EXHIBIT (a)(5)

                                                         [VAN KAMPEN FUNDS LOGO]
NEWS RELEASE       1 Parkview Plaza - P.O. Box 5555 - Oakbrook Terrace, Illinois
                                                  60181-5555 - www.vankampen.com
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FOR IMMEDIATE RELEASE

FOR MORE INFORMATION CONTACT:

                                            
Lou Anne McInnis                    or            Natasha Kassian
800/869-6397                                      800/869-6397



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

     CHICAGO (October 18, 2002) -- 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
14,544,722 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 November 15, 2002, the
expiration date, unless extended. The offer and withdrawal rights will expire,
as of 12:00 Midnight, Eastern Time, on November 15, 2002, 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 18, 2002 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 $65 billion in assets under management or supervision, as of
September 30, 2002. 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.

Copyright (C) 2002 Van Kampen Funds Inc. All Rights Reserved. 2998DO2 - QS -
4Q02 Member NASD/SIPC.