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                                                                  EXHIBIT (a)(7)

               VAN KAMPEN SENIOR FLOATING RATE FUND TENDER OFFER

         CHICAGO (May 8, 2000) -- Van Kampen Senior Floating Rate Fund announced
today that it is supplementing its tender offer. The offer is subject to the
terms and conditions set forth in the Offer to Purchase and the Letter of
Transmittal, each dated April 20, 2000, as supplemented on May 8, 2000. The
common shares are being tendered for at a price equal to the net asset value per
common share determined as of 5:00 p.m., Eastern Standard time, on May 19, 2000,
the expiration date, unless extended. The offer and withdrawal rights will
expire, as of 12:00 Midnight, Eastern Standard time, on May 19, 2000 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 offer is not conditioned on any minimum number of common
shares that must be tendered. The Fund may purchase under the modified tender
offer up to 54,534,630 of its outstanding common shares of beneficial interest.
The number of common shares tendered through May 5, 2000 was approximately
262,000.



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         The Van Kampen Senior Floating Rate Fund tender offer is being made
only by the Offer to Purchase and the related letter of Transmittal, each dated
April 20, 2000, as supplemented on May 8, 2000. 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 Investments Inc. is one of the nation's largest investment
management companies with more than $100 billion in assets under management or
supervision, as of March 31, 2000. The company offers more than 50 open-end
mutual funds, 39 closed-end funds, and has sponsored over 2,700 series of fixed,
tax-exempt and equity unit investment trusts. Van Kampen is an indirect wholly
owned subsidiary of Morgan Stanley Dean Witter & Co.

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