<PAGE>
ZWEIG SERIES TRUST
SUPPLEMENT DATED DECEMBER 16, 1998
TO THE PROSPECTUS DATED MAY 1, 1998
The Prospectus is changed as follows:
1. On page 2 the Fee Table is revised to reflect changes to the information
pertaining to Zweig Growth & Income Fund:
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------
EXAMPLE: You would pay the
following expenses on a
$1,000 investment assuming
ANNUAL FUND (a) 5% annual return and
OPERATING EXPENSES (b) redemption at the end of
(As % of average net assets) each time period:
- -------------------------------------------------------------------------------------------------------------------------
Total
Fund
Management 12b-1 Other Operating 1 3 5 10
Fund Fees Fees(2) Expenses Expenses Year Years Years Years
- -------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
CLASS A SHARES
Zweig Strategy Fund ................ 0.75% 0.30% 0.19% 1.24% $67 $ 92 $119 $ 197
Zweig Appreciation Fund ............ 1.00 0.30 0.22 1.52 70 100 133 226
Zweig Growth & Income Fund ......... 0.75 0.30 0.25 1.30 68 94 122 203
Zweig Managed Assets ............... 1.00 0.30 0.29 1.59 70 102 137 234
Zweig Foreign Equity Fund (4) ...... -0-* 0.30 1.50* 1.80* 72 109 N/A N/A
Zweig Government Fund .............. 0.60 0.30 0.46 1.36 61 89 118 203
Zweig Government Cash Fund (1) ..... -0-* 0.30 0.35* 0.65* 7 21 36 81
CLASS B SHARES
Zweig Strategy Fund ................ 0.75 1.00 0.19 1.94 70 91 125 200(3)
Zweig Appreciation Fund ............ 1.00 1.00 0.22 2.22 73 99 139 230(3)
Zweig Growth & Income Fund ......... 0.75 1.00 0.25 2.00 70 93 127 204(3)
Zweig Managed Assets ............... 1.00 1.00 0.29 2.29 73 102 143 237(3)
Zweig Foreign Equity Fund (4) ...... -0-* 1.00 1.50* 2.50* 75 108 N/A N/A
Zweig Government Fund .............. 0.60 1.00 0.46 2.06 71 95 131 213(3)
Zweig Government Cash Fund (1) ..... -0-* 1.00 0.35* 1.35* 64 73 94 134(3)
CLASS C SHARES
Zweig Strategy Fund ................ 0.75 1.00 0.19 1.94 32 61 105 226
Zweig Appreciation Fund ............ 1.00 1.00 0.22 2.22 35 69 119 255
Zweig Growth & Income Fund ......... 0.75 1.00 0.25 2.00 33 63 107 230
Zweig Managed Assets ............... 1.00 1.00 0.29 2.29 36 72 123 263
Zweig Foreign Equity Fund (4) ...... -0-* 1.00 1.50* 2.50* 38 78 N/A N/A
Zweig Government Fund .............. 0.60 0.75 0.46 1.81 31 57 98 213
Zweig Government Cash Fund (1) ..... -0-* 0.30 0.35* 0.65* 19 21 36 81
CLASS I SHARES
Zweig Strategy Fund ................ 0.75 -- 0.19 0.94 10 30 52 115
Zweig Appreciation Fund ............ 1.00 -- 0.22 1.22 12 39 67 148
Zweig Growth & Income Fund ......... 0.75 -- 0.25 1.00 10 32 55 122
Zweig Managed Assets ............... 1.00 -- 0.29 1.29 13 41 71 156
Zweig Foreign Equity Fund (4) ...... -0-* -- 1.50* 1.50* 15 47 N/A N/A
Zweig Government Fund .............. 0.60 -- 0.46 1.06 11 34 58 129
Zweig Government Cash Fund (1) ..... 0.03* -- 0.32 0.35* 4 11 20 44
- -------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- ----------------------------------------------------------------------
EXAMPLE: You would pay the
following expenses on a
$1,000 investment assuming
(a) 5% annual return and
(b) no redemption:
- ----------------------------------------------------------------------
1 3 5 10
Fund Year Years Years Years
- ----------------------------------------------------------------------
<S> <C> <C> <C> <C>
CLASS A SHARES
Zweig Strategy Fund ................ $67 $ 92 $119 $ 197
Zweig Appreciation Fund ............ 70 100 133 226
Zweig Growth & Income Fund ......... 68 94 122 203
Zweig Managed Assets ............... 70 102 137 234
Zweig Foreign Equity Fund (4) ...... 72 109 N/A N/A
Zweig Government Fund .............. 61 89 118 203
Zweig Government Cash Fund (1) ..... 7 21 36 81
CLASS B SHARES
Zweig Strategy Fund ................ 20 61 105 200(3)
Zweig Appreciation Fund ............ 23 69 119 230(3)
Zweig Growth & Income Fund ......... 20 63 107 204(3)
Zweig Managed Assets ............... 23 72 123 237(3)
Zweig Foreign Equity Fund (4) ...... 25 78 N/A N/A
Zweig Government Fund .............. 21 65 111 213(3)
Zweig Government Cash Fund (1) ..... 14 43 74 134(3)
CLASS C SHARES
Zweig Strategy Fund ................ 20 61 105 226
Zweig Appreciation Fund ............ 23 69 119 255
Zweig Growth & Income Fund ......... 20 63 107 230
Zweig Managed Assets ............... 23 72 123 263
Zweig Foreign Equity Fund (4) ...... 25 78 N/A N/A
Zweig Government Fund .............. 18 57 98 213
Zweig Government Cash Fund (1) ..... 7 21 36 81
CLASS I SHARES
Zweig Strategy Fund ................ 10 30 52 115
Zweig Appreciation Fund ............ 12 39 67 148
Zweig Growth & Income Fund ......... 10 32 55 122
Zweig Managed Assets ............... 13 41 71 156
Zweig Foreign Equity Fund (4) ...... 15 47 N/A N/A
Zweig Government Fund .............. 11 34 58 129
Zweig Government Cash Fund (1) ..... 4 11 20 44
- ----------------------------------------------------------------------
</TABLE>
2. On page 16 under the caption CLASS A SHARES, the following sentence is added
at the end of the first paragraph:
The distributor has agreed to reallow to your dealer the full sales charge
on Class A Shares of Zweig Managed Assets during the period October 12,
1998 to January 29, 1999.
3. On page 18 under the caption CLASS B SHARES, the following sentence is added
after the first sentence:
The distributor has agreed to pay your dealer 4.50% of the purchase amount
on Class B Shares of Zweig Managed Assets during the period October 12,
1998 to January 29, 1999.
<PAGE>
4. On page 18 under the caption CLASS C SHARES, the following sentence is added
after the second sentence:
The distributor has agreed to pay your dealer 1.25% of the purchase amount
on Class C Shares of Zweig Managed Assets during the period October 12,
1998 to January 29, 1999.
5. On page 22 under the caption THE MANAGER AND MANAGEMENT FEE, after the first
paragraph add the following paragraphs:
The manager, Zweig/Glaser Advisers, and the distributor, Zweig Securities
Corp., for the seven Zweig Mutual Funds have entered into an agreement
pursuant to which they will become wholly-owned subsidiaries of Phoenix
Investment Partners, Ltd. ("Phoenix"), a 60-percent owned subsidiary of
Phoenix Home Life Mutual Insurance Company.
Phoenix is a large, diversified financial services organization that
provides a variety of investment products and services to investors
throughout the United States and abroad, including management,
administrative and distribution services to more than 40 mutual funds.
Phoenix is headquartered in Hartford, Connecticut, and its common stock is
listed on the New York Stock Exchange.
Because the transaction would constitute an "assignment" under the
Investment Company Act, it would terminate the funds' investment advisory
agreement. Accordingly, the manager intends to seek approval of new
agreements by each fund's shareholders prior to closing the transaction.
The closing is expected to take place in the first quarter of 1999, subject
to a number of conditions, including shareholder approval of the new
agreements.
After the closing, the manager will continue to operate out of its offices
in New York City. Dr. Martin E. Zweig will continue to be responsible for
the asset allocation decisions pursuant to a new sub-advisory agreement,
David Katzen will continue to be the portfolio manager for Zweig Strategy
Fund, Zweig Appreciation Fund and Zweig Growth & Income Fund, and Carlton
Neel will continue to be the portfolio manager for Zweig Managed Assets,
Zweig Foreign Equity Fund and Zweig Government Fund.
