Sort of. Serrated blades are a special case, and the only way to really sharpen them is by filing each tooth individually, with a special tool. However, you can use the polishing slot ("3") to align the blade, which does somewhat sharpen the bottom of the teeth.
Be sure to never put a serrated blade in the other slots, or try to sharpen it as you would a smooth blade. You could destroy the knife and the sharpener.