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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT
INVESTMENT COMPANY

Investment Company Act file number 811-07398

Invesco Van Kampen Pennsylvania Value Municipal Income Trust

(Exact name of registrant as specified in charter)

1555 Peachtree Street, N.E., Atlanta, Georgia 30309

(Address of principal executive offices) (Zip code)

Colin D. Meadows 1555 Peachtree Street, N.E., Atlanta, Georgia 30309

(Name and address of agent for service)

Registrant’s telephone number, including area code: (713) 626-1919

Date of fiscal year end: 10/31

Date of reporting period: 01/31/11

 

 

Item 1. Schedule of Investments.

Invesco Van Kampen Pennsylvania Value
Municipal Inc. Trust
Quarterly Schedule of Portfolio Holdings
January 31, 2011

invesco.com/us		VK-CE-PAVMI-QTR-1     01/11		Invesco Advisers, Inc.

Schedule of Investments
January 31, 2011
(Unaudited)

Par
Amount
(000)				Description		Coupon				Maturity				Value
				Municipal Bonds 169.0%
				Pennsylvania 158.3%
$	2,000			Allegheny Cnty, PA Higher Ed Bldg Auth Univ Rev Carnegie Mellon Univ (a)			5.125	%			03/01/32			$	1,965,760
	2,750			Allegheny Cnty, PA Higher Ed Bldg Auth Univ Rev Carnegie Mellon Univ (a)			5.250				03/01/32				2,732,538
	1,165			Allegheny Cnty, PA Higher Ed Bldg Auth Univ Rev Duquesne Univ			5.000				03/01/21				1,208,536
	1,000			Allegheny Cnty, PA Higher Ed Bldg Auth Univ Rev Robert Morris Univ, Ser A			6.000				10/15/38				947,060
	2,250			Allegheny Cnty, PA Hosp Dev Auth Rev Hlth Sys West PA, Ser A			5.375				11/15/40				1,503,990
	735			Allegheny Cnty, PA Hosp Dev Auth Rev OH Vly Gen Hosp Proj, Ser A			5.000				04/01/25				617,003
	3,145			Allegheny Cnty, PA Hosp Dev Auth Rev OH Vly Gen Hosp Proj, Ser A			5.125				04/01/35				2,390,672
	2,750			Allegheny Cnty, PA Hosp Dev Auth Rev Univ Pittsburgh Med			5.625				08/15/39				2,668,270
	1,215			Allegheny Cnty, PA Indl Dev Auth Charter Sch Rev Propel Charter McKeesport, Ser B			6.375				08/15/35				1,071,849
	1,965			Allegheny Cnty, PA Indl Dev Auth Lease Rev Cargo Fac Afco Cargo PIT LLC (AMT)			6.625				09/01/24				1,656,633

See accompanying notes which are an integral part of this schedule.

Invesco Van Kampen Pennsylvania Value Municipal Income Trust

Par
Amount
(000)				Description		Coupon				Maturity				Value
				Pennsylvania (continued)
$	1,105			Allegheny Cnty, PA Indl Dev Auth Lease Rev Residential Res Inc Proj			5.125	%			09/01/31			$	888,961
	3,000			Allegheny Cnty, PA Port Auth Spl Rev Trans (NATL Insd)			5.000				03/01/29				3,041,730
	955			Allegheny Cnty, PA Redev Auth Tax Increment Rev Robinson Mall Proj, Ser A			7.000				11/01/17				956,079
	495			Allegheny Cnty, PA Residential Fin Auth Mtg Rev Single Family, Ser II-2 (GNMA Collateralized) (AMT)			5.800				11/01/20				495,465
	2,840			Allegheny Cnty, PA Residential Fin Auth Mtg Rev Single Family, Ser KK-2 (GNMA Collateralized) (AMT)			5.750				05/01/33				2,842,812
	1,000			Allegheny Cnty, PA, Ser C 61 (AGL Insd)			5.000				12/01/33				953,470
	4,935			Beaver Cnty, PA Nts (AGM Insd)			5.550				11/15/31				5,019,635
	1,450			Berks Cnty, PA Indl Dev Auth First Mtg Rev Rfdg One Douglassville Proj A (AMT)			6.125				11/01/34				1,148,588
	1,800			Berks Cnty, PA Muni Auth Albright College Proj			5.500				10/01/17				1,760,616
	1,695			Berks Cnty, PA Muni Auth Albright College Proj Rfdg, Ser A			5.500				10/01/16				1,692,407
	3,000			Bethlehem, PA Area Sch Dist (AGM Insd)			5.250				01/15/25				3,042,720
	1,000			Bradford Cnty, PA Indl Dev Auth Solid Waste Disp Rev Intl Paper Rfdg, Ser B (AMT)			5.200				12/01/19				991,970

See accompanying notes which are an integral part of this schedule.

Invesco Van Kampen Pennsylvania Value Municipal Income Trust

Par
Amount
(000)				Description		Coupon				Maturity				Value
				Pennsylvania (continued)
$	2,000			Bucks Cnty, PA Indl Dev Auth Retirement Cmnty Fac Rev Ann’s Choice Inc, Ser A			6.250	%			01/01/35			$	1,782,700
	1,200			Bucks Cnty, PA Indl Dev Auth Rev Lutheran Cmnty Telford Ctr			5.750				01/01/37				909,756
	2,185			Centre Cnty, PA Hosp Auth Rev Hosp Mt Nittany Med Ctr Proj (AGL Insd)			6.125				11/15/39				2,212,749
	1,000			Chartiers Vly, PA Indl & Coml Dev Auth First Mtg Rev Asbury Hlth Ctr Rfdg			6.375				12/01/19				998,020
	1,000			Chartiers Vly, PA Indl & Coml Dev Auth First Mtg Rev Asbury Hlth Ctr Rfdg			6.375				12/01/24				964,500
	2,000			Chester Cnty, PA Indl Dev Auth Rev Archdiocese Philadelphia (LOC: Wachovia Bank N.A.) (b)(e)			0.250				03/03/11				2,000,000
	2,650			Coatesville, PA Sch Dist (AGM Insd)			5.000				08/15/30				2,668,947
	1,775			Commonwealth Fin Auth PA Rev, Ser B			5.000				06/01/23				1,842,343
	1,000			Connellsville, PA Area Sch Dist Nts, Ser B (AGM Insd)			5.000				11/15/37				944,290
	1,200			Cumberland Cnty, PA Muni Auth College Rev Aicup Fin Pg Dickinson College, Ser HH1			5.000				11/01/39				1,133,568
	2,000			Cumberland Cnty, PA Muni Auth Messiah Village Proj, Ser A			6.000				07/01/35				1,711,580
	2,650			Cumberland Cnty, PA Muni Auth Rev Asbury PA Oblig Grp			6.000				01/01/40				2,285,201

See accompanying notes which are an integral part of this schedule.

Invesco Van Kampen Pennsylvania Value Municipal Income Trust

Par
Amount
(000)				Description		Coupon				Maturity				Value
				Pennsylvania (continued)
$	2,000			Cumberland Cnty, PA Muni Auth Rev Diakon Lutheran Ministries Proj			5.000	%			01/01/27			$	1,737,320
	3,000			Cumberland Cnty, PA Muni Auth Rev Diakon Lutheran Ministries Proj			5.000				01/01/36				2,429,250
	2,000			Daniel Boone, PA Area Sch Dist			5.000				08/15/32				1,947,220
	5,475			Dauphin Cnty, PA Gen Auth Hlth Sys Rev Pinnacle Hlth Sys Proj, Ser A			5.750				06/01/20				5,778,370
	3,970			Dauphin Cnty, PA Gen Auth Hosp Rev Hapsco West PA Hosp Proj B Rfdg (NATL Insd) (d)			6.250				07/01/16				4,476,135
	1,000			Deer Lakes Sch Dist PA (AGL Insd)			5.375				04/01/34				1,001,230
	360			Delaware Cnty, PA Auth College Cabrini College (Radian Insd)			5.750				07/01/23				359,982
	1,500			Delaware Cnty, PA Auth College Neumann College			6.250				10/01/38				1,455,720
	2,295			Delaware Cnty, PA Auth College Neumann College Rfdg (Prerefunded @ 10/01/11)			5.875				10/01/21				2,378,630
	2,000			Delaware Cnty, PA Auth College Neumann College Rfdg (Prerefunded @ 10/01/11)			6.000				10/01/31				2,074,540
	3,000			Delaware Cnty, PA Auth College Rev Haverford College			5.000				11/15/40				2,924,910
	1,875			Delaware Cnty, PA Auth Rev Elwyn Proj			5.000				06/01/19				1,905,394
	975			Delaware Cnty, PA Auth Rev Elwyn Proj			5.000				06/01/23				926,659

See accompanying notes which are an integral part of this schedule.

Invesco Van Kampen Pennsylvania Value Municipal Income Trust

Par
Amount
(000)				Description		Coupon				Maturity				Value
				Pennsylvania (continued)
$	1,755			Delaware Cnty, PA Auth Rev Elwyn Proj			5.000	%			06/01/24			$	1,639,030
	750			Delaware Cnty, PA Auth Rev Elwyn Proj			5.000				06/01/25				688,650
	390			Delaware Cnty, PA Indl Dev Auth Environmental Impt Rev Sun Inc (LOC: Bank of America N.A.) (b)(e)			0.330				03/10/11				390,000
	2,750			Delaware Cnty, PA Indl Dev Auth Rev Wtr Fac Aqua PA Inc Proj, Ser A (NATL Insd) (AMT)			5.000				11/01/37				2,485,395
	4,000			Delaware Cnty, PA Indl Dev Auth Rev Wtr Fac Aqua PA Inc Proj, Ser B (NATL Insd) (AMT)			5.000				11/01/36				3,626,480
	3,000			Delaware Cnty, PA Indl Dev Auth Rev Wtr Fac Aqua PA Inc Proj, Ser C (NATL Insd) (AMT)			5.000				02/01/35				2,736,330
	2,500			Delaware Cnty, PA Indl Dev Auth Wtr Fac PA Subn Wtr (AMBAC Insd) (AMT)			5.350				10/01/31				2,401,650
	2,000			Delaware Riv Port Auth PA & NJ Rev, Ser D			5.000				01/01/40				1,903,140
	8,000			Delaware Vly, PA Regl Fin Auth Loc Govt Rev			5.750				07/01/17				8,780,880
	5,000			Delaware Vly, PA Regl Fin Auth Loc Govt Rev			5.750				07/01/32				4,823,850
	2,000			Exeter Twp, PA Sch Dist (NATL Insd)			5.000				05/15/25				2,025,900

See accompanying notes which are an integral part of this schedule.

Invesco Van Kampen Pennsylvania Value Municipal Income Trust

Par
Amount
(000)				Description		Coupon				Maturity				Value
				Pennsylvania (continued)
$	2,500			Franklin Cnty, PA Indl Dev Auth Rev Chambersburg Hosp Proj			5.375	%			07/01/42			$	2,241,325
	2,000			Fulton Cnty, PA Indl Dev Auth Hosp Rev Fulton Cnty Med Ctr Proj			5.900				07/01/40				1,580,280
	1,000			Harrisburg, PA Auth Wtr Rev Rfdg			5.250				07/15/31				900,850
	6,575			Harrisburg, PA Auth Wtr Rev Rfdg (AGM Insd)			5.000				07/15/21				6,254,271
	2,740			Lancaster Cnty, PA Hosp Auth Rev Brethren Vlg Proj, Ser A			6.500				07/01/40				2,457,807
	1,000			Lebanon Cnty, PA Hlth Fac Pleasant View Auth Hlth Ctr Rev Retirement, Ser A			5.125				12/15/20				936,230
	1,510			Lehigh Cnty, PA Gen Purp Auth Cedar Crest College Rfdg (Radian Insd)			5.000				04/01/26				1,333,375
	1,000			Lehigh Cnty, PA Gen Purp Hosp Rev Lehigh Vly Hlth, Ser B (AGM Insd)			5.000				07/01/35				915,040
	1,240			Lehigh Northampton, PA Arpt Lehigh Vly Arpt Sys Rfdg, Ser A (NATL Insd) (AMT)			5.000				01/01/20				1,208,194
	1,360			Lehigh Northampton, PA Arpt Lehigh Vly Arpt Sys Rfdg, Ser A (NATL Insd) (AMT)			5.000				01/01/22				1,273,368
	675			Lehigh Northampton, PA Arpt Lehigh Vly Arpt Sys Rfdg, Ser A (NATL Insd) (AMT)			5.000				01/01/23				617,814
	2,500			Luzerne Cnty, PA, Ser B (AGM Insd)			5.000				12/15/27				2,380,725

See accompanying notes which are an integral part of this schedule.

Invesco Van Kampen Pennsylvania Value Municipal Income Trust

Par
Amount
(000)				Description		Coupon				Maturity				Value
				Pennsylvania (continued)
$	5,650			Lycoming Cnty, PA Auth College Rev PA College of Technology (AMBAC Insd)			5.350	%			07/01/26			$	5,357,047
	5,000			Lycoming Cnty, PA Auth College Rev PA College of Technology (AMBAC Insd)			5.375				07/01/30				4,561,350
	3,750			Lycoming Cnty, PA Auth Hlth Sys Rev Susquehanna Hlth Sys Proj, Ser A			5.750				07/01/39				3,387,337
	1,000			Mercer Cnty, PA (NATL Insd)			5.500				10/01/15				1,031,190
	3,000			Monroe Cnty, PA Hosp Auth Rev Hosp Pocono Med Ctr			5.250				01/01/43				2,583,480
	3,000			Monroe Cnty, PA Hosp Auth Rev Hosp Pocono Med Ctr (Prerefunded @ 1/01/14)			6.000				01/01/43				3,414,720
	4,500			Montgomery Cnty, PA Higher Ed & Hlth Auth Hosp Rev Abington Mem Hosp, Ser A			5.125				06/01/32				4,146,075
	3,800			Montgomery Cnty, PA Higher Ed & Hlth Auth Rev Hlthcare Holy Redeemer Hlth, Ser A (AMBAC Insd)			5.250				10/01/17				3,785,560
	3,000			Montgomery Cnty, PA Indl Dev Auth Retirement Cmnty Rev, Ser A			4.500				11/15/36				2,232,990
	1,500			Montgomery Cnty, PA Indl Dev Auth Rev Mtg Whitemarsh Cmnty Proj			7.000				02/01/36				1,362,780
	2,000			Montgomery Cnty, PA Indl Dev Auth Rev Mtg Whitemarsh Continuing Care			6.250				02/01/35				1,667,780

See accompanying notes which are an integral part of this schedule.

Invesco Van Kampen Pennsylvania Value Municipal Income Trust

Par
Amount
(000)				Description		Coupon				Maturity				Value
				Pennsylvania (continued)
$	3,905			Montgomery Cnty, PA Indl Dev Auth Rev Philadelphia Presbytery Homes Inc Proj			6.625	%			12/01/30			$	3,793,512
	1,500			Mount Lebanon, PA Hosp Auth Saint Clair Mem Hosp, Ser A			5.625				07/01/32				1,430,865
	2,000			Northampton Cnty, PA Gen Purp Auth Hosp Rev Saint Lukes Hosp Proj, Ser A			5.500				08/15/35				1,836,360
	1,000			Northampton Cnty, PA Gen Purp Auth Hosp Rev Saint Lukes Hosp Proj, Ser C (c)(e)			4.500				08/15/16				1,002,900
	2,000			Northampton Cnty, PA Gen Purp Auth Rev Higher Ed Lehigh Univ			5.000				11/15/39				1,939,020
	4,000			Northampton Cnty, PA Gen Purp Auth Rev Higher Ed Lehigh Univ			5.500				11/15/33				4,099,920
	1,000			Northeastern York, PA Sch Dist, Ser B (NATL Insd)			5.000				04/01/30				990,200
	2,000			Northeastern York, PA Sch Dist, Ser B (NATL Insd)			5.000				04/01/31				1,964,960
	16,695			Owen J. Roberts Sch Dist PA Nts (AGM Insd) (a)			5.000				05/15/35				16,360,265
	1,500			Pennsylvania Econ Dev Fin Auth Exempt Fac Rev Reliant Energy, Ser B (Prerefunded @ 6/01/11) (AMT)			6.750				12/01/36				1,572,225
	4,220			Pennsylvania Econ Dev Fin Auth Exempt Fac Rev Var Allegheny Energy Supply Co			7.000				07/15/39				4,485,016
	700			Pennsylvania Econ Dev Fin Auth Res Recovery Rev Colver Proj Rfdg, Ser G (AMT)			5.125				12/01/15				650,188

See accompanying notes which are an integral part of this schedule.

Invesco Van Kampen Pennsylvania Value Municipal Income Trust

Par
Amount
(000)				Description		Coupon				Maturity				Value
				Pennsylvania (continued)
$	1,000			Pennsylvania Econ Dev Fin Auth Sew Sludge Disp Rev Philadelphia Biosolids Fac			5.500	%			01/01/18			$	1,021,850
	2,000			Pennsylvania Econ Dev Fin Auth Sew Sludge Disp Rev Philadelphia Biosolids Fac			6.250				01/01/32				1,999,860
	3,465			Pennsylvania Econ Dev Fin Auth Solid Waste Disp Rev Waste Mgmt Inc Proj, Ser A (AMT)			5.100				10/01/27				3,242,928
	2,000			Pennsylvania Econ Dev Fin Auth Wtr Fac Rev Rfdg Aqua PA Inc Proj, Ser A (AMT)			5.000				12/01/34				1,817,360
	360			Pennsylvania Hsg Fin Agy, Ser 100A (AMT)			5.100				10/01/22				360,162
	12,135			Pennsylvania Intergvtl Coop Auth Spl Tax Rev Philadelphia Fdg Pgm Rfdg (a)			5.000				06/15/21				13,047,795
	3,000			Pennsylvania St First			5.000				10/01/23				3,195,990
	1,000			Pennsylvania St Higher Ed Fac Auth Rev Clarion Univ Fndtn Inc, Ser A (Syncora Gtd)			5.000				07/01/28				854,680
	1,500			Pennsylvania St Higher Ed Fac Auth Rev Clarion Univ Fndtn Inc, Ser A (Syncora Gtd)			5.000				07/01/33				1,235,520
	1,500			Pennsylvania St Higher Ed Fac Auth Rev Clarion Univ Fndtn Inc, Ser A (Syncora Gtd)			5.250				07/01/18				1,512,810
	1,500			Pennsylvania St Higher Ed Fac Auth Rev Drexel Univ			5.500				05/01/16				1,585,005
	1,000			Pennsylvania St Higher Ed Fac Auth Rev Edinboro Univ Fndtn			6.000				07/01/43				922,600

See accompanying notes which are an integral part of this schedule.

Invesco Van Kampen Pennsylvania Value Municipal Income Trust

Par
Amount
(000)				Description		Coupon				Maturity				Value
				Pennsylvania (continued)
$	1,000			Pennsylvania St Higher Ed Fac Auth Rev Geneva College Proj (Prerefunded @ 4/01/12)			6.125	%			04/01/22			$	1,064,430
	4,000			Pennsylvania St Higher Ed Fac Auth Rev La Salle Univ			5.500				05/01/34				3,629,800
	3,000			Pennsylvania St Higher Ed Fac Auth Rev Messiah College, Ser AA-3 (Radian Insd)			5.500				11/01/22				3,006,540
	5,000			Pennsylvania St Higher Ed Fac Auth Rev Saint Josephs Univ, Ser A			5.000				11/01/40				4,580,950
	1,000			Pennsylvania St Higher Ed Fac Auth Rev Thomas Jefferson Univ			5.000				03/01/40				940,210
	1,540			Pennsylvania St Higher Ed Fac Auth Rev Thomas Jefferson Univ			5.375				01/01/25				1,556,663
	15,925			Pennsylvania St Higher Ed Fac Auth Rev Trustees Univ PA, Ser C (a)			5.000				07/15/38				15,959,239
	2,320			Pennsylvania St Higher Ed Fac Auth Rev Univ Sciences Philadelphia, Ser A (Syncora Gtd)			5.000				11/01/36				2,173,167
	3,600			Pennsylvania St Higher Ed Fac Auth Rev UPMC Hlth Sys, Ser A (AGM Insd)			5.000				08/01/29				3,430,836
	2,320			Pennsylvania St Higher Ed Fac Auth Student Hsg Rev Univ Pptys Inc East Stroudsburg Univ of PA			5.000				07/01/42				1,848,483

See accompanying notes which are an integral part of this schedule.

Invesco Van Kampen Pennsylvania Value Municipal Income Trust

Par
Amount
(000)				Description		Coupon				Maturity				Value
				Pennsylvania (continued)
$	1,750			Pennsylvania St Tpk Commn Tpk Rev Cap Apprec Motor License Spl, Ser A-2 (g)			5.500	%			12/01/34			$	1,236,865
	720			Pennsylvania St Tpk Commn Tpk Rev Cap Apprec Sub, Ser E (g)			6.375				12/01/38				493,466
	1,875			Pennsylvania St Tpk Commn Tpk Rev Convertible Cap Apprec, Ser B2 (g)			5.000				12/01/30				1,311,188
	1,500			Pennsylvania St Tpk Commn Tpk Rev Convertible Cap Apprec, Ser B2 (g)			5.125				12/01/35				989,790
	5,840			Pennsylvania St Tpk Commn Tpk Rev Convertible Cap Apprec Sub, Ser C (AGM Insd) (g)			6.250				06/01/33				4,378,657
	1,200			Pennsylvania St Tpk Commn Tpk Rev, Ser A (AMBAC Insd)			5.250				12/01/21				1,258,836
	12,995			Pennsylvania St Tpk Commn Tpk Rev, Ser A1 (AGL Insd) (a)			5.000				06/01/38				12,011,798
	1,000			Pennsylvania St Tpk Commn Tpk Rev Spl Motor License Fd, Ser A-1			5.000				12/01/38				942,660
	2,000			Pennsylvania St Univ (a)			5.000				09/01/29				2,011,300
	4,000			Pennsylvania St Univ (a)			5.000				09/01/35				4,001,440
	2,500			Philadelphia, PA Arpt Rev, Ser A			5.000				06/15/40				2,318,750
	1,250			Philadelphia, PA Arpt Rev, Ser A (NATL Insd) (AMT)			5.000				06/15/23				1,199,338
	2,000			Philadelphia, PA Auth For Indl Dev Rev Coml Dev (AMT)			7.750				12/01/17				2,001,000

See accompanying notes which are an integral part of this schedule.

Invesco Van Kampen Pennsylvania Value Municipal Income Trust

Par
Amount
(000)				Description		Coupon				Maturity				Value
				Pennsylvania (continued)
$	2,500			Philadelphia, PA Auth For Indl Dev Rev First Philadelphia Charter, Ser A			5.850	%			08/15/37			$	2,040,050
	1,000			Philadelphia, PA Auth For Indl Dev Rev Global Leadership Academy Proj			6.375				11/15/40				874,560
	1,660			Philadelphia, PA Auth For Indl Dev Rev Mast Charter Sch			6.000				08/01/35				1,620,492
	2,080			Philadelphia, PA Auth For Indl Dev Rev Newcourtland Elder Svcs Proj (LOC: PNC Bank N.A.) (b)(e)			0.240				03/03/11				2,080,000
	2,610			Philadelphia, PA Auth For Indl Dev Rev Please Touch Museum Proj			5.250				09/01/21				2,404,280
	3,230			Philadelphia, PA Auth For Indl Dev Rev Please Touch Museum Proj			5.250				09/01/26				2,723,052
	1,000			Philadelphia, PA Auth For Indl Dev Rev Please Touch Museum Proj			5.250				09/01/31				798,610
	5,575			Philadelphia, PA Auth For Indl Dev Rev Please Touch Museum Proj			5.250				09/01/36				4,295,984
	2,815			Philadelphia, PA Auth For Indl Dev Rev, Ser A			5.500				09/15/37				2,183,033
	4,005			Philadelphia, PA Auth Indl Dev Amern College of Physicians			5.500				06/15/27				4,005,401
	2,250			Philadelphia, PA Auth Indl Dev PA Arpt Sys Proj, Ser A (NATL Insd) (AMT)			5.125				07/01/19				2,261,363

See accompanying notes which are an integral part of this schedule.

Invesco Van Kampen Pennsylvania Value Municipal Income Trust

Par
Amount
(000)				Description		Coupon				Maturity				Value
				Pennsylvania (continued)
$	6,000			Philadelphia, PA Auth Indl, Ser B (AGM Insd) (Prerefunded @ 10/01/11)			5.500	%			10/01/17			$	6,264,780
	3,280			Philadelphia, PA Gas Wks Rev 12th, Ser B (NATL Insd) (d)			7.000				05/15/20				3,991,104
	1,500			Philadelphia, PA Gas Wks Rev 9th Ser			5.000				08/01/30				1,369,935
	3,610			Philadelphia, PA Gas Wks Rev 9th Ser			5.250				08/01/40				3,276,833
	4,995			Philadelphia, PA Hosp & Higher Ed Fac Auth Rev Chester/Philadelphia Jhs, Ser B			5.000				05/15/40				4,434,711
	5,300			Philadelphia, PA Hosp & Higher Ed Fac Auth Rev Childrens Hosp Philadelphia, Ser B (b)(e)			0.260				03/03/11				5,300,000
	1,645			Philadelphia, PA Proj Auth Rev, Ser A (AMBAC Insd)			5.250				02/15/29				1,594,630
	1,905			Philadelphia, PA Redev Auth Rev Neighborhood Trans, Ser A (NATL Insd)			5.500				04/15/16				1,982,057
	1,500			Philadelphia, PA Rfdg, Ser A (AGL Insd)			5.500				08/01/24				1,584,690
	3,500			Philadelphia, PA Rfdg, Ser A (AGM Insd)			5.250				12/15/25				3,567,550
	2,500			Philadelphia, PA Sch Dist, Ser E (BHAC Insd)			5.125				09/01/23				2,573,925
	1,040			Philadelphia, PA, Ser B (AGL Insd)			7.125				07/15/38				1,136,585

See accompanying notes which are an integral part of this schedule.

Invesco Van Kampen Pennsylvania Value Municipal Income Trust

Par
Amount
(000)				Description		Coupon				Maturity				Value
				Pennsylvania (continued)
$	1,500			Philadelphia, PA Wtr & Wastewtr Rev, Ser A			5.250	%			01/01/36			$	1,435,665
	2,750			Philadelphia, PA Wtr & Wastewtr Rev, Ser C (AGM Insd)			5.000				08/01/35				2,597,953
	2,000			Pittsburgh & Allegheny Cnty, PA Sports & Exhib Auth Sales Rfdg (AGM Insd)			5.000				02/01/35				1,847,600
	3,235			Pittsburgh & Allegheny Cnty, PA Sports & Exhib Auth Sales Rfdg Reg Asset Dist (AGM Insd)			5.000				02/01/31				3,159,075
	2,215			Pittsburgh, PA Pub Pkg Auth Rev Rfdg, Ser A (NATL Insd)			5.000				12/01/25				2,219,563
	5,140			Pittsburgh, PA, Ser A (AMBAC Insd)			5.500				09/01/17				5,228,305
	3,000			Pittsburgh, PA, Ser A (AMBAC Insd) (Prerefunded @ 3/01/12)			5.500				09/01/17				3,163,260
	1,455			Pittsburgh, PA Urban Redev Auth Mtg Rev, Ser C (GNMA Collateralized) (AMT)			5.700				04/01/30				1,455,029
	2,000			Pittsburgh, PA Wtr & Swr Auth Wtr & Swr Sys Rev 1st Lien, Ser D (AGM Insd)			5.000				09/01/24				2,023,200
	3,000			Pittsburgh, PA Wtr & Swr Auth Wtr & Swr Sys Rev 1st Lien, Ser D (AGM Insd)			5.000				09/01/25				3,006,990
	1,500			Radnor Twp, PA Sch Dist, Ser B (AGM Insd)			5.000				02/15/28				1,518,480
	900			Southcentral, PA Gen Auth Rev Wellspan (NATL Insd)			5.375				05/15/28				919,458

See accompanying notes which are an integral part of this schedule.

Invesco Van Kampen Pennsylvania Value Municipal Income Trust

Par
Amount
(000)				Description		Coupon				Maturity				Value
				Pennsylvania (continued)
$	4,100			Southcentral, PA Gen Auth Rev Wellspan (NATL Insd) (Prerefunded @ 5/15/11)			5.375	%			05/15/28			$	4,200,983
	2,500			State Pub Sch Bldg Auth PA Sch Rev Harrisburg Sch Dist Proj, Ser A (AGL Insd)			5.000				11/15/33				2,399,650
	2,360			State Pub Sch Bldg Auth PA Sch Rev Jefferson Cnty Dubois Tech Sch (NATL Insd)			5.375				02/01/23				2,422,115
	2,140			Susquehanna Area Regl Arpt Auth PA Arpt Sys Rev, Ser A (AMBAC Insd) (AMT)			5.375				01/01/21				2,114,020
	5,205			Susquehanna Area Regl Arpt Auth PA Arpt Sys Rev, Ser A (AMBAC Insd) (AMT)			5.375				01/01/23				4,945,427
	2,545			Susquehanna Area Regl Arpt Auth PA Arpt Sys Rev, Ser A (AMBAC Insd) (AMT)			5.500				01/01/18				2,577,372
	5,500			Susquehanna Area Regl Arpt Auth PA Arpt Sys Rev, Ser D			5.375				01/01/18				4,935,590
	2,850			Trinity Area Sch Dist PA (NATL Insd)			5.250				11/01/20				2,998,656
	1,820			Twin Vly, PA Sch Dist (AGM Insd) (Prerefunded @ 10/01/15)			5.250				04/01/26				2,119,754
	1,000			Union Cnty, PA Higher Ed Fac Auth Bucknell Univ, Ser A			5.250				04/01/19				1,077,020
	2,300			Union Cnty, PA Hosp Auth Hosp Rev Evangelical Cmnty Hosp (Radian Insd)			5.250				08/01/24				2,098,198
	1,285			Unity Twp, PA Muni Auth Swr Rev (AGM Insd)			5.000				12/01/24				1,304,378

See accompanying notes which are an integral part of this schedule.

Invesco Van Kampen Pennsylvania Value Municipal Income Trust

Par
Amount
(000)				Description		Coupon				Maturity				Value
				Pennsylvania (continued)
$	10,000			Univ Pittsburgh of The Comwlth Sys of Higher Ed PA Univ Cap Proj Rmkt, Ser A (a)(f)			5.250	%			09/15/30			$	10,225,500
	10,000			Univ Pittsburgh of The Comwlth Sys of Higher Ed PA Univ Cap Proj Rmkt Rfdg, Ser B (a)			5.250				09/15/34				10,141,300
	1,700			Washington Cnty, PA Indl Dev Auth College Rev Washington Jefferson College			5.000				11/01/36				1,527,518
	1,500			Washington Cnty, PA Indl Dev Auth College Rev Washington Jefferson College			5.250				11/01/30				1,449,780
	500			Washington Cnty, PA Redev Auth Rev Victory Ctr Proj Tanger, Ser A (c)(e)			5.450				07/01/17				399,565
	5,025			Washington Cnty, PA, Ser A (AMBAC Insd)			5.125				09/01/27				4,988,720
	825			Washington Cnty, PA, Ser A (AMBAC Insd) (Prerefunded @ 9/01/12)			5.125				09/01/27				884,210
	1,500			West Mifflin, PA Area Sch Dist (AGM Insd)			5.125				04/01/31				1,482,990
	500			West Mifflin, PA Area Sch Dist (AGM Insd)			5.500				04/01/24				531,585
	4,000			West Shore, PA Area Hosp Auth Holy Spirit Hosp Proj			6.250				01/01/32				3,999,720
	1,550			Westmoreland Cnty, PA Indl Dev Auth Rev Retirement Cmnty Redstone, Ser A			5.750				01/01/26				1,342,595
	2,650			Wilkes-Barre, PA Fin Auth Rev Univ Scranton			5.000				11/01/40				2,410,067
															482,358,984

See accompanying notes which are an integral part of this schedule.

Invesco Van Kampen Pennsylvania Value Municipal Income Trust

Par
Amount
(000)				Description		Coupon				Maturity				Value
				Guam 2.7%
$	2,700			Guam Econ Dev & Comm Auth Tob Settlement			5.625	%			06/01/47			$	2,264,868
	1,250			Guam Govt Ltd Oblig Rev Sect 30, Ser A			5.625				12/01/29				1,206,987
	500			Guam Govt Ltd Oblig Rev Sect 30, Ser A			5.750				12/01/34				478,720
	1,600			Guam Govt Wtrwks Auth Wtr & Wastewtr Sys Rev			5.625				07/01/40				1,393,520
	1,585			Guam Intl Arpt Auth Gen, Ser B (NATL Insd)			5.250				10/01/21				1,586,839
	1,285			Guam Pwr Auth Rev, Ser A			5.500				10/01/40				1,201,385
															8,132,319
				Puerto Rico 6.1%
	1,930			Puerto Rico Comwlth Infrastructure Fin Auth Spl Tax Rev Rfdg, Ser C (AMBAC Insd)			5.500				07/01/27				1,824,217
	1,000			Puerto Rico Elec Pwr Auth Pwr Rev, Ser TT			5.000				07/01/37				857,660
	2,000			Puerto Rico Elec Pwr Auth Pwr Rev, Ser WW			5.000				07/01/28				1,863,300
	1,500			Puerto Rico Elec Pwr Auth Pwr Rev, Ser WW			5.250				07/01/33				1,357,110
	1,000			Puerto Rico Elec Pwr Auth Pwr Rev, Ser WW			5.500				07/01/21				1,031,250
	2,000			Puerto Rico Elec Pwr Auth Pwr Rev, Ser XX			5.750				07/01/36				1,935,100
	5,000			Puerto Rico Sales Tax Fin Corp Sales Tax Rev Cap Apprec, Ser A			*				08/01/34				1,060,200
	7,800			Puerto Rico Sales Tax Fin Corp Sales Tax Rev Cap Apprec, Ser A			*				08/01/36				1,431,612

See accompanying notes which are an integral part of this schedule.

Invesco Van Kampen Pennsylvania Value Municipal Income Trust

Par
Amount
(000)				Description		Coupon				Maturity				Value
				Puerto Rico (continued)
$	2,260			Puerto Rico Sales Tax Fin Corp Sales Tax Rev Conv Cap Apprec, Ser A (g)			6.250	%			08/01/33			$	1,519,895
	1,500			Puerto Rico Sales Tax Fin Corp Sales Tax Rev First Sub, Ser A			5.375				08/01/39				1,382,295
	2,500			Puerto Rico Sales Tax Fin Corp Sales Tax Rev First Sub, Ser A (Prerefunded @ 8/01/11) (c)(e)			5.000				08/01/11				2,558,300
	2,000			Puerto Rico Sales Tax Fin Corp Sales Tax Rev First Sub, Ser C			5.250				08/01/41				1,796,320
															18,617,259
				U.S. Virgin Islands 1.9%
				1,500University VI Impt, Ser A			5.375				06/01/34				1,351,695
	1,000			Virgin Islands Pub Fin Auth Rev Gross Rcpt Taxes Ln Nt, Ser A			6.375				10/01/19				1,010,500
	2,425			Virgin Islands Pub Fin Auth Rev Matching Fd Ln Diago, Ser A			6.625				10/01/29				2,492,876
	1,090			Virgin Islands Wtr & Pwr Auth Elec Sys Rev, Ser A			5.000				07/01/25				1,015,618
															5,870,689

Total Investments (h) 169.0%
(Cost $536,720,076)			514,979,251
Floating Rate Note and Dealer Trust Obligations Related to Securities Held (18.8%)
Notes with interest rates ranging from 0.29% to 0.39% at 01/31/11, and contractual maturities of collateral ranging from 06/15/21 to 07/15/38 (See Note 1D in the Notes to Quarterly Schedule of Portfolio Holdings) (i)			(57,235,000	)
Other Assets in Excess of Liabilities 0.3%			1,033,648

See accompanying notes which are an integral part of this schedule.

Invesco Van Kampen Pennsylvania Value Municipal Income Trust

Preferred Shares (50.5%)			(154,000,000	)
Net Assets Applicable to Common Shares 100.0%		$	304,777,899

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

Investment Abbreviations:
AGL — Assured Guaranty Ltd.
AGM — Assured Guaranty Municipal Corp.
AMBAC — American Municipal Bond Assurance Corp.**
AMT — Alternative Minimum Tax
BHAC — Berkshire Hathaway Assurance Corp.
GNMA — Government National Mortgage Association
LOC — Letter of Credit
NATL — National Public Finance Guarantee Corp.
Radian — Radian Asset Assurance
Syncora Gtd — Syncora Guaranteed Limited
Notes to Schedule of Investments:

See accompanying notes which are an integral part of this schedule.

Invesco Van Kampen Pennsylvania Value Municipal Income Trust

Entities		Percentage
Assured Guaranty Municipal Corp.			14.53	%
National Public Finance Guarantee Corp.			9.57	%
American Municipal Bond Assurance Corp.**			8.68	%

** Ambac filed for bankruptcy on November 8, 2010.

See accompanying notes which are an integral part of this schedule.

Invesco Van Kampen Pennsylvania Value Municipal Income Trust

Notes to Quarterly Schedule of Portfolio Holdings
January 31, 2011
(Unaudited)

NOTE 1 — Significant Accounting Policies

A.

Security Valuations — Securities, including restricted securities, are valued according to the following policy.

     Securities are fair valued using an evaluated quote provided by an independent pricing service approved by the Board of Trustees. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices and may reflect appropriate factors such as institution-size trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, individual trading characteristics and other market data. Short-term obligations, including commercial paper, having 60 days or less to maturity are recorded at amortized cost which approximates value. Securities with a demand feature exercisable within one to seven days are valued at par. Debt securities are subject to interest rate and credit risks. In addition, all debt securities involve some risk of default with respect to interest and principal payments.

     Securities for which market quotations either are not readily available or are unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Some of the factors which may be considered in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on transferability or disposition; trading in similar securities by the same issuer or comparable companies; relevant political, economic or issuer specific news; and other relevant factors under the circumstances.

     Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

B.

Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income is recorded on the accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Bond premiums and discounts are amortized and/or accreted for financial reporting purposes.

     The Trust may periodically participate in litigation related to Trust investments. As such, the Trust may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

     Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Trust’s net asset value and, accordingly, they reduce the Trust’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and Statement of Changes in Net Assets, or the net investment income per share and ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Trust and the investment adviser.

C.

Country Determination — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

D.

Floating Rate Obligations Related to Securities Held — The Trust enters into transactions in which it transfers to Special Purpose Trusts established by a Broker Dealer (“Dealer Trusts”) fixed rate bonds in exchange for cash and residual interests in the Dealer Trusts’ assets and cash flows, which are in the form of inverse floating rate investments. The Dealer Trusts fund the purchases of the fixed rate bonds by issuing floating rate notes to third parties and allowing

Invesco Van Kampen Pennsylvania Value Municipal Income Trust

		the Trust to retain residual interest in the bonds. The Trust may enter into shortfall agreements with the Dealer Trusts which commit the Trust to pay the Dealer Trusts, in certain circumstances, the difference between the liquidation value of the fixed rate bonds held by the Dealer Trusts and the liquidation value of the floating rate notes held by third parties, as well as any shortfalls in interest cash flows. The residual interests held by the Trust (inverse floating rate investments) include the right of the Trust (1) to cause the holders of the floating rate notes to tender their notes at par at the next interest rate reset date, and (2) to transfer the municipal bond from the Dealer Trusts to the Trust, thereby collapsing the Dealer Trusts. The Trust accounts for the transfer of bonds to the Dealer Trusts as secured borrowings, with the securities transferred remaining in the Trust’s investment assets, and the related floating rate notes reflected as Trust liabilities under the caption “Floating rate note and dealer trust obligations” on the Statement of Assets and Liabilities. The Trust records the interest income from the fixed rate bonds under the caption “Interest” and records the expenses related to floating rate obligations and any administrative expenses of the Dealer Trusts under the caption “Interest and residual trust expenses” on the Statement of Operations. The floating rate notes issued by the Dealer Trusts have interest rates that reset weekly and the floating rate note holders have the option to tender their notes to the Dealer Trusts for redemption at par at each reset date.
E.		Securities Purchased on a When-Issued and Delayed Delivery Basis — The Trust may purchase and sell interests in Corporate Loans and Corporate Debt Securities and other portfolio securities on a when-issued and delayed delivery basis, with payment and delivery scheduled for a future date. No income accrues to the Trust on such interests or securities in connection with such transactions prior to the date the Trust actually takes delivery of such interests or securities. These transactions are subject to market fluctuations and are subject to the risk that the value at delivery may be more or less than the trade date purchase price. Although the Trust will generally purchase these securities with the intention of acquiring such securities, they may sell such securities prior to the settlement date.
F.		Other Risks — The value of, payment of interest on, repayment of principal for and the ability to sell a municipal security may be affected by constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives and the economics of the regions in which the issuers are located.

     Since, many municipal securities are issued to finance similar projects, especially those relating to education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal securities market and a Trust’s investments in municipal securities.

     There is some risk that a portion or all of the interest received from certain tax-free municipal securities could become taxable as a result of determinations by the Internal Revenue Service.

NOTE 2 — Additional Valuation Information

     Generally Accepted Accounting Principles (“GAAP”) defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3) generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

	Level 1 —		Prices are determined using quoted prices in an active market for identical assets.
	Level 2 —		Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
	Level 3 —		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Trust’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

     The following is a summary of the tiered valuation input levels, as of January 31, 2011. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

     During the three months ended January 31, 2011, there were no significant transfers between investment levels.

Invesco Van Kampen Pennsylvania Value Municipal Income Trust

		Level 1				Level 2				Level 3				Total
Municipal Obligations		$	-0-			$	514,979,251			$	-0-			$	514,979,251

NOTE 3 — Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Trust during the three months ended January 31, 2011 was $24,180,494 and $26,984,265, respectively. Cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed Federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities		$	6,331,412
Aggregate unrealized (depreciation) of investment securities			(27,621,042	)
Net unrealized appreciation (depreciation) of investment securities		$	(21,289,630	)
Cost of investments for tax purposes is $536,268,881.

Invesco Van Kampen Pennsylvania Value Municipal Income Trust

Item 2. Controls and Procedures.

	(a)		As of March 21, 2011, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”), to assess the effectiveness of the Registrant’s disclosure controls and procedures, as that term is defined in Rule 30a-3(c) under the Investment Company Act of 1940 (“Act”), as amended. Based on that evaluation, the Registrant’s officers, including the PEO and PFO, concluded that, as of March 21, 2011, the Registrant’s disclosure controls and procedures were reasonably designed so as to ensure: (1) that information required to be disclosed by the Registrant on Form N-Q is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission; and (2) that material information relating to the Registrant is made known to the PEO and PFO as appropriate to allow timely decisions regarding required disclosure.
	(b)		There have been no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the Registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 3. Exhibits.

Certifications of PEO and PFO as required by Rule 30a-2(a) under the Investment Company Act of 1940.

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.

Date: April 1, 2011

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

Date: April 1, 2011

Date: April 1, 2011

EXHIBIT INDEX

Certifications of Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”) as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended.