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                                                                  EXHIBIT (a)(5)
NEWS RELEASE
FOR IMMEDIATE RELEASE

FOR MORE INFORMATION CONTACT:

                             
James J. Boyne         or          Ian J. Mcpheron
800/225-2222                       800/225-222
Ext. 6327                          Ext. 6845



                      VAN KAMPEN SENIOR FLOATING RATE FUND
                     BEGINS TENDER OFFER FOR COMMON SHARES

     CHICAGO (July 21, 2000) -- Van Kampen Senior Floating Rate Fund,
distributed by Van Kampen Funds Inc., a subsidiary of Van Kampen Investments
Inc. ("Van Kampen"), announced today that it has commenced a tender offer for
37,624,602 of its outstanding common shares of beneficial interest.

     The offer is not conditioned on any minimum number of common shares that
must be tendered. The offer is subject to the terms and conditions set forth in
the Offer to Purchase and the related Letter of Transmittal. The common shares
are being tendered for at a price equal to the net asset value per common share
determined as of 5:00 p.m., Eastern Standard Time, on August 18, 2000, the
expiration date, unless extended. The offer and withdrawal rights will expire,
as of 12:00 Midnight, Eastern Standard Time, on August 18, 2000, unless
extended. An early withdrawal charge will be imposed on most common shares
accepted for payment that have been held for less than one year.

     As indicated in the Trust's current prospectus, the Board of Trustees
currently intends, each quarter, to consider authorizing the Trust to make
tender offers for its common shares in order to attempt to provide liquidity to
its investors.

     The Van Kampen Senior Floating Rate Fund tender offer is being made only by
the Offer to Purchase dated July 21, 2000 and the related Letter of Transmittal.
Questions and requests for assistance, for current net asset value quotes, or
for copies of the Offer to Purchase, Letter of Transmittal, and any other tender
offer documents may be directed to Van Kampen by calling 1-800-341-2911.

     Van Kampen is a diversified asset management company with more than two
million retail investor accounts, extensive capabilities for managing
institutional portfolios, and more than $100 billion under management or
supervision as of June 30, 2000. Van Kampen has more than 50 open-end and 39
closed-end funds and more than 2,700 unit investment trusts that are
professionally distributed by leading financial advisors nationwide. Van Kampen
is an indirect wholly owned subsidiary of Morgan Stanley Dean Witter & Co.

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