<PAGE>
SUPPLEMENT DATED AUGUST 31, 1998
TO THE PROSPECTUS DATED OCTOBER 28, 1997, AS PREVIOUSLY
SUPPLEMENTED ON JANUARY 2, 1998, MARCH 9, 1998,
APRIL 21, 1998 AND JULY 14, 1998
VAN KAMPEN AMERICAN VALUE FUND
PORTFOLIO OF THE
VAN KAMPEN SERIES FUND, INC. (THE "COMPANY")
P.O. BOX 418256
KANSAS CITY, MISSOURI
64141
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The section of the Prospectus entitled "PROSPECTUS SUMMARY -- THE COMPANY --
THE AMERICAN VALUE FUND" is hereby supplemented with the following:
In order to facilitate the management of the Fund's portfolio,
effective August 31, 1998, the Fund is suspending the continuous
offering of its shares to new investors. However, existing shareholders
as of August 31, 1998 may continue to purchase additional shares, as
well as those in retirement plans and certain distribution programs as
determined from time to time by the Distributor and as listed in the
Fund's Statement of Additional Information. As market conditions permit,
the Fund may reopen sales of the Fund's shares to new investors. Any
such offerings of the Fund may be limited in amount and may commence and
terminate without any prior notice.
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PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
<PAGE>
SUPPLEMENT DATED AUGUST 31, 1998
TO THE STATEMENT OF ADDITIONAL INFORMATION
DATED OCTOBER 28, 1997, AS PREVIOUSLY
SUPPLEMENTED ON JULY 14, 1998
VAN KAMPEN AMERICAN VALUE FUND
PORTFOLIO OF THE
VAN KAMPEN SERIES FUND, INC. (THE "COMPANY")
P.O. BOX 418256
KANSAS CITY, MISSOURI
64141
-------------
The section of the Prospectus entitled "PROSPECTUS SUMMARY -- THE COMPANY --
THE AMERICAN VALUE " is hereby supplemented with the following:
In order to facilitate the management of the Fund's portfolio,
effective August 31, 1998, the Fund is suspending the continuous
offering of its shares to new investors. However, existing shareholders
as of August 31, 1998 may continue to purchase additional shares, as
well as those in Merrill Lynch MFA Selects wrap-fee distribution
programs and retirement plans held or administered by Van Kampen Trust
Company or Morgan Stanley Dean Witter & Co. or its affiliates. As market
conditions permit, the Fund may reopen sales of the Fund's shares to new
investors. Any such offerings of the Fund may be limited in amount and
may commence and terminate without any prior notice.
--------------
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
