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VAN KAMPEN PRIME RATE INCOME TRUST
SUPPLEMENT DATED DECEMBER 9, 1999
TO THE
PROSPECTUS DATED JUNE 21, 1999
AS PREVIOUSLY SUPPLEMENTED ON JULY 22, 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. Howard Tiffen, Senior Vice President and Director of
Senior Loans of the Adviser, is primarily responsible for the day-to-day
management of the Fund. Mr. Tiffen assumed portfolio management
responsibilities for the Fund in December 1999. Mr. Tiffen also has primary
responsibility for the day-to-day management of the portfolio of the Van
Kampen Senior Floating Rate Fund, 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. Tiffen has over 25 years of
investment experience and manages over $13 billion in senior loan assets for
Van Kampen Investments Inc. Mr. Tiffen is also Senior Vice President and
Director of Senior Loans of Van Kampen Asset Management Inc. and Van Kampen
Management Inc. Prior to joining the Adviser, 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. Mr. Tiffen received
a bachelor's degree from Northwestern University, Chicago, Illinois. He also
is an associate of the Chartered Institute of Bankers and a member of the
Economic Club of Chicago.
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PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.
PRIT SPT 12/99
