<PAGE>
STYLE SELECT SERIES(Registered)
SUPPLEMENT TO THE PROSPECTUS DATED JUNE 15, 1998
Effective December 1, 1998, Class C shares of each Portfolio will convert
to Class II shares and will become subject to a 1% initial sales load in
addition to a contingent deferred sales charge of 1% on certain redemptions of
Class II shares made within eighteen months of the date of purchase. The
imposition of the 1% front-end sales charge and the lengthening of the time in
which the contingent deferred sales charge may be imposed are the only
differences between the institution of the new Class II shares and former Class
C shares. All other fees and charges remain the same. This change will have no
impact on shareholders who purchased Class C shares prior to December 1, 1998.
All other provisions relating to Class C shares will apply. PLEASE NOTE THAT ALL
REFERENCES MADE TO "CLASS C SHARES" IN THE PROSPECTUS NOT OTHERWISE INDICATED IN
THIS SUPPLEMENT SHOULD BE REPLACED WITH "CLASS II SHARES."
The fifth paragraph in the first column on page 1 of the Prospectus is
replaced in its entirety with the following:
Each Portfolio currently offers Class A, Class B and Class II shares.
The offering price is the next-determined net asset value per share, plus
for each class a sales charge which, at the investor's option, may (i) be
imposed at the time of purchase (Class A shares), (ii) be deferred (Class B
shares and purchases of Class A shares in excess of $1 million), or (iii)
contain elements of a sales charge that is both imposed at the time of
purchase and deferred (Class II shares). Class B shares may be subject to a
declining contingent deferred sales charge ("CDSC") that may be imposed on
redemptions made within six years of purchase. Class B shares of each
Portfolio will convert automatically to Class A shares on the first
business day of the month following the seventh anniversary of the issuance
of such Class B shares. Class II shares may be subject to a CDSC imposed on
redemptions made within eighteen months of purchase. Each class makes
distribution and account maintenance and service fee payments under a
distribution plan adopted pursuant to Rule 12b-1 under the Investment
Company Act of 1940, as amended (the "1940 Act"). See "Purchase of Shares."
<PAGE>
The section entitled "Summary of Expenses" on pages 3 and 4 of the
Prospectus is replaced in its entirety with the following:
SUMMARY OF EXPENSES
A general comparison of the sales arrangements and other expenses applicable
to Class A, Class B and Class II shares follows:
<TABLE>
<CAPTION>
LARGE-CAP MID-CAP AGGRESSIVE
GROWTH PORTFOLIO GROWTH PORTFOLIO GROWTH PORTFOLIO
--------------------- --------------------- ---------------------
CLASS CLASS CLASS CLASS CLASS CLASS CLASS CLASS CLASS
A B II A B II A B II
----- ----- ----- ----- ----- ----- ----- ----- -----
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Shareholder Transaction
Expenses
Maximum Initial Sales Load(1)........................ 5.75% None 1.00% 5.75% None 1.00% 5.75% None 1.00%
Maximum Sales Load on Reinvested Dividends........... None None None None None None None None None
Maximum Deferred Sales Load(2)....................... None 4.00% 1.00% None 4.00% 1.00% None 4.00% 1.00%
Redemption Fees(3)................................... None None None None None None None None None
Exchange Fees........................................ None None None None None None None None None
Annual Portfolio Operating
Expenses (as a percentage
of average net assets)
Management Fees...................................... 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00%
12b-1 Fees(4)........................................ 0.35% 1.00% 1.00% 0.35% 1.00% 1.00% 0.35% 1.00% 1.00%
Other Expenses (net of fee waivers/ expense
reimbursements)(5)................................. 0.43% 0.43% 0.43% 0.43% 0.43% 0.43% 0.43% 0.43% 0.43%
----- ----- ----- ----- ----- ----- ----- ----- -----
Total Operating Expenses (net of fee waivers/expense
reimbursements)(5)................................... 1.78% 2.43% 2.43% 1.78% 2.43% 2.43% 1.78% 2.43% 2.43%
----- ----- ----- ----- ----- ----- ----- ----- -----
----- ----- ----- ----- ----- ----- ----- ----- -----
<CAPTION>
LARGE-CAP
BLEND PORTFOLIO
---------------------
CLASS CLASS CLASS
A B II
----- ----- -----
<S> <C> <C> <C>
Shareholder Transaction
Expenses
Maximum Initial Sales Load(1)........................ 5.75% None 1.00%
Maximum Sales Load on Reinvested Dividends........... None None None
Maximum Deferred Sales Load(2)....................... None 4.00% 1.00%
Redemption Fees(3)................................... None None None
Exchange Fees........................................ None None None
Annual Portfolio Operating
Expenses (as a percentage
of average net assets)
Management Fees...................................... 1.00% 1.00% 1.00%
12b-1 Fees(4)........................................ 0.35% 1.00% 1.00%
Other Expenses (net of fee waivers/ expense
reimbursements)(5)................................. 0.43% 0.43% 0.43%
----- ----- -----
Total Operating Expenses (net of fee waivers/expense
reimbursements)(5)................................... 1.78% 2.43% 2.43%
----- ----- -----
----- ----- -----
</TABLE>
- ------------
<TABLE>
<S> <C>
(1) The front-end sales charge on Class A shares decreases with the size of the
purchase to 0% for purchases of $1,000,000 or more. See "Purchase of
Shares."
(2) Purchases of Class A shares in excess of $1,000,000 will be subject to a
CDSC on redemptions made within one year of purchase. The CDSC on Class B
shares applies only if a redemption occurs within six years from their
purchase date. The CDSC on Class II shares applies only on redemptions made
within eighteen months of purchase.
(3) A $15.00 fee may be imposed for wire redemptions.
(4) 0.25% of the 12b-1 fee comprises an Account Maintenance and Service Fee.
A portion of the Account Maintenance and Service Fee is paid for continuous
personal service to investors in the Portfolios, such as responding to
shareholder inquiries, quoting net asset values, providing current marketing
material and attending to other shareholder matters. Class B or Class II
shareholders who own their shares for an extended period of time may pay
more in Rule 12b-1 distribution fees than the economic equivalent of the
maximum front-end sales charge permitted under the Conduct Rules of the
National Association of Securities Dealers, Inc.
(5) SunAmerica has voluntarily agreed to waive fees or reimburse expenses, if
necessary, to keep operating expenses at or below an annual rate set forth
above under Total Operating Expenses. The information provided in the table
represents estimated amounts for the current fiscal year net of current fee
waivers/expense reimbursements. For the fiscal year ended October 31, 1997,
the Other Expenses and Total Operating Expenses (on a gross basis) were:
Mid-Cap Growth Portfolio, Class A, 0.84% and 2.19%; Mid-Cap Growth
Portfolio, Class B, 0.89% and 2.89%; Mid-Cap Growth Portfolio, Class II
(formerly, Class C shares), 1.41% and 3.41%; Aggressive Growth Portfolio,
Class A, 0.75% and 2.10%; Agressive Growth Portfolio, Class B, 0.79% and
2.79%; Aggressive Growth Portfolio, Class II (formerly, Class C shares),
1.18% and 3.18%. For the period October 15, 1997 (commencement of
operations) through October 31, 1997, the Other Expenses and Total Operating
Expenses (on a gross basis) were: Large-Cap Growth Portfolio, Class A, 1.02%
and 2.37%; Large-Cap Growth Portfolio, Class B, 1.96% and 3.96%; Large-Cap
Growth Portfolio, Class II (formerly, Class C shares), 3.72% and 5.72%;
Large-Cap Blend Portfolio, Class A, 1.01% and 2.36%; Large-Cap Blend
Portfolio, Class B, 1.69% and 3.69%; Large-Cap Blend Portfolio, Class II
(formerly, Class C shares), 3.55% and 5.55%.
</TABLE>
S-2
<PAGE>
SUMMARY OF EXPENSES--(CONTINUED)
<TABLE>
<CAPTION>
LARGE-CAP SMALL-CAP
VALUE PORTFOLIO VALUE PORTFOLIO VALUE PORTFOLIO
--------------------- --------------------- ---------------------
CLASS CLASS CLASS CLASS CLASS CLASS CLASS CLASS CLASS
A B II A B II A B II
----- ----- ----- ----- ----- ----- ----- ----- -----
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Shareholder Transaction
Expenses
Maximum Initial Sales Load(1)........................ 5.75% None 1.00% 5.75% None 1.00% 5.75% None 1.00%
Maximum Sales Load on Reinvested Dividends........... None None None None None None None None None
Maximum Deferred Sales Load(2)....................... None 4.00% 1.00% None 4.00% 1.00% None 4.00% 1.00%
Redemption Fees(3)................................... None None None None None None None None None
Exchange Fees........................................ None None None None None None None None None
Annual Portfolio Operating
Expenses (as a percentage
of average net assets)
Management Fees...................................... 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00%
12b-1 Fees(4)........................................ 0.35% 1.00% 1.00% 0.35% 1.00% 1.00% 0.35% 1.00% 1.00%
Other Expenses (net of fee waivers/ expense
reimbursements)(5)................................. 0.43% 0.43% 0.43% 0.43% 0.43% 0.43% 0.43% 0.43% 0.43%
----- ----- ----- ----- ----- ----- ----- ----- -----
Total Operating Expenses (net of fee waivers/expense
reimbursements)(5)................................... 1.78% 2.43% 2.43% 1.78% 2.43% 2.43% 1.78% 2.43% 2.43%
----- ----- ----- ----- ----- ----- ----- ----- -----
----- ----- ----- ----- ----- ----- ----- ----- -----
<CAPTION>
INTERNATIONAL
EQUITY PORTFOLIO
---------------------
CLASS CLASS CLASS
A B II
----- ----- -----
<S> <C> <C> <C>
Shareholder Transaction
Expenses
Maximum Initial Sales Load(1)........................ 5.75% None 1.00%
Maximum Sales Load on Reinvested Dividends........... None None None
Maximum Deferred Sales Load(2)....................... None 4.00% 1.00%
Redemption Fees(3)................................... None None None
Exchange Fees........................................ None None None
Annual Portfolio Operating
Expenses (as a percentage
of average net assets)
Management Fees...................................... 1.10% 1.10% 1.10%
12b-1 Fees(4)........................................ 0.35% 1.00% 1.00%
Other Expenses (net of fee waivers/ expense
reimbursements)(5)................................. 0.58% 0.58% 0.58%
----- ----- -----
Total Operating Expenses (net of fee waivers/expense
reimbursements)(5)................................... 2.03% 2.68% 2.68%
----- ----- -----
----- ----- -----
</TABLE>
- ------------
<TABLE>
<S> <C>
(1) The front-end sales charge on Class A shares decreases with the size of the
purchase to 0% for purchases of $1,000,000 or more. See "Purchase of
Shares."
(2) Purchases of Class A shares in excess of $1,000,000 will be subject to a
CDSC on redemptions made within one year of purchase. The CDSC on Class B
shares applies only if a redemption occurs within six years from their
purchase date. The CDSC on Class II shares applies only on redemptions made
within eighteen months of purchase.
(3) A $15.00 fee may be imposed for wire redemptions.
(4) 0.25% of the 12b-1 fee comprises an Account Maintenance and Service Fee.
A portion of the Account Maintenance and Service Fee is paid for continuous
personal service to investors in the Portfolios, such as responding to
shareholder inquiries, quoting net asset values, providing current marketing
material and attending to other shareholder matters. Class B or Class II
shareholders who own their shares for an extended period of time may pay
more in Rule 12b-1 distribution fees than the economic equivalent of the
maximum front-end sales charge permitted under the Conduct Rules of the
National Association of Securities Dealers, Inc.
(5) SunAmerica has voluntarily agreed to waive fees or reimburse expenses, if
necessary, to keep operating expenses at or below an annual rate set forth
above under Total Operating Expenses. The information provided in the table
represents estimated amounts for the current fiscal year net of the current
fee waivers/expense reimbursements. For the fiscal year ended October 31,
1997, the Other Expenses and Total Operating Expenses (on a gross basis)
were: Value Portfolio, Class A, 0.77% and 2.12%; Value Portfolio, Class B,
0.80% and 2.80%; Value Portfolio, Class II (formerly, Class C shares), 1.08%
and 3.08%; International Equity Portfolio, Class A, 1.02% and 2.47%;
International Equity Portfolio, Class B, 1.07% and 3.17%; International
Equity Portfolio, Class II (formerly, Class C shares), 1.47% and 3.57%.
For the period October 15, 1997 (commencement of operations) through October
31, 1997, the Other Expenses and Total Operating Expenses (on a gross basis)
were: Large-Cap Value Portfolio, Class A, 1.01% and 2.36%; Large-Cap Value
Portfolio, Class B, 1.59% and 3.59%; Large-Cap Value Portfolio, Class II
(formerly, Class C shares), 3.65% and 5.65%; Small-Cap Value Portfolio,
Class A, 1.00% and 2.35%; Small-Cap Value Portfolio, Class B, 1.17% and
3.17%; Small-Cap Value Portfolio, Class II (formerly, Class C shares), 1.85%
and 3.85%.
</TABLE>
S-3
<PAGE>
The "EXAMPLE" set forth on page 5 of the Prospectus is replaced in its
entirety with the following:
EXAMPLE:
You would pay the following expenses on a $1,000 investment over various
time periods assuming (1) a 5% annual rate of return and (2) redemption at the
end of each time period:
<TABLE>
<CAPTION>
1 YEAR 3 YEARS 5 YEARS 10 YEARS
------ ------- ------- --------
<S> <C> <C> <C> <C>
LARGE-CAP GROWTH PORTFOLIO
(Class A shares)............................................................... $ 75 $ 110 $ 148 $255
(Class B shares)*.............................................................. $ 65 $ 106 $ 150 $253
(Class II shares).............................................................. $ 44 $ 85 $ 138 $284
MID-CAP GROWTH PORTFOLIO
(Class A shares)............................................................... $ 75 $ 110 $ 148 $255
(Class B shares)*.............................................................. $ 65 $ 106 $ 150 $253
(Class II shares).............................................................. $ 44 $ 85 $ 138 $284
AGGRESSIVE GROWTH PORTFOLIO
(Class A shares)............................................................... $ 75 $ 110 $ 148 $255
(Class B shares)*.............................................................. $ 65 $ 106 $ 150 $253
(Class II shares).............................................................. $ 44 $ 85 $ 138 $284
LARGE-CAP BLEND PORTFOLIO
(Class A shares)............................................................... $ 75 $ 110 $ 148 $255
(Class B shares)*.............................................................. $ 65 $ 106 $ 150 $253
(Class II shares).............................................................. $ 44 $ 85 $ 138 $284
LARGE-CAP VALUE PORTFOLIO
(Class A shares)............................................................... $ 75 $ 110 $ 148 $255
(Class B shares)*.............................................................. $ 65 $ 106 $ 150 $253
(Class II shares).............................................................. $ 44 $ 85 $ 138 $284
VALUE PORTFOLIO
(Class A shares)............................................................... $ 75 $ 110 $ 148 $255
(Class B shares)*.............................................................. $ 65 $ 106 $ 150 $253
(Class II shares).............................................................. $ 44 $ 85 $ 138 $284
SMALL-CAP VALUE PORTFOLIO
(Class A shares)............................................................... $ 75 $ 110 $ 148 $255
(Class B shares)*.............................................................. $ 65 $ 106 $ 150 $253
(Class II shares).............................................................. $ 44 $ 85 $ 138 $284
INTERNATIONAL EQUITY PORTFOLIO
(Class A shares)............................................................... $ 77 $ 118 $ 161 $280
(Class B shares)*.............................................................. $ 67 $ 113 $ 162 $278
(Class II shares).............................................................. $ 47 $ 92 $ 151 $308
</TABLE>
- ------------
* Class B shares convert to Class A shares on the first business day of the
month following the seventh anniversary of the purchase of such Class B
shares. Therefore, with respect to the 10-year expense information, years 8, 9
and 10 reflect the expenses attributable to ownership of Class A shares.
The foregoing examples, including the 5% return and the expenses used, are
intended to assist investors in understanding the costs and expenses that a
shareholder in the Fund will bear directly or indirectly, and should not be
considered a representation of past or future performance or expenses. For more
complete descriptions of the various costs and expenses, see "Purchase of
Shares." Actual expenses may be greater or less than those shown.
S-4
<PAGE>
EXAMPLE (Continued):
You would pay the following expenses on the same investment, assuming no
redemption:
<TABLE>
<CAPTION>
1 YEAR 3 YEARS 5 YEARS 10 YEARS
------ ------- ------- --------
<S> <C> <C> <C> <C>
LARGE-CAP GROWTH PORTFOLIO
(Class A shares)............................................................... $ 75 $ 110 $ 148 $255
(Class B shares)*.............................................................. $ 25 $ 76 $ 130 $253
(Class II shares).............................................................. $ 34 $ 85 $ 138 $284
MID-CAP GROWTH PORTFOLIO
(Class A shares)............................................................... $ 75 $ 110 $ 148 $255
(Class B shares)*.............................................................. $ 25 $ 76 $ 130 $253
(Class II shares).............................................................. $ 34 $ 85 $ 138 $284
AGGRESSIVE GROWTH PORTFOLIO
(Class A shares)............................................................... $ 75 $ 110 $ 148 $255
(Class B shares)*.............................................................. $ 25 $ 76 $ 130 $253
(Class II shares).............................................................. $ 34 $ 85 $ 138 $284
LARGE-CAP BLEND PORTFOLIO
(Class A shares)............................................................... $ 75 $ 110 $ 148 $255
(Class B shares)*.............................................................. $ 25 $ 76 $ 130 $253
(Class II shares).............................................................. $ 34 $ 85 $ 138 $284
LARGE-CAP VALUE PORTFOLIO
(Class A shares)............................................................... $ 75 $ 110 $ 148 $255
(Class B shares)*.............................................................. $ 25 $ 76 $ 130 $253
(Class II shares).............................................................. $ 34 $ 85 $ 138 $284
VALUE PORTFOLIO
(Class A shares)............................................................... $ 75 $ 110 $ 148 $255
(Class B shares)*.............................................................. $ 25 $ 76 $ 130 $253
(Class II shares).............................................................. $ 34 $ 85 $ 138 $284
SMALL-CAP VALUE PORTFOLIO
(Class A shares)............................................................... $ 75 $ 110 $ 148 $255
(Class B shares)*.............................................................. $ 25 $ 76 $ 130 $253
(Class II shares).............................................................. $ 34 $ 85 $ 138 $284
INTERNATIONAL EQUITY PORTFOLIO
(Class A shares)............................................................... $ 77 $ 118 $ 161 $280
(Class B shares)*.............................................................. $ 27 $ 83 $ 142 $278
(Class II shares).............................................................. $ 37 $ 92 $ 151 $308
</TABLE>
- ------------
* Class B shares convert to Class A shares on the first business day of the
month following the seventh anniversary of the purchase of such Class B
shares. Therefore, with respect to the 10-year expense information, years 8, 9
and 10 reflect the expenses attributable to ownership of Class A shares.
The foregoing examples, including the 5% return and the expenses used, are
intended to assist investors in understanding the costs and expenses that a
shareholder in the Fund will bear directly or indirectly, and should not be
considered a representation of past or future performance or expenses. For more
complete descriptions of the various costs and expenses, see "Purchase of
Shares." Actual expenses may be greater or less than those shown.
S-5
<PAGE>
The first paragraph in the section entitled "PURCHASE OF SHARES--General"
on page 54 of the Prospectus is replaced in its entirety with the following:
Shares of each of the Portfolios are sold at the respective net asset
value next calculated after receipt of a purchase order, plus a sales
charge, which, at the election of the investor, either may (i) be imposed
at the time of purchase (Class A shares), (ii) be imposed on a deferred
basis (Class B shares and certain Class A shares), or (iii) contain
certain elements of a sales charge that is imposed at the time of purchase
and that is deferred (Class II shares).
The second paragraph in the second column on page 55 of the Prospectus is
replaced in its entirety with the following:
CLASS II SHARES. Class II shares are offered at net asset value plus
an initial sales charge as follows:
<TABLE>
<CAPTION>
SALES CHARGE CONCESSION
----------------------------- OF DEALERS
% OF ---------------
% OF NET AMOUNT % OF
OFFERING PRICE INVESTED OFFERING PRICE
--------------- ----------- ---------------
<S> <C> <C>
1.00% 1.01% 1.00%
</TABLE>
Certain redemptions of Class II shares made within eighteen months of
the date of purchase (within one year of purchase for Class C shares
purchased prior to December 1, 1998) are subject to a CDSC of 1%. The
method for calculating any such CDSC will be the same method used for
calculating the CDSC for Class B shares. See "Class B Shares" above.
The last paragraph under the subheading "Other Redemption Information" on
page 58 of the Prospectus is replaced in its entirety with the following:
If a shareholder redeems shares of any class of a Fund and then within
one year from the date of redemption decides the shares should not have
been redeemed, the shareholder may use all or any part of the redemption
proceeds to reinstate, free of sales charges (Class A and Class II shares)
and with the crediting of any CDSC paid with respect to such reinstated
shares at the time of redemption (Class B and Class II shares), all or any
part of the redemption proceeds in shares of the Fund at the then-current
net asset value. Reinstatement may affect the tax status of the prior
redemption.
* * * * *
Effective November 13, 1998, Neuberger&Berman LLC ("Neuberger & Berman"),
an Adviser to the Value Portfolio, will simplify its name to Neuberger Berman
LLC ("Neuberger Berman"). Please note that all references in the Prospectus made
to Neuberger&Berman LLC should be replaced with Neuberger Berman.
Effective December 1, 1998, the legal name of Morgan Stanley Asset
Management Inc. ("MSAM"), an Adviser to the Large-Cap Blend Portfolio, will
change to Morgan Stanley Dean Witter Investment Management Inc. ("MSDW
Investment Management"). Please note that all references in the Prospectus made
to Morgan Stanley Asset Management Inc. should be replaced with MSDW Investment
Management.
Effective December 1, 1998, Strong Capital Management, Inc. ("Strong") and
Schafer Capital Management, Inc. ("Schafer"), a subcontractor to Strong
(together referred to as "Strong/Schafer"), will no longer serve as an Adviser
to the Value Portfolio. American Century Investment Management, Inc. ("American
Century"), pursuant to its Subadvisory Agreement with SunAmerica Asset
Management Corp. ("SunAmerica"), will assume subadvisory responsibilities for
the portion of the assets that Strong/Schafer had managed. References to
Strong/Schafer's performance on pages 29, 30 and 31 of the Prospectus are no
longer applicable.
Dated: December 1, 1998
S-6
