<PAGE>
SUPPLEMENT DATED NOVEMBER 23, 1998
TO THE PROSPECTUS DATED SEPTEMBER 30, 1998
VAN KAMPEN LATIN AMERICAN FUND
PORTFOLIO OF THE
VAN KAMPEN SERIES FUND, INC.
P.O. BOX 418256
KANSAS CITY, MISSOURI
64141
-------------
The section of the Prospectus entitled "MANAGEMENT OF THE COMPANY --
INVESTMENT ADVISER -- PORTFOLIO MANAGERS" is hereby amended with the following:
LATIN AMERICAN FUND -- ROBERT L. MEYER, ANDY SKOV AND MICHAEL PERL.
Robert Meyer joined the Sub-Adviser in 1989. He is a Managing Director
of the Sub-Adviser and Morgan Stanley & Co. Incorporated ("Morgan
Stanley") and head of the Sub-Adviser's Emerging Markets Equity Group.
He was born in Argentina and graduated from Yale University with a B.A.
in Economics and Political Science. He received a J.D. from Harvard Law
School. In addition, he is also a Chartered Financial Analyst. Andy Skov
joined the Sub-Adviser in 1994 as a Portfolio Manager. Currently, he is
a Principal of Morgan Stanley and the Sub-Adviser and a Portfolio
Manager of the Sub-Adviser's Emerging Markets Equity Group. He graduated
from the University of California at Berkeley with a B.A. (Phi Beta
Kappa) in Political Science and Economic Development. Michael Perl
joined the Sub-Adviser in 1998. He is a Vice President of Morgan Stanley
and the Sub-Adviser and a Portfolio Manager in the Sub-Adviser's
Emerging Markets Equity Group. Prior to joining the Sub-Adviser, he
worked as a Latin American Portfolio Manager at Bankers Trust Australia
from 1992 to 1998. He graduated from the University of New South Wales
and a Bachelor of Commerce (Honors), majoring in Finance, Accounting and
Taxation. Mr. Meyer has had primary responsibility for managing the
Portfolio's assets since inception. Messrs. Skov and Perl have shared
primary responsibility for managing the Portfolio's assets since May
1997 and November 1998, respectively.
