VAN KAMPEN SENIOR FLOATING RATE FUND
497, 2000-06-06
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                      VAN KAMPEN SENIOR FLOATING RATE FUND

                         SUPPLEMENT DATED JUNE 6, 2000
                                     TO THE
          STATEMENT OF ADDITIONAL INFORMATION DATED DECEMBER 10, 1999,
                       SUPERCEDING ALL PRIOR SUPPLEMENTS

     (1) The section of the Statement of Additional Information entitled "NET
ASSET VALUE" is hereby deleted and replaced with the following:

NET ASSET VALUE

     The net asset value per share of the Fund's Shares is determined by
calculating the total value of the Fund's assets, deducting its total
liabilities, and dividing the result by the number of Shares outstanding. The
net asset value will be computed on each business day as of 5:00 p.m. Eastern
time. The Fund reserves the right to calculate the net asset value more
frequently if deemed desirable.

     Senior Loans will be valued by the Fund following guidelines established
and periodically reviewed by the Fund's Board of Trustees. Subject to criteria
established by the Fund's Board of Trustees about the availability and
reliability of market indicators obtained from independent pricing sources,
certain Senior Loans will be valued at the mean of bid and ask market indicators
supplied by independent sources approved by the Fund's Board of Trustees. All
other Senior Loans will be valued by considering a number of factors including
consideration of market indicators, transactions in instruments which the
Adviser believes may be comparable (including comparable credit quality,
interest rate, interest rate redetermination period and maturity), the credit
worthiness of the Borrower, the current interest rate, the period until next
interest rate redetermination and the maturity of such Senior Loan interests.
Consideration of comparable instruments may include commercial paper, negotiable
certificates of deposit and short-term variable rate securities which have
adjustment periods comparable to the Senior Loan interests in the Fund's
portfolio. The fair value of Senior Loans are reviewed and approved by the
Fund's Valuation Committee and by the Fund's Trustees. To the extent that an
active secondary trading market in Senior Loan interests develops to a reliable
degree, the Fund may rely to an increasing extent on market prices and
quotations in valuing Senior Loan interests in the Fund's portfolio. The Fund
and Trustees will continue to monitor developments in the Senior Loan market and
will make modifications to the current valuation methodology as deemed
appropriate.

     It is expected that the Fund's net asset value will fluctuate as a function
of interest rate and credit factors. Because of the short-term, adjustable rate
nature of such instruments held by the Fund, however, the Fund's net asset value
is expected to fluctuate less in response to changes in interest rates than the
net asset values of investment companies with portfolios consisting primarily of
traditional longer-term, fixed-income securities. In light of the senior nature
of Senior Loan interests that may be included in the Fund's portfolio and taking
into account the Fund's access to non-public information with respect to
Borrowers relating to such Senior Loans interests, the Fund does not currently
believe that consideration on a systematic basis of ratings provided by any
nationally recognized statistical rating organization or price fluctuations with
respect to long-or short-term debt of such Borrowers subordinate to the Senior
Loans of such Borrowers is necessary for a determination of the value of such
Senior Loan interests. Accordingly, the Fund generally will not systematically
consider (but may consider in certain instances) and, in any event, will not
rely upon such ratings or price fluctuations in determining the value of Senior
Loan interests in the Fund's portfolio.

     Securities other than Senior Loans held in the Fund's portfolio (other than
short-term obligations, but including listed issues) may be valued on the basis
of prices furnished by one or more pricing services that determine prices for
normal, institutional-size trading units of such securities using market
information, transactions for comparable securities and various relationships
between securities that are generally recognized by institutional traders. In
certain circumstances, portfolio securities will be valued at the last sale
price on the exchange that is the primary market for the securities, or the last
quoted bid price for those securities for which the over-the-counter market is
the primary market or for listed securities in which there were no sales during
the day. The value of interest rate swaps will be determined in accordance with
a discounted present value formula and then confirmed by obtaining a bank
quotation.
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     Short-term obligations held by the Fund that mature in 60 days or less are
valued at amortized cost, if their original term to maturity when acquired by
the Fund was 60 days or less, or are valued at amortized cost using their value
on the 61st day prior to maturity, if their original term to maturity when
acquired by the Fund was more than 60 days, unless in each case this is
determined not to represent fair value. Repurchase agreements will be valued at
cost plus accrued interest. Securities for which there exist no price quotations
or valuations and all other assets are valued at fair value as determined in
good faith by or on behalf of the Trustees.

     Through December 31, 1999, the Fund's net asset value has ranged from a
high of $10.00 to a low of $9.93 since its commencement of investment operations
on December 19, 1997.

     (2) The Statement of Additional Information is hereby supplemented as
follows:

INDEPENDENT ACCOUNTANTS

     Independent accountants for the Fund perform an annual audit of the Fund's
financial statements. The Fund's Board of Trustees has engaged Deloitte & Touche
LLP, located at Two Prudential Plaza, 180 North Stetson, Chicago, Illinois
60601-6710, to be the Fund's independent accountants.

     KPMG LLP, located at 303 West Wacker Drive, Chicago, Illinois 60601
("KPMG"), ceased being the Fund's independent accountants effective April 14,
2000. The cessation of the client-auditor relationship between the Fund and KPMG
was based solely on a possible future business relationship by KPMG with an
affiliate of the Fund's investment adviser.

     (3) The section of the Statement of Additional Information entitled
"Trustees and Officers" is hereby amended by deleting all information pertaining
to Steven Muller, effective December 31, 1999, Curtis W. Morell and Tanya M.
Loden, effective January 31, 2000, Dennis J. McDonnell, effective March 30,
2000, Edward C. Wood, III, effective May 30, 2000, and Peter W. Hegel, effective
May 31, 2000, and by adding the following:

<TABLE>
<S>                                         <C>
Stephen L. Boyd...........................  Executive Vice President and Chief Investment Officer of
Date of Birth: 11/16/40                     Van Kampen, and President and Chief Operating Officer of
Executive Vice President and                the Advisers. Executive Vice President and Chief
Chief Investment Officer                    Investment Officer of each of the funds in the Fund
                                            Complex and certain other investment companies advised by
                                            the Advisers or their affiliates. Prior to April 2000,
                                            Vice President and Chief Investment Officer of the
                                            Advisers. Prior to October 1998, Vice President and
                                            Senior Portfolio Manager with AIM Capital Management,
                                            Inc. Prior to February 1998, Senior Vice President and
                                            Portfolio Manager of Van Kampen American Capital Asset
                                            Management, Inc., Van Kampen American Capital Investment
                                            Advisory Corp. and Van Kampen American Capital
                                            Management, Inc.
Richard A. Ciccarone......................  Senior Vice President and Co-head of the Fixed Income
Date of Birth: 06/15/52                     Department of the Advisers, Van Kampen Management Inc.
Vice President                              and Van Kampen Advisors Inc. Prior to May 2000, he served
                                            as Co-head of Municipal Investments and Director of
                                            Research of the Advisers, Van Kampen Management Inc. and
                                            Van Kampen Advisors Inc. Mr. Ciccarone first joined the
                                            Adviser in June 1983, and worked for the Adviser until
                                            May 1989, with his last position being a Vice President.
                                            From June 1989 to April 1996, he worked at EVEREN
                                            Securities (formerly known as Kemper Securities), with
                                            his last position at EVEREN being an Executive Vice
                                            President. Since April 1996, Mr. Ciccarone has been a
                                            Senior Vice President of the Advisers, Van Kampen
                                            Management Inc. and Van Kampen Advisors Inc.
</TABLE>
<PAGE>   3
<TABLE>
<S>                                         <C>
John R. Reynoldson........................  Senior Vice President and Co-head of the Fixed Income
Birth Date: 05/15/53                        Department of the Advisers, Van Kampen Management Inc.
Vice President                              and Van Kampen Advisors Inc. Prior to May 2000, he
                                            managed the investment grade taxable group for the
                                            Adviser since July 1999. From July 1988 to June 1999, he
                                            managed the government securities bond group for Asset
                                            Management. Mr. Reynoldson has been with Asset Management
                                            since April 1987, and has been a Senior Vice President of
                                            Asset Management since July 1988. He has been a Senior
                                            Vice President of the Adviser and Van Kampen Management
                                            Inc. since June 1995 and Senior Vice President of Van
                                            Kampen Advisors Inc. since June 2000.
Howard Tiffen.............................  Senior Vice President of the Advisers, Van Kampen
Date of Birth: 04/21/45                     Management Inc. and Van Kampen Advisors Inc. Senior Vice
Vice President                              President and Director of Senior Loans of the Adviser,
                                            and is primarily responsible for the day-to-day
                                            management of the Fund, Van Kampen Prime Rate Income
                                            Trust and the Van Kampen Senior Income Trust since
                                            December 1999. Prior to December 1999, Mr. Tiffen was
                                            senior portfolio manager for Pilgrim Investments' Senior
                                            Floating Rate Investment Management business from 1995 to
                                            1999, where he managed the Pilgrim Prime Rate Trust and
                                            other structured senior loan portfolios. From 1982 to
                                            1995, Mr. Tiffen held positions in the lending and
                                            capital markets functions at Bank of America and its
                                            predecessor, Continental Bank.
John H. Zimmermann, III...................  Senior Vice President and Director of Van Kampen,
Date of Birth: 11/25/57                     President and Director of VKF and President of Van Kampen
Vice President                              Insurance Agency of Illinois Inc. Vice President of each
                                            of the funds in the Fund Complex. From November 1992 to
                                            December 1997, Senior Vice President of VKF.
</TABLE>

                  RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE


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