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VAN KAMPEN PRIME RATE INCOME TRUST
SUPPLEMENT DATED JUNE 6, 2000
TO THE
STATEMENT OF ADDITIONAL INFORMATION DATED FEBRUARY 28, 2000,
SUPERCEDING ALL PRIOR SUPPLEMENTS
(1) 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.
(2) The section of the Statement of Additional Information entitled
"Trustees and Officers" is hereby amended by deleting all information pertaining
to Curtis W. Morell, effective January 31, 2000, Dennis J. McDonnell, effective
March 31, 2000, Edward C. Wood, III, effective May 30, 2000, and Peter W. Hegel,
effective May 31, 2000, and by adding the following:
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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.
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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: 04/21/48 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 Senior Floating Rate
Fund 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.
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