VAN KAMPEN AMERICAN CAPITAL TR FOR INVT GRDE CALIFORNIA MUNI, N-30D, 1996-06-27

VAN KAMPEN AMERICAN CAPITAL TR FOR INVT GRDE CALIFORNIA MUNI
N-30D, 1996-06-27

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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.............. 8
Statement of Operations.......................... 9
Statement of Changes in Net Assets............... 10
Financial Highlights............................. 11
Notes to Financial Statements.................... 12
</TABLE>

VIC SAR 6/96
<PAGE> 2

LETTER TO SHAREHOLDERS

May 15, 1996

Dear Shareholder,
While interest rates drifted
downward during the fourth quarter of
last year, such was not the case in the
first quarter of 1996. Early in the
quarter, municipal bond prices [PHOTO]
demonstrated increased volatility in
conjunction with February's economic
announcements, which revealed a revival
in economic growth, impressive
employment levels, and moderate DENNIS J. MCDONNELL AND DON G. POWELL
inflation. This positive economic
environment, however, did not translate
into positive movement for the bond markets. Instead, the markets became wary,
because inflation often accompanies economic growth.
Other factors influencing the municipal bond market early in the year
included:

- Intense weather conditions, which hindered distribution and manufacturing,
were experienced by much of the United States and affected certain
municipal bond sectors.

- The expectation that a federal budget agreement was forthcoming helped
bolster municipal bonds, especially at the longer end of the spectrum.

- The proposal of tax reform--and the threat of municipal bonds having
diminished tax-exempt status--continued to dampen demand for municipals,
resulting in lower bond prices.
We believe the beginning of 1996 reflected the market's reaction to the
possibility of a return to long-term economic growth. This, coupled with
continued low inflationary conditions, has served to put the Federal Reserve
Board in a neutral policy mode, bringing relative calm to the market--although
currently at higher interest rate levels.

PERFORMANCE SUMMARY

The Van Kampen American Capital Trust for Investment Grade California
Municipals' (ticker symbol VIC) common stock price was up approximately 2.5
percent during the six-month period, closing at $15.125, while the municipal
bond market was down 4 percent for the same period, according to the Bond
Buyer's 40 Municipal Bond Index.
For the six months ended April 30, 1996, the Trust achieved a total return
of 6.31 percent(1), based on market price. Longer term, the Trust achieved a
one-year total return of 17.79 percent(1), based on market price for the period
ended April 30, 1996, including reinvestment of dividends and capital gains.

Continued on page two

<PAGE> 3

As a result of the Trust's improved earnings, the Trust's Board of Trustees
approved a slight increase on its monthly dividend from $0.077 to $0.080 per
common share which was effective December 1, 1995 and first payable December 31,
1995.
Many closed-end municipal bond funds are currently offering higher after-tax
yields than taxable income alternatives, and your Trust is no exception. Based
on the closing common stock price on April 30, 1996, the Trust for Investment
Grade California Municipals had a tax-exempt distribution rate of 6.35
percent(3). In other words, California residents in the 43 percent combined
marginal income tax bracket would have to earn a yield of 11.14 percent(4) on a
taxable investment to equal your Trust's tax-exempt distribution rate.

MARKET OUTLOOK

The economy rebounded in the first quarter of 1996, despite poor weather in
the East and the remnants of a slow fourth quarter of 1995, which was hindered
by weak construction activity, two government shutdowns, and a strike at Boeing.
We believe the momentum of the first quarter can carry into the second, due in
part to renewed auto production in the aftermath of the General Motors strike
and an end to the budget stalemate between the White House and Congress. We
expect a modest slowdown in the summer months, as higher interest rates could
slow activity in interest-sensitive sectors of the economy, such as housing.

TOP 5 PORTFOLIO HOLDINGS BY INDUSTRY AS OF APRIL 30, 1996

Retail Electric/Gas/Telephone............................... 20.1%
Transportation.............................................. 16.5%
Health Care................................................. 16.2%
Public Education............................................ 9.0%
Tax District................................................ 8.3%

The Fed's protracted period of easing, and relatively neutral stance, favors
the growth we are currently experiencing. Given the strong employment situation
and commodity price increases, we think the Fed will await further economic
evidence before adjusting interest rates again--probably summertime at the
earliest. So far, guides such as the Consumer Price Index continue to indicate
modest levels of inflation. More importantly, we continue to see few signs of
emerging inflation in either unit labor costs, hourly earnings or the employment
cost index.

- --------------------------------------------------------------------------------
INVESTMENT TERM: REVENUE BONDS
Revenue bonds are one of the three most common types of municipal bonds--the
other two are general obligation bonds and municipal notes. Revenue bonds
are issued to finance income-generating projects such as turnpikes, toll
bridges and airports. The revenues these projects bring in are used to pay
interest and principal to bondholders.
- --------------------------------------------------------------------------------

Continued on page three

2
<PAGE> 4

Finally, as the November elections approach, the debate on tax reform may
grow. We believe the outcome in the long run will be positive, or at worst
neutral, for municipal bonds. That's good news for the market, which was
concerned that flat tax proposals could threaten the tax-exempt status of
municipal bonds. While the debate may not be over and legislation may be
forthcoming, the market should be more confident.

[CREDIT QUALITY GRAPH]

Portolio Composition by Credit Quality
as of April 30,1996

<TABLE>
<S> <C>
AAA . . . . . . . . . 59.0%
AA. . . . . . . . . . 4.2%
A . . . . . . . . . . 25.8%
BBB . . . . . . . . . 5.4%
BB. . . . . . . . . . 1.7%
Non-Rated . . . . . . 3.9%
</TABLE>

Based upon credit quality ratings issued by Standard & Poor's.
For securities not rated by Standard & Poor's, the Moody's rating is used.

Indeed, we expect investor demand for municipal securities to exceed supply,
which should add price stability to the general market. And with municipal bond
yields currently at attractive levels relative to Treasuries, investor demand
for tax-exempt securities should increase.

In summary, our view of the general municipal market is positive. From the
decreasing likelihood of tax reform in the near term to specific market
conditions, we believe the market is on solid ground. With our dedication to
comprehensive research and long-term investment perspective, we believe your
Trust is in a position to benefit in the coming months.

Sincerely,

[SIG]
Don G. Powell

Chairman
Van Kampen American Capital
Investment Advisory Corp.

[SIG]
Dennis J. McDonnell

President
Van Kampen American Capital
Investment Advisory Corp.

3
<PAGE> 5

PERFORMANCE RESULTS FOR THE PERIOD ENDED APRIL 30, 1996

VAN KAMPEN AMERICAN CAPITAL TRUST FOR INVESTMENT GRADE CALIFORNIA MUNICIPALS
(NYSE TICKER SYMBOL--VIC)

<TABLE>
<CAPTION>
COMMON SHARE TOTAL RETURNS
<S> <C>
Six-month total return based on market price(1)........... 6.31%
Six-month total return based on NAV(2).................... .73%

DISTRIBUTION RATES

Distribution rate as a % of closing common stock
price(3)................................................ 6.35%
Taxable-equivalent distribution rate as a % of closing
common stock price(4)................................... 11.14%

SHARE VALUATIONS

Net asset value........................................... $ 15.92
Closing common stock price................................ $15.125
Six-month high common stock price (03/07/96).............. $15.875
Six-month low common stock price (11/29/95)............... $14.625
Preferred share rate(5)................................... 3.655%
</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 common 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 income tax bracket, which takes into consideration
the deductibility of individual state taxes paid.

(5)See "Notes to Financial Statements" footnote #4, 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

April 30, 1996 (Unaudited)
- --------------------------------------------------------------------------------

<TABLE>
<CAPTION>
Par
Amount
(000) Description Coupon Maturity Market Value
- -------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
MUNICIPAL BONDS
CALIFORNIA 90.7%
$ 1,000 Brea & Olinda, CA Unified Sch Dist Ctfs Partn Sr
High Sch Pgm Ser A Rfdg (Cap Guar Insd)......... 6.000% 08/01/09 $ 1,035,060
1,135 California Edl Fac Auth Rev Harvey Mudd
College......................................... 6.050 12/01/08 1,132,458
1,250 California Edl Fac Auth Rev Loyola Marymount
Univ Ser B...................................... 6.550 10/01/12 1,275,413
1,300 California Edl Fac Auth Rev Mills College....... 6.875 09/01/22 1,359,319
1,000 California Edl Fac Auth Rev Univ of La Verne.... 6.300 04/01/09 992,530
1,100 California Hlth Fac Fin Auth Rev Hlth Fac Small
Fac Ln Ser A.................................... 6.700 03/01/11 1,139,677
1,500 California Hlth Fac Fin Auth Rev Hlth Fac Small
Fac Ln Ser A.................................... 6.750 03/01/20 1,548,090
2,500 California Hlth Fac Fin Auth Rev Insd Hlth Fac
Valleycare Ser A................................ 6.125 05/01/12 2,452,575
2,000 California Hlth Fac Fin Auth Rev Insd Hosp
Marshall Hosp Ser A............................. 6.500 11/01/12 2,037,200
1,000 California Hlth Fac Fin Auth Rev Kaiser
Permanente Ser A (FSA Insd)..................... 5.550 08/15/25 920,790
10,000 California Pollutn Ctl Fin Auth Pollutn Ctl Rev
Southern CA Edison Co (Embedded Cap) (AMBAC
Insd) (b)....................................... 6.000 07/01/27 9,900,200
2,000 California St (AMBAC Insd)...................... 6.200 02/01/16 2,009,380
2,000 California St Dept Tran Ctfs Partn East Bay St
Bldg Ser A...................................... 6.500 03/01/16 2,052,380
2,000 California St Pub Wks Brd Lease Rev Var CA St
Univ Proj Ser A................................. 6.700 10/01/17 2,094,720
1,000 California Statewide Cmntys Dev Auth Rev Ctfs
Partn Saint Joseph Hlth (AMBAC Insd)............ 6.100 07/01/07 1,065,020
2,000 California Statewide Cmntys Dev Corp Ctfs Partn
Insd United Westn Med Cent...................... 6.750 12/01/21 2,077,260
1,000 Central San Joaquin Vly, CA Risk Mgmt Auth Rev
Pooled Workers Ser C............................ * 02/01/97 969,140
2,070 Central San Joaquin Vly, CA Risk Mgmt Auth Rev
Pooled Workers Ser C............................ * 08/01/00 1,698,187
315 Centralia, CA Sch Dist Ctfs Partn Cap Apprec.... * 06/01/00 259,188
260 Centralia, CA Sch Dist Ctfs Partn Cap Apprec.... * 06/01/01 202,953
505 Centralia, CA Sch Dist Ctfs Partn Cap Apprec
(Prerefunded @ 06/01/01)........................ * 06/01/02 378,841
540 Centralia, CA Sch Dist Ctfs Partn Cap Apprec
(Prerefunded @ 06/01/01)........................ * 06/01/03 377,978
580 Centralia, CA Sch Dist Ctfs Partn Cap Apprec
(Prerefunded @ 06/01/01)........................ * 06/01/04 378,259
625 Centralia, CA Sch Dist Ctfs Partn Cap Apprec
(Prerefunded @ 06/01/01)........................ * 06/01/05 380,131
630 Centralia, CA Sch Dist Ctfs Partn Cap Apprec
(Prerefunded @ 06/01/01)........................ * 06/01/06 356,498
720 Centralia, CA Sch Dist Ctfs Partn Cap Apprec
(Prerefunded @ 06/01/01)........................ * 06/01/07 379,778
1,700 Chula Vista, CA Indl Dev Rev San Diego Gas &
Elec Co Ser A (AMBAC Insd)...................... 6.400 12/01/27 1,727,336
3,000 Contra Costa Cnty, CA Ctfs Partn Merrithew Mem
Hosp Replacement................................ 6.625 11/01/22 3,108,300
1,000 Contra Costa Cnty, CA Pub Fin Auth Tax Alloc Rev
Ser A........................................... 7.100 08/01/22 1,043,230
</TABLE>

See Notes to Financial Statements

5
<PAGE> 7

PORTFOLIO OF INVESTMENTS (CONTINUED)

April 30, 1996 (Unaudited)
- --------------------------------------------------------------------------------

<TABLE>
<CAPTION>
Par
Amount
(000) Description Coupon Maturity Market Value
- -------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
CALIFORNIA (CONTINUED)
$ 3,000 Foothill/Eastern Tran Agy Conv Cap Apprec Sr
Lien Ser A (c).................................. 0/7.050% 01/01/10 $ 1,797,390
7,455 Foothill/Eastern Tran Corridor Agy CA Toll Rd
Rev Sr Lien Ser A............................... * 01/01/23 1,233,728
3,000 Foothill/Eastern Tran Corridor Agy CA Toll Rd
Rev Sr Lien Ser A............................... * 01/01/24 462,840
5,000 Foothill/Eastern Tran Corridor Agy CA Toll Rd
Rev Sr Lien Ser A............................... * 01/01/25 721,050
2,000 Huntington Beach, CA Pub Fin Auth Rev Huntington
Beach Redev Proj................................ 7.000 08/01/10 2,000,820
1,400 Los Angeles Cnty, CA Tran Comm Sales Tax Rev Ser
A Rfdg (Prerefunded @ 07/01/01)................. 6.750 07/01/20 1,561,504
1,000 Los Angeles Cnty, CA Tran Comm Sales Tax Rev Ser
B Rfdg (MBIA Insd).............................. 6.500 07/01/13 1,053,350
1,100 Los Angeles, CA Dept Wtr & Pwr Elec Plt Rev Rfdg
(Crossover Rfdg @ 10/15/96)..................... 6.875 10/15/24 1,148,081
2,000 Los Angeles, CA Dept Wtr & Pwr Elec Plt Rev
Second Issue (Crossover Rfdg @ 09/15/00)........ 7.250 09/15/30 2,219,460
1,000 Mountain View, CA Cap Impts Fin Auth Rev City
Hall/Cmnty Theatre (MBIA Insd).................. 6.500 08/01/16 1,049,590
1,930 Orange Cnty, CA Ctfs Partn Juvenile Justice Cent
Fac Rfdg (AMBAC Insd)........................... 6.375 06/01/11 2,021,617
2,000 Orange Cnty, CA Recovery Ser A Rfdg (MBIA
Insd)........................................... 5.750 06/01/15 1,964,680
1,000 Paramount, CA Redev Agy Tax Alloc (MBIA Insd)... 6.250 08/01/10 1,054,360
2,500 Port Oakland, CA Port Rev Ser E (MBIA Insd)..... 6.500 11/01/16 2,571,425
1,000 Rancho Mirage, CA Hosp Rev Ctfs Partn Eisenhower
Mem Hosp........................................ 7.000 03/01/12 1,043,310
1,000 Rio Linda, CA Univ Sch Dist Ser A (AMBAC
Insd)........................................... 7.400 08/01/10 1,128,550
1,420 Rio Linda, CA Univ Sch Dist Ser A (AMBAC
Insd)........................................... 6.250 08/01/15 1,460,811
2,000 Riverside Cnty, CA Brd Edl Ctfs Partn Fin Proj
Ser A........................................... 6.650 11/01/17 2,059,980
1,980 Riverside, CA Elec Rev Rfdg..................... 5.000 10/01/13 1,784,574
1,000 Sacramento, CA Muni Util Dist Elec Rev Ser B
(MBIA Insd)..................................... 6.375 08/15/22 1,036,980
2,425 San Benito, CA Hosp Dist Hlth Fac Rev Ser A..... 6.750 12/01/21 2,494,986
1,730 San Bernadino, CA Muni Wtr Dept Ctfs Partn Swr
(FGIC Insd)..................................... 6.250 02/01/17 1,765,534
9,000 San Diego, CA Indl Dev Rev San Diego Gas & Elec
Ser A (Embedded Cap) (AMBAC Insd) (b)........... 6.100 09/01/19 8,943,660
5,000 San Diego, CA Port Fac Rev Natl Steel & Shipbldg
Co Rfdg......................................... 6.600 12/01/02 4,506,850
3,565 San Francisco, CA City & Cnty Redev Agy Hotel
Tax Rev (Cap Guar Insd)......................... 6.750 07/01/15 3,877,116
1,500 San Jose, CA Redev Agy Tax Alloc Merged Area
Redev Proj Ser A (Prerefunded @ 08/01/00) (MBIA
Insd)........................................... 6.200 08/01/06 1,623,510
2,250 Santa Barbara, CA Ctfs Partn Harbor Proj Rfdg... 6.750 10/01/27 2,354,130
1,000 Santa Clara Cnty, CA Fin Auth Lease Rev VMC Fac
Replacement Proj Ser A (AMBAC Insd)............. 6.875 11/15/14 1,098,430
835 Southern CA Home Fin Auth Single Family Mtg Rev
Ser A (GNMA Collateralized)..................... 6.750 09/01/22 847,458
1,000 Stockton, CA Hlth Fac Rev Saint Joseph Med Cent
Ser A (MBIA Insd)............................... 5.625 06/01/13 981,660
3,000 Upland, CA Ctfs Partn Wtr Sys Proj Rfdg (FGIC
Insd)........................................... 6.600 08/01/16 3,178,170
</TABLE>

See Notes to Financial Statements

6
<PAGE> 8

PORTFOLIO OF INVESTMENTS (CONTINUED)

April 30, 1996 (Unaudited)
- --------------------------------------------------------------------------------

(a) At April 30, 1996, cost for federal income tax purposes is $112,552,773; the
aggregate gross unrealized appreciation is $4,767,363 and the aggregate
gross unrealized depreciation is $1,082,081, resulting in net unrealized
appreciation of $3,685,282.

(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 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.

See Notes to Financial Statements

7
<PAGE> 9

STATEMENT OF ASSETS AND LIABILITIES

April 30, 1996 (Unaudited)
- --------------------------------------------------------------------------------

<TABLE>
<S> <C>
ASSETS:
Investments, at Market Value (Cost $112,552,773) (Note 1).............. $116,238,055
Short-Term Investments (Note 1)........................................ 600,000
Interest Receivable.................................................... 2,008,158
Unamortized Organizational Expenses (Note 1)........................... 4,520
Other.................................................................. 3,348
------------
Total Assets..................................................... 118,854,081
------------
LIABILITIES:
Payables:
Income Distributions--Common and Preferred Shares.................... 85,298
Investment Advisory Fee (Note 2)..................................... 63,076
Administrative Fee (Note 2).......................................... 19,408
Custodian Bank....................................................... 5,444
Accrued Expenses....................................................... 87,467
Deferred Compensation and Retirement Plans (Note 2).................... 38,811
------------
Total Liabilities................................................ 299,504
------------
NET ASSETS............................................................. $118,554,577
============
NET ASSETS CONSIST OF:
Preferred Shares ($.01 par value, authorized 100,000,000 shares, 900
issued with liquidation preference of $50,000 per share) (Note 4).... $ 45,000,000
------------
Common Shares ($.01 par value with an unlimited number of shares
authorized, 4,619,242 shares issued and outstanding)................. 46,192
Paid in Surplus........................................................ 67,813,169
Net Unrealized Appreciation on Investments............................. 3,685,282
Accumulated Undistributed Net Investment Income........................ 1,204,665
Accumulated Net Realized Gain on Investments........................... 805,269
------------
Net Assets Applicable to Common Shares........................... 73,554,577
------------
NET ASSETS............................................................. $118,554,577
============
NET ASSET VALUE PER COMMON SHARE ($73,554,577 divided
by 4,619,242 shares outstanding)..................................... $ 15.92
============
</TABLE>

See Notes to Financial Statements

8
<PAGE> 10

STATEMENT OF OPERATIONS

For the Six Months Ended April 30, 1996 (Unaudited)
- --------------------------------------------------------------------------------

<TABLE>
<S> <C>
INVESTMENT INCOME:
Interest................................................................ $ 3,646,659
-----------
EXPENSES:
Investment Advisory Fee (Note 2)........................................ 391,591
Administrative Fee (Note 2)............................................. 120,489
Preferred Share Maintenance (Note 4).................................... 72,819
Trustees Fees and Expenses (Note 2)..................................... 12,971
Legal (Note 2).......................................................... 9,000
Amortization of Organizational Expenses (Note 1)........................ 2,492
Other................................................................... 53,162
-----------
Total Expenses...................................................... 662,524
-----------
NET INVESTMENT INCOME................................................... $ 2,984,135
===========
REALIZED AND UNREALIZED GAIN/LOSS ON INVESTMENTS:
Realized Gain/Loss on Investments:
Proceeds from Sales................................................... $ 6,630,500
Cost of Securities Sold............................................... (5,825,231)
-----------
Net Realized Gain on Investments........................................ 805,269
-----------
Unrealized Appreciation/Depreciation on Investments:
Beginning of the Period............................................... 5,667,020
End of the Period..................................................... 3,685,282
-----------
Net Unrealized Depreciation on Investments During the Period............ (1,981,738)
-----------
NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS......................... $(1,176,469)
===========
NET INCREASE IN NET ASSETS FROM OPERATIONS.............................. $ 1,807,666
===========
</TABLE>

See Notes to Financial Statements

9
<PAGE> 11
STATEMENT OF CHANGES IN NET ASSETS

For the Six Months Ended April 30, 1996
and the Year Ended October 31, 1995 (Unaudited)
- --------------------------------------------------------------------------------

<TABLE>
<CAPTION>
Six Months Ended Year Ended
April 30, 1996 October 31, 1995
- -------------------------------------------------------------------------------------------
<S> <C> <C>
FROM INVESTMENT ACTIVITIES:
Operations:
Net Investment Income................................ $ 2,984,135 $ 5,987,941
Net Realized Gain on Investments..................... 805,269 640,742
Net Unrealized Appreciation/Depreciation on
Investments During the Period...................... (1,981,738) 6,971,978
------------ ------------
Change in Net Assets from Operations................. 1,807,666 13,600,661
------------ ------------
Distributions from Net Investment Income:
Common Shares...................................... (2,203,089) (4,268,081)
Preferred Shares................................... (729,241) (1,829,068)
------------ ------------
(2,932,330) (6,097,149)
------------ ------------
Distributions from Net Realized Gain on Investments
(Note 1):
Common Shares...................................... (407,627) -0-
Preferred Shares................................... (178,664) -0-
------------ ------------
(586,291) -0-
------------ ------------
Total Distributions.................................. (3,518,621) (6,097,149)
------------ ------------
NET CHANGE IN NET ASSETS FROM INVESTMENT
ACTIVITIES......................................... (1,710,955) 7,503,512
NET ASSETS:
Beginning of the Period.............................. 120,265,532 112,762,020
------------ ------------
End of the Period (Including undistributed net
investment income of $1,204,665 and $1,152,860,
respectively)...................................... $118,554,577 $120,265,532
============ ============
</TABLE>

See Notes to Financial Statements

10
<PAGE> 12

FINANCIAL HIGHLIGHTS

The following schedule presents financial highlights for one common share of
the Trust outstanding throughout the periods indicated. (Unaudited)
- --------------------------------------------------------------------------------

<TABLE>
<CAPTION>
March 27, 1992
Six Months Year Ended October 31 (Commencement
Ended of Investment
April 30, ------------------------ Operations) to
1996 1995 1994 1993 October 31, 1992
- -----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of the Period (a)...... $16.294 $14.670 $17.644 $14.878 $14.704
------- ------- ------- ------- -------
Net Investment Income............ .646 1.296 1.282 1.281 .594
Net Realized and Unrealized
Gain/Loss
on Investments................. (.254) 1.648 (3.002) 2.851 .098
------- ------- ------- ------- -------
Total from Investment Operations... .392 2.944 (1.720) 4.132 .692
------- ------- ------- ------- -------
Less:
Distributions from Net Investment
Income:
Paid to Common Shareholders.... .477 .924 .924 .924 .385
Common Share Equivalent of
Distributions Paid to
Preferred Shareholders....... .158 .396 .259 .258 .133
Distributions from Net Realized
Gain on Investments (Note 1):
Paid to Common Shareholders.... .088 -0- .058 .136 -0-
Common Share Equivalent of
Distributions Paid to
Preferred Shareholders....... .039 -0- .013 .048 -0-
------- ------- ------- ------- -------
Total Distributions................ .762 1.320 1.254 1.366 .518
------- ------- ------- ------- -------
Net Asset Value, End of the
Period........................... $15.924 $16.294 $14.670 $17.644 $14.878
======= ======= ======= ======= =======
Market Price Per Share at End of
the Period....................... $15.125 $14.750 $12.750 $16.375 $14.250
Total Investment Return at
Market Price (b)................. 6.31%* 23.60% (16.67%) 23.01% (2.50%)*
Total Return at Net Asset Value
(c).............................. .73%* 17.86% (11.63%) 26.44% 1.70%*
Net Assets at End of the Period (In
millions)........................ $118.6 $120.3 $112.8 $126.5 $113.7
Ratio of Expenses to Average Net
Assets Applicable to Common
Shares (d)....................... 1.74% 1.83% 1.79% 1.73% 1.70%
Ratio of Expenses to Average Net
Assets (d)....................... 1.09% 1.12% 1.12% 1.09% 1.18%
Ratio of Net Investment Income to
Average Net Assets Applicable to
Common Shares (e)................ 5.92% 5.83% 6.31% 6.21% 5.18%
Portfolio Turnover................. 4.17%* 13.04% 14.10% 26.54% 50.54%*
</TABLE>

(a) Net asset value at March 27, 1992, is adjusted for common and preferred
share offering costs of $.296 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 value of the
Trust's assets with reinvestment of dividends based upon NAV.

(d) Beginning with the year ended October 31, 1995, the Ratios of Expenses are
based upon Total Expenses which does not reflect credits earned on overnight
cash balances.

(e) Net investment income is adjusted for the common share equivalent of
distributions paid to preferred shareholders.

* Non-Annualized

See Notes to Financial Statements

11
<PAGE> 13

NOTES TO FINANCIAL STATEMENTS

April 30, 1996 (Unaudited)
- --------------------------------------------------------------------------------

1. SIGNIFICANT ACCOUNTING POLICIES

Van Kampen American Capital Trust for Investment Grade California Municipals
(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. The
Trust commenced investment operations on March 27, 1992.

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 April 30, 1996, there were no
when issued or delayed delivery purchase commitments.

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.

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NOTES TO FINANCIAL STATEMENTS (CONTINUED)

April 30, 1996 (Unaudited)
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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 in the amount of $25,000. These costs
are being amortized on a straight line basis over the 60 month period ending
March 26, 1997. 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.

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 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, the Adviser will
provide investment advice and facilities to the Trust for an annual fee payable
monthly of .65% of 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 April 30, 1996, the Trust recognized expenses of
approximately $6,900 representing VKAC's cost of providing accounting and legal
services to the Trust.

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NOTES TO FINANCIAL STATEMENTS (CONTINUED)

April 30, 1996 (Unaudited)
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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.

At April 30, 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 April 30, 1996, were $4,982,259 and
$5,825,231, respectively.

4. PREFERRED SHARES
The Trust has outstanding 900 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 April 30, 1996, was 3.655%. During the
six months ended April 30, 1996, the rates ranged from 3.450% to 6.093%.

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.

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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
Aggressive Growth Fund
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
Intermediate 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 representative 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 1-800-341-2911 weekdays
from 7:00 a.m. to 7:00 p.m. Central time.

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VAN KAMPEN AMERICAN CAPITAL TRUST FOR INVESTMENT GRADE CALIFORNIA MUNICIPALS

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.