UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS 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)
522 Fifth Avenue, New York, New York 10036
(Address of principal executive offices) (Zip code)
Jerry W. Miller
522 Fifth Avenue, New York, New York 10036
(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: 7/31/08
Item 1. Schedule of Investments.
The Trust's schedule of investments as of the close of the reporting period
prepared pursuant to Rule 12-12 of Regulation S-X is as follows:
VAN KAMPEN CALIFORNIA VALUE MUNICIPAL INCOME TRUST
PORTFOLIO OF INVESTMENTS - JULY 31, 2008 (UNAUDITED)
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
------- -------------------------------- ------- -------- ------------
MUNICIPAL BONDS 194.2%
CALIFORNIA 189.1%
$ 2,000 Abag Fin Auth For Nonprofit Corp
CA Insd Rev Ctf Lincoln Glen
Manor Sr Citizens (CA MTG
Insd) 6.100% 02/15/25 $ 2,014,780
1,205 Alameda Cnty, CA Wtr Dist Rev
Rfdg (MBIA Insd) 4.750 06/01/20 1,208,591
2,000 Aliso Viejo, CA Cmnty Fac Dist
Spl Tax No 2005-01 Glenwood
at Aliso 6.000 09/01/38 1,963,000
1,000 Allan Hancock CA Jt Cmnty
College Dist Election 2006,
Ser A (FSA Insd) 4.375 08/01/31 915,910
3,540 Anaheim, CA Pub Fin Auth Lease
Rev Cap Apprec Pub Impt Proj,
Ser C (FSA Insd) * 09/01/32 920,896
4,250 Anaheim, CA Redev Agy Tax
Alloc Rfdg Merged Redev Proj
Area, Ser A (FSA Insd) (a) 5.000 02/01/31 4,302,556
4,120 Apple Valley, CA Redev Agy Tax
Alloc Proj Area No 2 (AMBAC
Insd) 5.000 06/01/37 3,938,102
2,790 Banning, CA Cmnty Redev Agy
Tax Alloc Merged Downtown
(Radian Insd) 5.000 08/01/23 2,568,418
2,510 Bay Area Govt Assn CA Lease
West Sacramento, Ser A (XLCA
Insd) (b) 5.000 09/01/24 2,504,403
5,000 Bay Area Toll Auth CA Toll Brdg
Rev San Francisco Bay Area,
Ser A-1 (AMBAC Insd) (c)(d) 6.500 04/01/45 5,000,000
CALIFORNIA (CONTINUED)
$ 3,000 Bay Area Toll Auth CA Toll Brdg
Rev San Francisco Bay Area,
Ser B-1 (AMBAC Insd) (c)(d) 7.000% 04/01/47 $ 3,000,000
1,000 Bay Area Toll Auth CA Toll Brdg
Rev San Francisco Bay Area,
Ser C (AMBAC Insd) (c)(d) 7.000 04/01/37 1,000,000
1,055 Borrego, CA Wtr Dist Ctf Partn
Wtr Sys Acquisition (b) 7.000 04/01/27 1,059,378
1,510 Brea & Olinda, CA Uni Sch Dist
Ctf Partn Rfdg, Ser A (FSA
Insd) (b) 5.500 08/01/20 1,611,804
3,535 Brea, CA Redev Agy Tax Alloc
Rfdg, Ser A (AMBAC Insd) (b) 5.500 08/01/20 3,750,564
865 Burbank, CA Pub Fin Auth Rev
Golden St Redev, Ser A
(AMBAC Insd) 5.250 12/01/23 882,655
2,400 Byron Bethany Jt Pwrs Auth CA
Lease Rev Wastewtr Enterprise
Proj, Ser A 5.625 08/01/39 2,138,544
3,000 California Cnty, CA Tob Sec Agy
Tob Asset Bkd Los Angeles
Cnty Sec (e) 0/5.450 06/01/28 2,081,070
2,000 California Cnty, CA Tob Sec Agy
Tob Merced Cnty Rfdg, Ser A 5.125 06/01/38 1,510,880
5,000 California Cnty, CA Tob Sec Agy
Tob Merced Cnty Rfdg, Ser A 5.250 06/01/45 3,786,100
2,000 California Ed Fac Auth Rev CA
College Arts 5.000 06/01/35 1,721,680
1,000 California Ed Fac Auth Rev
Pitzer College, Ser A 5.000 04/01/30 977,930
CALIFORNIA (CONTINUED)
$ 1,445 California Ed Fac Auth Rev
Pooled College & Univ, Ser B 5.250% 04/01/24 $ 1,363,097
170 California Ed Fac Auth Rev
Pooled College & Univ, Ser B
(Prerefunded @ 6/01/10) 6.625 06/01/20 184,283
345 California Ed Fac Auth Rev
Pooled College & Univ, Ser B
(Prerefunded @ 6/01/10) 6.750 06/01/30 374,753
1,500 California Ed Fac Auth Rev Univ
of Redlands, Ser A 5.000 10/01/31 1,446,075
10,000 California Hlth Fac Fin Auth Rev
Sutter Hlth, Ser A (a) 5.000 11/15/42 9,407,450
2,300 California Hsg Fin Agy Rev Home
Mtg, Ser E (FGIC Insd) (AMT) 5.000 02/01/24 2,144,704
8,480 California Hsg Fin Agy Rev Home
Mtg, Ser G (AMT) (a) 4.950 08/01/23 7,963,118
13,400 California Hsg Fin Agy Rev Home
Mtg, Ser I (AMT) (a) 4.800 08/01/36 12,460,879
7,000 California Hsg Fin Agy Rev Home
Mtg, Ser I (AMT) (a) 4.875 08/01/41 6,558,833
2,500 California Hsg Fin Agy Rev Home
Mtg, Ser J (AMT) 5.050 08/01/27 2,296,600
5,150 California Hsg Fin Agy Rev Home
Mtg, Ser M (AMT) (a) 4.700 08/01/36 4,819,715
3,000 California Hsg Fin Agy Rev
Multi-Family Hsg III, Ser A
(MBIA Insd) (AMT) 5.850 08/01/17 3,008,520
3,755 California Hsg Fin Agy Rev,
Ser B (AMT) 5.000 02/01/28 3,398,801
CALIFORNIA (CONTINUED)
$ 1,000 California Muni Fin Auth Ed High
Tech High Chula Vista,
Ser B (f) 6.000% 07/01/28 $ 970,020
1,000 California Pollutn Ctl Fin Auth
Pollutn Ctl Rev Gas & Elec
Rfdg, Ser A (MBIA-IBC Insd) 5.900 06/01/14 1,104,980
4,500 California Pollutn Ctl Fin Auth
Solid Waste Disp Rev Waste
Mgmt Inc Proj, Ser B (AMT) 5.000 07/01/27 3,665,385
2,500 California Pollutn Ctl Fin Auth
Solid Waste Disp Rev Waste
Mgmt Inc Proj, Ser C (AMT)(d) 5.125 11/01/23 2,143,200
25 California Rural Home Mtg Fin
Auth Single Family Mtg Rev
Mtg Bkd Sec Pgm, Ser B
(GNMA Collateralized) (AMT) 6.150 06/01/20 25,704
40 California Rural Home Mtg Fin
Auth Single Family Mtg Rev
Mtg Bkd Sec Pgm, Ser B
(GNMA Collateralized) (AMT) 6.250 12/01/31 41,165
5 California Rural Home Mtg Fin
Auth Single Family Mtg Rev
Mtg Bkd Sec Pgm, Ser C (GNMA
Collateralized) (AMT) 7.500 08/01/27 5,107
30 California Rural Home Mtg Fin
Auth Single Family Mtg Rev,
Ser C (GNMA Collateralized)
(AMT) 7.800 02/01/28 30,673
1,060 California Spl Dist Assn Fin
Corp Ctf Part Spl Dist Fin
Pgm, Ser KK (FSA Insd) (b) 5.800 11/01/29 1,099,114
2,110 California Spl Dist Fin Pgm, Ser
00 (MBIA Insd) (b) 5.250 12/01/26 2,146,144
CALIFORNIA (CONTINUED)
$ 2,000 California St (CIFG Insd) 5.000% 10/01/22 $ 2,038,240
1,000 California St (MBIA-IBC Insd)(b) 5.000 02/01/26 1,006,150
9,000 California St Dept Vet Affairs
Home Pur Rev, Ser A (AMT) (a) 4.950 12/01/37 8,434,914
3,000 California St Dept Vet Affairs
Home Pur Rev, Ser B (AMT) 5.150 12/01/27 2,812,620
1,000 California St Pub Wks Brd Dept
Corrections, Ser C 5.500 06/01/23 1,038,240
10,000 California St Univ Rev Syswide,
Ser D (FSA Insd) (a) 4.500 11/01/37 9,156,045
960 California St Vet, Ser BJ (AMT) 5.700 12/01/32 959,971
10,650 California St Vet, Ser CD
(AMT) (a) 4.600 12/01/32 9,761,374
2,500 California Statewide Cmnty Dev
Auth CHF Irvine LLC UCI East
Campus 5.750 05/15/32 2,435,000
2,230 California Statewide Cmnty Dev
Auth CHF Irvine LLC UCI East
Rfdg 5.000 05/15/38 1,912,426
1,250 California Statewide Cmnty Dev
Auth Rev CA Baptist Univ,
Ser A 5.500 11/01/38 1,090,512
12,000 California Statewide Cmnty Dev
Auth Rev Daughters of Charity
Hlth, Ser A (a) 5.000 07/01/39 10,366,200
3,000 California Statewide Cmnty Dev
Auth Rev Daughters of Charity
Hlth, Ser A 5.250 07/01/30 2,779,110
1,500 California Statewide Cmnty Dev
Auth Rev Front Porch Cmnty &
Svc, Ser A (f) 5.125 04/01/37 1,292,115
1,000 California Statewide Cmnty Dev
Auth Rev Windrush Sch 5.500 07/01/37 858,190
CALIFORNIA (CONTINUED)
$ 1,000 California Statewide Cmnty Dev
Auth Spl Tax Cmnty Fac Dist
2007-1 Orinda 6.000% 09/01/29 $ 959,010
1,325 California Statewide Cmnty Dev
Auth Wtr & Wastewtr Rev
Pooled Fin Pgm, Ser B (FSA
Insd) 5.250 10/01/23 1,381,750
1,280 California Statewide Cmnty Dev
Auth Wtr Rev Pooled Fin Pgm,
Ser C (FSA Insd) 5.250 10/01/28 1,306,586
260 Carlsbad, CA Spl Tax Escrow
Cmnty Fac 3 Impt Area 2 6.050 09/01/28 246,823
845 Carlsbad, CA Spl Tax Escrow
Cmnty Fac 3 Impt Area 2 6.150 09/01/38 805,547
2,000 Carson, CA Redev Agy Tax Alloc
Rfdg, Ser A (MBIA Insd) 5.000 10/01/23 2,052,120
1,085 Cathedral City, CA Pub Fin Auth
Rev Cap Apprec, Ser A (MBIA
Insd) (b) * 08/01/27 366,817
1,085 Cathedral City, CA Pub Fin Auth
Rev Cap Apprec, Ser A (MBIA
Insd) (b) * 08/01/28 343,782
1,085 Cathedral City, CA Pub Fin Auth
Rev Cap Apprec, Ser A (MBIA
Insd) (b) * 08/01/30 303,203
1,085 Cathedral City, CA Pub Fin Auth
Rev Cap Apprec, Ser A (MBIA
Insd) (b) * 08/01/31 284,216
CALIFORNIA (CONTINUED)
$ 1,085 Cathedral City, CA Pub Fin Auth
Rev Cap Apprec, Ser A (MBIA
Insd) (b) * 08/01/32 $ 268,765
1,085 Cathedral City, CA Pub Fin Auth
Rev Cap Apprec, Ser A (MBIA
Insd) (b) * 08/01/33 251,742
2,000 Central Vly Fin Auth CA
Cogeneration Proj Rev Carson
Ice Gen Proj Rfdg (MBIA Insd) 5.000% 07/01/17 2,023,340
220 Cerritos, CA Cmnty College Dist
Election 2004, Ser A (MBIA
Insd) (b) 5.000 08/01/27 222,728
2,500 Chaffey, CA Uni High Sch Dist,
Ser C (FSA Insd) 5.000 05/01/27 2,530,350
3,000 Chaffey Cmnty College Dist CA
Election 2002, Ser C (MBIA
Insd) 5.000 06/01/32 3,021,090
1,700 Chino Vly Uni Sch Dist CA Ctf
Partn Rfdg, Ser A (FSA Insd) 5.375 09/01/20 1,808,494
2,000 Chula Vista, CA Cmnty Fac Dist
Spl Tax No 01-1 Impt Area San
Miguel, Ser B 5.350 09/01/26 1,823,680
2,000 Chula Vista, CA Indl Dev Rev San
Diego Gas, Ser A 5.300 07/01/21 1,988,820
1,540 Chula Vista, CA Redev Agy Tax
Alloc Sub Bayfront Rfdg, Ser B 5.250 10/01/27 1,351,258
1,605 Coachella, CA Fin Auth Tax Alloc
Rev Redev Proj 4 Rfdg, Ser B
(XLCA Insd) 5.250 09/01/34 1,560,509
1,000 Coachella, CA Redev Agy Tax
Alloc Proj Area No 3 Rfdg 5.875 12/01/28 945,530
2,900 Colton, CA Jt Uni Sch Dist, Ser A
(FGIC Insd) 5.500 08/01/22 3,075,015
CALIFORNIA (CONTINUED)
$ 2,000 Colton, CA Redev Agy Tax Alloc
Mt Vernon Corridor Redev Proj 6.300% 09/01/36 $ 2,005,900
1,600 Commerce, CA Jt Pwr Fin Auth
Lease Rev Cmnty Ctr Proj
(XLCA Insd) 5.000 10/01/29 1,504,368
2,000 Commerce, CA Jt Pwr Fin Auth
Lease Rev Cmnty Ctr Proj
(XLCA Insd) 5.000 10/01/34 1,875,160
1,525 Crescenta Vly, CA Wtr Dist Rev
Ctf Partn Wtr Sys Impt Proj
(FSA Insd) 4.375 06/01/37 1,338,843
2,000 Daly City, CA Hsg Dev Fin Agy
Mobile Home Pk Rev Third Tier
Franciscan Rfdg, Ser C 6.500 12/15/47 1,753,420
2,000 Desert Hot Springs, CA Redev
Agy Tax Alloc Merged Proj,
Ser A-2 5.750 09/01/38 1,991,380
1,235 Duarte, CA Multi-Family Rev Hsg
Heritage Pk Apt, Ser A (FNMA
Collateralized) (AMT) 5.850 05/01/30 1,231,863
1,280 El Cerrito, CA Redev Agy Tax
Alloc Redev Proj Area Rfdg, Ser
B (MBIA Insd) (AMT) (b) 5.250 07/01/15 1,350,630
1,220 Emeryville, CA Pub Fin Auth Rev
Assmt Dist Refin 5.900 09/02/21 1,214,986
1,000 Emeryville, CA Pub Fin Auth Rev
Shellmound Pk Redev & Hsg
Proj, Ser B (MBIA Insd) 5.000 09/01/19 1,011,710
1,000 Fairfield, CA Cmnty Fac Dist Spl
Tax No 2007-1 Fairfield
Commons 6.875 09/01/38 993,880
CALIFORNIA (CONTINUED)
$ 2,000 Fairfield, CA Ctf Partn Wtr,
Ser A (MBIA-IBC Insd) 5.000% 04/01/42 $ 1,944,020
5,155 Florin, CA Res Consv Dist Cap
Impt Elk Grove Wtr Svc, Ser A
(MBIA Insd) 5.000 09/01/33 4,948,439
3,000 Folsom, CA Pub Fin Auth Spl Tax
Rev, Ser A (AMBAC Insd) 5.000 09/01/28 2,889,450
3,000 Folsom, CA Spl Tax Cmnty Fac
Dist No 2 Rfdg (Connie Lee
Insd) 5.250 12/01/19 3,054,630
1,000 Fontana, CA Redev Agy Tax Alloc
Southwest Indl Park Proj
(MBIA Insd) 5.000 09/01/22 1,004,250
1,950 Fontana, CA Redev Agy Tax Alloc
Southwest Indl Park Proj
(MBIA Insd) 5.200 09/01/30 1,953,373
5,000 Fontana, CA Uni Sch Dist Ctf
Partn Fin Proj (FSA Insd) 4.500 09/01/35 4,534,050
2,950 Foothill/Eastern Corridor Agy CA
Toll Rd Rev (g) * 01/01/27 1,179,528
10,000 Foothill/Eastern Corridor Agy CA
Toll Rd Rev Cap Apprec Rfdg * 01/15/25 3,487,500
15,000 Foothill/Eastern Corridor Agy CA
Toll Rd Rev Cap Apprec Rfdg * 01/15/26 4,865,550
11,000 Foothill/Eastern Corridor Agy CA
Toll Rd Rev Cap Apprec Rfdg * 01/15/30 2,728,220
5,000 Foothill/Eastern Corridor Agy CA
Toll Rd Rev Cap Apprec Rfdg * 01/15/31 1,149,500
5,500 Foothill/Eastern Corridor Agy CA
Toll Rd Rev Conv Cap Apprec
Rfdg (e) 0/5.875 01/15/27 5,073,970
CALIFORNIA (CONTINUED)
$ 1,000 Foothill/Eastern Corridor Agy CA
Toll Rd Rev Rfdg 5.750% 01/15/40 $ 982,130
1,000 Galt Schs Jt Pwrs Auth CA Rev
High Sch & Elem Sch Rfdg, Ser
A (MBIA Insd) 5.750 11/01/16 1,017,950
2,015 Garden Grove, CA Agy Cmnty Dev
Sub Nt ((Acquired 5/27/08,
Cost $1,755,166)) (b)(h) 6.000 10/01/27 1,745,796
1,115 Garden Grove, CA Pub Fin Auth
Rev Ctf Partn Wtr Svc Cap
Impt Pgm (FSA Insd) 5.000 12/15/23 1,140,567
2,500 Glendale, CA Uni Sch Dist, Ser C
(FSA Insd) 5.500 09/01/19 2,602,700
2,000 Golden St Tob Sec Corp CA Tob
Settlement Rev Asset Bkd Sr,
Ser A-1 (a) 5.125 06/01/47 1,642,620
5,000 Golden St Tob Sec Corp CA Tob
Settlement Rev Asset Bkd Sr,
Ser A-1 (a) 5.750 06/01/47 4,106,550
2,000 Golden St Tob Sec Corp CA Tob
Settlement Rev Asset Bkd Sr,
Ser A-1 5.750 06/01/47 1,642,600
5,000 Hawthorne, CA Spl Tax Cmnty
Fac Dist No 2006-1 (a) 4.600 09/01/21 4,140,050
3,000 Imperial Irr Dist CA Ctf Partn
Elec Sys Proj (FSA Insd) 5.250 11/01/23 3,096,870
250 Independent Cities, CA Lease Fin
Auth Mobile Home Pk Rev
Westlake Mobile Home Pk Rfdg,
Ser A 4.500 10/15/37 196,310
3,000 Indio, CA Redev Agy Tax Alloc
Sub Merged Proj Area, Ser A 5.625 08/15/35 3,019,350
3,435 Irvine, CA Pub Fac &
Infrastructure Auth Assmt
Rev, Ser B (AMBAC Insd) (b) 5.000 09/02/22 3,497,036
CALIFORNIA (CONTINUED)
$ 1,410 Jurupa, CA Cmnty Svc Dist Spl
Tax Cmnty Fac Dist No 21,
Ser A 5.000% 09/01/26 $ 1,239,334
1,000 Jurupa, CA Cmnty Svc Dist Spl
Tax Cmnty Fac Dist No 24,
Ser A 6.375 09/01/27 984,760
1,325 Jurupa, CA Cmnty Svc Dist Spl
Tax Cmnty Fac Dist No 24,
Ser A 6.625 09/01/38 1,316,016
800 Kern, CA Cmnty College Sch Fac
Impt Dist Mammoth Campus/Kern
Cmnty, Ser A (AMBAC Insd) (b) 5.000 08/01/19 818,928
1,000 La Quinta, CA Fin Auth Loc, Ser
A (AMBAC Insd) 5.250 09/01/24 1,029,300
1,420 La Quinta, CA Redev Agy Tax
Alloc Redev Proj Area No 1
(AMBAC Insd) 5.000 09/01/22 1,450,544
1,500 La Quinta, CA Redev Agy Tax
Redev Proj Area No 1 (AMBAC
Insd) 5.125 09/01/32 1,486,620
1,000 Laguna Hills, CA Ctf Partn Cmnty
Ctr Proj (MBIA Insd) 5.000 12/01/18 1,039,750
1,000 Lathrop, CA Impt Bd Act 1915
Mossdale Vlg Assmt Dist 03-1 5.000 09/02/25 863,690
2,000 Lemon Grove, CA Cmnty Dev Agy
Tax Alloc Redev Proj Area
(AMBAC Insd) 4.500 08/01/37 1,724,680
1,000 Loma Linda, CA Redev Agy Tax
Loma Linda Redev Proj Rfdg
(MBIA Insd) 5.125 07/01/30 959,910
CALIFORNIA (CONTINUED)
$ 145 Long Beach, CA Bd Fin Auth Tax
Alloc Rev North Long Beach
Redev Proj, Ser A (AMBAC
Insd) 5.375% 08/01/21 $ 152,412
3,555 Long Beach, CA Hbr Rev, Ser A
(FGIC Insd) (AMT) 5.250 05/15/18 3,579,316
2,000 Long Beach, CA Spl Tax Long
Beach Towne Ctr (b) 5.750 10/01/25 1,966,640
2,000 Los Angeles, CA Cmnty Redev
Agy Cmnty Redev Fin Auth Rev
Bunker Hill Proj, Ser A (FSA
Insd) 5.000 12/01/27 1,982,740
2,215 Los Angeles, CA Cmnty Redev
Agy Multi-Family Hsg Rev
Grand Cent Square Rfdg, Ser B
(AMBAC Insd) (AMT) 4.750 12/01/26 1,938,524
1,900 Los Angeles, CA Ctf Partn 5.700 02/01/18 1,907,163
1,000 Los Angeles, CA Ctf Partn Dept
Pub Social Svc, Ser A (AMBAC
Insd) 5.500 08/01/31 1,012,110
3,000 Los Angeles, CA Ctf Partn Sr
Sonnenblick Del Rio W L A
(AMBAC Insd) 6.000 11/01/19 3,204,330
2,000 Los Angeles, CA Dept Wtr & Pwr
Sys, Ser C (MBIA Insd) 5.000 07/01/26 2,037,840
2,000 Los Angeles Cnty, CA Metro Tran
Auth Sales Tax Rev Prop A First
Tier Sr Rfdg, Ser C (AMBAC
Insd) 5.000 07/01/23 2,017,720
1,200 Los Angeles Cnty, CA Sch
Regionalized Business Svc Ctf
Partn Cap Apprec Pooled Fin,
Ser A (AMBAC Insd) * 08/01/26 456,672
CALIFORNIA (CONTINUED)
$ 1,250 Los Angeles Cnty, CA Sch
Regionalized Business Svc Ctf
Partn Cap Apprec Pooled Fin,
Ser A (FSA Insd) 5.000% 09/01/28 $ 1,260,550
1,190 Lynwood, CA Util Auth Enterp Rev
(FSA Insd) (b) 5.000 06/01/25 1,210,349
700 Maywood, CA Cmnty Dev Commn
Tax Alloc Merged Maywood
Redev Proj Area (Radian Insd) 4.500 08/01/27 586,810
2,000 Mendocino Cnty, CA Ctf Partn
Cnty Pub Fac Corp (MBIA
Insd) 5.250 06/01/30 1,979,340
3,400 Metropolitan Wtr Dist Southn CA
Auth, Ser B-2 (FGIC Insd) 5.000 10/01/26 3,450,762
2,000 Montclair, CA Redev Agy Mobile
Home Pk Rev Hacienda Mobile
Home Pk Proj 6.000 11/15/22 2,005,480
2,325 Morongo Band of Mission Indians
CA Enterprise Rev Indians
Enterprise Casino, Ser B (f) 5.500 03/01/18 2,267,968
2,175 Morongo Band Of Mission Indians
CA Enterprise Rev Indians
Enterprise Casino, Ser B (f) 6.500 03/01/28 2,105,465
3,180 Mount Diablo, CA Uni Sch Dist
(FSA Insd) (a) 5.000 08/01/26 3,219,324
1,730 National City, CA Cmnty Dev
Commn Tax Alloc National City
Redev Proj, Ser A (AMBAC
Insd) (b) 5.500 08/01/32 1,750,241
1,670 National City, CA Cmnty Dev
Commn Tax Alloc Redev Proj
Rfdg, Ser B (AMBAC Insd) (b) 5.000 08/01/25 1,653,033
CALIFORNIA (CONTINUED)
$ 1,000 National City, CA Cmnty Dev
Commn Tax Alloc Redev Proj
Rfdg, Ser B (AMBAC Insd) 5.250% 08/01/32 $ 997,290
2,000 Needles, CA Pub Util Auth Util
Sys Acquisition Proj, Ser A 6.500 02/01/22 2,004,800
1,500 Norco, CA Spl Tax Cmnty Fac
Dist No 97-1 Rfdg (AGL Insd) 4.875 10/01/30 1,421,085
970 Oceanside, CA Cmnty Fac No
2001-1 Morro Hills Dev 5.500 09/01/34 857,121
3,000 Oxnard, CA Harbor Dist Rev, Ser
B 6.000 08/01/24 3,174,870
1,000 Oxnard, CA Uni High Sch Dist
Rfdg, Ser A (MBIA Insd) 6.200 08/01/30 1,073,040
1,965 Pacifica, CA Wastewtr Rev Rfdg
(AMBAC Insd) (b) 5.250 10/01/22 2,050,988
1,230 Palm Desert, CA Fin Auth Tax
Alloc Rev Proj Area No 2
Rfdg, Ser A (MBIA Insd) (b) 5.000 08/01/21 1,261,697
250 Palm Springs, CA Arpt Sub Palm
Springs Intl Arpt Rfdg (AMT) 5.450 07/01/20 229,982
485 Palm Springs, CA Arpt Sub Palm
Springs Intl Arpt Rfdg (AMT) 5.550 07/01/28 410,072
250 Palm Springs, CA Arpt Sub Palm
Springs Intl Arpt Rfdg (AMT) 6.000 07/01/18 247,505
250 Palm Springs, CA Arpt Sub Palm
Springs Intl Arpt Rfdg (AMT) 6.400 07/01/23 235,987
550 Palm Springs, CA Arpt Sub Palm
Springs Intl Arpt Rfdg (AMT) 6.500 07/01/27 514,058
2,000 Perris, CA Pub Fin Auth Loc Agy
Rev Perris Vly Vistas IA 3,
Ser B 6.625 09/01/38 1,996,740
4,350 Perris, CA Pub Fin Auth Rev Tax
Alloc 5.350 10/01/36 3,883,854
CALIFORNIA (CONTINUED)
$ 1,040 Perris, CA Pub Fin Auth Rev Tax
Alloc, Ser A (MBIA Insd) (b) 5.000% 10/01/24 $ 1,057,025
1,000 Perris, CA Pub Fin Auth Rev Tax
Alloc, Ser A (MBIA Insd) 5.000 10/01/31 979,770
1,000 Pico Rivera, CA Wtr Auth Rev
Wtr Sys Proj, Ser A (MBIA
Insd) 5.500 05/01/19 1,088,150
1,375 Pittsburg, CA Redev Agy Tax
Alloc Los Medanos Cmnty Dev
Proj (AMBAC Insd) * 08/01/26 495,619
2,500 Port Oakland, CA Rfdg, Ser N
(MBIA Insd) (AMT) 5.000 11/01/22 2,367,950
1,000 Poway, CA Redev Agy Tax Alloc
Paguay Redev Proj, Ser A
(MBIA Insd) 5.000 06/15/33 984,550
2,000 Rancho Cordova Cmnty Fac Dist
CA Spl Tax No 2003-1 Sunridge
Anatolia 6.000 09/01/24 1,986,640
1,000 Rancho Cucamonga, CA Redev
Agy Tax Alloc Rancho Redev
Proj (FSA Insd) 5.250 09/01/20 1,036,570
1,500 Rancho Mirage, CA Jt Pwr Fin
Auth Rev Eisenhower Med Ctr,
Ser A 5.000 07/01/47 1,362,540
1,220 Rancho Mirage, CA Redev Agy
Tax Alloc Redev Plan 1984
Proj, Ser A-1 (MBIA Insd) 5.000 04/01/26 1,229,260
2,540 Rancho Mirage, CA Redev Agy
Tax Alloc Redev Plan 1984
Proj, Ser A-E (MBIA Insd) 5.250 04/01/33 2,551,557
CALIFORNIA (CONTINUED)
$ 3,800 Redlands, CA Redev Agy Tax
Alloc Redev Proj Rfdg, Ser A
(MBIA Insd) 4.750% 08/01/21 $ 3,761,164
4,000 Redwood City, CA Sch Dist
(FGIC Insd) 5.000 07/15/23 4,070,200
3,000 Redwood City, CA Sch Dist
(FGIC Insd) 5.000 07/15/27 2,956,590
5,000 Riverside, CA Cmnty College
Dist Election 2004, Ser C
(MBIA Insd) (a) 5.000 08/01/32 5,061,831
14,750 Riverside, CA Elec Rev Issue D
(FSA Insd) (a) 5.000 10/01/33 14,913,246
1,740 Riverside Cnty, CA Ctf Partn
Historic Ct Hse Rfdg, Ser B
(FGIC Insd) (b) 5.000 11/01/25 1,759,906
2,000 RNR Sch Fin Auth CA Spl Tax
Cmnty Fac Dist No 92 1, Ser A
(AMBAC Insd) 5.000 09/01/36 1,938,320
9,630 Rohnert Park, CA Cmnty Dev
Commons Tax Alloc Rev Hsg
Redev Proj, Ser H
(FGIC Insd) 4.375 08/01/37 8,382,145
1,650 Roseville, CA Jt Uni High Sch
Dist, Ser B (FGIC Insd) * 06/01/20 921,806
1,000 Roseville, CA Spl Tax
Fountains Cmnty Fac
Dist No 1 6.125 09/01/38 943,130
265 Sacramento, CA City Fin Auth
Rev Cap Impt (AMBAC Insd) 5.000 12/01/33 260,866
1,000 Sacramento, CA City Fin Auth
Rev Tax Alloc, Ser A (FGIC
Insd) 5.000 12/01/34 922,970
4,960 Sacramento, CA Muni Util Dist
Elec Rev, Ser U (FSA Insd)(a) 5.000 08/15/24 5,068,574
CALIFORNIA (CONTINUED)
$10,000 Sacramento, CA Muni Util Dist
Elec Rev, Ser U (FSA Insd)
(a) 5.000% 08/15/26 $ 10,218,900
1,500 Sacramento Cnty, CA Spl Tax
Cmnty Fac Dist No 05-2, Ser A 6.000 09/01/37 1,416,450
1,000 Salinas Vly, CA Solid Waste Auth
Rev (AMBAC Insd) (AMT) 5.250 08/01/27 949,300
2,000 Salinas Vly, CA Solid Waste Auth
Rev (AMBAC Insd) (AMT) 5.250 08/01/31 1,870,880
2,000 San Bernardino, CA Jt Pwr Fin
Auth Ctf Partn (MBIA Insd) 5.500 09/01/20 2,096,980
955 San Diego, CA Hsg Auth
Multi-Family Hsg Rev Mtg Bkd
Sec Pgm, Ser C (GNMA
Collateralized) (AMT) 5.000 07/20/18 949,948
1,000 San Diego, CA Pub Fac Fin Auth
Swr Rev (FGIC Insd) 5.000 05/15/20 1,000,040
2,500 San Diego, CA Redev Agy Centre
City Redev Proj, Ser A 6.400 09/01/25 2,524,600
840 San Dimas, CA Redev Agy Tax
Alloc Creative Growth, Ser A
(FSA Insd) 5.000 09/01/16 858,270
1,660 San Francisco, CA City & Cnty
Arpt Commn Intl Arpt Rev Spl
Fac Lease, Ser A (FSA Insd)
(AMT) 6.125 01/01/27 1,675,654
2,000 San Francisco, CA City & Cnty
Arpt Commn Intl Arpt Second
Rfdg, Ser 27A (MBIA Insd)
(AMT) 5.250 05/01/26 1,913,040
3,000 San Francisco, CA City & Cnty
Arpt Commn Intl Arpt Second
Rfdg, Ser 27A (MBIA Insd)
(AMT) 5.250 05/01/31 2,807,070
CALIFORNIA (CONTINUED)
$ 1,000 San Joaquin Cnty, CA Pub Fac
Fin Corp Rev Ctf Partn
Wastewtr Conveyance Proj 6.000% 08/01/37 $ 988,490
2,000 Sanger, CA Uni Sch Dist Rfdg
(MBIA Insd) 5.600 08/01/23 2,104,820
4,820 Santa Ana, CA Uni Sch Dist
(MBIA Insd) 5.375 08/01/27 4,961,612
1,000 Santa Ana, CA Uni Sch Dist Ctf
Partn Cap Apprec Fin Proj
(FSA Insd) * 04/01/36 224,140
10,000 Santa Clara Cnty, CA Fin Auth
Lease Rev Rfdg Lease, Ser L
(a) 5.250 05/15/36 10,152,200
1,500 Sierra View Loc Hlthcare Dist CA
Rev 5.250 07/01/32 1,393,920
3,305 South Orange Cnty, CA Pub Fin
Auth Reassmt Rev (FSA Insd) 5.800 09/02/18 3,453,428
1,640 South Tahoe, CA Jt Pwr Fin Auth
Rev Tahoe Redev Proj Area 1-A
Rfdg (FSA Insd) 5.000 10/01/29 1,651,136
2,250 South Tahoe, CA Jt Pwr Fin
Redev Proj Area No 1, Ser A
(AMBAC Insd) 5.000 10/01/28 2,174,940
1,285 Southern CA Logistics Arpt Auth,
Ser A (b) 6.000 12/01/38 1,264,594
5,000 Southern CA Pub Pwr Auth Pwr
Proj Rev Multi-Proj 6.750 07/01/12 5,681,900
865 Stanton, CA Multi-Family Rev Hsg
Contl Garden Apts (FNMA
Collateralized) (AMT) (d) 5.625 08/01/29 875,345
2,745 State Center, CA Cmnty Election
2002, Ser A (MBIA Insd) 5.500 08/01/28 2,841,267
1,000 Stockton, CA Uni Sch Dist Ctf
Partn Cap Proj (AMBAC Insd) 4.375 02/01/31 886,480
CALIFORNIA (CONTINUED)
$ 1,000 Stockton, CA Uni Sch Dist Ctf
Partn Cap Proj (AMBAC Insd) 4.500% 02/01/36 $ 891,500
1,530 Tejon Ranch, CA Pub Fac Fin
Auth Cmnty Fac Dist No
2000-1, Ser A 5.625 09/01/37 1,393,907
2,850 Temecula, CA Redev Agy Tax
Alloc Rev Redev Proj 1, Ser A
(MBIA Insd) 4.500 08/01/38 2,548,584
1,000 Temecula, CA Redev Agy Tax
Alloc Rev Sub Lien Redev Proj
No 1 5.500 12/15/38 891,620
10,000 Tobacco Sec Auth Northn CA Tob
Settlement Rev Asset Bkd Bd,
Ser A-1 5.375 06/01/38 7,862,300
10,800 Tobacco Sec Auth Northn CA Tob
Settlement Rev Asset Bkd Bd,
Ser A-1 5.500 06/01/45 8,528,328
4,000 Tobacco Sec Auth Southn CA
Tob Settlement Sr, Ser A-1 5.000 06/01/37 2,970,880
5,000 Tobacco Sec Auth Southn CA
Tob Settlement Sr, Ser A-1
(a) 5.125 06/01/46 3,697,875
8,000 Tobacco Sec Auth Southn CA
Tob Settlement Sr, Ser A-1 5.125 06/01/46 5,916,480
1,000 Turlock, CA Hlth Fac Rev Ctf
Partn Emanuel Med Ctr, Ser A 5.125 10/15/31 869,660
1,000 Turlock, CA Hlth Fac Rev Ctf
Partn Emanuel Med Ctr, Ser B 5.125 10/15/37 840,380
10,000 University of CA Regt Pooled
Rev, Ser A (MBIA Insd) (a) 4.500 05/15/47 8,946,140
3,710 University of CA Rev UCLA Med
Ctr, Ser A (AMBAC Insd)
(Prerefunded @ 5/15/12) 5.250 05/15/30 3,767,691
2,200 Ventura Cnty, CA Cmnty College,
Ser A (MBIA Insd) 5.500 08/01/23 2,341,504
2,520 Vista, CA Ctf Partn Cmnty Proj
(MBIA Insd) 5.000 05/01/37 2,452,363
CALIFORNIA (CONTINUED)
$ 2,185 Vista, CA Uni Sch Dist Election
2002, Ser C (FSA Insd) (a) 5.000% 08/01/28 $ 2,212,020
1,000 Vista, CA Uni Sch Dist, Ser A
(FSA Insd) 5.000 08/01/23 1,017,750
2,000 Woodland, CA Fin Auth Lease
Rev Cap Proj Rfdg (XLCA
Insd) 5.000 03/01/25 1,938,540
------------
551,433,727
------------
GUAM 0.1%
385 Guam Govt, Ser A 5.250 11/15/37 346,774
------------
PUERTO RICO 3.9%
5,000 Puerto Rico Comwlth Hwy & Trans
Auth Hwy Rev, Ser Y (FSA
Insd) (a) 6.250 07/01/21 5,704,675
1,780 Puerto Rico Elec Pwr Auth Rev,
Ser TT (a) 5.000 07/01/32 1,717,277
4,000 Puerto Rico Elec Pwr Auth Rev,
Ser TT (a) 5.000 07/01/37 3,859,050
------------
11,281,002
------------
U.S. VIRGIN ISLANDS 1.1%
3,000 Virgin Islands Pub Fin Auth Rev
Gross Rcpt Taxes Ln Nt, Ser A 6.375 10/01/19 3,162,899
------------
TOTAL LONG-TERM INVESTMENTS 194.2%
(Cost $599,884,148) 566,224,402
------------
TOTAL SHORT TERM INVESTMENTS 0.1%
(Cost $300,000) $ 300,000
-------------
TOTAL INVESTMENTS 194.3%
(Cost $600,184,148) 566,524,402
LIABILITY FOR FLOATING RATE NOTE OBLIGATIONS RELATED TO
SECURITIES HELD (43.3%)
(Cost ($126,410,000))
$(126,410) Notes with interest rates ranging from 2.190% to
2.740% at July 31, 2008 and contractual maturities of
collateral ranging from 2021 to 2047 (i) (126,410,000)
-------------
TOTAL NET INVESTMENTS 151.0%
(Cost $473,774,148) 440,114,402
OTHER ASSETS IS EXCESS OF LIABILITIES 3.9% 11,464,249
PREFERRED SHARES (INCLUDING ACCRUED DISTRIBUTIONS) (54.9%) (160,067,807)
-------------
NET ASSETS APPLICABLE TO COMMON SHARES 100.0% $ 291,510,844
=============
Percentages are calculated as a percentage of net assets applicable to common
shares.
* Zero coupon bond
(a) Underlying security related to Inverse Floaters entered into by the Trust.
(b) The Trust owns 100% of the outstanding bond issuance.
(c) Security includes a feature allowing the Trust an option on any interest
rate payment date to offer the security for sale at par. The sale is
contingent upon market conditions.
(d) Variable Rate Coupon
(e) Security is a "step-up" bond where the coupon increases or steps up at a
predetermined date.
(f) 144A-Private Placement security which is exempt from registration under
Rule 144A of the Securities Act of 1933, as amended. This security may only
be resold in transactions exempt from registration which are normally those
transactions with qualified institutional buyers.
(g) Escrowed to Maturity
(h) Security is restricted and may be resold only in transactions exempt from
registration which are normally those transactions with qualified
institutional buyers. Restricted securities comprise 0.6% of net assets
applicable to common shares.
(i) Floating rate notes. The interest rates shown reflect the rates in effect
at July 31, 2008.
VAN KAMPEN CALIFORNIA VALUE MUNICIPAL INCOME TRUST
PORTFOLIO OF INVESTMENTS - JULY 31, 2008 (UNAUDITED) continued
AGL - Assured Guaranty Ltd.
AMBAC - AMBAC Indemnity Corp.
AMT - Alternative Minimum Tax
CA MTG - California Mortgage Insurance
CIFG - CDC IXIS Financial Guaranty
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.
MBIA-IBC - MBIA Insured Bond Certificates
Radian - Radian Asset Assurance
XLCA - XL Capital Assurance Inc.
Item 2. 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-Q
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 Trust's internal control over financial
reporting that occurred during the registrant's fiscal quarter that has
materially affected, or is reasonably likely to materially affect, the Trust's
internal control over financial reporting.
Item 3. Exhibits.
(a) A certification for the Principal Executive Officer of the registrant is
attached hereto as part of EX-99.cert.
(b) A certification for the Principal Financial Officer of the registrant is
attached hereto as part of EX-99.cert.
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/ Jerry W. Miller
---------------------------------
Name: Jerry W. Miller
Title: Principal Executive Officer
Date: September 18, 2008
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/ Jerry W. Miller
---------------------------------
Name: Jerry W. Miller
Title: Principal Executive Officer
Date: September 18, 2008
By: /s/ Stuart N. Schuldt
---------------------------------
Name: Stuart N. Schuldt
Title: Principal Financial Officer
Date: September 18, 2008