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<PAGE> PAGE 2
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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SIGNATURE ALFRED J. RATCLIFFE
TITLE FIRST VICE PRESIDENT
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<NUMBER> 064
<NAME> ZMAI1297
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<S> <C>
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<TOTAL-LIABILITIES> 1,988
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<OVERDISTRIBUTION-GAINS> 0
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000754363
<NAME> ZWEIG GROWTH & INCOME FUND
<SERIES>
<NUMBER> 071
<NAME> ZGIA1297
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
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<PERIOD-END> DEC-31-1997
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000754363
<NAME> ZWEIG GROWTH & INCOME FUND
<SERIES>
<NUMBER> 072
<NAME> ZGIB1297
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
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<EXPENSE-RATIO> 2.00
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000754363
<NAME> ZWEIG GROWTH & INCOME FUND
<SERIES>
<NUMBER> 073
<NAME> ZGIC1297
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
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<EXPENSE-RATIO> 2.00
<AVG-DEBT-OUTSTANDING> 0
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000754363
<NAME> ZWEIG GROWTH & INCOME FUND
<SERIES>
<NUMBER> 074
<NAME> ZGII1297
<MULTIPLIER> 1,000
<S> <C>
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<PERIOD-END> DEC-31-1997
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000754363
<NAME> ZWEIG FOREIGN EQUITY FUND
<SERIES>
<NUMBER> 081
<NAME> ZFEA1297
<MULTIPLIER> 1,000
<S> <C>
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000754363
<NAME> ZWEIG FOREIGN EQUITY FUND
<SERIES>
<NUMBER> 082
<NAME> ZFEB1297
<MULTIPLIER> 1,000
<S> <C>
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<FISCAL-YEAR-END> DEC-31-1997
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<INVESTMENTS-AT-COST> 3,161
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000754363
<NAME> ZWEIG FOREIGN EQUITY FUND
<SERIES>
<NUMBER> 083
<NAME> ZFEC1297
<MULTIPLIER> 1,000
<S> <C>
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<EXPENSES-NET> 6
<NET-INVESTMENT-INCOME> 3
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<DISTRIBUTIONS-OF-INCOME> 1
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<NUMBER-OF-SHARES-SOLD> 1031
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<SHARES-REINVESTED> 0
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<GROSS-EXPENSE> 16
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<EXPENSE-RATIO> 2.50
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000754363
<NAME> ZWEIG FOREIGN EQUITY FUND
<SERIES>
<NUMBER> 084
<NAME> ZFEI1297
<MULTIPLIER> 1,000
<S> <C>
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<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 3,161
<INVESTMENTS-AT-VALUE> 3,166
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<SENIOR-EQUITY> 0
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<SHARES-COMMON-STOCK> 88
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<ACCUMULATED-NET-GAINS> (11)
<OVERDISTRIBUTION-GAINS> 0
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<DIVIDEND-INCOME> 1
<INTEREST-INCOME> 8
<OTHER-INCOME> 0
<EXPENSES-NET> 6
<NET-INVESTMENT-INCOME> 3
<REALIZED-GAINS-CURRENT> (11)
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<NET-CHANGE-FROM-OPS> 36
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 88
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<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 3,316
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3
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<GROSS-EXPENSE> 16
<AVERAGE-NET-ASSETS> 998
<PER-SHARE-NAV-BEGIN> 11.34
<PER-SHARE-NII> .02
<PER-SHARE-GAIN-APPREC> .12
<PER-SHARE-DIVIDEND> .02
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.46
<EXPENSE-RATIO> 1.50
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
REPORT OF INDEPENDENT ACCOUNTANTS
__________________________
To the Board of Trustees of
Zweig Series Trust:
In planning and performing our audits of the financial statements and
financial highlights of Zweig Series Trust, comprised of Zweig Strategy
Fund, Zweig Appreciation Fund, Zweig Managed Assets, Zweig Growth & Income
Fund, Zweig Foreign Equity Fund, Zweig Government Fund and Zweig Cash Fund
(collectively, the "Trust") for the year ended December 31, 1997, we
considered the Trust's internal control, including controls over safeguarding
securities, in order to determine our auditing procedures for the purposes
of expressing our opinion on the financial statements and financial highlights
and to comply with the requirements of Form N-SAR, not to provide assurance
on internal control.
The management of the Trust is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and judgments
by management are required to assess the expected benefits and related costs
of controls. Generally, controls that are relevant to an audit pertain to
the entity's objective of preparing financial statements for external purposes
that are fairly presented in conformity with generally accepted accounting
principles. Those controls include the safeguarding of assets against
unauthorized acquisition, use, or disposition.
Because of inherent limitations in internal control, errors or irregularities
may occur and may not be detected. Also, projection of any evaluation of
internal control to future periods is subject to the risk that it may become
inadequate because of changes in conditions or that the effectiveness of the
design and operation may deteriorate.
Our consideration of internal control would not necessarily disclose all
matters in internal control that might be material weaknesses under standards
established by the American Institute of Certified Public Accountants. A
material weakness is a condition in which the design or operation of any
specific internal control component does not reduce to a relatively low level
the risk that errors or irregularities in amounts that would be material in
relation to the financial statements and financial highlights being audited
may occur and not be detected within a timely period by employees in the
normal course of performing their assigned functions. However, we noted no
matters involving internal control, including controls over safeguarding
securities, that we consider to be material weaknesses, as defined above,
as of December 31, 1997.
This report is intended solely for the information and use of management of
the Trust and the Securities and Exchange Commission.
/s/ Coopers & Lybrand L.L.P.
Coopers & Lybrand L.L.P.
New York, New York
January 23, 1998
