<PAGE> 1
SUPPLEMENT DATED JULY 17, 1998 TO THE
PROSPECTUS DATED FEBRUARY 19, 1998
VKAC SENIOR FLOATING RATE FUND
The Board of Trustees (the "Board") of the Fund listed above (the "Fund")
recently approved changing the name of the Fund. The Fund's name change
coincides with recent name changes affecting the Fund's investment adviser,
administrator, distributor and shareholder service/transfer agent. As shown
below, each of these Van Kampen-related service providers is truncating or
changing its name to coordinate and simplify the investment company operations
under the Van Kampen brand name. Likewise, the Board approved similarly changing
the names of the existing Van Kampen American Capital retail open-end funds and
the existing Morgan Stanley retail open-end funds which are serviced by these
Van Kampen-related service providers also to emphasize the Van Kampen brand name
and better coordinate the Van Kampen family of funds.
Effective July 17, 1998, all references in the attached prospectus to the
names of Van Kampen-related service providers (and their parent) and the Fund
name will refer to the new names shown in the schedule below.
<TABLE>
<CAPTION>
CURRENT SERVICE PROVIDER NAME NEW SERVICE PROVIDER NAME
----------------------------- -------------------------
<S> <C>
Van Kampen American Capital, Inc. Van Kampen Investments Inc.
Van Kampen American Capital Investment Van Kampen Investment Advisory Corp.
Advisory Corp.
Van Kampen American Capital Distributors, Van Kampen Funds Inc.
Inc.
ACCESS Investor Services, Inc. Van Kampen Investor Services Inc.
<CAPTION>
CURRENT NAME NEW NAME
- ------------------------------------------- -------------------------------------------
<S> <C>
Van Kampen American Capital Senior Floating Van Kampen Senior Floating Rate Fund
Rate Fund
</TABLE>
SNLSPT 798
