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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                       800/225-2222
Ext. 6327                          Ext. 6845



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

     CHICAGO (October 20, 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
43,805,306 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 Time, on November 17, 2000, the expiration
date, unless extended. The offer and withdrawal rights will expire, as of 12:00
Midnight, Eastern Time, on November 17, 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 October 20, 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 that administers more
than three million retail investor accounts, has extensive capabilities for
managing institutional portfolios, and has more than $100 billion under
management or supervision as of September 30, 2000. Van Kampen has more than 50
open-end funds, 38 closed-end funds and more than 2,700 unit investment trusts
that are professionally distributed by leading financial advisors nationwide.

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