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<PAGE> PAGE 7
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 13
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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 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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<NAME> ZMAI1298
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 482,753
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<TOTAL-ASSETS> 588,659
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<TOTAL-LIABILITIES> 1,899
<SENIOR-EQUITY> 0
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<SHARES-COMMON-STOCK> 129
<SHARES-COMMON-PRIOR> 203
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 235
<ACCUMULATED-NET-GAINS> 6,161
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 97,497
<NET-ASSETS> 586,760
<DIVIDEND-INCOME> 5,772
<INTEREST-INCOME> 15,584
<OTHER-INCOME> 0
<EXPENSES-NET> 11,695
<NET-INVESTMENT-INCOME> 9,661
<REALIZED-GAINS-CURRENT> 15,943
<APPREC-INCREASE-CURRENT> 49,478
<NET-CHANGE-FROM-OPS> 75,082
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 85
<DISTRIBUTIONS-OF-GAINS> 5
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<NUMBER-OF-SHARES-SOLD> 2
<NUMBER-OF-SHARES-REDEEMED> 82
<SHARES-REINVESTED> 6
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<OVERDISTRIB-NII-PRIOR> 94
<OVERDIST-NET-GAINS-PRIOR> 5,282
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<GROSS-EXPENSE> 11,695
<AVERAGE-NET-ASSETS> 2,154
<PER-SHARE-NAV-BEGIN> 13.05
<PER-SHARE-NII> .56
<PER-SHARE-GAIN-APPREC> 1.41
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<PER-SHARE-DISTRIBUTIONS> .04
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<PER-SHARE-NAV-END> 14.31
<EXPENSE-RATIO> 1.21
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000754363
<NAME> ZWEIG GROWTH & INCOME FUND
<SERIES>
<NUMBER> 071
<NAME> ZGIA1298
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 38,151
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<TOTAL-LIABILITIES> 314
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 38,124
<SHARES-COMMON-STOCK> 610
<SHARES-COMMON-PRIOR> 498
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 11
<ACCUMULATED-NET-GAINS> (36)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,539
<NET-ASSETS> 40,616
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<NET-INVESTMENT-INCOME> 125
<REALIZED-GAINS-CURRENT> (568)
<APPREC-INCREASE-CURRENT> (1,295)
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<NUMBER-OF-SHARES-SOLD> 384
<NUMBER-OF-SHARES-REDEEMED> 276
<SHARES-REINVESTED> 4
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<ACCUMULATED-NII-PRIOR> 0
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<AVERAGE-NET-ASSETS> 8,165
<PER-SHARE-NAV-BEGIN> 13.73
<PER-SHARE-NII> .11
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<EXPENSE-RATIO> 1.56
<AVG-DEBT-OUTSTANDING> 0
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000754363
<NAME> ZWEIG GROWTH & INCOME FUND
<SERIES>
<NUMBER> 072
<NAME> ZGIB1298
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
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<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 314
<TOTAL-LIABILITIES> 314
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 38,124
<SHARES-COMMON-STOCK> 1,226
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<REALIZED-GAINS-CURRENT> (568)
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<AVERAGE-NET-ASSETS> 15,712
<PER-SHARE-NAV-BEGIN> 13.73
<PER-SHARE-NII> .02
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<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
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<EXPENSE-RATIO> 2.26
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000754363
<NAME> ZWEIG GROWTH & INCOME FUND
<SERIES>
<NUMBER> 073
<NAME> ZGIC1298
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 38,151
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<OTHER-INCOME> 0
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<NET-INVESTMENT-INCOME> 125
<REALIZED-GAINS-CURRENT> (568)
<APPREC-INCREASE-CURRENT> (1,295)
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<DISTRIBUTIONS-OF-INCOME> 22
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<NUMBER-OF-SHARES-SOLD> 519
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<SHARES-REINVESTED> 1
<NET-CHANGE-IN-ASSETS> 6,649
<ACCUMULATED-NII-PRIOR> 0
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<OVERDISTRIB-NII-PRIOR> 3
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<GROSS-EXPENSE> 859
<AVERAGE-NET-ASSETS> 14,991
<PER-SHARE-NAV-BEGIN> 13.71
<PER-SHARE-NII> .02
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<PER-SHARE-NAV-END> 13.37
<EXPENSE-RATIO> 2.26
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000754363
<NAME> ZWEIG GROWTH & INCOME FUND
<SERIES>
<NUMBER> 074
<NAME> ZGII1298
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
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<PERIOD-END> DEC-31-1998
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000754363
<NAME> ZWEIG FOREIGN EQUITY FUND
<SERIES>
<NUMBER> 081
<NAME> ZFEA1298
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
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<AVG-DEBT-OUTSTANDING> 0
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000754363
<NAME> ZWEIG FOREIGN EQUITY FUND
<SERIES>
<NUMBER> 082
<NAME> ZFEB1298
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 7,700
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<NET-ASSETS> 8,486
<DIVIDEND-INCOME> 102
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<NET-INVESTMENT-INCOME> 48
<REALIZED-GAINS-CURRENT> (486)
<APPREC-INCREASE-CURRENT> 687
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<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 9
<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-SOLD> 100
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<SHARES-REINVESTED> 1
<NET-CHANGE-IN-ASSETS> 5,170
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (11)
<OVERDISTRIB-NII-PRIOR> 1
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<GROSS-EXPENSE> 296
<AVERAGE-NET-ASSETS> 1,431
<PER-SHARE-NAV-BEGIN> 11.45
<PER-SHARE-NII> .04
<PER-SHARE-GAIN-APPREC> .92
<PER-SHARE-DIVIDEND> .06
<PER-SHARE-DISTRIBUTIONS> 0
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<PER-SHARE-NAV-END> 12.35
<EXPENSE-RATIO> 2.50
<AVG-DEBT-OUTSTANDING> 0
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000754363
<NAME> ZWEIG FOREIGN EQUITY FUND
<SERIES>
<NUMBER> 083
<NAME> ZFEC1298
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 7,700
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<PAID-IN-CAPITAL-COMMON> 8,265
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<NET-ASSETS> 8,486
<DIVIDEND-INCOME> 102
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<NET-INVESTMENT-INCOME> 48
<REALIZED-GAINS-CURRENT> (486)
<APPREC-INCREASE-CURRENT> 687
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<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 18
<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-SOLD> 287
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<SHARES-REINVESTED> 1
<NET-CHANGE-IN-ASSETS> 5,170
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (11)
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<GROSS-EXPENSE> 296
<AVERAGE-NET-ASSETS> 2,898
<PER-SHARE-NAV-BEGIN> 11.45
<PER-SHARE-NII> .05
<PER-SHARE-GAIN-APPREC> .90
<PER-SHARE-DIVIDEND> .07
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.33
<EXPENSE-RATIO> 2.50
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000754363
<NAME> ZWEIG FOREIGN EQUITY FUND
<SERIES>
<NUMBER> 084
<NAME> ZFEI1298
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 7,700
<INVESTMENTS-AT-VALUE> 8,365
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<ASSETS-OTHER> 101
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 8,578
<PAYABLE-FOR-SECURITIES> 5
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 87
<TOTAL-LIABILITIES> 92
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 8,265
<SHARES-COMMON-STOCK> 90
<SHARES-COMMON-PRIOR> 88
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 13
<ACCUMULATED-NET-GAINS> (497)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 731
<NET-ASSETS> 8,486
<DIVIDEND-INCOME> 102
<INTEREST-INCOME> 93
<OTHER-INCOME> 0
<EXPENSES-NET> 147
<NET-INVESTMENT-INCOME> 48
<REALIZED-GAINS-CURRENT> (486)
<APPREC-INCREASE-CURRENT> 687
<NET-CHANGE-FROM-OPS> 249
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 16
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 2
<NET-CHANGE-IN-ASSETS> 5,170
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (11)
<OVERDISTRIB-NII-PRIOR> 1
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 67
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 296
<AVERAGE-NET-ASSETS> 1,091
<PER-SHARE-NAV-BEGIN> 11.46
<PER-SHARE-NII> .16
<PER-SHARE-GAIN-APPREC> .91
<PER-SHARE-DIVIDEND> .18
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.35
<EXPENSE-RATIO> 1.50
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Shareholders and Board of Trustees
of Zweig Series Trust
In planning and performing our audit of the financial statements and financial
highlights of Zweig Series Trust (the "Trust") for the year ended December 31,
1998, we considered its internal control, including control over safeguarding
securities, in order to determine our auditing procedures for the purpose 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 and financial highlights
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 controls, errors or fraud 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 fraud 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,
1998.
This report is intended solely for the information and use of management and
the Securities and Exchange Commission.
/s/PricewaterhouseCoopers LLP
PricewaterhouseCoopers LLP
New York, New York
January 25, 1999
