VAN KAMPEN SENIOR FLOATING RATE FUND
497, 1999-07-20
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                      VAN KAMPEN SENIOR FLOATING RATE FUND
                     SUPPLEMENT DATED JULY 20, 1999 TO THE
                        PROSPECTUS DATED MARCH 15, 1999
                           -------------------------

     The fifth paragraph of the section of the Prospectus entitled "REPURCHASE
OF SHARES" is deleted and replaced with the following:

     The Fund has entered into a Second Amendment and Restatement of Credit
Agreement, dated as of June 14, 1999 (the "Credit Agreement") among the Fund and
Van Kampen Prime Rate Income Trust, as borrowers, the banks party thereto (the
"Financial Institutions"), and Bank of America National Trust and Savings
Association ("BofA"), as agent, pursuant to which the Financial Institutions
have committed to provide a joint credit facility of up to $500,000,000 to the
Fund and Van Kampen Prime Rate Income Trust, which is not secured by the assets
of the Fund or other collateral. This credit facility can provide the Fund with
additional liquidity to meet its obligations to purchase Shares pursuant to any
tender offer that the Fund may make. The credit facility provided pursuant to
the Credit Agreement will terminate on June 13, 2000, unless extended by its
terms. As of the date of this Supplement, the Fund has not drawn any of the
funds available under the Credit Agreement. See "Repurchase of Shares" in the
Statement of Additional Information.


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