<PAGE>
Supplement dated November 3, 1998
To the Prospectus dated September 30, 1998
VAN KAMPEN EMERGING MARKETS FUND
VAN KAMPEN WORLDWIDE HIGH INCOME FUND
Portfolios 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:
EMERGING MARKETS FUND - Robert L. Meyer and Andy Skov. 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 co-manager of the Adviser's
emerging markets group and head of the Sub-Adviser's Latin American Team. 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. Mr. Meyer has managed
the Fund's assets since its inception. Mr. Skov has shared responsibility for
managing the Fund's assets since October, 1998. He joined the Sub-Adviser in
1994 as a Portfolio Manager. Currently, he is a Principal of Morgan Stanley and
the Sub-Adviser. He graduated from the University of California at Berkeley
with a B.A. (Phi Beta Kappa) in Political Science and Economic Development.
WORLDWIDE HIGH INCOME FUND - Robert Angevine, Thomas L. Bennett, Stephen F.
Esser and Abigail L. McKenna. Robert Angevine is a Principal of Morgan Stanley
and the Sub-Adviser and the portfolio manager for high yield investments. He
has shared primary management responsibility for the Fund since it commenced
operations. Mr. Angevine also manages high yield asset for one of the largest
corporate pension funds in the country. His other experience includes
international treasury operations at a major pharmaceutical company and
commercial banking. Mr. Angevine received an M.B.A. from Fairleigh Dickinson
University and a B.A. in Economics from Lafayette College. Thomas L. Bennett
has shared responsibility for managing the Fund's assets since October 1998. He
joined the Sub-Adviser in 1996 and has been a portfolio manager with MAS since
1984. Mr. Bennett assumed responsibility for the MAS-advised MAS Funds'
<PAGE>
Fixed Income Portfolio in 1984, the Domestic Fixed Income Portfolio in 1987,
the High Yield Portfolio in 1992 and the Multi-Asset-Class Portfolio in 1994.
Mr. Bennett also is the Chairman of the MAS Funds and has a B.S. degree
(Chemistry) and an M.B.A. from the University of Cincinnati. Stephen F.
Esser has shared primary responsibility for managing the Fund's assets since
October, 1998. He joined the Sub-Adviser in 1996 and has been a portfolio
manager with MAS since 1988. He assumed responsibility for the MAS-advised
MAS Funds' High Yield Portfolio in 1989. Mr. Esser is a member of the New
York Society of Security Analysts and has a B.S. degree (Summa Cum Laude; Phi
Beta Kappa) from the University of Delaware. Ms. McKenna joined the
Sub-Adviser in 1996 and is a Vice-President of the Sub-Adviser and Morgan
Stanley. She focuses primarily on the trading and management of the emerging
markets debt portfolios. Prior to joining the Adviser, she was a Senior
Portfolio Manager at MIMCO and a Limited Partner at Weiss Peck & Greer from
1991 to 1995 where she was responsible for the trading and management of
Corporate Bond Portfolios. She holds a B.A. in International Relations from
Georgetown University and is a Chartered Financial Analyst.
MS SPT 10/98