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VAN KAMPEN MERRITT CALIFORNIA QUALITY MUNICIPAL TRUST ANNOUNCES QUARTERLY EARNINGS

 OAKBROOK TERRACE, Ill., April 19 /PRNewswire/ -- Van Kampen Merritt California Quality Municipal Trust (NYSE: VQC), a closed-end investment company which commenced investment operations on Sept. 27, 1991, announced today that is net earnings and net assets for the second quarter ended Feb. 28, 1993, were as follows:
 VAN KAMPEN MERRITT CALIFORNIA QUALITY MUNICIPAL TRUST
 (Dollars in millions, except share figures)
 Quarter ended Feb. 28 1993 1992
 Net earnings $2.1 $1.9
 Net earnings available to common S/O 1.9 1.5
 Net earnings available per common share $.29 $.227
 Net assets $159.2 $147.5
 Fiscal year to date 1993 1992
 Net earnings $4.2 $2.4
 Net earnings available to common S/O 3.7 2.0
 Net earnings available per common share $.57 come taxes, consistent with preservation of capital. The trust will invest substantially all of its total assets in California municipal securities rated investment grade at the time of investment. The trust has issued and outstanding preferred shares with an aggregate liquidation preference of $75 million. The dividend rate of the preferred shares is anticipated to track short-term municipal security yields, although the proceeds of the preferred share offering are generally invested in long- term municipal securities, which typically have higher yields than short-term municipal securities. This capital structure enables the trust to pay a potentially higher yield on the common shares than other similar investment companies without this capital structure. The common shares of the trust are listed on the New York Stock Exchange under the symbol VQC. A copy of the trust's portfolio as of Feb. 28, 1993, is available upon request.
 Van Kampen Merritt Inc. is the sponsor of the Van Kampen Merritt California Quality Municipal Trust. Van Kampen Merritt Inc. has sponsored over $21 billion in tax-free unit investment trusts and manges approximately $19 billion in open-end fund, closed-end fund and institutional assets. Van Kampen Merritt maintains its corporate headquarters in suburban Chicago, principal offices in Philadelphia, New York, Los Angeles, Tampa, London, Paris and Tokyo, and regional representatives in other major U.S. cities.
 -0- 4/19/93
 /CONTACT: John Sullivan, 708-684-6312, for Van Kampen Merritt California Quality Municipal Trust/
 (VQC)


CO: Van Kampen Merritt California Quality Municipal Trust ST: Illinois IN: FIN SU: ERN

TS-CK -- NY060 -- 7326 04/19/93 11:12 EDT
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Publication:PR Newswire
Date:Apr 19, 1993
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