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

FOR MORE INFORMATION CONTACT:

                                   
A. Thomas Smith III          or          Ian J. McPheron
800/225-2222                             800/225-2222
Ext. 6784                                Ext. 6845



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

     CHICAGO (April 20, 2001) -- 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
30,914,257 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 cash at a price equal to the net asset value per common
share determined as of 5:00 p.m., Eastern Time, on May 18, 2001, the expiration
date, unless extended. The offer and withdrawal rights will expire, as of 12:00
Midnight, Eastern Time, on May 18, 2001, 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 April 20, 2001 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 one of the nation's largest investment management companies,
with more than $81 billion in assets under management or supervision, as of
March 31, 2001. With roots in money management dating back to 1927, Van Kampen
has helped more than four generations of investors achieve their financial
goals. Headquartered in the Chicagoland area, Van Kampen is a wholly owned
subsidiary of Morgan Stanley (NYSE:MWD).

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For more complete information, including risk considerations, fees, sales
charges and ongoing expenses, please contact your financial advisor for a
prospectus or download one at www.vankampen.com. Please read it carefully before
you invest or send money.