VAN KAMPEN AMERICAN CAPITAL CALIFORNIA MUNICIPAL TRUST, N-30D, 1996-02-28

VAN KAMPEN AMERICAN CAPITAL CALIFORNIA MUNICIPAL TRUST
N-30D, 1996-02-28

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<TABLE>
<CAPTION>
Table of Contents
<S> <C>
Letter to Shareholders................. 1
Performance Results.................... 3
Portfolio of Investments............... 4
Statement of Assets and Liabilities.... 7
Statement of Operations................ 8
Statement of Changes in Net Assets..... 9
Financial Highlights................... 10
Notes to Financial Statements.......... 12
</TABLE>

Letter to Shareholders

January 30, 1996

Dear Shareholder,

For most investors, it would be hard to surpass the success enjoyed during
the second half of 1995. After getting off to a strong start in the first half
of the year, the stock and bond markets continued to enjoy substantial gains,
driven by a combination of continuing economic growth and low inflation.

As we reflect on the past six months, it is important to remember that the
key to successful investing is to maintain a long-term perspective. While the
environment for stocks and bonds remains positive, it is unlikely that 1996
will see a repeat of the markets' strong 1995 performance. However, over the
long-term, stocks have out performed virtually all other types of investments,
and bonds have met the needs of investors who seek capital preservation and
regular income.

[PHOTO]
Dennis J. McDonnell and Don G. Powell

Economic Overview

The rate of economic growth slowed during the second half of 1995, as measured
by the gross domestic product (the value of all goods and services produced in
the United States). GDP grew at an annual rate of more than 4 percent in the
third quarter of 1995, but slowed to an estimated 2 to 3 percent in the fourth
quarter of the year, with retail and auto sales particularly sluggish. The
slower growth rate eased concerns about a rise in inflation and allowed
the Federal Reserve Board in late December to lower short-term interest rates by
a quarter percentage point. Just as the Fed's raising of short-term rates in
1994 helped slow economic growth in 1995, the reduction in rates during the
latter half of 1995 was expected to help generate moderate economic growth in
1996.

The cut in short-term rates, combined with modest growth forecasts, was viewed
by the financial markets as a positive event, pushing up both stock and bond
prices. For the six months ended December 31, 1995, the Standard & Poor's
500-Stock Index achieved a total return of 14.40 percent. The yield on 10-year
Treasury notes was 5.57 percent on December 31, compared to 6.20 percent on June
30. The yield on the Bond Buyer's Municipal Bond Index fell from 6.37 percent on
June 30, 1995 to 5.56 percent on December 31, 1995. Many observers expect the
Fed to cut rates further if Congress and the President are able to reach an
agreement on the federal budget, provided economic conditions justify further
easing.

Performance Summary

For the six months ended December 31, 1995, Van Kampen American Capital
California Municipal Trust, formerly Van Kampen Merritt California Municipal
Trust, generated a total return at market price of 10.10 percent<F1>.
This return reflects an increase in market price per common share on the
American Stock Exchange from $10.75 on June 30, 1995 to $11.375 on
December 31, 1995.

Continued on page two

Like other fixed-income securities during the latter half of
1995, the value of municipal bonds rose as interest rates declined.

Additionally, the Trust produced a tax-exempt distribution rate of 6.59
percent<F3>, based on the closing stock price of $11.375 per share on
December 31, 1995. Because income from the Trust is exempt from federal
and state income taxes, it is important to compare the Trust's distribution
rate to an equivalent taxable rate. For example, for California residents
in the combined marginal tax bracket of 43 percent, the Trust's
distribution rate represents a yield equivalent to a taxable investment
earning 11.56 percent.<F4>

Corporate News

As you may have noticed in the performance summary, your Trust has a new name.
At the beginning of January all former Van Kampen Merritt and American Capital
closed-end funds assumed the Van Kampen American Capital name. Please look under
the new heading "VnKmAC" to find your Trust's price in your daily newspaper.

Outlook

Looking ahead, we are cautiously optimistic. We expect the economy to grow at
a rate of 2 to 3 percent throughout 1996, with growth stronger in the second
half of the year as the full impact of the Fed's rate cuts take effect. Lower
rates will have the greatest impact on interest sensitive industries, such as
housing. Although inflation appears to be under control, there probably will be
some upward pressure in 1996 as lower interest rates generate increased economic
activity.

The current economic conditions are ideal for bonds---including municipal
bonds. In the near-term, we believe domestic markets will benefit from a stable
U.S. dollar and increased business activity driven in part by a number of
recently announced strategic reorganizations of some of the nation's blue chip
industry leaders.

During recent months, debate over tax reform and the federal deficit has
dominated the agenda in Washington. Now that we are in a presidential election
year, tax reform likely will replace the budget battle as the top issue in
Washington. There has been varied speculation about the impact of these issues
on the economy and on various types of investments. We are following the tax
reform debate very closely, and we will keep you updated on this issue
throughout the year.

We appreciate your continued confidence in your investment with Van Kampen
American Capital, and we look forward to communicating with you again regarding
the performance of your Trust.

Sincerely,

Don G. Powell Dennis J. McDonnell
Chairman President
Van Kampen American Capital Van Kampen American Capital
Investment Advisory Corp. Investment Advisory Corp.

<TABLE>
<CAPTION>
Performance Results for the Period Ended December 31, 1995
Van Kampen American Capital California Municipal Trust
(AMEX Ticker Symbol VKC)
<S> <C>
Total Returns
Six-month total return based on market price<F1>........................... 10.10%
Six-month total return based on NAV<F2>.................................... 8.78%

Distribution Rates
Distribution rate as a % of closing stock price<F3>........................ 6.59%
Taxable-equivalent distribution rate as a % of closing stock price<F4>..... 11.56%

Share Valuations
Net asset value............................................................ $ 10.87
Preferred share rate<F5>................................................... 3.95%
Closing common stock price ................................................ $11.375
Six-month high common stock price (12/15/95)............................... $11.500
Six-month low common stock price (07/20/95)............................... $10.250

<FN>
<F1>Total return based on market price assumes an investment at the market price at
the beginning of the period indicated, reinvestment of all distributions for the
period in accordance with the Trust's dividend reinvestment plan, and sale of
all shares at the closing stock price at the end of the period indicated.

<F2>Total return based on net asset value (NAV) assumes an investment at the
beginning of the period indicated, reinvestment of all distributions for the
period, and sale of all shares at the end of the period, all at NAV.

<F3>Distribution rate represents the monthly annualized distributions of the Trust
at the end of the period and not the earnings of the Trust.

<F4>The taxable-equivalent distribution rate is calculated assuming a 43% combined
federal and state tax bracket, which takes into consideration the deductibility
of individual state taxes paid.

<F5>See "Notes to Financial Statements" footnote #5, for more information
concerning Preferred Share reset periods.

A portion of the interest income may be taxable for those investors subject to
the federal alternative minimum tax (AMT).

Past performance does not guarantee future results. Investment return, stock
price and net asset value will fluctuate with market conditions. Trust shares,
when sold, may be worth more or less than their original cost.
</TABLE>

<TABLE>
<CAPTION>
Portfolio of Investments
December 31, 1995 (Unaudited)
- -----------------------------------------------------------------------------------------------------
Par
Amount
(000) Description Coupon Maturity Market Value
- -----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
California Municipal Bonds 97.3%
$ 2,000 Antioch Area Pub Fac Fin Agy CA Spl Tax Cmnty Fac Dist No
1989-1 Rfdg (FGIC Insd) .................................. 5.375% 08/01/13 $ 2,019,060
790 Bay Area Govt Assn CA Rev Tax Alloc CA Redev Agy Pool Rev
Ser A (Cap Guar Insd) .................................... 6.000 12/15/15 835,844
500 Brea & Olinda, CA Unified Sch Dist Ctfs Partn Sr High Sch
Pgm Ser A Rfdg (Cap Guar Insd) ........................... 6.000 08/01/09 528,995
1,000 California Edl Fac Auth Rev Harvey Mudd College .......... 6.100 12/01/13 1,025,900
500 California Hlth Fac Fin Auth Rev Children's Hosp Los
Angeles Ser A (Prerefunded @ 06/01/01) ................... 7.125 06/01/21 577,695
1,000 California Hlth Fac Fin Auth Rev Insd Amern Baptist Homes
West Ser A ............................................... 7.650 04/01/14 1,082,020
1,300 California Hlth Fac Fin Auth Rev Insd Episcopal Homes
Ser A .................................................... 7.800 07/01/15 1,426,282
1,000 California Hlth Fac Fin Auth Rev Kaiser Permanente Ser A
(FSA Insd) ............................................... 5.550 08/15/25 1,000,650
1,000 California Hlth Fac Fin Auth Rev Pomona Vly Cmnty Hosp
Ser A .................................................... 7.000 01/01/17 1,021,350
1,500 California Hlth Fac Fin Auth Rev Saint Joseph Hlth Sys
Ser A (Prerefunded @ 07/01/01) ........................... 6.750 07/01/21 1,706,955
1,225 California Hsg Fin Agy Rev Homeowner Mtg Ser A ........... 8.100 08/01/16 1,271,942
3,205 California Hsg Fin Agy Rev Homeowner Mtg Ser D ........... * 08/01/20 473,282
15,000 California Hsg Fin Agy Rev Homeowner Mtg Ser D (AMBAC
Insd) .................................................... * 08/01/20 2,320,950
1,280 California Pollutn Ctl Fin Auth Pollutn Ctl Rev Pacific
Gas & Elec Co Ser B (AMBAC Insd) ......................... 8.875 01/01/10 1,410,074
2,000 California Pollutn Ctl Fin Auth Pollutn Ctl Rev Southern
CA Edison Co (Embedded Cap) (AMBAC Insd) <F2> ............ 6.000 07/01/27 2,055,240
1,300 California St Dept Veteran Affairs Home Pur Rev Ser A .... 8.300 08/01/19 1,363,843
1,000 California St Pub Wks Brd Lease Rev Var CA St Univ Projs
Ser A .................................................... 6.300 10/01/10 1,072,180
1,000 California St Pub Wks Brd Lease Rev Var CA St Univ Projs
Ser A .................................................... 6.375 10/01/14 1,068,970
800 California St Var Purp (MBIA Insd) ....................... 6.000 10/01/14 838,464
2,000 California Statewide Cmnty Dev Auth Rev Ctfs Partn Sutter
Hlth Oblig (MBIA Insd) ................................... 5.500 08/15/23 1,995,620
</TABLE>

4 See Notes to Financial Statements

<TABLE>
<CAPTION>
Portfolio of Investments (Continued)
December 31, 1995 (Unaudited)
- --------------------------------------------------------------------------------------------------
Par
Amount
(000) Description Coupon Maturity Market Value
- --------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
California Municipal Bonds (Continued)
$ 785 Central Contra Costa, CA Sanitation Dist Rev Wastewtr
Fac Impt Proj (MBIA Insd) ............................. 6.250% 09/01/11 $ 855,689
1,000 Contra Costa, CA Tran Auth Sales Tax Rev Ser A ........ 6.875 03/01/07 1,079,690
2,300 Desert Hosp Dist CA Hosp Rev Ctfs Partn Desert Hosp
Corp Proj (Prerefunded @ 07/01/00) .................... 8.100 07/01/20 2,714,345
1,500 Eden Twp, CA Hosp Dist Hosp Rev Ser A ................. 7.200 11/01/16 1,532,655
2,000 Emeryville, CA Pub Fin Auth Rev Hsg Increment Sub Lien
A (Prerefunded @ 02/01/01) ............................ 7.875 02/01/15 2,356,800
5,000 Foothill/Eastern Tran Agy Cap Apprec Sr Lien Ser A .... * 01/01/27 709,050
1,000 Foothill/Eastern Tran Agy Conv Cap Apprec Sr Lien Ser
A <F3> ................................................ 0/7.050 01/01/10 596,040
5,435 Foothill/Eastern Tran Corridor Agy CA Toll Rd Rev Sr
Lien Ser A ............................................ * 01/01/19 1,290,106
2,000 Foothill/Eastern Tran Corridor Agy CA Toll Rd Rev Sr
Lien Ser A ............................................ * 01/01/28 266,300
1,690 Long Beach, CA Harbor Rev (MBIA Insd) ................. 5.500 05/15/10 1,718,493
790 Los Angeles Cnty, CA Ctfs Partn Disney Pkg Proj ....... * 03/01/10 321,293
800 Los Angeles Cnty, CA Ctfs Partn Disney Pkg Proj ....... * 03/01/11 303,112
1,700 Los Angeles Cnty, CA Ctfs Partn Disney Pkg Proj ....... * 03/01/12 604,197
975 Los Angeles Cnty, CA Ctfs Partn Disney Pkg Proj ....... * 03/01/13 322,364
155 Los Angeles Cnty, CA Ctfs Partn Disney Pkg Proj ....... * 03/01/20 31,513
1,000 Los Angeles Cnty, CA Ctfs Partn Disney Pkg Proj ....... * 09/01/20 196,720
1,606 Los Angeles Cnty, CA Tran Comm Lease Rev Dia RR Lease
Ltd (FSA Insd) ........................................ 7.375 12/15/06 1,836,140
1,285 Montebello, CA Ctfs Partn Cap Impt Proj (Prerefunded @
06/01/00) ............................................. 7.000 06/01/15 1,450,161
1,000 Orange Cnty, CA Recovery Ser A Rfdg (MBIA Insd) ....... 5.750 06/01/15 1,028,210
3,095 Paramount, CA Redev Agy Tax Alloc Redev Proj Area No 1
Ser B (MBIA Insd) ..................................... * 08/01/26 432,248
1,000 San Diego, CA Indl Dev Rev San Diego G&E Co Ser A
(AMBAC Insd) .......................................... 7.625 07/01/21 1,039,600
895 San Jose, CA Arpt Rev (AMBAC Insd) .................... 7.500 03/01/18 967,021
935 Santa Barbara, CA Ctfs Partn .......................... 7.650 05/01/15 1,037,635
1,450 Santa Barbara, CA Ctfs Partn Wtr Sys Impt Proj & Rfdg
(AMBAC Insd) .......................................... 6.700 04/01/27 1,591,070
100 Southern CA Home Fin Auth Single Family Mtg Rev Ser B.. 7.750 03/01/24 106,213
</TABLE>

5 See Notes to Financial Statements

*Zero coupon bond

<FN>
<F1>At December 31, 1995, cost for federal income tax purposes is $48,541,225;
the aggregate gross unrealized appreciation is $4,636,596 and the
aggregate gross unrealized depreciation is $-0-, resulting in net
unrealized appreciation of $4,636,596.

<F2>An embedded cap security includes a cap strike level such that the coupon
payment may be supplemented by cap payments if the floating rate index
upon which the cap is based rises above the strike level. The price of
these securities may be more volatile than the price of a comparable fixed
rate security. The Trust invests in these instruments as a hedge against a
rise in the short-term interest rates which it pays on its preferred
shares.

<F3>Security is a "step-up" bond where the coupon increases or steps up at a
predetermined date.
</TABLE>

The following table summarizes the portfolio composition at December 31, 1995,
based upon quality ratings issued by Standard & Poor's. For securities not rated
by Standard & Poor's, the Moody's rating is used.

<TABLE>
<CAPTION>
Portfolio Composition by Credit Quality
<S> <C>
AAA........................... 49.4%
AA............................ 6.5
A............................. 29.1
BBB........................... 12.3
Non-Rated..................... 2.7
------
100.0%
======
</TABLE>

6 See Notes to Financial Statements

<TABLE>
Statement of Assets and Liabilities
December 31, 1995 (Unaudited)
- ----------------------------------------------------------------------------------------------------
<CAPTION>
<S> <C>
Assets:
Investments, at Market Value (Cost $48,541,225) (Note 1)............................. $ 53,177,821
Short-Term Investments (Note 1)...................................................... 1,000,000
Interest Receivable.................................................................. 938,771
Other................................................................................ 1,090
-------------
Total Assets.................................................................... 55,117,682
-------------
Liabilities:
Payables:
Income Distributions - Common and Preferred Shares................................. 225,103
Custodian Bank..................................................................... 89,923
Investment Advisory Fee (Note 2)................................................... 27,692
Accrued Expenses..................................................................... 126,916
-------------
Total Liabilities................................................................ 469,634
-------------
Net Assets........................................................................... $ 54,648,048
=============
Net Assets Consist of:
Preferred Shares ($.01 par value, authorized 1,000,000 shares, 400 shares are issued
with a liquidation preference of $50,000 per share) (Note 5)....................... $ 20,000,000
-------------
Common Shares ($.01 par value with an unlimited number of shares authorized,
3,187,395 shares issued and outstanding) (Note 3).................................. 31,874
Paid in Surplus ..................................................................... 28,782,936
Net Unrealized Appreciation on Investments........................................... 4,636,596

Accumulated Undistributed Net Investment Income...................................... 742,992
Accumulated Net Realized Gain on Investments......................................... 453,650
-------------
Net Assets Applicable to Common Shares.......................................... 34,648,048
-------------
Net Assets........................................................................... $ 54,648,048
=============
Net Asset Value Per Common Share ($34,648,048 divided by 3,187,395 shares
outstanding)....................................................................... $ 10.87
=============
</TABLE>

7 See Notes to Financial Statements

<TABLE>
<CAPTION>
Statement of Operations
For the Six Months Ended December 31, 1995 (Unaudited)
- --------------------------------------------------------------------------------
<S> <C>
Investment Income:
Interest........................................................ $ 1,767,478
--------------
Expenses:
Investment Advisory Fee (Note 2)................................ 161,523
Preferred Share Maintenance (Note 5)............................ 29,404
Shareholder Services............................................ 19,283
Custody......................................................... 17,270
Trustees Fees and Expenses (Note 2)............................. 16,102
Printing........................................................ 14,904
Legal (Note 2).................................................. 5,520
Other........................................................... 12,663
--------------
Total Expenses............................................. 276,669
--------------
Net Investment Income........................................... $ 1,490,809
==============
Realized and Unrealized Gain/Loss on Investments:
Realized Gain/Loss on Investments:
Proceeds from Sales........................................... $ 9,821,842
Cost of Securities Sold....................................... (9,045,016)
--------------
Net Realized Gain on Investments ............................... 776,826
--------------
Unrealized Appreciation/Depreciation on Investments:
Beginning of the Period....................................... 3,654,484
End of the Period............................................. 4,636,596
--------------
Net Unrealized Appreciation on Investments During the Period.... 982,112
--------------
Net Realized and Unrealized Gain on Investments................. $ 1,758,938
==============
Net Increase in Net Assets from Operations...................... $ 3,249,747
==============
</TABLE>

8 See Notes to Financial Statements

<TABLE>
<CAPTION>
Statement of Changes in Net Assets
For the Six Months Ended December 31, 1995 and the Year Ended June 30, 1995
(Unaudited)
- -----------------------------------------------------------------------------------------------------------
Six Months Ended Year Ended
December 31, 1995 June 30, 1995
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C>
From Investment Activities:
Operations:
Net Investment Income................................................... $ 1,490,809 $ 3,015,820
Net Realized Gain/Loss on Investments................................... 776,826 (164,482)
Net Unrealized Appreciation on Investments During the Period............ 982,112 512,873
----------------- --------------
Change in Net Assets from Operations ................................... 3,249,747 3,364,211
----------------- --------------
Distributions from Net Investment Income:
Common Shares......................................................... (1,193,064) (2,297,195)
Preferred Shares...................................................... (386,435) (750,639)
----------------- --------------
(1,579,499) (3,047,834)
Distributions from Net Realized Gain on Investments - Common Shares..... (158,571) (19,001)
----------------- --------------
Total Distributions................................................... (1,738,070) (3,066,835)
----------------- --------------
Net Change in Net Assets from Investment Activities..................... 1,511,677 297,376
From Capital Transactions (Note 3):
Value of Common Shares Issued Through Dividend Reinvestment............. 128,112 137,858
----------------- --------------
Total Increase in Net Assets............................................ 1,639,789 435,234
Net Assets:

Beginning of the Period................................................. 53,008,259 52,573,025
----------------- --------------
End of the Period (Including undistributed net investment income
of $742,992 and $831,682, respectively) .............................. $ 54,648,048 $ 53,008,259
----------------- --------------
</TABLE>

9 See Notes to Financial Statements

<TABLE>
<CAPTION>
Financial Highlights

The following schedule presents financial highlights for one common share of the
Trust outstanding throughout the periods indicated. (Unaudited)
- ---------------------------------------------------------------------------------------------
Six Months Ended -----------------------
December 31, 1995 1995 1994
- ---------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Net Asset Value, Beginning of the Period <F1>.... $ 10.395 $ 10.301 $ 10.963
----------------- ---------- -----------
Net Investment Income.......................... .467 .951 .956
Net Realized and Unrealized Gain/Loss
on Investments.............................. .554 .111 (.740)
----------------- ---------- -----------
Total from Investment Operations................. 1.021 1.062 .216
----------------- ---------- -----------
Less:
Distributions from Net Investment Income:
Paid to Common Shareholders................. .375 .725 .712
Common Share Equivalent of Distributions
Paid to Preferred Shareholders............ .121 .237 .156
Distributions from Net Realized Gain on
Investments Paid to Common Shareholders... .050 .006 .010
----------------- ---------- -----------
Total Distributions.............................. .546 .968 .878
----------------- ---------- -----------
Net Asset Value, End of the Period............... $ 10.870 $ 10.395 $ 10.301
================= ========== ===========
Market Price Per Share at End of the Period...... $ 11.375 $ 10.750 $ 10.625
Total Investment Return at Market
Price <F2>..................................... 10.10%* 8.67% 4.32%
Total Return at Net Asset Value <F3>............. 8.78%* 8.47% .35%
Net Assets at End of the Period (In millions).... $ 54.6 $ 53.0 $ 52.6
Ratio of Expenses to Average Net Assets
Applicable to Common Shares (Annualized)....... 1.64% 1.65% 1.53%
Ratio of Expenses to Average Net Assets
(Annualized)................................... 1.02% 1.02% .97%
Ratio of Net Investment Income to Average Net
Assets Applicable to Common Shares
(Annualized) <F4>.............................. 6.53% 7.02% 7.28%
Portfolio Turnover............................... 17.06% 15.81% 10.92%

* Non-Annualized
** If certain expenses had not been assumed by VKAC, the annualized ratio of
expenses to average net assets applicable to common shares, ratio of expenses to
average net assets and the ratio of net investment income to average net assets
applicable to common shares would have been 2.06%, 1.22% and 6.80% for the year
ended June 30, 1991, 1.31%, 1.13% and 6.21% for the year ended June 30, 1990,
and 1.09%, 1.09% and 6.04% for the period ended June 30, 1989.

<FN>
<F1> Net asset value at November 1, 1988 of $9.300 is adjusted for common share
offering costs of $.145 per common share. Net asset value at June 30, 1989
of $9.416 is adjusted for preferred share offering costs of $.204 per
common share.

<F2> Total investment return at market price reflects the change in market
value of the common shares for the period indicated with reinvestment of
dividends in accordance with the Trust's dividend reinvestment plan.

<F3> Total return at net asset value (NAV) reflects the change in the value of
the Trust's assets with reinvestment of dividends based upon NAV.

<F4> Net investment income is adjusted for common share equivalent of
distributions paid to preferred shareholders.
</TABLE>

N/A = Not Applicable

<TABLE>
<CAPTION>
November 1, 1988
(Commencement
Year Ended June 30 of Investment
- --------------------------------------------- Operations) to
1993 1992 1991 1990 June 30, 1989
- ---------------------------------------------------------------
<S> <C> <C> <C> <C>
$ 10.147 $ 9.408 $ 9.095 $ 9.212 $ 9.155
- ---------- --------- ---------- ---------- ----------------
.968 .946 .975 .719 .385
.788 .719 .313 (.117) .261
- ---------- --------- ---------- ---------- ----------------
1.756 1.665 1.288 .602 .646
- ---------- --------- ---------- ---------- ----------------
.663 .654 .648 .648 .385
.167 .245 .327 .071 -0-
.110 .027 -0- -0- -0-
- ---------- --------- ---------- ---------- ----------------
.940 .926 .975 .719 .385
- ---------- --------- ---------- ---------- ----------------
$ 10.963 $ 10.147 $ 9.408 $ 9.095 $ 9.416
========== ========= ========== ========= ================
$ 10.875 $ 9.875 $ 9.750 $ 9.125 $ 9.875
18.49% 8.44% 14.51% (.95%) 2.92%*
16.19% 15.54% 10.85% 4.27% (2.43%)*
$ 54.5 $ 51.9 $ 49.5 $ 48.4 $ 29.3
1.57% 2.07% 1.88%** .50%** .87%**
.98% 1.26% 1.11%** .43%** N/A
7.62% 7.74% 6.98%** 7.01%** 6.26%**
17.66% 40.60% 99.43% 99.54% 57.06%
</TABLE>

11 See Notes to Financial Statements

Notes to Financial Statements
December 31, 1995 (Unaudited)
- --------------------------------------------------------------------------------

1. Significant Accounting Policies

Van Kampen American Capital California Municipal Trust (the "Trust") is
registered as a diversified closed-end management investment company under the
Investment Company Act of 1940, as amended. The Trust's investment objective is
to provide a high level of current income exempt from federal and California
income taxes with safety of principal. The Trust commenced investment operations
on November 1, 1988.

The following is a summary of significant accounting policies consistently
followed by the Trust in the preparation of its financial statements.

A. Security Valuation---Investments are stated at value using market quotations
or, if such valuations are not available, estimates obtained from yield data
relating to instruments or securities with similar characteristics in accordance
with procedures established in good faith by the Board of Trustees. Short-term
securities with remaining maturities of less than 60 days are valued at
amortized cost.

B. Security Transactions---Security transactions are recorded on a trade date
basis. Realized gains and losses are determined on an identified cost basis. The
Trust may purchase and sell securities on a "when issued" or "delayed delivery"
basis, with settlement to occur at a later date. The value of the security so
purchased is subject to market fluctuations during this period. The Trust will
maintain, in a segregated account with its custodian, assets having an
aggregate value at least equal to the amount of the when issued or delayed
delivery purchase commitments until payment is made. At December 31, 1995,
there were no when issued or delayed delivery purchase commitments.

C. Investment Income and Expenses---Interest income and expenses are recorded on
an accrual basis. Bond premium and original issue discount are amortized over
the expected life of each applicable security.

The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements and
the reported amounts of revenues and expenses during the reporting period.
Actual results could differ from those estimates.

D. Federal Income Taxes---It is the Trust's policy to comply with the
requirements of the Internal Revenue Code applicable to regulated investment
companies and to distribute substantially all of its taxable income to its

Notes to Financial Statements (Continued)
December 31, 1995 (Unaudited)
- --------------------------------------------------------------------------------

shareholders. Therefore, no provision for federal income taxes is required.

The Trust intends to utilize provisions of the Federal income tax laws which
allow it to carry a realized capital loss forward for eight years following the
year of the loss and offset such losses against any future realized capital
gains. At June 30, 1995, the Trust had an accumulated capital loss carryforward
for tax purposes of $164,482 which will expire on June 30, 2003. Net realized
gains or losses may differ for financial and tax reporting purposes primarily as
a result of post October 31 losses which are not recognized for tax purposes
until the first day of the following fiscal year.

E. Distribution of Income and Gains---The Trust declares and pays dividends from
net investment income to common shareholders monthly. Net realized gains, if
any, are distributed annually to common shareholders. Distributions from net
realized gains for book purposes may include short-term capital gains, which are
included as ordinary income for tax purposes.

2. Investment Advisory Agreement and Other Transactions with Affiliates
Under the terms of the Trust's Investment Advisory Agreement, Van Kampen
American Capital Investment Advisory Corp. (the "Adviser") will provide
investment advice and facilities to the Trust for an annual fee payable monthly
of .60% of the average net assets of the Trust.

Certain legal expenses are paid to Skadden, Arps, Slate, Meagher & Flom,
counsel to the Trust, of which a trustee of the Trust is an affiliated person.

For the six months ended December 31, 1995, the Trust recognized expenses of
approximately $5,700 representing Van Kampen American Capital Distributors,
Inc.'s or its affiliates' (collectively "VKAC") cost of providing accounting,
legal and certain shareholder services to the Trust.

Certain officers and trustees of the Trust are also officers and directors of
VKAC. The Trust does not compensate its officers or trustees who are officers of
VKAC.

The Trust has implemented deferred compensation and retirement plans for its
trustees. Under the deferred compensation plan, trustees may elect to defer all
or a portion of their compensation to a later date. The retirement plan covers
those trustees who are not officers of VKAC. The Trust's liability under the
deferred compensation and retirement plans at December 31, 1995, was
approximately $30,900.

Notes to Financial Statements (Continued)
December 31, 1995 (Unaudited)
- --------------------------------------------------------------------------------

3. Capital Transactions

At December 31, 1995 and June 30, 1995, paid in surplus related to common shares
aggregated $28,782,936 and $28,654,945, respectively.

Transactions in common shares were as follows:

<TABLE>
<CAPTION>
Six Months Ended Year Ended
December 31, 1995 June 30, 1995
- -----------------------------------------------------------
<S> <C> <C>
Beginning Shares......... 3,175,320 3,162,077
Shares Issued Through
Dividend Reinvestment.... 12,075 13,243
----------------- -------------
Ending Shares............ 3,187,395 3,175,320
================== =============
</TABLE>

4. Investment Transactions

Aggregate purchases and cost of sales of investment securities, excluding
short-term notes, for the six months ended December 31, 1995, were $8,880,126
and $9,045,016, respectively.

5. Remarketed Preferred Shares

The Trust has outstanding 400 shares of Remarketed Preferred Shares ("RP").
Dividends are cumulative and the rate is reset through an auction process every
28 days. The rate in effect on December 31, 1995, was 3.95%, and for the six
months then ended rates ranged from 3.78% to 3.95%.

The Trust pays annual fees equivalent to .25% of the preferred share
liquidation value for the remarketing efforts associated with the preferred
auctions. These fees are included as a component of Preferred Share Maintenance
expense.

The RP are redeemable at the option of the Trust in whole or in part at the
liquidation value of $50,000 per share plus accumulated and unpaid dividends.
The Trust is subject to certain asset coverage tests, and the RP are subject to
mandatory redemptions if the tests are not met.

Funds Distributed by Van Kampen American Capital
- --------------------------------------------------------------------------------
GLOBAL AND
INTERNATIONAL
Global Equity Fund
Global Government Securities Fund
Global Managed Assets Fund
Short-Term Global Income Fund
Strategic Income Fund

EQUITY

Growth
Emerging Growth Fund
Enterprise Fund
Pace Fund
Growth & Income
Balanced Fund
Comstock Fund
Equity Income Fund
Growth and Income Fund
Harbor Fund
Real Estate Securities Fund
Utility Fund

FIXED INCOME
Corporate Bond Fund
Government Securities Fund
High Income Corporate Bond Fund
High Yield Fund
Limited Maturity Government Fund
Prime Rate Income Trust
Reserve Fund
U.S. Government Fund
U.S. Government Trust for Income

TAX-FREE
California Insured Tax Free Fund
Florida Insured Tax Free Income Fund
High Yield Municipal Fund
Insured Tax Free Income Fund
Limited Term Municipal Income Fund
Municipal Income Fund
New Jersey Tax Free Income Fund
New York Tax Free Income Fund
Pennsylvania Tax Free Income Fund
Tax Free High Income Fund
Tax Free Money Fund
Texas Tax Free Income Fund

THE GOVETT FUNDS
Emerging Markets Fund
Global Income Fund
International Equity Fund
Latin America Fund
Pacific Strategy Fund
Smaller Companies Fund

Ask your investment adviser for a prospectus containing more complete
information, including sales charges and expenses. Please read it carefully
before you invest or send money. Or call us direct at 1-800-421-5666
weekdays from 7:00 a.m. to 7:00 p.m. Central time.

Van Kampen American Capital California Municipal Trust
- --------------------------------------------------------------------------------

Officers and Trustees

Don G. Powell*
Chairman and Trustee

Dennis J. McDonnell*
President and Trustee

David C. Arch
Trustee

Rod Dammeyer
Trustee

Howard J Kerr
Trustee

Theodore A. Myers
Trustee

Hugo F. Sonnenschein
Trustee

Wayne W. Whalen*
Trustee

Peter W. Hegel*
Vice President

Ronald A. Nyberg*
Vice President and Secretary

Edward C. Wood, III*
Vice President and Treasurer

Scott E. Martin*
Assistant Secretary

Weston B. Wetherell*
Assistant Secretary

Nicholas Dalmaso*
Assistant Secretary

John L. Sullivan*
Controller

Steven M. Hill*
Assistant Treasurer

Investment Adviser

Van Kampen American Capital Investment Advisory Corp.
One Parkview Plaza
Oakbrook Terrace, Illinois 60181

Custodian and
Transfer Agent

State Street Bank and Trust Company
225 Franklin Street
P.O. Box 1713
Boston, Massachusetts 02105

Legal Counsel

Skadden, Arps, Slate, Meagher & Flom
333 West Wacker Drive
Chicago, Illinois 60606

Independent Auditors

KPMG Peat Marwick LLP
Peat Marwick Plaza
303 East Wacker Drive
Chicago, Illinois 60601

* "Interested" persons of the Trust, as defined in the Investment Company
Act of 1940.

SM denotes a service mark of Van Kampen American Capital Distributors, Inc.