VAN KAMPEN AMERICAN CAPITAL CALIFORNIA QUALITY MUNI TRUST
N-30D, 1996-04-29
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<PAGE>   1
 
                    TABLE OF CONTENTS
 
<TABLE>
<S>                                              <C>
Letter to Shareholders...........................   1
Performance Results..............................   4
Portfolio of Investments.........................   5
Statement of Assets and Liabilities..............   9
Statement of Operations..........................  10
Statement of Changes in Net Assets...............  11
Financial Highlights.............................  12
Notes to Financial Statements....................  13
</TABLE>
 
VCQ SAR 4/96
<PAGE>   2
 
                             LETTER TO SHAREHOLDERS
                                                  
                                                   
 
April 15, 1996
 
Dear Shareholder,
    We are pleased to report that the
Van Kampen American Capital California
Quality Municipal Trust (formerly Van
Kampen Merritt California Quality
Municipal Trust) continued its strong
performance over the first half of its        [PHOTO OF DENNIS J. MCDONNELL AND
fiscal year, having achieved a total                    DON G. POWELL]
return at market price of 8.57
percent(1) for the six months ended
February 29, 1996.
    Additionally, the Trust offered a        
tax-exempt distribution rate of 6.67                    
percent(3), based on the closing common stock price of $15.75 per share on
February 29, 1996. Because income from the Trust is exempt from federal and
state income taxes, this distribution rate represents a yield equivalent to a
taxable investment earning 11.70 percent (4) (for California residents in the 43
percent combined marginal income tax bracket).
 
ABOVE-AVERAGE CUMULATIVE TOTAL RETURN
 
    While the six-month results are attractive for investors, the return for
each period will vary according to changing market conditions. It is important,
therefore, to look at the Trust's cumulative results to see the full benefit of
its long-term investment approach.
    Since beginning operations in September 1991, the Trust's cumulative total
return at net asset value was 47.83 percent, as calculated by Lipper Analytical
Services. This compares favorably to the 43.46 percent average return recorded
for the same period by nine California closed-end funds tracked by Lipper in the
California muni debt category. The Trust's performance demonstrates the value of
experienced portfolio management, as well as the importance of reinvesting
distributions. Together, these factors reinforce our confidence in the long-term
approach we utilize in managing the Trust.
    (Please note that Lipper's measurement of total return performance does not
reflect any sales charges that would be paid by an investor purchasing the
securities included in the calculation.)
 
EXTENSIVE EXPERIENCE IN MUNICIPAL BONDS
 
    This year, we will celebrate 22 years of experience in investing in
municipal bonds. Thanks to our long-term investment record, Van Kampen American
Capital Investment Advisory Corp. today manages over $12 billion in municipal
bonds. We attribute much of our success to skillful, in-depth credit analysis of
the securities in which we invest, conducted by one of the largest municipal
research departments in the industry. Over the years, careful attention to the
Trust's overall credit composition (refer to the pie chart on page 2), average
bond maturity, duration and coupon structure also have benefited the Trust's
performance.
 
                                                           Continued on page two
 
                                        1
<PAGE>   3
 
MUNICIPAL MARKET OVER THE PAST SIX MONTHS
 
    The slowdown in the economy continued through the end of 1995, reflected by
weak consumer demand and disappointing retail sales during the holiday season.
Severe winter weather in many parts of the country further dampened retail
activity and hindered distribution and manufacturing.                      

    These conditions helped to keep inflation in check, prompting the Federal 
Reserve Board to continue easing short-term interest rates. In turn, long-term 
interest rates declined, causing the price of bonds to increase. Municipal 
bond yields declined in concert with other interest rates, with the yield on 
the Bond Buyer's 40 Municipal Bond Index dropping by 40 basis points to 5.71 
percent. At the same time, the Index increased by 3.5 percent to 118.72.

    The beginning of 1996 was marked by an increase in market volatility, which
effectively ended the decline in muni yields. This volatility was triggered in
part by three factors: fiscal uncertainty caused by two unprecedented shutdowns
of the federal government, presidential primary debates about impending tax
reform, and an unexpected reversal in a number of key economic indicators, which
consequently sent the market mixed signals on the direction of the economy.
    Still, due to the government shutdowns and the unusually harsh weather, the
market remained skeptical of the predictive value of economic statistics issued
for January and February. Interest rates have fluctuated as the market attempts
to determine whether the economy will remain slow throughout 1996.
 
[Credit Quality Graph]

Portfolio Composition by Credit Quality as
  of February 29, 1996


<TABLE>
<S>            <C>
AAA............ 48.9%
AA.............  2.4
A.............. 27.1
BBB............  7.9
BB.............  1.4
Non-Rated...... 12.3
               -----
               100.0%
</TABLE>

OUTLOOK FOR THE MUNICIPAL MARKET
 
    In general, we anticipate a pickup in economic activity during the first
half of the year, with possibilities of an increase in inflation and an economic
slowdown toward the end of the year. We believe the Fed will be cautious in its
monetary policy toward short-term interest rates, as mixed economic news
continues to be reported.
    The Fed is expected to maintain its focus on growing the economy at an
annual rate of 2 to 3 percent, while striving to keep inflation at bay. Interest
rates are likely to remain within the range experienced over the past several
years, with a continuation of historically low rates.
    This type of market environment (of relatively low rates) typically lends
itself to the use of an investment technique called leveraging, which involves
borrowing short-term funds to purchase long-term municipal securities. The
yields available on these long-term securities (which are typically much higher
than those on short-term securities) have enabled our portfolio management team
to cover the cost of the Trust's short-term borrowing by a substantial margin.
The additional income earned by the Trust through leveraging has been reflected
in its ability to maintain a highly attractive distribution rate in
 
                                                         Continued on page three
 
                                        2
<PAGE>   4
 
relation to similar--but non-leveraged--investment vehicles. (Conversely, a rise
in interest rates may tend to produce an unfavorable effect on the Trust's
common share performance and would likely cause the Trust to underperform a
non-leveraged portfolio.)
 
CALIFORNIA MUNICIPAL BONDS
 
    The restructuring of California's economy, the eighth-largest in the world,
is well underway. Major cut-backs in defense (formerly the state's leading
export industry) are being more than offset by new openings in computer software
and systems, multimedia and other high technology companies. Currently, the
state's rate of job growth is outpacing the national average.
    The Los Angeles Customs District, which includes the ports of Long Beach,
Los Angeles, and the Los Angeles International Airport, has replaced New
York-New Jersey as the nation's largest port complex, providing further evidence
of California's economic expansion. The state's bond ratings are also improving,
reflecting the state's fiscal conservatism and ongoing strength in cash flow.
 
TOP 5 INDUSTRY HOLDINGS BY SECTOR AS OF FEBRUARY 29, 1996
 
    General Purpose..........................................     19.3%
    Retail Electric / Gas / Telephone........................     12.4%
    Health Care..............................................     10.4%
    Tax District.............................................     10.1%
    Public Building..........................................      9.1%
 
RESEARCH AND LONG-TERM RETURNS
 
    We believe that the cumulative return of the Trust--and the performance
achieved by many of our other municipal bond funds--demonstrates our commitment
to thorough research and a long-term, value-oriented investment approach.
    Thank you for your confidence in Van Kampen American Capital and in your
Trust's management team.
 
Sincerely,
 
DON G. POWELL                           
Don G. Powell                           
Chairman                                
Van Kampen American Capital             
Investment Advisory Corp.               
 

DENNIS J. McDONNELL          
Dennis J. McDonnell          
President                    
Van Kampen American Capital   
Investment Advisory Corp.   

                                      3
<PAGE>   5
 
           PERFORMANCE RESULTS FOR THE PERIOD ENDED FEBRUARY 29, 1996
 
         VAN KAMPEN AMERICAN CAPITAL CALIFORNIA QUALITY MUNICIPAL TRUST
                           (NYSE TICKER SYMBOL--VQC)
 
<TABLE>
<CAPTION>
 COMMON SHARE TOTAL RETURNS
<S>                                                         <C>
Six-month total return based on market price(1).............    8.57%
Six-month total return based on NAV(2)......................    6.91%
 DISTRIBUTION RATES
Distribution rate as a % of closing common stock price(3)...    6.67%
Taxable-equivalent distribution rate as a % of closing
  common stock price(4).....................................   11.70%
 SHARE VALUATIONS
Net asset value.............................................  $ 16.71
Closing common stock price..................................  $15.750
Six-month high common stock price (12/07/95)................  $16.500
Six-month low common stock price (01/10/96).................  $14.750
Preferred share rate(5).....................................   3.474%
</TABLE>
 
(1) 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. 
 
(2) 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.
 
(3) Distribution rate represents the monthly annualized distributions of the
Trust at the end of the period and not the earnings of the Trust.
 
(4) 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.
 
(5) 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.
 
                                        4
<PAGE>   6
 
                            PORTFOLIO OF INVESTMENTS
 
                         February 29, 1996 (Unaudited)
- --------------------------------------------------------------------------------
 
<TABLE>
<CAPTION>
  Par
Amount
 (000)                       Description                     Coupon    Maturity  Market Value
- ---------------------------------------------------------------------------------------------
<C>       <S>                                                <C>       <C>       <C>
          MUNICIPAL BONDS
          CALIFORNIA  94.8%
$ 1,610   Blythe, CA Redev Agy Redev Proj No 1 Tax Alloc Ser
          A Rfdg............................................   7.500%   05/01/23 $  1,771,161
  1,860   California Edl Fac Auth Rev Harvey Mudd College...   6.100    12/01/13    1,882,543
    605   California Edl Fac Auth Rev Univ of La Verne......   5.200    04/01/98      606,513
  2,000   California Edl Fac Auth Rev Univ of La Verne......   6.375    04/01/13    2,042,700
  1,800   California Hlth Fac Fin Auth Rev Kaiser Permanente
          Ser A.............................................   7.000    12/01/10    2,006,154
  3,000   California Hlth Fac Fin Auth Rev Kaiser Permanente
          Ser A (FSA Insd)..................................   5.550    08/15/25    2,925,600
  2,235   California Hsg Fin Agy Rev Home Mtg Ser E (FHA
          Gtd)..............................................   8.350    08/01/19    2,345,409
  1,125   California Hsg Fin Agy Rev Home Mtg Ser F (FHA
          Gtd)..............................................   6.750    08/01/11    1,183,117
  2,120   California Hsg Fin Agy Rev Insd Hsg Ser E (MBIA
          Insd).............................................   7.000    08/01/26    2,234,247
  3,000   California Hsg Fin Agy Rev Multi Unit Rental Hsg
          Ser C II..........................................   6.850    08/01/15    3,124,260
  8,190   California Hsg Fin Agy Rev Multi Unit Rental Hsg
          Ser C II..........................................   6.875    08/01/24    8,461,171
 10,000   California Pollutn Ctl Fin Auth Pollutn Ctl Rev
          Southern CA Edison Co (Embedded Cap) (AMBAC
          Insd).............................................   6.000    07/01/27   10,409,000
  4,000   California Pollutn Ctl Fin Auth Pollutn Ctl Rev
          Southern CA Edison Co Ser B (AMBAC Insd)..........   6.400    12/01/24    4,228,560
  7,800   California Pollutn Ctl Fin Auth Solid Waste Disp
          Rev North Cnty Recycling Ser A....................   6.750    07/01/17    7,897,110
  1,000   California St (AMBAC Insd)........................   6.200    02/01/16    1,020,640
  3,655   California St Cpn Muni Rcpts......................       *    03/01/08    1,923,334
  3,655   California St Cpn Muni Rcpts......................       *    09/01/09    1,751,878
  9,600   California St Prin Muni Rcpts.....................       *    09/01/09    4,601,376
  1,125   California Statewide Cmntys Dev Auth Rev Ctfs
          Partn Saint Joseph Hlth (AMBAC Insd)..............   6.100    07/01/07    1,230,232
  9,000   California Statewide Cmntys Dev Corp Ctfs Partn
          Insd United Westn Med Cent........................   6.750    12/01/21    9,617,130
  6,500   Capistrano, CA Unified Sch Dist Cmnty Fac Dist Spl
          Tax No 87-1.......................................   8.375    10/01/20    6,988,800
  1,620   Carson, CA Impt Bond Act 1915 Assmt Dist No
          92-1..............................................   7.375    09/02/22    1,691,928
  1,000   Central Contra Costa, CA Sanitation Dist Rev
          Wastewtr Fac Impt Proj (MBIA Insd)................   6.250    09/01/11    1,076,200
  1,870   Central San Joaquin Vly, CA Risk Mgmt Auth Rev
          Pooled Workers C..................................       *    08/01/97    1,770,516
  1,860   Central San Joaquin Vly, CA Risk Mgmt Auth Rev
          Pooled Workers C..................................       *    02/01/98    1,723,234
  1,930   Central San Joaquin Vly, CA Risk Mgmt Auth Rev
          Pooled Workers C..................................       *    08/01/98    1,750,838
  1,940   Central San Joaquin Vly, CA Risk Mgmt Auth Rev
          Pooled Workers C..................................       *    02/01/99    1,715,173
</TABLE>
 
                                               See Notes to Financial Statements
 
                                        5
<PAGE>   7
 
                      PORTFOLIO OF INVESTMENTS (CONTINUED)
 
                         February 29, 1996 (Unaudited)
- --------------------------------------------------------------------------------
 
<TABLE>
<CAPTION>
  Par
Amount
 (000)                       Description                     Coupon    Maturity  Market Value
- ---------------------------------------------------------------------------------------------
<C>       <S>                                                <C>       <C>       <C>
          CALIFORNIA (CONTINUED)
$ 2,000   Central San Joaquin Vly, CA Risk Mgmt Auth Rev
          Pooled Workers C..................................       *    08/01/99 $  1,731,340
  1,895   Central San Joaquin Vly, CA Risk Mgmt Auth Rev
          Pooled Workers C..................................       *    02/01/00    1,603,151
  2,055   Central San Joaquin Vly, CA Risk Mgmt Auth Rev
          Pooled Workers C..................................       *    02/01/01    1,653,926
  2,680   Chula Vista, CA Redev Agy Tax Alloc Sr Bayfront
          Ser D Rfdg........................................   8.625%   09/01/24    3,188,852
  1,176   Contra Costa Cnty, CA Multi-Family Hsg Rev
          Crescent Park Apts Proj Ser B (GNMA
          Collateralized)...................................   7.800    12/20/14    1,327,010
  1,000   Contra Costa Cnty, CA Pub Fin Auth Tax Alloc Rev
          Ser A.............................................   7.100    08/01/22    1,078,310
  1,935   Delano, CA Ctfs Partn Ser A.......................   9.250    01/01/22    2,206,074
    975   Fairfield, CA Hsg Auth Mtg Rev Creekside Estates
          Proj Rfdg.........................................   7.875    02/01/15    1,008,482
 11,000   Foothill/Eastern Tran Agy Cap Apprec Sr Lien Ser
          A.................................................       *    01/01/27    1,543,740
  2,000   Foothill/Eastern Tran Agy Conv Cap Apprec Sr Lien
          Ser A (b)......................................... 0/7.050    01/01/10    1,216,860
  1,500   Huntington Beach, CA Pub Fin Auth Rev Huntington
          Beach Redev Proj..................................   7.000    08/01/24    1,530,105
    665   Inglewood, CA Redev Agy Tax Alloc Century Redev
          Proj Ser A........................................   6.125    07/01/23      666,809
  3,205   Lompoc, CA Wtr & Wastewtr Impts Fin Auth Rev Wtr &
          Wastewtr Sys Fin Proj Ser A (MBIA Insd)...........   6.700    03/01/22    3,557,903
  5,000   Long Beach, CA Harbor Rev Ser A (MBIA Insd).......   7.375    05/15/09    5,379,050
  7,000   Los Angeles Cnty, CA Ctfs Partn Multi Cap Fac Proj
          (Embedded Swap)...................................   8.210    11/01/11    7,031,850
 12,000   Los Angeles Cnty, CA Pension Oblig Ctfs Ltd Muni
          Oblig Ser A (MBIA Insd) (b)....................... 0/6.900    06/30/08   13,615,320
  1,865   Los Angeles, CA Cmnty Redev Agy Ctfs Partn
          Allright Garage...................................   7.550    11/01/08    1,988,724
  1,780   Los Angeles, CA Single Family Home Mtg Rev Pgm Ser
          A (GNMA Collateralized)...........................   6.875    06/01/25    1,848,423
    825   Mendota & Parlier, CA Unified Sch Dist Ctfs Partn
          Cap Outlay Fin Pgm................................   7.400    01/01/06      866,687
    195   Mendota & Parlier, CA Unified Sch Dist Ctfs Partn
          Cap Outlay Fin Pgm................................   7.500    01/01/11      204,331
    635   Mendota & Parlier, CA Unified Sch Dist Ctfs Partn
          Cap Outlay Fin Pgm................................   7.550    01/01/17      666,217
  1,000   Montebello, CA Unified Sch Dist Ctfs Partn Cap
          Impts Proj........................................   6.300    06/01/11    1,029,900
  2,490   Mount Diablo, CA Hosp Dist Rev Ser A (Embedded
          Cap) (AMBAC Insd).................................   5.125    12/01/23    2,339,206
  1,830   Newport Beach, CA Spl Tax Spl Impt Dist No 95-1
          Ser A.............................................   6.750    09/01/20    1,798,817
  2,250   Orange Cnty, CA Cmnty Fac Dist Spl Tax No 87 5B
          Rancho Santa Margarit (Prerefunded @ 08/15/02)
          (MBIA Insd).......................................   7.500    08/15/17    2,671,087
  3,000   Orange Cnty, CA Recovery Ser A Rfdg (MBIA Insd)...   5.750    06/01/15    3,033,150
  2,000   Paradise, CA Irrigation Dist Rev Ctfs Partn Wtr
          Sys Proj..........................................   6.400    01/01/14    2,050,620
</TABLE>
 
                                               See Notes to Financial Statements
 
                                        6
<PAGE>   8
 
                      PORTFOLIO OF INVESTMENTS (CONTINUED)
 
                         February 29, 1996 (Unaudited)
- --------------------------------------------------------------------------------
 
<TABLE>
<CAPTION>
  Par
Amount
 (000)                       Description                     Coupon    Maturity  Market Value
- ---------------------------------------------------------------------------------------------
<S>       <C>                                                <C>       <C>       <C>
          CALIFORNIA (CONTINUED)
$ 1,165   Paramount, CA Redev Agy Tax Alloc (MBIA Insd).....   6.250%   08/01/09 $  1,256,511
  6,000   Paramount, CA Redev Agy Tax Alloc Redev Proj Area
          No 1 Ser B (MBIA Insd)............................       *    08/01/26      824,880
  1,500   Pasadena, CA Spl Tax Cmnty Fac Dist No 1 Civic
          Cent West.........................................       *    12/01/07      715,260
  2,000   Pasadena, CA Spl Tax Cmnty Fac Dist No 1 Civic
          Cent West.........................................       *    12/01/17      445,640
  1,500   Pittsburg, CA Pub Fin Auth Wastewtr Rev
          (Prerefunded @ 06/01/01) (FGIC Insd)..............   6.800    06/01/22    1,708,485
  2,000   Port Oakland, CA Port Rev Ser A (BIGI Insd).......   7.600    11/01/16    2,109,820
  1,000   Port of Oakland, CA Spl Fac Rev Mitsui O.S.K. Line
          Ltd Ser A.........................................   6.800    01/01/19    1,052,120
  1,265   Redding, CA Redev Agy Tax Alloc Market Street
          Redev Proj Ser A..................................   6.700    09/01/23    1,323,734
  5,000   Sacramento, CA City Fin Auth Rev (Prerefunded @
          11/01/01).........................................   6.800    11/01/20    5,736,900
  6,000   San Diego Cnty, CA Wtr Auth Wtr Rev Ctfs Partn Ser
          91 B (Inverse Fltg) (MBIA Insd)...................   8.770    04/08/21    6,795,000
  2,650   San Diego, CA Indl Dev Rev San Diego Gas & Elec
          Ser A (MBIA Insd).................................   6.400    09/01/18    2,840,959
 11,000   San Diego, CA Indl Dev Rev San Diego Gas & Elec
          Ser A (Embedded Cap) (AMBAC Insd).................   6.100    09/01/19   11,481,250
  2,305   San Francisco, CA City & Cnty Redev Agy Hotel Tax
          Rev (Cap Guar Insd)...............................   6.750    07/01/15    2,598,380
  5,000   San Francisco, CA City & Cnty Redev Agy Lease Rev
          George Moscone....................................       *    07/01/08    2,508,200
  3,520   San Francisco, CA City & Cnty Redev Agy Lease Rev
          George Moscone....................................       *    07/01/09    1,648,240
  4,250   San Francisco, CA City & Cnty Redev Agy Lease Rev
          George Moscone....................................       *    07/01/12    1,638,375
  2,130   San Francisco, CA City & Cnty Redev Agy Lease Rev
          George Moscone....................................       *    07/01/14      724,200
    800   San Francisco, CA City & Cnty Redev Agy Lease Rev
          George Moscone (Cap Guar Insd)....................   6.750    07/01/15      901,824
  1,000   San Jose, CA Arpt Rev (AMBAC Insd)................   7.500    03/01/18    1,073,910
  1,000   San Jose, CA Single Family Mtg Rev Ser A Cap
          Apprec............................................       *    04/01/16      318,950
  1,000   Santa Clara Cnty, CA Fin Auth Lease Rev VMC Fac
          Replacement Proj Ser A (AMBAC Insd)...............   6.875    11/15/14    1,137,530
  2,000   Santa Clarita, CA Cmnty Fac Dist Spl Tax No 92-1
          Ser A.............................................   7.450    11/15/10    2,117,080
  1,790   Southern CA Home Fin Auth Single Family Mtg Rev
          Pgm B (GNMA Collateralized).......................   6.900    10/01/24    1,854,959
  5,000   Southern CA Pub Pwr Auth Pwr Proj Rev Multi
          Projs.............................................   6.750    07/01/12    5,740,900
  1,000   Southern CA Pub Pwr Auth Pwr Proj Rev San Juan
          Unit 3 Ser A (MBIA Insd)..........................   5.000    01/01/20      922,120
  2,750   Tulare, CA Loc Hosp Dist Hlth Fac Rev Ser A.......   6.750    12/01/21    2,951,217
  1,195   University of CA Rev Ser A (Connie Lee Insd)......   5.600    09/01/08    1,227,373
 </TABLE>
 
                                               See Notes to Financial Statements
 
                                        7
<PAGE>   9
 
                      PORTFOLIO OF INVESTMENTS (CONTINUED)
 
                         February 29, 1996 (Unaudited)
- --------------------------------------------------------------------------------
 
<TABLE>
<CAPTION>
  Par
Amount
 (000)                       Description                     Coupon    Maturity  Market Value
- ---------------------------------------------------------------------------------------------
<S>       <C>                                                <C>       <C>       <C>
          CALIFORNIA (CONTINUED)
$ 1,255   University of CA Rev Ser A (Connie Lee Insd)......   5.700%   09/01/09 $  1,290,755
  1,000   Valley Hlth Sys CA Hosp Rev Proj Ser A Rfdg &
          Impt..............................................   6.500    05/15/25      955,920
  2,785   Yolo Cnty, CA Hsg Auth Mtg Rev Mtg Waggener Ranch
          Proj (FHA Gtd)....................................   7.000    10/01/33    2,899,101
                                                                                 ------------
          GUAM  0.5%
  1,000   Guam Arpt Auth Rev Ser B..........................   6.700    10/01/23    1,025,140
                                                                                 ------------
          PUERTO RICO  0.7%
  1,635   Puerto Rico Hsg Fin Single Family Mtg Rev
            Portfolio 1 C (GNMA Collateralized).............   6.850    10/15/23    1,714,739
                                                                                 ------------
          U. S. VIRGIN ISLANDS  3.1%
  6,750   Virgin Islands Pub Fin Auth Rev Matching Fd Ln Nts
            Ser A Rfdg......................................   7.250    10/01/18    7,285,005
                                                                                 ------------
TOTAL LONG-TERM INVESTMENTS  99.1%
  (Cost $216,735,791)(a)........................................................  233,639,245
OTHER ASSETS IN EXCESS OF LIABILITIES  0.9%.....................................    2,201,170
                                                                                 ------------
NET ASSETS  100%................................................................ $235,840,415
                                                                                 ============
*Zero coupon bond
(a) At February 29, 1996, cost for federal income tax purposes is $216,735,791;
    the aggregate gross unrealized appreciation is $16,968,041 the aggregate
    gross unrealized depreciation is $64,587, resulting in net unrealized
    appreciation of $16,903,454.
(b) Security is currently a zero coupon bond which will convert to a coupon
    paying bond at a predetermined date.
</TABLE>
 
                                               See Notes to Financial Statements
 
                                        8
<PAGE>   10
 
                      STATEMENT OF ASSETS AND LIABILITIES
 
                         February 29, 1996 (Unaudited)
- --------------------------------------------------------------------------------
 
<TABLE>
<S>                                                                       <C>
ASSETS:
Investments, at Market Value (Cost $216,735,791) (Note 1)..............   $233,639,245
Interest Receivable....................................................      3,195,003
Unamortized Organizational Expenses (Note 1)...........................          3,449
Other..................................................................          4,199
                                                                          ------------
      Total Assets.....................................................    236,841,896
                                                                          ------------
LIABILITIES:
Payables:
  Custodian Bank.......................................................        599,407
  Investment Advisory Fee (Note 2).....................................        131,798
  Income Distributions--Common and Preferred Shares....................        102,088
  Administrative Fee (Note 2)..........................................         37,656
Accrued Expenses.......................................................        130,532
                                                                          ------------
      Total Liabilities................................................      1,001,481
                                                                          ------------
NET ASSETS.............................................................   $235,840,415
                                                                          ============
NET ASSETS CONSIST OF:
Preferred Shares ($.01 par value, authorized 100,000,000 shares, 1,500
  issued with liquidation preference of $50,000 per share) (Note 5)....   $ 75,000,000
                                                                          ------------
Common Shares ($.01 par value with an unlimited number of shares
  authorized, 9,623,295 shares issued and outstanding).................         96,233
Paid in Surplus........................................................    142,409,372
Net Unrealized Appreciation on Investments.............................     16,903,454
Accumulated Undistributed Net Investment Income........................      1,151,190
Accumulated Net Realized Gain on Investments...........................        280,166
                                                                          ------------
      Net Assets Applicable to Common Shares...........................    160,840,415
                                                                          ------------
NET ASSETS.............................................................   $235,840,415
                                                                          ============
NET ASSET VALUE PER COMMON SHARE ($160,840,415 divided
  by 9,623,295 shares outstanding).....................................   $      16.71
                                                                          ============
</TABLE>
 
                                               See Notes to Financial Statements
 
                                        9
<PAGE>   11
 
                            STATEMENT OF OPERATIONS
 
             For the Six Months Ended February 29, 1996 (Unaudited)
- --------------------------------------------------------------------------------
 
<TABLE>
<S>                                                                       <C>
INVESTMENT INCOME:
Interest...............................................................   $  7,307,545
                                                                          ------------
EXPENSES:
Investment Advisory Fee (Note 2).......................................        816,068
Administrative Fee (Note 2)............................................        233,162
Preferred Share Maintenance (Note 5)...................................        102,239
Trustees Fees and Expenses (Note 2)....................................         19,557
Legal (Note 2).........................................................         13,286
Amortization of Organizational Expenses (Note 1).......................          2,988
Other..................................................................        105,229
                                                                          ------------
      Total Expenses...................................................      1,292,529
                                                                          ------------
NET INVESTMENT INCOME..................................................   $  6,015,016
                                                                          ============
REALIZED AND UNREALIZED GAIN/LOSS ON INVESTMENTS:
Realized Gain/Loss on Investments:
  Proceeds from Sales..................................................   $ 18,546,348
  Cost of Securities Sold..............................................    (17,239,143)
                                                                          ------------
Net Realized Gain on Investments.......................................      1,307,205
                                                                          ------------
Unrealized Appreciation/Depreciation on Investments:
  Beginning of the Period..............................................     12,117,129
  End of the Period....................................................     16,903,454
                                                                          ------------
Net Unrealized Appreciation on Investments During the Period...........      4,786,325
                                                                          ------------
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS........................   $  6,093,530
                                                                          ============
NET INCREASE IN NET ASSETS FROM OPERATIONS.............................   $ 12,108,546
                                                                          ============
</TABLE>
 
                                               See Notes to Financial Statements
 
                                       10
<PAGE>   12
 
                       STATEMENT OF CHANGES IN NET ASSETS
 
                   For the Six Months Ended February 29, 1996
                 And the Year Ended August 31, 1995 (Unaudited)
- --------------------------------------------------------------------------------
 
<TABLE>
<CAPTION>
                                                       Six Months Ended
                                                         February 29,        Year Ended
                                                             1996          August 31, 1995
- ------------------------------------------------------------------------------------------
<S>                                                       <C>                 <C>
FROM INVESTMENT ACTIVITIES:
Operations:
Net Investment Income...............................       $  6,015,016       $ 12,211,079
Net Realized Gain/Loss on Investments...............          1,307,205           (587,488)
Net Unrealized Appreciation on Investments During
  the Period........................................          4,786,325          5,627,457
                                                           ------------       ------------
Change in Net Assets from Operations................         12,108,546         17,251,048
                                                           ------------       ------------
Distributions from Net Investment Income:
  Common Shares.....................................         (5,052,118)       (10,104,283)
  Preferred Shares..................................         (1,414,254)        (2,997,032)
                                                           ------------       ------------
                                                             (6,466,372)       (13,101,315)
                                                           ------------       ------------
Distributions from and in Excess of Net Realized
  Gain on Investments (Note 1):
  Common Shares.....................................                -0-            (21,171)
  Preferred Shares..................................                -0-             (5,130)
                                                           ------------       ------------
                                                                    -0-            (26,301)
                                                           ------------       ------------
Total Distributions.................................         (6,466,372)       (13,127,616)
                                                           ------------       ------------
NET CHANGE IN NET ASSETS FROM INVESTMENT
  ACTIVITIES........................................          5,642,174          4,123,432
NET ASSETS:
Beginning of the Period.............................        230,198,241        226,074,809
                                                           ------------       ------------
End of the Period (Including undistributed net
  investment income of $1,151,190 and $1,602,546,
  respectively).....................................       $235,840,415       $230,198,241
                                                           ============       ============
</TABLE>
 
                                               See Notes to Financial Statements
 
                                       11
<PAGE>   13
 
                              FINANCIAL HIGHLIGHTS
 
   The following schedule presents financial highlights for one common share
     of the Trust outstanding throughout the periods indicated. (Unaudited)
- --------------------------------------------------------------------------------
 
<TABLE>
<CAPTION>
                               Six Months                                          September 27, 1991
                                    Ended                                               (Commencement
                                 February            Year Ended August 31               of Investment
                                      29,      ---------------------------------       Operations) to
                                     1996       1995         1994         1993        August 31, 1992
- ------------------------------------------------------------------------------------------------------
<S>                              <C>          <C>          <C>          <C>      <C>
Net Asset Value, Beginning of
 the Period(a)...............     $16.127     $15.699      $17.454      $15.816            $14.805
                                  -------     -------      -------      -------            -------
 Net Investment Income.......        .625       1.269        1.286        1.305              1.038
 Net Realized and Unrealized
   Gain/Loss on
   Investments...............        .634        .523       (1.693)       1.658               .870
                                  -------     -------      -------      -------            -------
Total from Investment
 Operations..................       1.259       1.792        (.407)       2.963              1.908
                                  -------     -------      -------      -------            -------
Less:
 Distributions from Net
   Investment Income:
   Paid to Common
     Shareholders............        .525       1.050        1.050         .981               .698
   Common Share Equivalent of
     Distributions Paid to
     Preferred Shareholders..        .147        .311         .235         .206               .199
 Distributions from and in
   Excess of Net Realized
   Gain on Investments
   (Note 1):
   Paid to Common
     Shareholders............         -0-        .002         .054         .110                -0-
   Common Share Equivalent of
     Distributions Paid to
     Preferred Shareholders..         -0-        .001         .009         .028                -0-
                                  -------     -------      -------      -------            -------
Total Distributions..........        .672       1.364        1.348        1.325               .897
                                  -------     -------      -------      -------            -------
Net Asset Value, End of the
 Period......................     $16.714     $16.127      $15.699      $17.454            $15.816
                                  =======     =======      =======      =======            =======
Market Price Per Share at End
 of the Period...............    $ 15.750     $15.000      $15.500      $16.750            $15.125
Total Investment Return at
 Market Price(b).............       8.57%*      3.95%        (.90%)      18.66%              5.69%*
Total Return at Net Asset
 Value(c)....................       6.91%*     10.02%       (3.81%)      17.89%             11.80%*
Net Assets at End of the
 Period (In millions)........     $ 235.8     $ 230.2      $ 226.1      $ 243.0            $ 227.2
Ratio of Expenses to Average
 Net Assets Applicable to
 Common Shares...............       1.62%       1.66%        1.62%        1.58%              1.55%
Ratio of Expenses to Average
 Net Assets..................       1.10%       1.10%        1.10%        1.07%              1.09%
Ratio of Net Investment
 Income to Average Net Assets
 Applicable to Common
 Shares(d)...................       5.77%       6.22%        6.34%        6.70%              6.09%
Portfolio Turnover...........       5.18%      15.75%        6.56%       26.10%             93.29%
</TABLE>
 
 *  Non-Annualized
(a) Net asset value at September 27, 1991, is adjusted for common and preferred
    share offering costs of $.195 per common share.
(b) 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.
(c) Total return at net asset value (NAV) reflects the change in the value of
    the Trust's asset with reinvestment of dividends based upon NAV.
(d) Net investment income is adjusted for common share equivalent of
    distributions paid to preferred shareholders.
 
                                               See Notes to Financial Statements
 
                                       12
<PAGE>   14
 
                         NOTES TO FINANCIAL STATEMENTS
 
                         February 29, 1996 (Unaudited)
- --------------------------------------------------------------------------------
 
1. SIGNIFICANT ACCOUNTING POLICIES
 
Van Kampen American Capital California Quality 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 consistent with preservation of capital. The Trust will invest in a
portfolio consisting substantially of California municipal obligations rated
investment grade at the time of investment, but may invest up to 20% of its
assets in unrated securities which are believed to be of comparable quality to
those rated investment grade. The Trust commenced investment operations on
September 27, 1991.
 
    The following is a summary of significant accounting policies consistently
followed by the Trust in the preparation of its financial statements. 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.
 
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 February 29, 1996, there were no
when issued or delayed delivery purchase commitments.
 
                                       13
<PAGE>   15
 
                   NOTES TO FINANCIAL STATEMENTS (CONTINUED)
 
                         February 29, 1996 (Unaudited)
- --------------------------------------------------------------------------------
 
C. INVESTMENT INCOME--Interest income is recorded on an accrual basis. Bond
premium and original issue discount are amortized over the expected life of each
applicable security.
 
D. ORGANIZATIONAL EXPENSES--The Trust has reimbursed Van Kampen American Capital
Distributors, Inc. or its affiliates (collectively "VKAC") for costs incurred in
connection with the Trust's organization and initial registration in the amount
of $30,000. These costs are being amortized on a straight line basis over the
60-month period ending September 26, 1996. Van Kampen American Capital
Investment Advisory Corp. (the "Adviser") has agreed that in the event any of
the initial shares of the Trust originally purchased by VKAC are redeemed during
the amortization period, the Trust will be reimbursed for any unamortized
organizational expenses in the same proportion as the number of shares redeemed
bears to the number of initial shares held at the time of redemption.
 
E. 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
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 August 31, 1995, the Trust had an accumulated capital loss
carryforward for tax purposes of $549,842, which will expire on August 31, 2003.
Net realized gains or losses may differ for financial and tax reporting purposes
primarily as a result of post October 31 losses which may not be recognized for
tax purposes until the first day of the following fiscal year.
 
F. 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 on a pro rata basis to common and preferred
shareholders. Distributions from net realized gains for book purposes may
include short-term capital gains, which are included in ordinary income for tax
purposes.
 
2. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES
Under the terms of the Trust's Investment Advisory Agreement, the Adviser will
provide investment advice and facilities to the Trust for an annual fee payable
monthly of .70% of
 
                                       14
<PAGE>   16
 
                   NOTES TO FINANCIAL STATEMENTS (CONTINUED)
 
                         February 29, 1996 (Unaudited)
- --------------------------------------------------------------------------------
 
the average net assets of the Trust. In addition, the Trust will pay a monthly
administrative fee to VKAC, the Trust's Administrator, at an annual rate of .20%
of the average net assets of the Trust. The administrative services provided by
the Administrator include record keeping and reporting responsibilities with
respect to the Trust's portfolio and preferred shares and providing certain
services to shareholders.
 
    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 February 29, 1996, the Trust recognized expenses of
approximately $10,900 representing VKAC's cost of providing accounting and legal
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 February 29, 1996, was
approximately $36,100.
 
    At February 29, 1996, VKAC owned 6,700 common shares of the Trust.
 
3. INVESTMENT TRANSACTIONS
Aggregate purchases and cost of sales of investment securities, excluding
short-term notes, for the six months ended February 29, 1996, were $12,107,310
and $14,223,040, respectively.
 
4. DERIVATIVE FINANCIAL INSTRUMENTS
A derivative financial instrument in very general terms refers to a security
whose value is "derived" from the value of an underlying asset, reference rate
or index.
 
    The Trust has a variety of reasons to use derivative instruments, such as to
attempt to protect the Trust against possible changes in the market value of its
portfolio and to manage the portfolio's effective yield, maturity and duration.
All of the Trust's portfolio holdings, including derivative instruments, are
marked to market each day with the change in value reflected in the unrealized
appreciation/depreciation on investments. Upon disposition, a realized gain or
loss is recognized accordingly.
 
    The following types of Indexed Securities are identified in the portfolio of
investments. The price of these securities may be more volatile than the price
of a comparable fixed rate security.
 
                                       15
<PAGE>   17
 
                   NOTES TO FINANCIAL STATEMENTS (CONTINUED)
 
                         February 29, 1996 (Unaudited)
- --------------------------------------------------------------------------------
 
    A. An Inverse Floating security is one where the coupon is inversely indexed
to a short term floating interest rate multiplied by a specified factor. As the
floating rate rises, the coupon is reduced. Conversely, as the floating rate
declines, the coupon is increased. These instruments are typically used by the
Trust to enhance the yield of the portfolio.
 
    B. 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 Trust invests in these
instruments as a hedge against a rise in the short-term interest rates which it
pays on its preferred shares.
 
    C. An Embedded Swap security includes a swap component such that the fixed
coupon component of the underlying bond is adjusted by the difference between
the security's fixed swap rate and the floating swap index. As the floating rate
rises, the coupon is reduced. Conversely, as the floating rate declines, the
coupon is increased. 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.
 
5. PREFERRED SHARES
 
The Trust has outstanding 1,500 Auction Preferred Shares ("APS"). Dividends are
cumulative and the dividend rate is currently reset every 28 days through an
auction process. The rate in effect on February 29, 1996, was 3.474%. During the
six months ended February 29, 1996, the rates ranged from 3.474% to 3.900%.
 
    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 APS 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 APS are subject to
mandatory redemption if the tests are not met.
 
                                       16
<PAGE>   18
 
         VAN KAMPEN AMERICAN CAPITAL CALIFORNIA QUALITY 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.
(C) Van Kampen American Capital Distributors, Inc., 1996
    All rights reserved.
 
(SM) denotes a service mark of Van Kampen American Capital Distributors, Inc.
 
                                       17


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