<PAGE> 1
VAN KAMPEN SENIOR FLOATING RATE FUND
SUPPLEMENT DATED JULY 22, 1999
TO THE
PROSPECTUS DATED MARCH 15, 1999
AS SUPPLEMENTED ON JULY 20, 1999
The section under the heading "Management of the Fund -- Portfolio
Management" is hereby deleted and replaced in its entirety with the following:
PORTFOLIO MANAGEMENT. Dennis J. McDonnell, President and Chief Executive
Officer of the Adviser, is primarily responsible for the day-to-day management
of the Fund. Mr. McDonnell is also Chairman, President and Trustee to the Fund
and other closed end funds advised by the Adviser or its affiliates, and assumed
portfolio management responsibilities for the Fund in July 1999. Mr. McDonnell
also has primary responsibility for the day-to-day management of the portfolio
of the Van Kampen Prime Rate Income Trust, a continuously offered closed end
investment company, and Van Kampen Senior Income Trust, a closed end investment
company listed on the New York Stock Exchange, both investing primarily in
Senior Loans and having investment objectives and policies substantially similar
to those of the Fund. Mr. McDonnell has over 30 years experience in the asset
management business, providing portfolio, financial and research services to a
wide variety of clients, including open and closed end investment companies,
unit investment trusts, banks and other institutional clients. Mr. McDonnell is
also Executive Vice President and Director of Van Kampen Investments Inc. and
President, Chief Operating Officer and a Director of Van Kampen Asset Management
Inc., Van Kampen Advisors Inc. and Van Kampen Management Inc.
------------------
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.
SFR SPT 7/99
