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 811-7398
Van Kampen Pennsylvania Value Municipal Income Trust
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(Exact name of registrant as specified in charter)
1221 Avenue of the Americas, New York, New York 10020
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(Address of principal executive offices) (Zip code)
Ronald Robison
1221 Avenue of the Americas, New York, New York 10020
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(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: 1/31/05
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 PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST
PORTFOLIO OF INVESTMENTS JANUARY 31, 2005 (UNAUDITED)
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
MUNICIPAL BONDS 160.4%
PENNSYLVANIA 149.5%
$ 1,000 Allegheny Cnty, PA Arpt Auth Pittsburgh Intl Arpt Rfdg
(AMT) (FGIC Insd) 5.750 % 01/01/18 $ 1,077,480
1,360 Allegheny Cnty, PA Hosp Dev Auth Rev Hlth Sys Ser A
(MBIA Insd) 6.500 11/15/30 1,595,457
2,000 Allegheny Cnty, PA Port Auth Spl Rev Trans
(Prerefunded @ 03/01/09) (MBIA Insd) 6.000 03/01/24 2,266,020
905 Allegheny Cnty, PA Residential Mtg Single Family Ser
KK-2 (AMT) (GNMA Collateralized) 5.750 05/01/33 941,037
1,525 Allegheny Cnty, PA Residential Mtg Single Family Ser
MM (AMT) (GNMA Collateralized) 5.200 05/01/33 1,558,733
1,000 Allegheny Cnty, PA San Auth Swr Rev (MBIA Insd) 5.500 12/01/24 1,121,930
2,600 Allentown, PA Area Hosp Auth Rev Sacred Heart Hosp
of Allentown Ser A Rfdg 6.750 11/15/14 2,629,536
1,000 Ambridge, PA Area Sch Dist (MBIA Insd) 5.500 11/01/31 1,107,700
1,695 Berks Cnty, PA Muni Auth Albright College Proj (a) 5.500 10/01/16 1,841,804
1,800 Berks Cnty, PA Muni Auth Albright College Proj (a) 5.500 10/01/17 1,944,108
2,000 Berks Cnty, PA Muni Auth Hosp Rev Reading Hosp &
Med Ctr Proj (Prerefunded @ 11/01/09) (FSA Insd) 6.000 11/01/29 2,313,380
1,000 Bethlehem, PA Auth Wtr Gtd (FSA Insd) 5.000 11/15/19 1,097,700
1,000 Canon McMillan Sch Dist PA Ser B (FGIC Insd) 5.500 12/01/29 1,102,430
870 Carbon Cnty, PA Indl Dev Auth Panther Creek Partn
Proj Rfdg (AMT) (LOC: Paribas & Union Bk of CA In 6.650 05/01/10 945,003
1,000 Central Dauphin, PA Sch Dist (FSA Insd) 5.000 12/01/19 1,092,270
1,000 Chester Cnty, PA Indl Dev Auth Rev Collegium Charter
Sch Proj Ser A (ACA Insd) 5.500 04/15/31 1,058,360
1,000 Cumberland Cnty, PA Muni Auth Dickinson College Ser
A (AMBAC Insd) 5.500 11/01/30 1,101,100
1,000 Delaware Cnty, PA Auth College Neumann College
Rfdg 6.000 10/01/31 1,040,790
1,000 Delaware Cnty, PA Auth Hosp Rev Crozer Chester Med
Ctr 6.000 12/15/09 1,011,450
1,500 Delaware Vly, PA Regl Fin Auth 5.750 07/01/17 1,749,255
1,010 Erie, PA Ser A (FSA Insd) 5.000 11/15/18 1,111,283
1,000 Harrisburg, PA Auth Res Gtd Sub Ser D-2 (FSA Insd) 5.000 12/01/33 1,095,730
1,575 Harrisburg, PA Auth Wtr Rev Rfdg (FSA Insd) 5.000 07/15/21 1,706,339
1,000 Jenkintown, PA Sch Dist Ser A (FGIC Insd) (b) 5.000 05/15/28 1,044,290
2,000 Lehigh Cnty, PA Gen Purp Auth Cedar Crest College
Rfdg 6.700 04/01/26 2,092,460
1,000 Luzerne Cnty, PA Ser A (MBIA Insd) 5.250 11/15/25 1,099,100
5,000 Lycoming Cnty, PA Auth College Rev PA College of
Technology (AMBAC Insd) 5.375 07/01/30 5,471,500
1,000 Mercer Cnty, PA (FGIC Insd) 5.500 10/01/15 1,131,920
1,000 Mifflin Cnty, PA Hosp Auth (Radian Insd) 6.200 07/01/25 1,129,250
1,000 Monroe Cnty, PA Hosp Auth Rev Hosp Pocono Med Ctr 6.000 01/01/43 1,061,210
1,150 Monroeville, PA Muni Auth San Swr Rev Ser B (MBIA
Insd) (a) 5.250 12/01/17 1,283,446
1,000 Montgomery Cnty, PA Higher Ed & Hlth Auth Hosp Rev
Abington Mem Hosp Ser A 5.125 06/01/32 1,019,360
900 Montgomery Cnty, PA Indl Dev Auth Rev Res Rec
Montenay Proj Ser A (MBIA Insd) 5.250 11/01/14 1,021,302
1,225 Northampton Twp, PA (FGIC Insd) (a) 5.375 05/15/15 1,365,287
1,500 Pennsylvania Intergvtl Coop Auth Spl Tax Rev
Philadelphia Fdg Pgm Rfdg (FGIC Insd) 5.500 06/15/20 1,556,820
1,000 Pennsylvania St Higher Ed Fac Auth Rev Drexel Univ 5.500 05/01/17 1,116,690
1,000 Pennsylvania St Higher Ed Fac Auth Rev La Salle Univ 5.500 05/01/34 1,043,130
1,000 Pennsylvania St Higher Ed Fac Auth Rev Thomas
Jefferson Univ 5.375 01/01/25 1,084,010
1,500 Pennsylvania St Higher Ed Fac Auth Rev Univ
Sciences Philadelphia Ser A (XLCA Insd) (b) 5.000 11/01/36 1,560,690
1,000 Pennsylvania St Higher Ed Fac Messiah College Ser
AA3 (Radian Insd) 5.500 11/01/22 1,095,070
1,645 Pennsylvania St Higher Ed Fac Philadelphia College
Osteopathic Med (a) 5.000 12/01/17 1,774,659
1,725 Pennsylvania St Higher Ed Fac Philadelphia College
Osteopathic Med (a) 5.000 12/01/18 1,852,615
1,000 Pennsylvania St Higher Ed UPMC Hlth Sys Ser A 6.250 01/15/17 1,144,640
2,000 Pennsylvania St Higher Ed UPMC Hlth Sys Ser A 6.000 01/15/31 2,223,180
1,000 Pennsylvania St Indl Dev Auth Econ Dev (AMBAC Insd) 5.500 07/01/14 1,132,100
3,015 Pennsylvania St Tpk Commn Ser T Rfdg (FGIC Insd) 5.500 12/01/10 3,415,995
1,500 Pennsylvania St Univ 5.000 09/01/35 1,574,790
1,000 Philadelphia, PA Auth Indl Dev Amern College Of
Physicians 5.500 06/15/27 1,054,020
1,500 Philadelphia, PA Gas Wks Rev 1975 Gen Ordinance
17th Ser (FSA Insd) 5.375 07/01/19 1,670,490
1,000 Philadelphia, PA Hosp & Higher Ed Fac Auth Hosp Rev
PA Hosp Rfdg (Escrowed to Maturity) 6.250 07/01/06 1,050,920
1,455 Philadelphia, PA Hosp & Higher Ed Fac Auth Rev
Cmnty College Ser B Rfdg (MBIA Insd) (a) 6.500 05/01/09 1,661,188
2,000 Philadelphia, PA Sch Dist Ser B (Prerefunded @
09/01/05) (AMBAC Insd) 5.500 09/01/18 2,059,160
3,675 Philadelphia, PA Wtr & Wastewtr Rev Rfdg (AMBAC
Insd) 5.500 06/15/07 3,926,407
4,500 Pittsburgh & Allegheny Cnty, PA Pub Aud Regl Asset
Dist Sales Tax (AMBAC Insd) 5.000 02/01/24 4,813,020
1,000 Pittsburgh, PA Urban Redev Auth Mtg Rev Ser C (AMT) 6.500 10/01/23 1,036,920
1,570 Pittsburgh, PA Urban Redev Auth Mtg Rev Ser C (AMT)
(GNMA Collateralized) 5.700 04/01/30 1,611,888
1,765 Quaker Valley, PA Sch Dist (FSA Insd) (a) 5.375 04/01/20 1,987,849
1,375 Red Lion, PA Area Sch Dist Ser A (FSA Insd) (a) (b) 5.000 02/01/20 1,503,425
1,000 Southcentral, PA Gen Auth Rev Wellspan Hlth Oblig
(MBIA Insd) 5.375 05/15/28 1,067,410
1,000 State Pub Sch Bldg Auth PA Delaware Cnty College
Proj (MBIA Insd) 5.750 10/01/16 1,133,640
360 State Pub Sch Bldg Auth PA Sch Conneaut Sch Dist
Proj (FGIC Insd) 5.250 11/01/19 400,964
2,480 State Pub Sch Bldg Auth PA Sch Conneaut Sch Dist
Proj (FGIC Insd) (a) 5.250 11/01/23 2,746,972
640 State Pub Sch Bldg Auth PA Sch Conneaut Sch Dist
Proj (Prerefunded @ 11/01/13) (FGIC Insd) 5.250 11/01/19 727,270
1,000 Susquehanna Area Regl Arpt Auth PA Ser A (AMT)
(AMBAC Insd) 5.375 01/01/21 1,080,010
1,000 Susquehanna Area Regl Arpt Auth PA Ser D 5.375 01/01/18 1,034,790
1,000 Union Cnty, PA Higher Edl Bucknell Univ Ser A 5.250 04/01/21 1,106,330
500 Union Cnty, PA Higher Edl Bucknell Univ Ser A 5.250 04/01/22 552,835
720 Washington Cnty, PA Auth Rev Cap Fdg Proj & Equip
Pgm (AMBAC Insd) 6.150 12/01/29 766,778
1,350 Washington Cnty, PA Ser A (AMBAC Insd) 5.125 09/01/27 1,432,040
1,000 Wayne Highlands, PA Sch Dist (FSA Insd) 5.375 04/01/14 1,125,850
1,000 Wilson, PA Area Sch Dist (FGIC Insd) 5.125 03/15/16 1,103,420
1,100 York Cnty, PA (AMBAC Insd) 5.000 06/01/19 1,195,601
500 York Cnty, PA Sch Technology Auth Lease Rev (FGIC
Insd) 5.500 02/15/22 566,205
1,000 York Cnty, PA Sch Technology Auth Lease Rev (FGIC
Insd) 5.500 02/15/23 1,130,770
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110,348,581
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GUAM 2.4%
1,585 Guam Intl Arpt Auth Gen Ser B (MBIA Insd) 5.250 10/01/21 1,757,226
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PUERTO RICO 6.9%
4,000 Puerto Rico Comwlth Hwy & Tran Auth Hwy Rev Ser Y
Rfdg (FSA Insd) 6.250 07/01/21 5,111,880
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U. S. VIRGIN ISLANDS 1.6%
1,000 Virgin Islands Pub Fin Auth Rev Gross Rcpts Taxes Nt
Ser A 6.375 10/01/19 1,157,460
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TOTAL LONG-TERM INVESTMENTS 160.4%
(Cost $110,030,659) 118,375,147
TOTAL SHORT-TERM INVESTMENTS 4.8%
(Cost $3,500,000) 3,500,000
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TOTAL INVESTMENTS 165.2%
(Cost $113,530,659) 121,875,147
LIABILITIES IN EXCESS OF OTHER ASSETS (4.2%) (3,081,105)
PREFERRED SHARES (INCLUDING ACCRUED DISTRIBUTIONS) (61.0%) (45,011,404)
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NET ASSETS APPLICABLE TO COMMON SHARES 100.0% $73,782,638
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Percentages are calculated as a percentage of net assets
applicable to common shares.
(a) The Trust owns 100% of the bond issuance.
(b) Securities purchased on a when-issued or delayed delivery basis.
ACA - American Capital Access
AMBAC - AMBAC Indemnity Corp.
AMT - Alternative Minimum Tax
FGIC - Financial Guaranty Insurance Co.
FSA - Financial Security Assurance Inc.
GNMA - Government National Mortgage Association
LOC - Letter of Credit
MBIA - Municipal Bond Investors Assurance Corp.
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 Pennsylvania Value Municipal Income Trust
By: /s/ Ronald E. Robison
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Name: Ronald E. Robison
Title: Principal Executive Officer
Date: March 22, 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
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Name: Ronald E. Robison
Title: Principal Executive Officer
Date: March 22, 2005
By: /s/ James W. Garrett
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Name: James W. Garrett
Title: Principal Financial Officer
Date: March 22, 2005