<PAGE>
STYLE SELECT SERIES, INC.
SUPPLEMENT TO THE PROSPECTUS DATED MARCH 5, 1997
The date of the Prospectus is hereby changed to May 30, 1997.
FINANCIAL HIGHLIGHTS
The following unaudited Financial Highlights are for the period November 19,
1996 (commencement of operations) through April 30, 1997 with respect to Class A
and Class B shares, and for the period March 6, 1997 (commencement of
operations) through April 30, 1997, with respect to Class C shares. These
Financial Highlights should be read in conjunction with the unaudited financial
statements and notes thereto, which are included in the Statement of Additional
Information and are incorporated by reference herein.
<TABLE>
<CAPTION>
NET
GAIN(LOSS) DIVIDENDS
ON INVEST- TOTAL FROM DISTRI-
NET ASSET NET MENTS(BOTH FROM NET BUTIONS
VALUE, INVEST- REALIZED INVEST- INVEST- FROM TOTAL
PERIOD BEGINNING MENT AND MENT MENT CAPITAL DISTRI-
ENDED OF PERIOD INCOME(1) UNREALIZED) OPERATIONS INCOME GAINS BUTIONS
- ------------------- ---------- ---------- ----------- ---------- --------- ------- -------
AGGRESSIVE GROWTH PORTFOLIO
- ---------------------------
CLASS A
-------
<S> <C> <C> <C> <C> <C> <C> <C>
11/19/96-4/30/97... $12.50 $(0.02) $ 0.03 $ 0.01 $-- $-- $--
<CAPTION>
CLASS B
-------
<S> <C> <C> <C> <C> <C> <C> <C>
11/19/96-4/30/97... 12.50 (0.06) 0.04 (0.02) -- -- --
<CAPTION>
CLASS C
-------
<S> <C> <C> <C> <C> <C> <C> <C>
3/06/97-4/30/97.... 13.38 (0.01) (0.88) (0.89) -- -- --
<CAPTION>
RATIO OF NET
NET RATIO OF INVESTMENT
ASSET NET ASSETS EXPENSES INCOME AVERAGE
VALUE, END OF TO AVERAGE TO AVERAGE COMMISSION
PERIOD END OF TOTAL PERIOD NET NET PORTFOLIO PER
ENDED PERIOD RETURN(2) (000'S) ASSETS(3)(4) ASSETS(3)(4) TURNOVER SHARE(5)
- ------------------- ------ --------- ---------- ------------ ------------ -------- ----------
AGGRESSIVE GROWTH PORTFOLIO
- ---------------------------
CLASS A
-------
<S> <C> <C> <C> <C> <C> <C> <C>
11/19/96-4/30/97... $12.51 0.08% $ 31,278 1.90% (0.27)% 95% $ 0.0544
<CAPTION>
CLASS B
-------
<S> <C> <C> <C> <C> <C> <C> <C>
11/19/96-4/30/97... 12.48 (0.16) 18,723 2.55 (0.91) 95 0.0544
<CAPTION>
CLASS C
-------
<S> <C> <C> <C> <C> <C> <C> <C>
3/06/97-4/30/97.... 12.49 (6.65) 1,161 2.55 (0.64) 95 0.0544
</TABLE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
NET
GAIN(LOSS) DIVIDENDS
ON INVEST- TOTAL FROM DISTRI-
NET ASSET NET MENTS(BOTH FROM NET BUTIONS
VALUE, INVEST- REALIZED INVEST- INVEST- FROM TOTAL
PERIOD BEGINNING MENT AND MENT MENT CAPITAL DISTRI-
ENDED OF PERIOD INCOME(1) UNREALIZED) OPERATIONS INCOME GAINS BUTIONS
- ------------------- ---------- ---------- ----------- ---------- --------- ------- -------
MID-CAP GROWTH PORTFOLIO
- ------------------------
CLASS A
-------
<S> <C> <C> <C> <C> <C> <C> <C>
11/19/96-4/30/97... $12.50 $(0.06) $ (1.42) $(1.48) $-- $-- $--
<CAPTION>
CLASS B
-------
<S> <C> <C> <C> <C> <C> <C> <C>
11/19/96-4/30/97... 12.50 (0.10) (1.41) (1.51) -- -- --
<CAPTION>
CLASS C
-------
<S> <C> <C> <C> <C> <C> <C> <C>
3/06/97-4/30/97.... 11.93 (0.03) (0.91) (0.94) -- -- --
<CAPTION>
RATIO OF NET
NET RATIO OF INVESTMENT
ASSET NET ASSETS EXPENSES INCOME AVERAGE
VALUE, END OF TO AVERAGE TO AVERAGE COMMISSION
PERIOD END OF TOTAL PERIOD NET NET PORTFOLIO PER
ENDED PERIOD RETURN(2) (000'S) ASSETS(3)(4) ASSETS(3)(4) TURNOVER SHARE(5)
- ------------------- ------ --------- ---------- ------------ ------------ -------- ----------
MID-CAP GROWTH PORTFOLIO
- ------------------------
CLASS A
-------
<S> <C> <C> <C> <C> <C> <C> <C>
11/19/96-4/30/97... $11.02 (11.84)% $ 21,055 1.90% (1.04)% 38% $ 0.0472
<CAPTION>
CLASS B
-------
<S> <C> <C> <C> <C> <C> <C> <C>
11/19/96-4/30/97... 10.99 (12.08) 15,551 2.55 (1.76) 38 0.0472
<CAPTION>
CLASS C
-------
<S> <C> <C> <C> <C> <C> <C> <C>
3/06/97-4/30/97.... 10.99 (7.88) 855 2.55 (1.80) 38 0.0472
</TABLE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
NET
GAIN(LOSS) DIVIDENDS
ON INVEST- TOTAL FROM DISTRI-
NET ASSET NET MENTS(BOTH FROM NET BUTIONS
VALUE, INVEST- REALIZED INVEST- INVEST- FROM TOTAL
PERIOD BEGINNING MENT AND MENT MENT CAPITAL DISTRI-
ENDED OF PERIOD INCOME(1) UNREALIZED) OPERATIONS INCOME GAINS BUTIONS
- ------------------- ---------- ---------- ----------- ---------- --------- ------- -------
VALUE PORTFOLIO
- ---------------
CLASS A
-------
<S> <C> <C> <C> <C> <C> <C> <C>
11/19/96-4/30/97... $12.50 $ 0.01 $ 1.03 $ 1.04 $-- $-- $--
<CAPTION>
CLASS B
-------
<S> <C> <C> <C> <C> <C> <C> <C>
11/19/96-4/30/97... 12.50 (0.04) 1.04 1.00 -- -- --
<CAPTION>
CLASS C
-------
<S> <C> <C> <C> <C> <C> <C> <C>
3/06/97-4/30/97.... 13.56 (0.02) (0.04) (0.06) -- -- --
<CAPTION>
RATIO OF NET
NET RATIO OF INVESTMENT
ASSET NET ASSETS EXPENSES INCOME AVERAGE
VALUE, END OF TO AVERAGE TO AVERAGE COMMISSION
PERIOD END OF TOTAL PERIOD NET NET PORTFOLIO PER
ENDED PERIOD RETURN(2) (000'S) ASSETS(3)(4) ASSETS(3)(4) TURNOVER SHARE(5)
- ------------------- ------ --------- ---------- ------------ ------------ -------- ----------
VALUE PORTFOLIO
- ---------------
CLASS A
-------
<S> <C> <C> <C> <C> <C> <C> <C>
11/19/96-4/30/97... $13.54 8.32% $ 35,691 1.90% 0.16% 16% $ 0.0600
CLASS B
-------
<S> <C> <C> <C> <C> <C> <C> <C>
11/19/96-4/30/97... 13.50 8.00 25,641 2.55 (0.62) 16 0.0600
CLASS C
-------
<S> <C> <C> <C> <C> <C> <C> <C>
3/06/97-4/30/97.... 13.50 (0.44) 1,875 2.55 (0.83) 16 0.0600
</TABLE>
- --------------------------------------------------------------------------------
INTERNATIONAL EQUITY PORTFOLIO
<TABLE>
<CAPTION>
NET
GAIN(LOSS) DIVIDENDS
ON INVEST- TOTAL FROM DISTRI-
NET ASSET NET MENTS(BOTH FROM NET BUTIONS
VALUE, INVEST- REALIZED INVEST- INVEST- FROM TOTAL
PERIOD BEGINNING MENT AND MENT MENT CAPITAL DISTRI-
ENDED OF PERIOD INCOME(1) UNREALIZED) OPERATIONS INCOME GAINS BUTIONS
- ------------------- ---------- ---------- ----------- ---------- --------- ------- -------
INTERNATIONAL EQUITY PORTFOLIO
- ------------------------------
CLASS A
-------
<S> <C> <C> <C> <C> <C> <C> <C>
11/19/96-4/30/97... $12.50 $ 0.02 $ (0.04) $(0.02) $-- $-- $--
<CAPTION>
CLASS B
-------
<S> <C> <C> <C> <C> <C> <C> <C>
11/19/96-4/30/97... 12.50 0.02 (0.08) (0.06) -- -- --
<CAPTION>
CLASS C
-------
<S> <C> <C> <C> <C> <C> <C> <C>
3/06/97-4/30/97.... 12.60 0.03 (0.18) (0.15) -- -- --
<CAPTION>
RATIO OF NET
NET RATIO OF INVESTMENT
ASSET NET ASSETS EXPENSES INCOME AVERAGE
VALUE, END OF TO AVERAGE TO AVERAGE COMMISSION
PERIOD END OF TOTAL PERIOD NET NET PORTFOLIO PER
ENDED PERIOD RETURN(2) (000'S) ASSETS(3)(4) ASSETS(3)(4) TURNOVER SHARE(5)
- ------------------- ------ --------- ---------- ------------ ------------ -------- ----------
INTERNATIONAL EQUITY PORTFOLIO
- ------------------------------
CLASS A
-------
<S> <C> <C> <C> <C> <C> <C> <C>
11/19/96-4/30/97... $12.48 (0.16)% $ 22,995 2.15% 0.32% 14% $ 0.0175
CLASS B
-------
<S> <C> <C> <C> <C> <C> <C> <C>
11/19/96-4/30/97... 12.44 (0.48) 14,123 2.80 0.31 14 0.0175
CLASS C
-------
<S> <C> <C> <C> <C> <C> <C> <C>
3/06/97-4/30/97.... 12.45 (1.19) 1,095 2.80 1.39 14 0.0175
</TABLE>
- ------------------------
(1) Calculated based upon average shares outstanding
(2) Total return is not annualized and does not reflect sales load
(3) Annualized
(4) Net of the following expense reimbursements (based on average net assets):
Aggressive Growth Portfolio, Class A....... .22%
Aggressive Growth Portfolio, Class B....... .35%
Aggressive Growth Portfolio, Class C....... 2.14%
Mid-Cap Growth Portfolio, Class A.......... .28%
Mid-Cap Growth Portfolio, Class B.......... .44%
Mid-Cap Growth Portfolio, Class C.......... 3.16%
Value Portfolio, Class A................... .26%
Value Portfolio, Class B................... .36%
Value Portfolio, Class C................... 1.67%
International Equity Portfolio, Class A.... .35%
International Equity Portfolio, Class B.... .53%
International Equity Portfolio, Class C.... 3.22%
(5) The average commission per share is derived by taking the agency commissions
paid on equity securities trades and dividing by the number of shares
purchased and sold.
<PAGE>
The first full paragraph on page 29 of the Prospectus under the subheading
'Management of the Fund' has been replaced by the following:
Effective June 17, 1997, SunAmerica has voluntarily agreed to waive
fees or reimburse expenses, if necessary, to keep annual operating
expenses at or below the following percentages of each Portfolio's
average net assets: Aggressive Growth Portfolio 1.78% for Class A
shares and 2.43% for Class B and Class C shares, Mid-Cap Growth
Portfolio 1.78% for Class A shares and 2.43% for Class B and Class C
shares, Value Portfolio 1.78% for Class A shares and 2.43% for Class
B and Class C shares and International Equity Portfolio 2.03% for
Class A shares and 2.68% for Class B and Class C shares. SunAmerica
also may voluntarily waive or reimburse additional amounts to
increase the investment return to a Portfolio's investors.
SunAmerica may terminate all such waivers and/or reimbursements at
any time. Further, any waivers or reimbursements made by SunAmerica
with respect to a Portfolio are subject to recoupment from that
Portfolio within the following two years, provided that the
Portfolio is able to effect such payment to SunAmerica and remain in
compliance with the foregoing expense limitations.
The second paragraph on page 30 of the Prospectus under the subheading 'Mid-Cap
Growth Portfolio' is supplemented with the following information:
On February 5, 1997, Morgan Stanley Group Inc. and Dean Witter,
Discover & Co. announced that they had entered into an Agreement and
Plan of Merger to form Morgan Stanley, Dean Witter, Discover & Co.
Dean Witter, Discover & Co. is a financial services company with
three major businesses: full service brokerage, credit services and
asset management. Morgan Stanley is the indirect parent of Miller
Anderson & Sherrerd, LLP, adviser to the Mid-Cap Growth Portfolio of
the Fund.
Subject to certain conditions being met, it is currently anticipated that the
transaction will close in mid-1997. Thereafter, Miller Anderson & Sherrerd, LLP
will be a subsidiary of Morgan Stanley, Dean Witter,
Discover & Co.
June 17, 1997
2
