ZWEIG SERIES TRUST
Supplement dated March 1, 1999
to the Prospectus dated May 1, 1998
The prospectus is changed as follows:
1. Name changes: "Zweig Series Trust" is changed to "Phoenix-Zweig Trust"
The name of each fund is changed as follows:
From To
Zweig Strategy Fund Phoenix-Zweig Strategy Fund
Zweig Appreciation Fund Phoenix-Zweig Appreciation Fund
Zweig Growth & Income Fund Phoenix-Zweig Growth & Income Fund
Zweig Managed Assets Phoenix-Zweig Managed Assets
Zweig Foreign Equity Fund Phoenix-Zweig Foreign Equity Fund
Zweig Government Fund Phoenix-Zweig Government Fund
Zweig Government Cash Fund Phoenix-Zweig Government Cash Fund
2. On page 2 the Fee Table is revised to reflect changes to the information
pertaining to Phoenix-Zweig Growth & Income Fund:
<TABLE>
<CAPTION>
EXAMPLE: You would pay the
ANNUAL FUND following expenses on a $1,000
OPERATING EXPENSES investment assuming (a) 5%
(As % of average net assets) annual return and (b) redemption
at the end of each time period:
Total Fund
FUND Management 12b-1 Other Operating 1 Year 3 Years 5 Years 10
Fees Fees(2) Expenses Expenses Years
<S> <C> <C> <C> <C> <C> <C> <C> <C>
CLASS A SHARES
Phoenix-Zweig Strategy Fund 0.75% 0.30% 0.19% 1.24% $67 $ 92 $119 $ 197
Phoenix-Zweig Appreciation Fund 1.00 0.30 0.22 1.52 70 100 133 226
Phoenix-Zweig Growth & Income Fund 0.75 0.30 0.25 1.30 68 94 122 203
Phoenix-Zweig Managed Assets 1.00 0.30 0.29 1.59 70 102 137 234
Phoenix-Zweig Foreign Equity Fd (4) -0-* 0.30 1.50* 1.80* 72 109 N/A N/A
Phoenix-Zweig Government Fund 0.60 0.30 0.46 1.36 61 89 118 203
Phoenix-Zweig Gov't Cash Fund (1) -0-* 0.30 0.35* 0.65* 7 21 36 81
CLASS B SHARES
Phoenix-Zweig Strategy Fund 0.75 1.00 0.19 1.94 70 91 125 200(3)
Phoenix-Zweig Appreciation Fund 1.00 1.00 0.22 2.22 73 99 139 230(3)
Phoenix-Zweig Growth & Income Fund 0.75 1.00 0.25 2.00 70 93 127 204(3)
Phoenix-Zweig Managed Assets 1.00 1.00 0.29 2.29 73 102 143 237(3)
Phoenix-Zweig Foreign Equity Fd (4) -0-* 1.00 1.50* 2.50* 75 108 N/A N/A
Phoenix-Zweig Government Fund 0.60 1.00 0.46 2.06 71 95 131 213(3)
Phoenix-Zweig Gov't Cash Fund (1) -0-* 1.00 0.35* 1.35* 64 73 94 134(3)
CLASS C SHARES
Phoenix-Zweig Strategy Fund 0.75 1.00 0.19 1.94 32 61 105 226
Phoenix-Zweig Appreciation Fund 1.00 1.00 0.22 2.22 35 69 119 255
Phoenix-Zweig Growth & Income Fund 0.75 1.00 0.25 2.00 33 63 107 230
Phoenix-Zweig Managed Assets 1.00 1.00 0.29 2.29 36 72 123 263
Phoenix-Zweig Foreign Equity Fd (4) -0-* 1.00 1.50* 2.50* 38 78 N/A N/A
Phoenix-Zweig Government Fund 0.60 0.75 0.46 1.81 31 57 98 213
Phoenix-Zweig Gov't Cash Fund(1) -0-* 0.30 0.35* 0.65* 19 21 36 81
CLASS I SHARES
Phoenix-Zweig Strategy Fund 0.75 -- 0.19 0.94 10 30 52 115
Phoenix-Zweig Appreciation Fund 1.00 -- 0.22 1.22 12 39 67 148
Phoenix-Zweig Growth & Income Fund 0.75 -- 0.25 1.00 10 32 55 122
Phoenix-Zweig Managed Assets 1.00 -- 0.29 1.29 13 41 71 156
Phoenix-Zweig Foreign Equity Fd (4) -0-* -- 1.50* 1.50* 15 47 N/A N/A
Phoenix-Zweig Government Fund 0.60 -- 0.46 1.06 11 34 58 129
Phoenix-Zweig Gov't 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:
FUND 1 Year 3 Years 5 Years 10
Years
<S> <C> <C> <C> <C>
CLASS SHARES
Phoenix-Zweig Strategy Fund $67 $92 $119 $197
Phoenix-Zweig Appreciation Fund 70 100 133 226
Phoenix-Zweig Growth & Income Fund 68 94 122 203
Phoenix-Zweig Managed Assets 70 102 137 234
Phoenix-Zweig Foreign Equity Fd 72 109 N/A N/A
Phoenix-Zweig Government Fund 61 89 118 203
Phoenix-Zweig Gov't Cash Fund (1) 7 21 36 81
CLASS B SHARES
Phoenix-Zweig Strategy Fund 20 61 105 200 (3)
Phoenix-Zweig Appreciation Fund 23 69 119 230 (3)
Phoenix-Zweig Growth & Income Fund 20 63 107 204 (3)
Phoenix-Zweig Managed Assets 23 72 123 237 (3)
Phoenix-Zweig Foreign Equity Fd 25 78 N/A N/A
Phoenix-Zweig Government Fund 21 65 111 213 (3)
Phoenix-Zweig Gov't Cash Fund (1) 14 43 74 134 (3)
CLASS C SHARES
Phoenix-Zweig Strategy Fund 20 61 105 226
Phoenix-Zweig Appreciation Fund 23 69 119 255
Phoenix-Zweig Growth & Income Fund 20 63 107 230
Phoenix-Zweig Managed Assets 23 72 123 263
Phoenix-Zweig Foreign Equity Fd 25 78 N/A N/A
Phoenix-Zweig Government Fund 18 57 98 213
Phoenix-Zweig Gov't Cash Fund(1) 7 21 36 81
CLASS I SHARES
Phoenix-Zweig Strategy Fund 10 30 52 115
Phoenix-Zweig Appreciation Fund 12 39 67 148
Phoenix-Zweig Growth & Income Fund 10 32 55 122
Phoenix-Zweig Managed Assets 13 41 71 156
Phoenix-Zweig Foreign Equity Fd 15 47 N/A N/A
Phoenix-Zweig Government Fund 11 34 58 129
Phoenix-Zweig Gov't Cash Fund(1) 4 11 20 44
</TABLE>
3. On page 7, under the caption DR. MARTIN E. ZWEIG, insert the following
sentence at the beginning of the third paragraph. "Dr. Zweig and his research
associates will be responsible for the asset allocation decisions pursuant to a
sub-advisory agreement between Zweig Consulting LLC and Zweig/Glaser Advisers,
the manager of the funds."
4. On page 22, under the caption THE MANAGER AND MANAGEMENT FEE, after the first
sentence, delete the remainder of the paragraph and insert "Zweig/Glaser
Advisers is a wholly owned subsidiary of Zweig/Glaser Advisers LLC, a wholly
owned subsidiary 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
(Symbol: PXP). Zweig/Glaser Advisers operates out of its offices in New York
City."
5. On page 22 under the caption THE DISTRIBUTOR replace the first sentence with
the following language:
"Phoenix Equity Planning Corporation ("PEPCO") serves as the principal
distributor of shares of the Phoenix-Zweig Trust."
