<PAGE>
ZWEIG SERIES TRUST
SUPPLEMENT DATED JUNE 5, 1998
TO THE PROSPECTUS DATED MAY 1, 1998
The Prospectus is changed as follows:
On page 2 the Fee Table is revised to reflect changes to the information
pertaining to Zweig Growth & Income Fund:
<TABLE>
<CAPTION>
Total Fund
Management 12b-1 Other Operating 1 3 5 10 1
FUND Fees Fees(2) Expenses Expenses Year Years Years Years Year
<S> <C> <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 $67
Zweig Appreciation Fund.... 1.00 0.30 0.22 1.52 70 100 133 226 70
Zweig Growth & Income
Fund...................... 0.75 0.30 0.25 1.30 68 94 122 203 68
Zweig Managed Assets....... 1.00 0.30 0.29 1.59 70 102 137 234 70
Zweig Foreign Equity Fund
(4)....................... -0-* 0.30 1.50* 1.80* 72 109 N/A N/A 72
Zweig Government Fund...... 0.60 0.30 0.46 1.36 61 89 118 203 61
Zweig Government Cash Fund
(1)....................... -0-* 0.30 0.35* 0.65* 7 21 36 81 7
CLASS B SHARES
Zweig Strategy Fund........ 0.75 1.00 0.19 1.94 70 91 125 200 (3) 20
Zweig Appreciation Fund.... 1.00 1.00 0.22 2.22 73 99 139 230 (3) 23
Zweig Growth & Income
Fund...................... 0.75 1.00 0.25 2.00 70 93 127 204 (3) 20
Zweig Managed Assets....... 1.00 1.00 0.29 2.29 73 102 143 237 (3) 23
Zweig Foreign Equity Fund
(4)....................... -0-* 1.00 1.50* 2.50* 75 108 N/A N/A 25
Zweig Government Fund...... 0.60 1.00 0.46 2.06 71 95 131 213 (3) 21
Zweig Government Cash Fund
(1)....................... -0-* 1.00 0.35* 1.35* 64 73 94 134 (3) 14
CLASS C SHARES
Zweig Strategy Fund........ 0.75 1.00 0.19 1.94 32 61 105 226 20
Zweig Appreciation Fund.... 1.00 1.00 0.22 2.22 35 69 119 255 23
Zweig Growth & Income
Fund...................... 0.75 1.00 0.25 2.00 33 63 107 230 20
Zweig Managed Assets....... 1.00 1.00 0.29 2.29 36 72 123 263 23
Zweig Foreign Equity Fund
(4)....................... -0-* 1.00 1.50* 2.50* 38 78 N/A N/A 25
Zweig Government Fund...... 0.60 0.75 0.46 1.81 31 57 98 213 18
Zweig Government Cash Fund
(1)....................... -0-* 0.30 0.35* 0.65* 19 21 36 81 7
CLASS I SHARES
Zweig Strategy Fund........ 0.75 -- 0.19 0.94 10 30 52 115 10
Zweig Appreciation Fund.... 1.00 -- 0.22 1.22 12 39 67 148 12
Zweig Growth & Income
Fund...................... 0.75 -- 0.25 1.00 10 32 55 122 10
Zweig Managed Assets....... 1.00 -- 0.29 1.29 13 41 71 156 13
Zweig Foreign Equity Fund
(4)....................... -0-* -- 1.50* 1.50* 15 47 N/A N/A 15
Zweig Government Fund...... 0.60 -- 0.46 1.06 11 34 58 129 11
Zweig Government Cash Fund
(1)....................... 0.03* -- 0.32 0.35* 4 11 20 44 4
<CAPTION>
3 5 10
FUND Years Years Years
<S> <C> <C>
CLASS A SHARES
Zweig Strategy Fund........ $ 92 $119 $197
Zweig Appreciation Fund.... 100 133 226
Zweig Growth & Income
Fund...................... 94 122 203
Zweig Managed Assets....... 102 137 234
Zweig Foreign Equity Fund
(4)....................... 109 N/A N/A
Zweig Government Fund...... 89 118 203
Zweig Government Cash Fund
(1)....................... 21 36 81
CLASS B SHARES
Zweig Strategy Fund........ 61 105 200 (3)
Zweig Appreciation Fund.... 69 119 230 (3)
Zweig Growth & Income
Fund...................... 63 107 204 (3)
Zweig Managed Assets....... 72 123 237 (3)
Zweig Foreign Equity Fund
(4)....................... 78 N/A N/A
Zweig Government Fund...... 65 111 213 (3)
Zweig Government Cash Fund
(1)....................... 43 74 134 (3)
CLASS C SHARES
Zweig Strategy Fund........ 61 105 226
Zweig Appreciation Fund.... 69 119 255
Zweig Growth & Income
Fund...................... 63 107 230
Zweig Managed Assets....... 72 123 263
Zweig Foreign Equity Fund
(4)....................... 78 N/A N/A
Zweig Government Fund...... 57 98 213
Zweig Government Cash Fund
(1)....................... 21 36 81
CLASS I SHARES
Zweig Strategy Fund........ 30 52 115
Zweig Appreciation Fund.... 39 67 148
Zweig Growth & Income
Fund...................... 32 55 122
Zweig Managed Assets....... 41 71 156
Zweig Foreign Equity Fund
(4)....................... 47 N/A N/A
Zweig Government Fund...... 34 58 129
Zweig Government Cash Fund
(1)....................... 11 20 44
</TABLE>
