Invesco California Value Municipal Income Trust – ‘N-CSRS’ for 4/30/05

On:  Tuesday, 6/28/05, at 1:31pm ET   ·   Effective:  6/28/05   ·   For:  4/30/05   ·   Accession #:  950137-5-8017   ·   File #:  811-07404

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Certified Semi-Annual Shareholder Report of a Management Investment Company   —   Form N-CSR
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: N-CSRS      Semiannual Report                                     31    126K 
 3: EX-99.906CERT  906 Certification                                   2      8K 
 2: EX-99.CERT  Miscellaneous Exhibit                                  2     15K 

N-CSRS   —   Semiannual Report
Document Table of Contents

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UNITED STATES 
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

 FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
 MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-7404                                     

Van Kampen California Value Municipal Income Trust
--------------------------------------------------------------------------------

(Exact name of registrant as specified in charter)

 1221 Avenue of the Americas, New York, New York 10020
--------------------------------------------------------------------------------

 (Address of principal executive offices) (Zip code)

Ronald Robison
 1221 Avenue of the Americas, New York, New York 10020
--------------------------------------------------------------------------------

 (Name and address of agent for service)

Registrant's telephone number, including area code: 212-762-4000                

Date of fiscal year end: 10/31                                                  

Date of reporting period: 4/30/05                                               

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Item 1. Report to Shareholders                                                  
The Trust's semi-annual report transmitted to shareholders pursuant to Rule     
30e-1 under the Investment Company Act of 1940 is as follows:                   

Welcome, Shareholder                                              

  In this report, you'll learn about how your investment in Van Kampen
     California Value Municipal Income Trust performed during the semiannual
   period. The portfolio management team will provide an overview of the
market conditions and discuss some of the factors that affected   
   investment performance during the reporting period. In addition, this
  report includes the trust's financial statements and a list of trust
investments as of April 30, 2005.                                 

  MARKET FORECASTS PROVIDED IN THIS REPORT MAY NOT NECESSARILY COME TO
    PASS. THERE IS NO ASSURANCE THAT THE TRUST WILL ACHIEVE ITS INVESTMENT
    OBJECTIVE. TRUSTS ARE SUBJECT TO MARKET RISK, WHICH IS THE POSSIBILITY
      THAT THE MARKET VALUES OF SECURITIES OWNED BY THE TRUST WILL DECLINE AND
     THAT THE VALUE OF TRUST SHARES MAY THEREFORE BE LESS THAN WHAT YOU PAID
FOR THEM. ACCORDINGLY, YOU CAN LOSE MONEY INVESTING IN THIS TRUST.

       INCOME MAY SUBJECT CERTAIN INDIVIDUALS TO THE FEDERAL ALTERNATIVE MINIMUM
TAX (AMT).                                                        

                                                        [Enlarge/Download Table]

                                                                                       
---------------------------------------------------------------------------------------
   NOT FDIC INSURED             OFFER NO BANK GUARANTEE              MAY LOSE VALUE    
---------------------------------------------------------------------------------------
          NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY               NOT A DEPOSIT     
---------------------------------------------------------------------------------------

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Performance Summary as of 4/30/05                                               

                                                                [Download Table]

CALIFORNIA VALUE MUNICIPAL INCOME TRUST                     
SYMBOL: VCV                                                 
------------------------------------------------------------
AVERAGE ANNUAL                      BASED ON      BASED ON  
TOTAL RETURNS                         NAV       MARKET PRICE
                                                            

Since Inception (4/30/93)             7.49%        6.39%    

10-year                               8.54         8.47     

5-year                                9.59         8.75     

1-year                               12.06         9.17     

6-month                               3.24         0.24     
------------------------------------------------------------

PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF   
FUTURE RESULTS, AND CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE FIGURES 
SHOWN. FOR THE MOST RECENT MONTH-END PERFORMANCE FIGURES, PLEASE VISIT          
VANKAMPEN.COM OR SPEAK WITH YOUR FINANCIAL ADVISOR. INVESTMENT RETURNS, NET     
ASSET VALUE (NAV) AND COMMON SHARE MARKET PRICE WILL FLUCTUATE AND TRUST SHARES,
WHEN SOLD, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST.                  

NAV per share is determined by dividing the value of the trust's portfolio      
securities, cash and other assets, less all liabilities, by the total number of 
common shares outstanding. The common share market price is the price the market
is willing to pay for shares of the trust at a given time. Common share market  
price is influenced by a range of factors, including supply and demand and      
market conditions. Total return assumes an investment at the beginning of the   
period, reinvestment of all distributions for the period in accordance with the 
trust's dividend reinvestment plan, and sale of all shares at the end of the    
period.                                                                         

The Lehman Brothers California Municipal Bond Index is a broad-based statistical
composite of California municipal bonds. The index does not include any         
expenses, fees or sales charges, which would lower performance. The index is    
unmanaged and should not be considered an investment. It is not possible to     
invest directly in an index.                                                    

                                                                               1

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Trust Report                                                                    

FOR THE 6-MONTH PERIOD ENDED APRIL 30, 2005                                     

Van Kampen California Value Municipal Income Trust is managed by the Adviser's  
Municipal Fixed Income team.(1) Current members include Joseph Piraro and Robert
Wimmel, Vice Presidents of the Adviser; and John Reynoldson, Executive Director 
of the Adviser.                                                                 

MARKET CONDITIONS                                                               

The six-month period ended April 30, 2005, was characterized by continued       
short-term interest rate increases. As crude oil prices reached record highs,   
the prospect of rising inflation also cast a shadow. The Federal Open Market    
Committee (the "Fed") raised the federal funds target rate 100 basis points     
during the period through a series of four "measured" 0.25 percent tightenings  
to 2.75 percent by the end of April. Although rates in the short and            
intermediate areas of the yield curve shifted upward as the Fed tightened, long-
term interest rates fell as buyers did not seem deterred by the prospect of     
rising inflation. As a result, the yield curve (the difference between short and
longer-term yields) flattened and the long end of the municipal market handily  
outperformed the shorter end.                                                   

The municipal market in total posted positive returns during the period, though 
it was not uniformly strong. In contrast to the strong showing by longer-term   
bonds, shorter-term municipals were hampered by the Fed's tightening and turned 
in a flat to slightly negative showing. Within the investment-grade segment of  
the market, yield differentials between BBB-rated and AAA-rated municipal       
securities were slightly wider, though BBB-rated securities still outperformed  
high grades due to their higher coupons, while securities rated below investment
grade strongly outperformed as investors sought out their higher yields.        

The Fed's interest rate hikes did not appear to dampen investors' appetites for 
municipal bonds, as net inflows into municipal bond funds topped $290 million   
during the period. The supply of new issues was modest during the closing months
of 2004 (the first two months of the period) before soaring in the opening      
months of 2005 as long-term issuers rushed to bring securities to market in     
anticipation of additional interest rate increases in the near term.            

From a credit perspective, the state of California has made some positive       
strides. The California government's measures to stem current and projected     
budget deficits have been met with broad approval by investors. This in turn has
resulted in improved demand for California bonds and a general rise in bond     
prices. However, the state faces notable challenges to achieving fiscal balance.
For example, the governor's declining popularity could hinder his plans for     
resolving the state's deficit.                                                  

(1)Team members may change without notice at any time.                          
2                                                                             

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During the period, the state maintained its position as the leading issuer of   
new municipal debt. More than half of the new issuance which came to market was 
protected by credit insurance, which was helpful for us as we attempted to put  
cash to work.                                                                   

PERFORMANCE ANALYSIS                                                            

The trust's return can be calculated based upon either the market price or the  
net asset value (NAV) of its shares. NAV per share is determined by dividing the
value of the trust's portfolio securities, cash and other assets, less all      
liabilities, by the total number of common shares outstanding, while market     
price reflects the supply and demand for the shares. As a result, the two       
returns can differ, as they did during the reporting period. On an NAV basis,   
the trust outperformed its benchmark index, the Lehman Brothers California      
Municipal Bond Index. On a market price basis, the trust underperformed its     
benchmark. (See table below.)                                                   

TOTAL RETURNS FOR THE SIX-MONTH PERIOD ENDED APRIL 30, 2005                     

                                                                [Download Table]

----------------------------------------------------------
                                  LEHMAN BROTHERS         
      BASED ON     BASED ON     CALIFORNIA MUNICIPAL      
        NAV      MARKET PRICE        BOND INDEX           
                                                          

       3.24%        0.24%              2.35%              
----------------------------------------------------------

PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF   
FUTURE RESULTS, AND CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE FIGURES 
SHOWN. INVESTMENT RETURN, NET ASSET VALUE AND COMMON SHARE MARKET PRICE WILL    
FLUCTUATE AND TRUST SHARES, WHEN SOLD, MAY BE WORTH MORE OR LESS THAN THEIR     
ORIGINAL COST. SEE PERFORMANCE SUMMARY FOR ADDITIONAL PERFORMANCE INFORMATION   
AND INDEX DEFINITION.                                                           

The trust uses leverage to enhance its dividend to common shareholders. The     
trust borrows money at short-term rates through the issuance of preferred       
shares. The proceeds are reinvested in longer-term securities, taking advantage 
of the difference between short- and longer-term rates. The Fed's policy of     
raising interest rates throughout the period made the trust's borrowing activity
more expensive. These expenses, however, were more than offset by the positive  
performance of the bonds held by the trust.                                     

During the reporting period, we remained focused on keeping the portfolio's     
credit quality high. 80 percent of the bonds in the portfolio were rated AAA at 
the close of the period. However, as high-yield spreads have continued to       
tighten, lower quality bonds tended to perform better. Additionally, due to our 
concerns about the long-term merits of tobacco bonds, we do not include them in 
the portfolio. This decision prevented the trust from participating in the      
short-term rebound experienced by tobacco and other lower-rated bonds during the
period.                                                                         

One of our primary strategies in managing the trust was to take advantage of    
compelling opportunities in the 25- to 30-year segment of the market. We        

                                                                               3

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focused here on purchasing securities with premium (that is, above-market)      
coupons and moderate interest rate sensitivity.                                 

Our purchases of these securities were funded by the proceeds of sales of       
several shorter-maturity positions, many of which had been refunded during the  
period. This was part of our ongoing strategy of positioning the trust for an   
environment of rising short-term interest rates by limiting the trust's exposure
to that segment of the market. As part of this strategy, we also kept the       
trust's duration (a measure of interest rate sensitivity) below that of the     
market.                                                                         

The portfolio remained well diversified across the major sectors of the         
California municipal market. We continued to favor the essential services       
segments of the market, while avoiding the housing sector out of concerns about 
those bonds' structural characteristics and remained especially selective       
regarding the health care sector. We also avoided zero coupon bonds. Public     
education, public building and tax districts represented the portfolio's top    
exposures.                                                                      

There is no guarantee the security sectors mentioned will continue to perform   
well or be held by the trust in the future.                                     

                                                                [Download Table]
                                                                           
TOP FIVE SECTORS AS OF 4/30/05         RATINGS ALLOCATION AS OF 4/30/05    
Public Education                15.8%  AAA/Aaa                        80.0%
Public Building                 14.7   AA/Aa                           7.1 
Tax District                    14.0   A/A                             3.0 
Transportation                  13.0   BBB/Baa                         9.9 
Water & Sewer                   11.7                                       

Subject to change daily. Provided for informational purposes only and should not
be deemed as a recommendation to buy or sell the securities mentioned or        
securities in the sectors shown above. Ratings are as a percentage of total     
investments. Sectors are as a percentage of total long-term investments.        
Securities are classified by sectors that represent broad groupings of related  
industries. Van Kampen is a wholly owned subsidiary of a global securities firm 
which is engaged in a wide range of financial services including, for example,  
securities trading and brokerage activities, investment banking, research and   
analysis, financing and financial advisory services. Rating allocations based   
upon ratings as issued by Standard and Poor's and Moody's, respectively.        
4                                                                             

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FOR MORE INFORMATION ABOUT PORTFOLIO HOLDINGS                                   

      Each Van Kampen trust provides a complete schedule of portfolio holdings
   in its semiannual and annual reports within 60 days of the end of the
trust's second and fourth fiscal quarters by filing the schedule  
   electronically with the Securities and Exchange Commission (SEC). The
    semiannual reports are filed on Form N-CSRS and the annual reports are
     filed on Form N-CSR. Van Kampen also delivers the semiannual and annual
     reports to trust shareholders, and makes these reports available on its
   public Web site, www.vankampen.com. In addition to the semiannual and
annual reports that Van Kampen delivers to shareholders and makes 
  available through the Van Kampen public Web site, each trust files a
  complete schedule of portfolio holdings with the SEC for the trust's
      first and third fiscal quarters on Form N-Q. Van Kampen does not deliver
      the reports for the first and third fiscal quarters to shareholders, nor
are the reports posted to the Van Kampen public Web site. You may,
 however, obtain the Form N-Q filings (as well as the Form N-CSR and
      N-CSRS filings) by accessing the SEC's Web site, http://www.sec.gov. You
 may also review and copy them at the SEC's Public Reference Room in
Washington, DC. Information on the operation of the SEC's Public  
      Reference Room may be obtained by calling the SEC at 1-800-SEC-0330. You
       can also request copies of these materials, upon payment of a duplicating
fee, by electronic request at the SEC's e-mail address            
    (publicinfo@sec.gov) or by writing the Public Reference section of the
SEC, Washington, DC 20549-0102.                                   

     You may obtain copies of a trust's fiscal quarter filings by contacting
Van Kampen Client Relations at 1-800-847-2424.                    

                                                                               5

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PROXY VOTING POLICIES AND PROCEDURES AND PROXY VOTING RECORD                    

       The trust's policies and procedures with respect to the voting of proxies
     relating to the trust's portfolio securities and information on how the
  trust voted proxies relating to portfolio securities during the most
   recent twelve-month period ended June 30 is available without charge,
upon request, by visiting our Web site at www.vankampen.com. This 
       information is also available on the Securities and Exchange Commission's
Web site at http://www.sec.gov.                                   

6                                                                             

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VAN KAMPEN CALIFORNIA VALUE MUNICIPAL INCOME TRUST                              

PORTFOLIO OF INVESTMENTS -- APRIL 30, 2005 (UNAUDITED)                          

                                                        [Enlarge/Download Table]

PAR                                                                                        
AMOUNT                                                                                     
(000)     DESCRIPTION                                      COUPON   MATURITY      VALUE    
-------------------------------------------------------------------------------------------
                                                                                           
          MUNICIPAL BONDS  158.3%                                                          
          CALIFORNIA  146.6%                                                               
$2,000    A B C CA Uni Sch Dist Cap Apprec Ser B (FGIC                                     
          Insd)...........................................   *      08/01/21   $    936,880
 1,610    A B C CA Uni Sch Dist Cap Apprec Ser B (FGIC                                     
          Insd)...........................................   *      08/01/22        713,777
 1,000    Abag Fin Auth For Nonprofit Corp CA Ctf Part                                     
          Childrens Hosp Med Ctr (AMBAC Insd)............. 5.875%   12/01/19      1,118,209
 1,000    Abag Fin Auth For Nonprofit Corp CA Insd Rev Ctf                                 
          Lincoln Glen Manor Sr Citizens (CA MTG Insd).... 6.100    02/15/25      1,068,510
 1,000    Abag Fin Auth For Nonprofit Corp CA Multi-Family                                 
          Rev Hsg Utd Dominion Ser A Rfdg (AMT) (Variable                                  
          Rate Coupon) (Asset Gty Insd)................... 6.400    08/15/30      1,071,180
 1,000    Abag Fin Auth For Nonprofit Corp CA Multi-Family                                 
          Rev Hsg Utd Dominion Ser B Rfdg (Variable Rate                                   
          Coupon) (Asset Gty Insd)........................ 6.250    08/15/30      1,075,770
 1,485    Anaheim, CA City Sch Dist Election 2002 (FGIC                                    
          Insd)........................................... 5.375    08/01/20      1,624,902
 2,000    Bay Area Toll Auth CA Toll Brdg Rev San                                          
          Francisco Bay Area Ser D........................ 5.000    04/01/17      2,149,740
 1,500    Beverly Hills, CA Pub Fin Auth Lease Rev Ser A                                   
          (MBIA Insd)..................................... 5.250    06/01/12      1,676,760
 1,390    Brea & Olinda, CA Uni Sch Dist Ctf Part Ser A                                    
          Rfdg (FSA Insd) (a)............................. 5.500    08/01/19      1,551,754
 1,510    Brea & Olinda, CA Uni Sch Dist Ctf Part Ser A                                    
          Rfdg (FSA Insd) (a)............................. 5.500    08/01/20      1,663,038
 2,000    Burbank, CA Pub Fin Auth Rev Golden State Redev                                  
          Proj Ser A (AMBAC Insd)......................... 5.250    12/01/19      2,185,460
 1,500    Burbank, CA Pub Fin Auth Rev Golden State Redev                                  
          Proj Ser A (AMBAC Insd)......................... 5.250    12/01/23      1,623,210
 1,000    California Edl Fac Auth Rev CA College Arts                                      
          (b)............................................. 5.000    06/01/35      1,000,000
 1,000    California Edl Fac Auth Rev Golden Gate Univ                                     
          (b)............................................. 5.000    10/01/36      1,000,850
 1,000    California Edl Fac Auth Rev Pitzer College Ser                                   
          A............................................... 5.000    04/01/35      1,020,830
 1,000    California Edl Fac Auth Rev Pooled College &                                     
          Univ Proj Ser B................................. 6.750    06/01/30      1,092,320
 1,000    California Edl Fac Auth Rev Pooled College &                                     
          Univ Proj Ser B................................. 5.250    04/01/24      1,021,630
   240    California Edl Fac Auth Rev Student Ln CA Ln Pgm                                 
          Ser A (AMT) (MBIA Insd)......................... 6.000    03/01/16        252,569
 1,000    California Hsg Fin Agy Rev Multi-Family Hsg III                                  
          Ser A (AMT) (MBIA Insd)......................... 5.850    08/01/17      1,035,850
 2,000    California Infrastructure & Econ Dev Bk Rev Bay                                  
          Area Toll Brdgs First Lien Ser A (FGIC Insd).... 5.000    07/01/29      2,099,020
 1,000    California Pollutn Ctl Fin Auth Pollutn Ctl Rev                                  
          Gas & Elec Ser A Rfdg (MBIA Insd)............... 5.900    06/01/14      1,171,580

See Notes to Financial Statements                                              7

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VAN KAMPEN CALIFORNIA VALUE MUNICIPAL INCOME TRUST                              

PORTFOLIO OF INVESTMENTS -- APRIL 30, 2005 (UNAUDITED) continued                

                                                        [Enlarge/Download Table]

PAR                                                                                        
AMOUNT                                                                                     
(000)     DESCRIPTION                                      COUPON   MATURITY      VALUE    
-------------------------------------------------------------------------------------------
                                                                                           
          CALIFORNIA (CONTINUED)                                                           
$  140    California Rural Home Mtg Fin Auth Single Family                                 
          Mtg Rev Mtg Bkd Secs Pgm Ser B (AMT) (GNMA                                       
          Collateralized)................................. 6.150%   06/01/20   $    140,476
    20    California Rural Home Mtg Fin Auth Single Family                                 
          Mtg Rev Mtg Bkd Secs Pgm Ser C (AMT) (GNMA                                       
          Collateralized)................................. 7.500    08/01/27         20,592
    55    California Rural Home Mtg Fin Auth Single Family                                 
          Mtg Rev Mtg Bkd Secs Ser A2 (AMT) (GNMA                                          
          Collateralized)................................. 7.950    12/01/24         55,501
 2,400    California St (AMBAC Insd)...................... 6.400    09/01/08      2,663,904
 1,000    California St (FGIC Insd)....................... 5.000    10/01/23      1,059,060
 1,000    California St (MBIA Insd) (a)................... 5.000    02/01/26      1,050,630
 1,585    California St Pub Wks Brd Dept Corrections Ser                                   
          C............................................... 5.000    06/01/09      1,695,871
 1,000    California St Pub Wks Brd Dept Corrections Ser                                   
          C............................................... 5.500    06/01/23      1,094,770
 2,000    California St Pub Wks Brd Univ CA Institute Proj                                 
          C............................................... 5.000    04/01/26      2,119,500
 1,255    California St Rfdg (XLCA Insd).................. 5.500    03/01/11      1,403,667
 2,000    California St Univ Rev Syswise Ser A (AMBAC                                      
          Insd)........................................... 5.000    11/01/28      2,118,700
 1,000    California St Vet Bd Ser BH (AMT) (FSA Insd).... 5.400    12/01/15      1,047,180
 2,000    California St Vet Bd Ser BH (AMT) (FSA Insd).... 5.400    12/01/16      2,081,540
 1,000    California Statewide Cmntys Dev Huntington Mem                                   
          Hosp (Connie Lee Insd).......................... 5.750    07/01/16      1,053,160
 1,085    Cathedral City, CA Pub Fin Auth Rev Cap Apprec                                   
          Ser A (MBIA Insd) (a)...........................   *      08/01/32        276,599
 1,085    Cathedral City, CA Pub Fin Auth Rev Cap Apprec                                   
          Ser A (MBIA Insd) (a)...........................   *      08/01/33        262,353
 2,000    Central Vly Fin Auth CA Cogeneration Proj Rev                                    
          Carson Ice-Gen Proj Rev (MBIA Insd)............. 5.000    07/01/17      2,127,340
 1,500    Chaffey, CA Uni High Sch Dist Ser C (FSA                                         
          Insd)........................................... 5.000    05/01/27      1,576,185
 1,440    Chino Basin, CA Regl Fin Auth Rev Muni Wtr Dist                                  
          Swr Sys Proj (AMBAC Insd)....................... 7.000    08/01/08      1,621,498
 1,230    Compton, CA Uni Sch Dist Election of 2002 Ser B                                  
          (MBIA Insd)..................................... 5.500    06/01/25      1,370,872
 1,110    Compton, CA Uni Sch Dist Election of 2002 Ser B                                  
          (MBIA Insd)..................................... 5.000    06/01/29      1,170,040
 1,965    Contra Costa Cnty, CA Ctf Part Merrithew Mem                                     
          Hosp Proj Rfdg (MBIA Insd)...................... 5.500    11/01/22      2,104,829
 1,250    Corona Norco, CA Uni Sch Dist Cap Apprec Ser B                                   
          (FSA Insd)......................................   *      09/01/16        769,062
 1,595    Corona Norco, CA Uni Sch Dist Cap Apprec Ser B                                   
          (FSA Insd)......................................   *      09/01/17        928,880
 1,735    Corona Norco, CA Uni Sch Dist Cap Apprec Ser B                                   
          (FSA Insd) (a)..................................   *      09/01/18        956,054

 8                                             See Notes to Financial Statements

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VAN KAMPEN CALIFORNIA VALUE MUNICIPAL INCOME TRUST                              

PORTFOLIO OF INVESTMENTS -- APRIL 30, 2005 (UNAUDITED) continued                

                                                        [Enlarge/Download Table]

PAR                                                                                        
AMOUNT                                                                                     
(000)     DESCRIPTION                                      COUPON   MATURITY      VALUE    
-------------------------------------------------------------------------------------------
                                                                                           
          CALIFORNIA (CONTINUED)                                                           
$2,000    East Bay, CA Muni Util Dist Wtr Sys Rev Sub..... 5.250%   06/01/19   $  2,138,840
 1,000    El Monte, CA Wtr Auth Rev Wtr Sys Proj (AMBAC                                    
          Insd)........................................... 5.600    09/01/29      1,108,710
 1,000    El Monte, CA Wtr Auth Rev Wtr Sys Proj (AMBAC                                    
          Insd)........................................... 5.600    09/01/34      1,108,710
 1,000    Fairfield Suisun, CA Uni Sch Dist Spl Tax Cmnty                                  
          Fac Dist No 5 New Sch (FSA Insd)................ 5.375    08/15/29      1,075,970
 3,000    Florin, CA Res Consv Dist Cap Impt Elk Grove Wtr                                 
          Svc Ser A (MBIA Insd)........................... 5.000    09/01/33      3,145,980
 1,010    Folsom Cordova, CA Uni Sch Dist Fac Impt Dist No                                 
          1 Cap Apprec Ser A (AMBAC Insd) (a).............   *      10/01/19        524,160
 1,060    Folsom Cordova, CA Uni Sch Dist Fac Impt Dist No                                 
          1 Cap Apprec Ser A (AMBAC Insd) (a).............   *      10/01/21        492,699
 6,000    Foothill/Eastern Corridor Agy CA Toll Rd Rev Cap                                 
          Apprec Rfdg.....................................   *      01/15/30      1,409,220
 5,000    Foothill/Eastern Corridor Agy CA Toll Rd Rev Cap                                 
          Apprec Rfdg.....................................   *      01/15/31      1,105,750
 2,950    Foothill/Eastern Corridor Agy CA Toll Rd Rev Cap                                 
          Apprec Sr Lien Ser A (Escrowed to Maturity).....   *      01/01/27      1,068,785
 3,000    Foothill/Eastern Corridor Agy CA Toll Rd Rev                                     
          Conv Cap Apprec Rfdg (c)........................ 5.875    01/15/27      2,509,110
 1,000    Foothill/Eastern Corridor Agy CA Toll Rd Rev                                     
          Rfdg............................................ 5.750    01/15/40      1,022,500
 1,000    Galt Schs Jt Pwrs Auth CA Rev High Sch & Elem                                    
          Sch Ser A Rfdg (MBIA Insd)...................... 5.750    11/01/16      1,088,410
 1,115    Garden Grove, CA Pub Fin Auth Rev Ctf Part Wtr                                   
          Svcs Cap Impt Pgm (FSA Insd).................... 5.000    12/15/23      1,189,995
 1,500    Glendale, CA Uni Sch Dist Ser C (FSA Insd)...... 5.500    09/01/19      1,650,315
 2,000    Golden St Tob Sec Enhanced Asset Bkd B (AMBAC                                    
          Insd)........................................... 5.000    06/01/43      2,043,280
 2,000    Industry, CA Urban Dev Agy Tax Alloc Civic Rec                                   
          Indl No 1 Rfdg (MBIA Insd)...................... 5.500    05/01/14      2,115,600
 1,000    Irvine, CA Pub Fac & Infrastructure Auth Assmt                                   
          Rev Ser B (AMBAC Insd).......................... 5.000    09/02/22      1,036,310
 1,000    La Quinta, CA Fin Auth Loc Ser A (AMBAC Insd)... 5.250    09/01/24      1,089,640
 1,420    La Quinta, CA Redev Agy Tax Alloc Redev Proj                                     
          Area No 1 (AMBAC Insd).......................... 5.000    09/01/22      1,517,682
 1,600    La Quinta, CA Redev Agy Tax Alloc Redev Proj                                     
          Area No 1 Rfdg (MBIA Insd)...................... 7.300    09/01/08      1,821,104
 1,145    Larkspur, CA Sch Dist Cap Apprec Ser A (FGIC                                     
          Insd) (a).......................................   *      08/01/21        536,364
 1,020    Larkspur, CA Sch Dist Cap Apprec Ser A (FGIC                                     
          Insd)...........................................   *      08/01/24        403,849
 1,255    Larkspur, CA Sch Dist Cap Apprec Ser A (FGIC                                     
          Insd) (a).......................................   *      08/01/25        468,893

See Notes to Financial Statements                                              9

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VAN KAMPEN CALIFORNIA VALUE MUNICIPAL INCOME TRUST                              

PORTFOLIO OF INVESTMENTS -- APRIL 30, 2005 (UNAUDITED) continued                

                                                        [Enlarge/Download Table]

PAR                                                                                        
AMOUNT                                                                                     
(000)     DESCRIPTION                                      COUPON   MATURITY      VALUE    
-------------------------------------------------------------------------------------------
                                                                                           
          CALIFORNIA (CONTINUED)                                                           
$1,000    Long Beach, CA Bd Fin Auth Lease Rev Rainbow                                     
          Harbor Refin Proj Ser A (AMBAC Insd)............ 5.250%   05/01/24   $  1,072,030
 1,685    Long Beach, CA Bd Fin Auth North Long Beach                                      
          Redev Proj Ser A (AMBAC Insd)................... 5.375    08/01/21      1,835,083
 1,000    Long Beach, CA Harbor Rev Ser A (AMT) (MBIA                                      
          Insd)........................................... 5.000    05/15/25      1,047,860
 1,000    Los Angeles, CA Ctf Part Dept Pub Social Svcs                                    
          Ser A (AMBAC Insd).............................. 5.500    08/01/31      1,080,410
 1,000    Los Angeles, CA Ctf Part Sr Sonnenblick Del Rio                                  
          W L. A. (AMBAC Insd)............................ 6.000    11/01/19      1,142,290
 1,000    Los Gatos, CA Jt Uni High Sch Election of 1998                                   
          Ser C (Pre-Refunded @ 6/01/12) (FSA Insd)....... 5.000    06/01/27      1,117,600
 3,650    Manhattan Beach, CA Uni Sch Dist Cap Apprec Ser                                  
          B (FGIC Insd)...................................   *      09/01/22      1,611,840
 2,400    Metropolitan Wtr Dist Southn CA Auth Ser B2                                      
          (FGIC Insd)..................................... 5.000    10/01/26      2,532,336
 3,240    Midpeninsula Regl Open Space Dist CA Fin Auth                                    
          Rev Cap Apprec Second Issue (AMBAC Insd)........   *      08/01/26        959,429
 3,180    Mount Diablo, CA Uni Sch Dist (FSA Insd)........ 5.000    08/01/26      3,334,453
 1,000    Novato, CA Uni Sch Dist (FSA Insd).............. 5.000    08/01/27      1,057,230
 1,000    Orange Cnty, CA Wtr Dist Rev Ser B (MBIA                                         
          Insd)........................................... 5.000    08/15/24      1,061,570
 1,000    Oxnard, CA Harbor Dist Rev Ser B................ 6.000    08/01/24      1,060,280
 1,230    Palm Desert, CA Fin Auth Tax Alloc Rev Proj Area                                 
          No 2 Ser A Rfdg (MBIA Insd) (a)................. 5.000    08/01/21      1,317,896
 1,100    Pasadena, CA Area Cmnty College Dist Election of                                 
          2002 Ser A (FGIC Insd).......................... 5.000    06/01/21      1,184,953
 1,000    Pomona, CA Ctf Part Mission Promenade Proj Ser                                   
          AE (AMBAC Insd)................................. 5.375    10/01/32      1,075,800
 3,350    Port Oakland, CA Port Rev Ser G (AMT) (MBIA                                      
          Insd)........................................... 5.375    11/01/25      3,541,318
 1,000    Rancho Cucamonga, CA Redev Agy Tax Alloc Rancho                                  
          Redev Proj (FSA Insd)........................... 5.250    09/01/20      1,072,250
 1,960    Riverside Cnty CA Ctf Part Cap Impt Family Law                                   
          Ser A Rfdg (FGIC Insd) (a)...................... 5.000    11/01/23      2,091,222
 2,000    Sacramento Cnty, CA Santn Dist Fin Auth Rev Ser                                  
          A Rfdg (AMBAC Insd)............................. 5.500    12/01/16      2,299,020
 1,360    Sacramento Cnty, CA Wtr Fin Auth Rev Agy Zones                                   
          40 41 Wtr Sys Proj (AMBAC Insd) (a)............. 5.000    06/01/17      1,477,722
 2,000    Sacramento, CA City Fin Auth Rev Cap Impt (AMBAC                                 
          Insd)........................................... 5.000    12/01/33      2,087,160
   700    Sacramento, CA Cogeneration Auth Cogeneration                                    
          Proj Rev Proctor & Gamble Proj.................. 6.375    07/01/10        717,178
 2,000    San Bernardino, CA Jt Pwrs Fin Auth Ctf Part                                     
          (MBIA Insd)..................................... 5.500    09/01/20      2,194,040
 1,000    San Diego, CA Pub Fac Fin Auth Swr Rev (FGIC                                     
          Insd)........................................... 5.000    05/15/20      1,011,570

 10                                            See Notes to Financial Statements

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VAN KAMPEN CALIFORNIA VALUE MUNICIPAL INCOME TRUST                              

PORTFOLIO OF INVESTMENTS -- APRIL 30, 2005 (UNAUDITED) continued                

                                                        [Enlarge/Download Table]

PAR                                                                                        
AMOUNT                                                                                     
(000)     DESCRIPTION                                      COUPON   MATURITY      VALUE    
-------------------------------------------------------------------------------------------
                                                                                           
          CALIFORNIA (CONTINUED)                                                           
$1,500    San Francisco, CA City & Cnty Arpt Commn Intl                                    
          Arpt Rev Second Ser 30 Rfdg (XLCA Insd)......... 5.250%   05/01/16   $  1,652,595
 2,000    San Francisco, CA City & Cnty Arpt Commn Intl                                    
          Arpt Rev Second Ser Issue 12-A (AMT) (FGIC                                       
          Insd)........................................... 5.800    05/01/21      2,069,100
 1,000    San Jose, CA Fin Auth Lease Rev Convention Ctr                                   
          Proj Ser F Rfdg (MBIA Insd)..................... 5.000    09/01/17      1,077,380
 1,600    San Leandro, CA Ctf Part Lib & Fire Stations Fin                                 
          (AMBAC Insd).................................... 5.700    11/01/20      1,778,592
 1,220    Simi Vly, CA Cmnty Dev Agy Tax Alloc Tapo Canyon                                 
          & West End Proj Rfdg (FGIC Insd) (a)............ 5.250    09/01/20      1,326,713
 1,285    Simi Vly, CA Cmnty Dev Agy Tax Alloc Tapo Canyon                                 
          & West End Proj Rfdg (FGIC Insd) (a)............ 5.250    09/01/21      1,395,497
 1,350    Simi Vly, CA Cmnty Dev Agy Tax Alloc Tapo Canyon                                 
          & West End Proj Rfdg (FGIC Insd) (a)............ 5.250    09/01/22      1,462,118
 2,250    South Tahoe CA Jt Pwr Fin Redev Proj Area No 1                                   
          Ser A Rfdg (AMBAC Insd) (b)..................... 5.000    10/01/28      2,349,675
   935    Stanton, CA Multi-Family Rev Hsg Contl Garden                                    
          Apts (AMT) (Variable Rate Coupon) (FNMA                                          
          Collateralized)................................. 5.625    08/01/29        983,377
 1,260    Sweetwater, CA Auth Wtr Rev (FSA Insd).......... 5.500    04/01/17      1,393,560
 2,000    University of CA Ctf Part San Diego Campus Proj                                  
          Ser A........................................... 5.250    01/01/32      2,091,160
 1,000    University of CA Rev Resh Fac Ser E (AMBAC                                       
          Insd)........................................... 5.000    09/01/19      1,073,810
 1,000    Woodland, CA Fin Auth Lease Rev Cap Proj Rfdg                                    
          (XLCA Insd)..................................... 5.000    03/01/25      1,050,290
                                                                               ------------
                                                                                149,280,385
                                                                               ------------
          PUERTO RICO  9.5%                                                                
 5,000    Puerto Rico Comwlth Hwy & Tran Auth Hwy Rev Ser                                  
          Y Rfdg (FSA Insd)............................... 6.250    07/01/21      6,347,150
 1,000    Puerto Rico Comwlth Hwy & Tran Rev Tran Rev Sub                                  
          (FGIC Insd)..................................... 5.250    07/01/16      1,109,890
 2,000    Puerto Rico Elec Pwr Auth Pwr Rev Ser II (XLCA                                   
          Insd)........................................... 5.375    07/01/17      2,237,360
                                                                               ------------
                                                                                  9,694,400
                                                                               ------------

See Notes to Financial Statements                                             11

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VAN KAMPEN CALIFORNIA VALUE MUNICIPAL INCOME TRUST                              

PORTFOLIO OF INVESTMENTS -- APRIL 30, 2005 (UNAUDITED) continued                

                                                        [Enlarge/Download Table]

PAR                                                                                         
AMOUNT                                                                                      
(000)     DESCRIPTION                                      COUPON   MATURITY      VALUE     
------------------------------------------------------------------------------------------- 
                                                                                            
          U. S. VIRGIN ISLANDS  2.2%                                                        
$1,000    Virgin Islands Pub Fin Auth Rev Gross Rcpt Taxes                                  
          Ln Nt Ser A..................................... 6.375%   10/01/19   $  1,140,350 
 1,000    Virgin Islands Pub Fin Auth Rev Gross Rcpt Taxes                                  
          Ln Nt Ser A..................................... 6.500    10/01/24      1,138,770 
                                                                               ------------ 
                                                                                  2,279,120 
                                                                               ------------ 
TOTAL LONG-TERM INVESTMENTS  158.3%                                                         
  (Cost $149,511,907).......................................................    161,253,905 
SHORT-TERM INVESTMENTS  3.1%                                                                
  (Cost $3,133,000).........................................................      3,133,000 
                                                                               ------------ 

TOTAL INVESTMENTS  161.4%                                                                   
  (Cost $152,644,907).......................................................    164,386,905 
LIABILITIES IN EXCESS OF OTHER ASSETS  (2.5%)...............................     (2,525,292)
PREFERRED SHARES (INCLUDING ACCRUED DISTRIBUTIONS)  (58.9%).................    (60,009,864)
                                                                               ------------ 

NET ASSETS APPLICABLE TO COMMON SHARES  100.0%..............................   $101,851,749 
                                                                               ============ 

Percentages are calculated as a percentage of net assets applicable to common   
shares.                                                                         

*   Zero coupon bond                                                            

(a) The Trust owns 100% of the bond issuance.                                   

(b) Security purchased on a when-issued or delayed delivery basis.              

(c) Security is a "step-up" bond where the coupon increases or steps up at a    
predetermined date.                                                     

AMBAC--AMBAC Indemnity Corp.                                                    

AMT--Alternative Minimum Tax                                                    

Asset Gty--Asset Guaranty Insurance Co.                                         

CA MTG--California Mortgage Insurance                                           

Connie Lee--Connie Lee Insurance Co.                                            

FGIC--Financial Guaranty Insurance Co.                                          

FNMA--Federal National Mortgage Association                                     

FSA--Financial Security Assurance Inc.                                          

GNMA--Government National Mortgage Association                                  

MBIA--Municipal Bond Investors Assurance Corp.                                  

XLCA--XL Capital Assurance Inc.                                                 

 12                                            See Notes to Financial Statements

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VAN KAMPEN CALIFORNIA VALUE MUNICIPAL INCOME TRUST                              

FINANCIAL STATEMENTS                                                            

Statement of Assets and Liabilities                                             
April 30, 2005 (Unaudited)                                                      

                                                                [Download Table]
                                                                          
ASSETS:                                                                   
Total Investments (Cost $152,644,907).......................  $164,386,905
Cash........................................................        17,795
Receivables:                                                              
  Interest..................................................     2,089,746
  Investments Sold..........................................     1,619,500
Other.......................................................         1,297
                                                              ------------
    Total Assets............................................   168,115,243
                                                              ------------
LIABILITIES:                                                              
Payables:                                                                 
  Investments Purchased.....................................     5,875,208
  Investment Advisory Fee...................................        72,520
  Income Distributions--Common Shares.......................        16,907
  Other Affiliates..........................................         6,991
Trustees' Deferred Compensation and Retirement Plans........       230,520
Accrued Expenses............................................        51,484
                                                              ------------
    Total Liabilities.......................................     6,253,630
Preferred Shares (including accrued distributions)..........    60,009,864
                                                              ------------
NET ASSETS APPLICABLE TO COMMON SHARES......................  $101,851,749
                                                              ============
NET ASSET VALUE PER COMMON SHARE ($101,851,749 divided by                 
  6,043,220 shares outstanding).............................  $      16.85
                                                              ============
NET ASSETS CONSIST OF:                                                    
Common Shares ($.01 par value with an unlimited number of                 
  shares authorized, 6,043,220 shares issued and                          
  outstanding)..............................................  $     60,432
Paid in Surplus.............................................    88,812,473
Net Unrealized Appreciation.................................    11,741,998
Accumulated Net Realized Gain...............................       848,088
Accumulated Undistributed Net Investment Income.............       388,758
                                                              ------------
NET ASSETS APPLICABLE TO COMMON SHARES......................  $101,851,749
                                                              ============
PREFERRED SHARES ($.01 par value, authorized 100,000,000                  
  shares, 2,400 issued with liquidation preference of                     
  $25,000 per share)........................................  $ 60,000,000
                                                              ============
NET ASSETS INCLUDING PREFERRED SHARES.......................  $161,851,749
                                                              ============

See Notes to Financial Statements                                             13

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FINANCIAL STATEMENTS continued                                                  

Statement of Operations                                                         
For the Six Months Ended April 30, 2005 (Unaudited)                             

                                                                [Download Table]
                                                                          
INVESTMENT INCOME:                                                        
Interest....................................................  $ 3,799,476 
                                                              ----------- 
EXPENSES:                                                                 
Investment Advisory Fee.....................................      439,624 
Preferred Share Maintenance.................................       84,145 
Trustees' Fees and Related Expenses.........................       19,281 
Legal.......................................................       14,737 
Custody.....................................................        6,025 
Other.......................................................       69,781 
                                                              ----------- 
    Total Expenses..........................................      633,593 
                                                              ----------- 
NET INVESTMENT INCOME.......................................  $ 3,165,883 
                                                              =========== 
REALIZED AND UNREALIZED GAIN/LOSS:                                        
Net Realized Gain...........................................  $   848,381 
                                                              ----------- 
Unrealized Appreciation/Depreciation:                                     
  Beginning of the Period...................................   12,404,860 
  End of the Period.........................................   11,741,998 
                                                              ----------- 
Net Unrealized Depreciation During the Period...............     (662,862)
                                                              ----------- 
NET REALIZED AND UNREALIZED GAIN............................  $   185,519 
                                                              =========== 
DISTRIBUTIONS TO PREFERRED SHAREHOLDERS.....................  $  (491,520)
                                                              =========== 
NET INCREASE IN NET ASSETS APPLICABLE TO COMMON SHARES FROM               
  OPERATIONS................................................  $ 2,859,882 
                                                              =========== 

 14                                            See Notes to Financial Statements

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FINANCIAL STATEMENTS continued                                                  

Statements of Changes in Net Assets (Unaudited)                                 

                                                        [Enlarge/Download Table]

                                                               FOR THE            FOR THE     
                                                           SIX MONTHS ENDED      YEAR ENDED   
                                                            APRIL 30, 2005    OCTOBER 31, 2004
                                                           -----------------------------------
                                                                                              
FROM INVESTMENT ACTIVITIES:                                                                   
Operations:                                                                                   
Net Investment Income.....................................   $  3,165,883       $  6,429,904  
Net Realized Gain.........................................        848,381            563,195  
Net Unrealized Appreciation/Depreciation During the                                           
  Period..................................................       (662,862)         2,692,779  
Distributions to Preferred Shareholders:                                                      
  Net Investment Income...................................       (452,872)          (461,595) 
  Net Realized Gain.......................................        (38,648)          (183,995) 
                                                             ------------       ------------  

Change in Net Assets Applicable to Common Shares from                                         
  Operations..............................................      2,859,882          9,040,288  
Distributions to Common Shareholders:                                                         
  Net Investment Income...................................     (2,918,714)        (6,221,108) 
  Net Realized Gain.......................................       (524,522)        (2,174,844) 
                                                             ------------       ------------  

NET CHANGE IN NET ASSETS APPLICABLE TO COMMON SHARES FROM                                     
  INVESTMENT ACTIVITIES...................................       (583,354)           644,336  

FROM CAPITAL TRANSACTIONS:                                                                    
Value of Common Shares Issued Through Dividend                                                
  Reinvestment............................................            -0-            225,716  
                                                             ------------       ------------  
TOTAL INCREASE/DECREASE IN NET ASSETS APPLICABLE TO COMMON                                    
  SHARES..................................................       (583,354)           870,052  
NET ASSETS APPLICABLE TO COMMON SHARES:                                                       
Beginning of the Period...................................    102,435,103        101,565,051  
                                                             ------------       ------------  
End of the Period (Including accumulated undistributed net                                    
  investment income of $388,758 and $594,461,                                                 
  respectively)...........................................   $101,851,749       $102,435,103  
                                                             ============       ============  

See Notes to Financial Statements                                             15

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VAN KAMPEN CALIFORNIA VALUE MUNICIPAL INCOME TRUST                              

FINANCIAL HIGHLIGHTS (UNAUDITED)                                                

THE FOLLOWING SCHEDULE PRESENTS FINANCIAL HIGHLIGHTS FOR ONE COMMON SHARE OF THE
TRUST OUTSTANDING THROUGHOUT THE PERIODS INDICATED.                             

                                                        [Enlarge/Download Table]

                                                                 SIX                          
                                                               MONTHS                         
                                                                ENDED                         
                                                              APRIL 30,    ------------------ 
                                                                2005        2004       2003   
                                                              ------------------------------- 
                                                                                              
NET ASSET VALUE, BEGINNING OF THE PERIOD....................   $ 16.95     $ 16.84    $ 17.02 
                                                               -------     -------    ------- 
  Net Investment Income.....................................       .52        1.07       1.12 
  Net Realized and Unrealized Gain/Loss.....................       .03         .54        .03 
  Common Share Equivalent of Distributions Paid to Preferred                                  
    Shareholders:                                                                             
    Net Investment Income...................................      (.07)       (.08)      (.09)
    Net Realized Gain.......................................      (.01)       (.03)     -0-(f)
                                                               -------     -------    ------- 
Total from Investment Operations............................       .47        1.50       1.00 
Distributions Paid to Common Shareholders:                                                    
    Net Investment Income...................................      (.48)      (1.03)     (1.11)
    Net Realized Gain.......................................      (.09)       (.36)      (.07)
                                                               -------     -------    ------- 
NET ASSET VALUE, END OF THE PERIOD..........................   $ 16.85     $ 16.95    $ 16.84 
                                                               =======     =======    ======= 
Common Share Market Price at End of the Period..............   $ 14.96     $ 15.50    $ 16.67 
Total Return (a)............................................     0.24%*      1.32%     10.83% 
Net Assets Applicable to Common Shares at End of the Period                                   
  (In millions).............................................   $ 101.9     $ 102.4    $ 101.6 
Ratio of Expenses to Average Net Assets Applicable to Common                                  
  Shares (b)................................................     1.26%       1.42%      1.43% 
Ratio of Net Investment Income to Average Net Assets                                          
  Applicable to Common Shares (b)...........................     6.31%       6.40%      6.56% 
Portfolio Turnover..........................................       10%*        11%        25% 

SUPPLEMENTAL RATIOS:                                                                          
Ratio of Expenses to Average Net Assets Including Preferred                                   
  Shares (b)................................................      .79%        .89%       .90% 
Ratio of Net Investment Income to Average Net Assets                                          
  Applicable to Common Shares (c)...........................     5.41%       5.94%      6.04% 

SENIOR SECURITIES:                                                                            
Total Preferred Shares Outstanding..........................     2,400       2,400      2,400 
Asset Coverage Per Preferred Share (d)......................   $67,442     $67,686    $67,320 
Involuntary Liquidating Preference Per Preferred Share......   $25,000     $25,000    $25,000 
Average Market Value Per Preferred Share....................   $25,000     $25,000    $25,000 

*  Non-Annualized                                                               

(a)Total return assumes an investment at the common share 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 share market price at the end of the period
indicated.                                                                

(b)Ratios do not reflect the effect of the dividend payments to preferred       
shareholders.                                                             

(c)Ratios reflect the effect of the dividend payments to preferred shareholders.

(d)Calculated by subtracting the Trust's total liabilities (not including the   
preferred shares) from the Trust's total assets and dividing this by the  
number of preferred shares outstanding.                                   

(e)As required, effective November 1, 2001, the Trust has adopted the provisions
of the AICPA Audit and Accounting Guide for Investment Companies and began
accreting market discount on fixed income securities. The effect of this  
change for the year ended October 31, 2002 was to increase net investment 
income per share by $.01, decrease net realized and unrealized gains and  
 losses per share by $.01 and increase the ratio of net investment income to
   average net assets applicable to common shares by .05%. Per share, ratios and
supplemental data for periods prior to October 31, 2002 have not been     
restated to reflect this change in presentation.                          

(f)Amount is less than $.01.                                                    

16                                                                            

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YEAR ENDED OCTOBER 31,                                                                    
----------------------------------------------------------------------------------------- 
     2002 (e)    2001       2000       1999       1998       1997       1996       1995   
----------------------------------------------------------------------------------------- 
                                                                                          
     $ 17.02    $ 15.92   $  14.92   $  16.76   $  15.94   $  15.09   $  14.80   $  12.64 
     -------    -------   --------   --------   --------   --------   --------   -------- 
        1.17       1.16       1.16       1.13       1.13       1.13       1.14       1.12 
        (.05)      1.15       1.03      (1.87)       .83        .82        .21       2.21 
        (.13)      (.31)      (.35)      (.28)      (.33)      (.33)      (.34)      (.40)
         -0-        -0-        -0-        -0-        -0-        -0-        -0-        -0- 
     -------    -------   --------   --------   --------   --------   --------   -------- 
         .99       2.00       1.84      (1.02)      1.63       1.62       1.01       2.93 
        (.99)      (.90)      (.84)      (.82)      (.81)      (.77)      (.72)      (.77)
         -0-        -0-        -0-        -0-        -0-        -0-        -0-        -0- 
     -------    -------   --------   --------   --------   --------   --------   -------- 
     $ 17.02    $ 17.02   $  15.92   $  14.92   $  16.76   $  15.94   $  15.09   $  14.80 
     =======    =======   ========   ========   ========   ========   ========   ======== 
     $ 16.16    $ 15.92   $13.8125   $13.6875   $ 15.875   $  14.25   $ 12.375   $  12.00 
       7.95%     22.12%      7.10%     -9.11%     17.39%     21.89%      9.28%     15.04% 
     $ 102.6    $ 102.6   $   96.0   $   90.0   $  101.1   $   96.1   $   91.0   $   89.3 
       1.49%      1.71%      1.77%      1.74%      1.75%      1.81%      1.86%      1.96% 
       7.00%      7.08%      7.64%      6.99%      6.93%      7.38%      7.66%      8.17% 
         21%        10%        22%        19%        17%        23%        33%        41% 

        .93%      1.06%      1.07%      1.07%      1.09%      1.10%      1.11%      1.14% 
       6.23%      5.19%      5.34%      5.24%      4.90%      5.23%      5.36%      5.25% 

       2,400      2,400      2,400      2,400      1,200      1,200      1,200      1,200 
     $67,759    $67,765   $ 64,994   $ 62,488   $134,213   $130,102   $125,832   $124,385 
     $25,000    $25,000   $ 25,000   $ 25,000   $ 50,000   $ 50,000   $ 50,000   $ 50,000 
     $25,000    $25,000   $ 25,000   $ 25,000   $ 50,000   $ 50,000   $ 50,000   $ 50,000 

See Notes to Financial Statements                                             17

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NOTES TO FINANCIAL STATEMENTS -- APRIL 30, 2005 (UNAUDITED)                     

1. SIGNIFICANT ACCOUNTING POLICIES                                              

Van Kampen California Value Municipal Income 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 April 30, 1993.  

  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 accounting principles    
generally accepted in the United States of America 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 Municipal bonds are valued by independent pricing services
or dealers using the mean of the bid and asked prices or, in the absence of     
market quotations, at fair value based upon yield data relating to municipal    
bonds with similar characteristics and general market conditions. Securities    
which are not valued by independent pricing services or dealers are valued at   
fair value using procedures established in good faith by the Board of Trustees. 
Short-term securities with remaining maturities of 60 days or less are valued at
amortized cost, which approximates market value.                                

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  
segregate assets with the custodian 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, 2005, the Trust had $4,269,975 of when-issued or  
delayed delivery purchase commitments.                                          

C. INVESTMENT INCOME Interest income is recorded on an accrual basis. Bond      
premium is amortized and discount is accreted over the expected life of each    
applicable security.                                                            

D. FEDERAL INCOME TAXES It is the Trust's policy to comply with the requirements
of Subchapter M 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.     

18                                                                            

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VAN KAMPEN CALIFORNIA VALUE MUNICIPAL INCOME TRUST                              

NOTES TO FINANCIAL STATEMENTS -- APRIL 30, 2005 (UNAUDITED) continued           

 At April 30, 2005, the cost and related gross unrealized appreciation and
depreciation were as follows:                                                   

                                                                [Download Table]
                                                                           
Cost of investments for tax purposes........................  $152,539,165 
                                                              ============ 
Gross tax unrealized appreciation...........................  $ 11,866,637 
Gross tax unrealized depreciation...........................       (18,897)
                                                              ------------ 
Net tax unrealized appreciation on investments..............  $ 11,847,740 
                                                              ============ 

E. DISTRIBUTION OF INCOME AND GAINS The Trust declares and pays monthly         
dividends from net investment income to common shareholders. 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.                                                                       

 The tax character of distributions paid during the year ended October 31,
2004 was as follows:                                                            

                                                                [Download Table]
                                                                        
Distributions paid from:                                                
  Ordinary income...........................................  $  226,155
  Long-term capital gain....................................   2,358,839
                                                              ----------
                                                              $2,584,994
                                                              ==========

 As of October 31, 2004, the components of distributable earnings on a tax
basis were as follows:                                                          

                                                                [Download Table]
                                                                      
Undistributed ordinary income...............................  $ 71,697
Undistributed long-term capital gain........................   562,877

2. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES         

Under the terms of the Trust's Investment Advisory Agreement, Van Kampen Asset  
Management (the "Adviser") provides investment advice and facilities to the     
Trust for an annual fee payable monthly of .55% of the average daily net assets 
of the Trust. Effective November 1, 2004, the investment advisory fee was       
reduced from .60% to .55%.                                                      

 For the six months ended April 30, 2005, the Trust recognized expenses of
approximately $2,900 representing legal services provided by Skadden, Arps,     
Slate, Meagher & Flom LLP, of which a trustee of the Trust is a partner of such 
firm and he and his law firm provide legal services as legal counsel to the     
Trust.                                                                          

Under separate Accounting Services and Legal Services agreements, the   
Adviser provides accounting and legal services to the Trust. The Adviser        
allocates the cost of such services to each trust. For the six months ended     
April 30, 2005, the Trust recognized expenses of approximately $19,200          
representing Van Kampen Investment Inc.'s or its affiliates (collectively "Van  
Kampen") cost of providing accounting and legal services to the Trust, which are
reported as part of "Other" and "Legal" expenses, respectively, on the Statement
of Operations.                                                                  

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

The Trust provides deferred compensation and retirement plans for its   
trustees who are not officers of Van Kampen. Under the deferred compensation    
plan, trustees may elect to                                                     

                                                                              19

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VAN KAMPEN CALIFORNIA VALUE MUNICIPAL INCOME TRUST                              

NOTES TO FINANCIAL STATEMENTS -- APRIL 30, 2005 (UNAUDITED) continued           

defer all or a portion of their compensation to a later date. Benefits under the
retirement plan are payable upon retirement for a ten-year period and are based 
upon each trustee's years of service to the Trust. The maximum annual benefit   
per trustee under the plan is $2,500.                                           

3. CAPITAL TRANSACTIONS                                                         

At April 30, 2005 and October 31, 2004, paid in surplus related to common shares
aggregated $88,812,473 for both periods.                                        

Transactions in common shares were as follows:                          

                                                        [Enlarge/Download Table]

                                                         SIX MONTHS ENDED     YEAR ENDED   
                                                          APRIL 30, 2005   OCTOBER 31, 2004
                                                                                           
Beginning Shares........................................    6,043,220         6,029,844    
Shares Issued Through Dividend Reinvestment.............          -0-            13,376    
                                                            ---------         ---------    
Ending Shares...........................................    6,043,220         6,043,220    
                                                            =========         =========    

4. INVESTMENT TRANSACTIONS                                                      

During the period, the cost of purchases and proceeds from sales of investments,
excluding short-term investments, were $16,679,883 and $17,774,540,             
respectively.                                                                   

5. PREFERRED SHARES                                                             

The Trust has outstanding 2,400 Auction Preferred Shares ("APS"). Dividends are 
cumulative and the dividend rate is currently reset every seven days through an 
auction process. The rate in effect on April 30, 2005 was 2.000%. During the six
months ended April 30, 2005, the rates ranged from 1.100% to 2.450%.            

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 in the Statement of Operations.                            

    The APS are redeemable at the option of the Trust in whole or in part at the
liquidation value of $25,000 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.                                  

6. INDEMNIFICATIONS                                                             

The Trust enters into contracts that contain a variety of indemnifications. The 
Trust's maximum exposure under these arrangements is unknown. However, the Trust
has not had prior claims or losses pursuant to these contracts and expects the  
risk of loss to be remote.                                                      

7. TRUST MERGER                                                                 

On March 18, 2005, the Trustees of California Municipal Trust, California       
Quality Municipal Trust and Trust for Investment Grade California Municipals    
("Target Trust") announced its intention to merge the Target Trust into         
California Value Municipal Income Trust ("Acquiring Trust"). The Trustees of    
each of the trusts have approved in principal an agreement and plan of          
reorganization between the trusts providing for a transfer of assets and        
liabilities of the Target Trust to the Acquiring Trust in exchange for shares of
beneficial interest of the Acquiring Trust (the "Reorganization"). The          
Reorganization is subject to the                                                

20                                                                            

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VAN KAMPEN CALIFORNIA VALUE MUNICIPAL INCOME TRUST                              

NOTES TO FINANCIAL STATEMENTS -- APRIL 30, 2005 (UNAUDITED) continued           

approval by the shareholders of the Target Trust. The issuance of additional    
common shares of the Acquiring Trust is subject to the approval of the          
shareholders of the Acquiring Trust.                                            

8. 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 may invest up to 15% of its net assets in "inverse floating rate
obligations." The inverse floating rate obligations in which the Trust may      
invest are typically created through a division of a fixed-rate municipal       
obligation into two separate instruments, a short-term obligation and a         
long-term obligation. The interest rate on the short-term obligation is set at  
periodic auctions. The interest rate on the long-term obligation which the Trust
may purchase is the rate the issuer would have paid on the fixed-income         
obligation, (i) plus the difference between such fixed rate and the rate on the 
short-term obligation, if the short-term rate is lower than the fixed rate; or  
(ii) minus such difference if the interest rate on the short-term obligation is 
higher than the fixed rate. These securities have varying degrees of liquidity  
and the market value of such securities generally will fluctuate in response to 
changes in market rates of interest to a greater extent than the value of an    
equal principal amount of a fixed rate security having similar credit quality,  
redemption provisions and maturity. These securities tend to underperform the   
market for fixed rate bonds in a rising interest rate environment, but tend to  
outperform the market for fixed rate bonds when interest rates decline or remain
relatively stable. Although volatile, inverse floating rate obligations         
typically offer the potential for yields exceeding the yields available on fixed
rate bonds with comparable credit quality, coupon, call provisions and maturity.
These securities usually permit the investor to convert the floating rate       
security counterpart to a fixed rate (normally adjusted downward), and this     
optional conversion feature may provide a partial hedge against rising rates if 
exercised at an opportune time.                                                 

                                                                              21

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VAN KAMPEN CALIFORNIA VALUE MUNICIPAL INCOME TRUST                              

DIVIDEND REINVESTMENT PLAN                                                      

    The Trust offers a dividend reinvestment plan (the "Plan") pursuant to which
Common Shareholders may elect to have dividends and capital gains distributions 
reinvested in Common Shares of the Trust. The Trust declares dividends out of   
net investment income, and will distribute annually net realized capital gains, 
if any. Common Shareholders may join or withdraw from the Plan at any time.     

If you decide to participate in the Plan, State Street Bank and Trust   
Company, as your Plan Agent, will automatically invest your dividends and       
capital gains distributions in Common Shares of the Trust for your account.     

HOW TO PARTICIPATE                                                              

  If you wish to participate and your shares are held in your own name, call
1-800-341-2929 for more information and a Plan brochure. If your shares are held
in the name of a brokerage firm, bank, or other nominee, you should contact your
nominee to see if it would participate in the Plan on your behalf. If you wish  
to participate in the Plan, but your brokerage firm, bank or nominee is unable  
to participate on your behalf, you should request that your shares be           
re-registered in your own name which will enable your participation in the Plan.

HOW THE PLAN WORKS                                                              

    Participants in the Plan will receive the equivalent in Common Shares valued
on the valuation date, generally at the lower of market price or net asset      
value, except as specified below. The valuation date will be the dividend or    
distribution payment date or, if that date is not a trading day on the national 
securities exchange or market system on which the Common Shares are listed for  
trading, the next preceding trading day. If the market price per Common Share on
the valuation date equals or exceeds net asset value per Common Share on that   
date, the Trust will issue new Common Shares to participants valued at the      
higher of net asset value or 95% of the market price on the valuation date. In  
the foregoing situation, the Trust will not issue Common Shares under the Plan  
below net asset value. If net asset value per Common Share on the valuation date
exceeds the market price per Common Share on that date, or if the Board of      
Trustees should declare a dividend or capital gains distribution payable to the 
Common Shareholders only in cash, participants in the Plan will be deemed to    
have elected to receive Common Shares from the Trust valued at the market price 
on that date. Accordingly, in this circumstance, the Plan Agent will, as agent  
for the participants, buy the Trust's Common Shares in the open market for the  
participants' accounts on or shortly after the payment date. If, before the Plan
Agent has completed its purchases, the market price exceeds the net asset value 
per share of the Common Shares, the average per share purchase price paid by the
Plan Agent may exceed the net asset value                                       

22                                                                            

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VAN KAMPEN CALIFORNIA VALUE MUNICIPAL INCOME TRUST                              

DIVIDEND REINVESTMENT PLAN continued                                            

of the Trust's Common Shares, resulting in the acquisition of fewer Common      
Shares than if the dividend or distribution had been paid in Common Shares      
issued by the Trust. All reinvestments are in full and fractional Common Shares 
and are carried to three decimal places.                                        

Experience under the Plan may indicate that changes are desirable.      
Accordingly, the Trust reserves the right to amend or terminate the Plan as     
applied to any dividend or distribution paid subsequent to written notice of the
changes sent to all Common Shareholders of the Trust at least 90 days before the
record date for the dividend or distribution. The Plan also may be amended or   
terminated by the Plan Agent by at least 90 days written notice to all Common   
Shareholders of the Trust.                                                      

COSTS OF THE PLAN                                                               

   The Plan Agent's fees for the handling of the reinvestment of dividends and
distributions will be paid by the Trust. However, each participant will pay a   
pro rata share of brokerage commissions incurred with respect to the Plan       
Agent's open market purchases in connection with the reinvestment of dividends  
and distributions. No other charges will be made to participants for reinvesting
dividends or capital gains distributions, except for certain brokerage          
commissions, as described above.                                                

TAX IMPLICATIONS                                                                

  You will receive tax information annually for your personal records and to
help you prepare your federal income tax return. The automatic reinvestment of  
dividends and capital gains distributions does not relieve you of any income tax
which may be payable on dividends or distributions.                             

RIGHT TO WITHDRAW                                                               

  Plan participants may withdraw at any time by calling 1-800-341-2929 or by
writing State Street Bank and Trust Company, P.O. Box 8200, Boston, MA          
02266-8200. If you withdraw, you will receive, without charge, a share          
certificate issued in your name for all full Common Shares credited to your     
account under the Plan and a cash payment will be made for any fractional Common
Share credited to your account under the Plan. You may again elect to           
participate in the Plan at any time by calling 1-800-341-2929 or writing to the 
Trust at:                                                                       

 Van Kampen Funds Inc.
  Attn: Closed-End Funds
   2800 Post Oak Blvd.
   Houston, TX 77056

                                                                              23

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VAN KAMPEN CALIFORNIA VALUE MUNICIPAL INCOME TRUST                              

BOARD OF TRUSTEES, OFFICERS AND IMPORTANT ADDRESSES                             

BOARD OF TRUSTEES                                                               

DAVID C. ARCH                                                                   
JERRY D. CHOATE                                                                 
ROD DAMMEYER                                                                    
LINDA HUTTON HEAGY                                                              
R. CRAIG KENNEDY                                                                
HOWARD J KERR                                                                   
MITCHELL M. MERIN*                                                              
JACK E. NELSON                                                                  
RICHARD F. POWERS, III*                                                         
HUGO F. SONNENSCHEIN                                                            
WAYNE W. WHALEN* - Chairman                                                     
SUZANNE H. WOOLSEY                                                              

OFFICERS                                                                        

MITCHELL M. MERIN                                                               
President and Chief Executive Officer                                           

RONALD E. ROBISON                                                               
Executive Vice President and Principal                                          
Executive Officer                                                               

JOSEPH J. MCALINDEN                                                             
Executive Vice President and Chief Investment Officer                           

AMY R. DOBERMAN                                                                 
Vice President                                                                  

STEFANIE V. CHANG                                                               
Vice President and Secretary                                                    

JOHN L. SULLIVAN                                                                
Chief Compliance Officer                                                        

JAMES W. GARRETT                                                                
Chief Financial Officer and Treasurer                                           

INVESTMENT ADVISER                                                              

VAN KAMPEN ASSET MANAGEMENT                                                     
1221 Avenue of the Americas                                                     
New York, New York 10020                                                        

CUSTODIAN                                                                       

STATE STREET BANK                                                               
AND TRUST COMPANY                                                               
225 Franklin Street                                                             
P.O. Box 1713                                                                   
Boston, Massachusetts 02110                                                     

TRANSFER AGENT                                                                  

EQUISERVE TRUST COMPANY, N.A.                                                   
P.O. Box 43011                                                                  
Providence, Rhode Island 02940-3011                                             

LEGAL COUNSEL                                                                   

SKADDEN, ARPS, SLATE,                                                           
MEAGHER & FLOM LLP                                                              
333 West Wacker Drive                                                           
Chicago, Illinois 60606                                                         

INDEPENDENT REGISTERED                                                          

PUBLIC ACCOUNTING FIRM                                                          

DELOITTE & TOUCHE LLP                                                           
180 North Stetson Avenue                                                        
Chicago, Illinois 60601                                                         

*   "Interested persons" of the Trust, as defined in the Investment Company Act 
of 1940, as amended.                                                    
24                                                                            

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VAN KAMPEN                                                                      

AN IMPORTANT NOTICE CONCERNING OUR U.S. PRIVACY POLICY                          

We are required by federal law to provide you with a copy of our Privacy
Policy annually.                                                                

    The following Policy applies to current and former individual clients of Van
Kampen Investments Inc., Van Kampen Asset Management, Van Kampen Advisors Inc., 
Van Kampen Funds Inc., Van Kampen Investor Services Inc. and Van Kampen Exchange
Corp., as well as current and former individual investors in Van Kampen mutual  
funds, unit investment trusts, and related companies.                           

    This Policy is not applicable to partnerships, corporations, trusts or other
non-individual clients or account holders, nor is this Policy applicable to     
individuals who are either beneficiaries of a trust for which we serve as       
trustee or participants in an employee benefit plan administered or advised by  
us. This Policy is, however, applicable to individuals who select us to be a    
custodian of securities or assets in individual retirement accounts, 401(k)     
accounts, 529 Educational Savings Accounts, accounts subject to the Uniform     
Gifts to Minors Act, or similar accounts.                                       

  Please note that we may amend this Policy at any time, and will inform you
of any changes to this Policy as required by law.                               

WE RESPECT YOUR PRIVACY                                                         

We appreciate that you have provided us with your personal financial            
information. We strive to maintain the privacy of such information while we help
you achieve your financial objectives. This Policy describes what non-public    
personal information we collect about you, why we collect it, and when we may   
share it with others.                                                           

We hope this Policy will help you understand how we collect and share   
non-public personal information that we gather about you. Throughout this       
Policy, we refer to the non-public information that personally identifies you or
your accounts as "personal information."                                        

1. WHAT PERSONAL INFORMATION DO WE COLLECT ABOUT YOU?                           

To serve you better and manage our business, it is important that we collect and
maintain accurate information about you. We may obtain this information from    
applications and other forms you submit to us, from your dealings with us, from 
consumer reporting agencies, from our Web sites and from third parties and other
sources.                                                                        

For example:                                                            

    --  We may collect information such as your name, address, e-mail address,
         telephone/fax numbers, assets, income and investment objectives through
applications and other forms you submit to us.                

--  We may obtain information about account balances, your use of     
         account(s) and the types of products and services you prefer to receive
  from us through your dealings and transactions with us and other
sources.                                                      

--  We may obtain information about your creditworthiness and credit  
history from consumer reporting agencies.                     

--  We may collect background information from and through third-party
    vendors to verify representations you have made and to comply with
various regulatory requirements.                              

  --  If you interact with us through our public and private Web sites, we
  may collect information that you provide directly through online
 communications (such as an e-mail address). We may also collect
     information about your Internet service provider, your domain name,
your computer's operating system and Web browser,             

                                                             (continued on back)

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VAN KAMPEN                                                                      

AN IMPORTANT NOTICE CONCERNING OUR U.S. PRIVACY POLICY continued                

     your use of our Web sites and your product and service preferences,
      through the use of "cookies." "Cookies" recognize your computer each
     time you return to one of our sites, and help to improve our sites'
       content and personalize your experience on our sites by, for example,
         suggesting offerings that may interest you. Please consult the Terms of
Use of these sites for more details on our use of cookies.    

2. WHEN DO WE DISCLOSE PERSONAL INFORMATION WE COLLECT ABOUT YOU?               

To provide you with the products and services you request, to serve you better  
and to manage our business, we may disclose personal information we collect     
about you to our affiliated companies and to non-affiliated third parties as    
required or permitted by law.                                                   

A. INFORMATION WE DISCLOSE TO OUR AFFILIATED COMPANIES. We do not disclose      
personal information that we collect about you to our affiliated companies      
except to enable them to provide services on our behalf or as otherwise required
or permitted by law.                                                            

B. INFORMATION WE DISCLOSE TO THIRD PARTIES. We do not disclose personal        
information that we collect about you to non-affiliated third parties except to 
enable them to provide services on our behalf, to perform joint marketing       
agreements with other financial institutions, or as otherwise required or       
permitted by law. For example, some instances where we may disclose information 
about you to non-affiliated third parties include: for servicing and processing 
transactions, to offer our own products and services, to protect against fraud, 
for institutional risk control, to respond to judicial process or to perform    
services on our behalf. When we share personal information with these companies,
they are required to limit their use of personal information to the particular  
purpose for which it was shared and they are not allowed to share personal      
information with others except to fulfill that limited purpose.                 

3. HOW DO WE PROTECT THE SECURITY AND CONFIDENTIALITY OF PERSONAL INFORMATION WE
COLLECT ABOUT YOU?                                                              

We maintain physical, electronic and procedural security measures to help       
safeguard the personal information we collect about you. We have internal       
policies governing the proper handling of client information. Third parties that
provide support or marketing services on our behalf may also receive personal   
information, and we require them to adhere to confidentiality standards with    
respect to such information.                                                    

Van Kampen Funds Inc.                                                           
1 Parkview Plaza, P.O. Box 5555                                                 
Oakbrook Terrace, IL 60181-5555                                                 
www.vankampen.com                                                               

Copyright (C)2005 Van Kampen Funds Inc. All rights reserved.                    
Member NASD/SIPC.                                                               
VCV SAR 6/05 RN05-01300-N04/05                                                  
                                                   (VAN KAMPEN INVESTMENTS LOGO)

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Item 2.  Code of Ethics.                                                        

Not applicable for semi-annual reports.                                         

Item 3.  Audit Committee Financial Expert.                                      

Not applicable for semi-annual reports.                                         

Item 4.  Principal Accountant Fees and Services.                                

Not applicable for semi-annual reports.                                         

Item 5.  Audit Committee of Listed Registrants.                                 

Not applicable for semi-annual reports.                                         

Item 6.  Schedule of Investments.                                               

Please refer to Item #1.                                                        

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End       
Management Investment Companies.                                                

Not applicable.                                                                 

Item 8.  Portfolio Managers of Closed-End Management Investment Companies.      

Not applicable.                                                                 

Item 9. Purchases of Equity Securities by Closed-End Management Investment      
Company and Affiliated Purchasers.                                              

Not applicable.                                                                 

Item 10.  Submission of Matters to a Vote of Security Holders.                  

Not applicable.                                                                 

Item 11.  Controls and Procedures                                               

(a) The Trust's principal executive officer and principal financial officer have
concluded that the Trust's disclosure controls and procedures are sufficient to 
ensure that information required to be disclosed by the Trust in this Form N-CSR
was recorded, processed, summarized and reported within the time periods        
specified in the Securities and Exchange Commission's rules and forms, based    
upon such officers' evaluation of these controls and procedures as of a date    
within 90 days of the filing date of the report.                                

(b) There were no changes in the registrant's internal control over financial   
reporting that occurred during the registrant's most recent fiscal half-year    
(the registrant's second fiscal half-year in the case                           

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of an annual report) that has materially affected, or is reasonably likely to   
materially affect, the registrant's internal control over financial reporting.  

Item 12.  Exhibits.                                                             

(a)  Code of Ethics -- Not applicable for semi-annual reports.                  

(b)(1) A certification for the Principal Executive Officer of the registrant is 
attached hereto as part of EX-99.CERT.                                          
(b)(2) A certification for the Principal Financial Officer of the registrant is 
attached hereto as part of EX-99.CERT.                                          

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SIGNATURES                                                                      

Pursuant to the requirements of the Securities Exchange Act of 1934 and the     
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.             

(Registrant)  Van Kampen California Value Municipal Income Trust                

By:   /s/ Ronald E. Robison                                                     
----------------------                                                
Name: Ronald E. Robison                                                         
Title: Principal Executive Officer                                              
Date: June 16, 2005                                                             

Pursuant to the requirements of the Securities Exchange Act of 1934 and the     
Investment Company Act of 1940, this report has been signed by the following    
persons on behalf of the registrant and in the capacities and on the dates      
indicated.                                                                      

By:  /s/ Ronald E. Robison                                                      
---------------------                                                 
Name: Ronald E. Robison                                                         
Title: Principal Executive Officer                                              
Date: June 16, 2005                                                             

By:  /s/ James W. Garrett                                                       
--------------------                                                  
Name: James W. Garrett                                                          
Title: Principal Financial Officer                                              
Date: June 16, 2005                                                             

Dates Referenced Herein   and   Documents Incorporated by Reference

				Referenced-On Page
This ‘N-CSRS’ Filing		Date		First		Last			Other Filings
Filed on / Effective on:		6/28/05
		6/16/05		31
For Period End:		4/30/05		2		23			NSAR-A
		3/18/05		22					425,  N-14 8C
		11/1/04		21
		10/31/04		17		22			N-CSR,  NSAR-B
		10/31/02		18					N-30D,  NSAR-B
		11/1/01		18					3
		4/30/93		20
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