvested:
Initial Class		–			107
Service Class		–			–
		–			107
Cost of shares redeemed:
Initial Class		(6,601	)		(25,584	)
Service Class		(207	)		(105	)
		(6,808	)		(25,689	)
		(996	)		16,729
Net increase (decrease) in net assets		(89	)		24,777
Net Assets:
Beginning of period		62,010			37,233
End of period	$	61,921		$	62,010
Undistributed Net Investment Income	$	1,116		$	726

	June 30, 2004 (unaudited)		December 31, 2003
Share Activity:
Shares issued:
Initial Class	482		4,324
Service Class	53		65
	535		4,389
Shares issued–reinvested from distributions:
Initial Class	–		11
Service Class	–		–
	–		11
Shares redeemed:
Initial Class	(605	)	(2,565	)
Service Class	(19	)	(10	)
	(624	)	(2,575	)
Net increase (decrease) in shares outstanding:
Initial Class	(123	)	1,770
Service Class	34		55
	(89	)	1,825

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Transamerica Balanced    6

Transamerica Balanced

FINANCIAL HIGHLIGHTS

(unaudited for the period ended June 30, 2004)

	For the Period Ended (b)	For a share outstanding throughout each period (a)
		Net Asset Value, Beginning of Period		Investment Operations								Distributions								Net Asset Value, End of Period
				Net Investment Income (Loss)		Net Realized and Unrealized Gain (Loss)			Total Operations			From Net Investment Income			From Net Realized Gains		Total Distributions
Initial Class	06/30/2004	$	10.79	$	0.07	$	0.08		$	0.15		$	–		$	–	$	–		$	10.94
	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	06/30/2004		10.79		0.06		0.07			0.13			–			–		–			10.92
	12/31/2003		9.73		0.08		0.98			1.06			–			–		–			10.79

	For the Period Ended (b)	Total Return (c)(g)		Ratios/Supplemental Data
				Net Assets, End of Period (000’s)		Ratio of Expenses to Average Net Assets (f)				Net Investment Income (Loss) to Average Net Assets (f)		Portfolio Turnover Rate (g)
						Net (d)		Total (e)
Initial Class	06/30/2004	1.39	%	$	60,952	1.00	%	1.00	%	1.29	%	99	%
	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	06/30/2004	1.20			969	1.25		1.25		1.02		99
	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) The inception dates of the Fund’s share classes are 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 fee waivers by the investment adviser, if any (see note 2).

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

(f) Annualized.

(g) Not annualized for periods of less than one year.

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Transamerica Balanced    7

Transamerica Balanced

NOTES TO FINANCIAL STATEMENTS

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

The AEGON/Transamerica Series Fund, Inc. (“ATSF”) is a Maryland corporation registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. ATSF serves as a funding vehicle for variable life insurance, variable annuity and group annuity products. Transamerica Balanced (“the Fund”), part of ATSF, began operations on May 1, 2002.

On May 3, 2004, the Fund changed its name from Janus Balanced to Transamerica Balanced and changed its sub-adviser from Janus Capital Management, LLC to Transamerica Investment Management, LLC.

In the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties, which 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.

See the Prospectus and Statement of Additional Information for a description of the Fund’s investment objective.

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 policies were consistently followed by the Fund, in accordance with GAAP.

Multiple class operations 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.

Pricing of shares: The Fund prices its shares on the basis of the net asset value of each class of shares of the Fund, which is determined as of the close of the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern Time) on each day on which the NYSE is open for trading (other than a day on which there are insufficient changes in the value of the Fund’s portfolio securities to materially affect the Fund’s net asset value or a day on which no shares are tendered for redemption and no order to purchase any shares is received).

Security valuations: Fund investments traded on an exchange are valued at the closing price on the day of valuation on the 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 by independent pricing services; 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 are valued based on quotations from the primary market in which they are traded and are translated from the local currency into U.S. dollars using closing exchange rates. Many foreign securities markets are open for trading at times when the U.S. markets are closed for trading, and many foreign securities markets close for trading before the close of the NYSE. The value of foreign securities may be affected significantly on a day that the NYSE is closed and an investor is unable to purchase or redeem shares. 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 the security may be determined to be unreliable and, accordingly, not “readily available.” If market quotations are not readily available, and the impact of such a significant market event materially affects the net asset value per share of the Fund, an affected portfolio security will be valued at fair market value as determined in good faith using guidelines adopted by the Board of Directors of the Fund, under the supervision of the Fund’s Valuation Committee. Factors that may be considered to value foreign securities at fair market value may include, among others: the value of other securities traded on other markets, foreign currency exchange activity and the trading of financial products tied to foreign securities.

Other securities for which quotations are not readily available also are valued at fair market value as determined in good faith using guidelines established by and under the supervision of the Board of Directors, and the Fund’s Valuation Committee. These guidelines may include: the type of security; any restrictions on its resale; financial or business news of the issuer; similar or related securities that are actively trading; related corporate actions; and other significant events occurring after the close of trading in the security.

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 June 30, 2004, was paying an interest rate of 0.75%.

Repurchase agreements: The Fund is authorized to enter into repurchase agreements. The Fund, through 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. Repurchase agreements involve the risk that the seller will fail to repurchase the security, as agreed. In that case, 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

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

Transamerica Balanced    8

Transamerica Balanced

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1–(continued)

event of bankruptcy or insolvency of the seller, delays and costs are incurred.

Directed brokerage: 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 ATSF has established a Directed Brokerage Program. A Directed Brokerage 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 ATSF, or by any other party. Directed commissions for the period ended June 30, 2004, of $6 are included in net realized gains in the Statement of Operations.

Securities lending: The Fund may lend securities to enhance fund earnings from investing cash collateral received in making such loans to qualified borrowers (typically broker/dealers). The Fund has engaged its custodian bank, IBT, as a lending agent to administer its securities lending program. IBT earned $3 of program net income for its services. When the Fund makes a security loan, it receives cash collateral as protection against the risk that the borrower will default on the loan, and records an asset for the cash invested collateral and a liability for the return of the collateral.

Loans of securities are required to be secured by collateral at least equal to 102% of the value of the securities at inception of the loan, and not less then 100% thereafter. The Fund may invest cash collateral in short-term money market instruments including: U.S. Treasury Bills, U.S. agency obligations, commercial paper, money market mutual funds, repurchase agreements and other highly rated, liquid investments. During the life of securities loans, the collateral and securities loaned remain subject to fluctuation in value. IBT marks to market securities loaned and the collateral each business day. If additional collateral is due (at least $1), IBT collects additional cash collateral from the borrowers. Although securities loaned will be fully collateralized at all times, IBT may experience delays in, or may be prevented from, recovering the collateral on behalf of the Fund. The Fund may recall a loaned security position at any time from the borrower through IBT. In the event the borrower fails to timely return a recalled security, IBT may indemnify the Fund by purchasing replacement securities for the Fund at its own expense and claiming the collateral to fund such a purchase. IBT absorbs the loss if the collateral value is not sufficient to cover the cost of the replacement securities. If replacement securities are not available, IBT will credit the equivalent cash value to the Fund.

While a security is on loan, the Fund does not have the right to vote that security. However, if time permits, the Fund will attempt to recall a security on loan and vote the proxy.

Income from securities lending is included in the Statement of Operations. The amount of collateral and value of securities on loan are included in the Statement of Assets and Liabilities as well as in the Schedule of Investments.

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 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, including unanticipated movements in exchange currency rates, the degree of government supervision and regulation of security markets, and the possibility of political or economic instability.

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 closed 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.

Dividend distributions: Dividend 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

AEGON/Transamerica Fund Advisers, Inc. (“ATFA”) is the Fund’s investment adviser. AEGON/Transamerica Fund Services, Inc. (“ATFS”) is the Fund’s administrator and transfer agent. AFSG Securities Corp. (“AFSG”) is the Fund’s distributor. AFSG is 100% owned

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

Transamerica Balanced    9

Transamerica Balanced

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  2–(continued)

by AUSA Holding Company (“AUSA”). ATFA is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) (“WRL”) and AUSA (22%). ATFS is a wholly owned subsidiary of WRL. AUSA and WRL are wholly owned indirect subsidiaries of AEGON NV, a Netherlands corporation.

Transamerica Investment Management, LLC is both an affiliate of the Fund and sub-adviser to the Fund.

Certain officers and directors of the Fund are also officers and/or directors of ATFA, ATFS, AFSG and WRL. No affiliated officer or director receives any compensation directly from the Fund.

Investment advisory fees: The Fund pays management fees to ATFA based on average daily net assets (“ANA”) at the following breakpoints:

From January 1, 2004 to April 30, 2004:

0.90% of the first $500 million of ANA

0.85% of the next $500 million of ANA

0.80% of ANA over $1 billion

From May 1, 2004 on:

0.80% of the first $250 million of ANA

0.775% of the next $250 million of ANA

0.75% of the next $500 million of ANA

0.70% of the next $500 million of ANA

0.65% of ANA over $1.5 billion

The actual advisory fee accrued for the six-month period ended June 30, 2004, per average net assets is 0.87%

ATFA 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 limitations 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 are no amounts subject to recapture at June 30, 2004.

Distribution and service fees: The Fund adopted a distribution plan (“Distribution Plan”) pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended. Pursuant to the Distribution Plan, ATSF entered into a Distribution Agreement with AFSG effective May 1, 1999.

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 ATSF 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, 2005. 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 ATFS for financial and legal fund administration services, which includes such items as compliance, expenses, financial statements and other reporting, distributions, tax returns, prospectus preparation, board of directors meeting support, transfer agency and other legal matters. The Legal fees on the Statement of Operations are for fees paid to external legal counsel. The Fund paid ATFS $5 for Administration fees for the period ended June 30, 2004.

Deferred compensation plan: Each eligible Fund Director may elect participation in the Deferred Compensation Plan for Directors of ATSF (“the Plan”). Under the Plan, such Directors may defer payment of a percentage of their total fees earned as a Fund Director. These deferred amounts may be invested in any portfolio of Transamerica IDEX Mutual Funds, an affiliate of the Fund. At June 30, 2004, the value of invested plan amounts was $2. Invested plan amounts and the total liability for deferred compensation to the Directors under the Plan at June 30, 2004, are included in Net assets in the accompanying Statement of Assets and Liabilities.

NOTE  3. INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the period ended June 30, 2004, were as follows:

Purchases of securities:
Long-Term excluding U.S. Government	$	44,859
U.S. Government		12,738
Proceeds from maturities and sales of securities:
Long-Term excluding U.S. Government		42,311
U.S. Government		16,254

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

Transamerica Balanced    10

Transamerica Balanced

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  4. FEDERAL INCOME TAX MATTERS

The Fund has not made any provision for federal income 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 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 treatments for items including, but not limited to, wash sales, foreign currency transactions, net operating losses and capital loss carryforwards.

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of June 30, 2004, are as follows:

Federal Tax Cost Basis	$	61,128
Unrealized Appreciation	$	3,573
Unrealized (Depreciation)		(451	)
Net Unrealized Appreciation (Depreciation)	$	3,122

NOTE  5. OTHER MATTERS

ATSF, and certain of its affiliated entities, have received requests for information from the Staff of the Securities and Exchange Commission in connection with market timing and late trading within the funds. ATSF and the affiliated entities have voluntarily cooperated in the investigation and have been providing the information as requested.

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

Transamerica Balanced    11

AEGON/TRANSAMERICA SERIES FUND, INC.

RESULTS OF SHAREHOLDER PROXY (unaudited)

Section 270.30d-1 under the Investment Company Act of 1940, as amended, titled “Reports to Stockholders of Management Companies,” requires regulated investment companies to report on all subject matters put to the vote of shareholders and provide final results. Accordingly, the Board of Directors of the Fund solicited a vote by the shareholders for the following items.

Each vote reported represents one dollar of net asset value held on the record date for the meeting.

Janus Balanced

At a special meeting of shareholders held on April 27, 2004, the results of Proposal 1 were as follows:

Proposal 1: Adoption of a new sub-advisory agreement between AEGON/Transamerica Fund Advisers, Inc. and Transamerica Investment Management, LLC on behalf of the Portfolio.

For	Against	Abstain
87.00%	4.44%	8.56%

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

Transamerica Balanced    12

Transamerica Convertible Securities

SCHEDULE OF INVESTMENTS

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Principal		Value
CONVERTIBLE BONDS (79.8%)
Air Transportation (3.5%)
American Airlines, Inc–144A (a) 4.25%, due 09/23/2023	$	7,750	$	7,198
JetBlue Airways Corporation–144A 3.50%, due 07/15/2033		6,950		7,132
Automotive (2.4%)
American Axle & Manufacturing, Inc.–144A (a)(d) 2.00%, due 02/15/2024		10,500		9,830
Business Credit Institutions (2.0%)
Financial Federal Corporation–144A 2.00%, due 04/15/2034		8,000		8,020
Commercial Banks (4.3%)
Bank of America Corporation 0.25%, due 04/30/2014		8,000		7,640
Wells Fargo & Company 0.25%, due 04/29/2014		10,000		9,837
Communication (1.9%)
Crown Castle International Corp. 4.00%, due 07/15/2010		4,900		7,809
Communications Equipment (1.8%)
Comtech Telecommunications Corp.–144A (e) 2.00%, due 02/01/2024		8,500		7,172
Computer & Data Processing Services (7.0%)
GTECH Holdings Corporation (a) 1.75%, due 12/15/2021		3,950		6,838
Openwave Systems, Inc.–144A 2.75%, due 09/09/2008		11,900		12,123
RealNetworks, Inc. (a) Zero coupon, due 07/01/2010		9,900		9,702
Electrical Goods (1.5%)
Avnet, Inc (a) 2.00%, due 03/15/2034		6,250		6,195
Electronic Components & Accessories (3.8%)
Micron Technology, Inc.–144A (a) 2.50%, due 02/01/2010		5,500		7,783
Pixelworks, Inc.–144A 1.75%, due 05/15/2024		8,000		7,590
Health Services (1.5%)
Matria Healthcare, Inc.–144A 4.88%, due 05/01/2024		5,200		5,902
Hotels & Other Lodging Places (1.9%)
Host Marriott, L.P.–144A 3.25%, due 04/15/2024		8,000		7,640
Instruments & Related Products (1.6%)
Roper Industries, Inc. (a)(g) 1.48%, due 01/15/2034		14,500		6,507

	Principal		Value
Manufacturing Industries (7.5%)
International Game Technology Zero coupon, due 01/29/2033	$	10,000	$	8,488
K2 Corporation 5.00%, due 06/15/2010		8,000		11,460
Shuffle Master, Inc.–144A 1.25%, due 04/15/2024		9,650		10,229
Medical Instruments & Supplies (0.8%)
Thoratec Corporation–144A (h) 1.38%, due 05/16/2034		6,750		3,291
Motion Pictures (2.7%)
Lions Gate Entertainment Corp.–144A 4.88%, due 12/15/2010		7,500		11,053
Pharmaceuticals (9.2%)
Allergan, Inc. (a) 0.00%, due 11/06/2022		6,500		6,890
EPIX Medical, Inc.–144A 3.00%, due 06/15/2024		4,250		4,059
Medarex, Inc.–144A 2.25%, due 05/15/2011		11,250		9,253
Oscient Pharmaceuticals Corporation–144A 3.50%, due 04/15/2011		8,000		8,360
Teva Pharmaceutical Finance BV (a) 0.25%, due 02/01/2024		4,000		4,250
Teva Pharmaceutical Finance BV–144A (a) 0.38%, due 11/15/2022		2,750		4,379
Primary Metal Industries (1.5%)
Inco Limited Zero coupon, due 03/29/2021		6,500		6,232
Printing & Publishing (1.6%)
Bowne & Co. Inc 5.00%, due 10/01/2033		5,775		6,533
Radio, Television & Computer Stores (2.6%)
Guitar Center, Inc. 4.00%, due 07/15/2013		7,350		10,474
Research & Testing Services (1.5%)
deCODE genetics, Inc.–144A 3.50%, due 04/15/2011		6,750		6,294
Retail Trade (1.5%)
Dick’s Sporting Goods, Inc.–144A (f) 1.61%, due 02/18/2024		8,600		6,300
Security & Commodity Brokers (3.1%)
Morgan Stanley (c) 0.00%, due 08/15/2033		11,500		12,722
Telecommunications (10.6%)
Millicom International Cellular–144A 10.00%, due 11/20/2008		7,750		12,449
Nextel Partners, Inc. (a) 1.50%, due 11/15/2008		8,100		11,300

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Transamerica Convertible Securities    1

Transamerica Convertible Securities

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Principal		Value
Telecommunications (continued)
NII Holdings, Inc.–144A 2.88%, due 02/01/2034	$	9,000	$	8,865
Terremark Worldwide, Inc.–144A 9.00%, due 06/15/2009		10,000		9,999
Water Transportation (2.4%)
Royal Caribbean Cruises Ltd.
Zero coupon, due 02/02/2021		8,000		4,280
Zero coupon, due 05/18/2021		8,000		5,600
Wholesale Trade Durable Goods (1.6%)
Advanced Medical Optics, Inc.–144A 2.50%, due 07/15/2024		6,000		6,563
Total Convertible Bonds (cost: $ 302,272 )				324,241
	Shares		Value
CONVERTIBLE PREFERRED STOCKS (15.2%)
Automotive (2.7%)
Ford Motor Company Capital Trust II		200,000	$	10,952
Commercial Banks (2.0%)
State Street Corporation		35,000		8,024
Communications Equipment (3.4%)
Motorola, Inc.–Units		165,000		8,148
Nortel Networks Corporation		67		5,818
Life Insurance (1.7%)
Prudential Financial, Inc.–Units		99,800		6,979
Metal Mining (2.3%)
Freeport-McMoRan Cooper & Gold Inc.–144A		10,500		9,411
Security & Commodity Brokers (3.1%)
Morgan Stanley		189,840		12,577
Total Convertible Preferred Stocks (cost: $ 61,400 )				61,909
	Principal		Value
SECURITY LENDING COLLATERAL (13.2%)
Debt (10.9%)
Agency Discount Notes (1.1%)
Fannie Mae 0.96%, due 07/01/2004	$	1,279	$	1,279
Federal Home Loan Bank
0.96%, due 07/01/2004		1,599		1,599
0.99%, due 07/01/2004		639		639
0.97%, due 07/02/2004		800		800
Bank Notes (0.3%)
Credit Suisse First Boston (USA), Inc. 1.13%, due 09/08/2004		320		320
Deutsche Bank AG 1.16%, due 10/12/2004		800		800

	Principal		Value
Commercial Paper (3.2%)
Compass Securitization–144A 1.25%, due 07/23/2004	$	1,118	$	1,118
Falcon Asset Securitization Corp–144A 1.27%, due 07/20/2004		798		798
General Electric Capital Corporation 1.20%, due 07/19/2004		798		798
1.21%, due 07/22/2004		640		640
1.22%, due 07/23/2004		640		640
1.23%, due 07/26/2004		800		800
1.22%, due 08/04/2004		1,596		1,596
Govco Incorporated–144A 1.25%, due 08/02/2004		320		320
Greyhawk Funding LLC–144A 1.12%, due 07/13/2004		638		638
1.22%, due 07/20/2004		318		318
Jupiter Securitization Corp–144A 1.07%, due 07/02/2004		320		320
Morgan Stanley
1.58%, due 10/22/2004		736		736
1.58%, due 12/10/2004		2,079		2,079
1.58%, due 03/16/2005		2,015		2,015
Sheffield Receivables–144A 1.24%, due 07/20/2004		480		480
Euro Dollar Overnight (0.4%)
Bank of Nova Scotia (The) 1.04%, due 07/06/2004		800		800
Den Danske Bank 1.08%, due 07/02/2004		800		800
Euro Dollar Terms (2.6%)
Bank of America Corporation 1.08%, due 07/19/2004		320		320
Bank of Montreal 1.20%, due 07/23/2004		162		162
Bank of Nova Scotia (The)
1.20%, due 07/14/2004		800		800
1.24%, due 07/23/2004		160		160
Bank of the West Inc. 1.28%, due 07/28/2004		320		320
Branch Banking & Trust 1.08%, due 07/14/2004		160		160
Calyon
1.16%, due 07/15/2004		3,038		3,038
1.17%, due 08/04/2004		480		480
1.34%, due 08/24/2004		1,120		1,120
Fortis Bank
1.19%, due 07/14/2004		160		160
1.29%, due 09/03/2004		320		320
HBOS PLC 1.30%, due 09/03/2004		320		320

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Transamerica Convertible Securities    2

Transamerica Convertible Securities

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Principal		Value
Euro Dollar Terms (continued)
Royal Bank of Canada 1.05%, due 07/08/2004	$	480	$	480
Royal Bank of Scotland Group PLC (The) 1.06%, due 07/30/2004		1,439		1,439
Wells Fargo & Company
1.19%, due 07/14/2004		640		640
1.25%, due 07/23/2004		320		320
1.24%, due 07/26/2004		320		320
Master Notes (0.4%)
Bear Stearns Companies Inc. (The)
1.64%, due 09/08/2004		960		960
1.64%, due 12/15/2004		640		640
Repurchase Agreements (2.9%) (b)
Credit Suisse First Boston (USA), Inc. 1.54%, Repurchase Agreements dated 06/30/2004 to be repurchased at $3,741 on 07/01/2004		3,741		3,741
Goldman Sachs Group Inc. (The) 1.54%, Repurchase Agreements dated 06/30/2004 to be repurchased at $1,599 on 07/01/2004		1,599		1,599
Merrill Lynch & Co., Inc. 1.54%, Repurchase Agreements dated 06/30/2004 to be repurchased at $4,845 on 07/01/2004		4,845		4,845
Morgan Stanley 1.58%, Repurchase Agreements dated 06/30/2004 to be repurchased at $1,439 on 07/01/2004		1,439		1,439

	Shares	Value
Investment Companies (2.3%)
Money Market Funds (2.3%)
Merrill Lynch Premier Institutional Fund 1-day yield of 1.17%	1,325,210	$	1,325
Merrimac Cash Fund– Premium Class 1-day yield of 1.11%	8,224,619		8,224
Total Security Lending Collateral (cost: $53,665)			53,665
Total Investment Securities (cost: $ 417,337)		$	439,815
SUMMARY:
Investments, at value	108.2%	$	439,815
Liabilities in excess of other assets	(8.2)%		(33,222	)
Net assets	100.0%	$	406,593

NOTES TO SCHEDULE OF INVESTMENTS:

(a) At June 30, 2004, all or a portion of this security is on loan (see Note 1). The value at June 30, 2004, of all securities on loan is $ 52,499.

(b) Cash collateral for the Repurchase Agreements, valued at $11,860, that serve as collateral for securities lending are invested in corporate bonds with interest rates and maturity dates ranging from 0.00%–9.88% and 08/01/2004–09/25/2099, respectively.

(c) Floating or variable rate note. Rate is listed as of June 30, 2004.

(d) Securities are stepbonds. American Axle & Manufacturing has a coupon rate 2.00% until 02/15/2011, thereafter the coupon rate will be 0.00%.

(e) Securities are stepbonds. Comtech Telecommunications Corp. has a coupon rate 2.00% until 02/01/2011, thereafter the coupon rate will be 0.00%.

(f) Securities are stepbonds. Dick’s Sporting Goods, Inc. has a coupon rate 1.61% until 02/18/2009, thereafter the coupon rate will be 0.00%.

(g) Securities are stepbonds. Roper Industries, Inc. has a coupon rate 1.48% until 01/15/2009, thereafter the coupon rate will be 0.00%.

(h) Securities are stepbonds. Thoratec Corporation has a coupon rate 1.38% until 05/16/2011, thereafter the coupon rate will be 0.00%.

DEFINITIONS:

144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2004, these securities aggregated $194,887 or 47.93% of the net assets of the Fund.

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Transamerica Convertible Securities    3

Transamerica Convertible Securities

STATEMENT OF ASSETS AND LIABILITIES

At June 30, 2004

(all amounts except per share amounts in thousands)

(unaudited)

Assets:
Investment securities, at value (cost: $ 417,337) (including securities loaned of $52,499)	$	439,815
Cash		587
Receivables:
Investment securities sold		23,226
Interest		1,642
Dividends		163
Other		64
		465,497
Liabilities:
Investment securities purchased		4,883
Accounts payable and accrued liabilities:
Management and advisory fees		291
Service fees		1
Payable for collateral for securities on loan		53,665
Other		64
		58,904
Net Assets	$	406,593
Net Assets Consist of:
Capital stock, 50,000 shares authorized ($.01 par value)	$	341
Additional paid-in capital		336,140
Undistributed net investment income		11,922
Undistributed net realized gain (loss) from:
Investment securities		35,712
Net unrealized appreciation (depreciation) on:
Investment securities		22,478
Net Assets	$	406,593
Net Assets by Class:
Initial Class	$	403,504
Service Class		3,089
Shares Outstanding:
Initial Class		33,837
Service Class		260
Net Asset Value and Offering Price Per Share:
Initial Class	$	11.92
Service Class		11.90

STATEMENT OF OPERATIONS

For the period ended June 30, 2004

(all amounts in thousands)

(unaudited)

Investment Income:
Interest	$	4,175
Dividends		1,725
Income from loaned securities–net		63
		5,963
Expenses:
Management and advisory fees		1,599
Printing and shareholder reports		1
Custody fees		25
Administration fees		31
Legal fees		1
Auditing and accounting fees		6
Directors fees		5
Service fees:
Service Class		2
Total expenses		1,670
Net Investment Income (Loss)		4,293
Net Realized Gain (Loss) from:
Investment securities		20,683
Net Increase (Decrease) in Unrealized Appreciation (Depreciation) on:
Investment securities		(11,246	)
Net Gain (Loss) on Investment Securities		9,437
Net Increase (Decrease) in Net Assets Resulting from Operations	$	13,730

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Transamerica Convertible Securities    4

Transamerica Convertible Securities

STATEMENTS OF CHANGES IN NET ASSETS

For the period or year ended

(all amounts in thousands)

	June 30, 2004 (unaudited)			December 31, 2003
Increase (Decrease) in Net Assets From:
Operations:
Net investment income (loss)	$	4,293		$	7,629
Net realized gain (loss) from investment securities		20,683			15,517
Net unrealized appreciation (depreciation) on investment securities		(11,246	)		33,800
		13,730			56,946
Distributions to Shareholders:
From net investment income:
Initial Class		–			(422	)
Service Class		–			–
		–			(422	)
From net realized gains:
Initial Class		–			–
Service Class		–			–
		–			–
Capital Share Transactions:
Proceeds from shares sold:
Initial Class		17,146			262,280
Service Class		2,874			884
		20,020			263,164
Dividends and distributions reinvested:
Initial Class		–			422
Service Class		–			–
		–			422
Cost of shares redeemed:
Initial Class		(7,746	)		(20,929	)
Service Class		(681	)		(59	)
		(8,427	)		(20,988	)
		11,593			242,598
Net increase (decrease) in net assets		25,323			299,122
Net Assets:
Beginning of period		381,270			82,148
End of period	$	406,593		$	381,270
Undistributed Net Investment Income	$	11,922		$	7,629

	June 30, 2004 (unaudited)		December 31, 2003
Share Activity:
Shares issued:
Initial Class	1,445		26,207
Service Class	241		82
	1,686		26,289
Shares issued–reinvested from distributions:
Initial Class	–		40
Service Class	–		–
	–		40
Shares redeemed:
Initial Class	(655	)	(2,012	)
Service Class	(58	)	(5	)
	(713	)	(2,017	)
Net increase (decrease) in shares outstanding:
Initial Class	790		24,235
Service Class	183		77
	973		24,312

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Transamerica Convertible Securities    5

Transamerica Convertible Securities

FINANCIAL HIGHLIGHTS

(unaudited for the period ended June 30, 2004)

	For the Period Ended (b)	For a share outstanding throughout each period (a)
		Net Asset Value, Beginning of Period		Investment Operations								Distributions								Net Asset Value, End of Period
				Net Investment Income (Loss)		Net Realized and Unrealized Gain (Loss)			Total Operations			From Net Investment Income			From Net Realized Gains		Total Distributions
Initial Class	06/30/2004	$	11.51	$	0.13	$	0.28		$	0.41		$	–		$	–	$	–		$	11.92
	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	06/30/2004		11.50		0.11		0.29			0.40			–			–		–			11.90
	12/31/2003		9.86		0.18		1.46			1.64			–			–		–			11.50

	For the Period Ended (b)	Total Return (c)(g)		Ratios/Supplemental Data
				Net Assets, End of Period (000’s)		Ratio of Expenses to Average Net Assets (f)				Net Investment Income (Loss) to Average Net Assets (f)		Portfolio Turnover Rate (g)
						Net (d)		Total (e)
Initial Class	06/30/2004	3.56	%	$	403,504	0.83	%	0.83	%	2.15	%	83	%
	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	06/30/2004	3.48			3,089	1.08		1.08		1.86		83
	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) The inception dates of the Fund’s share classes are 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 fee waivers by the investment adviser, if any (see note 2).

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

(f) Annualized.

(g) Not annualized for periods of less than one year.

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Transamerica Convertible Securities     6

Transamerica Convertible Securities

NOTES TO FINANCIAL STATEMENTS

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

The AEGON/Transamerica Series Fund, Inc. (“ATSF”) is a Maryland corporation registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. ATSF serves as a funding vehicle for variable life insurance, variable annuity and group annuity products. Transamerica Convertible Securities (“the Fund”), part of ATSF, began operations on May 1, 2002.

In the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties, which 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.

See the Prospectus and Statement of Additional Information for a description of the Fund’s investment objective.

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 policies were consistently followed by the Fund, in accordance with GAAP.

Multiple class operations 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.

Pricing of shares: The Fund prices its shares on the basis of the net asset value of each class of shares of the Fund, which is determined as of the close of the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern Time) on each day on which the NYSE is open for trading (other than a day on which there are insufficient changes in the value of the Fund’s portfolio securities to materially affect the Fund’s net asset value or a day on which no shares are tendered for redemption and no order to purchase any shares is received).

Security valuations: Fund investments traded on an exchange are valued at the closing price on the day of valuation on the 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 by independent pricing services; 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 also are valued at fair market value as determined in good faith using guidelines established by and under the supervision of the Board of Directors and the Fund’s Valuation Committee. These guidelines may include: the type of security; any restrictions on its resale; financial or business news of the issuer; similar or related securities that are actively trading; related corporate actions; and other significant events occurring after the close of trading in the security.

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 June 30, 2004, was paying an interest rate of 0.75%.

Repurchase agreements: The Fund is authorized to enter into repurchase agreements. The Fund, through IBT, receives delivery of the underlying securities, the value of which at the time of purchase is required to be in an amount equal to at least 100% of the resale price. Repurchase agreements involve the risk that the seller will fail to repurchase the security, as agreed. In that case, 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 are incurred.

Securities lending: The Fund may lend securities to enhance fund earnings from investing cash collateral received in making such loans to qualified borrowers (typically broker/dealers). The Fund has engaged its custodian bank, IBT, as a lending agent to administer its securities lending program. IBT earned $27 of program net income for its services. When the Fund makes a security loan, it receives cash collateral as protection against the risk that the borrower will default on the loan, and records an asset for the cash invested collateral and a liability for the return of the collateral.

Loans of securities are required to be secured by collateral at least equal to 102% of the value of the securities at inception of the loan, and not less then 100% thereafter. The Fund may invest cash collateral in short-term money market instruments including: U.S. Treasury Bills, U.S. agency obligations, commercial paper, money market mutual funds, repurchase agreements and other highly rated, liquid investments. During the life of securities loans, the collateral and securities loaned remain subject to fluctuation in value. IBT marks to market securities loaned and the collateral each business day. If additional collateral is due (at least $1), IBT collects additional cash collateral from the borrowers. Although securities loaned will be fully collateralized at all times, IBT may experience delays in, or may be prevented from, recovering the collateral on behalf of the Fund. The Fund may recall a loaned security position at any time from the borrower through IBT. In

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

Transamerica Convertible Securities    7

Transamerica Convertible Securities

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1–(continued)

the event the borrower fails to timely return a recalled security, IBT may indemnify the Fund by purchasing replacement securities for the Fund at its own expense and claiming the collateral to fund such a purchase. IBT absorbs the loss if the collateral value is not sufficient to cover the cost of the replacement securities. If replacement securities are not available, IBT will credit the equivalent cash value to the Fund.

While a security is on loan, the Fund does not have the right to vote that security. However, if time permits, the Fund will attempt to recall a security on loan and vote the proxy.

Income from securities lending is included in the Statement of Operations. The amount of collateral and value of securities on loan are included in the Statement of Assets and Liabilities as well as in the Schedule of Investments.

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. Interest income, including accretion of discounts and amortization of premiums, is recorded on the accrual basis commencing on the settlement date.

Dividend distributions: Dividend 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

AEGON/Transamerica Fund Advisers, Inc. (“ATFA”) is the Fund’s investment adviser. AEGON/Transamerica Fund Services, Inc. (“ATFS”) is the Fund’s administrator and transfer agent. AFSG Securities Corp. (“AFSG”) is the Fund’s distributor. AFSG is 100% owned by AUSA Holding Company (“AUSA”). ATFA is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) (“WRL”) and AUSA (22%). ATFS is a wholly owned subsidiary of WRL. AUSA and WRL are wholly owned indirect subsidiaries of AEGON NV, a Netherlands corporation.

Certain officers and directors of the Fund are also officers and/or directors of ATFA, ATFS, AFSG and WRL. No affiliated officer or director receives any compensation directly from the Fund.

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 mutual funds (i.e. through the asset allocation funds):

	Net Assets		% of Net Assets
Asset Allocation–Conservative Portfolio	$	99,158	24	%
Asset Allocation–Moderate Growth Portfolio		79,629	20	%
Asset Allocation–Moderate Portfolio		163,225	40	%
Total	$	342,012	84	%

Investment advisory fees: The Fund pays management fees to ATFA 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

ATFA 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:

1.30% Expense Limit

If total fund expenses fall below the annual expense limitations 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 are no amounts subject to recapture at June 30, 2004.

Distribution and service fees: The Fund adopted a distribution plan (“Distribution Plan”) pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended. Pursuant to the Distribution Plan, ATSF entered into a Distribution Agreement with AFSG effective May 1, 1999.

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 ATSF 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, 2005. 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 ATFS for financial and legal fund administration services, which includes such items as compliance, expenses, financial statements and other reporting, distributions, tax returns, prospectus preparation, board of directors meeting support, transfer agency and other legal matters. The Legal fees on the Statement of Operations are for fees paid to external legal counsel. The Fund paid ATFS $31 for Administration fees for the period ended June 30, 2004. ATFS provides its services to the Fund at cost and is reimbursed monthly.

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

Transamerica Convertible Securities    8

Transamerica Convertible Securities

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  2–(continued)

Deferred compensation plan: Each eligible Fund Director may elect participation in the Deferred Compensation Plan for Directors of ATSF (“the Plan”). Under the Plan, such Directors may defer payment of a percentage of their total fees earned as a Fund Director. These deferred amounts may be invested in any portfolio of Transamerica IDEX Mutual Funds, an affiliate of the Fund. At June 30, 2004, the value of invested plan amounts was $15. Invested plan amounts and the total liability for deferred compensation to the Directors under the Plan at June 30, 2004, are included in Net assets in the accompanying Statement of Assets and Liabilities.

NOTE  3. INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the period ended June 30, 2004, were as follows:

Purchases of securities:
Long-Term excluding U.S. Government	$	331,387
U.S. Government		–
Proceeds from maturities and sales of securities:
Long-Term excluding U.S. Government		324,972
U.S. Government		–

NOTE  4. FEDERAL INCOME TAX MATTERS

The Fund has not made any provision for federal income 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 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 treatments for items including, but not limited to, wash sales and capital loss carryforwards.

The Fund has elected to treat the net capital losses incurred in the two month period prior to December 31, 2003 of $26 (Post-October Loss Deferred) as having been incurred in the fiscal year ending December 31, 2004.

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of June 30, 2004, are as follows:

Federal Tax Cost Basis	$	417,336
Unrealized Appreciation	$	33,209
Unrealized (Depreciation)		(10,730	)
Net Unrealized Appreciation (Depreciation)	$	22,479

NOTE  5. OTHER MATTERS

ATSF, and certain of its affiliated entities, have received requests for information from the Staff of the Securities and Exchange Commission in connection with market timing and late trading within the funds. ATSF and the affiliated entities have voluntarily cooperated in the investigation and have been providing the information as requested.

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

Transamerica Convertible Securities    9

Transamerica Equity

SCHEDULE OF INVESTMENTS

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Shares	Value
COMMON STOCKS (99.0%)
Amusement & Recreation Services (0.5%)
Disney (Walt) Company (The)	229,200	$	5,842
Apparel & Accessory Stores (2.5%)
TJX Companies, Inc. (The)	1,200,000		28,968
Business Services (8.2%)
First Data Corporation	1,290,000		57,431
Moody’s Corporation	600,000		38,796
Viad Corp (a)	4,300		116
Chemicals & Allied Products (3.7%)
Praxair, Inc.	1,100,000		43,901
Commercial Banks (5.0%)
Northern Trust Corporation	800,000		33,824
State Street Corporation	525,000		25,746
Communication (12.9%)
Cox Communications, Inc.–Class A (a)(b)	1,160,000		32,236
Echostar Communications Corporation–Class A (a)	1,125,000		34,594
Liberty Media Corporation–Class A (a)	2,724,500		24,493
Liberty Media International, Inc.–Class A (a)	680,600		25,250
XM Satellite Radio Holdings Inc.–Class A (a)(b)	1,348,500		36,801
Communications Equipment (7.6%)
Corning Incorporated (a)	876,500		11,447
QUALCOMM Incorporated	950,000		69,330
Research In Motion Limited (a)(b)	127,200		8,706
Computer & Data Processing Services (4.4%)
GTECH Holdings Corporation	3,300		153
Microsoft Corporation	1,800,000		51,408
Computer & Office Equipment (1.9%)
SanDisk Corporation (a)	1,036,000		22,471
Drug Stores & Proprietary Stores (2.8%)
Walgreen Co.	919,600		33,299
Educational Services (0.5%)
Apollo Group, Inc.–Class A (a)	62,850		5,549
Electronic Components & Accessories (1.1%)
Intel Corporation	450,000		12,420
Fabricated Metal Products (3.4%)
Gillette Company (The)	950,000		40,280
Health Services (0.8%)
Quest Diagnostics Incorporated	109,700		9,319
Hotels & Other Lodging Places (2.5%)
Marriott International, Inc.–Class A (b)	600,000		29,928
Insurance (5.6%)
Anthem, Inc. (a)(b)	86,800		7,774
WellPoint Health Networks Inc. (a)	525,000		58,805
Insurance Agents, Brokers & Service (0.0%)
Willis Group Holdings Limited	12,500		468

	Shares		Value
Management Services (3.1%)
Paychex, Inc.		1,084,000	$	36,726
Medical Instruments & Supplies (3.8%)
Zimmer Holdings, Inc. (a)		505,400		44,576
Oil & Gas Extraction (0.6%)
Halliburton Company		230,900		6,987
Personal Services (2.5%)
Weight Watchers International, Inc. (a)(b)		750,000		29,355
Pharmaceuticals (10.0%)
Allergan, Inc.		505,100		45,217
Genentech, Inc. (a)		800,000		44,960
Pfizer Inc.		800,000		27,424
Retail Trade (4.2%)
Staples, Inc.		1,691,000		49,563
Telecommunications (0.5%)
Nextel Communications, Inc.–Class A (a)		214,000		5,705
Transportation & Public Utilities (3.3%)
Expeditors International of Washington, Inc.		799,791		39,518
Trucking & Warehousing (4.5%)
United Parcel Service, Inc.–Class B		700,000		52,619
Variety Stores (3.1%)
Wal-Mart Stores, Inc.		700,000		36,932
Total Common Stocks (cost: $981,120)				1,168,937
	Principal		Value
SECURITY LENDING COLLATERAL (10.3%)
Debt (8.5%)
Agency Discount Notes (0.8%)
Fannie Mae
0.96%, due 07/01/2004	$	2,885	$	2,885
Federal Home Loan Bank
0.96%, due 07/01/2004		3,606		3,606
0.99%, due 07/01/2004		1,441		1,441
0.97%, due 07/02/2004		1,803		1,803
Bank Notes (0.2%)
Credit Suisse First Boston (USA), Inc.
1.13%, due 09/08/2004		721		721
Deutsche Bank AG
1.16%, due 10/12/2004		1,803		1,803
Commercial Paper (2.6%)
Compass Securitization–144A
1.25%, due 07/23/2004		2,521		2,521
Falcon Asset Securitization Corp–144A
1.27%, due 07/20/2004		1,800		1,800
General Electric Capital Corporation
1.20%, due 07/19/2004		1,799		1,799

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Transamerica Equity    1

Transamerica Equity

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Principal		Value
Commercial Paper (continued)
General Electric Capital Corporation
1.21%, due 07/22/2004	$	1,442	$	1,442
1.22%, due 07/23/2004		1,442		1,442
1.23%, due 07/26/2004		1,803		1,803
1.22%, due 08/04/2004		3,599		3,599
Govco Incorporated–144A
1.25%, due 08/02/2004		721		721
Greyhawk Funding LLC–144A
1.12%, due 07/13/2004		1,439		1,439
1.22%, due 07/20/2004		717		717
Jupiter Securitization Corp–144A
1.07%, due 07/02/2004		721		721
Morgan Stanley
1.58%, due 10/22/2004		1,659		1,659
1.58%, due 12/10/2004		4,688		4,688
1.58%, due 03/16/2005		4,544		4,544
Sheffield Receivables–144A
1.24%, due 07/20/2004		1,082		1,082
Euro Dollar Overnight (0.3%)
Bank of Nova Scotia (The)
1.04%, due 07/06/2004		1,803		1,803
Den Danske Bank
1.08%, due 07/02/2004		1,803		1,803
Euro Dollar Terms (2.1%)
Bank of America Corporation
1.08%, due 07/19/2004		721		721
Bank of Montreal
1.20%, due 07/23/2004		366		366
Bank of Nova Scotia (The)
1.20%, due 07/14/2004		1,803		1,803
1.24%, due 07/23/2004		361		361
Bank of the West Inc.
1.28%, due 07/28/2004		721		721
Branch Banking & Trust
1.08%, due 07/14/2004		361		361
Calyon
1.16%, due 07/15/2004		6,852		6,852
1.17%, due 08/04/2004		1,082		1,082
1.34%, due 08/24/2004		2,524		2,524
Fortis Bank
1.19%, due 07/14/2004		361		361
1.29%, due 09/03/2004		721		721

	Principal		Value
Euro Dollar Terms (continued)
HBOS PLC
1.30%, due 09/03/2004	$	721	$	721
Royal Bank of Canada
1.05%, due 07/08/2004		1,082		1,082
Royal Bank of Scotland Group PLC (The)
1.06%, due 07/30/2004		3,246		3,246
Wells Fargo & Company
1.19%, due 07/14/2004		1,442		1,442
1.25%, due 07/23/2004		721		721
1.24%, due 07/26/2004		721		721
Master Notes (0.3%)
Bear Stearns Companies Inc. (The)
1.64%, due 09/08/2004		2,164		2,164
1.64%, due 12/15/2004		1,442		1,442
Repurchase Agreements (2.2%) (c)
Credit Suisse First Boston (USA), Inc. 1.54%, Repurchase Agreement dated 06/30/2004 to be repurchased at $8,438 on 07/01/2004		8,438		8,438
Goldman Sachs Group Inc. (The) 1.54%, Repurchase Agreement dated 06/30/2004 to be repurchased at $3,606 on 07/01/2004		3,606		3,606
Merrill Lynch & Co., Inc. 1.54%, Repurchase Agreement dated 06/30/2004 to be repurchased at $10,927 on 07/01/2004		10,927		10,927
Morgan Stanley 1.58%, Repurchase Agreement dated 06/30/2004 to be repurchased at $3,246 on 07/01/2004		3,246		3,246
	Shares		Value
Investment Companies (1.8%)
Money Market Funds (1.8%)
Merrill Lynch Premier Institutional Fund 1-day yield of 1.17%		2,988,100	$	2,988
Merrimac Cash Fund– Premium Class 1-day yield of 1.11%		18,544,976		18,545
Total Security Lending Collateral (cost: $121,004)				121,004
Total Investment Securities (cost: $1,102,124)			$	1,289,941
SUMMARY:
Investments, at value		109.3%	$	1,289,941
Liabilities in excess of other assets		(9.3)%		(110,178	)
Net assets		100.0%	$	1,179,763

NOTES TO SCHEDULE OF INVESTMENTS:

(a) No dividends were paid during the preceding twelve months.

(b) At June 30, 2004, all or a portion of this security is on loan (see Note 1). The value at June 30, 2004, of all securities on loan is $116,998.

(c) Cash collateral for the Repurchase Agreements, valued at $26,741, that serve as collateral for securities lending are invested in corporate bonds with interest rates and maturity dates ranging from 0.00%-9.88% and 08/01/2004-09/25/2099, respectively.

DEFINITIONS:

144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2004, these securities aggregated $9,001, or 0.76% of the net assets of the Fund.

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Transamerica Equity    2

Transamerica Equity

STATEMENT OF ASSETS AND LIABILITIES

At June 30, 2004

(all amounts except per share amounts in thousands)

(unaudited)

Assets:
Investment securities, at value (cost: $1,102,124) (including securities loaned of $116,998)	$	1,289,941
Cash		85
Receivables:
Investment securities sold		23,028
Interest		4
Dividends		319
Dividend reclaims receivable		1
Other		103
		1,313,481
Liabilities:
Investment securities purchased		11,770
Accounts payable and accrued liabilities:
Management and advisory fees		789
Service fees		2
Payable for collateral for securities on loan		121,004
Other		153
		133,718
Net Assets	$	1,179,763
Net Assets Consist of:
Capital Stock, 275,000 shares authorized ($.01 par value)		624
Additional paid-in capital		996,336
Accumulated net investment loss		(520	)
Accumulated net realized gain (loss) from: Investment securities		(4,494	)
Net unrealized appreciation (depreciation) on: Investment securities		187,817
Net Assets	$	1,179,763
Net Assets by Class:
Initial Class	$	1,172,441
Service Class		7,322
Shares Outstanding:
Initial Class		61,962
Service Class		388
Net Asset Value and Offering Price Per Share:
Initial Class	$	18.92
Service Class		18.87

STATEMENT OF OPERATIONS

For the period ended June 30, 2004

(all amounts in thousands)

(unaudited)

Investment Income:
Interest	$	6
Dividends		2,602
Income from loaned securities–net		43
		2,651
Expenses:
Management and advisory fees		3,031
Printing and shareholder reports		23
Custody fees		30
Administration fees		61
Legal fees		3
Auditing and accounting fees		9
Directors fees		9
Service fees:
Service Class		5
Total expenses		3,171
Net Investment Income (Loss)		(520	)
Net Realized Gain (Loss) from:
Investment securities		43,356
Net Increase (Decrease) in Unrealized Appreciation (Depreciation) on:
Investment securities		2,188
Net Gain (Loss) on Investment Securities		45,544
Net Increase (Decrease) in Net Assets Resulting from Operations	$	45,024

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Transamerica Equity    3

Transamerica Equity

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended

(all amounts in thousands)

	June 30, 2004 (unaudited)			December 31, 2003
Increase (Decrease) In Net Assets From:
Operations:
Net investment income (loss)	$	(520	)	$	(569	)
Net realized gain (loss) from investment securities		43,356			(3,824	)
Net unrealized appreciation (depreciation) on investment securities		2,188			152,201
		45,024			147,808
Distributions to Shareholders:
From net investment income:
Initial Class		–			–
Service Class		–			–
		–			–
From net realized gains:
Initial Class		–			–
Service Class		–			–
		–			–
Capital Share Transactions:
Proceeds from shares sold:
Initial Class		28,553			176,766
Service Class		4,562			1,563
		33,115			178,329
Proceeds from fund acquisition:
Initial Class		518,286			4,995
Service Class		1,374			–
		519,660			4,995
Dividends and distributions reinvested:
Initial Class		–			–
Service Class		–			–
		–			–
Cost of shares redeemed:
Initial Class		(59,404	)		(59,107	)
Service Class		(787	)		(86	)
		(60,191	)		(59,193	)
		492,584			124,131
Net Increase (decrease) in net assets		537,608			271,939
Net Assets:
Beginning of period		642,155			370,216
End of period	$	1,179,763		$	642,155
Accumulated Net Investment Loss	$	(520	)	$	–

	June 30, 2004 (unaudited)		December 31, 2003
Share Activity:
Shares issued:
Initial Class	1,530		12,164
Service Class	268		94
	1,798		12,258
Shares issued – on fund acquisition:
Initial Class	28,129		340
Service Class	74		–
	28,203		340
Shares issued–reinvested from distributions:
Initial Class	–		–
Service Class	–		–
	–		–
Shares redeemed:
Initial Class	(3,233	)	(3,907	)
Service Class	(43	)	(5	)
	(3,276	)	(3,912	)
Net Increase (decrease) in shares outstanding:
Initial Class	26,426		8,597
Service Class	299		89
	26,725		8,686

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Transamerica Equity    4

Transamerica Equity

FINANCIAL HIGHLIGHTS

(unaudited for the period ended June 30, 2004)

	For the Period Ended (b)	For a share outstanding throughout each period (a)
		Net Asset Value, Beginning of Period		Investment Operations									Distributions								Net Asset Value, End of Period
				Net Investment Income (Loss)			Net Realized and Unrealized Gain (Loss)			Total Operations			From Net Investment Income		From Net Realized Gains			Total Distributions
Initial Class	06/30/2004	$	18.03	$	(0.01	)	$	0.90		$	0.89		$	–	$	–		$	–		$	18.92
	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
	12/31/2000		26.61		(0.14	)		(2.23	)		(2.37	)		–		(2.46	)		(2.46	)		21.78
	12/31/1999		19.36		(0.09	)		7.40			7.31			–		(0.06	)		(0.06	)		26.61
Service Class	06/30/2004		17.99		(0.04	)		0.92			0.88			–		–			–			18.87
	12/31/2003		14.68		(0.04	)		3.35			3.31			–		–			–			17.99

	For the Period Ended (b)	Total Return (c)(g)		Ratios/Supplemental Data
				Net Assets, End of Period (000’s)		Ratio of Expenses to Average Net Assets (f)				Net Investment Income (Loss) to Average Net Assets (f)		Portfolio Turnover Rate (g)
						Net (d)		Total (e)
Initial Class	06/30/2004	4.94	%	$	1,172,441	0.78	%	0.78	%	(0.13	)%	51	%
	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
	12/31/2000	(9.69	)		254,920	0.85		0.86		(0.60	)	38
	12/31/1999	37.79			238,655	0.85		0.90		(0.49	)	29
Service Class	06/30/2004	4.89			7,322	1.03		1.03		(0.38	)	51
	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) The inception dates of the Fund’s share classes are as follows:

Initial Class – November 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) For the period ended June 30, 2004 and the year ended December 31, 2003, Ratio of Net Expenses to Average Net Assets is net of fee waivers by the investment advisor, 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 and prior years, Ratio of Net Expenses to Average Net Assets is net of fees paid indirectly and credits allowed by the custodian, if any. (see note 2).

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

(f) Annualized.

(g) Not annualized for periods of less than one year.

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Transamerica Equity     5

Transamerica Equity

NOTES TO FINANCIAL STATEMENTS

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

The AEGON/Transamerica Series Fund, Inc. (“ATSF”) is a Maryland corporation registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. ATSF serves as a funding vehicle for variable life insurance, variable annuity and group annuity products. Transamerica Equity (“the Fund”), part of ATSF, began operations as Growth Portfolio, a part of Transamerica Variable Insurance Fund on November 1, 1996. The Growth Portfolio was the successor to Transamerica Occidental’s Separate Account Fund C. The Fund became part of ATSF on May 1, 2002.

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 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. 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 and warranties, which 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.

See the Prospectus and Statement of Additional Information for a description of the Fund’s investment objective.

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 policies were consistently followed by the Fund, in accordance with GAAP.

Multiple class operations 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.

Pricing of shares: The Fund prices its shares on the basis of the net asset value of each class of shares of the Fund, which is determined as of the close of the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern Time) on each day on which the NYSE is open for trading (other than a day on which there are insufficient changes in the value of the Fund’s portfolio securities to materially affect the Fund’s net asset value or a day on which no shares are tendered for redemption and no order to purchase any shares is received).

Security valuations: Fund investments traded on an exchange are valued at the closing price on the day of valuation on the 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 by independent pricing services; 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 also are valued at fair market value as determined in good faith using guidelines established by and under the supervision of the Board of Directors, and the Fund’s Valuation Committee. These guidelines may include: the type of security; any restrictions on its resale; financial or business news of the issuer; similar or related securities that are actively trading; related corporate actions; and other significant events occurring after the close of trading in the security.

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 June 30, 2004, was paying an interest rate of 0.75%.

Repurchase agreements: The Fund is authorized to enter into repurchase agreements. The Fund, through 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. Repurchase agreements involve the risk that the seller will fail to repurchase the security, as agreed. In that case, 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 are incurred.

Directed brokerage: 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 ATSF has established a Directed Brokerage Program. A Directed Brokerage 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

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

Transamerica Equity    6

Transamerica Equity

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1–(continued)

borne by any other funds within ATSF, or by any other party. Directed commissions for the period ended June 30, 2004, of $97 are included in net realized gains in the Statement of Operations.

Securities lending: The Fund may lend securities to enhance fund earnings from investing cash collateral received in making such loans to qualified borrowers (typically broker/dealers). The Fund has engaged

its custodian bank, IBT, as a lending agent to administer its securities lending program. IBT earned $18 of program net income for its services. When the Fund makes a security loan, it receives cash collateral as protection against the risk that the borrower will default on the loan, and records an asset for the cash invested collateral and a liability for the return of the collateral.

Loans of securities are required to be secured by collateral at least equal to 102% of the value of the securities at inception of the loan, and not less then 100% thereafter. The Fund may invest cash collateral in short-term money market instruments including: U.S. Treasury Bills, U.S. agency obligations, commercial paper, money market mutual funds, repurchase agreements and other highly rated, liquid investments. During the life of securities loans, the collateral and securities loaned remain subject to fluctuation in value. IBT marks to market securities loaned and the collateral each business day. If additional collateral is due (at least $1), IBT collects additional cash collateral from the borrowers. Although securities loaned will be fully collateralized at all times, IBT may experience delays in, or may be prevented from, recovering the collateral on behalf of the Fund. The Fund may recall a loaned security position at any time from the borrower through IBT. In the event the borrower fails to timely return a recalled security, IBT may indemnify the Fund by purchasing replacement securities for the Fund at its own expense and claiming the collateral to fund such a purchase. IBT absorbs the loss if the collateral value is not sufficient to cover the cost of the replacement securities. If replacement securities are not available, IBT will credit the equivalent cash value to the Fund.

While a security is on loan, the Fund does not have the right to vote that security. However, if time permits, the Fund will attempt to recall a security on loan and vote the proxy.

Income from securities lending is included in the Statement of Operations. The amount of collateral and value of securities on loan are included in the Statement of Assets and Liabilities as well as in the Schedule of Investments.

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 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: Dividend 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

AEGON/Transamerica Fund Advisers, Inc. (“ATFA”) is the Fund’s investment adviser. AEGON/Transamerica Fund Services, Inc. (“ATFS”) is the Fund’s administrator and transfer agent. AFSG Securities Corp. (“AFSG”) is the Fund’s distributor. AFSG is 100% owned by AUSA Holding Company (“AUSA”). ATFA is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) (“WRL”) and AUSA (22%). ATFS is a wholly owned subsidiary of WRL. AUSA and WRL are wholly owned indirect subsidiaries of AEGON NV, a Netherlands corporation.

Certain officers and directors of the Fund are also officers and/or directors of ATFA, ATFS, AFSG and WRL. No affiliated officer or director receives any compensation directly from the Fund.

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 mutual funds (i.e., through the asset allocation funds):

	Net Assets		% of Net Assets
Asset Allocation–Conservative Portfolio	$	13,625	1	%
Asset Allocation–Growth Portfolio		41,569	4	%
Asset Allocation–Moderate Growth Portfolio		90,329	8	%
Asset Allocation–Moderate Portfolio		77,641	7	%
Select + Aggressive		50	0	%
Select + Growth & Income		348	0	%
Total	$	223,562	20	%

Investment advisory fees: The Fund pays management fees to ATFA based on average daily net assets (“ANA”) at the following breakpoints:

From January 1, 2004 to April 30, 2004:

0.75% of ANA

From May 1, 2004 on:

0.75% of first $1 billion of ANA

0.725% of ANA over $1 billion

The actual advisory fee accrued for the six-month period ended June 30, 2004, per average net assets is 0.75%.

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

Transamerica Equity    7

Transamerica Equity

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  2–(continued)

ATFA 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 limitations 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 are no amounts subject to recapture at June 30, 2004.

Distribution and service fees: The Fund adopted a distribution plan (“Distribution Plan”) pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended. Pursuant to the Distribution Plan, ATSF entered into a Distribution Agreement with AFSG effective May 1, 1999.

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 ATSF 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, 2005. 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 ATFS for financial and legal fund administration services, which includes such items as compliance, expenses, financial statements and other reporting, distributions, tax returns, prospectus preparation, board of directors meeting support, transfer agency and other legal matters. The Legal fees on the Statement of Operations are for fees paid to external legal counsel. The Fund paid ATFS $61 for Administration fees for the period ended June 30, 2004.

Deferred compensation plan: Each eligible Fund Director may elect participation in the Deferred Compensation Plan for Directors of ATSF (“the Plan”). Under the Plan, such Directors may defer payment of a percentage of their total fees earned as a Fund Director. These deferred amounts may be invested in any portfolio of Transamerica IDEX Mutual Funds, an affiliate of the Fund. At June 30, 2004, the value of invested plan amounts was $45. Invested plan amounts and the total liability for deferred compensation to the Directors under the Plan at June 30, 2004, are included in Net assets in the accompanying Statement of Assets and Liabilities.

NOTE  3. INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the period ended June 30, 2004, were as follows:

Purchases of securities:
Long-Term excluding U.S. Government	$	409,530
U.S. Government		–
Proceeds from maturities and sales of securities:
Long-Term excluding U.S. Government		407,117
U.S. Government		–

NOTE  4. FEDERAL INCOME TAX MATTERS

The Fund has not made any provision for federal income 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 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 treatments for items including, but not limited to, wash sales, net operating losses and capital loss carryforwards.

The capital loss carryforwards are available to offset future realized capital gains through the periods listed:

Capital Loss Carryforward	Available through
$21,334	December 31, 2009
18,009	December 31, 2010
6,834	December 31, 2011

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of June 30, 2004, are as follows:

Federal Tax Cost Basis	$	1,104,161
Unrealized Appreciation	$	197,726
Unrealized (Depreciation)		(11,946	)
Net Unrealized Appreciation (Depreciation)	$	185,780

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

Transamerica Equity    8

Transamerica Equity

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  5. OTHER MATTERS

ATSF, and certain of its affiliated entities, have received requests for information from the Staff of the Securities and Exchange Commission in connection with market timing and late trading within the funds. ATSF and the affiliated entities have voluntarily cooperated in the investigation and have been providing the information as requested.

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

Transamerica Equity    9

AEGON/TRANSAMERICA SERIES FUND, INC.

RESULTS OF SHAREHOLDER PROXY (unaudited)

Section 270.30d-1 under the Investment Company Act of 1940, as amended, titled “Reports to Stockholders of Management Companies,” requires regulated investment companies to report on all subject matters put to the vote of shareholders and provide final results. Accordingly, the Board of Directors of the Fund solicited a vote by the shareholders for the following items.

Each vote reported represents one dollar of net asset value held on the record date for the meeting.

Alger Aggressive Growth

At a special meeting of shareholders held on April 27, 2004, the results of Proposal 1 were as follows:

Proposal 1: Approval of an Agreement and Plan of Reorganization providing for the acquisition of all of the assets and liabilities of Alger Aggressive Growth (the “Acquired Fund”) by Transamerica Equity (the “Acquiring Fund”) solely in exchange for shares of Acquiring Fund, followed by the complete liquidation of Acquired Fund.

For	Against	Abstain
89.63%	3.00%	7.37%

BlackRock Mid Cap Growth

At a special meeting of shareholders held on April 27, 2004, the results of Proposal 1 were as follows:

Proposal 1: Approval of an Agreement and Plan of Reorganization providing for the acquisition of all of the assets and liabilities of BlackRock Mid Cap Growth (the “Acquired Fund”) by Transamerica Equity (the “Acquiring Fund”) solely in exchange for shares of Acquiring Fund, followed by the complete liquidation of Acquired Fund.

For	Against	Abstain
89.55%	1.67%	8.78%

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

Transamerica Equity    10

Transamerica Equity II

SCHEDULE OF INVESTMENTS

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Shares	Value
COMMON STOCKS (100.1%)
Apparel & Accessory Stores (2.2%)
TJX Companies, Inc. (The)	80,000	$	1,931
Business Services (9.0%)
First Data Corporation	100,000		4,452
Moody’s Corporation	55,000		3,556
Chemicals & Allied Products (3.6%)
Praxair, Inc.	80,000		3,192
Commercial Banks (5.3%)
Northern Trust Corporation	60,000		2,537
State Street Corporation	45,000		2,207
Communication (13.3%)
Cox Communications, Inc.–Class A (a)	105,000		2,918
Echostar Communications Corporation–Class A (a)	105,000		3,229
Liberty Media Corporation–Class A (a)	231,500		2,081
Liberty Media International, Inc.–Class A (a)	18,250		677
XM Satellite Radio Holdings Inc.–Class A (a)	107,500		2,933
Communications Equipment (6.2%)
QUALCOMM Incorporated	75,000		5,474
Computer & Data Processing Services (4.0%)
Microsoft Corporation	125,000		3,570
Computer & Office Equipment (2.0%)
SanDisk Corporation (a)	81,500		1,768
Drug Stores & Proprietary Stores (2.9%)
Walgreen Co.	70,000		2,535
Electronic Components & Accessories (1.7%)
Intel Corporation	55,000		1,518
Fabricated Metal Products (3.8%)
Gillette Company (The)	80,000		3,392

	Shares	Value
Hotels & Other Lodging Places (2.8%)
Marriott International, Inc.–Class A	50,000	$	2,494
Insurance (5.0%)
WellPoint Health Networks Inc. (a)	40,000		4,480
Management Services (3.3%)
Paychex, Inc.	87,500		2,964
Medical Instruments & Supplies (4.0%)
Zimmer Holdings, Inc. (a)	40,000		3,528
Personal Services (3.1%)
Weight Watchers International, Inc. (a)	70,000		2,740
Pharmaceuticals (11.2%)
Allergan, Inc.	45,000		4,028
Genentech, Inc. (a)	68,000		3,822
Pfizer Inc.	60,000		2,057
Retail Trade (4.5%)
Staples, Inc.	135,000		3,957
Transportation & Public Utilities (5.0%)
Expeditors International of Washington, Inc.	90,000		4,447
Trucking & Warehousing (4.2%)
United Parcel Service, Inc.–Class B	50,000		3,759
Variety Stores (3.0%)
Wal-Mart Stores, Inc.	50,000		2,638
Total Common Stocks (cost: $69,072)			88,884
Total Investment Securities (cost: $69,072)		$	88,884
SUMMARY:
Investments, at value	100.1%	$	88,884
Liabilities in excess of other assets	(0.1)%		(49	)
Net assets	100.0%	$	88,835

NOTES TO SCHEDULE OF INVESTMENTS:

(a) No dividends were paid during the preceding twelve months.

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Transamerica Equity II    1

Transamerica Equity II

STATEMENT OF ASSETS AND LIABILITIES

At June 30, 2004

(all amounts except per share amounts in thousands) (unaudited)

Assets:
Investment securities, at value (cost: $69,072)	$	88,884
Cash		126
Receivables:
Investment securities sold		210
Dividends		25
		89,245
Liabilities:
Investment securities purchased		386
Accounts payable and accrued liabilities:
Management and advisory fees		19
Other		5
		410
Net Assets	$	88,835
Net Assets Consist of:
Capital stock, 75,000 shares authorized ($.01 par value)	$	84
Additional paid-in capital		66,787
Undistributed net investment income		135
Undistributed net realized gain (loss) from:
Investment securities		2,017
Net unrealized appreciation (depreciation) on:
Investment securities		19,812
Net Assets	$	88,835
Shares Outstanding		8,429
Net Asset Value and Offering Price Per Share	$	10.54

STATEMENT OF OPERATIONS

For the period ended June 30, 2004

(all amounts in thousands)

(unaudited)

Investment Income:
Interest	$	1
Dividends		264
		265
Expenses:
Management and advisory fees		129
Printing and shareholder reports		3
Custody fees		5
Administration fees		7
Auditing and accounting fees		6
Directors fees		1
Total expenses		151
Less:
Advisory fee waiver		(21	)
Net expenses		130
Net Investment Income (Loss)		135
Net Realized Gain (Loss) from:
Investment securities		2,017
Net Increase (Decrease) in Unrealized Appreciation (Depreciation) on:
Investment securities		2,266
Net Gain (Loss) on Investment Securities		4,283
Net Increase (Decrease) in Net Assets Resulting from Operations	$	4,418

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Transamerica Equity II    2

Transamerica Equity II

STATEMENTS OF CHANGES IN NET ASSETS

For the period or year ended

(all amounts in thousands)

	June 30, 2004 (unaudited)			December 31, 2003 (a)
Increase (Decrease) In Net Assets From:
Operations:
Net investment income (loss)	$	135		$	(1	)
Net realized gain (loss) from investment securities		2,017			–
Net unrealized appreciation (depreciation) on investment securities		2,266			157
		4,418			156
Distributions to Shareholders:
From net investment income		–			–
From net realized gains		–			–
Capital Share Transactions:
Proceeds from shares sold		42			–
Proceeds from fund conversion		–			85,567
Dividends and distributions reinvested		–			–
Cost of shares redeemed		(1,348	)		–
Net increase (decrease) in net assets		(1,306	)		85,567
		3,112			85,723
Net Assets:
Beginning of period		85,723			–
End of period	$	88,835		$	85,723
Undistributed Net Investment Income	$	135			–

	June 30, 2004 (unaudited)		December 31, 2003 (a)
Share Activity:
Shares issued	4		–
Shares issued–fund conversion			8,557
Shares issued–reinvested from distributions	–		–
Shares redeemed	(132	)	–
Net increase (decrease) in shares outstanding	(128	)	8,557

(a) Commenced operations on December 30, 2003.

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Transamerica Equity II    3

Transamerica Equity II

FINANCIAL HIGHLIGHTS

(unaudited for the period ended June 30, 2004)

For the Period Ended (b)	For a share outstanding throughout each period (a)
	Net Asset Value, Beginning of Period		Investment Operations							Distributions						Net Asset Value, End of Period
			Net Investment Income (Loss)			Net Realized and Unrealized Gain (Loss)		Total Operations		From Net Investment Income		From Net Realized Gains		Total Distributions
06/30/2004	$	10.02	$	0.02		$	0.50	$	0.52	$	–	$	–	$	–	$	10.54
12/31/2003		10.00		(0.03	)		0.05		0.02		–		–		–		10.02

For the Period Ended (b)	Total Return (c)(g)		Ratios/Supplemental Data
			Net Assets, End of Period (000’s)		Ratio of Expenses to Average Net Assets (f)				Net Investment Income (Loss) to Average Net Assets (f)		Portfolio Turnover Rate (g)
					Net (d)		Total (e)
06/30/2004	5.19	%	$	88,835	0.30	%	0.35	%	0.31	%	6	%
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 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 fee waivers by the investment adviser, if any (see note 2).

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

(f) Annualized.

(g) Not annualized for periods of less than one year.

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Transamerica Equity II     4

Transamerica Equity II

NOTES TO FINANCIAL STATEMENTS

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

The AEGON/Transamerica Series Fund, Inc. (“ATSF”) is a Maryland corporation registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. ATSF serves as a funding vehicle for variable life insurance, variable annuity and group annuity products. Transamerica Equity II (“the Fund”), part of ATSF, began operations on December 30, 2003.

On December 30, 2003, all investments held by Transamerica Occidental’s Separate Account Fund B (the “Separate Account”) with a fair value of $84,492 and a cost basis of $67,103 were transferred to the Fund. In exchange for these investments, the Separate Account received all of the outstanding shares (8,557) of the Fund. Thereafter, the Separate Account’s only investment is an investment in the Fund.

In the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties, which 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.

See the Prospectus and Statement of Additional Information for a description of the Fund’s investment objective.

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 policies were consistently followed by the Fund, in accordance with GAAP.

Pricing of shares: The Fund prices its shares on the basis of the net asset value of the Fund, which is determined as of the close of the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern Time) on each day on which the NYSE is open for trading (other than a day on which there are insufficient changes in the value of the Fund’s portfolio securities to materially affect the Fund’s net asset value or a day on which no shares are tendered for redemption and no order to purchase any shares is received).

Security valuations: Fund investments traded on an exchange are valued at the closing price on the day of valuation on the 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 also are valued at fair market value as determined in good faith using guidelines established by and under the supervision of the Board of Directors and the Fund’s Valuation Committee. These guidelines may include: the type of security; any restrictions on its resale; financial or business news of the issuer; similar or related securities that are actively trading; related corporate actions; and other significant events occurring after the close of trading in the security.

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 June 30, 2004, was paying an interest rate of 0.75%.

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 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.

While a security is on loan, the Fund does not have the right to vote that security. However, if time permits, the Fund will attempt to recall a security on loan and vote the proxy.

Dividend distributions: Dividend 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

AEGON/Transamerica Fund Advisers, Inc. (“ATFA”) is the Fund’s investment adviser. AEGON/Transamerica Fund Services, Inc. (“ATFS”) is the Fund’s administrator and transfer agent. AFSG Securities Corp. (“AFSG”) is the Fund’s distributor. AFSG is 100% owned by AUSA Holding Company (“AUSA”). ATFA is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) (“WRL”) and AUSA (22%). ATFS is a wholly owned subsidiary of WRL. AUSA and WRL are wholly owned indirect subsidiaries 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 directors of the Fund are also officers and/or directors of ATFA, ATFS, AFSG and WRL. No affiliated officer or director receives any compensation directly from the Fund.

Investment advisory fees: The Fund pays management fees to ATFA based on average daily net assets (“ANA”) at the following rate:

0.30% of ANA

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

Transamerica Equity II    5

Transamerica Equity II

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  2–(continued)

ATFA 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 limitations 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 are no amounts subject to recapture at June 30, 2004.

Distribution and service fees: The Fund adopted a distribution plan (“Distribution Plan”) pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended. Pursuant to the Distribution Plan, ATSF entered into a Distribution Agreement with AFSG effective May 1, 1999.

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 the 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 before April 30, 2005. 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 ATFS for financial and legal fund administration services, which includes such items as compliance, expenses, financial statements and other reporting, distributions, tax returns, prospectus preparation, board of directors meeting support, transfer agency and other legal matters. The Legal fees on the Statement of Operations are for fees paid to external legal counsel. The Fund paid ATFS $7 for Administration fees for the period ended June 30, 2004.

Deferred compensation plan: Each eligible Fund Director may elect participation in the Deferred Compensation Plan for Directors of ATSF (“the Plan”). Under the Plan, such Directors may defer payment of a percentage of their total fees earned as a Fund Director. These deferred amounts may be invested in any portfolio of Transamerica IDEX Mutual Funds, an affiliate of the Fund. At June 30, 2004, the value of invested plan amounts was $3. Invested plan amounts and the total liability for deferred compensation to the Directors under the Plan at June 30, 2004, are included in Net assets in the accompanying Statement of Assets and Liabilities.

NOTE  3. INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the period ended June 30, 2004, were as follows:

Purchases of securities:
Long-Term excluding U.S. Government	$	5,449
U.S. Government		–
Proceeds from maturities and sales of securities:
Long-Term excluding U.S. Government		5,498
U.S. Government		–

NOTE  4. FEDERAL INCOME TAX MATTERS

The Fund has not made any provision for federal income 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 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 treatments for items including, but not limited to, wash sales and net operating losses.

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of June 30, 2004, are as follows:

Federal Tax Cost Basis	$	69,071
Unrealized Appreciation	$	22,867
Unrealized (Depreciation)		(3,054	)
Net Unrealized Appreciation (Depreciation)	$	19,813

NOTE  5. OTHER MATTERS

ATSF, and certain of its affiliated entities, have received requests for information from the Staff of the Securities and Exchange Commission in connection with market timing and late trading within the funds. ATSF and the affiliated entities have voluntarily cooperated in the investigation and have been providing the information as requested.

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

Transamerica Equity II    6

Transamerica Growth Opportunities

SCHEDULE OF INVESTMENTS

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Shares	Value
COMMON STOCKS (99.8%)
Amusement & Recreation Services (0.3%)
Mandalay Resort Group	17,800	$	1,222
Apparel & Accessory Stores (0.6%)
AnnTaylor, Inc. (a)	48,000		1,391
Ross Stores, Inc.	35,100		939
Automotive (4.0%)
Gentex Corporation (b)	404,500		16,051
Business Credit Institutions (3.6%)
Financial Federal Corporation (a)(b)	405,100		14,284
Business Services (2.8%)
Moody’s Corporation	169,000		10,928
Communication (2.8%)
Global Payments Inc. (b)	244,000		10,985
Computer & Data Processing Services (15.7%)
GTECH Holdings Corporation	345,000		15,977
Network Associates, Inc. (a)	511,000		9,264
RealNetworks, Inc. (a)	2,699,999		18,468
SkillSoft PLC–ADR (a)	2,480,500		18,852
Computer & Office Equipment (0.2%)
Polycom, Inc. (a)	31,400		704
Drug Stores & Proprietary Stores (0.6%)
Omnicare, Inc.	54,500		2,333
Educational Services (4.6%)
DeVRY Inc. (a)(b)	660,000		18,097
Electronic & Other Electric Equipment (5.6%)
Gemstar-TV Guide International, Inc. (a)	4,350,000		20,880
Harman International Industries, Incorporated	18,200		1,656
Environmental Services (0.4%)
Stericycle, Inc. (a)	33,400		1,728
Health Services (0.2%)
Lincare Holdings Inc. (a)	25,100		825
Industrial Machinery & Equipment (3.1%)
Graco Inc.	280,500		8,710
Zebra Technologies Corporation–Class A (a)	42,600		3,706
Leather & Leather Products (0.8%)
Coach, Inc. (a)	66,700		3,014
Management Services (4.8%)
ServiceMaster Company (The)	1,550,500		19,102
Medical Instruments & Supplies (1.2%)
DENTSPLY International Inc.	32,900		1,714
Varian Medical Systems, Inc. (a)	36,300		2,880
Oil & Gas Extraction (4.4%)
EOG Resources, Inc.	290,000		17,315

	Shares		Value
Paper & Allied Products (2.0%)
Pactiv Corporation (a)		319,000	$	7,956
Paperboard Containers & Boxes (4.3%)
Packaging Corporation of America (b)		714,400		17,074
Personal Services (5.4%)
Weight Watchers International, Inc. (a)(b)		555,000		21,723
Pharmaceuticals (5.2%)
Techne Corporation (a)		473,000		20,552
Radio, Television & Computer Stores (5.0%)
RadioShack Corporation (b)		690,000		19,755
Restaurants (5.1%)
Applebee’s International, Inc.		54,750		1,260
Cheesecake Factory Incorporated (The) (a)		28,600		1,138
Darden Restaurants, Inc.		15,800		325
IHOP Corp. (b)		491,500		17,575
Retail Trade (1.7%)
CDW Corporation		35,000		2,232
PETCO Animal Supplies, Inc. (a)		41,000		1,321
PETsMART, Inc. (b)		44,500		1,444
Schein (Henry), Inc. (a)		25,000		1,579
Security & Commodity Brokers (4.3%)
BlackRock, Inc.		252,600		16,123
Investors Financial Services Corp.		18,100		789
Transportation & Public Utilities (10.2%)
C.H. Robinson Worldwide, Inc.		459,999		21,086
Expeditors International of Washington, Inc.		400,000		19,764
Variety Stores (0.9%)
Tuesday Morning Corporation (a)		119,200		3,457
Total Common Stocks (cost: $332,334)				396,178
	Principal		Value
SECURITY LENDING COLLATERAL (14.9%)
Debt (12.3%)
Agency Discount Notes (1.2%)
Fannie Mae
0.96%, due 07/01/2004	$	1,408	$	1,408
Federal Home Loan Bank
0.96%, due 07/01/2004		1,761		1,761
0.99%, due 07/01/2004		704		704
0.97%, due 07/02/2004		880		880
Bank Notes (0.3%)
Credit Suisse First Boston (USA), Inc.
1.13%, due 09/08/2004		352		352
Deutsche Bank AG
1.16%, due 10/12/2004		880		880

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Transamerica Growth Opportunities    1

Transamerica Growth Opportunities

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Principal		Value
Commercial Paper (3.8%)
Compass Securitization–144A
1.25%, due 07/23/2004	$	1,230	$	1,230
Falcon Asset Securitization Corp–144A
1.27%, due 07/20/2004		879		879
General Electric Capital Corporation
1.20%, due 07/19/2004		878		878
1.21%, due 07/22/2004		704		704
1.22%, due 07/23/2004		704		704
1.23%, due 07/26/2004		880		880
1.22%, due 08/04/2004		1,757		1,757
Govco Incorporated–144A
1.25%, due 08/02/2004		352		352
Greyhawk Funding LLC–144A
1.12%, due 07/13/2004		702		702
1.22%, due 07/20/2004		350		350
Jupiter Securitization Corp–144A
1.07%, due 07/02/2004		352		352
Morgan Stanley
1.58%, due 10/22/2004		810		810
1.58%, due 12/10/2004		2,290		2,290
1.58%, due 03/16/2005		2,219		2,219
Sheffield Receivables–144A
1.24%, due 07/20/2004		528		528
Euro Dollar Overnight (0.4%)
Bank of Nova Scotia (The)
1.04%, due 07/06/2004		880		880
Den Danske Bank
1.08%, due 07/02/2004		880		880
Euro Dollar Terms (2.9%)
Bank of America Corporation
1.08%, due 07/19/2004		352		352
Bank of Montreal
1.20%, due 07/23/2004		178		178
Bank of Nova Scotia (The)
1.20%, due 07/14/2004		880		880
1.24%, due 07/23/2004		176		176
Bank of the West Inc.
1.28%, due 07/28/2004		352		352
Branch Banking & Trust
1.08%, due 07/14/2004		176		176
Calyon
1.16%, due 07/15/2004		3,346		3,346
1.17%, due 08/04/2004		528		528
1.34%, due 08/24/2004		1,232		1,232
Fortis Bank
1.19%, due 07/14/2004		176		176
1.29%, due 09/03/2004		352		352

	Principal		Value
Euro Dollar Terms (continued)
HBOS PLC
1.30%, due 09/03/2004	$	352	$	352
Royal Bank of Canada
1.05%, due 07/08/2004		528		528
Royal Bank of Scotland Group PLC (The)
1.06%, due 07/30/2004		1,584		1,584
Wells Fargo & Company
1.19%, due 07/14/2004		704		704
1.25%, due 07/23/2004		352		352
1.24%, due 07/26/2004		352		352
Master Notes (0.4%)
Bear Stearns Companies Inc. (The)
1.64%, due 09/08/2004		1,056		1,056
1.64%, due 12/15/2004		704		704
Repurchase Agreements (3.3%) (c)
Credit Suisse First Boston (USA), Inc.
1.54% Repurchase Agreement dated 06/30/2004 to be repurchased at $4,120 on 07/01/2004		4,120		4,120
Goldman Sachs Group Inc. (The)
1.54% Repurchase Agreement dated 06/30/2004 to be repurchased at $1,760 on 07/01/2004		1,760		1,760
Merrill Lynch & Co., Inc.
1.54% Repurchase Agreement dated 06/30/2004 to be repurchased at $5,335 on 07/01/2004		5,335		5,335
Morgan Stanley
1.58% Repurchase Agreement dated 06/30/2004 to be repurchased at $1,584 on 07/01/2004		1,584		1,584
	Shares		Value
Investment Companies (2.6%)
Money Market Funds (2.6%)
Merrill Lynch Premier Institutional Fund
1-day yield of 1.17%		1,458,707	$	1,459
Merrimac Cash Fund– Premium Class
1-day yield of 1.11%		9,053,140		9,053
Total Security Lending Collateral (cost: $59,071)				59,071
Total Investment Securities (cost: $391,405)			$	455,249
SUMMARY:
Investments, at value		114.7 %	$	455,249
Liabilities in excess of other assets		(14.7)%		(58,216	)
Net assets		100.0 %	$	397,033

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Transamerica Growth Opportunities    2

Transamerica Growth Opportunities

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

NOTES TO SCHEDULE OF INVESTMENTS:

(a) No dividends were paid during the preceding twelve months.

(b) At June 30, 2004, all or a portion of this security is on loan (see Note 1). The value at June 30, 2004, of all securities on loan is $57,494.

(c) Cash collateral for the Repurchase Agreements, valued at $13,054, that serve as collateral for securities lending are invested in corporate bonds with interest rates and maturity dates ranging from 0.00%–9.88% and 08/01/2004–09/25/2099, respectively.

DEFINITIONS:

ADR American Depositary Receipt

144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2004, these securities aggregated $4,393 or 1.11% of the net assets of the Fund.

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Transamerica Growth Opportunities    3

Transamerica Growth Opportunities

STATEMENT OF ASSETS AND LIABILITIES

At June 30, 2004

(all amounts except per share amounts in thousands)

(unaudited)

Assets:
Investment securities, at value (cost: $ 391,405 ) (including securities loaned of $57,494)	$	455,249
Cash		5,400
Receivables:
Interest		2
Dividends		237
Other		50
		460,938
Liabilities:
Investment securities purchased		4,489
Accounts payable and accrued liabilities:
Management and advisory fees		285
Service fees		1
Payable for collateral for securities on loan		59,071
Other		59
		63,905
Net Assets	$	397,033
Net Assets Consist of:
Capital Stock, 100,000 shares authorized ($.01 par value)	$	293
Additional paid-in capital		307,043
Undistributed net investment income		189
Undistributed net realized gain (loss) from:
Investment securities		25,664
Net unrealized appreciation (depreciation) on: Investment securities		63,844
Net Assets	$	397,033
Net Assets by Class:
Initial Class	$	393,115
Service Class		3,918
Shares Outstanding:
Initial Class		29,040
Service Class		290
Net Asset Value and Offering Price Per Share:
Initial Class	$	13.54
Service Class		13.51

STATEMENT OF OPERATIONS

For the period ended June 30, 2004

(all amounts in thousands)

(unaudited)

Investment Income:
Interest	$	25
Dividends		1,430
Income from loaned securities–net		20
		1,475
Expenses:
Management and advisory fees		1,230
Printing and shareholder reports		6
Custody fees		14
Administration fees		22
Legal fees		1
Auditing and accounting fees		7
Directors fees		3
Service fees:
Service Class		3
Total expenses		1,286
Net Investment Income (Loss)		189
Net Realized Gain (Loss) from:
Investment securities		27,252
Net Increase (Decrease) in Unrealized Appreciation (Depreciation) on:
Investment securities		(7,786	)
Net Gain (Loss) on Investment Securities		19,466
Net Increase (Decrease) in Net Assets Resulting from Operations	$	19,655

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Transamerica Growth Opportunities    4

Transamerica Growth Opportunities

STATEMENTS OF CHANGES IN NET ASSETS

For the period or year ended

(all amounts in thousands)

	June 30, 2004 (unaudited)			December 31, 2003
Increase (Decrease) In Net Assets From:
Operations:
Net investment income (loss)	$	189		$	(282	)
Net realized gain (loss) from investment securities		27,252			208
Net unrealized appreciation (depreciation) on investment securities		(7,786	)		52,546
		19,655			52,472
Distributions to Shareholders:
From net investment income:
Initial Class		–			–
Service Class		–			–
		–			–
From net realized gains:
Initial Class		–			–
Service Class		–			–
		–			–
Capital Share Transactions:
Proceeds from shares sold:
Initial Class		35,121			109,571
Service Class		3,184			581
		38,305			110,152
Proceeds from fund acquisition:
Initial Class		134,327			–
Service Class		558			–
		134,885			–
Dividends and distributions reinvested:
Initial Class		–			–
Service Class		–			–
		–			–
Cost of shares redeemed:
Initial Class		(38,311	)		(15,160	)
Service Class		(553	)		(25	)
		(38,864	)		(15,185	)
		134,326			94,967
Net increase (decrease) in net assets		153,981			147,439
Net Assets:
Beginning of period		243,052			95,613
End of period	$	397,033		$	243,052
Undistributed Net Investment Income	$	189		$	–

	June 30, 2004 (unaudited)		December 31, 2003
Share Activity:
Shares issued:
Initial Class	2,601		10,754
Service Class	240		51
	2,841		10,805
Shares issued–on fund acquisition:
Initial Class	10,042		–
Service Class	42		–
	10,084		–
Shares issued–reinvested from distributions:
Initial Class	–		–
Service Class	–		–
	–		–
Shares redeemed:
Initial Class	(2,897	)	(1,443	)
Service Class	(41	)	(2	)
	(2,938	)	(1,445	)
Net increase (decrease) in shares outstanding
Initial Class	9,746		9,311
Service Class	241		49
	9,987		9,360

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Transamerica Growth Opportunities    5

Transamerica Growth Opportunities

FINANCIAL HIGHLIGHTS

(unaudited for the period ended June 30, 2004)

	For the Period Ended (b)	For a share outstanding throughout each period (a)
		Net Asset Value, Beginning of Period		Investment Operations									Distributions						Net Asset Value, End of Period
				Net Investment Income (Loss)			Net Realized and Unrealized Gain (Loss)			Total Operations			From Net Investment Income		From Net Realized Gains		Total Distributions
Initial Class	06/30/2004	$	12.57	$	0.01		$	0.96		$	0.97		$	–	$	–	$	–	$	13.54
	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	06/30/2004		12.54		(0.01	)		0.98			0.97			–		–		–		13.51
	12/31/2003		9.87		(0.02	)		2.69			2.67			–		–		–		12.54

	For the Period Ended (b)	Total Return (c)(g)		Ratios/Supplemental Data
				Net Assets, End of Period (000’s)		Ratio of Expenses to Average Net Assets (f)				Net Investment Income (Loss) to Average Net Assets (f)		Portfolio Turnover Rate (g)
						Net (d)		Total (e)
Initial Class	06/30/2004	7.72	%	$	393,115	0.87	%	0.87	%	0.13	%	43	%
	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	06/30/2004	7.74			3,918	1.12		1.12		(0.13	)	43
	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) The inception dates of the Fund’s share classes are 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) Ratio of Net Expenses to Average Net Assets is net of fee waivers 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 for periods of less than one year.

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Transamerica Growth Opportunities     6

Transamerica Growth Opportunities

NOTES TO FINANCIAL STATEMENTS

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

The AEGON/Transamerica Series Fund, Inc. (“ATSF”) is a Maryland corporation registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. ATSF serves as a funding vehicle for variable life insurance, variable annuity and group annuity products. Transamerica Growth Opportunities (“the Fund”), part of ATSF, began operations as Small Company Portfolio, a part of Transamerica Variable Insurance Fund, Inc. on May 2, 2001. The Fund became part of ATSF on May 1, 2002.

On May 3, 2004, the Fund acquired all the net assets of PBHG Mid Cap Growth pursuant to a plan of reorganization approved by shareholders. 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 outstanding on April 30, 2004. PBHG Mid Cap Growth’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 and warranties, which 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.

See the Prospectus and Statement of Additional Information for a description of the Fund’s investment objective.

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 policies were consistently followed by the Fund, in accordance with GAAP.

Multiple class operations 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.

Pricing of shares: The Fund prices its shares on the basis of the net asset value of each class of shares of the Fund, which is determined as of the close of the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern Time) on each day on which the NYSE is open for trading (other than a day on which there are insufficient changes in the value of the Fund’s portfolio securities to materially affect the Fund’s net asset value or a day on which no shares are tendered for redemption and no order to purchase any shares is received).

Security valuations: Fund investments traded on an exchange are valued at the closing price on the day of valuation on the 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 by independent pricing services; 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 also are valued at fair market value as determined in good faith using guidelines established by and under the supervision of the Board of Directors, and the Fund’s Valuation Committee. These guidelines may include: the type of security; any restrictions on its resale; financial or business news of the issuer; similar or related securities that are actively trading; related corporate actions; and other significant events occurring after the close of trading in the security.

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 June 30, 2004, was paying an interest rate of 0.75%.

Repurchase agreements: The Fund is authorized to enter into repurchase agreements. The Fund, through 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. Repurchase agreements involve the risk that the seller will fail to repurchase the security, as agreed. In that case, 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 are incurred.

Securities lending: The Fund may lend securities to enhance fund earnings from investing cash collateral received in making such loans to qualified borrowers (typically broker/dealers). The Fund has engaged

its custodian bank, IBT, as a lending agent to administer its securities lending program. IBT earned $9 of program net income for its services. When the Fund makes a security loan, it receives cash collateral as

protection against the risk that the borrower will default on the loan, and records an asset for the cash invested collateral and a liability for the return of the collateral.

Loans of securities are required to be secured by collateral at least equal to 102% of the value of the securities at inception of the loan, and not less then 100% thereafter. The Fund may invest cash collateral in short-term money market instruments including: U.S. Treasury Bills, U.S.

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

Transamerica Growth Opportunities    7

Transamerica Growth Opportunities

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1–(continued)

agency obligations, commercial paper, money market mutual funds, repurchase agreements and other highly rated, liquid investments. During the life of securities loans, the collateral and securities loaned remain subject to fluctuation in value. IBT marks to market securities loaned and the collateral each business day. If additional collateral is due (at least $1), IBT collects additional cash collateral from the borrowers. Although securities loaned will be fully collateralized at all times, IBT may experience delays in, or may be prevented from, recovering the collateral on behalf of the Fund. The Fund may recall a loaned security position at any time from the borrower through IBT. In the event the borrower fails to timely return a recalled security, IBT may indemnify the Fund by purchasing replacement securities for the Fund at its own expense and claiming the collateral to fund such a purchase. IBT absorbs the loss if the collateral value is not sufficient to cover the cost of the replacement securities. If replacement securities are not available, IBT will credit the equivalent cash value to the Fund.

While a security is on loan, the Fund does not have the right to vote that security. However, if time permits, the Fund will attempt to recall a security on loan and vote the proxy.

Income from securities lending is included in the Statement of Operations. The amount of collateral and value of securities on loan are included in the Statement of Assets and Liabilities as well as in the Schedule of Investments.

Directed brokerage: 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 ATSF has established a Directed Brokerage Program. A Directed Brokerage 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 ATSF, or by any other party. Directed commissions for the period ended June 30, 2004, of $14 are included in net realized gains in the Statement of Operations.

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 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: Dividend 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

AEGON/Transamerica Fund Advisers, Inc. (“ATFA”) is the Fund’s investment adviser. AEGON/Transamerica Fund Services, Inc. (“ATFS”) is the Fund’s administrator and transfer agent. AFSG Securities Corp. (“AFSG”) is the Fund’s distributor. AFSG is 100% owned by AUSA Holding Company (“AUSA”). ATFA is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) (“WRL”)

and AUSA (22%). ATFS is a wholly owned subsidiary of WRL. AUSA and WRL are wholly owned indirect subsidiaries of AEGON NV, a Netherlands corporation.

Certain officers and directors of the Fund are also officers and/or directors of ATFA, ATFS, AFSG and WRL. No affiliated officer or director receives any compensation directly from the Fund.

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 mutual funds (i.e. through the asset allocation funds):

	Net Assets		% of Net Assets
Asset Allocation–Conservative Portfolio	$	15,175	4	%
Asset Allocation–Growth Portfolio		30,612	8	%
Asset Allocation–Moderate Growth Portfolio		62,094	16	%
Asset Allocation–Moderate Portfolio		58,809	15	%
Total	$	166,690	43	%

Investment advisory fees: The Fund pays management fees to ATFA based on average daily net assets (“ANA”) at the following breakpoints:

From January 1, 2004 to April 30, 2004:

0.85% of ANA

From May 1, 2004 on:

0.85% of first $100 million of ANA

0.80% of the next $400 million of ANA

0.75% of ANA over $500 million

The actual advisory fee accrued for the six-month period ended June 30, 2004, per average net assets is 0.84%.

ATFA 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 limitations 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 are no amounts subject to recapture at June 30, 2004.

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

Transamerica Growth Opportunities    8

Transamerica Growth Opportunities

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  2–(continued)

Distribution and service fees: The Fund adopted a distribution plan (“Distribution Plan”) pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended. Pursuant to the Distribution Plan, ATSF entered into a Distribution Agreement with AFSG effective May 1, 1999.

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 ATSF 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, 2005. 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 ATFS for financial and legal fund administration services, which includes such items as compliance, expenses, financial statements and other reporting, distributions, tax returns, prospectus preparation, board of directors meeting support, transfer agency and other legal matters. The Legal fees on the Statement of Operations are for fees paid to external legal counsel. The Fund paid ATFS $22 for Administration fees for the period ended June 30, 2004.

Deferred compensation plan: Each eligible Fund Director may elect participation in the Deferred Compensation Plan for Directors of ATSF (“the Plan”). Under the Plan, such Directors may defer payment of a percentage of their total fees earned as a Fund Director. These deferred amounts may be invested in any portfolio of Transamerica IDEX Mutual Funds, an affiliate of the Fund. At June 30, 2004, the value of invested plan amounts was $15. Invested plan amounts and the total liability for deferred compensation to the Directors under the Plan at June 30, 2004, are included in Net assets in the accompanying Statement of Assets and Liabilities.

NOTE  3. INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the period ended June 30, 2004, were as follows:

Purchases of securities:
Long-Term excluding U.S. Government	$	152,879
U.S. Government		–
Proceeds from maturities and sales of securities:
Long-Term excluding U.S. Government		119,103
U.S. Government		–

NOTE  4. FEDERAL INCOME TAX MATTERS

The Fund has not made any provision for federal income 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 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 treatments for items including, but not limited to, wash sales, net operating losses and capital loss carryforwards.

The capital loss carryforwards are available to offset future realized capital gains through the period listed:

Capital Loss Carryforward	Available through
$1,587	December 31, 2010

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of June 30, 2004, are as follows:

Federal Tax Cost Basis	$	391,474
Unrealized Appreciation	$	64,518
Unrealized (Depreciation)		(743	)
Net Unrealized Appreciation (Depreciation)	$	63,775

NOTE  5. OTHER MATTERS

ATSF, and certain of its affiliated entities, have received requests for information from the Staff of the Securities and Exchange Commission in connection with market timing and late trading within the funds. ATSF and the affiliated entities have voluntarily cooperated in the investigation and have been providing the information as requested.

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

Transamerica Growth Opportunities    9

AEGON/TRANSAMERICA SERIES FUND, INC.

RESULTS OF SHAREHOLDER PROXY (unaudited)

Section 270.30d-1 under the Investment Company Act of 1940, as amended, titled “Reports to Stockholders of Management Companies,” requires regulated investment companies to report on all subject matters put to the vote of shareholders and provide final results. Accordingly, the Board of Directors of the Fund solicited a vote by the shareholders for the following items.

Each vote reported represents one dollar of net asset value held on the record date for the meeting.

PBHG Mid Cap Growth

At a special meeting of shareholders held on April 27, 2004, the results of Proposal 1 were as follows:

Proposal 1: Approval of an Agreement and Plan of Reorganization providing for the acquisition of all of the assets and liabilities of PBHG Mid Cap Growth (the “Acquired Fund”) by Transamerica Growth Opportunities (the “Acquiring Fund”) solely in exchange for shares of Acquiring Fund, followed by the complete liquidation of Acquired Fund.

For	Against	Abstain
89.32%	1.58%	9.10%

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

Transamerica Growth Opportunities    10

Transamerica Money Market

SCHEDULE OF INVESTMENTS

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Principal		Value
COMMERCIAL PAPER (94.4%)
Asset-Backed (11.2%)
CAFCO LLC–144A
1.05%, due 07/07/2004	$	5,000	$	4,999
1.07%, due 07/08/2004		5,800		5,799
1.06%, due 07/08/2004		4,000		3,999
1.20%, due 08/05/2004		9,500		9,489
1.35%, due 08/25/2004		6,000		5,988
1.37%, due 08/27/2004		2,500		2,495
Delaware Funding Company, LLC–144A
1.07%, due 07/09/2004		7,000		6,998
1.10%, due 07/13/2004		5,100		5,098
1.21%, due 07/20/2004		3,000		2,998
1.25%, due 07/22/2004		6,900		6,895
1.23%, due 07/27/2004		2,200		2,198
Receivables Capital Company, LLC–144A
1.20%, due 07/14/2004		3,500		3,498
1.08%, due 07/16/2004		5,500		5,498
1.25%, due 07/21/2004		4,339		4,336
1.25%, due 09/01/2004		10,500		10,477
Beverages (5.0%)
Coca-Cola Company (The)
1.03%, due 07/19/2004		6,700		6,697
1.05%, due 07/23/2004		11,000		10,993
1.08%, due 07/27/2004		6,300		6,295
1.06%, due 08/02/2004		8,000		7,992
1.22%, due 08/26/2004		4,000		3,992
Business Credit Institutions (6.2%)
Nestle Capital Corporation–144A
1.11%, due 08/02/2004		8,600		8,592
1.13%, due 08/09/2004		5,000		4,994
Old Line Funding LLC–144A
1.05%, due 07/07/2004		4,200		4,199
1.20%, due 07/22/2004		5,825		5,821
1.23%, due 07/23/2004		4,500		4,497
1.23%, due 07/28/2004		8,000		7,993
1.27%, due 08/04/2004		3,500		3,496
1.34%, due 08/10/2004		4,700		4,693
Chemicals & Allied Products (8.0%)
E. I. du Pont de Nemours and Company
1.04%, due 07/12/2004		8,400		8,397
1.05%, due 07/16/2004		7,500		7,497
1.09%, due 07/29/2004		6,000		5,995
Proctor & Gamble Company (The)–144A
1.22%, due 08/30/2004		5,000		4,990
1.24%, due 08/31/2004		7,000		6,985
1.42%, due 09/07/2004		9,000		8,976
1.43%, due 09/09/2004		6,900		6,881
1.42%, due 09/13/2004		7,500		7,478
Commercial Banks (15.2%)
Bank of America Corporation
1.15%, due 08/11/2004		6,800		6,791

	Principal		Value
Commercial Banks (continued)
Canadian Imperial Bank of Commerce
1.09%, due 07/21/2004	$	6,000	$	5,996
1.05%, due 07/22/2004		9,800		9,794
1.09%, due 07/26/2004		9,700		9,693
1.24%, due 09/02/2004		6,400		6,386
Toronto-Dominion Bank (The)
1.06%, due 07/06/2004		9,900		9,899
1.08%, due 07/19/2004		7,000		6,996
1.09%, due 07/30/2004		6,600		6,594
1.15%, due 08/20/2004		6,000		5,990
1.39%, due 09/15/2004		6,000		5,982
UBS Finance (Delaware) LLC
1.04%, due 07/01/2004		6,000		6,000
1.04%, due 07/02/2004		6,000		6,000
1.04%, due 07/12/2004		10,600		10,597
1.06%, due 07/27/2004		6,100		6,095
1.09%, due 07/30/2004		4,000		3,996
Wells Fargo & Company
6.63%, due 07/15/2004		3,000		3,006
Computer & Office Equipment (3.4%)
International Business Machines Corporation
1.02%, due 07/01/2004		10,000		10,000
1.02%, due 07/02/2004		4,300		4,300
1.05%, due 07/16/2004		10,000		9,996
Food & Kindred Products (2.4%)
Nestle Capital Corporation–144A
1.03%, due 07/15/2004		7,000		6,997
Unilever Capital Corporation–144A
1.05%, due 07/06/2004		10,000		9,999
Insurance Agents, Brokers & Service (3.2%)
MetLife Funding, Inc.
1.06%, due 07/14/2004		12,900		12,895
1.32%, due 09/08/2004		9,800		9,775
Life Insurance (4.0%)
AIG Funding, Inc.
1.04%, due 07/08/2004		8,250		8,248
1.04%, due 07/09/2004		8,400		8,398
1.04%, due 07/13/2004		4,700		4,698
1.04%, due 07/29/2004		7,300		7,293
Personal Credit Institutions (12.2%)
American Honda Finance Corporation
1.05%, due 07/13/2004		10,000		9,997
1.07%, due 07/21/2004		6,600		6,596
General Electric Capital Corporation
1.04%, due 07/07/2004		5,000		4,999
1.09%, due 07/28/2004		9,800		9,792
1.08%, due 08/03/2004		9,200		9,191
1.13%, due 08/04/2004		9,000		8,990
1.16%, due 08/05/2004		3,000		2,997

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Transamerica Money Market    1

Transamerica Money Market

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Principal		Value
Personal Credit Institutions (continued)
Toyota Motor Credit Corporation
1.06%, due 07/15/2004	$	7,300	$	7,297
1.06%, due 07/20/2004		10,000		9,994
1.13%, due 08/09/2004		4,400		4,395
1.26%, due 09/03/2004		6,300		6,286
1.48%, due 10/01/2004		7,500		7,472
Pharmaceuticals (8.8%)
Eli Lilly and Company–144A
1.40%, due 10/04/2004		10,000		9,963
1.40%, due 10/05/2004		10,400		10,361
1.51%, due 10/06/2004		7,500		7,469
Pfizer Inc.–144A
1.08%, due 07/26/2004		9,500		9,493
1.13%, due 08/03/2004		9,800		9,790
1.13%, due 08/05/2004		5,100		5,094
1.28%, due 08/18/2004		6,000		5,990
1.29%, due 08/23/2004		5,000		4,991
Public Administration (6.9%)
Canadian Wheat Board
1.02%, due 08/26/2004		5,000		4,992
Province of Ontario
1.28%, due 09/10/2004		10,000		9,975
Province of Quebec–144A
1.28%, due 08/12/2004		5,000		4,993
1.31%, due 08/16/2004		10,000		9,983
1.07%, due 08/26/2004		5,400		5,391
1.21%, due 10/15/2004		7,375		7,349
1.90%, due 01/11/2005		7,200		7,126
Security & Commodity Brokers (4.6%)
Goldman Sachs Group, Inc. (The)
1.30%, due 08/16/2004		4,700		4,692
1.30%, due 08/19/2004		7,850		7,836
1.35%, due 08/23/2004		5,200		5,190
1.10%, due 08/24/2004		4,300		4,293
1.35%, due 08/25/2004		5,000		4,990
1.37%, due 08/27/2004		6,000		5,987

	Principal		Value
Variety Stores (3.3%)
Wal-Mart Stores, Inc.–144A
1.05%, due 07/20/2004	$	6,100	$	6,097
1.10%, due 08/17/2004		12,200		12,182
1.10%, due 08/24/2004		5,100		5,092
Total Commercial Paper (cost: $677,957)				677,957
SHORT-TERM OBLIGATIONS (2.9%)
Personal Credit Institutions (1.6%)
American Honda Finance Corporation 144A (a)
1.55%, due 12/09/2004		11,400		11,410
Variety Stores (1.3%)
Wal-Mart Stores, Inc.
6.55%, due 08/10/2004		9,000		9,052
Total Short-Term Obligations (cost: $20,462)				20,462
CERTIFICATES OF DEPOSITS (2.7%)
Canadian Imperial Bank of Commerce
1.05%, due 07/15/2004		3,600		3,600
Wells Fargo & Company
1.13%, due 07/13/2004		6,750		6,750
1.23%, due 07/19/2004		9,000		9,000
Total Certificates of Deposits (cost: $19,350)				19,350
Total Investment Securities (cost: $717,769)			$	717,769
SUMMARY:
Investments, at value		100.0%	$	717,769
Liabilities in excess of other assets		0.0%		(186	)
Net assets		100.0%	$	717,583

NOTES TO SCHEDULE OF INVESTMENTS:

(a) Floating or variable rate note. Rate is listed as of June 30, 2004.

DEFINITIONS:

144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2004, these securities aggregated $275,288 or 38.36% of the net assets of the Fund.

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Transamerica Money Market    2

Transamerica Money Market

STATEMENT OF ASSETS AND LIABILITIES

At June 30, 2004

(all amounts except per share amounts in thousands)

(unaudited)

Assets:
Investment securities, at value (cost: $ 717,769)	$	717,769
Cash		203
Receivables:
Interest		347
		718,319
Liabilities:
Accounts payable and accrued liabilities:
Management and advisory fees		230
Service fees		4
Dividends to shareholders		480
Other		22
		736
Net Assets	$	717,583
Net Assets Consist of:
Capital Stock, 2,500,000 shares authorized ($.01 par value)	$	7,176
Additional paid-in capital		710,407
Net Assets	$	717,583
Net Assets by Class:
Initial Class	$	697,775
Service Class		19,808
Shares Outstanding:
Initial Class		697,775
Service Class		19,808
Net Asset Value and Offering Price Per Share:
Initial Class	$	1.00
Service Class		1.00

STATEMENT OF OPERATIONS

For the period ended June 30, 2004

(all amounts in thousands)

(unaudited)

Investment Income:
Interest	$	3,357
Expenses:
Management and advisory fees		1,090
Printing and shareholder reports		20
Custody fees		30
Administration fees		47
Legal fees		3
Auditing and accounting fees		6
Directors fees		10
Service fees:
Service Class		12
Total expenses		1,218
Net Investment Income (Loss)		2,139
Net Increase (Decrease) in Net Assets Resulting from Operations	$	2,139

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Transamerica Money Market    3

Transamerica Money Market

STATEMENTS OF CHANGES IN NET ASSETS

For the period or year ended

(all amounts in thousands)

	June 30, 2004 (unaudited)			December 31, 2003
Increase (Decrease) In Net Assets From:
Operations:
Net investment income (loss)	$	2,139		$	6,147
		2,139			6,147
Distributions to Shareholders:
From net investment income:
Initial Class		(2,117	)		(6,112	)
Service Class		(22	)		(35	)
		(2,139	)		(6,147	)
From net realized gains:
Initial Class		–			–
Service Class		–			–
		–			–
Capital Share Transactions:
Proceeds from shares sold:
Initial Class		406,935			1,170,506
Service Class		33,452			93,866
		440,387			1,264,372
Proceeds from fund acquisition:
Initial Class		–			409,429
Service Class		–			–
		–			409,429
Dividends and distributions reinvested:
Initial Class		2,117			6,112
Service Class		22			35
		2,139			6,147
Cost of shares redeemed:
Initial Class		(308,789	)		(1,572,597	)
Service Class		(20,257	)		(87,309	)
		(329,046	)		(1,659,906	)
		113,480			20,042
Net increase (decrease) in net assets		113,480			20,042
Net Assets:
Beginning of period		604,103			584,061
End of period	$	717,583		$	604,103
Undistributed Net Investment Income (Loss)	$	–		$	–

	June 30, 2004 (unaudited)		December 31, 2003
Share Activity:
Shares issued:
Initial Class	406,935		1,170,506
Service Class	33,452		93,866
	440,387		1,264,372
Shares issued–on fund acquisition:
Initial Class	–		409,429
Service Class	–		–
	–		409,429
Shares issued–reinvested from distributions:
Initial Class	2,117		6,112
Service Class	22		35
	2,139		6,147
Shares redeemed:
Initial Class	(308,789	)	(1,572,597	)
Service Class	(20,257	)	(87,309	)
	(329,046	)	(1,659,906	)
Net increase (decrease) in shares outstanding:
Initial Class	100,263		(395,979	)
Service Class	13,217		6592
	113,480		20,042

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Transamerica Money Market    4

Transamerica Money Market

FINANCIAL HIGHLIGHTS

(unaudited for the period ended June 30, 2004)

	For the Period Ended (b)	For a share outstanding throughout each period (a)
		Net Asset Value, Beginning of Period		Investment Operations							Distributions									Net Asset Value, End of Period
				Net Investment Income (Loss)			Net Realized and Unrealized Gain (Loss)		Total Operations		From Net Investment Income			From Net Realized Gains			Total Distributions
Initial Class	06/30/2004	$	1.00	$	(h	)	$	–	$	–	$	(h	)	$	(h	)	$	(h	)	$	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
	12/31/2000		1.00		0.06			–		0.06		(0.06	)		–			(0.06	)		1.00
	12/31/1999		1.00		0.05			–		0.05		(0.05	)		–			(0.05	)		1.00
Service Class	06/30/2004		1.00		(h	)		–		–		(h	)		(h	)		(h	)		1.00
	12/31/2003		1.00		–			–		–		–			–			–			1.00

	For the Period Ended (b)	Total Return (c)(g)		Ratios/Supplemental Data
				Net Assets, End of Period (000’s)		Ratio of Expenses to Average Net Assets (f)				Net Investment Income (Loss) to Average Net Assets (f)
						Net (d)		Total (e)
Initial Class	06/30/2004	0.34	%	$	697,775	0.39	%	0.39	%	0.69	%
	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
	12/31/2000	6.15			319,945	0.44		0.44		5.97
	12/31/1999	4.63			429,811	0.44		0.44		4.81
Service Class	06/30/2004	0.21			19,808	0.64		0.64		0.46
	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) The inception dates of the Fund’s share classes are 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 fee waivers by the investment adviser, if any (see note 2).

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

(f) Annualized.

(g) Not annualized for periods of less than one year.

(h) Amounts are less than $0.01.

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Transamerica Money Market    5

Transamerica Money Market

NOTES TO FINANCIAL STATEMENTS

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

The AEGON/Transamerica Series Fund, Inc. (“ATSF”) is a Maryland corporation registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. ATSF serves as a funding vehicle for variable life insurance, variable annuity and group annuity products. Transamerica Money Market (“the Fund”), part of ATSF, began operations on October 2, 1986.

On May 1, 2003, the Fund acquired all the net assets of Van Kampen Money Market pursuant to a plan of reorganization approved by shareholders of Van Kampen Money Market on April 16, 2003. The acquisition was accomplished by a tax-free exchange of 409,429 shares of the Fund for the 409,429 shares of Van Kampen Money Market outstanding on April 30, 2003. Van Kampen Money Market’s net assets at that date $409,429 were combined with those of the Fund, resulting in combined net assets of $1,017,937.

In the normal course of business the Fund enters into contracts that contain a variety of representations and warranties, which 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.

See the Prospectus and Statement of Additional Information for a description of the Fund’s investment objective.

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 policies were consistently followed by the Fund, in accordance with GAAP.

Multiple class operations 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.

Pricing of shares: The Fund prices its shares on the basis of the net asset value of each class of shares of the Fund, which is determined as of the close of the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern Time) on each day on which the NYSE is open for trading (other than a day on which there are insufficient changes in the value of the Fund’s portfolio securities to materially affect the Fund’s net asset value or a day on which no shares are tendered for redemption and no order to purchase any shares is received).

Security 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 June 30, 2004, was paying an interest rate of 0.75%.

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. Interest income, including accretion of discounts and amortization of premiums, is recorded on the accrual basis commencing on the settlement date.

Dividend distributions: Dividend 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

AEGON/Transamerica Fund Advisers, Inc. (“ATFA”) is the Fund’s investment adviser. AEGON/Transamerica Fund Services, Inc. (“ATFS”) is the Fund’s administrator and transfer agent. AFSG Securities Corp. (“AFSG”) is the Fund’s distributor. AFSG is 100% owned by AUSA Holding Company (“AUSA”). ATFA is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) (“WRL”) and AUSA (22%). ATFS is a wholly owned subsidiary of WRL. AUSA and WRL are wholly owned indirect subsidiaries of AEGON NV, a Netherlands corporation.

Certain officers and directors of the Fund are also officers and/or directors of ATFA, ATFS, AFSG and WRL. No affiliated officer or director receives any compensation directly from the Fund.

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 mutual funds (i.e. through the asset allocation funds):

	Net Assets		% of Net Assets
Asset Allocation–Conservative Portfolio	$	56,230	8	%
Asset Allocation–Moderate Growth Portfolio		1	0	%
Asset Allocation–Moderate Portfolio		98,866	14	%
Select + Aggressive		20	0	%
Select + Conservative		175	0	%
Select + Growth & Income		271	0	%
Total	$	155,563	22	%

Investment advisory fees: The Fund pays management fees to ATFA based on average daily net assets (“ANA”) at the following rate:

0.35% of ANA

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

Transamerica Money Market    6

Transamerica Money Market

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  2–(continued)

ATFA 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:

0.57% Expense Limit

If total fund expenses fall below the annual expense limitations 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 are no amounts subject to recapture at June 30, 2004.

Distribution and service fees: The Fund adopted a distribution plan (“Distribution Plan”) pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended. Pursuant to the Distribution Plan, ATSF entered into a Distribution Agreement with AFSG effective May 1, 1999.

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 ATSF 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, 2005. 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 ATFS for financial and legal fund administration services, which includes such items as compliance, expenses, financial statements and other reporting, distributions, tax returns, prospectus preparation, board of directors meeting support, transfer agency and other legal matters. The Legal fees on the Statement of Operations are for fees paid to external legal counsel. The Fund paid ATFS $47 for Administration fees, for the period ended June 30, 2004.

Deferred compensation plan: Each eligible Fund Director may elect participation in the Deferred Compensation Plan for Directors of ATSF (“the Plan”). Under the Plan, such Directors may defer payment of a percentage of their total fees earned as a Fund Director. These deferred amounts may be invested in any portfolio of Transamerica IDEX Mutual Funds, an affiliate of the Fund. At June 30, 2004, the value of invested plan amounts was $27. Invested plan amounts and the total liability for deferred compensation to the Directors under the Plan at June 30, 2004, are included in Net assets in the accompanying Statement of Assets and Liabilities.

NOTE  3. FEDERAL INCOME TAX MATTERS

The Fund has not made any provision for federal income 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 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 treatments for items including, but not limited to, wash sales, net operating losses and capital loss carryforwards.

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of June 30, 2004, are as follows:

Federal Tax Cost Basis	$	717,769
Unrealized Appreciation	$	0
Unrealized (Depreciation)		0
Net Unrealized Appreciation (Depreciation)	$	0

NOTE  5. OTHER MATTERS

ATSF, and certain of its affiliated entities, have received requests for information from the Staff of the Securities and Exchange Commission in connection with market timing and late trading within the funds. ATSF and the affiliated entities have voluntarily cooperated in the investigation and have been providing the information as requested.

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

Transamerica Money Market    7

Transamerica Small/Mid Cap Value

SCHEDULE OF INVESTMENTS

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Shares	Value
COMMON STOCKS (90.1%)
Apparel Products (1.5%)
Gymboree Corporation (The) (a)	365,000	$	5,606
Business Services (5.2%)
Equifax Inc.	240,000		5,940
Fair Issac Corporation (b)	200,000		6,677
Kroll Inc. (a)(b)	180,000		6,639
Chemicals & Allied Products (6.9%)
Acuity Brands, Inc.	200,000		5,400
Chemed Corporation	155,000		7,518
Hercules Incorporated (a)	256,600		3,128
Olin Corporation (b)	200,000		3,524
PolyOne Corporation (a)	305,560		2,273
SurModics, Inc. (a)(b)	150,000		3,696
Commercial Banks (3.7%)
Corus Bankshares, Inc.	140,000		5,755
Hibernia Corporation–Class A	320,000		7,776
Computer & Data Processing Services (2.9%)
ActivCard Corp. (a)	175,800		1,276
Sabre Holdings Corporation	183,200		5,076
Verint Systems Inc. (a)	120,000		4,106
Computer & Office Equipment (2.0%)
Drexler Technology Corporation (a)(b)	225,000		2,999
Hypercom Corporation (a)	500,000		4,225
Drug Stores & Proprietary Stores (2.0%)
Omnicare, Inc. (b)	170,000		7,278
Electric, Gas & Sanitary Services (1.4%)
ALLETE	150,000		4,995
Electronic & Other Electric Equipment (2.2%)
Genlyte Group Incorporated (The) (a)	130,000		8,174
Electronic Components & Accessories (1.1%)
QLogic Corporation (a)	150,000		3,989
Environmental Services (1.7%)
Republic Services, Inc.	215,000		6,222
Fabricated Metal Products (1.2%)
Shaw Group Inc. (The) (a)(b)	422,300		4,278
Food & Kindred Products (2.2%)
Dean Foods Company (a)	210,000		7,835
Furniture & Fixtures (1.5%)
Furniture Brands International, Inc. (b)	220,000		5,511
Furniture & Home Furnishings Stores (0.3%)
The Bombay Company, Inc. (a)	193,200		1,184
Gas Production & Distribution (1.8%)
KeySpan Corporation	175,000		6,423
Health Services (0.8%)
Beverly Enterprises, Inc. (a)	350,000		3,010

	Shares	Value
Holding & Other Investment Offices (7.1%)
Annaly Mortgage Management, Inc. (b)	400,000	$	6,785
Host Marriott Corporation (a)	650,000		8,034
LTC Properties, Inc.	450,000		7,470
Parkway Properties, Inc.	79,000		3,512
Industrial Machinery & Equipment (2.6%)
Cooper Cameron Corporation (a)(b)	45,800		2,230
Grant Prideco, Inc. (a)	217,010		4,006
Terex Corporation (a)	95,700		3,266
Instruments & Related Products (0.4%)
Input/Output, Inc. (a)	179,500		1,488
Insurance (4.8%)
Ambac Financial Group, Inc. (b)	120,000		8,813
American Medical Security Group, Inc (a)	140,000		3,815
PMI Group, Inc. (The) (b)	113,800		4,953
Lumber & Wood Products (0.7%)
Champion Enterprises, Inc. (a)	261,600		2,401
Management Services (1.9%)
FTI Consulting, Inc. (a)	415,000		6,848
Medical Instruments & Supplies (2.2%)
Orthofix International NV (a)	185,000		7,905
Mortgage Bankers & Brokers (2.0%)
GreenPoint Financial Corp.	180,000		7,146
Oil & Gas Extraction (11.5%)
Chesapeake Energy Corporation (b)	502,900		7,403
Global Industries, Ltd. (a)	478,225		2,735
Key Energy Services, Inc. (a)	446,500		4,215
Magnum Hunter Resources, Inc. (a)	515,000		5,346
Parker Drilling Company (a)	902,600		3,448
Patterson-UTI Energy, Inc. (b)	125,620		4,197
Pioneer Natural Resources Company	240,000		8,419
Superior Energy Services, Inc. (a)	650,000		6,533
Petroleum Refining (2.0%)
Murphy Oil Corporation	100,000		7,370
Pharmaceuticals (3.0%)
ARIAD Pharmaceuticals, Inc. (a)	360,000		2,696
Bradley Pharmaceuticals, Inc. (a)(b)	230,000		6,417
Savient Pharmaceuticals, Inc. (a)	667,346		1,655
Primary Metal Industries (1.1%)
Lone Star Technologies, Inc. (a)	145,800		4,018
Radio & Television Broadcasting (0.4%)
Citadel Broadcasting Company (a)(b)	89,700		1,307
Retail Trade (1.8%)
Sports Authority, Inc. (The) (a)	180,000		6,462
Telecommunications (2.4%)
Citizens Communications Company (a)(b)	530,000		6,413
Dobson Communications Corporation– Class A (a)	678,600		2,212

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Transamerica Small/Mid Cap Value     1

Transamerica Small/Mid Cap Value

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Shares		Value
Textile Mill Products (1.0%)
Collins and Aikman Corporation (a)		622,420	$	3,479
Transportation & Public Utilities (0.4%)
Orbitz, Inc.–Class A (a)(b)		71,200		1,539
Transportation Equipment (0.6%)
Fleetwood Enterprises, Inc. (a)(b)		151,500		2,204
Trucking & Warehousing (4.6%)
Overnite Corporation		154,900		4,554
Quality Distribution Inc. (a)		183,373		2,023
Yellow Roadway Corporation (a)		256,100		10,208
Water Transportation (1.2%)
Tidewater Inc.		144,900		4,318
Total Common Stocks (cost: $312,482)				328,356
	Principal		Value
SECURITY LENDING COLLATERAL (16.6%)
Debt (13.6%)
Agency Discount Notes (1.3%)
Fannie Mae
0.96%, due 07/01/2004	$	1,442	$	1,442
0.96%, due 07/01/2004		1,802		1,802
0.99%, due 07/01/2004		720		720
0.97%, due 07/02/2004		901		901
Bank Notes (0.3%)
Credit Suisse First Boston (USA), Inc.
1.13%, due 09/08/2004		361		361
Deutsche Bank AG
1.16%, due 10/12/2004		900		900
Commercial Paper (4.1%)
Compass Securitization–144A
1.25%, due 07/23/2004		1,260		1,260
Falcon Asset Securitization Corp–144A
1.27%, due 07/20/2004		900		900
General Electric Capital Corporation
1.20%, due 07/19/2004		899		899
1.21%, due 07/22/2004		721		721
1.22%, due 07/23/2004		721		721
1.23%, due 07/26/2004		901		901
1.22%, due 08/04/2004		1,799		1,799
Govco Incorporated–144A
1.25%, due 08/02/2004		361		361
Greyhawk Funding LLC–144A
1.12%, due 07/13/2004		719		719
1.22%, due 07/20/2004		358		358
Jupiter Securitization Corp–144A
1.07%, due 07/02/2004		361		361
Morgan Stanley
1.58%, due 10/22/2004		829		829
1.58%, due 12/10/2004		2,343		2,343
1.58%, due 03/16/2005		2,271		2,271

	Principal		Value
Commercial Paper (continued)
Sheffield Receivables–144A
1.24%, due 07/20/2004	$	541	$	541
Euro Dollar Overnight (0.5%)
Bank of Nova Scotia (The)
1.04%, due 07/06/2004		900		900
Den Danske Bank
1.08%, due 07/02/2004		900		900
Euro Dollar Terms (3.3%)
Bank of America Corporation
1.08%, due 07/19/2004		361		361
Bank of Montreal
1.20%, due 07/23/2004		183		183
Bank of Nova Scotia (The)
1.20%, due 07/14/2004		900		900
1.24%, due 07/23/2004		180		180
Bank of the West Inc.
1.28%, due 07/28/2004		361		361
Branch Banking & Trust
1.08%, due 07/14/2004		180		180
Calyon
1.16%, due 07/15/2004		3,425		3,425
1.17%, due 08/04/2004		541		541
1.34%, due 08/24/2004		1,262		1,262
Fortis Bank
1.19%, due 07/14/2004		180		180
1.29%, due 09/03/2004		361		361
HBOS PLC
1.30%, due 09/03/2004		361		361
Royal Bank of Canada
1.05%, due 07/08/2004		541		541
Royal Bank of Scotland Group PLC (The)
1.06%, due 07/30/2004		1,622		1,622
Wells Fargo & Company
1.19%, due 07/14/2004		721		721
1.25%, due 07/23/2004		361		361
1.24%, due 07/26/2004		361		361
Master Notes (0.5%)
Bear Stearns Companies Inc. (The)
1.64%, due 09/08/2004		1,082		1,082
1.64%, due 12/15/2004		721		721
Repurchase Agreements (3.6%) (c)
Credit Suisse First Boston (USA), Inc. 1.54%, Repurchase Agreement dated 06/30/2004 to be repurchased at $4,218 on 07/01/2004		4,218		4,218
Goldman Sachs Group Inc. (The) 1.54%, Repurchase Agreement dated 06/30/2004 to be repurchased at $1,803 on 07/01/2004		1,803		1,803

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Transamerica Small/Mid Cap Value     2

Transamerica Small/Mid Cap Value

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Principal		Value
Repurchase Agreements (continued)
Merrill Lynch & Co., Inc. 1.54%, Repurchase Agreement dated 06/30/2004 to be repurchased at $5,462 on 07/01/2004	$	5,462	$	5,462
Morgan Stanley 1.58%, Repurchase Agreement dated 06/30/2004 to be repurchased at $1,622 on 07/01/2004		1,622		1,622

	Shares	Value
Investment Companies (3.0%)
Money Market Funds (3.0%)
Merrill Lynch Premier Institutional Fund 1 day yield of 1.17%	1,493,581	$	1,494
Merrimac Cash Fund–Premium Class 1 day yield of 1.11%	9,269,579		9,270
Total Security Lending Collateral (cost: $60,483)			60,483
Total Investment Securities (cost: $372,965)		$	388,839
SUMMARY:
Investments, at value	106.7%	$	388,839
Liabilities in excess of other assets	(6.7)%		(24,517	)
Net assets	100.0%	$	364,322

NOTES TO SCHEDULE OF INVESTMENTS:

(a) No dividends were paid during the preceding twelve months.

(b) At June 30, 2004, all or a portion of this security is on loan (see Note 1). The value at June 30, 2004, of all securities on loan is $ 58,096.

(c) Cash collateral for the Repurchase Agreements, valued at $ 13,366, that serve as collateral for securities lending are invested in corporate bonds with interest rates and maturity dates ranging from 0.00%–9.88% and 08/01/2004–09/25/2099, respectively.

DEFINITIONS:

144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2004, these securities aggregated $4,500 or 1.24% of the net assets of the Fund.

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Transamerica Small/Mid Cap Value     3

Transamerica Small/Mid Cap Value

STATEMENT OF ASSETS AND LIABILITIES

At June 30, 2004

(all amounts except per share amounts in thousands)

(unaudited)

Assets:
Investment securities, at value (cost: $ 372,965) (including securities loaned of $58,096)	$	388,839
Cash		35,780
Receivables:
Interest		10
Dividends		401
Other		39
		425,069
Liabilities:
Investment securities purchased		3
Accounts payable and accrued liabilities:
Management and advisory fees		253
Payable for collateral for securities on loan		60,483
Other		8
		60,747
Net Assets	$	364,322
Net Assets Consist of:
Capital Stock, 50,000 shares authorized ($.01 par value)	$	243
Additional paid-in capital		331,615
Accumulated net investment loss		(465	)
Undistributed net realized gain (loss) from: Investment securities		17,055
Net unrealized appreciation (depreciation) on: Investment securities		15,874
Net Assets	$	364,322
Net Assets by Class:
Initial Class	$	363,912
Service Class		410
Shares Outstanding:
Initial Class		24,224
Service Class		27
Net Asset Value and Offering Price Per Share:
Initial Class	$	15.02
Service Class		15.02

STATEMENT OF OPERATIONS

For the period ended June 30, 2004

(all amounts in thousands)

(unaudited)

Investment Income:
Interest	$	19
Dividends		910
Income from loaned securities–net		125
Less withholding taxes on foreign dividends		(1	)
		1,053
Expenses:
Management and advisory fees		1,447
Printing and shareholder reports		2
Custody fees		30
Administration fees		27
Legal fees		1
Auditing and accounting fees		6
Directors fees		5
Total expenses		1,518
Net Investment Income (Loss)		(465	)
Net Realized Gain (Loss) from:
Investment securities		44,656
Net Increase (Decrease) in Unrealized Appreciation (Depreciation) on:
Investment securities		(32,344	)
Net Gain (Loss) on Investment Securities		12,312
Net Increase (Decrease) in Net Assets Resulting from Operations	$	11,847

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Transamerica Small/Mid Cap Value    4

Transamerica Small/Mid Cap Value

STATEMENTS OF CHANGES IN NET ASSETS

For the period or year ended

(all amounts in thousands)

	June 30, 2004 (unaudited)			December 31, 2003
Increase (Decrease) In Net Assets From:
Operations:
Net investment income (loss)	$	(465	)	$	(1,325	)
Net realized gain (loss) from investment securities		44,656			28,998
Net unrealized appreciation (depreciation) on investment securities		(32,344	)		154,489
		11,847			182,162
Distributions to Shareholders:
From net investment income:
Initial Class		–			–
Service Class		–			–
		–			–
From net realized gains:
Initial Class		–			–
Service Class		–			–
		–			–
Capital Share Transactions:
Proceeds from shares sold:
Initial Class		28,689			5,214
Service Class		402			–
		29,091			5,214
Dividends and distributions reinvested:
Initial Class		–			–
Service Class		–			–
		–			–
Cost of shares redeemed:
Initial Class		(36,666	)		(51,678	)
Service Class		(7	)		–
		(36,673	)		(51,678	)
		(7,582	)		(46,464	)
Net increase (decrease) in net assets		4,265			135,698
Net Assets:
Beginning of period		360,057			224,359
End of period	$	364,322		$	360,057
Accumulated Net Investment Loss		(465	)	$	–

	June 30, 2004 (unaudited)		December 31, 2003
Share Activity:
Shares issued:
Initial Class	1,920		514
Service Class	27		–
	1,947		514
Shares issued–reinvested from distributions:
Initial Class	–		–
Service Class	–		–
	–		–
Shares redeemed:
Initial Class	(2,427	)	(5,188	)
Service Class	–		–
	(2,427	)	(5,188	)
Net increase (decrease) in shares outstanding:
Initial Class	(507	)	(4,674	)
Service Class	27		–
	(480	)	(4,674	)

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Transamerica Small/Mid Cap Value    5

Transamerica Small/Mid Cap Value

FINANCIAL HIGHLIGHTS

(unaudited for the period ended June 30, 2004)

	For the Period Ended (b)	For a share outstanding throughout each period (a)
		Net Asset Value, Beginning of Period		Investment Operations									Distributions								Net Asset Value, End of Year
				Net Investment Income (Loss)			Net Realized and Unrealized Gain (Loss)			Total Operations			From Net Investment Income		From Net Realized Gains			Total Distributions
Initial Class	06/30/2004	$	14.56	$	(0.02	)	$	0.48		$	0.46		$	–	$	–		$	–		$	15.02
	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
	12/31/2000		16.51		(0.03	)		1.87			1.84			–		(2.73	)		(2.73	)		15.62
	12/31/1999		14.14		(0.04	)		4.00			3.96			–		(1.59	)		(1.59	)		16.51
Service Class	06/30/2004		15.03		0.02			(0.03	)		(0.01	)		–		–			–			15.02

	For the Period Ended (b)	Total Return (c)(g)		Ratios/Supplemental Data
				Net Assets, End of Period (000’s)		Ratio of Expenses to Average Net Assets (f)				Net Investment Income (Loss) to Average Net Assets (f)		Portfolio Turnover Rate (g)
						Net (d)		Total (e)
Initial Class	06/30/2004	3.16	%	$	363,912	0.84	%	0.84	%	(0.26	)%	113	%
	12/31/2003	90.83			360,057	0.84		0.84		(0.49	)	140
	12/31/2002	(39.46	)		224,359	0.88		1.19		(0.45	)	133
	12/31/2001	28.79			313,685	0.91		1.18		(0.24	)	172
	12/31/2000	11.02			213,086	0.91		1.26		(0.23	)	192
	12/31/1999	29.39			187,803	0.90		1.22		(0.28	)	216
Service Class	06/30/2004	2.11			410	1.09		1.09		0.24		113

NOTES TO FINANCIAL HIGHLIGHTS:

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

(b) The inception dates of the Fund’s share classes are 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 for the period ended June 30, 2004 and the year ended December 31, 2003, Ratio of Net Expenses to Average Net Assets is net of fee waivers by the investment advisor, 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, and prior years, 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 for periods of less than one year.

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Transamerica Small/Mid Cap Value    6

Transamerica Small/Mid Cap Value

NOTES TO FINANCIAL STATEMENTS

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

The AEGON/Transamerica Series Fund, Inc. (“ATSF”) is a Maryland corporation registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. ATSF serves as a funding vehicle for variable life insurance, variable annuity and group annuity products. Transamerica Small/Mid Cap Value (“the Fund”), part of ATSF, began operations as part of the Endeavor Series Trust, on May 4, 1993. The Fund became part of ATSF on May 1, 2002.

On May 3, 2004, the Fund changed its name from Dreyfus Small Cap Value to Transamerica Small/Mid Cap Value and changed its sub-adviser from The Dreyfus Corporation to Transmerica Investment Management, LLC.

In the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties, which 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.

See the Prospectus and Statement of Additional Information for a description of the Fund’s investment objective.

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 policies were consistently followed by the Fund, in accordance with GAAP.

Multiple class operations 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.

Pricing of shares: The Fund prices its shares on the basis of the net asset value of each class of shares of the Fund, which is determined as of the close of the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern Time) on each day on which the NYSE is open for trading (other than a day on which there are insufficient changes in the value of the Fund’s portfolio securities to materially affect the Fund’s net asset value or a day on which no shares are tendered for redemption and no order to purchase any shares is received).

Security valuations: Fund investments traded on an exchange are valued at the closing price on the day of valuation on the 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 by independent pricing services; 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 also are valued at fair market value as determined in good faith using guidelines established by and under the supervision of the Board of Directors and the Fund’s Valuation Committee. These guidelines may include: the type of security; any restrictions on its resale; financial or business news of the issuer; similar or related securities that are actively trading; related corporate actions; and other significant events occurring after the close of trading in the security.

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 June 30, 2004, was paying an interest rate of 0.75%.

Repurchase agreements: The Fund is authorized to enter into repurchase agreements. The Fund, through 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. Repurchase agreements involve the risk that the seller will fail to repurchase the security, as agreed. In that case, 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 are incurred.

Directed brokerage: 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 ATSF has established a Directed Brokerage Program. A Directed Brokerage 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 ATSF, or by any other party. Directed commissions for the period ended June 30, 2004, of $295 are included in net realized gains in the Statement of Operations.

Securities lending: The Fund may lend securities to enhance fund earnings from investing cash collateral received in making such loans to qualified borrowers (typically broker/dealers). The Fund has engaged its custodian bank, IBT, as a lending agent to administer its securities lending program. IBT earned $54 of program net income for its services. When the Fund makes a security loan, it receives cash collateral as

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

Transamerica Small/Mid Cap Value    7

Transamerica Small/Mid Cap Value

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1–(continued)

protection against the risk that the borrower will default on the loan, and records an asset for the cash invested collateral and a liability for the return of the collateral.

Loans of securities are required to be secured by collateral at least equal to 102% of the value of the securities at inception of the loan, and not less then 100% thereafter. The Fund may invest cash collateral in short-term money market instruments including: U.S. Treasury Bills, U.S. agency obligations, commercial paper, money market mutual funds, repurchase agreements and other highly rated, liquid investments. During the life of securities loans, the collateral and securities loaned remain subject to fluctuation in value. IBT marks to market securities loaned and the collateral each business day. If additional collateral is due (at least $1), IBT collects additional cash collateral from the borrowers. Although securities loaned will be fully collateralized at all times, IBT may experience delays in, or may be prevented from, recovering the collateral on behalf of the Fund. The Fund may recall a loaned security position at any time from the borrower through IBT. In the event the borrower fails to timely return a recalled security, IBT may indemnify the Fund by purchasing replacement securities for the Fund at its own expense and claiming the collateral to fund such a purchase. IBT absorbs the loss if the collateral value is not sufficient to cover the cost of the replacement securities. If replacement securities are not available, IBT will credit the equivalent cash value to the Fund.

While a security is on loan, the Fund does not have the right to vote that security. However, if time permits, the Fund will attempt to recall a security on loan and vote the proxy.

Income from securities lending is included in the Statement of Operations. The amount of collateral and value of securities on loan are included in the Statement of Assets and Liabilities as well as in the Schedule of Investments.

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 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: Dividend 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

AEGON/Transamerica Fund Advisers, Inc. (“ATFA”) is the Fund’s investment adviser. AEGON/Transamerica Fund Services, Inc. (“ATFS”) is the Fund’s administrator and transfer agent. AFSG Securities Corp. (“AFSG”) is the Fund’s distributor. AFSG is 100% owned by AUSA Holding Company (“AUSA”). ATFA is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) (“WRL”) and AUSA (22%). ATFS is a wholly owned subsidiary of WRL. AUSA and WRL are wholly owned indirect subsidiaries 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 directors of the Fund are also officers and/or directors of ATFA, ATFS, AFSG and WRL. No affiliated officer or director receives any compensation directly from the Fund.

Investment advisory fees: The Fund pays management fees to ATFA based on average daily net assets (“ANA”) at the following breakpoints:

From January 1, 2004 to April 30, 2004:

0.80% of ANA

From May 1, 2004 on:

0.80% of the first $500 million of ANA

0.775% of ANA over $500 million

ATFA 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 limitations 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 are no amounts subject to recapture at June 30, 2004.

Distribution and service fees: The Fund adopted a distribution plan (“Distribution Plan”) pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended. Pursuant to the Distribution Plan, ATSF entered into a Distribution Agreement with AFSG effective May 1, 1999.

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 ATSF 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 Fund, Inc. Semi-Annual Report 2004

Transamerica Small/Mid Cap Value    8

Transamerica Small/Mid Cap Value

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2004

(all amounts in thousands)

(unaudited)

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, 2005. 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 ATFS for financial and legal fund administration services, which includes such items as compliance, expenses, financial statements and other reporting, distributions, tax returns, prospectus preparation, board of directors meeting support, transfer agency and other legal matters. The Legal fees on the Statement of Operations are for fees paid to external legal counsel. The Fund paid ATFS $27, for Administration fees, for the period ended June 30, 2004.

Deferred compensation plan: Each eligible Fund Director may elect participation in the Deferred Compensation Plan for Directors of ATSF (“the Plan”). Under the Plan, such Directors may defer payment of a percentage of their total fees earned as a Fund Director. These deferred amounts may be invested in any portfolio of Transamerica IDEX Mutual Funds, an affiliate of the Fund. At June 30, 2004, the value of invested plan amounts was $14. Invested plan amounts and the total liability for deferred compensation to the Directors under the Plan at June 30, 2004, are included in Net assets in the accompanying Statement of Assets and Liabilities.

NOTE  3. INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the period ended June 30, 2004, were as follows:

Purchases of securities:
Long-Term excluding U.S. Government	$	394,095
U.S. Government		–
Proceeds from maturities and sales of securities:
Long-Term excluding U.S. Government		437,365
U.S. Government		–

NOTE  4. FEDERAL INCOME TAX MATTERS

The Fund has not made any provision for federal income 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 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 treatments for items including, but not limited to, wash sales, net operating losses and capital loss carryforwards.

The capital loss carryforwards are available to offset future realized capital gains through the period listed:

Capital Loss Carryforward	Available through
$21,529	December 31, 2010

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of June 30, 2004, are as follows:

Federal Tax Cost Basis	$	373,873
Unrealized Appreciation	$	25,462
Unrealized (Depreciation)		(10,496	)
Net Unrealized Appreciation (Depreciation)	$	14,966

NOTE  5. OTHER MATTERS

ATSF, and certain of its affiliated entities, have received requests for information from the Staff of the Securities and Exchange Commission in connection with market timing and late trading within the funds. ATSF and the affiliated entities have voluntarily cooperated in the investigation and have been providing the information as requested.

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

Transamerica Small/Mid Cap Value    9

AEGON/TRANSAMERICA SERIES FUND, INC.

RESULTS OF SHAREHOLDER PROXY (unaudited)

Section 270.30d-1 under the Investment Company Act of 1940, as amended, titled “Reports to Stockholders of Management Companies,” requires regulated investment companies to report on all subject matters put to the vote of shareholders and provide final results. Accordingly, the Board of Directors of the Fund solicited a vote by the shareholders for the following items.

Each vote reported represents one dollar of net asset value held on the record date for the meeting.

Dreyfus Small Cap Value

At a special meeting of shareholders held on April 27, 2004, the results of Proposal 1 were as follows:

Proposal 1: Adoption of a new sub-advisory agreement between AEGON/Transamerica Fund Advisers, Inc. and Transamerica Investment Management LLC on behalf of the Portfolio.

For	Against	Abstain
88.86%	3.86%	7.28%

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

Transamerica Small/Mid Cap Value    10

Transamerica U.S. Government Securities

SCHEDULE OF INVESTMENTS

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Principal		Value
U.S. GOVERNMENT OBLIGATIONS (49.6%)
U.S. Treasury Bond (a)
4.00%, due 02/15/2014	$	2,750	$	2,621
4.75%, due 05/15/2014		4,250		4,294
5.38%, due 02/15/2031		17,100		17,246
U.S. Treasury Note
1.63%, due 01/31/2005		9,000		8,995
1.63%, due 03/31/2005 (a)		35,900		35,829
1.50%, due 07/31/2005		6,500		6,457
3.50%, due 11/15/2006 (a)		13,000		13,168
4.38%, due 05/15/2007 (a)		11,000		11,370
3.00%, due 02/15/2008 (a)		9,000		8,876
5.63%, due 05/15/2008		7,500		8,073
3.38%, due 12/15/2008		4,000		3,949
5.00%, due 02/15/2011		2,500		2,617
Total U.S. Government Obligations (cost: $124,677)				123,495
U.S. GOVERNMENT AGENCY (32.2%)
Fannie Mae
4.75%, due 01/02/2007		5,000		5,149
2.38%, due 02/15/2007 (a)		5,000		4,867
5.25%, due 08/01/2012		2,000		1,999
Fannie Mae–Conventional Pool
5.00%, due 05/01/2018		3,355		3,367
5.00%, due 04/01/2019		3,494		3,506
6.00%, due 10/01/2033		5,928		6,058
6.00%, due 01/01/2034		7,697		7,867
6.00%, due 04/01/2034		1,427		1,459
Fannie Mae–Gold Pool
5.00%, due 04/01/2018		6,190		6,209
Federal Home Loan Bank
3.63%, due 11/14/2008		15,000		14,758
3.00%, due 04/15/2009		13,000		12,342
Freddie Mac–Gold Pool
6.00%, due 11/01/2032		1,915		1,959
6.00%, due 09/01/2033		2,308		2,360
6.00%, due 01/01/2034		5,706		5,834
Ginnie Mae–FHA/VA Pool
6.00%, due 03/20/2034		2,386		2,446
Total U.S. Government Agency Obligations (cost: $82,188)				80,180
CORPORATE DEBT SECURITIES (17.0%)
Amusement & Recreation Services (0.3%)
MGM MIRAGE–144A
5.88%, due 02/27/2014		750		680
Business Credit Institutions (0.6%)
eircom Funding
8.25%, due 08/15/2013		1,500		1,560
Chemicals & Allied Products (1.9%)
Dow Chemical Company (The)
7.00%, due 08/15/2005		4,540		4,739

	Principal		Value
Commercial Banks (4.0%)
Morgan Chase & Co. (J.P.)
5.75%, due 01/02/2013	$	5,000	$	5,082
RBS Capital Trust I (c)
4.71%, due 12/29/2049		5,000		4,610
Hotels & Other Lodging Places (0.3%)
Park Place Entertainment Corporation
7.00%, due 04/15/2013		750		756
Insurance (0.5%)
ACE Capital Trust II
9.70%, due 04/01/2030		1,000		1,315
Lumber & Wood Products (1.1%)
Weyerhaeuser Company
7.38%, due 03/15/2032		2,500		2,719
Motion Pictures (1.1%)
Time Warner Inc.
7.63%, due 04/15/2031		2,500		2,705
Oil & Gas Extraction (0.5%)
Chesapeake Energy Corporation–144A
7.50%, due 06/15/2014		1,325		1,365
Paper & Allied Products (0.4%)
Westvaco Corporation
7.95%, due 02/15/2031		1,000		1,105
Personal Credit Institutions (1.0%)
General Motors Acceptance Corporation
7.00%, due 02/01/2012		2,500		2,570
Petroleum Refining (3.5%)
Amerada Hess Corporation
7.13%, due 03/15/2033		2,800		2,791
Conoco Funding Company
7.25%, due 10/15/2031		3,000		3,425
Suncor Energy Inc.
5.95%, due 12/01/2034		2,400		2,320
Telecommunications (1.8%)
America Movil, SA de CV–144A
5.50%, due 03/01/2014		2,750		2,533
Sprint Capital Corporation
4.78%, due 08/17/2006		2,000		2,039
Total Corporate Debt Securities (cost: $43,224)				42,314
SECURITY LENDING COLLATERAL (26.5%)
Debt (21.8%)
Agency Discount Notes (2.1%)
Fannie Mae
0.96%, due 07/01/2004		1,571		1,571
Federal Home Loan Bank
0.96%, due 07/01/2004		1,964		1,964
0.99%, due 07/01/2004		785		785
0.97%, due 07/02/2004		982		982

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Transamerica U.S. Government Securities    1

Transamerica U.S. Government Securities

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Principal		Value
Bank Notes (0.6%)
Credit Suisse First Boston (USA), Inc.
1.13%, due 09/08/2004	$	393	$	393
Deutsche Bank AG
1.16%, due 10/12/2004		982		982
Commercial Paper (6.6%)
Compass Securitization–144A
1.25%, due 07/23/2004		1,373		1,373
Falcon Asset Securitization Corp–144A
1.27%, due 07/20/2004		980		980
General Electric Capital Corporation
1.20%, due 07/19/2004		980		980
1.21%, due 07/22/2004		786		786
1.22%, due 07/23/2004		786		786
1.23%, due 07/26/2004		982		982
1.22%, due 08/04/2004		1,960		1,960
Govco Incorporated–144A
1.25%, due 08/02/2004		393		393
Greyhawk Funding LLC–144A
1.12%, due 07/13/2004		783		783
1.22%, due 07/20/2004		391		391
Jupiter Securitization Corp–144A
1.07%, due 07/02/2004		393		393
Morgan Stanley
1.58%, due 10/22/2004		903		903
1.58%, due 12/10/2004		2,553		2,553
1.58%, due 03/16/2005		2,474		2,474
Sheffield Receivables–144A
1.24%, due 07/20/2004		589		589
Euro Dollar Overnight (0.8%)
Bank of Nova Scotia (The)
1.04%, due 07/06/2004		982		982
Den Danske Bank
1.08%, due 07/02/2004		982		982
Euro Dollar Terms (5.2%)
Bank of America Corporation
1.08%, due 07/19/2004		393		393
Bank of Montreal
1.20%, due 07/23/2004		199		199
Bank of Nova Scotia (The)
1.20%, due 07/14/2004		982		982
1.24%, due 07/23/2004		196		196

	Principal		Value
Euro Dollar Terms (continued)
Bank of the West Inc.
1.28%, due 07/28/2004	$	393	$	393
Branch Banking & Trust
1.08%, due 07/14/2004		196		196
Calyon
1.16%, due 07/15/2004		3,731		3,731
1.17%, due 08/04/2004		589		589
1.34%, due 08/24/2004		1,375		1,375
Fortis Bank
1.19%, due 07/14/2004		196		196
1.29%, due 09/03/2004		393		393
HBOS PLC
1.30%, due 09/03/2004		393		393
Royal Bank of Canada
1.05%, due 07/08/2004		589		589
Royal Bank of Scotland Group PLC (The)
1.06%, due 07/30/2004		1,767		1,767
Wells Fargo & Company
1.19%, due 07/14/2004		786		786
1.25%, due 07/23/2004		393		393
1.24%, due 07/26/2004		393		393
Master Notes (0.8%)
Bear Stearns Companies Inc. (The)
1.64%, due 09/08/2004		1,178		1,178
1.64%, due 12/15/2004		786		786
Repurchase Agreements (5.7%) (b)
Credit Suisse First Boston (USA), Inc. 1.54%, Repurchase Agreement dated 06/30/2004 to be repurchased at $4,595 on 07/01/2004		4,595		4,595
Goldman Sachs Group Inc. (The) 1.54%, Repurchase Agreement dated 06/30/2004 to be repurchased at $1,964 on 07/01/2004		1,964		1,964
Merrill Lynch & Co., Inc. 1.54%, Repurchase Agreement dated 06/30/2004 to be repurchased at $5,949 on 07/01/2004		5,949		5,949
Morgan Stanley 1.58%, Repurchase Agreement dated 06/30/2004 to be repurchased at $1,767 on 07/01/2004		1,767		1,767

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Transamerica U.S. Government Securities    2

Transamerica U.S. Government Securities

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Shares	Value
Investment Companies (4.7%)
Money Market Funds (4.7%)
Merrill Lynch Premier Institutional Fund 1-day yield of 1.17	1,627,247	$	1,627
Merrimac Cash Fund– Premium Class
1-day yield of 1.11	10,099,146		10,099
Total Security Lending Collateral (cost: $65,896)			65,896
Total Investment Securities (cost: $315,985)		$	311,885
SUMMARY:
Investments, at value	125.3%	$	311,885
Liabilities in excess of other assets	(25.3)%		(62,963	)
Net assets	100.0%	$	248,922

NOTES TO SCHEDULE OF INVESTMENTS:

(a) At June 30, 2004, all or a portion of this security is on loan (see Note 1). The value at June 30, 2004, of all securities on loan is $63,841.

(b) Cash collateral for the Repurchase Agreements, valued at $14,562, that serve as collateral for securities lending are invested in corporate bonds with interest rates and maturity dates ranging from 0.00%–9.88% and 08/01/2004–09/25/2099, respectively.

(c) Securities are stepbonds. RBS Capital Trust I has a coupon rate of 4.71% until 07/01/2013, thereafter the coupon rate will become the 3 month LIBOR (London Interbank Offer Rate) plus 186.5 B.P.

DEFINITIONS:

144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2004, these securities aggregated $9,480 or 3.81% of the net assets of the Fund.

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Transamerica U.S. Government Securities    3

Transamerica U.S. Government Securities

STATEMENT OF ASSETS AND LIABILITIES

At June 30, 2004

(all amounts except per share amounts in thousands)

(unaudited)

Assets:
Investment securities, at value (cost: $ 315,985) (including securities loaned of $63,841)	$	311,885
Cash		688
Receivables:
Interest		2,402
Other		59
		315,034
Liabilities:
Accounts payable and accrued liabilities:
Management and advisory fees		147
Service fees		3
Payable for collateral for securities on loan		65,896
Other		66
		66,112
Net Assets	$	248,922
Net Assets Consist of:
Capital stock, 50,000 shares authorized ($.01 par value)	$	201
Additional paid-in capital		236,378
Undistributed net investment income		13,444
Undistributed net realized gain (loss) from:
Investment securities		2,999
Net unrealized appreciation (depreciation) on:
Investment securities		(4,100	)
Net Assets	$	248,922
Net Assets by Class:
Initial Class	$	233,815
Service Class		15,107
Shares Outstanding:
Initial Class		18,910
Service Class		1,203
Net Asset Value and Offering Price Per Share:
Initial Class	$	12.36
Service Class		12.56

STATEMENT OF OPERATIONS

For the period ended June 30, 2004

(all amounts in thousands)

(unaudited)

Investment Income:
Interest	$	5,118
Income from loaned securities–net		48
		5,166
Expenses:
Management and advisory fees		839
Printing and shareholder reports		1
Custody fees		19
Administration fees		19
Legal fees		1
Auditing and accounting fees		6
Directors fees		4
Other		18
Service fees:
Service Class		6
Total expenses		913
Net Investment Income (Loss)		4,253
Net Realized Gain (Loss) from:
Investment securities		1,821
Net Increase (Decrease) in Unrealized Appreciation (Depreciation) on:
Investment securities		(7,136	)
Net Gain (Loss) on Investment Securities		(5,315	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(1,062	)

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Transamerica U.S. Government Securities    4

Transamerica U.S. Government Securities

STATEMENTS OF CHANGES IN NET ASSETS

For the period or year ended

(all amounts in thousands)

	June 30, 2004 (unaudited)			December 31, 2003
Increase (Decrease) In Net Assets From:
Operations:
Net investment income (loss)	$	4,253		$	9,191
Net realized gain (loss) from investment securities		1,821			2,888
Net unrealized appreciation (depreciation) on investment securities		(7,136	)		(3,091	)
		(1,062	)		8,988
Distributions to Shareholders:
From net investment income:
Initial Class		–			(6,503	)
Service Class		–			(1	)
		–			(6,504	)
From net realized gains:
Initial Class		–			–
Service Class		–			–
		–			–
Capital Share Transactions:
Proceeds from shares sold:
Initial Class		20,936			101,339
Service Class		14,950			5,617
		35,886			106,956
Dividends and distributions reinvested:
Initial Class		–			6,503
Service Class		–			1
		–			6,504
Cost of shares redeemed:
Initial Class		(61,164	)		(119,683	)
Service Class		(1,367	)		(4,201	)
		(62,531	)		(123,884	)
		(26,645	)		(10,424	)
Net increase (decrease) in net assets		(27,707	)		(7,940	)
Net Assets:
Beginning of period		276,629			284,569
End of period	$	248,922		$	276,629
Undistributed Net Investment Income	$	13,444		$	9,191

	June 30, 2004 (unaudited)		December 31, 2003
Share Activity:
Shares issued:
Initial Class	1,647		8,166
Service Class	1,199		451
	2,846		8,617
Shares issued–reinvested from distributions:
Initial Class	–		542
Service Class	–		–
	–		542
Shares redeemed:
Initial Class	(4,889	)	(9,646	)
Service Class	(108	)	(339	)
	(4,997	)	(9,985	)
Net increase (decrease) in shares outstanding:
Initial Class	(3,242	)	(938	)
Service Class	1,091		112
	(2,151	)	(826	)

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Transamerica U.S. Government Securities    5

Transamerica U.S. Government Securities

FINANCIAL HIGHLIGHTS

(unaudited for the period ended June 30, 2004)

	For the Period Ended (b)	For a share outstanding throughout each period (a)
		Net Asset Value, Beginning of Period		Investment Operations								Distributions									Net Asset Value, End of Period
				Net Investment Income (Loss)		Net Realized and Unrealized Gain (Loss)			Total Operations			From Net Investment Income			From Net Realized Gains			Total Distributions
Initial Class	06/30/2004	$	12.42	$	0.20	$	(0.26	)	$	(0.06	)	$	–		$	–		$	–		$	12.36
	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
	12/31/2000		11.53		0.74		0.36			1.10			(0.75	)		–			(0.75	)		11.88
	12/31/1999		12.32		0.62		(0.73	)		(0.11	)		(0.46	)		(0.22	)		(0.68	)		11.53
Service Class	06/30/2004		12.64		0.19		(0.27	)		(0.08	)		–			–			–			12.56
	12/31/2003		12.58		0.38		(0.29	)		0.09			(0.03	)		–			(0.03	)		12.64

	For the Period Ended (b)	Total Return (c)(g)		Ratios/Supplemental Data
				Net Assets, End of Period (000’s)		Ratio of Expenses to Average Net Assets (f)				Net Investment Income (Loss) to Average Net Assets (f)		Portfolio Turnover Rate (g)
						Net (d)		Total (e)
Initial Class	06/30/2004	(0.48	)%	$	233,815	0.70	%	0.70	%	3.30	%	37	%
	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
	12/31/2000	10.16			75,182	0.74		0.76		5.38		1,109
	12/31/1999	(0.87	)		83,777	0.73		0.77		5.52		596
Service Class	06/30/2004	(0.63	)		15,107	0.95		0.95		3.06		37
	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) The inception dates of the Fund’s share classes are 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 period ended June 30, 2004 and the year ended December 31, 2003, Ratio of Net Expenses to Average Net Assets is net of fee waivers by the investment advisor, if any, (see note 2). For the year ended December 31, 2002, Ratio of Net Expenses to Average Net Assets is net of fee paid indirectly. For the year ended December 31, 2001, and prior years, 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 for periods of less than one year.

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Transamerica U.S. Government Securities    6

Transamerica U.S. Government Securities

NOTES TO FINANCIAL STATEMENTS

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

The AEGON/Transamerica Series Fund, Inc. (“ATSF”) is a Maryland corporation registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. ATSF serves as a funding vehicle for variable life insurance, variable annuity and group annuity products. Transamerica U.S. Government Securities (“the Fund”), part of ATSF, began operations as part of the Endeavor Series Trust, on May 13, 1994. The Fund became part of ATSF on May 1, 2002.

In the normal course of business the Fund enters into contracts that contain a variety of representations and warranties, which 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.

See the Prospectus and Statement of Additional Information for a description of the Fund’s investment objective.

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 policies were consistently followed by the Fund, in accordance with GAAP.

Multiple class operations 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.

Pricing of shares: The Fund prices its shares on the basis of the net asset value of each class of shares of the Fund, which is determined as of the close of the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern Time) on each day on which the NYSE is open for trading (other than a day on which there are insufficient changes in the value of the Fund’s portfolio securities to materially affect the Fund’s net asset value or a day on which no shares are tendered for redemption and no order to purchase any shares is received).

Security valuations: Fund investments traded on an exchange are valued at the closing price on the day of valuation on the 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 by independent pricing services; 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 also are valued at fair market value as determined in good faith using guidelines established by and under the supervision of the Board of Directors and the Fund’s Valuation Committee. These guidelines may include: the type of security; any restrictions on its resale; financial or business news of the issuer; similar or related securities that are actively trading; related corporate actions; and other significant events occurring after the close of trading in the security.

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 June 30, 2004, was paying an interest rate of 0.75%.

Repurchase agreements: The Fund is authorized to enter into repurchase agreements. The Fund, through 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. Repurchase agreements involve the risk that the seller will fail to repurchase the security, as agreed. In that case, 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 are incurred.

Securities lending: The Fund may lend securities to enhance fund earnings from investing cash collateral received in making such loans to qualified borrowers (typically broker/dealers). The Fund has engaged its custodian bank, IBT, as a lending agent to administer its securities lending program. IBT earned $20 of program net income for its services. When the Fund makes a security loan, it receives cash collateral as protection against the risk that the borrower will default on the loan, and records an asset for the cash invested collateral and a liability for the return of the collateral.

Loans of securities are required to be secured by collateral at least equal to 102% of the value of the securities at inception of the loan, and not less then 100% thereafter. The Fund may invest cash collateral in short-term money market instruments including: U.S. Treasury Bills, U.S. agency obligations, commercial paper, money market mutual funds, repurchase agreements and other highly rated, liquid investments. During the life of securities loans, the collateral and securities loaned remain subject to fluctuation in value. IBT marks to market securities loaned and the collateral each business day. If additional collateral is due (at least $1), IBT collects additional cash collateral from the borrowers. Although securities loaned will be fully collateralized at all

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

Transamerica U.S. Government Securities    7

Transamerica U.S. Government Securities

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1–(continued)

times, IBT may experience delays in, or may be prevented from, recovering the collateral on behalf of the Fund. The Fund may recall a loaned security position at any time from the borrower through IBT. In the event the borrower fails to timely return a recalled security, IBT may indemnify the Fund by purchasing replacement securities for the Fund at its own expense and claiming the collateral to fund such a purchase. IBT absorbs the loss if the collateral value is not sufficient to cover the cost of the replacement securities. If replacement securities are not available, IBT will credit the equivalent cash value to the Fund.

While a security is on loan, the Fund does not have the right to vote that security. However, if time permits, the Fund will attempt to recall a security on loan and vote the proxy.

Income from securities lending is included in the Statement of Operations. The amount of collateral and value of securities on loan are included in the Statement of Assets and Liabilities as well as in the Schedule of Investments.

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 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: Dividend 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

AEGON/Transamerica Fund Advisers, Inc. (“ATFA”) is the Fund’s investment adviser. AEGON/Transamerica Fund Services, Inc. (“ATFS”) is the Fund’s administrator and transfer agent. AFSG Securities Corp. (“AFSG”) is the Fund’s distributor. AFSG is 100% owned by AUSA Holding Company (“AUSA”). ATFA is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) (“WRL”) and AUSA (22%). ATFS is a wholly owned subsidiary of WRL. AUSA and WRL are wholly owned indirect subsidiaries of AEGON NV, a Netherlands corporation.

Certain officers and directors of the Fund are also officers and/or directors of ATFA, ATFS, AFSG and WRL. No affiliated officer or director receives any compensation directly from the Fund.

Transamerica Investment Management, LLC is both an affiliate of the Fund and a sub-adviser to the Fund.

Investment advisory fees: The Fund pays management fees to ATFA based on average daily net assets (“ANA”) at the following rate:

0.65% of ANA

ATFA 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:

0.73% Expense Limit

If total fund expenses fall below the annual expense limitations 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 are no amounts subject to recapture at June 30, 2004.

Distribution and service fees: The Fund adopted a distribution plan (“Distribution Plan”) pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended. Pursuant to the Distribution Plan, ATSF entered into a Distribution Agreement with AFSG effective May 1, 1999.

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 ATSF 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, 2005. 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 ATFS for financial and legal fund administration services, which includes such items as compliance, expenses, financial statements and other reporting, distributions, tax returns, prospectus preparation, board of directors meeting support, transfer agency and other legal matters. The Legal fees on the Statement of Operations are for fees paid to external legal counsel. The Fund paid ATFS $19 for Administration fees for the period ended June 30, 2004.

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

Transamerica U.S. Government Securities    8

Transamerica U.S. Government Securities

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  2–(continued)

Deferred compensation plan: Each eligible Fund Director may elect participation in the Deferred Compensation Plan for Directors of ATSF (“the Plan”). Under the Plan, such Directors may defer payment of a percentage of their total fees earned as a Fund Director. These deferred amounts may be invested in any portfolio of Transamerica IDEX

Mutual Funds, an affiliate of the Fund. At June 30, 2004, the value of invested plan amounts was $9. Invested plan amounts and the total liability for deferred compensation to the Directors under the Plan at June 30, 2004, are included in Net assets in the accompanying Statement of Assets and Liabilities.

NOTE  3. INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the period ended June 30, 2004, were as follows:

Purchases of securities:
Long-Term excluding U.S. Government	$	10,842
U.S. Government		83,412
Proceeds from maturities and sales of securities:
Long-Term excluding U.S. Government		16,827
U.S. Government		90,475

NOTE  4. FEDERAL INCOME TAX MATTERS

The Fund has not made any provision for federal income 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 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 treatments for items including, but not limited to, wash sales, and capital loss carryforwards.

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of June 30, 2004, are as follows:

Federal Tax Cost Basis	$	316,010
Unrealized Appreciation	$	760
Unrealized (Depreciation)		(4,885	)
Net Unrealized Appreciation (Depreciation)	$	(4,125	)

NOTE  5. OTHER MATTERS

ATSF, and certain of its affiliated entities, have received requests for information from the Staff of the Securities and Exchange Commission in connection with market timing and late trading within the funds. ATSF and the affiliated entities have voluntarily cooperated in the investigation and have been providing the information as requested.

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

Transamerica U.S. Government Securities    9

Transamerica Value Balanced

SCHEDULE OF INVESTMENTS

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Principal		Value
U.S. GOVERNMENT OBLIGATIONS (7.5%)
U.S. Treasury Bond (b)(d) 5.00%, due 08/15/2011	$	5,000	$	5,220
4.00%, due 02/15/2014		4,375		4,170
5.38%, due 02/15/2031		10,200		10,287
U.S. Treasury Bond 4.75%, due 05/15/2014 (d)		300		303
U.S. Treasury Note (b)(d) 2.25%, due 02/15/2007		10,300		10,100
3.13%, due 04/15/2009		11,100		10,785
Total U.S. Government Obligations (cost: $41,031)				40,865
U.S. GOVERNMENT AGENCY OBLIGATIONS (11.4%)
Fannie Mae–Conventional Pool 6.00%, due 07/01/2017		3,807		3,971
6.00%, due 01/01/2018		3,795		3,958
5.00%, due 05/01/2018		1,726		1,732
5.00%, due 04/01/2019		1,799		1,805
6.50%, due 09/01/2033		6,957		7,249
6.00%, due 10/01/2033		1,711		1,749
6.00%, due 01/01/2034		5,333		5,451
6.00%, due 02/01/2034		982		1,004
6.50%, due 03/01/2034		4,924		5,131
6.00%, due 04/01/2034		4,100		4,191
Fannie Mae–Gold Pool 5.00%, due 04/01/2018		3,214		3,224
Freddie Mac–Gold Pool 5.50%, due 12/01/2018		977		1,000
7.00%, due 10/01/2028		1,293		1,370
6.50%, due 04/01/2029		1,279		1,336
6.00%, due 09/01/2033		2,105		2,153
6.50%, due 11/01/2033		9,473		9,882
6.00%, due 01/01/2034		3,016		3,084
Ginnie Mae–FHA/VA Pool 6.00%, due 02/20/2034		2,003		2,053
6.50%, due 10/15/2027		1,437		1,511
Total U.S. Government Agency Obligations (cost: $62,016)				61,854
CORPORATE DEBT SECURITIES (20.3%)
Agriculture (0.2%)
Cargill, Incorporated 5.00%, due 11/15/2013		1,000		963
Amusement & Recreation Services (0.7%)
Disney (Walt) Company (The) 4.88%, due 07/02/2004		2,000		2,000
5.62%, due 12/01/2008		1,000		1,012
MGM MIRAGE 6.00%, due 10/01/2009		1,000		980
Automotive (0.6%)
General Motors Corporation 7.70%, due 04/15/2016		1,000		1,050
Honeywell International Inc.
6.88%, due 10/03/2005		2,000		2,101

	Principal		Value
Beverages (0.5%)
Bottling Group, LLC 2.45%, due 10/16/2006	$	2,000	$	1,969
Cia Brasileira de Bebidas–144A 8.75%, due 09/15/2013		500		528
Business Credit Institutions (0.9%)
Deere (John) Capital Corporation 3.90%, due 01/15/2008		2,000		1,999
eircom Funding 8.25%, due 08/15/2013		1,000		1,040
Ford Motor Credit Company 6.70%, due 07/16/2004		2,000		2,003
Business Services (1.5%)
Clear Channel Communications, Inc. 8.00%, due 11/01/2008		4,050		4,582
First Data Corporation 4.70%, due 11/01/2006		3,000		3,097
International Lease Finance Corporation 5.63%, due 06/01/2007		1,000		1,049
Chemicals & Allied Products (0.2%)
Nalco Company–144A 7.75%, due 11/15/2011		1,000		1,048
Commercial Banks (1.1%)
Abbey National PLC (h) 7.35%, due 10/29/2049		2,000		2,141
Bank One Corporation 6.88%, due 08/01/2006		1,000		1,070
CS First Boston–144A (g) 7.90%, due 05/29/2049		2,000		2,203
Wells Fargo & Company 6.25%, due 04/15/2008		530		570
Communication (1.2%)
Echostar DBS Corporation 5.75%, due 10/01/2008		550		542
Viacom Inc. 7.75%, due 06/01/2005		5,500		5,760
Food & Kindred Products (0.2%)
Sara Lee Corporation 6.95%, due 10/09/2006		1,000		1,078
Food Stores (0.2%)
Stater Bros. Holdings Inc.–144A 8.13%, due 06/15/2012		1,075		1,079
Furniture & Fixtures (0.7%)
Lear Corporation 7.96%, due 05/15/2005		3,775		3,936
Health Services (0.2%)
HCA Inc. 7.13%, due 06/01/2006		1,250		1,320

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Transamerica Value Balanced    1

Transamerica Value Balanced

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Principal		Value
Holding & Other Investment Offices (1.2%)
EOP Operating Limited Partnership 8.38%, due 03/15/2006	$	6,050	$	6,547
Hotels & Other Lodging Places (0.1%)
Park Place Entertainment Corporation 7.00%, due 04/15/2013		450		453
Insurance (0.9%)
ACE INA Holdings, Inc. 8.20%, due 08/15/2004		2,600		2,618
WellPoint Health Networks Inc. 6.38%, due 06/15/2006		2,400		2,545
Insurance Agents, Brokers & Service (0.2%)
Hartford Financial Services Group, Inc. (The)–144A 4.63%, due 07/15/2013		1,000		946
Lumber & Wood Products (0.8%)
Weyerhaeuser Company 7.38%, due 03/15/2032		4,000		4,350
Metal Mining (0.1%)
Barrick Gold Finance, Inc. 7.50%, due 05/01/2007		400		440
Motion Pictures (0.9%)
Time Warner Inc. 9.13%, due 01/15/2013		4,000		4,876
Oil & Gas Extraction (0.2%)
Evergreen Resources, Inc.–144A 5.88%, due 03/15/2012		1,000		1,010
Personal Credit Institutions (1.3%)
Capital One Bank 8.25%, due 06/15/2005		2,000		2,097
General Electric Capital Corporation 8.85%, due 04/01/2005		3,000		3,139
General Motors Acceptance Corporation 6.75%, due 01/15/2006		2,000		2,096
Petroleum Refining (0.8%)
Amerada Hess Corporation 7.13%, due 03/15/2033		4,500		4,486
Primary Metal Industries (1.6%)
Alcoa Inc. 4.25%, due 08/15/2007		5,500		5,580
Noranda Inc. 6.00%, due 10/15/2015		3,300		2,946
Printing & Publishing (1.5%)
Gannett Co., Inc. 5.50%, due 04/01/2007		3,000		3,157
News America Holdings Incorporated 7.75%, due 12/01/2045		4,200		4,788

	Principal		Value
Restaurants (0.2%)
YUM! Brands, Inc. 7.70%, due 07/01/2012	$	1,000	$	1,145
Security & Commodity Brokers (0.4%)
E*TRADE Financial Corporation–144A (b) 8.00%, due 06/15/2011		1,000		995
Lehman Brothers Holdings Inc. 7.88%, due 08/15/2010		1,000		1,162
Telecommunications (0.4%)
America Movil, SA de CV–144A 5.50%, due 03/01/2014		2,000		1,842
Millicom International Cellular–144A 10.00%, due 12/01/2013		250		254
Transportation & Public Utilities (0.6%)
Magellan Midstream Partners, L.P. 6.45%, due 06/01/2014		3,100		3,114
Transportation Equipment (0.0%)
Bombardier Recreational Products–144A (b) 8.38%, due 12/15/2013		250		248
Variety Stores (0.7%)
Wal-Mart Stores, Inc. 6.55%, due 08/10/2004		3,600		3,618
Wholesale Trade Nondurable Goods (0.2%)
Domino’s, Inc. 8.25%, due 07/01/2011		1,000		1,060
Total Corporate Debt Securities (cost: $110,464)				110,632
	Shares		Value
COMMON STOCKS (60.0%)
Amusement & Recreation Services (1.3%)
Disney (Walt) Company (The)		286,100	$	7,293
Beverages (0.8%)
Coca-Cola Company (The)		90,000		4,543
Chemicals & Allied Products (3.7%)
Colgate-Palmolive Company		75,000		4,384
du Pont (E.I.) de Nemours and Company		235,000		10,439
Praxair, Inc.		132,000		5,268
Commercial Banks (9.6%)
Bank of America Corporation (d)		314,922		26,649
BB&T Corporation		46,000		1,701
Citigroup Inc.		106,333		4,944
Cullen/Frost Bankers, Inc.		116,000		5,191
Mellon Financial Corporation		75,000		2,200
SouthTrust Corporation		76,000		2,950
Wells Fargo & Company (d)		145,500		8,327
Communication (0.9%)
Cox Communications, Inc.–Class A (a)(b)		175,000		4,863

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Transamerica Value Balanced    2

Transamerica Value Balanced

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Shares	Value
Computer & Data Processing Services (3.5%)
Microsoft Corporation	675,000	$	19,278
Drug Stores & Proprietary Stores (0.1%)
Medco Health Solutions, Inc. (a)	16,160		606
Electronic & Other Electric Equipment (1.1%)
Cooper Industries, Inc.–Class A	40,000		2,376
General Electric Company	50,000		1,620
Hubbell Incorporated–Class B	45,000		2,102
Electronic Components & Accessories (2.5%)
Intel Corporation (d)	334,500		9,232
Texas Instruments Incorporated	179,000		4,328
Food & Kindred Products (4.2%)
Altria Group, Inc. (d)	285,000		14,264
Heinz (H.J.) Company	78,500		3,077
Kraft Foods, Inc.–Class A (b)	130,000		4,118
Sara Lee Corporation	60,700		1,395
Holding & Other Investment Offices (1.3%)
Plum Creek Timber Company, Inc.	210,000		6,842
Instruments & Related Products (0.2%)
Raytheon Company	35,000		1,252
Insurance (1.4%)
American International Group, Inc.	78,925		5,626
St. Paul Companies, Inc. (The)	45,690		1,852
Life Insurance (0.2%)
Manulife Financial Corporation (b)	21,242		860
Lumber & Wood Products (0.5%)
Louisiana-Pacific Corporation (b)(d)	120,000		2,838
Motion Pictures (3.0%)
Time Warner Inc. (a)	925,000		16,262
Oil & Gas Extraction (3.2%)
Anadarko Petroleum Corporation	75,000		4,395
EOG Resources, Inc.	100,000		5,971
Schlumberger Limited	107,500		6,827
Paper & Allied Products (1.1%)
Kimberly-Clark Corporation (d)	95,000		6,259
Petroleum Refining (2.6%)
BP PLC–ADR	110,000		5,893
Exxon Mobil Corporation	185,100		8,220
Pharmaceuticals (7.0%)
Bristol-Myers Squibb Co.	575,000		14,088
Merck & Co., Inc.	184,000		8,740
Pfizer Inc.	176,000		6,033
Schering-Plough Corporation	513,920		9,497
Railroads (0.4%)
Union Pacific Corporation	38,700		2,301

	Shares		Value
Savings Institutions (1.0%)
Washington Mutual, Inc.		136,500	$	5,274
Security & Commodity Brokers (2.1%)
Jefferies Group, Inc.		160,000		4,947
Raymond James Financial, Inc.		210,525		5,568
T. Rowe Price Group, Inc.		20,000		1,008
Telecommunications (4.8%)
ALLTEL Corporation		178,900		9,056
Sprint Corporation (FON Group) (b)		650,000		11,440
Verizon Communications, Inc.		155,000		5,609
U.S. Government Agencies (3.5%)
Fannie Mae		270,000		19,267
Total Common Stocks (cost: $300,407)				327,073
	Principal		Value
SECURITY LENDING COLLATERAL (10.2%)
Debt (10.2%)
Agency Discount Notes (0.8%)
Fannie Mae 0.96%, due 07/01/2004	$	1,320	$	1,320
Federal Home Loan Bank 0.96%, due 07/01/2004		1,649		1,649
0.99%, due 07/01/2004		659		659
0.97%, due 07/02/2004		825		825
Bank Notes (0.2%)
Credit Suisse First Boston (USA), Inc. 1.13%, due 09/08/2004		330		330
Deutsche Bank AG 1.16%, due 10/12/2004		825		825
Commercial Paper (2.6%)
Compass Securitization–144A 1.25%, due 07/23/2004		1,153		1,153
Falcon Asset Securitization Corp–144A 1.27%, due 07/20/2004		823		823
General Electric Capital Corporation 1.20%, due 07/19/2004		823		823
1.21%, due 07/22/2004		660		660
1.22%, due 07/23/2004		660		660
1.23%, due 07/26/2004		825		825
1.22%, due 08/04/2004		1,646		1,646
Govco Incorporated–144A 1.25%, due 08/02/2004		330		330
Greyhawk Funding LLC–144A 1.12%, due 07/13/2004		658		658
1.22%, due 07/20/2004		328		328
Jupiter Securitization Corp–144A 1.07%, due 07/02/2004		330		330

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Transamerica Value Balanced    3

Transamerica Value Balanced

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Principal		Value
Commercial Paper (continued)
Morgan Stanley 1.58%, due 10/22/2004	$	759	$	759
1.58%, due 12/10/2004		2,145		2,145
1.58%, due 03/16/2005		2,079		2,079
Sheffield Receivables–144A 1.24%, due 07/20/2004		495		495
Euro Dollar Overnight (0.3%)
Bank of Nova Scotia (The) 1.04%, due 07/06/2004		825		825
Den Danske Bank 1.08%, due 07/02/2004		825		825
Euro Dollar Terms (2.0%)
Bank of America Corporation 1.08%, due 07/19/2004		330		330
Bank of Montreal 1.20%, due 07/23/2004		167		167
Bank of Nova Scotia (The) 1.20%, due 07/14/2004		825		825
1.24%, due 07/23/2004		165		165
Bank of the West Inc. 1.28%, due 07/28/2004		330		330
Branch Banking & Trust 1.08%, due 07/14/2004		165		165
Calyon 1.16%, due 07/15/2004		3,134		3,134
1.17%, due 08/04/2004		495		495
1.34%, due 08/24/2004		1,155		1,155
Fortis Bank 1.19%, due 07/14/2004		165		165
1.29%, due 09/03/2004		330		330
HBOS PLC 1.30%, due 09/03/2004		330		330
Royal Bank of Canada 1.05%, due 07/08/2004		495		495
Royal Bank of Scotland Group PLC (The) 1.06%, due 07/30/2004		1,485		1,485
Wells Fargo & Company 1.19%, due 07/14/2004		660		660
1.25%, due 07/23/2004		330		330
1.24%, due 07/26/2004		330		330
Master Notes (0.3%)
Bear Stearns Companies Inc. (The) 1.64%, due 09/08/2004		990		990
1.64%, due 12/15/2004		660		660
Repurchase Agreements (2.2%) (c)
Credit Suisse First Boston (USA), Inc. 1.54%, Repurchase Agreement dated 06/30/2004 to be repurchased at $3,859 on 07/01/2004		3,859		3,859

	Principal		Value
Repurchase Agreements (continued)
Goldman Sachs Group Inc. (The) 1.54%, Repurchase Agreement dated 06/30/2004 to be repurchased at $1,650 on 07/01/2004	$	1,650	$	1,650
Merrill Lynch & Co., Inc. 1.54%, Repurchase Agreement dated 06/30/2004 to be repurchased at $4,998 on 07/01/2004		4,998		4,998
Morgan Stanley 1.58%, Repurchase Agreement dated 06/30/2004 to be repurchased at $1,485 on 07/01/2004		1,485		1,485
	Shares		Value
Investment Companies (1.8%)
Money Market Funds (1.8%)
Merrill Lynch Premier Institutional Fund 1-day yield of 1.17%		1,366,950	$	1,367
Merrimac Cash Fund–Premium Class 1-day yield of 1.11%		8,483,669		8,483
Total Security Lending Collateral (cost: $55,355)				55,355
Total Investment Securities (cost: $569,273)			$	595,779
	Contracts (e)		Value
WRITTEN OPTIONS (-0.7%)
Covered Call Options (-0.3%)
Altria Group, Inc. Call Strike $65.00, Expires 01/22/2005		300	$	(6	)
Bank of America Corporation Call Strike $45.00, Expires 01/22/2005		3,800		(1,310	)
Intel Corporation Call Strike $40.00, Expires 07/17/2004		1,000		(5	)
Louisiana Pacific Corporation Call Strike $25.00, Expires 08/21/2004		100		(7	)
Louisiana Pacific Corporation Call Strike $30.00, Expires 08/21/2004		100		(3	)
Wells Fargo & Company Call Strike $60.00, Expires 07/17/2004		210		(2	)
Wells Fargo & Company Call Strike $60.00, Expires 01/22/2005		800		(120	)
Put Options (-0.4%)
Altria Group, Inc. Put Strike $30.00, Expires 01/22/2005		900		(36	)

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Transamerica Value Balanced    4

Transamerica Value Balanced

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Contracts (e)	Value
Put Options (continued)
Altria Group, Inc. Put Strike $40.00, Expires 01/21/2006	1,000	$	(314	)
Bank of America Corporation Put Strike $65.00, Expires 01/21/2005	200		(11	)
Bristol-Myers Squibb Company Put Strike $20.00, Expires 01/22/2005	500		(16	)
Bristol-Myers Squibb Company Put Strike $25.00, Expires 01/22/2005	200		(39	)
Bristol-Myers Squibb Company Put Strike $20.00, Expires 01/21/2006	2,000		(234	)
ChevronTexaco Corporation Put Strike $60.00, Expires 01/22/2005	160		(2	)
Dominion Resources, Inc. Put Strike $50.00, Expires 01/22/2005	935		(26	)
Dominion Resources, Inc. Put Strike $60.00, Expires 01/22/2005	420		(74	)
du Pont (E.I.) de Nemours and Company Put Strike $35.00, Expires 01/22/2005	300		(11	)
Duke Energy Corporation Put Strike $20.00, Expires 07/17/2004	750		(15	)
Duke Energy Corporation Put Strike $20.00, Expires 01/22/2005	1,000		(127	)
Exxon Mobil Corporation Put Strike $40.00, Expires 10/16/2004	300		(11	)
Fannie Mae Put Strike $60.00, Expires 12/18/2004	230		(29	)
Fannie Mae Put Strike $60.00, Expires 01/22/2005	250		(41	)
Heinz (H.J.) Company Put Strike $35.00, Expires 09/18/2004	200		(2	)
Heinz (H.J.) Company Put Strike $35.00, Expires 01/22/2005	250		(11	)
Jeffries Group, Inc. Put Strike $30.00, Expires 10/16/2004	750		(114	)
Kimberly-Clark Corporation Put Strike $45.00, Expires 01/22/2005	80		(8	)
Merck & Co, Inc. Put Strike $40.00, Expires 10/16/2004	100		(3	)

	Contracts (e)	Value
Put Options (continued)
Merck & Co, Inc. Put Strike $40.00, Expires 01/22/2005	200	$	(14	)
Merck & Co, Inc. Put Strike $40.00, Expires 01/21/2006	400		(81	)
Microsoft Corporation Put Strike $25.00, Expires 07/17/2004	50		(f	)
Microsoft Corporation Put Strike $27.50, Expires 07/17/2004	500		(9	)
Microsoft Corporation Put Strike $25.00, Expires 10/16/2004	250		(8	)
Microsoft Corporation Put Strike $15.00, Expires 01/22/2005	2,465		(12	)
Praxair, Inc. Put Strike $35.00, Expires 01/22/2005	730		(64	)
Rayonier, Inc. Put Strike $40.00, Expires 08/21/2004	875		(24	)
Sara Lee Corporation Put Strike $20.00, Expires 07/17/2004	40		(f	)
Schering-Plough Corporation Put Strike $15.00, Expires 01/21/2006	650		(70	)
Schlumberger Limited Put Strike $50.00, Expires 08/21/2004	800		(8	)
Southtrust Corporation Put Strike $32.50, Expires 09/18/2004	1,300		(78	)
Sprint Corporation (FON Group) Put Strike $15.00, Expires 11/20/2004	3,000		(113	)
Sun Microsystems, Inc. Put Strike $5.00, Expires 07/17/2004	3,300		(230	)
Sun Microsystems, Inc. Put Strike $5.00, Expires 01/22/2005	3,000		(286	)
Time Warner, Inc. Put Strike $18.00, Expires 07/17/2004	2,000		(100	)
Time Warner, Inc. Put Strike $12.50, Expires 01/22/2005	740		(9	)
Time Warner, Inc. Put Strike $15.00, Expires 01/22/2005	260		(9	)
Union Pacific Corporation Put Strike $60.00, Expires 08/21/2004	700		(124	)

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Transamerica Value Balanced    5

Transamerica Value Balanced

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Contracts (e)	Value
Put Options (continued)
Walt Disney Company (The) Put Strike $22.50, Expires 07/17/2004	1,200	$	(9)
Total Written Options (premium: $5,527)			(3,825)
SUMMARY:
Investments, at value	109.4 %	$	595,779
Written options	(0.7)%		(3,825)
Liabilities in excess of other assets	(8.7)%		(47,578)
Net assets	100.0 %	$	544,376

NOTES TO SCHEDULE OF INVESTMENTS:

(a) No dividends were paid during the preceding twelve months.

(b) At June 30, 2004, all or a portion of this security is on loan (see Note 1). The value at June 30, 2004, of all securities on loan is $54,023.

(c) Cash collateral for the Repurchase Agreements, valued at $12,233, that serve as collateral for securities lending are invested in corporate bonds with interest rates and maturity dates ranging from 0.00%-9.88% and 08/01/2004-09/25/2099, respectively.

(d) At June 30, 2004, 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 June 30, 2004, is $88,804.

(e) Contract Amounts are not in thousands.

(f) Value is less than $1.

(g) Securities are stepbonds. CS First Boston has a coupon rate 7.90% until 05/01/2007, thereafter the coupon rate will reset every 5 years at the 5-year current month treasury + 200BP, if not called.

(h) Securities are stepbonds. Abbey National PLC has a coupon rate 7.35% until 10/15/2006, thereafter the coupon rate will reset every 5 years at the 5-year current month treasury + 178BP, if not called.

DEFINITIONS:

ADR American Depositary Receipt

144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2004, these securities aggregated $14,270 or 2.62% of the net assets of the Fund.

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Transamerica Value Balanced    6

Transamerica Value Balanced

STATEMENT OF ASSETS AND LIABILITIES

At June 30, 2004

(all amounts except per share amounts in thousands)

(unaudited)

Assets:
Investment securities, at value (cost: $ 569,273) (including securities loaned of $54,023)	$	595,779
Cash		2,947
Receivables:
Investment securities sold		7,846
Interest		2,642
Dividends		779
Dividend reclaims receivable		9
Other		42
		610,044
Liabilities:
Investment securities purchased		6,055
Accounts payable and accrued liabilities:
Management and advisory fees		368
Payable for collateral for securities on loan		55,355
Written options (premium $5,527)		3,825
Other		65
		65,668
Net Assets	$	544,376
Net Assets Consist of:
Capital stock, 150,000 shares authorized ($.01 par value)	$	431
Additional paid-in capital		492,962
Undistributed net investment income		10,715
Undistributed net realized gain (loss) from:
Investment securities		1,214
Written option contracts		10,846
Net unrealized appreciation (depreciation) on:
Investment securities		26,506
Written option contracts		1,702
Net Assets	$	544,376
Net Assets by Class:
Initial Class	$	542,255
Service Class		2,121
Shares Outstanding:
Initial Class		42,930
Service Class		163
Net Asset Value and Offering Price Per Share:
Initial Class	$	12.63
Service Class		12.96

STATEMENT OF OPERATIONS

For the period ended June 30, 2004

(all amounts in thousands)

(unaudited)

Investment Income:
Interest	$	3,096
Dividends		2,618
Income from loaned securities–net		31
Less withholding taxes on foreign dividends		(6	)
		5,739
Expenses:
Management and advisory fees		1,286
Printing and shareholder reports		55
Custody fees		18
Administration fees		25
Legal fees		1
Auditing and accounting fees		8
Directors fees		4
Service fees:
Service Class		1
Total expenses		1,398
Net Investment Income (Loss)		4,341
Net Realized Gain (Loss) from:
Investment securities		37,803
Written option contracts		3,942
		41,745
Net Increase (Decrease) in Unrealized Appreciation (Depreciation) on:
Investment securities		(32,831	)
Written option contracts		(2,649	)
		(35,480	)
Net Gain (Loss) on Investment Securities and Written Option Contracts		6,265
Net Increase (Decrease) in Net Assets Resulting from Operations	$	10,606

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Transamerica Value Balanced    7

Transamerica Value Balanced

STATEMENTS OF CHANGES IN NET ASSETS

For the period or year ended

(all amounts in thousands)

	June 30, 2004 (unaudited)			December 31, 2003
Increase (Decrease) In Net Assets From:
Operations:
Net investment income (loss)	$	4,341		$	6,373
Net realized gain (loss) from investment securities and written option contracts		41,745			(2,376	)
Net unrealized appreciation (depreciation) on investment securities and written option contracts		(35,480	)		40,115
		10,606			44,112
Distributions to Shareholders:
From net investment income:
Initial Class		–			(7,249	)
Service Class		–			–
		–			(7,249	)
From net realized gains:
Initial Class		–			–
Service Class		–			–
		–			–
Capital Share Transactions:
Proceeds from shares sold:
Initial Class		10,100			16,535
Service Class		1,309			437
		11,409			16,972
Proceeds from fund acquisition:
Initial Class		312,953			–
Service Class		467			–
		313,420			–
Dividends and distributions reinvested:
Initial Class		–			7,249
Service Class		–			–
		–			7,249
Cost of shares redeemed:
Initial Class		(40,549	)		(58,895	)
Service Class		(156	)		(2	)
		(40,705	)		(58,897	)
		284,124			(34,676	)
Net increase (decrease) in net assets		294,730			2,187
Net Assets:
Beginning of period		249,646			247,459
End of period	$	544,376		$	249,646
Undistributed Net Investment Income	$	10,715		$	6,374

	June 30, 2004 (unaudited)		December 31, 2003
Share Activity:
Shares issued:
Initial Class	812		1,473
Service Class	102		36
	914		1,509
Shares issued–on fund acquisition:
Initial Class	25,282		–
Service Class	37		–
	25,319		–
Shares issued–reinvested from distributions:
Initial Class	–		650
Service Class	–		–
	–		650
Shares redeemed:
Initial Class	(3,241	)	(5,260	)
Service Class	(12	)	–
	(3,253	)	(5,260	)
Net increase (decrease) in shares outstanding:
Initial Class	22,853		(3,137	)
Service Class	127		36
	22,980		(3,101	)

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Transamerica Value Balanced    8

Transamerica Value Balanced

FINANCIAL HIGHLIGHTS

(unaudited for the period ended June 30, 2004)

	For the Period Ended (b)	For a share outstanding throughout each period (a)
		Net Asset Value, Beginning of Period		Investment Operations								Distributions									Net Asset Value, End of Period
				Net Investment Income (Loss)		Net Realized and Unrealized Gain (Loss)			Total Operations			From Net Investment Income			From Net Realized Gains			Total Distributions
Initial Class	06/30/2004	$	12.41	$	0.16	$	0.06		$	0.22		$	–		$	–		$	–		$	12.63
	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
	12/31/2000		12.13		0.43		1.68			2.11			(0.55	)		(0.50	)		(1.05	)		13.19
	12/31/1999		13.35		0.39		(1.14	)		(0.75	)		(0.41	)		(0.06	)		(0.47	)		12.13
Service Class	06/30/2004		12.74		0.15		0.07			0.22			–			–			–			12.96
	12/31/2003		11.08		0.18		1.52			1.70			(0.04	)		–			(0.04	)		12.74

	For the Period Ended (b)	Total Return (c)(g)		Ratios/Supplemental Data
				Net Assets, End of Period (000’s)		Ratio of Expenses to Average Net Assets (f)				Net Investment Income (Loss) to Average Net Assets (f)		Portfolio Turnover Rate (g)
						Net (d)		Total (e)
Initial Class	06/30/2004	1.77	%	$	542,255	0.82	%	0.82	%	2.55	%	93	%
	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
	12/31/2000	17.55			215,675	0.87		0.87		3.42		20
	12/31/1999	(5.64	)		261,707	0.87		0.87		2.99		89
Service Class	06/30/2004	1.73			2,121	1.07		1.07		2.33		93
	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) The inception dates of the Fund’s share classes are 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 fee waivers by the investment adviser, if any (see note 2).

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

(f) Annualized.

(g) Not annualized for periods of less than one year.

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Transamerica Value Balanced    9

Transamerica Value Balanced

NOTES TO FINANCIAL STATEMENTS

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

The AEGON/Transamerica Series Fund, Inc. (“ATSF”) is a Maryland corporation registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. ATSF serves as a funding vehicle for variable life insurance, variable annuity and group annuity products. Transamerica Value Balanced (“the Fund”), part of ATSF, began operations on January 3, 1995.

On May 3, 2004, the Fund acquired all the net assets of LKCM Strategic Total Return pursuant to a plan of reorganization approved by shareholders of LKCM Strategic Total Return. 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. 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.

In the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties, which 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.

See the Prospectus and Statement of Additional Information for a description of the Fund’s investment objective.

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 policies were consistently followed by the Fund, in accordance with GAAP.

Multiple class operations 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.

Pricing of shares: The Fund prices its shares on the basis of the net asset value of each class of shares of the Fund, which is determined as of the close of the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern Time) on each day on which the NYSE is open for trading (other than a day on which there are insufficient changes in the value of the Fund’s portfolio securities to materially affect the Fund’s net asset value or a day on which no shares are tendered for redemption and no order to purchase any shares is received).

Security valuations: Fund investments traded on an exchange are valued at the closing price on the day of valuation on the 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 by independent pricing services; 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.

Option contracts 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 in which they are traded.

Other securities for which quotations are not readily available also are valued at fair market value as determined in good faith using guidelines established by and under the supervision of the Board of Directors, and the Fund’s Valuation Committee. These guidelines may include: the type of security; any restrictions on its resale; financial or business news of the issuer; similar or related securities that are actively trading; related corporate actions; and other significant events occurring after the close of trading in the security.

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 June 30, 2004, was paying an interest rate of 0.75%.

Repurchase agreements: The Fund is authorized to enter into repurchase agreements. The Fund, through 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. Repurchase agreements involve the risk that the seller will fail to repurchase the security, as agreed. In that case, 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 are incurred.

Directed brokerage: 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 ATSF has established a Directed Brokerage Program. A Directed Brokerage 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 ATSF, or by any other party. Directed commissions for the period ended June 30, 2004, of $30 are included in net realized gains in the Statement of Operations.

Securities lending: The Fund may lend securities to enhance fund earnings from investing cash collateral received in making such loans to

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

Transamerica Value Balanced    10

Transamerica Value Balanced

NOTES TO THE FINANCIAL STATEMENTS (continued)

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1–(continued)

qualified borrowers (typically broker/dealers). The Fund has engaged its custodian bank, IBT, as a lending agent to administer its securities lending program. IBT earned $13 of program net income for its services. When the Fund makes a security loan, it receives cash collateral as protection against the risk that the borrower will default on the loan, and records an asset for the cash invested collateral and a liability for the return of the collateral.

Loans of securities are required to be secured by collateral at least equal to 102% of the value of the securities at inception of the loan, and not less then 100% thereafter. The Fund may invest cash collateral in short-term money market instruments including: U.S. Treasury Bills, U.S. agency obligations, commercial paper, money market mutual funds, repurchase agreements and other highly rated, liquid investments. During the life of securities loans, the collateral and securities loaned remain subject to fluctuation in value. IBT marks to market securities loaned and the collateral each business day. If additional collateral is due (at least $1), IBT collects additional cash collateral from the borrowers. Although securities loaned will be fully collateralized at all times, IBT may experience delays in, or may be prevented from, recovering the collateral on behalf of the Fund. The Fund may recall a loaned security position at any time from the borrower through IBT. In the event the borrower fails to timely return a recalled security, IBT may indemnify the Fund by purchasing replacement securities for the Fund at its own expense and claiming the collateral to fund such a purchase. IBT absorbs the loss if the collateral value is not sufficient to cover the cost of the replacement securities. If replacement securities are not available, IBT will credit the equivalent cash value to the Fund.

While a security is on loan, the Fund does not have the right to vote that security. However, if time permits, the Fund will attempt to recall a security on loan and vote the proxy.

Income from securities lending is included in the Statement of Operations. The amount of collateral and value of securities on loan are included in the Statement of Assets and Liabilities as well as in the Schedule of Investments.

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 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. The amount is subsequently marked-to-market to reflect the current value of the option written.

The underlying face amounts of open contracts at June 30, 2004, are listed in the Schedule of Investments.

Transactions in written call and put options were as follows:

	Premium			Contracts*
Beginning balance 12/31/2003	$	7,250		40,157
Sales		3,365		29,775
Closing Buys		(243	)	(2,020	)
Expirations		(3,854	)	(23,644	)
Exercised		(991	)	(4,253	)
Balance at 06/30/2004	$	5,527		40,015

* Contracts not in thousands.

Dividend distributions: Dividend 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

AEGON/Transamerica Fund Advisers, Inc. (“ATFA”) is the Fund’s investment adviser. AEGON/Transamerica Fund Services, Inc. (“ATFS”) is the Fund’s administrator and transfer agent. AFSG Securities Corp. (“AFSG”) is the Fund’s distributor. AFSG is 100% owned by AUSA Holding Company (“AUSA”). ATFA is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) (“WRL”) and AUSA (22%). ATFS is a wholly owned subsidiary of WRL. AUSA and WRL are wholly owned indirect subsidiaries of AEGON NV, a Netherlands corporation.

Certain officers and directors of the Fund are also officers and/or directors of ATFA, ATFS, AFSG and WRL. No affiliated officer or director receives any compensation directly from the Fund.

Transamerica Investment Management, LLC is both an affiliate of the Fund and a sub-adviser to the Fund.

Investment advisory fees: The Fund pays management fees to ATFA based on average daily net assets (“ANA”) at the following breakpoints

From January 1, 2004 to April 30, 2004:

0.75% of ANA

From May 1, 2004 on:

0.75% of first $750 million of ANA

0.70% of the next $250 million of ANA

0.60% of ANA over $1 billion

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

Transamerica Value Balanced    11

Transamerica Value Balanced

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  2–(continued)

The actual advisory fee accrued for the six-month period ended June 30, 2004, per average net assets is 0.75%.

ATFA 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 limitations 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 are no amounts subject to recapture at June 30, 2004.

Distribution and service fees: The Fund adopted a distribution plan (“Distribution Plan”) pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended. Pursuant to the Distribution Plan, ATSF entered into a Distribution Agreement with AFSG effective May 1, 1999.

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 ATSF 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, 2005. 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 ATFS for financial and legal fund administration services, which includes such items as compliance, expenses, financial statements and other reporting, distributions, tax returns, prospectus preparation, board of directors meeting support, transfer agency and other legal matters. The Legal fees on the Statement of Operations are for fees paid to external legal counsel. The Fund paid ATFS $25, for Administration fees, for the period ended June 30, 2004.

Deferred compensation plan: Each eligible Fund Director may elect participation in the Deferred Compensation Plan for Directors of ATSF (“the Plan”). Under the Plan, such Directors may defer payment of a percentage of their total fees earned as a Fund Director. These deferred amounts may be invested in any portfolio of Transamerica IDEX Mutual Funds, an affiliate of the Fund. At June 30, 2004, the value of invested plan amounts was $21. Invested plan amounts and the total liability for deferred compensation to the Directors under the Plan at June 30, 2004, are included in Net assets in the accompanying Statement of Assets and Liabilities.

NOTE  3. INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the period ended June 30, 2004, were as follows:

Purchases of securities:
Long-Term excluding U.S. Government	$	130,675
U.S. Government		165,898
Proceeds from maturities and sales of securities:
Long-Term excluding U.S. Government		218,033
U.S. Government		98,832

NOTE  4. FEDERAL INCOME TAX MATTERS

The Fund has not made any provision for federal income 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 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 treatments 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 Carryforward	Available through
$     203	December 31, 2007
277	December 31, 2008
26,432	December 31, 2010
2,773	December 31, 2011

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of June 30, 2004, are as follows:

Federal Tax Cost Basis	$	569,534
Unrealized Appreciation	$	43,935
Unrealized (Depreciation)		(17,690	)
Net Unrealized Appreciation (Depreciation)	$	26,245

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

Transamerica Value Balanced    12

Transamerica Value Balanced

NOTES TO THE FINANCIAL STATEMENTS (continued)

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  5. OTHER MATTERS

ATSF, and certain of its affiliated entities, have received requests for information from the Staff of the Securities and Exchange Commission in connection with market timing and late trading within the funds. ATSF and the affiliated entities have voluntarily cooperated in the investigation and have been providing the information as requested.

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

Transamerica Value Balanced    13

AEGON/TRANSAMERICA SERIES FUND, INC.

RESULTS OF SHAREHOLDER PROXY (unaudited)

Section 270.30d-1 under the Investment Company Act of 1940, as amended, titled “Reports to Stockholders of Management Companies,” requires regulated investment companies to report on all subject matters put to the vote of shareholders and provide final results. Accordingly, the Board of Directors of the Fund solicited a vote by the shareholders for the following items.

Each vote reported represents one dollar of net asset value held on the record date for the meeting.

LKCM Strategic Total Return

At a special meeting of shareholders held on April 27, 2004, the results of Proposal 1 were as follows:

Proposal 1: Approval of an Agreement and Plan of Reorganization providing for the acquisition of all of the assets and liabilities of LKCM Strategic Total Return (the “Acquired Fund”) by Transamerica Value Balanced (the “Acquiring Fund”) solely in exchange for shares of Acquiring Fund, following by the complete liquidation of Acquired Fund.

For	Against	Abstain
88.00%	5.11%	6.89%

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

Transamerica Value Balanced    14

T. Rowe Price Equity Income

SCHEDULE OF INVESTMENTS

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Principal		Value
CONVERTIBLE BONDS (0.2%)
Communications Equipment (0.2%)
Lucent Technologies Inc.
8.00%, due 08/01/2031	$	1,965	$	2,206
Total Convertible Bonds (cost: $1,492)				2,206
	Shares		Value
CONVERTIBLE PREFERRED STOCKS (0.1%)
Automotive (0.1%)
Ford Motor Company Capital Trust II		16,000	$	876
Total Convertible Preferred Stocks (cost: $800)				876
PREFERRED STOCKS (0.2%)
Holding & Other Investment Offices (0.2%)
Uniprovident Corporation		106,400		2,530
Total Preferred Stocks (cost: $2,660)				2,530
COMMON STOCKS (95.0%)
Aerospace (1.0%)
Lockheed Martin Corporation		203,100		10,577
Amusement & Recreation Services (1.2%)
Disney (Walt) Company (The) (b)		523,600		13,347
Automotive (2.2%)
Ford Motor Company (b)		265,700		4,158
Honeywell International Inc.		537,800		19,700
Business Services (0.5%)
Dun & Bradstreet Corporation (The) (a)		93,150		5,022
Chemicals & Allied Products (4.4%)
Clorox Company (The)		110,700		5,953
Colgate-Palmolive Company		94,700		5,535
Dow Chemical Company (The)		269,500		10,969
du Pont (E.I.) de Nemours and Company		231,700		10,292
Great Lakes Chemical Corporation		207,900		5,626
Hercules Incorporated (a)		356,500		4,346
International Flavors & Fragrances Inc.		180,500		6,751
Commercial Banks (8.7%)
Bank of America Corporation		227,219		19,227
Bank of Ireland		72,100		960
Bank One Corporation		318,782		16,258
Citigroup Inc.		170,059		7,908
Mellon Financial Corporation		289,480		8,490
Mercantile Bankshares Corporation (b)		134,800		6,311
Morgan Chase & Co. (J.P.)		253,630		9,833
National City Corporation		159,900		5,598
Northern Trust Corporation		105,900		4,477
SunTrust Banks, Inc.		131,300		8,533
Wells Fargo & Company		99,120		5,673
Wilmington Trust Corporation		72,100		2,684

	Shares	Value
Communication (2.2%)
Comcast Corporation–Class A (a)	402,638	$	11,286
Viacom, Inc.–Class B	362,600		12,952
Communications Equipment (2.7%)
Lucent Technologies Inc. (a)(b)	864,900		3,269
Motorola, Inc.	598,000		10,914
Nokia Corporation–ADR	342,400		4,978
Rockwell Collins, Inc.	308,900		10,293
Computer & Data Processing Services (1.1%)
Microsoft Corporation	414,900		11,851
Computer & Office Equipment (1.0%)
Hewlett-Packard Company	531,585		11,216
Department Stores (0.5%)
May Department Stores Company (The) (b)	208,550		5,733
Electric Services (3.3%)
Constellation Energy Group, Inc.	228,900		8,675
Duke Energy Corporation (b)	531,300		10,780
FirstEnergy Corp.	189,150		7,076
TECO Energy, Inc. (b)	74,700		896
TXU Corp.	235,900		9,556
Electric, Gas & Sanitary Services (0.7%)
NiSource Inc.	368,500		7,598
Electronic & Other Electric Equipment (3.9%)
Cooper Industries, Inc.–Class A	224,707		13,350
Emerson Electric Co.	87,000		5,529
General Electric Company	690,850		22,384
Hubbell Incorporated–Class B	36,700		1,714
Electronic Components & Accessories (0.4%)
Agere Systems Inc.–Class A (a)	106,565		245
Texas Instruments Incorporated	187,800		4,541
Environmental Services (1.0%)
Waste Management, Inc.	347,062		10,637
Fabricated Metal Products (0.9%)
Fortune Brands, Inc.	138,100		10,417
Food & Kindred Products (3.2%)
Altria Group, Inc.	131,000		6,557
Campbell Soup Company (b)	342,800		9,214
ConAgra Foods, Inc.	152,800		4,138
General Mills, Inc. (b)	170,900		8,123
Unilever NV–CVA	104,800		7,157
Food Stores (0.0%)
Winn-Dixie Stores, Inc. (b)	19,000		137
Gas Production & Distribution (0.2%)
El Paso Corporation (b)	347,300		2,737
Holding & Other Investment Offices (0.7%)
Janus Capital Group, Inc.	103,300		1,703
Simon Property Group, Inc.	111,532		5,735

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

T. Rowe Price Equity Income    1

T. Rowe Price Equity Income

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Shares	Value
Hotels & Other Lodging Places (1.6%)
Hilton Hotels Corporation	423,500	$	7,903
Starwood Hotels & Resorts Worldwide, Inc.	219,326		9,837
Industrial Machinery & Equipment (1.1%)
Baker Hughes Incorporated	88,500		3,332
Pall Corporation	347,700		9,106
Instruments & Related Products (2.7%)
Eastman Kodak Company (b)	381,100		10,282
Raytheon Company	321,500		11,500
Rockwell International Corporation	209,200		7,847
Insurance (4.5%)
Chubb Corporation	123,900		8,448
CIGNA Corporation	148,200		10,198
SAFECO Corporation	256,700		11,295
St. Paul Companies, Inc. (The)	288,710		11,705
UnumProvident Corporation	493,900		7,853
Insurance Agents, Brokers & Service (1.4%)
Marsh & McLennan Companies, Inc. (b)	332,100		15,071
Life Insurance (0.9%)
Lincoln National Corporation (b)	202,666		9,576
Lumber & Other Building Materials (1.0%)
Home Depot, Inc. (The)	302,500		10,648
Manufacturing Industries (1.0%)
Hasbro Inc.	160,550		3,050
Mattel, Inc.	465,300		8,492
Medical Instruments & Supplies (1.1%)
Baxter International Inc.	339,500		11,717
Mining (0.1%)
Vulcan Materials Company	18,400		875
Motion Pictures (1.3%)
Time Warner Inc. (a)	796,200		13,997
Motor Vehicles, Parts & Supplies (0.8%)
Genuine Parts Company	230,750		9,156
Oil & Gas Extraction (1.7%)
Anadarko Petroleum Corporation	141,200		8,274
Schlumberger Limited	110,600		7,024
Unocal Corporation	89,000		3,382
Paper & Allied Products (2.7%)
International Paper Company	296,393		13,249
Kimberly-Clark Corporation	165,800		10,923
MeadWestvaco Corporation	195,400		5,743
Petroleum Refining (8.2%)
Amerada Hess Corporation	235,730		18,667
BP PLC–ADR	226,174		12,117
ChevronTexaco Corporation	222,275		20,918
Exxon Mobil Corporation	502,438		22,313

	Shares	Value
Petroleum Refining (continued)
Marathon Oil Corporation	73,000	$	2,762
Royal Dutch Petroleum Company– NY Registered Shares (b)	299,900		15,496
Pharmaceuticals (7.4%)
Abbott Laboratories	170,300		6,941
Bristol-Myers Squibb Co.	614,500		15,055
Johnson & Johnson	257,400		14,337
Medimmune, Inc. (a)	261,300		6,114
Merck & Co., Inc.	408,000		19,380
Schering-Plough Corporation	456,600		8,438
Wyeth	350,500		12,674
Primary Metal Industries (1.2%)
Alcoa Inc.	149,800		4,948
Nucor Corporation (b)	108,600		8,336
Printing & Publishing (2.9%)
Dow Jones & Company, Inc. (b)	229,700		10,359
Knight-Ridder, Inc.	128,200		9,230
New York Times Company (The)–Class A	283,000		12,653
Railroads (2.0%)
Norfolk Southern Corporation	329,000		8,725
Union Pacific Corporation	231,900		13,786
Restaurants (0.9%)
McDonald’s Corporation	397,500		10,335
Retail Trade (0.4%)
Toys “R” Us, Inc. (a)(b)	295,900		4,728
Rubber & Misc. Plastic Products (1.1%)
Newell Financial Trust I (b)	494,800		11,628
Security & Commodity Brokers (2.3%)
American Express Company	221,500		11,381
Federated Investors, Inc.–Class B	45,400		1,377
Morgan Stanley	200,800		10,596
Schwab (Charles) Corporation (The)	246,700		2,371
Telecommunications (5.2%)
ALLTEL Corporation	197,800		10,013
AT&T Corp. (b)	289,010		4,228
Qwest Communications International Inc. (a)(b)	2,009,800		7,215
SBC Communications Inc.	436,474		10,584
Sprint Corporation (FON Group) (b)	541,400		9,529
Verizon Communications, Inc.	438,042		15,853
Tobacco Products (0.7%)
UST Inc.	204,000		7,344
U.S. Government Agencies (0.7%)
Fannie Mae	108,700		7,757
Wholesale Trade Durable Goods (0.3%)
Grainger (W.W.), Inc.	57,200		3,289
Total Common Stocks (cost: $899,501)			1,051,579

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

T. Rowe Price Equity Income    2

T. Rowe Price Equity Income

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Principal		Value
SECURITY LENDING COLLATERAL (9.0%)
Debt (7.4%)
Agency Discount Notes (0.7%)
Fannie Mae
0.96%, due 07/01/2004	$	2,378	$	2,378
Federal Home Loan Bank
0.96%, due 07/01/2004		2,972		2,972
0.99%, due 07/01/2004		1,188		1,188
0.97%, due 07/02/2004		1,486		1,486
Bank Notes (0.2%)
Credit Suisse First Boston (USA), Inc.
1.13%, due 09/08/2004		595		595
Deutsche Bank AG
1.16%, due 10/12/2004		1,486		1,486
Commercial Paper (2.1%)
Compass Securitization–144A
1.25%, due 07/23/2004		2,078		2,078
Falcon Asset Securitization Corp–144A
1.27%, due 07/20/2004		1,484		1,484
General Electric Capital Corporation
1.20%, due 07/19/2004		1,483		1,483
1.21%, due 07/22/2004		1,189		1,189
1.22%, due 07/23/2004		1,189		1,189
1.23%, due 07/26/2004		1,486		1,486
1.22%, due 08/04/2004		2,967		2,967
Govco Incorporated–144A
1.25%, due 08/02/2004		595		595
Greyhawk Funding LLC–144A
1.12%, due 07/13/2004		1,186		1,186
1.22%, due 07/20/2004		591		591
Jupiter Securitization Corp–144A
1.07%, due 07/02/2004		595		595
Morgan Stanley
1.58%, due 10/22/2004		1,368		1,368
1.58%, due 12/10/2004		3,865		3,865
1.58%, due 03/16/2005		3,746		3,746
Sheffield Receivables–144A
1.24%, due 07/20/2004		892		892
Euro Dollar Overnight (0.3%)
Bank of Nova Scotia (The)
1.04%, due 07/06/2004		1,486		1,486
Den Danske Bank
1.08%, due 07/02/2004		1,486		1,486
Euro Dollar Terms (1.8%)
Bank of America Corporation
1.08%, due 07/19/2004		595		595
Bank of Montreal
1.20%, due 07/23/2004		301		301
Bank of Nova Scotia (The)
1.20%, due 07/14/2004		1,486		1,486
1.24%, due 07/23/2004		297		297

	Principal		Value
Euro Dollar Terms (continued)
Bank of the West Inc.
1.28%, due 07/28/2004	$	595	$	595
Branch Banking & Trust
1.08%, due 07/14/2004		297		297
Calyon
1.16%, due 07/15/2004		5,649		5,649
1.17%, due 08/04/2004		892		892
1.34%, due 08/24/2004		2,081		2,081
Fortis Bank
1.19%, due 07/14/2004		297		297
1.29%, due 09/03/2004		595		595
HBOS PLC
1.30%, due 09/03/2004		595		595
Royal Bank of Canada
1.05%, due 07/08/2004		892		892
Royal Bank of Scotland Group PLC (The)
1.06%, due 07/30/2004		2,676		2,676
Wells Fargo & Company
1.19%, due 07/14/2004		1,189		1,189
1.25%, due 07/23/2004		595		595
1.24%, due 07/26/2004		595		595
Master Notes (0.3%)
Bear Stearns Companies Inc. (The)
1.64%, due 09/08/2004		1,784		1,784
Bear Stearns Companies Inc. (The)
1.64%, due 12/15/2004		1,189		1,189
Repurchase Agreements (2.0%) (c)
Credit Suisse First Boston (USA), Inc.
1.54%, Repurchase Agreement dated 06/30/2004 to be repurchased at $6,957 on 07/01/2004		6,957		6,957
Goldman Sachs Group Inc. (The) 1.54%, Repurchase Agreement dated 06/30/2004 to be repurchased at $2,973 on 07/01/2004		2,973		2,973
Merrill Lynch & Co., Inc. 1.54%, Repurchase Agreement dated 06/30/2004 to be repurchased at $9,008 on 07/01/2004		9,008		9,008
Morgan Stanley 1.58%, Repurchase Agreement dated 06/30/2004 to be repurchased at $2,676 on 07/01/2004		2,676		2,676

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

T. Rowe Price Equity Income    3

T. Rowe Price Equity Income

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Shares	Value
Investment Companies (1.6%)
Money Market Funds (1.6%)
Merrill Lynch Premier Institutional Fund 1 day yield of 1.17%	2,463,426	$	2,463
Merrimac Cash Fund– Premium Class 1 day yield of 1.11%	15,288,706		15,289
Total Security Lending Collateral (cost: $99,757)			99,757
Total Investment Securities (cost: $1,004,210)		$	1,156,948
SUMMARY:
Investments, at value	104.5%	$	1,156,948
Liabilities in excess of other assets	(4.5)%		(50,081	)
Net assets	100.0%	$	1,106,867

NOTES TO SCHEDULE OF INVESTMENTS:

(a) No dividends were paid during the preceding twelve months.

(b) At June 30, 2004, all or a portion of this security is on loan (see Note 1). The value at June 30, 2004, of all securities on loan is $96,172.

(c) Cash collateral for the Repurchase Agreements, valued at $22,046, that serve as collateral for securities lending are invested in corporate bonds with interest rates and maturity dates ranging from 0.00%–9.88% and 08/01/2004–09/25/2099, respectively.

DEFINITIONS:

ADR American Depositary Receipt

CVA Certificaaten van aandelen (share certificates)

144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2004, these securities aggregated $7,421 or 0.67% of the net assets of the Fund.

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

T. Rowe Price Equity Income    4

T. Rowe Price Equity Income

STATEMENT OF ASSETS AND LIABILITIES

At June 30, 2004

(all amounts except per share amounts in thousands)

(unaudited)

Assets:
Investment securities, at value (cost: $1,004,210) (including securities loaned of $96,172 )	$	1,156,948
Cash		46,937
Receivables:
Investment securities sold		2,658
Interest		78
Dividends		2,098
Dividend reclaims receivable		16
Other		83
		1,208,818
Liabilities:
Investment securities purchased		1,388
Accounts payable and accrued liabilities:
Management and advisory fees		700
Service fees		1
Payable for collateral for securities on loan		99,757
Other		105
		101,951
Net Assets	$	1,106,867
Net Assets Consist of:
Capital stock, 150,000 shares authorized ($.01 par value)	$	559
Additional paid-in capital		908,813
Undistributed net investment income		21,920
Undistributed net realized gain (loss) from:
Investment securities		22,878
Foreign currency transactions		(44	)
Net unrealized appreciation (depreciation) on:
Investment securities		152,738
Translation of assets and liabilities denominated in foreign currencies		3
Net Assets	$	1,106,867
Net Assets by Class:
Initial Class	$	1,100,952
Service Class		5,915
Shares Outstanding:
Initial Class		55,589
Service Class		298
Net Asset Value and Offering Price Per Share:
Initial Class	$	19.81
Service Class		19.87

STATEMENT OF OPERATIONS

For the period ended June 30, 2004

(all amounts in thousands)

(unaudited)

Investment Income:
Interest	$	187
Dividends		11,598
Income from loaned securities–net		73
Less withholding taxes on foreign dividends		(115	)
		11,743
Expenses:
Management and advisory fees		4,046
Printing and shareholder reports		8
Custody fees		56
Administration fees		81
Legal fees		4
Auditing and accounting fees		6
Directors fees		15
Service fees:
Service Class		4
Total expenses		4,220
Net Investment Income (Loss)		7,523
Net Realized Gain (Loss) from:
Investment securities		18,203
Foreign currency transactions		(44	)
		18,159
Net Increase (Decrease) in Unrealized Appreciation (Depreciation) on:
Investment securities		21,543
Translation of assets and liabilities denominated in foreign currencies		3
		21,546
Net Gain (Loss) on Investment Securities and Foreign Currency Transactions		39,705
Net Increase (Decrease) in Net Assets Resulting from Operations	$	47,228

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

T. Rowe Price Equity Income    5

T. Rowe Price Equity Income

STATEMENTS OF CHANGES IN NET ASSETS

For the period or year ended

(all amounts in thousands)

	June 30, 2004 (unaudited)			December 31, 2003
Increase (Decrease) In Net Assets From:
Operations:
Net investment income (loss)	$	7,523		$	14,364
Net realized gain (loss) from investment securities and foreign currency transactions		18,159			9,964
Net unrealized appreciation (depreciation) on investment securities and foreign currency translation		21,546			181,511
		47,228			205,839
Distributions to Shareholders:
From net investment income:
Initial Class		–			(6,057	)
Service Class		–			–
		–			(6,057	)
From net realized gains:
Initial Class		–			(4,937	)
Service Class		–			(2	)
		–			(4,939	)
Capital Share Transactions:
Proceeds from shares sold:
Initial Class		32,211			329,794
Service Class		4,530			1,377
		36,741			331,171
Proceeds from fund acquisition:
Initial Class		–			54,542
Service Class		–			–
		–			54,542
Dividends and distributions reinvested:
Initial Class		–			10,994
Service Class		–			2
		–			10,996
Cost of shares redeemed:
Initial Class		(37,127	)		(51,433	)
Service Class		(252	)		(46	)
		(37,379	)		(51,479	)
		(638	)		345,230
Net increase (decrease) in net assets		46,590			540,073
Net Assets:
Beginning of period		1,060,277			520,204
End of period	$	1,106,867		$	1,060,277
Undistributed Net Investment Income	$	21,920		$	14,397

	June 30, 2004 (unaudited)		December 31, 2003
Share Activity:
Shares issued:
Initial Class	1,664		20,792
Service Class	234		80
	1,898		20,872
Shares issued–on fund acquisition:
Initial Class	–		3,492
Service Class	–		–
			3,492
Shares issued–reinvested from distributions:
Initial Class	–		662
Service Class	–		–
	–		662
Shares redeemed:
Initial Class	(1,925	)	(3,120	)
Service Class	(13	)	(3	)
	(1,938	)	(3,123	)
Net increase (decrease) in shares outstanding:
Initial Class	(261	)	21,826
Service Class	221		77
	(40	)	21,903

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

T. Rowe Price Equity Income    6

T. Rowe Price Equity Income

FINANCIAL HIGHLIGHTS

(unaudited for the period ended June 30, 2004)

	For the Period Ended (b)	For a share outstanding throughout each period (a)
		Net Asset Value, Beginning of Period		Investment Operations								Distributions									Net Asset Value, End of Period
				Net Investment Income (Loss)		Net Realized and Unrealized Gain (Loss)			Total Operations			From Net Investment Income			From Net Realized Gains			Total Distributions
Initial Class	06/30/2004	$	18.96	$	0.13	$	0.72		$	0.85		$	–		$	–		$	–		$	19.81
	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
	12/31/2000		19.50		0.39		1.78			2.17			(0.39	)		(1.76	)		(2.15	)		19.52
	12/31/1999		20.04		0.38		0.42			0.80			(0.40	)		(0.94	)		(1.34	)		19.50
Service Class	06/30/2004		19.05		0.12		0.70			0.82			–			–			–			19.87
	12/31/2003		15.62		0.19		3.35			3.54			(0.01	)		(0.10	)		(0.11	)		19.05

	For the Period Ended (b)	Total Return (c)(g)		Ratios/Supplemental Data
				Net Assets, End of Period (000’s)		Ratio of Expenses to Average Net Assets (f)				Net Investment Income (Loss) to Average Net Assets (f)		Portfolio Turnover Rate (g)
						Net (d)		Total (e)
Initial Class	06/30/2004	4.48	%	$	1,100,952	0.78	%	0.78	%	1.39	%	9	%
	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
	12/31/2000	12.31			257,343	0.90		0.90		1.98		38
	12/31/1999	3.47			264,718	0.87		0.88		1.89		35
Service Class	06/30/2004	4.30			5,915	1.03		1.03		1.14		9
	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) The inception dates of the Fund’s share classes are 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 period ended June 30, 2004 and the year ended December 31, 2003, Ratio of Net Expenses to Average Net Assets is net of fee waivers by the investment advisor, 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, and prior years, 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 for periods of less than one year.

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

T. Rowe Price Equity Income    7

T. Rowe Price Equity Income

NOTES TO FINANCIAL STATEMENTS

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

The AEGON/Transamerica Series Fund, Inc. (“ATSF”) is a Maryland corporation registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. ATSF serves as a funding vehicle for variable life insurance, variable annuity and group annuity products. T. Rowe Price Equity Income (“the Fund”), part of ATSF, began operations as part of the Endeavor Series Trust, on January 3, 1995. The Fund became part of ATSF on May 1, 2002.

On May 1, 2003, the Fund acquired all the net assets of T. Rowe Price Dividend Growth pursuant to a plan of reorganization approved by shareholders of T. Rowe Price Dividend Growth on April 16, 2003. The acquisition was accomplished by a tax-free exchange of 3,492 shares of the Fund for the 6,852 shares of T. Rowe Price Dividend Growth outstanding on April 30, 2003. T. Rowe Price Dividend Growth’s net assets at that date ($54,542, including $7,191 of unrealized depreciation) were combined with those of the Fund, resulting in combined net assets of $747,561.

In the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties, which 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.

See the Prospectus and Statement of Additional Information for a description of the Fund’s investment objective.

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 policies were consistently followed by the Fund, in accordance with GAAP.

Multiple class operations 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.

Pricing of shares: The Fund prices its shares on the basis of the net asset value of each class of shares of the Fund, which is determined as of the close of the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern Time) on each day on which the NYSE is open for trading (other than a day on which there are insufficient changes in the value of the Fund’s portfolio securities to materially affect the Fund’s net asset value or a day on which no shares are tendered for redemption and no order to purchase any shares is received).

Security valuations: Fund investments traded on an exchange are valued at the closing price on the day of valuation on the 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 by independent pricing services; 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 and are translated from the local currency into U.S. dollars using closing exchange rates. Many foreign securities markets are open for trading at times when the U.S. markets are closed for trading, and many foreign securities markets close for trading before the close of the NYSE. The value of foreign securities may be affected significantly on a day that the NYSE is closed and an investor is unable to purchase or redeem shares. 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.” If market quotations are not readily available, and the impact of such a significant market event materially affects the net asset value per share of the Fund, an affected portfolio security will be valued at fair market value as determined in good faith using guidelines adopted by the Board of Directors of the Fund, under the supervision of the Fund’s Valuation Committee. Factors that may be considered to value foreign securities at fair market value may include, among others: the value of other securities traded on other markets, foreign currency exchange activity and the trading of financial products tied to foreign securities.

Other securities for which quotations are not readily available also are valued at fair market value as determined in good faith using guidelines established by and under the supervision of the Board of Directors, and the Fund’s Valuation Committee. These guidelines may include: the type of security; any restrictions on its resale; financial or business news of the issuer; similar or related securities that are actively trading; related corporate actions; and other significant events occurring after the close of trading in the security.

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 June 30, 2004, was paying an interest rate of 0.75%.

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

T. Rowe Price Equity Income    8

T. Rowe Price Equity Income

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1–(continued)

Repurchase agreements: The Fund is authorized to enter into repurchase agreements. The Fund, through 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. Repurchase agreements involve the risk that the seller will fail to repurchase the security, as agreed. In that case, 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 are incurred.

Directed brokerage: 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 ATSF has established a Directed Brokerage Program. A Directed Brokerage 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 ATSF, or by any other party. Directed commissions for the period ended June 30, 2004, of $28 are included in net realized gains in the Statement of Operations.

Securities lending: The Fund may lend securities to enhance fund earnings from investing cash collateral received in making such loans to qualified borrowers (typically broker/dealers). The Fund has engaged its custodian bank, IBT, as a lending agent to administer its securities lending program. IBT earned $31 of program net income for its services. When the Fund makes a security loan, it receives cash collateral as protection against the risk that the borrower will default on the loan, and records an asset for the cash invested collateral and a liability for the return of the collateral.

Loans of securities are required to be secured by collateral at least equal to 102% of the value of the securities at inception of the loan, and not less then 100% thereafter. The Fund may invest cash collateral in short-term money market instruments including: U.S. Treasury Bills, U.S. agency obligations, commercial paper, money market mutual funds, repurchase agreements and other highly rated, liquid investments. During the life of securities loans, the collateral and securities loaned remain subject to fluctuation in value. IBT marks to market securities loaned and the collateral each business day. If additional collateral is due (at least $1), IBT collects additional cash collateral from the borrowers. Although securities loaned will be fully collateralized at all times, IBT may experience delays in, or may be prevented from, recovering the collateral on behalf of the Fund. The Fund may recall a loaned security position at any time from the borrower through IBT. In the event the borrower fails to timely return a recalled security, IBT may indemnify the Fund by purchasing replacement securities for the Fund at its own expense and claiming the collateral to fund such a purchase. IBT absorbs the loss if the collateral value is not sufficient to cover the cost of the replacement securities. If replacement securities are not available, IBT will credit the equivalent cash value to the Fund.

While a security is on loan, the Fund does not have the right to vote that security. However, if time permits, the Fund will attempt to recall a security on loan and vote the proxy.

Income from securities lending is included in the Statement of Operations. The amount of collateral and value of securities on loan are included in the Statement of Assets and Liabilities as well as in the Schedule of Investments.

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 this 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 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, including unanticipated movements in exchange currency rates, the degree of government supervision and regulation of security markets, and the possibility of political or economic instability.

Forward foreign currency contracts: The Fund may enter into forward foreign currency contracts to hedge against exchange rate risk arising

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

T. Rowe Price Equity Income    9

T. Rowe Price Equity Income

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1–(continued)

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 closed 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.

Dividend distributions: Dividend 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

AEGON/Transamerica Fund Advisers, Inc. (“ATFA”) is the Fund’s investment adviser. AEGON/Transamerica Fund Services, Inc. (“ATFS”) is the Fund’s administrator and transfer agent. AFSG Securities Corp. (“AFSG”) is the Fund’s distributor. AFSG is 100% owned by AUSA Holding Company (“AUSA”). ATFA is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) (“WRL”) and AUSA (22%). ATFS is a wholly owned subsidiary of WRL. AUSA and WRL are wholly owned indirect subsidiaries of AEGON NV, a Netherlands corporation.

Certain officers and directors of the Fund are also officers and/or directors of ATFA, ATFS, AFSG and WRL. No affiliated officer or director receives any compensation directly from the Fund.

The following schedule reflects the percentage of fund assets owned by affiliated mutual funds (i.e. through the asset allocation funds):

	Net Assets		% of Net Assets
Asset Allocation–Conservative Portfolio	$	44,190	4	%
Asset Allocation–Growth Portfolio		96,729	9	%
Asset Allocation–Moderate Growth Portfolio		205,115	19	%
Asset Allocation–Moderate Portfolio		155,691	14	%
Select + Aggressive		121	0	%
Select + Conservative		441	0	%
Select Growth & Income		673	0	%
Total		502,960	46	%

Investment advisory fees: The Fund pays management fees to ATFA based on average daily net assets (“ANA”) at the following rate:

0.75% of ANA

ATFA 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

If total fund expenses fall below the annual expense limitations 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 are no amounts subject to recapture at June 30, 2004.

The sub-adviser, T. Rowe Price, has agreed to a pricing discount based on the aggregate assets that they manage in ATSF and Transamerica IDEX Mutual Funds. The amount of the discount received by the Fund at June 30, 2004 was $44.

Distribution and service fees: The Fund adopted a distribution plan (“Distribution Plan”) pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended. Pursuant to the Distribution Plan, ATSF entered into a Distribution Agreement with AFSG effective May 1, 1999.

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 ATSF 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, 2005. 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 ATFS for financial and legal fund administration services, which includes such items as compliance, expenses, financial statements and other reporting, distributions, tax returns, prospectus preparation, board of directors meeting support, transfer agency and other legal matters. The Legal fees on the Statement of Operations are for fees paid to external legal counsel. The Fund paid ATFS $81 for Administration fees for the period ended June 30, 2004.

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

T. Rowe Price Equity Income    10

T. Rowe Price Equity Income

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  2–(continued)

Deferred compensation plan: Each eligible Fund Director may elect participation in the Deferred Compensation Plan for Directors of ATSF (“the Plan”). Under the Plan, such Directors may defer payment of a percentage of their total fees earned as a Fund Director. These deferred amounts may be invested in any portfolio of Transamerica IDEX Mutual Funds, an affiliate of the Fund. At June 30, 2004, the value of invested plan amounts was $42. Invested plan amounts and the total liability for deferred compensation to the Directors under the Plan at June 30, 2004, are included in Net assets in the accompanying Statement of Assets and Liabilities.

NOTE  3. INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the period ended June 30, 2004, were as follows:

Purchases of securities:
Long-Term excluding U.S. Government	$	93,642
U.S. Government		–
Proceeds from maturities and sales of securities:
Long-Term excluding U.S. Government		99,785
U.S. Government		–

NOTE  4. FEDERAL INCOME TAX MATTERS

The Fund has not made any provision for federal income 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 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 treatments for items including, but not limited to, wash sales, foreign currency transactions and capital loss carryforwards.

The capital loss carryforwards are available to offset future realized capital gains through the periods listed:

Capital Loss Carryforward	Available through
$     63	December 31, 2006
336	December 31, 2007
98	December 31, 2008
1,358	December 31, 2009
1,920	December 31, 2010

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of June 30, 2004, are as follows:

Federal Tax Cost Basis	$	1,004,926
Unrealized Appreciation	$	175,719
Unrealized (Depreciation)		(23,697	)
Net Unrealized Appreciation (Depreciation)	$	152,022

NOTE  5. OTHER MATTERS

ATSF, and certain of its affiliated entities, have received requests for information from the Staff of the Securities and Exchange Commission in connection with market timing and late trading within the funds. ATSF and the affiliated entities have voluntarily cooperated in the investigation and have been providing the information as requested.

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

T. Rowe Price Equity Income    11

T. Rowe Price Growth Stock

SCHEDULE OF INVESTMENTS

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Shares	Value
PREFERRED STOCKS (0.8%)
Motion Pictures (0.8%)
News Corporation Limited (The)–ADR	77,600	$	2,551
Total Preferred Stocks (cost: $2,496)			2,551
COMMON STOCKS (96.9%)
Amusement & Recreation Services (0.3%)
MGM MIRAGE (a)	17,600		826
Automotive (0.8%)
Harley-Davidson, Inc. (b)	43,100		2,670
Beverages (1.4%)
Coca-Cola Company (The)	64,600		3,261
PepsiCo, Inc.	27,400		1,476
Business Services (3.8%)
Accenture Ltd–Class A (a)	147,700		4,059
Clear Channel Communications, Inc.	68,900		2,546
eBay Inc. (a)	35,900		3,301
First Data Corporation	59,200		2,636
Chemicals & Allied Products (0.4%)
Hermes International	6,800		1,358
Commercial Banks (9.2%)
Citigroup Inc.	253,608		11,793
Credit Suisse Group (a)	69,200		2,459
MBNA Corporation	37,900		977
Mellon Financial Corporation	98,500		2,889
Northern Trust Corporation	48,600		2,055
State Street Corporation	95,700		4,692
U.S. Bancorp	97,400		2,684
UBS AG–Registered Shares	32,500		2,290
Communication (4.8%)
Comcast Corporation–Special Class A (a)	124,700		3,443
Crown Castle International Corp. (a)	127,400		1,879
Echostar Communications Corporation– Class A (a)	110,600		3,401
Liberty Media Corporation–Class A (a)	372,156		3,346
Liberty Media International, Inc.–Class A (a)	14,762		548
Viacom, Inc.–Class B	83,670		2,989
Communications Equipment (1.2%)
Corning Incorporated (a)	134,300		1,754
QUALCOMM Incorporated	12,700		927
Research In Motion Limited (a)(b)	19,200		1,314
Computer & Data Processing Services (11.3%)
Adobe Systems Incorporated	62,400		2,902
Affiliated Computer Services, Inc.– Class A (a)(b)	77,400		4,098
Fiserv, Inc. (a)	80,600		3,135
Intuit Inc. (a)	57,200		2,207
Mercury Interactive Corporation (a)(b)	37,800		1,884
Microsoft Corporation	394,000		11,253
Oracle Corporation	48,600		580

	Shares	Value
Computer & Data Processing Services (continued)
Red Hat, Inc. (a)(b)	28,800	$	662
SAP AG	15,500		2,585
SunGard Data Systems Inc. (a)	47,800		1,243
VERITAS Software Corporation (a)	73,500		2,036
Yahoo! Inc. (a)	116,100		4,218
Computer & Office Equipment (3.6%)
Cisco Systems, Inc. (a)	195,400		4,630
Dell Inc. (a)	155,900		5,584
Juniper Networks, Inc. (a)	65,800		1,617
Drug Stores & Proprietary Stores (0.8%)
Walgreen Co.	72,100		2,611
Educational Services (1.1%)
Apollo Group, Inc.–Class A (a)	41,300		3,646
Electronic & Other Electric Equipment (3.0%)
General Electric Company	245,300		7,948
Samsung Electronics Co., Ltd.	4,830		1,995
Electronic Components & Accessories (4.6%)
Analog Devices, Inc.	33,600		1,582
Intel Corporation	116,100		3,204
Maxim Integrated Products	24,000		1,258
QLogic Corporation (a)	45,200		1,202
Semiconductor Manufacturing International Corporation (b)	7,169		77
STMicroelectronics NV	81,500		1,789
Tyco International Ltd.	144,044		4,774
Xilinx, Inc.	37,900		1,262
Fabricated Metal Products (0.3%)
Gillette Company (The)	22,000		933
Food & Kindred Products (0.6%)
Altria Group, Inc.	38,400		1,922
Industrial Machinery & Equipment (1.7%)
Applied Materials, Inc. (a)	87,800		1,723
Baker Hughes Incorporated	104,300		3,927
Instruments & Related Products (1.1%)
Danaher Corporation (b)	69,800		3,619
Insurance (7.3%)
ACE Limited	49,100		2,076
American International Group, Inc.	99,800		7,114
St. Paul Companies, Inc. (The)	44,040		1,785
UnitedHealth Group Incorporated	123,700		7,700
WellPoint Health Networks Inc. (a)	46,900		5,253
Insurance Agents, Brokers & Service (0.8%)
Hartford Financial Services Group, Inc. (The)	39,300		2,701
Lumber & Other Building Materials (1.5%)
Home Depot, Inc. (The)	116,600		4,104
Kingfisher PLC	184,200		957
Manufacturing Industries (1.4%)
International Game Technology	119,100		4,596

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

T. Rowe Price Growth Stock     1

T. Rowe Price Growth Stock

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Shares	Value
Medical Instruments & Supplies (2.1%)
Biomet, Incorporated	32,100	$	1,427
Boston Scientific Corporation (a)	34,200		1,464
Guidant Corporation	27,200		1,520
Medtronic, Inc.	52,500		2,558
Metal Mining (0.9%)
BHP Billiton Limited	83,500		728
Rio Tinto PLC–Registered Shares	87,600		2,107
Motion Pictures (0.4%)
Time Warner Inc. (a)	66,500		1,169
Oil & Gas Extraction (0.9%)
Schlumberger Limited	47,400		3,010
Personal Credit Institutions (1.0%)
SLM Corporation	78,600		3,179
Personal Services (1.2%)
Cendant Corporation	162,700		3,983
Petroleum Refining (1.9%)
ChevronTexaco Corporation	30,300		2,852
Exxon Mobil Corporation	74,590		3,313
Pharmaceuticals (7.3%)
Amgen Inc. (a)	70,000		3,820
Cardinal Health, Inc. (b)	15,700		1,100
Forest Laboratories, Inc. (a)	51,000		2,888
Genentech, Inc. (a)	17,800		1,000
Gilead Sciences, Inc. (a)	30,700		2,057
Johnson & Johnson	64,000		3,565
Pfizer Inc.	213,095		7,305
Teva Pharmaceutical Industries Ltd.–ADR	11,900		801
Wyeth	37,500		1,356
Primary Metal Industries (0.8%)
Nucor Corporation	34,200		2,625
Printing & Publishing (0.8%)
Scripps (E.W.) Company (The) (b)	24,500		2,573
Radio & Television Broadcasting (1.6%)
British Sky Broadcasting Group PLC	146,300		1,651
Sogecable, SA (a)(b)	35,000		1,412
Univision Communications Inc.–Class A (a)	65,400		2,088
Radio, Television & Computer Stores (1.0%)
Best Buy Co., Inc.	64,900		3,293
Restaurants (1.2%)
Compass Group PLC	365,400		2,231
Starbucks Corporation (a)	38,600		1,678
Security & Commodity Brokers (3.5%)
American Express Company	82,800		4,253
Ameritrade Holding Corporation (a)	82,600		938
Goldman Sachs Group, Inc. (The)	17,200		1,620
Merrill Lynch & Co., Inc.	65,200		3,519
Schwab (Charles) Corporation (The)	104,300		1,002

	Shares		Value
Telecommunications (2.3%)
Nextel Communications, Inc.–Class A (a)		161,200	$	4,297
Vodafone Group PLC		890,304		1,950
Vodafone Group PLC–ADR		60,800		1,344
Transportation & Public Utilities (0.9%)
InterActiveCorp (a)(b)		102,800		3,098
Trucking & Warehousing (0.9%)
United Parcel Service, Inc.–Class B		41,000		3,082
U.S. Government Agencies (1.6%)
Fannie Mae		47,500		3,390
Freddie Mac		28,200		1,785
Variety Stores (3.9%)
Family Dollar Stores, Inc.		55,500		1,688
Target Corporation		127,600		5,419
Wal-Mart de Mexico SA de CV–ADR		32,500		964
Wal-Mart de Mexico SA de CV–Series V		223,800		665
Wal-Mart Stores, Inc.		77,900		4,110
Water Transportation (1.1%)
Carnival Corporation		74,600		3,506
Wholesale Trade Nondurable Goods (0.6%)
SYSCO Corporation (b)		55,100		1,976
Total Common Stocks (cost: $264,466)				317,324
	Principal		Value
SECURITY LENDING COLLATERAL (6.2%)
Debt (5.1%)
Agency Discount Notes (0.5%)
Fannie Mae 0.96%, due 07/01/2004	$	482	$	482
Federal Home Loan Bank
0.96%, due 07/01/2004		602		602
0.99%, due 07/01/2004		241		241
0.97%, due 07/02/2004		301		301
Bank Notes (0.1%)
Credit Suisse First Boston (USA), Inc. 1.13%, due 09/08/2004		121		121
Deutsche Bank AG 1.16%, due 10/12/2004		301		301
Commercial Paper (1.6%)
Compass Securitization–144A 1.25%, due 07/23/2004		421		421
Falcon Asset Securitization Corp–144A 1.27%, due 07/20/2004		301		301
General Electric Capital Corporation
1.20%, due 07/19/2004		301		301
1.21%, due 07/22/2004		241		241
1.22%, due 07/23/2004		241		241
1.23%, due 07/26/2004		301		301
1.22%, due 08/04/2004		601		601

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

T. Rowe Price Growth Stock     2

T. Rowe Price Growth Stock

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Principal		Value
Commercial Paper (continued)
Govco Incorporated–144A 1.25%, due 08/02/2004	$	121	$	121
Greyhawk Funding LLC–144A
1.12%, due 07/13/2004		240		240
1.22%, due 07/20/2004		120		120
Jupiter Securitization Corp–144A 1.07%, due 07/02/2004		121		121
Morgan Stanley
1.58%, due 10/22/2004		277		277
1.58%, due 12/10/2004		783		783
1.58%, due 03/16/2005		759		759
Sheffield Receivables–144A 1.24%, due 07/20/2004		181		181
Euro Dollar Overnight (0.2%)
Bank of Nova Scotia (The) 1.04%, due 07/06/2004		301		301
Den Danske Bank 1.08%, due 07/02/2004		301		301
Euro Dollar Terms (1.2%)
Bank of America Corporation 1.08%, due 07/19/2004		121		121
Bank of Montreal 1.20%, due 07/23/2004		61		61
Bank of Nova Scotia (The)
1.20%, due 07/14/2004		301		301
1.24%, due 07/23/2004		60		60
Bank of the West Inc. 1.28%, due 07/28/2004		121		121
Branch Banking & Trust 1.08%, due 07/14/2004		60		60
Calyon
1.16%, due 07/15/2004		1,145		1,145
1.17%, due 08/04/2004		181		181
1.34%, due 08/24/2004		422		422
Fortis Bank
1.19%, due 07/14/2004		60		60
1.29%, due 09/03/2004		121		121
HBOS PLC 1.30%, due 09/03/2004		121		121
Royal Bank of Canada 1.05%, due 07/08/2004		181		181
Royal Bank of Scotland Group PLC (The) 1.06%, due 07/30/2004		542		542
Wells Fargo & Company
1.19%, due 07/14/2004		241		241
1.25%, due 07/23/2004		121		121
1.24%, due 07/26/2004		121		121
Master Notes (0.2%)
Bear Stearns Companies Inc. (The) 1.64%, due 09/08/2004		362		362
1.64%, due 12/15/2004		241		241

	Principal		Value
Repurchase Agreements (1.3%) (c)
Credit Suisse First Boston (USA), Inc. 1.54%, Repurchase Agreement dated 06/30/2004 to be repurchased at $1,410 on 07/01/2004	$	1,410	$	1,410
Goldman Sachs Group Inc. (The) 1.54%, Repurchase Agreement dated 06/30/2004 to be repurchased at $603 on 07/01/2004		603		603
Merrill Lynch & Co., Inc. 1.54%, Repurchase Agreement dated 06/30/2004 to be repurchased at $1,825 on 07/01/2004		1,825		1,825
Morgan Stanley 1.58%, Repurchase Agreement dated 06/30/2004 to be repurchased at $542 on 07/01/2004		542		542
	Shares		Value
Investment Companies (1.1%)
Money Market Funds (1.1%)
Merrill Lynch Premier Institutional Fund 1-day yield of 1.17%		499,314	$	499
Merrimac Cash Fund– Premium Class 1-day yield of 1.11%		3,098,881		3,099
Total Security Lending Collateral (cost: $20,220)				20,220
Total Investment Securities (cost: $287,182)			$	340,095
SUMMARY:
Investments, at value		103.9 %	$	340,095
Liabilities in excess of other assets		(3.9)%		(12,719	)
Net assets		100.0 %	$	327,376

FORWARD FOREIGN CURRENCY CONTRACTS:
Currency	Bought (Sold)		Settlement Date	Amount in U.S. Dollars Bought (Sold)			Net Unrealized Appreciation (Depreciation)
Euro Dollar	(152	)	07/01/2004	$	(185	)	$	–
Total Forward Foreign Currency Contracts				$	(185	)	$	–

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

T. Rowe Price Growth Stock     3

T. Rowe Price Growth Stock

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

NOTES TO SCHEDULE OF INVESTMENTS:

(a) No dividends were paid during the preceding twelve months.

(b) At June 30, 2004, all or a portion of this security is on loan (see Note 1). The value at June 30, 2004, of all securities on loan is $ 19,610.

(c) Cash collateral for the Repurchase Agreements, valued at $ 4,468, that serve as collateral for securities lending are invested in corporate bonds with interest rates and maturity dates ranging from 0.00%–9.88% and 08/01/2004–09/25/2099, respectively.

DEFINITIONS:

ADR American Depositary Receipt

144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2004, these securities aggregated $1,505 or 0.46% of the net assets of the Fund.

T. Rowe Price Growth Stock    4

T. Rowe Price Growth Stock

STATEMENT OF ASSETS AND LIABILITIES

At June 30, 2004

(all amounts except per share amounts in thousands)

(unaudited)

Assets:
Investment securities, at value (cost: $ 287,180) (including securities loaned of $19,610)	$	340,095
Cash		6,492
Receivables:
Investment securities sold		3,419
Interest		2
Dividends		298
Dividend reclaims receivable		2
Other		23
		350,331
Liabilities:
Investment securities purchased		2,479
Accounts payable and accrued liabilities:
Management and advisory fees		223
Payable for collateral for securities on loan		20,220
Other		33
		22,955
Net Assets	$	327,376
Net Assets Consist of:
Capital Stock, 100,000 shares authorized ($.01 par value)	$	162
Additional paid-in capital		303,379
Undistributed net investment income		681
Accumulated net realized gain (loss) from:
Investment securities		(29,680	)
Foreign currency transactions		(81	)
Net unrealized appreciation (depreciation) on: Investment securities		52,913
Translation of assets and liabilities denominated in foreign currencies		2
Net Assets	$	327,376
Net Assets by Class:
Initial Class	$	325,233
Service Class		2,143
Shares Outstanding:
Initial Class		16,108
Service Class		106
Net Asset Value and Offering Price Per Share:
Initial Class	$	20.19
Service Class		20.15

STATEMENT OF OPERATIONS

For the period ended June 30, 2004

(all amounts in thousands)

(unaudited)

Investment Income:
Interest	$	11
Dividends		1,613
Income from loaned securities–net		17
Less withholding taxes on foreign dividends		(29	)
		1,612
Expenses:
Management and advisory fees		1,304
Printing and shareholder reports		2
Custody fees		31
Administration fees		24
Legal fees		1
Auditing and accounting fees		6
Directors fees		5
Service fees:
Service Class		2
Total expenses		1,375
Net Investment Income (Loss)		237
Net Realized Gain (Loss) from:
Investment securities		11,037
Foreign currency transactions		(81	)
		10,956
Net Increase (Decrease) in Unrealized Appreciation (Depreciation) on:
Investment securities		(3,608	)
Translation of assets and liabilities denominated in foreign currencies		1
		(3,607	)
Net Gain (Loss) on Investment Securities and Foreign Currency Transactions		7,349
Net Increase (Decrease) in Net Assets Resulting from Operations	$	7,586

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

T. Rowe Price Growth Stock    5

T. Rowe Price Growth Stock

STATEMENTS OF CHANGES IN NET ASSETS

For the period or year ended

(all amounts in thousands)

	June 30, 2004 (unaudited)			December 31, 2003
Increase (Decrease) In Net Assets From:
Operations:
Net investment income (loss)	$	237		$	563
Net realized gain (loss) from investment securities and foreign currency transactions		10,956			(1,070	)
Net unrealized appreciation (depreciation) on investment securities and foreign currency translation		(3,607	)		75,784
		7,586			75,277
Distributions to Shareholders:
From net investment income:
Initial Class		–			(168	)
Service Class		–			–
		–			(168	)
From net realized gains:
Initial Class		–			–
Service Class		–			–
		–			–
Capital Share Transactions:
Proceeds from shares sold:
Initial Class		11,692			46,089
Service Class		1,659			650
		13,351			46,739
Dividends and distributions reinvested:
Initial Class		–			168
Service Class		–			–
		–			168
Cost of shares redeemed:
Initial Class		(19,057	)		(19,202	)
Service Class		(217	)		(13	)
		(19,274	)		(19,215	)
		(5,923	)		27,692
Net increase (decrease) in net assets		1,663			102,801
Net Assets:
Beginning of period		325,713			222,912
End of period	$	327,376		$	325,713
Undistributed Net Investment Income	$	681		$	444

	June 30, 2004 (unaudited)		December 31, 2003
Share Activity:
Shares issued:
Initial Class	584		2,843
Service Class	83		35
	667		2,878
Shares issued–reinvested from distributions:
Initial Class	–		10
Service Class	–		–
			10
Shares redeemed:
Initial Class	(956	)	(1,148	)
Service Class	(11	)	(1	)
	(967	)	(1,149	)
Net increase (decrease) in shares outstanding:
Initial Class	(372	)	1,705
Service Class	72		34
	(300	)	1,739

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

T. Rowe Price Growth Stock    6

T. Rowe Price Growth Stock

FINANCIAL HIGHLIGHTS

(unaudited for the period ended June 30, 2004)

	For the Period Ended (b)	For a share outstanding throughout each period (a)
		Net Asset Value, Beginning of Period		Investment Operations									Distributions									Net Asset Value, End of Period
				Net Investment Income (Loss)			Net Realized and Unrealized Gain (Loss)			Total Operations			From Net Investment Income			From Net Realized Gains			Total Distributions
Initial Class	06/30/2004	$	19.72	$	0.01		$	0.46		$	0.47		$	–		$	–		$	–		$	20.19
	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
	12/31/2000		28.73		–			(0.15	)		(0.15	)		(0.03	)		(2.93	)		(2.96	)		25.62
	12/31/1999		25.60		0.03			5.28			5.31			(0.07	)		(2.11	)		(2.18	)		28.73
Service Class	06/30/2004		19.70		(0.01	)		0.46			0.45			–			–			–			20.15
	12/31/2003		16.08		–			3.62			3.62			–			–			–			19.70

	For the Period Ended (b)	Total Return (c)(g)		Ratios/Supplemental Data
				Net Assets, End of Period (000’s)		Ratio of Expenses to Average Net Assets (f)				Net Investment Income (Loss) to Average Net Assets (f)		Portfolio Turnover Rate (g)
						Net (d)		Total (e)
Initial Class	06/30/2004	2.38	%	$	325,233	0.84	%	0.84	%	0.15	%	19	%
	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
	12/31/2000	(0.51	)		269,983	0.90		0.91		0.01		80
	12/31/1999	22.19			257,879	0.87		0.88		0.21		66
Service Class	06/30/2004	2.28			2,143	1.09		1.09		(0.06	)	19
	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) The inception dates of the Fund’s share classes are 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 period ended June 30, 2004 and the year ended December 31, 2003, Ratio of Net Expenses to Average Net Assets is net of fee waivers by the investment advisor, 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 and prior years, 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 for periods of less than one year.

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

T. Rowe Price Growth Stock    7

T. Rowe Price Growth Stock

NOTES TO FINANCIAL STATEMENTS

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

The AEGON/Transamerica Series Fund, Inc. (“ATSF”) is a Maryland corporation registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. ATSF serves as a funding vehicle for variable life insurance, variable annuity and group annuity products. T. Rowe Price Growth Stock (“the Fund”), part of ATSF, began operations as part of Endeavor Series Trust on January 3, 1995. The Fund became part of ATSF on May 1, 2002.

In the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties, which 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.

See the Prospectus and Statement of Additional Information for a description of the Fund’s investment objective.

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 policies were consistently followed by the Fund, in accordance with GAAP.

Multiple class operations 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.

Pricing of shares: The Fund prices its shares on the basis of the net asset value of each class of shares of the Fund, which is determined as of the close of the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern Time) on each day on which the NYSE is open for trading (other than a day on which there are insufficient changes in the value of the Fund’s portfolio securities to materially affect the Fund’s net asset value or a day on which no shares are tendered for redemption and no order to purchase any shares is received).

Security valuations: Fund investments traded on an exchange are valued at the closing price on the day of valuation on the 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 by independent pricing services; 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 and are translated from the local currency into U.S. dollars using closing exchange rates. Many foreign securities markets are open for trading at times when the U.S. markets are closed for trading, and many foreign securities markets close for trading before the close of the NYSE. The value of foreign securities may be affected significantly on a day that the NYSE is closed and an investor is unable to purchase or redeem shares. 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.” If market quotations are not readily available, and the impact of such a significant market event materially affects the net asset value per share of the Fund, an affected portfolio security will be valued at fair market value as determined in good faith using guidelines adopted by the Board of Directors of the Fund, under the supervision of the Fund’s Valuation Committee. Factors that may be considered to value foreign securities at fair market value may include, among others: the value of other securities traded on other markets, foreign currency exchange activity and the trading of financial products tied to foreign securities.

Other securities for which quotations are not readily available also are valued at fair market value as determined in good faith using guidelines established by and under the supervision of the Board of Directors, and the Fund’s Valuation Committee. These guidelines may include: the type of security; any restrictions on its resale; financial or business news of the issuer; similar or related securities that are actively trading; related corporate actions; and other significant events occurring after the close of trading in the security.

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 June 30, 2004, was paying an interest rate of 0.75%.

Repurchase agreements: The Fund is authorized to enter into repurchase agreements. The Fund, through 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. Repurchase agreements involve the risk that the seller will fail to repurchase the security, as agreed. In that case, 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 are incurred.

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

T. Rowe Price Growth Stock    8

T. Rowe Price Growth Stock

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1–(continued)

Directed brokerage: 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 ATSF has established a Directed Brokerage Program. A Directed Brokerage 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 ATSF, or by any other party. Directed commissions for the period ended June 30, 2004, of $13 are included in net realized gains in the Statement of Operations.

Securities lending: The Fund may lend securities to enhance fund earnings from investing cash collateral received in making such loans to qualified borrowers (typically broker/dealers). The Fund has engaged its custodian bank, IBT, as a lending agent to administer its securities lending program. IBT earned $7 of program net income for its services. When the Fund makes a security loan, it receives cash collateral as protection against the risk that the borrower will default on the loan, and records an asset for the cash invested collateral and a liability for the return of the collateral.

Loans of securities are required to be secured by collateral at least equal to 102% of the value of the securities at inception of the loan, and not less then 100% thereafter. The Fund may invest cash collateral in short-term money market instruments including: U.S. Treasury Bills, U.S. agency obligations, commercial paper, money market mutual funds, repurchase agreements and other highly rated, liquid investments. During the life of securities loans, the collateral and securities loaned remain subject to fluctuation in value. IBT marks to market securities loaned and the collateral each business day. If additional collateral is due (at least $1), IBT collects additional cash collateral from the borrowers. Although securities loaned will be fully collateralized at all times, IBT may experience delays in, or may be prevented from, recovering the collateral on behalf of the Fund. The Fund may recall a loaned security position at any time from the borrower through IBT. In the event the borrower fails to timely return a recalled security, IBT may indemnify the Fund by purchasing replacement securities for the Fund at its own expense and claiming the collateral to fund such a purchase. IBT absorbs the loss if the collateral value is not sufficient to cover the cost of the replacement securities. If replacement securities are not available, IBT will credit the equivalent cash value to the Fund.

While a security is on loan, the Fund does not have the right to vote that security. However, if time permits, the Fund will attempt to recall a security on loan and vote the proxy.

Income from securities lending is included in the Statement of Operations. The amount of collateral and value of securities on loan are included in the Statement of Assets and Liabilities as well as in the Schedule of Investments.

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 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, including unanticipated movements in exchange currency rates, the degree of government supervision and regulation of security markets, and the possibility of political or economic instability.

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 closed 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 June 30, 2004, are listed in the Schedule of Investments.

Dividend distributions: Dividend 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

AEGON/Transamerica Fund Advisers, Inc. (“ATFA”) is the Fund’s investment adviser. AEGON/Transamerica Fund Services, Inc. (“ATFS”) is the Fund’s administrator and transfer agent. AFSG Securities Corp. (“AFSG”) is the Fund’s distributor. AFSG is 100% owned by AUSA Holding Company (“AUSA”). ATFA is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) (“WRL”) and AUSA (22%). ATFS is a wholly owned subsidiary of WRL. AUSA and WRL are wholly owned indirect subsidiaries of AEGON NV, a Netherlands corporation.

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

T. Rowe Price Growth Stock    9

T. Rowe Price Growth Stock

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  2–(continued)

Certain officers and directors of the Fund are also officers and/or directors of ATFA, ATFS, AFSG and WRL. No affiliated officer or director receives any compensation directly from the Fund.

Investment advisory fees: The Fund pays management fees to ATFA based on average daily net assets (“ANA”) at the following rate:

0.80% of ANA

ATFA 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 limitations 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 are no amounts subject to recapture at June 30, 2004.

The sub-adviser, T. Rowe Price, has agreed to a pricing discount based on the aggregate assets that they manage in ATSF and Transamerica IDEX Mutual Funds. The amount of the discount received by the Fund at June 30, 2004 was $13.

Distribution and service fees: The Fund adopted a distribution plan (“Distribution Plan”) pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended. Pursuant to the Distribution Plan, ATSF entered into a Distribution Agreement with AFSG effective May 1, 1999.

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 ATSF 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, 2005. 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 ATFS for financial and legal fund administration services, which includes such items as compliance, expenses, financial statements and other reporting, distributions, tax returns, prospectus preparation, board of directors meeting support, transfer agency and other legal matters. The Legal fees on the Statement of Operations are for fees paid to external legal counsel. The Fund paid ATFS $24 for Administration fees for the period ended June 30, 2004.

Deferred compensation plan: Each eligible Fund Director may elect participation in the Deferred Compensation Plan for Directors of ATSF (“the Plan”). Under the Plan, such Directors may defer payment of a percentage of their total fees earned as a Fund Director. These deferred amounts may be invested in any portfolio of Transamerica IDEX Mutual Funds, an affiliate of the Fund. At June 30, 2004, the value of invested plan amounts was $12. Invested plan amounts and the total liability for deferred compensation to the Directors under the Plan at June 30, 2004, are included in Net assets in the accompanying Statement of Assets and Liabilities.

NOTE  3. INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the period ended June 30, 2004, were as follows:

Purchases of securities:
Long-Term excluding U.S. Government	$	61,645
U.S. Government		632
Proceeds from maturities and sales of securities:
Long-Term excluding U.S. Government		63,967
U.S. Government		1,413

NOTE  4. FEDERAL INCOME TAX MATTERS

The Fund has not made any provision for federal income 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 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 treatments for items including, but not limited to, wash sales, foreign currency transactions, and capital loss carryforwards.

The capital loss carryforwards are available to offset future realized capital gains through the periods listed:

Capital Loss Carryforward	Available through
$18,759	December 31, 2009
11,175	December 31, 2010
4,328	December 31, 2011

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

T. Rowe Price Growth Stock    10

T. Rowe Price Growth Stock

NOTES TO THE FINANCIAL STATEMENTS (continued)

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  4–(continued)

The Fund has elected to treat the net currency losses incurred in the two month period prior to December 31, 2003 of $19 (Post-October Loss Deferred) as having been incurred in the fiscal year ending December 31, 2004.

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of June 30, 2004, are as follows:

Federal Tax Cost Basis	$	292,363
Unrealized Appreciation	$	53,082
Unrealized (Depreciation)		(5,350	)
Net Unrealized Appreciation (Depreciation)	$	47,732

NOTE  5. OTHER MATTERS

ATSF, and certain of its affiliated entities, have received requests for information from the Staff of the Securities and Exchange Commission in connection with market timing and late trading within the funds. ATSF and the affiliated entities have voluntarily cooperated in the investigation and have been providing the information as requested.

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

T. Rowe Price Growth Stock    11

T. Rowe Price Small Cap

SCHEDULE OF INVESTMENTS

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Shares	Value
COMMON STOCKS (98.9%)
Air Transportation (1.7%)
AirTran Holdings, Inc. (a)	117,000	$	1,654
ExpressJet Holdings, Inc. (a)	62,800		762
Frontier Airlines, Inc. (a)	258,300		2,810
JetBlue Airways Corporation (a)(b)	22,400		658
SkyWest, Inc.	207,100		3,606
Amusement & Recreation Services (1.0%)
Alliance Gaming Corporation (a)	89,800		1,541
International Speedway Corporation–Class A	10,900		530
Station Casinos, Inc.	61,500		2,977
Westwood One, Inc. (a)	24,700		588
Apparel & Accessory Stores (2.1%)
AnnTaylor, Inc. (a)	43,875		1,271
Christopher & Banks Corporation	144,200		2,554
Hot Topic, Inc. (a)(b)	138,800		2,844
Pacific Sunwear of California, Inc. (a)(b)	118,093		2,311
Ross Stores, Inc.	68,300		1,828
Talbots, Inc. (The)	34,500		1,351
Apparel Products (0.2%)
Gymboree Corporation (The) (a)	68,200		1,048
Auto Repair, Services & Parking (0.3%)
Dollar Thrifty Automotive Group, Inc. (a)	68,800		1,888
Automotive (1.3%)
Gentex Corporation (b)	76,000		3,016
Oshkosh Truck Corporation	57,700		3,307
Thor Industries, Inc.	34,700		1,161
Automotive Dealers & Service Stations (1.0%)
Group 1 Automotive, Inc. (a)	48,700		1,617
O’Reilly Automotive, Inc. (a)	77,600		3,508
Sonic Automotive, Inc.	25,300		560
Beverages (0.2%)
Boston Beer Company, Inc. (The)–Class A (a)	48,800		983
Business Services (3.1%)
Catalina Marketing Corporation (a)(b)	28,600		523
ChoicePoint Inc. (a)	77,600		3,543
Digital Insight Corporation (a)	151,600		3,143
Fair Issac Corporation	99,734		3,329
Getty Images, Inc. (a)(b)	38,200		2,292
Rent-A-Center, Inc. (a)	75,950		2,273
Valassis Communications, Inc. (a)	22,900		698
Websense, Inc. (a)	52,600		1,958
Chemicals & Allied Products (0.3%)
ATMI, Inc. (a)(b)	52,100		1,423
Commercial Banks (1.8%)
Boston Private Financial Holdings, Inc.	98,600		2,284
East West Bancorp, Inc.	62,800		1,928
Silicon Valley Bancshares (a)	35,900		1,423
Southwest Bancorporation of Texas, Inc.	35,100		1,549
UCBH Holdings, Inc.	75,300		2,976

	Shares	Value
Communication (0.4%)
Global Payments Inc. (b)	40,360	$	1,817
Insight Communications Company, Inc. (a)(b)	43,800		406
Communications Equipment (2.5%)
ADTRAN, Inc.	97,100		3,240
Anaren Microwave, Inc. (a)	63,200		1,033
Centillium Communications, Inc. (a)	413,700		1,584
Inter-Tel, Incorporated	123,300		3,079
Plantronics, Inc. (a)	109,800		4,623
Powerwave Technologies, Inc. (a)(b)	103,900		800
Computer & Data Processing Services (8.6%)
Activision, Inc. (a)	141,000		2,242
Actuate Corporation (a)	178,200		704
Agile Software Corporation (a)	242,900		2,125
Borland Software Corporation (a)	160,000		1,358
CACI International Inc.–Class A (a)(b)	47,800		1,933
Cognizant Technology Solutions Corporation (a)	69,200		1,758
Computer Programs and Systems, Inc.	217,600		4,435
Concord Communications, Inc. (a)	55,500		633
EarthLink, Inc. (a)	118,200		1,223
EPIQ Systems, Inc. (a)(b)	31,300		454
F5 Networks, Inc. (a)	107,600		2,849
FactSet Research Systems Inc. (b)	27,900		1,319
Henry (Jack) & Associates, Inc.	76,300		1,534
Hyperion Solutions Corporation (a)	74,400		3,253
Informatica Corporation (a)	163,200		1,245
Inforte Corp. (a)	172,900		1,746
Macromedia, Inc. (a)	18,900		464
MatrixOne, Inc. (a)	208,200		1,439
Mercury Interactive Corporation (a)(b)	6,500		324
MTC Technologies, Inc. (a)	96,400		2,489
National Instruments Corporation (b)	25,500		782
Netegrity, Inc. (a)	86,700		733
Open Text Corporation (a)(b)	82,100		2,619
Packeteer, Inc. (a)(b)	116,700		1,885
Radiant Systems, Inc. (a)	68,650		322
Red Hat, Inc. (a)(b)	65,900		1,514
SERENA Software, Inc. (a)(b)	124,300		2,373
SkillSoft PLC–ADR (a)	65,400		497
SRA International, Inc.–Class A (a)	80,000		3,386
Symantec Corporation (a)	27,300		1,195
Computer & Office Equipment (1.5%)
Avocent Corporation (a)	14,050		516
Black Box Corporation (b)	21,000		992
Maxtor Corporation (a)(b)	325,500		2,158
Polycom, Inc. (a)	114,712		2,571
SanDisk Corporation (a)(b)	97,400		2,113
Construction (1.2%)
Insituform Technologies, Inc.–Class A (a)(b)	48,600		791
M.D.C. Holdings, Inc. (b)	32,989		2,098
Standard Pacific Corp.	27,000		1,331
Toll Brothers, Inc. (a)(b)	55,800		2,361

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

T. Rowe Price Small Cap    1

T. Rowe Price Small Cap

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Shares	Value
Drug Stores & Proprietary Stores (0.8%)
drugstore.com, inc. (a)	199,600	$	697
Omnicare, Inc.	95,300		4,080
Educational Services (3.2%)
Apollo Group, Inc.–University of Phoenix Online (a)	54,333		4,759
Career Education Corporation (a)	35,800		1,631
Corinthian Colleges, Inc. (a)(b)	89,800		2,222
DeVRY Inc. (a)	106,000		2,907
Education Management Corporation (a)	128,800		4,231
ITT Educational Services, Inc. (a)	69,400		2,639
Electrical Goods (0.4%)
Hughes Supply, Inc.	37,900		2,233
Electronic & Other Electric Equipment (0.4%)
Digital Theater Systems, Inc. (a)	42,500		1,111
Harman International Industries, Incorporated	14,600		1,329
Micrel, Incorporated (a)	13,200		160
Electronic Components & Accessories (7.3%)
Advanced Energy Industries, Inc. (a)	233,700		3,674
Aeroflex Incorporated (a)	317,600		4,551
AMIS Holdings, Inc. (a)	72,000		1,218
Exar Corporation (a)	84,700		1,242
Integrated Circuit Systems, Inc. (a)(b)	78,400		2,129
Integrated Silicon Solution, Inc. (a)	160,600		1,961
Intersil Corporation–Class A (b)	126,960		2,750
KEMET Corporation (a)	65,600		802
Lattice Semiconductor Corporation (a)	102,800		721
Mercury Computer Systems, Inc. (a)	118,200		2,931
Microchip Technology Incorporated	9,637		304
OmniVision Technologies, Inc. (a)(b)	186,800		2,979
Pericom Semiconductor Corporation (a)	93,400		1,000
Plexus Corp. (a)(b)	172,900		2,334
REMEC, Inc. (a)	63,700		403
Semtech Corporation (a)(b)	90,400		2,128
Sigmatel Incorporated (a)	35,000		1,017
Silicon Storage Technology, Inc. (a)	136,200		1,403
Skyworks Solutions, Inc. (a)	75,000		655
Tessera Technologies, Inc. (a)	72,000		1,297
TriQuint Semiconductor, Inc. (a)(b)	99,161		541
TTM Technologies, Inc. (a)	226,800		2,688
Zoran Corporation (a)	156,182		2,866
Environmental Services (0.8%)
Stericycle, Inc. (a)(b)	40,700		2,106
Waste Connections, Inc. (a)	73,050		2,167
Fabricated Metal Products (0.2%)
Simpson Manufacturing Co., Inc. (b)	22,000		1,235
Food & Kindred Products (0.1%)
Peet’s Coffee & Tea, Inc. (a)	29,700		742

	Shares	Value
Food Stores (0.3%)
Whole Foods Market, Inc. (b)	17,500	$	1,670
Furniture & Fixtures (0.1%)
La-Z-Boy Incorporated	39,700		714
Furniture & Home Furnishings Stores (1.1%)
Cost Plus, Inc. (a)(b)	98,550		3,198
Pier 1 Imports, Inc.	89,400		1,581
Williams-Sonoma, Inc. (a)(b)	48,700		1,605
Health Services (4.4%)
Accredo Health, Incorporated (a)(b)	113,450		4,418
AMN Healthcare Services, Inc. (a)(b)	23,849		365
AmSurg Corp. (a)	53,700		1,349
Caremark Rx, Inc. (a)	46,644		1,536
Community Health Systems, Inc. (a)	40,500		1,084
DaVita Inc. (a)	95,400		2,941
Gentiva Health Services, Inc. (a)	104,100		1,693
LifePoint Hospitals, Inc. (a)	90,800		3,380
Manor Care, Inc.	44,300		1,448
Matria Healthcare, Inc. (a)(b)	18,700		469
Renal Care Group, Inc. (a)	41,400		1,372
Symbion, Inc. (a)	46,900		819
Triad Hospitals, Inc. (a)	27,900		1,039
United Surgical Partners International, Inc. (a)	82,800		3,268
Holding & Other Investment Offices (0.4%)
Redwood Trust, Inc. (b)	38,200		2,127
Industrial Machinery & Equipment (3.7%)
Axcelis Technologies, Inc. (a)	88,600		1,102
Cymer, Inc. (a)(b)	65,600		2,456
Engineered Support Systems, Inc.	76,900		4,499
FMC Technologies, Inc. (a)	29,900		861
National-Oilwell, Inc. (a)	51,400		1,619
Oil States International, Inc. (a)	79,500		1,216
Varco International Inc. (a)	62,800		1,375
Varian Semiconductor Equipment Associates, Inc. (a)	72,000		2,776
Zebra Technologies Corporation–Class A (a)	59,750		5,198
Instruments & Related Products (4.4%)
August Technology Corporation (a)	51,800		650
Avid Technology, Inc. (a)	90,200		4,922
Cognex Corporation	57,200		2,201
Coherent, Inc. (a)	44,600		1,331
Cohu, Inc.	54,200		1,032
Cytyc Corporation (a)(b)	76,300		1,936
Dionex Corporation (a)	16,850		930
FLIR Systems, Inc. (a)(b)	68,900		3,783
Fossil, Inc. (a)	63,412		1,728
Herley Industries, Inc. (a)	61,300		1,198
Lexar Media, Inc. (a)(b)	139,600		933
Newport Corporation (a)	17,200		278
Pinnacle Systems, Inc. (a)(b)	68,000		486
Rudolph Technologies, Inc. (a)(b)	24,700		449

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

T. Rowe Price Small Cap    2

T. Rowe Price Small Cap

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Shares	Value
Instruments & Related Products (continued)
SBS Technologies, Inc. (a)	56,800	$	913
STAAR Surgical Company (a)(b)	139,100		1,085
Varian, Inc. (a)	27,900		1,176
Insurance (3.2%)
Coventry Health Care, Inc. (a)	83,700		4,092
First Health Group Corp. (a)	107,700		1,681
Max Re Capital Ltd.	72,800		1,418
PMI Group, Inc. (The)	13,200		574
RenaissanceRe Holdings Ltd.	51,000		2,751
StanCorp Financial Group, Inc.	27,600		1,849
Triad Guaranty Inc. (a)	58,700		3,416
WellChoice, Inc. (a)	55,100		2,281
Insurance Agents, Brokers & Service (0.3%)
Brown & Brown, Inc. (b)	42,300		1,823
Leather & Leather Products (0.3%)
Timberland Company (The)–Class A (a)	22,400		1,447
Management Services (2.1%)
Advisory Board Company (The) (a)	97,100		3,457
Corporate Executive Board Company (The) (b)	97,400		5,629
Exult, Inc. (a)(b)	209,500		1,127
Resources Connection, Inc. (a)	41,100		1,607
Manufacturing Industries (0.4%)
Marvel Enterprises, Inc. (a)(b)	105,400		2,057
Medical Instruments & Supplies (4.3%)
Advanced Neuromodulation Systems, Inc. (a)	48,600		1,594
Apogent Technologies, Inc. (a)(b)	27,800		890
Conceptus, Inc. (a)(b)	41,000		461
Cyberonics, Inc. (a)(b)	11,800		394
DENTSPLY International Inc.	48,400		2,522
ICU Medical, Inc. (a)(b)	70,400		2,361
INAMED Corporation (a)	74,150		4,660
Mentor Corporation	21,800		748
Respironics, Inc. (a)(b)	66,100		3,883
STERIS Corporation (a)	162,200		3,659
Thoratec Corporation (a)(b)	178,800		1,919
Wright Medical Group, Inc. (a)	31,500		1,121
Mortgage Bankers & Brokers (0.2%)
Doral Financial Corporation	37,125		1,281
Motion Pictures (0.9%)
CNET Networks, Inc. (a)(b)	82,100		909
Macrovision Corporation (a)	160,000		4,005
Oil & Gas Extraction (4.0%)
Atwood Oceanics, Inc. (a)	15,100		630
Cabot Oil & Gas Corporation–Class A	51,100		2,162
Cal Dive International, Inc. (a)(b)	106,800		3,238
Comstock Resources Inc. (a)	46,400		903
Core Laboratories NV (a)	16,300		375
Evergreen Resources, Inc. (a)	45,100		1,822
Global Industries, Ltd. (a)	76,800		439

	Shares	Value
Oil & Gas Extraction (continued)
Grey Wolf, Inc. (a)	556,400	$	2,359
Helmerich & Payne, Inc.	43,900		1,147
Key Energy Services, Inc. (a)	29,200		276
Patterson-UTI Energy, Inc. (b)	91,600		3,060
Spinnaker Exploration Company (a)	56,700		2,233
Stone Energy Corporation (a)(b)	37,600		1,718
Unit Corporation (a)	81,400		2,560
Personal Credit Institutions (0.2%)
First Marblehead Corporation (a)(b)	26,700		1,075
Pharmaceuticals (8.7%)
Abgenix, Inc. (a)(b)	78,900		925
Albany Molecular Research, Inc. (a)	79,200		1,024
Alkermes, Inc. (a)(b)	64,000		870
Andrx Corporation–Andrx Group (a)	32,200		899
Bradley Pharmaceuticals, Inc. (a)(b)	97,400		2,717
Celgene Corporation (a)	41,200		2,359
Cephalon, Inc. (a)(b)	27,914		1,507
Charles River Laboratories, Inc. (a)	62,500		3,054
Digene Corporation (a)	86,700		3,167
Eon Labs, Inc. (a)(b)	97,600		3,995
Human Genome Sciences, Inc. (a)	68,700		799
ICOS Corporation (a)(b)	43,600		1,301
IDEXX Laboratories, Inc. (a)(b)	16,500		1,039
Invitrogen Corporation (a)	42,600		3,067
K-V Pharmaceutical Company–Class A (a)(b)	86,400		1,995
Martek Biosciences Corp. (a)(b)	61,900		3,477
Medicis Pharmaceutical Corporation– Class A (b)	98,200		3,923
Neurocrine Biosciences, Inc. (a)	47,300		2,453
Noven Pharmaceuticals, Inc. (a)	130,800		2,880
Par Pharmaceutical Companies, Inc. (a)	16,700		588
Protein Design Labs, Inc. (a)	123,100		2,355
Taro Pharmaceutical Industries Ltd. (a)(b)	44,200		1,923
Techne Corporation (a)	55,900		2,429
Vertex Pharmaceuticals Incorporated (a)	33,650		365
Primary Metal Industries (0.9%)
Lone Star Technologies, Inc. (a)	39,500		1,089
Maverick Tube Corporation (a)	104,900		2,755
Steel Dynamics, Inc. (a)	41,400		1,185
Printing & Publishing (0.5%)
Scholastic Corporation (a)(b)	98,800		2,959
Radio & Television Broadcasting (1.8%)
Cox Radio, Inc.–Class A (a)	69,500		1,208
Emmis Communications Corporation–Class A (a)	141,500		2,969
Entercom Communications Corp. (a)	24,600		918
Radio One, Inc.–Class D (a)(b)	204,800		3,279
Regent Communications, Inc. (a)	116,700		722
Spanish Broadcasting System, Inc. (a)	103,600		965

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

T. Rowe Price Small Cap    3

T. Rowe Price Small Cap

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Shares	Value
Radio, Television & Computer Stores (0.2%)
GameStop Corp. (a)	56,200	$	855
Research & Testing Services (1.2%)
Forrester Research, Inc. (a)	124,800		2,328
Pharmaceutical Product Development, Inc. (a)(b)	72,800		2,313
Symyx Technologies, Inc. (a)	99,300		2,395
Restaurants (2.4%)
CEC Entertainment Inc. (a)	103,800		3,063
Cheesecake Factory Incorporated (The) (a)(b)	42,300		1,683
P.F. Chang's China Bistro, Inc. (a)(b)	65,100		2,679
RARE Hospitality International, Inc. (a)	101,975		2,539
Ruby Tuesday, Inc.	59,100		1,622
Sonic Corp. (a)	81,262		1,849
Retail Trade (1.9%)
A.C. Moore Arts & Crafts, Inc. (a)	125,800		3,461
Insight Enterprises, Inc. (a)	83,200		1,478
Michaels Stores, Inc.	45,100		2,481
PETsMART, Inc. (b)	83,000		2,693
Schein (Henry), Inc. (a)	10,200		644
Rubber & Misc. Plastic Products (0.6%)
Entegris, Inc. (a)	128,700		1,489
VANS, INC. (a)	79,700		1,638
Savings Institutions (0.5%)
IndyMac Bancorp, Inc.	83,100		2,626
Security & Commodity Brokers (2.3%)
Affiliated Managers Group, Inc. (a)(b)	62,700		3,158
Eaton Vance Corp.	44,400		1,697
Greenhill & Co., Inc. (a)	9,000		188
Investors Financial Services Corp.	83,900		3,656
Legg Mason, Inc.	12,400		1,129
Raymond James Financial, Inc.	55,500		1,468
Waddell & Reed Financial, Inc.–Class A	70,450		1,558
Social Services (0.6%)
Bright Horizons Family Solutions, Inc. (a)	61,800		3,313
Telecommunications (0.9%)
Nextel Partners, Inc.–Class A (a)(b)	275,500		4,385
NII Holdings, Inc. (a)(b)	19,500		657
Transportation & Public Utilities (1.0%)
Forward Air Corporation (a)	55,100		2,061
UTI Worldwide, Inc.	72,700		3,831
Trucking & Warehousing (1.2%)
Iron Mountain Incorporated (a)(b)	97,900		4,725
Old Dominion Freight Line, Inc. (a)	62,150		1,832
Variety Stores (0.8%)
Dollar Tree Stores, Inc. (a)	29,650		813
Family Dollar Stores, Inc.	13,900		423
Fred’s, Inc.	138,350		3,056

	Shares		Value
Wholesale Trade Durable Goods (1.2%)
Patterson Dental Company (a)(b)		46,300	$	3,541
SCP Pool Corporation		75,425		3,394
Wholesale Trade Nondurable Goods (1.5%)
Performance Food Group Company (a)		34,900		926
SunOpta Inc. (a)(b)		311,400		2,659
Tractor Supply Company (a)		41,200		1,723
United Natural Foods, Inc. (a)		111,800		3,232
Total Common Stocks (cost: $462,968)				560,147
	Principal		Value
SECURITY LENDING COLLATERAL (19.7%)
Debt (16.2%)
Agency Discount Notes (1.6%)
Fannie Mae
0.96%, due 07/01/2004	$	2,654	$	2,654
Federal Home Loan Bank
0.96%, due 07/01/2004		3,317		3,317
0.99%, due 07/01/2004		1,326		1,326
0.97%, due 07/02/2004		1,659		1,659
Bank Notes (0.4%)
Credit Suisse First Boston (USA), Inc.
1.13%, due 09/08/2004		664		664
Deutsche Bank AG
1.16%, due 10/12/2004		1,659		1,659
Commercial Paper (4.8%)
Compass Securitization–144A
1.25%, due 07/23/2004		2,319		2,319
Falcon Asset Securitization Corp–144A
1.27%, due 07/20/2004		1,656		1,656
General Electric Capital Corporation
1.20%, due 07/19/2004		1,655		1,655
1.21%, due 07/22/2004		1,327		1,327
1.22%, due 07/23/2004		1,327		1,327
1.23%, due 07/26/2004		1,659		1,659
1.22%, due 08/04/2004		3,311		3,311
Govco Incorporated–144A
1.25%, due 08/02/2004		664		664
Greyhawk Funding LLC–144A
1.12%, due 07/13/2004		1,323		1,323
1.22%, due 07/20/2004		660		660
Jupiter Securitization Corp–144A
1.07%, due 07/02/2004		664		664
Morgan Stanley
1.58%, due 10/22/2004		1,526		1,526
1.58%, due 12/10/2004		4,312		4,312
1.58%, due 03/16/2005		4,180		4,180
Sheffield Receivables–144A
1.24%, due 07/20/2004		995		995

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

T. Rowe Price Small Cap    4

T. Rowe Price Small Cap

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Principal		Value
Euro Dollar Overnight (0.6%)
Bank of Nova Scotia (The)
1.04%, due 07/06/2004	$	1,659	$	1,659
Den Danske Bank
1.08%, due 07/02/2004		1,659		1,659
Euro Dollar Terms (3.9%)
Bank of America Corporation
1.08%, due 07/19/2004		664		664
Bank of Montreal
1.20%, due 07/23/2004		336		336
Bank of Nova Scotia (The)
1.20%, due 07/14/2004		1,659		1,659
1.24%, due 07/23/2004		332		332
Bank of the West Inc.
1.28%, due 07/28/2004		664		664
Branch Banking &Trust
1.08%, due 07/14/2004		332		332
Calyon
1.16%, due 04/02/1917		6,302		6,302
1.17%, due 08/04/2004		995		995
1.34%, due 08/24/2004		2,322		2,322
Fortis Bank
1.19%, due 07/14/2004		332		332
1.29%, due 09/03/2004		664		664
HBOS PLC
1.30%, due 09/03/2004		664		664
Royal Bank of Canada
1.05%, due 07/08/2004		995		995
Royal Bank of Scotland Group PLC (The)
1.06%, due 07/30/2004		2,986		2,986
Wells Fargo & Company
1.19%, due 07/14/2004		1,327		1,327
1.25%, due 07/23/2004		664		664
1.24%, due 07/26/2004		664		664
Master Notes (0.6%)
Bear Stearns Companies Inc. (The)
1.64%, due 09/08/2004		1,991		1,991
1.64%, due 12/15/2004		1,327		1,327

	Principal		Value
Repurchase Agreements (4.3%)(c)
Credit Suisse First Boston (USA), Inc. 1.54% Repurchase Agreement dated 06/30/2004 to be repurchased at $7,762 on 07/01/2004	$	7,762	$	7,762
Goldman Sachs Group Inc. (The) 1.54% Repurchase Agreement dated 06/30/2004 to be repurchased at $3,318 on 07/01/2004		3,318		3,318
Merrill Lynch & Co., Inc. 1.54% Repurchase Agreement dated 06/30/2004 to be repurchased at $10,051 on 07/01/2004		10,051		10,051
Morgan Stanley 1.58% Repurchase Agreement dated 06/30/2004 to be repurchased at $2,986 on 07/01/2004		2,986		2,986
	Shares		Value
Investment Companies (3.5%)
Money Market Funds (3.5%)
Merrill Lynch Premier Institutional Fund
1-day yield of 1.17%		2,749,020	$	2,749
Merrimac Cash Fund– Premium Class
1-day yield of 1.11%		17,061,182		17,061
Total Security Lending Collateral (cost: $111,322)				111,322
Total Investment Securities (cost: $574,290)			$	671,469
SUMMARY:
Investments, at value		118.6%	$	671,469
Liabilities in excess of other assets		(18.6)%		(105,340	)
Net assets		100.0%	$	566,129

NOTES TO SCHEDULE OF INVESTMENTS:

(a) No dividends were paid during the preceding twelve months.

(b) At June 30, 2004, all or a portion of this security is on loan (see Note 1). The value at June 30, 2004, of all securities on loan is $106,907.

(c) Cash collateral for the Repurchase Agreements, valued at $24,601, that serve as collateral for securities lending are invested in corporate bonds with interest rates and maturity dates ranging from 0.00%–9.88% and 08/01/2004–09/25/2099, respectively.

DEFINITIONS:

ADR American Depositary Receipt

144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2004, these securities aggregated $8,281 or 1.46% of the net assets of the Fund.

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

T. Rowe Price Small Cap    5

T. Rowe Price Small Cap

STATEMENT OF ASSETS AND LIABILITIES

At June 30, 2004

(all amounts except per share amounts in thousands)

(unaudited)

Assets:
Investment securities, at value (cost: $ 574,290) (including securities loaned of $106,907)	$	671,469
Cash		11,142
Receivables:
Investment securities sold		1,135
Interest		5
Dividends		79
Other		94
		683,924
Liabilities:
Investment securities purchased		6,013
Accounts payable and accrued liabilities:
Management and advisory fees		357
Service fees		1
Payable for collateral for securities on loan		111,322
Other		102
		117,795
Net Assets	$	566,129
Net Assets Consist of:
Capital stock, 50,000 shares authorized ($.01 par value)	$	478
Additional paid-in capital		464,251
Accumulated net investment loss		(1,499	)
Undistributed net realized gain (loss) from: Investment securities		5,720
Net unrealized appreciation (depreciation) on: Investment securities		97,179
Net Assets	$	566,129
Net Assets by Class:
Initial Class	$	561,024
Service Class		5,105
Shares Outstanding:
Initial Class		47,340
Service Class		432
Net Asset Value and Offering Price Per Share:
Initial Class	$	11.85
Service Class		11.82

STATEMENT OF OPERATIONS

For the period ended June 30, 2004

(all amounts in thousands)

(unaudited)

Investment Income:
Interest	$	10
Dividends		610
Income from loaned securities–net		80
Less withholding taxes on foreign dividends		(1	)
		699
Expenses:
Management and advisory fees		2,089
Printing and shareholder reports		15
Custody fees		33
Administration fees		42
Legal fees		2
Auditing and accounting fees		6
Directors fees		7
Service fees:
Service Class		4
Total expenses		2,198
Net Investment Income (Loss)		(1,499	)
Net Realized Gain (Loss) from:
Investment securities		19,370
Net Increase (Decrease) in Unrealized Appreciation (Depreciation) on:
Investment securities		13,353
Net Gain (Loss) on Investment Securities		32,723
Net Increase (Decrease) in Net Assets Resulting from Operations	$	31,224

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

T. Rowe Price Small Cap    6

T. Rowe Price Small Cap

STATEMENTS OF CHANGES IN NET ASSETS

For the period or year ended

(all amounts in thousands)

	June 30, 2004 (unaudited)			December 31, 2003
Increase (Decrease) In Net Assets From:
Operations:
Net investment income (loss)	$	(1,499	)	$	(1,544	)
Net realized gain (loss) from investment securities		19,370			26
Net unrealized appreciation (depreciation) on investment securities		13,353			98,012
		31,224			96,494
Distributions to Shareholders:
From net investment income:
Initial Class		–			–
Service Class		–			–
		–			–
From net realized gains:
Initial Class		–			–
Service Class		–			–
		–			–
Capital Share Transactions:
Proceeds from shares sold:
Initial Class		47,707			390,168
Service Class		4,340			1,574
		52,047			391,742
Dividends and distributions reinvested:
Initial Class		–			–
Service Class		–			–
		–			–
Cost of shares redeemed:
Initial Class		(61,712	)		(57,908	)
Service Class		(910	)		(157	)
		(62,622	)		(58,065	)
		(10,575	)		333,677
Net increase (decrease) in net assets		20,649			430,171
Net Assets:
Beginning of period		545,480			115,309
End of period	$	566,129		$	545,480
Accumulated Net Investment Loss	$	(1,499	)	$	–

	June 30, 2004 (unaudited)		December 31, 2003
Share Activity:
Shares issued:
Initial Class	4,076		40,429
Service Class	373		153
	4,449		40,582
Shares issued–reinvested from distributions:
Initial Class	–		–
Service Class	–		–
	–		–
Shares redeemed:
Initial Class	(5,356	)	(6,272	)
Service Class	(79	)	(15	)
	(5,435	)	(6,287	)
Net increase (decrease) in shares outstanding:
Initial Class	(1,280	)	34,157
Service Class	294		138
	(986	)	34,295

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

T. Rowe Price Small Cap    7

T. Rowe Price Small Cap

FINANCIAL HIGHLIGHTS

(unaudited for the period ended June 30, 2004)

	For the Period Ended (b)	For a share outstanding throughout each period (a)
		Net Asset Value, Beginning of Period		Investment Operations									Distributions								Net Asset Value, End of Period
				Net Investment Income (Loss)			Net Realized and Unrealized Gain (Loss)			Total Operations			From Net Investment Income			From Net Realized Gains		Total Distributions
Initial Class	06/30/2004	$	11.19	$	(0.03	)	$	0.69		$	0.66		$	–		$	–	$	–		$	11.85
	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
	12/31/2000		13.41		(0.08	)		(1.04	)		(1.12	)		(0.14	)		–		(0.14	)		12.15
	12/31/1999		10.00		(0.03	)		3.87			3.84			(0.43	)		–		(0.43	)		13.41
Service Class	06/30/2004		11.17		(0.05	)		0.70			0.65			–			–		–			11.82
	12/31/2003		8.31		(0.05	)		2.91			2.86			–			–		–			11.17

	For the Period Ended (b)	Total Return (c)(g)		Ratios/Supplemental Data
				Net Assets, End of Period (000’s)		Ratio of Expenses to Average Net Assets (f)				Net Investment Income (Loss) to Average Net Assets (f)		Portfolio Turnover Rate (g)
						Net (d)		Total (e)
Initial Class	06/30/2004	5.90	%	$	561,024	0.79	%	0.79	%	(0.54	)%	16	%
	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
	12/31/2000	(8.45	)		30,024	1.00		1.14		(0.57	)	65
	12/31/1999	38.49			9,824	1.00		2.46		(0.44	)	159
Service Class	06/30/2004	5.82			5,105	1.04		1.04		(0.78	)	16
	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) The inception dates of the Fund’s share classes are 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 fee waivers by the investment adviser, if any (see note 2).

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

(f) Annualized.

(g) Not annualized for periods of less than one year.

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

T. Rowe Price Small Cap    8

T. Rowe Price Small Cap

NOTES TO FINANCIAL STATEMENTS

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

The AEGON/Transamerica Series Fund, Inc. (“ATSF”) is a Maryland corporation registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. ATSF serves as a funding vehicle for variable life insurance, variable annuity and group annuity products. T. Rowe Price Small Cap (“the Fund”), part of ATSF, began operations on May 3, 1999.

In the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties, which 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.

See the Prospectus and Statement of Additional Information for a description of the Fund’s investment objective.

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 policies were consistently followed by the Fund, in accordance with GAAP.

Multiple class operations 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.

Pricing of shares: The Fund prices its shares on the basis of the net asset value of each class of shares of the Fund, which is determined as of the close of the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern Time) on each day on which the NYSE is open for trading (other than a day on which there are insufficient changes in the value of the Fund’s portfolio securities to materially affect the Fund’s net asset value or a day on which no shares are tendered for redemption and no order to purchase any shares is received).

Security valuations: Fund investments traded on an exchange are valued at the closing price on the day of valuation on the exchange where the security is principally traded. With respect to securities traded on the NASDAQ INMS, such closing price may be the last reported sales price or the NASDAQ official closing price.

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 by independent pricing services; 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 also are valued at fair market value as determined in good faith using guidelines established by and under the supervision of the Board of Directors, and the Fund’s Valuation Committee. These guidelines may include: the type of security; any restrictions on its resale; financial or business news of the issuer; similar or related securities that are actively trading; related corporate actions; and other significant events occurring after the close of trading in the security.

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 June 30, 2004, was paying an interest rate of 0.75%.

Repurchase agreements: The Fund is authorized to enter into repurchase agreements. The Fund, through 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. Repurchase agreements involve the risk that the seller will fail to repurchase the security, as agreed. In that case, 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 are incurred.

Directed brokerage: 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 ATSF has established a Directed Brokerage Program. A Directed Brokerage 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 ATSF, or by any other party. Directed commissions for the period ended June 30, 2004, of $12 are included in net realized gains in the Statement of Operations.

Securities lending: The Fund may lend securities to enhance fund earnings from investing cash collateral received in making such loans to qualified borrowers (typically broker/dealers). The Fund has engaged its custodian bank, IBT, as a lending agent to administer its securities lending program. IBT earned $34 of program net income for its services. When the Fund makes a security loan, it receives cash collateral as protection against the risk that the borrower will default on the loan, and records an asset for the cash invested collateral and a liability for the return of the collateral.

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

T. Rowe Price Small Cap    9

T. Rowe Price Small Cap

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1–(continued)

Loans of securities are required to be secured by collateral at least equal to 102% of the value of the securities at inception of the loan, and not

less then 100% thereafter. The Fund may invest cash collateral in short-term money market instruments including: U.S. Treasury Bills, U.S.. agency obligations, commercial paper, money market mutual funds, repurchase agreements and other highly rated, liquid investments. During the life of securities loans, the collateral and securities loaned remain subject to fluctuation in value. IBT marks to market securities loaned and the collateral each business day. If additional collateral is due (at least $1), IBT collects additional cash collateral from the borrowers. Although securities loaned will be fully collateralized at all times, IBT may experience delays in, or may be prevented from, recovering the collateral on behalf of the Fund. The Fund may recall a loaned security position at any time from the borrower through IBT. In the event the borrower fails to timely return a recalled security, IBT may indemnify the Fund by purchasing replacement securities for the Fund at its own expense and claiming the collateral to fund such a purchase. IBT absorbs the loss if the collateral value is not sufficient to cover the cost of the replacement securities. If replacement securities are not available, IBT will credit the equivalent cash value to the Fund.

While a security is on loan, the Fund does not have the right to vote that security. However, if time permits, the Fund will attempt to recall a security on loan and vote the proxy.

Income from securities lending is included in the Statement of Operations. The amount of collateral and value of securities on loan are included in the Statement of Assets and Liabilities as well as in the Schedule of Investments.

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 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: Dividend 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

AEGON/Transamerica Fund Advisers, Inc. (“ATFA”) is the Fund’s investment adviser. AEGON/Transamerica Fund Services, Inc. (“ATFS”) is the Fund’s administrator and transfer agent. AFSG Securities Corp. (“AFSG”) is the Fund’s distributor. AFSG is 100% owned by AUSA Holding Company (“AUSA”). ATFA is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) (“WRL”) and AUSA (22%). ATFS is a wholly owned subsidiary of WRL. AUSA and WRL are wholly owned indirect subsidiaries of AEGON NV, a Netherlands corporation.

Certain officers and directors of the Fund are also officers and/or directors of ATFA, ATFS, AFSG and WRL. No affiliated officer or director receives any compensation directly from the Fund.

The following schedule reflects the percentage of fund assets owned by affiliated mutual funds (i.e., through the asset allocation funds):

	Net Assets		% of Net Assets
Asset Allocation–Conservative Portfolio	$	19,813	3	%
Asset Allocation–Growth Portfolio		66,865	12	%
Asset Allocation–Moderate Growth Portfolio		115,423	20	%
Asset Allocation–Moderate Portfolio		89,739	16	%
Total	$	291,840	51	%

Investment advisory fees: The Fund pays management fees to ATFA based on average daily net assets (“ANA”) at the following rate:

0.75% of ANA

ATFA 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 limitations 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 are no amounts subject to recapture at June 30, 2004.

The sub-adviser, T. Rowe Price, has agreed to a pricing discount based on the aggregate assets that they manage in ATSF and Transamerica IDEX Mutual Funds. The amount of the discount received by the Fund at June 30, 2004 was $23.

Distribution and service fees: The Fund adopted a distribution plan (“Distribution Plan”) pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended. Pursuant to the Distribution Plan, ATSF entered into a Distribution Agreement with AFSG effective May 1, 1999.

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 ATSF to pay distribution fees to AFSG as compensation for its activities, not as

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

T. Rowe Price Small Cap    10

T. Rowe Price Small Cap

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  2–(continued)

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, 2005. 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 ATFS for financial and legal fund administration services, which includes such items as compliance, expenses, financial statements and other reporting, distributions, tax returns, prospectus preparation, board of directors meeting support, transfer agency and other legal matters. The Legal fees on the Statement of Operations are for fees paid to external legal counsel. The Fund paid ATFS $42 for Administration fees for the period ended June 30, 2004.

Deferred compensation plan: Each eligible Fund Director may elect participation in the Deferred Compensation Plan for Directors of ATSF (“the Plan”). Under the Plan, such Directors may defer payment of a percentage of their total fees earned as a Fund Director. These deferred amounts may be invested in any portfolio of Transamerica IDEX Mutual Funds, an affiliate of the Fund. At June 30, 2004, the value of invested plan amounts was $22. Invested plan amounts and the total liability for deferred compensation to the Directors under the Plan at June 30, 2004, are included in Net assets in the accompanying Statement of Assets and Liabilities.

NOTE  3. INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the period ended June 30, 2004, were as follows:

Purchases of securities:
Long-Term excluding U.S. Government	$	88,762
U.S. Government		–
Proceeds from maturities and sales of securities:
Long-Term excluding U.S. Government		101,132
U.S. Government		–

NOTE  4. FEDERAL INCOME TAX MATTERS

The Fund has not made any provision for federal income 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 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 treatments for items including, but not limited to, wash sales, net operating losses and capital loss carryforwards.

The capital loss carryforwards are available to offset future realized capital gains through the periods listed:

Capital Loss Carryforward	Available through
$     11	December 31, 2008
2,730	December 31, 2009
8,881	December 31, 2010
502	December 31, 2011

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of June 30, 2004, are as follows:

Federal Tax Cost Basis	$	575,318
Unrealized Appreciation	$	114,979
Unrealized (Depreciation)		(18,828	)
Net Unrealized Appreciation (Depreciation)	$	96,151

NOTE  5. OTHER MATTERS

ATSF, and certain of its affiliated entities, have received requests for information from the Staff of the Securities and Exchange Commission in connection with market timing and late trading within the funds. ATSF and the affiliated entities have voluntarily cooperated in the investigation and have been providing the information as requested.

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

T. Rowe Price Small Cap    11

Van Kampen Active International Allocation

SCHEDULE OF INVESTMENTS

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Shares	Value
CONVERTIBLE PREFERRED STOCKS (0.1%)
Australia (0.0%)
Westfield Trust–New units	1,077	$	3
Westfield Trust–Units	30,048		92
Ireland (0.0%)
Grafton Group PLC–Units	1,300		10
Switzerland (0.1%)
Compagnie Financiere Richemont AG–Units	5,640		147
Total Convertible Preferred Stocks (cost: $214)			252
PREFERRED STOCKS (0.3%)
Australia (0.1%)
News Corporation Limited (The)	26,813		219
Germany (0.2%)
Henkel KGaA	847		72
Porsche AG	299		201
ProSiebenSat.1 Media AG (b)	1,925		35
RWE AG	256		10
Volkswagen AG	2,426		70
Thailand (0.0%)
Siam Commercial Bank Public Company Limited	27,281		32
Total Preferred Stocks (cost: $548)			639
COMMON STOCKS (90.2%)
Australia (1.9%)
Alumina Limited	15,409		57
Amcor Limited	11,244		55
AMP Limited	17,588		78
Ansell Limited	1,835		10
Australia and New Zealand Banking Group Limited	19,122		243
Australian Gas Light Company (The)	6,149		52
BHP Billiton Limited	47,139		411
BHP Steel	11,640		55
Boral Limited	8,299		37
Brambles Industries Limited	13,092		55
Centro Properties Group	9,373		26
CFS Gandel Retail Trust	20,864		20
Coca-Cola Amatil Limited	6,666		32
Coles Myer Limited	14,206		85
Commonwealth Bank of Australia	15,801		358
CSL Limited	939		15
CSR Limited	17,529		27
Foster's Group Limited	26,998		89
General Property Trust–Units	26,184		64
Insurance Australia Group Limited	22,476		78
Investa Property Group	16,964		23
John Fairfax Holdings Limited	12,886		33
Leighton Holdings Limited	2,375		15
Lend Lease Corporation Limited	5,484		39
Macquarie Bank Limited	2,764		65
Macquarie Infrastructure Group	25,282		58

	Shares	Value
Australia (continued)
Mayne Group Limited	11,908	$	28
Mirvac Group	10,288		31
National Australia Bank Limited	19,378		403
Newcrest Mining Limited	4,854		47
News Corporation Limited (The)	18,808		166
Orica Limited	4,055		43
Origin Energy Limited	4,142		16
PaperlinX Limited	5,615		19
Patrick Corporation Limited	8,286		31
QBE Insurance Group Limited	8,651		77
Rinker Group Limited	12,908		72
Rio Tinto Limited	4,066		102
Santos Limited	8,266		40
Sonic Healthcare Limited	1,814		12
Southcorp Limited (a)	9,419		21
Stockland Trust Group	13,176		48
Suncorp-Metway Limited	7,099		70
TABCORP Holdings Limited	5,234		52
Telestra Corporation Limited	28,548		100
Transurban Group	7,311		25
Wesfarmers Ltd.	4,969		102
Westfield Holdings Limited	5,654		61
Westpac Banking Corporation	22,346		274
WMC Resources Ltd.	15,663		54
Woodside Petroleum Ltd.	6,304		73
Woolworths Limited	13,072		104
Austria (0.6%)
Bank Austria Creditanstalt	1,487		87
Boehler-Uddeholm AG	377		31
Erste Bank der oesterreichischen Sparkassen AG	2,599		408
Flughafen Wien AG	989		57
Mayr-Melnhof Karton AG–ADR	397		51
OMV AG	900		175
RHI AG (a)	775		17
Telekom Austria AG	19,849		303
VA Technologie AG (a)	573		32
voestalpine AG	1,550		76
Wienerberger AG	3,051		106
Belgium (0.7%)
Agfa-Gevaert N.V.	4,067		101
Bekaert NV	153		9
Belgacom SA (a)	977		30
Delhaize Group	487		25
Dexia	18,356		305
Electrabel SA	407		131
Fortis	25,919		574
Interbrew	239		8
Kredietbank SA Luxembourgeoise	2,533		146
Solvay SA	1,236		101
UCB SA	2,468		115

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Van Kampen Active International Allocation    1

Van Kampen Active International Allocation

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Shares	Value
Bermuda (0.1%)
Cheung Kong Infrastructure Holdings Limited	14,000	$	34
Esprit Holdings Limited	21,500		96
Li & Fung Limited	40,000		58
SCMP Group Limited	10,000		4
Yue Yuen Industrial (Holdings) Limited	11,500		28
China (1.0%)
Aluminum Corporation of China Limited–H Shares	180,000		96
Angang New Steel Company Limited	57,000		20
Beijing Capital International Airport Company Limited–H Shares	118,000		36
Beijing Datang Power Generation Company Limited–H Shares	82,000		64
BYD Company Limited	9,000		27
China Life Insurance Company Limited–H Shares (a)	396,000		234
China Oilfield Services Limited	50,000		14
China Petroleum & Chemical Corporation (Sinopec)–H Shares	898,000		328
China Shipping Development Co., Ltd.–H Shares	28,000		17
China Southern Airlines Company Limited– H Shares (a)	78,000		31
China Telecom Corporation, Ltd.	470,000		164
Huaneng Power International, Inc.	168,000		150
Jiangsu Expressway Company Limited–H Shares	78,000		38
Jiangxi Copper Co. Ltd.–H Shares	69,000		31
Mannshan Iron and Steel Company Limited	100,000		32
PetroChina Company Limited	940,000		434
PICC Property and Casualty Company Limited–H Shares (a)	187,000		72
Shandong International Power Development Company Limited–H Shares	118,000		40
SINOPEC Shanghai Petrochemical Company Limited	136,000		45
Sinopec Zhenhai Refining and Chemical Company Limited	8,000		8
Sinotrans Limited–H Shares	131,000		47
Weiqiao Textile Company Limited	16,000		23
Yanzhou Coal Mining Company Limited–H Shares	60,000		65
Zhejiang Expressway Company Limited–H Shares	91,000		65
Denmark (0.4%)
Danske Bank Aktieselskab	13,439		319
Group 4 Falck A/S	400		10
ISS A/S	300		15
Novo Nordisk A/S–Class B	7,600		391
Novozymes A/S–B Shares	386		17
Tele Danmark A/S	900		29
Vestas Wind Systems A/S (a)	700		10
Finland (1.2%)
Fortum Oyj	5,628		72
Kesko Oyj–B Shares	2,781		55
KONE Oyj–B Shares	1,113		67
Metso Corporation	5,191		66
Nokia Corporation	120,310		1,737

	Shares	Value
Finland (continued)
Outokumpu Oyj	2,864	$	46
Sampo PLC–A Shares	5,200		51
Stora Enso Oyj–R Shares	10,924		148
TietoEnator Corporation	2,227		68
UPM-Kymmene Oyj	8,286		158
Uponor Oyj	367		12
Wartsila Oyj–B Shares	834		19
France (8.7%)
Accor SA	5,977		252
Air Liquide	3,392		561
Alcatel–Class A (a)(b)	31,122		480
Alstom (a)	1,315		1
Atos Origin SA (a)	318		20
Autoroutes du Sud de la France	400		16
Aventis SA (b)	19,488		1,473
AXA	51,004		1,124
BNP Paribas SA (b)	21,649		1,332
Bouygues SA	13,825		463
Business Objects SA (a)	968		22
Cap Gemini SA (a)	3,481		140
Carrefour SA	12,312		598
CNP Assurances SA	1,743		101
Compagnie de Saint-Gobain (b)	19,146		955
Compagnie Generale des Etablissements Michelin–Class B	3,364		186
Credit Agricole SA	8,978		219
Dassault Systemes SA (b)	903		42
Essilor International SA	1,232		80
Etablissements Economiques du Casino Guichard-Perrachon SA	1,334		120
France Telecom (a)	38,856		1,013
Groupe Danone	4,588		400
Imerys SA	1,340		78
Lafarge SA	4,689		418
Lagardere SCA	4,030		252
L’Oreal SA	1,023		82
LVMH Moet Hennessy Louis Vuitton SA	12,155		880
Pernod Ricard	175		22
Pinault-Printemps-Redoute SA	228		23
PSA Peugeot Citroen SA	4,751		265
Publicis Groupe SA	2,677		79
Renault SA	4,329		330
Sagem SA	451		50
Sanofi-Synthelabo (b)	10,166		645
Schneider Electric SA	8,534		583
Societe BIC	1,450		65
Societe Generale–Class A	8,496		722
Sodexho Alliance	3,590		95
Suez SA	18,708		390
Technip SA	117		16
Television Francaise 1	3,253		103
Thales SA	5,260		193

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Van Kampen Active International Allocation    2

Van Kampen Active International Allocation

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Shares	Value
France (continued)
THOMSON multimedia SA	7,088	$	140
Total Fina Elf SA	13,686		2,611
Unibail	483		50
Valeo SA	1,708		71
Vinci SA	2,013		203
Vivendi Environnement	4,245		120
Vivendi Universal SA (a)	25,626		711
Wanadoo–Allotment Right (a)	7,901		(e	)
Zodiac SA	305		10
Germany (6.5%)
adidas-Salomon AG	882		105
Allianz AG–Registered Shares	10,061		1,090
Altana AG	2,191		132
BASF AG (b)	10,120		543
Bayer AG	12,461		359
Bayerische Hypo–und Vereinsbank AG (a)	20,434		364
Beiersdorf AG	2,238		262
Celesio AG	695		41
Commerzbank AG (a)	24,616		434
Continental AG	3,707		179
DaimlerChrysler AG–Registered Shares	20,507		961
Deutsche Bank AG (b)	18,817		1,482
Deutsche Borse AG (b)	5,435		278
Deutsche Lufthansa AG–Registered Shares (a)	3,987		54
Deutsche Post AG–Registered Shares	14,533		314
Deutsche Telekom AG (a)	76,354		1,342
Douglas Holding AG	1,005		29
E.ON AG	18,359		1,323
EPCOS AG (a)	918		19
Fresenius Medical Care AG (b)	1,266		94
HeidelbergCement AG	827		41
Infineon Technologies AG (a)	10,438		141
KarstadtQuelle AG	784		17
Linde AG	2,534		140
MAN AG	2,792		102
Merck KGaA	1,415		86
METRO AG	3,455		164
Muenchener Rueckversicherungs-Gesellschaft AG (MunichRe)–Registered Shares	2,339		254
Preussag AG	2,982		57
PUMA AG Rudolf Dassler Sport	257		65
RWE AG	9,380		442
SAP AG	3,556		593
Schering AG	4,061		240
Siemens AG–Registered Shares	27,626		1,989
ThyssenKrupp AG	8,468		145
Volkswagen AG	5,515		233
Greece (0.2%)
Alpha Bank SA	4,440		113
EFG Eurobank Ergasias SA	3,089		67
National Bank of Greece SA	6,722		146
Titan Cement Company SA	700		16

	Shares	Value
Hong Kong (1.2%)
Bank of East Asia, Limited	35,384	$	101
Boc Hong Kong (Holdings) Limited	65,500		112
Cathay Pacific Airways Limited	25,000		47
Cheung Kong (Holdings) Limited	37,000		273
CLP Holdings Limited	43,000		235
Hang Lung Properties Limited	30,000		39
Hang Seng Bank Limited	17,300		222
Henderson Land Development Company Limited	17,000		73
Hong Kong and China Gas Company Limited (The)	95,000		157
Hong Kong Exchanges & Clearing Limited	25,000		51
Hongkong Electric Holdings Limited	34,000		141
Hopewell Holdings Limited	8,000		16
Hutchison Whampoa Limited	53,900		368
Hysan Development Company Limited	6,133		9
Johnson Electric Holdings Limited	36,000		37
MTR Corporation	34,386		52
New World Development Company Limited	33,665		25
PCCW Limited (a)	77,200		52
Shangri-La Asia Limited	22,600		22
Sino Land Company Limited	24,530		14
Sun Hung Kai Properties Limited	33,000		271
Swire Pacific Limited–Class A	23,000		149
Techtronic Industries Company Limited	24,000		38
Television Broadcasts Limited	4,000		17
Wharf (Holdings) Limited (The)	30,000		86
India (0.0%)
Larsen & Toubro Ltd.–GDR (GBP)	5,210		75
UltraTech Cemco Limited–Registered Shares–GDR (a)	2,084		32
Ireland (0.5%)
Allied Irish Banks, PLC	21,569		333
Bank of Ireland	25,198		337
CRH PLC (IRE)	3,725		79
DCC PLC	650		12
Elan Corporation PLC (a)	11,500		283
Independent News & Media PLC	4,300		10
Irish Life & Permanent PLC	6,149		94
Italy (1.7%)
Alleanza Assicurazioni SpA	4,855		55
Assicurazioni Generali SpA	10,801		292
Autogrill SpA (a)	1,380		20
Banca Fideuram SpA	2,009		11
Banca Intesa SpA	56,951		223
Banca Intesa SpA–RNC	3,509		11
Banca Monte dei Paschi di Siena SpA	3,766		12
Banca Nazionale del Lavoro SpA (a)	5,325		12
Banca Popolare di Milano Scarl	1,170		7
Banco Popolare di Verona e Novara S.c.r.l.	5,709		98
Benetton Group SpA	1,244		14
Enel SpA (b)	16,907		135
ENI–Ente Nazionale Idrocarburi (b)	26,131		520
Fiat SpA (a)	4,419		37

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Van Kampen Active International Allocation    3

Van Kampen Active International Allocation

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Shares	Value
Italy (continued)
Finmeccanica SpA	31,689	$	25
Italcementi SpA	815		11
Mediaset S.p.A.	9,397		107
Mediobanca–Banca di Credito Finanziario SpA	3,148		38
Mediolanum SpA	1,510		10
Pirelli & C. Accomandita per Azioni	21,934		23
Riunione Adriatica di Sicurta SpA	1,994		36
Sanpaolo IMI SpA	21,793		263
SEAT Pagine Gialle SpA (a)	28,748		12
Sorin SpA (a)	1		(e	)
Telecom Italia Mobile SpA	87,774		498
Telecom Italia–RNC	126,033		278
Telecom Italia SpA	206,977		644
Tiscali SpA (a)	1,598		7
UniCredito Italiano SpA	70,650		349
Japan (26.1%)
ACOM Co., Ltd.	1,200		78
Advantest Corporation	2,100		141
AEON Co., Ltd.	6,500		261
AIFUL Corporation	700		73
Ajinomoto Co., Inc.	25,000		301
Alps Electric Co., Ltd.	5,000		71
Amada Co., Ltd.	7,000		46
Asahi Breweries, Ltd.	12,500		138
Asahi Glass Company, Limited	42,000		437
Asahi Kasie Corporation	48,000		249
Asatsu-DK Inc.	1,000		26
BELLSYSTEM24, Inc.	80		17
Benesse Corporation	2,300		75
Bridgestone Corporation	27,000		508
Canon Inc.	25,200		1,329
CASIO Computer Co., Ltd.	15,000		227
Central Japan Railway Company	54		460
Chubu Electric Power Company, Incorporated	5,700		120
Chugai Pharmaceutical Co., Ltd.	8,800		138
Citizen Watch Co., Ltd.	8,000		91
Credit Saison Co., Ltd.	2,300		69
CSK Corporation	1,900		92
Dai Nippon Printing Co., Ltd.	17,000		272
Daicel Chemical Industries, Ltd.	5,000		26
Daiichi Pharmaceutical Co., Ltd.	6,600		118
Daikin Industries, Ltd.	5,000		134
Daimaru, Inc. (The)	12,000		109
Dainippon Ink and Chemicals, Incorporated	30,000		77
Daito Trust Construction Co., Ltd.	4,000		154
Daiwa House Industry Co., Ltd.	23,000		267
Daiwa Securities Group Inc.	85,000		611
Denki Kagaku Kogyo Kabushiki Kaisha	15,000		53
Denso Corporation	22,700		529
Dowa Mining Co., Ltd.	8,000		47
East Japan Railway Company	120		673
Ebara Corporation	11,000		54

	Shares	Value
Japan (continued)
Eisai Company, Ltd.	7,700	$	222
FamilyMart Co., Ltd.	1,900		62
FANUC LTD	6,400		382
Fast Retailing Co., Ltd.	2,400		194
Fuji Photo Film Co., Ltd.	17,000		533
Fuji Television Network, Inc.	6		14
Fujikura Ltd.	6,000		34
Fujisawa Pharmaceutical Company Limited	4,500		107
Fujitsu Limited	50,000		353
Furukawa Electric Co., Ltd. (The) (a)	20,000		85
Hankyu Department Stores, Inc.	1,000		9
Hirose Electric Co., Ltd.	900		99
Hitachi, Ltd.	96,000		661
Honda Motor Co., Ltd.	29,400		1,418
Hoya Corporation	3,300		346
Isetan Co., Ltd.	8,400		121
Ishikawajima-Harima Heavy Industries Co., Ltd. (a)	29,000		48
ITOCHU Corporation (a)	40,000		180
Ito-Yokado Co., Ltd.	10,000		428
Japan Airlines Company, Ltd. (a)	33,000		106
Japan Real Estate Investment Corporation REIT	10		70
Japan Tobacco Inc.	20		156
JFE Holdings, Inc.	17,400		427
JGC Corporation	3,000		29
JSR Corporation	5,500		103
Kajima Corporation	40,000		149
Kaken Pharmaceutical Co., Ltd.	1,000		6
Kaneka Corporation	8,000		76
Kansai Electric Power Company, Incorporated (The)	17,200		314
Kao Corporation	23,000		555
Kawasaki Heavy Industries, Ltd.	25,000		40
Kawasaki Kisen Kaisha, Ltd.	1,000		5
Keihin Electric Express Railway Co., Ltd. (b)	12,000		75
Keio Electric Railway Co., Ltd.	6,000		34
Keyence Corporation	900		205
Kikkoman Corporation	3,000		26
Kinki Nippon Railway Co., Ltd. (b)	53,000		202
Kirin Brewery Company, Limited	33,000		326
Kobe Steel, Ltd.	10,000		15
Kokuyo Co., Ltd.	3,400		43
Komatsu Ltd.	37,000		224
Konami Company Ltd.	3,200		81
Konica Corporation	12,000		166
Kubota Corporation	53,000		282
Kuraray Co., Ltd.	14,000		115
Kurita Water Industries Ltd.	1,000		14
Kyocera Corporation	5,000		425
Kyowa Hakko Kogyo Co., Ltd.	12,000		87
Kyushu Electric Power Company, Incorporated	3,300		62
Lawson, Inc.	1,800		74
Mabuchi Motor Co., Ltd.	900		67
Marubeni Corporation	42,000		103
Marui Co., Ltd.	15,300		206

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Van Kampen Active International Allocation    4

Van Kampen Active International Allocation

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Shares	Value
Japan (continued)
Matsushita Electric Industrial Co., Ltd.	66,000	$	937
Matsushita Electric Works, Ltd.	5,000		45
Meiji Seika Kaisha, Ltd.	6,000		27
Meitec Corporation	900		36
Millea Holdings, Inc.	43		639
Minebea Co., Ltd.	7,000		33
Mitsubishi Chemical Corporation	65,000		173
Mitsubishi Corporation	39,000		379
Mitsubishi Electric Corporation	66,000		324
Mitsubishi Estate Company, Limited	57,000		708
Mitsubishi Heavy Industries, Ltd.	117,000		318
Mitsubishi Logistics Corporation	3,000		28
Mitsubishi Materials Corporation	4,000		9
Mitsubishi Rayon Company, Limited	20,000		78
Mitsubishi Tokyo Financial Group, Inc.	194		1,797
Mitsui & Co., Ltd.	42,000		315
Mitsui Chemicals, Inc.	21,000		105
Mitsui Fudosan Co., Ltd.	40,000		480
Mitsui Mining & Smelting Co., Ltd.	23,000		107
Mitsui O.S.K. Lines, Ltd.	3,000		16
Mitsui Sumitomo Insurance Co., Ltd.	81,000		761
Mitsui Trust Holdings, Inc.	54,000		396
Mitsukoshi, Ltd.	23,000		128
Mizuho Financial Group, Inc.	219		994
Murata Manufacturing Company, Ltd.	6,800		388
NEC Corporation	47,000		331
Net One Systems Co., Ltd.	18		70
NGK Insulators, Ltd.	15,000		121
NGK Spark Plug Co., Ltd.	10,000		96
Nidec Corporation	1,300		133
Nikko Cordial Corporation	32,000		155
Nikon Corporation (b)	8,000		90
Nintendo Co., Ltd.	3,900		452
Nippon Building Fund Inc. REIT	10		72
Nippon Express Co., Ltd.	32,000		188
Nippon Meat Packers, Inc.	6,000		74
Nippon Mining Holdings, Inc.	11,000		54
Nippon Oil Corporation	59,000		372
Nippon Sheet Glass Company, Limited	10,000		40
Nippon Steel Corporation	246,000		517
Nippon Telegraph and Telephone Corporation	196		1,048
Nippon Unipac Holding	32		168
Nippon Yusen Kabushiki Kaisha	42,000		194
Nissan Chemical Industries, Ltd.	5,000		40
Nissan Motor Co., Ltd.	84,900		944
Nisshin Seifun Group Inc.	3,000		30
Nisshin Steel Co., Ltd.	3,000		6
Nissin Food Products Co., Ltd.	2,400		62
Nitto Denko Corporation	5,800		297
Nomura Research Institute, Ltd.	800		85
Nomura Securities Co., Ltd. (The)	64,000		948
NSK Ltd.	24,000		119
NTN Corporation	12,000		61

	Shares	Value
Japan (continued)
NTT DATA Corporation	44	$	142
NTT DoCoMo, Inc.	265		474
Obayashi Corporation	17,000		92
Oji Paper Co., Ltd.	44,000		282
Oki Electric Industry Company, Limited (a)	21,000		85
Olympus Optical Co., Ltd.	3,000		57
Omron Corporation	7,700		180
Onward Kashiyama Co., Ltd.	6,000		96
Oracle Corporation Japan	1,200		67
Oriental Land Co., Ltd.	2,500		164
ORIX Corporation	1,300		149
Osaka Gas Co., Ltd.	45,000		125
Pioneer Corporation	5,900		153
Promise Company Limited	1,500		100
Ricoh Company, Ltd.	20,000		425
Rohm Company, Ltd.	3,200		383
Sankyo Company, Ltd.	14,800		321
SANYO Electric Co., Ltd.	53,000		218
Secom Co., Ltd.	5,500		233
Seiko Epson Corporation	2,900		106
Sekisui Chemical Co., Ltd.	10,000		84
Sekisui House, Ltd.	24,000		266
Seven-Eleven Japan Co., Ltd.	12,240		400
Sharp Corporation	28,000		447
Shimachu Co., Ltd.	1,900		52
Shimamura Co., Ltd.	1,300		113
Shimano, Inc.	3,500		83
Shimizu Corporation	31,000		140
Shin-Etsu Chemical Co., Ltd.	12,800		458
Shionogi & Co., Ltd.	10,000		172
Shiseido Company, Limited	12,000		151
Showa Denko K.K.	7,000		18
Showa Shell Sekiyu K.K.	5,700		51
Skylark Co., Ltd.	4,500		90
SMC Corporation	2,300		249
SOFTBANK Corp.	7,100		312
Sony Corporation	25,200		950
Stanley Electric Co., Ltd.	1,000		17
Sumitomo Bakelite Company Limited	5,000		35
Sumitomo Chemical Company, Limited	55,000		257
Sumitomo Corporation	25,000		182
Sumitomo Electric Industries, Ltd.	18,000		184
Sumitomo Metal Industries, Ltd.	24,000		28
Sumitomo Metal Mining Co., Ltd.	19,000		124
Sumitomo Mitsui Financial Group, Inc. (b)	123		844
Sumitomo Realty & Development Co., Ltd.	20,000		248
Sumitomo Trust and Banking Company, Limited (The) (b)	55,000		392
Taiheiyo Cement Corporation	7,000		17
Taisei Corporation	3,000		11
Taisho Pharmaceutical Co., Ltd.	9,000		200
Taiyo Yuden Co., Ltd.	3,000		42
Takara Holdings Inc.	3,000		24

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Van Kampen Active International Allocation    5

Van Kampen Active International Allocation

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Shares	Value
Japan (continued)
Takashimaya Company, Limited	13,000	$	150
Takeda Pharmaceutical Company Limited	27,200		1,195
Takefuji Corporation	1,100		80
Takuma Co., Ltd.	1,000		7
TDK Corporation	3,500		266
Teijin Limited	32,000		120
Teikoku Oil Co., Ltd.	5,000		27
Terumo Corporation	7,100		178
THK Co., Ltd.	500		9
TIS Inc.	1,100		47
Tobu Railway Co., Ltd.	33,000		145
Toho Co., Ltd.	2,600		38
Tohoku Electric Power Company, Incorporated	9,400		158
Tokyo Broadcasting System, Inc.	2,300		40
Tokyo Electron Limited	4,500		253
Tokyo Gas Co., Ltd.	51,000		181
Tokyu Corporation	33,000		169
TonenGeneral Sekiyu K.K.	3,000		26
Toppan Printing Co., Ltd.	15,000		170
Toray Industries, Inc.	47,000		222
Toshiba Corporation	91,000		366
Tosoh Corporation	19,000		69
Tostem Inax Holding Corporation	6,000		130
TOTO LTD.	16,000		168
Toyko Electric Power Company, Incorporated (The)	25,600		581
Toyo Seikan Kaisha, Ltd.	6,000		103
Toyoda Gosei Co., Ltd.	300		7
Toyota Industries Corporation	2,600		62
Toyota Motor Corporation	92,000		3,729
Trend Micro Incorporated	3,000		133
UFJ Holdings, Inc. (a)	174		769
Uni-Charm Corporation	1,200		60
UNY Co., Ltd.	4,000		51
USS Co., Ltd.	2,000		172
Wacoal Corp.	1,000		11
West Japan Railway Company	10		40
World Co., Ltd.	800		24
Yahoo Japan Corporation (a)	28		272
Yakult Honsha Co., Ltd.	3,000		43
Yamada Denki Co., Ltd.	4,300		160
Yamaha Corporation	3,400		56
Yamaha Motor Co., Ltd.	1,000		16
Yamanouchi Pharmaceutical Co., Ltd.	11,200		377
Yamato Transport Co., Ltd.	9,000		147
Yamazaki Baking Co., Ltd.	3,000		29
Sompo Japan Insurance, Inc.	28,000		286
Yokogawa Electric Corporation	6,000		80
Luxembourg (0.0%)
Arcelor	5,918		99
Netherlands (4.6%)
ABN AMRO Holding NV	47,158		1,032

	Shares	Value
Netherlands (continued)
Akzo Nobel NV	6,339	$	233
ASM Lithography Holding NV (a)(b)	13,698		232
DSM NV	1,126		55
Elsevier NV	16,671		234
Euronext NV	2,408		67
European Aeronautic Defence and Space Company EADS NV (b)	8,065		225
Hagemeyer NV (a)	2,015		4
Heineken NV	15,516		510
ING Groep NV (b)	55,872		1,319
James Hardie Industries NV	6,580		27
Koninklijke KPN NV	52,323		399
Koninklijke Philips Electronics NV	38,712		1,043
Oce N.V.	2,157		35
Royal Dutch Petroleum Company	47,382		2,433
STMicroelectronics NV	17,321		380
TPG NV	17,017		389
Unilever NV–CVA	13,439		918
Vedior NV–CVA	5,769		84
VNU NV	4,388		128
Wolters Kluwer NV	9,516		173
New Zealand (0.0%)
Carter Holt Harvey Limited	14,900		20
Telecom Corporation of New Zealand Limited	4,880		18
Norway (0.2%)
Dnb Holding ASA	6,204		42
Norsk Hydro ASA	2,838		184
Norske Skogindustrier ASA	1,800		32
Orkla ASA	2,230		56
Statoil ASA	1,100		14
Tandberg ASA	400		4
Telenor ASA	4,000		28
Tomra Systems ASA	2,131		10
Yara International ASA (a)	2,838		23
Portugal (0.1%)
Banco Comercial Portugues SA	46,026		108
EDP–Electricidade de Portugal, SA	548		2
Portugal Telecom, SGPS, SA–Registered Shares	19,113		206
PT Multimedia	238		5
Singapore (0.7%)
CapitaLand Limited	30,000		24
Chartered Semiconductor Manufacturing Ltd. (a)	31,000		25
City Developments Limited	14,484		45
ComfortDelGro Corporation Limited	70,598		50
Creative Technology Limited	1,201		13
DBS Group Holdings Ltd.	27,788		232
Fraser and Neave Limited	4,000		33
Keppel Corporation Limited	15,000		61
Neptune Orient Lines Limited	23,000		32
Oversea-Chinese Banking Corporation Limited	24,784		174
Overseas Union Enterprises Ltd.	1,494		6
SembCorp Industries Limited	25,508		20

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Van Kampen Active International Allocation    6

Van Kampen Active International Allocation

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Shares	Value
Singapore (continued)
Singapore Airlines Limited	15,000	$	98
Singapore Exchange Limited	25,713		25
Singapore Press Holdings Limited	43,622		105
Singapore Technologies Engineering Limited	40,184		49
Singapore Telecommunications Limited	160,064		209
United Overseas Bank Limited	29,219		227
United Overseas Land Limited	10,630		14
Venture Manufacturing (Singapore) Ltd.	5,879		61
Spain (4.5%)
Acciona SA	1,976		123
Acerinox, SA	1,580		90
Acesa Infraestructuras, SA	18,774		327
ACS, Actividades de Construccion y Servicios SA	20,895		352
Altadis, SA	18,300		566
Amadeus Global Travel Distribution SA (b)	14,512		95
Antena 3 Television, SA (a)	451		24
Banco Bilbao Vizcaya Argentaria, SA	83,973		1,122
Banco Popular Espanol SA	4,663		263
Banco Santander Central Hispano SA	117,614		1,221
Endesa SA	26,435		510
Fomento de Construcciones y Contratas, SA	4,908		182
Gas Natural SDG, SA	39,059		936
Grupo Ferrovial, SA	4,574		191
Iberdrola SA	22,869		483
Indra Sistemas, S.A.	1,647		21
Repsol-YPF, SA	24,947		547
Sociedad General de Aguas de Barcelona, SA	5,874		100
Telefonica SA	154,740		2,289
Union Electrica Fenosa, SA	5,901		126
Vallehermoso, SA	9,849		135
Sweden (2.2%)
Alfa Laval AB	500		8
Assa Abloy AB–Class B Free	6,127		78
Atlas Copco AB–A Shares	5,373		200
Atlas Copco AB–B Shares	2,849		97
Electrolux AB–Series B	11,140		214
Eniro AB	2,700		21
H & M Hennes & Mauritz AB	11,330		293
Holmen AB–B Shares	2,050		59
Modern Times Group MTG AB (a)	700		14
Nordea AB	66,437		479
Sandvik AB	10,591		362
Securitas AB–Class B	14,706		184
Skandia Insurance Company, Ltd.	32,222		134
Skandinaviska Enskilda Banken AB	11,371		165
Skanska AB–Class B	18,844		166
SKF AB–Class B	3,408		125
SSAB Svenstkt Stal AB	2,500		42
Svenska Cellulosa AB–B Shares	4,400		167
Svenska Handelsbanken AB–A Shares	18,560		372
Swedish Match AB	7,400		76
Tele2 AB–B Shares	1,500		66

	Shares	Value
Sweden (continued )
Telefonaktiebolaget LM Ericsson–Class B (a)	355,673	$	1,049
Telia AB	58,135		246
Volvo AB–A Shares	1,709		57
Volvo AB–B Shares	4,442		155
WM-Data AB–B Shares	4,925		11
Switzerland (6.2%)
ABB Ltd. (a)	19,181		105
Adecco SA–Registered Shares (a)	2,837		141
Ciba Specialty Chemicals Holding Inc.–Registered Shares (a)	1,448		104
Clariant AG	2,781		41
Credit Suisse Group (a)	32,718		1,162
Geberit AG	35		23
Givaudan SA–Registered Shares	195		113
Holcim Ltd.	3,116		169
Kudelski SA–Bearer (a)	273		8
Logitech International SA (a)	1,012		46
Lonza Group Ltd.–Registered Shares	862		44
Nestle SA–Registered Shares	8,039		2,144
Novartis AG	66,926		2,952
Roche Holding AG–Genusschein	20,061		1,986
Schindler Holding AG–Participation Certificates	80		23
Serono SA–Class B	240		151
SGS Societe Generale de Surveillance Holding SA	249		136
Sulzer AG–Registered Shares	10		3
Swatch Group AG (The)	901		24
Swatch Group AG (The)–Class B (b)	871		113
Swiss Reinsurance Company–Registered Shares	4,648		302
Swisscom AG–Registered Shares	755		250
Syngenta AG (a)	2,270		190
UBS AG–Registered Shares	36,529		2,574
Valora Holding AG	78		18
Zurich Financial Services AG (a)	3,262		515
Thailand (0.9% )
Advanced Info Service Public Company Limited	101,900		227
Bangkok Bank Public Company Limited–Registered Shares (a)	77,500		187
Bangkok Bank Public Company Limited (a)	40,300		93
BEC World Public Company Limited–Foreign Registered Shares	102,200		45
Charoen Pokphand Foods Public Company Limited	255,465		26
Delta Electronics (Thailand) Public Company Limited	36,200		21
Electricity Generating Public Company Limited	19,611		32
Hana Microelectronics Public Company Limited–Foreign Registered Shares	21,815		13
Kasikornbank Public Company Limited–Foreign Registered Shares (a)	97,258		124
Kasikornbank Public Company Limited (a)	64,900		80
Land and Houses Public Co., Ltd.	199,740		44
Land and Houses Public Co., Ltd.–Registered Shares	149,281		36
National Finance Public Company Limited	73,300		26

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Van Kampen Active International Allocation    7

Van Kampen Active International Allocation

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Shares	Value
Thailand (continued)
PTT Exploration and Production Public Company Limited	10,617	$	70
PTT Public Company Limited	85,000		320
Sahaviriya Steel Industries Public Company Limited (a)	48,300		28
Shin Corporation Public Company Limited	132,200		118
Siam Cement Public Company Limited	19,480		111
Siam Cement Public Company Limited–Registered Shares	35,100		210
Siam City Cement Public Company Limited	11,400		59
Siam Commercial Bank Public Company Limited–Registered Shares	57,500		65
TISCO Finance Public Company Limited	44,000		29
United Kingdom (20.0%)
3i Group PLC	6,325		70
Aegis Group PLC	15,599		25
Alliance UniChem PLC	2,616		31
AMEC PLC	4,622		23
AMVESCAP PLC	7,121		49
ARM Holdings PLC	17,105		37
AstraZeneca PLC	42,003		1,885
BAA PLC	9,041		91
BAE Systems PLC	138,384		550
Balfour Beatty PLC	2,952		14
Barclays PLC	111,849		953
Barratt Developments PLC	3,218		34
BG Group PLC	97,919		604
BHP Billiton PLC	57,328		498
BOC Group PLC (The)	11,945		200
Boots Group PLC (The)	18,839		235
BP PLC	548,892		4,849
BPB PLC	11,336		84
Brambles Industries PLC	26,366		102
British Airways PLC (a)	14,318		72
British American Tobacco, PLC	36,613		568
British Land Company PLC (The)	3,892		49
British Sky Broadcasting Group PLC	31,441		355
BT Group PLC	196,804		709
Bunzl PLC	10,600		88
Cable & Wireless PLC (a)	45,007		106
Cadbury Schweppes PLC	47,336		409
Capita Group PLC (The)	25,097		145
Carlton Communications, PLC	100,628		211
Carnival PLC	4,332		210
Centrica PLC	68,356		278
Aviva PLC	55,296		571
Cobham PLC	2,248		57
Compass Group PLC	54,318		332
Daily Mail and General Trust PLC	7,745		102
Davis Service Group PLC (The)	1,238		9
De La Rue PLC	10,089		63
Diageo PLC	78,544		1,059
Dixons Group PLC	50,894		153
Electrocomponents PLC	17,550		114

	Shares	Value
United Kingdom (continued)
EMAP PLC	4,093	$	55
EMI Group PLC	19,610		87
Enterprise Inns PLC	6,084		63
Exel PLC	9,819		137
FKI PLC	3,497		8
Friends Provident PLC	40,362		107
George Wimpey PLC	8,155		55
GKN PLC	24,127		110
GlaxoSmithKline PLC	142,949		2,894
GUS PLC	29,301		449
Hammerson PLC	2,785		35
Hanson PLC	18,223		125
Hays PLC	68,015		151
HBOS PLC	66,116		819
Hilton Group PLC	42,895		215
HSBC Holdings PLC	268,364		3,992
IMI PLC	5,346		36
Imperial Chemical Industries PLC	29,960		125
Imperial Tobacco Group PLC	15,673		338
InterContinental Hotels Group PLC	19,181		203
Invensys PLC (a)	23,914		8
Invensys PLC – deferred shares (a)	23,914		(e	)
J Sainsbury PLC	41,749		216
Johnson Matthey PLC	6,375		107
Kelda Group PLC	8,558		78
Kesa Electricals PLC	10,293		54
Kidde PLC	8,914		19
Kingfisher PLC	37,918		197
Land Securities Group PLC	3,872		81
Legal & General Group PLC	149,328		257
Lloyds TSB Group PLC	96,436		755
Logica PLC	13,477		45
Man Group PLC	2,318		60
Marks and Spencer Group PLC	62,075		408
MFI Furniture Group PLC	5,381		15
Misys PLC	7,877		28
Mitchells & Butlers PLC	12,746		64
National Grid Group PLC (The)	80,931		625
Next PLC	2,289		59
Pearson PLC	19,945		242
Peninsular and Oriental Steam Navagation Company (The)	20,599		82
Persimmon PLC	7,296		84
Pilkington PLC	10,228		18
Prudential PLC	45,702		393
Rank Group PLC (The)	17,809		97
Reckitt Benckiser PLC	20,207		572
Reed Elsevier PLC	30,810		300
Rentokil Initial PLC	73,291		192
Reuters Group PLC	37,796		254
Rexam PLC	12,616		103
Rio Tinto PLC–Registered Shares	25,241		607
RMC Group PLC	6,667		73

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Van Kampen Active International Allocation    8

Van Kampen Active International Allocation

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Shares		Value
United Kingdom (continued)
Rolls-Royce Group PLC		68,293	$	312
Royal & Sun Alliance Insurance Group PLC		68,483		102
Royal Bank of Scotland Group PLC (The)		49,016		1,412
Sage Group PLC (The)		41,854		142
Scottish & Newcastle PLC		6,962		55
Scottish and Southern Energy PLC		19,049		236
Scottish Power PLC		42,247		306
Securicor PLC		2,907		7
Serco Group PLC		13,726		53
Severn Trent PLC		9,748		141
Shell Transport & Trading Company PLC		243,298		1,785
Signet Group PLC		17,738		37
Slough Estates PLC		3,850		31
Smith & Nephew PLC		14,751		159
Smiths Group PLC		12,213		165
South African Breweries PLC		6,306		82
Tate & Lyle PLC		10,966		66
Tesco PLC		202,497		978
Tomkins PLC		16,234		81
Unilever PLC		67,450		662
United Business Media PLC		9,233		85
United Utilities PLC		3,449		32
Vodafone Group PLC		1,515,497		3,320
Whitbread PLC		9,424		141
William Hill PLC		12,908		130
Wolseley PLC		18,124		281
WPP Group PLC		31,288		318
Yell Group PLC		14,262		89
Total Common Stocks (cost: $176,760 )				195,056
	Principal		Value
SECURITY LENDING COLLATERAL (4.9%)
Debt (3.9%)
Agency Discount Notes (0.4%)
Fannie Mae
0.96%, due 07/01/2004	$	250	$	250
Federal Home Loan Bank
0.96%, due 07/01/2004		312		312
0.99%, due 07/01/2004		125		125
0.97%, due 07/02/2004		156		156
Bank Notes (0.1%)
Credit Suisse First Boston (USA), Inc.
1.13%, due 09/08/2004		63		63
Deutsche Bank AG
1.16%, due 10/12/2004		156		156
Commercial Paper (1.2%)
Compass Securitization–144A
1.25%, due 07/23/2004		218		218
Falcon Asset Securitization Corp–144A
1.27%, due 07/20/2004		156		156

	Principal		Value
Commercial Paper (continued)
General Electric Capital Corporation
1.20%, due 07/19/2004	$	156	$	156
1.21%, due 07/22/2004		125		125
1.22%, due 07/23/2004		125		125
1.23%, due 07/26/2004		156		156
1.22%, due 08/04/2004		312		312
Govco Incorporated–144A
1.25%, due 08/02/2004		63		63
Greyhawk Funding LLC–144A
1.12%, due 07/13/2004		125		125
1.22%, due 07/20/2004		62		62
Jupiter Securitization Corp–144A
1.07%, due 07/02/2004		62		62
Morgan Stanley
1.58%, due 10/22/2004		144		144
1.58%, due 12/10/2004		406		406
1.58%, due 03/16/2005		394		394
Sheffield Receivables–144A
1.24%, due 07/20/2004		94		94
Euro Dollar Overnight (0.1%)
Bank of Nova Scotia (The)
1.04%, due 07/06/2004		156		156
Den Danske Bank
1.08%, due 07/02/2004		156		156
Euro Dollar Terms (1.0%)
Bank of America Corporation
1.08%, due 07/19/2004		63		63
Bank of Montreal
1.20%, due 07/23/2004		32		32
Bank of Nova Scotia (The)
1.20%, due 07/14/2004		156		156
1.24%, due 07/23/2004		31		31
Bank of the West Inc.
1.28%, due 07/28/2004		63		63
Branch Banking & Trust
1.08%, due 07/14/2004		31		31
Calyon
1.16%, due 07/15/2004		594		594
1.17%, due 08/04/2004		94		94
1.34%, due 08/24/2004		219		219
Fortis Bank
1.19%, due 07/14/2004		31		31
1.29%, due 09/03/2004		63		63
HBOS PLC
1.30%, due 09/03/2004		62		62
Royal Bank of Canada
1.05%, due 07/08/2004		94		94
Royal Bank of Scotland Group PLC (The)
1.06%, due 07/30/2004		281		281
Wells Fargo & Company
1.19%, due 07/14/2004		125		125
1.25%, due 07/23/2004		62		62
1.24%, due 07/26/2004		62		62

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Van Kampen Active International Allocation    9

Van Kampen Active International Allocation

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Principal		Value
Master Notes (0.1%)
Bear Stearns Companies Inc. (The) 1.64%, due 09/08/2004	$	187	$	187
1.64%, due 12/15/2004		125		125
Repurchase Agreements (1.1%) (c)
Credit Suisse First Boston (USA), Inc. 1.54%, Repurchase Agreement dated 06/30/2004 to be repurchased at $731 on 07/01/2004		731		731
Goldman Sachs Group Inc. (The) 1.54%, Repurchase Agreement dated 06/30/2004 to be repurchased at $312 on 07/01/2004		312		312
Merrill Lynch & Co., Inc. 1.54%, Repurchase Agreement dated 06/30/2004 to be repurchased at $947 on 07/01/2004		947		947
Morgan Stanley 1.58%, Repurchase Agreement dated 06/30/2004 to be repurchased at $281 on 07/01/2004		281		281
	Shares		Value
Investment Companies (0.9%)
Money Market Funds (0.9%)
Merrill Lynch Premier Institutional Fund 1 day yield of 1.17%		258,903	$	259
Merrimac Cash Fund – Premium Class 1 day yield of 1.11%		1,606,826		1,607
Total Security Lending Collateral (cost: $10,484)				10,484
Total Investment Securities (cost: $188,006)			$	206,431

	Shares	Value
SUMMARY:
Investments, at value	95.5%	$	206,431
Other assets in excess of liabilities	4.5%		9,834
Net assets	100.0%	$	216,265

FORWARD FOREIGN CURRENCY CONTRACTS:
Currency	Bought (Sold)		Settlement Date	Amount in U.S. Dollars Bought (Sold)			Net Unrealized Appreciation (Depreciation)
Euro Dollar	10,601		09/16/2004	$	12,792		$	98
British Pound	8,249		09/16/2004		14,899			(35	)
British Pound	(8,249	)	09/16/2004		(14,953	)		88
Japanese Yen	363,385		09/16/2004		3,325			19
Total Forward Foreign Currency Contracts				$	16,063		$	170

FUTURES CONTRACTS (d):
	Contracts	Settlement Date	Amount		Net Unrealized Appreciation (Depreciation)
CAC 40 10 Euro	70	9/30/2004	$	3,198	$	(15	)
Dow Jones EURO STOXX 50	135	9/17/2004		4,550		15
German Stock Index	36	9/17/2004		4,348		68
Hang Send Stock Index	26	7/30/2004		2,023		26
IBEX 35 Index	10	7/18/2004		963		(2	)
Tokyo Price Index	32	9/11/2004		3,391		94
Total Future Contracts			$	18,473	$	186

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Van Kampen Active International Allocation    10

Van Kampen Active International Allocation

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Percentage of Net Assets	Value
INVESTMENTS BY INDUSTRY:
Commercial Banks	15.1%	$	32,549
Pharmaceuticals	6.8%		14,808
Telecommunications	6.6%		14,306
Petroleum Refining	4.5%		9,692
Automotive	4.3%		9,360
Chemicals & Allied Products	3.7%		8,108
Electronic & Other Electric Equipment	3.2%		6,846
Insurance	2.9%		6,251
Electric Services	2.8%		6,161
Oil & Gas Extraction	2.5%		5,317
Food & Kindred Products	2.3%		5,052
Industrial Machinery & Equipment	2.2%		4,719
Computer & Office Equipment	1.8%		3,825
Life Insurance	1.5%		3,304
Construction	1.5%		3,186
Transportation & Public Utilities	1.3%		2,847
Electronic Components & Accessories	1.3%		2,843
Real Estate	1.2%		2,603
Food Stores	1.2%		2,515
Security & Commodity Brokers	1.2%		2,503
Communications Equipment	1.1%		2,370
Printing & Publishing	1.1%		2,338
Stone, Clay & Glass Products	1.1%		2,303
Metal Mining	1.0%		2,055
Computer & Data Processing Services	0.9%		2,039
Beverages	0.9%		2,018
Business Services	0.9%		1,867
Gas Production & Distribution	0.8%		1,822
Tobacco Products	0.8%		1,704
Primary Metal Industries	0.8%		1,701
Beer, Wine & Distilled Beverages	0.8%		1,624
Instruments & Related Products	0.7%		1,601
Retail Trade	0.7%		1,495
Holding & Other Investment Offices	0.7%		1,485
Wholesale Trade Durable Goods	0.7%		1,424
Aerospace	0.7%		1,421
Electric, Gas & Sanitary Services	0.6%		1,265
Paper & Allied Products	0.6%		1,196
Motion Pictures	0.5%		1,134
Communication	0.4%		969
Radio & Television Broadcasting	0.4%		965
Machinery, Equipment & Supplies	0.4%		938
Department Stores	0.4%		927
Rubber & Misc. Plastic Products	0.4%		842

	Percentage of Net Assets	Value
Trucking & Warehousing	0.4%	$	811
Apparel Products	0.3%		754
Restaurants	0.3%		710
Fabricated Metal Products	0.3%		667
Apparel & Accessory Stores	0.3%		659
Amusement & Recreation Services	0.3%		658
Hotels & Other Lodging Places	0.2%		483
Water Transportation	0.2%		469
Medical Instruments & Supplies	0.2%		417
Air Transportation	0.2%		408
Residential Building Construction	0.2%		406
Manufacturing Industries	0.2%		371
Textile Mill Products	0.2%		365
Railroads	0.2%		363
Lumber & Construction Materials	0.2%		360
Personal Services	0.1%		292
Automotive Dealers & Service Stations	0.1%		253
Wholesale Trade Nondurable Goods	0.1%		247
Drug Stores & Proprietary Stores	0.1%		235
Personal Credit Institutions	0.1%		231
Radio, Television & Computer Stores	0.1%		214
Engineering & Management Services	0.1%		212
Lumber & Other Building Materials	0.1%		207
Metal Cans & Shipping Containers	0.1%		206
Transportation Equipment	0.1%		202
Mining	0.1%		190
Management Services	0.1%		148
Environmental Services	0.1%		143
Research & Testing Services	0.1%		136
Paperboard Containers & Boxes	0.1%		135
Motor Vehicles, Parts & Supplies	0.1%		110
Health Services	0.0%		106
Variety Stores	0.0%		85
Lumber & Wood Products	0.0%		84
Educational Services	0.0%		75
Misc. General Merchandise Stores	0.0%		62
Petroleum & Petroleum Products	0.0%		54
Hardware Stores	0.0%		52
Leather & Leather Products	0.0%		28
Agriculture	0.0%		26
Furniture & Home Furnishings Stores	0.0%		15
Investments, at market value	90.6%		195,947
Short-term investments	4.9%		10,484
Other assets in excess of liabilities	4.5%		9,834
Net assets	100.0%	$	216,265

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Van Kampen Active International Allocation    11

Van Kampen Active International Allocation

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

NOTES TO SCHEDULE OF INVESTMENTS:

(a) No dividends were paid during the preceding twelve months.

(b) At June 30, 2004, all or a portion of this security is on loan (see Note 1). The value at June 30, 2004, of all securities on loan is $9,921.

(c) Cash collateral for the Repurchase Agreements, valued at $2,317, that serve as collateral for securities lending are invested in corporate bonds with interest rates and maturity dates ranging from 0.00%–9.88% and 08/01/2004–09/25/2099, respectively.

(d) At June 30, 2004, cash in the amount of $2,875 is segregated with the custodian to cover margin requirements for open futures contracts.

(e) Value is less than $1.

DEFINITIONS:

ADR American Depositary Receipt

REIT Real Estate Investment Trust

GDR Global Depositary Receipt

CVA Certificaaten van aandelen (share certificates)

RNC Saving Non-Convertible Shares

144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2004, these securities aggregated $780 or 0.35% of the net assets of the Fund.

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Van Kampen Active International Allocation    12

Van Kampen Active International Allocation

STATEMENT OF ASSETS AND LIABILITIES

At June 30, 2004

(all amounts except per share amounts in thousands)

(unaudited)

Assets:
Investment securities, at value (cost: $ 188,006) (including securities loaned of $9,921)	$	206,431
Cash		14,824
Foreign cash (cost: $5,441)		5,393
Receivables:
Investment securities sold		16
Interest		5
Dividends		356
Dividend reclaims receivable		89
Unrealized appreciation on forward foreign currency contracts		205
Other		12
		227,331
Liabilities:
Investment securities purchased		16
Accounts payable and accrued liabilities:
Management and advisory fees		156
Payable for collateral for securities on loan		10,484
Foreign taxes		48
Unrealized depreciation on forward foreign currency contracts		35
Variation margin		293
Other		34
		11,066
Net Assets	$	216,265
Net Assets Consist of:
Capital stock, 50,000 shares authorized ($.01 par value)	$	211
Additional paid-in capital		228,619
Undistributed net investment income		5,524
Accumulated net realized gain (loss) from:
Investment securities		(39,902	)
Futures contracts		1,911
Foreign currency transactions		1,215
Net unrealized appreciation (depreciation) on:
Investment securities (net of deferred foreign taxes of $48)		18,377
Futures contracts		186
Translation of assets and liabilities denominated in foreign currencies		124
Net Assets	$	216,265
Net Assets by Class:
Initial Class	$	215,760
Service Class		505
Shares Outstanding:
Initial Class		21,040
Service Class		49
Net Asset Value and Offering Price Per Share:
Initial Class	$	10.25
Service Class		10.26

STATEMENT OF OPERATIONS

For the period ended June 30, 2004

(all amounts in thousands)

(unaudited)

Investment Income:
Interest	$	22
Dividends		3,071
Income from loaned securities–net		60
Less withholding taxes on foreign dividends		(356	)
		2,797
Expenses:
Management and advisory fees		929
Printing and shareholder reports		1
Custody fees		137
Administration fees		15
Legal fees		1
Auditing and accounting fees		7
Directors fees		3
Total expenses		1,093
Less:
Advisory fee waiver		(70	)
Net expenses		1,023
Net Investment Income (Loss)		1,774
Net Realized Gain (Loss) from:
Investment securities		4,055
Futures contracts		1,911
Foreign currency transactions		1,215
		7,181
Net Increase (Decrease) in Unrealized Appreciation (Depreciation) on:
Investment securities		(1,829	)
Futures contracts		(786	)
Translation of assets and liabilities denominated in foreign currencies		(948	)
		(3,563	)
Net Gain (Loss) on Investment Securities, Futures and Foreign Currency Transactions		3,618
Net Increase (Decrease) in Net Assets Resulting from Operations	$	5,392

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Van Kampen Active International Allocation    13

Van Kampen Active International Allocation

STATEMENTS OF CHANGES IN NET ASSETS

For the period or year ended

(all amounts in thousands)

	June 30, 2004 (unaudited)			December 31, 2003
Increase (Decrease) In Net Assets From:
Operations:
Net investment income (loss)	$	1,774		$	1,462
Net realized gain (loss) from investment securities, futures contracts and foreign currency transactions		7,181			505
Net unrealized appreciation (depreciation) on investment securities, futures contracts and foreign currency translation		(3,563	)		37,758
		5,392			39,725
Distributions to Shareholders:
From net investment income:
Initial Class		–			(1,244	)
Service Class		–			–
		–			(1,244	)
From net realized gains:
Initial Class		–			–
Service Class		–			–
		–			–
Capital Share Transactions:
Proceeds from shares sold:
Initial Class		33,669			97,218
Service Class		484			3,297
		34,153			100,515
Dividends and distributions reinvested:
Initial Class		–			1,244
Service Class		–			–
		–			1,244
Cost of shares redeemed:
Initial Class		(11,238	)		(49,958	)
Service Class		(107	)		(3,273	)
		(11,345	)		(53,231	)
		22,808			48,528
Net increase (decrease) in net assets		28,200			87,009
Net Assets:
Beginning of period		188,065			101,056
End of period	$	216,265		$	188,065
Undistributed Net Investment Income	$	5,524		$	3,750

	June 30, 2004 (unaudited)		December 31, 2003
Share Activity:
Shares issued:
Initial Class	3,296		11,654
Service Class	48		379
	3,344		12,033
Shares issued–reinvested from distributions:
Initial Class	–		151
Service Class	–		–
	–		151
Shares redeemed:
Initial Class	(1,108	)	(6,269	)
Service Class	(11	)	(367	)
	(1,119	)	(6,636	)
Net increase (decrease) in shares outstanding:
Initial Class	2,188		5,536
Service Class	37		12
	2,225		5,548

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Van Kampen Active International Allocation    14

Van Kampen Active International Allocation

FINANCIAL HIGHLIGHTS

(unaudited for the period ended June 30, 2004)

	For the Period Ended (b)	For a share outstanding throughout each period (a)
		Net Asset Value, Beginning of Period		Investment Operations								Distributions									Net Asset Value, End of Period
				Net Investment Income (Loss)		Net Realized and Unrealized Gain (Loss)			Total Operations			From Net Investment Income			From Net Realized Gains			Total Distributions
Initial Class	06/30/2004	$	9.98	$	0.09	$	0.18		$	0.27		$	–		$	–		$	–		$	10.25
	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
	12/31/2000		20.88		0.03		(3.68	)		(3.65	)		(0.03	)		(2.02	)		(2.05	)		15.18
	12/31/1999		16.19		0.10		5.02			5.12			(0.26	)		(0.17	)		(0.43	)		20.88
Service Class	06/30/2004		10.00		0.09		0.17			0.26			–			–			–			10.26
	12/31/2003		7.50		–		2.50			2.50			–			–			–			10.00

	For the Period Ended (b)	Total Return (c)(g)		Ratios/Supplemental Data
				Net Assets, End of Period (000’s)		Ratio of Expenses to Average Net Assets (f)				Net Investment Income (Loss) to Average Net Assets (f)		Portfolio Turnover Rate (g)
						Net (d)		Total (e)
Initial Class	06/30/2004	2.71	%	$	215,760	0.99	%	1.06	%	1.72	%	14	%
	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
	12/31/2000	(18.26	)		186,664	0.98		1.07		0.15		63
	12/31/1999	32.35			228,655	0.91		1.00		0.73		30
	06/30/2004	2.60			505	1.24		1.31		1.47		14
Service Class	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) The inception dates of the Fund’s share classes are 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 period ended June 30, 2004 and the year ended December 31, 2003, Ratio of Net Expenses to Average Net Assets is net of fee waivers 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 and prior years, 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 for periods of less than one year.

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Van Kampen Active International Allocation     15

Van Kampen Active International Allocation

NOTES TO FINANCIAL STATEMENTS

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

The AEGON/Transamerica Series Fund, Inc. (“ATSF”) is a Maryland corporation registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. ATSF serves as a funding vehicle for variable life insurance, variable annuity and group annuity products. Van Kampen Active International Allocation (“the Fund”), part of ATSF, began operations as part of the Endeavor Series Trust, on April 8, 1991. The Fund became part of ATSF on May 1, 2002.

In the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties, which 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.

See the Prospectus and Statement of Additional Information for a description of the Fund’s investment objective.

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 policies were consistently followed by the Fund, in accordance with GAAP.

Multiple class operations 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.

Pricing of shares: The Fund prices its shares on the basis of the net asset value of each class of shares of the Fund, which is determined as of the close of the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern Time) on each day on which the NYSE is open for trading (other than a day on which there are insufficient changes in the value of the Fund’s portfolio securities to materially affect the Fund’s net asset value or a day on which no shares are tendered for redemption and no order to purchase any shares is received).

Security valuations: Fund investments traded on an exchange are valued at the closing price on the day of valuation on the exchange where the security is principally traded. With respect to securities traded on the NASDAQ NMS, such closing price may be the last reported sales price or the NASDAQ Official Closing Price.

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 by independent pricing services; 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 and are translated from the local currency into U.S. dollars using closing exchange rates. Many foreign securities markets are open for trading at times when the U.S. markets are closed for trading, and many foreign securities markets close for trading before the close of the NYSE. The value of foreign securities may be affected significantly on a day that the NYSE is closed and an investor is unable to purchase or redeem shares. 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.” If market quotations are not readily available, and the impact of such a significant market event materially affects the net asset value per share of the Fund, an affected portfolio security will be valued at fair market value as determined in good faith using guidelines adopted by the Board of Directors of the Fund, under the supervision of the Fund’s Valuation Committee. Factors that may be considered to value foreign securities at fair market value may include, among others: the value of other securities traded on other markets, foreign currency exchange activity and the trading of financial products tied to foreign securities.

Other securities for which quotations are not readily available also are valued at fair market value as determined in good faith using guidelines established by and under the supervision of the Board of Directors and the Fund’s Valuation Committee.

The Fund values its investment securities at fair value based upon procedures approved by the Board of Directors on days when significant events occur after the close of the principal exchange on which the securities are traded, and as a result, are expected to materially affect the value of investments. These guidelines may include: the type of security; any restrictions on its resale; financial or business news of the issuer; similar or related securities that are actively trading; related corporate actions; and other significant events occurring after the close of trading in the security.

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 June 30, 2004, was paying an interest rate of 0.75%.

Repurchase agreements: The Fund is authorized to enter into repurchase agreements. The Fund, through IBT, receives delivery of the

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

Van Kampen Active International Allocation    16

Van Kampen Active International Allocation

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1–(continued)

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. Repurchase agreements involve the risk that the seller will fail to repurchase the security, as agreed. In that case, 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 are incurred.

Directed brokerage: 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 ATSF has established a Directed Brokerage Program. A Directed Brokerage 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 ATSF, or by any other party. Directed commissions for the period ended June 30, 2004, of $2 are included in net realized gains in the Statement of Operations.

Securities lending: The Fund may lend securities to enhance fund earnings from investing cash collateral received in making such loans to qualified borrowers (typically broker/dealers). The Fund has engaged its custodian bank, IBT, as a lending agent to administer its securities lending program. IBT earned $26 of program net income for its services. When the Fund makes a security loan, it receives cash collateral as protection against the risk that the borrower will default on the loan, and records an asset for the cash invested collateral and a liability for the return of the collateral.

Loans of securities are required to be secured by collateral at least equal to 102% of the value of the securities at inception of the loan, and not less then 100% thereafter. The Fund may invest cash collateral in short-term money market instruments including: U.S. Treasury Bills, U.S. agency obligations, commercial paper, money market mutual funds, repurchase agreements and other highly rated, liquid investments. During the life of securities loans, the collateral and securities loaned remain subject to fluctuation in value. IBT marks to market securities loaned and the collateral each business day. If additional collateral is due (at least $1), IBT collects additional cash collateral from the borrowers. Although securities loaned will be fully collateralized at all times, IBT may experience delays in, or may be prevented from, recovering the collateral on behalf of the Fund. The Fund may recall a loaned security position at any time from the borrower through IBT. In the event the borrower fails to timely return a recalled security, IBT may indemnify the Fund by purchasing replacement securities for the Fund at its own expense and claiming the collateral to fund such a purchase. IBT absorbs the loss if the collateral value is not sufficient to cover the cost of the replacement securities. If replacement securities are not available, IBT will credit the equivalent cash value to the Fund.

While a security is on loan, the Fund does not have the right to vote that security. However, if time permits, the Fund will attempt to recall security on loan and vote the proxy.

Income from securities lending is included in the Statement of Operations. The amount of collateral and value of securities on loan are included in the Statement of Assets and Liabilities as well as in the Schedule of Investments.

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 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.

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 a 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 India are subject to a 30% governmental short-term capital gains tax. The Indian government has elected to waive the long-term capital gains tax of 10% on equities securities held for longer than one year. This waiver of tax is effective through March of 2007. 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.

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.

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

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

Van Kampen Active International Allocation    17

Van Kampen Active International Allocation

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1–(continued)

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, including unanticipated movements in exchange currency rates, the degree of government supervision and regulation of security markets, and the possibility of political or economic instability.

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 closed 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 June 30, 2004, 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 counterpart to meet the contract terms.

The underlying face amount of open futures contracts at June 30, 2004, 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: Dividend 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

AEGON/Transamerica Fund Advisers, Inc. (“ATFA”) is the Fund’s investment adviser. AEGON/Transamerica Fund Services, Inc. (“ATFS”) is the Fund’s administrator and transfer agent. AFSG Securities Corp. (“AFSG”) is the Fund’s distributor. AFSG is 100% owned by AUSA Holding Company (“AUSA”). ATFA is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) (“WRL”) and AUSA (22%). ATFS is a wholly owned subsidiary of WRL. AUSA and WRL are wholly owned indirect subsidiaries of AEGON NV, a Netherlands corporation.

Certain officers and directors of the Fund are also officers and/or directors of ATFA, ATFS and WRL. No affiliated officer or director receives any compensation directly from the Fund.

The following schedule reflects the percentage of fund assets owned by affiliated mutual funds (i.e. through the asset allocation funds):

	Net Assets		% of Net Assets
Asset Allocation–Conservative Portfolio	$	1,081	1	%
Asset Allocation–Growth Portfolio		33,531	16	%
Asset Allocation–Moderate Growth Portfolio		37,863	18	%
Asset Allocation–Moderate Portfolio		11,813	5	%
Total	$	84,288	40	%

Investment advisory fees: The Fund pays management fees to ATFA based on average daily net assets (“ANA”) at the following rate:

From January 1, 2004 to April 30, 2004:

0.90% of ANA

From May 1, 2004 on:

0.90% of the first $250 million of ANA

0.88% of the next $250 million of ANA

0.85% of ANA over $500 million

The actual advisory fee accrued for the six-month period ended June 30, 2004, per average net assets is 0.90%.

ATFA 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:

0.99% Expense Limit

If total fund expenses fall below the annual expense limitations 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.

	Advisory Fee Waived		Available for Recapture Through
Fiscal Year 2003	$	215	12/31/2006

Distribution and service fees: The Fund adopted a distribution plan (“Distribution Plan”) pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended. Pursuant to the Distribution Plan, ATSF entered into a Distribution Agreement with AFSG effective May 1, 1999.

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

Van Kampen Active International Allocation    18

Van Kampen Active International Allocation

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2004

(all amounts in thousands)

(unaudited)

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 ATSF 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, 2005. 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 ATFS for financial and legal fund administration services, which includes such items as compliance, expenses, financial statements and other reporting, distributions, tax returns, prospectus preparation, board of directors meeting support, transfer agency and other legal matters. The Legal fees on the Statement of Operations are for fees paid to external legal counsel. The Fund paid ATFS $15 for Administration fees for the period ended June 30, 2004.

Deferred compensation plan: Each eligible Fund Director may elect participation in the Deferred Compensation Plan for Directors of ATSF (“the Plan”). Under the Plan, such Directors may defer payment of a percentage of their total fees earned as a Fund Director. These deferred amounts may be invested in any portfolio of Transamerica IDEX Mutual Funds, an affiliate of the Fund. At June 30, 2004, the value of invested plan amounts was $8. Invested plan amounts and the total liability for deferred compensation to the Directors under the Plan at June 30, 2004, are included in Net assets in the accompanying Statement of Assets and Liabilities.

NOTE  3. INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the period ended June 30, 2004, were as follows:

Purchases of securities:
Long-Term excluding U.S. Government	$	73,579
U.S. Government		–
Proceeds from maturities and sales of securities:
Long-Term excluding U.S. Government		25,426
U.S. Government		–

NOTE  4. FEDERAL INCOME TAX MATTERS

The Fund has not made any provision for federal income 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 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 treatments for items including, but not limited to, wash sales, foreign currency transactions, and capital loss carryforwards.

The capital loss carryforwards are available to offset future realized capital gains through the periods listed:

Capital Loss Carryforward	Available through
$  5,281	December 31, 2009
28,603	December 31, 2010
5,326	December 31, 2011

The Fund has elected to treat the net capital losses incurred in the two month period prior to December 31, 2003 of $561 (Post-October Loss Deferred) as having been incurred in the fiscal year ending December 31, 2004.

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of June 30, 2004, are as follows:

Federal Tax Cost Basis	$	191,497
Unrealized Appreciation	$	21,516
Unrealized (Depreciation)		(6,582	)
Net Unrealized Appreciation (Depreciation)	$	14,934

NOTE  5. OTHER MATTERS

ATSF, and certain of its affiliated entities, have received requests for information from the Staff of the Securities and Exchange Commission in connection with market timing and late trading within the funds. ATSF and the affiliated entities have voluntarily cooperated in the investigation and have been providing the information as requested.

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

Van Kampen Active International Allocation    19

Van Kampen Emerging Growth

SCHEDULE OF INVESTMENTS

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Shares	Value
COMMON STOCKS (96.9%)
Aerospace (0.9%)
Boeing Company (The)	130,000	$	6,642
Air Transportation (0.8%)
FedEx Corporation	70,000		5,718
Amusement & Recreation Services (0.8%)
Mandalay Resort Group	80,000		5,491
Apparel & Accessory Stores (1.5%)
AnnTaylor, Inc. (a)	119,999		3,478
Nordstrom, Inc.	105,000		4,474
TJX Companies, Inc. (The)	130,000		3,138
Automotive (0.3%)
Harley-Davidson, Inc. (b)	35,000		2,168
Beverages (2.5%)
Coca-Cola Company (The)	130,000		6,562
Coca-Cola Enterprises Inc. (b)	105,000		3,044
PepsiCo, Inc.	155,000		8,351
Business Services (2.1%)
eBay Inc. (a)	130,000		11,954
Lamar Advertising Company (a)	80,000		3,468
Chemicals & Allied Products (4.8%)
Avon Products, Inc.	160,000		7,382
Lauder (Estee) Companies Inc. (The)–Class A	65,000		3,171
Monsanto Company	105,000		4,043
Procter & Gamble Company (The)	260,000		14,154
Smith International, Inc. (a)(b)	105,000		5,855
Commercial Banks (1.4%)
Bank of America Corporation	90,000		7,616
MBNA Corporation	105,000		2,708
Communication (0.4%)
XM Satellite Radio Holdings Inc.–Class A (a)	105,000		2,865
Communications Equipment (5.1%)
Avaya Inc. (a)(b)	205,000		3,237
Corning Incorporated (a)	570,000		7,444
L-3 Communications Holdings, Inc.	50,000		3,340
Motorola, Inc.	370,000		6,753
QUALCOMM Incorporated	105,000		7,663
Research In Motion Limited (a)(b)	130,000		8,897
Computer & Data Processing Services (10.7%)
Adobe Systems Incorporated	130,000		6,045
Autodesk, Inc.	180,000		7,706
Automatic Data Processing, Inc.	155,000		6,491
Check Point Software Technologies, Ltd. (a)	210,000		5,668
Electronic Arts Inc. (a)	155,000		8,455
Microsoft Corporation	630,000		17,994
Red Hat, Inc. (a)(b)	105,000		2,412
SAP AG–ADR	35,000		1,463
Symantec Corporation (a)(b)	185,000		8,099
Yahoo! Inc. (a)	365,000		13,260

	Shares	Value
Computer & Office Equipment (4.7%)
Apple Computer, Inc. (a)	235,000	$	7,647
Cisco Systems, Inc. (a)	470,000		11,139
Dell Inc. (a)	185,000		6,627
Lexmark International, Inc. (a)	80,000		7,722
NCR Corporation (a)	15,000		744
Department Stores (1.1%)
J.C. Penney Company, Inc. (b)	205,000		7,741
Educational Services (1.0%)
Apollo Group, Inc.–Class A (a)	82,500		7,284
Electronic & Other Electric Equipment (1.2%)
Eaton Corporation	80,000		5,179
Harman International Industries, Incorporated	40,000		3,640
Electronic Components & Accessories (8.0%)
Analog Devices, Inc.	105,000		4,943
Broadcom Corporation–Class A (a)(b)	180,000		8,419
Flextronics International Ltd. (a)	235,000		3,748
Intel Corporation	420,000		11,592
Marvell Technology Group Ltd. (a)	160,000		4,272
Maxim Integrated Products	75,000		3,932
Microchip Technology Incorporated	105,000		3,312
National Semiconductor Corporation (a)	260,000		5,717
Tyco International Ltd. (b)	365,000		12,096
Fabricated Metal Products (1.1%)
Gillette Company (The)	185,000		7,844
Food & Kindred Products (0.6%)
Kellogg Company	105,000		4,394
Food Stores (0.5%)
Whole Foods Market, Inc. (b)	40,000		3,818
Health Services (1.5%)
Caremark Rx, Inc. (a)(b)	210,000		6,917
Quest Diagnostics Incorporated (b)	50,000		4,248
Hotels & Other Lodging Places (0.8%)
Starwood Hotels & Resorts Worldwide, Inc.	130,000		5,831
Industrial Machinery & Equipment (1.5%)
Deere & Company	50,000		3,507
Illinois Tool Works Inc.	60,000		5,753
Zebra Technologies Corporation–Class A (a)	20,000		1,740
Instruments & Related Products (2.0%)
Alcon, Inc.	40,000		3,146
Danaher Corporation (b)	140,000		7,259
Waters Corporation (a)	80,000		3,822
Insurance (4.2%)
AFLAC Incorporated	105,000		4,285
American International Group, Inc.	130,000		9,267
Anthem, Inc. (a)(b)	50,000		4,478
MGIC Investment Corporation	80,000		6,069
UnitedHealth Group Incorporated	105,000		6,536

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Van Kampen Emerging Growth    1

Van Kampen Emerging Growth

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Shares	Value
Leather & Leather Products (1.0%)
Coach, Inc. (a)(b)	155,000	$	7,004
Manufacturing Industries (1.1%)
International Game Technology	210,000		8,106
Medical Instruments & Supplies (5.0%)
Bard, (C.R.) Inc.	60,000		3,399
Becton, Dickinson and Company (b)	75,000		3,885
Boston Scientific Corporation (a)	155,000		6,634
St. Jude Medical, Inc. (a)	80,000		6,052
Stryker Corporation	100,000		5,500
Varian Medical Systems, Inc. (a)	50,000		3,968
Zimmer Holdings, Inc. (a)	80,000		7,056
Mortgage Bankers & Brokers (0.5%)
Countrywide Financial Corporation (b)	54,999		3,864
Motion Pictures (1.5%)
News Corporation Limited (The)–ADR (b)	105,000		3,719
Time Warner Inc. (a)	415,000		7,296
Oil & Gas Extraction (2.5%)
Burlington Resources Inc.	130,000		4,703
Occidental Petroleum Corporation	130,000		6,293
Transocean Inc. (a)	105,000		3,039
XTO Energy, Inc.	131,250		3,910
Paper & Allied Products (1.7%)
3M Company	80,000		7,201
Kimberly-Clark Corporation	80,000		5,270
Personal Services (0.6%)
Cendant Corporation	185,000		4,529
Petroleum Refining (2.5%)
Exxon Mobil Corporation	315,000		13,989
Valero Energy Corporation	55,000		4,057
Pharmaceuticals (13.3%)
Biogen, Inc. (a)(b)	130,000		8,223
Celgene Corporation (a)	55,000		3,149
Elan Corporation PLC–ADR (a)(b)	260,000		6,432
Eon Labs, Inc. (a)	50,000		2,047
Genentech, Inc. (a)	105,000		5,901
Gilead Sciences, Inc. (a)	80,000		5,360
ImClone Systems Incorporated (a)(b)	90,000		7,721
Johnson & Johnson	210,000		11,697
Lilly (Eli) and Company	105,000		7,341
Novartis AG–ADR	80,000		3,560
Pfizer Inc.	470,000		16,112
Protein Design Labs, Inc. (a)	160,000		3,061
Roche Holding AG–ADR	70,000		6,931
Sepracor Inc. (a)(b)	105,000		5,555
Teva Pharmaceutical Industries Ltd.–ADR (b)	60,000		4,037
Radio, Television & Computer Stores (0.5%)
Best Buy Co., Inc.	75,000		3,806

	Shares		Value
Restaurants (1.1%)
Starbucks Corporation (a)		185,000	$	8,044
Retail Trade (1.8%)
CDW Corporation		50,000		3,188
PETsMART, Inc. (b)		105,000		3,407
Staples, Inc.		210,000		6,155
Rubber & Misc. Plastic Products (0.8%)
NIKE, Inc.–Class B		80,000		6,060
Security & Commodity Brokers (1.5%)
American Express Company		130,000		6,679
Merrill Lynch & Co., Inc.		80,000		4,318
Transportation Equipment (0.7%)
General Dynamics Corporation		50,000		4,965
Trucking & Warehousing (0.2%)
J.B. Hunt Transport Services, Inc.		30,000		1,157
Variety Stores (0.6%)
Target Corporation		105,000		4,459
Water Transportation (0.5%)
Carnival Corporation		80,000		3,760
Total Common Stocks (cost: $616,470)				704,476
	Principal		Value
SECURITY LENDING COLLATERAL (11.6%)
Debt (9.5%)
Agency Discount Notes (0.9%)
Fannie Mae 0.96%, due 07/01/2004	$	2,020	$	2,020
Federal Home Loan Bank 0.96%, due 07/01/2004		2,524		2,524
0.99%, due 07/01/2004		1,009		1,009
0.97%, due 07/02/2004		1,262		1,262
Bank Notes (0.2%)
Credit Suisse First Boston (USA), Inc. 1.13%, due 09/08/2004		505		505
Deutsche Bank AG 1.16%, due 10/12/2004		1,262		1,262
Commercial Paper (2.9%)
Compass Securitization–144A 1.25%, due 07/23/2004		1,764		1,764
Falcon Asset Securitization Corp–144A 1.27%, due 07/20/2004		1,260		1,260
General Electric Capital Corporation 1.20%, due 07/19/2004		1,260		1,260
1.21%, due 07/22/2004		1,010		1,010
1.22%, due 07/23/2004		1,010		1,010
1.23%, due 07/26/2004		1,262		1,262
1.22%, due 08/04/2004		2,520		2,520
Govco Incorporated–144A 1.25%, due 08/02/2004		505		505

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Van Kampen Emerging Growth    2

Van Kampen Emerging Growth

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Principal		Value
Commercial Paper (continued)
Greyhawk Funding LLC–144A 1.12%, due 07/13/2004	$	1,007	$	1,007
1.22%, due 07/20/2004		502		502
Jupiter Securitization Corp–144A 1.07%, due 07/02/2004		505		505
Morgan Stanley 1.58%, due 10/22/2004		1,161		1,161
1.58%, due 12/10/2004		3,282		3,282
1.58%, due 03/16/2005		3,181		3,181
Sheffield Receivables–144A 1.24%, due 07/20/2004		757		757
Euro Dollar Overnight (0.4%)
Bank of Nova Scotia (The) 1.04%, due 07/06/2004		1,262		1,262
Den Danske Bank 1.08%, due 07/02/2004		1,262		1,262
Euro Dollar Terms (2.3%)
Bank of America Corporation 1.08%, due 07/19/2004		505		505
Bank of Montreal 1.20%, due 07/23/2004		256		256
Bank of Nova Scotia (The) 1.20%, due 07/14/2004		1,262		1,262
1.24%, due 07/23/2004		252		252
Bank of the West Inc. 1.28%, due 07/28/2004		505		505
Branch Banking & Trust 1.08%, due 07/14/2004		252		252
Calyon 1.16%, due 07/15/2004		4,796		4,796
1.17%, due 08/04/2004		757		757
1.34%, due 08/24/2004		1,767		1,767
Fortis Bank 1.19%, due 07/14/2004		252		252
1.29%, due 09/03/2004		505		505
HBOS PLC 1.30%, due 09/03/2004		505		505
Royal Bank of Canada 1.05%, due 07/08/2004		757		757
Royal Bank of Scotland Group PLC (The) 1.06%, due 07/30/2004		2,272		2,272

	Principal		Value
Euro Dollar Terms (continued)
Wells Fargo & Company 1.19%, due 07/14/2004	$	1,010	$	1,010
1.25%, due 07/23/2004		505		505
1.24%, due 07/26/2004		505		505
Master Notes (0.3%)
Bear Stearns Companies Inc. (The) 1.64%, due 09/08/2004		1,515		1,515
1.64%, due 12/15/2004		1,010		1,010
Repurchase Agreements (2.5%) (c)
Credit Suisse First Boston (USA), Inc. 1.54%, Repurchase Agreement dated 06/30/2004 to be repurchased at $5,907 on 07/01/2004		5,907		5,907
Goldman Sachs Group Inc. (The) 1.54%, Repurchase Agreement dated 06/30/2004 to be repurchased at $2,524 on 07/01/2004		2,524		2,524
Merrill Lynch & Co., Inc. 1.54%, Repurchase Agreement dated 06/30/2004 to be repurchased at $7,650 on 07/01/2004		7,650		7,650
Morgan Stanley 1.58%, Repurchase Agreement dated 06/30/2004 to be repurchased at $2,272 on 07/01/2004		2,272		2,272
	Shares		Value
Investment Companies (2.1%)
Money Market Funds (2.1%)
Merrill Lynch Premier Institutional Fund 1-day yield of 1.17%		2,091,781	$	2,092
Merrimac Cash Fund–Premium Class 1-day yield of 1.11%		12,982,171		12,982
Total Security Lending Collateral (cost: $84,707)				84,707
Total Investment Securities (cost: $701,177)			$	789,183
SUMMARY:
Investments, at value		108.5 %	$	789,183
Liabilities in excess of other assets		(8.5)%		(62,071	)
Net assets		100.0 %	$	727,112

NOTES TO SCHEDULE OF INVESTMENTS:

(a) No dividends were paid during the preceding twelve months.

(b) At June 30, 2004, all or a portion of this security is on loan (see Note 1). The value at June 30, 2004, of all securities on loan is $81,461.

(c) Cash collateral for the Repurchase Agreements, valued at $18,720, that serve as collateral for securities lending are invested in corporate bonds with interest rates and maturity dates ranging from 0.00%–9.88% and 08/01/2004–09/25/2099, respectively.

DEFINITIONS:

ADR American Depositary Receipt

144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2004, these securities aggregated $9,300, or 0.87% of the net assets of the Fund.

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Van Kampen Emerging Growth    3

Van Kampen Emerging Growth

STATEMENT OF ASSETS AND LIABILITIES

At June 30, 2004

(all amounts except per share amounts in thousands)

(unaudited)

Assets:
Investment securities, at value (cost: $ 701,177) (including securities loaned of $81,461)	$	789,183
Cash		19,850
Receivables:
Investment securities sold		6,382
Interest		8
Dividends		339
Other		77
		815,839
Liabilities:
Investment securities purchased		3,380
Accounts payable and accrued liabilities:
Management and advisory fees		519
Payable for collateral for securities on loan		84,707
Other		121
		88,727
Net Assets	$	727,112
Net Assets Consist of:
Capital Stock, 75,000 shares authorized ($.01 par value)	$	426
Additional paid-in capital		1,283,797
Accumulated net investment loss		(965	)
Accumulated net realized gain (loss) from: Investment securities		(644,152	)
Net unrealized appreciation (depreciation) on: Investment securities		88,006
Net Assets	$	727,112
Net Assets by Class:
Initial Class	$	725,511
Service Class		1,601
Shares Outstanding:
Initial Class		42,473
Service Class		94
Net Asset Value and Offering Price Per Share:
Initial Class	$	17.08
Service Class		17.03

STATEMENT OF OPERATIONS

For the period ended June 30, 2004

(all amounts in thousands)

(unaudited)

Investment Income:
Interest	$	40
Dividends		2,195
Income from loaned securities–net		65
Less withholding taxes on foreign dividends		(31	)
		2,269
Expenses:
Management and advisory fees		2,960
Printing and shareholder reports		154
Custody fees		43
Administration fees		56
Legal fees		3
Auditing and accounting fees		6
Directors fees		11
Service fees:
Service Class		1
Total expenses		3,234
Net Investment Income (Loss)		(965	)
Net Realized Gain (Loss) from:
Investment securities		72,845
Net Increase (Decrease) in Unrealized Appreciation (Depreciation) on:
Investment securities		(53,557	)
Net Gain (Loss) on Investment Securities		19,288
Net Increase (Decrease) in Net Assets Resulting from Operations	$	18,323

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Van Kampen Emerging Growth    4

Van Kampen Emerging Growth

STATEMENTS OF CHANGES IN NET ASSETS

For the period or year ended

(all amounts in thousands)

	June 30, 2004 (unaudited)			December 31, 2003
Increase (Decrease) In Net Assets From:
Operations:
Net investment income (loss)	$	(965	)	$	(2,727	)
Net realized gain (loss) from investment securities		72,845			34,818
Net unrealized appreciation (depreciation) on investment securities		(53,557	)		141,288
		18,323			173,379
Distributions to Shareholders:
From net investment income:
Initial Class		–			–
Service Class		–			–
		–			–
From net realized gains:
Initial Class		–			–
Service Class		–			–
		–			–
Capital Share Transactions:
Proceeds from shares sold:
Initial Class		11,824			57,182
Service Class		1,202			515
		13,026			57,697
Dividends and distributions reinvested:
Initial Class		–			–
Service Class		–			–
		–			–
Cost of shares redeemed:
Initial Class		(67,339	)		(120,214	)
Service Class		(178	)		(9	)
		(67,517	)		(120,223	)
		(54,491	)		(62,526	)
Net increase (decrease) in net assets		(36,168	)		110,853
Net Assets:
Beginning of period		763,280			652,427
End of period	$	727,112		$	763,280
Accumulated Net Investment Loss	$	(965	)	$	–

	June 30, 2004 (unaudited)		December 31, 2003
Share Activity:
Shares issued:
Initial Class	704		4,016
Service Class	72		34
	776		4,050
Shares issued–reinvested from distributions:
Initial Class	–		–
Service Class	–		–
	–		–
Shares redeemed:
Initial Class	(4,012	)	(8,416	)
Service Class	(11	)	(1	)
	(4,023	)	(8,417	)
Net increase (decrease) in shares outstanding:
Initial Class	(3,308	)	(4,400	)
Service Class	61		33
	(3,247	)	(4,367	)

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Van Kampen Emerging Growth    5

Van Kampen Emerging Growth

FINANCIAL HIGHLIGHTS

(unaudited for the period ended June 30, 2004)

	For the Period Ended (b)	For a share outstanding throughout each period (a)
		Net Asset Value, Beginning of Period		Investment Operations									Distributions									Net Asset Value, End of Period
				Net Investment Income (Loss)			Net Realized and Unrealized Gain (Loss)			Total Operations			From Net Investment Income			From Net Realized Gains			Total Distributions
Initial Class	06/30/2004	$	16.66	$	(0.02	)	$	0.44		$	0.42		$	–		$	–		$	–		$	17.08
	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
	12/31/2000		46.01		(0.13	)		(4.55	)		(4.68	)		(0.41	)		(11.26	)		(11.67	)		29.66
	12/31/1999		26.92		(0.15	)		26.83			26.68			(0.21	)		(7.38	)		(7.59	)		46.01
Service Class	06/30/2004		16.63		(0.04	)		0.44			0.40			–			–			–			17.03
	12/31/2003		13.83		(0.06	)		2.86			2.80			–			–			–			16.63

	For the Period Ended (b)	Total Return (c)(g)		Ratios/Supplemental Data
				Net Assets, End of Period (000’s)		Ratio of Expenses to Average Net Assets (f)				Net Investment Income (Loss) to Average Net Assets (f)		Portfolio Turnover Rate (g)
						Net (d)		Total (e)
Initial Class	06/30/2004	2.52	%	$	725,511	0.87	%	0.87	%	(0.26	)%	101	%
	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
	12/31/2000	(11.92	)		1,840,848	0.85		0.85		(0.26	)	121
	12/31/1999	105.16			1,916,025	0.87		0.87		(0.44	)	118
Service Class	06/30/2004	2.41			1,601	1.12		1.12		(0.48	)	101
	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) The inception dates of the Fund’s share classes are 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 fee waivers by the investment adviser, if any (see note 2).

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

(f) Annualized.

(g) Not annualized for periods of less than one year.

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Van Kampen Emerging Growth     6

Van Kampen Emerging Growth

NOTES TO FINANCIAL STATEMENTS

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

The AEGON/Transamerica Series Fund, Inc. (“ATSF”) is a Maryland corporation registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. ATSF serves as a funding vehicle for variable life insurance, variable annuity and group annuity products. Van Kampen Emerging Growth (“the Fund”), part of ATSF, began operations on March 1, 1993.

In the normal course of business the Fund enters into contracts that contain a variety of representations and warranties, which 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.

See the Prospectus and Statement of Additional Information for a description of the Fund’s investment objective.

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 policies were consistently followed by the Fund, in accordance with GAAP.

Multiple class operations 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.

Pricing of shares: The Fund prices its shares on the basis of the net asset value of each class of shares of the Fund, which is determined as of the close of the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern Time) on each day on which the NYSE is open for trading (other than a day on which there are insufficient changes in the value of the Fund’s portfolio securities to materially affect the Fund’s net asset value or a day on which no shares are tendered for redemption and no order to purchase any shares is received).

Security valuations: Fund investments traded on an exchange are valued at the closing price on the day of valuation on the exchange where the security is principally traded. With respect to securities traded on the NASDAQ NMS, such closing price may be the last reported sales price or the NASDAQ Official Closing Price.

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 by independent pricing services; 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 also are valued at fair market value as determined in good faith using guidelines established by and under the supervision of the Board of Directors, and the Fund’s Valuation Committee. These guidelines may include: the type of security; any restrictions on its resale; financial or business news of the issuer; similar or related securities that are actively trading; related corporate actions; and other significant events occurring after the close of trading in the security.

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 June 30, 2004, was paying an interest rate of 0.75%.

Repurchase agreements: The Fund is authorized to enter into repurchase agreements. The Fund, through 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. Repurchase agreements involve the risk that the seller will fail to repurchase the security, as agreed. In that case, 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 are incurred.

Directed brokerage: 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 ATSF has established a Directed Brokerage Program. A Directed Brokerage 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 ATSF, or by any other party. Directed commissions for the period ended June 30, 2004, of $328 are included in net realized gains in the Statement of Operations.

Securities lending: The Fund may lend securities to enhance fund earnings from investing cash collateral received in making such loans to qualified borrowers (typically broker/dealers). The Fund has engaged its custodian bank, IBT, as a lending agent to administer its securities lending program. IBT earned $28 of program net income for its services. When the Fund makes a security loan, it receives cash collateral as protection against the risk that the borrower will default on the loan, and records an asset for the cash invested collateral and a liability for the return of the collateral.

Loans of securities are required to be secured by collateral at least equal to 102% of the value of the securities at inception of the loan, and not less then 100% thereafter. The Fund may invest cash collateral in short-

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

Van Kampen Emerging Growth    7

Van Kampen Emerging Growth

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1–(continued)

term money market instruments including: U.S. Treasury Bills, U.S. agency obligations, commercial paper, money market mutual funds, repurchase agreements and other highly rated, liquid investments. During the life of securities loans, the collateral and securities loaned remain subject to fluctuation in value. IBT marks to market securities loaned and the collateral each business day. If additional collateral is due (at least $1), IBT collects additional cash collateral from the borrowers. Although securities loaned will be fully collateralized at all times, IBT may experience delays in, or may be prevented from, recovering the collateral on behalf of the Fund. The Fund may recall a loaned security position at any time from the borrower through IBT. In the event the borrower fails to timely return a recalled security, IBT may indemnify the Fund by purchasing replacement securities for the Fund at its own expense and claiming the collateral to fund such a purchase. IBT absorbs the loss if the collateral value is not sufficient to cover the cost of the replacement securities. If replacement securities are not available, IBT will credit the equivalent cash value to the Fund.

While a security is on loan, the Fund does not have the right to vote that security. However, if time permits, the Fund will attempt to recall a security on loan and vote the proxy.

Income from securities lending is included in the Statement of Operations. The amount of collateral and value of securities on loan are included in the Statement of Assets and Liabilities as well as in the Schedule of Investments.

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 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: Dividend 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

AEGON/Transamerica Fund Advisers, Inc. (“ATFA”) is the Fund’s investment adviser. AEGON/Transamerica Fund Services, Inc. (“ATFS”) is the Fund’s administrator and transfer agent. AFSG Securities Corp. (“AFSG”) is the Fund’s distributor. AFSG is 100% owned by AUSA Holding Company (“AUSA”). ATFA is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) (“WRL”) and AUSA (22%). ATFS is a wholly owned subsidiary of WRL. AUSA and WRL are wholly owned indirect subsidiaries of AEGON NV, a Netherlands corporation.

Certain officers and directors of the Fund are also officers and/or directors of ATFA, ATFS, AFSG and WRL. No affiliated officer or director receives any compensation directly from the Fund.

Investment advisory fees: The Fund pays management fees to ATFA based on average daily net assets (“ANA”) at the following rate:

0.80% of ANA

ATFA 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 limitations 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 are no amounts subject to recapture at June 30, 2004.

Distribution and service fees: The Fund adopted a distribution plan (“Distribution Plan”) pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended. Pursuant to the Distribution Plan, ATSF entered into a Distribution Agreement with AFSG effective May 1, 1999.

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 ATSF 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, 2005. 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 ATFS for financial and legal fund administration services, which includes such items as compliance, expenses, financial statements and other reporting, distributions, tax returns, prospectus preparation, board of directors meeting support, transfer agency and other legal matters. The Legal fees on the Statement of Operations are for fees paid

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

Van Kampen Emerging Growth    8

Van Kampen Emerging Growth

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  2–(continued)

to external legal counsel. The Fund paid ATFS $56 for Administration fees, for the period ended June 30, 2004.

Brokerage commissions: Brokerage commissions incurred on security transactions placed with an affiliate of the sub-adviser for the period ended June 30, 2004, were $64.

Deferred compensation plan: Each eligible Fund Director may elect participation in the Deferred Compensation Plan for Directors of ATSF (“the Plan”). Under the Plan, such Directors may defer payment of a percentage of their total fees earned as a Fund Director. These deferred amounts may be invested in any portfolio of Transamerica IDEX Mutual Funds, an affiliate of the Fund. At June 30, 2004, the value of invested plan amounts was $28. Invested plan amounts and the total liability for deferred compensation to the Directors under the Plan at June 30, 2004, are included in Net assets in the accompanying Statement of Assets and Liabilities.

NOTE  3. INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the period ended June 30, 2004, were as follows:

Purchases of securities:
Long-Term excluding U.S. Government	$	722,112
U.S. Government		—
Proceeds from maturities and sales of securities:
Long-Term excluding U.S. Government		767,294
U.S. Government		—

NOTE  4. FEDERAL INCOME TAX MATTERS

The Fund has not made any provision for federal income 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 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 treatments for items including, but not limited to, wash sales, net operating losses and capital loss carryforwards.

The capital loss carryforwards are available to offset future realized capital gains through the periods listed:

Capital Loss Carryforward	Available through
$429,131	December 31, 2009
285,142	December 31, 2010

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of June 30, 2004, are as follows:

Federal Tax Cost Basis	$	701,770
Unrealized Appreciation	$	94,361
Unrealized (Depreciation)		(6,948	)
Net Unrealized Appreciation (Depreciation)	$	87,413

NOTE  5. OTHER MATTERS

ATSF, and certain of its affiliated entities, have received requests for information from the Staff of the Securities and Exchange Commission in connection with market timing and late trading within the funds. ATSF and the affiliated entities have voluntarily cooperated in the investigation and have been providing the information as requested.

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

Van Kampen Emerging Growth    9

Van Kampen Large Cap Core

SCHEDULE OF INVESTMENTS

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (0.0%)
Department Stores (0.0%)
Saks Incorporated
8.25%, due 11/15/2008.	$	1	$	1
Total Corporate Debt Securities (cost: $ 1)				1
	Shares		Value
COMMON STOCKS (96.9%)
Aerospace (0.6%)
United Technologies Corporation		16,500	$	1,509
Amusement & Recreation Services (1.0%)
Disney (Walt) Company (The)		73,830		1,882
Wynn Resorts, Limited (a)(b)		15,045		581
Apparel & Accessory Stores (0.6%)
Chico’s FAS, Inc. (a)(b)		22,181		1,002
TJX Companies, Inc. (The)		21,650		523
Apparel Products (0.5%)
Jones Apparel Group, Inc.		29,200		1,153
Beverages (1.8%)
Coca-Cola Company (The)		58,314		2,944
PepsiCo, Inc.		23,598		1,271
Business Services (2.4%)
Accenture Ltd–Class A (a)		50,910		1,399
Clear Channel Communications, Inc.		50,960		1,883
eBay Inc. (a)		26,740		2,459
Chemicals & Allied Products (3.3%)
Dow Chemical Company (The)		65,790		2,678
du Pont (E.I.) de Nemours and Company		38,400		1,706
Procter & Gamble Company (The)		35,600		1,938
Rohm and Haas Company		13,200		549
Smith International, Inc. (a)		15,830		883
Commercial Banks (7.4%)
Bank of America Corporation		35,007		2,962
Citigroup Inc.		136,298		6,338
Fifth Third Bancorp		21,400		1,151
MBNA Corporation		90,850		2,343
Morgan Chase & Co. (J.P.)		13,100		508
PNC Financial Services Group, Inc. (The)		27,040		1,435
SunTrust Banks, Inc. (b)		900		58
Wells Fargo & Company		42,600		2,438
Communication (0.7%)
Liberty Media Corporation–Class A (a)		158,500		1,425
Liberty Media International, Inc.–Class A (a)		7,925		294
Communications Equipment (1.1%)
Motorola, Inc.		51,873		947
QUALCOMM Incorporated		17,342		1,266
Telefonaktiebolaget LM Ericsson–ADR (a) (b)		14,900		446

	Shares	Value
Computer & Data Processing Services (6.6%)
Adobe Systems Incorporated	10,875	$	506
Affiliated Computer Services, Inc.– Class A (a)(b)	11,100		588
GTECH Holdings Corporation	17,340		803
Mercury Interactive Corporation (a)(b)	26,000		1,296
Microsoft Corporation	242,341		6,921
Novell, Inc. (a)	26,800		225
Oracle Corporation (a)	63,894		762
Red Hat, Inc. (a)(b)	18,000		413
SunGard Data Systems Inc. (a)	14,285		371
Symantec Corporation (a)	14,200		622
VERITAS Software Corporation (a)	29,760		824
Yahoo! Inc. (a)	63,480		2,306
Computer & Office Equipment (4.0%)
Cisco Systems, Inc. (a)	155,955		3,696
Dell Inc. (a)	48,891		1,751
EMC Corporation (a)	103,154		1,176
Hewlett-Packard Company	37,040		782
International Business Machines Corporation	4,160		367
Juniper Networks, Inc. (a)	27,000		663
Lexmark International, Inc. (a)	3,863		373
Network Appliance, Inc. (a)(b)	26,239		565
Seagate Technology, Inc. (a)(e)	36,900		(d	)
Department Stores (0.7%)
Federated Department Stores, Inc.	17,600		864
Kohl’s Corporation (a)	16,500		698
May Department Stores Company (The)	7,000		192
Drug Stores & Proprietary Stores (0.3%)
CVS Corporation	18,307		769
Electric Services (2.7%)
American Electric Power Company, Inc. (b)	20,500		656
Constellation Energy Group, Inc.	16,400		622
Dominion Resources, Inc.	15,500		978
FirstEnergy Corp. (b)	31,310		1,171
TXU Corp.	73,500		2,977
Electric, Gas & Sanitary Services (0.4%)
Exelon Corporation	4,400		146
Public Service Enterprise Group Incorporated (b)	17,600		705
Electronic & Other Electric Equipment (3.1%)
General Electric Company	228,725		7,411
Electronic Components & Accessories (4.3%)
Amphenol Corporation–Class A (a)	17,630		587
Analog Devices, Inc.	37,595		1,770
Flextronics International Ltd. (a)	31,800		507
Intel Corporation	78,481		2,166
Jabil Circuit, Inc. (a)(b)	1,288		32
JDS Uniphase Corporation (a)	8,495		32
Linear Technology Corporation	37,406		1,476
Marvell Technology Group Ltd. (a)(b)	11,200		299

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Van Kampen Large Cap Core    1

Van Kampen Large Cap Core

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Shares	Value
Electronic Components & Accessories (continued)
Texas Instruments Incorporated	36,347	$	879
Tyco International Ltd. (b)	72,100		2,389
Food & Kindred Products (1.6%)
Altria Group, Inc.	32,600		1,632
Kraft Foods, Inc.–Class A (b)	36,320		1,151
Unilever NV–NY Shares	15,800		1,082
Food Stores (0.4%)
Kroger Co. (The) (a)	56,683		1,032
Furniture & Home Furnishings Stores (0.1%)
Bed Bath & Beyond Inc. (a)	4,790		184
Health Services (0.3%)
Caremark Rx, Inc. (a)	23,750		782
Industrial Machinery & Equipment (0.0%)
Novellus Systems, Inc. (a)	909		29
Instruments & Related Products (0.5%)
Eastman Kodak Company (b)	41,300		1,114
Insurance (4.3%)
Aetna Inc.	18,700		1,590
Allstate Corporation (The)	29,500		1,373
Ambac Financial Group, Inc.	12,000		881
American International Group, Inc.	24,025		1,713
Anthem, Inc. (a)(b)	10,580		948
Assurant, Inc.	16,100		425
Chubb Corporation	21,650		1,476
Principal Financial Group, Inc.	2,700		94
St. Paul Companies, Inc. (The)	12,100		491
UnitedHealth Group Incorporated	19,650		1,223
Insurance Agents, Brokers & Service (0.3%)
MetLife, Inc.	18,170		651
Leather & Leather Products (0.3%)
Coach, Inc. (a)	13,610		615
Life Insurance (0.6%)
Genworth Financial, Inc.–Class A (a)(b)	15,700		360
Torchmark Corporation	18,500		995
Lumber & Other Building Materials (0.5%)
Lowe’s Companies, Inc. (b)	22,550		1,185
Lumber & Wood Products (1.4%)
Georgia-Pacific Corporation	91,700		3,391
Management Services (0.3%)
Paychex, Inc.	17,600		596
Manufacturing Industries (0.7%)
International Game Technology	26,000		1,004
Mattel, Inc.	35,500		648
Medical Instruments & Supplies (1.8%)
Boston Scientific Corporation (a)	38,600		1,652
Guidant Corporation	4,800		268

	Shares	Value
Medical Instruments & Supplies (continued)
INAMED Corporation (a)	6,305	$	396
Medtronic, Inc.	23,863		1,163
St. Jude Medical, Inc. (a)	9,000		681
Motion Pictures (0.8%)
News Corporation Limited (The)–ADR (b)	21,125		748
Time Warner Inc. (a)	58,900		1,035
Oil & Gas Extraction (5.8%)
ConocoPhillips	11,700		893
GlobalSantaFe Corporation	68,000		1,802
Halliburton Company	163,409		4,945
Schlumberger Limited	67,473		4,285
Transocean Inc. (a)	59,496		1,722
Paper & Allied Products (3.7%)
3M Company	6,800		612
International Paper Company (b)	96,500		4,314
Kimberly-Clark Corporation	56,238		3,706
Paper & Paper Products (0.3%)
Boise Cascade Corporation	20,800		783
Personal Credit Institutions (0.1%)
Capital One Financial Corporation	2,900		198
Petroleum Refining (1.6%)
BP PLC–ADR	17,480		936
Exxon Mobil Corporation	39,800		1,768
Murphy Oil Corporation	4,700		346
Royal Dutch Petroleum Company–NY Registered Shares	12,100		625
Pharmaceuticals (12.2%)
Allergan, Inc.	4,100		367
AmerisourceBergen Corporation	12,100		723
Amgen Inc. (a)	22,245		1,214
Biogen, Inc. (a)(b)	9,260		586
Bristol-Myers Squibb Co.	181,820		4,455
Celgene Corporation (a)(b)	8,290		475
Chiron Corporation (a)(b)	7,485		334
Dade Behring Holdings, Inc. (a)	6,600		314
Forest Laboratories, Inc. (a)	13,100		742
Genentech, Inc. (a)	18,200		1,023
Gilead Sciences, Inc. (a)	7,375		494
Glaxo Wellcome PLC–ADR	88,000		3,648
Johnson & Johnson	31,975		1,781
Lilly (Eli) and Company	6,700		468
Merck & Co., Inc.	9,200		437
Pfizer Inc.	196,802		6,746
Roche Holding AG–ADR	12,610		1,249
Schering-Plough Corporation	59,120		1,093
Telik, Inc. (a)	13,500		322
Teva Pharmaceutical Industries Ltd.–ADR (b)	18,025		1,213
Wyeth	22,300		806
Primary Metal Industries (0.8%)
Alcoa Inc.	59,900		1,978

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Van Kampen Large Cap Core    2

Van Kampen Large Cap Core

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Shares		Value
Radio & Television Broadcasting (0.5%)
Univision Communications Inc.–Class A (a)		37,155	$	1,186
Railroads (0.2%)
Burlington Northern Santa Fe Corporation		13,500		473
Restaurants (1.2%)
McDonald’s Corporation		54,310		1,412
Outback Steakhouse, Inc.		17,100		707
YUM! Brands, Inc. (a)		21,255		791
Retail Trade (0.9%)
Amazon.com, Inc. (a)		16,500		898
PETsMART, Inc. (b)		19,740		641
Staples, Inc.		20,300		595
Security & Commodity Brokers (2.7%)
American Express Company		36,050		1,852
Ameritrade Holding Corporation (a)		67,500		766
Goldman Sachs Group, Inc. (The)		21,625		2,036
Lehman Brothers Holdings Inc.		17,700		1,332
Merrill Lynch & Co., Inc.		6,700		362
Telecommunications (5.3%)
SBC Communications Inc.		137,600		3,337
Sprint Corporation (FON Group)		313,770		5,522
Verizon Communications, Inc.		100,330		3,631
Transportation & Public Utilities (1.7%)
C.H. Robinson Worldwide, Inc.		21,485		985
InterActiveCorp (a)(b)		97,470		2,938
Trucking & Warehousing (0.5%)
United Parcel Service, Inc.–Class B		15,700		1,180
U.S. Government Agencies (2.8%)
Fannie Mae		28,980		2,068
Freddie Mac		72,340		4,579
Variety Stores (0.8%)
Target Corporation		15,582		662
Wal-Mart Stores, Inc.		24,625		1,299
Water Transportation (0.4%)
Carnival Corporation (b)		22,200		1,043
Total Common Stocks (cost: $ 217,846 )				228,613
	Principal		Value
SECURITY LENDING COLLATERAL (10.3%)
Debt (8.5%)
Agency Discount Notes (0.8%)
Fannie Mae
0.96%, due 07/01/2004	$	582	$	582
Federal Home Loan Bank
0.96%, due 07/01/2004		727		727
0.99%, due 07/01/2004		291		291
0.97%, due 07/02/2004		364		364

	Principal		Value
Bank Notes (0.2%)
Credit Suisse First Boston (USA), Inc.
1.13%, due 09/08/2004	$	145	$	145
Deutsche Bank AG
1.16%, due 10/12/2004		364		364
Commercial Paper (2.7%)
Compass Securitization–144A
1.25%, due 07/23/2004		508		508
Falcon Asset Securitization Corp–144A
1.27%, due 07/20/2004		363		363
General Electric Capital Corporation
1.20%, due 07/19/2004		363		363
1.21%, due 07/22/2004		291		291
1.22%, due 07/23/2004		291		291
1.23%, due 07/26/2004		364		364
1.22%, due 08/04/2004		726		726
Govco Incorporated–144A
1.25%, due 08/02/2004		145		145
Greyhawk Funding LLC–144A
1.12%, due 07/13/2004		290		290
1.22%, due 07/20/2004		145		145
Jupiter Securitization Corp–144A
1.07%, due 07/02/2004		145		145
Morgan Stanley
1.58%, due 10/22/2004		334		334
1.58%, due 12/10/2004		945		945
1.58%, due 03/16/2005		916		916
Sheffield Receivables–144A
1.24%, due 07/20/2004		218		218
Euro Dollar Overnight (0.3%)
Bank of Nova Scotia (The)
1.04%, due 07/06/2004		364		364
Den Danske Bank
1.08%, due 07/02/2004		364		364
Euro Dollar Terms (2.0%)
Bank of America Corporation
1.08%, due 07/19/2004		145		145
Bank of Montreal
1.20%, due 07/23/2004		74		74
Bank of Nova Scotia (The)
1.20%, due 07/14/2004		364		364
1.24%, due 07/23/2004		73		73
Bank of the West Inc.
1.28%, due 07/28/2004		145		145
Branch Banking &Trust
1.08%, due 07/14/2004		73		73
Calyon
1.16%, due 07/15/2004		1,382		1,382
1.17%, due 08/04/2004		218		218
1.34%, due 08/24/2004		509		509
Fortis Bank
1.19%, due 07/14/2004		73		73
1.29%, due 09/03/2004		145		145

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Van Kampen Large Cap Core    3

Van Kampen Large Cap Core

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Principal		Value
Euro Dollar Terms (continued)
HBOS PLC
1.30%, due 09/03/2004	$	145	$	145
Royal Bank of Canada
1.05%, due 07/08/2004		218		218
Royal Bank of Scotland Group PLC (The)
1.06%, due 07/30/2004		654		654
Wells Fargo & Company
1.19%, due 07/14/2004		291		291
1.25%, due 07/23/2004		145		145
1.24%, due 07/26/2004		145		145
Master Notes (0.3%)
Bear Stearns Companies Inc. (The)
1.64%, due 09/08/2004		436		436
1.64%, due 12/15/2004		291		291
Repurchase Agreements ( 2.2%) (c)
Credit Suisse First Boston (USA), Inc. 1.54%, Repurchase Agreement dated 06/30/2004 to be repurchased at $1,702 on 07/01/2004		1,702		1,702
Goldman Sachs Group Inc. (The) 1.54%, Repurchase Agreement dated 06/30/2004 to be repurchased at $727 on 07/01/2004		727		727

	Principal		Value
Repurchase Agreements (continued)
Merrill Lynch & Co., Inc. 1.54%, Repurchase Agreement dated 06/30/2004 to be repurchased at $2,204 on 07/01/2004	$	2,204	$	2,204
Morgan Stanley 1.58%, Repurchase Agreement dated 06/30/2004 to be repurchased at $654 on 07/01/2004		654		654
	Shares		Value
Investment Companies (1.8%)
Money Market Funds (1.8%)
Merrill Lynch Premier Institutional Fund 1-day yield of 1.17%		602,530	$	603
Merrimac Cash Fund-Premium Class 1 day yield of 1.11%		3,739,466		3,739
Total Security Lending Collateral (cost: $24,400)				24,400
Total Investment Securities (cost: $242,247)			$	253,014
SUMMARY:
Investments, at value		107.2 %	$	253,014
Liabilities in excess of other assets		(7.2)%		(16,985	)
Net assets		100.0 %	$	236,029

NOTES TO SCHEDULE OF INVESTMENTS:

(a) No dividends were paid during the preceding twelve months.

(b) At June 30, 2004, all or a portion of this security is on loan (see Note 1). The value at June 30, 2004, of all securities on loan is $23,565.

(c) Cash collateral for the Repurchase Agreements, valued at $5,392, that serve as collateral for securities lending are invested in corporate bonds with interest rates and maturity dates ranging from 0.00%–9.88% and 08/01/2004–09/25/2099, respectively.

(d) Value is less than $1.

(e) Securities valued as determined in good faith in accordance with procedures established by the Fund's Board of Directors. Security is delisted.

DEFINITIONS:

ADR American Depositary Receipt

144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2004, these securities aggregated $1,814 or 0.77% of the net assets of the Fund.

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Van Kampen Large Cap Core    4

Van Kampen Large Cap Core

STATEMENT OF ASSETS AND LIABILITIES

At June 30, 2004

(all amounts except per share amounts in thousands)

(unaudited)

Assets:
Investment securities, at value (cost: $ 242,247) (including securities loaned of $23,565)	$	253,014
Cash		8,156
Receivables:
Investment securities sold		1,869
Interest		2
Dividends		413
Dividend reclaims receivable		4
Other		21
		263,479
Liabilities:
Investment securities purchased		2,854
Accounts payable and accrued liabilities:
Management and advisory fees		160
Payable for collateral for securities on loan		24,400
Other		36
		27,450
Net Assets	$	236,029
Net Assets Consist of:
Capital stock, 50,000 shares authorized ($.01 par value)	$	150
Additional paid-in capital		233,921
Undistributed net investment income		5,537
Accumulated net realized gain (loss) from:
Investment securities		(13,635	)
Futures contracts		(711	)
Net unrealized appreciation (depreciation) on: Investment securities		10,767
Net Assets	$	236,029
Net Assets by Class:
Initial Class		235,565
Service Class		464
Shares Outstanding:
Initial Class		14,935
Service Class		29
Net Asset Value and Offering Price Per Share:
Initial Class	$	15.77
Service Class		16.02

STATEMENT OF OPERATIONS

For the period ended June 30, 2004

(all amounts in thousands)

(unaudited)

Investment Income:
Interest	$	1,108
Dividends		1,508
Income from loaned securities–net		32
Less withholding taxes on foreign dividends		(19	)
		2,629
Expenses:
Management and advisory fees		901
Printing and shareholder reports		1
Custody fees		69
Administration fees		18
Legal fees		1
Auditing and accounting fees		7
Directors fees		4
Service fees:
Service Class		—
Total expenses		1,001
Net Investment Income (Loss)		1,628
Net Realized Gain (Loss) from:
Investment securities		20,525
Futures contracts		(711	)
		19,814
Net Increase (Decrease) in Unrealized Appreciation (Depreciation) on:
Investment securities		(13,831	)
Futures contracts		342
		(13,489	)
Net Gain (Loss) on Investment Securities and Futures Contracts		6,325
Net Increase (Decrease) in Net Assets Resulting from Operations	$	7,953

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Van Kampen Large Cap Core    5

Van Kampen Large Cap Core

STATEMENTS OF CHANGES IN NET ASSETS

For the period or year ended

(all amounts in thousands)

	June 30, 2004 (unaudited)			December 31, 2003
Increase (Decrease) In Net Assets From:
Operations:
Net investment income (loss)	$	1,628		$	3,912
Net realized gain (loss) from investment securities and futures contracts		19,814			(4,783	)
Net unrealized appreciation (depreciation) on investment securities and futures contracts		(13,489	)		47,246
		7,953			46,375
Distributions to Shareholders:
From net investment income:
Initial Class		–			(4,602	)
Service Class		–			–
		–			(4,602	)
From net realized gains:
Initial Class		–			–
Service Class		–			–
		–			–
Capital Share Transactions:
Proceeds from shares sold:
Initial Class		1,935			7,084
Service Class		256			209
		2,191			7,293
Dividends and distributions reinvested:
Initial Class		–			4,602
Service Class		–			–
		–			4,602
Cost of shares redeemed:
Initial Class		(20,815	)		(50,293	)
Service Class		(27	)		(3	)
		(20,842	)		(50,296	)
		(18,651	)		(38,401	)
Net increase (decrease) in net assets		(10,698	)		3,372
Net Assets:
Beginning of period		246,727			243,355
End of period	$	236,029		$	246,727
Undistributed Net Investment Income	$	5,537		$	3,909

	June 30, 2004 (unaudited)		December 31, 2003
Share Activity:
Shares issued:
Initial Class	125		531
Service Class	16		14
	141		545
Shares issued–reinvested from distributions:
Initial Class	–		332
Service Class	–		–
	–		332
Shares redeemed:
Initial Class	(1,345	)	(3,640	)
Service Class	(1	)	–
	(1,346	)	(3,640	)
Net increase (decrease) in shares outstanding:
Initial Class	(1,220	)	(2,777	)
Service Class	15		14
	(1,205	)	(2,763	)

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Van Kampen Large Cap Core    6

Van Kampen Large Cap Core

FINANCIAL HIGHLIGHTS

(unaudited for the period ended June 30, 2004)

	For the Period Ended (b)	For a share outstanding throughout each period (a)
		Net Asset Value, Beginning of Period		Investment Operations								Distributions									Net Asset Value, End of Period
				Net Investment Income (Loss)		Net Realized and Unrealized Gain (Loss)			Total Operations			From Net Investment Income			From Net Realized Gains			Total Distributions
Initial Class	06/30/2004	$	15.26	$	0.10	$	0.41		$	0.51		$	–		$	–		$	–		$	15.77
	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
	12/31/2000		22.89		0.35		(1.60	)		(1.25	)		(0.33	)		(1.84	)		(2.17	)		19.47
	12/31/1999		23.89		0.34		4.80			5.14			(0.43	)		(5.71	)		(6.14	)		22.89
Service Class	06/30/2004		15.51		0.08		0.43			0.51			–			–			–			16.02
	12/31/2003		13.37		0.13		2.03			2.16			(0.02	)		–			(0.02	)		15.51

	For the Period Ended (b)	Total Return (c)(g)		Ratios/Supplemental Data
				Net Assets, End of Period (000’s)		Ratio of Expenses to Average Net Assets (f)				Net Investment Income (Loss) to Average Net Assets (f)		Portfolio Turnover Rate (g)
						Net (d)		Total (e)
Initial Class	06/30/2004	3.34	%	$	235,565	0.83	%	0.83	%	1.36	%	121	%
	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
	12/31/2000	(5.93	)		352,333	0.85		0.87		1.50		158
	12/31/1999	26.39			414,926	0.84		0.87		1.58		220
Service Class	06/30/2004	3.29			464	1.08		1.08		1.08		121
	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) The inception dates of the Fund’s share classes are 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 period ended June 30, 2004 and the year ended December 31, 2003, Ratio of Net Expenses to Average Net Assets is net of fee waivers by the investment advisor, 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 and prior years, 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 for periods of less than one year.

The notes to the financial statements are an integral part of this report.
AEGON/Transamerica Series Fund, Inc.	Semi-Annual Report 2004

Van Kampen Large Cap Core    7

Van Kampen Large Cap Core

NOTES TO FINANCIAL STATEMENTS

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

The AEGON/Transamerica Series Fund, Inc. (“ATSF”) is a Maryland corporation registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. ATSF serves as a funding vehicle for variable life insurance, variable annuity and group annuity products. Van Kampen Large Cap Core (“the Fund”), part of ATSF, began operations as part of the Endeavor Series Trust, on April 8, 1991. The Fund became part of ATSF on May 1, 2002.

On May 3, 2004, the Fund changed its name from Van Kampen Asset Allocation to Van Kampen Large Cap Core.

In the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties, which 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.

See the Prospectus and Statement of Additional Information for a description of the Fund’s investment objective.

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 policies were consistently followed by the Fund, in accordance with GAAP.

Multiple class operations 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.

Pricing of shares: The Fund prices its shares on the basis of the net asset value of each class of shares of the Fund, which is determined as of the close of the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern Time) on each day on which the NYSE is open for trading (other than a day on which there are insufficient changes in the value of the Fund’s portfolio securities to materially affect the Fund’s net asset value or a day on which no shares are tendered for redemption and no order to purchase any shares is received).

Security valuations: Fund investments traded on an exchange are valued at the closing price on the day of valuation on the exchange where the security is principally traded. With respect to securities traded on the NASDAQ INMS, such closing price may be the last reported sales price or the NASDAQ Official Closing Price.

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 by independent pricing services; 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 also are valued at fair market value as determined in good faith using guidelines established by and under the supervision of the Board of Directors, and the Fund’s Valuation Committee. These guidelines may include: the type of security; any restrictions on its resale; financial or business news of the issuer; similar or related securities that are actively trading; related corporate actions; and other significant events occurring after the close of trading in the security.

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 June 30, 2004, was paying an interest rate of 0.75%.

Repurchase agreements: The Fund is authorized to enter into repurchase agreements. The Fund, through 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. Repurchase agreements involve the risk that the seller will fail to repurchase the security, as agreed. In that case, 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 are incurred.

Directed brokerage: 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 ATSF has established a Directed Brokerage Program. A Directed Brokerage 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 ATSF, or by any other party. Directed commissions for the period ended June 30, 2004, of $11 are included in net realized gains in the Statement of Operations.

Securities lending: The Fund may lend securities to enhance fund earnings from investing cash collateral received in making such loans to qualified borrowers (typically broker/dealers). The Fund has engaged its custodian bank, IBT, as a lending agent to administer its securities lending program. IBT earned $14 of program net income for its

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

Van Kampen Large Cap Core    8

Van Kampen Large Cap Core

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1–(continued)

services. When the Fund makes a security loan, it receives cash collateral as protection against the risk that the borrower will default on the loan, and records an asset for the cash invested collateral and a liability for the return of the collateral.

Loans of securities are required to be secured by collateral at least equal to 102% of the value of the securities at inception of the loan, and not less then 100% thereafter. The Fund may invest cash collateral in short-term money market instruments including: U.S. Treasury Bills, U.S. agency obligations, commercial paper, money market mutual funds, repurchase agreements and other highly rated, liquid investments. During the life of securities loans, the collateral and securities loaned remain subject to fluctuation in value. IBT marks to market securities loaned and the collateral each business day. If additional collateral is due (at least $1), IBT collects additional cash collateral from the borrowers. Although securities loaned will be fully collateralized at all times, IBT may experience delays in, or may be prevented from, recovering the collateral on behalf of the Fund. The Fund may recall a loaned security position at any time from the borrower through IBT. In the event the borrower fails to timely return a recalled security, IBT may indemnify the Fund by purchasing replacement securities for the Fund at its own expense and claiming the collateral to fund such a purchase. IBT absorbs the loss if the collateral value is not sufficient to cover the cost of the replacement securities. If replacement securities are not available, IBT will credit the equivalent cash value to the Fund.

While a security is on loan, the Fund does not have the right to vote that security. However, if time permits, the Fund will attempt to recall a security on loan and vote the proxy.

Income from securities lending is included in the Statement of Operations. The amount of collateral and value of securities on loan are included in the Statement of Assets and Liabilities as well as in the Schedule of Investments.

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 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.

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 counterpart to meet the contract terms.

Dividend distributions: Dividend 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

AEGON/Transamerica Fund Advisers, Inc. (“ATFA”) is the Fund’s investment adviser. AEGON/Transamerica Fund Services, Inc. (“ATFS”) is the Fund’s administrator and transfer agent. AFSG Securities Corp. (“AFSG”) is the Fund’s distributor. AFSG is 100% owned by AUSA Holding Company (“AUSA”). ATFA is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) (“WRL”) and AUSA (22%). ATFS is a wholly owned subsidiary of WRL. AUSA and WRL are wholly owned indirect subsidiaries of AEGON NV, a Netherlands corporation.

Certain officers and directors of the Fund are also officers and/or directors of ATFA, ATFS, AFSG and WRL. No affiliated officer or director receives any compensation directly from the Fund.

Investment advisory fees: The Fund pays management fees to ATFA based on average daily net assets (“ANA”) at the following rate:

From January 1, 2004 to April 30, 2004

0.75 of ANA

From May 1, 2004 on

0.75% of the first $250 million of ANA

0.70% of ANA over $250 million

The actual advisory fee accrued for the six-month period ended June 30, 2004, per average net assets is 0.75%.

ATFA 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 limitations 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 are no amounts subject to recapture at June 30, 2004.

Distribution and service fees: The Fund adopted a distribution plan (“Distribution Plan”) pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended. Pursuant to the Distribution Plan, ATSF entered into a Distribution Agreement with AFSG effective May 1, 1999.

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 ATSF 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 Fund, Inc. Semi-Annual Report 2004

Van Kampen Large Cap Core    9

Van Kampen Large Cap Core

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2004

(all amounts in thousands)

(unaudited)

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, 2005. 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 ATFS for financial and legal fund administration services, which includes such items as compliance, expenses, financial statements and other reporting, distributions, tax returns, prospectus preparation, board of directors meeting support, transfer agency and other legal matters. The Legal fees on the Statement of Operations are for fees paid to external legal counsel. The Fund paid ATFS $18, for Administration fees, for the period ended June 30, 2004.

Deferred compensation plan: Each eligible Fund Director may elect participation in the Deferred Compensation Plan for Directors of ATSF (“the Plan”). Under the Plan, such Directors may defer payment of a percentage of their total fees earned as a Fund Director. These deferred amounts may be invested in any portfolio of Transamerica IDEX Mutual Funds, an affiliate of the Fund. At June 30, 2004, the value of invested plan amounts was $9. Invested plan amounts and the total liability for deferred compensation to the Directors under the Plan at June 30, 2004, are included in Net assets in the accompanying Statement of Assets and Liabilities.

NOTE  3. INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the period ended June 30, 2004, were as follows:

Purchases of securities:
Long-Term excluding U.S. Government	$	203,320
U.S. Government		76,405
Proceeds from maturities and sales of securities:
Long-Term excluding U.S. Government		182,362
U.S. Government		117,265

NOTE  4. FEDERAL INCOME TAX MATTERS

The Fund has not made any provision for federal income 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 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 treatments for items including, but not limited to, wash sales, foreign currency transactions, and capital loss carryforwards.

The capital loss carryforwards are available to offset future realized capital gains through the periods listed:

Capital Loss Carryforward	Available through
$  5,141	December 31, 2009
7,473	December 31, 2010
11,832	December 31, 2011

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of June 30, 2004, are as follows:

Federal Tax Cost Basis	$	245,616
Unrealized Appreciation	$	11,767
Unrealized (Depreciation)		(4,369	)
Net Unrealized Appreciation (Depreciation)	$	7,398

NOTE  5. OTHER MATTERS

ATSF, and certain of its affiliated entities, have received requests for information from the Staff of the Securities and Exchange Commission in connection with market timing and late trading within the funds. ATSF and the affiliated entities have voluntarily cooperated in the investigation and have been providing the information as requested.

AEGON/Transamerica Series Fund, Inc. Semi-Annual Report 2004

Van Kampen Large Cap Core    10

PROXY VOTING POLICIES AND PROCEDURES

A description of the AEGON/Transamerica Series Funds’ 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 (http://www.sec.gov).

In addition, the Funds will be required to file new SEC 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 first filing of Form N-PX will be made no later than August 31, 2004, for the 12 month-period ending June 30, 2004. Once filed, the Form will be available without charge: (1) from the Funds, upon request be calling 1-800-851-9777; and (2) on the SEC’s website at www.sec.gov.

P.O. Box 5068

Clearwater, FL 33758-5068

Item 2: Code of Ethics.

Not applicable for semi-annual reports.

Item 3: Audit Committee Financial Expert.

Not applicable for semi-annual reports.

Item 4: Principal Accountant Fees and Services.

Not applicable for semi-annual reports.

Item 5: Audit Committee of Listed Registrants.

Not applicable for semi-annual reports.

Item 6: Schedule of Investments.

The schedule of investments is included in the Semi-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:

Not applicable

Item 9: Submission of Matters to a Vote of Security Holders

There has been no material change to the procedures by which shareholders may recommend nominees to the registrant’s Board of Directors: currently the registrant does not have a policy with regard to the consideration of director candidates recommended by shareholders as it does not currently contemplate adding Board members or otherwise changing the Board’s composition.

10: Controls and Procedures.

(a) Based on their evaluation of registrant’s disclosure controls and procedures (as defined in rule 30a-3(c)) under the Investment Company Act of 1940, as of June 30, 2004, registrant’s principal executive officer and principal financial officer found registrant’s disclosure controls and procedures to be appropriately designed to ensure that information required to be disclosed by registrant in the reports that it files on Form N-CSR

(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 last fiscal half year that has materially affected, or is reasonable likely to materially affect, the registrant’s internal control over financial reporting.

Item 11: Exhibits.
(a)	(1)	Not Applicable
	(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)	Not Applicable
(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. This certification is being furnished to the Securities and Exchange Commission solely pursuant to 18 U.S.C. section 1350 and is not being filed as part of the Form N-CSR with the Securities and Exchange Commission.

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 Fund, Inc.
(Registrant)
By:	/s/ Brian C. Scott
	President and Chief Executive Officer
	Date: September 3, 2004

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
	President and Chief Executive Officer
Date:	September 3, 2004
By:	/s/ Kim D. Day
	Senior Vice President, Treasurer and Principal Financial Officer
Date:	September 3, 2004

EXHIBIT INDEX

Exhibit No.	Description of Exhibit
11(a)(2)	Section 302 N-CSR Certification of Principal Executive Officer
11(a)(2)	Section 302 N-CSR Certification of Principal Financial Officer
11(b)	Section 906 N-CSR Certification of Principal Executive Officer and Principal Financial Officer