--  SEPTEMBER 2005  --
--------------------------------------------------------------------------------
                                IMPORTANT NOTICE
--------------------------------------------------------------------------------
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                         TO SHAREHOLDERS OF VAN KAMPEN
 ADVANTAGE PENNSYLVANIA MUNICIPAL INCOME TRUST, VAN KAMPEN PENNSYLVANIA QUALITY
 MUNICIPAL TRUST, VAN KAMPEN TRUST FOR INVESTMENT GRADE PENNSYLVANIA MUNICIPALS
            AND VAN KAMPEN PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST
--------------------------------------------------------------------------------
 
                                                             QUESTIONS & ANSWERS
 
---------------------------------------
    Although we recommend that you read the complete Joint Proxy Statement/
Prospectus, we have provided for your convenience a brief overview of the issues
                                to be voted on.
---------------------------------------
Q      WHY IS A SHAREHOLDER
       MEETING BEING HELD?
A      Shareholders of
Van Kampen Advantage Pennsylvania Municipal Income Trust, Van Kampen
Pennsylvania Quality Municipal Trust and Van Kampen Trust for Investment Grade
Pennsylvania Municipals: You are being asked to vote on a reorganization (each a
"Reorganization" and collectively the "Reorganizations") of your fund (each such
fund being referred to herein as a "Target Fund" and together as the "Target
Funds") into Van Kampen Pennsylvania Value Municipal Income Trust (the
"Acquiring Fund"), a closed-end investment company that pursues the same
investment objective and has similar investment policies and which is managed by
the same investment advisory personnel as the Target Funds.
 
Shareholders of Van Kampen Pennsylvania Value Municipal Income Trust: You are
being asked to vote on the issuance of additional common shares of beneficial
interest by the Acquiring Fund in connection with the Reorganizations.

 
Q      WHY IS EACH
       REORGANIZATION BEING RECOMMENDED?
A      The Board of Trustees of
each Fund has determined that each Reorganization will benefit common
shareholders of the respective Target Fund and the Acquiring Fund. The Target
Funds and the Acquiring Fund are similar. Each Fund seeks to provide a high
level of current income exempt from federal and Pennsylvania income taxes and,
where possible under local law, local income and personal property taxes,
consistent with preservation of capital, by investing substantially all of its
assets in Pennsylvania municipal securities rated investment grade at the time
of investment. Each Fund is managed by the same investment advisory personnel.
After the Reorganizations, it is anticipated that common shareholders of each
Fund will experience a reduced annual operating expense ratio, as certain fixed
administrative costs will be spread across the combined fund's larger asset
base. It is not anticipated that the Reorganizations will directly benefit
preferred shareholders of the Funds; however, the Reorganizations will not
adversely affect preferred shareholders, and none of the expenses of the
Reorganizations will be borne by preferred shareholders.
Q      HOW WILL THE
       REORGANIZATIONS AFFECT ME?
A      Assuming shareholders
approve the Reorganizations of the Target Funds and shareholders of the
Acquiring Fund approve the issuance of additional common shares of the Acquiring
Fund, the assets and liabilities of the Target Funds will be combined with those
of the Acquiring Fund and the Target Funds will dissolve.
 
Shareholders of the Target Funds: You will become a shareholder of the Acquiring
Fund. If you are a holder of common shares of a Target Fund, you will receive
newly-issued common shares of the Acquiring Fund, the aggregate net asset value
of which will equal the aggregate net asset value of the common shares you held
immediately prior to the Reorganization, less the costs of the Reorganization
(though you may receive cash for fractional shares). Of course, the Acquiring
Fund common shares received by common shareholders of a Target Fund may trade on
the New York Stock Exchange and Chicago Stock Exchange at a discount from net
asset value, which might be greater or less than the trading discount of common
shares of a Target Fund at the time of the closing of a Reorganization. If you
are a holder of preferred shares of a Target Fund, you will receive newly-issued
preferred shares of the Acquiring Fund, the aggregate liquidation preference of
which will

 
equal the aggregate liquidation preference of the preferred shares you held
immediately prior to the Reorganization.
 
Shareholders of the Acquiring Fund: You will remain a shareholder of the
Acquiring Fund.
Q      WILL I HAVE TO PAY ANY
       SALES LOAD, COMMISSION OR OTHER SIMILAR FEE IN CONNECTION WITH THE
       REORGANIZATIONS?
A      You will pay no sales loads
or commissions in connection with the Reorganizations. However, if the
Reorganizations are completed, the costs associated with the Reorganizations,
including the costs associated with the shareholder meeting, will be borne by
common shareholders of the Target Funds and the Acquiring Fund in proportion to
their projected annual expense savings as a result of the Reorganizations.
Q      WILL I HAVE TO PAY ANY
       FEDERAL TAXES AS A RESULT OF THE REORGANIZATIONS?
A      Each of the
Reorganizations is intended to qualify as a "reorganization" within the meaning
of Section 368(a)(1) of the Internal Revenue Code of 1986, as amended. If the
Reorganizations so qualify, in general, shareholders of the Target Funds will
recognize no gain or loss upon the receipt of shares of the Acquiring Fund in
connection with the Reorganizations. Additionally, the Target Funds will
recognize no gain or loss as a result of the transfer of all of their assets and
liabilities in exchange for the shares of the Acquiring Fund or as a result of
their dissolution. Neither the Acquiring Fund nor its shareholders will
recognize any gain or loss in connection with the Reorganizations.
Q      WHAT HAPPENS IF
       SHAREHOLDERS OF ONE TARGET FUND DO NOT APPROVE ITS REORGANIZATION BUT
       SHAREHOLDERS OF THE OTHER TARGET FUNDS DO APPROVE THEIR REORGANIZATIONS?
A      An unfavorable vote on a
proposed Reorganization by the shareholders of one Target Fund will not affect
the implementation of a Reorganization by any other Target Fund, if such
Reorganization is approved by the shareholders of such Target Fund and the
issuance of additional common shares is approved by the shareholders of the
Acquiring Fund.

 
Q      WHY IS THE VOTE OF
       COMMON SHAREHOLDERS OF THE ACQUIRING FUND BEING SOLICITED?
A      Although the Acquiring
Fund will continue its legal existence and operations after the Reorganizations,
the rules of the New York Stock Exchange and the Chicago Stock Exchange (on
which the Acquiring Fund's common shares are listed) require the Acquiring
Fund's common shareholders to approve the issuance of additional common shares
in connection with the Reorganizations. If the issuance of additional common
shares of the Acquiring Fund is not approved, none of the Reorganizations will
occur.
Q      HOW DOES THE BOARD OF
       TRUSTEES OF MY FUND SUGGEST THAT I VOTE?
A      After careful consideration,
the Board of Trustees of your fund recommends that you vote "FOR" the item
proposed for your fund.
Q      HOW DO I VOTE MY PROXY?
A      You may cast your vote by
mail, phone or internet. To vote by mail, please mark your vote on the enclosed
proxy card and sign, date and return the card in the postage-paid envelope
provided. If you choose to vote by phone or internet, please refer to the
instructions found on the proxy card accompanying this Joint Proxy
Statement/Prospectus. To vote by phone or internet, you will need the "control
number" that appears on the proxy card.
Q      WHOM DO I CONTACT FOR
       FURTHER INFORMATION?
A      You can contact your
financial adviser for further information. You may also call Van Kampen's Client
Relations Department at (800) 341-2929 (Telecommunication Device for the Deaf
users may call (800) 421-2833) or visit our website at www.vankampen.com where
you can send us an e-mail message by selecting "Contact Us."

 
                              ABOUT THE PROXY CARD
--------------------------------------------------------------------------------
 
Please vote on the proposal(s) applicable to your fund using blue or black ink
to mark an X in one of the boxes provided on the proxy card.
 
SHAREHOLDERS OF VAN KAMPEN ADVANTAGE PENNSYLVANIA MUNICIPAL INCOME TRUST, VAN
KAMPEN PENNSYLVANIA QUALITY MUNICIPAL TRUST AND VAN KAMPEN TRUST FOR INVESTMENT
GRADE PENNSYLVANIA MUNICIPALS:
 
APPROVAL OF REORGANIZATION -- mark "For," "Against" or "Abstain."
 
SHAREHOLDERS OF VAN KAMPEN PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST:
 
APPROVAL OF ISSUANCE OF ADDITIONAL COMMON SHARES -- mark "For," "Against" or
"Abstain."
 
Sign, date and return the proxy card in the enclosed postage-paid envelope. All
registered owners of an account, as shown in the address, must sign the card.
When signing as attorney, trustee, executor, administrator, custodian, guardian
or corporate officer, please indicate your full title.
 

  
[X]  PLEASE MARK
     VOTES AS IN
     THIS EXAMPLE

 
                                VAN KAMPEN XXXXX
                     JOINT SPECIAL MEETING OF SHAREHOLDERS
 XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
 XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
 XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
 


                          FOR    AGAINST    ABSTAIN
                                        
1.   The proposal to      [ ]      [ ]        [ ]      2. The proposal to issue additional
     approve the                                          Common Shares. FOR  AGAINST  ABSTAIN
     Agreement and Plan                                               [ ]  [ ]    [ ]
     of Reorganization.

 

                                         
                                                        3. To transact such other business as may
                                                           properly come before the meeting or any
                                                           adjournment thereof.

 
Please be sure to sign and date this Proxy, Date
 
Shareholder sign here       Co-owner sign here
 
 XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
                   SAMPLE

 
                       VAN KAMPEN ADVANTAGE PENNSYLVANIA
                       MUNICIPAL INCOME TRUST, VAN KAMPEN
  PENNSYLVANIA QUALITY MUNICIPAL TRUST, VAN KAMPEN TRUST FOR INVESTMENT GRADE
                            PENNSYLVANIA MUNICIPALS
                                      AND
                         VAN KAMPEN PENNSYLVANIA VALUE
                             MUNICIPAL INCOME TRUST
                          1221 AVENUE OF THE AMERICAS
                            NEW YORK, NEW YORK 10020
                                 (800) 341-2929
 
                NOTICE OF JOINT SPECIAL MEETING OF SHAREHOLDERS
                        TO BE HELD ON SEPTEMBER 23, 2005
 
  Notice is hereby given that a joint special meeting of shareholders (the
"Special Meeting") of Van Kampen Advantage Pennsylvania Municipal Income Trust
("Advantage Pennsylvania Municipal Income Trust"), Van Kampen Pennsylvania
Quality Municipal Trust ("Pennsylvania Quality Municipal Trust"), Van Kampen
Trust for Investment Grade Pennsylvania Municipals ("Trust for Investment Grade
Pennsylvania Municipals") and Van Kampen Pennsylvania Value Municipal Income
Trust (the "Acquiring Fund") will be held at the offices of Van Kampen
Investments Inc., 1 Parkview Plaza, Oakbrook Terrace, Illinois 60181-5555 on
September 23, 2005 at 10:30 a.m. for the following purposes:
 
1.  Approval of Reorganizations:
 
    a. For shareholders of Advantage Pennsylvania Municipal Income Trust:
 
       To approve an Agreement and Plan of Reorganization between Advantage
       Pennsylvania Municipal Income Trust and the Acquiring Fund, the
       termination of Advantage Pennsylvania Municipal Income Trust's
       registration under the Investment Company Act of 1940, as amended (the
       "1940 Act"), and the dissolution of Advantage Pennsylvania Municipal
       Income Trust under applicable state law;
 
    b. For shareholders of Pennsylvania Quality Municipal Trust:
 
       To approve an Agreement and Plan of Reorganization between Pennsylvania
       Quality Municipal Trust and the Acquiring Fund, the termination of
       Pennsylvania Quality Municipal Trust's registration under the 1940 Act,
       and the dissolution of Pennsylvania Quality Municipal Trust under
       applicable state law;

 
    c. For shareholders of Trust for Investment Grade Pennsylvania Municipals:
 
       To approve an Agreement and Plan of Reorganization between Trust for
       Investment Grade Pennsylvania Municipals and the Acquiring Fund, the
       termination of Trust for Investment Grade Pennsylvania Municipals'
       registration under the 1940 Act, and the dissolution of Trust for
       Investment Grade Pennsylvania Municipals under applicable state law;
 
2.  Approval of Issuance of Common Shares:
 
    For common shareholders of the Acquiring Fund:
 
       To approve the issuance of additional common shares of the Acquiring Fund
       in connection with each Agreement and Plan of Reorganization; and
 
3.  Other Business:
 
    For shareholders of each fund:
 
       To transact such other business as may properly be presented at the
       Special Meeting or any adjournment thereof.
 
  Shareholders of record as of the close of business on July 29, 2005 are
entitled to vote at the Special Meeting or any adjournment thereof.
 
  THE BOARD OF TRUSTEES OF ADVANTAGE PENNSYLVANIA MUNICIPAL INCOME TRUST,
PENNSYLVANIA QUALITY MUNICIPAL TRUST, TRUST FOR INVESTMENT GRADE PENNSYLVANIA
MUNICIPALS AND THE ACQUIRING FUND REQUESTS THAT YOU VOTE YOUR SHARES BY
INDICATING YOUR VOTING INSTRUCTIONS ON THE ENCLOSED PROXY CARD, DATING AND
SIGNING SUCH PROXY CARD AND RETURNING IT IN THE ENVELOPE PROVIDED, WHICH IS
ADDRESSED FOR YOUR CONVENIENCE AND NEEDS NO POSTAGE IF MAILED IN THE UNITED
STATES, OR BY RECORDING YOUR VOTING INSTRUCTIONS BY TELEPHONE OR VIA THE
INTERNET.
 
  THE BOARD OF TRUSTEES OF ADVANTAGE PENNSYLVANIA MUNICIPAL INCOME TRUST,
PENNSYLVANIA QUALITY MUNICIPAL TRUST AND TRUST FOR INVESTMENT GRADE PENNSYLVANIA
MUNICIPALS RECOMMENDS THAT YOU CAST YOUR VOTE:
 
  - FOR THE REORGANIZATION OF YOUR FUND PURSUANT TO AN AGREEMENT AND PLAN OF
    REORGANIZATION AS DESCRIBED IN THE JOINT PROXY STATEMENT/PROSPECTUS.
 
  THE BOARD OF TRUSTEES OF THE ACQUIRING FUND RECOMMENDS THAT YOU CAST YOUR
VOTE:
 
  - FOR THE ISSUANCE OF ADDITIONAL COMMON SHARES OF THE ACQUIRING FUND IN
    CONNECTION WITH EACH AGREEMENT AND PLAN OF REORGANIZATION AS DESCRIBED IN
    THE JOINT PROXY STATEMENT/PROSPECTUS.

 
  IN ORDER TO AVOID THE ADDITIONAL EXPENSE OF FURTHER SOLICITATION, WE ASK THAT
YOU MAIL YOUR PROXY CARD OR RECORD YOUR VOTING INSTRUCTIONS BY TELEPHONE OR VIA
THE INTERNET PROMPTLY.
 
                                       For the Board of Trustees,
 
                                       Lou Anne McInnis
                                       Assistant Secretary
                                       Van Kampen Advantage Pennsylvania
                                        Municipal Income Trust
                                       Van Kampen Pennsylvania Quality
                                         Municipal Trust
                                       Van Kampen Trust for Investment
                                         Grade Pennsylvania Municipals
                                       Van Kampen Pennsylvania Value
                                         Municipal Income Trust
September 2, 2005
                               ------------------
 
                            YOUR VOTE IS IMPORTANT.
               PLEASE VOTE PROMPTLY BY SIGNING AND RETURNING THE
   ENCLOSED PROXY CARD OR BY RECORDING YOUR VOTING INSTRUCTIONS BY TELEPHONE
             OR VIA THE INTERNET NO MATTER HOW MANY SHARES YOU OWN.

 
                        JOINT PROXY STATEMENT/PROSPECTUS
 
                       VAN KAMPEN ADVANTAGE PENNSYLVANIA
                            MUNICIPAL INCOME TRUST,
                VAN KAMPEN PENNSYLVANIA QUALITY MUNICIPAL TRUST,
                     VAN KAMPEN TRUST FOR INVESTMENT GRADE
                            PENNSYLVANIA MUNICIPALS,
                                      AND
              VAN KAMPEN PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST
                          1221 AVENUE OF THE AMERICAS
                            NEW YORK, NEW YORK 10020
                                 (800) 341-2929
 
                     JOINT SPECIAL MEETING OF SHAREHOLDERS
 
                               SEPTEMBER 23, 2005
 
  This Joint Proxy Statement/Prospectus is furnished to you as a shareholder of
Van Kampen Advantage Pennsylvania Municipal Income Trust ("Advantage
Pennsylvania Municipal Income Trust"), Van Kampen Pennsylvania Quality Municipal
Trust ("Pennsylvania Quality Municipal Trust"), Van Kampen Trust for Investment
Grade Pennsylvania Municipals ("Trust for Investment Grade Pennsylvania
Municipals") and/or Van Kampen Pennsylvania Value Municipal Income Trust (the
"Acquiring Fund"). A joint special meeting of shareholders of Advantage
Pennsylvania Municipal Income Trust, Pennsylvania Quality Municipal Trust, Trust
for Investment Grade Pennsylvania Municipals and the Acquiring Fund (the
"Special Meeting") will be held at the offices of Van Kampen Investments Inc., 1
Parkview Plaza, Oakbrook Terrace, Illinois 60181-5555 on September 23, 2005 at
10:30 a.m. to consider the items listed below and discussed in greater detail
elsewhere in this Joint Proxy Statement/Prospectus. If you are unable to attend
the Special Meeting or any adjournment thereof, the Board of Trustees of each
fund requests that you vote your shares by completing and returning the enclosed
proxy card or by recording your voting instructions by telephone or via the
internet. The approximate mailing date of this Joint Proxy Statement/Prospectus
and accompanying form of proxy is September 6, 2005.
 
  The purposes of the Special Meeting are:
 
  1.  Approval of Reorganizations:
 
      a. For shareholders of Advantage Pennsylvania Municipal Income Trust:
 
          To approve an Agreement and Plan of Reorganization between Advantage
          Pennsylvania Municipal Income Trust and the Acquiring Fund, the
          termination of Advantage Pennsylvania Municipal Income Trust's
          registration under the Investment Company Act of 1940, as amended (the
          "1940 Act"), and the dissolution of Advantage Pennsylvania Municipal
          Income Trust under applicable state law;

 
      b. For shareholders of Pennsylvania Quality Municipal Trust:
 
         To approve an Agreement and Plan of Reorganization between Pennsylvania
         Quality Municipal Trust and the Acquiring Fund, the termination of
         Pennsylvania Quality Municipal Trust's registration under the 1940 Act,
         and the dissolution of Pennsylvania Quality Municipal Trust under
         applicable state law;
 
      c. For shareholders of Trust for Investment Grade Pennsylvania Municipals:
 
         To approve an Agreement and Plan of Reorganization between Trust for
         Investment Grade Pennsylvania Municipals and the Acquiring Fund, the
         termination of Trust for Investment Grade Pennsylvania Municipals'
         registration under the 1940 Act, and the dissolution of Trust for
         Investment Grade Pennsylvania Municipals under applicable state law;
 
  2.  Approval of Issuance of Common Shares:
 
      For common shareholders of the Acquiring Fund:
 
         To approve the issuance of additional common shares of the Acquiring
         Fund in connection with each Agreement and Plan of Reorganization; and
 
  3.  Other Business:
 
      For shareholders of each fund:
 
         To transact such other business as may properly be presented at the
         Special Meeting or any adjournment thereof.
 
  Advantage Pennsylvania Municipal Income Trust, Pennsylvania Quality Municipal
Trust and Trust for Investment Grade Pennsylvania Municipals are sometimes
referred to herein individually as a "Target Fund" or collectively as the
"Target Funds." The Target Funds and the Acquiring Fund are sometimes referred
to herein each as a "Fund" and collectively as the "Funds." Each Agreement and
Plan of Reorganization is sometimes referred to herein individually as a
"Reorganization Agreement" or collectively as the "Reorganization Agreements."
Each Reorganization Agreement that Target Fund shareholders are being asked to
consider involves a transaction that will be referred to in this Joint Proxy
Statement/Prospectus individually as a "Reorganization" and collectively as the
"Reorganizations."
 
  The Reorganizations seek to combine four similar Funds to achieve certain
economies of scale and other operational efficiencies. The investment objective
of each Fund is to seek to provide a high level of current income exempt from
federal and Pennsylvania income taxes and, where possible under local law, local
income and personal property taxes, consistent with preservation of capital.
Each Fund
 
                                        2

 
seeks to achieve its investment objective by investing substantially all of its
assets in Pennsylvania municipal securities rated investment grade at the time
of investment. In each Reorganization, the Acquiring Fund will acquire
substantially all of the assets and assume substantially all of the liabilities
of the Target Fund in exchange for an equal aggregate value of newly-issued
common shares of beneficial interest of the Acquiring Fund, par value $0.01 per
share ("Acquiring Fund Common Shares"), and newly-issued auction preferred
shares of the Acquiring Fund with a par value of $0.01 per share and a
liquidation preference of $25,000 per share ("Acquiring Fund APS"). Each of the
Target Funds will distribute Acquiring Fund Common Shares to common shareholders
of such Target Fund and Acquiring Fund APS to preferred shareholders of such
Target Fund, and will then terminate its registration under the 1940 Act and
dissolve under applicable state law. The aggregate net asset value of Acquiring
Fund Common Shares received in each Reorganization will equal the aggregate net
asset value of Target Fund common shares held immediately prior to such
Reorganization, less the costs of such Reorganization (though common
shareholders may receive cash for their fractional shares). The aggregate
liquidation preference of Acquiring Fund APS received in each Reorganization
will equal the aggregate liquidation preference of Target Fund preferred shares
held immediately prior to such Reorganization. The Acquiring Fund will continue
to operate after the Reorganizations as a registered closed-end investment
company with the investment objective and policies described in this Joint Proxy
Statement/Prospectus.
 
  In connection with the Reorganizations, common shareholders of the Acquiring
Fund are being asked to approve the issuance of additional Acquiring Fund Common
Shares.
 
  The Board of Trustees of each Fund has determined that including these
proposals in one Joint Proxy Statement/Prospectus will reduce costs and is in
the best interests of each Fund's shareholders.
 
  In the event that shareholders of one or more of the Target Funds do not
approve the Reorganization(s), such Target Fund(s) will continue to exist and
the Board of Trustees of such Target Fund(s) will consider what additional
action, if any, to take. In the event Acquiring Fund common shareholders do not
approve the issuance of additional Acquiring Fund Common Shares, then all of the
Funds will continue to exist and the respective Board of Trustees of each Fund
will consider what additional action, if any, to take.
 
  This Joint Proxy Statement/Prospectus sets forth concisely the information
shareholders of each Fund should know before voting on the proposals for their
Fund and constitutes an offering of Acquiring Fund Common Shares and Acquiring
Fund APS. Please read it carefully and retain it for future reference. A
Statement of Additional Information, dated September 2, 2005, relating to this
Joint Proxy Statement/Prospectus (the "Reorganization Statement of Additional
Information") has
                                        3

 
been filed with the Securities and Exchange Commission (the "SEC") and is
incorporated herein by reference. If you wish to request the Reorganization
Statement of Additional Information, please ask for the "Reorganization
Statement of Additional Information." Copies of each Fund's most recent annual
report and semi-annual report can be obtained on a web site maintained by Van
Kampen Investments Inc. at www.vankampen.com. In addition, each Fund will
furnish, without charge, a copy of the Reorganization Statement of Additional
Information, its most recent annual report and any more recent semi-annual
report to any shareholder upon request. Any such request should be directed to
the Van Kampen Client Relations Department by calling (800) 341-2929 (TDD users
may call (800) 421-2833) or by writing to the respective Fund at 1 Parkview
Plaza, P.O. Box 5555, Oakbrook Terrace, Illinois 60181-5555. The address of the
principal executive offices of the Funds is 1221 Avenue of the Americas, New
York, New York 10020, and the telephone number is (800) 341-2929.
 
  The Funds are subject to the informational requirements of the Securities
Exchange Act of 1934, as amended, and in accordance therewith file reports,
proxy statements, proxy material and other information with the SEC. Materials
filed with the SEC can be reviewed and copied at the SEC's Public Reference Room
at 100 F Street, N.E., Washington, D.C. 20549 or downloaded from the SEC's web
site at www.sec.gov. Information on the operation of the SEC's Public Reference
Room may be obtained by calling the SEC at (202) 551-8090. You can also request
copies of these materials, upon payment at the prescribed rates of a duplicating
fee, by electronic request to the SEC's e-mail address (publicinfo@sec.gov) or
by writing the Public Reference Branch, Office of Consumer Affairs and
Information Services, SEC, Washington, DC, 20549-0102.
 
  The Acquiring Fund Common Shares are listed on the New York Stock Exchange
(the "NYSE") and the Chicago Stock Exchange (the "CHX") under the ticker symbol
"VPV" and will continue to be so listed subsequent to the Reorganizations. The
common shares of Advantage Pennsylvania Municipal Income Trust are listed on the
NYSE and CHX under the ticker symbol "VAP." The common shares of Pennsylvania
Quality Municipal Trust are listed on the NYSE and the CHX under the ticker
symbol "VPQ." The common shares of Trust for Investment Grade Pennsylvania
Municipals are listed on the NYSE and the CHX under the ticker symbol "VTP."
Reports, proxy statements and other information concerning the Acquiring Fund,
Advantage Pennsylvania Municipal Income Trust, Pennsylvania Quality Municipal
Trust and Trust for Investment Grade Pennsylvania Municipals may be inspected at
the offices of the NYSE, 20 Broad Street, New York, New York 10005.
 
  This Joint Proxy Statement/Prospectus serves as a prospectus of the Acquiring
Fund in connection with the issuance of Acquiring Fund Common Shares and
Acquiring Fund APS in each Reorganization. No person has been authorized to
 
                                        4

 
give any information or make any representation not contained in this Joint
Proxy Statement/Prospectus and, if so given or made, such information or
representation must not be relied upon as having been authorized. This Joint
Proxy Statement/Prospectus does not constitute an offer to sell or a
solicitation of an offer to buy any securities in any jurisdiction in which, or
to any person to whom, it is unlawful to make such offer or solicitation.
 
  The Board of Trustees of each Fund knows of no business other than that
discussed above that will be presented for consideration at the Special Meeting.
If any other matter is properly presented, it is the intention of the persons
named in the enclosed proxy to vote in accordance with their best judgment.
 
  Based on the anticipated timing of these Reorganizations, the pro forma
financial information presented herein and in the Reorganization Statement of
Additional Information was prepared based on each Fund's first fiscal quarter
ended January 31, 2005. Each Fund has subsequently prepared and filed financial
statements for the semi-annual period ended April 30, 2005. Management has
considered the later financial statements and does not believe there were
material changes in the relative financial positions of the Funds such that it
was necessary to update the pro forma financial information.
                             ---------------------
 
  THE SEC HAS NOT APPROVED OR DISAPPROVED THESE SECURITIES OR PASSED UPON THE
ADEQUACY OF THIS JOINT PROXY STATEMENT/PROSPECTUS. ANY REPRESENTATION TO THE
CONTRARY IS A CRIMINAL OFFENSE.
 
  The date of this Joint Proxy Statement/Prospectus is September 2, 2005.
 
                                        5

 
                               TABLE OF CONTENTS
 


                                                              PAGE
                                                              ----
                                                           
SUMMARY.....................................................    8
PROPOSAL 1: REORGANIZATIONS OF THE TARGET FUNDS.............   17
RISK FACTORS AND SPECIAL CONSIDERATIONS.....................   18
  Market Risk...............................................   18
  Interest Rate Risk........................................   18
  Credit Risk...............................................   18
  Income Risk...............................................   19
  Call Risk.................................................   19
  Non-Diversification Risk..................................   19
  Pennsylvania Municipal Securities Risk....................   20
  Risks of Using Strategic Transactions.....................   20
  Manager Risk..............................................   20
  Market Discount Risk......................................   20
  Leverage Risk.............................................   21
  Anti-Takeover Provisions..................................   23
  Special Risks Related to Preferred Shares.................   23
COMPARISON OF THE FUNDS.....................................   24
  Investment Objective and Policies.........................   24
  Other Investment Practices and Policies...................   28
  Investment Restrictions...................................   31
  Management of the Funds...................................   33
  Other Service Providers...................................   37
  Capitalization............................................   37
  Additional Information about Common Shares of the Funds...   39
  Additional Information about Preferred Shares of the
    Funds...................................................   44
  Governing Law.............................................   48
  Certain Provisions of the Declarations of Trust...........   49
  Conversion to Open-End Funds..............................   50
  Voting Rights.............................................   51
  Financial Highlights......................................   52

 
                                        6

 


                                                              PAGE
                                                              ----
                                                           
INFORMATION ABOUT THE REORGANIZATIONS.......................   56
  General...................................................   56
  Terms of the Reorganization Agreements....................   57
  Material U.S. Federal Income Tax Consequences of the
    Reorganizations.........................................   59
  Shareholder Approval......................................   61
PROPOSAL 2: ISSUANCE OF ADDITIONAL ACQUIRING FUND COMMON
  SHARES....................................................   62
  Shareholder Approval......................................   62
OTHER INFORMATION...........................................   63
  Voting Information and Requirements.......................   63
  Shareholder Information...................................   65
  Section 16(a) Beneficial Ownership Reporting Compliance...   65
  Shareholder Proposals.....................................   65
  Solicitation of Proxies...................................   66
  Legal Matters.............................................   66
  Other Matters to Come Before the Meeting..................   66
EXHIBIT I: DESCRIPTION OF SECURITIES RATINGS................  I-1

 
                                        7

 
------------------------------------------------------------------------------
                                    SUMMARY
------------------------------------------------------------------------------
 
  The following is a summary of certain information contained elsewhere in this
Joint Proxy Statement/Prospectus and is qualified in its entirety by reference
to the more complete information contained in this Joint Proxy
Statement/Prospectus and in the Reorganization Statement of Additional
Information. Shareholders should read the entire Joint Proxy
Statement/Prospectus carefully.
 
PROPOSAL 1: REORGANIZATIONS OF THE TARGET FUNDS
 
  THE PROPOSED REORGANIZATIONS. The Board of Trustees of each Fund, including
the trustees who are not "interested persons" of each Fund (as defined in the
1940 Act), has unanimously approved each Reorganization Agreement. If the
shareholders of a Target Fund approve their Reorganization Agreement and the
common shareholders of the Acquiring Fund approve the issuance of additional
Acquiring Fund Common Shares (see Proposal 2: "Issuance of Additional Acquiring
Fund Common Shares"), Acquiring Fund Common Shares and Acquiring Fund APS will
be issued to the common shareholders and preferred shareholders of such Target
Fund, respectively, in exchange for substantially all of the assets of the
Target Fund and the assumption of substantially all of the liabilities of the
Target Fund. The Target Fund will then terminate its registration under the 1940
Act and dissolve under applicable state law. The aggregate net asset value of
Acquiring Fund Common Shares received in the Reorganization will equal the
aggregate net asset value of Target Fund common shares held immediately prior to
the Reorganization, less the costs of the Reorganization (though holders of
Target Fund common shares may receive cash for their fractional shares). The
aggregate liquidation preference of Acquiring Fund APS received in the
Reorganization will equal the aggregate liquidation preference of Target Fund
preferred shares held immediately prior to the Reorganization.
 
  BACKGROUND AND REASONS FOR THE PROPOSED REORGANIZATIONS. The Reorganizations
seek to combine four similar Funds to achieve certain economies of scale and
other operational efficiencies. Each Fund is registered as a non-diversified,
closed-end management investment company under the 1940 Act. The investment
objective of each Fund is to seek to provide a high level of current income
exempt from federal and Pennsylvania income taxes and, where possible under
local law, local income and personal property taxes, consistent with
preservation of capital. Each Fund seeks to achieve its investment objective,
under normal market conditions, by investing substantially all of its assets in
Pennsylvania municipal securities rated investment grade at the time of
investment. Pennsylvania Quality Municipal Trust and the Acquiring Fund may
invest up to 20% of their assets in unrated Pennsylvania municipal securities
believed, at the time of investment, by the Adviser to have credit
characteristics equivalent to, and to be of comparable quality as,
 
                                        8

 
Pennsylvania municipal securities that are rated investment grade. Each Fund may
invest all or a substantial portion of its assets in Pennsylvania municipal
securities that pay interest that is subject to the federal alternative minimum
tax. The Funds are managed by the same investment advisory personnel.
 
  The proposed Reorganizations will combine the assets of these similar Funds by
reorganizing the Target Funds into the Acquiring Fund. The Board of Trustees of
each Target Fund (the "Target Fund Board"), based upon its evaluation of all
relevant information, anticipates that the common shareholders of each Target
Fund will benefit from their Fund's respective Reorganization. The Board of
Trustees of the Acquiring Fund (the "Acquiring Fund Board"), based upon its
evaluation of all relevant information, anticipates that each Reorganization
will benefit holders of Acquiring Fund Common Shares. Each Board believes, based
on data presented by Van Kampen Asset Management, investment adviser to each of
the Funds (the "Adviser"), that common shareholders of each Fund will experience
a reduced annual operating expense ratio as a result of their Fund's respective
Reorganization. The combined fund resulting from the Reorganizations will have a
larger asset base than any of the Funds has currently; certain fixed
administrative costs, such as costs of printing shareholder reports and proxy
statements, legal expenses, audit fees, mailing costs and other expenses, will
be spread across this larger asset base, thereby lowering the expense ratio for
common shareholders of the combined fund.
 
                                        9

 
  The table below illustrates the anticipated reduction in operating expenses
expected as a result of the Reorganizations. The table sets forth (i) the fees,
expenses and distributions to preferred shareholders paid by the Target Funds
for the 12-month period ended January 31, 2005, (ii) the fees, expenses and
distributions to preferred shareholders paid by the Acquiring Fund for the
12-month period ended January 31, 2005 and (iii) the pro forma fees, expenses
and distributions to preferred shareholders for the Acquiring Fund for the
12-month period ended January 31, 2005, assuming all of the Reorganizations had
been completed at the beginning of such period. As shown below, the
Reorganizations are expected to result in decreased total annual expenses for
shareholders of each Fund (although such savings will not be immediately
realized (see footnote (c) to the table)). The increase in "Distributions on
Preferred Shares" from the actual to the pro forma column for Pennsylvania
Quality Municipal Trust is due primarily to changes in the expected preferred
share leverage ratio of the combined fund (see footnote (e) to the table).
 
            FEE, EXPENSE AND DISTRIBUTIONS ON PREFERRED SHARES TABLE
                      FOR COMMON SHAREHOLDERS OF THE FUNDS
                             AS OF JANUARY 31, 2005
 


                                                                                              PRO
                                                       ACTUAL                               FORMA(F)
                              ---------------------------------------------------------   ------------
                               VAN KAMPEN                    VAN KAMPEN     VAN KAMPEN     VAN KAMPEN
                               ADVANTAGE      VAN KAMPEN     TRUST FOR     PENNSYLVANIA   PENNSYLVANIA
                              PENNSYLVANIA   PENNSYLVANIA    INVESTMENT       VALUE          VALUE
                               MUNICIPAL       QUALITY         GRADE        MUNICIPAL      MUNICIPAL
                                 INCOME       MUNICIPAL     PENNSYLVANIA      INCOME         INCOME
                                 TRUST          TRUST        MUNICIPALS       TRUST          TRUST
                                 (VAP)          (VPQ)          (VTP)          (VPV)          (VPV)
                              ------------   ------------   ------------   ------------   ------------
                                                                           
Common Shareholder
  Transaction Expenses(a):
Maximum Sales Load (as a
  percentage of offering
  price)(b)(c)...............      None           None           None           None           None
Dividend Reinvestment Plan
  Fees.......................      None           None           None           None           None
Annual Expenses (as a
  percentage of net assets
  attributable to common
  shares):
Investment Advisory
  Fees(d)....................     0.85%          0.81%          0.85%          0.89%          0.85%
Interest Payments on Borrowed
  Funds......................     0.00%          0.00%          0.00%          0.00%          0.00%
Other Expenses(c)............     0.45%          0.33%          0.35%          0.47%          0.25%
                                  -----          -----          -----          -----          -----
  Total Annual Expenses(d)...     1.30%          1.14%          1.20%          1.36%          1.10%
                                  -----          -----          -----          -----          -----
Distributions
Distributions on Preferred
  Shares(e)..................     0.77%          0.65%          0.81%          0.81%          0.75%
                                  -----          -----          -----          -----          -----
  Total Annual Expenses and
    Distributions on
    Preferred Shares.........     2.07%          1.79%          2.01%          2.17%          1.85%
                                  -----          -----          -----          -----          -----

 
                                        10

 
---------------
 
(a)No expense information is presented with respect to preferred shares because
   holders of preferred shares do not bear any transaction or operating expenses
   of any of the Funds and will not bear any of the Reorganization expenses or
   any transaction or operating expenses of the combined fund.
 
(b)Common shares purchased in the secondary market may be subject to brokerage
   commissions or other charges. No sales load will be charged on the issuance
   of common shares in the Reorganizations. Common shares are not available for
   purchase from the Funds but may be purchased through a broker-dealer subject
   to individually negotiated commission rates.
 
(c)In connection with the Reorganizations, there are certain other transaction
   expenses which include, but are not limited to: all costs related to the
   preparation, printing and distributing of this Joint Proxy
   Statement/Prospectus to shareholders; costs related to preparation and
   distribution of materials distributed to each Fund's Board of Trustees; all
   expenses incurred in connection with the preparation of the Reorganization
   Agreements and the registration statement on Form N-14; SEC and state
   securities commission filing fees; legal and audit fees; portfolio transfer
   taxes (if any); and any similar expenses incurred in connection with the
   Reorganizations. In accordance with applicable SEC rules, the Board of
   Trustees of each Fund reviewed the fees and expenses that will be borne
   directly or indirectly by the Funds in connection with the Reorganizations.
   After considering various alternatives for allocating these costs, the Board
   of Trustees of each Fund agreed that, in the event the Reorganizations are
   approved and completed, the expenses of the Reorganizations will be shared by
   the Target Funds and the Acquiring Fund in proportion to their projected
   annual expense savings as a result of the Reorganizations. The table below
   summarizes each Fund's net assets (common shares only) at January 31, 2005,
   projected annual expense savings to each Fund as a result of the
   Reorganizations, allocation of Reorganization expenses among the Funds in
   dollars and percentages, an estimated pay-back period (in years) and the
   resulting effect on each Fund's net asset value per common share at January
   31, 2005. Some Funds will benefit more from projected annual expense savings
   of the Reorganizations than other Funds. The projected annual expense savings
   are generally not expected to be immediately realized. If shareholders sell
   their common shares prior to the estimated pay-back period, then they may not
   realize any of the projected expense savings resulting from the reduced
   expense ratio of the combined fund. The net asset value per common share of
   each Fund will be reduced at the closing date of the respective
   Reorganization to reflect the allocation of Reorganization expenses to each
   Fund. The reduction in net asset value per common share resulting from the
   allocation of Reorganization expenses, when compared to the relative net
   asset sizes of each Fund involved in the Reorganizations, will be greater in
   some Funds than others. In the event a Reorganization is not completed, the
   Adviser will bear the costs associated with such Reorganization. The numbers
   presented in the table are estimates; actual results may differ.
 


                                                                                        REDUCTION TO
                                      PROJECTED                            ESTIMATED     NET ASSET
                        NET ASSETS     ANNUAL        REORGANIZATION         PAYBACK      VALUE PER
                         (COMMON       EXPENSE     EXPENSE ALLOCATION       PERIOD         COMMON
FUND                   SHARES ONLY)    SAVINGS    IN DOLLARS/PERCENTAGE   (IN YEARS)       SHARE
----                   ------------   ---------   ---------------------   -----------   ------------
                                                                         
VAP..................  $ 74,734,324   $149,469        $ 167,412/28%          1.12          $0.038
VPQ..................   139,866,648   $ 55,947           62,633/11%          1.12           0.008
VTP..................   126,914,783   $126,915          142,113/24%          1.12           0.019
VPV..................    73,782,638   $191,835          214,842/37%          1.12           0.048
                                                      ------------
Total Expenses.......                                  587,000/100%

 
(d)Expense information has been restated to reflect permanent reductions made to
administrative fees effective as of June 1, 2004 and permanent reductions made
   to advisory fees of
 
                                        11

 
   each Fund effective as of November 1, 2004. As noted in the table, advisory
   fees are stated as a percentage of net assets attributable to common shares
   only. If assets attributable to preferred shares were included, the advisory
   fees would be 0.55% for each Fund and the Acquiring Fund on a pro forma
   basis. Thus, while each Fund has the same advisory fee rate, the differences
   in advisory fees in the table reflect the relative leverage ratios for each
   Fund and the Acquiring Fund on a pro forma basis. The proposed
   Reorganizations are intended to combine the Funds with their existing capital
   structures, which will result in a weighted combined leverage ratio that each
   Fund's Board and management believe is within an appropriate range under
   current market conditions; the combined fund may consider changes in its
   leverage ratio based on varying market conditions in the future. See also the
   section entitled "Proposal 1: Reorganizations of the Target
   Funds -- Comparison of the Funds -- Capitalization."
 
(e)In seeking to enhance the income for its common shareholders, each of the
   Funds uses preferred shares as financial leverage. Leverage created by
   borrowing or other forms of indebtedness would create interest expenses which
   would, if used by the Funds, be charged to common shareholders (shown above
   as "Interest Payments on Borrowed Funds"). Leverage created by preferred
   shares creates dividend payments and/or capital gains distributions to
   preferred shareholders which are charged to common shareholders (shown above
   as "Distributions on Preferred Shares"). The dividend rates are based on
   periodic auctions as described herein and thus will differ based on varying
   market conditions at the times of such auctions. As of January 31, 2005, VAP
   had an outstanding preferred share leverage ratio (i.e., the liquidation
   preference of preferred shares relative to total assets of such Fund) of
   approximately 35%, VTP had an outstanding preferred share leverage ratio of
   approximately 36%, VPQ had an outstanding preferred share leverage ratio of
   approximately 32% and VPV had an outstanding preferred share leverage ratio
   of approximately 38%. Assuming the Reorganizations were completed as of
   January 31, 2005, the combined fund on a pro forma basis would have had a
   preferred share leverage ratio of approximately 35%. Because the line
   "Distributions on Preferred Shares" shows preferred share distributions as a
   percentage of net assets attributable to common shares, the amount shown is
   affected not only by the applicable preferred share dividend rates and
   capital gain distribution rates but also by the applicable preferred share
   leverage ratio of each Fund. Funds with higher preferred share leverage
   ratios, all other things equal, would have higher "Distributions on Preferred
   Shares" than funds with lower leverage ratios; and, if the leverage is
   producing its intended results (i.e., providing more income for common
   shareholders than its costs), funds with higher preferred share leverage
   ratios, all other things equal, would have higher distributions on common
   shares than funds with lower leverage ratios. Thus, the increase in
   "Distributions on Preferred Shares" for VPQ from the actual to the pro forma
   column is due primarily to changes in the expected leverage ratio of the
   combined fund. The proposed Reorganizations are intended to combine the Funds
   with their existing capital structures, which will result in a weighted
   combined leverage ratio that each Fund's Board and management believe is
   within an appropriate range under current market conditions; the combined
   fund may consider changes to its leverage ratio based on varying market
   conditions in the future.
 
                                        12

 
(f)As described above the table, the pro forma column shown above assumes all of
   the Reorganizations are completed. As described herein, an unfavorable vote
   by one or more of the Target Funds will not affect the implementation of the
   Reorganization by the other Target Funds if approved by such other Target
   Funds. As such, there could be other combinations of approved
   Reorganizations, and the pro forma columns below present these various
   combinations.
 


                                                            Pro Forma
                                 ---------------------------------------------------------------
ANNUAL EXPENSES                                                     VAP,       VAP,       VPQ,
(as a percentage of net assets   VAP and    VPQ and    VTP and    VPQ and    VTP and    VTP and
attributable to common shares):  VPV Only   VPV Only   VPV Only   VPV Only   VPV Only   VPV Only
-------------------------------  --------   --------   --------   --------   --------   --------
                                                                      
Investment Advisory Fees(d)...    0.87%      0.84%      0.87%      0.84%      0.86%      0.84%
Interest Payments on Borrowed
  Funds....................       0.00%      0.00%      0.00%      0.00%      0.00%      0.00%
Other Expenses.............       0.35%      0.30%      0.31%      0.27%      0.28%      0.26%
                                  -----      -----      -----      -----      -----      -----
  Total Annual Expenses(d)...     1.22%      1.14%      1.18%      1.11%      1.14%      1.10%
                                  -----      -----      -----      -----      -----      -----
Distributions
Distributions on Preferred
  Shares(e)................       0.79%      0.71%      0.81%      0.72%      0.80%      0.74%
                                  -----      -----      -----      -----      -----      -----
  Total Annual Expenses and
    Distributions on Preferred
    Shares.................       2.01%      1.85%      1.99%      1.83%      1.94%      1.84%
                                  -----      -----      -----      -----      -----      -----

 
  EXAMPLE.  The following example is intended to help you compare the costs of
investing in the Acquiring Fund pro forma after the Reorganizations with the
costs of investing in the Target Funds and the Acquiring Fund without the
Reorganizations. An investor would pay the following expenses on a $1,000
investment, assuming (1) the operating expense ratio for each Fund (as a
 
                                        13

 
percentage of net assets attributable to common shares) set forth in the table
above and (2) a 5% annual return throughout the period:
 


                                        1 YEAR   3 YEARS   5 YEARS   10 YEARS
                                        ------   -------   -------   --------
                                                         
Van Kampen Advantage Pennsylvania
  Municipal Income Trust (VAP)........   $13       $41       $71       $157
Van Kampen Pennsylvania Quality
  Municipal Trust (VPQ)...............   $12       $36       $63       $139
Van Kampen Trust for Investment Grade
  Pennsylvania Municipals (VTP).......   $12       $38       $66       $145
Van Kampen Pennsylvania Value
  Municipal Income Trust (VPV)........   $14       $43       $74       $164
Pro Forma -- Van Kampen Pennsylvania
  Value Municipal Income Trust(a)
  (VPV)...............................   $11       $35       $61       $134

 
---------------
 
(a)Consistent with footnote (f) to the preceding table, the pro forma row shown
   above assumes each of the Reorganizations is completed. As described herein,
   an unfavorable vote by one of the Target Funds will not affect the
   implementation of the Reorganizations of the other Target Funds if approved
   by such other Target Funds. This means that there could be other combinations
   of approved Reorganizations, and the pro forma rows below present these
   various combinations:
 


PRO FORMA                           1 YEAR   3 YEARS   5 YEARS   10 YEARS
---------                           ------   -------   -------   --------
                                                     
VAP and VPV only..................   $12       $39       $67       $148
VPQ and VPV only..................   $12       $36       $63       $139
VTP and VPV only..................   $12       $37       $65       $143
VAP, VPQ and VPV only.............   $11       $35       $61       $135
VAP, VTP and VPV only.............   $12       $36       $63       $139
VPQ, VTP and VPV only.............   $11       $35       $61       $134

 
  The example set forth above assumes the reinvestment of all dividends and
distributions. The example should not be considered a representation of past or
future expenses or annual rates of return. Actual expenses or annual rates of
return may be more or less than those assumed for purposes of the example.
 
  FURTHER INFORMATION REGARDING THE REORGANIZATIONS.  The Target Fund Board has
determined that each Reorganization is in the best interests of common
shareholders of the respective Target Fund and that the interests of such
shareholders will not be diluted as a result of their Fund's Reorganization.
Similarly, the Acquiring Fund Board has determined that each Reorganization is
in the best
 
                                        14

 
interests of common shareholders of the Acquiring Fund and that the interests of
such shareholders will not be diluted as a result of any Reorganization. It is
not anticipated that any of the Reorganizations will directly benefit preferred
shareholders of any of the Funds; however, the Reorganizations will not
adversely affect preferred shareholders of any of the Funds, and the expenses of
the Reorganizations will not be borne by preferred shareholders of any of the
Funds. As a result of the Reorganizations, however, a shareholder of a Fund will
hold a reduced percentage of ownership in the larger combined fund than he or
she did in any of the separate Funds.
 
  Each of the Reorganizations is intended to qualify as a "reorganization"
within the meaning of Section 368(a)(1) of the Internal Revenue Code of 1986, as
amended (the "Internal Revenue Code"). If the Reorganizations so qualify, in
general, shareholders of the Target Funds will recognize no gain or loss upon
the receipt of shares of the Acquiring Fund in connection with the
Reorganizations. Additionally, the Target Funds will recognize no gain or loss
as a result of the transfer of all of their assets and liabilities in exchange
for shares of the Acquiring Fund or as a result of their dissolution. Neither
the Acquiring Fund nor its shareholders will recognize any gain or loss in
connection with the Reorganizations.
 
  The Target Fund Board requests that shareholders of each Target Fund approve
their Fund's proposed Reorganization at the Special Meeting to be held on
September 23, 2005. Shareholder approval of each Reorganization requires the
affirmative vote of shareholders of the respective Target Fund representing more
than 50% of the outstanding common shares and preferred shares of such Target
Fund, entitled to vote, each voting separately as a class. Subject to the
requisite approval of the shareholders of each Fund with regard to each
Reorganization, it is expected that the closing date of each Reorganization (the
"Closing Date") will be after the close of business on or about October 7, 2005,
but it may be at a different time as described herein. The Closing Date of the
Reorganization of one or more Target Funds may differ from the Closing Date of
the Reorganization of one or more other Target Funds.
 
  The Target Fund Board recommends that you vote "FOR" your Target Fund's
proposed Reorganization.
 
PROPOSAL 2: ISSUANCE OF ADDITIONAL ACQUIRING FUND COMMON SHARES
 
  In connection with each proposed Reorganization described under "Proposal 1:
Reorganizations of the Target Funds," the Acquiring Fund will issue additional
Acquiring Fund Common Shares and list such shares on the NYSE and CHX. The
Acquiring Fund will acquire substantially all of the assets and assume
substantially all of the liabilities of each Target Fund in exchange for
newly-issued Acquiring Fund Common Shares and newly-issued Acquiring Fund APS.
The Reorganizations will result in no reduction of the net asset value of the
Acquiring Fund Common
                                        15

 
Shares, other than to reflect the costs of the Reorganizations. No gain or loss
will be recognized by the Acquiring Fund or its shareholders in connection with
the Reorganization. The Acquiring Fund Board, based upon its evaluation of all
relevant information, anticipates that each Reorganization will benefit holders
of Acquiring Fund Common Shares. In particular, the Acquiring Fund Board
believes, based on data presented by the Adviser, that the Acquiring Fund will
experience a reduced annual operating expense ratio as a result of the
Reorganizations.
 
  The Acquiring Fund Board requests that common shareholders of the Acquiring
Fund approve the issuance of additional Acquiring Fund Common Shares at the
Special Meeting to be held on September 23, 2005. Shareholder approval of the
issuance of additional Acquiring Fund Common Shares requires the affirmative
vote of a majority of the votes cast on the proposal, provided that the total
votes cast on the proposal represents more than 50% in interest of all
securities entitled to vote on the proposal. Subject to the requisite approval
of the shareholders of each Fund with regard to the Reorganizations, it is
expected that the Closing Date will be after the close of business on or about
October 7, 2005, but it may be at a different time as described herein. The
Closing Date of each proposed Reorganization may differ, and the additional
Acquiring Fund Common Shares may be issued on one or more different Closing
Dates.
 
  The Acquiring Fund Board recommends that you vote "FOR" the issuance of
additional Acquiring Fund Common Shares in connection with the Reorganizations.
 
                                        16

 
------------------------------------------------------------------------------
                PROPOSAL 1: REORGANIZATIONS OF THE TARGET FUNDS
------------------------------------------------------------------------------
 
  The Reorganizations seek to combine four similar Funds to achieve certain
economies of scale and other operational efficiencies. Each Fund is registered
as a non-diversified, closed-end management investment company under the 1940
Act. The investment objective of each Fund is to seek to provide a high level of
current income exempt from federal and Pennsylvania income taxes and, where
possible under local law, local income and personal property taxes, consistent
with preservation of capital. Each Fund seeks to achieve its investment
objective, under normal market conditions, by investing substantially all of its
assets in Pennsylvania municipal securities rated investment grade at the time
of investment. Pennsylvania Quality Municipal Trust and the Acquiring Fund may
invest up to 20% of their assets in unrated Pennsylvania municipal securities
believed, at the time of investment, by the Adviser to have credit
characteristics equivalent to, and to be of comparable quality as, Pennsylvania
municipal securities that are rated investment grade. The Funds are managed by
the same investment advisory personnel.
 
  In each Reorganization, the Acquiring Fund will acquire substantially all of
the assets and assume substantially all of the liabilities of the Target Fund in
exchange for an equal aggregate value of Acquiring Fund Common Shares and
Acquiring Fund APS. The Target Fund will distribute Acquiring Fund Common Shares
to common shareholders of the Target Fund and Acquiring Fund APS to preferred
shareholders of the Target Fund, and will then terminate its registration under
the 1940 Act and dissolve under applicable state law. The aggregate net asset
value of Acquiring Fund Common Shares received in the Reorganization will equal
the aggregate net asset value of the Target Fund common shares held immediately
prior to the Reorganization, less the costs of the Reorganization (though
holders of Target Fund common shares may receive cash for their fractional
shares). The aggregate liquidation preference of Acquiring Fund APS received in
the Reorganization will equal the aggregate liquidation preference of Target
Fund preferred shares held immediately prior to the Reorganization. The
Acquiring Fund will continue to operate as a registered closed-end investment
company with the investment objective and policies described in this Joint Proxy
Statement/Prospectus.
 
  The Target Fund Board, based upon its evaluation of all relevant information,
anticipates that the common shareholders of each Target Fund will benefit from
their Fund's respective Reorganization. In particular, the Target Fund Board
believes, based on data presented by the Adviser, that common shareholders of
each Target Fund will experience a reduced annual operating expense ratio as a
result of their Fund's respective Reorganization. The combined fund resulting
from the Reorganizations will have a larger asset base than any of the Funds has
currently; certain fixed administrative costs, such as costs of printing
shareholder reports and
 
                                        17

 
proxy statements, legal expenses, audit fees, mailing costs and other expenses,
will be spread across this larger asset base, thereby lowering the expense ratio
for common shareholders of the combined fund.
 
                    RISK FACTORS AND SPECIAL CONSIDERATIONS
 
  Because each Fund, under normal market conditions, invests substantially all
of its assets in municipal securities rated investment grade at the time of
investment, any risks inherent in such investments are equally applicable to
each Fund and will apply to the combined fund after the Reorganizations. The
Reorganizations themselves are not expected to adversely affect the rights of
shareholders of any of the Funds or to create additional risks.
 
MARKET RISK
 
  Market risk is the possibility that the market values of securities owned by
each Fund will decline. The prices of debt securities tend to fall as interest
rates rise, and such declines tend to be greater among debt securities with
longer maturities. Market risk is often greater among certain types of debt
securities, such as zero coupon bonds which do not make regular interest
payments but are instead bought at a discount to their face values and paid in
full upon maturity. As interest rates change, these securities often fluctuate
more in price than securities that make regular interest payments and therefore
subject the Funds to greater market risk than a fund that does not own these
types of securities. When-issued and delayed delivery transactions are subject
to changes in market conditions from the time of the commitment until
settlement. This may adversely affect the prices or yields of the securities
being purchased. The greater the Funds' outstanding commitments for these
securities, the greater the Funds' exposure to market price fluctuations.
 
INTEREST RATE RISK
 
  Interest rate risk is the risk that prices of municipal securities generally
increase when interest rates decline and decrease when interest rates increase.
Prices of longer-term securities generally change more in response to interest
rate changes than prices of shorter-term securities.
 
CREDIT RISK
 
  Credit risk refers to an issuer's ability to make timely payments of interest
and principal. The degree of credit risk depends on both the financial condition
of the issuer and the terms of the obligation. Each Fund invests substantially
all of its assets in municipal securities rated investment grade at the time of
investment. However, to the extent that a Fund may hold securities rated below
investment grade, it may be subject to a higher level of credit risk than a fund
that holds solely
 
                                        18

 
investment grade securities. Securities rated BBB by Standard & Poor's ("S&P")
or Baa by Moody's Investors Service, Inc. ("Moody's") are in the lowest of the
four investment grades and are considered by the rating agencies to be
medium-grade obligations which possess speculative characteristics so that
changes in economic conditions or other circumstances are more likely to lead to
a weakened capacity of the issuer to make principal and interest payments than
in the case of higher-rated securities. The credit quality of non-investment
grade securities is considered speculative by recognized rating agencies with
respect to the issuer's continuing ability to pay interest and principal.
Lower-grade securities may have less liquidity and a higher incidence of default
than higher-grade securities. A Fund may incur higher expenditures to protect
its interests in such securities. The credit risks and market prices of
lower-grade securities generally are more sensitive to negative issuer
developments, such as reduced revenues or increased expenditures, or adverse
economic conditions, such as a recession, than are higher-grade securities.
Pennsylvania Quality Municipal Trust and the Acquiring Fund may invest up to 20%
of their assets in unrated Pennsylvania municipal securities believed, at the
time of investment, by the Adviser to have credit characteristics equivalent to,
and to be of comparable quality as, Pennsylvania municipal securities that are
rated investment grade. Pennsylvania Quality Municipal Trust and the Acquiring
Fund may therefore be more dependent on the Adviser's investment analysis of
unrated Pennsylvania municipal securities than is the case with respect to rated
Pennsylvania municipal securities.
 
INCOME RISK
 
  The income shareholders receive from their Fund is based primarily on interest
rates of securities in that Fund's portfolio, which can vary widely over the
short- and long-term. If interest rates drop, the income from the Funds may drop
as well.
 
CALL RISK
 
  If interest rates fall, it is possible that issuers of securities with high
interest rates will prepay or "call" their securities before their maturity
dates. In this event, the proceeds from the called securities would likely be
reinvested by the Funds in securities bearing the new, lower interest rates,
resulting in a possible decline in the Funds' income and distributions to
shareholders.
 
NON-DIVERSIFICATION RISK
 
  Each Fund is classified as a non-diversified fund, which means each Fund may
invest a greater portion of its assets in a more limited number of issuers than
a diversified fund. As a result, each Fund may be subject to greater risk than a
diversified fund because changes in the financial condition or market assessment
of a single issuer may cause greater fluctuations in the value of such Fund's
shares.
 
                                        19

 
PENNSYLVANIA MUNICIPAL SECURITIES RISK
 
  Since each Fund, under normal market conditions, invests substantially all of
its assets in investment grade Pennsylvania municipal securities, each Fund is
more exposed to risks affecting issuers of Pennsylvania municipal securities
than is a municipal bond fund that invests more widely. Many different social,
environmental and economic factors may affect the financial condition of
Pennsylvania and its political subdivisions. The yields of Pennsylvania
municipal securities may move differently and adversely compared to the yields
of overall debt securities markets. Although the interest received from
Pennsylvania municipal securities in which the Funds invest generally is exempt
from regular federal income tax as well as Pennsylvania personal income taxes,
and where possible under local law, local income and personal property taxes,
each Fund may invest an unlimited portion of its assets in Pennsylvania
municipal securities that pay interest that is subject to the federal
alternative minimum tax. In addition, there could be changes in applicable tax
laws or tax treatments that reduce or eliminate the current federal income tax
exemption generally applicable to interest received on municipal securities or
otherwise adversely affect the current federal or state tax status of
Pennsylvania municipal securities.
 
RISKS OF USING STRATEGIC TRANSACTIONS
 
  Each Fund may engage in certain transactions ("Strategic Transactions")
designed to, among other things, reduce its exposure to interest rate movements.
For example, each Fund may purchase and sell exchange-listed and over-the-
counter put and call options on securities, financial futures and other
financial instruments, purchase and sell financial futures contracts and enter
into various interest rate transactions such as swaps, caps, floors or collars.
If a Fund incorrectly forecasts market values, interest rates or other factors,
that Fund's performance could suffer as a result of its Strategic Transactions.
Each Fund also may suffer a loss if the other party to the Strategic Transaction
fails to meet its obligations. The Funds are not required to use Strategic
Transactions and may choose not to do so.
 
MANAGER RISK
 
  As with any managed fund, the investment adviser to each Fund may not be
successful in selecting the best-performing securities or investment techniques,
and a Fund's performance may lag behind that of similar funds.
 
MARKET DISCOUNT RISK
 
  Whether investors will realize gains or losses upon the sale of shares of a
Fund will depend upon the market price of the shares at the time of original
purchase and subsequent sale, which may be less or more than such Fund's net
asset value per share. Since the market price of the shares will be affected by
such factors as the
                                        20

 
relative demand for and supply of the shares in the market, general market and
economic conditions and other factors beyond the control of the Funds, the Funds
cannot predict whether shares of the Funds will trade at, below or above net
asset value. Shares of closed-end funds often trade at a discount to their net
asset values, and the Funds' shares may trade at such a discount.
 
  In order to reduce or eliminate a market value discount from net asset value,
the Board of Trustees of a Fund may, subject to the terms of its preferred
shares, authorize such Fund from time to time to repurchase its common shares in
the open market or to tender for its common shares at net asset value. The Board
of Trustees of a Fund, in consultation with the Adviser, reviews on a quarterly
basis the possibility of open-market repurchases and/or tender offers for such
Fund's common shares. Subject to its borrowing restrictions, a Fund may incur
debt to finance such repurchases, which entails risks. The ability of a Fund to
enter into tender offers and the common share repurchases may be limited by the
1940 Act asset coverage requirements and any additional asset coverage
requirements which may be imposed by a rating agency in connection with any
rating of the preferred shares. No assurance can be given that the Board of
Trustees of a Fund will, in fact, authorize such Fund to undertake such
repurchases and/or tender offers or that, if undertaken, such actions would
result in such Fund's common shares trading at a price which is equal or close
to net asset value.
 
LEVERAGE RISK
 
  Use of leverage, through the issuance of preferred shares, involves certain
risks to holders of common shares of the Funds. For example, each Fund's
issuance of preferred shares may result in higher volatility of the net asset
value of its common shares and potentially more volatility in the market value
of its common shares. In addition, changes in the short-term and medium-term
dividend rates on, and the amount of taxable income allocable to, the preferred
shares of a Fund will affect the yield to holders of common shares of such Fund.
In certain circumstances, when a Fund is required to allocate taxable income to
holders of its preferred shares, such Fund may be required to make an additional
distribution to such holders in an amount approximately equal to the tax
liability resulting from the allocation (an "Additional Dividend"). Leverage
will allow holders of each Fund's common shares to realize a higher current rate
of return than if a Fund were not leveraged as long as such Fund, while
accounting for its costs and operating expenses, is able to realize a higher net
return on its investment portfolio than the then-current dividend rate (and any
Additional Dividend) paid on its preferred shares. Similarly, since a pro rata
portion of each Fund's net realized capital gains is generally payable to
holders of a Fund's common shares, the use of leverage will increase the amount
of such gains distributed to holders of a Fund's common shares. However,
short-term, medium-term and long-term interest rates change from time to time as
do their relationships to each other (i.e., the slope of the yield curve)
depending upon such
                                        21

 
factors as supply and demand forces, monetary and tax policies and investor
expectations. Changes in any or all of such factors could cause the relationship
between short-term, medium-term and long-term rates to change (i.e., to flatten
or to invert the slope of the yield curve) so that short-term and medium-term
rates may substantially increase relative to the long-term obligations in which
each Fund may be invested. To the extent that the current dividend rate (and any
Additional Dividend) on a Fund's preferred shares approaches the net return on
such Fund's investment portfolio, the benefit of leverage to holders of common
shares of such Fund will be decreased. If the current dividend rate (and any
Additional Dividend) on the preferred shares were to exceed the net return on a
Fund's portfolio, holders of common shares of such Fund would receive a lower
rate of return than if the Fund were not leveraged. Similarly, since both the
costs of issuing preferred shares and any decline in the value of a Fund's
investments (including investments purchased with the proceeds from any
preferred shares offering) will be borne entirely by holders of such Fund's
common shares, the effect of leverage in a declining market would result in a
greater decrease in net asset value to holders of common shares than if a Fund
were not leveraged. If a Fund is liquidated, holders of that Fund's preferred
shares will be entitled to receive liquidating distributions before any
distribution is made to holders of common shares of such Fund.
 
  In an extreme case, a decline in net asset value could affect a Fund's ability
to pay dividends on its common shares. Failure to make such dividend payments
could adversely affect a Fund's qualification as a regulated investment company
under the federal tax laws. However, each Fund intends to take all measures
necessary to make required common share dividend payments. If a Fund's current
investment income is ever insufficient to meet dividend payments on either its
common shares or its preferred shares, such Fund may have to liquidate certain
of its investments. In addition, each Fund has the authority to redeem its
preferred shares for any reason and may be required to redeem all or part of its
preferred shares in the following circumstances:
 
  - if the asset coverage for the preferred shares declines below 200%, either
    as a result of a decline in the value of a Fund's portfolio investments or
    as a result of the repurchase of common shares in tender offers or
    otherwise, or
 
  - in order to maintain the asset coverage guidelines established by Moody's
    and S&P in rating the preferred shares.
 
  Redemption of the preferred shares or insufficient investment income to make
dividend payments may reduce the net asset value of a Fund's common shares and
require a Fund to liquidate a portion of its investments at a time when it may
be disadvantageous to do so.
 
                                        22

 
ANTI-TAKEOVER PROVISIONS
 
  The Declaration of Trust of each Fund (in each case, the "Declaration of
Trust") includes provisions that could limit the ability of other entities or
persons to acquire control of that Fund or to change the composition of its
Board of Trustees. Such provisions could limit the ability of common
shareholders to sell their common shares at a premium over prevailing market
prices by discouraging a third party from seeking to obtain control of either
Fund.
 
SPECIAL RISKS RELATED TO PREFERRED SHARES
 
  AUCTION RISK. The dividend rate for the preferred shares of each Fund,
including the Acquiring Fund, normally is set through an auction process. These
preferred shares are referred to as "auction preferred shares." In the auction,
preferred shareholders may indicate the dividend rate at which they would be
willing to hold or sell their auction preferred shares or purchase additional
shares. An auction fails if there are more auction preferred shares offered for
sale than there are buyers, in which case preferred shareholders may not be able
to sell their shares. Also, if preferred shareholders place bids to retain
shares at an auction only at a specified dividend rate and that rate exceeds the
rate set at the auction, they will not retain their shares. Additionally, if
preferred shareholders buy auction preferred shares or elect to retain shares
without specifying a dividend rate below which they would not wish to buy or
continue to hold those shares, they could receive a lower rate of return on
their auction preferred shares than the market rate. Finally, the dividend
period for the auction preferred shares may be changed by the Funds, subject to
certain conditions, including notice to preferred shareholders, which could also
affect the liquidity of an investment in those shares.
 
  SECONDARY MARKET RISK. Broker-dealers may maintain a secondary trading market
in the preferred shares outside of auctions; however, they are not obligated to
do so and there can be no assurance that such a secondary market will develop
or, if it does develop, that it will provide preferred shareholders with a
liquid trading market. It may not be possible to sell preferred shares between
auctions, or it may only be possible to sell them for a price less than their
liquidation preference plus any accumulated dividends. An increase in the level
of interest rates likely will have an adverse effect on the secondary market
price of the preferred shares. Auction preferred shares may only be transferred
outside of auctions to or through broker-dealers or other persons as the Funds
permit.
 
  RATINGS AND ASSET COVERAGE RISKS. Although the preferred shares of each Fund
have been rated "Aaa" by Moody's and "AAA" by S&P, such ratings do not eliminate
or necessarily mitigate the risks of investing in preferred shares. Moody's or
S&P could downgrade its rating of the preferred shares or withdraw its rating at
any time, which may make the preferred shares less liquid at an auction or in
the secondary market. If a Fund fails to satisfy its asset coverage ratios, it
will be
                                        23

 
required to redeem a sufficient number of preferred shares in order to return to
compliance with the asset coverage ratios. A Fund may voluntarily redeem
preferred shares under certain circumstances in order to meet asset coverage
tests.
 
                            COMPARISON OF THE FUNDS
 
INVESTMENT OBJECTIVE AND POLICIES
 
  The Funds pursue the same investment objective and have similar investment
policies. Each Fund's investment objective is to seek to provide common
shareholders with a high level of current income exempt from federal and
Pennsylvania income taxes and, where possible under local law, local income and
personal property taxes, consistent with preservation of capital. Under normal
market conditions, each Fund invests at least 80% of its assets in Pennsylvania
municipal securities.
 
  Under normal market conditions, each Fund invests substantially all of its
assets in Pennsylvania municipal securities rated investment grade at the time
of investment. Investment grade rated securities are rated BBB or higher by S&P
or Baa or higher by Moody's (or comparably rated by any other nationally
recognized statistical rating organization) in the case of long-term
obligations, and have equivalent ratings in the case of short-term obligations.
Securities rated BBB by S&P are regarded by S&P as having an adequate capacity
to pay interest and repay principal. Securities rated Baa by Moody's are
considered by Moody's as medium-grade obligations which lack outstanding
investment characteristics and in fact have speculative characteristics as well.
 
  Pennsylvania Quality Municipal Trust and the Acquiring Fund may invest up to
20% of their assets in unrated Pennsylvania municipal securities believed, at
the time of investment, by the Adviser to have credit characteristics equivalent
to, and to be of comparable quality as, Pennsylvania municipal securities that
are rated investment grade.
 
  The foregoing policies with respect to credit quality of portfolio investments
apply only at the time of purchase of a security, and the Funds are not required
to dispose of a security in the event that S&P or Moody's (or any other
nationally recognized statistical rating organization) downgrades its assessment
of the credit characteristics of a particular issuer or, in the case of unrated
securities in which Pennsylvania Quality Municipal Trust and the Acquiring Fund
may invest, in the event the Adviser reassesses its view with respect to the
credit quality of the issuer thereof. In determining whether a Fund will retain
or sell such a security, the Adviser may consider such factors as the Adviser's
assessment of the credit quality of the issuer of such security, the price at
which such security could be sold and the rating, if
 
                                        24

 
any, assigned to such security by other nationally recognized statistical rating
organizations.
 
  Each Fund may invest an unlimited portion of its assets in Pennsylvania
municipal securities that pay interest that is subject to the alternative
minimum tax provisions of federal tax law. A substantial portion of the income
produced by each Fund may be taxable under the alternative minimum tax. The
Funds may not be suitable investments for investors who are already subject to
the federal alternative minimum tax or who would become subject to the federal
alternative minimum tax as a result of an investment in the Funds.
 
  Each Fund may engage in certain Strategic Transactions. Such transactions are
not treated as investments in municipal securities for the purpose of each
Fund's policy of investing 80% of its total assets in Pennsylvania municipal
securities.
 
  PENNSYLVANIA MUNICIPAL SECURITIES. Municipal securities are obligations issued
by or on behalf of states, certain territories and possessions of the United
States and the District of Columbia and their political subdivisions, agencies
and instrumentalities, the interest on which is, in the opinion of bond counsel
or other counsel to the issuer of such securities, at the time of issuance, not
includable in gross income for regular federal income tax purposes. Pennsylvania
municipal securities are municipal securities, the interest on which is, in the
opinion of bond counsel or other counsel to the issuer of such securities, at
the time of issuance, exempt from Pennsylvania personal income taxes. Under
normal market conditions, at least 80% of each Fund's net assets are invested in
Pennsylvania municipal securities.
 
  The two principal classifications of municipal securities are "general
obligation" securities and "revenue" securities. "General obligation" securities
are secured by the issuer's pledge of its faith, credit and taxing power for the
payment of principal and interest. "Revenue" securities are usually payable only
from the revenues derived from a particular facility or class of facilities or,
in some cases, from the proceeds of a special excise tax or other specific
revenue source. Industrial development bonds are usually revenue securities, the
credit quality of which is normally directly related to the credit standing of
the industrial user involved.
 
  Within these principal classifications of municipal securities, there are a
variety of categories of municipal securities, including fixed and variable rate
securities, municipal bonds, municipal notes, municipal leases, custodial
receipts, participation certificates and municipal securities the terms of which
include elements of, or are similar in effect to, certain Strategic Transactions
in which the Funds may engage. Variable rate securities bear rates of interest
that are adjusted periodically according to formulae intended to reflect market
rates of interest and include securities whose rates vary inversely with changes
in market rates of interest. Municipal notes include tax, revenue and bond
anticipation notes of short maturity, generally less than three years, which are
issued to obtain temporary funds for various public
 
                                        25

 
purposes. Municipal leases are obligations issued by state and local governments
or authorities to finance the acquisition of equipment and facilities. Certain
municipal lease obligations may include "nonappropriation" clauses which provide
that the municipality has no obligation to make lease or installment purchase
payments in future years unless money is appropriated for such purpose on a
yearly basis. Advantage Pennsylvania Municipal Income Trust and Trust for
Investment Grade Pennsylvania Municipals will invest in lease obligations which
contain non-appropriation clauses only if such obligations are rated investment
grade at the time of investment, and Pennsylvania Quality Municipal Trust and
the Acquiring Fund may invest in investment grade non-appropriation lease
obligations and in unrated non-appropriation lease obligations believed, at the
time of investment, by the Adviser to have credit characteristics equivalent to,
and to be comparable quality as, securities rated investment grade. Custodial
receipts are underwritten by securities dealers or banks and evidence ownership
of future interest payments, principal payments or both on certain municipal
securities. Participation certificates are obligations issued by state and local
governments or authorities to finance the acquisition of equipment and
facilities. They may represent participations in a lease, an installment
purchase contract, or a conditional sales contract. Municipal securities may not
be backed by the faith, credit and taxing power of the issuer.
 
  The Funds do not generally invest 25% or more of their respective total assets
in any one industry. Governmental issuers of Pennsylvania municipal securities
are not considered part of any "industry" and are accordingly not subject to
this 25% limitation. However, Pennsylvania municipal securities backed only by
the assets and revenues of non-governmental users may for this purpose be deemed
to be issued by such non-governmental users, and the 25% limitation would apply
to such obligations. It is nonetheless possible that a Fund may invest 25% or
more of its total assets in a broader segment of the Pennsylvania municipal
securities market (if such Fund is a Target Fund) or in one or more broad
segments or sectors of the Pennsylvania municipal securities market (if such
Fund is the Acquiring Fund), such as revenue obligations of hospitals and other
health care facilities, housing agency revenue obligations, transportation
revenue obligations or education related revenue obligations, if the Adviser
determines that the yields available from obligations in one or more particular
segments or sectors of the market justify the additional risks associated with a
large investment in such segments or sectors.
 
  Each Fund may invest up to 15% of its net assets in "inverse floating rate
obligations." Floating rate obligations bear rates of interest that are adjusted
periodically to reflect changes in market rates of interest. Inverse floating
rate obligations have rates that vary inversely with changes in market rates of
interest. 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 that the value of an equal
principal amount of a fixed rate security having similar credit quality,
redemption provisions and maturity. These
                                        26

 
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.
 
  The amount of available information about the financial condition of
Pennsylvania municipal securities issuers may be less extensive than that for
corporate issuers with publicly traded securities. Pennsylvania municipal
securities in which the Funds may each invest include special obligation bonds,
lease obligations, participation certificates, variable rate instruments and
Pennsylvania municipal securities the terms of which include elements of, or are
similar in effect to, certain Strategic Transactions in which the Funds may
engage. Certain of these instruments represent relatively recent innovations in
the municipal securities markets. While the markets for such recent innovations
progress through stages of development, such markets may be less liquid than
more fully developed markets for municipal securities. Liquidity relates to the
ability of a Fund to sell a security in a timely manner at a price which
reflects the value of that security. Although it is generally the policy of the
Funds to hold Pennsylvania municipal securities until their maturity, the
relative illiquidity of some of a Fund's portfolio securities may adversely
affect the ability of the Fund to dispose of such securities in a timely manner
and at a fair price.
 
  TEMPORARY DEFENSIVE STRATEGIES. At times, the Adviser may judge that
conditions in the markets for Pennsylvania municipal securities make pursuing a
Fund's basic investment strategy inconsistent with the best interests of its
shareholders. At such times, the Adviser may use alternative strategies,
primarily designed to reduce fluctuations in the value of such Fund's assets. In
implementing these "defensive" strategies, a Fund may invest to a substantial
degree in other investment grade municipal securities, including liquid,
high-quality, short-term municipal securities. If these other municipal
securities are not available or, in the Adviser's judgment, do not afford
sufficient protection against adverse market conditions, each Fund may invest in
investment grade taxable securities. To the extent that a Fund invests in
taxable securities for temporary defensive purposes, that Fund will not be
invested in a manner primarily designed to achieve its investment objective of
seeking to provide common shareholders with a high level of current income
exempt from federal and Pennsylvania income taxes and, where possible under
local law, local income and personal property taxes, consistent with
preservation of capital. Additionally, each of Pennsylvania Quality Municipal
Trust and Trust for Investment Grade Pennsylvania Municipals may generally
invest up to 20% of its total assets in taxable obligations if such investment
is determined by the Adviser to be in the best interest of such Fund, provided,
however, that such Fund will not invest in taxable obligations rated below BBB
by S&P or below Baa by Moody's, or if such Fund is Pennsylvania Quality
Municipal Trust, in taxable obligations regarded as comparable in quality to
such rated securities by the Adviser.
 
                                        27

 
OTHER INVESTMENT PRACTICES AND POLICIES
 
  In connection with the investment objective and policies described above, each
Fund may, but is not required to, utilize various other investment strategies as
described below to earn income, to facilitate portfolio management and to
mitigate risk. Such strategies are generally accepted by modern portfolio
managers and are regularly utilized by many investment companies and other
institutional investors. These investment practices entail risks. Although the
Adviser believes that these investment practices may further the Funds'
respective investment objectives, no assurance can be given that these
investment practices will achieve this result.
 
  STRATEGIC TRANSACTIONS. Each Fund may engage in certain Strategic Transactions
to attempt to protect against possible changes in the market value of securities
held in or to be purchased for its portfolio resulting from securities markets
fluctuations, to protect unrealized gains in the value of its portfolio
securities, to facilitate the sale of such securities for investment purposes,
to manage the effective maturity or duration of its portfolio, or to establish a
position in the derivatives markets as a temporary substitute for purchasing or
selling particular securities. Any or all of these investment techniques may be
used at any time and there is no particular strategy that dictates the use of
one technique rather than another, as use of any Strategic Transaction is a
function of numerous variables, including market conditions. The ability of a
Fund to utilize these Strategic Transactions successfully depends on the
Adviser's ability to predict pertinent market movements, which cannot be
assured. Each Fund complies with applicable regulatory requirements when
implementing these strategies, techniques and instruments, including the
maintenance of cash and/or liquid securities in segregated accounts when
mandated by SEC rules.
 
  Pennsylvania Quality Municipal Trust and Trust for Investment Grade
Pennsylvania Municipals each have certain limits on their use of Strategic
Transactions as follows: In general, each such Fund may purchase and sell
(write) options on up to 20% of its assets. Each such Fund will only engage in
over-the-counter options ("OTC options") transactions with respect to U.S.
government securities with primary dealers that have been specifically approved
by the Board of Trustees of such Fund. Such Funds will engage in OTC options
transactions with respect to municipal securities only with dealers that have
been specifically approved by the Board of Trustees. Neither such Fund will
engage in interest rate hedging transactions for speculative purposes, but only
as a means to hedge risks associated with management of the respective Fund's
portfolio. Similarly, neither such Fund will engage in transactions in financial
futures contracts or options thereon for speculation, but only to attempt to
hedge against changes in market conditions affecting the values of securities
which such Fund holds or intends to purchase. When futures contracts or options
thereon are purchased to protect against a price increase on securities intended
to be purchased later, it is anticipated that at least 75% of such intended
purchases will be completed. When other futures contracts or options
 
                                        28

 
thereon are purchased, the underlying value of such contracts will at all times
not exceed the sum of: (1) accrued profit on such contracts held by the broker,
(2) cash or high quality money market instruments set aside in an identifiable
manner, and (3) cash proceeds from investments due in 30 days. Such Funds will
not sell interest rate caps or floors that the applicable Fund does not own.
Such Funds will not enter into swaps, caps or floors if, on a net basis, the
aggregate notional principal amount with respect to such agreements exceeds the
net assets of the applicable Fund.
 
  The Acquiring Fund and Advantage Pennsylvania Municipal Income Trust each have
certain limits on their use of Strategic Transactions as follows: Strategic
Transactions involving financial futures and options thereon will be purchased,
sold or entered into by such Funds only for bona fide hedging, risk management
or portfolio management purposes and not for speculative purposes. Such Funds
may use Strategic Transactions, other than Strategic Transactions involving
financial futures and options thereon, to enhance potential gain although no
more than 5% of such Fund's assets will be committed to such Strategic
Transactions for non-hedging purposes. Such Funds will only enter into
over-the-counter options ("OTC options") that have a buy-back provision
permitting the Fund to require the counterparty to buy back the option at a
formula price within seven days. Such Funds will engage in OTC option
transactions only with U.S. government securities dealers recognized by the
Federal Reserve Bank in New York as "primary dealers", broker dealers, domestic
or foreign banks or other financial institutions which have received a
short-term credit rating of A-1 from S&P or P-1 from Moody's or any equivalent
rating from any other nationally recognized statistical rating organization
("NRSRO"). All calls sold by such Funds must be "covered" or meet asset
segregation requirements as long as the call is outstanding (i.e., such Funds
must own the securities or futures contract subject to the call). Such Funds
will not sell put options if, as a result, more than 50% of such Fund's assets
would be required to be segregated to cover its potential obligations under its
hedging, duration management, risk management, and other Strategic Transactions
other than those with respect to futures and options thereon. Each of such Funds
intends to use interest rate and index swaps and the purchase or sale of related
caps, floors and collars as hedges and not as speculative investments and will
not sell interest rate caps or floors where it does not own securities or other
instruments providing the income stream that such Fund may be obligated to pay.
Such Funds will not enter into any swap, cap, floor or collar transaction
unless, at the time of entering into such transaction, the unsecured long-term
debt of the counterparty, combined with any credit enhancements, is rated at
least A by S&P or Moody's or has an equivalent rating from an NRSRO or is
determined to be of equivalent credit quality by the Adviser.
 
  Strategic Transactions have risks associated with them, including possible
default by the other party to the transaction, liquidity and, to the extent the
Adviser's view
                                        29

 
as to certain market movements is incorrect, the risk that the use of such
Strategic Transactions could result in losses greater than if they had not been
used. Use of put and call options may result in losses to a Fund, force the sale
of portfolio securities at inopportune times or for prices other than at current
market values, limit the amount of appreciation a Fund can realize on its
investments or cause a Fund to hold a security it might otherwise sell. The use
of options and futures transactions entails certain other risks. In particular,
the variable degree of correlation between price movements of futures contracts
and price movements in the related portfolio position of a Fund creates the
possibility that losses on the hedging instrument may be greater than gains in
the value of the Fund's position. In addition, futures and options markets may
not be liquid in all circumstances and certain over-the-counter options may have
no markets. As a result, in certain markets, a Fund might not be able to close
out a transaction without incurring substantial losses, if at all. Although the
contemplated use of these futures contracts and options thereon should tend to
minimize the risk of loss due to a decline in the value of the hedged position,
at the same time they tend to limit any potential gain which might result from
an increase in value of such position. Finally, the daily variation margin
requirements for futures contracts and the sale of options thereon would create,
a greater ongoing potential financial risk than would purchases of options,
where the exposure is limited to the cost of the initial premium.
 
  Losses resulting from the use of Strategic Transactions would reduce net asset
value, and possibly income, and such losses can be greater than if the Strategic
Transactions had not been utilized. Income earned or gains realized or deemed to
be earned or realized, if any, by a Fund from engaging in Strategic Transactions
generally will be taxable income of the Fund. Such income is allocated among the
common shares and the preferred shares of a Fund on a pro rata basis.
 
  "WHEN-ISSUED" AND "DELAYED DELIVERY" TRANSACTIONS. Each Fund may also purchase
and sell municipal securities on a "when-issued" and "delayed delivery" basis.
No income accrues to a Fund on municipal securities in connection with such
transactions prior to the date such Fund actually takes delivery of such
securities. These transactions are subject to market fluctuation; the value of
the municipal securities at delivery may be more or less than their purchase
price, and yields generally available on municipal securities when delivery
occurs may be higher than yields on the municipal securities obtained pursuant
to such transactions. Because a Fund engaging in such transactions relies on the
buyer or seller, as the case may be, to consummate the transaction, failure by
the other party to complete the transaction may result in such Fund missing the
opportunity of obtaining a price or yield considered to be advantageous. When a
Fund is the buyer in such a transaction, however, it will maintain, in a
segregated account with its custodian, cash or liquid portfolio securities
having an aggregate value equal to the amount of such purchase commitments until
payment is made. A Fund will make commitments to purchase municipal securities
on such basis only with the intention of actually acquiring these
                                        30

 
securities, but a Fund may sell such securities prior to the settlement date if
such sale is considered to be advisable. To the extent a Fund engages in
"when-issued" and "delayed delivery" transactions, it will do so for the purpose
of acquiring securities for a Fund's portfolio consistent with a Fund's
investment objective and policies and not for the purpose of investment
leverage. No specific limitation exists as to the percentage of a Fund's assets
which may be used to acquire securities on a "when-issued" or "delayed delivery"
basis.
 
INVESTMENT RESTRICTIONS
 
  Each Fund's investment objective, each Fund's investment policy with respect
to investing at least 80% of its assets in Pennsylvania municipal securities and
the following investment restrictions are fundamental and cannot be changed
without the approval of the holders of a majority of the Fund's outstanding
voting securities (defined in the 1940 Act as the lesser of (i) more than 50% of
the Fund's outstanding common shares and of its outstanding preferred shares,
voting by class, or (ii) 67% of such outstanding common shares and preferred
shares, voting by class, present at a meeting at which the holders of more than
50% of the outstanding shares of each such class are present in person or by
proxy). All other investment policies or practices are considered by the Funds
not to be fundamental and accordingly may be changed without shareholder
approval. If a percentage restriction on investment or use of assets set forth
below is adhered to at the time a transaction is effected, later changes in
percentage resulting from changing market values will not be considered a
deviation from policy. With respect to the limitations on borrowings, the
percentage limitations apply at the time of purchase and on an ongoing basis.
 
  The Funds may not:
 
   1. Invest more than 25% of their total assets in a single industry; however,
      as described above, the Funds may from time to time invest more than 25%
      of their total assets in a particular segment of the municipal securities
      market (if such Fund is a Target Fund) or in one or more particular
      segments or sectors of the municipal securities market (if such Fund is
      the Acquiring Fund).
 
   2. Issue senior securities, as defined in the 1940 Act, other than preferred
      shares of beneficial interest, except to the extent such issuance might be
      involved with borrowings described under subparagraph (3) below or with
      respect to Strategic Transactions (if such Fund is Advantage Pennsylvania
      Municipal Income Trust or the Acquiring Fund) or with respect to hedging
      and risk management transactions or the writing of options within limits
      described in this Proxy Statement/Prospectus (if such Fund is Pennsylvania
      Quality Municipal Trust or Trust for Investment Grade Pennsylvania
      Municipals).
 
                                        31

 
   3. Borrow money, except for temporary or emergency purposes from banks or for
      repurchase of its shares, and then only in an amount not exceeding
      one-third of a Fund's total assets, including the amount borrowed. The
      Funds will not mortgage, pledge or hypothecate any assets except in
      connection with a borrowing or, with respect to Advantage Pennsylvania
      Municipal Income Trust and the Acquiring Fund only, a Strategic
      Transaction. The Funds will not purchase portfolio securities during any
      period that such borrowings exceed 5% of the total asset value of a Fund.
      Notwithstanding this investment restriction, the Funds may enter into
      "when-issued" and "delayed delivery" transactions.
 
   4. Make loans of money or property to any person, except to the extent the
      securities in which the Funds may invest are considered to be loans and
      except that the Funds may lend money or property in connection with
      maintenance of the value of or a Fund's interest with respect to the
      municipal securities owned by such Fund (if such Fund is a Target Fund) or
      a Fund's interest with respect to the securities owned by such Fund (if
      such Fund is the Acquiring Fund).
 
   5. Buy any securities "on margin." Neither the deposit of initial or
      variation margin in connection with Strategic Transactions (if such Fund
      is Advantage Pennsylvania Municipal Income Trust or the Acquiring Fund) or
      in connection with hedging and risk management transactions (if such Fund
      is Pennsylvania Quality Municipal Trust or Trust for Investment Grade
      Pennsylvania Municipals) nor short-term credits as may be necessary for
      the clearance of transactions is considered the purchase of a security on
      margin.
 
   6. Sell any securities "short," write, purchase or sell puts, calls or
      combinations thereof, or purchase or sell financial futures or options,
      except in connection with Strategic Transactions (if such Fund is
      Advantage Pennsylvania Municipal Income Trust or the Acquiring Fund) or
      except as described in this Proxy Statement/Prospectus (if such Fund is
      Pennsylvania Quality Municipal Trust or Trust for Investment Grade
      Pennsylvania Municipals).
 
   7. Act as an underwriter of securities, except to the extent the Funds may be
      deemed to be underwriters in connection with the sale of securities held
      in their portfolios.
 
   8. Make investments for the purpose of exercising control or participation in
      management, except to the extent that exercise by the Funds of their
      rights under agreements related to municipal securities would be deemed to
      constitute such control or participation and except that the Funds may
      purchase securities of other investment companies to the extent permitted
      by (i) the 1940 Act, as amended from time to time, (ii) the rules and
      regulations promulgated by the SEC under the 1940 Act, as amended from
 
                                        32

 
      time to time, or (iii) an exemption or other relief from the provisions of
      the 1940 Act.
 
   9. Invest in securities issued by other investment companies except as part
      of a merger, reorganization or other acquisition and except to the extent
      permitted by (i) the 1940 Act, as amended from time to time, (ii) the
      rules and regulations promulgated by the SEC under the 1940 Act, as
      amended from time to time, or (iii) an exemption or other relief from the
      provisions of the 1940 Act.
 
  10. Invest in equity interests in oil, gas or other mineral exploration or
      development programs except pursuant to the exercise by the Funds of their
      rights under agreements relating to municipal securities.
 
  11. Purchase or sell real estate, commodities or commodity contracts, except
      to the extent the securities the Fund may invest in (if such Fund is the
      Acquiring Fund) or except to the extent the municipal securities the Funds
      may invest in (if such Fund is a Target Fund) are considered to be
      interests in real estate, commodities or commodity contracts or to the
      extent a Fund exercises its rights under agreements relating to such
      municipal securities (in which case such Fund may liquidate real estate
      acquired as a result of a default on a mortgage), and except to the extent
      that the Strategic Transactions the Funds may engage in (if such Fund is
      Advantage Pennsylvania Municipal Income Trust or the Acquiring Fund) and
      except to the extent that financial futures and related options the Funds
      may invest in (if such Fund is Pennsylvania Quality Municipal Trust or
      Trust for Investment Grade Pennsylvania Municipals) are considered to be
      commodities or commodities contracts.
 
As a matter of operating policy, each Fund will not invest 25% or more of its
assets in a single industry; however, each Fund may from time to time invest 25%
or more of its assets in a particular segment of the municipal securities market
(if such Fund is a Target Fund) or in one or more particular segments or sectors
of the municipal securities market (if such Fund is the Acquiring Fund).
 
MANAGEMENT OF THE FUNDS
 
  THE BOARDS. The Board of Trustees of each Fund is responsible for the overall
supervision of the operations of its respective Fund and performs the various
duties imposed on trustees of investment companies by the 1940 Act and under
applicable state law.
 
  THE ADVISER. The investment adviser for each Fund is Van Kampen Asset
Management. The Adviser is a wholly owned subsidiary of Van Kampen Investments
Inc. ("Van Kampen Investments"). Van Kampen Investments is a diversified asset
management company that administers more than three million retail investor
accounts, has extensive capabilities for managing institutional
                                        33

 
portfolios and has more than $103 billion under management or supervision as of
July 31, 2005. Van Kampen Investments is an indirect wholly owned subsidiary of
Morgan Stanley, a preeminent global financial services firm that maintains
leading market positions in each of its three primary businesses: securities,
asset management and credit services. Morgan Stanley is a full service
securities firm engaged in securities trading and brokerage activities,
investment banking, research and analysis, financing and financial advisory
services. The principal business address of the Adviser and Van Kampen
Investments is 1221 Avenue of the Americas, New York, New York 10020.
 
  Pursuant to separate investment advisory agreements between each Fund and the
Adviser, each Fund pays the Adviser a monthly fee at the annual rate of 0.55% of
such Fund's average daily net assets, including assets attributable to its
preferred shares. Effective November 1, 2004, the investment advisory fee paid
by each Fund was reduced from 0.60% to 0.55%. Subsequent to the Reorganizations,
the Adviser will continue to receive compensation at the rate of 0.55% of the
average daily net assets, including assets attributable to preferred shares, of
the combined fund. Because the fees paid to the Adviser are calculated on net
assets, including assets attributable to preferred shares, the fees earned by
the Adviser will be higher when preferred shares are outstanding.
 
  Under a separate accounting services and legal services agreement, the Adviser
(or its affiliate) provides accounting and legal services to each Fund. The
Adviser (or its affiliate) allocates the cost of such services to each Fund.
 
  PORTFOLIO MANAGEMENT. Each Fund's portfolio is managed by members of the
Adviser's Municipal Fixed Income team. Current members of the team jointly and
primarily responsible for the day-to-day management of each Fund's portfolio are
Dennis Pietrzak, Executive Director of the Adviser; Robert W. Wimmel, Vice
President of the Adviser; and John R. Reynoldson, Executive Director of the
Adviser.
 
  Mr. Pietrzak has worked for the Adviser since 1995 and began managing the
Funds in 1995. Mr. Wimmel has worked for the Adviser since 1996 and began
managing the Funds in 2002. Mr. Reynoldson has worked for the Adviser since 1987
and began managing the Funds in 2002. Prior to 2002, Messrs. Wimmel and
Reynoldson worked in an investment management capacity for the Adviser.
 
  Mr. Pietrzak is the lead portfolio manager of each Fund. Mssrs. Wimmel and
Reynoldson are co-portfolio managers of each Fund. All team members are
responsible for the execution of the overall strategy of each Fund.
 
  The Reorganization Statement of Additional Information provides additional
information about the portfolio managers' compensation, other accounts managed
by the portfolio managers and the portfolio managers' ownership of securities in
the Funds.
                                        34

 
  PORTFOLIO TRANSACTIONS WITH AFFILIATES. The Adviser may place portfolio
transactions, to the extent permitted by law, with brokerage firms affiliated
with the Funds and the Adviser, if it reasonably believes that the quality of
execution and the commission are comparable to that available from other
qualified firms.
 
  LEGAL PROCEEDINGS INVOLVING THE ADVISER. The Adviser, certain affiliates of
the Adviser, and certain investment companies advised by the Adviser or its
affiliates were named as defendants in a number of similar class action
complaints which were consolidated. The amended complaint also names as
defendants certain individual trustees and directors of certain investment
companies advised by affiliates of the Adviser; the complaint does not, however,
name the individual trustees of any Van Kampen funds. The complaint generally
alleges that defendants violated their statutory disclosure obligations and
fiduciary duties by failing properly to disclose (i) that the Adviser and
certain affiliates of the Adviser allegedly offered economic incentives to
brokers and others to steer investors to the funds advised by the Adviser or its
affiliates rather than funds managed by other companies, and (ii) that the funds
advised by the Adviser or its affiliates allegedly paid excessive commissions to
brokers in return for their alleged efforts to steer investors to these funds.
The complaint seeks, among other things, unspecified compensatory damages,
rescissionary damages, fees and costs. The defendants' motion to dismiss this
action is pending. After defendants moved to dismiss, the plaintiffs filed a
motion for leave to amend the complaint, which is also pending. The proposed
amendment drops all claims against the named investment companies, which are
listed only as nominal defendants. The proposed amendment raises similar claims
against the Adviser and its affiliates with respect to the investment companies
advised by the Adviser or its affiliates, and, in addition, alleges that
affiliates of the Adviser received undisclosed compensation for steering
investors into thirteen non-affiliated fund families. The defendants intend to
continue to defend this action vigorously. While the defendants believe that
they have meritorious defenses, the ultimate outcome of this matter is not
presently determinable at this early stage of litigation.
 
  The Adviser and certain affiliates of the Adviser are also named as defendants
in a derivative suit which additionally names as defendants individual trustees
of certain Van Kampen funds; the named investment companies are listed as
nominal defendants. The complaint alleges that defendants caused the Van Kampen
funds to pay economic incentives to a proprietary sales force to promote the
sale of Van Kampen funds. The complaint also alleges that the Van Kampen funds
paid excessive commissions to Morgan Stanley and its affiliates in connection
with the sales of the funds. The complaint seeks, among other things, the
removal of the current trustees of the funds, rescission of the management
contracts for the funds, disgorgement of profits by Morgan Stanley and its
affiliates and monetary damages. This complaint has been coordinated with the
action described in the preceding paragraph. The defendants have moved to
dismiss this action and otherwise intend to defend it vigorously. This action is
currently stayed until the later of (i) a ruling on the motion
                                        35

 
to dismiss the action described in the preceding paragraph or (ii) a ruling on a
motion to dismiss the action described in the next paragraph. While the
defendants believe that they have meritorious defenses, the ultimate outcome of
this matter is not presently determinable at this early stage of litigation.
 
  The plaintiff in the action described in the preceding paragraph filed a
separate derivative action against the Adviser, certain affiliates of the
Adviser, the individual trustees of certain Van Kampen funds, and certain
unaffiliated entities. The named investment companies are listed as nominal
defendants. The complaint alleges that certain unaffiliated entities engaged in
or facilitated market timing and late trading in the Van Kampen funds, and that
the Adviser, certain affiliates of the Adviser, and the trustees failed to
prevent and/or detect such market timing and late trading. The complaint seeks,
among other things, the removal of the current trustees of the funds, rescission
of the management contracts and distribution plans for the funds, disgorgement
of fees and profits from the Adviser and its affiliates, and monetary damages.
The defendants' motion to dismiss this action is pending. While the defendants
believe that they have meritorious defenses, the ultimate outcome of this matter
is not presently determinable at this early stage of litigation.
 
  The Adviser and one of the investment companies advised by the Adviser were
named as defendants in a class action complaint generally alleging that the
defendants breached their duties of care to long-term shareholders of the
investment company by valuing portfolio securities at the closing prices of the
foreign exchanges on which they trade without accounting for significant market
information that became available after the close of the foreign exchanges but
before calculation of net asset value. As a result, the complaint alleged,
short-term traders were able to exploit stale pricing information to capture
arbitrage profits that diluted the value of shares held by long-term investors.
The complaint sought unspecified compensatory damages, punitive damages, fees
and costs. The case was recently dismissed with prejudice but remains subject to
appeals.
 
  The Adviser, an affiliate of the Adviser and the individual trustees of
certain Van Kampen funds are named as defendants in a recently filed class
action complaint that alleges the defendants breached various fiduciary and
statutory duties to investors by failing to ensure that the funds participated
in securities class action settlements involving securities held in the funds'
portfolios. The complaint seeks, among other things, compensatory and punitive
damages. None of the funds are named as defendants, and no claims are asserted
against them. The court recently granted the Adviser and its affiliate's motion
to dismiss the complaint, subject to plaintiffs' right to amend. The trustees'
motion to dismiss is pending.
 
  The Adviser, one of the investment companies advised by the Adviser, and
certain officers and directors of the investment company are defendants in a
class action filed in 2001 alleging that the defendants issued a series of
prospectuses and registration statements that were materially false and
misleading. Among other
                                        36

 
things, the complaint alleges that the prospectuses and registration statements
contained misleading descriptions of the method defendants used to value senior
loan interests in the fund's portfolio, and that defendants materially
overstated the net asset value of the fund. The court has preliminarily approved
a settlement agreement, subject to a later hearing on the fairness of the
settlement agreement.
 
OTHER SERVICE PROVIDERS
 
  State Street Bank and Trust Company, 225 West Franklin Street, Boston,
Massachusetts 02110, is the custodian for each of the Funds. EquiServe Trust
Company, N.A., 250 Royall Street, Canton, Massachusetts 02021, is the transfer
agent, dividend disbursing agent and registrar for the common shares of each
Fund. Deutsche Bank Trust Company Americas ("Deutsche Bank"), 280 Park Avenue,
New York, New York 10017, is the auction agent and dividend paying agent for the
preferred shares of each Fund.
 
CAPITALIZATION
 
  The Board of Trustees of each Fund may authorize separate classes of shares
together with such designation of preferences, rights, voting powers,
restrictions, limitations, qualifications or terms as may be determined from
time to time by the trustees. The following table sets forth the capitalization
of the Target Funds and the Acquiring Fund as of January 31, 2005, and the pro
forma capitalization of the combined fund as if the Reorganizations had occurred
on that date.
 
                                        37

 
               CAPITALIZATION AS OF JANUARY 31, 2005 (UNAUDITED)
 


                                                ACTUAL                              PRO FORMA
                       ---------------------------------------------------------   ------------
                        VAN KAMPEN                    VAN KAMPEN     VAN KAMPEN     VAN KAMPEN
                        ADVANTAGE      VAN KAMPEN     TRUST FOR     PENNSYLVANIA   PENNSYLVANIA
                       PENNSYLVANIA   PENNSYLVANIA    INVESTMENT       VALUE          VALUE
                        MUNICIPAL       QUALITY         GRADE        MUNICIPAL      MUNICIPAL
                          INCOME       MUNICIPAL     PENNSYLVANIA      INCOME         INCOME
                          TRUST          TRUST        MUNICIPALS       TRUST          TRUST
                       ------------   ------------   ------------   ------------   ------------
                                                                    
NET ASSETS CONSIST OF
  (AMOUNTS IN
  THOUSANDS):
  Common Shares
    ($.01 par
    value)*...........   $     44       $     83       $     74       $     45       $    252
  Paid in surplus.....     64,233        122,587        109,598         64,699        360,524
  Net unrealized
    appreciation......      9,321         15,953         13,832          8,344         47,449
  Accumulated
    undistributed net
    investment
    income............        310            628          2,653            511          4,102
  Accumulated net
    realized gain
    (loss)............        826            616            758            184          2,385
  NET ASSETS
    APPLICABLE TO
    COMMON SHARES.....     74,734        139,867        126,915         73,783        414,712**
  PREFERRED SHARES
  ($.01 par value,
  each with
  liquidation
  preference of
  $25,000)*...........     40,000         65,000         70,000         45,000        220,000
  NET ASSETS INCLUDING
    PREFERRED
    SHARES............    114,734        204,867        196,915        118,783        634,712
NET ASSET VALUE PER
  COMMON SHARE........      17.11          16.92          17.08          16.48          16.43**

 
---------------
 
 * Based on the number of outstanding shares listed in "Outstanding Securities
   of the Funds" table below.
 
** Reflects a non-recurring cost associated with the Reorganizations of
   approximately $587,000, with $167,400 to be borne by common shareholders of
   Advantage Pennsylvania Municipal Income Trust, $62,600 to be borne by common
   shareholders of Pennsylvania Quality Municipal Trust, $142,100 to be borne by
   common shareholders of Trust for Investment Grade Pennsylvania Municipals and
   $214,900 to be borne by common shareholders of the Acquiring Fund, assuming
   each of these Reorganizations is approved and completed.
 
                                        38

 
                      OUTSTANDING SECURITIES OF THE FUNDS
                             AS OF JANUARY 31, 2005
 


                                                                   AMOUNT
                                                                OUTSTANDING
                                                  AMOUNT HELD   EXCLUSIVE OF
                                                  BY FUND FOR   AMOUNT SHOWN
                                      AMOUNT        ITS OWN     IN PREVIOUS
TITLE OF CLASS                      AUTHORIZED      ACCOUNT        COLUMN
--------------                      ----------    -----------   ------------
                                                       
VAN KAMPEN ADVANTAGE PENNSYLVANIA
  MUNICIPAL INCOME TRUST
  Common Shares...................    Unlimited        0         4,368,552
  Preferred Shares................  100,000,000        0             1,600
VAN KAMPEN PENNSYLVANIA QUALITY
  MUNICIPAL TRUST
  Common Shares...................    Unlimited        0         8,268,008
  Preferred Shares................  100,000,000        0             2,600
VAN KAMPEN TRUST FOR INVESTMENT
  GRADE PENNSYLVANIA MUNICIPALS
  Common Shares...................    Unlimited        0         7,432,384
  Preferred Shares................  100,000,000        0             2,800
VAN KAMPEN PENNSYLVANIA VALUE
  MUNICIPAL INCOME TRUST
  Common Shares...................    Unlimited        0         4,476,965
  Preferred Shares................  100,000,000        0             1,800

 
ADDITIONAL INFORMATION ABOUT COMMON SHARES OF THE FUNDS
 
  GENERAL. Common shareholders of a Fund are entitled to share equally in
dividends declared by the Fund's Board of Trustees payable to holders of the
common shares and in the net assets of the Fund available for distribution to
holders of the common shares after payment of the preferential amounts payable
to preferred shareholders. Common shareholders do not have preemptive or
conversion rights and a Fund's common shares are not redeemable. The outstanding
common shares of each Fund are fully paid and nonassessable (except as described
under "Governing Law" below). So long as any preferred shares of a Fund are
outstanding, holders of the Fund's common shares will not be entitled to receive
any dividends or other distributions from the Fund unless all accumulated
dividends on the Fund's outstanding preferred shares have been paid, and unless
asset coverage (as defined in the 1940 Act) with respect to such preferred
shares would be at least 200% after giving effect to such distributions.
 
  PURCHASE AND SALE. Purchase and sale procedures for the common shares of each
of the Funds are identical. Investors typically purchase and sell common shares
of
 
                                        39

 
the Funds through a registered broker-dealer on the NYSE or CHX, thereby
incurring a brokerage commission set by the broker-dealer. Alternatively,
investors may purchase or sell common shares of the Funds through privately
negotiated transactions with existing shareholders.
 
  COMMON SHARE PRICE DATA. The following table sets forth the high and low sales
prices for common shares of each Fund on the NYSE, for each full quarterly
period within each Fund's two most recent fiscal years and for each full fiscal
quarter of the current fiscal year, along with the net asset value and discount
or premium to net asset value for each quotation.
 
                 ADVANTAGE PENNSYLVANIA MUNICIPAL INCOME TRUST
 


                           HIGH    NET ASSET    PREMIUM      LOW     NET ASSET    PREMIUM
QUARTERLY PERIOD ENDING   PRICE      VALUE     (DISCOUNT)   PRICE      VALUE     (DISCOUNT)
-----------------------   -----    ---------   ----------   -----    ---------   ----------
                                                               
July 31, 2005...........  $15.10    $16.88      -10.55%     $14.37    $16.87      -14.82%
April 30, 2005..........  $15.40    $17.31      -11.03%     $14.04    $16.50      -14.91%
January 31, 2005........  $15.78    $17.13       -7.88%     $14.80    $16.78      -11.80%
October 31, 2004........  $15.93    $17.21       -7.44%     $15.03    $16.76      -10.32%
July 31, 2004...........  $14.98    $16.57       -9.60%     $13.85    $15.89      -12.84%
April 30, 2004..........  $17.30    $17.36       -0.35%     $14.60    $16.43      -11.14%
January 31, 2004........  $16.84    $17.13       -1.69%     $15.97    $16.94       -5.73%
October 31, 2003........  $16.35    $17.10       -4.39%     $15.45    $16.66       -7.26%
July 31, 2003...........  $17.68    $17.63        0.28%     $16.32    $16.54       -1.33%
April 30, 2003..........  $17.38    $17.17        1.22%     $16.65    $17.12       -2.75%
January 31, 2003........  $16.95    $17.15       -1.17%     $15.70    $17.03       -7.81%

 
                      PENNSYLVANIA QUALITY MUNICIPAL TRUST
 


                           HIGH    NET ASSET    PREMIUM      LOW     NET ASSET    PREMIUM
QUARTERLY PERIOD ENDING   PRICE      VALUE     (DISCOUNT)   PRICE      VALUE     (DISCOUNT)
-----------------------   -----    ---------   ----------   -----    ---------   ----------
                                                               
July 31, 2005...........  $15.23    $16.94      -10.09%     $14.64    $16.76      -12.65%
April 30, 2005..........  $15.75    $17.05       -7.62%     $14.25    $16.39      -13.06%
January 31, 2005........  $15.65    $16.82       -6.96%     $14.64    $16.60      -11.81%
October 31, 2004........  $15.80    $16.88       -6.40%     $14.93    $16.31       -8.46%
July 31, 2004...........  $15.06    $16.31       -7.66%     $13.97    $15.76      -11.36%
April 30, 2004..........  $17.10    $16.77        1.97%     $14.49    $16.18      -10.44%
January 31, 2004........  $17.41    $16.94        2.77%     $15.96    $16.90       -5.56%
October 31, 2003........  $16.09    $16.33       -1.47%     $15.12    $16.38       -7.69%
July 31, 2003...........  $17.29    $17.22        0.41%     $15.95    $16.49       -3.27%
April 30, 2003..........  $16.81    $17.15       -1.98%     $16.00    $16.75       -4.48%
January 31, 2003........  $16.80    $16.74        0.36%     $15.83    $16.70       -5.21%

 
                                        40

 
               TRUST FOR INVESTMENT GRADE PENNSYLVANIA MUNICIPALS
 


                           HIGH    NET ASSET    PREMIUM      LOW     NET ASSET    PREMIUM
QUARTERLY PERIOD ENDING   PRICE      VALUE     (DISCOUNT)   PRICE      VALUE     (DISCOUNT)
-----------------------   -----    ---------   ----------   -----    ---------   ----------
                                                               
July 31, 2005...........  $15.70    $16.92       -7.21%     $14.80    $16.91      -12.48%
April 30, 2005..........  $15.50    $17.27      -10.25%     $14.13    $16.47      -14.21%
January 31, 2005........  $15.96    $17.31       -7.80%     $14.66    $16.80      -12.74%
October 31, 2004........  $15.92    $17.36       -8.29%     $14.86    $16.82      -11.65%
July 31, 2004...........  $14.98    $16.77      -10.67%     $13.74    $16.04      -14.34%
April 30, 2004..........  $17.07    $17.55       -2.74%     $14.38    $16.61      -13.43%
January 31, 2004........  $16.72    $17.44       -4.13%     $15.76    $17.20       -8.37%
October 31, 2003........  $16.36    $17.26       -5.21%     $15.35    $16.77       -8.47%
July 31, 2003...........  $17.48    $18.34       -4.69%     $15.80    $16.64       -5.05%
April 30, 2003..........  $17.30    $17.31       -0.06%     $16.51    $17.38       -5.01%
January 31, 2003........  $16.98    $17.14       -0.93%     $16.11    $17.22       -6.45%

 
                                 ACQUIRING FUND
 


                           HIGH    NET ASSET    PREMIUM      LOW     NET ASSET    PREMIUM
QUARTERLY PERIOD ENDING   PRICE      VALUE     (DISCOUNT)   PRICE      VALUE     (DISCOUNT)
-----------------------   -----    ---------   ----------   -----    ---------   ----------
                                                               
July 31, 2005...........  $15.29    $16.41       -6.83%     $14.98    $16.50       -9.21%
April 30, 2005..........  $16.20    $16.71       -3.05%     $14.44    $15.86       -8.95%
January 31, 2005........  $16.35    $16.13        1.36%     $14.83    $16.20       -8.46%
October 31, 2004........  $16.05    $16.33       -1.71%     $15.07    $15.89       -5.16%
July 31, 2004...........  $15.00    $15.92       -5.78%     $13.85    $15.31       -9.54%
April 30, 2004..........  $17.16    $16.40        4.63%     $14.55    $15.78       -7.79%
January 31, 2004........  $17.15    $16.60        3.31%     $15.95    $16.23       -1.73%
October 31, 2003........  $16.05    $16.20       -0.93%     $15.00    $15.74       -4.70%
July 31, 2003...........  $17.25    $17.16        0.52%     $15.65    $15.66       -0.06%
April 30, 2003..........  $16.05    $16.30       -1.53%     $15.44    $16.44       -6.08%
January 31, 2003........  $15.98    $16.09       -0.68%     $15.18    $16.26       -6.64%

 
  As of August 24, 2005, (i) the net asset value per share for common shares of
Advantage Pennsylvania Municipal Income Trust was $16.93 and the market price
per share was $15.14, representing a discount to net asset value of -10.57%,
(ii) the net asset value per share for common shares of Pennsylvania Quality
Municipal Trust was $16.85 and the market price per share was $15.28,
representing a discount to net asset value of -9.32%, (iii) the net asset value
per share for common shares of Trust for Investment Grade Pennsylvania
Municipals was $16.93 and the market price per share was $15.32, representing a
discount to net asset value of -9.51%, and (iv) the net asset value per share
for Acquiring Fund Common Shares was $16.27 and the market price per share was
$15.10, representing a discount to net asset value of -7.19%.
 
                                        41

 
  The net asset value per share and market price per share of the common shares
of each Fund may fluctuate prior to the Closing Date of each Reorganization.
Depending on market conditions immediately prior to the Closing Date of a
Reorganization, Acquiring Fund Common Shares may trade at a larger or smaller
discount to net asset value than a Target Fund's common shares. This could
result in the Acquiring Fund Common Shares having a market value that is greater
or less than the market value of a Target Fund's common shares on the Closing
Date of a Reorganization.
 
  Common shares of each of the Acquiring Fund, Advantage Pennsylvania Municipal
Income Trust and Trust for Investment Grade Pennsylvania Municipals have
historically traded primarily at a discount to net asset value. Common shares of
Pennsylvania Quality Municipal Trust have traded at both a discount and a
premium to net asset value for extended periods since such Fund's inception. In
order to reduce or eliminate a market value discount from net asset value, the
Board of Trustees of each Fund may, subject to the terms and conditions of its
preferred shares, authorize that Fund from time to time to repurchase the common
shares in the open market or to tender for the common shares at net asset value.
The Board of Trustees of each Fund, in consultation with the Adviser, will
review on a quarterly basis the possibility of open market repurchases and/or
tender offers for the common shares. Subject to its borrowing restrictions, each
Fund may incur debt to finance such repurchases, which entails risks. The
ability of a Fund to enter into tender offers and the common share repurchases
may be limited by the 1940 Act asset coverage requirements and any additional
asset coverage requirements which may be imposed by a rating agency in
connection with any rating of the preferred shares. No assurance can be given
that the Board of Trustees of any Fund will, in fact, authorize that Fund to
undertake such repurchases and/or tender offers or that, if undertaken, such
actions would result in the common shares trading at a price which is equal or
close to net asset value.
 
  DIVIDENDS AND DISTRIBUTIONS. The Funds' current policies with respect to
dividends and distributions relating to their common shares are similar. It is
each Fund's present policy, which may be changed by its Board of Trustees, to
make monthly distributions to holders of its common shares of substantially all
of a Fund's net investment income remaining after the payment of dividends on
any outstanding preferred shares. Net income of each Fund consists of all
interest income accrued on portfolio assets less all expenses of such Fund. Each
Fund, including the Acquiring Fund, is required to allocate net capital gains
and other taxable income, if any, received by the Fund among its common shares
and preferred shares on a pro rata basis in the year for which such capital
gains and other income is realized.
 
  On July 31, 2005, common shareholders of Advantage Pennsylvania Municipal
Income Trust received a monthly dividend of $0.0630 per common share
representing a distribution rate of 5.01%; common shareholders of Pennsylvania
Quality
 
                                        42

 
Municipal Trust received a monthly dividend of $0.0680 per common share
representing a distribution rate of 5.40%; common shareholders of Trust for
Investment Grade Pennsylvania Municipals received a monthly dividend of $0.0695
per common share representing a distribution rate of 5.41%; and common
shareholders of the Acquiring Fund received a monthly dividend of $0.0670 per
common share representing a distribution rate of 5.33%. The level of dividends
paid by the Acquiring Fund after the Reorganizations will depend on market
conditions and the ability of the Adviser to respond to such conditions, among
other factors.
 
  Expenses of each Fund are accrued each day. Net realized capital gains, if
any, are expected to be distributed to shareholders at least once a year. While
there are any preferred shares of a Fund outstanding, such Fund may not declare
any cash dividend or other distribution on their common shares, unless at the
time of such declaration, (1) all accumulated preferred share dividends have
been paid and (2) the value of such Fund's total assets (determined after
deducting the amount of such dividend or other distribution), less all
liabilities and indebtedness of such Fund, is at least 200% (as required by the
1940 Act) of the liquidation value of the outstanding preferred shares (expected
to equal the aggregate original purchase price of the outstanding preferred
shares plus any accumulated and unpaid dividends thereon, whether or not earned
or declared an on a cumulative basis). In addition to the requirements of the
1940 Act, each Fund may be required to comply with other asset coverage
requirements as a condition of a Fund obtaining a rating of its preferred shares
from a nationally recognized rating service. These requirements may include an
asset coverage test more stringent than under the 1940 Act. This limitation on a
Fund's ability to make distributions on its common shares could in certain
circumstances impair the ability of a Fund to maintain its qualification for
taxation as a regulated investment company. Each Fund intends, however, to the
extent possible, to purchase or redeem preferred shares from time to time to
maintain compliance with such asset coverage requirements and may pay special
dividends to the holders of the preferred shares in certain circumstances in
connection with any such impairment of such Fund's status as a regulated
investment company.
 
  For information concerning the manner in which dividends and distributions to
holders of a Fund's common shares may be reinvested automatically in such Fund's
common shares, see "-- Dividend Reinvestment Plan" below.
 
  DIVIDEND REINVESTMENT PLAN. Each Fund offers a Dividend Reinvestment Plan
(each a "Plan," and collectively the "Plans") pursuant to which holders of
common shares may elect to have all distributions of dividends and all capital
gains automatically reinvested in common shares pursuant to such Plan. Unless
common shareholders elect to participate in a Plan, all common shareholders
receive distributions of dividends and capital gains in cash. The Plans for the
Target Funds and the Acquiring Fund are similar. EquiServe Trust Company, N.A.,
as plan agent
 
                                        43

 
(the "Plan Agent"), serves as agent for the holders of common shares of each
Fund in administering the Plans.
 
  After the Reorganizations, a holder of shares of a Fund who currently elects
to receive dividends in cash will continue to receive dividends in cash; all
holders who currently elect to participate in the Plan of a Fund will have their
dividends automatically reinvested in shares of the combined fund. All
correspondence concerning the Plan should be directed to the Plan Agent at P.O.
Box 43011, Providence, Rhode Island 02940-3011. Telephone calls concerning the
Plan may be directed to the Plan Agent between the hours of 7:30 a.m. and 5:00
p.m. Central Standard Time at (800) 341-2929.
 
ADDITIONAL INFORMATION ABOUT PREFERRED SHARES OF THE FUNDS
 
  GENERAL. The preferred shares of each Fund are labeled "auction preferred
shares" ("APS"). APS are preferred shares of beneficial interest which entitle
their holders to receive dividends when, as and if declared by the Board of
Trustees of a Fund, out of funds legally available therefore, at a rate per
annum that may vary for the successive dividend periods. The liquidation
preference of each Fund's APS is $25,000 per share. APS are not traded on a
stock exchange or over-the-counter. Holders of a Fund's preferred shares do not
have preemptive rights to purchase any shares of the same series or any other
preferred shares that might be issued. The net asset value per share of a Fund's
preferred shares equals its liquidation preference plus accumulated but unpaid
dividends per share.
 
  SERIES. Under the 1940 Act, each Fund is permitted to have outstanding more
than one series of preferred shares as long as no single series has priority
over another series as to the distribution of assets of the Fund or the payment
of dividends. Each Fund currently has only one series of preferred shares
outstanding. If the Reorganizations are approved and completed, the combined
fund will have four series. The existing series of Acquiring Fund APS will
comprise Series A, and the Acquiring Fund will issue Series B APS in exchange
for the preferred shares of Advantage Pennsylvania Municipal Income Trust,
Series C APS in exchange for the preferred shares of Pennsylvania Quality
Municipal Trust and Series D APS in exchange for the preferred shares of Trust
for Investment Grade Pennsylvania Municipals. The aggregate liquidation
preference of each new series will equal the aggregate liquidation preference of
the existing shares that the respective new series replaces. For each series,
the number of days in the regular dividend period, the number of shares and the
liquidation preference per share will be the same as the existing shares that
the respective series replaces.
 
  PURCHASE AND SALE. Each Fund's APS are purchased and sold at separate auctions
conducted on a regular basis (every 7 days for the Acquiring Fund's APS and
every 28 days for the APS of Advantage Pennsylvania Municipal Income Trust,
Pennsylvania Quality Municipal Trust and Trust for Investment Grade Penn-
                                        44

 
sylvania Municipals, unless the applicable Fund elects, subject to certain
limitations, to declare a special dividend period) by Deutsche Bank, as the
auction agent for each Fund's APS (the "Auction Agent"). Unless otherwise
permitted by the Funds, existing and potential holders of each Fund's APS only
may participate in auctions through their broker-dealers. Broker-dealers submit
the orders of their respective customers who are existing and potential holders
of APS to the Auction Agent. On or prior to each auction date for the APS (the
business day next preceding the first day of each dividend period), each holder
may submit orders to buy, sell or hold APS to its broker-dealer. Outside of
these auctions, shares of APS may be purchased or sold through broker-dealers
for the APS in a secondary trading market maintained by the broker-dealers.
However, there can be no assurance that a secondary market will develop or, if
it does develop, that it will provide holders with a liquid trading market.
 
  DIVIDENDS AND DISTRIBUTIONS. The holders of each Fund's preferred shares are
entitled to receive, when, as and if declared by the Board of Trustees of the
Fund, out of funds legally available therefor, cumulative cash dividends on
their shares. Dividends on each Fund's preferred shares so declared and payable
shall be paid in preference to and in priority over any dividends so declared
and payable on the Fund's common shares.
 
  Prior to each dividend payment date, the Funds are required to deposit with
the Auction Agent sufficient funds for the payment of such declared dividends.
The Funds do not intend to establish any reserves for the payment of dividends,
and no interest will be payable in respect of any dividend payment or payment on
a Fund's preferred shares which may be in arrears.
 
  Each Fund, including the Acquiring Fund, is required to allocate net capital
gains and other taxable income, if any, proportionately among its common shares
and preferred shares. The amount of taxable income allocated to the APS depends
upon the amount of such income realized by a Fund.
 
  In the case of the Acquiring Fund and Advantage Pennsylvania Municipal Income
Trust, in normal circumstances, whenever such Fund intends to include any net
capital gains or other taxable income in any dividend on APS, such Fund may
notify the Auction Agent of the amount to be so included prior to the auction
establishing the applicable rate for such dividend. In the case of Pennsylvania
Quality Municipal Trust and Trust for Investment Grade Pennsylvania Municipals,
in normal circumstances, whenever such Fund intends to include any net capital
gains on other taxable income on APS, such Fund will notify the Auction Agent of
the amount to be so included prior to the auction establishing the applicable
rate for such dividend. The Auction Agent will in turn notify each broker-dealer
who will notify existing and potential holders of the APS. As a result, auction
participants may, in response to such information, place bids which take account
of the inclusion of net capital gains or other taxable income in the dividend.
If the Acquiring Fund
                                        45

 
retroactively allocates any net capital gains or other taxable income to the APS
as a result of (1) the realization of net capital gains on other income taxable
for federal income tax purposes; (2) the redemption of all or a portion of the
outstanding APS or (3) the liquidation of such Fund, such Fund will pay an
Additional Dividend to offset substantially the tax effect thereof. If a Target
Fund retroactively allocates any net capital gains or other taxable income to
the APS without having given notice to the Auction Agent, in the case of
Advantage Pennsylvania Municipal Income Trust or Trust for Investment Grade
Pennsylvania Municipals, as a result of (1) the realization of net capital gains
or other income taxable for federal income tax purposes; (2) the redemption of
all or a portion of the outstanding APS or (3) the liquidation of the Fund in
question, or in the case of Pennsylvania Quality Municipal Trust, as a result of
the redemption of all or a portion of the outstanding APS or the liquidation of
the Fund in question, such Target Fund will pay an Additional Dividend to offset
substantially the tax effect thereof.
 
  DIVIDEND RATES. The following table provides information about the dividend
rates for each Fund's preferred shares as of a recent auction date:
 


AUCTION DATE                                 FUND                             RATE
------------                                 ----                             ----
                                                                        
August 11, 2005   Advantage Pennsylvania Municipal Income Trust.............  2.40%
August 3, 2005    Pennsylvania Quality Municipal Trust......................  2.45%
August 22, 2005   Trust for Investment Grade Pennsylvania Municipals........  2.50%
August 24, 2005   Acquiring Fund............................................  2.40%

 
  The dividend rates in effect at the closing of the Reorganizations will be the
rates determined in the auction most recently preceding such closing.
 
  RATINGS. The Funds' preferred shares have all been assigned a rating of "AAA"
from S&P and "Aaa" from Moody's. Each Fund intends that, so long as its
preferred shares are outstanding, the composition of its portfolio will reflect
guidelines established by S&P and Moody's in connection with each Fund's receipt
of a rating for such shares of at least "AAA" from S&P and "Aaa" from Moody's.
S&P and Moody's, which are nationally recognized statistical rating
organizations, issue ratings for various securities reflecting the perceived
creditworthiness of such securities. The guidelines for rating such preferred
shares have been developed by S&P and Moody's in connection with issuances of
asset-backed and similar securities, including debt obligations and variable
rate preferred stock, generally on a case-by-case basis through discussions with
the issuers of these securities. The guidelines are designed to ensure that
assets underlying outstanding debt or preferred stock will be varied
sufficiently and will be of sufficient quality and amount to justify investment
grade ratings. The guidelines do not have the force of law but have been adopted
by each Fund in order to satisfy current requirements necessary for S&P and
Moody's to issue the above-described ratings for the preferred shares, which
ratings generally are relied upon by institutional investors in purchasing such
securities. The guidelines provide a set of tests for portfolio
 
                                        46

 
composition and asset coverage that supplement (and in some cases are more
restrictive than) the applicable requirements under the 1940 Act.
 
  Each Fund may, but is not required to, adopt any modifications to these
guidelines that hereafter may be established by S&P or Moody's. Failure to adopt
any such modifications, however, may result in a change in the ratings described
above or a withdrawal of the ratings altogether. In addition, any rating agency
providing a rating for a Fund's preferred shares, at any time, may change or
withdraw any such rating. As set forth in the Certificate of Vote of Trustees
Establishing Preferred Shares of each Fund (each a "Certificate of Vote"), the
Board of Trustees of each Fund, without shareholder approval, may modify certain
definitions or restrictions that have been adopted by the Fund pursuant to the
rating agency guidelines, provided the Board of Trustees has obtained written
confirmation from S&P and Moody's that any such change would not impair the
ratings then assigned by S&P and Moody's to the preferred shares. For so long as
any of its preferred shares are rated by S&P or Moody's, as the case may be, a
Fund's use of options and financial futures contracts and options thereon will
be subject to certain limitations mandated by the rating agencies.
 
  REDEMPTIONS. The redemption provisions pertaining to the preferred shares of
each Fund are similar. Preferred shares of each Fund are generally redeemable at
the option of the Fund at a price equal to their liquidation preference of
$25,000 per share plus accumulated but unpaid dividends (whether or not earned
or declared) to the date of redemption plus, in certain circumstances, a
redemption premium. Preferred shares of each Fund are also subject to mandatory
redemption at a price equal to their liquidation preference plus accumulated but
unpaid dividends (whether or not earned or declared) to the date of redemption
upon the occurrence of certain specified events, such as the failure of a Fund
to maintain asset coverage requirements for its preferred shares specified by
Moody's and S&P in connection with their issuance of ratings on the preferred
shares.
 
  LIQUIDATION RIGHTS. Upon any liquidation, dissolution or winding up of any of
the Funds, whether voluntary or involuntary, the holders of such Fund's
preferred shares will be entitled to receive, out of the assets of the Fund
available for distribution to shareholders, before any distribution or payment
is made upon any of the Fund's common shares or any other capital shares of the
Fund ranking junior in right of payment upon liquidation to preferred shares,
$25,000 per share together with the amount of any dividends accumulated but
unpaid (whether or not earned or declared) thereon to the date of distribution,
and after such payment the preferred shareholders will be entitled to no other
payments except for any Additional Dividends. If such assets of the Fund are
insufficient to make the full liquidation payment on the preferred shares and
liquidation payments on any other outstanding class or series of preferred
shares of the Fund ranking on a parity with the preferred shares as to payment
upon liquidation, then such assets will be
 
                                        47

 
distributed among the preferred shareholders and the holders of shares of such
other class or series ratably in proportion to the respective preferential
amounts to which they are entitled. After payment of the full amount of
liquidation distribution to which they are entitled, the holders of a Fund's
preferred shares will not be entitled to any further participation in any
distribution of assets by the Fund except for any Additional Dividends. A
consolidation, merger or share exchange of a Fund with or into any other entity
or entities or a sale, whether for cash, shares of stock, securities or
properties, of all or substantially all or any part of the assets of the Fund
shall not be deemed or construed to be a liquidation, dissolution or winding up
of the Fund for this purpose.
 
  ADDITIONAL INFORMATION. For additional information on Acquiring Fund APS,
Target Fund shareholders should consult the Certificate of Vote governing the
Acquiring Fund APS, included as Appendix B to the Reorganization Statement of
Additional Information. APS issued in connection with the Reorganizations will
be governed by the Certificate of Vote of the Acquiring Fund, which, upon
completion of the Reorganizations, will be amended to reflect the creation of
new series and the issuance of additional APS. As a result of a Reorganization,
the last dividend period for a Target Fund's preferred shares prior to the
Closing Date of such Reorganization and the initial dividend period for the
Acquiring Fund APS issued in connection with such Reorganization after the
Closing Date of such Reorganization may be shorter than the regular dividend
period for such shares.
 
GOVERNING LAW
 
  Each Fund is organized as an unincorporated trust under the laws of The
Commonwealth of Pennsylvania. Advantage Pennsylvania Municipal Income Trust was
organized on July 8, 1992 and commenced investment operations on September 25,
1992; Pennsylvania Quality Municipal Trust was organized on July 26, 1991 and
commenced investment operations on September 27, 1991; Trust for Investment
Grade Pennsylvania Municipals was organized on January 21, 1992 and commenced
investment operations on April 24, 1992; and the Acquiring Fund was organized on
December 21, 1992 and commenced investment operations on April 30, 1993.
 
  Under Pennsylvania law, shareholders of an unincorporated trust may, under
certain circumstances, be held personally liable for the obligations of the
trust as though they were partners in a partnership. However, the Declaration of
Trust of each Fund contains an express disclaimer of shareholder liability in
connection with Fund property or the acts, obligations or affairs of the Fund
and provides for indemnification and reimbursement of expenses out of the Fund's
property for any shareholder held personally liable for the obligations of that
Fund. Thus, the risk of a shareholder incurring financial loss on account of
shareholder liability is limited to circumstances in which the Fund itself would
be unable to meet its obligations.
 
                                        48

 
Given the nature of each Fund's assets and operations, the possibility of a Fund
being unable to meet its obligations is remote and, in the opinion of counsel to
the Funds, the risk to the Funds' respective shareholders is remote.
 
  Each Fund is also subject to federal securities laws, including the 1940 Act
and the rules and regulations promulgated by the SEC thereunder, and applicable
state securities laws. Each Fund is registered as a non-diversified, closed-end
management investment company under the 1940 Act.
 
CERTAIN PROVISIONS OF THE DECLARATIONS OF TRUST
 
  Each Fund's Declaration of Trust includes provisions that could have the
effect of limiting the ability of other entities or persons to acquire control
of the Fund or to change the composition of its Board of Trustees, and could
have the effect of depriving common shareholders of an opportunity to sell their
common shares at a premium over prevailing market prices by discouraging a third
party from seeking to obtain control of the Fund. The Board of Trustees of each
Fund is divided into three classes, with the term of one class expiring at the
annual meeting of shareholders. At each annual meeting, each class whose term is
expiring will be elected to a three-year term. This provision could delay for up
to two years the replacement of a majority of the Board of Trustees. A trustee
may be removed from office only for cause by a written instrument signed by at
least two-thirds of the remaining trustees or by a vote of the holders of at
least two-thirds of the class of shares of the Fund that elected such trustee
and entitled to vote on the matter.
 
  In addition, each Fund's Declaration of Trust requires the favorable vote of
the holders of at least 75% of the outstanding shares of each class of the Fund,
voting as a class, then entitled to vote to approve, adopt or authorize certain
transactions with 5%-or-greater holders of a class of shares and their
associates, unless the Board of Trustees shall by resolution have approved a
memorandum of understanding with such holders, in which case normal voting
requirements would be in effect. For purposes of these provisions, a
5%-or-greater holder of a class of shares (a "Principal Shareholder") refers to
any person who, whether directly or indirectly and whether alone or together
with its affiliates and associates, beneficially owns 5% or more of the
outstanding shares of any class of beneficial interest of the Fund. The
transactions subject to these special approval requirements are: (i) the merger
or consolidation of the Fund or any subsidiary of the Fund with or into any
Principal Shareholder; (ii) the issuance of any securities of the Fund to any
Principal Shareholder for cash (except pursuant to the Plan); (iii) the sale,
lease or exchange of all or any substantial part of the assets of the Fund to
any Principal Shareholder (except assets having an aggregate fair market value
of less than $1,000,000, aggregating for the purpose of such computation all
assets sold, leased or exchanged in any series of similar transactions within a
twelve-month period); or (iv) the sale, lease or exchange to the Fund or any
subsidiary thereof, in exchange for securities
 
                                        49

 
of the Fund, of any assets of any Principal Shareholder (except assets having an
aggregate fair market value of less than $1,000,000, aggregating for purposes of
such computation all assets sold, leased or exchanged in any series of similar
transactions within a twelve-month period).
 
  The Board of Trustees of each Fund has determined that the 75% voting
requirements described above, which are greater than the minimum requirements
under the 1940 Act, are in the best interest of shareholders of each respective
Fund generally. Reference should be made to the Declaration of Trust of each
Fund on file with the SEC for the full text of these provisions.
 
  The Declaration of Trust of each Fund further provides that no trustee,
officer, employee or agent of the Fund is liable to the Fund or to any
shareholder, nor is any trustee, officer, employee or agent liable to any third
persons in connection with the affairs of the Fund, except as such liability may
arise from his or her own bad faith, willful misfeasance, gross negligence, or
reckless disregard of their duties. It also provides that all third persons
shall look solely to the Fund property for satisfaction of claims arising in
connection with the affairs of the Fund. With the exceptions stated, the
Declaration of Trust provides that a trustee or officer is entitled to be
indemnified against all liability in connection with the affairs of the Fund.
 
CONVERSION TO OPEN-END FUNDS
 
  Each Fund may be converted to an open-end investment company at any time by an
amendment to its Declaration of Trust. Each Fund's Declaration of Trust provides
that such an amendment would require the approval of (a) a majority of the
trustees, including the approval by a majority of the disinterested trustees of
the Fund, and (b) the lesser of (i) more than 50% of the Fund's outstanding
common and preferred shares, each voting as a class or (ii) 67% of the common
and preferred shares, each voting as a class, present at a meeting at which
holders of more than 50% of the outstanding shares of each such class are
present in person or by proxy. If approved in the foregoing manner, conversion
of the Fund would require notice to all shareholders within a reasonable period
of time. Conversion of a Fund to an open-end investment company would require
the redemption of all outstanding preferred shares, which would eliminate the
leveraged capital structure of the Fund. In the event of conversion, the common
shares would cease to be listed on the NYSE, CHX, NASDAQ National Market System
or other national securities exchange or national market system. Shareholders of
an open-end investment company may require the company to redeem their shares at
any time (except in certain circumstances as authorized by or under the 1940
Act) at their net asset value, less such redemption charge, if any, as might be
in effect at the time of a redemption. If a Fund were converted to an open-end
fund, it is likely that new common shares would be sold at net asset value plus
a sales load. Following any such conversion, it is also possible that certain of
the Fund's investment policies and
 
                                        50

 
strategies would have to be modified to assure sufficient portfolio liquidity.
In particular, the Fund would be required to maintain its portfolio such that
not more than 15% of its assets would be invested in illiquid securities. Such
requirement could cause the Fund to dispose of portfolio securities or other
assets at a time when it is not advantageous to do so, and could adversely
affect the ability of the Fund to meet its investment objective.
 
VOTING RIGHTS
 
  Voting rights are identical for the holders of each Fund's common shares.
Common shareholders of each Fund are entitled to one vote for each share held.
Except as set forth above under "Certain Provisions of the Declarations of
Trust" or "Conversion to Open-End Funds," or except as expressly required by
applicable law or expressly set forth in the designation of rights and
preferences with respect to a Fund's preferred shares, preferred shareholders
have no voting rights. When preferred shareholders are entitled to vote, they
are also entitled to cast one vote per share held.
 
  Preferred shareholders of a Fund, voting as a class, are entitled to elect two
of the Fund's trustees. Under the 1940 Act, if at any time dividends on a Fund's
preferred shares are unpaid in an amount equal to two full years dividends
thereon, the holders of all outstanding preferred shares, voting as a class, are
entitled to elect a majority of the Fund's trustees until all dividends have
been paid or declared and set apart for payment. The Certificate of Vote
establishing the preferred shares of each Fund provides that such Fund shall not
take certain actions relating to the preferences, rights or powers of holders of
such Fund's preferred shares without the affirmative vote of the holders of a
majority of the outstanding preferred shares. Additionally, if a Fund has more
than one series of preferred shares outstanding, an affirmative vote of a
majority of the outstanding shares of each series of preferred shares, each
voting separately as a class, is required with respect to any matter that
materially affects the series in a manner different from that of other series of
such Fund's preferred shares. The specific provisions of each Fund's Certificate
of Vote with respect to the voting rights of holders of preferred shares may
differ and shareholders of the Target Funds should consult the Certificate of
Vote governing the Acquiring Fund APS, included as Appendix B to the
Reorganization Statement of Additional Information.
 
                                        51

 
FINANCIAL HIGHLIGHTS
 
  ADVANTAGE PENNSYLVANIA MUNICIPAL INCOME TRUST. The following schedule presents
financial highlights for one common share of the Fund outstanding throughout the
periods indicated.


                                                            YEAR ENDED OCTOBER 31,
                                     ---------------------------------------------------------------------
                                      2004      2003     2002(E)    2001       2000      1999       1998
                                      ----      ----     -------    ----       ----      ----       ----
                                                                             
NET ASSET VALUE, BEGINNING OF THE
 PERIOD............................  $ 17.15   $ 17.24   $ 17.28   $ 16.40   $  16.18   $ 17.66   $  17.23
                                     -------   -------   -------   -------   --------   -------   --------
 Net Investment Income.............     1.03      1.11      1.19      1.21       1.27      1.24       1.24
 Net Realized and Unrealized
  Gain/Loss........................      .51       .19       .08      1.15        .28     (1.46)       .47
 Common Share Equivalent of
  Distributions Paid to Preferred
  Shareholders:
  Net Investment Income............     (.08)     (.08)     (.12)     (.25)      (.37)     (.30)      (.32)
  Net Realized Gain................     (.03)     (.02)     (.03)     (.09)       -0-       -0-        -0-
                                     -------   -------   -------   -------   --------   -------   --------
Total from Investment Operations...     1.43      1.20      1.12      2.02       1.18      (.52)      1.39
Distributions Paid to Common
 Shareholders:
  Net Investment Income............     (.98)    (1.09)    (1.05)     (.93)      (.96)     (.96)      (.96)
  Net Realized Gain................     (.43)     (.20)     (.11)     (.21)       -0-       -0-        -0-
                                     -------   -------   -------   -------   --------   -------   --------
NET ASSET VALUE, END OF THE
 PERIOD............................  $ 17.17   $ 17.15   $ 17.24   $ 17.28   $  16.40   $ 16.18   $  17.66
                                     =======   =======   =======   =======   ========   =======   ========
Common Share Market Price at End of
 the Period........................  $ 15.90   $ 16.23   $ 16.45   $ 15.75   $14.9375   $14.625   $  17.25
Total Return(a)....................    6.95%     6.54%    11.96%    13.31%      9.10%   -10.14%     11.03%
Net Assets Applicable to Common
 Shares at End of the Period (In
 millions).........................  $  75.0   $  74.9   $  75.3   $  75.4   $   71.5   $  70.6   $   77.0
Ratio of Expenses to Average Net
 Assets Applicable to Common
 Shares(b).........................    1.43%     1.43%     1.50%     1.71%      1.78%     1.69%      1.67%
Ratio of Net Investment Income to
 Average Net Assets Applicable to
 Common Shares(b)..................    6.13%     6.40%     7.02%     7.12%      7.89%     7.22%      7.11%
Portfolio Turnover.................       8%       31%       19%       17%        31%        7%         3%
SUPPLEMENTAL RATIOS:
Ratio of Expenses to Average Net
 Assets Including Preferred
 Shares(b).........................     .93%      .93%      .97%     1.10%      1.13%     1.10%      1.10%
Ratio of Net Investment Income to
 Average Net Assets Applicable to
 Common Shares(c)..................    5.67%     5.95%     6.32%     5.70%      5.59%     5.45%      5.25%
SENIOR SECURITIES:
Total Preferred Shares
 Outstanding.......................    1,600     1,600     1,600     1,600      1,600     1,600        800
Asset Coverage Per Preferred
 Share(d)..........................  $71,912   $71,846   $72,101   $72,107   $ 69,704   $69,097   $146,292
Involuntary Liquidating Preference
 Per Preferred Share...............  $25,000   $25,000   $25,000   $25,000   $ 25,000   $25,000   $ 50,000
Average Market Value Per Preferred
 Share.............................  $25,000   $25,000   $25,000   $25,000   $ 25,000   $25,000   $ 50,000
 

                                         YEAR ENDED OCTOBER 31,
                                     ------------------------------
                                       1997       1996       1995
                                       ----       ----       ----
                                                  
NET ASSET VALUE, BEGINNING OF THE
 PERIOD............................  $  16.72   $  16.69   $  14.63
                                     --------   --------   --------
 Net Investment Income.............      1.25       1.24       1.25
 Net Realized and Unrealized
  Gain/Loss........................       .54        .04       2.06
 Common Share Equivalent of
  Distributions Paid to Preferred
  Shareholders:
  Net Investment Income............      (.32)      (.32)      (.36)
  Net Realized Gain................       -0-        -0-        -0-
                                     --------   --------   --------
Total from Investment Operations...      1.47        .96       2.95
Distributions Paid to Common
 Shareholders:
  Net Investment Income............      (.96)      (.93)      (.89)
  Net Realized Gain................       -0-        -0-        -0-
                                     --------   --------   --------
NET ASSET VALUE, END OF THE
 PERIOD............................  $  17.23   $  16.72   $  16.69
                                     ========   ========   ========
Common Share Market Price at End of
 the Period........................  $16.4375   $ 15.125   $  14.00
Total Return(a)....................    15.38%     14.85%     23.03%
Net Assets Applicable to Common
 Shares at End of the Period (In
 millions).........................  $   75.2   $   72.9   $   72.8
Ratio of Expenses to Average Net
 Assets Applicable to Common
 Shares(b).........................     1.70%      1.77%      1.77%
Ratio of Net Investment Income to
 Average Net Assets Applicable to
 Common Shares(b)..................     7.41%      7.48%      7.96%
Portfolio Turnover.................        2%         2%         9%
SUPPLEMENTAL RATIOS:
Ratio of Expenses to Average Net
 Assets Including Preferred
 Shares(b).........................     1.10%      1.14%      1.12%
Ratio of Net Investment Income to
 Average Net Assets Applicable to
 Common Shares(c)..................     5.48%      5.52%      5.68%
SENIOR SECURITIES:
Total Preferred Shares
 Outstanding.......................       800        800        800
Asset Coverage Per Preferred
 Share(d)..........................  $143,968   $141,175   $141,025
Involuntary Liquidating Preference
 Per Preferred Share...............  $ 50,000   $ 50,000   $ 50,000
Average Market Value Per Preferred
 Share.............................  $ 50,000   $ 50,000   $ 50,000

 
(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 dividend payments to preferred
    shareholders.
(c) Ratios reflect the effect of 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 less than $.01, decrease net realized and
    unrealized gains and losses per share by less than $.01 and increase the
    ratio of net investment income to average net assets by .02%. Per share,
    ratios and supplemental data for periods prior to October 31, 2002 have not
    been restated to reflect this change in presentation.
 
                                        52

 
  PENNSYLVANIA QUALITY MUNICIPAL TRUST. The following schedule presents
financial highlights for one common share of the Fund outstanding throughout the
periods indicated.


                                                                                                 TWO MONTHS
                                                                                                    ENDED
                                                      YEAR ENDED OCTOBER 31,                     OCTOBER 31,
                                     ---------------------------------------------------------   -----------
                                      2004      2003     2002(A)    2001      2000      1999        1998
                                     -----------------------------------------------------------------------
                                                                            
NET ASSET VALUE, BEGINNING OF THE
 PERIOD............................  $ 16.75   $ 16.86   $ 16.78   $ 16.12   $ 16.07   $ 17.32    $  17.31
                                     -------   -------   -------   -------   -------   -------    --------
 Net Investment Income.............     1.04      1.09      1.13      1.20      1.26      1.27         .21
 Net Realized and Unrealized
  Gain/Loss........................      .41       .06       .22       .87       .11     (1.15)        .02
 Common Share Equivalent of
  Distributions Paid to
 Preferred Shareholders:
  Net Investment Income............     (.08)     (.08)     (.10)     (.22)     (.32)     (.25)       (.05)
  Net Realized Gain................     (.02)     (.01)     (.03)     (.07)      -0-      (.02)        -0-
                                     -------   -------   -------   -------   -------   -------    --------
Total from Investment Operations...     1.35      1.06      1.22      1.78      1.05      (.15)        .18
Distributions Paid to Common
 Shareholders:
  Net Investment Income............     (.98)    (1.02)    (1.02)     (.91)    (1.00)    (1.02)       (.17)
  Net Realized Gain................     (.28)     (.15)     (.12)     (.21)      -0-      (.08)        -0-
                                     -------   -------   -------   -------   -------   -------    --------
NET ASSET VALUE, END OF THE
 PERIOD............................  $ 16.84   $ 16.75   $ 16.86   $ 16.78   $ 16.12   $ 16.07    $  17.32
                                     =======   =======   =======   =======   =======   =======    ========
Common Share Market Price at End of
 the Period........................  $ 15.55   $ 15.90   $ 16.45   $ 15.67   $ 14.25   $14.9375   $ 17.875
Total Return(b)....................    5.72%     3.80%    12.54%    18.33%     2.09%   -10.76%       0.28%*
Net Assets Applicable to Common
 Shares at End of the Period (In
 millions).........................  $ 139.2   $ 138.4   $ 139.3   $ 138.4   $ 132.9   $ 132.5    $  142.1
Ratio of Expenses to Average Net
 Assets Applicable to Common
 Shares(c).........................    1.26%     1.28%     1.37%     1.58%     1.69%     1.65%       1.67%
Ratio of Net Investment Income to
 Average Net Assets Applicable to
 Common Shares(c)..................    6.27%     6.42%     6.81%     7.35%     7.92%     7.52%       7.23%
Portfolio Turnover.................      14%       17%       29%       20%       29%       15%          4%*
SUPPLEMENTAL RATIOS:
Ratio of Expenses to Average Net
 Assets Including Preferred
 Shares(c).........................     .86%      .87%      .93%     1.07%     1.13%     1.12%       1.15%
Ratio of Net Investment Income to
 Average Net Assets Applicable to
 Common Shares(d)..................    5.81%     5.97%     6.21%     5.99%     5.91%     6.03%       5.63%
SENIOR SECURITIES:
Total Preferred Shares
 Outstanding.......................    2,600     2,600     2,600     2,600     2,600     2,600       1,300
Asset Coverage Per Preferred
 Share(e)..........................  $78,562   $78,236   $78,575   $78,212   $76,124   $75,956    $159,304
Involuntary Liquidating Preference
 Per Preferred Share...............  $25,000   $25,000   $25,000   $25,000   $25,000   $25,000    $ 50,000
Average Market Value Per Preferred
 Share.............................  $25,000   $25,000   $25,000   $25,000   $25,000   $25,000    $ 50,000
 

 
                                               YEAR ENDED AUGUST 31,
                                     -----------------------------------------
                                       1998       1997       1996       1995
                                     -----------------------------------------
                                                          
NET ASSET VALUE, BEGINNING OF THE
 PERIOD............................  $  17.06   $  16.55   $  16.71   $  16.43
                                     --------   --------   --------   --------
 Net Investment Income.............      1.30       1.30       1.30       1.33
 Net Realized and Unrealized
  Gain/Loss........................       .28        .59       (.06)       .35
 Common Share Equivalent of
  Distributions Paid to
 Preferred Shareholders:
  Net Investment Income............      (.28)      (.28)      (.30)      (.31)
  Net Realized Gain................      (.01)      (.01)       -0-        -0-
                                     --------   --------   --------   --------
Total from Investment Operations...      1.29       1.60        .94       1.37
Distributions Paid to Common
 Shareholders:
  Net Investment Income............     (1.02)     (1.06)     (1.09)     (1.09)
  Net Realized Gain................      (.02)      (.03)      (.01)       -0-
                                     --------   --------   --------   --------
NET ASSET VALUE, END OF THE
 PERIOD............................  $  17.31   $  17.06   $  16.55   $  16.71
                                     ========   ========   ========   ========
Common Share Market Price at End of
 the Period........................  $  18.00   $ 16.613   $ 17.125   $  16.25
Total Return(b)....................    13.71%      4.72%     12.52%      8.02%
Net Assets Applicable to Common
 Shares at End of the Period (In
 millions).........................  $  141.8   $  139.1   $  134.5   $  135.3
Ratio of Expenses to Average Net
 Assets Applicable to Common
 Shares(c).........................     1.62%      1.66%      1.67%      1.73%
Ratio of Net Investment Income to
 Average Net Assets Applicable to
 Common Shares(c)..................     7.54%      7.73%      7.74%      8.32%
Portfolio Turnover.................        4%         6%        13%        15%
SUPPLEMENTAL RATIOS:
Ratio of Expenses to Average Net
 Assets Including Preferred
 Shares(c).........................     1.15%      1.12%      1.13%      1.15%
Ratio of Net Investment Income to
 Average Net Assets Applicable to
 Common Shares(d)..................     5.89%      6.08%      5.99%      6.37%
SENIOR SECURITIES:
Total Preferred Shares
 Outstanding.......................     1,300      1,300      1,300      1,300
Asset Coverage Per Preferred
 Share(e)..........................  $159,069   $156,987   $153,449   $154,045
Involuntary Liquidating Preference
 Per Preferred Share...............  $ 50,000   $ 50,000   $ 50,000   $ 50,000
Average Market Value Per Preferred
 Share.............................  $ 50,000   $ 50,000   $ 50,000   $ 50,000

 
(*) Non-Annualized
 
(a) As required, effective October 1, 2001, the Trust has adopted the provisions
    of the AIPCA 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 investment income
    per share by less than $.01, decrease net realized and unrealized gains and
    losses per share by less than $.01 and increase the ratio of net investment
    income to average net assets by .04%. Per share, ratios and supplemental
    data for periods prior to October 31, 2002 have not been restated to reflect
    this change in presentation.
 
(b) Total return based on market price assumes an investment at the 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.
 
(c) Ratios do not reflect the effect of dividend payments to preferred
    shareholders.
 
(d) Ratios reflect the effect of dividend payments to preferred shareholders.
 
(e) 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.
 
                                        53

 
  TRUST FOR INVESTMENT GRADE PENNSYLVANIA MUNICIPALS. The following schedule
presents financial highlights for one common share of the Fund outstanding
throughout the periods indicated.


                                                             YEAR ENDED OCTOBER 31,
                                     ----------------------------------------------------------------------
                                      2004      2003     2002(A)     2001       2000      1999       1998
                                      ----      ----     -------     ----       ----      ----       ----
                                                                              
NET ASSET VALUE, BEGINNING OF THE
 PERIOD............................  $ 17.26   $ 17.36   $ 17.41    $ 16.65   $  16.53   $ 17.89   $  17.47
                                     -------   -------   -------    -------   --------   -------   --------
 Net Investment Income.............     1.05      1.09      1.20       1.25       1.31      1.30       1.30
 Net Realized and Unrealized
  Gain/Loss........................      .44       .20       .14       1.04        .19     (1.36)       .44
 Common Share Equivalent of
 Distributions Paid to Preferred
 Shareholders:
  Net Investment Income............     (.10)     (.09)     (.11)      (.24)      (.39)     (.32)      (.34)
  Net Realized Gain................     (.03)     (.02)     (.04)      (.11)      (.01)      -0-        -0-
                                     -------   -------   -------    -------   --------   -------   --------
Total from Investment Operations...     1.36      1.18      1.19       1.94       1.10      (.38)      1.40
Distributions Paid to Common
 Shareholders:
  Net Investment Income............     (.96)    (1.05)    (1.07)      (.93)      (.96)     (.97)      (.97)
  Net Realized Gain................     (.30)     (.23)     (.17)      (.25)      (.02)     (.01)      (.01)
                                     -------   -------   -------    -------   --------   -------   --------
NET ASSET VALUE, END OF THE
 PERIOD............................  $ 17.36   $ 17.26   $ 17.36    $ 17.41   $  16.65   $ 16.53   $  17.89
                                     =======   =======   =======    =======   ========   =======   ========
Common Share Market Price at End of
 the Period........................  $ 15.92   $ 16.16   $ 16.19    $ 16.13   $13.8125   $15.625   $17.3125
Total Return(b)....................    6.66%     7.73%     8.12%     26.03%     -5.37%    -4.27%     11.56%
Net Assets Applicable to Common
 Shares at End of the Period (In
 millions).........................  $ 129.0   $ 128.3   $ 129.0    $ 129.2   $  123.6   $ 122.6   $  132.8
Ratio of Expenses to Average Net
 Assets Applicable to Common
 Shares(c).........................    1.34%     1.35%     1.45%      1.64%      1.68%     1.65%      1.63%
Ratio of Net Investment Income to
 Average Net Assets Applicable to
 Common Shares(c)..................    6.15%     6.24%     7.05%      7.39%      7.96%     7.50%      7.38%
Portfolio Turnover.................      18%       21%       32%        15%        28%        3%         1%
SUPPLEMENTAL RATIOS:
Ratio of Expenses to Average Net
 Assets Including Preferred
 Shares(c).........................     .87%      .88%      .93%      1.05%      1.07%     1.07%      1.06%
Ratio of Net Investment Income to
 Average Net Assets Applicable to
 Common Shares(d)..................    5.59%     5.75%     6.38%      5.97%      5.60%     5.66%      5.48%
SENIOR SECURITIES:
Total Preferred Shares
 Outstanding.......................    2,800     2,800     2,800      2,800      2,800     2,800      1,400
Asset Coverage Per Preferred
 Share(e)..........................  $71,086   $70,823   $71,082    $71,153   $ 69,133   $68,802   $144,849
Involuntary Liquidating Preference
 Per Preferred Share...............  $25,000   $25,000   $25,000    $25,000   $ 25,000   $25,000   $ 50,000
Average Market Value Per Preferred
 Share.............................  $25,000   $25,000   $25,000    $25,000   $ 25,000   $25,000   $ 50,000
 

                                         YEAR ENDED OCTOBER 31,
                                     ------------------------------
                                       1997       1996       1995
                                       ----       ----       ----
                                                  
NET ASSET VALUE, BEGINNING OF THE
 PERIOD............................  $  16.93   $  16.95   $  15.02
                                     --------   --------   --------
 Net Investment Income.............      1.31       1.31       1.31
 Net Realized and Unrealized
  Gain/Loss........................       .55        .04       2.00
 Common Share Equivalent of
 Distributions Paid to Preferred
 Shareholders:
  Net Investment Income............      (.33)      (.33)      (.38)
  Net Realized Gain................       -0-       (.01)       -0-
                                     --------   --------   --------
Total from Investment Operations...      1.53       1.01       2.93
Distributions Paid to Common
 Shareholders:
  Net Investment Income............      (.99)     (1.00)     (1.00)
  Net Realized Gain................       -0-       (.03)       -0-
                                     --------   --------   --------
NET ASSET VALUE, END OF THE
 PERIOD............................  $  17.47   $  16.93   $  16.95
                                     ========   ========   ========
Common Share Market Price at End of
 the Period........................  $16.4375   $ 15.625   $  15.00
Total Return(b)....................    11.80%     11.14%     24.53%
Net Assets Applicable to Common
 Shares at End of the Period (In
 millions).........................  $  129.7   $  125.7   $  125.8
Ratio of Expenses to Average Net
 Assets Applicable to Common
 Shares(c).........................     1.64%      1.69%      1.67%
Ratio of Net Investment Income to
 Average Net Assets Applicable to
 Common Shares(c)..................     7.64%      7.75%      8.17%
Portfolio Turnover.................        2%         4%         5%
SUPPLEMENTAL RATIOS:
Ratio of Expenses to Average Net
 Assets Including Preferred
 Shares(c).........................     1.06%      1.08%      1.05%
Ratio of Net Investment Income to
 Average Net Assets Applicable to
 Common Shares(d)..................     5.66%      5.76%      5.83%
SENIOR SECURITIES:
Total Preferred Shares
 Outstanding.......................     1,400      1,400      1,400
Asset Coverage Per Preferred
 Share(e)..........................  $142,613   $139,756   $139,869
Involuntary Liquidating Preference
 Per Preferred Share...............  $ 50,000   $ 50,000   $ 50,000
Average Market Value Per Preferred
 Share.............................  $ 50,000   $ 50,000   $ 50,000

 
(a) 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 by .04%. Per share, ratios and supplemental
    data for periods prior to October 31, 2002 have not been restated to reflect
    this change in presentation.
(b) 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.
(c) Ratios do not reflect the effect of dividend payments to preferred
    shareholders.
(d) Ratios reflect the effect of dividend payments to preferred shareholders.
(e) 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.
 
                                        54

 
  ACQUIRING FUND. The following schedule presents financial highlights for one
common share of the Fund outstanding throughout the periods indicated.


                                                                YEAR ENDED OCTOBER 31,
                                     ----------------------------------------------------------------------------
                                      2004       2003      2002(B)      2001       2000        1999        1998
                                      ----       ----      -------      ----       ----        ----        ----
                                                                                    
NET ASSET VALUE, BEGINNING OF THE
 PERIOD............................  $ 16.20    $ 16.12    $ 16.04     $ 14.89    $ 14.42    $  15.98    $  15.48
                                     -------    -------    -------     -------    -------    --------    --------
 Net Investment Income.............     1.06       1.10       1.14        1.21       1.15        1.12        1.13
 Net Realized and Unrealized
  Gain/Loss........................      .39        .12        .08        1.07        .52       (1.57)        .49
 Common Share Equivalent of
  Distributions Paid to Preferred
  Shareholders:
  Net Investment Income............     (.11)      (.10)      (.15)       (.33)      (.42)       (.33)       (.35)
  Net Realized Gain................     (.01)       -0-        -0-         -0-        -0-         -0-         -0-
                                     -------    -------    -------     -------    -------    --------    --------
Total from Investment Operations...     1.33       1.12       1.07        1.95       1.25        (.78)       1.27
Distributions Paid to Common
 Shareholders:
  Net Investment Income............    (1.00)     (1.04)      (.99)       (.80)      (.78)       (.78)       (.77)
  Net Realized Gain................     (.10)       -0-        -0-         -0-        -0-         -0-         -0-
                                     -------    -------    -------     -------    -------    --------    --------
NET ASSET VALUE, END OF THE
 PERIOD............................  $ 16.43    $ 16.20    $ 16.12     $ 16.04    $ 14.89    $  14.42    $  15.98
                                     =======    =======    =======     =======    =======    ========    ========
Common Share Market Price at End of
 the Period........................  $ 15.58    $ 16.05    $ 15.85     $ 15.11    $ 12.25    $12.4375    $14.9375
Total Return(a)....................    4.15%      8.07%     11.76%      30.60%      4.82%     -11.99%      15.59%
Net Assets Applicable to Common
 Shares at End of the Period (In
 millions).........................  $  73.5    $  72.5    $  72.1     $  71.7    $  66.5    $   64.4    $   71.4
Ratio of Expenses to Average Net
 Assets Applicable to Common
 Shares(c).........................    1.51%      1.53%      1.60%       1.83%      1.92%       1.87%       1.83%
Ratio of Net Investment Income to
 Average Net Assets Applicable to
 Common Shares(c)..................    6.50%      6.76%      7.22%       7.78%      7.93%       7.23%       7.17%
Portfolio Turnover.................      18%        23%        16%         20%        21%         28%          7%
SUPPLEMENTAL RATIOS:
Ratio of Expenses to Average Net
 Assets Including Preferred
 Shares(c).........................     .93%       .95%       .98%       1.11%      1.13%       1.13%       1.12%
Ratio of Net Investment Income to
 Average Net Assets Applicable to
 Common Shares(d)..................    5.85%      6.13%      6.26%       5.64%      5.04%       5.13%       4.93%
SENIOR SECURITIES:
Total Preferred Shares
 Outstanding.......................    1,800      1,800      1,800       1,800      1,800       1,800         900
Asset Coverage Per Preferred
 Share(e)..........................  $65,858    $65,259    $65,061     $64,811    $61,970    $ 60,800    $129,330
Involuntary Liquidating Preference
 Per Preferred Share...............  $25,000    $25,000    $25,000     $25,000    $25,000    $ 25,000    $ 50,000
Average Market Value Per Preferred
 Share.............................  $25,000    $25,000    $25,000     $25,000    $25,000    $ 25,000    $ 50,000
 

                                          YEAR ENDED OCTOBER 31,
                                     --------------------------------
                                       1997        1996        1995
                                       ----        ----        ----
                                                    
NET ASSET VALUE, BEGINNING OF THE
 PERIOD............................  $  14.83    $  14.68    $  12.57
                                     --------    --------    --------
 Net Investment Income.............      1.13        1.13        1.14
 Net Realized and Unrealized
  Gain/Loss........................       .62         .13        2.19
 Common Share Equivalent of
  Distributions Paid to Preferred
  Shareholders:
  Net Investment Income............      (.35)       (.36)       (.40)
  Net Realized Gain................       -0-         -0-         -0-
                                     --------    --------    --------
Total from Investment Operations...      1.40         .90        2.93
Distributions Paid to Common
 Shareholders:
  Net Investment Income............      (.75)       (.75)       (.82)
  Net Realized Gain................       -0-         -0-         -0-
                                     --------    --------    --------
NET ASSET VALUE, END OF THE
 PERIOD............................  $  15.48    $  14.83    $  14.68
                                     ========    ========    ========
Common Share Market Price at End of
 the Period........................  $ 13.625    $ 12.625    $  12.50
Total Return(a)....................    14.26%       7.17%      28.60%
Net Assets Applicable to Common
 Shares at End of the Period (In
 millions).........................  $   69.2    $   66.3    $   65.6
Ratio of Expenses to Average Net
 Assets Applicable to Common
 Shares(c).........................     1.91%       1.97%       2.03%
Ratio of Net Investment Income to
 Average Net Assets Applicable to
 Common Shares(c)..................     7.51%       7.70%       8.27%
Portfolio Turnover.................        9%         27%         43%
SUPPLEMENTAL RATIOS:
Ratio of Expenses to Average Net
 Assets Including Preferred
 Shares(c).........................     1.14%       1.17%       1.17%
Ratio of Net Investment Income to
 Average Net Assets Applicable to
 Common Shares(d)..................     5.15%       5.24%       5.35%
SENIOR SECURITIES:
Total Preferred Shares
 Outstanding.......................       900         900         900
Asset Coverage Per Preferred
 Share(e)..........................  $126,872    $123,646    $122,900
Involuntary Liquidating Preference
 Per Preferred Share...............  $ 50,000    $ 50,000    $ 50,000
Average Market Value Per Preferred
 Share.............................  $ 50,000    $ 50,000    $ 50,000

 
(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) 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 .08%. Per share,
    ratios and supplemental data for periods prior to October 31, 2002 have not
    been restated to reflect this change in presentation.
(c) Ratios do not reflect the effect of dividend payments to preferred
    shareholders.
(d) Ratios reflect the effect of dividend payments to preferred shareholders.
(e) 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.
 
                                        55

 
                     INFORMATION ABOUT THE REORGANIZATIONS
 
GENERAL
 
  Under the Reorganization Agreements (a form of which is included as Appendix A
to the Reorganization Statement of Additional Information), the Acquiring Fund
will acquire substantially all of the assets, and will assume substantially all
of the liabilities, of the Target Funds, in exchange for Acquiring Fund Common
Shares and Acquiring Fund APS to be issued by the Acquiring Fund. The Acquiring
Fund will issue and cause to be listed on the NYSE and CHX additional Acquiring
Fund Common Shares. The Acquiring Fund Common Shares issued to the Target Funds
will have an aggregate net asset value equal to the aggregate net asset value of
the Target Funds' common shares, less the costs of the Reorganizations. The
Acquiring Fund APS issued to the Target Funds will have an aggregate liquidation
preference equal to the aggregate liquidation preference of the Target Funds'
preferred shares. Upon receipt by the Target Funds of such shares, the Target
Funds will (i) distribute the Acquiring Fund Common Shares to the Target Funds'
common shareholders and (ii) distribute the Acquiring Fund APS to the Target
Funds' preferred shareholders. As soon as practicable after the Closing Date for
each Reorganization, the applicable Target Fund will deregister as investment
companies under the 1940 Act and dissolve under applicable state law.
 
  The Target Funds will distribute the Acquiring Fund Common Shares and the
Acquiring Fund APS received by them pro rata to the holders of record of their
common shares and preferred shares, as applicable, in exchange for such
shareholders' shares in the Target Funds. Such distribution will be accomplished
by opening new accounts on the books of the Acquiring Fund in the names of the
common and preferred shareholders of the Target Funds and transferring to those
shareholder accounts the Acquiring Fund Common Shares and the Acquiring Fund APS
previously credited on those books to the accounts of the Target Funds. Each
newly-opened account on the books of the Acquiring Fund for the former common
shareholders of the Target Funds will represent the respective pro rata number
of Acquiring Fund Common Shares (rounded down, in the case of fractional shares
held other than in a Plan account, to the next largest number of whole shares)
due such shareholder. No fractional Acquiring Fund Common Shares will be issued
(except for shares held in a Plan account). In the event of fractional shares in
an account other than a Plan account, the Acquiring Fund's transfer agent will
aggregate all such fractional Acquiring Fund Common Shares and sell the
resulting whole shares on the NYSE for the account of all holders of such
fractional interests, and each such holder will be entitled to the pro rata
share of the proceeds from such sale upon surrender of the Target Fund common
share certificates. Similarly, each newly-opened account on the books of the
Acquiring Fund for the former preferred shareholders of Target Fund would
represent the respective pro rata number of Acquiring Fund APS due such
shareholder. See "Terms of the
                                        56

 
Reorganization Agreements -- Surrender and Exchange of Share Certificates" below
for a description of the procedures to be followed by the Target Funds'
shareholders to obtain their Acquiring Fund Common Shares or Acquiring Fund APS
(and cash in lieu of fractional shares, if any).
 
  As a result of a Reorganization, each common shareholder of a Target Fund will
own Acquiring Fund Common Shares that (except for cash payments received in lieu
of fractional shares) will have an aggregate net asset value immediately after
the Closing Date of the applicable Reorganization equal to the aggregate net
asset value of that shareholder's Target Fund common shares immediately prior to
the Closing Date of such Reorganization. Since the Acquiring Fund Common Shares
will be issued at net asset value in exchange for the net assets of each Target
Fund having a value equal to the aggregate net asset value of those Acquiring
Fund Common Shares, the net asset value per share of Acquiring Fund Common
Shares should remain virtually unchanged by the Reorganizations except for its
share of the costs of the Reorganizations. Similarly, the aggregate liquidation
preference of the Acquiring Fund APS to be issued to each Target Fund will equal
the aggregate liquidation preference of each Target Fund's preferred shares.
Each preferred shareholder of a Target Fund will receive Acquiring Fund APS that
will have an aggregate liquidation preference immediately after the Closing Date
of the applicable Reorganization equal to the aggregate liquidation preference
of that shareholder's Target Fund preferred shares immediately prior to the
Closing Date of such Reorganization. The liquidation preference per share of the
Acquiring Fund APS will remain unchanged by the Reorganizations. Thus, the
Reorganizations will result in no dilution of net asset value of the Acquiring
Fund Common Shares or the Target Funds' common shares, other than to reflect the
costs of the Reorganizations, and will result in no dilution of the value per
share for preferred shareholders of the Acquiring Fund or the Target Funds.
However, as a result of the Reorganizations, a shareholder of any of the Funds
will hold a reduced percentage of ownership in the larger combined entity than
he or she did in any of the separate Funds. No sales charge or fee of any kind
will be charged to shareholders of the Target Funds in connection with their
receipt of Acquiring Fund Common Shares or Acquiring Fund APS in the
Reorganizations.
 
TERMS OF THE REORGANIZATION AGREEMENTS
 
  The following is a summary of the significant terms of a Reorganization
Agreement. The terms of each Reorganization Agreement are similar. This summary
is qualified in its entirety by reference to the form of Reorganization
Agreement, included as Appendix A to the Reorganization Statement of Additional
Information.
 
  VALUATION OF ASSETS AND LIABILITIES. The assets of each Fund will be valued
after the close of business on the NYSE (generally, 4:00 p.m., Eastern time) on
the Closing Date. For the purpose of determining the net asset value of a common
share of each Fund, the value of the securities held by the Fund plus any cash
or other
                                        57

 
assets (including interest accrued but not yet received) minus all liabilities
(including accrued expenses) and the aggregate liquidation value of the
outstanding preferred shares of the Fund is divided by the total number of
common shares of the Fund outstanding at such time. Daily expenses, including
the fees payable to the Adviser, will accrue on the Closing Date.
 
  AMENDMENTS AND CONDITIONS. The Reorganization Agreement may be amended at any
time prior to the Closing Date with respect to any of the terms therein. The
obligations of each Fund pursuant to the Reorganization Agreement are subject to
various conditions, including a registration statement on Form N-14 being
declared effective by the SEC, approval by the shareholders of the Target Fund,
approval of the issuance of additional Acquiring Fund Common Shares by the
common shareholders of the Acquiring Fund, receipt of an opinion of counsel as
to tax matters, receipt of an opinion of counsel as to corporate and securities
matters and the continuing accuracy of various representations and warranties of
the Funds being confirmed by the respective parties.
 
  POSTPONEMENT; TERMINATION. Under the Reorganization Agreement, the Board of
Trustees of either Fund may cause the Reorganization to be postponed or
abandoned in certain circumstances should such Board determine that it is in the
best interests of the shareholders of its respective Fund to do so.
 
  The Reorganization Agreement may be terminated, and the Reorganization
abandoned at any time (whether before or after adoption thereof by the
shareholders of either of the Funds) prior to the Closing Date, or the Closing
Date may be postponed: (i) by mutual consent of the Boards of Trustees of the
Funds and (ii) by the Board of Trustees of either Fund if any condition to that
Fund's obligations set forth in the Reorganization Agreement has not been
fulfilled or waived by such Board.
 
  SURRENDER AND EXCHANGE OF SHARE CERTIFICATES. After the Closing Date, each
holder of an outstanding certificate or certificates formerly representing
Target Fund common shares will be entitled to receive, upon surrender of his or
her certificate or certificates, a certificate or certificates representing the
number of Acquiring Fund Common Shares distributable with respect to such
holder's Target Fund common shares, together with cash in lieu of any fractional
Acquiring Fund Common Shares held other than in a Plan account. Promptly after
the Closing Date, the transfer agent for the Acquiring Fund Common Shares will
mail to each holder of certificates formerly representing Target Fund common
shares a letter of transmittal for use in surrendering his or her certificates
for certificates representing Acquiring Fund Common Shares and cash in lieu of
any fractional shares held in an account other than a Plan account.
 
  Please do not send in any share certificates at this time. Upon consummation
of the Reorganization, holders of Target Fund common shares will be furnished
with
 
                                        58

 
instructions for exchanging their share certificates for Acquiring Fund share
certificates and, if applicable, cash in lieu of fractional shares.
 
  From and after the Closing Date, certificates formerly representing Target
Fund common shares will be deemed for all purposes to evidence ownership of the
number of full Acquiring Fund Common Shares distributable with respect to the
Target Fund common shares held before the Reorganization as described above,
provided that, until such share certificates have been so surrendered, no
dividends payable to the holders of record of Target Fund common shares as of
any date subsequent to the Closing Date will be reinvested pursuant to the
Acquiring Fund's Plan, but will instead be paid in cash. Once such Target Fund
share certificates have been surrendered, participants in the Target Fund's Plan
will automatically be enrolled in the Plan of the Acquiring Fund.
 
  From and after the Closing Date, there will be no transfers on the share
transfer books of the Target Fund. If, after the Closing Date, certificates
representing Target Fund common shares are presented to the Acquiring Fund, they
will be cancelled and exchanged for certificates representing Acquiring Fund
Common Shares, as applicable, and cash in lieu of fractional shares, if any,
distributable with respect to such Target Fund common shares in the
Reorganization.
 
  Preferred shares are held in "street name" by the Depository Trust Company and
all transfers will be accomplished by book entry.
 
  EXPENSES OF THE REORGANIZATION. In the event the Reorganization is approved
and completed, the expenses of the Reorganization will be shared by the Target
Fund and the Acquiring Fund in proportion to their respective projected annual
expense savings as a result of the Reorganization. The expenses of the
Reorganization will not be borne by the preferred shareholders of either Fund.
In the event the Reorganization is not completed, the Adviser will bear the
costs associated with the Reorganization. Neither the Funds nor the Adviser will
pay any expenses of shareholders arising out of or in connection with the
Reorganization.
 
MATERIAL U.S. FEDERAL INCOME TAX CONSEQUENCES OF THE REORGANIZATIONS
 
  The following is a general summary of the material anticipated U.S. federal
income tax consequences of the Reorganizations. The discussion is based upon the
Internal Revenue Code, Treasury regulations, court decisions, published
positions of the Internal Revenue Service ("IRS") and other applicable
authorities, all as in effect on the date hereof and all of which are subject to
change or differing interpretations (possibly with retroactive effect). The
discussion is limited to U.S. persons who hold shares of a Target Fund as
capital assets for U.S. federal income tax purposes (generally, assets held for
investment). This summary does not address all of the U.S. federal income tax
consequences that may be relevant to a particular shareholder or to shareholders
who may be subject to special treatment
 
                                        59

 
under U.S. federal income tax laws. No ruling has been or will be obtained from
the IRS regarding any matter relating to the Reorganizations. No assurance can
be given that the IRS would not assert, or that a court would not sustain, a
position contrary to any of the tax aspects described below. Prospective
investors must consult their own tax advisers as to the U.S. federal income tax
consequences of the Reorganizations, as well as the effects of state, local and
non-U.S. tax laws.
 
  It is a condition to closing each Reorganization that the respective Target
Fund and the Acquiring Fund receive an opinion from Skadden, Arps, Slate,
Meagher & Flom LLP ("Skadden Arps"), dated as of the Closing Date of the
respective Reorganization, regarding the characterization of such Reorganization
as a "reorganization" within the meaning of Section 368(a) of the Internal
Revenue Code. As such a reorganization, the U.S. federal income tax consequences
of each Reorganization can be summarized as follows:
 
  - No gain or loss will be recognized by a Target Fund or the Acquiring Fund
    upon the transfer to the Acquiring Fund of substantially all of the assets
    of the Target Fund in exchange for Acquiring Fund Common Shares and
    Acquiring Fund APS and the assumption by the Acquiring Fund of substantially
    all of the liabilities of the Target Fund and the subsequent liquidation of
    the Target Fund.
 
  - No gain or loss will be recognized by a shareholder of a Target Fund who
    exchanges, as the case may be, all of his, her or its Target Fund common
    shares for Acquiring Fund Common Shares pursuant to a Reorganization (except
    with respect to cash received in lieu of a fractional share, as discussed
    below) or all of his, her or its Target Fund preferred shares solely for
    Acquiring Fund APS pursuant to a Reorganization.
 
  - The aggregate tax basis of the Acquiring Fund Common Shares or Acquiring
    Fund APS, as the case may be, received by a shareholder of a Target Fund
    pursuant to a Reorganization will be the same as the aggregate tax basis of
    the shares of the Target Fund surrendered in exchange therefor (reduced by
    any amount of tax basis allocable to a fractional share for which cash is
    received).
 
  - The holding period of the Acquiring Fund Common Shares or Acquiring Fund
    APS, as the case may be, received by a shareholder of a Target Fund pursuant
    to a Reorganization will include the holding period of the shares of the
    Target Fund surrendered in exchange therefor.
 
  - A shareholder of a Target Fund that receives cash in lieu of a fractional
    Acquiring Fund Common Share pursuant to a Reorganization will recognize
    capital gain or loss with respect to the fractional share in an amount equal
    to the difference between the amount of cash received for the fractional
    share and the portion of such shareholder's tax basis in its Target Fund
    common shares that is allocable to the fractional share. The capital gain or
    loss will be
                                        60

 
long-term if the holding period for such Target Fund common shares is more than
one year as of the date of the exchange.
 
  - The Acquiring Fund's tax basis in a Target Fund's assets received by the
    Acquiring Fund pursuant to a Reorganization will, in each instance, equal
    the tax basis of such assets in the hands of such Target Fund immediately
    prior to such Reorganization, and the Acquiring Fund's holding period of
    such assets will, in each instance, include the period during which the
    assets were held by such Target Fund.
 
  The Acquiring Fund intends to continue to be taxed under the rules applicable
to regulated investment companies as defined in Section 851 of the Internal
Revenue Code, which are the same rules currently applicable to each of the
Target Funds and their shareholders.
 
  The opinion of Skadden Arps will be based on U.S. federal income tax law in
effect on the Closing Date of the respective Reorganization. In rendering its
opinion, Skadden Arps will also rely upon certain representations of the
management of the Acquiring Fund and the Target Funds and assume, among other
things, that the Reorganizations will be consummated in accordance with the
Reorganization Agreements and as described herein. An opinion of counsel is not
binding on the IRS or any court.
 
SHAREHOLDER APPROVAL
 
  Under the Declaration of Trust of each Target Fund (as amended to date and
including the Certificate of Vote of each Target Fund), relevant Pennsylvania
law and the rules of the NYSE and CHX, shareholder approval of each
Reorganization Agreement requires the affirmative vote of shareholders of the
respective Target Fund representing more than 50% of the outstanding common
shares and preferred shares of such Target Fund entitled to vote, each voting
separately as a class.
 
                                        61

 
------------------------------------------------------------------------------
               PROPOSAL 2: ISSUANCE OF ADDITIONAL ACQUIRING FUND
                                 COMMON SHARES
------------------------------------------------------------------------------
 
  Pursuant to the Reorganization Agreements, which are described more fully
under "Proposal 1: Reorganizations of the Target Funds" herein, the Acquiring
Fund will acquire substantially all of the assets and assume substantially all
of the liabilities of each Target Fund in exchange for Acquiring Fund Common
Shares and Acquiring Fund APS. Each Target Fund will distribute Acquiring Fund
Common Shares to its common shareholders and Acquiring Fund APS to its preferred
shareholders, and will then terminate its registration under the 1940 Act and
dissolve under applicable state law. The Acquiring Fund Board, based upon its
evaluation of all relevant information, anticipates that each Reorganization
will benefit holders of Acquiring Fund Common Shares.
 
  The aggregate net asset value of Acquiring Fund Common Shares received in each
Reorganization will equal the aggregate net asset value of the Target Fund's
common shares held immediately prior to the Reorganization, less the costs of
the Reorganization (though holders of Target Fund common shares may receive cash
for their fractional shares). The aggregate liquidation preference of Acquiring
Fund APS received in each Reorganization will equal the aggregate liquidation
preference of the Target Fund's preferred shares held immediately prior to the
Reorganization. The Reorganizations will result in no reduction of the net asset
value of the Acquiring Fund Common Shares, other than to reflect the costs of
each Reorganization. No gain or loss will be recognized by the Acquiring Fund or
its shareholders in connection with each Reorganization. The Acquiring Fund will
continue to operate as a registered closed-end investment company with the
investment objective and policies described in this Joint Proxy
Statement/Prospectus.
 
  In connection with the Reorganizations and as contemplated by the
Reorganization Agreements, the Acquiring Fund will issue additional Acquiring
Fund Common Shares and list such shares on the NYSE and the CHX. While
applicable state and federal law does not require the shareholders of the
Acquiring Fund to approve the Reorganizations, applicable NYSE and CHX rules
require the common shareholders of the Acquiring Fund to approve the issuance of
additional Acquiring Fund Common Shares to be issued in connection with the
Reorganizations.
 
SHAREHOLDER APPROVAL
 
  Shareholder approval of the issuance of additional Acquiring Fund Common
Shares requires the affirmative vote of a majority of the votes cast on the
proposal, provided that the total votes cast on the proposal represents more
than 50% in interest of all securities entitled to vote on the proposal. For
more information regarding voting requirements, see the section entitled "Other
Information -- Voting Information and Requirements" below.
 
                                        62

 
------------------------------------------------------------------------------
                               OTHER INFORMATION
------------------------------------------------------------------------------
 
VOTING INFORMATION AND REQUIREMENTS
 
  GENERAL. A list of shareholders of each Fund entitled to be present and vote
at the Special Meeting will be available at the offices of the Funds, 1 Parkview
Plaza, Oakbrook Terrace, Illinois 60181-5555, for inspection by any shareholder
during regular business hours for ten days prior to the date of the Special
Meeting.
 
  RECORD DATE. The Board of Trustees of each Fund has fixed the close of
business on July 29, 2005 as the record date (the "Record Date") for the
determination of shareholders entitled to notice of, and to vote at, the Special
Meeting or any adjournment thereof. Shareholders on the Record Date will be
entitled to one vote for each share held, with no shares having cumulative
voting rights. At the Record Date, Advantage Pennsylvania Municipal Income Trust
had outstanding 4,368,552 common shares and 1,600 preferred shares, Pennsylvania
Quality Municipal Trust had outstanding 8,268,008 common shares and 2,600
preferred shares, Trust for Investment Grade Pennsylvania Municipals had
outstanding 7,432,384 common shares and 2,800 preferred shares and the Acquiring
Fund had outstanding 4,476,965 common shares and 1,800 preferred shares.
 
  PROXIES. Shareholders may vote by appearing in person at the Special Meeting,
by returning the enclosed proxy card or by casting their vote via telephone or
the internet using the instructions provided on the enclosed proxy card and more
fully described below. Shareholders of each Fund have the opportunity to submit
their voting instructions via the internet by utilizing a program provided by a
third-party vendor hired by the Funds, or by "touch-tone" telephone voting. The
giving of such a proxy will not affect your right to vote in person should you
decide to attend the Special Meeting. To use the internet, please access the
internet address found on your proxy card. To record your voting instructions by
automated telephone, please call the toll-free number listed on your proxy card.
The internet and automated telephone voting instructions are designed to
authenticate shareholder identities, to allow shareholders to give their voting
instructions, and to confirm that shareholders' instructions have been recorded
properly. Shareholders submitting their voting instructions via the internet
should understand that there may be costs associated with internet access, such
as usage charges from internet access providers and telephone companies, that
must be borne by the shareholders. Any person giving a proxy may revoke it at
any time prior to its exercise by giving written notice of the revocation to the
Secretary of the Funds at the address indicated above, by delivering a duly
executed proxy bearing a later date, by recording later-dated voting
instructions via the internet or automated telephone or by attending the Special
Meeting and voting in person. The giving of a proxy will not affect your right
to vote in person if you attend the Special Meeting and wish to do so.
 
                                        63

 
  All properly executed proxies received prior to the Special Meeting will be
voted in accordance with the instructions marked thereon or otherwise as
provided therein. Unless instructions to the contrary are marked, proxies will
be voted "FOR" the approval of each proposal. Abstentions and broker non-votes
(i.e., where a nominee such as a broker holding shares for beneficial owners
votes on certain matters pursuant to discretionary authority or instructions
from beneficial owners, but with respect to one or more proposals does not
receive instructions from beneficial owners or does not exercise discretionary
authority) are not treated as votes "FOR" a proposal.
 
  With respect to Proposal 1, abstentions and broker non-votes have the same
effect as votes "AGAINST" the proposals since their approvals are based on the
affirmative vote of a majority of each Target Fund's outstanding common shares
and preferred shares, each voting as a separate class. With respect to Proposal
2, abstentions will not be treated as votes "FOR" the proposal but will be
counted as votes cast on the proposal and will therefore have the same effect as
votes "AGAINST" the proposal. Broker non-votes will not be treated as votes
"FOR" the proposal and will not be counted as votes cast on the proposal and
will therefore have the effect of reducing the aggregate number of shares voting
on the proposal and reducing the number of votes "FOR" required to approve the
proposal.
 
  With respect to each proposal, a majority of the outstanding shares of each
class entitled to vote on the proposal must be present in person or by proxy to
have a quorum to conduct business at the Special Meeting. Abstentions and broker
non-votes will be deemed present for quorum purposes.
 
  CERTAIN VOTING INFORMATION REGARDING PREFERRED SHARES OF THE TARGET FUNDS.
Pursuant to the rules of the NYSE, preferred shares of each Target Fund held in
"street name" may be voted under certain conditions by broker-dealer firms and
counted for purposes of establishing a quorum of that Fund if no instructions
are received one business day before the Special Meeting or, if adjourned, one
business day before the day to which the Special Meeting is adjourned. These
conditions include, among others, that (i) at least 30% of a Target Fund's
preferred shares outstanding have voted on such Fund's Reorganization and (ii)
less than 10% of a Target Fund's preferred shares outstanding have voted against
such Fund's Reorganization. In such instance, the broker-dealer firm will vote
such uninstructed Target Fund's preferred shares on such Reorganization in the
same proportion as the votes cast by all Target Fund preferred shareholders who
voted on such Reorganization. Each Target Fund will include shares held of
record by broker-dealers as to which such authority has been granted in its
tabulation of the total number of shares present for purposes of determining
whether the necessary quorum of shareholders of such Fund exists.
 
                                        64

 
SHAREHOLDER INFORMATION
 
  As of July 29, 2005, to the knowledge of the Funds, no shareholder owned
beneficially more than 5% of the outstanding common shares of any Fund.
 
  To the knowledge of the Funds, no trustee or executive officer owned, directly
or beneficially, common shares of the Funds as of July 29, 2005, and no trustee
or executive officer owned preferred shares of the Funds as of that date.
 
SECTION 16(a) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE
 
  Section 30(f) of the 1940 Act and Section 16(a) of the Securities Exchange Act
of 1934, as amended, require the Funds' trustees, officers, investment adviser,
affiliated persons of the investment adviser and persons who own more than 10%
of a registered class of a Fund's equity securities to file forms with the SEC
and the NYSE reporting their affiliation with such Fund and reports of ownership
and changes in ownership of Fund shares. These persons and entities are required
by SEC regulation to furnish a Fund with copies of all such forms they file.
Based on a review of these forms furnished to each Fund, each Fund believes that
during its last fiscal year, its trustees, officers, investment adviser and
affiliated persons of the investment adviser complied with the applicable filing
requirements.
 
SHAREHOLDER PROPOSALS
 
  To be considered for presentation at a shareholder's meeting, rules
promulgated by the SEC generally require that, among other things, a
shareholder's proposal must be received at the offices of the relevant Fund a
reasonable time before solicitation is made. Timely submission of a proposal
does not necessarily mean that such proposal will be included. Any shareholder
who wishes to submit a proposal for consideration at a meeting of such
shareholder's Fund should send such proposal to the relevant Fund at the
principal executive offices of the Fund at 1221 Avenue of the Americas, New
York, New York 10020.
 
  Information regarding the deadline for timely submission of proposals intended
to be presented at the year 2006 Annual Meeting of the Funds will be provided in
the proxy statement relating to the 2005 Annual Meeting of the Funds, which is
expected to take place later this year. Shareholder proposals intended to be
presented at the 2005 Annual Meeting of the Funds pursuant to Rule 14a-8 under
the Securities Exchange Act of 1934, as amended (the "Exchange Act"), must be
received by the respective Fund at such Fund's principal executive offices by
August 16, 2005. In order for proposals made outside of Rule 14a-8 under the
Exchange Act to be considered "timely" within the meaning of Rule 14a-4(c) under
the Exchange Act, such proposals must be received by the respective Fund at such
Fund's principal executive offices by August 16, 2005. If the Reorganizations of
the Target Funds are approved and completed prior to their 2005 Annual
 
                                        65

 
Meeting, the Target Funds will cease to exist and will not hold their 2005
Annual Meeting.
 
SOLICITATION OF PROXIES
 
  Solicitation of proxies on behalf of the Funds is being made primarily by the
mailing of this Notice and Joint Proxy Statement/Prospectus with its enclosures
on or about September 6, 2005. Shareholders of the Target Funds whose shares are
held by nominees such as brokers can vote their proxies by contacting their
respective nominee. In addition to the solicitation of proxies by mail,
employees of the Adviser and its affiliates as well as dealers or their
representatives may, without additional compensation, solicit proxies in person
or by mail, telephone, telegraph, facsimile or oral communication. The Funds
have retained Computershare Fund Services ("CFS") to make telephone calls to
shareholders to remind them to vote. CFS will be paid a project management fee
as well as fees charged on a per call basis and certain other expenses.
Management estimates that the telephone solicitation by CFS will cost
approximately $10,537 for Advantage Pennsylvania Municipal Income Trust, $17,761
for Pennsylvania Quality Municipal Trust, $15,061 for Trust for Investment Grade
Pennsylvania Municipals and $10,511 for the Acquiring Fund. Proxy solicitation
expenses are an expense of the Reorganizations which will be borne by the Target
Funds and the Acquiring Fund in proportion to their projected annual expense
savings as a result of the Reorganizations.
 
LEGAL MATTERS
 
  Certain legal matters concerning the federal income tax consequences of the
Reorganizations and the issuance of Acquiring Fund Common Shares and Acquiring
Fund APS will be passed upon by Skadden Arps, which serves as counsel to the
Target Funds and the Acquiring Fund, and concerning matters of Pennsylvania law
will be passed upon by Saul Ewing LLP. Wayne W. Whalen, a partner of Skadden
Arps, is a trustee of both the Target Funds and the Acquiring Fund.
 
OTHER MATTERS TO COME BEFORE THE MEETING
 
  The Board of Trustees of each Fund knows of no business other than that
described in this Joint Proxy Statement/Prospectus which will be presented for
consideration at the Special Meeting. If any other matters are properly
presented, it is the intention of the persons named on the enclosed proxy card
to vote proxies in accordance with their best judgment.
 
  In the event that a quorum is present at the Special Meeting but sufficient
votes to approve any of the proposals are not received, proxies (including
abstentions and broker non-votes) will be voted in favor of one or more
adjournments of the Special Meeting to permit further solicitation of proxies on
such proposals, provided that the Board of Trustees of the relevant Fund
determines that such an adjournment
                                        66

 
and additional solicitation is reasonable and in the interest of shareholders
based on a consideration of all relevant factors, including the percentage of
votes then cast, the percentage of negative votes cast, the nature of the
proposed solicitation activities and the nature of the reasons for such further
solicitation. Any such adjournment will require the affirmative vote of the
holders of a majority of the outstanding shares of the respective Fund voted at
the session of the Special Meeting to be adjourned.
 
  If you cannot be present in person at the Special Meeting, please fill in,
sign and return the enclosed proxy card or please record your voting
instructions by telephone or via the internet promptly. No postage is necessary
if the enclosed proxy card is mailed in the United States.
 
                                       Lou Anne McInnis
                                       Assistant Secretary
                                       Van Kampen Advantage Pennsylvania
                                         Municipal Income Trust
                                       Van Kampen Pennsylvania Quality
                                         Municipal Trust
                                       Van Kampen Trust for Investment Grade
                                         Pennsylvania Municipals
                                       Van Kampen Pennsylvania Value
                                         Municipal Income Trust
September 2, 2005
 
                                        67

 
                                   EXHIBIT I
 
                       DESCRIPTION OF SECURITIES RATINGS
 
  STANDARD & POOR'S -- A brief description of the applicable Standard & Poor's
(S&P) rating symbols and their meanings (as published by S&P) follows:
 
  A S&P issue credit rating is a current opinion of the creditworthiness of an
obligor with respect to a specific financial obligation, a specific class of
financial obligations, or a specific financial program (including ratings on
medium-term note programs and commercial paper programs). It takes into
consideration the creditworthiness of guarantors, insurers, or other forms of
credit enhancement on the obligation and takes into account the currency in
which the obligation is denominated. The issue credit rating is not a
recommendation to purchase, sell, or hold a financial obligation, inasmuch as it
does not comment as to market price or suitability for a particular investor.
Issue credit ratings are based on current information furnished by the obligors
or obtained by S&P from other sources it considers reliable. S&P does not
perform an audit in connection with any credit rating and may, on occasion, rely
on unaudited financial information. Credit ratings may be changed, suspended, or
withdrawn as a result of changes in, or unavailability of, such information, or
based on other circumstances. Issue credit ratings can be either long-term or
short-term. Short-term ratings are generally assigned to those obligations
considered short term in the relevant market. In the U.S., for example, that
means obligations with an original maturity of no more than 365 days, including
commercial paper. Short-term ratings are also used to indicate the
creditworthiness of an obligor with respect to put features on long-term
obligations. The result is a dual rating, in which the short-term ratings
address the put feature, in addition to the usual long-term rating. Medium-term
notes are assigned long-term ratings.
 
                         LONG-TERM ISSUE CREDIT RATINGS
 
  Issue credit ratings are based, in varying degrees, on the following
considerations:
 
        - Likelihood of payment -- capacity and willingness of the obligor to
    meet its financial commitment on an obligation in accordance with the terms
    of the obligation;
 
        - Nature of and provisions of the obligation;
 
        - Protection afforded by, and relative position of, the obligation in
    the event of bankruptcy, reorganization, or other arrangement under the laws
    of bankruptcy and other laws affecting creditors' rights.
 
  The issue rating definitions are expressed in terms of default risk. As such,
they pertain to senior obligations of an entity. Junior obligations are
typically rated lower
 
                                       I-1

 
than senior obligations, to reflect the lower priority in bankruptcy, as noted
above. (Such differentiation applies when an entity has both senior and
subordinated obligations, secured and unsecured obligations, or operating
company and holding company obligations.) Accordingly, in the case of junior
debt, the rating may not conform exactly with the category definition.
 
  AAA: An obligation rated "AAA" has the highest rating assigned by S&P. The
obligor's capacity to meet its financial commitment on the obligation is
extremely strong.
 
  AA: An obligation rated "AA" differs from the highest-rated obligations only
in small degree. The obligor's capacity to meet its financial commitment on the
obligation is very strong.
 
  A: An obligation rated "A" is somewhat more susceptible to the adverse effects
of changes in circumstances and economic conditions than obligations in higher
rated categories. However, the obligor's capacity to meet its financial
commitment on the obligation is still strong.
 
  BBB: An obligation rated "BBB" exhibits adequate protection parameters.
However, adverse economic conditions or changing circumstances are more likely
to lead to a weakened capacity of the obligor to meet its financial commitment
on the obligation.
 
                               SPECULATIVE GRADE
 
  BB, B, CCC, CC, C: Obligations rated "BB", "B", "CCC", "CC" and "C" are
regarded as having significant speculative characteristics. "BB" indicates the
least degree of speculation and "C" the highest. While such obligations will
likely have some quality and protective characteristics, these may be outweighed
by large uncertainties or major exposures to adverse conditions.
 
  BB: An obligation rated "BB" is less vulnerable to nonpayment than other
speculative issues. However, it faces major ongoing uncertainties or exposure to
adverse business, financial, or economic conditions which could lead to the
obligor's inadequate capacity to meet its financial commitment on the
obligation.
 
  B: An obligation rated "B" is more vulnerable to nonpayment than obligations
rated "BB", but the obligor currently has the capacity to meet its financial
commitment on the obligation. Adverse business, financial, or economic
conditions will likely impair the obligor's capacity or willingness to meet its
financial commitment on the obligation.
 
  CCC: An obligation rated "CCC" is currently vulnerable to nonpayment, and is
dependent upon favorable business, financial, and economic conditions for the
obligor to meet its financial commitment on the obligation. In the event of
adverse
 
                                       I-2

 
business, financial, or economic conditions, the obligor is not likely to have
the capacity to meet its financial commitment on the obligation.
 
  CC: An obligation rated "CC" is currently highly vulnerable to nonpayment.
 
  C: A subordinated debt or preferred stock obligation rated "C" is CURRENTLY
HIGHLY VULNERABLE to nonpayment. The "C" rating may be used to cover a situation
where a bankruptcy petition has been filed or similar action taken, but payments
on this obligation are being continued. A "C" also will be assigned to a
preferred stock issue in arrears on dividends or sinking fund payments, but that
is currently paying.
 
  D: An obligation rated "D" is in payment default. The "D" rating category is
used when payments on an obligation are not made on the date due even if the
applicable grace period has not expired, unless S&P believes that such payments
will be made during such grace period. The "D" rating also will be used upon the
filing of a bankruptcy petition or the taking of a similar action if payments on
an obligation are jeopardized.
 
  Plus (+) or minus (-): The ratings from "AA" to "CCC" may be modified by the
addition of a plus or minus sign to show relative standing within the major
rating categories.
 
  r: This symbol is attached to the ratings of instruments with significant
noncredit risks. It highlights risks to principal or volatility of expected
returns which are not addressed in the credit rating.
 
  N.R.: This indicates that no rating has been requested, that there is
insufficient information on which to base a rating, or that S&P does not rate a
particular obligation as a matter of policy.
 
                        SHORT-TERM ISSUE CREDIT RATINGS
 
  A-1: A short-term obligation rated "A-1" is rated in the highest category by
S&P. The obligor's capacity to meet its financial commitment on the obligation
is strong. Within this category, certain obligations are designated with a plus
sign (+). This indicates that the obligor's capacity to meet its financial
commitment on these obligations is extremely strong.
 
  A-2: A short-term obligation rated "A-2" is somewhat more susceptible to the
adverse effects of changes in circumstances and economic conditions than
obligations in higher rating categories. However, the obligor's capacity to meet
its financial commitment on the obligation is satisfactory.
 
  A-3: A short-term obligation rated "A-3" exhibits adequate protection
parameters. However, adverse economic conditions or changing circumstances are
more
 
                                       I-3

 
likely to lead to a weakened capacity of the obligor to meet its financial
commitment on the obligation.
 
  B: A short-term obligation rated "B" is regarded as having significant
speculative characteristics. The obligor currently has the capacity to meet its
financial commitment on the obligation; however, it faces major ongoing
uncertainties which could lead to the obligor's inadequate capacity to meet its
financial commitment on the obligation.
 
  C: A short-term obligation rated "C" is currently vulnerable to nonpayment and
is dependent upon favorable business, financial, and economic conditions for the
obligor to meet its financial commitment on the obligation.
 
  D: A short-term obligation rated "D" is in payment default. The "D" rating
category is used when payments on an obligation are not made on the date due
even if the applicable grace period has not expired, unless S&P believes that
such payments will be made during such grace period. The "D" rating also will be
used upon the filing of a bankruptcy petition or the taking of a similar action
if payments on an obligation are jeopardized.
 
  MOODY'S INVESTORS SERVICE INC. -- A brief description of the applicable
Moody's Investors Service, Inc. (Moody's) rating symbols and their meanings (as
published by Moody's) follows:
 
  Aaa: Obligations rated Aaa are judged to be of the highest quality with
minimal credit risk.
 
  Aa: Obligations rated Aa are judged to be of high quality and are subject to
very low credit risk.
 
  A: Obligations rated A are considered upper-medium grade and are subject to
low credit risk.
 
  Baa: Obligations rated Baa are subject to moderate credit risk. They are
considered medium-grade and as such may possess certain speculative
characteristics.
 
  Ba: Obligations rated Ba are judged to have speculative elements and are
subject to substantial credit risk.
 
  B: Obligations rated B are considered speculative and are subject to high
credit risk.
 
  Caa: Obligations rated Caa are judged to be of poor standing and are subject
to very high credit risk.
 
  Ca: Obligations rated Ca are highly speculative and are likely in, or very
near, default, with some prospect of recovery of principal and interest.
 
                                       I-4

 
  C: Obligations rated C are the lowest rated class of bonds, and are typically
in default, with little prospect for recovery of principal or interest.
 
  Note: Moody's appends numerical modifiers 1, 2, and 3 to each generic rating
classification from Aa through Caa. The modifier 1 indicates that the obligation
ranks in the higher end of its generic rating category; the modifier 2 indicates
a mid-range ranking; and the modifier 3 indicates a ranking in the lower end of
that generic rating category.
 
  Moody's assigns long-term ratings to individual debt securities issued from
medium-term note (MTN) programs, in addition to indicating ratings to MTN
programs themselves. Notes issued under MTN programs with such indicated ratings
are rated at issuance at the rating applicable to all pari passu notes issued
under the same program, at the program's relevant indicated rating, provided
such notes do not exhibit any of the characteristics listed below:
 
        -- Notes containing features that link interest or principal to the
    credit performance of any third party or parties.
 
        -- Notes allowing for negative coupons, or negative principal.
 
        -- Notes containing any provision that could obligate the investor to
    make any additional payments.
 
        -- Notes containing provisions that subordinate the claim.
 
  For notes with any of these characteristics, the rating of the individual note
may differ from the indicated rating of the program.
 
  Market participants must determine whether any particular note is rated, and
if so, at what rating level. Moody's encourages market participants to contact
Moody's Ratings Desks directly or visit www.moodys.com directly if they have
questions regarding ratings for specific notes issued under a medium-term note
program. Unrated notes issued under an MTN program may be assigned an NR symbol.
 
                                       I-5

 
                               SHORT-TERM RATINGS
 
  Moody's short-term ratings are opinions of the ability of issuers to honor
short-term financial obligations. Ratings may be assigned to issuers, short-term
programs or to individual short-term debt instruments. Such obligations
generally have an original maturity not exceeding thirteen months, unless
explicitly noted. Moody's employs the following designations to indicate the
relative repayment ability of rated issuers:
 
                                      P-1
 
  Issuers (or supporting institutions) rated Prime-1 have a superior ability to
repay short-term debt obligations.
 
                                      P-2
 
  Issuers (or supporting institutions) rated Prime-2 have a strong ability to
repay short-term debt obligations.
 
                                      P-3
 
  Issuers (or supporting institutions) rated Prime-3 have an acceptable ability
to repay short-term obligations.
 
                                       NP
 
  Issuers (or supporting institutions) rated Not Prime do not fall within any of
the Prime rating categories.
 
  NOTE: Canadian issuers rated P-1 or P-2 have their short-term ratings enhanced
by the senior-most long-term rating of the issuer, its guarantor or
support-provider.
 
                                       I-6

 
                         [VAN KAMPEN INVESTMENTS LOGO]

 
                      STATEMENT OF ADDITIONAL INFORMATION
 
          RELATING TO THE ACQUISITION OF THE ASSETS AND LIABILITIES OF
 
           VAN KAMPEN ADVANTAGE PENNSYLVANIA MUNICIPAL INCOME TRUST,
 
                VAN KAMPEN PENNSYLVANIA QUALITY MUNICIPAL TRUST
 
                                      AND
 
         VAN KAMPEN TRUST FOR INVESTMENT GRADE PENNSYLVANIA MUNICIPALS
 
                        BY AND IN EXCHANGE FOR SHARES OF
 
              VAN KAMPEN PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST
 
                            DATED SEPTEMBER 2, 2005
 
     This Statement of Additional Information is available to the shareholders
of Van Kampen Advantage Pennsylvania Municipal Income Trust ("Advantage
Pennsylvania Municipal Income Trust"), Van Kampen Pennsylvania Quality Municipal
Trust ("Pennsylvania Quality Municipal Trust") and Van Kampen Trust for
Investment Grade Pennsylvania Municipals ("Trust for Investment Grade
Pennsylvania Municipals") (each a "Target Fund" and collectively the "Target
Funds") in connection with proposed reorganizations (each a "Reorganization" and
collectively the "Reorganizations") whereby Van Kampen Pennsylvania Value
Municipal Income Trust (the "Acquiring Fund") will acquire substantially all of
the assets and assume substantially all of the liabilities of the Target Funds
in exchange for an equal aggregate value of newly-issued common shares of
beneficial interest, par value $0.01 per share ("Acquiring Fund Common Shares"),
and newly-issued auction preferred shares with a par value of $0.01 per share
and a liquidation preference of $25,000 per share ("Acquiring Fund APS"). The
Target Funds will distribute Acquiring Fund Common Shares to common shareholders
of the Target Funds and Acquiring Fund APS to preferred shareholders of the
Target Funds, and will then terminate their registrations under the Investment
Company Act of 1940, as amended (the "1940 Act"), and dissolve under applicable
state law. A copy of a form of the Agreement and Plan of Reorganization between
each Target Fund and the Acquiring Fund is included as Appendix A hereto. Unless
otherwise defined herein, capitalized terms have the meanings given to them in
the Joint Proxy Statement/Prospectus.
 
     This Statement of Additional Information is not a prospectus and should be
read in conjunction with the Joint Proxy Statement/Prospectus dated September 2,
2005 relating to the proposed Reorganizations of the Target Funds into the
Acquiring Fund. A copy of the Joint Proxy Statement/Prospectus may be obtained,
without charge, by writing to the Van Kampen Client Relations Department at 1
Parkview Plaza, P.O. Box 5555, Oakbrook Terrace, Illinois 60181-5555 or by
calling (800) 341-2929 (TDD users may call (800) 421-2833).
 
     The Acquiring Fund will provide, without charge, upon the written or oral
request of any person to whom this Statement of Additional Information is
delivered, a copy of any and all documents that have been incorporated by
reference in the registration statement of which this Statement of Additional
Information is a part.
                                       S-1

 
                               TABLE OF CONTENTS
 

                                                           
Trustees and Officers.......................................  S-3
Investment Advisory Agreement...............................  S-15
Other Agreements............................................  S-17
Fund Management.............................................  S-18
Code of Ethics..............................................  S-20
Portfolio Transactions and Brokerage Allocation.............  S-21
Other Information...........................................  S-24
Financial Statements........................................  S-24
Pro Forma Financial Statements..............................  S-24
Appendix A -- Form of Agreement and Plan of
  Reorganization............................................  A-1
Appendix B -- Certificate of Vote of Trustees Establishing
  Preferred Shares..........................................  B-1
Appendix C -- Annual Report of the Acquiring Fund...........  C-1
Appendix D -- Semi-Annual Report of Acquiring Fund..........  D-1
Appendix E -- Annual Report of Advantage Pennsylvania
  Municipal Income Trust....................................  E-1
Appendix F -- Semi-Annual Report of Advantage Pennsylvania
  Municipal Income Trust....................................  F-1
Appendix G -- Annual Report of Pennsylvania Quality
  Municipal Trust...........................................  G-1
Appendix H -- Semi-Annual Report of Pennsylvania Quality
  Municipal Trust...........................................  H-1
Appendix I -- Annual Report of Trust for Investment Grade
  Pennsylvania Municipals...................................  I-1
Appendix J -- Semi-Annual Report of Trust for Investment
  Grade Pennsylvania Municipals.............................  J-1
Appendix K -- Proxy Voting Policy and Procedures............  K-1
Appendix L -- Pro Forma Financial Statements................  L-1

 
                                       S-2

 
                             TRUSTEES AND OFFICERS
 
GENERAL
 
     The business and affairs of each Fund are managed under the direction of
each Fund's Board of Trustees and each Fund's officers appointed by the Board of
Trustees. The Acquiring Fund and the Target Funds share the same Board of
Trustees and executive officers. The tables below list the trustees and
executive officers of the Funds and their principal occupations during the last
five years, other directorships held by trustees and their affiliations, if any,
with Van Kampen Investments Inc. ("Van Kampen Investments"), Van Kampen Asset
Management (the "Adviser"), Van Kampen Funds Inc. (the "Administrator"), Van
Kampen Advisors Inc., Van Kampen Exchange Corp. and Van Kampen Investor Services
Inc. ("Investor Services"). The term "Fund Complex" includes each of the
investment companies advised by the Adviser as of the date of this Statement of
Additional Information. Trustees of the Funds generally serve three-year terms
or until their successors are duly elected and qualified. Officers are annually
elected by the trustees.
 
                              INDEPENDENT TRUSTEES
 


                                                                                            NUMBER OF
                                                 TERM OF                                     FUNDS IN
                                               OFFICE AND                                      FUND
                                 POSITION(S)    LENGTH OF                                    COMPLEX
NAME, AGE AND ADDRESS             HELD WITH       TIME       PRINCIPAL OCCUPATION(S)         OVERSEEN    OTHER DIRECTORSHIPS
OF INDEPENDENT TRUSTEE              FUNDS        SERVED      DURING PAST 5 YEARS            BY TRUSTEE   HELD BY TRUSTEE
                                                                                          
David C. Arch (60)               Trustee      Trustee since  Chairman and Chief Executive       78       Trustee/Director/
Blistex Inc.                                  1991 for       Officer of Blistex Inc., a                  Managing General
1800 Swift Drive                              Pennsylvania   consumer health care products               Partner of funds in
Oak Brook, IL 60523                           Quality        manufacturer. Director of the               the Fund Complex.
                                              Municipal      Heartland Alliance, a
                                              Trust; 1992    nonprofit organization
                                              for Advantage  serving human needs based in
                                              Pennsylvania   Chicago. Director of St.
                                              Municipal      Vincent de Paul Center, a
                                              Income Trust   Chicago based day care
                                              and Trust for  facility serving the children
                                              Investment     of low income families. Board
                                              Grade          member of the Illinois
                                              Pennsylvania   Manufacturers' Association.
                                              Municipals;
                                              and 1993 for
                                              the Acquiring
                                              Fund

Jerry D. Choate (66)             Trustee      Trustee of     Prior to January 1999,             76       Trustee/Director/
33971 Selva Road                              the Funds      Chairman and Chief Executive                Managing General
Suite 130                                     since 2003     Officer of the Allstate                     Partner of funds in
Dana Point, CA 92629                                         Corporation ("Allstate") and                the Fund Complex.
                                                             Allstate Insurance Company.                 Director of Amgen
                                                             Prior to January 1995,                      Inc., a
                                                             President and Chief Executive               biotechnological
                                                             Officer of Allstate. Prior to               company, and Director
                                                             August 1994, various                        of Valero Energy
                                                             management positions at                     Corporation, an
                                                             Allstate.                                   independent refining
                                                                                                         company.

 
                                       S-3

 


                                                                                            NUMBER OF
                                                 TERM OF                                     FUNDS IN
                                               OFFICE AND                                      FUND
                                 POSITION(S)    LENGTH OF                                    COMPLEX
NAME, AGE AND ADDRESS             HELD WITH       TIME       PRINCIPAL OCCUPATION(S)         OVERSEEN    OTHER DIRECTORSHIPS
OF INDEPENDENT TRUSTEE              FUNDS        SERVED      DURING PAST 5 YEARS            BY TRUSTEE   HELD BY TRUSTEE
                                                                                          
Rod Dammeyer+ (64)               Trustee      Trustee since  President of CAC, L.L.C., a        78       Trustee/Director/
CAC, L.L.C.                                   1991 for       private company offering                    Managing General
4350 LaJolla Village Drive                    Pennsylvania   capital investment and                      Partner of funds in
Suite 980                                     Quality        management advisory services.               the Fund Complex.
San Diego, CA 92122-6223                      Municipal      Prior to February 2001, Vice                Director of
                                              Trust; 1992    Chairman and Director of                    Stericycle, Inc.,
                                              for Advantage  Anixter International, Inc.,                Ventana Medical
                                              Pennsylvania   a global distributor of wire,               Systems, Inc., and
                                              Municipal      cable and communications                    GATX Corporation, and
                                              Income Trust   connectivity products. Prior                Trustee of The
                                              and Trust for  to July 2000, Managing                      Scripps Research
                                              Investment     Partner of Equity Group                     Institute. Prior to
                                              Grade          Corporate Investment (EGI), a               January 2005, Trustee
                                              Pennsylvania   company that makes private                  of the University of
                                              Municipals;    investments in other                        Chicago Hospitals and
                                              and 1993 for   companies.                                  Health Systems. Prior
                                              the Acquiring                                              to April 2004,
                                              Fund                                                       Director of
                                                                                                         TheraSense, Inc.
                                                                                                         Prior to January
                                                                                                         2004, Director of
                                                                                                         TeleTech Holdings
                                                                                                         Inc. and Arris Group,
                                                                                                         Inc. Prior to May
                                                                                                         2002, Director of
                                                                                                         Peregrine Systems
                                                                                                         Inc. Prior to
                                                                                                         February 2001,
                                                                                                         Director of IMC
                                                                                                         Global Inc. Prior to
                                                                                                         July 2000, Director
                                                                                                         of Allied Riser
                                                                                                         Communications Corp.,
                                                                                                         Matria Healthcare
                                                                                                         Inc., Transmedia
                                                                                                         Networks, Inc., CNA
                                                                                                         Surety, Corp. and
                                                                                                         Grupo Azcarero Mexico
                                                                                                         (GAM).

Linda Hutton Heagy (57)          Trustee      Trustee of     Managing Partner of Heidrick       76       Trustee/Director/
Heidrick & Struggles                          the Funds      & Struggles, an executive                   Managing General
233 South Wacker Drive                        since 2003     search firm. Trustee on the                 Partner of funds in
Suite 7000                                                   University of Chicago                       the Fund Complex.
Chicago, IL 60606                                            Hospitals Board, Vice Chair
                                                             of the Board of the YMCA of
                                                             Metropolitan Chicago and a
                                                             member of the Women's Board
                                                             of the University of Chicago.
                                                             Prior to 1997, Partner of Ray
                                                             & Berndtson, Inc., an
                                                             executive recruiting firm.
                                                             Prior to 1996, Trustee of The
                                                             International House Board, a
                                                             fellowship and housing
                                                             organization for
                                                             international graduate
                                                             students. Prior to 1995,
                                                             Executive Vice President of
                                                             ABN AMRO, N.A., a bank
                                                             holding company. Prior to
                                                             1990, Executive Vice
                                                             President of The Exchange
                                                             National Bank.

 
                                       S-4

 


                                                                                            NUMBER OF
                                                 TERM OF                                     FUNDS IN
                                               OFFICE AND                                      FUND
                                 POSITION(S)    LENGTH OF                                    COMPLEX
NAME, AGE AND ADDRESS             HELD WITH       TIME       PRINCIPAL OCCUPATION(S)         OVERSEEN    OTHER DIRECTORSHIPS
OF INDEPENDENT TRUSTEE              FUNDS        SERVED      DURING PAST 5 YEARS            BY TRUSTEE   HELD BY TRUSTEE
                                                                                          

R. Craig Kennedy (53)            Trustee      Trustee of     Director and President of the      76       Trustee/Director/
1744 R Street, NW                             the Funds      German Marshall Fund of the                 Managing General
Washington, DC 20009                          since 2003     United States, an independent               Partner of funds in
                                                             U.S. foundation created to                  the Fund Complex.
                                                             deepen understanding, promote
                                                             collaboration and stimulate
                                                             exchanges of practical
                                                             experience between Americans
                                                             and Europeans. Formerly,
                                                             advisor to the Dennis Trading
                                                             Group Inc., a managed futures
                                                             and option company that
                                                             invests money for individuals
                                                             and institutions. Prior to
                                                             1992, President and Chief
                                                             Executive Officer, Director
                                                             and member of the Investment
                                                             Committee of the Joyce
                                                             Foundation, a private
                                                             foundation.

Howard J Kerr (69)               Trustee      Trustee since  Prior to 1998, President and       78       Trustee/Director/
736 North Western Avenue                      1992 Target    Chief Executive Officer of                  Managing General
P.O. Box 317                                  Funds; 1993    Pocklington Corporation,                    Partner of funds in
Lake Forest, IL 60045                         Acquiring      Inc., an investment holding                 the Fund Complex.
                                              Fund           company. Director of the                    Director of the Lake
                                                             Marrow Foundation.                          Forest Bank & Trust.

Jack E. Nelson (69)              Trustee      Trustee of     President of Nelson                76       Trustee/Director/
423 Country Club Drive                        the Funds      Investment Planning Services,               Managing General
Winter Park, FL 32789                         since 2003     Inc., a financial planning                  Partner of funds in
                                                             company and registered                      the Fund Complex.
                                                             investment adviser in the
                                                             State of Florida. President
                                                             of Nelson Ivest Brokerage
                                                             Services Inc., a member of
                                                             the NASD, Securities
                                                             Investors Protection Corp.
                                                             and the Municipal Securities
                                                             Rulemaking Board. President
                                                             of Nelson Sales and Services
                                                             Corporation, a marketing and
                                                             services company to support
                                                             affiliated companies.

Hugo F. Sonnenschein+ (64)       Trustee      Trustee of     President Emeritus and             78       Trustee/Director/
1126 E. 59th Street                           the Funds      Honorary Trustee of the                     Managing General
Chicago, IL 60637                             since 1994     University of Chicago and the               Partner of funds in
                                                             Adam Smith Distinguished                    the Fund Complex.
                                                             Service Professor in the                    Director of Winston
                                                             Department of Economics at                  Laboratories, Inc.
                                                             the University of Chicago.
                                                             Prior to July 2000, President
                                                             of the University of Chicago.
                                                             Trustee of the University of
                                                             Rochester and a member of its
                                                             investment committee. Member
                                                             of the National Academy of
                                                             Sciences, the American
                                                             Philosophical Society and a
                                                             fellow of the American
                                                             Academy of Arts and Sciences.

 
                                       S-5

 


                                                                                            NUMBER OF
                                                 TERM OF                                     FUNDS IN
                                               OFFICE AND                                      FUND
                                 POSITION(S)    LENGTH OF                                    COMPLEX
NAME, AGE AND ADDRESS             HELD WITH       TIME       PRINCIPAL OCCUPATION(S)         OVERSEEN    OTHER DIRECTORSHIPS
OF INDEPENDENT TRUSTEE              FUNDS        SERVED      DURING PAST 5 YEARS            BY TRUSTEE   HELD BY TRUSTEE
                                                                                          

Suzanne H. Woolsey, Ph.D. (63)   Trustee      Trustee of     Chief Communications Officer       76       Trustee/Director/
815 Cumberstone Road                          the Funds      of the National Academy of                  Managing General
Harwood, MD 20776                             since 2003     Sciences/National Research                  Partner of funds in
                                                             Council, an independent,                    the Fund Complex.
                                                             federally chartered policy                  Director of Fluor
                                                             institution, from 2001 to                   Corp., an
                                                             November 2003 and Chief                     engineering,
                                                             Operating Officer from 1993                 procurement and
                                                             to 2001. Director of the                    construction
                                                             Institute for Defense                       organization, since
                                                             Analyses, a federally funded                January 2004 and
                                                             research and development                    Director of Neurogen
                                                             center, Director of the                     Corporation, a
                                                             German Marshall Fund of the                 pharmaceutical
                                                             United States, Director of                  company, since
                                                             the Rocky Mountain Institute                January 1998.
                                                             and Trustee of Colorado
                                                             College. Prior to 1993,
                                                             Executive Director of the
                                                             Commission on Behavioral and
                                                             Social Sciences and Education
                                                             at the National Academy of
                                                             Sciences/National Research
                                                             Council. From 1980 through
                                                             1989, Partner of Coopers &
                                                             Lybrand.

 
                                       S-6

 
                              INTERESTED TRUSTEES*
 


                                                                                          NUMBER OF
                                             TERM OF                                       FUNDS IN
                                            OFFICE AND                                       FUND
                              POSITION(S)   LENGTH OF                                      COMPLEX
NAME, AGE AND ADDRESS          HELD WITH       TIME      PRINCIPAL OCCUPATION(S)           OVERSEEN    OTHER DIRECTORSHIPS
OF INTERESTED TRUSTEE            FUNDS        SERVED     DURING PAST 5 YEARS              BY TRUSTEE   HELD BY TRUSTEE
                                                                                        
Mitchell M. Merin* (52)       Trustee and  Trustee of    President of funds in the Fund       76       Trustee/Director/
1221 Avenue of the Americas   President    the Funds     Complex. Chairman, President,                 Managing General
New York, NY 10020                         since 2003;   Chief Executive Officer and                   Partner of funds in
                                           President of  Director of the Adviser and Van               the Fund Complex.
                                           the Funds     Kampen Advisors Inc. since
                                           since 2002    December 2002. Chairman,
                                                         President and Chief Executive
                                                         Officer of Van Kampen
                                                         Investments since December
                                                         2002. Director of Van Kampen
                                                         Investments since December
                                                         1999. Chairman and Director of
                                                         Van Kampen Funds Inc. since
                                                         December 2002. President,
                                                         Director and Chief Operating
                                                         Officer of Morgan Stanley
                                                         Investment Management since
                                                         December 1998. President and
                                                         Director since April 1997 and
                                                         Chief Executive Officer since
                                                         June 1998 of Morgan Stanley
                                                         Investment Advisors Inc. and
                                                         Morgan Stanley Services Company
                                                         Inc. Chairman, Chief Executive
                                                         Officer and Director of Morgan
                                                         Stanley Distributors Inc. since
                                                         June 1998. Chairman since June
                                                         1998, and Director since
                                                         January 1998 of Morgan Stanley
                                                         Trust. Director of various
                                                         Morgan Stanley subsidiaries.
                                                         President of the Morgan Stanley
                                                         Funds since May 1999.
                                                         Previously Chief Executive
                                                         Officer of Van Kampen Funds
                                                         Inc. from December 2002 to July
                                                         2003, Chief Strategic Officer
                                                         of Morgan Stanley Investment
                                                         Advisors Inc. and Morgan
                                                         Stanley Services Company Inc.
                                                         and Executive Vice President of
                                                         Morgan Stanley Distributors
                                                         Inc. from April 1997 to June
                                                         1998. Chief Executive Officer
                                                         from September 2002 to April
                                                         2003 and Vice President from
                                                         May 1997 to April 1999 of the
                                                         Morgan Stanley Funds.

 
                                       S-7

 


                                                                                          NUMBER OF
                                             TERM OF                                       FUNDS IN
                                            OFFICE AND                                       FUND
                              POSITION(S)   LENGTH OF                                      COMPLEX
NAME, AGE AND ADDRESS          HELD WITH       TIME      PRINCIPAL OCCUPATION(S)           OVERSEEN    OTHER DIRECTORSHIPS
OF INTERESTED TRUSTEE            FUNDS        SERVED     DURING PAST 5 YEARS              BY TRUSTEE   HELD BY TRUSTEE
                                                                                        

Richard F. Powers, III* (59)  Trustee      Trustee of    Advisory Director of Morgan          78       Trustee/Director/
1221 Avenue of the Americas                the Funds     Stanley. Prior to December                    Managing General
New York, NY 10020                         since 1999    2002, Chairman, Director,                     Partner of funds in
                                                         President, Chief Executive                    the Fund Complex.
                                                         Officer and Managing Director
                                                         of Van Kampen Investments and
                                                         its investment advisory,
                                                         distribution and other
                                                         subsidiaries. Prior to December
                                                         2002, President and Chief
                                                         Executive Officer of funds in
                                                         the Fund Complex. Prior to May
                                                         1998, Executive Vice President
                                                         and Director of Marketing at
                                                         Morgan Stanley and Director of
                                                         Dean Witter, Discover & Co. and
                                                         Dean Witter Realty. Prior to
                                                         1996, Director of Dean Witter
                                                         Reynolds Inc.

Wayne W. Whalen* (66)         Trustee      Trustee       Partner in the law firm of           78       Trustee/Director/
333 West Wacker Drive                      since 1991    Skadden, Arps, Slate, Meagher &               Managing General
Chicago, IL 60606                          for           Flom LLP, legal counsel to                    Partner of funds in
                                           Pennsylvania  funds in the Fund Complex.                    the Fund Complex.
                                           Quality                                                     Director of the
                                           Municipal                                                   Abraham Lincoln
                                           Trust; 1992                                                 Presidential Library
                                           for                                                         Foundation.
                                           Advantage
                                           Pennsylvania
                                           Municipal
                                           Income Trust
                                           and Trust
                                           for
                                           Investment
                                           Grade
                                           Pennsylvania
                                           Municipals;
                                           and 1993 for
                                           the
                                           Acquiring
                                           Fund

 
------------------------------------
 
* Such trustee is an "interested person" (within the meaning of Section 2(a)(19)
  of the 1940 Act). Messrs. Merin and Powers are interested persons of funds in
  the Fund Complex and the Adviser by reason of their current or former
  positions with Morgan Stanley or its affiliates. Mr. Whalen is an interested
  person of certain funds in the Fund Complex by reason of he and his firm
  currently providing legal services as legal counsel to such funds in the Fund
  Complex.
 
+ Designated as Preferred Shares Trustee.
 
                                       S-8

 
                                    OFFICERS
 


                                                      TERM OF
                                                     OFFICE AND
                                   POSITION(S)       LENGTH OF
NAME, AGE AND                       HELD WITH           TIME      PRINCIPAL OCCUPATION(S)
ADDRESS OF OFFICER                    FUNDS            SERVED     DURING PAST 5 YEARS
                                                         

Ronald E. Robison (66)          Executive Vice      Officer of    Executive Vice President and Principal Executive Officer
1221 Avenue of the Americas     President and       the Funds     of Funds in the Fund Complex since May 2003. Chief
New York, NY 10020              Principal           since 2003    Executive Officer and Chairman of Investor Services.
                                Executive                         Managing Director of Morgan Stanley. Chief Administrative
                                Officer                           Officer, Managing Director and Director of Morgan Stanley
                                                                  Investment Advisors Inc., Morgan Stanley Services Company
                                                                  Inc. and Managing Director and Director of Morgan Stanley
                                                                  Distributors Inc. Chief Executive Officer and Director of
                                                                  Morgan Stanley Trust. Executive Vice President and
                                                                  Principal Executive Officer of the Institutional and
                                                                  Retail Morgan Stanley Funds; Director of Morgan Stanley
                                                                  SICAV; previously Chief Global Operations Officer and
                                                                  Managing Director of Morgan Stanley Investment Management
                                                                  Inc.

Joseph J. McAlinden (62)        Executive Vice      Officer of    Managing Director and Chief Investment Officer of Morgan
1221 Avenue of the Americas     President and       the Funds     Stanley Investment Advisors Inc., Morgan Stanley
New York, NY 10020              Chief Investment    since 2002    Investment Management Inc. and Morgan Stanley Investments
                                Officer                           LP and Director of Morgan Stanley Trust for over 5 years.
                                                                  Executive Vice President and Chief Investment Officer of
                                                                  funds in the Fund Complex. Managing Director and Chief
                                                                  Investment Officer of Van Kampen Investments, the Adviser
                                                                  and Van Kampen Advisors Inc. since December 2002.

Amy R. Doberman (43)            Vice President      Officer of    Managing Director and General Counsel, U.S. Investment
1221 Avenue of the Americas                         the Funds     Management; Managing Director of Morgan Stanley Investment
New York, NY 10020                                  since 2004    Management, Inc., Morgan Stanley Investment Advisers Inc.
                                                                  and the Adviser. Vice President of the Morgan Stanley
                                                                  Institutional and Retail Funds since July 2004 and Vice
                                                                  President of funds in the Fund Complex as of August 2004.
                                                                  Previously, Managing Director and General Counsel of
                                                                  Americas, UBS Global Asset Management from July 2000 to
                                                                  July 2004 and General Counsel of Aeltus Investment
                                                                  Management, Inc from January 1997 to July 2000.

Stefanie V. Chang Yu (38)       Vice President      Officer of    Executive Director of Morgan Stanley Investment
1221 Avenue of the Americas     and Secretary       the Funds     Management. Vice President and Secretary of funds in the
New York, NY 10020                                  since 2003    Fund Complex.

John L. Sullivan (50)           Chief Compliance    Officer       Chief Compliance Officer of funds in the Fund Complex
1 Parkview Plaza                Officer             since 1991    since August 2004. Prior to August 2004, Director and
Oakbrook Terrace, IL 60181                          for           Managing Director of Van Kampen Investments, the Adviser,
                                                    Pennsylvania  Van Kampen Advisors Inc. and certain other subsidiaries of
                                                    Quality       Van Kampen Investments, Vice President, Chief Financial
                                                    Municipal     Officer and Treasurer of funds in the Fund Complex and
                                                    Trust; 1992   head of Fund Accounting for Morgan Stanley Investment
                                                    for           Management. Prior to December 2002, Executive Director of
                                                    Advantage     Van Kampen Investments, the Adviser and Van Kampen
                                                    Pennsylvania  Advisors Inc.
                                                    Municipal
                                                    Income Trust
                                                    and Trust
                                                    for
                                                    Investment
                                                    Grade
                                                    Pennsylvania
                                                    Municipals;
                                                    and 1993 for
                                                    the
                                                    Acquiring
                                                    Fund

 
                                       S-9

 


                                                      TERM OF
                                                     OFFICE AND
                                   POSITION(S)       LENGTH OF
NAME, AGE AND                       HELD WITH           TIME      PRINCIPAL OCCUPATION(S)
ADDRESS OF OFFICER                    FUNDS            SERVED     DURING PAST 5 YEARS
                                                         

Phillip G. Goff (41)            Chief Financial      Officer of   Executive Director of Morgan Stanley Investment Management
1 Parkview Plaza                Officer and          the Funds    since June 2005. Chief Financial Officer and Treasurer of
P.O. Box 5555                   Treasurer            since 2005   funds in the Fund Complex since August 2005. Prior to June
Oakbrook Terrace, IL 60181                                        2005, Vice President and Chief Financial Officer of
                                                                  Enterprise Capital Management, Inc., an investment holding
                                                                  company.

 
COMPENSATION
 
     Each trustee/director/managing general partner (hereinafter referred to in
this section as "trustee") who is not an affiliated person (as defined in the
1940 Act) of Van Kampen Investments, the Adviser or the Administrator (each a
"Non-Affiliated Trustee") is compensated by an annual retainer and meeting fees
for services to funds in the Fund Complex. Each fund in the Fund Complex (except
Van Kampen Exchange Fund) provides a deferred compensation plan to its
Non-Affiliated Trustees that allows trustees to defer receipt of their
compensation until retirement and earn a return on such deferred amounts.
Amounts deferred are retained by the Funds and earn a rate of return determined
by reference to the return on the common shares of the Funds or other funds in
the Fund Complex as selected by the respective Non-Affiliated Trustee. To the
extent permitted by the 1940 Act, the Funds may invest in securities of those
funds selected by the Non-Affiliated Trustees in order to match the deferred
compensation obligation. The deferred compensation plan is not funded and
obligations thereunder represent general unsecured claims against the general
assets of the Funds. Deferring compensation has the same economic effect as if
the Non-Affiliated Trustee reinvested his or her compensation into the Funds.
Each fund in the Fund Complex (except Van Kampen Exchange Fund) provides a
retirement plan to its Non-Affiliated Trustees that provides Non-Affiliated
Trustees with compensation after retirement, provided that certain eligibility
requirements are met. Under the retirement plan, a Non-Affiliated Trustee who is
receiving compensation from the Funds prior to such Non-Affiliated Trustee's
retirement, has at least 10 years of service (including years of service prior
to adoption of the retirement plan) and retires at or after attaining the age of
60, is eligible to receive a retirement benefit per year for each of the 10
years following such retirement from the Funds. Non-Affiliated Trustees retiring
prior to the age of 60 or with fewer than 10 years but more than 5 years of
service may receive reduced retirement benefits from the Funds.
 
                                       S-10

 
     Additional information regarding compensation and benefits for trustees of
each Fund is set forth below for the periods described in the notes accompanying
the table.
 
                               COMPENSATION TABLE
 


                                                                                                 Fund Complex
                                                                                -----------------------------------------------
                                   Aggregate Compensation from:                  Aggregate        Aggregate
                      -------------------------------------------------------   Pension or        Estimated           Total
                       Advantage                      Trust for                 Retirement     Maximum Annual     Compensation
                      Pennsylvania   Pennsylvania    Investment                  Benefits     Benefits from the      before
                       Municipal       Quality          Grade                   Accrued as      Fund Complex      Deferral from
                         Income       Municipal     Pennsylvania    Acquiring     Part of           Upon              Fund
       Name(1)          Trust(2)       Trust(3)     Municipals(4)    Fund(5)    Expenses(6)     Retirement(7)      Complex(8)
       -------        ------------   ------------   -------------   ---------   -----------   -----------------   -------------
                                                                                             
INDEPENDENT TRUSTEES
David C. Arch            $1,921         $2,466         $2,437        $1,943      $ 35,277         $147,500          $192,530
Jerry D. Choate           2,444          3,237          3,192         2,472        82,527          126,000           200,002
Rod Dammeyer              1,927          2,472          2,443         1,949        63,782          147,500           208,000
Linda Hutton Heagy        2,243          3,036          2,991         2,271        24,465          142,500           184,784
R. Craig Kennedy          2,444          3,237          3,192         2,472        16,911          142,500           200,002
Howard J Kerr             2,127          2,672          2,643         2,149       140,743          146,250           208,000
Jack E. Nelson            2,444          3,237          3,192         2,472        97,294          109,500           200,002
Hugo F. Sonnenschein      2,127          2,672          2,643         2,149        64,476          147,500           208,000
Suzanne H. Woolsey        2,444          3,237          3,192         2,472        58,450          142,500           200,002

INTERESTED TRUSTEE
Wayne W. Whalen(1)        2,127          2,672          2,643         2,149        72,001          147,500           208,000

 
------------------------------------
 
(1) Trustees not eligible for compensation are not included in the Compensation
    Table. Mr. Whalen is an "interested person" (within the meaning of Section
    2(a)(19) of the 1940 Act) of each Fund and certain other funds in the Fund
    Complex. Theodore A. Myers retired as a member of the Board of Trustees of
    each Fund and other funds in the Fund Complex on December 31, 2003. J. Miles
    Branagan retired as a member of the Board of Trustees of each Fund and other
    funds in the Fund Complex on December 31, 2004.
 
(2) The amounts shown in this column represent the aggregate compensation before
    deferral with respect to Advantage Pennsylvania Municipal Income Trust's
    fiscal year ended October 31, 2004. The following trustees deferred
    compensation from Advantage Pennsylvania Municipal Income Trust during the
    fiscal year ended October 31, 2004: Mr. Choate, $2,444; Mr. Dammeyer,
    $1,927; Ms. Heagy, $2,243; Mr. Nelson, $2,444; Mr. Sonnenschein, $2,127; and
    Mr. Whalen, $2,127. The cumulative deferred compensation (including
    interest) accrued with respect to each trustee from Advantage Pennsylvania
    Municipal Income Trust as of October 31, 2004 is as follows: Mr. Choate,
    $3,247; Mr. Dammeyer, $40,187; Ms. Heagy, $3,089; Mr. Kerr, $27,798; Mr.
    Nelson, $3,219; Mr. Sonnenschein, $35,224; and Mr. Whalen, $34,364. The
    deferred compensation plan is described above the Compensation Table.
 
(3) The amounts shown in this column represent the aggregate compensation before
    deferral with respect to Pennsylvania Quality Municipal Trust's fiscal year
    ended October 31, 2004. The following trustees deferred compensation from
    Pennsylvania Quality Municipal Trust during the fiscal year ended October
    31, 2004: Mr. Choate, $3,237; Mr. Dammeyer, $2,472; Ms. Heagy, $3,036; Mr.
    Nelson, $3,237; Mr. Sonnenschein, $2,672; and Mr. Whalen, $2,672. The
    cumulative deferred compensation (including interest) accrued with respect
    to each trustee from
                                       S-11

 
    Pennsylvania Quality Municipal Trust as of October 31, 2004 is as follows:
    Mr. Choate, $4,284; Mr. Dammeyer, $44,973; Ms. Heagy, $4,139; Mr. Kerr,
    $28,208; Mr. Nelson, $4,246; Mr. Sonnenschein, $39,350; and Mr. Whalen,
    $38,851. The deferred compensation plan is described above the Compensation
    Table.
 
(4) The amounts shown in this column represent the aggregate compensation before
    deferral with respect to Trust for Investment Grade Pennsylvania Municipals'
    fiscal year ended October 31, 2004. The following trustees deferred
    compensation from Trust for Investment Grade Pennsylvania Municipals during
    the fiscal year ended October 31, 2004: Mr. Choate, $3,192; Mr. Dammeyer,
    $2,443; Ms. Heagy, $2,991; Mr. Nelson, $3,192; Mr. Sonnenschein, $2,643; and
    Mr. Whalen, $2,643. The cumulative deferred compensation (including
    interest) accrued with respect to each trustee from Trust for Investment
    Grade Pennsylvania Municipals as of October 31, 2004 is as follows: Mr.
    Choate, $4,225; Mr. Dammeyer, $44,834; Ms. Heagy, $4,080; Mr. Kerr, $28,187;
    Mr. Nelson, $4,188; Mr. Sonnenschein, $39,219; and Mr. Whalen, $38,710. The
    deferred compensation plan is described above the Compensation Table.
 
(5) The amounts shown in this column represent the aggregate compensation before
    deferral with respect to the Acquiring Fund's fiscal year ended October 31,
    2004. The following trustees deferred compensation from the Acquiring Fund
    during the fiscal year ended October 31, 2004: Mr. Choate, $2,472; Mr.
    Dammeyer, $1,949; Ms. Heagy, $2,271; Mr. Nelson, $2,472; Mr. Sonnenschein,
    $2,149; and Mr. Whalen, $2,149. The cumulative deferred compensation
    (including interest) accrued with respect to each trustee from the Acquiring
    Fund as of October 31, 2004 is as follows: Mr. Choate, $3,285; Mr. Dammeyer,
    $40,254; Ms. Heagy, $3,128; Mr. Kerr, $27,797; Mr. Nelson, $3,257; Mr.
    Sonnenschein, $35,303; and Mr. Whalen, $34,424. The deferred compensation
    plan is described above the Compensation Table.
 
(6) The amounts shown in this column represent the sum of the retirement
    benefits accrued by the operating funds in the Fund Complex for each of the
    trustees for the funds' respective fiscal years ended in 2004. The
    retirement plan is described above the Compensation Table.
 
(7) For each trustee, this is the sum of the estimated maximum annual benefits
    payable by the funds in the Fund Complex for each year of the 10-year period
    commencing in the year of such person's anticipated retirement. The
    retirement plan is described above the Compensation Table.
 
(8) The amounts shown in this column represent the aggregate compensation paid
    by all of the funds in the Fund Complex as of December 31, 2004 before
    deferral by the trustees under the deferred compensation plan. Because the
    funds in the Fund Complex have different fiscal year ends, the amounts shown
    in this column are presented on a calendar year basis.
 
BOARD COMMITTEES
 
     The Board of Trustees of each Fund has the same three standing committees
(an audit committee, a brokerage and services committee and a governance
committee). Each committee is comprised solely of "Independent Trustees," which
is defined for purposes herein as trustees who: (1) are not "interested persons"
of the Funds as defined by the 1940 Act and (2) are "independent" of the Funds
as defined by the New York Stock Exchange, American Stock Exchange and Chicago
Stock Exchange listing standards.
 
                                       S-12

 
     Each Board's audit committee consists of Jerry D. Choate, Rod Dammeyer and
R. Craig Kennedy. In addition to being Independent Trustees as defined above,
each of these trustees also meets the additional independence requirements for
audit committee members as defined by the New York Stock Exchange, American
Stock Exchange and Chicago Stock Exchange listing standards. Each audit
committee makes recommendations to its Board of Trustees concerning the
selection of its Fund's independent registered public accounting firm, reviews
with such independent registered public accounting firm the scope and results of
its Fund's annual audit and considers any comments which the independent
registered public accounting firm may have regarding its Fund's financial
statements, books of account or internal controls. Each Board of Trustees has
adopted a formal written charter for its audit committee which sets forth the
audit committee's responsibilities. Each audit committee has reviewed and
discussed the financial statements of its Fund with management as well as with
the independent registered public accounting firm of the Fund, and discussed
with the independent registered public accounting firm the matters required to
be discussed under the Statement of Auditing Standards No. 61. Each audit
committee has received the written disclosures and the letter from the
independent registered public accounting firm required under Independence
Standards Board Standard No. 1 and has discussed with the independent registered
public accounting firm its independence. Based on this review, each audit
committee recommended to its Board of Trustees that its Fund's audited financial
statements be included in the Fund's annual report to shareholders for the most
recent fiscal year for filing with the SEC.
 
     Each Board's brokerage and services committee consists of Linda Hutton
Heagy, Hugo F. Sonnenschein and Suzanne H. Woolsey. Each brokerage and services
committee reviews its Fund's allocation of brokerage transactions and
soft-dollar practices.
 
     Each Board's governance committee consists of David C. Arch, Howard J Kerr
and Jack E. Nelson. In addition to being Independent Trustees as defined above,
each of these trustees also meets the additional independence requirements for
nominating committee members as defined by the New York Stock Exchange, American
Stock Exchange and Chicago Stock Exchange listing standards. Each governance
committee identifies individuals qualified to serve as Independent Trustees on
its Board and on committees of the Board, advises its Board with respect to
Board composition, procedures and committees, develops and recommends to its
Board a set of corporate governance principles applicable to the Fund, monitors
corporate governance matters and makes recommendations to its Board, and acts as
the administrative committee with respect to Board policies and procedures,
committee policies and procedures and codes of ethics. The Independent Trustees
of each Fund select and nominate any other nominee Independent Trustees for each
Fund. While the Independent Trustees of each Fund expect to be able to continue
to identify from their own resources an ample number of qualified candidates for
each Board of Trustees as they deem appropriate, they will consider nominations
from shareholders to each Board. Nominations from shareholders should be in
writing and sent to the Independent Trustees of the Funds at the Funds' offices
at 1221 Avenue of the Americas, New York, New York 10020 or directly to the
Independent Trustees at the address specified above for each trustee.
 
     During each Fund's last fiscal year, each Board of Trustees held 16
meetings. During each Fund's last fiscal year, the audit committee of each Board
held five meetings,
 
                                       S-13

 
the brokerage and services committee of each Board held four meetings and the
governance committee of each Board held five meetings.
 
SHARE OWNERSHIP
 
     Excluding any deferred compensation balances as described in the
Compensation Table, as of December 31, 2004, the most recently completed
calendar year prior to the date of this Statement of Additional Information,
each trustee of Advantage Pennsylvania Municipal Income Trust, Pennsylvania
Quality Municipal Trust, Trust for Investment Grade Pennsylvania Municipals and
the Acquiring Fund beneficially owned equity securities of each such Fund and of
all of the funds in the Fund Complex overseen by the trustee in the dollar range
amounts specified below.
 
                2004 TRUSTEE BENEFICIAL OWNERSHIP OF SECURITIES
 
INDEPENDENT TRUSTEES
 


                                                                              TRUSTEE
                                     -----------------------------------------------------------------------------------------
                                       ARCH    CHOATE   DAMMEYER   HEAGY    KENNEDY    KERR    NELSON   SONNENSCHEIN  WOOLSEY
                                     --------  -------  --------  --------  --------  -------  -------  ------------  --------
                                                                                           
Dollar range of equity securities
 in Advantage Pennsylvania
 Municipal Income Trust............    None     None      None      None      None     None     None        None        None
Dollar range of equity securities
 in Pennsylvania Quality Municipal
 Trust.............................    None     None      None      None      None     None     None        None        None
Dollar range of equity securities
 in Trust for Investment Grade
 Pennsylvania Municipals...........    None     None      None      None      None     None     None        None        None
Dollar range of equity securities
 in the Acquiring Fund.............    None     None      None      None      None     None     None        None        None
Aggregate dollar range of equity
 securities in all registered
 investment companies overseen by
 trustee in the Fund Complex.......  $50,001-    $1-      over    $50,001-    over      $1-      $1-      $10,001-    $10,001-
                                     $100,000  $10,000  $100,000  $100,000  $100,000  $10,000  $10,000    $50,000     $50,000

 
INTERESTED TRUSTEES
 


                                                                        TRUSTEE
                                                              ----------------------------
                                                               MERIN     POWERS    WHALEN
                                                              --------  --------  --------
                                                                         
Dollar range of equity securities in Advantage Pennsylvania
 Municipal Income Trust.....................................    None      None      None
Dollar range of equity securities in Pennsylvania Quality
 Municipal Trust............................................    None      None      None
Dollar range of equity securities in Trust for Investment
 Grade Pennsylvania Municipals..............................    None      None      None
Dollar range of equity securities in the Acquiring Fund.....    None      None      None
Aggregate dollar range of equity securities in all
 registered investment companies overseen by trustee in the
 Fund Complex...............................................    over      over      over
                                                              $100,000  $100,000  $100,000

 
                                       S-14

 
     Including deferred compensation balances (which are amounts deferred and
thus retained by the Funds as described in the Compensation Table), as of
December 31, 2004, the most recently completed calendar year prior to the date
of this Statement of Additional Information, each trustee of the Fund had in the
aggregate, combining beneficially owned equity securities and deferred
compensation of the Fund and of all of the funds in the Fund Complex overseen by
the trustee, the dollar range of amounts specified below.
 
          2004 TRUSTEE BENEFICIAL OWNERSHIP AND DEFERRED COMPENSATION
 
INDEPENDENT TRUSTEES
 


                                                                            TRUSTEE
                                  --------------------------------------------------------------------------------------------
                                    ARCH     CHOATE   DAMMEYER   HEAGY    KENNEDY     KERR     NELSON   SONNENSCHEIN  WOOLSEY
                                  --------  --------  --------  --------  --------  --------  --------  ------------  --------
                                                                                           
Dollar range of equity
 securities and deferred
 compensation in Advantage
 Pennsylvania Municipal Income
 Trust..........................    None      None      None      None      None      None      None        None        None
Dollar range of equity
 securities and deferred
 compensation in Pennsylvania
 Quality Municipal Trust........    None      None      None      None      None      None      None        None        None
Dollar range of equity
 securities and deferred
 compensation in Trust for
 Investment Grade Pennsylvania
 Municipals.....................    None      None      None      None      None      None      None        None        None
Dollar range of equity
 securities and deferred
 compensation in the Acquiring
 Fund...........................    None      None      None      None      None      None      None        None        None
Aggregate dollar range of equity
 securities and deferred
 compensation in all registered
 investment companies overseen
 by trustee in Fund Complex.....  $50,001-    over      over      over      over      over      over        over      $10,000-
                                  $100,000  $100,000  $100,000  $100,000  $100,000  $100,000  $100,000    $100,000    $50,001

 
INTERESTED TRUSTEES
 


                                             TRUSTEE
                                  ------------------------------
                                   MERIN      POWERS     WHALEN
                                   -----      ------     ------
                                               
Dollar range of equity
 securities and deferred
 compensation in Advantage
 Pennsylvania Municipal Income
 Trust..........................    None       None       None
Dollar range of equity
 securities and deferred
 compensation in Pennsylvania
 Quality Municipal Trust........    None       None       None
Dollar range of equity
 securities and deferred
 compensation in Trust for
 Investment Grade Pennsylvania
 Municipals.....................    None       None       None
Dollar range of equity
 securities and deferred
 compensation in the Acquiring
 Fund...........................    None       None       None
Aggregate dollar range of equity
 securities and deferred
 compensation in all registered
 investment companies overseen
 by trustee in the Fund
 Complex........................    over       over       over
                                  $100,000   $100,000   $100,000

 
                         INVESTMENT ADVISORY AGREEMENT
 
     Each Fund and the Adviser are parties to an investment advisory agreement
(each an "Advisory Agreement"). Under each Advisory Agreement, a Fund retains
the Adviser to manage the investment of such Fund's assets, including the
placing of orders for the purchase and sale of portfolio securities. The Adviser
obtains and evaluates economic, statistical and financial information to
formulate strategy and implement such Fund's investment objective. The Adviser
also furnishes offices, necessary facilities and equipment, provides
administrative services to such Fund, renders periodic reports to such Fund's
 
                                       S-15

 
Board of Trustees and permits its officers and employees to serve without
compensation as trustees or officers of such Fund if elected to such positions.
A Fund, however, bears the costs of its day-to-day operations, including auction
agent fees, fees for broker-dealers participating in auctions of such Fund's
APS, custodian fees, legal and independent registered public accounting firm
fees, the costs of reports and proxies to shareholders, compensation of trustees
of such Fund (other than those who are affiliated persons of Van Kampen
Investments, the Adviser or the Administrator) and all other ordinary business
expenses not specifically assumed by the Adviser. Each Advisory Agreement also
provides that the Adviser shall not be liable to a Fund for any actions or
omissions in the absence of willful misfeasance, bad faith, negligence or
reckless disregard of its obligations and duties under such Advisory Agreement.
 
     Each Advisory Agreement may be continued from year to year if specifically
approved at least annually (a)(i) by a Fund's Board of Trustees or (ii) by a
vote of a majority of a Fund's outstanding voting securities and (b) by a vote
of a majority of the trustees who are not parties to the agreement or interested
persons of any such party by votes cast in person at a meeting called for such
purpose. Each Advisory Agreement provides that it shall terminate automatically
if assigned and that it may be terminated without penalty by either party on 60
days' written notice.
 
     In approving each Advisory Agreement, the Board of Trustees of each Fund,
including the non-interested trustees, considered the nature, quality and scope
of the services provided by the Adviser, the performance, fees and expenses of a
Fund compared to other similar investment companies, the Adviser's expenses in
providing the services and the profitability of the Adviser and its affiliated
companies. The Board of Trustees of each Fund also reviewed the benefit to the
Adviser of receiving research paid for by Fund assets and the propriety of such
an arrangement and evaluated other benefits the Adviser derives from its
relationship with a Fund. The Board of Trustees of each Fund considered the
extent to which any economies of scale experienced by the Adviser are shared
with a Fund's shareholders, and the propriety of alternative breakpoints in a
Fund's advisory fee schedule. The Board of Trustees of each Fund considered
comparative advisory fees of a Fund and other investment companies at different
asset levels. The Board of Trustees of each Fund reviewed reports from third
parties about the foregoing factors and considered changes, if any, in such
items since its previous approval. The Board of Trustees of each Fund discussed
the financial strength of the Adviser and its affiliated companies and the
capability of the personnel of the Adviser. The Board of Trustees of each Fund
reviewed the statutory and regulatory requirements for approval of advisory
agreements. The Board of Trustees of each Fund, including the non-interested
trustees, evaluated all of the foregoing and determined, in the exercise of its
business judgment, that approval of each Advisory Agreement was in the best
interests of the respective Fund and its shareholders.
 
                                       S-16

 
ADVISORY FEES
 


                                                      FISCAL YEAR ENDED OCTOBER 31,
                                                   ------------------------------------
                                                      2004         2003         2002
                                                   ----------   ----------   ----------
                                                                    
The Adviser received the approximate advisory
  fees from each Fund as follows:
Advantage Pennsylvania Municipal Income Trust....  $  683,500   $  692,000   $  684,000
Pennsylvania Quality Municipal Trust.............   1,213,200    1,227,600    1,208,500
Trust for Investment Grade Pennsylvania
  Municipals.....................................   1,183,000    1,194,400    1,179,700
Acquiring Fund...................................     704,600      708,200      695,500

 
                                OTHER AGREEMENTS
 
ADMINISTRATIVE SERVICES AGREEMENT
 
     Each Fund was a party to an administrative services agreement. The
administrative services provided by the Administrator to each Fund included
record keeping and reporting responsibilities with respect to each Fund's
portfolio and preferred shares and providing certain services to shareholders.
Prior to May 14, 2002, each Fund paid the Administrator a monthly administrative
services fee at the annual rate of 0.20% of the average net assets of each Fund.
Prior to June 1, 2004, each Fund paid the Administrator a monthly administrative
services fee at the annual rate of 0.05% of the average net assets of each Fund.
Effective June 1, 2004, the administrative services fee was reduced from 0.05%
to 0.00%. The administrative services agreement for each Fund was terminated
effective May 26, 2005.
 
ADMINISTRATIVE SERVICES FEES
 


                                                         FISCAL YEAR ENDED OCTOBER 31,
                                                         -----------------------------
                                                          2004       2003       2002
                                                         -------   --------   --------
                                                                     
Van Kampen Funds Inc. received the approximate
  administrative services fees from each Fund as
  follows:
Advantage Pennsylvania Municipal Income Trust..........  $33,400   $ 57,700   $147,600
Pennsylvania Quality Municipal Trust...................   59,100    102,300    260,600
Trust for Investment Grade Pennsylvania Municipals.....   57,700     99,500    254,600
Acquiring Fund.........................................   34,300     59,000    150,129

 
ACCOUNTING SERVICES AGREEMENT
 
     Each Fund has entered into an accounting services agreement pursuant to
which the Adviser provides accounting services to each Fund supplementary to
those provided by the custodian. Such services are expected to enable each Fund
to more closely monitor and maintain its accounts and records. Each Fund pays
all costs and expenses related to such services, including all salary and
related benefits of accounting personnel, as well as the overhead and expenses
of office space and the equipment necessary to render such services. Each Fund
shares together with the other Van Kampen funds in the cost of providing such
services with 25% of such costs shared proportionately based on the respective
number of classes of securities issued per fund and the remaining 75% of such
costs based proportionately on the respective net assets per fund.
 
                                       S-17

 
ACCOUNTING SERVICES FEES
 


                                                           FISCAL YEAR ENDED OCTOBER 31,
                                                           ------------------------------
                                                             2004       2003       2002
                                                           --------   --------   --------
                                                                        
The Adviser received the approximate accounting services
  fees from each Fund as follows:
Advantage Pennsylvania Municipal Income Trust............  $13,500    $14,200    $15,400
Pennsylvania Quality Municipal Trust.....................   16,600     18,100     19,200
Trust for Investment Grade Pennsylvania Municipals.......   16,300     16,700     19,200
Acquiring Fund...........................................   13,500     14,400     15,400

 
LEGAL SERVICES AGREEMENT
 
     Each Fund and certain other Van Kampen funds have entered into legal
services agreements pursuant to which Van Kampen Investments provides legal
services, including without limitation, accurate maintenance of each fund's
minute books and records, preparation and oversight of each fund's regulatory
reports and other information provided to shareholders, as well as responding to
day-to-day legal issues on behalf of the funds. Payment by the funds for such
services is made on a cost basis for the salary and salary-related benefits,
including but not limited to bonuses, group insurance and other regular wages
for the employment of personnel. Of the total costs for legal services provided
to the funds, one half of such costs are allocated equally to each fund and the
remaining one half of such costs are allocated to specific funds based on
monthly time records.
 
LEGAL SERVICES FEES
 


                                                           FISCAL YEAR ENDED OCTOBER 31,
                                                           ------------------------------
                                                             2004       2003       2002
                                                           --------   --------   --------
                                                                        
Van Kampen Investments received the approximate legal
  services fees from each Fund as follows:
Advantage Pennsylvania Municipal Income Trust............  $13,100    $13,100    $10,200
Pennsylvania Quality Municipal Trust.....................   13,200     14,800     10,700
Trust for Investment Grade Pennsylvania Municipals.......   14,600     14,800     10,700
Acquiring Fund...........................................   12,800     13,400      9,800

 
                                FUND MANAGEMENT
 
OTHER ACCOUNTS MANAGED BY THE PORTFOLIO MANAGERS
 
     As of October 31, 2004, Dennis Pietrzak managed 16 registered investment
companies with a total of approximately $4.4 billion in assets; 0 pooled
investment vehicles other than registered investment companies; and 0 other
accounts.
 
     As of October 31, 2004, Robert W. Wimmel managed 36 registered investment
companies with a total of approximately $11.0 billion in assets; 0 pooled
investment vehicles other than registered investment companies; and 0 other
accounts.
 
     As of October 31, 2004, John R. Reynoldson managed 33 registered investment
companies with a total of approximately $7.8 billion in assets; 0 pooled
investment vehicles other than registered investment companies; and 0 other
accounts.
 
                                       S-18

 
     Because the portfolio managers manage assets for other investment
companies, pooled investment vehicles, and/or other accounts (including
institutional clients, pension plans and certain high net worth individuals),
there may be an incentive to favor one client over another resulting in
conflicts of interest. For instance, the Adviser may receive fees from certain
accounts that are higher than the fee it receives from the Funds, or it may
receive a performance-based fee on certain accounts. In those instances, the
portfolio managers may have an incentive to favor the higher and/or
performance-based fee accounts over the Funds. The portfolio managers of the
Funds do not currently manage assets for other investment companies, pooled
investment vehicles or other accounts that charge a performance fee. The Adviser
has adopted trade allocation and other policies and procedures that it believes
are reasonably designed to address these and other conflicts of interest.
 
PORTFOLIO MANAGER COMPENSATION STRUCTURE
 
     Portfolio managers receive a combination of base compensation and
discretionary compensation, comprised of a cash bonus and several deferred
compensation programs described below. The methodology used to determine
portfolio manager compensation is applied across all accounts managed by the
portfolio manager.
 
     BASE SALARY COMPENSATION.  Generally, portfolio managers receive base
salary compensation based on the level of their position with the Adviser.
 
     DISCRETIONARY COMPENSATION.  In addition to base compensation, portfolio
managers may receive discretionary compensation.
 
     Discretionary compensation can include:
 
     - Cash Bonus;
 
     - Morgan Stanley's Equity Incentive Compensation Program (EICP) awards -- a
       mandatory program that defers a portion of discretionary year-end
       compensation into restricted stock units or other awards based on Morgan
       Stanley common stock that are subject to vesting and other conditions;
 
     - Investment Management Deferred Compensation Plan (IMDCP) awards -- a
       mandatory program that defers a portion of discretionary year-end
       compensation and notionally invests it in designated funds advised by the
       Adviser or its affiliates. The award is subject to vesting and other
       conditions. Portfolio managers must notionally invest a minimum of 25% to
       a maximum of 50% of the IMDCP deferral into a combination of the
       designated funds they manage that are included in the IMDCP fund menu;
 
     - Select Employees' Capital Accumulation Program (SECAP) awards -- a
       voluntary program that permits employees to elect to defer a portion of
       their discretionary year-end compensation and notionally invest the
       deferred amount across a range of designated investment funds, including
       funds advised by the Adviser or its affiliates; and
 
     - Voluntary Equity Incentive Compensation Program (VEICP) awards -- a
       voluntary program that permits employees to elect to defer a portion of
       their discretionary year-end compensation to invest in Morgan Stanley
       stock units.
                                       S-19

 
     Several factors determine discretionary compensation, which can vary by
portfolio management team and circumstances. In order of relative importance,
these factors include:
 
     - Investment performance. A portfolio manager's compensation is linked to
       the pre-tax investment performance of the accounts managed by the
       portfolio manager. Investment performance is calculated for one-, three-
       and five-year periods measured against a fund's primary benchmark (as set
       forth in the fund's prospectus), indices and/or peer groups. Generally,
       the greatest weight is placed on the three- and five-year periods.
 
     - Revenues generated by the investment companies, pooled investment
       vehicles and other accounts managed by the portfolio manager.
 
     - Contribution to the business objectives of the Adviser.
 
     - The dollar amount of assets managed by the portfolio manager.
 
     - Market compensation survey research by independent third parties.
 
     - Other qualitative factors, such as contributions to client objectives.
 
     - Performance of Morgan Stanley and Morgan Stanley Investment Management,
       and the overall performance of the Global Investor Group, a department
       within Morgan Stanley Investment Management that includes all investment
       professionals.
 
     Occasionally, to attract new hires or to retain key employees, the total
amount of compensation will be guaranteed in advance of the fiscal year end
based on current market levels. In limited circumstances, the guarantee may
continue for more than one year. The guaranteed compensation is based on the
same factors as those comprising overall compensation described above.
 
SECURITIES OWNERSHIP OF PORTFOLIO MANAGERS
 
     As of each Fund's fiscal year end, none of the portfolio managers owned
equity securities in any of the Funds.
 
                                 CODE OF ETHICS
 
     The Funds and the Adviser have adopted a Code of Ethics (the "Code of
Ethics") that sets forth general and specific standards relating to the
securities trading activities of their employees. The Code of Ethics does not
prohibit employees from acquiring securities that may be purchased or held by
the Funds, but is intended to ensure that all employees conduct their personal
transactions in a manner that does not interfere with the portfolio transactions
of the Funds or other Van Kampen funds, or that such employees take unfair
advantage of their relationship with the Funds. Among other things, the Code of
Ethics prohibits certain types of transactions absent prior approval, imposes
various trading restrictions (such as time periods during which personal
transactions may or may not be made) and requires quarterly reporting of
securities transactions and other reporting matters. All reportable securities
transactions and other required reports are to be reviewed by appropriate
personnel for compliance with the Code of Ethics. Additional restrictions
 
                                       S-20

 
apply to portfolio managers, traders, research analysts and others who may have
access to nonpublic information about the trading activities of the Funds or
other Van Kampen funds or who otherwise are involved in the investment advisory
process. Exceptions to these and other provisions of the Code of Ethics may be
granted in particular circumstances after review by appropriate personnel.
 
                PORTFOLIO TRANSACTIONS AND BROKERAGE ALLOCATION
 
     The Adviser is responsible for decisions to buy and sell securities for the
Funds, the selection of brokers and dealers to effect the transactions and the
negotiation of prices and any brokerage commissions on such transactions. While
the Adviser will be primarily responsible for the placement of each Fund's
portfolio business, the policies and practices in this regard are subject to
review by each Fund's Board of Trustees.
 
     As most transactions made by a Fund are principal transactions at net
prices, a Fund generally incurs little or no brokerage costs. The portfolio
securities in which a Fund invests are normally purchased directly from the
issuer or in the over-the-counter market from an underwriter or market maker for
the securities. Purchases from underwriters of portfolio securities include a
commission or concession paid by the issuer to the underwriter and purchases
from dealers serving as market makers include a spread or markup to the dealer
between the bid and asked price. Sales to dealers are effected at bid prices. A
Fund may also purchase certain money market instruments directly from an issuer,
in which case no commissions or discounts are paid, or may purchase and sell
listed securities on an exchange, which are effected through brokers who charge
a commission for their services.
 
     The Adviser is responsible for placing portfolio transactions and does so
in a manner deemed fair and reasonable to each Fund and not according to any
formula. The primary consideration in all portfolio transactions is prompt
execution of orders in an effective manner at the most favorable price. In
selecting broker-dealers and in negotiating prices and any brokerage commissions
on such transactions, the Adviser considers the firm's reliability, integrity
and financial condition and the firm's execution capability, the size and
breadth of the market for the security, the size of and difficulty in executing
the order, and the best net price. There are many instances when, in the
judgment of the Adviser, more than one firm can offer comparable execution
services. In selecting among such firms, consideration may be given to those
firms which supply research and other services in addition to execution
services. The Adviser is authorized to pay higher commissions to brokerage firms
that provide it with investment and research information than to firms which do
not provide such services if the Adviser determines that such commissions are
reasonable in relation to the overall services provided. No specific value can
be assigned to such research services which are furnished without cost to the
Adviser. Since statistical and other research information is only supplementary
to the research efforts of the Adviser and still must be analyzed and reviewed
by its staff, the receipt of research information is not expected to reduce its
expenses materially. The investment advisory fee is not reduced as a result of
the Adviser's receipt of such research services. Services provided may include
(a) furnishing advice as to the value of securities, the advisability of
investing in, purchasing or selling securities, and the availability of
securities or purchasers or sellers of securities; (b) furnishing analyses and
reports concerning issuers, industries, securities, economic factors and trends,
portfolio strategy, and the performance of accounts; and
 
                                       S-21

 
(c) effecting securities transactions and performing functions incidental
thereto (such as clearance, settlement and custody). Research services furnished
by firms through which a Fund effects its securities transactions may be used by
the Adviser in servicing all of its advisory accounts; not all of such services
may be used by the Adviser in connection with a Fund.
 
     The Adviser also may place portfolio transactions, to the extent permitted
by law, with brokerage firms affiliated with a Fund and the Adviser if it
reasonably believes that the quality of execution and the commission are
comparable to that available from other qualified firms.
 
     The Adviser may place portfolio transactions at or about the same time for
other advisory accounts, including other investment companies. The Adviser seeks
to allocate portfolio transactions equitably whenever concurrent decisions are
made to purchase or sell securities for a Fund and another advisory account. In
some cases, this procedure could have an adverse effect on the price or the
amount of securities available to a Fund. In making such allocations among a
Fund and other advisory accounts, the main factors considered by the Adviser are
the respective sizes of such Fund and other advisory accounts, the respective
investment objectives, the relative size of portfolio holdings of the same or
comparable securities, the availability of cash for investment, the size of
investment commitments generally held and opinions of the persons responsible
for recommending the investment.
 
     Certain broker-dealers, through which a Fund may effect securities
transactions, are affiliated persons (as defined in the 1940 Act) of a Fund or
affiliated persons of such affiliates, including Morgan Stanley or its
subsidiaries. Each Fund's Board of Trustees has adopted certain policies
incorporating the standards of Rule 17e-1 issued by the SEC under the 1940 Act
which require that the commissions paid to affiliates of the Fund must be
reasonable and fair compared to the commissions, fees or other remuneration
received or to be received by other brokers in connection with comparable
transactions involving similar securities during a comparable period of time.
The rule and procedures also contain review requirements and require the Adviser
to furnish reports to the trustees and to maintain records in connection with
such reviews. After consideration of all factors deemed relevant, the trustees
will consider from time to time whether the advisory fee for each Fund will be
reduced by all or a portion of the brokerage commission paid to affiliated
brokers.
 
     No Fund paid commissions to affiliated brokers during the last three fiscal
years. The Funds paid the following commissions to brokers during the fiscal
years shown:
 


                                                           AFFILIATED BROKERS
                                           ALL BROKERS   MORGAN STANLEY DW INC.
                                           -----------   ----------------------
                                                   
ADVANTAGE PENNSYLVANIA MUNICIPAL INCOME TRUST
  Commissions Paid:
     Fiscal year ended October 31,
       2004..............................       0                  0
     Fiscal year ended October 31,
       2003..............................       0                  0
     Fiscal year ended October 31,
       2002..............................       0                  0

 
                                       S-22

 


 
                                                   

 


 
                                                   
PENNSYLVANIA QUALITY MUNICIPAL TRUST
  Commissions Paid:
     Fiscal year ended October 31,
       2004..............................       0                  0
     Fiscal year ended October 31,
       2003..............................       0                  0
     Fiscal year ended October 31,
       2002..............................       0                  0
TRUST FOR INVESTMENT GRADE PENNSYLVANIA MUNICIPALS
  Commissions Paid:
     Fiscal year ended October 31,
       2004..............................       0                  0
     Fiscal year ended October 31,
       2003..............................       0                  0
     Fiscal year ended October 31,
       2002..............................       0                  0
ACQUIRING FUND
  Commissions Paid:
     Fiscal year ended October 31,
       2004..............................       0                  0
     Fiscal year ended October 31,
       2003..............................       0                  0
     Fiscal year ended October 31,
       2002..............................       0                  0
FISCAL YEAR 2004 PERCENTAGES:
  Acquiring Fund
     Commissions with affiliate to total
       commissions.......................       0%
     Value of brokerage transactions with
       affiliate to total transactions...       0%
  Advantage Pennsylvania Municipal Income
     Trust
     Commissions with affiliate to total
       commissions.......................       0%
     Value of brokerage transactions with
       affiliate to total transactions...       0%
  Pennsylvania Quality Municipal Trust
     Commissions with affiliate to total
       commissions.......................       0%
     Value of brokerage transactions with
       affiliate to total transactions...       0%
  Trust for Investment Grade Pennsylvania
     Municipals
     Commissions with affiliate to total
       commissions.......................       0%
     Value of brokerage transactions with
       affiliate to total transactions...       0%

 
     During the fiscal year ended October 31, 2004, none of the Funds paid
brokerage commissions to brokers selected primarily on the basis of research
services provided to the Adviser.
 
                                       S-23

 
                               OTHER INFORMATION
 
CUSTODY OF ASSETS
 
     All securities owned by the Funds and all cash, including proceeds from the
sale of securities in each Fund's investment portfolio, are held by State Street
Bank and Trust Company, 225 West Franklin Street, Boston, Massachusetts 02110,
as custodian. The custodian also provides accounting services to the Funds.
 
PROXY VOTING POLICY AND PROCEDURES AND PROXY VOTING RECORD
 
     The Funds' Proxy Voting Policy and Procedures are included as Appendix K to
this Statement of Additional Information. A copy of each Fund's most recent
proxy voting record filed with the SEC is available (i) without charge on our
web site at www.vankampen.com and (ii) on the SEC's web site at www.sec.gov.
 
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
 
     An independent registered public accounting firm for the Funds performs an
annual audit of each Fund's financial statements. Each Fund's Board of Trustees
has engaged Deloitte & Touche LLP, located at 111 South Wacker Drive, Chicago,
Illinois 60606, to be each Fund's independent registered public accounting firm.
 
                              FINANCIAL STATEMENTS
 
     Incorporated herein by reference and included in their respective
entireties are (i) the audited financial statements of the Acquiring Fund for
the fiscal year ended October 31, 2004, as included in Appendix C hereto, (ii)
the unaudited financial statements of the Acquiring Fund for the six-month
period ended April 30, 2005, as included as Appendix D hereto, (iii) the audited
financial statements of Advantage Pennsylvania Municipal Income Trust, dated
October 31, 2004, as included as Appendix E hereto; (iv) the unaudited financial
statements of Advantage Pennsylvania Municipal Income Trust for the six-month
period ended April 30, 2005, as included as Appendix F hereto; (v) the audited
financial statements of Pennsylvania Quality Municipal Trust, dated October 31,
2004, as included as Appendix G hereto; (vi) the unaudited financial statements
of Pennsylvania Quality Municipal Trust for the six-month period ended April 30,
2005, as included as Appendix H hereto; (vii) the audited financial statements
of Trust for Investment Grade Pennsylvania Municipals, dated October 31, 2004,
as included as Appendix I hereto; and the unaudited financial statements of
Trust for Investment Grade Pennsylvania Municipals for the six-month period
ended April 30, 2005, as included as Appendix J hereto.
 
                         PRO FORMA FINANCIAL STATEMENTS
 
     Set forth in Appendix L hereto are unaudited pro forma financial statements
of the Acquiring Fund giving effect to the Reorganizations which include: (i)
Pro Forma Condensed Statements of Assets and Liabilities at January 31, 2005,
(ii) Pro Forma Condensed Statement of Operations for the one year period ended
January 31, 2005 and (iii) Pro Forma Portfolio of Investments at January 31,
2005.
 
                                       S-24

                                   APPENDIX A

                                    FORM OF
                      AGREEMENT AND PLAN OF REORGANIZATION

         In order to consummate the Reorganization and in consideration of the
promises and the covenants and agreements hereinafter set forth, and intending
to be legally bound, Van Kampen XXXXXX, a registered closed-end investment
company, File No. 811-XXXX (the "Target Fund") and Van Kampen XXXXXX (the
"Acquiring Fund"), a registered closed-end investment company, File No.
811-XXXX, each hereby agree as follows:

1.       Representations and Warranties of the Acquiring Fund.

         The Acquiring Fund represents and warrants to, and agrees with, the
Target Fund that:

         (a)      The Acquiring Fund is a trust, with transferable shares, duly
                  organized, validly existing and in good standing in conformity
                  with the laws of its jurisdiction of organization, and has the
                  power to own all of its assets and to carry out this
                  Agreement. The Acquiring Fund has all necessary federal, state
                  and local authorizations to carry on its business as it is now
                  being conducted and to carry out this Agreement.

         (b)      The Acquiring Fund is duly registered under the Investment
                  Company Act of 1940, as amended (the "1940 Act") as a
                  [non-]diversified, closed-end management investment company
                  and such registration has not been revoked or rescinded and is
                  in full force and effect. The Acquiring Fund has elected and
                  qualified for the special tax treatment afforded regulated
                  investment companies ("RICs") under Section 851 of the
                  Internal Revenue Code (the "Code") at all times since its
                  inception and intends to continue to so qualify until
                  consummation of the reorganization contemplated hereby (the
                  "Reorganization") and thereafter.

         (c)      The Target Fund has been furnished with the Acquiring Fund's
                  Annual Report to Shareholders for the fiscal year ended XXXX,
                  2004, and the audited financial statements appearing therein,
                  having been audited by Deloitte & Touche LLP, independent
                  registered public accounting firm, fairly present the
                  financial position of the Acquiring Fund as of the respective
                  dates indicated, in conformity with accounting principles
                  generally accepted in the United States applied on a
                  consistent basis.

         (d)      An unaudited statement of assets, liabilities and capital of
                  the Acquiring Fund and an unaudited schedule of investments of
                  the Acquiring Fund, each as of the Valuation Time (as defined
                  in Section 3(e) of this Agreement), will be furnished to the
                  Target Fund, at or prior to the Closing Date (as defined in
                  Section 7(a) herein), for the purpose of determining the
                  number of Acquiring Fund Common Shares and Acquiring Fund APS
                  to be issued pursuant to Section 3(a) of this Agreement; each
                  will fairly present the financial position of the Acquiring
                  Fund as of the Valuation Time in conformity with generally
                  accepted accounting principles applied on a consistent basis.

         (e)      The Acquiring Fund has full power and authority to enter into
                  and perform its obligations under this Agreement. The
                  execution, delivery and performance of this Agreement has been
                  duly authorized by all necessary action of its Board of
                  Trustees, and this Agreement constitutes a valid and binding
                  contract enforceable in accordance with its terms, subject to
                  the effects of bankruptcy, insolvency, moratorium, fraudulent
                  conveyance and similar



                                      A-1




                  laws relating to or affecting creditors' rights generally and 
                  court decisions with respect thereto.

         (f)      There are no material legal, administrative or other
                  proceedings pending or, to the knowledge of the Acquiring
                  Fund, threatened against it which assert liability on the part
                  of the Acquiring Fund or which materially affect its financial
                  condition or its ability to consummate the Reorganization. The
                  Acquiring Fund is not charged with or, to the best of its
                  knowledge, threatened with any violation or investigation of
                  any possible violation of any provisions of any federal, state
                  or local law or regulation or administrative ruling relating
                  to any aspect of its business.

         (g)      The Acquiring Fund is not obligated under any provision of its
                  Declaration of Trust, as amended, or its by-laws, as amended,
                  and is not a party to any contract or other commitment or
                  obligation, and is not subject to any order or decree which
                  would be violated by its execution of or performance under
                  this Agreement, except insofar as the Funds have mutually
                  agreed to amend such contract or other commitment or
                  obligation to cure any potential violation as a condition
                  precedent to the Reorganization.

         (h)      There are no material contracts outstanding to which the
                  Acquiring Fund is a party that have not been disclosed in the
                  N-14 Registration Statement (as defined in subsection (k)
                  below) or that will not otherwise be disclosed to the Target
                  Fund prior to the Valuation Time.

         (i)      The Acquiring Fund has no known liabilities of a material
                  amount, contingent or otherwise, other than those shown on its
                  statements of assets, liabilities and capital referred to in
                  subsection (c) above, those incurred in the ordinary course of
                  its business as an investment company, and those incurred in
                  connection with the Reorganization. As of the Valuation Time,
                  the Acquiring Fund will advise the Target Fund in writing of
                  all known liabilities, contingent or otherwise, whether or not
                  incurred in the ordinary course of business, existing or
                  accrued as of such time, except to the extent disclosed in the
                  financial statements referred to in subsection (c) above.

         (j)      No consent, approval, authorization or order of any court or
                  government authority is required for the consummation by the
                  Acquiring Fund of the Reorganization, except such as may be
                  required under the Securities Act of 1933, as amended (the
                  "1933 Act"), the Securities Exchange Act of 1934, as amended
                  (the "1934 Act") and the 1940 Act or state securities laws
                  (which term as used herein shall include the laws of the
                  District of Columbia and Puerto Rico).

         (k)      The registration statement filed by the Acquiring Fund on Form
                  N-14, which includes the proxy statement of the Target Fund
                  and the Acquiring Fund with respect to the transactions
                  contemplated herein (the "Joint Proxy Statement/Prospectus"),
                  and any supplement or amendment thereto or to the documents
                  therein (as amended or supplemented, the "N-14 Registration
                  Statement"), on its effective date, at the time of the
                  shareholders' meetings referred to in Section 8(a) and Section
                  9(a) of this Agreement and at the Closing Date, insofar as it
                  relates to the Acquiring Fund, (i) complied or will comply in
                  all material respects with the provisions of the 1933 Act, the
                  1934 Act and the 1940 Act and the rules and regulations
                  thereunder and (ii) did not or will not contain any


                                      A-2


                  untrue statement of a material fact or omit to state any
                  material fact required to be stated therein or necessary to
                  make the statements therein not misleading; and the Joint
                  Proxy Statement/Prospectus included therein did not or will
                  not contain any untrue statement of a material fact or omit to
                  state any material fact necessary to make the statements
                  therein, in the light of the circumstances under which they
                  were made, not misleading; provided, however, that the
                  representations and warranties in this subsection only shall
                  apply to statements in or omissions from the N-14 Registration
                  Statement made in reliance upon and in conformity with
                  information furnished by the Acquiring Fund for use in the
                  N-14 Registration Statement.

         (l)      The Acquiring Fund is authorized to issue an unlimited number

                  of common shares of beneficial interest, par value $.01 per
                  share (the "Acquiring Fund Common Shares"), and XXXX preferred
                  shares of beneficial interest, par value $.01 per share. The
                  Board of Trustees of the Acquiring Fund has designated XXXX
                  preferred shares as Auction Preferred Shares ("Acquiring Fund
                  APS"). Each outstanding Acquiring Fund Common Share and each
                  Acquiring Fund APS of the Acquiring Fund is fully paid and,
                  except as provided in Section 5.1 of the Acquiring Fund's
                  Declaration of Trust, nonassessable, and has full voting
                  rights.

         (m)      The Acquiring Fund Common Shares and the Acquiring Fund APS to
                  be issued to the Target Fund pursuant to this Agreement will
                  have been duly authorized and, when issued and delivered
                  pursuant to this Agreement, will be legally and validly issued
                  and will be fully paid and, except as provided in Section 5.1
                  of the Acquiring Fund's Declaration of Trust, nonassessable
                  and will have full voting rights, and no shareholder of the
                  Acquiring Fund will have any preemptive right of subscription
                  or purchase in respect thereof.

         (n)      At or prior to the Closing Date, the Acquiring Fund Common
                  Shares to be transferred to the Target Fund for distribution
                  to the shareholders of the Target Fund on the Closing Date
                  will be duly qualified for offering to the public in all
                  states of the United States in which the sale of shares of the
                  Funds presently are qualified, and there will be a sufficient
                  number of such shares registered under the 1933 Act and, as
                  may be necessary, with each pertinent state securities
                  commission to permit the transfers contemplated by this
                  Agreement to be consummated.

         (o)      At or prior to the Closing Date, the Acquiring Fund APS to be
                  transferred to the Target Fund on the Closing Date will be
                  duly qualified for offering to the public in all states of the
                  United States in which the sale of APS of the Target Fund
                  presently are qualified, and there are a sufficient number of
                  Acquiring Fund APS registered under the 1933 Act and with each
                  pertinent state securities commission to permit the transfers
                  contemplated by this Agreement to be consummated.

         (p)      At or prior to the Closing Date, the Acquiring Fund will have
                  obtained any and all regulatory, trustee and shareholder
                  approvals necessary to issue the Acquiring Fund Common Shares
                  and the Acquiring Fund APS to the Target Fund.


         (q)      The Acquiring Fund has filed, or intends to file, or has
                  obtained extensions to file, all federal, state and local tax
                  returns which are required to be filed by it, and has paid or
                  has obtained extensions to pay, all federal, state and local
                  taxes shown on said returns to be due and owing and all
                  assessments received by it, up to and including the taxable
                  year in which the Closing Date occurs. All tax liabilities of
                  the Acquiring Fund have been adequately provided for on its
                  books, and no tax deficiency or liability of the Acquiring
                  Fund has been asserted and no question with respect thereto
                  has been raised by the Internal Revenue Service or by any
                  state or local tax authority for taxes in excess of those
                  already paid, up to and including the taxable year in which
                  the Closing Date occurs.

         (r)      The Acquiring Fund has elected to qualify and has qualified as
                  a RIC as of and since its inception; has been a RIC under the
                  Code at all times since the end of its first taxable year when
                  it so qualified; qualifies and will continue to qualify as a
                  RIC under the Code; and has satisfied the distribution
                  requirements imposed by the Code for each of its taxable
                  years.

2.       Representations and Warranties of the Target Fund.

         The Target Fund represents and warrants to, and agrees with, the
Acquiring Fund that:

         (a)      The Target Fund is a trust, with transferable shares, duly
                  organized, validly existing and in good standing in conformity
                  with the laws of the jurisdiction of its organization, and has
                  the power to own all of its assets and to carry out this
                  Agreement. The Target Fund has all necessary federal, state
                  and local authorizations to carry on its business as it is now
                  being conducted and to carry out this Agreement.

                                      A-3




         (b)      The Target Fund is duly registered under the 1940 Act as a
                  [non-]diversified, closed-end management investment company,
                  and such registration has not been revoked or rescinded and is
                  in full force and effect. The Target Fund has elected and
                  qualified for the special tax treatment afforded RICs under
                  Section 851 of the Code at all times since its inception, and
                  intends to continue to so qualify through its taxable year
                  ending upon liquidation.

         (c)      As used in this Agreement, the term "Target Fund Investments"
                  shall mean (i) the investments of the Target Fund shown on the
                  schedule of its investments as of the Valuation Time furnished
                  to the Acquiring Fund; and (ii) all other assets owned by the
                  Target Fund or liabilities incurred as of the Valuation Time.

         (d)      The Target Fund has full power and authority to enter into and
                  perform its obligations under this Agreement. The execution,
                  delivery and performance of this Agreement has been duly
                  authorized by all necessary action of its Board of Trustees
                  and this Agreement constitutes a valid and binding contract
                  enforceable in accordance with its terms, subject to the
                  effects of bankruptcy, insolvency, moratorium, fraudulent
                  conveyance and similar laws relating to or affecting
                  creditors' rights generally and court decisions with respect
                  thereto.

         (e)      The Acquiring Fund has been furnished with the Target Fund's
                  Annual Report to Shareholders for the fiscal year ended XXXX,
                  2004, and the audited financial statements appearing therein,
                  having been audited by Deloitte & Touche LLP, independent
                  registered public accounting firm, fairly present the
                  financial position of the Target Fund as of the respective
                  dates indicated, in conformity with accounting principles
                  generally accepted in the United States applied on a
                  consistent basis.

         (f)      An unaudited statement of assets, liabilities and capital of
                  the Target Fund and an unaudited schedule of investments of
                  the Target Fund, each as of the Valuation Time, will be
                  furnished to the Acquiring Fund at or prior to the Closing
                  Date for the purpose of determining the number of shares of
                  Acquiring Fund Common Shares and Acquiring Fund APS to be
                  issued to the Target Fund pursuant to Section 3 of this
                  Agreement; each will fairly present the financial position of
                  the Target Fund as of the Valuation Time in conformity with
                  generally accepted accounting principles applied on a
                  consistent basis.

         (g)      There are no material legal, administrative or other
                  proceedings pending or, to the knowledge of the Target Fund,
                  threatened against it which assert liability on the part of
                  the Target Fund or which materially affect its financial
                  condition or its ability to consummate the Reorganization. The
                  Target Fund is not charged with or, to the best of its
                  knowledge, threatened with any violation or investigation of
                  any possible violation of any provisions of any federal, state
                  or local law or regulation or administrative ruling relating
                  to any aspect of its business.

         (h)      There are no material contracts outstanding to which the
                  Target Fund is a party that have not been disclosed in the
                  N-14 Registration Statement or will not otherwise be disclosed
                  to the Acquiring Fund prior to the Valuation Time.

         (i)      The Target Fund is not obligated under any provision of its
                  Declaration of Trust, as amended, or its by-laws, as amended,
                  or a party to any contract or other commitment or obligation,
                  and is not subject to any order or decree which would be
                  violated by its execution of or performance under this
                  Agreement, except insofar as the Funds have

   

                                       A-4



                  mutually agreed to amend such contract or other commitment or
                  obligation to cure any potential violation as a condition
                  precedent to the Reorganization.

         (j)      The Target Fund has no known liabilities of a material amount,
                  contingent or otherwise, other than those shown on its
                  statements of assets, liabilities and capital referred to
                  above, those incurred in the ordinary course of its business
                  as an investment company and those incurred in connection with
                  the Reorganization. As of the Valuation Time, the Target Fund
                  will advise the Acquiring Fund in writing of all known
                  liabilities, contingent or otherwise, whether or not incurred
                  in the ordinary course of business, existing or accrued as of
                  such time.

         (k)      The Target Fund has filed, or intends to file, or has obtained
                  extensions to file, all federal, state and local tax returns
                  which are required to be filed by it, and has paid or has
                  obtained extensions to pay, all federal, state and local taxes
                  shown on said returns to be due and owing and all assessments
                  received by it, up to and including the taxable year in which
                  the Closing Date occurs. All tax liabilities of the Target
                  Fund have been adequately provided for on its books, and no
                  tax deficiency or liability of the Target Fund has been
                  asserted and no question with respect thereto has been raised
                  by the Internal Revenue Service or by any state or local tax
                  authority for taxes in excess of those already paid, up to and
                  including the taxable year in which the Closing Date occurs.

         (l)      At both the Valuation Time and the Closing Date, the Target
                  Fund will have full right, power and authority to sell,
                  assign, transfer and deliver the Target Fund Investments. At
                  the Closing Date, subject only to the obligation to deliver
                  the Target Fund Investments as contemplated by this Agreement,
                  the Target Fund will have good and marketable title to all of
                  the Target Fund Investments, and the Acquiring Fund will
                  acquire all of the Target Fund Investments free and clear of
                  any encumbrances, liens or security interests and without any
                  restrictions upon the transfer thereof (except those imposed
                  by the federal or state securities laws and those
                  imperfections of title or encumbrances as do not materially
                  detract from the value or use of the Target Fund Investments
                  or materially affect title thereto).

         (m)      No consent, approval, authorization or order of any court or
                  governmental authority is required for the consummation by the
                  Target Fund of the Reorganization, except such as may be
                  required under the 1933 Act, the 1934 Act, the 1940 Act or
                  state securities laws.

         (n)      The N-14 Registration Statement, on its effective date, at the
                  time of the shareholders' meetings called to vote on this
                  Agreement and on the Closing Date, insofar as it relates to
                  the Target Fund (i) complied or will comply in all material
                  respects with the provisions of the 1933 Act, the 1934 Act and
                  the 1940 Act and the rules and regulations thereunder, and
                  (ii) did not or will not contain any untrue statement of a
                  material fact or omit to state any material fact required to
                  be stated therein or necessary to make the statements therein
                  not misleading; and the Joint Proxy Statement/Prospectus
                  included therein did not or will not contain any untrue
                  statement of a material fact or omit to state any material
                  fact necessary to make the statements therein, in the light of
                  the circumstances under which they were made, not misleading;
                  provided, however, that the representations and warranties in
                  this subsection shall apply only to statements in or omissions
                  from the N-14 Registration Statement made in reliance upon and
                  in conformity with information furnished by the Target Fund
                  for use in the N-14 Registration Statement.

                                      A-5




         (o)      The Target Fund is authorized to issue an unlimited number of
                  common shares of beneficial interest, par value $.01 per share
                  (the "Target Fund Common Shares"), and XXXX preferred shares
                  of beneficial interest, par value $.01 per share. The Board of
                  Trustees of the Acquiring Fund has designated XXXX preferred
                  shares as Target Fund Preferred Shares (the "Target Fund
                  Preferred Shares"). Each outstanding Target Fund Common Share
                  and each of the outstanding Target Fund Preferred Shares is
                  fully paid and, except as provided in Section 5.1 of the
                  Target Fund's Declaration of Trust, nonassessable, and has
                  full voting rights.

         (p)      All of the issued and outstanding Target Fund Common Shares
                  and Target Fund Preferred Shares were offered for sale and
                  sold in conformity with all applicable federal and state
                  securities laws.

         (q)      The books and records of the Target Fund made available to the
                  Acquiring Fund and/or its counsel are substantially true and
                  correct and contain no material misstatements or omissions
                  with respect to the operations of the Target Fund.

         (r)      The Target Fund will not sell or otherwise dispose of any of
                  the Acquiring Fund Common Shares or Acquiring Fund APS to be
                  received in the Reorganization, except in distribution to the
                  shareholders of the Target Fund, as provided in Section 3 of
                  this Agreement.

         (s)      The Target Fund has elected to qualify and has qualified as a
                  "RIC" under the Code as of and since its inception; has been a
                  RIC under the Code at all times since the end of its first
                  taxable year when it so qualified; qualifies and will continue
                  to qualify as a RIC under the Code for its taxable year ending
                  upon its liquidation; and has satisfied the distribution
                  requirements imposed by the Code for each of its taxable
                  years.

3.       The Reorganization.

         (a)      Subject to receiving the requisite approvals of the
                  shareholders of the Target Fund, and to the other terms and
                  conditions contained herein, (i) the Target Fund agrees to
                  convey, transfer and deliver to the Acquiring Fund and the
                  Acquiring Fund agrees to acquire from the Target Fund, on the
                  Closing Date, all of the Target Fund Investments (including
                  interest accrued as of the Valuation Time on debt
                  instruments), and assume substantially all of the liabilities
                  of the Target Fund, in exchange for that number of Target Fund
                  Common Shares and Target Fund Preferred Shares provided in
                  Section 4 of this Agreement. Pursuant to this Agreement, as
                  soon as practicable after the Closing Date, the Target Fund
                  will distribute all Acquiring Fund Common Shares and Acquiring
                  Fund APS received by it to its shareholders in exchange for
                  their Target Fund Common Shares and Target Fund Preferred
                  Shares. Such distributions shall be accomplished by the
                  opening of shareholder accounts on the share ledger records of
                  the Acquiring Fund in the amounts due the shareholders of the
                  Target Fund based on their respective holdings in the Target
                  Fund as of the Valuation Time.

         (b)      If it is determined that the portfolios of the Target Fund and
                  the Acquiring Fund, when aggregated, would contain investments
                  exceeding certain percentage limitations imposed upon the
                  Acquiring Fund with respect to such investments, the Target
                  Fund, if requested by the Acquiring Fund, will dispose of a
                  sufficient amount of such investments as may be necessary to
                  avoid violating such limitations as of the Closing Date.
                  Notwithstanding the foregoing, (a) nothing herein will require
                  the Target Fund to dispose of any portfolios, securities or
                  other investments, if, in the reasonable judgment of the
                  Target Fund's trustees or investment adviser, such disposition
                  would adversely affect the tax-free nature of the
                  Reorganization for federal income tax purposes or would
                  otherwise not be in the best interests of the Target Fund, and
                  (b) nothing will permit the Target Fund to dispose of any
                  portfolio securities or other investments if, in the
                  reasonable judgment of the Acquiring Fund's trustees or
                  investment adviser, such disposition would adversely affect
                  the tax-free nature of the Reorganization for federal income
                  tax purposes or would otherwise not be in the best interests
                  of the Acquiring Fund.

         (c)      Prior to the Closing Date, the Target Fund shall declare a
                  dividend or dividends which, together with all such previous
                  dividends, shall have the effect of distributing to their
                  respective shareholders all of their respective net investment
                  company taxable income to and including the Closing Date, if
                  any (computed without regard to any deduction for dividends
                  paid), and all of its net capital gain, if any, realized to
                  and including the Closing Date. In this regard and in
                  connection with the Reorganization, the last dividend period
                  for the Target Fund Preferred Shares prior to the Closing Date
                  may be shorter than the dividend period for such Target Fund
                  Preferred Shares determined as set forth in the applicable
                  Certificate of Vote pertaining to such Target Fund Preferred
                  Shares.

         (d)      The Target Fund will pay or cause to be paid to the Acquiring
                  Fund any interest the Target Fund receives on or after the
                  Closing Date with respect to any of the Target Fund
                  Investments transferred to the Acquiring Fund hereunder.


                                      A-6



         (e)      The Valuation Time shall be 4:00 p.m., Eastern time, on XXXX,
                  2005, or such earlier or later day and time as may be mutually
                  agreed upon in writing (the "Valuation Time").

         (f)      Recourse for liabilities assumed from the Target Fund by the
                  Acquiring Fund in the Reorganization will be limited to the
                  net assets acquired by the Acquiring Fund. The known
                  liabilities of the Target Fund, as of the Valuation Time,
                  shall be confirmed to the Acquiring Fund pursuant to Section
                  2(j) of this Agreement.

         (g)      The Target Fund will be terminated following the Closing Date
                  by terminating its registration under the 1940 Act and its
                  organization under Pennsylvania law and will withdraw its
                  authority to do business in any state where it is required to
                  do so.


4.       Issuance and Valuation of Acquiring Fund Common Shares and Acquiring 
Fund APS in the Reorganization.

Acquiring Fund Common Shares and Acquiring Fund APS of an aggregate net asset
value or aggregate liquidation preference, as the case may be, equal to the
value of the assets of the Target Fund acquired in the Reorganization determined
as hereinafter provided, reduced by the amount of liabilities of the Target Fund
assumed by the Acquiring Fund in the Reorganization, shall be issued by the
Acquiring Fund to the Target Fund in exchange for such assets of the Target
Fund. The Acquiring Fund will issue to the Target Fund (i) a number of Acquiring
Fund Common Shares, the aggregate net asset value of which will equal the
aggregate net asset value of the Target Fund Common Shares, determined as set
forth below, and (ii) a number of Acquiring Fund APS, the aggregate liquidation
preference and value of which will equal the aggregate liquidation preference
and value of the Target Fund Preferred Shares, determined as set forth below.

The net asset value of each of the Funds and the liquidation preference and
value of each of the Target Fund Preferred Shares and the Acquiring Fund APS
shall be determined as of the Valuation Time in accordance with the regular
procedures of the investment adviser, and no formula will be used to adjust the
net asset value so determined of any Fund to take into account differences in
realized and unrealized gains and losses. Values in all cases shall be
determined as of the Valuation Time. The value of the Target Fund Investments to
be transferred to the Acquiring Fund shall be determined pursuant to the regular
procedures of the investment adviser.

Such valuation and determination shall be made by the Acquiring Fund in
cooperation with the Target Fund and shall be confirmed in writing by the
Acquiring Fund to the Target Fund. The net asset value per share of the
Acquiring Fund Common Shares and the liquidation preference and value per share
of the Acquiring Fund APS shall be determined in accordance with such procedures
and the Acquiring Fund shall certify the computations involved. For purposes of
determining the net asset value of each of a Target Fund Common Share and an
Acquiring Fund Common Share, the value of the securities held by the applicable
Fund plus any cash or other assets (including interest accrued but not yet
received) minus all liabilities (including accrued expenses) and the aggregate
liquidation value of the outstanding shares of Target Fund Preferred Shares or
Acquiring Fund APS, as the case may be, is divided by the total number of Target
Fund Common Shares or Acquiring Fund Common Shares, as the case may be,
outstanding at such time.


                                      A-7



 The Acquiring Fund shall issue to the Target Fund separate certificates or
share deposit receipts for the Acquiring Fund Common Shares and the Acquiring
Fund APS, each registered in the name of the Target Fund. The Target Fund shall
then distribute the Acquiring Fund Common Shares and the Acquiring Fund APS to
the holders of Target Fund Common Shares and Target Fund Preferred Shares by
redelivering the certificates or share deposit receipts evidencing ownership of
(i) the Acquiring Fund Common Shares to EquiServe Trust Company, N.A., as the
transfer agent and registrar for the Acquiring Fund Common Shares, for
distribution to the holders of Target Fund Common Shares on the basis of such
holder's proportionate interest in the aggregate net asset value of the Target
Fund Common Shares and (ii) the Acquiring Fund APS to Deutsche Bank Trust
Company Americas, as the transfer agent and registrar for the Acquiring Fund
APS, for distribution to the holders of Target Fund Preferred Shares on the
basis of such holder's proportionate interest in the aggregate liquidation
preference and value of the Target Fund Preferred Shares. With respect to any
Target Fund shareholder holding certificates evidencing ownership of Target Fund
Common Shares as of the Closing Date, and subject to the Acquiring Fund being
informed thereof in writing by the Target Fund, the Acquiring Fund will not
permit such shareholder to receive new certificates evidencing ownership of the
Acquiring Fund Common Shares or Acquiring Fund APS, exchange Acquiring Fund
Common Shares or Acquiring Fund APS credited to such shareholder's account for
shares of other investment companies managed by the Adviser or any of its
affiliates, or pledge or redeem such Acquiring Fund Common Shares or Acquiring
Fund APS, in any case, until notified by the Target Fund or its agent that such
shareholder has surrendered his or her outstanding certificates evidencing
ownership of Target Fund Common Shares or Target Fund Preferred Shares or, in
the event of lost certificates, posted adequate bond. The Target Fund, at its
own expense, will request its shareholders to surrender their outstanding
certificates evidencing ownership of Target Fund Common Shares or Target Fund
Preferred Shares, as the case may be, or post adequate bond therefor.

         No fractional shares of Acquiring Fund Common Shares will be issued to
holders of Target Fund Common Shares unless such shares are held in a Dividend
Reinvestment Plan account. In lieu thereof, the Acquiring Fund's transfer agent,
EquiServe Trust Company, N.A., will aggregate all fractional Acquiring Fund
Common Shares to be issued in connection with the Reorganization (other than
those issued to a Dividend Reinvestment Plan account) and sell the resulting
full shares on the New York Stock Exchange at the current market price for
Acquiring Fund Common Shares for the account of all holders of such fractional
interests, and each such holder will receive such holder's pro rata share of the
proceeds of such sale upon surrender of such holder's certificates representing
Acquiring Fund Common Shares.

5.      Payment of Expenses.

         (a)      With respect to expenses incurred in connection with the
                  Reorganization, the Target Fund and the Acquiring Fund will
                  share, in proportion to their respective projected annual 
                  expense savings, all expenses incurred in connection with 
                  the Reorganization, including, but not limited to, all
                  costs related to the preparation and distribution of materials
                  distributed to each Fund's Board of Trustees; expenses
                  incurred in connection with the preparation of the Agreement
                  and Plan of Reorganization and a registration statement on
                  Form N-14; SEC and state securities commission filing fees and
                  legal and audit fees in connection with the Reorganization;
                  costs of printing and distributing the Joint Proxy Statement/
                  Prospectus; legal fees incurred preparing each Fund's board
                  materials, attending each Fund's board meetings and preparing
                  the minutes; auditing fees associated with each Fund's
                  financial statements; stock exchange fees, rating agency fees,
                  portfolio transfer taxes (if any) and any similar expenses
                  incurred in connection with the Reorganization.

         (b)      If for any reason the Reorganization is not consummated, no
                  party shall be liable to any other party for any damages
                  resulting therefrom, including, without limitation,
                  consequential damages, and the investment adviser shall pay
                  all expenses incurred by each Fund in connection with the
                  Reorganization.

                                      A-8




6.      Covenants of the Funds.

         (a)      Each Fund covenants to operate its business as presently
                  conducted between the date hereof and the Closing Date.

         (b)      The Target Fund agrees that following the consummation of the
                  Reorganization, it will terminate in accordance with the laws
                  of The Commonwealth of Pennsylvania and any other applicable
                  law, it will not make any distributions of any Acquiring Fund
                  Common Shares or Acquiring Fund APS other than to its
                  respective shareholders and without first paying or adequately
                  providing for the payment of all of its respective liabilities
                  not assumed by the Acquiring Fund, if any, and on and after
                  the Closing Date it shall not conduct any business except in
                  connection with its termination.

         (c)      The Target Fund undertakes that if the Reorganization is
                  consummated, it will file an application pursuant to Section
                  8(f) of the 1940 Act for an order declaring that the Target
                  Fund has ceased to be a registered investment company.

         (d)      The Acquiring Fund will file the N-14 Registration Statement
                  with the Securities and Exchange Commission (the "Commission")
                  and will use its best efforts to provide that the N-14
                  Registration Statement becomes effective as promptly as
                  practicable. Each Fund agrees to cooperate fully with the
                  other, and each will furnish to the other the information
                  relating to itself to be set forth in the N-14 Registration
                  Statement as required by the 1933 Act, the 1934 Act the 1940
                  Act, and the rules and regulations thereunder and the state
                  securities laws.

         (e)      The Acquiring Fund has no plan or intention to sell or
                  otherwise dispose of the Target Fund Investments, except for
                  dispositions made in the ordinary course of business.

         (f)      Each of the Funds agrees that by the Closing Date all of its
                  federal and other tax returns and reports required to be filed
                  on or before such date shall have been filed and all taxes
                  shown as due on said returns either have been paid or adequate
                  liability reserves have been provided for the payment of such
                  taxes.

                           The intention of the parties is that the transaction
                  contemplated by this Agreement will qualify as a
                  reorganization within the meaning of Section 368(a) of the
                  Internal Revenue Code. Neither the Acquiring Fund nor the
                  Target Fund shall take any action or cause any action to be
                  taken (including, without limitation, the filing of any tax
                  return) that is inconsistent with such treatment or results in
                  the failure of the transaction to qualify as a reorganization
                  within the meaning of Section 368(a) of the Internal Revenue
                  Code. At or prior to the Closing Date, the Acquiring Fund and
                  the Target Fund will take such action, or cause such action to
                  be taken, as is reasonably necessary to enable Skadden, Arps,
                  Slate, Meagher & Flom LLP ("Skadden"), special counsel to the
                  Funds, to render the tax opinion required herein (including,
                  without limitation, each party's execution of representations
                  reasonably requested by and addressed to Skadden.

                           In connection with this covenant, the Funds agree to
                  cooperate with each other in filing any tax return, amended
                  return or claim for refund, determining a liability for taxes
                  or a right to a refund of taxes or participating in or
                  conducting any audit or other proceeding in respect of taxes.
                  The Acquiring Fund agrees to retain for a period of ten (10)
                  years following the Closing Date all returns, schedules and
                  work papers and all material records or other documents
                  relating to tax matters of the Target Fund for each of such
                  Fund's taxable period first ending after the Closing Date and
                  for all prior taxable periods.

                           After the Closing Date, the Target Fund shall
                  prepare, or cause its agents to prepare, any federal, state or
                  local tax returns required to be filed by such fund with
                  respect to its final taxable year ending with its complete
                  liquidation and for any prior periods or taxable years and
                  further shall cause such tax returns to be duly filed with the
                  appropriate taxing authorities. Notwithstanding the
                  aforementioned provisions of this subsection, any expenses
                  incurred by the Target Fund (other than for payment of taxes)
                  in connection with the preparation and filing of said tax
                  returns after the Closing Date shall be borne by such Fund to
                  the extent such expenses have been accrued by such Fund in the
                  ordinary course without regard to the Reorganization; any
                  excess expenses shall be borne by the investment adviser or an
                  affiliate thereof.

                                      A-9



         (g)      The Target Fund agrees to mail to its shareholders of record
                  entitled to vote at the special meeting of shareholders at
                  which action is to be considered regarding this Agreement, in
                  sufficient time to comply with requirements as to notice
                  thereof, a combined proxy statement and prospectus which
                  complies in all material respects with the applicable
                  provisions of Section 14(a) of the 1934 Act and Section 20(a)
                  of the 1940 Act, and the rules and regulations, respectively,
                  thereunder. 


         (h)      Following the consummation of the Reorganization, the 
                  Acquiring Fund will continue its business as a [non-] 
                  diversified, closed-end management investment company 
                  registered under the 1940 Act.

7.      Closing Date.

         (a)      Delivery of the assets of the Target Fund to be transferred,
                  together with any other Target Fund Investments, and the
                  Acquiring Fund Common Shares and Acquiring Fund APS to be
                  issued as provided in this Agreement, shall be made at such
                  place and time as the Funds shall mutually agree on the next
                  full business day following the Valuation Time, or at such
                  other time and date agreed to by the Funds, the date and time
                  upon which such delivery is to take place being referred to
                  herein as the "Closing Date." To the extent that any Target
                  Fund Investments, for any reason, are not transferable on the
                  Closing Date, the Target Fund shall cause such Target Fund
                  Investments to be transferred to the Acquiring Fund's account
                  with its custodian at the earliest practicable date
                  thereafter.

         (b)      The Target Fund will deliver to the Acquiring Fund on the
                  Closing Date confirmation or other adequate evidence as to the
                  tax basis of the Target Fund Investments delivered to the
                  Acquiring Fund hereunder.

         (c)      As soon as practicable after the close of business on the
                  Closing Date, the Target Fund shall deliver to the Acquiring
                  Fund a list of the names and addresses of all of the
                  shareholders of record of the Target Fund on the Closing Date
                  and the number of Target Fund Common Shares and Target Fund
                  Preferred Shares owned by each such shareholder, certified to
                  the best of its knowledge and belief by the transfer agent for
                  the Target Fund or by its President.

8.    Conditions of the Target Fund.

         The obligations of the Target Fund hereunder shall be subject to the
following conditions:

         (a)      That this Agreement shall have been adopted, and the
                  Reorganization shall have been approved, by the Board of
                  Trustees of the Target Fund and by the affirmative vote of the
                  holders of a majority of each of the outstanding Target Fund
                  Common Shares and Target Fund Preferred Shares, each voting
                  separately as a class; and that the Acquiring Fund shall have
                  delivered to the Target Fund a copy of the resolution
                  approving this Agreement adopted by the Board of Trustees of
                  the Acquiring Fund, and a certificate setting forth the vote
                  of holders of Acquiring Fund Common Shares approving the
                  issuance of additional Acquiring Fund Common Shares, each
                  certified by its Secretary.

         (b)      That the Target Fund shall have received from the Acquiring
                  Fund a statement of assets, liabilities and capital, with
                  values determined as provided in Section 4 of this Agreement,
                  together with a schedule of such Fund's investments, all as of
                  the Valuation Time, certified on the Target Fund's behalf by
                  its President (or any Vice President) or its Treasurer, and a
                  certificate signed by the Fund's President (or any Vice
                  President) and its Treasurer, dated as of the Closing Date,
                  certifying that as of the Valuation Time and as of the Closing
                  Date there has been no material adverse change in the
                  financial position of the Target Fund since the date of such
                  Fund's most recent Annual or Semi-Annual Report,

                                      A-10


                  as applicable, other than changes in its portfolio securities
                  since that date or changes in the market value of its
                  portfolio securities.

         (c)      That the Acquiring Fund shall have furnished to the Target
                  Fund a certificate signed by the Acquiring Fund's President
                  (or any Vice President) or its Treasurer, dated as of the
                  Closing Date, certifying that, as of the Valuation Time and as
                  of the Closing Date, all representations and warranties of the
                  Acquiring Fund made in this Agreement are true and correct in
                  all material respects with the same effect as if made at and
                  as of such dates, and that the Acquiring Fund has complied
                  with all of the agreements and satisfied all of the conditions
                  on its part to be performed or satisfied at or prior to each
                  of such dates.

         (d)      That there shall not be any material litigation pending with
                  respect to the matters contemplated by this Agreement.

         (e)      The Target Fund shall have received the opinion(s) of Skadden,
                  counsel for the Acquiring Fund, dated as of the Closing Date,
                  addressed to the Target Fund substantially in the form and to
                  the effect that:

                  (i)      the Acquiring Fund is duly formed and validly
                           existing under the laws of its state of organization;

                  (ii)     the Acquiring Fund is registered as a closed-end,
                           management investment company under the 1940 Act;

                  (iii)    this Agreement and the Reorganization provided for
                           herein and the execution of this Agreement have been
                           duly authorized and approved by all requisite action
                           of the Acquiring Fund, and this Agreement has been
                           duly executed and delivered by the Acquiring Fund and
                           (assuming this Agreement is a valid and binding
                           obligation of the other party hereto) is a valid and
                           binding obligation of the Acquiring Fund;

                  (iv)     neither the execution or delivery by the Acquiring
                           Fund of this Agreement nor the consummation by the
                           Acquiring Fund of the transactions contemplated
                           hereby violate any provision of any statute or any
                           published regulation or any judgment or order
                           disclosed to counsel by the Acquiring Fund as being
                           applicable to the Acquiring Fund;

                  (v)      the Acquiring Fund Common Shares and Acquiring Fund
                           APS have each been duly authorized and, upon issuance
                           thereof in accordance with this Agreement, each will
                           be validly issued, fully paid and, except as provided
                           in Section 5.1 of the Acquiring Fund's Declaration of
                           Trust, nonassessable; and

                  (vi)     to their knowledge and subject to the qualifications
                           set forth below, the execution and delivery by the
                           Acquiring Fund of this Agreement and the consummation
                           of the transactions herein contemplated do not
                           require, under the laws of its state of organization
                           or any state in which the Acquiring Fund is qualified
                           to do business or the federal laws of the United
                           States, the consent, approval, authorization,
                           registration, qualification or order of, or filing
                           with, any court or governmental agency or body
                           (except such as have been obtained). Counsel need
                           express no opinion, however, as to any such consent,
                           approval, authorization, registration, qualification,
                           order or filing which may be required as a result of
                           the involvement of other parties to this Agreement in
                           the transactions herein contemplated because of their
                           legal or regulatory status or because of any other
                           facts specifically pertaining to them;


                                      A-11





         (f)      The Target Fund shall have obtained an opinion from Skadden,
                  Arps, dated as of the Closing Date, addressed to the Target
                  Fund, that the consummation of the transactions set forth in
                  this Agreement comply with the requirements of a
                  reorganization as described in Section 368(a) of the Internal
                  Revenue Code.

         (g)      That all proceedings taken by each of the Funds and its
                  counsel in connection with the Reorganization and all
                  documents incidental thereto shall be satisfactory in form and
                  substance to the others.

         (h)      That the N-14 Registration Statement shall have become
                  effective under the 1933 Act, and no stop order suspending
                  such effectiveness shall have been instituted or, to the
                  knowledge of the Acquiring Fund, be contemplated by the SEC.

9.       Acquiring Fund Conditions.

         The obligations of the Acquiring Fund hereunder shall be subject to the
following conditions:

         (a)      That this Agreement shall have been adopted, and the
                  Reorganization shall have been approved, by the Board of
                  Trustees of the Acquiring Fund and that the issuance of
                  additional Acquiring Fund Common Shares shall have been
                  approved by the affirmative vote of a majority of votes cast,
                  where total votes cast represented over 50% of all securities
                  entitled to vote; and the Target Fund shall have delivered to
                  the Acquiring Fund a copy of the resolution approving this
                  Agreement adopted by the Target Fund's Board of Trustees, and
                  a certificate setting forth the vote of the holders of Target
                  Fund Common Shares and Target Fund Preferred Shares obtained,
                  each certified by its Secretary.

         (b)      That the Target Fund shall have furnished to the Acquiring
                  Fund a statement of its assets, liabilities and capital, with
                  values determined as provided in Section 4 of this Agreement,
                  together with a schedule of investments with their respective
                  dates of acquisition and tax costs, all as of the Valuation
                  Time, certified on such Fund's behalf by its President (or any
                  Vice President) or its Treasurer, and a certificate signed by
                  such Fund's President

                                      A-12



                  (or any Vice President) or its Treasurer, dated as of the
                  Closing Date, certifying that as of the Valuation Time and as
                  of the Closing Date there has been no material adverse change
                  in the financial position of the Target Fund since the date of
                  such Fund's most recent Annual Report or Semi-Annual Report,
                  as applicable, other than changes in the Target Fund
                  Investments since that date or changes in the market value of
                  the Target Fund Investments.

         (c)      That the Target Fund shall have furnished to the Acquiring
                  Fund a certificate signed by such Fund's President (or any
                  Vice President) or its Treasurer, dated the Closing Date,
                  certifying that as of the Valuation Time and as of the Closing
                  Date all representations and warranties of the Target Fund
                  made in this Agreement are true and correct in all material
                  respects with the same effect as if made at and as of such
                  dates and the Target Fund has complied with all of the
                  agreements and satisfied all of the conditions on its part to
                  be performed or satisfied at or prior to such dates.

         (d)      That there shall not be any material litigation pending with
                  respect to the matters contemplated by this Agreement.

         (e)      That the Acquiring Fund shall have received the opinion of
                  Skadden, counsel for the Target Fund, dated as of the Closing
                  Date, addressed to the Acquiring Fund, substantially in the
                  form and to the effect that:

                  (i)       the Target Fund is duly formed and validly existing
                            under the laws of its state of organization;

                  (ii)      the Target Fund is registered as a closed-end,
                            management investment company under the 1940 Act;

                  (iii)     this Agreement and the Reorganization provided for
                            herein and the execution of this Agreement have been
                            duly authorized by all requisite action of the
                            Target Fund, and this Agreement has been duly
                            executed and delivered by the Target Fund and
                            (assuming this Agreement is a valid and binding
                            obligation of the other party hereto) is a valid and
                            binding obligation of the Target Fund;

                  (iv)      neither the execution or delivery by the Target Fund
                            of this Agreement nor the consummation by the Target
                            Fund of the transactions contemplated hereby violate
                            any provision of any statute, or any published
                            regulation or any judgment or order disclosed to
                            them by the Target Fund as being applicable to the
                            Target Fund; and

                  (v)       to their knowledge and subject to the qualifications
                            set forth below, the execution and delivery by the
                            Target Fund of the Agreement and the consummation of
                            the transactions herein contemplated do not require,
                            under the laws of its state of organization or any
                            state in which the Target Fund is qualified to do
                            business, or the federal laws of the United States,
                            the consent, approval, authorization, registration,
                            qualification or order of, or filing with, any court
                            or governmental agency or body (except such as have
                            been obtained under the 1933 Act, 1934 Act, the 1940
                            Act or the rules and regulations thereunder).
                            Counsel need express no opinion, however, as to any
                            such consent, approval, authorization, registration,
                            qualification, order or filing

                                      A-13



                           which may be required as a result of the involvement
                           of other parties to this Agreement in the
                           transactions herein contemplated because of their
                           legal or regulatory status or because of any other
                           facts specifically pertaining to them;


         (f)      That the Acquiring Fund shall have obtained an opinion from
                  Skadden, counsel for the Target Fund, dated as of the Closing
                  Date, addressed to the Acquiring Fund, that the consummation
                  of the transactions set forth in this Agreement comply with
                  the requirements of a reorganization as described in Section
                  368(a) of the Code.

         (g)      That the N-14 Registration Statement shall have become
                  effective under the 1933 Act and no stop order suspending such
                  effectiveness shall have been instituted or, to the knowledge
                  of the Target Fund, be contemplated by the SEC.

         (h)      That all proceedings taken by the Target Fund and its counsel
                  in connection with the Reorganization and all documents
                  incidental thereto shall be satisfactory in form and substance
                  to the Acquiring Fund.

         (i)      That prior to the Closing Date the Target Fund shall have
                  declared a dividend or dividends which, together with all such
                  previous dividends, shall have the effect of distributing to
                  its shareholders all of its net investment company taxable
                  income for the period to and including the Closing Date, if
                  any (computed without regard to any deduction for dividends
                  paid), and all of its net capital gain, if any, realized to
                  and including the Closing Date. In this regard, the last
                  dividend period for the Target Fund Preferred Shares may be
                  shorter than the dividend period for such APS determined as
                  set forth in the applicable Certificate of Vote.

10.      Termination, Postponement and Waivers.

         (a)      Notwithstanding anything contained in this Agreement to the
                  contrary, this Agreement may be terminated and the
                  Reorganization abandoned at any time (whether before or after
                  adoption thereof by the shareholders of the Funds) prior to
                  the Closing Date, or the Closing Date may be postponed, (i) by
                  mutual consent of the Boards of Trustees of the 

                                      A-14



                  Funds, (ii) by the Board of Trustees of the Target Fund if any
                  condition of the Target Fund's obligations set forth in
                  Section 8 of this Agreement has not been fulfilled or waived
                  by such Board; or (iii) by the Board of Trustees of the
                  Acquiring Fund if any condition of the Acquiring Fund's
                  obligations set forth in Section 9 of this Agreement have not
                  been fulfilled or waived by such Board.

         (b)      If the transactions contemplated by this Agreement have not
                  been consummated by December 31, 2005, this Agreement
                  automatically shall terminate on that date, unless a later
                  date is mutually agreed to by the Boards of Trustees of the
                  Funds.

         (c)      In the event of termination of this Agreement pursuant to the
                  provisions hereof, the same shall become void and have no
                  further effect, and there shall not be any liability on the
                  part of any Fund or persons who are their directors, trustees,
                  officers, agents or shareholders in respect of this Agreement.

         (d)      At any time prior to the Closing Date, any of the terms or
                  conditions of this Agreement may be waived by the Board of
                  Trustees of any Fund (whichever is entitled to the benefit
                  thereof), if, in the judgment of such Board after consultation
                  with its counsel, such action or waiver will not have a
                  material adverse effect on the benefits intended under this
                  Agreement to the shareholders of their respective fund, on
                  behalf of which such action is taken.

         (e)      The respective representations and warranties contained in
                  Sections 1 and 2 of this Agreement shall expire with, and be
                  terminated by, the consummation of the Reorganization, and
                  neither Fund nor any of its officers, trustees, agents or
                  shareholders shall have any liability with respect to such
                  representations or warranties after the Closing Date. This
                  provision shall not protect any officer, trustee, agent or
                  shareholder of either Fund against any liability to the entity
                  for which that officer, trustee, agent or shareholder so acts
                  or to its shareholders, to which that officer, trustee, agent
                  or shareholder otherwise would be subject by reason of willful
                  misfeasance, bad faith, gross negligence, or reckless
                  disregard of the duties in the conduct of such office.

         (f)      If any order or orders of the Commission with respect to this
                  Agreement shall be issued prior to the Closing Date and shall
                  impose any terms or conditions which are determined by action
                  of the Boards of Trustees of the Funds to be acceptable, such
                  terms and conditions shall be binding as if a part of this
                  Agreement without further vote or approval of the shareholders
                  of the Funds unless such terms and conditions shall result in
                  a change in the method of computing the number of Acquiring
                  Fund Common Shares or Acquiring Fund APS to be issued to the
                  Acquired Funds, as applicable, in which event, unless such
                  terms and conditions shall have been included in the proxy
                  solicitation materials furnished to the shareholders of the
                  Funds prior to the meetings at which the Reorganization shall
                  have been approved, this Agreement shall not be consummated
                  and shall terminate unless the Funds promptly shall call a
                  special meeting of shareholders at which such conditions so
                  imposed shall be submitted for approval.

11.      Indemnification.

         (a)      Each party (an "Indemnitor") shall indemnify and hold the
                  other and its officers, trustees, agents and persons
                  controlled by or controlling any of them (each an "Indemnified

    
                                      A-15


                  Party") harmless from and against any and all losses, damages,
                  liabilities, claims, demands, judgments, settlements,
                  deficiencies, taxes, assessments, charges, costs and expenses
                  of any nature whatsoever (including reasonable attorneys'
                  fees) including amounts paid in satisfaction of judgments, in
                  compromise or as fines and penalties, and counsel fees
                  reasonably incurred by such Indemnified Party in connection
                  with the defense or disposition of any claim, action, suit or
                  other proceeding, whether civil or criminal, before any court
                  or administrative or investigative body in which such
                  Indemnified Party may be or may have been involved as a party
                  or otherwise or with which such Indemnified Party may be or
                  may have been threatened (collectively, the "Losses") arising
                  out of or related to any claim of a breach of any
                  representation, warranty or covenant made herein by the
                  Indemnitor, provided, however, that no Indemnified Party shall
                  be indemnified hereunder against any Losses arising directly
                  from such Indemnified Party's (i) willful misfeasance, (ii)
                  bad faith, (iii) gross negligence or (iv) reckless disregard
                  of the duties involved in the conduct of such Indemnified
                  Party's position.

         (b)      The Indemnified Party shall use its best efforts to minimize
                  any liabilities, damages, deficiencies, claims, judgments,
                  assessments, costs and expenses in respect of which indemnity
                  may be sought hereunder. The Indemnified Party shall give
                  written notice to Indemnitor within the earlier of ten (10)
                  days of receipt of written notice to Indemnified Party or
                  thirty (30) days from discovery by Indemnified Party of any
                  matters which may give rise to a claim for indemnification or
                  reimbursement under this Agreement. The failure to give such
                  notice shall not affect the right of Indemnified Party to
                  indemnity hereunder unless such failure has materially and
                  adversely affected the rights of the Indemnitor; provided that
                  in any event such notice shall have been given prior to the
                  expiration of the Survival Period. At any time after ten (10)
                  days from the giving of such notice, Indemnified Party may, at
                  its option, resist, settle or otherwise compromise, or pay
                  such claim unless it shall have received notice from
                  Indemnitor that Indemnitor intends, at Indemnitor's sole cost
                  and expense, to assume the defense of any such matter, in
                  which case Indemnified Party shall have the right, at no cost
                  or expense to Indemnitor, to participate in such defense. If
                  Indemnitor does not assume the defense of such matter, and in
                  any event until Indemnitor states in writing that it will
                  assume the defense, Indemnitor shall pay all costs of
                  Indemnified Party arising out of the defense until the defense
                  is assumed; provided, however, that Indemnified Party shall
                  consult with Indemnitor and obtain indemnitor's prior written
                  consent to any payment or settlement of any such claim.
                  Indemnitor shall keep Indemnified Party fully apprised at all
                  times as to the status of the defense. If Indemnitor does not
                  assume the defense, Indemnified Party shall keep Indemnitor
                  apprised at all times as to the status of the defense.
                  Following indemnification as provided for hereunder,
                  Indemnitor shall be subrogated to all rights of Indemnified
                  Party with respect to all third parties, firms or corporations
                  relating to the matter for which indemnification has been
                  made.

12.      Other Matters.




                                      A-16





         (a)      All covenants, agreements, representations and warranties made
                  under this Agreement and any certificates delivered pursuant
                  to this Agreement shall be deemed to have been material and
                  relied upon by each of the parties, notwithstanding any
                  investigation made by them or on their behalf.

         (b)      All notices hereunder shall be sufficiently given for all
                  purposes hereunder if in writing and delivered personally or
                  sent by registered mail or certified mail, postage prepaid.
                  Notice to the Target Fund shall be addressed to the Target
                  Fund c/o Van Kampen Asset Management, 1221 Avenue of the
                  Americas, New York, New York 10020, Attention: General
                  Counsel, or at such other address as the Target Fund may
                  designate by written notice to the Acquiring Fund. Notice to
                  the Acquiring Fund shall be addressed to the Acquiring Fund
                  c/o Van Kampen Asset Management, 1221 Avenue of the Americas,
                  New York, New York 10020, Attention: General Counsel, or at
                  such other address and to the attention of such other person
                  as the Acquiring Fund may designate by written notice to the
                  Target Fund. Any notice shall be deemed to have been served or
                  given as of the date such notice is delivered personally or
                  mailed.

         (c)      This Agreement supersedes all previous correspondence and oral
                  communications between the parties regarding the
                  Reorganization, constitutes the only understanding with
                  respect to the Reorganization, may not be changed except by a
                  letter of agreement signed by each party and shall be governed
                  by and construed in accordance with the laws of the State of
                  Illinois applicable to agreements made and to be performed in
                  said state.

         (d)      It is expressly agreed that the obligations of the Funds
                  hereunder shall not be binding upon any of their respective
                  trustees, shareholders, nominees, officers, agents, or
                  employees personally, but shall bind only the trust property
                  of the respective Fund as provided in such Fund's Declaration
                  of Trust. The execution and delivery of this Agreement has
                  been authorized by the trustees of each Fund and signed by
                  authorized officers of each Fund, acting as such, and neither
                  such authorization by such trustees, nor such execution and
                  delivery by such officers shall be deemed to have been made by
                  any of them individually or to impose any liability on any of
                  them personally, but shall bind only the trust property of
                  each Fund as provided in such Funds' Declaration of Trust.

         This Agreement may be executed in any number of counterparts, each of
which, when executed and delivered, shall be deemed to be an original but all
such counterparts together shall constitute but one instrument.

         IN WITNESS WHEREOF, the parties have hereunto caused this Agreement to
be executed and delivered by their duly authorized officers as of the day and
year first written above.


                                      A-17



                                       VAN KAMPEN XXXXXXXXXXXXX  
                                       XXXXXXXXXXXXXXXXXXXXXX



                                       -----------------------------------------
                                       [Name]
                                       [Title]
Attest: [Name]
[Title]

                                       VAN KAMPEN XXXXXXXXXXXXX
                                       XXXXXXXXXXXXXXXXXXXX      



                                       -----------------------------------------
                                       [Name]
                                       [Title]
Attest: [Name]
[Title]





                                      A-18

                                   APPENDIX B
                        CERTIFICATE OF VOTE OF TRUSTEES
                    ESTABLISHING A CLASS OF PREFERRED SHARES

                                           Federal Identification No. 36-7017427



                        THE COMMONWEALTH OF PENNSYLVANIA

             CERTIFICATE OF VOTE OF TRUSTEES ESTABLISHING A CLASS OF
                                PREFERRED SHARES

         I, Weston B. Wetherell, Assistant Secretary, of Van Kampen Merritt
Pennsylvania Value Municipal Income Trust (the "Fund") located at One Parkview
Plaza, Oakbrook Terrace, IL 60181, do hereby certify that at a meeting of the
trustees of the Fund held on June 28, 1993, the following vote establishing and
designating a class of preferred shares of beneficial interest and determining
the relative rights and preferences thereof was duly adopted:

         First: Pursuant to authority expressly vested in the Board of Trustees
of the Fund by Article VI of its Declaration of Trust (which, as amended or
restated from time to time, is, together with this Certificate of Vote, herein
called the "Declaration of Trust"), the Board of Trustees hereby authorizes the
issuance of a series of 900 shares of its authorized preferred shares of
beneficial interest, par value $.01 per share ("Preferred Shares"), liquidation
preference of $50,000 per share, designated, Auction Preferred Shares (the
"APS").

         Second: The preferences, voting powers, qualifications, and special or
relative rights or privileges of the preferred shares of beneficial interest are
as follows:

                                   DESIGNATION

         APS: The 900 preferred shares of beneficial interest, $.01 par value,
liquidation preference $50,000 per shares, is hereby designated "Auction
Preferred Shares" (hereinafter, "APS"). Each share of APS shall be issued on
July 21, 1993; have an Applicable Rate for its Initial Dividend Period (which
period shall continue to and including Wednesday, July 28, 1993) equal to 2.15%
per annum; have an initial Dividend Payment Date of Thursday, July 29, 1993; and
have such other preferences, limitations and relative voting rights, in addition
to those required by applicable law or set forth in the Declaration of Trust
applicable to preferred shares of beneficial interest of the Fund, as are set
forth in Part I and Part II of this Certificate of Vote. The APS shall
constitute a separate series of Preferred Shares of beneficial interest of the
Fund, and each share of APS shall be identical except as provided in Section 3
of Part I of this Certificate of Vote.




                                      B-1






         No holder of APS shall have, solely by reason of being such a holder of
APS, any right to acquire, purchase or subscribe for any APS, common shares of
beneficial interest, par value $.01 per share, of the Fund or other securities
of the Fund which it may hereafter issue or sell (whether out of the number of
shares authorized by the Declaration of Trust, or out of any shares acquired by
the Fund after the issuance thereof, or otherwise).

                                     PART I

         1. Number of Shares; Ranking. (a) No fractional APS shall be issued.

                  (b) Any APS which at any time have been redeemed or purchased
by the Fund shall, after such redemption or purchase, have the status of
authorized but unissued Preferred Shares.

                  (c) The APS shall rank on a parity with shares of any other
series of Preferred Shares (including any other series of APS) as to the payment
of dividends and the distribution of assets upon dissolution, liquidation or
winding up of the affairs of the Fund.

         2. Dividends. (a) The Holder of any of the APS shall be entitled to
receive, when, as and if declared by the Board of Trustees, out of funds legally
available therefor, cumulative cash dividends at the Applicable Rate per annum
thereof, determined as set forth in paragraph (c) of this Section 2, and no more
(except to the extent set forth in Section 12 of this Part I), payable on the
respective dates (each a "Dividend Payment Date") determined as set forth in
paragraph (b) of this Section 2. Dividends on the APS shall accumulate at the
Applicable Rate per annum from the Date of Original Issue thereof.

                  (b) (i) Dividends shall be payable subject to subparagraph
(b)(ii) of this Section 2, on Thursday, July 29, 1993 and each Thursday
thereafter, provided that if the Fund, subject to the conditions set forth in
Section 4 of this Part I, designates any Subsequent Dividend Period as a Special
Dividend Period, dividends will be payable: (1) with respect to a Special
Dividend Period of less than 35 days, the day after the last day thereof and (2)
with respect to a Special Dividend Period of 35 days or more, the first Business
Day of each calendar month thereafter provided that, in any calendar month in
which an Auction Date is scheduled to occur, dividends shall be payable on the
first Business Day next succeeding such Auction Date.

After any Special Dividend Period, dividends on the APS shall be payable,
subject to subparagraph (b)(ii) of this Section 2, on each fourth succeeding
Thursday, subject to the options of the Fund to further designate from time to
time any Subsequent Dividend Period as a Special Dividend Period.

                           (ii) In the case of dividends that would otherwise be
         payable on a Monday, Tuesday, Wednesday, Thursday or Friday as
         determined by subparagraph (b)(i) of this Section 2, including clause
         (1), (2) or (3) of the proviso thereto, if (i) the Monday or Tuesday




                                      B-2




         that would otherwise be the Dividend Payment Date is not a Business
         Day, then dividends shall be payable on the first Business Day that
         falls after such Monday or Tuesday, or (ii) the Wednesday, Thursday or
         Friday that would otherwise be the Dividend Payment Date is not a
         Business Day, then dividends shall be payable on the first Business Day
         that falls prior to such Wednesday, Thursday or Friday.

                           (iii) The Fund shall pay to the Auction Agent not
         later than 12:00 noon, New York City time, on the Business Day next
         preceding each Dividend Payment Date of the APS, an aggregate amount of
         funds available on the next Business Day in The City of New York, New
         York, equal to the dividends to be paid to all Holders of shares on
         such Dividend Payment Date.

                           (iv) All moneys paid to the Auction Agent for the
         payment of dividends (or for the payment of any late charges pursuant
         to subparagraph (c)(i) of this Section 2) shall be held in trust for
         the payment of such dividends (and any such late charge) by the Auction
         Agent for the benefit of the Holders specified in subparagraph (b)(v)
         of this Section 2. Any moneys paid to the Auction Agent in accordance
         with the foregoing but not applied by the Auction Agent to the payment
         of dividends (and any late charge) will, to the extent permitted by
         law, be repaid to the Fund at the end of 90 days from the date on which
         such moneys were so to have been applied.

                           (v) Each dividend on the APS shall be paid on the
         Dividend Payment Date therefor to the Holders as their names appear on
         the share books of the Fund on the Business Day next preceding such
         Dividend Payment Date. Dividends in arrears for any past Dividend
         Period may be declared and paid at any time, without reference to any
         regular Dividend Payment Date, to the Holders as their names appear on
         the share books of the Fund on such date, not exceeding 15 days
         preceding the payment date thereof, as may be fixed by the Board of
         Trustees.

                  (c) (i) The dividend rate on the APS during the period from
and after the Date of Original Issue thereof to and including the last day of
the Initial Dividend Period therefor shall be equal to the rate per annum set
forth with respect to such APS under "Designation," above. For each Subsequent
Dividend Period of any of the APS outstanding thereafter, the dividend rate
shall be equal to the rate per annum that results from an Auction for such APS
on the Auction Date next preceding such Subsequent Dividend Period; provided,
however, that if an Auction for any Subsequent Dividend Period of the APS is not
held for any reason or if a Failure to Deposit occurs with respect to the
Initial Dividend Period or any Subsequent Dividend Period and such failure has
not been cured as set forth below prior to any succeeding Subsequent Dividend
Period thereof, then, subject to the next succeeding provision, the dividend
rate on the APS for the Initial Dividend Period or any such Subsequent Dividend
Period shall be the Maximum Rate (as defined herein) on the Auction Date for
such Subsequent



                                      B-3



Dividend Period; provided, further, however, that if any Failure
to Deposit shall have occurred with respect to the APS during any Rate Period
thereof, and prior to 12:00 noon, New York City time, on the third Business Day
next succeeding the date on which such Failure to Deposit occurred, such Failure
to Deposit shall not have been cured in accordance with the next succeeding
sentence or the Fund shall not have paid to the Auction Agent a late charge
equal to the sum of (1) if such Failure to Deposit consisted of the failure
timely to pay to the Auction Agent the full amount of dividends with respect to
any Dividend Period on the APS, an amount computed by multiplying (x) 200% of
the Reference Rate (or Treasury Rate, if applicable) for the Rate Period during
which such Failure to Deposit occurs on the Dividend Payment Date for such
Dividend Period by (y) a fraction, the numerator of which shall be the number of
days for which such Failure to Deposit has not been cured in accordance with the
next succeeding sentence (including the day such Failure to Deposit occurs and
excluding the day such Failure to Deposit is cured) and the denominator of which
shall be 365, and applying the rate obtained against the aggregate liquidation
preference of the outstanding APS and (2) if such Failure to Deposit consisted
of the failure timely to pay to the Auction Agent the Redemption Price of the
APS, if any, for which Notice of Redemption has been given by the Fund pursuant
to paragraph (b) of Section 3 of this Part I, an amount computed by multiplying
(x) 200% of the Reference Rate (or Treasury Rate, if applicable) for the Rate
Period during which such Failure to Deposit occurs on the redemption date by (y)
a fraction, the numerator of which shall be the number of days for which such
failure is not cured in accordance with the next succeeding sentence (including
the day such Failure to Deposit occurs and excluding the day such Failure to
Deposit is cured) and the denominator of which shall be 365, and applying the
rate obtained against the aggregate liquidation preference of the Outstanding
APS to be redeemed, and such failure shall not have been cured as described
herein, Auctions will be suspended until such failure is so cured and the
dividend rate for the APS for each Subsequent Dividend Period thereof commencing
after such failure to and including the Subsequent Dividend Period, if any,
during which such Failure to Deposit is so cured shall be a rate per annum equal
to the Maximum Rate on the Auction Date for such Subsequent Dividend Period (but
with the prevailing rating for such shares, for purposes of determining such
Maximum Rate, being deemed to be "Below "ba3"/BB-") (the rate per annum at which
dividends are payable on the APS for any Rate Period being herein referred to as
the "Applicable Rate"). A Failure to Deposit with respect to the APS shall have
been cured (if such Failure to Deposit is not solely due to the willful failure
of the Fund to make the required payment to the Auction Agent) with respect to
any Rate Period if, not later than 12:00 noon, New York City time, on the fourth
Business Day preceding the Auction Date for the Rate Period subsequent to such
Rate Period the Fund shall have paid to the Auction Agent (A) all accumulated
and unpaid dividends on the APS and (B) without duplication, the Redemption
Price for the APS, if any, for which Notice of Redemption has been given by the
Fund pursuant to paragraph (b) of Section 3 of this Part I.

                           (ii) The amount of dividends per share payable on the
         APS on any date on which dividends shall be payable on shares shall be
         computed by multiplying the respective Applicable Rate in effect for
         such Dividend Period or Dividend Periods or part thereof for which
         dividends have not been paid by a fraction, the numerator of which
         shall


                                      B-4



         be the number of days in such Dividend Period or Dividend Periods
         or part thereof and the denominator of which shall be 365 if such
         Dividend Period is a Rate Period, or is contained in a Rate Period, of
         less than one year and 360 for all other Dividend Periods, and applying
         the rate obtained against $50,000.

                  (d) Any dividend payment made on the APS shall first be
credited against the earliest accumulated but unpaid dividends due with respect
to such APS.

                  (e) Except as set forth in the next sentence, no dividends
shall be declared or paid or set apart for payment on the shares of any class or
series of shares ranking, as to the payment of dividends, on a parity with the
APS for any period unless full cumulative dividends have been or
contemporaneously are declared and paid on the APS through the most recent
Dividend Payment Date. When dividends are not paid in full upon the APS through
their most recent respective Dividend Payment Dates or upon the shares for any
other class or series of shares ranking on a parity as to the payment of
dividends with the APS through their most recent respective dividend payment
dates, all dividends declared upon the APS and any other such class or series of
shares ranking on a parity as to the payment of dividends with the APS shall be
declared pro rata so that the amount of dividends declared per share on the APS
and such other class or series of shares shall in all cases bear to each other
the same ratio that accumulated dividends per share on the APS and such other
class or series of shares bear to each other (for purposes of this sentence, the
amount of dividends declared per share shall be based on the Applicable Rate for
such shares for the Dividend Periods during which dividends were not paid in
full). Holders of the APS shall not be entitled to any dividend, whether payable
in cash, property or shares, in excess of full cumulative dividends, as herein
provided, on the APS. No interest, or sum of money in lieu of interest, shall be
payable in respect of any dividend payment or payments on the APS which may be
in arrears, and, except to the extent set forth in subsection (c)(i) of this
Section 2, no additional sum of money shall be payable in respect of any such
arrearage.

                  (f) Dividends on the APS shall be designated as
exempt-interest dividends up to the amount of tax-exempt income of the Fund, to
the extent permitted by, and for purposes of, Section 852 of the Internal
Revenue Code of 1986, as amended from time to time.

                  (g) The Board of Trustees shall not declare any dividend
(except a dividend payable in Common Shares), or declare any other distribution,
upon the Common Shares, or purchase Common Shares, unless in every such case the
APS have, at the time of any such declaration or purchase, an asset coverage (as
defined in and determined pursuant to the 1940 Act) of at least 200% (or such
other asset coverage as may in the future be specified in or under the 1940 Act
as the minimum asset coverage for senior securities which are stock of a
closed-end investment company as a condition of declaring dividends on its
common stock) after deducting the amount of such dividend, distribution or
purchase price, as the case may be.



                                      B-5



         3. Redemption. (a) (i) After the Initial Dividend Period with respect
to the APS and upon giving a Notice of Redemption, as provided below, the Fund
at its option may redeem the APS, in whole or in part, on the second Business
Day next preceding any Dividend Payment Date applicable to those APS called for
redemption, out of funds legally available therefor, at the Optional Redemption
Price; provided that during a Special Dividend Period of 365 days or more no APS
will be subject to optional redemption during any Non-Call Period; provided,
that the APS may not be redeemed in part if after such partial redemption fewer
than 250 shares remain outstanding.

                           (ii) If fewer than all of the outstanding APS are to
         be redeemed pursuant to subparagraph (a)(i) of this Section 3, the
         number of APS to be redeemed shall be determined by the Board of
         Trustees, and such APS shall be redeemed pro rata from the Holders in
         proportion to the number of such APS held by such Holders.

                           (iii) No APS shall be redeemed pursuant to
         subparagraphs (a)(i) or (a)(ii) of this Section 3 unless, on the date
         on which the Fund intends to give notice of such redemption pursuant to
         paragraph (b) of this Section 3, (a) the Fund has available Deposit
         Securities with maturity or tender dates not later than the day
         preceding the applicable redemption date and having a value not less
         than the amount (including the applicable premium, if any) due to
         Holders of the APS by reason of the redemption of such shares on such
         redemption date and (b) a Discounted Value of Moody's Eligible Assets
         (if Moody's is then rating the APS) and S&P Eligible Assets (if S&P is
         then rating the APS) each at least equal the APS Basic Maintenance
         Amount immediately subsequent to such redemption, if such redemption
         were to occur on such date, and on the date of redemption.

                           (iv) Subject to Section 3(g), the Fund shall redeem
         at the Mandatory Redemption Price certain of the APS if the Fund fails
         to maintain a Discounted Value of Moody's Eligible Assets or S&P
         Eligible Assets in an amount greater than or equal to the APS Basic
         Maintenance Amount or fails to maintain 1940 Act APS Asset Coverage in
         accordance with the requirements of the rating agency or agencies when
         rating the APS and such failure is not cured on or before the APS Basic
         Maintenance Cure Date or the 1940 Act Cure Date, as the case may be.
         The number of APS to be redeemed shall be equal to the lesser of (i)
         the minimum number of APS the redemption of which, if deemed to have
         occurred immediately prior to the opening of business on the Cure Date,
         together with all other Preferred Shares subject to redemption or
         retirement, would result in the satisfaction of the APS Basic
         Maintenance Amount or the 1940 Act APS Asset Coverage, as the case may
         be, on such Cure Date (provided that, if there is no such minimum
         number of APS and other Preferred Shares the redemption of which would
         have such result, all the APS and preferred then outstanding shall be
         redeemed), and (ii) the maximum number of APS, together with all other
         Preferred Shares subject


                                      B-6





         to redemption or retirement, that can be redeemed out of funds expected
         to be legally available therefor. In determining the APS required to be
         redeemed in accordance with the foregoing, the Fund shall allocate the
         number required to be redeemed to satisfy the APS Basic Maintenance
         Amount or the 1940 Act APS Asset Coverage, as the case may be, pro rata
         among the APS and other Preferred Shares subject to redemption
         provisions similar to those contained in this subparagraph (a)(iv) of
         this Section 3. The Fund shall effect such redemption not earlier than
         20 days and not later than 40 days after such Cure Date, except that if
         the Fund does not have funds legally available for the redemption of
         all of the required number of APS and other Preferred Shares which are
         subject to redemption provisions similar to those contained in this
         subparagraph (a)(iv) of this Section 3 or the Fund otherwise is unable
         to effect such redemption on or prior to 40 days after such Cure Date,
         the Fund shall redeem those APS and other Preferred Shares which it was
         unable to redeem on the earliest practicable date on which it is able
         to effect such redemption. If fewer than all of the outstanding APS are
         to be redeemed pursuant to this Section 3(a)(iv), the number of APS to
         be redeemed shall be redeemed pro rata from the Holders of such APS in
         proportion to the number of shares held by such Holders.

                  (b) The Fund is required to give 30 days Notice of Redemption.
In the event the Fund obtains appropriate exemptive or no-action relief from the
Securities and Exchange Commission, the number of days' notice required for a
mandatory redemption may be reduced by the Board of Trustees of the Fund to as
few as two Business Days if Moody's and S&P each has agreed in writing that the
revised notice provision would not adversely affect its then-current ratings of
the APS. The Auction Agent will use its reasonable efforts to provide telephonic
notice to each holder of APS called for redemption not later than the close of
business on the Business Day on which the Auction Agent determines the shares to
be redeemed (as described above) (or, during the occurrence of a Failure to
Deposit with respect to such shares, not later than the close of business on the
Business Day immediately following the day on which the Auction Agent receives
Notice of Redemption from the Fund). Such telephonic notice will be confirmed
promptly in writing not later than the close of business on the third Business
Day preceding the redemption date by notice sent by the Auction Agent to each
holder of record of the APS called for redemption, the Broker-Dealers and the
Securities Depository. Every Notice of Redemption and other redemption notice
with respect to APS will state: (1) the redemption date, (2) the number of APS
to be redeemed, (3) the redemption price, (4) that dividends on the APS to be
redeemed will cease to accumulate as of such redemption date and (5) the
provision of the APS Provisions pursuant to which such shares are being
redeemed. No defect in the Notice of Redemption or other redemption notice or in
the transmittal or the mailing thereof will affect the validity of the
redemption proceedings, except as required by applicable law. If fewer than all
of the APS held by any Holder are to be redeemed, the Notice of Redemption
mailed to such Holder shall also specify the number of APS to be redeemed from
such Holder.


                                      B-7




                  (c) Notwithstanding the provisions of paragraph (a) of this
Section 3, if any dividends on the APS are in arrears, none of the APS shall be
redeemed unless all outstanding shares of the APS are simultaneously redeemed,
and the Fund shall not purchase or otherwise acquire any such APS; provided,
however, that the foregoing shall not prevent the purchase or acquisition of all
outstanding APS pursuant to the successful completion of an otherwise lawful
purchase or exchange offer made on the same terms to, and accepted by, Holders
of all outstanding APS.

                  (d) Upon the deposit of funds sufficient to redeem the APS
with the Auction Agent and the giving of Notice of Redemption under Paragraph
(b) of this Section 3, dividends on such shares shall cease to accumulate and
such shares shall no longer be deemed to be outstanding for any purpose, and all
rights of the Holders of the shares so called for redemption shall cease and
terminate, except the right of such Holders to receive the Optional Redemption
Price or Mandatory Redemption Price, as the case may be, but without any
interest or other additional amount, except as provided in Section 2(c)(i) and
in Section 12. Upon surrender in accordance with the Notice of Redemption of the
certificates for any shares so redeemed (properly endorsed or assigned for
transfer, if the Board of Trustees shall so require and the Notice of Redemption
shall so state), the Optional Redemption Price or Mandatory Redemption Price, as
the case may be, shall be paid by the Auction Agent to the Holders of the APS
subject to redemption. In the case that fewer than all of the shares represented
by any such certificate are redeemed, a new certificate shall be issued,
representing the unredeemed shares, without cost to the Holder thereof. The Fund
shall be entitled to receive from the Auction Agent, promptly after the date
fixed for redemption, any cash deposited with the Auction Agent in excess of (i)
the aggregate Optional Redemption Price of the APS called for redemption on such
date and (ii) all other amounts to which Holders of the APS called for
redemption may be entitled. Any funds so deposited that are unclaimed at the end
of 90 days from such redemption date shall, to the extent permitted by law, be
repaid to the Fund, after which time the Holders of the APS so called for
redemption may look only to the Fund for payment of the Optional Redemption
Price or Mandatory Redemption Price, as the case may be, and all other amounts
to which they may be entitled. The Fund shall be entitled to receive, from time
to time after the date fixed for redemption, any interest on the funds so
deposited.

                  (e) To the extent that any redemption for which Notice of
Redemption has been given is not made by reason of the absence of legally
available funds therefor, such redemption shall be made as soon as practicable
to the extent such funds become available. Failure to redeem the APS shall be
deemed to exist at any time after the date specified for redemption in a Notice
of Redemption when the Fund shall have failed, for any reason whatsoever, to
deposit in trust with the Auction Agent the Redemption Price with respect to any
shares for which such Notice of Redemption has been given. Notwithstanding the
fact that the Fund may not have redeemed the APS for which a Notice of
Redemption has been given, dividends may be declared and paid on the APS and
shall include those APS for which a Notice of Redemption has been given.

                  (f) All moneys paid to the Auction Agent for payment of the
Optional Redemption Price or Mandatory Redemption Price, as the case may be, of
the


                                      B-8




APS called for redemption shall be held in trust by the Auction Agent for the
benefit of Holders of shares so to be redeemed.

                  (g) In effecting any redemption pursuant to this Section 3,
the Fund shall use its best efforts to comply with all applicable procedural
conditions precedent to effecting such redemption under the 1940 Act and
Pennsylvania law, but shall effect no redemption except to the extent permitted
by the 1940 Act and Pennsylvania law.

                  (h) In the case of any redemption pursuant to this Section 3,
only whole APS shall be redeemed, and in the event that any provision of the
Declaration of Trust would require redemption of a fractional share, the Auction
Agent shall be authorized to round up so that only whole shares are redeemed.

         4. Designation of Special Dividend Periods. (a) The Fund, at its
option, may designate any succeeding Subsequent Dividend Period of the APS as a
Special Rate Period; provided, however, that such designation shall be effective
only if (A) notice thereof shall have been given in accordance with paragraph
(b) and clause (i) of paragraph (c) of this Section 4, (B) any Failure to
Deposit that shall have occurred with respect to the APS during any Dividend
Period shall have been cured in accordance with the provisions of the third
sentence of paragraph (c)(i) of Section 2 of this Part I, (C) Sufficient
Clearing Bids (as defined in Section 1 of Part II hereof) for such APS shall
have existed in an Auction held on the Auction Date immediately preceding the
first day of such proposed Special Dividend Period, (D) if any Notice of
Redemption shall have been mailed by the Fund pursuant to paragraph (b) of
Section 3 of this Part I with respect to any of the APS, the Redemption Price
with respect to such shares shall have been deposited with the Auction Agent and
(E) in the event the Fund wishes to designate any succeeding Subsequent Dividend
Period for such APS as a Special Dividend Period consisting of more than 28 Rate
Period Days, the Fund has provided notice and an APS Basic Maintenance Report
that states that the Discounted Value of S&P Eligible Assets or Moody's Eligible
Assets, as the case may be is greater than or equal to the APS Basic Maintenance
Amount to S&P (if S&P is then rating the APS) and Moody's (if Moody's is then
rating the APS).

                  (b) If the Fund proposes to designate any succeeding
Subsequent Dividend Period of the APS as a Special Dividend Period of more than
28 Rate Period Days pursuant to paragraph (a) of this Section 4, not less than
20 nor more than 30 days prior to the date the Fund proposes to designate as the
first day of such Special Dividend Period (which shall be such day that would
otherwise be the first day of a Minimum Dividend Period), notice shall be (i)
published or caused to be published by the Fund in a newspaper of general
circulation to the financial community in The City of New York, New York, which
carries financial news, and (ii) communicated by the Fund by telephonic or other
means to the Auction Agent and confirmed in writing promptly thereafter. Each
such notice shall state (A) that the Fund may exercise its option to designate a
succeeding Subsequent Dividend Period of such APS as a Special Dividend Period,
specifying the first day thereof and (B) that the Fund will by 11:00 a.m., New
York City time, on the second Business Day next preceding such date notify the
Auction

                                      B-9





Agent of either (x) its determination, subject to certain conditions, to
exercise such option, in which case the Fund shall specify the Special Dividend
Period designated and the terms of the Specific Redemption Provisions, if any,
or (y) its determination not to exercise such option.

                  (c) No later than 11:00 a.m., New York City time, on the
second Business Day next preceding the first day of any proposed Special
Dividend Period the Fund shall delivery to the Auction Agent either:

                           (i) a notice stating (A) that the Fund has determined
         to designate the next succeeding Dividend Period as a Special Dividend
         Period, specifying the same and the first day thereof, (B) the Auction
         Date immediately prior to the first day of such Special Dividend
         Period, (C) the terms of the Specific Redemption Provisions, if any,
         (D) that such Special Dividend Period shall not commence if (1) on such
         Auction Date Sufficient Clearing Bids shall not exist (in which case
         the succeeding Rate Period shall be a Minimum Dividend Period) or (2) a
         Failure to Deposit shall have occurred prior to the first day of such
         Special Dividend Period and (E) the scheduled Dividend Payment Dates
         for such APS during such Special Dividend Period; provided - --------
         that, if such Special Dividend Period consists of more than 28 Rate
         Period Days, such notice will be accompanied by an APS Basic
         Maintenance Report showing that, as of the third Business Day next
         preceding such proposed Special Dividend Period, (1) a Discounted Value
         of Moody's Eligible Assets, assuming for the purposes of calculating
         Moody's Eligible Assets, in connection with an APS Basic Maintenance
         Report required to be prepared pursuant to this Section 4(c)(i), a
         Moody's Exposure Period of "eight weeks or less but greater than seven
         weeks" (if Moody's is then rating such APS) and (2) a Discounted Value
         of S&P Eligible Assets (if S&P is then rating such APS) each at least
         equal the APS Basic Maintenance Amount as of such Business Day
         (assuming for purposes of the foregoing calculation that the Maximum
         Rate is the Maximum Rate on such Business Day as if such Business Day
         were the Auction Date for the proposed Special Dividend Period); or

                           (ii) a notice stating that the Fund has determined
         not to exercise its option to designate a Special Dividend Period for
         such APS and that the next succeeding Dividend Period of such APS shall
         be a Minimum Dividend Period.

If the Fund fails to deliver either such notice with respect to any designation
of any proposed Special Dividend Period to the Auction Agent by 11:00 a.m., New
York City time, on the second Business Day next preceding the first day of such
proposed Special Dividend Period, the Fund shall be deemed to have delivered a
notice to the Auction Agent with respect to such Special Dividend Period of the
effect such forth in clause (ii) of the preceding sentence.


                                      B-10



         5. Voting Rights. (a) Except as otherwise provided in the Declaration
of Trust or as otherwise required by law, (i) each holder of APS shall be
entitled to one vote for each of the APS held on each matter submitted to a vote
of shareholders of the Fund, and (ii) the holders of outstanding Preferred
Shares, including APS, and of Common Shares shall vote together as a single
class; provided that, at a meeting of the shareholders of the Fund held for the
election of the trustees, the holders of outstanding Preferred Shares, including
APS, represented in person or by proxy at said meeting, shall elect two trustees
of the Fund, each Preferred Share, including each of the APS, entitling the
holder thereof to one vote. Subject to paragraph (b) of this Section 5, the
holders of outstanding Common Shares shall elect the balance of the trustees.

                  (b) During any period in which any one or more of the
conditions described below shall exist (such period being referred to herein as
a "Voting Period"), the number of trustees constituting the Board of Trustees
shall be automatically increased by the smallest number that, when added to the
two trustees elected exclusively by the holders of Preferred Shares, including
APS, would constitute a majority of the Board of Trustees as so increased by
such smallest number, and the holders of Preferred Shares, including APS, shall
be entitled, voting as a class on a one-vote-per-share basis (to the exclusion
of the holders of all other securities and class of capital shares of the Fund),
to elect such smallest number of additional trustees, together with the two
trustees that such holders are in any event entitled to elect. A Voting Period
shall commence:

                           (i) if at the close of business on any Dividend
         Payment Date accumulated dividends (whether or not earned or declared)
         on Preferred Shares, including any outstanding APS, equal to at least
         two full years' dividends shall be due and unpaid and sufficient cash
         or specified securities shall not have been deposited with the Auction
         Agent for the payment of such accumulated dividends; or

                           (ii) if at any time holders of any other Preferred
         Shares are entitled under the 1940 Act to elect a majority of the
         trustees of the Fund.

Such Voting Period shall terminate if (i) the Fund thereafter shall pay, or
declare a dividend and deposit cash or securities with the Auction Agent, equal
to accumulated dividends payable on outstanding Preferred Shares; or (ii) such
voting right to the holders of any other Preferred Shares to elect a majority of
the trustees of the Fund shall cease. Upon the termination of a Voting Period,
the voting rights described in this paragraph (b) of Section 5 shall cease,
subject always, however, to the revesting of such voting rights in the Holders
upon the further occurrence of any of the events described in this paragraph (b)
of Section 5.

                  (c) (i) As soon as practicable after the accrual of any right
of the holders of Preferred Shares to elect additional trustees as described in
paragraph (b) of this Section 5, the Fund shall notify the Auction Agent and the
Auction Agent shall call a special meeting of such holders, by mailing a notice
of such special meeting to such holders, such meeting to be held not less than
10 nor more than 20 days after the date of


                                      B-11



mailing of such notice. If the Fund fails to send such notice to the Auction
Agent or if the Auction Agent does not call such a special meeting, it may be
called by any such holder on like notice. The record date for determining the
holders entitled to notice of and to vote at such special meeting shall be the
close of business on the fifth Business Day preceding the day on which such
notice if mailed. At any such special meeting and at each meeting of holders of
Preferred Shares held during a Voting Period at which trustees are to be
elected, such holders, voting together as a class (to the exclusion of the
holders of all other securities and classes of capital shares of the Fund),
shall be entitled to elect the number of trustees prescribed in paragraph (b) of
this Section 5 on a one-vote-per-share basis.

                           (ii) For purposes of determining any rights of the
         Holders to vote on any matter, whether such right is created by this
         Certificate of Vote, by the other provisions of the Declaration of
         Trust, by statute or otherwise, no Holder shall be entitled to vote and
         no APS shall be deemed to be "outstanding" for the purpose of voting or
         determining the number of shares required to constitute a quorum if,
         prior to or concurrently with the time of determination of shares
         entitled to vote or shares deemed outstanding for quorum purposes, as
         the case may be, the Redemption Price for the redemption of such shares
         has been deposited in trust with the Auction Agent for that purpose and
         the requisite Notice of Redemption with respect to such shares shall
         have been given as provided in Section 3 of this Part I. None of the
         APS held by the Fund or any affiliate of the Fund shall have any voting
         rights or be deemed to be outstanding for voting or other purposes.

                           (iii) The terms of office of all persons who are
         Trustees of the Fund at the time of a special meeting of Holders and
         holders of other Preferred Shares to elect trustees shall continue,
         notwithstanding the election at such meeting by the Holders and such
         other holders of the number of directors that they are entitled to
         elect, and the persons so elected by the Holders and such other
         holders, together with the two incumbent trustees elected by the
         Holders and such other holders of Preferred Shares and the remaining
         incumbent trustees elected by the holders of the Common Shares, shall
         constitute the duly elected trustees of the Fund.

                           (iv) Simultaneously with the termination of a Voting
         Period, the terms of office of the additional trustees elected by the
         Holders and holders of other Preferred Shares pursuant to paragraph (b)
         of this Section 5 shall terminate, the remaining trustees shall
         constitute the trustees of the Fund and the voting rights of the
         Holders and such other holders to elect additional trustees pursuant to
         paragraph (b) of this Section 5 shall cease, subject to the provisions
         of the last sentence of paragraph (b) of this Section 5.


                                      B-12




                  (d) (i) So long as any of the APS are Outstanding, the Fund
shall not, without the affirmative vote of the Holders of the Outstanding APS
determined with reference to a "majority of outstanding voting securities" as
that term is defined in Section 2(a)(42) of the 1940 Act (voting separately as
one class): (a) authorize, create or issue any class or series of shares of
beneficial interest ranking prior to or on a parity with the APS with respect to
the payment of dividends or the distribution of assets upon dissolution,
liquidation or winding up of the affairs of the Fund, or increase the authorized
amount of APS (except that, notwithstanding the foregoing, but subject to the
provisions of Section 13, the Board of Trustees, without the vote or consent of
the Holders of APS, may from time to time authorize and create, and the Fund may
from time to time issue, classes or series of Preferred Shares, including APS,
ranking on a parity with the APS with respect to the payment of dividends and
the distribution of assets upon dissolution, liquidation or winding up of the
affairs of the Fund, subject to continuing compliance by the Fund with 1940 Act
APS Asset Coverage and APS Basic Maintenance Amount requirements, provided that
the Fund obtains written confirmation from Moody's (if Moody's is then rating
APS) and S&P (if S&P is then rating APS) that the issuance of such class or
series would not impair the rating then assigned by such rating agency to the
APS), (b) amend, alter or repeal the provisions of the Declaration of Trust,
including this Certificate of Vote, whether by merger, consolidation or
otherwise, so as to affect any preferences, right or power of such APS or the
Holders thereof; provided that (i) none of the actions permitted by the
exception to (a) above will be deemed to affect such preferences, rights or
powers and (ii) the authorization, creation and issuance of classes or series of
shares ranking junior to the APS with respect to the payment of dividends and
the distribution of assets upon dissolution, liquidation or winding up of the
affairs of the Fund, will be deemed to affect such preferences, rights or powers
only if Moody's or S&P is then rating the APS and such issuance would, at the
time thereof, cause the Fund not to satisfy the 1940 Act APS Asset Coverage or
the APS Basic Maintenance Amount, or (c) file a voluntary application for relief
under Federal bankruptcy law or any similar application under state law for so
long as the Fund is solvent and does not foresee becoming insolvent.

                           (ii) The Board of Trustees, without the vote or
         consent of the Holders of APS, may from time to time amend, alter or
         repeal any or all of the definitions of the terms listed below, and any
         such amendment, alteration or repeal will not be deemed to affect the
         preferences, rights or powers of the APS or the Holders thereof,
         provided the Board of Trustee receives written confirmation from
         Moody's (such confirmation being required to be obtained only in the
         event Moody's is rating the APS and in no event being required to be
         obtained in the case of the definitions of Deposit Securities,
         Discounted Value and Receivables for Pennsylvania Municipal Securities
         Sold as such terms apply to S&P Eligible Assets, Dividend Coverage
         Amount, Dividend Coverage Assets, Minimum Liquidity Level, S&P Discount
         Factor, S&P Eligible Assets, S&P Exposure Period and Valuation Date as
         such term applies to the definitions of Dividend Coverage Amount,
         Dividend Coverage Assets and Minimum Liquidity Level) and S&P (such
         confirmation being required to be obtained only in the event S&P is
         rating the APS and in no event being



                                      B-13




         required to be obtained in the case of the definitions of Discounted
         Value and Receivables for Pennsylvania Municipal Securities Sold as
         such terms apply to Moody's Eligible Assets, Moody's Discount Factor,
         Moody's Eligible Asset and Moody's Exposure Period) that any such
         amendment, alteration or repeal would not impair the ratings then
         assigned by Moody's or S&P, as the case may be, to the APS (provided
         that, with respect to the Maximum Rate, such amendment or alteration
         shall not, in any event, cause the Maximum Rate to fall below the
         Maximum Rate that would have resulted absent such amendment or
         alteration):

              APS Basic
                Maintenance Amount
              APS Basic
                Maintenance Cure Date
              APS Basic
                Maintenance Report
              Deposit Securities
              Discounted Value
              Dividend Coverage Amount
              Dividend Coverage Assets
              Market Value
              Maximum Potential
              Additional Dividends
              Liability
              Maximum Rate
              Minimum Liquidity Level
              Moody's Discount Factor
              Moody's Eligible Asset
              Moody's Exposure Period
              1940 Act Cure Date
              1940 Act APS
                Asset Coverage
              Quarterly Valuation Date
              Receivables for Pennsylvania
                Municipal Securities Sold
              S&P Discount Factor
              S&P Eligible Asset
              S&P Exposure Period
              Valuation Date

                  (e) Unless otherwise required by law, the Holders of the APS
shall not have any relative rights or preferences or other special rights other
than those specifically set forth herein. The Holders of the APS shall have no
preemptive rights or rights to cumulative voting. In the event that the Fund
fails to pay any dividends on the APS, the exclusive remedy of the Holders shall
be the right to vote for trustees pursuant to the provisions of this Section 5.


                                      B-14




                  (f) Unless a higher percentage is provided for in the
Declaration of Trust, the affirmative vote of the Holders of a majority of the
outstanding APS, voting as a separate class, shall be required to approve any
plan of reorganization (as such term is used in the 1940 Act) adversely
affecting such shares or any action requiring a vote of security holders of the
Fund under Section 13(a) of the 1940 Act. In the event a vote of Holders of APS
is required pursuant to the provisions of Section 13(a) of the 1940 Act, the
Fund shall, not later than ten Business Days prior to the date on which such
vote is to be taken, notify Moody's (if Moody's is then rating the APS) and S&P
(if S&P is then rating the APS) that such vote is to be taken and the nature of
the action with respect to which such vote is to be taken. In addition, the Fund
shall notify Moody's (if Moody's is then rating the APS) and S&P (if S&P is then
rating the APS) of the results of any vote described in the proceeding sentence.

         6. Liquidation Rights. (a) Upon the dissolution, liquidation or winding
up of the affairs of the Fund, whether voluntary or involuntary, the Holders of
the APS then outstanding shall be entitled to receive and to be paid out of the
assets of the Fund available for distribution to its shareholders, before any
payment or distribution shall be made on the Common Shares or on any other class
of shares of the Fund ranking junior to the APS upon dissolution, liquidation or
winding up, an amount equal to the liquidation preference with respect to such
shares. The liquidation preference for the APS shall be $50,000 per share, plus
an amount equal to all dividends thereon (whether or not earned or declared)
accumulated but unpaid to the date of final distribution in same-day funds,
together with any payments required to be made pursuant to Section 12 in
connection with the liquidation of the Fund.

                  (b) Neither the sale of all or substantially all the property
or business of the Fund, nor the merger or consolidation of the Fund into or
with any other corporation nor the merger or consolidation of any other
corporation into or with the Fund shall be a dissolution, liquidation or winding
up, whether voluntary or involuntary, for the purposes of this Section 6.

                  (c) After the payment to the Holders of the APS of the full
preferential amounts provided for in this Section 6, the Holders of the APS as
such shall have no right or claim to any of the remaining assets of the Fund.

                  (d) In the event the assets of the Fund available for
distribution to the Holders of the APS upon any dissolution, liquidation or
winding up of the affairs of the Fund, whether voluntary or involuntary, shall
be insufficient to pay in full all amounts to which such Holders are entitled
pursuant to paragraph (a) of this Section 6, no such distribution shall be made
on account of any shares of any other class or series of Preferred Shares
ranking on a parity with the APS with respect to the distribution of assets upon
such dissolution, liquidation or winding up unless proportionate distributive
amounts shall be paid on account of the APS, ratably, in proportion to the full
distributable amounts for which holders of all such parity shares are
respectively entitled upon such dissolution, liquidation or winding up.


                                      B-15



                  (e) Subject to the rights of the holders of shares of any
series or class or classes of shares ranking on a parity with the APS with
respect to the distribution of assets upon dissolution, liquidation or winding
up of the affairs of the Fund, after payment shall have been made in full to the
Holders of the APS as provided in paragraph (a) of this Section 6, but not prior
thereto, any other series or class or classes of shares ranking junior to the
APS with respect to the distribution of assets upon dissolution, liquidation or
winding up of the affairs of the Fund shall, subject to the respective terms and
provisions (if any) applying thereto, be entitled to receive any and all assets
remaining to be paid or distributed, and the Holders of the APS shall not be
entitled to share therein.

         7. Auction Agent. For so long as any of the APS is outstanding, the
Auction Agent, duly appointed by the Fund to so act, shall be in each case a
commercial bank, trust company or other financial institution independent of the
Fund and its affiliates (which, however, may engage or have engaged in business
transactions with the Fund or its affiliates) and at no time shall the Fund or
any of its affiliates act as the Auction Agent in connection with the Auction
Procedures. If the Auction Agent resigns or for any reason its appointment is
terminated during any period that any of the APS is outstanding, the Board of
Trustees shall use its best efforts promptly thereafter to appoint another
qualified commercial bank, trust company or financial institution to act as the
Auction Agent.

         8. 1940 Act APS Asset Coverage. The Fund shall maintain, as of the last
Business Day of each month in which any of the APS is outstanding, the 1940 Act
APS Asset Coverage.

         9. APS Basic Maintenance Amount. (a) So long as APS are Outstanding,
the Fund shall maintain, on each Valuation Date, and shall verify to its
satisfaction that it is maintaining on such Valuation Date, (i) S&P Eligible
Assets having an aggregate Discounted Value equal to or greater than the APS
Basic Maintenance Amount (if S&P is then rating the APS) and (ii) Moody's
Eligible Assets having an aggregate Discounted Value equal to or greater than
the APS Basic Maintenance Amount (if Moody's is then rating the APS). In
managing the Fund's portfolio, the Adviser will not alter the composition of the
Fund's portfolio if, in the reasonable belief of the Adviser, the effect of any
such alteration would be to cause the Fund to have Eligible Assets with an
aggregate Discounted Value, as of the immediately preceding Valuation Date, less
than the APS Basic Maintenance Amount as of such Valuation Date; provided,
however, that in the event that, as of the immediately preceding Valuation Date,
the aggregate Discounted Value of the Fund's Eligible Assets exceeded the APS
Basic Maintenance Amount by five percent of less, the Adviser will not alter the
composition of the Fund's portfolio in a manner reasonably expected to reduce
the aggregate Discounted Value of the Fund's Eligible Assets unless the Fund
shall have confirmed that, after giving effect to such alteration, the aggregate
Discounted Value of the Fund's Eligible Assets would exceed the APS Basic
Maintenance Amount.

                  (b) On or before 5:00 p.m., New York City time, on the third
Business Day after a Valuation Date on which the Fund fails to maintain a
Discounted


                                      B-16




Value of Moody's Eligible Assets or S&P Eligible Assets in an amount greater
than or equal to the APS Basic Maintenance Amount, and on the third Business Day
after the APS Basic Maintenance Cure Date with respect to such Valuation Date,
the Fund shall complete and deliver to S&P (if S&P is then rating the APS),
Moody's (if Moody's is then rating the APS) and the Auction Agent (if either S&P
or Moody's is then rating the APS) an APS Basic Maintenance Report as of the
date of such failure or such APS Basic Maintenance Cure Date, as the case may
be, which will be deemed to have been delivered to the Auction Agent if the
Auction Agent receives a copy or telecopy, telex or other electronic
transcription thereof and on the same day the Fund mails to the Auction Agent
for delivery on the next Business Day the full APS Basic Maintenance Report. The
Fund will also deliver an APS Basic Maintenance Report to Moody's and S&P on any
Valuation Date that (i) the Discounted Value of Moody's Eligible Assets or S&P
Eligible Assets, as the case may be, is greater than the APS Basic Maintenance
Amount by 5% or less or (ii) on any date which the Fund redeems Common Shares.
The Fund will also deliver an APS Basic Maintenance Report to S&P upon its
request. A failure by the Fund to deliver an APS Basic Maintenance Report under
subparagraph (b) of this Section 9 shall be deemed to be delivery of an APS
Basic Maintenance Report indicating the Discounted Value for all assets of the
Fund is less than the APS Basic Maintenance Amount, as of the relevant Valuation
Date.

                  (c) Within ten Business Days after a Quarterly Valuation Date,
the Fund shall cause the Independent Accountant to confirm in writing to S&P (if
S&P is then rating the APS), Moody's (if Moody's is then rating the APS) and the
Auction Agent (if either S&P or Moody's is then rating the APS) (i) the
mathematical accuracy of the calculations reflected in the APS Basic Maintenance
Report prepared by the Fund on such date (and in any other APS Basic Maintenance
Report, randomly selected by the Independent Accountant, that was delivered by
the Fund during the quarter ending on such Quarterly Valuation Date) and (ii)
that, in such Report (and in such randomly selected Report), the Fund determined
in accordance with this Certificate of Vote whether the Fund had, at such
Quarterly Valuation Date (and at the Valuation Date addressed in such
randomly-selected Report), S&P Eligible Assets (if S&P is then rating the APS)
of an aggregate Discounted Value at least equal to the APS Basic Maintenance
Amount and Moody's Eligible Assets (if Moody's is then rating the APS) of an
aggregate Discounted Value at least equal to the APS Basic Maintenance Amount
(such confirmation being herein called the "Accountant's Confirmation").

                  (d) Within ten Business Days after the date of delivery of an
APS Basic Maintenance Report in accordance with paragraph (b) of this Section 9
relating to any Valuation Date on which the Fund failed to maintain a Discounted
Value of Moody's Eligible Assets or S&P Eligible Assets in an amount greater
than or equal to the APS Basic Maintenance Amount, and relating to the APS Basic
Maintenance Cure Date with respect to such failure to exceed or equal the APS
Basic Maintenance Amount, the Fund shall cause the Independent Accountant to
provide to S&P (if S&P is then rating the APS), Moody's (if Moody's is then
rating the APS) and the Auction Agent (if either S&P or Moody's is then rating
the APS) an Accountant's Confirmation as to such APS Basic Maintenance Report.


                                      B-17




                  (e) If any Accountant's Confirmation delivered pursuant to
subparagraph (c) or (d) of this Section 9 shows that an error was made in the
APS Basic Maintenance Report for a particular Valuation Date for which such
Accountant's Confirmation was required to be delivered, or shows that a lower
aggregate Discounted Value for the aggregate of all S&P Eligible Assets (if S&P
is then rating the APS) or Moody's Eligible Assets (if Moody's is then rating
the APS), as the case may be, of the Fund was determined by the Independent
Accountant, the calculation or determination made by such Independent Accountant
shall be final and conclusive and shall be binding on the Fund, and the Fund
shall accordingly amend and deliver the APS Basic Maintenance Report to S&P (if
S&P is then rating the APS), Moody's (if Moody's is then rating the APS) and the
Auction Agent (if either S&P or Moody's is then rating the APS) promptly
following receipt by the Fund of such Accountant's Confirmation.

                  (f) On or before 5:00 p.m., New York City time, on the first
Business Day after the Date of Original Issue of the APS, the Fund shall
complete and deliver to S&P (if S&P is then rating the APS) and to Moody's (if
Moody's is then rating the APS), an APS Basic Maintenance Report as of the close
of business of such Date of Original Issue. Within five Business Days of such
Date of Original Issue, the Fund shall cause the Independent Accountant to
confirm in writing to S&P (if S&P is then rating the APS) and to Moody's (if
Moody's is then rating the APS) (i) the mathematical accuracy of the
calculations reflected in such Report and (ii) that the Discounted Value of S&P
Eligible Assets or Moody's Eligible Assets, as the case may be, reflected
thereon equals or exceeds the APS Basic Maintenance Amount reflected thereon.

         10. Minimum Liquidity Level. So long as S&P is rating the APS, the Fund
shall have, as of each Valuation Date, Dividend Coverage Assets, with respect to
each then Outstanding APS, having a value not less than the Dividend Coverage
Amount with respect to such share (the "Minimum Liquidity Level"). If, as of
each Valuation Date, the Fund does not have the required Dividend Coverage
Assets, the Fund shall, as soon as practicable, adjust its portfolio in order to
meet the Minimum Liquidity Level, but only so long as S&P is rating the APS. So
long as S&P is rating the APS, the Fund shall notify S&P on any Valuation Date
which the Fund does not have the required Dividend Coverage Assets and does not
adjust its portfolio as described in the immediately preceding sentence.

         11. Restrictions on Certain Distributions. For as long as any of the
APS is Outstanding, and except as set forth in Sections 2(e) and 6(d) of this
Part I, (A) the Fund shall not declare, pay or set apart for payment any
dividend or other distribution (other than a dividend or distribution paid in
shares of, or options, warrants or rights to subscribe for or purchase, Common
Shares or other shares, if any, ranking junior to the APS as to the payment of
dividends and the distribution of assets upon dissolution, liquidation or
winding up) in respect of the Common Shares or any other shares of the Fund
ranking junior to or on a parity with the APS as to the payment of dividends or
the distribution of assets upon dissolution, liquidation or winding up, or call
for redemption, redeem, purchase or otherwise acquire for consideration any
Common Shares or any other such junior shares (except by conversion into or
exchange for shares of the Fund ranking junior to the APS as to the payment of
dividends and the distribution of assets


                                      B-18




upon dissolution, liquidation or winding up), or any such parity shares (except
by conversion into or exchange for shares of the Fund ranking junior to or on a
parity with APS as to the payment of dividends and the distribution of assets
upon dissolution, liquidation or winding up), unless (i) full cumulative
dividends on the APS through its most recently ended Dividend Period shall have
been paid or shall have been declared and sufficient funds for the payment
thereof deposited with the Auction Agent and (ii) the Fund has redeemed the full
number of shares of APS required to be redeemed by any provision for mandatory
redemption pertaining thereto, and (B) if either Moody's or S&P is rating the
APS, the Fund shall not declare, pay or set apart for payment any dividend or
other distribution (other than a dividend or distribution paid in shares of, or
options, warrants or rights to subscribe for or purchase, Common Shares or other
shares, if any, ranking junior to the APS as to the payment of dividends and the
distribution of assets upon dissolution, liquidation or winding up) in respect
of Common Shares or any other shares of the Fund ranking junior to the APS as to
the payment of dividends or the distribution of assets upon dissolution,
liquidation or winding up, or call for redemption, redeem, purchase or otherwise
acquire for consideration any shares of Common Shares or any other such junior
shares (except by conversion into or exchange for shares of the Fund ranking
junior to the APS as to the payment of dividends and the distribution of assets
upon dissolution, liquidation or winding up), unless immediately after such
transaction the Discounted Value of Moody's Eligible Assets and S&P Eligible
Assets would each at least equal the APS Basic Maintenance Amount.

         12. Additional Dividends. If the Fund retroactively allocates any net
capital gains or other income taxable for federal income tax purposes to the APS
by reason of the fact that such allocation is made as a result of (i) the
realization of net capital gains or other income taxable for federal income tax
purposes, (ii) the redemption of all or a portion of the outstanding APS or
(iii) the liquidation of the Fund (such allocation being referred to herein as a
"Retroactive Taxable Allocation"), the Fund will simultaneously, if practicable,
with such allocation but in no event later than 270 days after the end of the
Fund's taxable year in which a Retroactive Taxable Allocation is made, provide
notice thereof to the Auction Agent and to each Holder of such shares during
such taxable year at such Holder's address as the same appears or last appeared
on the share books of the Fund. Such Holders of such shares shall be entitled to
receive, when, as and if declared by the Board of Trustees, out of funds legally
available therefor, dividends in an amount equal to the aggregate Additional
Dividends with respect to all Retroactive Taxable Allocations made to such
shares during the taxable year in question, such dividends to be payable by the
Fund to the Auction Agent, for distribution to such Holders, within 30 days
after the notice described above is given to the Auction Agent.

         13. Certain Other Restrictions. (a) For so long as any of the APS is
outstanding and Moody's is then rating such shares, the Fund will not, unless it
has received written confirmation from Moody's that any such action would not
impair the ratings then assigned by Moody's to the APS, engage in any one or
more of the following transactions:

                           (i) transactions in options on securities, futures
         contracts or options on futures contracts except as necessary to effect


                                      B-19




         Closing Transactions and except that in connection with Moody's Hedging
         Transactions: (A) the Fund may buy call or put option contracts on
         securities; (B) the Fund may write covered call options on securities;
         and (C) the Fund may write put options on securities. For purposes of
         valuation of Moody's Eligible Assets: (A) if the Fund writes a call
         option, the underlying asset will be valued as follows: (1) if the
         option is exchange-traded and may be offset readily or if the option
         expires within the Moody's Exposure Period, at the lower of the
         Discounted Value of the underlying security of the option and the
         exercise price of the option or (2) otherwise, it has no value; (B) if
         the Fund writes a put option, the underlying asset will be valued as
         follows: the lesser of (1) exercise price and (2) the Discounted Value
         of the underlying security; and (C) call or put option contracts which
         the Fund buys have no value. For so long as any APS are rated by
         Moody's: (A) the Fund will not engage in options and futures
         transactions for leveraging or speculative purposes; (B) the Fund will
         not write or sell any anticipatory contracts pursuant to which the Fund
         hedges the anticipated purchase of an asset prior to completion of such
         purchase; (C) the Fund will not enter into an option or futures
         transaction unless, after giving effect thereto, the Fund would
         continue to have Moody's Eligible Assets with an aggregate Discounted
         Value equal to or greater than the APS Basic Maintenance Amount; (D)
         for purposes of the APS Basic Maintenance Amount, assets in margin
         accounts are not Moody's Eligible Assets; (E) the Fund shall enter into
         only exchange-traded futures and shall write only exchange-traded
         options on exchanges approved by Moody's; (F) where delivery may be
         made to the Fund with any of a class of securities, the Fund shall
         assume for purposes of the APS Basic Maintenance Amount that it takes
         delivery of that security which yields it the least value; (G) the Fund
         will not engage in forward contracts; and (H) there shall be a
         quarterly audit made of the Fund's futures and options transactions by
         the Fund's independent accountants to confirm that the Fund is in
         compliance with these standards;

                           (ii) incur any indebtedness, without prior written
         approval of Moody's that such indebtedness would not adversely affect
         the then current rating by Moody's of the APS except that the Fund may,
         without obtaining the written confirmation described above, incur
         indebtedness for the purpose of clearing securities transactions if the
         Discounted Value of Moody's Eligible Assets would equal or exceed the
         APS Basic Maintenance Amount after giving effect to such indebtedness;
         provided, however, that any such indebtedness shall be repaid within 60
         days and will not be extended or renewed;

                           (iii) issue any class or series of shares ranking
         prior to or on a parity with the APS with respect to the payment of
         dividends or the distribution of assets upon dissolution, liquidation
         or winding up of the Fund, or reissue any APS previously purchased or
         redeemed by the Fund; or


                                      B-20



                           (iv) engage in short sale transactions;

                  (b) For so long as any of the APS is Outstanding and S&P is
rating such shares, the Fund will not, unless the Fund has received written
confirmation from S&P that any such action would not impair the rating then
assigned by such rating agency to the APS, engage in any one or more of the
following transactions:

                           (i) transactions in any reverse repurchase
         agreements;

                           (ii) lend portfolio securities;

                           (iii) borrow money, except that the Fund may, without
         obtaining the written confirmation described above, borrow money for
         the purposes of clearing securities transactions if the Discounted
         Value of S&P Eligible Assets would equal or exceed the APS Basic
         Maintenance Amount after giving effect to such borrowing;

                           (iv) issue any class or series of shares ranking
         prior to or on a parity with the APS with respect to the payment of
         dividends or the distribution of assets upon dissolution, liquidation
         or winding up of the Fund, or reissue any APS previously purchased or
         redeemed by the Fund, or merge or consolidate with any corporation;

                           (v) engage in repurchase agreement transactions in
         which the term of such repurchase obligation is longer than 90 days, in
         which the underlying security is a security other than United States
         treasury securities (not inclusive of zero-coupon securities), demand
         deposits, certificates of deposits or bankers acceptance and in which
         the counter-party or its affiliates have unsecured debt rated A-1+ by
         S&P with respect to such underlying security;

                           (vi) engage in short sale transactions; or

                           (vii) purchase or sell futures contracts or options
         thereon or write uncovered put or uncovered call options on portfolio
         securities except that (A) the Fund may engage in any S&P Hedging
         Transactions based on the Municipal Index, provided that the Fund shall
         not engage in any S&P Hedging Transaction based on the Municipal Index
         (other than Closing Transactions) which would cause the Fund at the
         time of such transaction to own or have sold the least of (1) more than
         1,000 outstanding futures contracts based on the Municipal Index, (2)
         outstanding futures contracts based on the Municipal Index and on the
         Treasury Bonds exceeding in number 25% of the quotient of the fair
         market value of the Fund's total assets divided by 100,000 or (3)
         outstanding futures contract based on the Municipal Index exceeding in
         number 10% of the average number of daily traded futures contracts
         based on the Municipal Index in the month prior to the time of
         effecting such


                                      B-21




         transaction as reported by The Wall Street Journal and (B) the Fund may
         engage in S&P Hedging Transactions based on Treasury Bonds, provided
         that the Fund shall not engage in any S&P Hedging Transaction based on
         Treasury Bonds (other than Closing Transactions) which would cause the
         Fund at the time of such transaction to own or have sold the lesser of
         (1) outstanding futures contracts based on Treasury Bonds and on the
         Municipal Index exceeding in number 25% of the quotient of the fair
         market value of the Fund's total assets divided by 100,000 or (2)
         outstanding futures contracts based on Treasury Bonds exceeding in
         number 10% of the average number of daily traded futures contracts
         based on Treasury Bonds in the month prior to the time of effecting
         such transaction as reported by The Wall Street Journal. For so long as
         the APS are rated by S&P, the Fund will engage in Closing Transactions
         to close out any outstanding futures contracts which the Fund owns or
         has sold or any outstanding option thereon owned by the Fund in the
         event (A) the Fund does not have S&P Eligible Assets with an aggregate
         Discounted Value equal to or greater than the APS Basic Maintenance
         Amount on two consecutive Valuation Dates and (B) the Fund is required
         to pay Variation Margin on the second such Valuation Date. For so long
         as the APS are rated by S&P, the Fund will engage in a Closing
         Transaction to close out any outstanding futures contract or option
         thereon in the month prior to the delivery month under the terms of
         such futures contract or option thereon unless the Fund holds
         securities deliverable under such terms. For purposes of determining
         S&P Eligible Assets to determine compliance with the APS Basic
         Maintenance Amount, no amounts on deposit with the Fund's custodian or
         broker representing Initial Margin or Variation Margin shall constitute
         S&P Eligible Assets. For so long as the APS are rated by S&P, when the
         Fund writes a futures contract or option thereon, it will maintain an
         amount of cash, cash equivalents or short-term, money market securities
         in a segregated account with the Fund's custodian, so that the amount
         so segregated plus the amount of Initial Margin and Variation Margin
         held in the account of the Fund's broker equals the fair market value
         of the futures contract, except that in the event the Fund writes a
         futures contract or option thereon which requires delivery of an
         underlying security, the Fund shall hold such underlying security.

         14. Notice. All notices or communications, unless otherwise specified
in the By-Laws of the Fund or this Certificate of Vote, shall be sufficiently
given if in writing and delivered in person or mailed by first-class mail,
postage prepaid. Notice shall be deemed given on the earlier of the date
received or the date seven days after which such notice is mailed.

         15. Definitions. As used in Parts I and II hereof, the following terms
shall have the following meanings (with terms defined in the singular having
comparable meanings when used in the plural and vice versa), unless the context
otherwise requires:


                                      B-22



         "'AA' Composite Commercial Paper Rate," on any date for any Rate
Period, shall mean (i) (A) in the case of any Minimum Dividend Period or any
Rate Period between 7 and 28 Rate Period Days, the interest equivalent of the
30-day rate; provided, however, in the case of any Minimum Dividend Period of 7
days or any Rate Period with 7 Rate Period Days and the "AA" Composite
Commercial Paper Rate is being used to determine the Applicable Rate when all of
the Outstanding APS are subject to Submitted Hold Orders, then the interest
equivalent of the 7-day rate, and (B) in the case of any Rate Period with more
than 28 Rate Period Days, the interest equivalent of the 180-day rate, on
commercial paper placed on behalf of issuers whose corporate bonds are rated
"AA" by S&P or the equivalent of such rating by S&P or another rating agency, as
made available on a discount basis or otherwise by the Federal Reserve Bank of
New York for the Business Day immediately preceding such date; or (ii) in the
event that the Federal Reserve Bank of New York does not make available any such
rate, then the arithmetic average of such rates, as quoted on a discount basis
or otherwise, by the Commercial Paper Dealers to the Auction Agent for the close
of business on the Business Day next preceding such date. If any Commercial
Paper Dealer does not quote a rate required to determine the "AA" Composite
Commercial Paper Rate, the "AA" Composite Commercial Paper Rate shall be
determined on the basis of the quotation or quotations furnished by the
remaining Commercial Paper Dealer or Commercial Paper Dealers and any Substitute
Commercial Paper Dealer or Substitute Commercial Paper Dealers selected by the
Fund to provide such rate or rates not being supplied by any Commercial Paper
Dealer or Commercial Paper Dealers, as the case may be, or, if the Fund does not
select any such Substitute Commercial Paper Dealer or Substitute Commercial
Paper Dealers, by the remaining Commercial Paper Dealer or Commercial Paper
Dealers. For purposes of this definition, the "interest equivalent" of a rate
stated on a discount basis (a "discount rate") for commercial paper of a given
days' maturity shall be equal to the quotient (rounded upwards to the next
higher one-thousandth (.001) of 1%) of (A) the discount rate divided by (B) the
difference between (x) 1.00 and (y) a fraction the numerator of which shall be
the product of the discount rate times the number of days in which such
commercial paper matures and the denominator of which shall be 360.

         "Accountant's Confirmation" shall have the meaning set forth in
paragraph (c) of Section 9 of this Part I.

         "Additional Dividends" means payment to a Holder of APS of an amount
which, when taken together with the aggregate amount of Retroactive Taxable
Allocations made to such Holder with respect to the taxable year in question,
would cause such Holder's dividends in dollars (after federal and Pennsylvania
income tax consequences) from the aggregate of both the Retroactive Taxable
Allocations and the Additional Dividends to be equal to the dollar amount of the
dividends which would have been received by such Holder if the amount of the
aggregate Retroactive Taxable Allocations would have been excludable from the
gross income of such Holder. State taxes imposed on the Additional Dividends,
however, may reduce the amount of after tax cash a holder would have had if
there were no Retroactive Taxable Allocations. Such Additional Dividends shall
be calculated (i) without consideration being given to the time value of money;
(ii) assuming that no Holder of APS is subject to the federal alternative
minimum tax with respect to dividends received from the Fund; and (iii) assuming
that


                                      B-23




each Retroactive Taxable Allocation would be taxable in the hands of each Holder
of APS at the maximum marginal combined regular federal and Pennsylvania
individual income tax rate applicable to ordinary income or net capital gains,
as applicable (taking into account the federal income tax deductibility of state
and local income tax paid or incurred),or the maximum marginal regular federal
corporate income tax rate, whichever is greater, in effect during the taxable
year in question.

         "Anticipation Notes" means the following Pennsylvania municipal
securities: tax anticipation notes, revenue anticipation notes and tax and
revenue anticipation notes.

         "Applicable Rate" shall have the meaning specified in subparagraph
(c)(i) of Section 2 of this Part I.

         "APS Basic Maintenance Amount," as of any Valuation Date, shall mean
the dollar amount equal to the sum of (i) (A) the product of the number of APS
outstanding on such date multiplied by $50,000; (B) the aggregate amount of
dividends that will have accumulated at the Applicable Rate (whether or not
earned or declared) to (but not including) the first respective Dividend Payment
Dates for each of the APS outstanding that follow such Valuation Date (or to the
47th day after such Valuation Date, if such 47th day is earlier than the first
following Dividend Payment Date); (C) the amount equal to the Projected Dividend
Amount (based on the number of APS Outstanding on such date); (D) the amount of
anticipated expenses of the Fund for the 90 days subsequent to such Valuation
Date; (E) the amount of the Fund's Maximum Potential Additional Dividend
Liability as of such Valuation Date; (F) the amount of any premium payable
pursuant to a Premium Call Period; and (G) any current liabilities as of such
Valuation Date to the extent not reflected in any of (i)(A) through (i)(F)
(including, without limitation, any amounts described in Section 13 of Part I as
required to be treated as liabilities in connection with the Fund's transactions
in futures and options and including any payables for municipal securities
purchased as of such Valuation Date) less (ii) either (A) the face value of any
of the Fund's assets irrevocably deposited by the Fund for the payment of any of
(i)(A) through (i)(G) if such assets mature prior to or on the date of payment
of the liability for which such assets are deposited and are either securities
issued or guaranteed by the United States Government or have a rating assigned
by Moody's of P-1, VMIG-1 or MIG-1 (or, with respect to S&P, SP-1+ or A-1+) or
(B) the Discounted Value of such assets. For purposes of the APS Basic
Maintenance Amount in connection with S&P's ratings of the APS, with respect to
any transactions by the Fund in futures contracts, the Fund shall include as
liabilities (i) 30% of the aggregate settlement value, as marked to market, of
any outstanding futures contracts based on the Municipal Index which are owned
by the Fund plus (ii) 25% of the aggregate settlement value, as marked to
market, of any outstanding futures contracts based on Treasury Bonds which
contracts are owned by the Fund. For purposes of the APS Basic Maintenance
Amount in connection with Moody's rating of the APS, with respect to any
transactions by the Fund in securities options, the Fund shall include as
liabilities (i) 10% of the exercise price of a call option written by the Fund
and (ii) the exercise price of any written put option.



                                      B-24



         "APS Basic Maintenance Cure Date," with respect to the failure by the
Fund to satisfy the APS Basic Maintenance Amount (as required by paragraph (a)
of Section 9 of this Part I) as of a given Valuation Date, shall mean the third
Business Day following such Valuation Date.

         "APS Basic Maintenance Report" shall mean a report signed by the
President, Treasurer or any Senior Vice President or Vice President of the Fund
which sets forth, as of the related Valuation Date, the assets of the Fund, the
Market Value and the Discounted Value thereof (seriatim and in aggregate), and
the APS Basic Maintenance Amount.

         "Auction" shall mean each periodic implementation of the Auction
Procedures.

         "Auction Agency Agreement" shall mean the agreement between the Fund
and the Auction Agent which provides, among other things, that the Auction Agent
will follow the Auction Procedures for purposes of determining the Applicable
Rate for APS so long as the Applicable Rate is to be based on the results of an
Auction.

         "Auction Agent" shall mean the entity appointed as such by a resolution
of the Board of Trustees in accordance with Section 7 of this Part I.

         "Auction Date," with respect to any Rate Period, shall mean the
Business Day next preceding the first day of such Rate Period; initially
Wednesday, July 28, 1993, and thereafter each Wednesday, subject to change as
set forth herein.

         "Auction Procedures" shall mean the procedures for conducting Auctions
set forth in Part II hereof.

         "Board of Trustees" shall mean the Board of Trustees of the Fund or any
duly authorized committee thereof.

         "Business Day" shall mean a day on which the New York Stock Exchange is
open for trading and which is neither a Saturday, Sunday nor any other day on
which banks in the City of New York, New York, are authorized by law to close.

         "Closing Transactions" means the termination of a futures contract or
option position by taking an equal position opposite thereto in the same
delivery month as such initial position being terminated.

         "Commercial Paper Dealers" shall mean Goldman, Sachs & Co., Smith
Barney, Harris Upham & Co. Incorporated, Lehman Commercial Paper Incorporated
and Merrill Lynch, Pierce, Fenner & Smith Incorporated or, in lieu of any
thereof, their respective affiliates or successors, if such entity is a
commercial paper dealer.

         "Common Shares" shall mean the common shares of beneficial interest,
par value $.01 per share, of the Fund.



                                      B-25



         "Cure Date" shall mean the APS Basic Maintenance Cure Date or the 1940
Act Cure Date, as the case may be.

         "Date of Original Issue," with respect to the APS, shall mean the date
on which the Fund initially issued shares of such APS.

         "Deposit Securities" shall mean cash and Pennsylvania municipal
securities rated at least A-1+ or SP-1+ by S&P, except that, for purposes of
Section 3(a)(iii) of this Part I, such Pennsylvania municipal securities shall
be considered "Deposit Securities" only if they are also rated P-1, MIG-1 or
VMIG-1 by Moody's.

         "Discounted Value" shall mean (i) with respect to an S&P Eligible
Asset, the quotient of the Market Value thereof divided by the applicable S&P
Discount Factor and (ii) with respect to a Moody's Eligible Asset, the quotient
of the Market Value thereof divided by the applicable Moody's Discount Factor,
provided that with respect to a Moody's Eligible Asset, Discounted Value shall
not exceed the par value of such Asset at any time.

         "Dividend Coverage Amount," as of any Valuation Date, shall mean, with
respect to each of the APS, (i) the aggregate amount of dividends that will
accumulate on such APS to (but not including) the first Dividend Payment Date
for such share that follows such Valuation Date plus any liabilities that will
become payable prior to or on such payment date, less (ii) the combined value of
Deposit Securities irrevocably deposited for the payment of dividends on such
APS and Receivables for Pennsylvania Municipal Securities Sold which become due
prior to the Dividend Payment Date and interest with respect to Pennsylvania
municipal securities which is payable to the Fund prior to the Dividend Payment
Date.

         "Dividend Coverage Assets," as of any Valuation Date, shall mean, with
respect to each of the APS, Deposit Securities with maturity or tender dates not
later than the day preceding the first Dividend Payment Date for such share that
follows such Valuation Date and having a value not less than the Dividend
Coverage Amount with respect to such share.

         "Dividend Payment Date," with respect to the APS, shall mean any date
on which dividends on shares of such APS are payable pursuant to the provisions
of paragraph (b) of Section 2 of this Part I.

         "Dividend Period," with respect to the APS, shall mean the period from
and including the Date of Original Issue to but excluding the initial Dividend
Payment Date and any period thereafter from and including one Dividend Payment
Date to but excluding the next succeeding Dividend Payment Date.

         "Failure to Deposit," with respect to the APS, shall mean a failure by
the Fund to pay to the Auction Agent, not later than 12:00 noon, New York City
time, (A) on the Business Day next preceding any Dividend Payment Date for such
APS, in funds available on such Dividend Payment Date in The City of New York,
New York, the full amount of any dividend (whether or not earned or declared) to
be paid on such Dividend


                                      B-26




Payment Date on any share of such APS or (B) on the Business Day next preceding
any redemption date in funds available on such redemption date for such APS in
The City of New York, New York, the Redemption Price to be paid on such
redemption date for such APS after notice of redemption is given pursuant to
paragraph (b) of Section 3 of this Part I.

         "Fund" shall mean Van Kampen Merritt Pennsylvania Value Municipal
Income Trust, a Pennsylvania trust, which is the issuer of the APS.

         "Holder," with respect to the APS, shall mean the registered holder of
shares of such APS as the same appears on the share books of the Fund.

         "Independent Accountant" shall mean a nationally recognized accountant,
or firm of accountants, that is with respect to the Fund an independent public
accountant or firm of independent public accountants under the Securities Act of
1933, as amended from time to time.

         "Initial Dividend Period," with respect to the APS, shall mean the
period from and including the Date of Original Issue thereof to but excluding
the initial Dividend Payment Date which occurs in a month which contains the
first scheduled Auction Date for such APS.

         "Initial Margin" means the amount of cash or securities deposited with
a custodian for the benefit of a futures commission merchant as a good-faith
deposit at the time of the initiation of a purchase or sale position with
respect to a futures contract or a sale position with respect to an option
position thereon.

         "Interest Equivalent" means a yield on a 360-day basis of a discount
basis security which is equal to the yield on an equivalent interest-bearing
security.

         "Mandatory Redemption Price" means $50,000 per share of APS plus an
amount equal to accumulated but unpaid dividends thereon to the date fixed for
redemption (whether or not earned or declared).

         "Marginal Tax Rate" means the marginal combined regular federal and
Pennsylvania income tax rate applicable to ordinary income (taking into account
the federal income tax deductibility of state and local income tax paid or
incurred) or the maximum marginal regular federal corporate income tax rate,
whichever is greater.

         "Market Value" of any asset of the Fund shall mean the market value
thereof determined by the Pricing Service designated from time to time by the
Board of Trustees. Market Value of any asset shall include any interest accrued
thereon. The Pricing Service values portfolio securities at the mean between the
quoted bid and asked price or the yield equivalent when quotations are readily
available. Securities for which quotations are not readily available are valued
at fair value as determined by the Pricing Service using methods which include
consideration of yields or prices or municipal bonds of comparable quality, type
of issue, coupon, maturity and rating; indications as to value from dealers; and
general market conditions. The Pricing Service may employ electronic


                                      B-27


data processing techniques and/or a matrix system to determine valuations. In
the event that the Pricing Service is unable to value a security, the security
shall be valued at the lower of two dealer bids, at least one of which shall be
in writing, obtained by the Fund from dealers who are members of the National
Association of Securities Dealers, Inc. and make a market in the security.

         "Master Purchaser's Letter" has the meaning specified in Section 1 of
Part II hereof.

         "Maximum Potential Additional Dividends Liability," as of any Valuation
Date, shall mean the aggregate amount of Additional Dividends that would be due
if the Fund were to make Retroactive Taxable Allocations, with respect to any
fiscal year, estimated based upon dividends paid and the amount of undistributed
realized net capital gains and other taxable income earned by the Fund, as of
the end of the calendar month immediately preceding such Valuation Date, and
assuming such Additional Dividends are fully taxable.

         "Minimum Dividend Period" shall mean with respect to the APS any Rate
Period consisting of 28 Rate Period Days.

         "Minimum Liquidity Level" shall have meaning set forth in Section 10 of
this Part I.

         "Moody's" shall mean Moody's Investors Service, Inc., a Delaware
corporation, and its successors.

         "Moody's Discount Factor" shall mean, for purposes of determining the
Discounted Value of any Moody's Eligible Asset, the percentage determined by
reference to the rating on such asset and the shortest Exposure Period set forth
opposite such rating that is the same length as or is longer than the Moody's
Exposure Period, in accordance with the table set forth below:



                                        RATING CATEGORY
                                   ----------------------------------------------------------------------------------
EXPOSURE PERIOD                    Aaa1       AA1     A1         BAA1       OTHER2     (V)MIG-11, 3,4    SP-1+3, 4
                                   ----       ---     --         ----                                    ---------
---------------------------------- ---------- ------- ---------- ---------- ---------- ----------------- ------------
                                                                                    
7 weeks......................      151%       159%    168%       202%       229%       136%              148%
8 weeks or less but greater        154        164     173        205        235        137               149
  than seven weeks...........
9 weeks or less but greater        158        169     179        209        242        138               150
  than eight weeks...........
-------------------------------

1        Moody's rating.
2        Pennsylvania Municipal securities not rated by Moody's but rated BBB or
         BBB+ by S&P.
3        Pennsylvania Municipal securities rated MIG-1 or VMIG-1 or, if not
         rated by Moody's, rated SP-1+ by S&P which do not mature or have a
         demand feature at par exercisable within the Moody's Exposure Period
         and which do not have a long-term rating.
4        For the purposes of the definition of Moody's Eligible Assets, these
         securities will have an assumed rating of "A" by Moody's.


                                      B-28



         Notwithstanding the foregoing, (i) no Moody's Discount Factor will be
applied to short-term Pennsylvania municipal securities so long as such
Pennsylvania municipal securities are rated at least MIG-1, VMIG-1 or P-1 by
Moody's and mature or have a demand feature at par exercisable within the
Moody's Exposure Period and the Moody's Discount Factor for such Pennsylvania
municipal securities will be 125% as long as such Pennsylvania municipal
securities are rated at least A-1-/AA or SP-1+/AA by S&P and mature or have a
demand feature at par exercisable within the Moody's Exposure Period and (ii) no
Moody's Discount Factor will be applied to cash or to Receivables for
Pennsylvania Municipal Securities Sold.

         "Moody's Eligible Asset" shall mean cash, Receivables for Pennsylvania
Municipal Securities Sold or a Pennsylvania municipal security that (i) pays
interest in cash, (ii) is publicly rated Baa or higher by Moody's or, if not
rated by Moody's but rated by S&P, is rated at least BBB by S&P (provided that,
for purposes of determining the Moody's Discount Factor applicable to any such
S&P-rated municipal security, such Pennsylvania municipal security (excluding
any short-term Pennsylvania municipal security) shall be deemed to have a
Moody's rating which is one full rating category lower than its S&P rating),
(iii) does not have its Moody's rating suspended by Moody's; and (iv) is part of
an issue of municipal securities of at least $10,000,000. Pennsylvania municipal
securities issued by any one issuer and rated BBB by S&P may comprise no more
than 4% of total Moody's Eligible Assets; such BBB-rated Pennsylvania municipal
securities, if any, together with any Pennsylvania municipal securities issued
by the same issuer and rated Baa by Moody's or A by S&P, may comprise no more
than 6% of total Moody's Eligible Assets; such BBB, Baa and A-rated Pennsylvania
municipal securities, if any, together with any Pennsylvania municipal
securities issued by the same issuer and rated A by Moody's or AA by S&P, may
comprise no more than 10% of total Moody's Eligible Assets; and such BBB, Baa, A
and AA-rated Pennsylvania municipal securities, if any, together with any
Pennsylvania municipal securities issued by the same issuer and rated Aa by
Moody's or AAA by S&P, may comprise no more than 20% of total Moody's Eligible
Assets. For purposes of the foregoing sentence, any Pennsylvania municipal
security backed by the guaranty, letter of credit or insurance issued by a third
party shall be deemed to be issued by such third party if the issuance of such
third party credit is the sole determinant of the rating on such Pennsylvania
municipal security. Pennsylvania municipal securities classified within one
issue type concentration and rated BBB by S&P may comprise no more than 12% of
total Moody's Eligible Assets; such BBB-rated Pennsylvania municipal securities,
if any, together with any Pennsylvania municipal securities in the same issue
type and rated Baa by Moody's or A by S&P may comprise no more than 20% of total
Moody's Eligible Assets; such BBB, Baa and A-rated Pennsylvania municipal
securities, if any, together with any Pennsylvania municipal securities in the
same issue type and rated A by Moody's or AA by S&P, may comprise no more than
40% of total Moody's Eligible Assets; and such BBB, Baa, A and AA-rated
Pennsylvania municipal securities, if any, together with any Pennsylvania
municipal securities in the same issue type and rated Aa by Moody's or AAA by
S&P, may comprise no more than 60% of total Moody's Eligible Assets. For
purposes of the issue type concentration requirement described above,
Pennsylvania municipal securities will be classified within one of the following
categories: health care issues (teaching and non-teaching hospitals, public and
private), housing issues (single-and multi-family),

                                      B-29


educational facilities issues (public and private schools), student loan issues,
resource recovery issues, transportation issues (mass transit, airport and
highway bonds), industrial development bond issues/pollution control bonds,
utility issues (water, sewer and electricity), general obligation issues, lease
obligations, escrowed bonds and other issues/certificates of participation
("Other Issues") (includes special obligations to crossover, excise and sales
tax revenue, recreation revenue, special assessment and telephone revenue bonds
only) not falling within one of the aforementioned categories. In no event shall
(a) more than 10% of Moody's Eligible Assets consist of student loan issues, (b)
more than 10% of Moody's Eligible Assets consist of resource recovery issues or
(c) more than 10% of Moody's Eligible Assets consist of Other Issues.
Pennsylvania municipal securities issued by issuers located within a single
county and rated BBB by S&P may comprise no more than 12% of total Moody's
Eligible Assets; such BBB-rated Pennsylvania municipal securities, if any,
together with any Pennsylvania municipal securities issued by issuers located
within the same county and rated Baa by Moody's or A by S&P may comprise no more
than 20% of total Moody's Eligible Assets; such BBB, Baa and A-rated
Pennsylvania municipal securities, if any, together with any Pennsylvania
municipal securities issued by issuers located within the same county and rated
A by Moody's or AA by S&P, may comprise no more than 40% of total Moody's
Eligible Assets; and such BBB, Baa, A and AA-rated Pennsylvania municipal
securities, if any, together with any Pennsylvania municipal securities issued
by issuers located within the same county and rated Aa by Moody's or AAA by S&P,
may comprise no more than 60% of total Moody's Eligible Assets. The single
county limitations set forth in the immediately preceding sentence apply to
general obligation bonds only. For purposes of applying the foregoing
requirements, a Pennsylvania municipal security shall be deemed to be rated BBB
by S&P if rated BBB or BBB+ by S&P. For purposes of minimum issue size, maximum
underlying obligor, maximum issue type concentration and maximum county
concentration, Moody's Eligible Assets shall be calculated without including
cash and Pennsylvania municipal securities rated MIG-1 or VMIG-1 or, if not
rated by Moody's, rated SP-1+ by S&P, which either mature or have a demand
feature at par exercisable within the Moody's Exposure Period. In the event any
of the Moody's Eligible Assets in the Fund's portfolio consist of municipal
securities of issuers other than Pennsylvania municipal securities, then such
municipal securities shall be subject to the following requirements regarding
the maximum percentage of Moody's Eligible Assets that may be invested in
municipal securities of issuers located in a particular state or United States
territory: such municipal securities rated BBB or BBB+ by S&P may comprise no
more than 12% of total Moody's Eligible Assets; such BBB or BBB+ rated municipal
securities, if any, together with any such municipal securities rated Baa by
Moody's or A by S&P, may comprise no more than 20% of total Moody's Eligible
Assets; such BBB, BBB+, Baa and A-rated municipal securities, if any, together
with any such municipal securities rated A by Moody's or AA by S&P, may comprise
no more than 40% of total Moody's Eligible Assets; such BBB, BBB+, Baa, A and
AA-rated municipal securities, if any, together with any such municipal
securities rated Aa by Moody's or AAA by S&P, may comprise no more than 60% of
total Moody's Eligible Assets; and such municipal securities rated Aaa by
Moody's may comprise 100% of Moody's Eligible Assets; provided, however, that
notwithstanding the foregoing no more than an aggregate of 10% of Moody's
Eligible Assets may consist of municipal securities

                                      B-30


of issuers located in United States territories, other than Puerto Rico. Where
the Fund sells an asset and agrees to repurchase such asset in the future, the
Discounted Value of such asset will constitute a Moody's Eligible Asset and the
amount the Fund is required to pay upon repurchase of such asset will count as a
liability for the purposes of the APS Basic Maintenance Amount. Where the Fund
purchases an asset and agrees to sell it to a third party in the future, cash
receivable by the Fund thereby will constitute a Moody's Eligible Asset if the
long-term debt of such other party is rated at least A2 by Moody's and such
agreement has a term of 30 days or less; otherwise the Discounted Value of such
asset will constitute a Moody's Eligible Asset. For the purposes of calculation
of Moody's Eligible Assets, Pennsylvania municipal securities which have been
called for redemption by the issuer thereof shall be valued at the lower of
Market Value or the call price of such Pennsylvania municipal securities.

Notwithstanding the foregoing, an asset will not be considered a Moody's
Eligible Asset to the extent that it has been irrevocably deposited for the
payment of (i)(A) through (i)(G) under the definition of APS Basic Maintenance
Amount or it is subject to any material lien, mortgage, pledge, security
interest or security agreement of any kind (collectively, "Liens"), except for
(a) Liens which are being contested in good faith by appropriate proceedings and
which Moody's has indicated to the Fund will not affect the status of such asset
as a Moody's Eligible Asset, (b) Liens for taxes that are not then due and
payable or that can be paid thereafter without penalty, (c) Liens to secure
payment for services rendered or cash advanced to the Fund by Van Kampen Merritt
Investment Advisory Corp., the Administrator, State Street Bank and Trust
Company or the Auction Agent and (d) Liens by virtue of any repurchase
agreement.

         "Moody's Exposure Period" shall mean the period commencing on a given
Valuation Date and ending 46 days thereafter.

         "Moody's Hedging Transactions" shall mean transactions in options on
securities.

         "Moody's Volatility Factor" means 272% (or 302% where notice of a
Special Dividend Period of greater than 28 days but less than 50 days has been
given but not yet exercised), as long as there has been no increase enacted to
the Marginal Tax Rate. If such an increase is enacted but not yet implemented,
the Moody's Volatility Factor shall be as follows:



                     % Change in                                Moody's                 Moody's
                  Marginal Tax Rate                        Volatility Factor       Volatility Factor*
                  -----------------                        -----------------       -----------------
                                                                             
Less than or equal to 5%...............................           292%                    323%
Greater than 5% but less than 10%......................           313%                    347%
Greater than 10% but less than 15%.....................           338%                    373%
Greater than 15% but less than 20%.....................           364%                    402%
Greater than 20% but less than 25%.....................           396%                    436%
Greater than 25% but less than 30%.....................           432%                    474%
Greater than 30% but less than 35%.....................           472%                    518%
Greater than 35% but less than 40%.....................           520%                    570%



                                      B-31



*        Applicable where a notice of Special Dividend Period of greater than 28
         days but less than 50 days has been given but not yet exercised.

         "Municipal Index" shall mean The Bond Buyer Municipal Bond Index.

         "1940 Act" shall mean the Investment Company Act of 1940, as amended
from time to time.

         "1940 Act APS Asset Coverage" shall mean asset coverage, as defined in
Section 18(h) of the 1940 Act, of at least 200% with respect to all outstanding
senior securities of the Fund which are stock, including all outstanding APS (or
such other asset coverage as may in the future be specified in or under the 1940
Act as the minimum asset coverage for senior securities which are stock of a
closed-end investment company as a condition of declaring dividends on its
common stock).

         "1940 Act Cure Date," with respect to the failure by the Fund to
maintain the 1940 Act APS Asset Coverage (as required by Section 8 of this Part
I) as of the last Business Day of each month, shall mean the last Business Day
of the following month.

         "Non-Call Period" shall have the meaning set forth below under
"Specific Redemption Provisions."

         "Notice of Redemption" shall mean any notice with respect to the
redemption of the APS pursuant to Section 3 of this Part I.

         "Optional Redemption Price" shall mean (i) $50,000 per share of APS in
the case of a Rate Period less than one year, including any Special Dividend
Period of less than 365 days or (ii) with respect to a Special Dividend Period
of 365 days or more the Optional Redemption Price set forth in the Specific
Redemption Provisions in connection therewith; in each case plus an amount equal
to accumulated but unpaid dividends thereon to the date of redemption (whether
or not earned or declared).

         "Preferred Shares" shall mean the authorized preferred shares of
beneficial interest, par value $.01 per share, of the Fund, and includes the
APS.

         "Premium Call Period" shall have the meaning set forth below under
"Specific Redemption Provisions."

         "Pricing Service" means Van Kampen Merritt Investment Advisory Corp.
and any successor pricing service approved in writing by Moody's (if Moody's is
then rating the APS) and S&P (if S&P is then rating the APS).

         "Projected Dividend Amount" means, with respect to the APS, on any
Valuation Date, an amount equal to (i) the number of days, if any, from and
after the last day of the then current Rate Period, until 48 calendar days from
such Valuation Date, multiplied by (ii) a rate equal to the Maximum Rate for a
Minimum Dividend Period multiplied by the larger of (A) the applicable Moody's
Volatility Factor or (B) the applicable S&P Volatility Factor.

                                      B-32


         "Quarterly Valuation Date" shall mean the last Business Day of each
calendar quarter, commencing September 30, 1993.

         "Rate Period," with respect to APS, shall mean the Initial Dividend
Period thereof and any Subsequent Dividend Period, including any Special
Dividend Period.

         "Rate Period Days," for any Rate Period, if such Rate Period is less
than one year, shall mean the number of days (without giving effect to
subparagraph (b)(ii) of Section 2 of this Part I) in such Rate Period.

         "Receivables for Pennsylvania Municipal Securities Sold" shall mean (A)
for purposes of calculation of Moody's Eligible Assets as of any Valuation Date,
no more than the aggregate of the following: (i) the book value of receivables
for Pennsylvania municipal securities sold as of or prior to such Valuation Date
if such receivables are due within five business days of such Valuation Date,
and if the trades which generated such receivables are (x) settled through
clearing house firms with respect to which the Fund has received prior written
authorization from Moody's or (y) with counterparties having a Moody's long-term
debt rating of at least Baa3; and (ii) the Moody's Discounted Value of
Pennsylvania municipal securities sold as of or prior to such Valuation Date
which generated receivables, if such receivables are due within the Moody's
Exposure Period but do not comply with either of the conditions specified in (i)
above, and (B) for purposes of calculation of S&P Eligible Assets as of any
Valuation Date, the book value of receivables for Pennsylvania municipal
securities sold as of or prior to such Valuation Date if such receivables are
due within five business of such Valuation Date.

         "Redemption Price" shall mean the Optional Redemption Price or the
Mandatory Redemption Price, as applicable.

         "Reference Rate" is, with respect to any Rate Period of less than one
year, the higher of (i) the "AA" Composite Commercial Paper Rate and (ii) the
Taxable Equivalent of the Short-Term Municipal Bond Rate.

         "Retroactive Taxable Allocation" shall have the meaning set forth in
Section 12 hereof.

         "S&P" shall mean Standard & Poor's Corporation, a New York corporation,
and its successors.

         "S&P Discount Factor" shall mean, for purposes of determining the
Discounted Value of any S&P Eligible Asset, the percentage determined by
reference to the rating on such asset and the shortest Exposure Period set forth
opposite such rating that is the same length as or is longer than the S&P
Exposure Period, in accordance with the table set forth below:



                                                                          Rating Category
                                                        -----------------------------------------------------
Exposure Period                                         AAA*            AA*          A*           BBB*
                                                        ----            ---          --           ----
                                                                                      
40 Business Days..................................      210%            215%         230%         270%

                                      B-33





                                                                                      
22 Business Days..................................      190             195          210          240
10 Business Days..................................      175             180          195          225
7 Business Days...................................      170             175          190          220
3 Business Days...................................      150             155          170          210



-------------------------------
*        S&P rating.


         Notwithstanding the foregoing, (i) the S&P Discount Factor for
short-term Pennsylvania municipal securities will be 115%, so long as such
Pennsylvania municipal securities are rated A-1+ or SP-1+ by S&P and mature or
have a demand feature exercisable within 30 days or less, or 125% if such
Pennsylvania municipal securities are not rated by S&P but are rated VMIG-1, P-1
or MIG-1 by Moody's; provided, however, that any such Moody's rated short-term
Pennsylvania municipal securities which have demand features exercisable within
30 days or less must be backed by a letter of credit, liquidity facility or
guarantee from a bank or other financial institution with a short-term rating of
at least A-1+ from S&P; and further provided that such Moody's-rated short-term
Pennsylvania municipal securities may comprise no more than 50% of short-term
Pennsylvania municipal securities that qualify as S&P Eligible Assets and (ii)
no S&P Discount Factor will be applied to cash or to Receivables for
Pennsylvania Municipal Securities Sold. For purposes of the foregoing,
Anticipation Notes rated SP-1+ or, if not rated by S&P, rated MIG-1 or VMIG-1 by
Moody's, which do not mature or have a demand feature at par exercisable in 30
days and which do not have a long-term rating, shall be considered to be
short-term Pennsylvania municipal securities.

         "S&P Eligible Asset" shall mean cash (excluding any cash irrevocably
deposited by the Fund for the payment of any liabilities within the meaning of
APS Basic Maintenance Amount), Receivables for Pennsylvania Municipal Securities
Sold or a Pennsylvania municipal security owned by the Fund that (i) is interest
bearing and pays interest at least semi-annually; (ii) is payable with respect
to principal and interest in U.S. Dollars; (iii) is publicly rated BBB or higher
by S&P or, if not rated by S&P but rated by Moody's, is rated by least A by
Moody's (provided that such Moody's-rated Pennsylvania municipal securities will
be included in S&P Eligible Assets only to the extent the Market Value of such
Pennsylvania municipal securities does not exceed 50% of the aggregate Market
Value of S&P Eligible Assets; and further provided that, for purposes of
determining the S&P Discount Factor applicable to any such Moody's-rated
Pennsylvania municipal security, such Pennsylvania municipal security will be
deemed to have an S&P rating which is one full rating category lower than its
Moody's rating); (iv) is not part of a private placement of municipal
securities; and (v) is part of an issue of Pennsylvania municipal securities
with an original issue size of at least $10 million or, if an issue with an
original issue size below $10 million (but in no event below $5 million), is
issued by an issuer with a total of at least $50 million of securities
outstanding. Solely for purposes of this definition, the term "municipal
securities" means any obligation the interest on which is exempt from regular
Federal income taxation and which is issued by any of the fifty United States,
the District of Columbia or any of the territories of the United States, their
subdivisions, counties, cities, towns, villages, school districts and agencies
(including authorities and special districts created by the states), and
federally

                                      B-34



sponsored agencies such as local housing authorities. Notwithstanding the
foregoing limitations:

         1. Pennsylvania municipal securities of any one issuer or guarantor
(excluding bond issuers) shall be considered S&P Eligible Assets only to the
extent the Market Value of such Pennsylvania municipal securities does not
exceed 10% of the aggregate Market Value of S&P Eligible Assets provided that 2%
is added to the applicable S&P Discount Factor for every 1% by which the Market
Value of such Pennsylvania municipal securities exceeds 5% of the aggregate
Market Value of S&P Eligible Assets;

         2. Pennsylvania municipal securities guaranteed or insured by any one
bond issuer shall be considered S&P Eligible Assets only to the extent the
Market Value of such Pennsylvania municipal securities does not exceed 25% of
the aggregate Market Value of S&P Eligible Assets; and

         3. Pennsylvania municipal securities of any one issue type category
will be considered S&P Eligible Assets only to the extent the fair market value
of such Pennsylvania municipal securities does not exceed 20% of the aggregate
fair market value of S&P Eligible Assets. For purposes of this requirement,
Pennsylvania municipal securities will be classified into one of the following
categories: health care issues, housing issues, educational issues, facilities
issues, student loan issues, transportation issues, industrial development bond
issues, public power utilities issues, water and sewer utilities issues, special
utilities issues, general obligation issues, lease obligations, escrowed bonds
and other issues not falling within one of the aforementioned categories.
Furthermore, special utilities issues that are not rated by S&P will not be
considered S&P Eligible Assets.

         In the event any of the S&P Eligible Assets in the Fund's portfolio
consist of municipal securities other than Pennsylvania municipal securities,
then such municipal securities shall be S&P Eligible Assets only to the extent
the fair market value of such securities does not exceed 20% of the aggregate
fair market value of the S&P Eligible Assets and to the extent the Fund shall
have received written confirmation from S&P that such municipal securities held
by the Fund would not adversely affect the then current rating on the APS.

         "S&P Exposure Period" shall mean the maximum period of time following a
Valuation Date (currently, three Business Days) that the Fund has under this
Certificate of Vote to cure any failure to maintain, as of such Valuation Date,
the Discounted Value for its portfolio at least equal to the APS Basic
Maintenance Amount (as described in paragraph (a) of Section 9 of this Part I).

         "S&P Hedging Transactions" means futures contracts based on the
Municipal Index or Treasury Bonds, put and call options on such contracts
purchased by the Fund and covered call options and secured put options on
portfolio securities written by the Fund.

                                      B-35



         "S&P Volatility Factor" shall mean, for the of APS, (i) during the
Initial Dividend Period, 277%; and (ii) thereafter, depending on the applicable
Reference Rate or Treasury Rate, the following percentages:



                                  Rate                                           Percentage
                                  ----                                           ----------
                                                                              
Taxable Equivalent of the Short-Term Municipal Bond Rate...............             277%
30-day "AA" Composite Commercial Paper Rate............................             228%
180-day "AA" Composite Commercial Paper Rate...........................             217%
1-year U.S. Treasury Bill Rate.........................................             198%
2-year U.S. Treasury Note Rate.........................................             185%
3-year U.S. Treasury Note Rate.........................................             178%
4-year U.S. Treasury Note Rate.........................................             171%
5-year U.S. Treasury Note Rate.........................................             169%


         Notwithstanding the foregoing, the S&P Volatility Factor may mean such
other potential dividend rate increase factor as S&P advises the Fund in writing
is applicable.

         "Special Dividend Period," with respect to the APS, shall mean any
Subsequent Dividend Period commencing on the date designated by the Fund in
accordance with Section 4 of this Part I and ending on the last day of the last
Dividend Period thereof, with such number of consecutive days or whole years as
the Board of Trustees shall specify, including the terms of any Specific
Redemption Provisions, if any.

         "Specific Redemption Provisions" means, with respect to any Special
Dividend Period of 365 or more days, either, or any combination of, (i) a period
(a "Non-Call Period") determined by the Board of Trustees, after consultation
with the Broker-Dealers, during which the shares subject to such Special
Dividend Period are not subject to redemption at the option of the Fund and (ii)
a period (a "Premium Call Period"), consisting of a number of whole years and
determined by the Board of Trustees, after consultation with the Broker-Dealers,
during each year of which the shares subject to such Special Dividend Period
shall be redeemable at the Fund's option at a price per share equal to $50,000
plus accumulated but unpaid dividends plus a premium expressed as a percentage
of $50,000 as determined by the Board of Trustees after consultation with the
Broker-Dealers; provided that during any Special Dividend Period of 365 or more
days if on the date of determination of the Applicable Rate, such Applicable
Rate equaled or exceeded the Treasury Rate, the Fund may redeem APS without
regard to any Non-Call Period or Premium Call Period at the Mandatory Redemption
Price.

         "Subsequent Dividend Period," with respect to the APS, shall mean the
period from and including the first day following the Initial Dividend Period
thereof to but excluding the next Dividend Payment Date which follows a
scheduled Auction and any period thereafter from and including one Dividend
Payment Date which follows a scheduled Auction to but excluding the next
succeeding Dividend Payment Date which follows a scheduled Auction; provided,
however, that if any Subsequent Dividend Period is also a Special Dividend
Period, such term shall mean the period commencing on the

                                      B-36



first day of such Special Dividend Period and ending on the last day of the last
Dividend Period thereof.

         "Substitute Commercial Paper Dealer" shall mean The First Boston
Company or Morgan Stanley & Co. Incorporated or their respective affiliates or
successors, if such entity is a Commercial Paper Dealer; provided that none of
such entities shall be a Commercial Paper Dealer.

         "Substitute U.S. Government Securities Dealer" shall mean The First
Boston Company and Merrill Lynch, Pierce, Fenner & Smith Incorporated or their
respective affiliates or successors, if such entity is a U.S. Government
securities dealer; provided that none of such entities shall be a U.S.
Government Securities Dealer.

         "Taxable Equivalent of the Short-Term Municipal Bond Rate" on any date
means 90% of the quotient of (a) the per annum rate expressed on an Interest
Equivalent basis equal to the Kenney S&P 30-day High Grade Index or any
successor index (the "Kenney Index"), made available for the Business Day
immediately preceding such date but in any event not later than 8:30 a.m., New
York City time, on such date by Kenney Information Systems Inc. or any successor
thereto (provided that the use of such successor will not result in a reduction
or withdrawal of the rating of the APS by Moody's, if Moody's is then rating the
APS, or by S&P, if S&P is then rating the APS), based on 30-day yield
evaluations at par of bonds, the interest on which is excludable for regular
federal income tax purposes, of "high grade" component issuers selected by
Kenney Information Systems Inc. or any such successor from time to time in its
discretion, which component issuers shall include, without limitation, issuers
of general obligations bonds but shall exclude any bonds the interest on which
constitutes an item of tax preference under section 57(a)(5) of the Internal
Revenue Code or successor provisions, for purposes of the AMT, divided by (b)
1.00 minus the Marginal Tax Rate (expressed as a decimal); provided, however,
that if the Kenney Index is not made so available by 8:30 a.m., New York City
time, on such date by Kenney Information Systems Inc. or any successor, the
Taxable Equivalent of the Short-Term Municipal Bond Rate shall mean the quotient
of (i) the per annum rate expressed on an Interest Equivalent basis equal to the
most recent Kenney Index so made available for any preceding Business Day,
divided by (ii) 1.00 minus the Marginal Tax Rate (expressed as a decimal). For
purposes of the foregoing, for so long as the APS are rated by S&P, the Fund
will obtain written confirmation from S&P that the appointment of a successor to
Kenney Information Systems Inc. would not impair the rating assigned to the APS
by S&P.

         "Treasury Bonds" shall mean United States Treasury Bonds backed by the
full faith and credit of the United States government with remaining maturities
of 10 years or more.

         "Treasury Rate," on any date for any Rate Period, shall mean (i) the
yield on the most recently auctioned non-callable direct obligations of the U.S.
Government (excluding "flower" bonds) with a remaining maturity within three
months of the duration of such Rate Period, as quoted in The Wall Street Journal
on such date for the Business Day next preceding such date; or (ii) in the event
that any such rate is not

                                      B-37



published by The Wall Street Journal, then the arithmetic average of the yields
(expressed as an interest equivalent in the case of a Rate Period which is one
year or less and expressed as a bond equivalent in the case of any longer Rate
Period) on the most recently auctioned non-callable direct obligations of the
U.S. Government (excluding "flower" bonds) with a remaining maturity within
three months of the duration of such Rate Period as quoted on a discount basis
or otherwise by the U.S. Government Securities Dealers to the Auction Agent for
the close of business on the Business Day immediately preceding such date. If
any U.S. Government Securities Dealer does not quote a rate required to
determine the Treasury Rate, the Treasury Rate shall be determined on the basis
of the quotation or quotations furnished by the remaining U.S. Government
Securities Dealer or U.S. Government Securities Dealers and any Substitute U.S.
Government Securities Dealers selected by the Fund to provide such rate or rates
not being supplied by any U.S. Government Securities Dealer or U.S. Government
Securities Dealers, as the case may be, or, if the Fund does not select any such
Substitute U.S. Government Securities Dealer or Substitute U.S. Government
Securities Dealers, by the remaining U.S. Government Securities Dealer or U.S.
Government Securities Dealers.

         "U.S. Government Securities Dealer" shall mean Goldman, Sachs & Co.,
Smith Barney, Harris Upham & Co. Incorporated and Morgan Guaranty Trust Company
of New York or their respective affiliates or successors, if such entity is a
U.S. Government securities dealer.

         "Valuation Date" shall mean, for purposes of determining whether the
Fund is maintaining the APS Basic Maintenance Amount and the Minimum Liquidity
Level, each Business Day.

         "Variation Margin" shall mean, in connection with outstanding purchase
or sale positions in futures contracts and outstanding sales positions with
respect to options thereon, the amount of cash and securities paid to and
received from a futures commission merchant (subsequent to the Initial Margin
payment) from time to time as the value of such position fluctuates.

         "Voting Period" shall have the meaning set forth in paragraph (b) of
Section 5 of this Part I.

                                    PART II

         1.Certain Definitions. Capitalized terms not defined in Section 1 of
this Part II shall have the respective meaning specified in Part I hereof. As
used in this Part II, the following terms shall have the following meanings,
unless the context otherwise requires:

         "Affiliate" shall mean any Person known to the Auction Agent to be
controlled by, in control of or under common control with the Fund; provided
that no Broker-Dealer controlled by, in control of or under common control with
the Fund shall be deemed to be an Affiliate nor shall any fund or any Person
controlled by, in control of or under common control with such fund, one of the
trustees or executive officers of

                                      B-38




which is also a trustee of the Fund be deemed to be an Affiliate solely because
such trustee or executive officer is also a trustee of the Fund.

         "Agent Member" shall mean a member of or participant in the Securities
Depository that will act on behalf of a Bidder and is identified as such in such
Bidder's Master Purchaser's letter.

         "Applicable Percentage" on any Auction Date shall mean the percentage,
determined as set forth below, based on the prevailing rating of such APS in
effect at the close of business on the Business Day next preceding such Auction
Date.



Prevailing Rating                                                      Percentage
-----------------                                                      ----------
                                                                    
"aa3/AA- or higher............................................            110%
"a3"/A-.......................................................            125%
"baa3"/BBB-...................................................            150%
"ba3"/BB-.....................................................            200%
Below "ba3"/BB-...............................................            250%


provided, however, that in the event the Fund has notified the Auction Agent of
its intent to allocate income taxable for federal income tax purposes to the APS
prior to the Auction establishing the Applicable Rate for such shares the
applicable percentage in the foregoing table shall be divided by the quantity 1
minus the maximum marginal combined regular federal and Pennsylvania individual
income tax rate applicable to ordinary income (taking into account the federal
income tax deductibility of state and local income tax paid or incurred) or the
maximum marginal regular federal corporate income tax paid or rate, whichever is
greater, provided further, however, that the Applicable Percentage shall be
divided in the foregoing manner only to the extent of the portion of the
dividend on the APS for such Rate Period that represents the allocation of
taxable income to the APS.

         For purposes of this definition, the "prevailing rating" shall be (i)
"aa3"/AA- or higher if the APS have a rating of "aa3" or better by Moody's and
AA- or better by S&P or the equivalent of such ratings by such agencies or a
substitute rating agency or substitute rating agencies selected as provided
below, (ii) if not "aa3"/AA- or higher, then "a3"/A- if the APS have a rating of
"a3" or better by Moody's and A- or better by S&P or the equivalent of such
ratings by such agencies or a substitute rating agency or substitute rating
agencies selected as provided below, (iii) if not "aa3"/AA- or higher or
"a3"/A-, then "baa3"/BBB- if the APS have a rating of "baa3" or better by
Moody's and BBB- or better by S&P or the equivalent of such ratings by such
agencies or a substitute rating agency or substitute rating agencies selected as
provided below, (iv) if not "aa3"/AA- or higher, "a3"/A- or "baa3"/BBB-, then
"ba3"/BB- if the APS have a rating of "ba3" or better by Moody's and BB- or
better by S&P or the equivalent of such ratings by such agencies or substitute
rating agency or substitute rating agencies selected as provided below, and (v)
if not "aa3"/AA- or higher, "a3"/A-, "baa3"/BBB- or "ba3"/BB-, then Below
"ba3"/BB-, provided, however, that if the APS are rated by only one rating
agency, the prevailing rating will be determined without reference to the rating
of any other rating agency. The Fund shall take all reasonable action necessary
to enable

                                      B-39



either S&P or Moody's to provide a rating for the APS. If neither S&P nor
Moody's shall make such a rating available, Goldman, Sachs & Co. or Smith
Barney, Harris Upham & Co. Incorporated or their successors as Broker-Dealers
shall select a nationally recognized statistical rating organization (as that
term is used in the rules and regulations of the Securities and Exchange
Commission under the Securities Exchange Act of 1934, as amended from time to
time) to act as a substitute rating agency in respect of the APS and the Fund
shall take all reasonable action to enable such rating agency or agencies to
provide a rating for such APS.

         "Available APS" shall have the meaning specified in paragraph (a) of
Section 4 of this Part II.

         "Bid" and "Bids" shall have the respective meanings specified in
paragraph (a) of Section 2 of this Part II.

         "Bidder" and "Bidders" shall have the respective meanings specified in
paragraph (a) of Section 2 of this Part II.

         "Broker-Dealer" shall mean any broker-dealer, commercial bank or other
entity permitted by law to perform the functions required of a Broker-Dealer in
this Part II, that is a member of, or a participant in, the Securities
Depository or is an affiliate of such member of participant, has been selected
by the Fund and has entered into a Broker-Dealer Agreement that remains
effective.

         "Broker-Dealer Agreement" shall mean an agreement between the Auction
Agent and a Broker-Dealer pursuant to which such Broker-Dealer agrees to follow
the procedures specified in this Part II.

         "Existing Holder" shall mean a Person who has signed a Master
Purchaser's Letter and is listed as a beneficial owner of such APS in the
records of the Auction Agent.

         "Hold Order" and "Hold Orders" shall have the respective meanings
specified in paragraph (a) of Section 2 of this Part II.

         "Master Purchaser's Letter" shall mean a letter, addressed to the Fund,
the Auction Agent, a Broker-Dealer and an Agent Member in which a Person agrees,
among other things, to offer to purchase, to purchase, to offer to sell and/or
to sell APS as set forth in this Part II.

         "Maximum Rate," on any Auction Date, shall mean:

                           (i) in the case of any Auction Date which is not the
         Auction Date immediately prior to the first day of any proposed Special
         Dividend Period of more than 28 days designated by the Fund pursuant to
         Section 4 of Part I of the Certificate of Vote, the product of (A) the
         Reference Rate on such Auction Date for the next Rate Period and (B)
         the Applicable Percentage on such Auction Date, unless the APS has or

                                      B-40


         had a Special Dividend Period (other than a Special Dividend Period of
         28 Rate Period Days or less) and an Auction at which Sufficient
         Clearing Bids existed has not yet occurred for a Minimum Dividend
         Period after such Special Dividend Period, in which case the higher of:

                           (ii) the dividend rate on the APS for the then-ending
         Rate Period, and

                           (iii) the product of (1) the higher of (x) the "AA"
         Composite Commercial Paper Rate on such Auction Date for the
         then-ending Rate Period, if such Rate Period is less than one year, or
         the Treasury Rate on such Auction Date for such Rate Period, if such
         Rate Period is one year or greater, and (y) the "AA" Composite
         Commercial Paper Rate on such Auction Date for such Special Dividend
         Period, if such Special Dividend Period is less than one year, or the
         Treasury Rate on such Auction Date for such Special Dividend Period, if
         such Special Dividend Period is one year or greater and (2) the
         Applicable Percentage on such Auction Date; or

                           (iv) in the case of any Auction Date which is the
         Auction Date immediately prior to the first day of any proposed Special
         Dividend Period of more than 28 Rate Period Days designated by the Fund
         pursuant to Section 4 of Part I of the Certificate of Vote, the product
         of (A) the highest of (1) the Reference Rate on such Auction Date for
         the then-ending Rate Period, if such Rate Period is less than one year,
         or the Treasury Rate on such Auction Date for such Rate Period, if such
         Rate Period is one year or greater, (2) the Reference Rate on such
         Auction Date for the Special Dividend Period for which the Auction is
         being held if such Special Dividend Period is less than one year or the
         Treasury Rate on such Auction Date for the Special Dividend Period for
         which the Auction is being held if such Special Dividend Period is one
         year or greater, and (3) the Reference Rate on such Auction Date for
         Minimum Dividend Periods and (B) the Applicable Percentage on such
         Auction Date.

         "Order" and "Orders" shall have the respective meanings specified in
paragraph (a) of Section 2 of this Part II.

         "Outstanding" shall mean, as of any Auction Date of APS, the number of
shares theretofore issued by the Fund except, without duplication, (i) any APS
theretofore cancelled or delivered to the Auction Agent for cancellation or
redeemed by the Fund or as to which a notice of redemption shall have been given
by the Fund, (ii) any APS as to which the Fund or any Affiliate thereof shall be
an Existing Holder and (iii) any APS represented by any certificate in lieu of
which a new certificate has been executed and delivered by the Fund.

                                      B-41


         "Person" shall mean and include an individual, a partnership, a fund, a
trust, an unincorporated association, a joint venture or other entity or a
government or any agency or political subdivision thereof.

         "Potential Holder," with respect to the APS, shall mean any Person,
including any Existing Holder of the APS, (i) who shall have executed a Master
Purchaser's Letter and (ii) who may be interested in acquiring any APS (or, in
the case of an Existing Holder of the APS, additional APS).

         "Securities Depository" shall mean The Depository Trust Company and its
successors and assigns or any other securities depository selected by the Fund
which agrees to follow the procedures required to be followed by such securities
depository in connection with the APS.

         "Sell Order" and "Sell Orders" shall have the respective meanings
specified in paragraph (a) of Section 2 of this Part II.

         "Service" means the Internal Revenue Service of the United States.

         "Submission Deadline" shall mean 1:30 p.m., New York City time, on any
Auction Date or such other time on any Auction Date by which Brokers-Dealers are
required to submit Orders to the Auction Agent as specified by the Auction Agent
from time to time.

         "Submitted Bid" and "Submitted Bids" shall have the respective meanings
specified in paragraph (a) of Section 4 of this Part II.

         "Submitted Hold Order" and "Submitted Hold Orders" shall have the
respective meanings specified in paragraph (a) of Section 4 of this Part II.

         "Submitted Order" and "Submitted Orders" shall have the respective
meanings specified in paragraph (a) of Section 4 of this Part II.

         "Submitted Sell Order" and "Submitted Sell Orders" shall have the
respective meanings specified in paragraph (a) of Section 4 of this Part II.

         "Sufficient Clearing Bids" shall have the meaning specified in
paragraph (a) of Section 4 of this Part II.

         "Winning Bid Rate" shall have the meaning specified in paragraph (a) of
Section 4 of this Part II.

         2. Orders by Existing Holders and Potential Holders. (a) Prior to the
Submission Deadline on each Auction Date:

                           (i) each Existing Holder of the APS subject to an
         Auction on such Auction Date may submit to a Broker-Dealer by telephone
         or otherwise information as to:

                                      B-42


                                    (A) the number of Outstanding shares, if
                  any, of APS held by such Existing Holder which such Existing
                  Holder desires to continue to hold without regard to the
                  Applicable Rate for the next succeeding Rate Period;

                                    (B) the number of Outstanding shares, if
                  any, of APS which such Existing Holder offers to sell if the
                  Applicable Rate for the next succeeding Rate Period shall be
                  less than the rate per annum specified by such Existing
                  Holder; and/or

                                    (C) the number of Outstanding shares, if
                  any, of APS held by such Existing Holder which such Existing
                  Holder offers to sell without regard to the Applicable Rate
                  for the next succeeding Rate Period;

and

                           (ii) one or more Broker-Dealers, using lists of
         Potential Holders, shall in good faith for the purpose of conducting a
         competitive Auction in a commercially reasonable manner, contact
         Potential Holders (by telephone or otherwise), including Persons that
         are not Existing Holders, on such lists to determine the number of
         shares, if any, of APS which each such Potential Holder offers to
         purchase if the Applicable Rate for the next succeeding Rate Period
         shall not be less than the rate per annum specified by such Potential
         Holder.

For the purposes hereof, the communication to a Broker-Dealer of information
referred to in clause (i)(A), (i)(B), (i)(C) or (ii) of this paragraph (a) is
hereinafter referred to as an "Order" and collectively as "Orders" and each
Existing Holder and each Potential Holder placing an Order is hereinafter
referred to as a "Bidder" and collectively as "Bidders"; an Order containing the
information referred to in clause (i)(A) of this paragraph (a) is hereinafter
referred to as a "Hold Order" and collectively as "Hold Orders"; an Order
containing the information referred to in clause (i)(B) or (ii) of this
paragraph (a) is hereinafter referred to as a "Bid" and collectively as "Bids";
and an Order containing the information referred to in clause (i)(C) of this
paragraph (a) is hereinafter referred to as a "Sell Order" and collectively as
"Sell Orders."

                  (b) (i) A bid by an Existing Holder of APS subject to an
Auction on any Auction Date shall constitute an irrevocable offer to sell:

                                    (A) the number of Outstanding APS specified
                  in such Bid if the Applicable Rate determined on such Auction
                  Date shall be less than the rate specified therein:


                                      B-43

                                    (B) such number or a lesser number of
                  Outstanding APS to be determined as set forth in clause (iv)
                  of paragraph (a) of Section 5 of this Part II if the
                  Applicable Rate for such APS determined on such Auction Date
                  shall be equal to the rate specified therein; or

                                    (C) the number of Outstanding APS specified
                  in such Bid if the rate specified therein shall be higher than
                  the Maximum Rate, or such number or a lesser number of
                  Outstanding APS to be determined as set forth in clause (iii)
                  of paragraph (b) of Section 5 of this Part II if the rate
                  specified therein shall be higher than the Maximum Rate and
                  Sufficient Clearing Bids do not exist.

                           (ii) A Sell Order by an Existing Holder of APS
         subject to an Auction on any Auction Date shall constitute an
         irrevocable offer to sell:

                                    (A) the number of Outstanding APS specified
                  in such Sell Order; or

                                    (B) such number or a lesser number of
                  Outstanding APS as set forth in clause (iii) of paragraph (b)
                  of Section 5 of this Part II if Sufficient Clearing Bids do
                  not exist.

                           (iii) A Bid by a Potential Holder of APS subject to
         an Auction on any Auction Date shall constitute an irrevocable offer to
         purchase:

                                    (A) the number of Outstanding APS specified
                  in such Bid if the Applicable Rate determined on such Auction
                  Date shall be higher than the rate specified therein; or

                                    (B) such number or a lesser number of
                  Outstanding APS as set forth in clause (v) of paragraph (a) of
                  Section 5 of this Part II if the Applicable Rate determined on
                  such Auction Date shall be equal to the rate specified
                  therein.

                  (c) No Order for any number of APS other than whole shares
shall be valid.

         3. Submission of Orders by Broker-Dealers to Auction Agent. (a) Each
Broker-Dealer shall submit in writing to the Auction Agent prior to the
Submission Deadline on each Auction Date all Orders for APS subject to an
Auction on such Auction

                                      B-44



Date obtained by such Broker-Dealer and shall specify with respect to each Order
for such shares:

                           (i) the name of the Bidder placing such Order;

                           (ii) the aggregate number of APS that are the subject
         of such Order;

                           (iii) to the extent that such Bidder is an Existing
         Holder of APS:

                                    (A) the number of shares, if any, of APS
                  subject to any Hold Order placed by such Existing Holder;

                                    (B) the number of shares, if any, of APS
                  subject to any Bid placed by such Existing Holder and the rate
                  specified in such Bid; and

                                    (C) the number of shares, if any, of APS
                  subject to any Sell Order placed by such Existing Holder; and

                           (iv) to the extent such Bidder is a Potential Holder
         of shares of APS, the rate and number of APS specified in such
         Potential Holder's Bid.

                  (b) If any rate specified in any Bid contains more than three
figures to the right of the decimal point, the Auction Agent shall round such
rate up to the next highest one thousandth (.001) of 1%.

                  (c) If an Order or Orders covering all of the Outstanding APS
held by any Existing Holder is not submitted to the Auction Agent prior to the
Submission Deadline, the Auction Agent shall deem a Hold Order to have been
submitted on behalf of such Existing Holder covering the number of Outstanding
APS held by such Existing Holder and not subject to Orders submitted to the
Auction Agent.

                  (d) If any Existing Holder submits through a Broker-Dealer to
the Auction Agent one or more Orders covering in the aggregate more than the
number of Outstanding APS subject to an Auction held by such Existing Holder,
such Orders shall be considered valid in the following order of priority:

                           (i) all Hold Orders for APS shall be considered
         valid, but only up to and including in the aggregate the number of
         Outstanding APS held by such Existing Holder, and if the number of APS
         subject to such Hold Orders exceeds the number of Outstanding APS held
         by such Existing Holder, the number of shares subject to each such Hold


                                      B-45


         Order shall be reduced pro rata to cover the number of Outstanding APS
         held by such Existing Holder;

                           (ii) (A) any Bid for APS shall be considered valid up
         to and including the excess of the number of Outstanding APS held by
         such Existing Holder over the number of APS subject to any Hold Orders
         referred to in clause (i) above;

                                    (B) subject to subclause (A), if more than
                  one Bid for APS with the same rate is submitted on behalf of
                  such Existing Holder and the number of Outstanding APS subject
                  to such Bids is greater than such excess, such Bids shall be
                  considered valid up to and including the amount of such
                  excess, and the number of APS subject to each Bid with the
                  same rate shall be reduced pro rata to cover the number of APS
                  equal to such excess;

                                    (C) subject to subclauses (A) and (B), if
                  more than one Bid for the APS with different rates is
                  submitted on behalf of such Existing Holder, such Bids shall
                  be considered valid in the ascending order of their respective
                  rates up to and including the amount of such excess; and

                                    (D) in any such event, the number, if any,
                  of such Outstanding APS subject to any portion of Bids
                  considered not valid in whole or in part under the clause (ii)
                  shall be treated as the subject of a Bid for APS by a
                  Potential Holder at the rate therein specified; and

                           (iii) all Sell Orders for the APS shall be considered
         valid up to and including the excess of the number of Outstanding APS
         held by such Existing Holder over the sum of the APS subject to valid
         Hold Orders referred to in clause (i) above and valid Bids by such
         Existing Holder referred to in clause (ii) above.

                  (e) If more than one Bid for APS is submitted on behalf of any
Potential Holder, each such Bid submitted shall be a separate Bid with the rate
and number of shares therein specified.

                  (f) An Order submitted by a Broker-Dealer to the Auction Agent
prior to the Submission Deadline on any Auction Date shall be irrevocable.

         4. Determination of Sufficient Clearing Bids, Winning Bid Rate and
Applicable Rate. (a) Not earlier than the Submission Deadline on each Auction
Date, the Auction Agent shall assemble all valid Orders submitted or deemed
submitted to it by

                                      B-46


the Broker-Dealers (each such Order as submitted or deemed submitted by a
Broker-Dealer being hereinafter referred to individually as a "Submitted Hold
Order," a "Submitted Bid" or a "Submitted Sell Order," as the case may be, or as
a "Submitted Order" and collectively as "Submitted Hold Orders," "Submitted
Bids" or "Submitted Sell Orders," as the case may be, or as "Submitted Orders"
and shall for APS for which an Auction is being held determine:

                           (i) the excess of the number of Outstanding APS over
         the number of Outstanding APS subject to Submitted Hold Orders (such
         excess being hereinafter referred to as the "Available APS");

                           (ii) from the Submitted Orders whether:

                                    (A) the number of Outstanding APS subject to
                  Submitted Bids by Potential Holders specifying one or more
                  rates equal to or lower than the Maximum Rate

exceeds or is equal to the sum of

                                    (B) the number of Outstanding APS subject to
                  Submitted Bids by Existing Holders specifying one or more
                  rates higher than the Maximum Rate; and

                                    (C) the number of Outstanding APS subject to
                  Submitted Sell Orders

(in the event such excess or such equality exists (other than because the number
of APS in subclauses (B) and (C) above is zero because all of the Outstanding
APS are subject to Submitted Hold Orders), such Submitted Bids in subclause (A)
above being hereinafter referred to collectively as "Sufficient Clearing Bids");
and

                           (iii) if Sufficient Clearing Bids exist, the lowest
         rate specified in such Submitted Bids (the "Winning Bid Rate") which
         if:

                                    (A) (I) each such Submitted Bid from
                  Existing Holders specifying such lowest rate and (II) all
                  other such Submitted Bids from Existing Holders specifying
                  lower rates were rejected, thus entitling such Existing
                  Holders to continue to hold the APS that are subject to such
                  Submitted Bids; and

                                    (B) (I) each such Submitted Bid from
                  Potential Holders specifying such lowest rate and (II) all
                  other such Submitted Bids from Potential Holders specifying
                  lower rates were accepted;

                                      B-47


would result in such Existing Holders described in subclause (A) above
continuing to hold an aggregate number of Outstanding APS which, when added to
the number of Outstanding APS to be purchased by such Potential Holders
described in subclause (B) above, would equal not less than the Available APS.

                  (b) Promptly after the Auction Agent has made the
determinations pursuant to paragraph (a) of this Section 4, the Auction Agent
shall advise the Fund of the Maximum Rate for which an Auction is being held on
the Auction Date and, based on such determination, the Applicable Rate for the
next succeeding Rate Period thereof as follows:

                           (i) if Sufficient Clearing Bids exist, that the
         Applicable Rate for the next succeeding Rate Period thereof shall be
         equal to the Winning Bid Rate so determined;

                           (ii) if Sufficient Clearing Bids do not exist (other
         than because all of the Outstanding APS are subject to Submitted Hold
         Orders), that the Applicable Rate for the next succeeding Rate Period,
         which shall be a Minimum Dividend Period, thereof shall be equal to the
         Maximum Rate; or

                           (iii) if all of the Outstanding APS are subject to
         Submitted Hold Orders, that the Applicable Rate for such APS for the
         next succeeding Rate Period thereof shall be equal to the product of
         (A) (I) the "AA" Composite Commercial Paper Rate on such Auction Date
         for such Rate Period, if such Rate Period is less than one year or (II)
         the Treasury Rate on such Auction Date for such Rate Period, if such
         Rate Period is one year or greater and (B) 1 minus the maximum combined
         marginal regular federal and Pennsylvania individual income tax rate
         applicable to ordinary income (taking into account the federal income
         tax deductibility of state and local income tax paid or incurred) or
         the maximum marginal regular federal corporate income tax rate,
         whichever is greater; provided, however, that if the Fund has notified
         the Auction Agent of its intent to allocate to the APS in such Rate
         Period any net capital gains or other income taxable for federal income
         tax purposes, the Applicable Rate in respect of that portion of the
         dividend on the APS for such Rate Period that represents the allocation
         of net capital gains or other income taxable for federal income tax
         purposes will be the rate described in the preceding clause (A)(I) or
         (II), as applicable, without being multiplied by the factor set forth
         in the preceding clause (B).

         5. Acceptance and Rejection of Submitted Bids and Submitted Sell Orders
and Allocation of Shares. Existing Holders shall continue to hold the APS that
are subject to Submitted Hold Orders, and, based on the determinations made
pursuant to paragraph (a) of Section 4 of this Part II, the Submitted Bids and
Submitted Sell Orders shall be accepted or rejected and the Auction Agent shall
take such other action as set forth below:

                                      B-48



                  (a) If Sufficient Clearing Bids for APS have been made, all
Submitted Sell Orders shall be accepted and, subject to the provisions of
paragraphs (d) and (e) of this Section 5, Submitted Bids shall be accepted or
rejected as follows in the following order of priority and all other Submitted
Bids shall be rejected:

                           (i) Existing Holders' Submitted Bids for APS
         specifying any rate that is higher than the Winning Bid Rate shall be
         accepted, thus requiring each such Existing Holder to sell the APS
         subject to such Submitted Bids;

                           (ii) Existing Holders' Submitted Bids for APS
         specifying any rate that is lower than the Winning Bid Rate shall be
         rejected, thus entitling each such Existing Holder to continue to hold
         the APS subject to such Submitted Bids;

                           (iii) Potential Holders' Submitted Bids for APS
         specifying any rate that is lower than the Winning Bid Rate shall be
         accepted;

                           (iv) each Existing Holder's Submitted Bid for APS
         specifying a rate that is equal to the Winning Bid Rate shall be
         rejected, thus entitling such Existing Holder to continue to hold the
         APS subject to such Submitted Bid, unless the number of Outstanding APS
         subject to all such Submitted Bids shall be greater than the number of
         APS ("remaining shares") in the excess of the Available APS over the
         number of the APS subject to Submitted Bids described in clauses (ii)
         and (iii) of this paragraph (a), in which event such Submitted Bid of
         such Existing Holder shall be rejected in part, and such Existing
         Holder shall be entitled to continue to hold APS subject to such
         Submitted Bid, but only in an amount equal to the number of APS
         obtained by multiplying the number of remaining shares by a fraction,
         the numerator of which shall be the number of Outstanding APS held by
         such Existing Holder subject to such Submitted Bid and the denominator
         of which shall be the aggregate number of Outstanding APS subject to
         such Submitted Bids made by all such Existing Holders that specified a
         rate equal to the Winning Bid Rate; and

                           (v) each Potential Holder's Submitted Bid for APS
         specifying a rate that is equal to the Winning Bid Rate shall be
         accepted but only in an amount equal to the number of APS obtained by
         multiplying the number of shares in the excess of the Available APS
         over the number of the APS subject to Submitted Bids described in
         clauses (ii) through (iv) of this paragraph (a) by a fraction, the
         numerator of which shall be the number of Outstanding APS subject to
         such Submitted Bid and the denominator of which shall be the aggregate
         number of Outstanding APS subject to such Submitted Bids made by all
         such Potential Holders that specified a rate equal to the Winning Bid
         Rate; and

                                      B-49


                  (b) If Sufficient Clearing Bids have not been made (other than
because all of the Outstanding APS are subject to Submitted Hold Orders),
subject to the provisions of paragraph (d) of this Section 5, Submitted Orders
shall be accepted or rejected as follows in the following order of priority and
all other Submitted Bids shall be rejected:

                           (i) Existing Holders' Submitted Bids for APS
         specifying any rate that is equal to or lower than the Maximum Rate
         shall be rejected, thus entitling such Existing Holders to continue to
         hold the APS subject to such Submitted Bids;

                           (ii) Potential Holders' Submitted Bids for APS
         specifying any rate that is equal to or lower than the Maximum Rate
         shall be accepted; and

                           (iii) Each Existing Holder's Submitted Bid for APS
         specifying any rate that is higher than the Maximum Rate and the
         Submitted Sell Orders for APS of each Existing Holder shall be
         accepted, thus entitling each Existing Holder that submitted any such
         Submitted Bid or Submitted Sell Order to sell the APS subject to such
         Submitted Bid or Submitted Sell Order, but in both cases only in an
         amount equal to the number of APS obtained by multiplying the number of
         APS subject to Submitted Bids described in clause (ii) of this
         paragraph (b) by a fraction, the numerator of which shall be the number
         of Outstanding APS held by such Existing Holder subject to such
         Submitted Bid or Submitted Sell Order and the denominator of which
         shall be the aggregate number of Outstanding APS subject to all such
         Submitted Bids and Submitted Sell Orders.

                  (c) If all of the Outstanding APS are subject to Submitted
Hold Orders, all Submitted Bids shall be rejected.

                  (d) If, as a result of the procedures described in clause (iv)
or (v) of paragraph (a) or clause (iii) of paragraph (b) of this Section 5, any
Existing Holder would be entitled or required to sell, or any Potential Holder
would be entitled or required to purchase, a fraction of a share of APS on any
Auction Date, the Auction Agent shall, in such manner as it shall determine in
its sole discretion, round up or down the number of APS to be purchased or sold
by any Existing Holder or Potential Holder on such Auction Date as a result of
such procedures so that the number so purchased or sold by each Existing Holder
or Potential Holder on such Auction Date shall be whole shares of APS.

                  (e) If, as a result of the procedures described in clause (v)
of paragraph (a) of this Section 5, any Potential Holder would be entitled or
required to purchase less than a whole share of APS on any Auction Date, the
Auction Agent shall, in such manner as it shall determine in its sole
discretion, allocate shares of APS for purchase among Potential Holders so that
only whole shares of APS are purchased on

                                      B-50


such Auction Date as a result of such procedures by any Potential Holder, even
if such allocation results in one or more Potential Holders not purchasing the
APS on such Auction Date.

                  (f) Based on the results of each Auction, the Auction Agent
shall determine the aggregate number of APS to be purchased and the aggregate
number of APS to be sold by Potential Holders and Existing Holders on whose
behalf each Broker-Dealer submitted Bids or Sell Orders and, with respect to
each Broker-Dealer, to the extent that such aggregate number of shares to be
purchased and such aggregate number of shares to be sold differ, determine to
which other Broker-Dealer or Broker-Dealers acting for one or more purchasers of
APS such Broker-Dealer shall deliver, or from which other Broker-Dealer or
Broker-Dealers acting for one or more sellers of APS such Broker-Dealer shall
receive, as the case may be, of APS.

         6. Notification of Allocations. In normal circumstances, whenever the
Fund intends to include any net capital gains or other income taxable for
Federal income tax purposes in any dividend on the APS, the Fund may notify the
Auction Agent of the amount to be so included 15 days prior to the Auction Date
on which the Applicable Rate for such dividend is to be established. Whenever
the Auction Agent receives such notice from the Fund, it will in turn notify
each Broker-Dealer, who, on or prior to such Auction Date, in accordance with
its Broker-Dealer Agreement, will notify its Existing Holders and Potential
Holders believed by it to be interested in submitting an Order in the Auction to
be held on such Auction Date.

         7. Miscellaneous. (a) To the extent permitted by applicable law, the
Board of Trustees may interpret or adjust the provisions of this Certificate of
Vote to resolve any inconsistency or ambiguity or to remedy any formal defect,
and may amend this Certificate of Vote with respect to the APS prior to the
issuance of the APS.

                  (b) An Existing Holder may sell, transfer or otherwise dispose
of APS only in whole shares and only pursuant to a Bid or Sell Order in
accordance with the procedures described in this Part II or to or through a
Broker-Dealer or to a Person that has delivered a signed copy of a Master
Purchaser's Letter to the Auction Agent; provided that, in the case of all
transfers other than pursuant to Auctions, such Existing Holder, its
Broker-Dealer or its Agent Member advises the Auction Agent of such transfer.

                  (c) All of the APS outstanding from time to time shall be
represented by one global certificate registered in the name of the Securities
Depository or its nominee.

                  (d) Neither the Fund nor any affiliate thereof may submit an
Order in any Auction, except that any Broker-Dealer that is an affiliate of the
Fund may submit Orders in an Auction, but only if such Orders are not for its
own account.

                                      B-51



         IN WITNESS WHEREOF, the undersigned has caused this Certificate of Vote
to be executed as of July 15, 1993.



                                        --------------------------------
                                        Weston B. Wetherell
                                        Assistant Secretary



State of    )
            )  ss
County of   )

         Then personally appeared before me Weston B. Wetherell, who
acknowledged the foregoing instrument to be his free act and deed and the free
act and deed in his capacity as Assistant Secretary of Van Kampen Merritt Value
Pennsylvania Municipal Income Trust.

                                        Before me,


                                        ---------------------------
                                        Notary Public


My commission expires:
                      ------------------





                                      B-52




                          ARTICLES OF AMENDMENT TO THE
                         CERTIFICATE OF VOTE OF TRUSTEES
                   ESTABLISHING A CLASS OF PREFERRED SHARES OF
              VAN KAMPEN PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST

     Van Kampen Pennsylvania Value Municipal Income Trust, a trust with
preferred shares organized and existing under and by virtue of the laws of the
Commonwealth of Pennsylvania (the "Fund"), certifies as follows:

     FIRST: On October 8, 1998, the Board of Trustees, pursuant to the
provisions of Article VI of the Amended and Restated Declaration of Trust (the
"Declaration of Trust") of the Fund and Section 5 of Part I and Section 7 of
Part II of the Certificate of Vote of Trustees Establishing a Class of Preferred
Shares (the "Certificate of Vote") of the Fund, authorized and declared a
2-for-1 split of the preferred shares of beneficial interest of the Fund, par
value $.01 per share, liquidation preference $50,000 per share, designated
Auction Preferred Shares (the "APS"). The stock split is to be effected by means
of a division of each outstanding share of APS into two preferred shares of
beneficial interest, par value $.01 per share, liquidation preference $25,000
per share.

     SECOND: Pursuant to the provisions of Article VI of the Declaration of
Trust and Section 5 of Part I and Section 7 of Part II of the Certificate of
Vote, the following amendments to the Certificate of Vote have been duly adopted
and approved by a majority of the Trustees of the Fund.

     a. The first paragraph of the vote establishing a class of preferred shares
of beneficial interest is hereby amended by replacing such paragraph with the
following:

     First: Pursuant to authority expressly vested in the Board of Trustees of
the Fund by Article VI of its Declaration of Trust (which, as amended or
restated from time to time is, together with this Certificate of Vote, herein
called the "Declaration of Trust"), the Board of Trustees hereby authorizes the
issuance of a series of 1,800 shares of its authorized preferred shares of
beneficial interest, par value $.01 per share ("Preferred Shares"), liquidation
preference of $25,000 per share, designated Auction Preferred Shares ("APS").

     b. The first paragraph under the heading "DESIGNATION" of the Certificate
of Vote is hereby amended by replacing such paragraph with the following
paragraph.

     APS: The series of 1,800 preferred shares of beneficial interest, $.01 par
value, liquidation preference $25,000 per share, is hereby designated "Auction
Preferred Shares" (hereinafter, "APS"). Each APS shall be issued on July 21,
1993; have an Applicable Rate for its Initial Dividend Period (which period
shall continue to and include Wednesday, July 28, 1993) equal to 2.15% per
annum; have an Initial Dividend Payment Date of Thursday, July 29, 1993; and
have such other preferences, limitations and relative voting rights, in addition
to those required by applicable law or set forth in


                                      B-53







the Declaration of Trust applicable to preferred shares of beneficial interest
of the Fund, as are set forth in Part I and Part II of this Certificate of Vote.
The APS shall constitute a separate series of Preferred Shares of beneficial
interest of the Fund, and each share of APS shall be identical except as
provided in Section 3 of Part I of this Certificate of Vote.

     c. Section 2(c)(ii) of Part I of the Certificate of Vote is hereby amended
to replace such section with the following:

     The amount of dividends per share payable on the APS on any date on which
dividends shall be payable on shares shall be computed by multiplying the
respective Applicable Rate in effect for such Dividend Period or Dividend
Periods or part thereof for which dividends have not been paid by a fraction,
the numerator of which shall be the number of days in such Dividend Period or
Dividend Periods or part thereof and the denominator of which shall be 365 if
such Dividend Period is a Rate Period, or is contained in a Rate Period, of less
that one year and 360 for all other Dividend Periods, and applying the rate
obtained against $25,000.

     d. Section 3(a)(i) of Part I of the Certificate of Vote is hereby amended
to replace such section with the following:

     After the Initial Dividend Period with respect to any series of APS and
upon giving a Notice of Redemption, as provided below, the Fund at its option
may redeem shares of any series of APS, in whole or in part, on the second
Business Day next preceding any Dividend Payment Date applicable to those shares
of APS called for redemption, out of funds legally available therefor, at the
Optional Redemption Price; provided that during a Special Dividend Period of 365
days or more no share of APS will be subject to optional redemption during any
Non-Call Period; provided, that shares of any series of APS may not be redeemed
in part of any such partial redemption fewer than 500 shares of such series
remain outstanding.

     e. Section 5 of Part I of the Certificate of Vote is hereby amended to add
to such section as Section 5(g) the following :

     Right to Vote with Respect to Certain Other Matters. If the Fund has more
than one series of APS outstanding, the affirmative vote of the holders of a
majority (unless a higher percentage vote is required under the Declaration of
Trust or under this Certificate of Vote) of the outstanding shares of each
series of APS, each voting as a separate class, is required with respect to any
matter that materially affects the series in a manner different from that of
other series of classes of the Fund's shares, including without limitation any
proposal to do the following: (1) increase or decrease the aggregate number of
authorized shares of the series; (2) effect any exchange, reclassification, or
cancellation of all or part of the shares of the series; (3) effect an exchange,
or create a right of exchange, of all or any part of the shares of the series;
(4) change the rights or preferences of the shares of the series; (5) change the
shares of the series, whether with or without par value, of the same or another
class or series; (6) create a new class or series of shares having rights and
preferences prior and superior to the shares of the series, or increase the
rights and preferences or the number of authorized

                                      B-54







shares of a series having rights and preferences prior or superior to the shares
of the series; or (7) cancel or otherwise affect distributions on the shares of
the series that have accrued but have not been declared. To the extent that the
interest of a series of APS affected by a matter are substantially identical to
the interests of another series of APS affected by such matter (e.g., a vote of
shareholders required under Section 13(a) of the 1940 Act), each such series
shall vote together collectively as one class. The vote of holders of each
series of APS described above will in each case be in addition to a separate
vote of the requisite percentage of Common Shares and APS necessary to authorize
the action in question.

     f. Section 6(a) of Part I of the Certificate of Vote is hereby amended to
replace such section with the following:

     Upon the dissolution, liquidation or winding up of the affairs of the Fund,
whether voluntary or involuntary, the Holders of the APS then outstanding shall
be entitled to receive and to be paid out of the assets of the Fund available
for distribution to its shareholders, before any payment or distribution shall
be made on the Common Shares or on any other class of shares of the Fund ranking
junior to the APS upon dissolution, liquidation or winding up, an amount equal
to the liquidation preference with respect to such shares. The liquidation
preference for the APS shall be $25,000 per share, plus an amount equal to all
dividends thereon (whether or not earned or declared) accumulated but unpaid to
the date of final distribution in same-day funds, together with any payments
required to be made pursuant to Section 12 in connection with the liquidation of
the Fund.

     g. Section 15 of Part I of the Certificate of Vote is hereby amended to
replace the definition of "APS Basic Maintenance Amount" with the following:

     "APS Basic Maintenance Amount," as of any Valuation Date, shall mean the
dollar amount equal to the sum of (i)(A) the product of the number of APS
Outstanding on such date multiplied by $25,000; (B) the aggregate amount of
dividends that will have accumulated at the Applicable Rate (whether or not
earned or declared) to (but not including) the first respective Dividend Payment
Dates for each of the APS Outstanding that follow such Valuation Date (or to the
47th day after such Valuation Date, if such 47th day is earlier than the first
following Dividend payment Date); (C) the amount equal to the Projected Dividend
Amount (based on the number of APS Outstanding on such date); (D) the amount of
anticipated expenses of the Fund for the 90 days subsequent to such Valuation
Date; (E) the amount of the Fund's Maximum Potential Additional Dividend
Liability as of such Valuation Date; (F) the amount of any premium payable
pursuant to a Premium Call Period; and (G) any current liabilities as of such
Valuation Date to the extent not reflected in any of (i)(A) through (i)(F)
(including, without limitation, any amounts described in Section 13 of Part I as
required to be treated as liabilities in connection with the Fund's transactions
in futures and options and including any payables for municipal securities
purchased as of such Valuation Date) less (ii) either (A) the face value of any
of the Fund's assets irrevocably deposited by the Fund for the payment of any of
(i)(A) through (i)(G) if such assets mature prior to or on the date of payment
of the liability for which such assets are deposited and are either securities
issued or guaranteed by the United States Government or have a rating assigned
by Moody's of P-1, VMIG-1 or MIG-1 (or, with respect to S&P, SP-1+ or A-1+)

                                      B-55







or (B) the Discounted Value of such assets. For purposes of the APS Basic
Maintenance Amount in connection with S&P's ratings of the APS, with respect to
any transactions by the Fund in futures contracts, the Fund shall include as
liabilities (i) 30% of the aggregate settlement value, as marked to market, of
any outstanding futures contracts based on the Municipal Index which are owned
by the Fund plus (ii) 25% of the aggregate settlement value, as marked to
market, of any outstanding futures contracts based on Treasury Bonds which
contracts are owned by the Fund. For purposes of the APS Basic Maintenance
Amount in connection with Moody's rating of the APS, with respect to any
transactions by the Fund in securities options, the Fund shall include as
liabilities (i) 10% of the exercise price of a call option written by the Fund
and (ii) the exercise price of any written put option.

     h. Section 15 of Part I of the Certificate of Vote is hereby amended to
replace the definition of "Mandatory Redemption Price" with the following:

     "Mandatory Redemption Price" means $25,000 per share of APS plus an amount
equal to accumulated but unpaid dividends thereon to the date fixed for
redemption (whether or not earned or declared).

     f. Section 15 of Part I of the Certificate of Vote is hereby amended to
replace the definition of "Optional Redemption Price" with the following:

     "Optional Redemption Price" shall mean (i) $25,000 per share of APS in the
case of a Rate Period less than one year, including any Special Dividend Period
of less than 365 days or (ii) with respect to a Special Dividend Period of 365
days or more the Optional Redemption Price set forth in the Specific Redemption
Provisions in connection therewith; in each case plus an amount equal to
accumulated but unpaid dividends thereon to the date of redemption (whether or
not earned or declared).

     j. Section 15 of Part I of the Certificate of Vote is hereby amended to
replace the definition of "Specific Redemption Provisions" with the following:

     "Specific Redemption Provisions" means, with respect to any Special
Dividend Period of 365 or more days, either, or any combination of, (i) a period
(a "Non-Call Period") determined by the Board of Trustees, after consultation
with the Broker-Dealers, during which the shares subject to such Special
Dividend Period are not subject to redemption at the option of the Fund, and
(ii) a period (a "Premium Call Period"), consisting of a number of whole years
and determined by the Board of Trustees, after consultation with the
Broker-Dealers, during each year of which the shares subject to such Special
Dividend Period shall be redeemable at the Fund's option at a price per share
equal to $25,000 plus accumulated but unpaid dividends plus a premium expressed
as a percentage of $25,000 as determined by the Board of Trustees after
consultation with the Broker-Dealers; provided, that during any Special Dividend
Period of 365 or more days if, on the date of determination of the Applicable
Rate, such Applicable Rate equaled or exceeded the Treasury Rate, the Fund may
redeem APS without regard to any Non-Call Period or Premium Call Period at the
Mandatory Redemption Price.

                                      B-56









                            ARTICLES OF AMENDMENT TO
                       THE CERTIFICATE OF VOTE OF TRUSTEES
            CHANGING THE TIMING OF CERTAIN REPORTS TO RATING AGENCIES

     Van Kampen Pennsylvania Value Municipal Income Trust, a common law trust
(the "Fund"), certifies to the Department of State of the Commonwealth of
Pennsylvania as follows:

     FIRST: On September 25, 2003, the Board of Trustees of the Fund, pursuant
to the provisions of Article VI of the Amended and Restated Declaration of Trust
(the "Declaration of Trust") of the Fund and Section 5 of Part I of the
Certificate of Vote of Trustees Establishing a Class of Preferred Shares (the
"Certificate of Vote") of the Fund, authorized an amendment to the Certificate
of Vote to change the timing of filing certain reports with rating agencies from
quarterly to annually and to make conforming changes to the Certificate of Vote.

     SECOND: Pursuant to the provisions of Article VI of the Declaration of
Trust and Section 5 of Part I of the Certificate of Vote of the Fund, the
following amendments to the Certificate of Vote have been duly adopted and
approved by a majority of the Trustees of the Fund.

          a.   Section 5(d)(ii) of Part I of the Certificate of Vote is hereby
               amended to replace the term "Quarterly Valuation Date" with the
               term "Annual Valuation Date."

          b.   Section 9(b) of Part I of the Certificate of Vote is hereby
               amended to replace the second sentence and third sentence with
               the following sentences:

               The Fund shall also deliver to S&P (if S&P is then rating the
               APS), Moody's (if Moody's is then rating the APS) and the Auction
               Agent (if either S&P or Moody's is then rating the APS) an APS
               Basic Maintenance Report as of the last Valuation Date of each
               month on or before the third Business Day after such day. The
               Fund shall also deliver to S&P (if S&P is then rating the APS)
               and Moody's (if Moody's is then rating the APS) an APS Basic
               Maintenance Report whenever (i) the Fund shall have redeemed APS
               or Common Shares, (ii) the Fund shall fail to have S&P Eligible
               Assets or Moody's Eligible Assets with an aggregate Discounted
               Value at least equal to 105% of the APS Basic Maintenance Amount,
               or (iii) whenever requested by Moody's or S&P, in each case on or
               before the third Business Day after such day.

          c.   Section 9(c) of Part I of the Certificate of Vote is hereby
               amended to replace such section with the following:


                                      B-57







               Within ten Business Days after an Annual Valuation Date, the Fund
               shall cause the Independent Accountant to confirm in writing to
               S&P (if S&P is then rating the APS), Moody's (if Moody's is then
               rating the APS) and the Auction Agent (if either S&P or Moody's
               is then rating the APS) (i) the mathematical accuracy of the
               calculations reflected in the APS Basic Maintenance Report
               prepared by the Fund on such date and (ii) that, in such Report,
               the Fund determined in accordance with this Certificate of Vote
               whether the Fund had, at such Annual Valuation Date, S&P Eligible
               Assets (if S&P is then rating the APS) of an aggregate Discounted
               Value at least equal to the APS Basic Maintenance Amount and
               Moody's Eligible Assets (if Moody's is then rating the APS) of an
               aggregate Discounted Value at least equal to the APS Basic
               Maintenance Amount (such confirmation being herein called the
               "Accountant's Confirmation").

          d.   The final clause of Section 13(a)(i) of Part I of the Certificate
               of Vote, which read "there shall be a quarterly audit made of the
               Fund's futures and options transactions by the Fund's independent
               accountants to confirm that the Fund is in compliance with these
               standards;" is hereby amended to replace such clause with the
               following:

               there shall be an annual audit made of the Fund's futures and
               options transactions by the Fund's independent accountants to
               confirm that the Fund is in compliance with these standards;

          e.   The defined term "APS Basic Maintenance Report" in Section 15 of
               Part I of the Certificate of Vote is hereby amended to replace
               such definition with the following:

               "APS Basic Maintenance Report" shall mean a report signed by any
               of the President, Treasurer, any Senior Vice President or any
               Vice President of the Fund which sets forth, as of the related
               Valuation Date, the assets of the Fund, the Market Value and the
               Discounted Value thereof (seriatim and in aggregate), the APS
               Basic Maintenance Amount, the net asset value and market trading
               price per Common Share, and the total return percentage for the
               relevant valuation period.

          f.   The defined term "Quarterly Valuation Date" in Section 15 of Part
               1 of the Certificate of Vote and the listed definition for
               "Quarterly Valuation Date" are hereby amended to replace such
               defined term and definition with the following:

                                      B-58






               "Annual Valuation Date" shall mean the last Business Day of each
               fiscal year of the Fund.

               IN WITNESS WHEREOF, the undersigned has caused this Certificate
of Vote to be executed as of March 8, 2004.


                                            /s/ A. Thomas Smith III
                                            ----------------------------------
                                            A. Thomas Smith III
                                            Vice President and Secretary

State of New York  )
                   ) ss
County of New York )


               Then personally appeared before me A. Thomas Smith III, who
acknowledged the foregoing instrument to be his free act and deed and the free
act and deed in his capacity as Vice President and Secretary of Van Kampen
Pennsylvania Value Municipal Income Trust.


                                            Before me,


                                            /s/ Rosemarie Costagliola
                                            ----------------------------------
                                            Notary Public


My commission expires: Nov. 9, 2006
                       ------------


                                      B-59














                                   APPENDIX C
                                        
          ANNUAL REPORT OF THE ACQUIRING FUND, DATED OCTOBER 31, 2004
                                        





























                                       C-1





 
Item 1. Report to Shareholders

The Trust's 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
       Pennsylvania Value Municipal Income Trust performed during the annual
       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 October 31, 2004.
 
       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).
 


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



                                      C-2

 
Performance Summary as of 10/31/04
 


PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST
SYMBOL: VPV
---------------------------------------------------------
AVERAGE ANNUAL                   BASED ON      BASED ON
TOTAL RETURNS                      NAV       MARKET PRICE
                                       
 
Since Inception (4/30/93)         7.10%          6.54%
 
10-year                           9.16          10.68
 
5-year                            9.39          11.48
 
1-year                            8.81           4.15
---------------------------------------------------------

 
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 Pennsylvania Municipal Bond Index is a broad-based
statistical composite of Pennsylvania municipal bonds. The index is unmanaged
and does not include any sales charges or fees. Such costs would lower
performance. It is not possible to invest directly in an index.

                                      C-3

 
Trust Report
 
FOR THE 12-MONTH PERIOD ENDED OCTOBER 31, 2004
 
Van Kampen Pennsylvania Value Municipal Income Trust is managed by the Adviser's
Municipal Fixed Income team.(1) Current members include Dennis Pietrzak,
Executive Director; Robert Wimmel, Vice President; and John Reynoldson,
Executive Director.
 
MARKET CONDITIONS
 
The interest-rate environment of the 12 months ended October 31, 2004 was marked
by two periods of steadily declining yields, with a significant sell-off in the
middle. Yields fell steadily through the first half of the period, approaching
the historical lows of 2003. This trend persisted until March, at which point
yields reversed direction and began an upward march as prices fell. These losses
were steepest in April, as a surprisingly strong employment report and signals
from members of the Federal Open Market Committee (the Fed) caused investors to
expect a near-term rate increase. Rates went on to decline from May through the
end of the period as the market digested the Fed's newly hawkish rate stance.
Investors were further comforted when, after the Fed raised rates at its June
30, 2004 meeting, its members indicated that the path of future rate increases
would be measured.
 
Unusually, longer-maturity securities largely outperformed in this period of Fed
tightening. Historically, the typical pattern in periods of tightening policy
has seen yields rise across all maturities. During the review period, however,
yields of shorter maturity bonds rose while those of bonds with longer
maturities declined slightly.
 
Lower-quality municipal bonds also performed strongly in this environment, as
the difference in yields (known as the "yield spread") between AAA and BBB rated
bonds decreased by roughly 20 basis points for 20-year bonds. As a result,
sectors with heavy exposure to lower-rated debt, such as hospitals and
industrial-revenue bonds, posted higher total returns than sectors dominated by
higher-rated debt.
 
Issuance for the first ten months of 2004 (the final ten months of the review
period) was roughly six percent lower than in the same period in 2003. That
said, 2003 was a record year, and at the current pace of issuance, 2004 could
well be one of the largest years in recent memory. The strong supply met with
faltering demand from mutual funds, as fund investors withdrew over $15 billion
in net cash during the period. This faltering demand was largely offset by
increased participation in the market by insurance companies and individual
investors.
 
(1)Team members may change without notice at any time.

                                      C-4

 
In keeping with national patterns, issuance in the Pennsylvania market fell by
17.6 percent for the first nine months of 2004 compared to the same period one
year earlier. Many local municipalities moved to take advantage of relatively
low interest rates during the period by refinancing their existing debt. The
state's economy remained one of the most solid in the country, and its credit
ratings remained strong.
 
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 significantly, as they did during the reporting period. On an
NAV basis, the trust outperformed its benchmark, the Lehman Brothers
Pennsylvania Municipal Bond Index. (See table below.)
 
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 in the final months of the period made the trust's
borrowing activity more expensive. These expenses, however, were more than
offset by the strong performance of the bonds we invested in, leading to the
trust's outperformance versus its benchmark, which is unleveraged.
 
Interest rates spent much of the period at or near historic lows. Given these
levels, our analysis indicated that there was little room for rates to fall
further, and that as a result rates were more likely to go up than down over the
intermediate term. This analysis led us to reduce the trust's interest-rate
sensitivity to a level that was near that of its benchmark. While this approach
served the trust well when rates declined during the summer, it was an overall
drag on performance for the one-year period.
 
TOTAL RETURN FOR THE 12-MONTH PERIOD ENDED OCTOBER 31, 2004
 


-----------------------------------------------------------------------
        BASED ON       BASED ON     LEHMAN BROTHERS PENNSYLVANIA
          NAV        MARKET PRICE       MUNICIPAL BOND INDEX
                                                      
 
         8.81%          4.15%                   5.63%
-----------------------------------------------------------------------

 
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.

                                      C-5

 
With interest rates at such low levels, several of the trust's holdings were
called away by issuers seeking to refinance their bonds at lower yields. Several
of the trust's shorter maturity bonds were also prerefunded, and we sold many of
these securities to take advantage of more compelling opportunities elsewhere.
We reinvested the proceeds into securities that we believed had attractive
total-return prospects, emphasizing bonds in the 13- to 18-year portion of the
yield curve, especially those with the relatively lower interest-rate
sensitivity. These bonds offer the dual benefit of a strong income stream and
moderate vulnerability to shifting interest rates.
 
We continued to pursue relative-value opportunities at the long end of the
market, buying securities when they offered attractive value and selling them
once they met our performance targets in order to reinvest the proceeds
elsewhere. As part of our conservative approach to interest-rate positioning, we
also trimmed the trust's holdings of highly rate-sensitive zero coupon bonds.
 
We remained focused on keeping the trust's risk profile within a reasonable
range through attention to credit quality and diversification. By the end of the
12-month period, more than 77 percent of the trust's total investments were
invested in bonds rated AAA and AA; these represent the two highest tiers of
credit ratings. The portfolio was also well diversified across the major sectors
of the municipal bond market. Its three largest sector exposures were higher
education, public education, and health care.
 
While it is impossible to predict the exact turning point when interest rates
will move decisively higher, we believe the trust remains well positioned for
the near future. We will continue to comb the municipal bond markets for
interesting opportunities.
 
There is no guarantee that any securities mentioned will continue to perform
well or be held by the trust in the future.
 
                                      C-6

 


RATINGS ALLOCATION AS OF 10/31/04
                                                                 
AAA/Aaa                                                              71.6%
AA/Aa                                                                 5.6
A/A                                                                   8.5
BBB/Baa                                                              14.3

TOP 5 SECTORS AS OF 10/31/04
                                                                 
Higher Education                                                     25.1%
Public Education                                                     16.2
Health Care                                                          12.8
Transportation                                                        9.2
General Purpose                                                       8.5

 
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 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.

                                      C-7

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 1-202-942-8090. 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.
 
       In addition to filing a complete schedule of portfolio holdings with the
       SEC each fiscal quarter, each Van Kampen trust makes portfolio holdings
       information available by periodically providing the information on its
       public web site, www.vankampen.com. Each Van Kampen trust provides a
       complete schedule of portfolio holdings on the public web site on a
       calendar-quarter basis approximately 30 days after the close of the
       calendar quarter. Van Kampen closed-end funds do not presently provide
       partial lists of their portfolio holdings on a monthly basis, but may do
       so in the future.
 
       You may obtain copies of a trust's fiscal quarter filings, or its monthly
       or calendar-quarter web site postings, by contacting Van Kampen Client
       Relations at 1-800-847-2424.
 
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 calling 1-800-847-2424 or 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.

                                      C-8

VAN KAMPEN PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST
 
PORTFOLIO OF INVESTMENTS -- OCTOBER 31, 2004
 


PAR
AMOUNT
(000)     DESCRIPTION                                        COUPON   MATURITY      VALUE
---------------------------------------------------------------------------------------------
                                                                     
          MUNICIPAL BONDS  159.8%
          PENNSYLVANIA  149.0%
$1,000    Allegheny Cnty, PA Arpt Auth Pittsburgh Intl Arpt
          Rfdg (AMT) (FGIC Insd)............................ 5.750%   01/01/18   $  1,074,800
 1,360    Allegheny Cnty, PA Hosp Dev Auth Rev Hlth Sys Ser
          A (MBIA Insd)..................................... 6.500    11/15/30      1,596,939
 2,000    Allegheny Cnty, PA Port Auth Spl Rev Trans
          (Prerefunded @ 03/01/09) (MBIA Insd).............. 6.000    03/01/24      2,300,900
   905    Allegheny Cnty, PA Residential Mtg Single Family
          Ser KK-2 (AMT) (GNMA Collateralized).............. 5.750    05/01/33        940,096
 1,525    Allegheny Cnty, PA Residential Mtg Single Family
          Ser MM (AMT) (GNMA Collateralized)................ 5.200    05/01/33      1,555,698
 1,000    Allegheny Cnty, PA San Auth Swr Rev (MBIA Insd)... 5.500    12/01/24      1,107,140
 2,600    Allentown, PA Area Hosp Auth Rev Sacred Heart Hosp
          of Allentown Ser A Rfdg........................... 6.750    11/15/14      2,629,796
 1,000    Ambridge, PA Area Sch Dist (MBIA Insd) (a)........ 5.500    11/01/31      1,088,680
 2,775    Bensalem Twp, PA Sch Dist (FGIC Insd) (b)......... 5.000    08/15/20      2,963,894
 1,695    Berks Cnty, PA Muni Auth Albright College Proj
          (b)............................................... 5.500    10/01/16      1,844,957
 1,800    Berks Cnty, PA Muni Auth Albright College Proj
          (b)............................................... 5.500    10/01/17      1,945,710
 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      2,349,060
 1,000    Bethlehem, PA Auth Wtr Gtd (FSA Insd)............. 5.000    11/15/19      1,091,980
 1,000    Canon McMillan Sch Dist PA Ser B (FGIC Insd)...... 5.500    12/01/29      1,090,240
   870    Carbon Cnty, PA Indl Dev Auth Panther Creek Partn
          Proj Rfdg (AMT) (LOC: Paribas & Union Bk of CA
          Intl)............................................. 6.650    05/01/10        944,133
 1,000    Central Dauphin, PA Sch Dist (FSA Insd)........... 5.000    12/01/19      1,086,850
 1,000    Chester Cnty, PA Indl Dev Auth Rev Collegium
          Charter Sch Proj Ser A (ACA Insd)................. 5.500    04/15/31      1,042,750
 1,000    Cumberland Cnty, PA Muni Auth Dickinson College
          Ser A (AMBAC Insd)................................ 5.500    11/01/30      1,090,350
 1,000    Delaware Cnty, PA Auth College Neumann College
          Rfdg.............................................. 6.000    10/01/31      1,031,080
 1,000    Delaware Cnty, PA Auth Hosp Rev Crozer Chester Med
          Ctr............................................... 6.000    12/15/09      1,021,630
 1,500    Delaware Vly, PA Regl Fin Auth.................... 5.750    07/01/17      1,781,100
 1,010    Erie, PA Ser A (FSA Insd)......................... 5.000    11/15/18      1,107,303
 1,000    Harrisburg, PA Auth Res Gtd Sub Ser D-2 (FSA
          Insd)............................................. 5.000    12/01/33      1,097,110
 1,575    Harrisburg, PA Auth Wtr Rev Rfdg (FSA Insd)....... 5.000    07/15/21      1,689,471
 2,000    Lehigh Cnty, PA Gen Purp Auth Cedar Crest College
          Rfdg.............................................. 6.700    04/01/26      2,097,160
 1,000    Luzerne Cnty, PA Ser A (MBIA Insd)................ 5.250    11/15/25      1,071,590
 5,000    Lycoming Cnty, PA Auth College Rev PA College of
          Technology (AMBAC Insd)........................... 5.375    07/01/30      5,350,150
 1,000    Mercer Cnty, PA (FGIC Insd)....................... 5.500    10/01/15      1,129,850
 1,000    Mifflin Cnty, PA Hosp Auth (Radian Insd).......... 6.200    07/01/25      1,126,050
 1,000    Monroe Cnty, PA Hosp Auth Rev Hosp Pocono
          Med Ctr........................................... 6.000    01/01/43      1,031,550

 
See Notes to Financial Statements                                              

                                      C-9

VAN KAMPEN PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST
 
PORTFOLIO OF INVESTMENTS -- OCTOBER 31, 2004 continued
 


PAR
AMOUNT
(000)     DESCRIPTION                                        COUPON   MATURITY      VALUE
---------------------------------------------------------------------------------------------
                                                                     
          PENNSYLVANIA (CONTINUED)
$1,150    Monroeville, PA Muni Auth San Swr Rev Ser B (MBIA
          Insd) (b)......................................... 5.250%   12/01/17   $  1,285,861
 1,000    Montgomery Cnty, PA Higher Ed & Hlth Auth Hosp Rev
          Abington Mem Hosp Ser A........................... 5.125    06/01/32      1,007,970
   900    Montgomery Cnty, PA Indl Dev Auth Rev Res Rec
          Montenay Proj Ser A (MBIA Insd)................... 5.250    11/01/14      1,026,846
 1,225    Northampton Twp, PA (FGIC Insd) (b)............... 5.375    05/15/15      1,362,825
 1,500    Pennsylvania Intergvtl Coop Auth Spl Tax Rev
          Philadelphia Fdg Pgm Rfdg (FGIC Insd)............. 5.500    06/15/20      1,573,455
 1,000    Pennsylvania St Higher Ed Fac Auth College & Univ
          Rev Bryn Mawr College (MBIA Insd)................. 5.625    12/01/17      1,101,000
 1,000    Pennsylvania St Higher Ed Fac Auth Rev Drexel
          Univ.............................................. 5.500    05/01/17      1,117,640
 1,000    Pennsylvania St Higher Ed Fac Auth Rev
          La Salle Univ..................................... 5.500    05/01/34      1,029,550
 1,000    Pennsylvania St Higher Ed Fac Auth Rev Thomas
          Jefferson Univ.................................... 5.375    01/01/25      1,069,800
 1,000    Pennsylvania St Higher Ed Fac Messiah College Ser
          AA3 (Radian Insd)................................. 5.500    11/01/22      1,076,440
 1,645    Pennsylvania St Higher Ed Fac Philadelphia College
          Osteopathic Med (b)............................... 5.000    12/01/17      1,766,746
 1,725    Pennsylvania St Higher Ed Fac Philadelphia College
          Osteopathic Med (b)............................... 5.000    12/01/18      1,841,368
 2,000    Pennsylvania St Higher Ed UPMC Hlth Sys Ser A..... 6.000    01/15/31      2,138,420
 1,000    Pennsylvania St Indl Dev Auth Econ Dev
          (AMBAC Insd)...................................... 5.500    07/01/14      1,137,540
 3,015    Pennsylvania St Tpk Commn Ser T Rfdg (FGIC
          Insd)............................................. 5.500    12/01/10      3,448,316
 1,000    Philadelphia, PA Auth Indl Dev Amern College Of
          Physicians........................................ 5.500    06/15/27      1,047,710
 1,500    Philadelphia, PA Gas Wks Rev 1975 Gen Ordinance
          17th Ser (FSA Insd)............................... 5.375    07/01/19      1,652,685
 1,000    Philadelphia, PA Hosp & Higher Ed Fac Auth Hosp
          Rev PA Hosp Rfdg (Escrowed to Maturity)........... 6.250    07/01/06      1,067,720
 1,455    Philadelphia, PA Hosp & Higher Ed Fac Auth Rev
          Cmnty College Ser B Rfdg (MBIA Insd) (b).......... 6.500    05/01/09      1,685,996
 2,000    Philadelphia, PA Sch Dist Ser B (Prerefunded @
          09/01/05) (AMBAC Insd)............................ 5.500    09/01/18      2,081,980
 3,675    Philadelphia, PA Wtr & Wastewtr Rev Rfdg (AMBAC
          Insd)............................................. 5.500    06/15/07      3,992,924
 4,500    Pittsburgh & Allegheny Cnty, PA Pub Aud Regl Asset
          Dist Sales Tax (AMBAC Insd)....................... 5.000    02/01/24      4,685,805
 1,000    Pittsburgh, PA Urban Redev Auth Mtg Rev Ser C Rfdg
          (AMT)............................................. 6.500    10/01/23      1,039,850
 1,570    Pittsburgh, PA Urban Redev Auth Mtg Rev Ser C Rfdg
          (AMT) (GNMA Collateralized)....................... 5.700    04/01/30      1,611,731
 1,765    Quaker Valley, PA Sch Dist (FSA Insd) (b)......... 5.375    04/01/20      1,964,904

 
                                               See Notes to Financial Statements

                                      C-10

VAN KAMPEN PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST
 
PORTFOLIO OF INVESTMENTS -- OCTOBER 31, 2004 continued
 


PAR
AMOUNT
(000)     DESCRIPTION                                        COUPON   MATURITY      VALUE
---------------------------------------------------------------------------------------------
                                                                     
          PENNSYLVANIA (CONTINUED)
$1,000    Southcentral, PA Gen Auth Rev Wellspan Hlth Oblig
          (MBIA Insd)....................................... 5.375%   05/15/28   $  1,056,610
 1,500    Springfield, PA Sch Dist Delaware Cnty Ser A (FGIC
          Insd)............................................. 5.000    03/15/19      1,627,875
 1,000    State Pub Sch Bldg Auth PA Delaware Cnty College
          Proj (MBIA Insd).................................. 5.750    10/01/16      1,142,630
   360    State Pub Sch Bldg Auth PA Sch Conneaut Sch Dist
          Proj (FGIC Insd).................................. 5.250    11/01/19        397,328
 2,480    State Pub Sch Bldg Auth PA Sch Conneaut Sch Dist
          Proj (FGIC Insd) (b).............................. 5.250    11/01/23      2,682,269
   640    State Pub Sch Bldg Auth PA Sch Conneaut Sch Dist
          Proj (Prerefunded @ 11/01/13) (FGIC Insd)......... 5.250    11/01/19        733,753
 1,000    Susquehanna Area Regl Arpt Auth PA Ser A (AMT)
          (AMBAC Insd)...................................... 5.375    01/01/21      1,068,660
 1,000    Susquehanna Area Regl Arpt Auth PA Ser D.......... 5.375    01/01/18      1,031,600
 1,000    Union Cnty, PA Higher Edl Bucknell Univ Ser A..... 5.250    04/01/21      1,087,480
   500    Union Cnty, PA Higher Edl Bucknell Univ Ser A..... 5.250    04/01/22        541,140
 1,500    Washington Cnty, PA Auth Rev Cap Fdg Proj & Equip
          Pgm (AMBAC Insd).................................. 6.150    12/01/29      1,573,965
 1,350    Washington Cnty, PA Ser A (AMBAC Insd)............ 5.125    09/01/27      1,409,846
 1,000    Wayne Highlands, PA Sch Dist (FSA Insd)........... 5.375    04/01/14      1,134,530
 1,000    Wilson, PA Area Sch Dist (FGIC Insd).............. 5.125    03/15/16      1,097,640
 1,100    York Cnty, PA (AMBAC Insd)........................ 5.000    06/01/19      1,187,142
   500    York Cnty, PA Sch Technology Auth Lease Rev (FGIC
          Insd)............................................. 5.500    02/15/22        559,090
 1,000    York Cnty, PA Sch Technology Auth Lease Rev (FGIC
          Insd)............................................. 5.500    02/15/23      1,113,220
                                                                                 ------------
                                                                                  109,537,877
                                                                                 ------------
          GUAM  2.3%
 1,585    Guam Intl Arpt Auth Gen Ser B (MBIA Insd)......... 5.250    10/01/21      1,725,558
                                                                                 ------------
 
          PUERTO RICO  6.9%
 4,000    Puerto Rico Comwlth Hwy & Tran Auth Hwy Rev Ser Y
          Rfdg (FSA Insd)................................... 6.250    07/01/21      5,073,040
                                                                                 ------------

 
See Notes to Financial Statements

                                      C-11

VAN KAMPEN PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST
 
PORTFOLIO OF INVESTMENTS -- OCTOBER 31, 2004 continued
 


PAR
AMOUNT
(000)     DESCRIPTION                                        COUPON   MATURITY      VALUE
---------------------------------------------------------------------------------------------
                                                                     
          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   $  1,158,180
                                                                                 ------------
 
TOTAL LONG-TERM INVESTMENTS  159.8%
  (Cost $109,595,572).........................................................    117,494,655
SHORT-TERM INVESTMENT  0.7%
  (Cost $500,000).............................................................        500,000
                                                                                 ------------
TOTAL INVESTMENTS  160.5%
  (Cost $110,095,572).........................................................    117,994,655
OTHER ASSETS IN EXCESS OF LIABILITIES  0.7%...................................        549,831
PREFERRED SHARES (INCLUDING ACCRUED DISTRIBUTIONS)  (61.2%)...................    (45,008,383)
                                                                                 ------------
 
NET ASSETS APPLICABLE TO COMMON SHARES  100.0%................................   $ 73,536,103
                                                                                 ============

 
Percentages are calculated as a percentage of net assets applicable to common
shares.
 
(a) Securities purchased on a when-issued or delayed delivery basis.
 
(b) The Trust owns 100% of the bond issuance.
 
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
 
                                               See Notes to Financial Statements


                                      C-12

VAN KAMPEN PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST
 
FINANCIAL STATEMENTS

Statement of Assets and Liabilities
October 31, 2004
 

                                                           
ASSETS:
Total Investments (Cost $110,095,572).......................  $117,994,655
Cash........................................................        98,341
Interest Receivable.........................................     1,861,576
Other.......................................................         2,996
                                                              ------------
    Total Assets............................................   119,957,568
                                                              ------------
LIABILITIES:
Payables:
  Investments Purchased.....................................     1,061,370
  Investment Advisory Fee...................................        60,034
  Income Distributions--Common Shares.......................        12,494
  Other Affiliates..........................................         6,324
Trustees' Deferred Compensation and Retirement Plans........       209,870
Accrued Expenses............................................        62,990
                                                              ------------
    Total Liabilities.......................................     1,413,082
Preferred Shares (including accrued distributions)..........    45,008,383
                                                              ------------
NET ASSETS APPLICABLE TO COMMON SHARES......................  $ 73,536,103
                                                              ============
NET ASSET VALUE PER COMMON SHARE ($73,536,103 divided by
  4,476,965 shares outstanding).............................  $      16.43
                                                              ============
NET ASSETS CONSIST OF:
Common Shares ($.01 par value with an unlimited number of
  shares authorized, 4,476,965 shares issued and
  outstanding)..............................................  $     44,770
Paid in Surplus.............................................    64,698,968
Net Unrealized Appreciation.................................     7,899,083
Accumulated Undistributed Net Investment Income.............       563,335
Accumulated Net Realized Gain...............................       329,947
                                                              ------------
NET ASSETS APPLICABLE TO COMMON SHARES......................  $ 73,536,103
                                                              ============
PREFERRED SHARES ($.01 par value, authorized 100,000,000
  shares, 1,800 issued with liquidation preference of
  $25,000 per share)........................................  $ 45,000,000
                                                              ============
NET ASSETS INCLUDING PREFERRED SHARES.......................  $118,536,103
                                                              ============

 
See Notes to Financial Statements                                             

                                      C-13

VAN KAMPEN PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST
 
FINANCIAL STATEMENTS continued
 
Statement of Operations
For the Year Ended October 31, 2004
 

                                                           
INVESTMENT INCOME:
Interest....................................................  $5,800,209
                                                              ----------
EXPENSES:
Investment Advisory Fee.....................................     704,634
Preferred Share Maintenance.................................     132,483
Trustees' Fees and Related Expenses.........................      61,950
Administrative Fee..........................................      34,337
Legal.......................................................      20,818
Custody.....................................................       7,896
Other.......................................................     130,567
                                                              ----------
    Total Expenses..........................................   1,092,685
                                                              ----------
NET INVESTMENT INCOME.......................................  $4,707,524
                                                              ==========
REALIZED AND UNREALIZED GAIN/LOSS:
Net Realized Gain...........................................  $  330,297
                                                              ----------
Unrealized Appreciation/Depreciation:
  Beginning of the Period...................................   6,449,705
  End of the Period.........................................   7,899,083
                                                              ----------
Net Unrealized Appreciation During the Period...............   1,449,378
                                                              ----------
NET REALIZED AND UNREALIZED GAIN............................  $1,779,675
                                                              ==========
DISTRIBUTIONS TO PREFERRED SHAREHOLDERS.....................  $ (518,485)
                                                              ==========
NET INCREASE IN NET ASSETS APPLICABLE TO COMMON SHARES FROM
  OPERATIONS................................................  $5,968,714
                                                              ==========

 
                                               See Notes to Financial Statements

                                      C-14

VAN KAMPEN PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST
 
FINANCIAL STATEMENTS continued
 
Statements of Changes in Net Assets
 


                                                                FOR THE            FOR THE
                                                               YEAR ENDED         YEAR ENDED
                                                            OCTOBER 31, 2004   OCTOBER 31, 2003
                                                            -----------------------------------
                                                                         
FROM INVESTMENT ACTIVITIES:
Operations:
Net Investment Income.....................................    $ 4,707,524        $ 4,936,473
Net Realized Gain.........................................        330,297          2,358,286
Net Unrealized Appreciation/Depreciation During the
  Period..................................................      1,449,378         (1,857,446)
Distributions to Preferred Shareholders:
  Net Investment Income...................................       (471,305)          (458,900)
  Net Realized Gain.......................................        (47,180)               -0-
                                                              -----------        -----------
Change in Net Assets Applicable to Common Shares from
  Operations..............................................      5,968,714          4,978,413
 
Distributions to Common Shareholders:
  Net Investment Income...................................     (4,484,412)        (4,640,249)
  Net Realized Gain.......................................       (466,557)               -0-
                                                              -----------        -----------
 
NET CHANGE IN NET ASSETS APPLICABLE TO COMMON SHARES FROM
  INVESTMENT ACTIVITIES...................................      1,017,745            338,164
 
FROM CAPITAL TRANSACTIONS:
Value of Common Shares Issued Through Dividend
  Reinvestment............................................         54,749             17,374
                                                              -----------        -----------
TOTAL INCREASE IN NET ASSETS APPLICABLE TO COMMON
  SHARES..................................................      1,072,494            355,538
NET ASSETS APPLICABLE TO COMMON SHARES:
Beginning of the Period...................................     72,463,609         72,108,071
                                                              -----------        -----------
End of the Period (Including accumulated undistributed net
  investment income of $563,335 and $811,533,
  respectively)...........................................    $73,536,103        $72,463,609
                                                              ===========        ===========

 
See Notes to Financial Statements                                             

                                      C-15

VAN KAMPEN PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST
 
FINANCIAL HIGHLIGHTS
 
THE FOLLOWING SCHEDULE PRESENTS FINANCIAL HIGHLIGHTS FOR ONE COMMON SHARE OF THE
TRUST OUTSTANDING THROUGHOUT THE PERIODS INDICATED.
 


                                                              ------------------------------
                                                               2004       2003      2002 (b)
                                                              ------------------------------
                                                                           
NET ASSET VALUE, BEGINNING OF THE PERIOD....................  $ 16.20    $ 16.12    $ 16.04
                                                              -------    -------    -------
  Net Investment Income.....................................     1.06       1.10       1.14
  Net Realized and Unrealized Gain/Loss.....................      .39        .12        .08
  Common Share Equivalent of Distributions Paid to Preferred
    Shareholders:
    Net Investment Income...................................     (.11)      (.10)      (.15)
    Net Realized Gain.......................................     (.01)       -0-        -0-
                                                              -------    -------    -------
Total from Investment Operations............................     1.33       1.12       1.07
Distributions Paid to Common Shareholders:
    Net Investment Income...................................    (1.00)     (1.04)      (.99)
    Net Realized Gain.......................................     (.10)       -0-        -0-
                                                              -------    -------    -------
NET ASSET VALUE, END OF THE PERIOD..........................  $ 16.43    $ 16.20    $ 16.12
                                                              =======    =======    =======
 
Common Share Market Price at End of the Period..............  $ 15.58    $ 16.05    $ 15.85
Total Return (a)............................................    4.15%      8.07%     11.76%
Net Assets Applicable to Common Shares at End of the Period
  (In millions).............................................  $  73.5    $  72.5    $  72.1
Ratio of Expenses to Average Net Assets Applicable to Common
  Shares (c)................................................    1.51%      1.53%      1.60%
Ratio of Net Investment Income to Average Net Assets
  Applicable to Common Shares (c)...........................    6.50%      6.76%      7.22%
Portfolio Turnover..........................................      18%        23%        16%
 
SUPPLEMENTAL RATIOS:
Ratio of Expenses to Average Net Assets Including Preferred
  Shares (c)................................................     .93%       .95%       .98%
Ratio of Net Investment Income to Average Net Assets
  Applicable to Common Shares (d)...........................    5.85%      6.13%      6.26%
 
SENIOR SECURITIES:
Total Preferred Shares Outstanding..........................    1,800      1,800      1,800
Asset Coverage Per Preferred Share (e)......................  $65,858    $65,259    $65,061
Involuntary Liquidating Preference Per Preferred Share......  $25,000    $25,000    $25,000
Average Market Value Per Preferred Share....................  $25,000    $25,000    $25,000

 
(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)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 .08%. Per share, ratios and
   supplemental data for periods prior to October 31, 2002 have not been
   restated to reflect this change in presentation.
 
(c)Ratios do not reflect the effect of dividend payments to preferred
   shareholders.
 
(d)Ratios reflect the effect of dividend payments to preferred shareholders.
 
(e)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.
 
                                      C-16



YEAR ENDED OCTOBER 31,
-----------------------------------------------------------------------------
      2001      2000       1999       1998       1997       1996       1995
-----------------------------------------------------------------------------
                                                
     $ 14.89   $ 14.42   $  15.98   $  15.48   $  14.83   $  14.68   $  12.57
     -------   -------   --------   --------   --------   --------   --------
        1.21      1.15       1.12       1.13       1.13       1.13       1.14
        1.07       .52      (1.57)       .49        .62        .13       2.19
        (.33)     (.42)      (.33)      (.35)      (.35)      (.36)      (.40)
         -0-       -0-        -0-        -0-        -0-        -0-        -0-
     -------   -------   --------   --------   --------   --------   --------
        1.95      1.25       (.78)      1.27       1.40        .90       2.93
        (.80)     (.78)      (.78)      (.77)      (.75)      (.75)      (.82)
         -0-       -0-        -0-        -0-        -0-        -0-        -0-
     -------   -------   --------   --------   --------   --------   --------
     $ 16.04   $ 14.89   $  14.42   $  15.98   $  15.48   $  14.83   $  14.68
     =======   =======   ========   ========   ========   ========   ========
 
     $ 15.11   $ 12.25   $12.4375   $14.9375   $ 13.625   $ 12.625   $  12.50
      30.60%     4.82%    -11.99%     15.59%     14.26%      7.17%     28.60%
     $  71.7   $  66.5   $   64.4   $   71.4   $   69.2   $   66.3   $   65.6
       1.83%     1.92%      1.87%      1.83%      1.91%      1.97%      2.03%
       7.78%     7.93%      7.23%      7.17%      7.51%      7.70%      8.27%
         20%       21%        28%         7%         9%        27%        43%
 
       1.11%     1.13%      1.13%      1.12%      1.14%      1.17%      1.17%
       5.64%     5.04%      5.13%      4.93%      5.15%      5.24%      5.35%
 
       1,800     1,800      1,800        900        900        900        900
     $64,811   $61,970   $ 60,800   $129,330   $126,872   $123,646   $122,900
     $25,000   $25,000   $ 25,000   $ 50,000   $ 50,000   $ 50,000   $ 50,000
     $25,000   $25,000   $ 25,000   $ 50,000   $ 50,000   $ 50,000   $ 50,000

 
See Notes to Financial Statements


                                      C-17

VAN KAMPEN PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST
 
NOTES TO FINANCIAL STATEMENTS -- OCTOBER 31, 2004
 
1. SIGNIFICANT ACCOUNTING POLICIES
 
Van Kampen Pennsylvania Value Municipal Income Trust (the "Trust") is registered
as a non-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 Pennsylvania
income taxes and, where possible under local law, local income and personal
property taxes, consistent with preservation of capital. The Trust will invest
substantially all of its assets in Pennsylvania municipal securities rated
investment grade at the time of investment. The Trust commenced investment
operations on April 30, 1993. Effective November 30, 2003, the Trust's
investment adviser, Van Kampen Investment Advisory Corp. merged into its
affiliate, Van Kampen Asset Management.
 
    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. As of October 31, 2004, the Trust had $1,061,370 of when-issued
and 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 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.

                                      C-18

VAN KAMPEN PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST
 
NOTES TO FINANCIAL STATEMENTS -- OCTOBER 31, 2004 continued
 
    At October 31, 2004, the cost and related gross unrealized appreciation and
depreciation are as follows:
 

                                                           
Cost of investments for tax purposes........................  $109,939,547
                                                              ============
Gross tax unrealized appreciation...........................  $  8,064,296
Gross tax unrealized depreciation...........................        (9,188)
                                                              ------------
Net tax unrealized appreciation on investments..............  $  8,055,108
                                                              ============

 
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 years ended October 31,
2004 and 2003 was as follows:
 


                                                                2004       2003
                                                                    
Distributions paid from:
  Ordinary income...........................................  $255,535    $15,447
  Long-Term Capital Gain....................................   513,737        -0-
                                                              --------    -------
                                                              $769,272    $15,447
                                                              ========    =======

 
    Due to inherent differences in the recognition of income, expenses and
realized gains/losses under accounting principles generally accepted in the
United States of America and federal income tax purposes, permanent differences
between financial and tax basis reporting for the 2004 fiscal year have been
identified and appropriately reclassified. A permanent difference of $5 relating
to book to tax accretion differences was reclassified from accumulated
undistributed net investment income to accumulated net realized gain.
 
    As of October 31, 2004, the components of distributable earnings on a tax
basis were as follows:
 

                                                           
Undistributed long-term capital gain........................  $329,947

 
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") will provide investment advice and facilities to the
Trust for an annual fee payable monthly of .60% of the average daily net assets
of the Trust. Effective November 1, 2004, the investment advisory fee was
reduced from .60% to .55%. In addition, the Trust paid a monthly administrative
fee to Van Kampen Investments Inc. or its affiliates (collectively "Van
Kampen"), the Trust's Administrator, at an annual rate of .05% of the average
daily net assets of the Trust. Effective June 1, 2004, the administrative fee
was reduced from .05% to .00%.
 
    For the year ended October 31, 2004, the Trust recognized expenses of
approximately $8,000 representing legal services provided by Skadden, Arps,
Slate, Meagher, & Flom LLP,


                                      C-19

VAN KAMPEN PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST
 
NOTES TO FINANCIAL STATEMENTS -- OCTOBER 31, 2004 continued
 
counsel to the Trust, of which a trustee of the Trust is a partner who provides
legal services to the Trust, and is therefore an affiliated person.
 
    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 year ended October
31, 2004, the Trust recognized expenses of approximately $26,300 representing
Van Kampen's cost of providing accounting and legal services to the Trust, which
are reported as part of "Other" and "Legal" expenses, respectively, in 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 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 October 31, 2004 and October 31, 2003, paid in surplus related to common
shares aggregated $64,698,968 and $64,644,252, respectively.
 
    Transactions in common shares were as follows:
 


                                                             YEAR ENDED          YEAR ENDED
                                                          OCTOBER 31, 2004    OCTOBER 31, 2003
                                                                        
Beginning Shares........................................     4,473,660           4,472,625
Shares Issued Through Dividend Reinvestment.............         3,305               1,035
                                                             ---------           ---------
Ending Shares...........................................     4,476,965           4,473,660
                                                             =========           =========

 
4. INVESTMENT TRANSACTIONS
 
During the period, the cost of purchases and proceeds from sales of investments,
excluding short-term investments, were $22,076,581 and $21,140,801,
respectively.
 
5. PREFERRED SHARES
 
The Trust has outstanding 1,800 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 October 31, 2004 was 1.700%. During the
year ended October 31, 2004, the rates ranged from 0.800% to 1.950%.
 
    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.

 
                                      C-20


VAN KAMPEN PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST
 
NOTES TO FINANCIAL STATEMENTS -- OCTOBER 31, 2004 continued
 
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.
 
                                      C-21

VAN KAMPEN PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST
 
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
 
To the Board of Trustees and Shareholders of Van Kampen Pennsylvania Value
Municipal Income Trust
 
We have audited the accompanying statement of assets and liabilities of Van
Kampen Pennsylvania Value Municipal Income Trust (the "Trust"), including the
portfolio of investments, as of October 31, 2004, the related statement of
operations for the year then ended, the statements of changes in net assets for
each of the two years in the period then ended, and the financial highlights for
each of the five years in the period then ended. These financial statements and
financial highlights are the responsibility of the Trust's management. Our
responsibility is to express an opinion on these financial statements and
financial highlights based on our audits. The Trust's financial highlights for
the periods ended prior to October 31, 2000 were audited by other auditors whose
report, dated December 6, 1999, expressed an unqualified opinion on those
financial highlights.
 
    We conducted our audits in accordance with standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. Our procedures included confirmation of
securities owned as of October 31, 2004, by correspondence with the Trust's
custodian and brokers. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
 
    In our opinion, the financial statements and financial highlights referred
to above present fairly, in all material respects, the financial position of Van
Kampen Pennsylvania Value Municipal Income Trust as of October 31, 2004, the
results of its operations for the year then ended, the changes in its net assets
and the financial highlights for the respective stated periods, in conformity
with accounting principles generally accepted in the United States of America.
 
DELOITTE & TOUCHE LLP
Chicago, Illinois
December 10, 2004
 

                                      C-22


VAN KAMPEN PENNSYLVANIA 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

                                      C-23

VAN KAMPEN PENNSYLVANIA 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
 
                                      C-24

VAN KAMPEN PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST
 
BOARD OF TRUSTEES AND IMPORTANT ADDRESSES
 
BOARD OF TRUSTEES
 
DAVID C. ARCH
J. MILES BRANAGAN
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
 
INVESTMENT ADVISER
 
VAN KAMPEN ASSET MANAGEMENT
1221 Avenue of the Americas
New York, New York 10020
 
CUSTODIAN AND TRANSFER AGENT
 
STATE STREET BANK
AND TRUST COMPANY
c/o EquiServe
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
 
 For federal income tax purposes, the following information is furnished with
 respect to the distributions paid by the Trust during its taxable year ended
 October 31, 2004. The Trust designated 94.8% of the income distributions as a
 tax-exempt income distribution. The Trust designated and paid $513,737 as a
 long-term capital gain distribution. In January, the Trust provides tax
 information to shareholders for the preceding calendar year.
 
*   "Interested persons" of the Trust, as defined in the Investment Company Act
    of 1940, as amended.

                                      C-25


VAN KAMPEN PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST
 
RESULTS OF SHAREHOLDER VOTES
 
The Annual Meeting of Shareholders of the Trust was held on June 23, 2004, where
shareholders voted on the election of trustees.
 
With regard to the election of the following trustees by common shareholders of
the Trust:
 


                                                                      # OF SHARES
                                                             -----------------------------
                                                             IN FAVOR             WITHHELD
------------------------------------------------------------------------------------------
                                                                            
J. Miles Branagan..........................................  4,096,598             43,863
Linda Hutton Heagy.........................................  4,103,028             37,433
Mitchell M. Merin..........................................  4,105,826             34,635
Wayne W. Whalen............................................  4,106,226             34,235

 
With regards to the election of the following trustee by preferred shareholders
of the Trust:
 


                                                                      # OF SHARES
                                                              ----------------------------
                                                              IN FAVOR            WITHHELD
------------------------------------------------------------------------------------------
                                                                            
Rod Dammeyer................................................   1,115                303

 
The other trustees of the Trust whose terms did not expire in 2004 are David C.
Arch, Jerry D. Choate, R. Craig Kennedy, Howard J Kerr, Jack E. Nelson, Richard
F. Powers, III, Hugo F. Sonnenschein, and Suzanne H. Woolsey.
 

                                      C-26


VAN KAMPEN PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST
 
TRUSTEE AND OFFICER INFORMATION
 
The business and affairs of the Trust are managed under the direction of the
Trust's Board of Trustees and the Trust's officers appointed by the Board of
Trustees. The tables below list the trustees and executive officers of the Trust
and their principal occupations during the last five years, other directorships
held by trustees and their affiliations, if any, with Van Kampen Investments
Inc. ("Van Kampen Investments"), Van Kampen Asset Management (the "Adviser"),
Van Kampen Funds Inc. (the "Distributor"), Van Kampen Advisors Inc., Van Kampen
Exchange Corp. and Van Kampen Investor Services Inc. ("Investor Services"). The
term "Fund Complex" includes each of the investment companies advised by the
Adviser or its affiliates as of the date of this Statement of Additional
Information. Trustees serve until reaching their retirement age or until their
successors are duly elected and qualified. Officers are annually elected by the
trustees.
 
INDEPENDENT TRUSTEES:
 


                                                                                  NUMBER OF
                                            TERM OF                                FUNDS IN
                                           OFFICE AND                                FUND
                              POSITION(S)  LENGTH OF                               COMPLEX
NAME, AGE AND ADDRESS          HELD WITH      TIME     PRINCIPAL OCCUPATION(S)     OVERSEEN    OTHER DIRECTORSHIPS
OF INDEPENDENT TRUSTEE           TRUST       SERVED    DURING PAST 5 YEARS        BY TRUSTEE   HELD BY TRUSTEE
                                                                                
David C. Arch (59)            Trustee      Trustee     Chairman and Chief             85       Trustee/Director/Managing
Blistex Inc.                               since 1993  Executive Officer of                    General Partner of funds
1800 Swift Drive                                       Blistex Inc., a consumer                in the Fund Complex.
Oak Brook, IL 60523                                    health care products
                                                       manufacturer. Director of
                                                       the Heartland Alliance, a
                                                       nonprofit organization
                                                       serving human needs based
                                                       in Chicago. Director of
                                                       St. Vincent de Paul
                                                       Center, a Chicago based
                                                       day care facility serving
                                                       the children of low
                                                       income families. Board
                                                       member of the Illinois
                                                       Manufacturers'
                                                       Association.

J. Miles Branagan (72)        Trustee      Trustee     Private investor.              83       Trustee/Director/Managing
1632 Morning Mountain Road                 since 2003  Co-founder, and prior to                General Partner of funds
Raleigh, NC 27614                                      August 1996, Chairman,                  in the Fund Complex.
                                                       Chief Executive Officer
                                                       and President, MDT
                                                       Corporation (now known as
                                                       Getinge/Castle, Inc., a
                                                       subsidiary of Getinge
                                                       Industrier AB), a company
                                                       which develops,
                                                       manufactures, markets and
                                                       services medical and
                                                       scientific equipment.


                                      C-27



VAN KAMPEN PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST
TRUSTEE AND OFFICER INFORMATION continued
                                                                                  NUMBER OF
                                            TERM OF                                FUNDS IN
                                           OFFICE AND                                FUND
                              POSITION(S)  LENGTH OF                               COMPLEX
NAME, AGE AND ADDRESS          HELD WITH      TIME     PRINCIPAL OCCUPATION(S)     OVERSEEN    OTHER DIRECTORSHIPS
OF INDEPENDENT TRUSTEE           TRUST       SERVED    DURING PAST 5 YEARS        BY TRUSTEE   HELD BY TRUSTEE
                                                                                

Jerry D. Choate (66)          Trustee      Trustee     Prior to January 1999,         83       Trustee/Director/Managing
33971 Selva Road                           since 2003  Chairman and Chief                      General Partner of funds
Suite 130                                              Executive Officer of the                in the Fund Complex.
Dana Point, CA 92629                                   Allstate Corporation                    Director of Amgen Inc., a
                                                       ("Allstate") and Allstate               biotechnological company,
                                                       Insurance Company. Prior                and Director of Valero
                                                       to January 1995,                        Energy Corporation, an
                                                       President and Chief                     independent refining
                                                       Executive Officer of                    company.
                                                       Allstate. Prior to August
                                                       1994, various management
                                                       positions at Allstate.

 

                                      C-28




VAN KAMPEN PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST
TRUSTEE AND OFFICER INFORMATION continued
                                                                                  NUMBER OF
                                            TERM OF                                FUNDS IN
                                           OFFICE AND                                FUND
                              POSITION(S)  LENGTH OF                               COMPLEX
NAME, AGE AND ADDRESS          HELD WITH      TIME     PRINCIPAL OCCUPATION(S)     OVERSEEN    OTHER DIRECTORSHIPS
OF INDEPENDENT TRUSTEE           TRUST       SERVED    DURING PAST 5 YEARS        BY TRUSTEE   HELD BY TRUSTEE
                                                                                

Rod Dammeyer (64)             Trustee      Trustee     President of CAC, L.L.C.,      85       Trustee/Director/Managing
CAC, L.L.C.                                since 1993  a private company                       General Partner of funds
4350 LaJolla Village Drive                             offering capital                        in the Fund Complex.
Suite 980                                              investment and management               Director of Stericycle,
San Diego, CA 92122-6223                               advisory services. Prior                Inc., Ventana Medical
                                                       to February 2001, Vice                  Systems, Inc., and GATX
                                                       Chairman and Director of                Corporation, and Trustee
                                                       Anixter International,                  of The Scripps Research
                                                       Inc., a global                          Institute and the
                                                       distributor of wire,                    University of Chicago
                                                       cable and communications                Hospitals and Health
                                                       connectivity products.                  Systems. Prior to January
                                                       Prior to July 2000,                     2004, Director of
                                                       Managing Partner of                     TeleTech Holdings Inc.
                                                       Equity Group Corporate                  and Arris Group, Inc.
                                                       Investment (EGI), a                     Prior to May 2002,
                                                       company that makes                      Director of Peregrine
                                                       private investments in                  Systems Inc. Prior to
                                                       other companies.                        February 2001, Director
                                                                                               of IMC Global Inc. Prior
                                                                                               to July 2000, Director of
                                                                                               Allied Riser
                                                                                               Communications Corp.,
                                                                                               Matria Healthcare Inc.,
                                                                                               Transmedia Networks,
                                                                                               Inc., CNA Surety, Corp.
                                                                                               and Grupo Azcarero Mexico
                                                                                               (GAM).

 

                                      C-29



VAN KAMPEN PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST
TRUSTEE AND OFFICER INFORMATION continued
                                                                                  NUMBER OF
                                            TERM OF                                FUNDS IN
                                           OFFICE AND                                FUND
                              POSITION(S)  LENGTH OF                               COMPLEX
NAME, AGE AND ADDRESS          HELD WITH      TIME     PRINCIPAL OCCUPATION(S)     OVERSEEN    OTHER DIRECTORSHIPS
OF INDEPENDENT TRUSTEE           TRUST       SERVED    DURING PAST 5 YEARS        BY TRUSTEE   HELD BY TRUSTEE
                                                                                

Linda Hutton Heagy (56)       Trustee      Trustee     Managing Partner of            83       Trustee/Director/Managing
Heidrick & Struggles                       since 2003  Heidrick & Struggles, an                General Partner of funds
233 South Wacker Drive                                 executive search firm.                  in the Fund Complex.
Suite 7000                                             Trustee on the University
Chicago, IL 60606                                      of Chicago Hospitals
                                                       Board, Vice Chair of the
                                                       Board of the YMCA of
                                                       Metropolitan Chicago and
                                                       a member of the Women's
                                                       Board of the University
                                                       of Chicago. Prior to
                                                       1997, Partner of Ray &
                                                       Berndtson, Inc., an
                                                       executive recruiting
                                                       firm. Prior to 1996,
                                                       Trustee of The
                                                       International House
                                                       Board, a fellowship and
                                                       housing organization for
                                                       international graduate
                                                       students. Prior to 1995,
                                                       Executive Vice President
                                                       of ABN AMRO, N.A., a bank
                                                       holding company. Prior to
                                                       1992, Executive Vice
                                                       President of La Salle
                                                       National Bank.

R. Craig Kennedy (52)         Trustee      Trustee     Director and President of      83       Trustee/Director/Managing
1744 R Street, NW                          since 2003  the German Marshall Fund                General Partner of funds
Washington, DC 20009                                   of the United States, an                in the Fund Complex.
                                                       independent U.S.
                                                       foundation created to
                                                       deepen understanding,
                                                       promote collaboration and
                                                       stimulate exchanges of
                                                       practical experience
                                                       between Americans and
                                                       Europeans. Formerly,
                                                       advisor to the Dennis
                                                       Trading Group Inc., a
                                                       managed futures and
                                                       option company that
                                                       invests money for
                                                       individuals and
                                                       institutions. Prior to
                                                       1992, President and Chief
                                                       Executive Officer,
                                                       Director and member of
                                                       the Investment Committee
                                                       of the Joyce Foundation,
                                                       a private foundation.

Howard J Kerr (69)            Trustee      Trustee     Prior to 1998, President       85       Trustee/Director/Managing
736 North Western Avenue                   since 1993  and Chief Executive                     General Partner of funds
P.O. Box 317                                           Officer of Pocklington                  in the Fund Complex.
Lake Forest, IL 60045                                  Corporation, Inc., an                   Director of the Lake
                                                       investment holding                      Forest Bank & Trust.
                                                       company. Director of the
                                                       Marrow Foundation.

 

                                      C-30




VAN KAMPEN PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST
TRUSTEE AND OFFICER INFORMATION continued
                                                                                  NUMBER OF
                                            TERM OF                                FUNDS IN
                                           OFFICE AND                                FUND
                              POSITION(S)  LENGTH OF                               COMPLEX
NAME, AGE AND ADDRESS          HELD WITH      TIME     PRINCIPAL OCCUPATION(S)     OVERSEEN    OTHER DIRECTORSHIPS
OF INDEPENDENT TRUSTEE           TRUST       SERVED    DURING PAST 5 YEARS        BY TRUSTEE   HELD BY TRUSTEE
                                                                                

Jack E. Nelson (68)           Trustee      Trustee     President of Nelson            83       Trustee/Director/Managing
423 Country Club Drive                     since 2003  Investment Planning                     General Partner of funds
Winter Park, FL 32789                                  Services, Inc., a                       in the Fund Complex.
                                                       financial planning
                                                       company and registered
                                                       investment adviser in the
                                                       State of Florida.
                                                       President of Nelson Ivest
                                                       Brokerage Services Inc.,
                                                       a member of the NASD,
                                                       Securities Investors
                                                       Protection Corp. and the
                                                       Municipal Securities
                                                       Rulemaking Board.
                                                       President of Nelson Sales
                                                       and Services Corporation,
                                                       a marketing and services
                                                       company to support
                                                       affiliated companies.

Hugo F. Sonnenschein (64)     Trustee      Trustee     President Emeritus and         85       Trustee/Director/Managing
1126 E. 59th Street                        since 1994  Honorary Trustee of the                 General Partner of funds
Chicago, IL 60637                                      University of Chicago and               in the Fund Complex.
                                                       the Adam Smith                          Director of Winston
                                                       Distinguished Service                   Laboratories, Inc.
                                                       Professor in the
                                                       Department of Economics
                                                       at the University of
                                                       Chicago. Prior to July
                                                       2000, President of the
                                                       University of Chicago.
                                                       Trustee of the University
                                                       of Rochester and a member
                                                       of its investment
                                                       committee. Member of the
                                                       National Academy of
                                                       Sciences, the American
                                                       Philosophical Society and
                                                       a fellow of the American
                                                       Academy of Arts and
                                                       Sciences.

Suzanne H. Woolsey, Ph.D.     Trustee      Trustee     Chief Communications           83       Trustee/Director/Managing
(62)                                       since 2003  Officer of the National                 General Partner of funds
815 Cumberstone Road                                   Academy of                              in the Fund Complex.
Harwood, MD 20776                                      Sciences/National                       Director of Fluor Corp.,
                                                       Research Council, an                    an engineering,
                                                       independent, federally                  procurement and
                                                       chartered policy                        construction
                                                       institution, from 2001 to               organization, since
                                                       November 2003 and Chief                 January 2004 and Director
                                                       Operating Officer from                  of Neurogen Corporation,
                                                       1993 to 2001. Director of               a pharmaceutical company,
                                                       the Institute for Defense               since January 1998.
                                                       Analyses, a federally
                                                       funded research and
                                                       development center,
                                                       Director of the German
                                                       Marshall Fund of the
                                                       United States, Director
                                                       of the Rocky Mountain
                                                       Institute and Trustee of
                                                       Colorado College. Prior
                                                       to 1993, Executive
                                                       Director of the
                                                       Commission on Behavioral
                                                       and Social Sciences and
                                                       Education at the National
                                                       Academy of
                                                       Sciences/National
                                                       Research Council. From
                                                       1980 through 1989,
                                                       Partner of Coopers &
                                                       Lybrand.



                                      C-31
 

VAN KAMPEN PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST
 
TRUSTEE AND OFFICER INFORMATION continued
 
INTERESTED TRUSTEES:*
 


                                                                                  NUMBER OF
                                            TERM OF                                FUNDS IN
                                           OFFICE AND                                FUND
                              POSITION(S)  LENGTH OF                               COMPLEX
NAME, AGE AND ADDRESS          HELD WITH      TIME     PRINCIPAL OCCUPATION(S)     OVERSEEN    OTHER DIRECTORSHIPS
OF INTERESTED TRUSTEE            TRUST       SERVED    DURING PAST 5 YEARS        BY TRUSTEE   HELD BY TRUSTEE
                                                                                

Mitchell M. Merin* (51)       Trustee,     Trustee     President and Chief            83       Trustee/Director/Managing
1221 Avenue of the Americas   President    since       Executive Officer of                    General Partner of funds
New York, NY 10020            and Chief    2003;       funds in the Fund                       in the Fund Complex.
                              Executive    President   Complex. Chairman,
                              Officer      and Chief   President, Chief
                                           Executive   Executive Officer and
                                           Officer     Director of the Adviser
                                           since 2002  and Van Kampen Advisors
                                                       Inc. since December 2002.
                                                       Chairman, President and
                                                       Chief Executive Officer
                                                       of Van Kampen Investments
                                                       since December 2002.
                                                       Director of Van Kampen
                                                       Investments since
                                                       December 1999. Chairman
                                                       and Director of Van
                                                       Kampen Funds Inc. since
                                                       December 2002. President,
                                                       Director and Chief
                                                       Operating Officer of
                                                       Morgan Stanley Investment
                                                       Management since December
                                                       1998. President and
                                                       Director since April 1997
                                                       and Chief Executive
                                                       Officer since June 1998
                                                       of Morgan Stanley
                                                       Investment Advisors Inc.
                                                       and Morgan Stanley
                                                       Services Company Inc.
                                                       Chairman, Chief Executive
                                                       Officer and Director of
                                                       Morgan Stanley
                                                       Distributors Inc. since
                                                       June 1998. Chairman since
                                                       June 1998, and Director
                                                       since January 1998 of
                                                       Morgan Stanley Trust.
                                                       Director of various
                                                       Morgan Stanley
                                                       subsidiaries. President
                                                       of the Morgan Stanley
                                                       Funds since May 1999.
                                                       Previously Chief
                                                       Executive Officer of Van
                                                       Kampen Funds Inc. from
                                                       December 2002 to July
                                                       2003, Chief Strategic
                                                       Officer of Morgan Stanley
                                                       Investment Advisors Inc.
                                                       and Morgan Stanley
                                                       Services Company Inc. and
                                                       Executive Vice President
                                                       of Morgan Stanley
                                                       Distributors Inc. from
                                                       April 1997 to June 1998.
                                                       Chief Executive Officer
                                                       from September 2002 to
                                                       April 2003 and Vice
                                                       President from May 1997
                                                       to April 1999 of the
                                                       Morgan Stanley Funds.

 

                                      C-32



VAN KAMPEN PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST
TRUSTEE AND OFFICER INFORMATION continued
                                                                                  NUMBER OF
                                            TERM OF                                FUNDS IN
                                           OFFICE AND                                FUND
                              POSITION(S)  LENGTH OF                               COMPLEX
NAME, AGE AND ADDRESS          HELD WITH      TIME     PRINCIPAL OCCUPATION(S)     OVERSEEN    OTHER DIRECTORSHIPS
OF INTERESTED TRUSTEE            TRUST       SERVED    DURING PAST 5 YEARS        BY TRUSTEE   HELD BY TRUSTEE
                                                                                

 


 
                                                                                

Richard F. Powers, III* (58)  Trustee      Trustee     Advisory Director of           85       Trustee/Director/Managing
1 Parkview Plaza                           since 1999  Morgan Stanley. Prior to                General Partner of funds
P.O. Box 5555                                          December 2002, Chairman,                in the Fund Complex.
Oakbrook Terrace, IL 60181                             Director, President,
                                                       Chief Executive Officer
                                                       and Managing Director of
                                                       Van Kampen Investments
                                                       and its investment
                                                       advisory, distribution
                                                       and other subsidiaries.
                                                       Prior to December 2002,
                                                       President and Chief
                                                       Executive Officer of
                                                       funds in the Fund
                                                       Complex. Prior to May
                                                       1998, Executive Vice
                                                       President and Director of
                                                       Marketing at Morgan
                                                       Stanley and Director of
                                                       Dean Witter, Discover &
                                                       Co. and Dean Witter
                                                       Realty. Prior to 1996,
                                                       Director of Dean Witter
                                                       Reynolds Inc.

Wayne W. Whalen* (65)         Trustee      Trustee     Partner in the law firm        85       Trustee/Director/Managing
333 West Wacker Drive                      since 1993  of Skadden, Arps, Slate,                General Partner of funds
Chicago, IL 60606                                      Meagher & Flom LLP, legal               in the Fund Complex.
                                                       counsel to funds in the
                                                       Fund Complex.

 
*   Such Trustee is an "interested person" (within the meaning of Section
    2(a)(19) of the 1940 Act). Mr. Whalen is an interested person of certain
    funds in the Fund Complex by reason of his firm currently acting as legal
    counsel to such funds in the Fund Complex. Messrs. Merin and Powers are
    interested persons of funds in the Fund Complex and the Adviser by reason of
    their current or former positions with Morgan Stanley or its affiliates.

                                      C-33

VAN KAMPEN PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST
 
TRUSTEE AND OFFICER INFORMATION continued
 
OFFICERS:
 


                                                     TERM OF
                                                    OFFICE AND
                                   POSITION(S)      LENGTH OF
NAME, AGE AND                       HELD WITH          TIME     PRINCIPAL OCCUPATION(S)
ADDRESS OF OFFICER                    TRUST           SERVED    DURING PAST 5 YEARS
                                                       
Stefanie V. Chang (38)          Vice President      Officer     Executive Director of Morgan Stanley Investment Management.
1221 Avenue of the Americas     and Secretary       since 2003  Vice President of funds in the Fund Complex.
New York, NY 10020

Amy R. Doberman (42)            Vice President      Officer     Managing Director and General Counsel, U.S. Investment
1221 Avenue of the Americas                         since 2004  Management; Managing Director of Morgan Stanley Investment
New York, NY 10020                                              Management, Inc., Morgan Stanley Investment Advisers Inc.
                                                                and the Adviser. Vice President of the Morgan Stanley
                                                                Institutional and Retail Funds since July 2004 and Vice
                                                                President of funds in the Fund Complex as of August 2004.
                                                                Previously, Managing Director and General Counsel of
                                                                Americas, UBS Global Asset Management from July 2000 to July
                                                                2004 and General Counsel of Aeitus Investment Management,
                                                                Inc. from January 1997 to July 2000.

James M. Dykas (38)             Chief Financial     Officer     Executive Director of Van Kampen Asset Management and Morgan
1 Parkview Plaza                Officer and         since 1999  Stanley Investment Management. Chief Financial Officer and
Oakbrook Terrace, IL 60181      Treasurer                       Treasurer of funds in the Fund Complex. Prior to August
                                                                2004, Assistant Treasurer of funds in the Fund Complex.

Joseph J. McAlinden (61)        Executive Vice      Officer     Managing Director and Chief Investment Officer of Morgan
1221 Avenue of the Americas     President and       since 2002  Stanley Investment Advisors Inc., and Morgan Stanley
New York, NY 10020              Chief Investment                Investment Management Inc. and Director of Morgan Stanley
                                Officer                         Trust for over 5 years. Executive Vice President and Chief
                                                                Investment Officer of funds in the Fund Complex. Managing
                                                                Director and Chief Investment Officer of Van Kampen
                                                                Investments, the Adviser and Van Kampen Advisors Inc. since
                                                                December 2002.

Ronald E. Robison (65)          Executive Vice      Officer     Principal Executive Officer of the Funds since May 2003.
1221 Avenue of the Americas     President and       since 2003  Chief Executive Officer and Chairman of Investor Services.
New York, NY 10020              Principal                       Executive Vice President and Principal Executive Officer of
                                Executive                       funds in the Fund Complex. Managing Director of Morgan
                                Officer                         Stanley. Chief Administrative Officer, Managing Director and
                                                                Director of Morgan Stanley Investment Advisors Inc., Morgan
                                                                Stanley Services Company Inc. and Managing Director and
                                                                Director of Morgan Stanley Distributors Inc. Chief Executive
                                                                Officer and Director of Morgan Stanley Trust. Executive Vice
                                                                President and Principal Executive Officer of the
                                                                Institutional and Retail Morgan Stanley Funds; Director of
                                                                Morgan Stanley SICAV; previously Chief Global Operations
                                                                Officer and Managing Director of Morgan Stanley Investment
                                                                Management Inc.


                                      C-34



VAN KAMPEN PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST
TRUSTEE AND OFFICER INFORMATION continued
                                                     TERM OF
                                                    OFFICE AND
                                   POSITION(S)      LENGTH OF
NAME, AGE AND                       HELD WITH          TIME     PRINCIPAL OCCUPATION(S)
ADDRESS OF OFFICER                    TRUST           SERVED    DURING PAST 5 YEARS
                                                       

John L. Sullivan (49)           Chief Compliance    Officer     Chief Compliance Officer of funds in the Fund Complex since
1 Parkview Plaza                Officer             since 1998  August 2004. Director and Managing Director of Van Kampen
Oakbrook Terrace, IL 60181                                      Investments, the Adviser, Van Kampen Advisors Inc. and
                                                                certain other subsidiaries of Van Kampen Investments. Prior
                                                                August 2004, Vice President, Chief Financial Officer and
                                                                Treasurer of funds in the Fund Complex and head of Fund
                                                                Accounting for Morgan Stanley Investment Management. Prior
                                                                to December 2002, Executive Director of Van Kampen
                                                                Investments, the Adviser and Van Kampen Advisors Inc.

 
                                      C-35

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)

                                      C-36


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
 
                                     (VAN KAMPEN INVESTMENTS LOGO)
 
                                                Copyright (C)2004 Van Kampen
                                                Funds Inc. All rights reserved.
                                                Member NASD/SIPC.
                                                VPV ANR 12/04 RN04-02833P-Y10/04

                                      C-37












                                   APPENDIX D

         SEMI-ANNUAL REPORT OF THE ACQUIRING FUND, DATED APRIL 30, 2005

















                                       D-1

 
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
       Pennsylvania 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).
 


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


                                      D-2


 
Performance Summary as of 4/30/05
 


PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST
SYMBOL: VPV
------------------------------------------------------------
AVERAGE ANNUAL                      BASED ON      BASED ON
TOTAL RETURNS                         NAV       MARKET PRICE
                                          
 
Since Inception (4/30/93)             7.02%         6.11%
 
10-year                               8.04          7.88
 
5-year                                9.46         10.74
 
1-year                               10.32          8.47
 
6-month                               2.58         -1.65
------------------------------------------------------------

 
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 Pennsylvania Municipal Bond Index is a broad-based
statistical composite of Pennsylvania municipal bonds. The index is unmanaged
and does not include any sales charges or fees. Such costs would lower
performance. It is not possible to invest directly in an index.



                                      D-3



 
Trust Report
 
FOR THE 6-MONTH PERIOD ENDED APRIL 30, 2005
 
Van Kampen Pennsylvania Value Municipal Income Trust is managed by the Adviser's
Municipal Fixed Income team.(1) Current members include Dennis Pietrzak and John
Reynoldson, Executive Directors of the Adviser; and Robert Wimmel, Vice
President 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.
 
The most significant development in the Pennsylvania municipal market during the
period was the ongoing trend of refundings of municipal securities by issuers.
Municipal borrowers were able to take advantage of rising short-term rates and
relatively stable long-term rates, which in turn allowed them to refund
outstanding debt. As a result, the Pennsylvania market saw a wave of
refinancings, especially in education-related sectors.
 
(1)Team members may change without notice at any time.

                                      D-4





 
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 Pennsylvania
Municipal Bond Index. On a market price basis, the trust underperformed its
benchmark.
 
TOTAL RETURNS FOR THE SIX-MONTH PERIOD ENDED APRIL 30, 2005
 


------------------------------------------------------------
                                   LEHMAN BROTHERS
      BASED ON     BASED ON     PENNSYLVANIA MUNICIPAL
        NAV      MARKET PRICE         BOND INDEX
                                           
 
       2.58%        -1.65%              1.82%
------------------------------------------------------------

 
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.
 
One of our key strategies in managing the trust during the period was to
position it for rising interest rates. This approach was largely the result of
our analysis of interest rates, which remained relatively low by historical
standards even after rising from their multi-decade lows earlier. First, we kept
the trust's duration (a measure of interest-rate sensitivity) below that of its
benchmark. Second, to limit the trust's exposure to areas of the market that
would be most likely susceptible to rising rates, we trimmed the trust's
shorter-maturity bonds. We reinvested the proceeds from those sales into bonds
with premium coupons and maturities between 20 and 30 years. In addition to
offering relatively attractive income streams, these securities positioned the
trust to benefit from any future flattening of the yield curve.

                                      D-5


 
We kept the trust's exposure well diversified across the major sectors of the
Pennsylvania municipal market. Much of our relative-value trading activity was
focused on selling issues that had been pre-refunded, many of which were in the
public education sector; and purchasing what we believed to be more attractive
securities in the public education sector. The trust remained focused on
investment-grade securities, with 100 percent of the portfolio rated BBB or
higher at the end of the period.
 
There is no guarantee the security sectors mentioned will continue to perform
well or be held by the trust in the future.
 

                                         
TOP 5 SECTORS AS OF 4/30/05                 RATINGS ALLOCATION AS OF 4/30/05
Higher Education              25.9%         AAA/Aaa                        68.3%
Health Care                   14.3          AA/Aa                           6.0
Public Education              13.6          A/A                            11.2
Transportation                 9.1          BBB/Baa                        14.5
General Purpose                8.1

 
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 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.

                                      D-6


 
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.
 
                                      D-7


 
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.


                                      D-8


 
VAN KAMPEN PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST
 
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2005 (UNAUDITED)
 


PAR
AMOUNT
(000)     DESCRIPTION                                      COUPON   MATURITY      VALUE
-------------------------------------------------------------------------------------------
                                                                   
          MUNICIPAL BONDS  160.9%
          PENNSYLVANIA  150.0%
$1,000    Allegheny Cnty, PA Arpt Auth Pittsburgh Intl
          Arpt Rfdg (AMT) (FGIC Insd)..................... 5.750%   01/01/18   $  1,069,130
 1,360    Allegheny Cnty, PA Hosp Dev Auth Rev Hlth Sys
          Ser A (MBIA Insd)............................... 6.500    11/15/30      1,573,330
 2,000    Allegheny Cnty, PA Port Auth Spl Rev Trans
          (Prerefunded @ 03/01/09) (MBIA Insd)............ 6.000    03/01/24      2,235,940
   905    Allegheny Cnty, PA Residential Mtg Single Family
          Ser KK-2 (AMT) (GNMA Collateralized)............ 5.750    05/01/33        941,535
 1,525    Allegheny Cnty, PA Residential Mtg Single Family
          Ser MM (AMT) (GNMA Collateralized).............. 5.200    05/01/33      1,560,837
 1,000    Allegheny Cnty, PA San Auth Swr Rev (Prerefunded
          @ 12/01/10) (MBIA Insd)......................... 5.500    12/01/24      1,118,930
 2,600    Allentown, PA Area Hosp Auth Rev Sacred Heart
          Hosp of Allentown Ser A Rfdg.................... 6.750    11/15/14      2,733,120
 1,695    Berks Cnty, PA Muni Auth Albright College Proj
          (a)............................................. 5.500    10/01/16      1,821,244
 1,800    Berks Cnty, PA Muni Auth Albright College Proj
          (a)............................................. 5.500    10/01/17      1,924,092
 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      2,281,700
 1,000    Bethlehem, PA Auth Wtr Gtd (FSA Insd)........... 5.000    11/15/19      1,083,550
 1,000    Canon McMillan Sch Dist PA Ser B (FGIC Insd).... 5.500    12/01/29      1,090,090
   785    Carbon Cnty, PA Indl Dev Auth Panther Creek
          Partn Proj Rfdg (AMT) (LOC: Paribas & Union Bk
          of CA).......................................... 6.650    05/01/10        851,592
 1,000    Central Dauphin, PA Sch Dist (FSA Insd)......... 5.000    12/01/19      1,078,780
 1,000    Cheltenham Twp, PA (AMBAC Insd) (b)............. 5.000    01/01/28      1,056,700
 1,000    Chester Cnty, PA Indl Dev Auth Rev Collegium
          Charter Sch Proj Ser A (ACA Insd)............... 5.500    04/15/31      1,062,650
 1,000    Cumberland Cnty, PA Muni Auth Dickinson College
          Ser A (AMBAC Insd).............................. 5.500    11/01/30      1,088,920
 1,000    Delaware Cnty, PA Auth College Neumann College
          Rfdg............................................ 6.000    10/01/31      1,052,910
 1,500    Delaware Vly, PA Regl Fin Auth.................. 5.750    07/01/17      1,729,770
 1,010    Erie, PA Ser A (FSA Insd)....................... 5.000    11/15/18      1,094,385
 1,000    Harrisburg, PA Auth Res Gtd Sub Ser D-2 (FSA
          Insd)........................................... 5.000    12/01/33      1,088,890
 1,575    Harrisburg, PA Auth Wtr Rev Rfdg (FSA Insd)..... 5.000    07/15/21      1,682,982
 1,000    Jenkintown, PA Sch Dist Ser A (FGIC Insd)....... 5.000    05/15/28      1,042,510
 2,000    Lehigh Cnty, PA Gen Purp Auth Cedar Crest
          College Rfdg.................................... 6.700    04/01/26      2,082,640
 1,000    Luzerne Cnty, PA Ser A (MBIA Insd).............. 5.250    11/15/25      1,085,440
 5,000    Lycoming Cnty, PA Auth College Rev PA College of
          Technology (AMBAC Insd)......................... 5.375    07/01/30      5,371,750

 
See Notes to Financial Statements                                          


                                      D-9


 
VAN KAMPEN PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST
 
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2005 (UNAUDITED) continued
 


PAR
AMOUNT
(000)     DESCRIPTION                                      COUPON   MATURITY      VALUE
-------------------------------------------------------------------------------------------
                                                                   
          PENNSYLVANIA (CONTINUED)
$1,000    Mercer Cnty, PA (FGIC Insd)..................... 5.500%   10/01/15   $  1,113,810
 1,000    Mifflin Cnty, PA Hosp Auth (Radian Insd)........ 6.200    07/01/25      1,114,540
 1,000    Monroe Cnty, PA Hosp Auth Rev Hosp Pocono Med
          Ctr............................................. 6.000    01/01/43      1,054,830
 1,150    Monroeville, PA Muni Auth San Swr Rev Ser B
          (MBIA Insd) (a)................................. 5.250    12/01/17      1,268,162
 1,000    Montgomery Cnty, PA Higher Ed & Hlth Auth Hosp
          Rev Abington Mem Hosp Ser A..................... 5.125    06/01/32      1,013,830
   900    Montgomery Cnty, PA Indl Dev Auth Rev Res Rec
          Montenay Proj Ser A (MBIA Insd)................. 5.250    11/01/14      1,008,792
 1,000    Moon Area Sch Dist PA (FSA Insd)................ 5.000    11/15/25      1,067,480
 1,225    Northampton Twp, PA (FGIC Insd) (a)............. 5.375    05/15/15      1,347,733
 1,500    Pennsylvania Intergvtl Coop Auth Spl Tax Rev
          Philadelphia Fdg Pgm Rfdg (FGIC Insd)........... 5.500    06/15/20      1,540,035
 1,000    Pennsylvania St Higher Ed Fac Auth Rev Drexel
          Univ............................................ 5.500    05/01/17      1,106,390
 1,000    Pennsylvania St Higher Ed Fac Auth Rev La Salle
          Univ............................................ 5.500    05/01/34      1,046,950
 1,000    Pennsylvania St Higher Ed Fac Auth Rev Thomas
          Jefferson Univ.................................. 5.375    01/01/25      1,076,330
 1,500    Pennsylvania St Higher Ed Fac Auth Rev Univ
          Sciences Philadelphia Ser A (XLCA Insd)......... 5.000    11/01/36      1,564,680
 1,000    Pennsylvania St Higher Ed Fac Messiah College
          Ser AA3 (Radian Insd)........................... 5.500    11/01/22      1,083,990
 1,645    Pennsylvania St Higher Ed Fac Philadelphia
          College Osteopathic Med (a)..................... 5.000    12/01/17      1,757,617
 1,725    Pennsylvania St Higher Ed Fac Philadelphia
          College Osteopathic Med (a)..................... 5.000    12/01/18      1,833,675
 1,000    Pennsylvania St Higher Ed UPMC Hlth Sys Ser A... 6.250    01/15/17      1,129,140
 2,000    Pennsylvania St Higher Ed UPMC Hlth Sys Ser A... 6.000    01/15/31      2,200,800
 1,000    Pennsylvania St Indl Dev Auth Econ Dev (AMBAC
          Insd)........................................... 5.500    07/01/14      1,119,780
 3,015    Pennsylvania St Tpk Commn Ser T Rfdg (FGIC
          Insd)........................................... 5.500    12/01/10      3,362,810
 1,500    Pennsylvania St Univ............................ 5.000    09/01/35      1,578,495
 1,000    Philadelphia, PA Auth Indl Dev Amern College of
          Physicians...................................... 5.500    06/15/27      1,051,350
 1,500    Philadelphia, PA Gas Wks Rev 1975 Gen Ordinance
          17th Ser (FSA Insd)............................. 5.375    07/01/19      1,641,390
 1,000    Philadelphia, PA Hosp & Higher Ed Fac Auth Hosp
          Rev PA Hosp Rfdg (Escrowed to Maturity)......... 6.250    07/01/06      1,037,760
 1,455    Philadelphia, PA Hosp & Higher Ed Fac Auth Rev
          Cmnty College Ser B Rfdg (MBIA Insd) (a)........ 6.500    05/01/09      1,636,439
 3,675    Philadelphia, PA Wtr & Wastewtr Rev Rfdg (AMBAC
          Insd)........................................... 5.500    06/15/07      3,873,854

 
                                               See Notes to Financial Statements


                                      D-10



VAN KAMPEN PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST
 
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2005 (UNAUDITED) continued
 


PAR
AMOUNT
(000)     DESCRIPTION                                      COUPON   MATURITY      VALUE
-------------------------------------------------------------------------------------------
                                                                   
          PENNSYLVANIA (CONTINUED)
$4,500    Pittsburgh & Allegheny Cnty, PA Pub Aud Regl
          Asset Dist Sales Tax (AMBAC Insd)............... 5.000%   02/01/24   $  4,756,950
 2,215    Pittsburgh, PA Pub Pkg Auth Rev Ser A Rfdg (FGIC
          Insd) (b)....................................... 5.000    12/01/25      2,332,196
 1,495    Pittsburgh, PA Urban Redev Auth Mtg Rev Ser C
          Rfdg (AMT) (GNMA Collateralized)................ 5.700    04/01/30      1,534,408
 1,765    Quaker Vly, PA Sch Dist (Prerefunded @ 04/01/14)
          (FSA Insd) (a).................................. 5.375    04/01/20      2,007,264
 1,375    Red Lion, PA Area Sch Dist Ser A (FSA Insd)
          (a)............................................. 5.000    02/01/20      1,479,211
 1,000    Southcentral, PA Gen Auth Rev Wellspan Hlth
          Oblig (MBIA Insd)............................... 5.375    05/15/28      1,067,150
 1,000    State Pub Sch Bldg Auth PA Delaware Cnty College
          Proj (Prerefunded @ 10/01/10) (MBIA Insd)....... 5.750    10/01/16      1,127,840
   360    State Pub Sch Bldg Auth PA Sch Conneaut Sch Dist
          Proj (FGIC Insd)................................ 5.250    11/01/19        397,084
 2,480    State Pub Sch Bldg Auth PA Sch Conneaut Sch Dist
          Proj (FGIC Insd) (a)............................ 5.250    11/01/23      2,732,067
   640    State Pub Sch Bldg Auth PA Sch Conneaut Sch Dist
          Proj (Prerefunded @ 11/01/13) (FGIC Insd)....... 5.250    11/01/19        721,376
 1,000    Susquehanna Area Regl Arpt Auth PA Ser A (AMT)
          (AMBAC Insd).................................... 5.375    01/01/21      1,071,110
 1,000    Susquehanna Area Regl Arpt Auth PA Ser D........ 5.375    01/01/18      1,026,140
 1,000    Union Cnty, PA Higher Edl Bucknell Univ Ser A... 5.250    04/01/21      1,098,360
   500    Union Cnty, PA Higher Edl Bucknell Univ Ser A... 5.250    04/01/22        549,180
 1,350    Washington Cnty, PA Ser A (AMBAC Insd).......... 5.125    09/01/27      1,423,548
 1,000    Wayne Highlands, PA Sch Dist (FSA Insd)......... 5.375    04/01/14      1,117,480
 1,500    West Shore, PA Area Hosp Auth Holy Spirit Hosp
          Proj............................................ 6.250    01/01/32      1,603,830
 1,000    Wilson, PA Area Sch Dist (FGIC Insd)............ 5.125    03/15/16      1,088,130
 1,100    York Cnty, PA (AMBAC Insd)...................... 5.000    06/01/19      1,185,899
   500    York Cnty, PA Sch Technology Auth Lease Rev
          (FGIC Insd)..................................... 5.500    02/15/22        556,490
 1,000    York Cnty, PA Sch Technology Auth Lease Rev
          (FGIC Insd)..................................... 5.500    02/15/23      1,112,980
                                                                               ------------
                                                                                109,422,772
                                                                               ------------
          GUAM  2.4%
 1,585    Guam Intl Arpt Auth Gen Ser B (MBIA Insd)....... 5.250    10/01/21      1,746,876
                                                                               ------------
 
          PUERTO RICO  6.9%
 4,000    Puerto Rico Comwlth Hwy & Tran Auth Hwy Rev Ser
          Y Rfdg (FSA Insd)............................... 6.250    07/01/21      5,077,720
                                                                               ------------

 
See Notes to Financial Statements                                           


                                      D-11


 
VAN KAMPEN PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST
 
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2005 (UNAUDITED) continued
 


PAR
AMOUNT
(000)     DESCRIPTION                                      COUPON   MATURITY      VALUE
-------------------------------------------------------------------------------------------
                                                                   
          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   $  1,140,350
                                                                               ------------
TOTAL LONG-TERM INVESTMENTS  160.9%
  (Cost $110,110,891).......................................................    117,387,718
SHORT-TERM INVESTMENTS  2.9%
  (Cost $2,100,000).........................................................      2,100,000
                                                                               ------------
TOTAL INVESTMENTS  163.8%
  (Cost $112,210,891).......................................................    119,487,718
LIABILITIES IN EXCESS OF OTHER ASSETS  (2.1%)...............................     (1,548,084)
PREFERRED SHARES (INCLUDING ACCRUED DISTRIBUTIONS)  (61.7%).................    (45,010,538)
                                                                               ------------
 
NET ASSETS APPLICABLE TO COMMON SHARES  100.0%..............................   $ 72,929,096
                                                                               ============

 
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.
 
                                               See Notes to Financial Statements

                                      D-12


 
VAN KAMPEN PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST
 
FINANCIAL STATEMENTS

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

                                                           
ASSETS:
Total Investments (Cost $112,210,891).......................  $119,487,718
Cash........................................................       194,025
Receivables:
  Interest..................................................     1,863,507
  Investments Sold..........................................        85,000
Other.......................................................         1,185
                                                              ------------
    Total Assets............................................   121,631,435
                                                              ------------
LIABILITIES:
Payables:
  Investments Purchased.....................................     3,354,723
  Investment Advisory Fee...................................        52,916
  Income Distributions--Common Shares.......................        10,465
  Other Affiliates..........................................         8,845
Trustees' Deferred Compensation and Retirement Plans........       220,432
Accrued Expenses............................................        44,420
                                                              ------------
    Total Liabilities.......................................     3,691,801
Preferred Shares (including accrued distributions)..........    45,010,538
                                                              ------------
NET ASSETS APPLICABLE TO COMMON SHARES......................  $ 72,929,096
                                                              ============
NET ASSET VALUE PER COMMON SHARE ($72,929,096 divided by
  4,476,965 shares outstanding).............................  $      16.29
                                                              ============
NET ASSETS CONSIST OF:
Common Shares ($.01 par value with an unlimited number of
  shares authorized, 4,476,965 shares issued and
  outstanding)..............................................  $     44,770
Paid in Surplus.............................................    64,698,968
Net Unrealized Appreciation.................................     7,276,827
Accumulated Net Realized Gain...............................       472,680
Accumulated Undistributed Net Investment Income.............       435,851
                                                              ------------
NET ASSETS APPLICABLE TO COMMON SHARES......................  $ 72,929,096
                                                              ============
PREFERRED SHARES ($.01 par value, authorized 100,000,000
  shares, 1,800 issued with liquidation preference of
  $25,000 per share)........................................  $ 45,000,000
                                                              ============
NET ASSETS INCLUDING PREFERRED SHARES.......................  $117,929,096
                                                              ============

 
See Notes to Financial Statements                               


                                      D-13


 
VAN KAMPEN PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST
 
FINANCIAL STATEMENTS continued
 
Statement of Operations
For the Six Months Ended April 30, 2005 (Unaudited)
 

                                                           
INVESTMENT INCOME:
Interest....................................................  $2,847,914
                                                              ----------
EXPENSES:
Investment Advisory Fee.....................................     320,919
Preferred Share Maintenance.................................      66,377
Trustees' Fees and Related Expenses.........................      17,569
Legal.......................................................      16,621
Custody.....................................................       5,807
Other.......................................................      64,531
                                                              ----------
    Total Expenses..........................................     491,824
                                                              ----------
NET INVESTMENT INCOME.......................................  $2,356,090
                                                              ==========
REALIZED AND UNREALIZED GAIN/LOSS:
Net Realized Gain...........................................  $  473,045
                                                              ----------
Unrealized Appreciation/Depreciation:
  Beginning of the Period...................................   7,899,083
  End of the Period.........................................   7,276,827
                                                              ----------
Net Unrealized Depreciation During the Period...............    (622,256)
                                                              ----------
NET REALIZED AND UNREALIZED LOSS............................  $ (149,211)
                                                              ==========
DISTRIBUTIONS TO PREFERRED SHAREHOLDERS.....................  $ (426,559)
                                                              ==========
NET INCREASE IN NET ASSETS APPLICABLE TO COMMON SHARES FROM
  OPERATIONS................................................  $1,780,320
                                                              ==========

 
                                               See Notes to Financial Statements

                                      D-14


 
VAN KAMPEN PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST
 
FINANCIAL STATEMENTS continued
 
Statements of Changes in Net Assets (Unaudited)
 


                                                               FOR THE            FOR THE
                                                           SIX MONTHS ENDED      YEAR ENDED
                                                            APRIL 30, 2005    OCTOBER 31, 2004
                                                           -----------------------------------
                                                                        
FROM INVESTMENT ACTIVITIES:
Operations:
Net Investment Income....................................    $ 2,356,090        $ 4,707,524
Net Realized Gain........................................        473,045            330,297
Net Unrealized Appreciation/Depreciation During the
  Period.................................................       (622,256)         1,449,378
Distributions to Preferred Shareholders:
  Net Investment Income..................................       (395,279)          (471,305)
  Net Realized Gain......................................        (31,280)           (47,180)
                                                             -----------        -----------
Change in Net Assets Applicable to Common Shares from
  Operations.............................................      1,780,320          5,968,714
Distributions to Common Shareholders:
  Net Investment Income..................................     (2,088,295)        (4,484,412)
  Net Realized Gain......................................       (299,032)          (466,557)
                                                             -----------        -----------
 
NET CHANGE IN NET ASSETS APPLICABLE TO COMMON SHARES FROM
  INVESTMENT ACTIVITIES..................................       (607,007)         1,017,745
 
FROM CAPITAL TRANSACTIONS:
Value of Common Shares Issued Through Dividend
  Reinvestment...........................................            -0-             54,749
                                                             -----------        -----------
TOTAL INCREASE/DECREASE IN NET ASSETS APPLICABLE TO
  COMMON SHARES..........................................       (607,007)         1,072,494
NET ASSETS APPLICABLE TO COMMON SHARES:
Beginning of the Period..................................     73,536,103         72,463,609
                                                             -----------        -----------
End of the Period (Including accumulated undistributed
  net investment income of $435,851 and $563,335,
  respectively)..........................................    $72,929,096        $73,536,103
                                                             ===========        ===========

 
See Notes to Financial Statements                                     


                                      D-15



 
VAN KAMPEN PENNSYLVANIA 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.
 


                                                                 SIX
                                                               MONTHS
                                                                ENDED
                                                              APRIL 30,    ------------------
                                                                2005        2004       2003
                                                              -------------------------------
                                                                             
NET ASSET VALUE, BEGINNING OF THE PERIOD....................   $ 16.43     $ 16.20    $ 16.12
                                                               -------     -------    -------
  Net Investment Income.....................................       .53        1.06       1.10
  Net Realized and Unrealized Gain/Loss.....................      (.03)        .39        .12
  Common Share Equivalent of Distributions Paid to Preferred
  Shareholders:
    Net Investment Income...................................      (.09)       (.11)      (.10)
    Net Realized Gain.......................................      (.01)       (.01)       -0-
                                                               -------     -------    -------
Total from Investment Operations............................       .40        1.33       1.12
Distributions Paid to Common Shareholders:
    Net Investment Income...................................      (.47)      (1.00)     (1.04)
    Net Realized Gain.......................................      (.07)       (.10)       -0-
                                                               -------     -------    -------
NET ASSET VALUE, END OF THE PERIOD..........................   $ 16.29     $ 16.43    $ 16.20
                                                               =======     =======    =======
 
Common Share Market Price at End of the Period..............   $ 14.81     $ 15.58    $ 16.05
Total Return (a)............................................    -1.65%*      4.15%      8.07%
Net Assets Applicable to Common Shares at End of the Period
  (In millions).............................................   $  72.9     $  73.5    $  72.5
Ratio of Expenses to Average Net Assets Applicable to Common
  Shares (c)................................................     1.36%       1.51%      1.53%
Ratio of Net Investment Income to Average Net Assets
  Applicable to Common Shares (c)...........................     6.54%       6.50%      6.76%
Portfolio Turnover..........................................       12%*        18%        23%
 
SUPPLEMENTAL RATIOS:
Ratio of Expenses to Average Net Assets Including Preferred
  Shares (c)................................................      .84%        .93%       .95%
Ratio of Net Investment Income to Average Net Assets
  Applicable to Common Shares (d)...........................     5.44%       5.85%      6.13%
 
SENIOR SECURITIES:
Total Preferred Shares Outstanding..........................     1,800       1,800      1,800
Asset Coverage Per Preferred Share (e)......................   $65,522     $65,858    $65,259
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)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 .08%. Per share, ratios and
   supplemental data for periods prior to October 31, 2002 have not been
   restated to reflect this change in presentation.
 
(c)Ratios do not reflect the effect of dividend payments to preferred
   shareholders.
 
(d)Ratios reflect the effect of dividend payments to preferred shareholders.
 
(e)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.


                                      D-16


 


 
Year Ended October 31,
----------------------------------------------------------------------------------------
     2002 (b)    2001      2000       1999       1998       1997       1996       1995
----------------------------------------------------------------------------------------
                                                        
     $ 16.04    $ 14.89   $ 14.42   $  15.98   $  15.48   $  14.83   $  14.68   $  12.57
     -------    -------   -------   --------   --------   --------   --------   --------
        1.14       1.21      1.15       1.12       1.13       1.13       1.13       1.14
         .08       1.07       .52      (1.57)       .49        .62        .13       2.19
        (.15)      (.33)     (.42)      (.33)      (.35)      (.35)      (.36)      (.40)
         -0-        -0-       -0-        -0-        -0-        -0-        -0-        -0-
     -------    -------   -------   --------   --------   --------   --------   --------
        1.07       1.95      1.25       (.78)      1.27       1.40        .90       2.93
        (.99)      (.80)     (.78)      (.78)      (.77)      (.75)      (.75)      (.82)
         -0-        -0-       -0-        -0-        -0-        -0-        -0-        -0-
     -------    -------   -------   --------   --------   --------   --------   --------
     $ 16.12    $ 16.04   $ 14.89   $  14.42   $  15.98   $  15.48   $  14.83   $  14.68
     =======    =======   =======   ========   ========   ========   ========   ========
 
     $ 15.85    $ 15.11   $ 12.25   $12.4375   $14.9375   $ 13.625   $ 12.625   $  12.50
      11.76%     30.60%     4.82%    -11.99%     15.59%     14.26%      7.17%     28.60%
     $  72.1    $  71.7   $  66.5   $   64.4   $   71.4   $   69.2   $   66.3   $   65.6
       1.60%      1.83%     1.92%      1.87%      1.83%      1.91%      1.97%      2.03%
       7.22%      7.78%     7.93%      7.23%      7.17%      7.51%      7.70%      8.27%
         16%        20%       21%        28%         7%         9%        27%        43%
 
        .98%      1.11%     1.13%      1.13%      1.12%      1.14%      1.17%      1.17%
       6.26%      5.64%     5.04%      5.13%      4.93%      5.15%      5.24%      5.35%
 
       1,800      1,800     1,800      1,800        900        900        900        900
     $65,061    $64,811   $61,970   $ 60,800   $129,330   $126,872   $123,646   $122,900
     $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                          


                                      D-17

 
VAN KAMPEN PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST
 
NOTES TO FINANCIAL STATEMENTS -- APRIL 30, 2005 (UNAUDITED)
 
1. SIGNIFICANT ACCOUNTING POLICIES
 
Van Kampen Pennsylvania Value Municipal Income Trust (the "Trust") is registered
as a non-diversified, closed-end management investment company under the
Investment Company Act of 1940, as amended. The Trust's investment objective is
to seek to provide a high level of current income exempt from federal and
Pennsylvania income taxes and, where possible under local law, local income and
personal property taxes, consistent with preservation of capital. The Trust will
invest substantially all of its assets in Pennsylvania municipal securities
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. As of April 30, 2005, the Trust had $3,354,723 of when-issued
and 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.


                                      D-18


 
VAN KAMPEN PENNSYLVANIA 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 are as follows:
 

                                                           
Cost of investments for tax purposes........................  $112,041,596
                                                              ============
Gross tax unrealized appreciation...........................  $  7,470,623
Gross tax unrealized depreciation...........................       (24,501)
                                                              ------------
Net tax unrealized appreciation on investments..............  $  7,446,122
                                                              ============

 
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:
 

                                                           
Distributions paid from:
  Ordinary income...........................................  $255,535
  Long Term Capital Gain....................................   513,737
                                                              --------
                                                              $769,272
                                                              ========

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

                                                           
Undistributed long-term capital gain........................  $329,947

 
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") will provide 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 $3,000 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 $18,300
representing Van Kampen Investments 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

                                      D-19


 
VAN KAMPEN PENNSYLVANIA 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 $64,698,968.
 
    Transactions in common shares were as follows:
 


                                                          SIX MONTHS ENDED       YEAR ENDED
                                                           APRIL 30, 2005     OCTOBER 31, 2004
                                                                        
Beginning Shares........................................     4,476,965           4,473,660
Shares Issued Through Dividend Reinvestment.............           -0-               3,305
                                                             ---------           ---------
Ending Shares...........................................     4,476,965           4,476,965
                                                             =========           =========

 
4. INVESTMENT TRANSACTIONS
 
During the period, the cost of purchases and proceeds from sales of investments,
excluding short-term investments, were $13,744,039 and $13,578,754,
respectively.
 
5. PREFERRED SHARES
 
The Trust has outstanding 1,800 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 2.850%. During the six
months ended April 30, 2005, the rates ranged from 1.500% to 2.850%.
 
    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 on 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. 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


                                      D-20


 
VAN KAMPEN PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST
 
NOTES TO FINANCIAL STATEMENTS -- APRIL 30, 2005 (UNAUDITED) continued
 
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.

                                      D-21


 
VAN KAMPEN PENNSYLVANIA 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.

                                      D-22


 
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)

                                      D-23


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.
VKL SAR 6/05 RN05-01327P-Y04/05
                                                   (VAN KAMPEN INVESTMENTS LOGO)

                                      D-24












                                        
                                   APPENDIX E
                                        
   ANNUAL REPORT OF VAN KAMPEN ADVANTAGE PENNSYLVANIA MUNICIPAL INCOME TRUST,
                             DATED OCTOBER 31, 2004
                                        

                           





























                                       E-1

 
Item 1.  Reports to Shareholders.

The Trust's 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
       Advantage Pennsylvania Municipal Income Trust performed during the annual
       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 October 31, 2004.
 
       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).
 


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




                                      E-2

 

Performance Summary as of 10/31/04
 


ADVANTAGE PENNSYLVANIA MUNICIPAL INCOME TRUST
SYMBOL: VAP
---------------------------------------------------------
AVERAGE ANNUAL                   BASED ON      BASED ON
TOTAL RETURNS                      NAV       MARKET PRICE
                                       
 
Since Inception (9/25/92)         7.97%         7.22%
 
10-year                           8.67          9.88
 
5-year                            9.01          9.54
 
1-year                            9.30          6.95
---------------------------------------------------------

 
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 Pennsylvania Municipal Bond Index is a broad-based
statistical composite of Pennsylvania municipal bonds. The index is unmanaged
and should not be considered an investment. It is not possible to invest
directly in an index.

                                      E-3

 

Trust Report
 
FOR THE 12-MONTH PERIOD ENDED OCTOBER 31, 2004
 
Van Kampen Advantage Pennsylvania Municipal Income Trust is managed by the
Adviser's Municipal Fixed Income team.(1) Current members include Dennis
Pietrzak, Executive Director; Robert Wimmel, Vice President; and John
Reynoldson, Executive Director.
 
MARKET CONDITIONS
 
The interest-rate environment of the 12 months ended October 31, 2004 was marked
by two periods of steadily declining yields, with a significant sell-off in the
middle. Yields fell steadily through the first half of the period, approaching
the historical lows of 2003. This trend persisted until March, at which point
yields reversed direction and began an upward march as prices fell. These losses
were steepest in April, as a surprisingly strong employment report and signals
from members of the Federal Open Market Committee (the Fed) caused investors to
expect a near-term rate increase. Rates went on to decline from May through the
end of the period as the market digested the Fed's newly hawkish rate stance.
Investors were further comforted when, after the Fed raised rates at its June
30, 2004 meeting, its members indicated that the path of future rate increases
would be measured.
 
Unusually, longer-maturity securities largely outperformed in this period of Fed
tightening. Historically, the typical pattern in periods of tightening policy
has seen yields rise across all maturities. During the review period, however,
yields of shorter maturity bonds rose while those of bonds with longer
maturities declined slightly.
 
Lower-quality municipal bonds also performed strongly in this environment, as
the difference in yields (known as the "yield spread") between AAA and BBB rated
bonds decreased by roughly 20 basis points for 20-year bonds. As a result,
sectors with heavy exposure to lower-rated debt, such as hospitals and
industrial-revenue bonds, posted higher total returns than sectors dominated by
higher-rated debt.
 
Issuance for the first 10 months of 2004 (the final 10 months of the review
period) was roughly six percent lower than in the same period in 2003. That
said, 2003 was a record year, and at the current pace of issuance, 2004 could
well be one of the largest years in recent memory. The strong supply met with
faltering demand from mutual funds, as fund investors withdrew over $15 billion
in net cash during the period. This faltering demand was largely offset by
increased participation in the market by insurance companies and individual
investors.
 
(1)Team members may change without notice at any time.

                                      E-4

 

In keeping with national patterns, issuance in the Pennsylvania market fell by
17.6 percent for the first nine months of 2004 compared to the same period one
year earlier. Many local municipalities moved to take advantage of relatively
low interest rates during the period by refinancing their existing debt. The
state's economy remained one of the most solid in the country, and its credit
ratings remained strong.
 
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 significantly, as they did during the reporting period. On
both an NAV basis and a market price basis, the trust outperformed its benchmark
index, the Lehman Brothers Pennsylvania Municipal Bond Index. (See table below.)
 
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 in the final months of the period made the trust's
borrowing activity more expensive. These expenses, however, were more than
offset by the strong performance of the bonds we invested in, leading to the
trust's outperformance versus its benchmark, which is unleveraged.
 
Interest rates spent much of the period at or near historic lows. Given these
levels, our analysis indicated that there was little room for rates to fall
further, and that as a result, rates were more likely to go up than down over
the intermediate term. This analysis led us to reduce the trust's interest-rate
sensitivity to a level that was near that of its benchmark. While this approach
served the trust well when rates declined during the summer, it was overall a
drag on performance for the one-year period.
 
TOTAL RETURN FOR THE 12-MONTH PERIOD ENDED OCTOBER 31, 2004
 


-----------------------------------------------------------------------
        BASED ON       BASED ON     LEHMAN BROTHERS PENNSYLVANIA
          NAV        MARKET PRICE       MUNICIPAL BOND INDEX
                                                      
 
         9.30%          6.95%                   5.63%
-----------------------------------------------------------------------

 
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.

                                      E-5

 
With interest rates at such low levels, several of the trust's holdings were
called away by issuers seeking to refinance their bonds at lower yields. Several
of the trust's shorter maturity bonds were also prerefunded, and we sold many of
these securities to take advantage of more compelling opportunities elsewhere.
We reinvested the proceeds into securities that we believed had attractive
total-return prospects, emphasizing bonds in the 13- to 18-year portion of the
yield curve, especially those with the relatively lower interest-rate
sensitivity. These bonds offer the dual benefit of a strong income stream and
moderate vulnerability to shifting interest rates.
 
We continued to pursue relative value opportunities at the long end of the
market, buying securities when we believed they offered attractive value and
selling them once they met our performance targets in order to reinvest the
proceeds elsewhere. As part of our conservative approach to interest-rate
positioning, we also trimmed the trust's holdings of highly rate-sensitive zero
coupon bonds.
 
We remained focused on keeping the trust's risk profile within a reasonable
range through attention to credit quality and diversification. By the end of the
12-month period, more than 86 percent of the trust's total investments was
invested in bonds rated AAA and AA; these represent the two highest tiers of
credit ratings. The portfolio was also well diversified across the major sectors
of the municipal bond market. Its three largest sector exposures were water and
sewer, public education, and higher education.
 
While it is impossible to predict the exact turning point when interest rates
will move decisively higher, we believe the trust remains well positioned for
the near future. We will continue to comb the municipal bond markets for
interesting opportunities.
 
There is no guarantee that any securities mentioned will continue to perform
well or be held by the trust in the future.


                                      E-6

 


RATINGS ALLOCATION AS OF 10/31/04
                                                                 
AAA/Aaa                                                              74.6%
AA/Aa                                                                12.0
A/A                                                                   8.5
BBB/Baa                                                               4.9

TOP 5 SECTORS AS OF 10/31/04
                                                                 
Water & Sewer                                                        20.3%
Public Education                                                     18.7
Higher Education                                                     16.2
Health Care                                                          10.3
General Purpose                                                      10.2

 
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 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.

                                      E-7

 
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 1-202-942-8090. 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.
 
       In addition to filing a complete schedule of portfolio holdings with the
       SEC each fiscal quarter, each Van Kampen trust makes portfolio holdings
       information available by periodically providing the information on its
       public web site, www.vankampen.com. Each Van Kampen trust provides a
       complete schedule of portfolio holdings on the public web site on a
       calendar-quarter basis approximately 30 days after the close of the
       calendar quarter. Van Kampen closed-end funds do not presently provide
       partial lists of their portfolio holdings on a monthly basis, but may do
       so in the future.
 
       You may obtain copies of a trust's fiscal quarter filings, or its monthly
       or calendar-quarter web site postings, by contacting Van Kampen Client
       Relations at 1-800-847-2424.
 
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 calling 1-800-847-2424 or 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.


                                      E-8

 
VAN KAMPEN ADVANTAGE PENNSYLVANIA MUNICIPAL INCOME TRUST
 
PORTFOLIO OF INVESTMENTS -- OCTOBER 31, 2004
 


PAR
AMOUNT
(000)     DESCRIPTION                                       COUPON   MATURITY     VALUE
-------------------------------------------------------------------------------------------
                                                                   
          MUNICIPAL BONDS  149.2%
          PENNSYLVANIA  147.7%
$1,000    Allegheny Cnty, PA Higher Ed Bldg Carnegie Mellon
          Univ............................................. 5.125%   03/01/32  $  1,026,680
 1,500    Allegheny Cnty, PA Higher Ed Bldg Carnegie Mellon
          Univ............................................. 5.250    03/01/32     1,557,210
   905    Allegheny Cnty, PA Residential Mtg Single Family
          Ser KK-2 (AMT) (GNMA Collateralized)............. 5.750    05/01/33       940,096
 1,000    Allegheny Cnty, PA San Auth Swr (MBIA Insd)...... 5.750    12/01/13     1,153,070
 1,830    Allegheny Cnty, PA San Auth Swr (MBIA Insd)...... 5.750    12/01/18     2,108,471
 2,000    Allegheny Cnty, PA San Auth Swr Rev (MBIA
          Insd)............................................ 5.500    12/01/24     2,214,280
 2,640    Bensalem Twp, PA Sch Dist (FGIC Insd) (a)........ 5.000    08/15/18     2,845,366
 1,000    Bethlehem, PA Auth Wtr Gtd (FSA Insd)............ 5.000    11/15/19     1,091,980
 1,150    Bucks Cnty, PA Wtr & Swr Rev Neshaminy
          Interceptor Ser A (AMBAC Insd) (a)............... 5.375    06/01/14     1,302,179
 1,215    Bucks Cnty, PA Wtr & Swr Rev Neshaminy
          Interceptor Ser A (AMBAC Insd) (a)............... 5.375    06/01/15     1,361,748
   870    Carbon Cnty, PA Indl Dev Auth Panther Creek Partn
          Proj Rfdg (AMT) (LOC: Paribas & Union Bk of CA
          Intl)............................................ 6.650    05/01/10       944,133
 1,500    Central Dauphin, PA Sch Dist (FSA Insd).......... 5.000    12/01/19     1,630,275
 5,000    Dauphin Cnty, PA Genl Auth Hosp Rev Hapsco
          Western PA Hosp Proj B Rfdg (Escrowed to
          Maturity) (MBIA Insd)............................ 6.250    07/01/16     5,930,100
 1,000    Delaware Cnty, PA Auth College Neumann College
          Rfdg............................................. 6.000    10/01/31     1,031,080
 1,000    Delaware Cnty, PA Cap Apprec Rfdg................   *      11/15/10       817,090
 1,045    Delaware Cnty, PA Cap Apprec Rfdg................   *      11/15/11       812,477
 1,225    Delaware Cnty, PA Cap Apprec Rfdg................   *      11/15/12       905,655
 1,500    Delaware Vly, PA Regl Fin Auth................... 5.750    07/01/17     1,781,100
 2,735    Exeter Twp, PA Sch Dist (FGIC Insd).............. 5.000    05/15/25     2,861,494
 2,000    Greater Latrobe, PA Sch Auth (FGIC Insd)......... 5.250    04/01/17     2,226,840
 1,500    Harrisburg, PA Auth Res Gtd Sub Ser D-2 (FSA
          Insd)............................................ 5.000    12/01/33     1,645,665
 1,000    Lycoming Cnty, PA Auth College Rev PA College of
          Technology (AMBAC Insd).......................... 5.350    07/01/26     1,077,210
 1,095    Mars, PA Area Sch Dist Ser AA (MBIA Insd)........   *      09/01/19       566,170
 1,095    Mars, PA Area Sch Dist Ser AA (MBIA Insd)........   *      09/01/20       535,707
 1,095    Mars, PA Area Sch Dist Ser AA (MBIA Insd)........   *      09/01/21       503,711
 2,500    Mercer Cnty, PA Indl Dev Auth Wtr Facs
          Philadelphia Sub Corp (AMT) (MBIA Insd).......... 6.000    07/01/30     2,758,275
 1,000    Monroe Cnty, PA Hosp Auth Rev Hosp Pocono Med
          Ctr.............................................. 6.000    01/01/43     1,031,550

 
See Notes to Financial Statements


                                      E-9

 
VAN KAMPEN ADVANTAGE PENNSYLVANIA MUNICIPAL INCOME TRUST
 
PORTFOLIO OF INVESTMENTS -- OCTOBER 31, 2004 continued
 


PAR
AMOUNT
(000)     DESCRIPTION                                       COUPON   MATURITY     VALUE
-------------------------------------------------------------------------------------------
                                                                   
          PENNSYLVANIA (CONTINUED)
$1,205    Monroeville, PA Muni Auth San Ser B (MBIA
          Insd)............................................ 5.250%   12/01/18  $  1,342,972
 1,350    Monroeville, PA Muni Auth San Ser B (MBIA Insd)
          (a).............................................. 5.250    12/01/20     1,470,946
 1,500    Montgomery Cnty, PA Higher Ed & Hlth Auth Hosp
          Rev Abington Mem Hosp Ser A...................... 5.125    06/01/32     1,511,955
 1,000    Montgomery Cnty, PA Indl Dev Auth Rev Res Rec
          Montenay Proj Ser A (MBIA Insd).................. 5.250    11/01/14     1,140,940
 2,395    Pennsylvania Hsg Fin Agy Single Family Mtg Ser
          66A (AMT)........................................ 5.650    04/01/29     2,458,252
 2,000    Pennsylvania St Higher Ed Fac Auth Rev Drexel
          Univ............................................. 5.500    05/01/17     2,235,280
 1,000    Pennsylvania St Higher Ed Fac Auth Rev La Salle
          Univ............................................. 5.500    05/01/34     1,029,550
 1,000    Pennsylvania St Higher Ed Fac Auth Rev Thomas
          Jefferson........................................ 5.375    01/01/25     1,069,800
 1,500    Pennsylvania St Higher Ed Fac Clarion Univ Fndtn
          Inc Ser A (XLCA Insd)............................ 5.250    07/01/18     1,639,050
 1,500    Pennsylvania St Higher Ed Fac Clarion Univ Fndtn
          Inc Ser A (XLCA Insd)............................ 5.000    07/01/33     1,534,335
 1,000    Pennsylvania St Higher Ed Fac Messiah College Ser
          AA3 (Radian Insd)................................ 5.500    11/01/22     1,076,440
 1,560    Pennsylvania St Higher Ed Fac Philadelphia
          College Osteopathic Med (a)...................... 5.000    12/01/16     1,688,341
 1,850    Pennsylvania St Higher Ed UPMC Hlth Sys Ser A.... 6.000    01/15/31     1,978,038
 3,015    Pennsylvania St Tpk Commn Ser T Rfdg (FGIC
          Insd)............................................ 5.500    12/01/10     3,448,316
 1,970    Pennsylvania St Univ Rfdg........................ 5.250    03/01/18     2,168,714
 1,500    Philadelphia, PA (FSA Insd)...................... 5.250    09/15/25     1,606,485
 1,005    Philadelphia, PA Auth Indl Dev Amern College Of
          Physicians....................................... 5.500    06/15/27     1,052,949
 2,500    Philadelphia, PA Auth Indl Dev Philadelphia Arpt
          Sys Proj Ser A (AMT) (FGIC Insd)................. 5.250    07/01/28     2,593,750
 4,250    Philadelphia, PA Gas Wks Rev 12th Ser B (Escrowed
          to Maturity) (MBIA Insd)......................... 7.000    05/15/20     5,334,047
 4,100    Philadelphia, PA Wtr & Swr Rev Cap Apprec 14th
          Ser (MBIA Insd)..................................   *      10/01/07     3,826,120
 5,000    Pittsburgh & Allegheny Cnty, PA Pub Aud Regl
          Asset Dist Sales Tax (AMBAC Insd)................ 5.000    02/01/24     5,206,450
 2,500    Pittsburgh, PA Ser A (AMBAC Insd)................ 5.500    09/01/17     2,748,000
 2,000    Pittsburgh, PA Ser A (Prerefunded @ 09/01/09)
          (FGIC Insd)...................................... 5.750    09/01/21     2,264,980
 2,000    Pittsburgh, PA Wtr & Swr Rfdg (FGIC Insd)........ 6.500    09/01/13     2,421,480
 1,000    Southcentral, PA Gen Auth Rev Wellspan Hlth Oblig
          (MBIA Insd)...................................... 5.375    05/15/28     1,056,610

 
                                               See Notes to Financial Statements

                                      E-10

 
VAN KAMPEN ADVANTAGE PENNSYLVANIA MUNICIPAL INCOME TRUST
 
PORTFOLIO OF INVESTMENTS -- OCTOBER 31, 2004 continued
 


PAR
AMOUNT
(000)     DESCRIPTION                                       COUPON   MATURITY     VALUE
-------------------------------------------------------------------------------------------
                                                                   
          PENNSYLVANIA (CONTINUED)
$1,610    Springfield, PA Sch Dist Delaware Cnty Ser A
          (FGIC Insd)...................................... 5.000%   03/15/19  $  1,747,252
   685    State Pub Sch Bldg Auth PA Sch Conneaut Sch Dist
          (FGIC Insd)...................................... 5.250    11/01/18       758,774
 1,220    State Pub Sch Bldg Auth PA Sch Conneaut Sch Dist
          (Prerefunded @ 11/01/13) (FGIC Insd)............. 5.250    11/01/18     1,398,718
 1,205    State Pub Sch Bldg Auth PA Sch Tuscarora Sch Dist
          Proj (FSA Insd) (a).............................. 5.250    04/01/20     1,316,716
 1,270    State Pub Sch Bldg Auth PA Sch Tuscarora Sch Dist
          Proj (FSA Insd) (a).............................. 5.250    04/01/21     1,381,100
 1,500    Susquehanna Area Regl Arpt Auth PA Arpt Ser D.... 5.375    01/01/18     1,547,400
 1,850    Trinity Area Sch Dist PA (FGIC Insd)............. 5.250    11/01/20     2,031,503
   535    Unity Twp, PA Muni Auth Gtd Swr Cap Apprec
          (Escrowed to Maturity) (AMBAC Insd)..............   *      11/01/14       360,847
 1,285    Unity Twp, PA Muni Auth Swr Rev (FSA Insd)....... 5.000    12/01/24     1,358,489
 1,075    Wilson, PA Sch Dist Second Ser (FSA Insd)........ 5.375    05/15/16     1,209,891
 1,100    York Cnty, PA (AMBAC Insd)....................... 5.000    06/01/20     1,181,323
                                                                               ------------
                                                                                110,855,425
                                                                               ------------
 
          U.S. VIRGIN ISLANDS  1.5%
 1,000    Virgin Islands Pub Fin Auth Rev Gross Rcpt Taxes
          Ln Nt Ser A (ACA Insd)........................... 6.125    10/01/29     1,120,460
                                                                               ------------
TOTAL LONG-TERM INVESTMENTS  149.2%
  (Cost $102,425,992)........................................................   111,975,885
SHORT-TERM INVESTMENTS  2.3%
  (Cost $1,700,000)..........................................................     1,700,000
                                                                               ------------
TOTAL INVESTMENTS  151.5%
  (Cost $104,125,992)........................................................   113,675,885
OTHER ASSETS IN EXCESS OF LIABILITIES  1.9%..................................     1,382,780
PREFERRED SHARES (INCLUDING ACCRUED DISTRIBUTIONS)  (53.4%)..................   (40,038,140)
                                                                               ------------
 
NET ASSETS APPLICABLE TO COMMON SHARES  100.0%...............................  $ 75,020,525
                                                                               ============

 
    Percentages are calculated as a percentage of net assets applicable to
    common shares.
 
(a) The Trust owns 100% of the bond issuance.
 
*   Zero coupon bond
 
See Notes to Financial Statements                                              

                                      E-11

 
VAN KAMPEN ADVANTAGE PENNSYLVANIA MUNICIPAL INCOME TRUST
 
PORTFOLIO OF INVESTMENTS -- OCTOBER 31, 2004 continued
 
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.
 
                                               See Notes to Financial Statements

                                      E-12

 
VAN KAMPEN ADVANTAGE PENNSYLVANIA MUNICIPAL INCOME TRUST
 
FINANCIAL STATEMENTS

Statement of Assets and Liabilities
October 31, 2004
 

                                                           
ASSETS:
Total Investments (Cost $104,125,992).......................  $113,675,885
Cash........................................................        78,242
Interest Receivable.........................................     1,675,787
Other.......................................................         2,035
                                                              ------------
    Total Assets............................................   115,431,949
                                                              ------------
LIABILITIES:
Payables:
  Investment Advisory Fee...................................        58,223
  Income Distributions--Common Shares.......................        15,830
  Other Affiliates..........................................         6,358
Trustees' Deferred Compensation and Retirement Plans........       210,570
Accrued Expenses............................................        82,303
                                                              ------------
    Total Liabilities.......................................       373,284
Preferred Shares (including accrued distributions)..........    40,038,140
                                                              ------------
NET ASSETS APPLICABLE TO COMMON SHARES......................  $ 75,020,525
                                                              ============
NET ASSET VALUE PER COMMON SHARE
($75,020,525 divided by 4,368,552 shares outstanding).......  $      17.17
                                                              ============
NET ASSETS CONSIST OF:
Common Shares ($.01 par value with an unlimited number of
  shares authorized, 4,368,552 shares issued and
  outstanding)..............................................  $     43,686
Paid in Surplus.............................................    64,233,585
Net Unrealized Appreciation.................................     9,549,893
Accumulated Net Realized Gain...............................       830,014
Accumulated Undistributed Net Investment Income.............       363,347
                                                              ------------
NET ASSETS APPLICABLE TO COMMON SHARES......................  $ 75,020,525
                                                              ============
PREFERRED SHARES ($.01 par value, authorized 100,000,000
  shares, 1,600 issued with liquidation preference of
  $25,000 per share)........................................  $ 40,000,000
                                                              ============
NET ASSETS INCLUDING PREFERRED SHARES.......................  $115,020,525
                                                              ============

 
See Notes to Financial Statements                                             

                                      E-13

 
VAN KAMPEN ADVANTAGE PENNSYLVANIA MUNICIPAL INCOME TRUST
 
FINANCIAL STATEMENTS continued
 
Statement of Operations
For the Year Ended October 31, 2004
 

                                                           
INVESTMENT INCOME:
Interest....................................................  $5,587,944
                                                              ----------
EXPENSES:
Investment Advisory Fee.....................................     683,463
Preferred Share Maintenance.................................     115,660
Trustees' Fees and Related Expenses.........................      61,895
Administrative Fee..........................................      33,350
Legal.......................................................      20,800
Custody.....................................................       7,220
Other.......................................................     137,752
                                                              ----------
    Total Expenses..........................................   1,060,140
                                                              ----------
NET INVESTMENT INCOME.......................................  $4,527,804
                                                              ==========
REALIZED AND UNREALIZED GAIN/LOSS:
Net Realized Gain...........................................  $  829,941
                                                              ----------
Unrealized Appreciation/Depreciation:
  Beginning of the Period...................................   8,168,124
  End of the Period.........................................   9,549,893
                                                              ----------
Net Unrealized Appreciation During the Period...............   1,381,769
                                                              ----------
NET REALIZED AND UNREALIZED GAIN............................  $2,211,710
                                                              ==========
DISTRIBUTIONS TO PREFERRED SHAREHOLDERS.....................  $ (481,527)
                                                              ==========
NET INCREASE IN NET ASSETS APPLICABLE TO COMMON SHARES FROM
  OPERATIONS................................................  $6,257,987
                                                              ==========

 
                                               See Notes to Financial Statements

                                      E-14

 
VAN KAMPEN ADVANTAGE PENNSYLVANIA MUNICIPAL INCOME TRUST
 
FINANCIAL STATEMENTS continued
 
Statements of Changes in Net Assets
 


                                                              FOR THE             FOR THE
                                                             YEAR ENDED          YEAR ENDED
                                                          OCTOBER 31, 2004    OCTOBER 31, 2003
                                                          ------------------------------------
                                                                        
FROM INVESTMENT ACTIVITIES:
Operations:
Net Investment Income...................................    $ 4,527,804         $ 4,823,820
Net Realized Gain.......................................        829,941           2,009,409
Net Unrealized Appreciation/Depreciation During the
  Period................................................      1,381,769          (1,150,733)
Distributions to Preferred Shareholders:
  Net Investment Income.................................       (340,314)           (341,199)
  Net Realized Gain.....................................       (141,213)            (97,678)
                                                            -----------         -----------
Change in Net Assets Applicable to Common Shares from
  Operations............................................      6,257,987           5,243,619
 
Distributions to Common Shareholders:
  Net Investment Income.................................     (4,293,918)         (4,748,108)
  Net Realized Gain.....................................     (1,876,119)           (887,691)
                                                            -----------         -----------
 
NET CHANGE IN NET ASSETS APPLICABLE TO COMMON SHARES
  FROM INVESTMENT ACTIVITIES............................         87,950            (392,180)
NET ASSETS APPLICABLE TO COMMON SHARES:
Beginning of the Period.................................     74,932,575          75,324,755
                                                            -----------         -----------
End of the Period (Including accumulated undistributed
  net investment income of $363,347 and $467,428,
  respectively).........................................    $75,020,525         $74,932,575
                                                            ===========         ===========

 
See Notes to Financial Statements                                             

                                      E-15

 
VAN KAMPEN ADVANTAGE PENNSYLVANIA MUNICIPAL INCOME TRUST
 
FINANCIAL HIGHLIGHTS
 
THE FOLLOWING SCHEDULE PRESENTS FINANCIAL HIGHLIGHTS FOR ONE COMMON SHARE OF THE
TRUST OUTSTANDING THROUGHOUT THE PERIODS INDICATED.
 


                                                              ------------------------------
                                                               2004       2003      2002 (e)
                                                              ------------------------------
                                                                           
NET ASSET VALUE, BEGINNING OF THE PERIOD....................  $ 17.15    $ 17.24    $ 17.28
                                                              -------    -------    -------
  Net Investment Income.....................................     1.03       1.11       1.19
  Net Realized and Unrealized Gain/Loss.....................      .51        .19        .08
  Common Share Equivalent of Distributions Paid to Preferred
    Shareholders:
    Net Investment Income...................................     (.08)      (.08)      (.12)
    Net Realized Gain.......................................     (.03)      (.02)      (.03)
                                                              -------    -------    -------
Total from Investment Operations............................     1.43       1.20       1.12
Distributions Paid to Common Shareholders:
    Net Investment Income...................................     (.98)     (1.09)     (1.05)
    Net Realized Gain.......................................     (.43)      (.20)      (.11)
                                                              -------    -------    -------
NET ASSET VALUE, END OF THE PERIOD..........................  $ 17.17    $ 17.15    $ 17.24
                                                              =======    =======    =======
 
Common Share Market Price at End of the Period..............  $ 15.90    $ 16.23    $ 16.45
Total Return (a)............................................    6.95%      6.54%     11.96%
Net Assets Applicable to Common Shares at End of the Period
  (In millions).............................................  $  75.0    $  74.9    $  75.3
Ratio of Expenses to Average Net Assets Applicable to Common
  Shares (b)................................................    1.43%      1.43%      1.50%
Ratio of Net Investment Income to Average Net Assets
  Applicable to Common Shares (b)...........................    6.13%      6.40%      7.02%
Portfolio Turnover..........................................       8%        31%        19%
 
SUPPLEMENTAL RATIOS:
Ratio of Expenses to Average Net Assets Including Preferred
  Shares (b)................................................     .93%       .93%       .97%
Ratio of Net Investment Income to Average Net Assets
  Applicable to Common Shares (c)...........................    5.67%      5.95%      6.32%
 
SENIOR SECURITIES:
Total Preferred Shares Outstanding..........................    1,600      1,600      1,600
Asset Coverage Per Preferred Share (d)......................  $71,912    $71,846    $72,101
Involuntary Liquidating Preference Per Preferred Share......  $25,000    $25,000    $25,000
Average Market Value Per Preferred Share....................  $25,000    $25,000    $25,000

 
(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 dividend payments to preferred
   shareholders.
 
(c)Ratios reflect the effect of 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 less than $.01, decrease net realized and unrealized
   gains and losses per share by less than $.01 and increase the ratio of net
   investment income to average net assets by .02%. Per share, ratios and
   supplemental data for periods prior to October 31, 2002 have not been
   restated to reflect this change in presentation.
 

                                      E-16

 


                  YEAR ENDED OCTOBER 31,
-----------------------------------------------------------------------------
      2001       2000      1999       1998       1997       1996       1995
-----------------------------------------------------------------------------
                                                
     $ 16.40   $  16.18   $ 17.66   $  17.23   $  16.72   $  16.69   $  14.63
     -------   --------   -------   --------   --------   --------   --------
        1.21       1.27      1.24       1.24       1.25       1.24       1.25
        1.15        .28     (1.46)       .47        .54        .04       2.06
        (.25)      (.37)     (.30)      (.32)      (.32)      (.32)      (.36)
        (.09)       -0-       -0-        -0-        -0-        -0-        -0-
     -------   --------   -------   --------   --------   --------   --------
        2.02       1.18      (.52)      1.39       1.47        .96       2.95
        (.93)      (.96)     (.96)      (.96)      (.96)      (.93)      (.89)
        (.21)       -0-       -0-        -0-        -0-        -0-        -0-
     -------   --------   -------   --------   --------   --------   --------
     $ 17.28   $  16.40   $ 16.18   $  17.66   $  17.23   $  16.72   $  16.69
     =======   ========   =======   ========   ========   ========   ========
 
     $ 15.75   $14.9375   $14.625   $  17.25   $16.4375   $ 15.125   $  14.00
      13.31%      9.10%   -10.14%     11.03%     15.38%     14.85%     23.03%
     $  75.4   $   71.5   $  70.6   $   77.0   $   75.2   $   72.9   $   72.8
       1.71%      1.78%     1.69%      1.67%      1.70%      1.77%      1.77%
       7.12%      7.89%     7.22%      7.11%      7.41%      7.48%      7.96%
         17%        31%        7%         3%         2%         2%         9%
 
       1.10%      1.13%     1.10%      1.10%      1.10%      1.14%      1.12%
       5.70%      5.59%     5.45%      5.25%      5.48%      5.52%      5.68%
 
       1,600      1,600     1,600        800        800        800        800
     $72,107   $ 69,704   $69,097   $146,292   $143,968   $141,175   $141,025
     $25,000   $ 25,000   $25,000   $ 50,000   $ 50,000   $ 50,000   $ 50,000
     $25,000   $ 25,000   $25,000   $ 50,000   $ 50,000   $ 50,000   $ 50,000

 
See Notes to Financial Statements                                             

                                      E-17

 

VAN KAMPEN ADVANTAGE PENNSYLVANIA MUNICIPAL INCOME TRUST
 
NOTES TO FINANCIAL STATEMENTS -- OCTOBER 31, 2004
 
1. SIGNIFICANT ACCOUNTING POLICIES
 
Van Kampen Advantage Pennsylvania Municipal Income Trust (the "Trust") is
registered as a non-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
Pennsylvania income taxes and, where possible under local law, local income and
personal property taxes, consistent with preservation of capital. The Trust will
invest substantially all of its assets in Pennsylvania municipal securities
rated investment grade at the time of investment. The Trust commenced investment
operations on September 25, 1992. Effective November 30, 2003, the Trust's
investment adviser, Van Kampen Investment Advisory Corp., merged into its
affiliate, Van Kampen Asset Management.
 
    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 October 31, 2004, the Trust had no when-issued and 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 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.
 

                                      E-18

 
VAN KAMPEN ADVANTAGE PENNSYLVANIA MUNICIPAL INCOME TRUST
 
NOTES TO FINANCIAL STATEMENTS -- OCTOBER 31, 2004 continued
 
At October 31, 2004, the cost and related gross unrealized appreciation and
depreciation are as follows:
 

                                                             
Cost of investments for tax purposes........................    $104,016,610
                                                                ============
Gross tax unrealized appreciation...........................    $  9,659,275
Gross tax unrealized depreciation...........................             -0-
                                                                ------------
Net tax unrealized appreciation on investments..............    $  9,659,275
                                                                ============

 
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 years ended October 31,
2004 and 2003 was as follows:
 


                                                                 2004          2003
                                                                      
Distributions paid from:
  Ordinary income...........................................  $  155,669    $   43,589
  Long-term capital gain....................................   1,897,804       962,055
                                                              ----------    ----------
                                                              $2,053,473    $1,055,644
                                                              ==========    ==========

 
    Due to inherent differences in the recognition of income, expenses and
realized gains/ losses under accounting principles generally accepted in the
United States of America and federal income tax purposes, permanent differences
between financial and tax basis reporting for the 2004 fiscal year have been
identified and appropriately reclassified. A permanent difference relating to
excise taxes paid which are not deductible for tax purposes totaling $2,488 was
reclassified from accumulated undistributed net investment income to paid in
surplus. Also, a permanent difference of $141 relating to book to tax accretion
differences was reclassified from accumulated undistributed net investment
income to accumulated net realized gain.
 
    As of October 31, 2004, the components of distributable earnings on a tax
basis were as follows:
 

                                                             
Undistributed ordinary income...............................    $ 38,539
Undistributed long-term capital gain........................    $791,896

 
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 .60% of the average daily net assets
of the Trust. Effective November 1, 2004, the investment advisory fee was
reduced from .60% to .55%. In addition, the Trust paid a monthly administrative
fee to Van Kampen Investments Inc. or its affiliates (collectively "Van
Kampen"), the Trust's Administrator, at an annual rate of .05% of the
 


                                      E-19

 
VAN KAMPEN ADVANTAGE PENNSYLVANIA MUNICIPAL INCOME TRUST
 
NOTES TO FINANCIAL STATEMENTS -- OCTOBER 31, 2004 continued
 
average daily net assets of the Trust. Effective June 1, 2004, the
administrative fee was reduced from .05% to .00%.
 
    For the year ended October 31, 2004, the Trust recognized expenses of
approximately $7,700 representing legal services provided by Skadden, Arps,
Slate, Meagher & Flom LLP, counsel to the Trust, of which a trustee of the Trust
is a partner who provides legal services to the Trust, and is therefore an
affiliated person.
 
    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 year ended October
31, 2004, the Trust recognized expenses of approximately $26,600 representing
Van Kampen's cost of providing accounting and legal services to the Trust, which
are reported as part of "Other" and "Legal" expenses, respectively, in 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 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. INVESTMENT TRANSACTIONS
 
During the period, the cost of purchases and proceeds from sales of investments,
excluding short-term investments, were $9,357,961 and $15,194,550, respectively.
 
4. PREFERRED SHARES
 
The Trust has outstanding 1,600 Auction Preferred Shares ("APS"). Dividends are
cumulative and the dividend rate is currently reset every 28 days through an
auction process. The rate in effect on October 31, 2004 was 1.450%. During the
year ended October 31, 2004, the rates ranged from 0.880% to 1.490%.
 
    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.
 
5. 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.
 

                                      E-20

 
VAN KAMPEN ADVANTAGE PENNSYLVANIA MUNICIPAL INCOME TRUST
 
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
 
To the Board of Trustees and Shareholders of Van Kampen Advantage Pennsylvania
Municipal Income Trust
 
We have audited the accompanying statement of assets and liabilities of Van
Kampen Advantage Pennsylvania Municipal Income Trust (the "Trust"), including
the portfolio of investments, as of October 31, 2004, the related statement of
operations for the year then ended, the statements of changes in net assets for
each of the two years in the period then ended, and the financial highlights for
each of the five years in the period then ended. These financial statements and
financial highlights are the responsibility of the Trust's management. Our
responsibility is to express an opinion on these financial statements and
financial highlights based on our audits. The Trust's financial highlights for
the periods ended prior to October 31, 2000 were audited by other auditors whose
report, dated December 6, 1999, expressed an unqualified opinion on those
financial highlights.
 
    We conducted our audits in accordance with standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. Our procedures included confirmation of
securities owned as of October 31, 2004, by correspondence with the Trust's
custodian. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
 
    In our opinion, the financial statements and financial highlights referred
to above present fairly, in all material respects, the financial position of Van
Kampen Advantage Pennsylvania Municipal Income Trust as of October 31, 2004, the
results of its operations for the year then ended, the changes in its net assets
and the financial highlights for the respective stated periods, in conformity
with accounting principles generally accepted in the United States of America.
 
DELOITTE & TOUCHE LLP
Chicago, Illinois
December 10, 2004
 

                                      E-21

 
VAN KAMPEN ADVANTAGE PENNSYLVANIA 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
 

                                      E-22


VAN KAMPEN ADVANTAGE PENNSYLVANIA 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
 

                                      E-23

 
VAN KAMPEN ADVANTAGE PENNSYLVANIA MUNICIPAL INCOME TRUST
 
BOARD OF TRUSTEES AND IMPORTANT ADDRESSES
 
BOARD OF TRUSTEES
 
DAVID C. ARCH
J. MILES BRANAGAN
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
 
INVESTMENT ADVISER
 
VAN KAMPEN ASSET MANAGEMENT
1221 Avenue of the Americas
New York, New York 10020
 
CUSTODIAN AND TRANSFER AGENT
 
STATE STREET BANK
AND TRUST COMPANY
c/o EquiServe
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
 
 For federal income tax purposes, the following information is furnished with
 respect to the distributions paid by the Trust during its taxable year ended
 October 31, 2004. The Trust designated 99.2% of the income distributions as a
 tax-exempt income distribution. The Trust designated and paid $1,897,804 as a
 long-term capital gain distribution. In January, the Trust provides tax
 information to shareholders for the preceding calendar year.
 
*   "Interested persons" of the Trust, as defined in the Investment Company Act
    of 1940, as amended.


                                      E-24

 
VAN KAMPEN ADVANTAGE PENNSYLVANIA MUNICIPAL INCOME TRUST
 
RESULTS OF SHAREHOLDER VOTES
 
The Annual Meeting of Shareholders of the Trust was held on June 23, 2004, where
shareholders voted on the election of trustees.
 
With regard to the election of the following trustees by common shareholders of
the Trust:
 


                                                                      # OF SHARES
                                                             -----------------------------
                                                             IN FAVOR             WITHHELD
------------------------------------------------------------------------------------------
                                                                            
R. Craig Kennedy...........................................  4,103,149             30,754
Jack E. Nelson.............................................  4,105,652             28,251
Richard F. Powers, III.....................................  4,109,533             24,370

 
With regard to the election of the following trustee by preferred shareholders
of the Trust:
 


                                                                      # OF SHARES
                                                              ----------------------------
                                                              IN FAVOR            WITHHELD
------------------------------------------------------------------------------------------
                                                                            
Hugo F. Sonnenschein........................................   1,329                --

 
The other trustees of the Trust whose terms did not expire in 2004 are David C.
Arch, J. Miles Branagan, Jerry D. Choate, Rod Dammeyer, Linda Hutton Heagy,
Howard J Kerr, Mitchell M. Merin, Wayne W. Whalen, and Suzanne H. Woolsey.
 

                                      E-25

 
VAN KAMPEN ADVANTAGE PENNSYLVANIA MUNICIPAL INCOME TRUST
 
TRUSTEE AND OFFICER INFORMATION
 
The business and affairs of the Trust are managed under the direction of the
Trust's Board of Trustees and the Trust's officers appointed by the Board of
Trustees. The tables below list the trustees and executive officers of the Trust
and their principal occupations during the last five years, other directorships
held by trustees and their affiliations, if any, with Van Kampen Investments
Inc. ("Van Kampen Investments"), Van Kampen Asset Management (the "Adviser"),
Van Kampen Funds Inc. (the "Distributor"), Van Kampen Advisors Inc., Van Kampen
Exchange Corp. and Van Kampen Investor Services Inc. ("Investor Services"). The
term "Fund Complex" includes each of the investment companies advised by the
Adviser or its affiliates as of the date of this Statement of Additional
Information. Trustees serve until reaching their retirement age or until their
successors are duly elected and qualified. Officers are annually elected by the
trustees.
 
INDEPENDENT TRUSTEES:
 


                                                                                  NUMBER OF
                                            TERM OF                                FUNDS IN
                                           OFFICE AND                                FUND
                              POSITION(S)  LENGTH OF                               COMPLEX
NAME, AGE AND ADDRESS          HELD WITH      TIME     PRINCIPAL OCCUPATION(S)     OVERSEEN    OTHER DIRECTORSHIPS
OF INDEPENDENT TRUSTEE           TRUST       SERVED    DURING PAST 5 YEARS        BY TRUSTEE   HELD BY TRUSTEE
                                                                                
David C. Arch (59)            Trustee      Trustee     Chairman and Chief             85       Trustee/Director/Managing
Blistex Inc.                               since 1992  Executive Officer of                    General Partner of funds
1800 Swift Drive                                       Blistex Inc., a consumer                in the Fund Complex.
Oak Brook, IL 60523                                    health care products
                                                       manufacturer. Director of
                                                       the Heartland Alliance, a
                                                       nonprofit organization
                                                       serving human needs based
                                                       in Chicago. Director of
                                                       St. Vincent de Paul
                                                       Center, a Chicago based
                                                       day care facility serving
                                                       the children of low
                                                       income families. Board
                                                       member of the Illinois
                                                       Manufacturers'
                                                       Association.

J. Miles Branagan (72)        Trustee      Trustee     Private investor.              83       Trustee/Director/Managing
1632 Morning Mountain Road                 since 2003  Co-founder, and prior to                General Partner of funds
Raleigh, NC 27614                                      August 1996, Chairman,                  in the Fund Complex.
                                                       Chief Executive Officer
                                                       and President, MDT
                                                       Corporation (now known as
                                                       Getinge/Castle, Inc., a
                                                       subsidiary of Getinge
                                                       Industrier AB), a company
                                                       which develops,
                                                       manufactures, markets and
                                                       services medical and
                                                       scientific equipment.

 

                                      E-26

 
VAN KAMPEN ADVANTAGE PENNSYLVANIA MUNICIPAL INCOME TRUST

TRUSTEE AND OFFICER INFORMATION continued


                                                                                  NUMBER OF
                                            TERM OF                                FUNDS IN
                                           OFFICE AND                                FUND
                              POSITION(S)  LENGTH OF                               COMPLEX
NAME, AGE AND ADDRESS          HELD WITH      TIME     PRINCIPAL OCCUPATION(S)     OVERSEEN    OTHER DIRECTORSHIPS
OF INDEPENDENT TRUSTEE           TRUST       SERVED    DURING PAST 5 YEARS        BY TRUSTEE   HELD BY TRUSTEE
                                                                                

Jerry D. Choate (66)          Trustee      Trustee     Prior to January 1999,         83       Trustee/Director/Managing
33971 Selva Road                           since 2003  Chairman and Chief                      General Partner of funds
Suite 130                                              Executive Officer of the                in the Fund Complex.
Dana Point, CA 92629                                   Allstate Corporation                    Director of Amgen Inc., a
                                                       ("Allstate") and Allstate               biotechnological company,
                                                       Insurance Company. Prior                and Director of Valero
                                                       to January 1995,                        Energy Corporation, an
                                                       President and Chief                     independent refining
                                                       Executive Officer of                    company.
                                                       Allstate. Prior to August
                                                       1994, various management
                                                       positions at Allstate.

 

                                      E-27

 
VAN KAMPEN ADVANTAGE PENNSYLVANIA MUNICIPAL INCOME TRUST

TRUSTEE AND OFFICER INFORMATION continued


                                                                                  NUMBER OF
                                            TERM OF                                FUNDS IN
                                           OFFICE AND                                FUND
                              POSITION(S)  LENGTH OF                               COMPLEX
NAME, AGE AND ADDRESS          HELD WITH      TIME     PRINCIPAL OCCUPATION(S)     OVERSEEN    OTHER DIRECTORSHIPS
OF INDEPENDENT TRUSTEE           TRUST       SERVED    DURING PAST 5 YEARS        BY TRUSTEE   HELD BY TRUSTEE
                                                                                

Rod Dammeyer (64)             Trustee      Trustee     President of CAC, L.L.C.,      85       Trustee/Director/Managing
CAC, L.L.C.                                since 1992  a private company                       General Partner of funds
4350 LaJolla Village Drive                             offering capital                        in the Fund Complex.
Suite 980                                              investment and management               Director of Stericycle,
San Diego, CA 92122-6223                               advisory services. Prior                Inc., Ventana Medical
                                                       to February 2001, Vice                  Systems, Inc., and GATX
                                                       Chairman and Director of                Corporation, and Trustee
                                                       Anixter International,                  of The Scripps Research
                                                       Inc., a global                          Institute and the
                                                       distributor of wire,                    University of Chicago
                                                       cable and communications                Hospitals and Health
                                                       connectivity products.                  Systems. Prior to January
                                                       Prior to July 2000,                     2004, Director of
                                                       Managing Partner of                     TeleTech Holdings Inc.
                                                       Equity Group Corporate                  and Arris Group, Inc.
                                                       Investment (EGI), a                     Prior to May 2002,
                                                       company that makes                      Director of Peregrine
                                                       private investments in                  Systems Inc. Prior to
                                                       other companies.                        February 2001, Director
                                                                                               of IMC Global Inc. Prior
                                                                                               to July 2000, Director of
                                                                                               Allied Riser
                                                                                               Communications Corp.,
                                                                                               Matria Healthcare Inc.,
                                                                                               Transmedia Networks,
                                                                                               Inc., CNA Surety, Corp.
                                                                                               and Grupo Azcarero Mexico
                                                                                               (GAM).

 

                                      E-28

 
VAN KAMPEN ADVANTAGE PENNSYLVANIA MUNICIPAL INCOME TRUST

TRUSTEE AND OFFICER INFORMATION continued


                                                                                  NUMBER OF
                                            TERM OF                                FUNDS IN
                                           OFFICE AND                                FUND
                              POSITION(S)  LENGTH OF                               COMPLEX
NAME, AGE AND ADDRESS          HELD WITH      TIME     PRINCIPAL OCCUPATION(S)     OVERSEEN    OTHER DIRECTORSHIPS
OF INDEPENDENT TRUSTEE           TRUST       SERVED    DURING PAST 5 YEARS        BY TRUSTEE   HELD BY TRUSTEE
                                                                                

Linda Hutton Heagy (56)       Trustee      Trustee     Managing Partner of            83       Trustee/Director/Managing
Heidrick & Struggles                       since 2003  Heidrick & Struggles, an                General Partner of funds
233 South Wacker Drive                                 executive search firm.                  in the Fund Complex.
Suite 7000                                             Trustee on the University
Chicago, IL 60606                                      of Chicago Hospitals
                                                       Board, Vice Chair of the
                                                       Board of the YMCA of
                                                       Metropolitan Chicago and
                                                       a member of the Women's
                                                       Board of the University
                                                       of Chicago. Prior to
                                                       1997, Partner of Ray &
                                                       Berndtson, Inc., an
                                                       executive recruiting
                                                       firm. Prior to 1996,
                                                       Trustee of The
                                                       International House
                                                       Board, a fellowship and
                                                       housing organization for
                                                       international graduate
                                                       students. Prior to 1995,
                                                       Executive Vice President
                                                       of ABN AMRO, N.A., a bank
                                                       holding company. Prior to
                                                       1992, Executive Vice
                                                       President of La Salle
                                                       National Bank.

R. Craig Kennedy (52)         Trustee      Trustee     Director and President of      83       Trustee/Director/Managing
1744 R Street, NW                          since 2003  the German Marshall Fund                General Partner of funds
Washington, DC 20009                                   of the United States, an                in the Fund Complex.
                                                       independent U.S.
                                                       foundation created to
                                                       deepen understanding,
                                                       promote collaboration and
                                                       stimulate exchanges of
                                                       practical experience
                                                       between Americans and
                                                       Europeans. Formerly,
                                                       advisor to the Dennis
                                                       Trading Group Inc., a
                                                       managed futures and
                                                       option company that
                                                       invests money for
                                                       individuals and
                                                       institutions. Prior to
                                                       1992, President and Chief
                                                       Executive Officer,
                                                       Director and member of
                                                       the Investment Committee
                                                       of the Joyce Foundation,
                                                       a private foundation.

Howard J Kerr (69)            Trustee      Trustee     Prior to 1998, President       85       Trustee/Director/Managing
736 North Western Avenue                   since 1992  and Chief Executive                     General Partner of funds
P.O. Box 317                                           Officer of Pocklington                  in the Fund Complex.
Lake Forest, IL 60045                                  Corporation, Inc., an                   Director of the Lake
                                                       investment holding                      Forest Bank & Trust.
                                                       company. Director of the
                                                       Marrow Foundation.

 

                                      E-29

 
VAN KAMPEN ADVANTAGE PENNSYLVANIA MUNICIPAL INCOME TRUST

TRUSTEE AND OFFICER INFORMATION continued


                                                                                  NUMBER OF
                                            TERM OF                                FUNDS IN
                                           OFFICE AND                                FUND
                              POSITION(S)  LENGTH OF                               COMPLEX
NAME, AGE AND ADDRESS          HELD WITH      TIME     PRINCIPAL OCCUPATION(S)     OVERSEEN    OTHER DIRECTORSHIPS
OF INDEPENDENT TRUSTEE           TRUST       SERVED    DURING PAST 5 YEARS        BY TRUSTEE   HELD BY TRUSTEE
                                                                                

Jack E. Nelson (68)           Trustee      Trustee     President of Nelson            83       Trustee/Director/Managing
423 Country Club Drive                     since 2003  Investment Planning                     General Partner of funds
Winter Park, FL 32789                                  Services, Inc., a                       in the Fund Complex.
                                                       financial planning
                                                       company and registered
                                                       investment adviser in the
                                                       State of Florida.
                                                       President of Nelson Ivest
                                                       Brokerage Services Inc.,
                                                       a member of the NASD,
                                                       Securities Investors
                                                       Protection Corp. and the
                                                       Municipal Securities
                                                       Rulemaking Board.
                                                       President of Nelson Sales
                                                       and Services Corporation,
                                                       a marketing and services
                                                       company to support
                                                       affiliated companies.

Hugo F. Sonnenschein (64)     Trustee      Trustee     President Emeritus and         85       Trustee/Director/Managing
1126 E. 59th Street                        since 1994  Honorary Trustee of the                 General Partner of funds
Chicago, IL 60637                                      University of Chicago and               in the Fund Complex.
                                                       the Adam Smith                          Director of Winston
                                                       Distinguished Service                   Laboratories, Inc.
                                                       Professor in the
                                                       Department of Economics
                                                       at the University of
                                                       Chicago. Prior to July
                                                       2000, President of the
                                                       University of Chicago.
                                                       Trustee of the University
                                                       of Rochester and a member
                                                       of its investment
                                                       committee. Member of the
                                                       National Academy of
                                                       Sciences, the American
                                                       Philosophical Society and
                                                       a fellow of the American
                                                       Academy of Arts and
                                                       Sciences.

Suzanne H. Woolsey, Ph.D.     Trustee      Trustee     Chief Communications           83       Trustee/Director/Managing
(62)                                       since 2003  Officer of the National                 General Partner of funds
815 Cumberstone Road                                   Academy of                              in the Fund Complex.
Harwood, MD 20776                                      Sciences/National                       Director of Fluor Corp.,
                                                       Research Council, an                    an engineering,
                                                       independent, federally                  procurement and
                                                       chartered policy                        construction
                                                       institution, from 2001 to               organization, since
                                                       November 2003 and Chief                 January 2004 and Director
                                                       Operating Officer from                  of Neurogen Corporation,
                                                       1993 to 2001. Director of               a pharmaceutical company,
                                                       the Institute for Defense               since January 1998.
                                                       Analyses, a federally
                                                       funded research and
                                                       development center,
                                                       Director of the German
                                                       Marshall Fund of the
                                                       United States, Director
                                                       of the Rocky Mountain
                                                       Institute and Trustee of
                                                       Colorado College. Prior
                                                       to 1993, Executive
                                                       Director of the
                                                       Commission on Behavioral
                                                       and Social Sciences and
                                                       Education at the National
                                                       Academy of
                                                       Sciences/National
                                                       Research Council. From
                                                       1980 through 1989,
                                                       Partner of Coopers &
                                                       Lybrand.

 

                                      E-30

 
VAN KAMPEN ADVANTAGE PENNSYLVANIA MUNICIPAL INCOME TRUST
 
TRUSTEE AND OFFICER INFORMATION continued
 
INTERESTED TRUSTEES:*
 


                                                                                  NUMBER OF
                                            TERM OF                                FUNDS IN
                                           OFFICE AND                                FUND
                              POSITION(S)  LENGTH OF                               COMPLEX
NAME, AGE AND ADDRESS          HELD WITH      TIME     PRINCIPAL OCCUPATION(S)     OVERSEEN    OTHER DIRECTORSHIPS
OF INTERESTED TRUSTEE            TRUST       SERVED    DURING PAST 5 YEARS        BY TRUSTEE   HELD BY TRUSTEE
                                                                                

Mitchell M. Merin* (51)       Trustee,     Trustee     President and Chief            83       Trustee/Director/Managing
1221 Avenue of the Americas   President    since       Executive Officer of                    General Partner of funds
New York, NY 10020            and Chief    2003;       funds in the Fund                       in the Fund Complex.
                              Executive    President   Complex. Chairman,
                              Officer      and Chief   President, Chief
                                           Executive   Executive Officer and
                                           Officer     Director of the Adviser
                                           since 2002  and Van Kampen Advisors
                                                       Inc. since December 2002.
                                                       Chairman, President and
                                                       Chief Executive Officer
                                                       of Van Kampen Investments
                                                       since December 2002.
                                                       Director of Van Kampen
                                                       Investments since
                                                       December 1999. Chairman
                                                       and Director of Van
                                                       Kampen Funds Inc. since
                                                       December 2002. President,
                                                       Director and Chief
                                                       Operating Officer of
                                                       Morgan Stanley Investment
                                                       Management since December
                                                       1998. President and
                                                       Director since April 1997
                                                       and Chief Executive
                                                       Officer since June 1998
                                                       of Morgan Stanley
                                                       Investment Advisors Inc.
                                                       and Morgan Stanley
                                                       Services Company Inc.
                                                       Chairman, Chief Executive
                                                       Officer and Director of
                                                       Morgan Stanley
                                                       Distributors Inc. since
                                                       June 1998. Chairman since
                                                       June 1998, and Director
                                                       since January 1998 of
                                                       Morgan Stanley Trust.
                                                       Director of various
                                                       Morgan Stanley
                                                       subsidiaries. President
                                                       of the Morgan Stanley
                                                       Funds since May 1999.
                                                       Previously Chief
                                                       Executive Officer of Van
                                                       Kampen Funds Inc. from
                                                       December 2002 to July
                                                       2003, Chief Strategic
                                                       Officer of Morgan Stanley
                                                       Investment Advisors Inc.
                                                       and Morgan Stanley
                                                       Services Company Inc. and
                                                       Executive Vice President
                                                       of Morgan Stanley
                                                       Distributors Inc. from
                                                       April 1997 to June 1998.
                                                       Chief Executive Officer
                                                       from September 2002 to
                                                       April 2003 and Vice
                                                       President from May 1997
                                                       to April 1999 of the
                                                       Morgan Stanley Funds.

 

                                      E-31

 
VAN KAMPEN ADVANTAGE PENNSYLVANIA MUNICIPAL INCOME TRUST

TRUSTEE AND OFFICER INFORMATION continued


                                                                                  NUMBER OF
                                            TERM OF                                FUNDS IN
                                           OFFICE AND                                FUND
                              POSITION(S)  LENGTH OF                               COMPLEX
NAME, AGE AND ADDRESS          HELD WITH      TIME     PRINCIPAL OCCUPATION(S)     OVERSEEN    OTHER DIRECTORSHIPS
OF INTERESTED TRUSTEE            TRUST       SERVED    DURING PAST 5 YEARS        BY TRUSTEE   HELD BY TRUSTEE
                                                                                

Richard F. Powers, III* (58)  Trustee      Trustee     Advisory Director of           85       Trustee/Director/Managing
1 Parkview Plaza                           since 1999  Morgan Stanley. Prior to                General Partner of funds
P.O. Box 5555                                          December 2002, Chairman,                in the Fund Complex.
Oakbrook Terrace, IL 60181                             Director, President,
                                                       Chief Executive Officer
                                                       and Managing Director of
                                                       Van Kampen Investments
                                                       and its investment
                                                       advisory, distribution
                                                       and other subsidiaries.
                                                       Prior to December 2002,
                                                       President and Chief
                                                       Executive Officer of
                                                       funds in the Fund
                                                       Complex. Prior to May
                                                       1998, Executive Vice
                                                       President and Director of
                                                       Marketing at Morgan
                                                       Stanley and Director of
                                                       Dean Witter, Discover &
                                                       Co. and Dean Witter
                                                       Realty. Prior to 1996,
                                                       Director of Dean Witter
                                                       Reynolds Inc.

Wayne W. Whalen* (65)         Trustee      Trustee     Partner in the law firm        85       Trustee/Director/Managing
333 West Wacker Drive                      since 1992  of Skadden, Arps, Slate,                General Partner of funds
Chicago, IL 60606                                      Meagher & Flom LLP, legal               in the Fund Complex.
                                                       counsel to funds in the
                                                       Fund Complex.

 
*   Such Trustee is an "interested person" (within the meaning of Section
    2(a)(19) of the 1940 Act). Mr. Whalen is an interested person of certain
    funds in the Fund Complex by reason of his firm currently acting as legal
    counsel to such funds in the Fund Complex. Messrs. Merin and Powers are
    interested persons of funds in the Fund Complex and the Adviser by reason of
    their current or former positions with Morgan Stanley or its affiliates.
 


                                      E-32

 

VAN KAMPEN ADVANTAGE PENNSYLVANIA MUNICIPAL INCOME TRUST
 
TRUSTEE AND OFFICER INFORMATION continued
 
OFFICERS:
 


                                                     TERM OF
                                                    OFFICE AND
                                   POSITION(S)      LENGTH OF
NAME, AGE AND                       HELD WITH          TIME     PRINCIPAL OCCUPATION(S)
ADDRESS OF OFFICER                    TRUST           SERVED    DURING PAST 5 YEARS
                                                       
Stefanie V. Chang (38)          Vice President      Officer     Executive Director of Morgan Stanley Investment Management.
1221 Avenue of the Americas     and Secretary       since 2003  Vice President of funds in the Fund Complex.
New York, NY 10020

Amy R. Doberman (42)            Vice President      Officer     Managing Director and General Counsel, U.S. Investment
1221 Avenue of the Americas                         since 2004  Management; Managing Director of Morgan Stanley Investment
New York, NY 10020                                              Management, Inc., Morgan Stanley Investment Advisers Inc.
                                                                and the Adviser. Vice President of the Morgan Stanley
                                                                Institutional and Retail Funds since July 2004 and Vice
                                                                President of funds in the Fund Complex as of August 2004.
                                                                Previously, Managing Director and General Counsel of
                                                                Americas, UBS Global Asset Management from July 2000 to July
                                                                2004 and General Counsel of Aeitus Investment Management,
                                                                Inc. from January 1997 to July 2000.

James M. Dykas (38)             Chief Financial     Officer     Executive Director of Van Kampen Asset Management and Morgan
1 Parkview Plaza                Officer and         since 1999  Stanley Investment Management. Chief Financial Officer and
Oakbrook Terrace, IL 60181      Treasurer                       Treasurer of funds in the Fund Complex. Prior to August
                                                                2004, Assistant Treasurer of funds in the Fund Complex.

Joseph J. McAlinden (61)        Executive Vice      Officer     Managing Director and Chief Investment Officer of Morgan
1221 Avenue of the Americas     President and       since 2002  Stanley Investment Advisors Inc., and Morgan Stanley
New York, NY 10020              Chief Investment                Investment Management Inc. and Director of Morgan Stanley
                                Officer                         Trust for over 5 years. Executive Vice President and Chief
                                                                Investment Officer of funds in the Fund Complex. Managing
                                                                Director and Chief Investment Officer of Van Kampen
                                                                Investments, the Adviser and Van Kampen Advisors Inc. since
                                                                December 2002.

Ronald E. Robison (65)          Executive Vice      Officer     Principal Executive Officer of the Funds since May 2003.
1221 Avenue of the Americas     President and       since 2003  Chief Executive Officer and Chairman of Investor Services.
New York, NY 10020              Principal                       Executive Vice President and Principal Executive Officer of
                                Executive                       funds in the Fund Complex. Managing Director of Morgan
                                Officer                         Stanley. Chief Administrative Officer, Managing Director and
                                                                Director of Morgan Stanley Investment Advisors Inc., Morgan
                                                                Stanley Services Company Inc. and Managing Director and
                                                                Director of Morgan Stanley Distributors Inc. Chief Executive
                                                                Officer and Director of Morgan Stanley Trust. Executive Vice
                                                                President and Principal Executive Officer of the
                                                                Institutional and Retail Morgan Stanley Funds; Director of
                                                                Morgan Stanley SICAV; previously Chief Global Operations
                                                                Officer and Managing Director of Morgan Stanley Investment
                                                                Management Inc.

 

                                      E-33

 
VAN KAMPEN ADVANTAGE PENNSYLVANIA MUNICIPAL INCOME TRUST

TRUSTEE AND OFFICER INFORMATION continued


                                                     TERM OF
                                                    OFFICE AND
                                   POSITION(S)      LENGTH OF
NAME, AGE AND                       HELD WITH          TIME     PRINCIPAL OCCUPATION(S)
ADDRESS OF OFFICER                    TRUST           SERVED    DURING PAST 5 YEARS
                                                       

John L. Sullivan (49)           Chief Compliance    Officer     Chief Compliance Officer of funds in the Fund Complex since
1 Parkview Plaza                Officer             since 1998  August 2004. Director and Managing Director of Van Kampen
Oakbrook Terrace, IL 60181                                      Investments, the Adviser, Van Kampen Advisors Inc. and
                                                                certain other subsidiaries of Van Kampen Investments. Prior
                                                                August 2004, Vice President, Chief Financial Officer and
                                                                Treasurer of funds in the Fund Complex and head of Fund
                                                                Accounting for Morgan Stanley Investment Management. Prior
                                                                to December 2002, Executive Director of Van Kampen
                                                                Investments, the Adviser and Van Kampen Advisors Inc.

 

                                      E-34

 
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, 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
 
                                                             (continued on back)

                                      E-35

VAN KAMPEN
 
AN IMPORTANT NOTICE CONCERNING OUR U.S. PRIVACY POLICY continued
 
         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
 
                                      (VAN KAMPEN INVESTMENTS LOGO)
 
                                                 Copyright (C)2004 Van Kampen
                                                 Funds Inc. All rights reserved.
                                                 Member NASD/SIPC.
                                                 VAP ANR
                                                 12/04 RN04-02827P-Y10/04


                                      E-36











                                   APPENDIX F
                                        
SEMI-ANNUAL REPORT OF VAN KAMPEN ADVANTAGE PENNSYLVANIA MUNICIPAL INCOME TRUST,
                              DATED APRIL 30, 2005





























                                       F-1

Item 1. Reports 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
       Advantage Pennsylvania 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).
 


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





                                      F-2

Performance Summary as of 4/30/05
 


ADVANTAGE PENNSYLVANIA MUNICIPAL INCOME TRUST
SYMBOL: VAP
------------------------------------------------------------
AVERAGE ANNUAL                      BASED ON      BASED ON
TOTAL RETURNS                         NAV       MARKET PRICE
                                          
 
Since Inception (9/25/92)             7.86%         6.49%
 
10-year                               7.71          7.40
 
5-year                                9.23          8.25
 
1-year                               10.54          6.67
 
6-month                               2.55         -5.04
------------------------------------------------------------

 
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 Pennsylvania Municipal Bond Index is a broad-based
statistical composite of Pennsylvania municipal bonds. The index is unmanaged
and should not be considered an investment. It is not possible to invest
directly in an index.
 

                                      F-3

Trust Report
 
FOR THE 6-MONTH PERIOD ENDED APRIL 30, 2005
 
Van Kampen Advantage Pennsylvania Municipal Income Trust is managed by the
Adviser's Municipal Fixed Income team.(1) Current members include Dennis
Pietrzak and John Reynoldson, Executive Directors of the Adviser; and Robert
Wimmel, Vice President 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.
 
The most significant development in the Pennsylvania municipal market over the
period was the ongoing trend of refundings of municipal securities by issuers.
Municipal borrowers were able to take advantage of rising short-term rates and
relatively stable long-term rates, which in turn allowed them to refund
outstanding debt. As a result, the Pennsylvania market saw a wave of
refinancings, especially in education-related sectors.
 
(1)Team members may change without notice at any time.
 2

                                      F-4

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 Pennsylvania
Municipal Bond Index. On a market price basis, the trust underperformed its
benchmark.
 
TOTAL RETURNS FOR THE SIX-MONTH PERIOD ENDED APRIL 30, 2005
 


-----------------------------------------------------------------------
      BASED ON     BASED ON              LEHMAN BROTHERS
        NAV      MARKET PRICE   PENNSYLVANIA MUNICIPAL BOND INDEX
                                                      
 
       2.55%        -5.04%                    1.82%
-----------------------------------------------------------------------

 
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 in which the trust invested.
 
One of our key strategies in managing the trust was to position it for rising
interest rates. This approach was largely the result of our analysis of interest
rates, which remained relatively low by historical standards even after rising
from their multi-decade lows earlier. First, we kept the trust's duration (a
measure of interest-rate sensitivity) below that of its benchmark. Second, to
limit the trust's exposure to areas of the market that would be most likely
susceptible to rising rates, we also trimmed the trust's shorter-maturity bonds.
We reinvested the proceeds from those sales into bonds with premium coupons and
maturities between 20 and 30 years. In addition to offering relatively
attractive income streams, these securities positioned the trust to benefit from
any future flattening of the yield curve.
 
We kept the trust's exposure well diversified across the major sectors of the
Pennsylvania municipal market. Much of our relative-value trading activity was
focused on selling issues that had been pre-refunded, many of which were in the
public education sector; and purchasing what we believed were more attractive
securities in the public education sector. The trust remained focused
 

                                      F-5

on investment-grade securities, with 100 percent of the portfolio rated BBB or
higher at the end of the period.
 
There is no guarantee the security sectors mentioned will continue to perform
well or be held by the trust in the future.
 

                                         
RATINGS ALLOCATIONS AS OF 4/30/05           TOP FIVE SECTORS AS OF 4/30/05
AAA/Aaa                         75.4%       Public Education              18.3%
AA/Aa                            8.9        Higher Education              18.0
A/A                              9.4        Water & Sewer                 16.8
BBB/Baa                          6.3        Health Care                   11.9
                                            General Purpose                8.2

 
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 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.


                                      F-6

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.
 

                                      F-7

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.
 

                                      F-8

VAN KAMPEN ADVANTAGE PENNSYLVANIA MUNICIPAL INCOME TRUST
 
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2005 (UNAUDITED)
 


PAR
AMOUNT
(000)     DESCRIPTION                                      COUPON   MATURITY      VALUE
-------------------------------------------------------------------------------------------
                                                                   
          MUNICIPAL BONDS  148.9%
          PENNSYLVANIA  147.4%
$1,000    Allegheny Cnty, PA Higher Ed Bldg Carnegie
          Mellon Univ..................................... 5.125%   03/01/32   $  1,045,360
 1,500    Allegheny Cnty, PA Higher Ed Bldg Carnegie
          Mellon Univ..................................... 5.250    03/01/32      1,586,940
   905    Allegheny Cnty, PA Residential Mtg Single Family
          Ser KK-2 (AMT) (GNMA Collateralized)............ 5.750    05/01/33        941,535
 1,000    Allegheny Cnty, PA San Auth Swr (MBIA Insd)..... 5.750    12/01/13      1,128,150
 1,830    Allegheny Cnty, PA San Auth Swr (Prerefunded @
          12/01/10) (MBIA Insd)........................... 5.750    12/01/18      2,070,810
 2,000    Allegheny Cnty, PA San Auth Swr Rev (Prerefunded
          @ 12/01/10) (MBIA Insd)......................... 5.500    12/01/24      2,237,860
 2,640    Bensalem Twp, PA Sch Dist (FGIC Insd) (a)....... 5.000    08/15/18      2,842,646
 1,000    Bethlehem, PA Auth Wtr Gtd (FSA Insd)........... 5.000    11/15/19      1,083,550
 1,150    Bucks Cnty, PA Wtr & Swr Rev Neshaminy
          Interceptor Ser A (AMBAC Insd) (a).............. 5.375    06/01/14      1,278,869
 1,215    Bucks Cnty, PA Wtr & Swr Rev Neshaminy
          Interceptor Ser A (AMBAC Insd) (a).............. 5.375    06/01/15      1,344,811
   785    Carbon Cnty, PA Indl Dev Auth Panther Creek
          Partn Proj Rfdg (AMT) (LOC: Paribas & Union Bk
          of CA Intl)..................................... 6.650    05/01/10        851,592
 1,500    Central Dauphin, PA Sch Dist (FSA Insd)......... 5.000    12/01/19      1,618,170
 5,000    Dauphin Cnty, PA Genl Auth Hosp Rev Hapsco
          Western PA Hosp Proj B Rfdg (Escrowed to
          Maturity) (MBIA Insd)........................... 6.250    07/01/16      5,827,450
 1,000    Delaware Cnty, PA Auth College Neumann College
          Rfdg............................................ 6.000    10/01/31      1,052,910
 1,500    Delaware Vly, PA Regl Fin Auth.................. 5.750    07/01/17      1,729,770
 2,735    Exeter Twp, PA Sch Dist (FGIC Insd)............. 5.000    05/15/25      2,907,223
 2,000    Greater Latrobe, PA Sch Auth (Prerefunded @
          04/01/12) (FGIC Insd)........................... 5.250    04/01/17      2,234,940
 1,100    Harrisburg, PA Auth Res Gtd Sub Ser D-2
          (FSA Insd)...................................... 5.000    12/01/33      1,197,779
 1,345    Jenkintown, PA Sch Dist Ser A (FGIC Insd)....... 5.000    05/15/28      1,402,176
 1,360    Lehigh Northampton PA Aprt Lehigh Vly Arpt Sys
          Ser A Rfdg (AMT) (MBIA Insd) (a)................ 5.000    01/01/22      1,414,386
   675    Lehigh Northampton PA Arpt Lehigh Vly Arpt Sys
          Ser A Rfdg (AMT) (MBIA Insd).................... 5.000    01/01/23        700,387
 1,000    Lycoming Cnty, PA Auth College Rev PA College of
          Technology (AMBAC Insd)......................... 5.350    07/01/26      1,072,570
 2,500    Mercer Cnty, PA Indl Dev Auth Wtr Fac
          Philadelphia Sub Corp (AMT) (MBIA Insd)......... 6.000    07/01/30      2,759,000
 1,255    Mifflin Cnty, PA Ser A (FGIC Insd) (b).......... 5.000    09/01/31      1,307,158
 1,000    Monroe Cnty, PA Hosp Auth Rev Hosp Pocono Med
          Ctr............................................. 6.000    01/01/43      1,054,830
 1,205    Monroeville, PA Muni Auth San Ser B
          (MBIA Insd)..................................... 5.250    12/01/18      1,327,139

 
See Notes to Financial Statements                                              


                                      F-9

VAN KAMPEN ADVANTAGE PENNSYLVANIA MUNICIPAL INCOME TRUST
 
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2005 (UNAUDITED) continued
 


PAR
AMOUNT
(000)     DESCRIPTION                                      COUPON   MATURITY      VALUE
-------------------------------------------------------------------------------------------
                                                                   
          PENNSYLVANIA (CONTINUED)
$1,350    Monroeville, PA Muni Auth San Ser B
          (MBIA Insd) (a)................................. 5.250%   12/01/20   $  1,471,459
 1,500    Montgomery Cnty, PA Higher Ed & Hlth Auth Hosp
          Rev Abington Mem Hosp Ser A..................... 5.125    06/01/32      1,520,745
 1,000    Montgomery Cnty, PA Indl Dev Auth Rev Res Rec
          Montenay Proj Ser A (MBIA Insd)................. 5.250    11/01/14      1,120,880
 1,000    Moon Area Sch Dist PA (FSA Insd)................ 5.000    11/15/25      1,067,480
 2,385    Pennsylvania Hsg Fin Agy Single Family Mtg
          Ser 66A (AMT)................................... 5.650    04/01/29      2,496,427
 2,000    Pennsylvania St Higher Ed Fac Auth Rev
          Drexel Univ..................................... 5.500    05/01/17      2,212,780
 1,000    Pennsylvania St Higher Ed Fac Auth Rev La Salle
          Univ............................................ 5.500    05/01/34      1,046,950
 1,000    Pennsylvania St Higher Ed Fac Auth Rev Thomas
          Jefferson....................................... 5.375    01/01/25      1,076,330
 1,500    Pennsylvania St Higher Ed Fac Auth Rev Univ
          Sciences Philadelphia Ser A (XLCA Insd)......... 5.000    11/01/36      1,564,680
 1,500    Pennsylvania St Higher Ed Fac Clarion Univ Fndtn
          Inc Ser A (XLCA Insd)........................... 5.250    07/01/18      1,623,000
 1,500    Pennsylvania St Higher Ed Fac Clarion Univ Fndtn
          Inc Ser A (XLCA Insd)........................... 5.000    07/01/33      1,559,040
 1,000    Pennsylvania St Higher Ed Fac Messiah College
          Ser AA3 (Radian Insd)........................... 5.500    11/01/22      1,083,990
 1,560    Pennsylvania St Higher Ed Fac Philadelphia
          College Osteopathic Med (a)..................... 5.000    12/01/16      1,674,145
 1,850    Pennsylvania St Higher Ed UPMC Hlth Sys Ser A... 6.000    01/15/31      2,035,740
 3,015    Pennsylvania St Tpk Commn Ser T Rfdg
          (FGIC Insd)..................................... 5.500    12/01/10      3,362,810
 1,970    Pennsylvania St Univ Rfdg....................... 5.250    03/01/18      2,164,774
 1,500    Philadelphia, PA (FSA Insd)..................... 5.250    09/15/25      1,597,275
 1,005    Philadelphia, PA Auth Indl Dev Amern College of
          Physicians...................................... 5.500    06/15/27      1,056,607
 2,500    Philadelphia, PA Auth Indl Dev Philadelphia Arpt
          Sys Proj Ser A (AMT) (FGIC Insd)................ 5.250    07/01/28      2,572,750
 4,250    Philadelphia, PA Gas Wks Rev 12th Ser B
          (Escrowed to Maturity) (MBIA Insd).............. 7.000    05/15/20      5,247,177
 5,000    Pittsburgh & Allegheny Cnty, PA Pub Aud Regl
          Asset Dist Sales Tax (AMBAC Insd)............... 5.000    02/01/24      5,285,500
 1,000    Pittsburgh, PA Pub Pkg Auth Rev Ser B
          (FGIC Insd)..................................... 5.000    12/01/23      1,066,190
 2,500    Pittsburgh, PA Ser A (AMBAC Insd)............... 5.500    09/01/17      2,753,700
 2,000    Pittsburgh, PA Ser A (Prerefunded @ 09/01/09)
          (FGIC Insd)..................................... 5.750    09/01/21      2,189,280
 2,000    Pittsburgh, PA Wtr & Swr Rfdg (FGIC Insd)....... 6.500    09/01/13      2,379,720
 1,000    Southcentral, PA Gen Auth Rev Wellspan Hlth
          Oblig (MBIA Insd)............................... 5.375    05/15/28      1,067,150

 
                                               See Notes to Financial Statements


                                      F-10

VAN KAMPEN ADVANTAGE PENNSYLVANIA MUNICIPAL INCOME TRUST
 
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2005 (UNAUDITED) continued
 


PAR
AMOUNT
(000)     DESCRIPTION                                      COUPON   MATURITY      VALUE
-------------------------------------------------------------------------------------------
                                                                   
          PENNSYLVANIA (CONTINUED)
$  685    State Pub Sch Bldg Auth PA Sch Conneaut Sch Dist
          (FGIC Insd)..................................... 5.250%   11/01/18   $    756,610
 1,220    State Pub Sch Bldg Auth PA Sch Conneaut Sch Dist
          (Prerefunded @ 11/01/13) (FGIC Insd)............ 5.250    11/01/18      1,375,123
 1,205    State Pub Sch Bldg Auth PA Sch Tuscarora Sch
          Dist Proj (FSA Insd) (a)........................ 5.250    04/01/20      1,321,801
 1,270    State Pub Sch Bldg Auth PA Sch Tuscarora Sch
          Dist Proj (FSA Insd) (a)........................ 5.250    04/01/21      1,393,101
 1,500    Susquehanna Area Regl Arpt Auth PA Arpt Ser D... 5.375    01/01/18      1,539,210
 1,850    Trinity Area Sch Dist PA (FGIC Insd)............ 5.250    11/01/20      2,040,568
 1,285    Unity Twp, PA Muni Auth Swr Rev (FSA Insd)...... 5.000    12/01/24      1,369,694
 1,500    West Shore, PA Area Hosp Auth Holy Spirit Hosp
          Proj............................................ 6.250    01/01/32      1,603,830
 1,075    Wilson, PA Sch Dist Second Ser (FSA Insd)....... 5.375    05/15/16      1,188,198
                                                                               ------------
                                                                                108,902,725
                                                                               ------------
 
          U. S. VIRGIN ISLANDS  1.5%
 1,000    Virgin Islands Pub Fin Auth Rev Gross Rcpt Taxes
          Ln Nt Ser A (ACA Insd).......................... 6.125    10/01/29      1,119,510
                                                                               ------------
TOTAL LONG-TERM INVESTMENTS  148.9%
  (Cost $102,068,218).......................................................    110,022,235
SHORT-TERM INVESTMENTS  4.9%
  (Cost $3,600,000).........................................................      3,600,000
                                                                               ------------
TOTAL INVESTMENTS  153.8%
  (Cost $105,668,218).......................................................    113,622,235
OTHER ASSETS IN EXCESS OF LIABILITIES  0.4%.................................        294,017
 
PREFERRED SHARES (INCLUDING ACCRUED DISTRIBUTIONS)  (54.2%).................    (40,029,099)
                                                                               ------------
 
NET ASSETS APPLICABLE TO COMMON SHARES  100.0%..............................   $ 73,887,153
                                                                               ============

 
Percentages are calculated as a percentage of net assets applicable to common
shares.
 
(a) The Trust owns 100% of the bond issuance.
 
(b) Security 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.
 
See Notes to Financial Statements                                              


                                      F-11

VAN KAMPEN ADVANTAGE PENNSYLVANIA MUNICIPAL INCOME TRUST
 
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2005 (UNAUDITED) continued
 
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.
 
                                               See Notes to Financial Statements



                                      F-12


VAN KAMPEN ADVANTAGE PENNSYLVANIA MUNICIPAL INCOME TRUST
 
FINANCIAL STATEMENTS

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

                                                           
ASSETS:
Total Investments (Cost $105,668,218).......................  $113,622,235
Cash........................................................        72,404
Receivables:
  Interest..................................................     1,771,984
  Investments Sold..........................................        85,000
Other.......................................................           316
                                                              ------------
    Total Assets............................................   115,551,939
                                                              ------------
LIABILITIES:
Payables:
  Investments Purchased.....................................     1,286,551
  Investment Advisory Fee...................................        51,051
  Income Distributions--Common Shares.......................        13,345
  Other Affiliates..........................................        10,069
Trustees' Deferred Compensation and Retirement Plans........       221,117
Accrued Expenses............................................        53,554
                                                              ------------
    Total Liabilities.......................................     1,635,687
Preferred Shares (including accrued distributions)..........    40,029,099
                                                              ------------
NET ASSETS APPLICABLE TO COMMON SHARES......................  $ 73,887,153
                                                              ============
NET ASSET VALUE PER COMMON SHARE
($73,887,153 divided by 4,368,552 shares outstanding).......  $      16.91
                                                              ============
NET ASSETS CONSIST OF:
Common Shares ($.01 par value with an unlimited number of
  shares authorized, 4,368,552 shares issued and
  outstanding)..............................................  $     43,686
Paid in Surplus.............................................    64,233,585
Net Unrealized Appreciation.................................     7,954,017
Accumulated Net Realized Gain...............................     1,336,310
Accumulated Undistributed Net Investment Income.............       319,555
                                                              ------------
NET ASSETS APPLICABLE TO COMMON SHARES......................  $ 73,887,153
                                                              ============
PREFERRED SHARES ($.01 par value, authorized 100,000,000
  shares, 1,600 issued with liquidation preference of
  $25,000 per share)........................................  $ 40,000,000
                                                              ============
NET ASSETS INCLUDING PREFERRED SHARES.......................  $113,887,153
                                                              ============

 
See Notes to Financial Statements                                           


                                      F-13

VAN KAMPEN ADVANTAGE PENNSYLVANIA MUNICIPAL INCOME TRUST
 
FINANCIAL STATEMENTS continued
 
Statement of Operations
For the Six Months Ended April 30, 2005 (Unaudited)
 

                                                           
INVESTMENT INCOME:
Interest....................................................  $ 2,667,858
                                                              -----------
EXPENSES:
Investment Advisory Fee.....................................      310,160
Preferred Share Maintenance.................................       57,110
Legal.......................................................       17,738
Trustees' Fees and Related Expenses.........................       17,350
Custody.....................................................        6,407
Other.......................................................       64,336
                                                              -----------
    Total Expenses..........................................      473,101
                                                              -----------
NET INVESTMENT INCOME.......................................  $ 2,194,757
                                                              ===========
REALIZED AND UNREALIZED GAIN/LOSS:
Net Realized Gain...........................................  $ 1,336,161
                                                              -----------
Unrealized Appreciation/Depreciation:
  Beginning of the Period...................................    9,549,893
  End of the Period.........................................    7,954,017
                                                              -----------
Net Unrealized Depreciation During the Period...............   (1,595,876)
                                                              -----------
NET REALIZED AND UNREALIZED LOSS............................  $  (259,715)
                                                              ===========
DISTRIBUTIONS TO PREFERRED SHAREHOLDERS.....................  $  (413,023)
                                                              ===========
NET INCREASE IN NET ASSETS APPLICABLE TO COMMON SHARES FROM
  OPERATIONS................................................  $ 1,522,019
                                                              ===========

 
                                               See Notes to Financial Statements


                                      F-14

VAN KAMPEN ADVANTAGE PENNSYLVANIA MUNICIPAL INCOME TRUST
 
FINANCIAL STATEMENTS continued
 
Statements of Changes in Net Assets (Unaudited)
 


                                                               FOR THE            FOR THE
                                                           SIX MONTHS ENDED      YEAR ENDED
                                                            APRIL 30, 2005    OCTOBER 31, 2004
                                                           -----------------------------------
                                                                        
FROM INVESTMENT ACTIVITIES:
Operations:
Net Investment Income....................................    $ 2,194,757        $ 4,527,804
Net Realized Gain........................................      1,336,161            829,941
Net Unrealized Appreciation/Depreciation During the
  Period.................................................     (1,595,876)         1,381,769
Distributions to Preferred Shareholders:
  Net Investment Income..................................       (351,514)          (340,314)
  Net Realized Gain......................................        (61,509)          (141,213)
                                                             -----------        -----------
 
Change in Net Assets Applicable to Common Shares from
  Operations.............................................      1,522,019          6,257,987
Distributions to Common Shareholders:
  Net Investment Income..................................     (1,887,035)        (4,293,918)
  Net Realized Gain......................................       (768,356)        (1,876,119)
                                                             -----------        -----------
 
NET CHANGE IN NET ASSETS APPLICABLE TO COMMON SHARES FROM
  INVESTMENT ACTIVITIES..................................     (1,133,372)            87,950
NET ASSETS APPLICABLE TO COMMON SHARES:
Beginning of the Period..................................     75,020,525         74,932,575
                                                             -----------        -----------
End of the Period (Including accumulated undistributed
  net investment income of $319,555 and $363,347,
  respectively)..........................................    $73,887,153        $75,020,525
                                                             ===========        ===========

 
See Notes to Financial Statements                                               


                                      F-15

VAN KAMPEN ADVANTAGE PENNSYLVANIA MUNICIPAL INCOME TRUST
 
FINANCIAL HIGHLIGHTS (UNAUDITED)
 
THE FOLLOWING SCHEDULE PRESENTS FINANCIAL HIGHLIGHTS FOR ONE COMMON SHARE OF THE
TRUST OUTSTANDING THROUGHOUT THE PERIODS INDICATED.
 


                                                            SIX MONTHS
                                                              ENDED
                                                            APRIL 30,     ------------------
                                                               2005        2004       2003
                                                            --------------------------------
                                                                            
NET ASSET VALUE, BEGINNING OF THE PERIOD...................  $ 17.17      $ 17.15    $ 17.24
                                                             -------      -------    -------
  Net Investment Income....................................      .50         1.03       1.11
  Net Realized and Unrealized Gain/Loss....................     (.06)         .51        .19
  Common Share Equivalent of Distributions Paid to
  Preferred Shareholders:
    Net Investment Income..................................     (.08)        (.08)      (.08)
    Net Realized Gain......................................     (.01)        (.03)      (.02)
                                                             -------      -------    -------
Total from Investment Operations...........................      .35         1.43       1.20
Distributions Paid to Common Shareholders:
    Net Investment Income..................................     (.43)        (.98)     (1.09)
    Net Realized Gain......................................     (.18)        (.43)      (.20)
                                                             -------      -------    -------
NET ASSET VALUE, END OF THE PERIOD.........................  $ 16.91      $ 17.17    $ 17.15
                                                             =======      =======    =======
 
Common Share Market Price at End of the Period.............  $ 14.50      $ 15.90    $ 16.23
Total Return (a)...........................................   -5.04%*       6.95%      6.54%
Net Assets Applicable to Common Shares at End of the Period
  (In millions)............................................  $  73.9      $  75.0    $  74.9
Ratio of Expenses to Average Net Assets Applicable to
  Common Shares (b)........................................    1.29%        1.43%      1.43%
Ratio of Net Investment Income to Average Net Assets
  Applicable to Common Shares (b)..........................    6.00%        6.13%      6.40%
Portfolio Turnover.........................................      10%*          8%        31%
 
SUPPLEMENTAL RATIOS:
Ratio of Expenses to Average Net Assets Including Preferred
  Shares (b)...............................................     .84%         .93%       .93%
Ratio of Net Investment Income to Average Net Assets
  Applicable to Common Shares (c)..........................    5.04%        5.67%      5.95%
 
SENIOR SECURITIES:
Total Preferred Shares Outstanding.........................    1,600        1,600      1,600
Asset Coverage Per Preferred Share (d).....................  $71,198      $71,912    $71,846
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 dividend payments to preferred
   shareholders.
 
(c)Ratios reflect the effect of 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 less than $.01, decrease net realized and unrealized
   gains and losses per share by less than $.01 and increase the ratio of net
   investment income to average net assets by .02%. Per share, ratios and
   supplemental data for periods prior to October 31, 2002 have not been
   restated to reflect this change in presentation.
 

                                      F-16



 
Year Ended October 31,
----------------------------------------------------------------------------------------
     2002 (e)    2001       2000      1999       1998       1997       1996       1995
----------------------------------------------------------------------------------------
                                                        
     $ 17.28    $ 16.40   $  16.18   $ 17.66   $  17.23   $  16.72   $  16.69   $  14.63
     -------    -------   --------   -------   --------   --------   --------   --------
        1.19       1.21       1.27      1.24       1.24       1.25       1.24       1.25
         .08       1.15        .28     (1.46)       .47        .54        .04       2.06
        (.12)      (.25)      (.37)     (.30)      (.32)      (.32)      (.32)      (.36)
        (.03)      (.09)       -0-       -0-        -0-        -0-        -0-        -0-
     -------    -------   --------   -------   --------   --------   --------   --------
        1.12       2.02       1.18      (.52)      1.39       1.47        .96       2.95
       (1.05)      (.93)      (.96)     (.96)      (.96)      (.96)      (.93)      (.89)
        (.11)      (.21)       -0-       -0-        -0-        -0-        -0-        -0-
     -------    -------   --------   -------   --------   --------   --------   --------
     $ 17.24    $ 17.28   $  16.40   $ 16.18   $  17.66   $  17.23   $  16.72   $  16.69
     =======    =======   ========   =======   ========   ========   ========   ========
 
     $ 16.45    $ 15.75   $14.9375   $14.625   $  17.25   $16.4375   $ 15.125   $  14.00
      11.96%     13.31%      9.10%   -10.14%     11.03%     15.38%     14.85%     23.03%
     $  75.3    $  75.4   $   71.5   $  70.6   $   77.0   $   75.2   $   72.9   $   72.8
       1.50%      1.71%      1.78%     1.69%      1.67%      1.70%      1.77%      1.77%
       7.02%      7.12%      7.89%     7.22%      7.11%      7.41%      7.48%      7.96%
         19%        17%        31%        7%         3%         2%         2%         9%
 
        .97%      1.10%      1.13%     1.10%      1.10%      1.10%      1.14%      1.12%
       6.32%      5.70%      5.59%     5.45%      5.25%      5.48%      5.52%      5.68%
 
       1,600      1,600      1,600     1,600        800        800        800        800
     $72,101    $72,107   $ 69,704   $69,097   $146,292   $143,968   $141,175   $141,025
     $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                                               


                                      F-17

VAN KAMPEN ADVANTAGE PENNSYLVANIA MUNICIPAL INCOME TRUST
 
NOTES TO FINANCIAL STATEMENTS -- APRIL 30, 2005 (UNAUDITED)
 
1. SIGNIFICANT ACCOUNTING POLICIES
 
Van Kampen Advantage Pennsylvania Municipal Income Trust (the "Trust") is
registered as a non-diversified, closed-end management investment company under
the Investment Company Act of 1940, as amended. The Trust's investment objective
is to seek to provide a high level of current income exempt from federal and
Pennsylvania income taxes and, where possible under local law, local income and
personal property taxes, consistent with preservation of capital. The Trust will
invest substantially all of its assets in Pennsylvania municipal securities
rated investment grade at the time of investment. The Trust commenced investment
operations on September 25, 1992.
 
    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 $1,286,551 of when-issued and
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.
 


                                      F-18

VAN KAMPEN ADVANTAGE PENNSYLVANIA 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 are as follows:
 

                                                           
Cost of investments for tax purposes........................  $105,596,584
                                                              ============
Gross tax unrealized appreciation...........................  $  8,036,599
Gross tax unrealized depreciation...........................       (10,948)
                                                              ------------
Net tax unrealized appreciation on investments..............  $  8,025,651
                                                              ============

 
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:
 

                                                           
Distributions paid from:
  Ordinary income...........................................  $  155,669
  Long-term capital gain....................................   1,897,804
                                                              ----------
                                                              $2,053,473
                                                              ==========

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

                                                           
Undistributed ordinary income...............................  $38,539
Undistributed long-term capital gain........................  791,896

 
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 $3,200 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 $19,100
representing Van Kampen Investments 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.
 

                                      F-19

VAN KAMPEN ADVANTAGE PENNSYLVANIA MUNICIPAL INCOME TRUST
 
NOTES TO FINANCIAL STATEMENTS -- APRIL 30, 2005 (UNAUDITED) continued
 
    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 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. INVESTMENT TRANSACTIONS
 
During the period, the cost of purchases and proceeds from sales of investments,
excluding short-term investments, were $11,052,397 and $12,738,146,
respectively.
 
4. PREFERRED SHARES
 
The Trust has outstanding 1,600 Auction Preferred Shares ("APS"). Dividends are
cumulative and the dividend rate is currently reset every 28 days through an
auction process. The rate in effect on April 30, 2005 was 2.950%. During the six
months ended April 30, 2005, the rates ranged from 1.450% to 2.950%.
 
    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 on 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.
 
5. 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.
 
6. 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
 


                                      F-20

VAN KAMPEN ADVANTAGE PENNSYLVANIA MUNICIPAL INCOME TRUST
 
NOTES TO FINANCIAL STATEMENTS -- APRIL 30, 2005 (UNAUDITED) continued
 
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.
 

                                      F-21

VAN KAMPEN ADVANTAGE PENNSYLVANIA 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.


                                      F-22

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)



                                      F-23

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.
VAP SAR 6/04 RN05-01293P-Y04/05
                                                   (VAN KAMPEN INVESTMENTS LOGO)



                                      F-24











                                   APPENDIX G
                                        
       ANNUAL REPORT OF VAN KAMPEN PENNSYLVANIA QUALITY MUNICIPAL TRUST,
                             DATED OCTOBER 31, 2004
                                        

                           





























                                       G-1

Item 1. Report to Shareholders.

The Trust's 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
       Pennsylvania Quality Municipal Trust performed during the annual 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 October 31, 2004.
 
       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)
 


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




                                      G-2

Performance Summary as of 10/31/04
 


PENNSYLVANIA QUALITY MUNICIPAL TRUST
SYMBOL: VPQ
---------------------------------------------------------
AVERAGE ANNUAL                   BASED ON      BASED ON
TOTAL RETURNS                      NAV       MARKET PRICE
                                       
 
Since Inception (9/27/91)         8.02%         7.26%
 
10-year                           8.01          7.72
 
5-year                            8.47          8.33
 
1-year                            8.68          5.72
---------------------------------------------------------

 
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 Pennsylvania Municipal Bond Index is a broad-based
statistical composite of Pennsylvania 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.
 

                                      G-3

Trust Report
 
FOR THE 12-MONTH PERIOD ENDED OCTOBER 31, 2004
 
Van Kampen Pennsylvania Quality Municipal Trust is managed by the Advisor's
Municipal Fixed Income team.(1) Current members include Dennis Pietrzak,
Executive Director; Robert Wimmel, Vice President; and John Reynoldson,
Executive Director.
 
MARKET CONDITIONS
 
The interest-rate environment of the 12 months ended October 31, 2004 was marked
by two periods of steadily declining yields, with a significant sell-off in the
middle. Yields fell steadily through the first half of the period, approaching
the historical lows of 2003. This trend persisted until March, at which point
yields reversed direction and began an upward march as prices fell. These losses
were steepest in April, as a surprisingly strong employment report and signals
from members of the Federal Open Market Committee (the Fed) caused investors to
expect a near-term rate increase. Rates went on to decline from May through the
end of the period as the market digested the Fed's newly hawkish rate stance.
Investors were further comforted when, after the Fed raised rates at its June
30, 2004 meeting, its members indicated that the path of future rate increases
would be measured.
 
Unusually, longer-maturity securities largely outperformed in this period of Fed
tightening. Historically, the typical pattern in periods of tightening policy
has seen yields rise across all maturities. During the review period, however,
yields of shorter maturity bonds rose while those of bonds with longer
maturities declined slightly.
 
Lower-quality municipal bonds also performed strongly in this environment, as
the difference in yields (known as the "yield spread") between AAA and BBB rated
bonds decreased by roughly 20 basis points for 20-year bonds. As a result,
sectors with heavy exposure to lower-rated debt, such as hospitals and
industrial-revenue bonds, posted higher total returns than sectors dominated by
higher-rated debt.
 
Issuance for the first 10 months of 2004 (the final 10 months of the review
period) was roughly six percent lower than in the same period in 2003. That
said, 2003 was a record year, and at the current pace of issuance, 2004 could
well be one of the largest years in recent memory. The strong supply met with
faltering demand from mutual funds, as fund investors withdrew over $15 billion
in net cash during the period. This faltering demand was largely offset by
increased participation in the market by insurance companies and individual
investors.
 
(1)Team members may change without notice at any time.


                                      G-4

In keeping with national patterns, issuance in the Pennsylvania market fell by
17.6 percent for the first nine months of 2004 compared to the same period one
year earlier. Many local municipalities moved to take advantage of relatively
low interest rates during the period by refinancing their existing debt. The
state's economy remained one of the most solid in the country, and its credit
ratings remained strong.
 
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 significantly, as they did during the reporting period. On
both an NAV basis and a market price basis, the trust outperformed its
benchmark, the Lehman Brothers Pennsylvania Municipal Bond Index. (See table
below.)
 
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 in the final months of the period made the trust's
borrowing activity more expensive. These expenses, however, were more than
offset by the strong performance of the bonds we invested in, leading to the
trust's outperformance versus its benchmark, which is unleveraged.
 
Interest rates spent much of the period at or near historic lows. Given these
levels, our analysis indicated that there was little room for rates to fall
further, and that as a result, rates were more likely to go up than down over
the intermediate term. This analysis led us to reduce the trust's interest-rate
sensitivity to a level that was near that of its benchmark. While this approach
served the trust well when rates declined during the summer, it was overall a
drag on performance for the one-year period.
 
With interest rates at such low levels, several of the trust's holdings were
called away by issuers seeking to refinance their bonds at lower yields. Several
of the trust's shorter maturity bonds were also prerefunded, and we sold many of
 
TOTAL RETURN FOR THE 12-MONTH PERIOD ENDED OCTOBER 31, 2004
 


------------------------------------------------------------------
      BASED ON     BASED ON     LEHMAN BROTHERS PENNSYLVANIA
        NAV      MARKET PRICE       MUNICIPAL BOND INDEX
                                                 
 
       8.68%         5.72%                 5.63%
------------------------------------------------------------------

 
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.
 

                                      G-5

these securities to take advantage of more compelling opportunities elsewhere.
We reinvested the proceeds into securities that we believed had attractive
total-return prospects. Our purchases emphasized bonds in the 13- to 18-year
portion of the yield curve, especially those with the relatively lower
interest-rate sensitivity. These bonds offer the dual benefit of a strong income
stream and moderate vulnerability to shifting interest rates.
 
We continued to pursue relative-value opportunities at the long end of the
market, buying securities when we believed they offered attractive value and
selling them once they met our performance targets in order to reinvest the
proceeds elsewhere. As part of our conservative approach to interest-rate
positioning, we also trimmed the trust's holdings of highly rate-sensitive zero
coupon bonds.
 
We remained focused on keeping the trust's risk profile within a reasonable
range through attention to credit quality and diversification. By the end of the
12-month period, more than 79 percent of the trust's total investments were
invested in bonds rated AAA and AA; these represent the two highest tiers of
credit ratings. The portfolio was also well diversified across the major sectors
of the municipal bond market. Its three largest sector exposures were higher
education, public education, and general purpose.
 
While it is impossible to predict the exact turning point when interest rates
will move decisively higher, we believe the trust remains well positioned for
the near future. We will continue to comb the municipal bond markets for
interesting opportunities.
 
There is no guarantee that any securities mentioned will continue to perform
well or be held by the trust in the future.
 

                                      G-6



RATINGS ALLOCATION AS OF 10/31/04
                                                                 
AAA/Aaa                                                              69.0%
AA/Aa                                                                10.2
A/A                                                                  10.2
BBB/Baa                                                               6.7
Non-Rated                                                             3.9

TOP 5 SECTORS AS OF 10/31/04
                                                                 
Higher Education                                                     16.7%
Public Education                                                     14.4
General Purpose                                                      14.3
Water & Sewer                                                        12.1
Health Care                                                          10.3

 
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 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.
 

                                      G-7

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 1-202-942-8090. 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.
 
       In addition to filing a complete schedule of portfolio holdings with the
       SEC each fiscal quarter, each Van Kampen trust makes portfolio holdings
       information available by periodically providing the information on its
       public web site, www.vankampen.com. Each Van Kampen trust provides a
       complete schedule of portfolio holdings on the public web site on a
       calendar-quarter basis approximately 30 days after the close of the
       calendar quarter. Van Kampen closed-end funds do not presently provide
       partial lists of their portfolio holdings on a monthly basis, but may do
       so in the future.
 
       You may obtain copies of a trust's fiscal quarter filings, or its monthly
       or calendar-quarter web site postings, by contacting Van Kampen Client
       Relations at 1-800-847-2424.
 
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 calling 1-800-847-2424 or 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.
 

                                      G-8

VAN KAMPEN PENNSYLVANIA QUALITY MUNICIPAL TRUST
 
PORTFOLIO OF INVESTMENTS -- OCTOBER 31, 2004
 


PAR
AMOUNT
(000)     DESCRIPTION                                      COUPON   MATURITY      VALUE
-------------------------------------------------------------------------------------------
                                                                   
          MUNICIPAL BONDS  145.6%
          PENNSYLVANIA  144.3%
$2,000    Allegheny Cnty, PA Arpt Auth Pittsburgh Intl
          Arpt Rfdg (AMT) (FGIC Insd)..................... 5.750%   01/01/18   $  2,149,600
 1,000    Allegheny Cnty, PA Higher Ed Bldg Carnegie
          Mellon Univ..................................... 5.125    03/01/32      1,026,680
 1,250    Allegheny Cnty, PA Higher Ed Bldg Carnegie
          Mellon Univ..................................... 5.250    03/01/32      1,297,675
 2,000    Allegheny Cnty, PA Port Auth Spl Rev Tran
          (Prerefunded @ 03/01/09) (MBIA Insd)............ 6.000    03/01/24      2,300,900
 1,300    Allegheny Cnty, PA Redev Auth Tax Increment Rev
          Robinson Mall Proj Ser A........................ 7.000    11/01/17      1,395,433
 1,355    Allegheny Cnty, PA Residential Mtg Single Family
          Ser KK-2 (AMT) (GNMA Collateralized)............ 5.750    05/01/33      1,407,547
 3,000    Allegheny Cnty, PA San Auth Swr (MBIA Insd)..... 5.500    12/01/30      3,271,320
 2,575    Allegheny Cnty, PA San Auth Swr Rev Ser A (FGIC
          Insd) (b).......................................   *      12/01/08      2,303,466
 2,380    Allegheny Cnty, PA San Auth Swr Rev Ser A (FGIC
          Insd)...........................................   *      06/01/09      2,072,266
 1,645    Allegheny Cnty, PA San Auth Swr Rev Ser A (FGIC
          Insd) (b).......................................   *      12/01/09      1,405,636
 1,000    Ambridge, PA Area Sch Dist (MBIA Insd) (a)...... 5.500    11/01/31      1,088,680
 3,000    Berks Cnty, PA Muni Auth Hosp Rev Reading Hosp &
          Med Ctr Proj (Prerefunded @ 11/01/09) (FSA
          Insd)........................................... 6.000    11/01/29      3,523,590
 1,000    Bethlehem, PA Auth Wtr Gtd (FSA Insd)........... 5.000    11/15/19      1,091,980
   870    Carbon Cnty, PA Indl Dev Auth Panther Creek
          Partn Proj Rfdg (AMT) (LOC: Paribas & Union Bk
          of CA Intl)..................................... 6.650    05/01/10        944,133
 2,000    Central Dauphin, PA Sch Dist (FSA Insd)......... 5.000    12/01/19      2,173,700
 1,000    Chartiers Valley, PA Indl & Coml Dev Auth First
          Mtg Rev Asbury Hlth Cent Rfdg................... 6.375    12/01/19      1,019,420
 1,000    Chartiers Valley, PA Indl & Coml Dev Auth First
          Mtg Rev Asbury Hlth Cent Rfdg................... 6.375    12/01/24      1,003,140
 1,000    Chester Cnty, PA Indl Dev Auth Rev Collegium
          Charter Sch Proj Ser A (ACA Insd)............... 5.500    04/15/31      1,042,750
   620    Chichester Sch Dist PA Ser B (FGIC Insd)........   *      09/01/06        596,806
 1,220    Chichester Sch Dist PA Ser B (FGIC Insd) (b)....   *      09/01/07      1,141,066

 
See Notes to Financial Statements                                            


                                      G-9

VAN KAMPEN PENNSYLVANIA QUALITY MUNICIPAL TRUST
 
PORTFOLIO OF INVESTMENTS -- OCTOBER 31, 2004 continued
 


PAR
AMOUNT
(000)     DESCRIPTION                                      COUPON   MATURITY      VALUE
-------------------------------------------------------------------------------------------
                                                                   
          PENNSYLVANIA (CONTINUED)
$1,190    Chichester Sch Dist PA Ser B (FGIC Insd)........   *      03/01/08   $  1,090,218
 1,205    Chichester Sch Dist PA Ser B (FGIC Insd)........   *      09/01/08      1,087,115
 1,220    Chichester Sch Dist PA Ser B (FGIC Insd) (b)....   *      09/01/09      1,052,775
 1,500    Crawford Cnty, PA Hosp Auth Sr Living Fac Rev
          Westbury Utd Methodist Cmnty.................... 6.250%   08/15/29      1,539,585
 2,000    Delaware Cnty, PA Auth College Cabrini College
          (Radian Insd)................................... 5.750    07/01/23      2,164,960
 2,295    Delaware Cnty, PA Auth College Neumann College
          Rfdg (b)........................................ 5.875    10/01/21      2,396,852
 1,000    Delaware Cnty, PA Auth First Mtg Rev Riddle Vlg
          Proj Rfdg....................................... 6.875    06/01/16      1,009,240
 1,000    Delaware Cnty, PA Auth Rev White Horse Vlg Proj
          Ser A Rfdg...................................... 7.625    07/01/30      1,056,570
 1,750    Delaware Cnty, PA Indl Dev Auth Rev Wtr Fac
          (AMT) (FGIC Insd)............................... 6.000    06/01/29      1,939,735
 2,500    Delaware Cnty, PA Indl Dev Auth Wtr Fac PA
          Suburban Wtr (AMT) (AMBAC Insd)................. 5.350    10/01/31      2,603,850
 1,230    Delaware Cnty, PA Regl Wtr Qual (MBIA Insd)..... 5.250    05/01/19      1,363,406
 1,555    Delaware Cnty, PA Regl Wtr Qual (MBIA Insd)
          (b)............................................. 5.250    05/01/22      1,696,521
 2,500    Delaware Vly, PA Regl Fin Auth.................. 5.750    07/01/17      2,968,500
 2,000    Downingtown, PA Area Sch Dist (FSA Insd)........ 5.250    04/01/15      2,206,940
 1,000    Erie, PA Ser A (FSA Insd)....................... 5.000    11/15/19      1,090,240
 3,535    Falls Twp, PA Hosp Auth Hosp Rev DE Vly Med Rfdg
          (FHA Gtd)....................................... 7.000    08/01/22      3,665,088
 2,000    Harrisburg, PA Auth Res Gtd Sub Ser D 2 (FSA
          Insd)........................................... 5.000    12/01/33      2,194,220
 3,000    Harrisburg, PA Auth Wtr Rev Rfdg (FSA Insd)..... 5.000    07/15/21      3,218,040
 1,000    Harveys Lake Genl Muni Auth PA College Rev
          College Misericordia Proj (ACA Insd)............ 6.000    05/01/19      1,076,990
 2,925    Hempfield, PA Area Sch Dist (FGIC Insd)......... 5.375    02/15/17      3,281,236
 2,595    Hempfield, PA Area Sch Dist (FGIC Insd)......... 5.375    02/15/19      2,899,861
 1,000    Kennett, PA Cons Sch Dist Ser A (FGIC Insd)..... 5.250    02/15/19      1,096,680
 1,000    Lehigh Cnty, PA Gen Purp Auth Good Shepherd Grp
          Ser A........................................... 5.625    11/01/34      1,026,310
 1,750    Lehigh Cnty, PA Gen Purp Auth Rev Hosp Saint
          Lukes Bethlehem................................. 5.375    08/15/33      1,769,407

 
                                               See Notes to Financial Statements



                                      G-10

VAN KAMPEN PENNSYLVANIA QUALITY MUNICIPAL TRUST
 
PORTFOLIO OF INVESTMENTS -- OCTOBER 31, 2004 continued
 


PAR
AMOUNT
(000)     DESCRIPTION                                      COUPON   MATURITY      VALUE
-------------------------------------------------------------------------------------------
                                                                   
          PENNSYLVANIA (CONTINUED)
$2,310    Luzerne Cnty, PA Ser A (MBIA Insd) (b).......... 5.250%   11/15/17   $  2,560,381
 4,000    Luzerne Cnty, PA Ser A (MBIA Insd).............. 5.250    11/15/25      4,286,360
 3,000    Lycoming Cnty, PA Auth College Rev PA College of
          Technology (AMBAC Insd)......................... 5.350    07/01/26      3,231,630
 2,500    Mercer Cnty, PA Indl Dev Auth Wtr Facs
          Philadelphia Sub Corp (AMT) (MBIA Insd)......... 6.000    07/01/30      2,758,275
 1,000    Monroe Cnty, PA Hosp Auth Rev Hosp Pocono Med
          Ctr............................................. 6.000    01/01/43      1,031,550
 2,000    Montgomery Cnty, PA Higher Ed & Hlth Auth Hosp
          Rev Abington Mem Hosp Ser A..................... 5.125    06/01/32      2,015,940
 1,000    Montgomery Cnty, PA Indl Dev Auth Rev Res Rec
          Montenay Proj Ser A (MBIA Insd)................. 5.250    11/01/14      1,140,940
 2,345    Moon Indl Dev Auth PA Ed Fac Rev Ellis Sch
          Proj............................................ 5.800    03/01/25      2,429,467
 1,000    Pennsylvania Econ Dev Fin Auth Res Recovery Rev
          Colver Proj Ser D (AMT)......................... 7.150    12/01/18      1,024,020
 2,500    Pennsylvania Hsg Fin Agy Single Family Mtg Rev
          Ser 70A (AMT)................................... 5.900    04/01/31      2,598,425
 2,000    Pennsylvania Hsg Fin Agy Single Family Mtg Ser
          61A (AMT)....................................... 5.500    04/01/29      2,052,060
 2,400    Pennsylvania Hsg Fin Agy Single Family Mtg Ser
          66A (AMT)....................................... 5.650    04/01/29      2,463,384
 1,280    Pennsylvania Hsg Fin Agy Single Family Mtg Ser
          67A (AMT)....................................... 5.900    10/01/30      1,321,203
 3,000    Pennsylvania St Higher Ed Fac Auth Rev Drexel
          Univ (b)........................................ 5.500    05/01/16      3,363,270
 1,500    Pennsylvania St Higher Ed Fac Auth Rev Drexel
          Univ............................................ 6.000    05/01/24      1,622,565
 1,750    Pennsylvania St Higher Ed Fac Auth Rev Drexel
          Univ............................................ 6.000    05/01/29      1,866,252
 2,000    Pennsylvania St Higher Ed Fac Auth Rev La Salle
          Univ............................................ 5.500    05/01/34      2,059,100
 1,000    Pennsylvania St Higher Ed Fac Messiah College
          Ser AA3 (Radian Insd)........................... 5.500    11/01/22      1,076,440
 1,770    Pennsylvania St Higher Ed Fac Rev Thomas
          Jefferson Univ.................................. 5.375    01/01/25      1,893,546
 3,600    Pennsylvania St Higher Ed UPMC Hlth Sys Ser A
          (FSA Insd)...................................... 5.000    08/01/29      3,685,716

 
See Notes to Financial Statements                                               


                                      G-11

VAN KAMPEN PENNSYLVANIA QUALITY MUNICIPAL TRUST
 
PORTFOLIO OF INVESTMENTS -- OCTOBER 31, 2004 continued
 


PAR
AMOUNT
(000)     DESCRIPTION                                      COUPON   MATURITY      VALUE
-------------------------------------------------------------------------------------------
                                                                   
          PENNSYLVANIA (CONTINUED)
$3,000    Pennsylvania St Higher Ed UPMC Hlth Sys Ser A... 6.000%   01/15/31   $  3,207,630
 1,200    Pennsylvania St Tpk Commn Tpk Rev Ser A (AMBAC
          Insd)........................................... 5.250    12/01/21      1,323,996
 4,505    Pennsylvania St Tpk Commn Tpk Rev Ser T Rfdg
          (FGIC Insd)..................................... 5.500    12/01/13      5,236,161
 1,390    Pennsylvania St Univ Rfdg....................... 5.250    08/15/14      1,591,286
 1,500    Philadelphia, PA (FSA Insd)..................... 5.250    09/15/25      1,606,485
 5,000    Philadelphia, PA Auth for Indl Ser B (FSA
          Insd)........................................... 5.500    10/01/17      5,652,500
 2,000    Philadelphia, PA Auth for Indl Ser B (FSA
          Insd)........................................... 5.125    10/01/26      2,084,900
 1,000    Philadelphia, PA Auth Indl Dev Amern College of
          Physicians...................................... 5.500    06/15/27      1,047,710
 2,250    Philadelphia, PA Auth Indl Dev Philadelphia Arpt
          Sys Proj Ser A (AMT) (FGIC Insd)................ 5.125    07/01/19      2,384,415
 2,000    Philadelphia, PA Gas Wks Rev 1975 Gen Ordinance
          17th Ser (FSA Insd)............................. 5.375    07/01/19      2,203,580
 3,250    Philadelphia, PA Gas Wks Rev Second Ser (FSA
          Insd)........................................... 5.250    07/01/29      3,428,750
 1,000    Philadelphia, PA Hosp & Higher Ed Fac Auth Rev
          Chestnut Hill College........................... 6.000    10/01/29      1,004,150
 4,675    Philadelphia, PA Redev Auth Rev Neighborhood
          Trans Ser A (FGIC Insd)......................... 5.250    04/15/12      5,293,315
 1,905    Philadelphia, PA Redev Auth Rev Neighborhood
          Trans Ser A (FGIC Insd)......................... 5.500    04/15/16      2,154,593
 1,250    Philadelphia, PA Sch Dist Ser A (Prerefunded @
          02/01/11) (FSA Insd)............................ 5.750    02/01/13      1,443,750
 3,000    Philadelphia, PA Wtr & Wastewtr Rev Rfdg (MBIA
          Insd)........................................... 5.625    06/15/08      3,336,000
 4,000    Pittsburgh & Allegheny Cnty, PA Pub Auditorium
          Auth Regl Asset Dist Sales Tax (AMBAC Insd)..... 5.000    02/01/24      4,165,160
 2,500    Pittsburgh, PA Ser A (AMBAC Insd)............... 5.500    09/01/17      2,748,000
 3,000    Pittsburgh, PA Ser A (Prerefunded @ 09/01/09)
          (FGIC Insd)..................................... 5.750    09/01/22      3,397,470
 1,000    Pittsburgh, PA Urban Redev Auth Cent Triangle
          Tax Increment Ser A............................. 6.100    05/01/19      1,080,150
 1,860    Quaker Valley, PA Sch Dist (FSA Insd) (b)....... 5.375    04/01/21      2,059,838
 1,000    Southcentral, PA Gen Auth Rev Wellspan Hlth
          Oblig (MBIA Insd)............................... 5.375    05/15/28      1,056,610

 
                                               See Notes to Financial Statements



                                      G-12

VAN KAMPEN PENNSYLVANIA QUALITY MUNICIPAL TRUST
 
PORTFOLIO OF INVESTMENTS -- OCTOBER 31, 2004 continued
 


PAR
AMOUNT
(000)     DESCRIPTION                                      COUPON   MATURITY      VALUE
-------------------------------------------------------------------------------------------
                                                                   
          PENNSYLVANIA (CONTINUED)
$1,000    State Pub Sch Bldg Auth Conneaut Sch Dist Proj
          (FGIC Insd)..................................... 5.250%   11/01/22   $  1,087,040
 1,075    State Pub Sch Bldg Auth PA North Hampton Cnty
          Ser A Rfdg (AMBAC Insd)......................... 5.000    03/01/20      1,154,131
 2,545    Susquehanna Area Regl Arpt Auth Ser A (AMT)
          (AMBAC Insd) (b)................................ 5.500    01/01/18      2,776,290
 1,500    Susquehanna Area Regl Arpt Auth Ser D........... 5.375    01/01/18      1,547,400
 1,000    Union Cnty, PA Higher Ed Fac Auth Bucknell Univ
          Ser A........................................... 5.250    04/01/19      1,097,970
 2,155    Uniontown Area, PA Sch Dist Ser A (FSA Insd).... 5.500    10/01/27      2,353,605
 3,000    Uniontown Area, PA Sch Dist Ser A (FSA Insd).... 5.500    10/01/30      3,266,730
 1,500    Washington Cnty, PA Auth Rev Cap Fdg Proj &
          Equip Pgm (AMBAC Insd).......................... 6.150    12/01/29      1,573,965
 2,500    Washington Cnty, PA Ser A (AMBAC Insd).......... 5.125    09/01/27      2,610,825
 1,000    West Shore, PA Area Hosp Auth Holy Spirit Hosp
          Proj............................................ 6.250    01/01/32      1,038,170
 1,230    Wilson, PA Sch Dist Second Ser (FSA Insd)....... 5.375    05/15/15      1,384,340
 1,240    York Cnty, PA Sch Technology Auth Lease Rev
          (FGIC Insd)..................................... 5.375    02/15/18      1,374,503
                                                                               ------------
                                                                                201,002,069
                                                                               ------------
          U. S. VIRGIN ISLANDS  1.3%
 1,500    Virgin Islands Pub Fin Auth Rev Gross Rcpt Taxes
          Ln Nt Ser A..................................... 6.500    10/01/24      1,742,235
                                                                               ------------
TOTAL LONG-TERM INVESTMENTS  145.6%
  (Cost $187,532,378).......................................................    202,744,304
SHORT-TERM INVESTMENT  0.1%
  (Cost $200,000)...........................................................        200,000
                                                                               ------------
TOTAL INVESTMENTS  145.7%
  (Cost $187,732,378).......................................................    202,944,304
OTHER ASSETS IN EXCESS OF LIABILITIES  1.0%.................................      1,315,947
PREFERRED SHARES (INCLUDING ACCRUED DISTRIBUTIONS)  (46.7%).................    (65,012,823)
                                                                               ------------
 
NET ASSETS APPLICABLE TO COMMON SHARES  100.0%..............................   $139,247,428
                                                                               ============

 
    Percentages are calculated as a percentage of net assets applicable to
    common shares.
 
*   Zero coupon bond
 
See Notes to Financial Statements                                               


                                      G-13

VAN KAMPEN PENNSYLVANIA QUALITY MUNICIPAL TRUST
 
PORTFOLIO OF INVESTMENTS -- OCTOBER 31, 2004 continued
 
(a) Security purchased on a when-issued or delayed delivery basis.
 
(b) The Trust owns 100% of the bond issuance.
 
ACA--American Capital Access
 
AMBAC--AMBAC Indemnity Corp.
 
AMT--Alternative Minimum Tax
 
FGIC--Financial Guaranty Insurance Co.
 
FHA--Federal Housing Administration
 
FSA--Financial Security Assurance Inc.
 
GNMA--Government National Mortgage Association
 
LOC--Letter of Credit
 
MBIA--Municipal Bond Investors Assurance Corp.
 
Radian--Radian Asset Assurance
 
                                               See Notes to Financial Statements


                                      G-14

VAN KAMPEN PENNSYLVANIA QUALITY MUNICIPAL TRUST
 
FINANCIAL STATEMENTS

Statement of Assets and Liabilities
October 31, 2004
 

                                                           
ASSETS:
Total Investments (Cost $187,732,378).......................  $202,944,304
Cash........................................................       106,715
Interest Receivable.........................................     2,748,393
Other.......................................................         3,612
                                                              ------------
    Total Assets............................................   205,803,024
                                                              ------------
LIABILITIES:
Payables:
  Investments Purchased.....................................     1,061,370
  Investment Advisory Fee...................................       103,424
  Income Distributions--Common Shares.......................        50,318
  Other Affiliates..........................................         8,241
Trustees' Deferred Compensation and Retirement Plans........       229,465
Accrued Expenses............................................        89,955
                                                              ------------
    Total Liabilities.......................................     1,542,773
Preferred Shares (including accrued distributions)..........    65,012,823
                                                              ------------
NET ASSETS APPLICABLE TO COMMON SHARES......................  $139,247,428
                                                              ============
NET ASSET VALUE PER COMMON SHARE ($139,247,428 divided by
  8,268,008 shares outstanding).............................  $      16.84
                                                              ============
NET ASSETS CONSIST OF:
Common Shares ($.01 par value with an unlimited number of
  shares authorized, 8,268,008 shares issued and
  outstanding)..............................................  $     82,680
Paid in Surplus.............................................   122,586,845
Net Unrealized Appreciation.................................    15,211,926
Accumulated Undistributed Net Investment Income.............       722,798
Accumulated Net Realized Gain...............................       643,179
                                                              ------------
NET ASSETS APPLICABLE TO COMMON SHARES......................  $139,247,428
                                                              ============
PREFERRED SHARES ($.01 par value, authorized 100,000,000
  shares, 2,600 issued with liquidation preference of
  $25,000 per share)........................................  $ 65,000,000
                                                              ============
NET ASSETS INCLUDING PREFERRED SHARES.......................  $204,247,428
                                                              ============

 
See Notes to Financial Statements                                               


                                      G-15

VAN KAMPEN PENNSYLVANIA QUALITY MUNICIPAL TRUST
 
FINANCIAL STATEMENTS continued
 
Statement of Operations
For the Year Ended October 31, 2004
 

                                                           
INVESTMENT INCOME:
Interest....................................................  $10,343,204
                                                              -----------
EXPENSES:
Investment Advisory Fee.....................................    1,213,151
Preferred Share Maintenance.................................      178,712
Trustees' Fees and Related Expenses.........................       72,105
Administrative Fee..........................................       59,114
Legal.......................................................       25,912
Custody.....................................................       12,300
Other.......................................................      174,124
                                                              -----------
    Total Expenses..........................................    1,735,418
    Less Credits Earned on Cash Balances....................           66
                                                              -----------
    Net Expenses............................................    1,735,352
                                                              -----------
NET INVESTMENT INCOME.......................................  $ 8,607,852
                                                              ===========
REALIZED AND UNREALIZED GAIN/LOSS:
Net Realized Gain...........................................  $   643,327
                                                              -----------
Unrealized Appreciation/Depreciation:
  Beginning of the Period...................................   12,470,543
  End of the Period.........................................   15,211,926
                                                              -----------
Net Unrealized Appreciation During the Period...............    2,741,383
                                                              -----------
NET REALIZED AND UNREALIZED GAIN............................  $ 3,384,710
                                                              ===========
DISTRIBUTIONS TO PREFERRED SHAREHOLDERS.....................  $  (802,446)
                                                              ===========
NET INCREASE IN NET ASSETS APPLICABLE TO COMMON SHARES FROM
  OPERATIONS................................................  $11,190,116
                                                              ===========

 
                                               See Notes to Financial Statements


                                      G-16

VAN KAMPEN PENNSYLVANIA QUALITY MUNICIPAL TRUST
 
FINANCIAL STATEMENTS continued
 
Statements of Changes in Net Assets
 


                                                                FOR THE            FOR THE
                                                               YEAR ENDED         YEAR ENDED
                                                            OCTOBER 31, 2004   OCTOBER 31, 2003
                                                            -----------------------------------
                                                                         
FROM INVESTMENT ACTIVITIES:
Operations:
Net Investment Income.....................................    $  8,607,852       $  8,957,112
Net Realized Gain.........................................         643,327          2,442,791
Net Unrealized Appreciation/Depreciation During the
  Period..................................................       2,741,383         (1,910,642)
Distributions to Preferred Shareholders:
  Net Investment Income...................................        (631,421)          (624,382)
  Net Realized Gain.......................................        (171,025)          (117,759)
                                                              ------------       ------------
Change in Net Assets Applicable to Common Shares from
  Operations..............................................      11,190,116          8,747,120
 
Distributions to Common Shareholders:
  Net Investment Income...................................      (8,130,307)        (8,444,038)
  Net Realized Gain.......................................      (2,283,179)        (1,248,168)
                                                              ------------       ------------
 
NET CHANGE IN NET ASSETS APPLICABLE TO COMMON SHARES FROM
  INVESTMENT ACTIVITIES...................................         776,630           (945,086)
 
FROM CAPITAL TRANSACTIONS:
Value of Common Shares Issued Through Dividend
  Reinvestment............................................          60,285             64,757
                                                              ------------       ------------
TOTAL INCREASE/DECREASE IN NET ASSETS APPLICABLE TO COMMON
  SHARES..................................................         836,915           (880,329)
NET ASSETS APPLICABLE TO COMMON SHARES:
Beginning of the Period...................................     138,410,513        139,290,842
                                                              ------------       ------------
End of the Period (Including accumulated undistributed net
  investment income of $722,798 and $876,532,
  respectively)...........................................    $139,247,428       $138,410,513
                                                              ============       ============

 
See Notes to Financial Statements                                               


                                      G-17

VAN KAMPEN PENNSYLVANIA QUALITY MUNICIPAL TRUST
 
FINANCIAL HIGHLIGHTS
 
THE FOLLOWING SCHEDULE PRESENTS FINANCIAL HIGHLIGHTS FOR ONE COMMON SHARE OF THE
TRUST OUTSTANDING THROUGHOUT THE PERIODS INDICATED.
 


 
                                                              ------------------------------
                                                               2004       2003      2002 (a)
                                                              ------------------------------
                                                                           
NET ASSET VALUE, BEGINNING OF THE PERIOD....................  $ 16.75    $ 16.86    $ 16.78
                                                              -------    -------    -------
  Net Investment Income.....................................     1.04       1.09       1.13
  Net Realized and Unrealized Gain/Loss.....................      .41        .06        .22
  Common Share Equivalent of Distributions Paid to
  Preferred Shareholders:
    Net Investment Income...................................     (.08)      (.08)      (.10)
    Net Realized Gain.......................................     (.02)      (.01)      (.03)
                                                              -------    -------    -------
Total from Investment Operations............................     1.35       1.06       1.22
Distributions Paid to Common Shareholders:
    Net Investment Income...................................     (.98)     (1.02)     (1.02)
    Net Realized Gain.......................................     (.28)      (.15)      (.12)
                                                              -------    -------    -------
NET ASSET VALUE, END OF THE PERIOD..........................  $ 16.84    $ 16.75    $ 16.86
                                                              =======    =======    =======
 
Common Share Market Price at End of the Period..............  $ 15.55    $ 15.90    $ 16.45
Total Return (b)............................................    5.72%      3.80%     12.54%
Net Assets Applicable to Common Shares at End of the Period
  (In millions).............................................  $ 139.2    $ 138.4    $ 139.3
Ratio of Expenses to Average Net Assets Applicable to Common
  Shares (c)................................................    1.26%      1.28%      1.37%
Ratio of Net Investment Income to Average Net Assets
  Applicable to Common Shares (c)...........................    6.27%      6.42%      6.81%
Portfolio Turnover..........................................      14%        17%        29%
 
SUPPLEMENTAL RATIOS:
Ratio of Expenses to Average Net Assets Including Preferred
  Shares (c)................................................     .86%       .87%       .93%
Ratio of Net Investment Income to Average Net Assets
  Applicable to Common Shares (d)...........................    5.81%      5.97%      6.21%
 
SENIOR SECURITIES:
Total Preferred Shares Outstanding..........................    2,600      2,600      2,600
Asset Coverage Per Preferred Share (e)......................  $78,562    $78,236    $78,575
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) As required, effective October 1, 2001, the Trust has adopted the provisions
    of the AIPCA 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 investment income
    per share by less than $.01, decrease net realized and unrealized gains and
    losses per share by less than $.01 and increase the ratio of net investment
    income to average net assets by .04%. Per share, ratios and supplemental
    data for periods prior to October 31, 2002 have not been restated to reflect
    this change in presentation.
 
(b) Total return based on market price assumes an investment at the 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.
 
(c) Ratios do not reflect the effect of dividend payments to preferred
    shareholders.
 
(d) Ratios reflect the effect of dividend payments to preferred shareholders.
 
(e) 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.
 

                                      G-18



                                        TWO
                                      MONTHS
YEAR ENDED OCTOBER 31,                 ENDED                YEAR ENDED AUGUST 31,
---------------------------------   OCTOBER 31,   -----------------------------------------
      2001      2000       1999        1998         1998       1997       1996       1995
-------------------------------------------------------------------------------------------
                                                           
     $ 16.12   $ 16.07   $  17.32    $  17.31     $  17.06   $  16.55   $  16.71   $  16.43
     -------   -------   --------    --------     --------   --------   --------   --------
        1.20      1.26       1.27         .21         1.30       1.30       1.30       1.33
         .87       .11      (1.15)        .02          .28        .59       (.06)       .35
        (.22)     (.32)      (.25)       (.05)        (.28)      (.28)      (.30)      (.31)
        (.07)      -0-       (.02)        -0-         (.01)      (.01)       -0-        -0-
     -------   -------   --------    --------     --------   --------   --------   --------
        1.78      1.05       (.15)        .18         1.29       1.60        .94       1.37
        (.91)    (1.00)     (1.02)       (.17)       (1.02)     (1.06)     (1.09)     (1.09)
        (.21)      -0-       (.08)        -0-         (.02)      (.03)      (.01)       -0-
     -------   -------   --------    --------     --------   --------   --------   --------
     $ 16.78   $ 16.12   $  16.07    $  17.32     $  17.31   $  17.06   $  16.55   $  16.71
     =======   =======   ========    ========     ========   ========   ========   ========
 
     $ 15.67   $ 14.25   $14.9375    $ 17.875     $  18.00   $ 16.613   $ 17.125   $  16.25
      18.33%     2.09%    -10.76%       0.28%*      13.71%      4.72%     12.52%      8.02%
     $ 138.4   $ 132.9   $  132.5    $  142.1     $  141.8   $  139.1   $  134.5   $  135.3
       1.58%     1.69%      1.65%       1.67%        1.62%      1.66%      1.67%      1.73%
       7.35%     7.92%      7.52%       7.23%        7.54%      7.73%      7.74%      8.32%
         20%       29%        15%          4%*          4%         6%        13%        15%
 
       1.07%     1.13%      1.12%       1.15%        1.15%      1.12%      1.13%      1.15%
       5.99%     5.91%      6.03%       5.63%        5.89%      6.08%      5.99%      6.37%
 
       2,600     2,600      2,600       1,300        1,300      1,300      1,300      1,300
     $78,212   $76,124   $ 75,956    $159,304     $159,069   $156,987   $153,449   $154,045
     $25,000   $25,000   $ 25,000    $ 50,000     $ 50,000   $ 50,000   $ 50,000   $ 50,000
     $25,000   $25,000   $ 25,000    $ 50,000     $ 50,000   $ 50,000   $ 50,000   $ 50,000

 
See Notes to Financial Statements                                               


                                      G-19

VAN KAMPEN PENNSYLVANIA QUALITY MUNICIPAL TRUST
 
NOTES TO FINANCIAL STATEMENTS -- OCTOBER 31, 2004
 
1. SIGNIFICANT ACCOUNTING POLICIES
 
Van Kampen Pennsylvania Quality Municipal Trust (the "Trust") is registered as a
non-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 Pennsylvania income taxes
and, where possible under local law, local income and personal property taxes,
consistent with preservation of capital. The Trust will invest in a portfolio
consisting substantially of Pennsylvania 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 September 27,
1991. Effective November 30, 2003, the Trust's investment adviser, Van Kampen
Investment Advisory Corp., merged into its affiliate, Van Kampen Asset
Management.
 
    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 October 31, 2004, the Trust had $1,061,370 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 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.
 

                                      G-20

VAN KAMPEN PENNSYLVANIA QUALITY MUNICIPAL TRUST
 
NOTES TO FINANCIAL STATEMENTS -- OCTOBER 31, 2004 continued
 
    At October 31, 2004, the cost and related gross unrealized appreciation and
depreciation are as follows:
 

                                                           
Cost of investments for tax purposes........................  $187,484,376
                                                              ============
Gross tax unrealized appreciation...........................  $ 15,471,644
Gross tax unrealized deprecation............................       (11,716)
                                                              ------------
Net tax unrealized appreciation on investments..............  $ 15,459,928
                                                              ============

 
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 years ended October 31,
2004 and 2003 was as follows:
 


                                                                 2004          2003
                                                                      
Distributions paid from:
  Ordinary income...........................................  $  127,385    $  134,602
  Long-term capital gain....................................   2,346,765     1,255,342
                                                              ----------    ----------
                                                              $2,474,150    $1,389,944
                                                              ==========    ==========

 
    Due to inherent differences in the recognition of income, expenses and
realized gains/losses under accounting principles generally accepted in the
United States of America and federal income tax purposes, permanent differences
between financial and tax basis reporting for the 2004 fiscal year have been
identified and appropriately reclassified. A permanent difference relating to
excise taxes paid which are not deductible for tax purposes totaling $1,219 was
reclassified from accumulated undistributed net investment income to paid in
surplus. Also, a permanent difference of $1,077 relating to book to tax
accretion differences was reclassified from accumulated undistributed net
investment income to accumulated net realized gain.
 
    As of October 31, 2004, the components of distributable earnings on a tax
basis were as follows:
 

                                                           
Undistributed ordinary income...............................  $ 94,270
Undistributed long-term capital gain........................   549,317

 
F. EXPENSE REDUCTIONS During the year ended October 31, 2004, the Trust's
custody fee was reduced by $66 as a result of credits earned on cash balances.
 
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") will provide investment advice and facilities to the
Trust for an annual fee payable monthly of .60% of the average daily net assets
of the Trust. Effective November 1, 2004, the investment advisory fee was
reduced from .60% to .55%. In addition,
 

                                      G-21

VAN KAMPEN PENNSYLVANIA QUALITY MUNICIPAL TRUST
 
NOTES TO FINANCIAL STATEMENTS -- OCTOBER 31, 2004 continued
 
the Trust paid a monthly administrative fee to Van Kampen Investments Inc. or
its affiliates (collectively "Van Kampen"), the Trust's Administrator, at an
annual rate of .05% of the average daily net assets of the Trust. Effective June
1, 2004, the administrative fee was reduced from .05% to .00%.
 
    For the year ended October 31, 2004, the Trust recognized expenses of
approximately $12,700 representing legal services provided by Skadden, Arps,
Slate, Meagher & Flom LLP, counsel to the Trust, of which a trustee of the Trust
is a partner who provides legal services to the Trust, and is therefore an
affiliated person.
 
    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 year ended October
31, 2004, the Trust recognized expenses of approximately $29,800 representing
Van Kampen's cost of providing accounting and legal services to the Trust, which
are reported as part of "Other" and "Legal" expenses, respectively, in 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 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 October 31, 2004, and October 31, 2003, paid in surplus related to common
shares aggregated $122,586,845 and $122,527,815, respectively.
 
    Transactions in common shares were as follows:
 


                                                             YEAR ENDED          YEAR ENDED
                                                          OCTOBER 31, 2004    OCTOBER 31, 2003
                                                          ----------------    ----------------
                                                                        
Beginning Shares........................................     8,264,411           8,260,543
Shares Issued Through Dividend Reinvestment.............         3,597               3,868
                                                             ---------           ---------
Ending Shares...........................................     8,268,008           8,264,411
                                                             =========           =========

 
4. INVESTMENT TRANSACTIONS
 
During the period, the cost of purchases and proceeds from sales of investments,
excluding short-term investments, were $28,378,021 and $31,260,038,
respectively.
 
5. PREFERRED SHARES
 
The Trust has outstanding 2,600 Auction Preferred Shares ("APS"). Dividends are
cumulative and the rate is currently reset through an auction process every 28
days. The rate in effect on October 31, 2004 was 1.800% and for the year ended
October 31, 2004 the rates ranged from 0.917% to 1.840%.
 
    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.
 

                                      G-22

VAN KAMPEN PENNSYLVANIA QUALITY MUNICIPAL TRUST
 
NOTES TO FINANCIAL STATEMENTS -- OCTOBER 31, 2004 continued
 
    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.
 

                                      G-23

VAN KAMPEN PENNSYLVANIA QUALITY MUNICIPAL TRUST
 
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
 
To the Board of Trustees and Shareholders of Van Kampen Pennsylvania Quality
Municipal Trust:
 
We have audited the accompanying statement of assets and liabilities of Van
Kampen Pennsylvania Quality Municipal Trust (the "Trust"), including the
portfolio of investments, as of October 31, 2004, the related statement of
operations for the year then ended, the statements of changes in net assets for
each of the two years in the period then ended, and the financial highlights for
each of the five years in the period then ended. These financial statements and
financial highlights are the responsibility of the Trust's management. Our
responsibility is to express an opinion on these financial statements and
financial highlights based on our audits. The Trust's financial highlights for
the periods ended prior to October 31, 2000 were audited by other auditors whose
report, dated December 6, 1999, expressed an unqualified opinion on those
financial highlights.
 
    We conducted our audits in accordance with standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. Our procedures included confirmation of
securities owned as of October 31, 2004, by correspondence with the Trust's
custodian and brokers. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
 
    In our opinion, the financial statements and financial highlights referred
to above present fairly, in all material respects, the financial position of Van
Kampen Pennsylvania Quality Municipal Trust as of October 31, 2004, the results
of its operations for the year then ended, the changes in its net assets and the
financial highlights for the respective stated periods, in conformity with
accounting principles generally accepted in the United States of America.
 
DELOITTE & TOUCHE LLP
Chicago, Illinois
December 10, 2004
 


                                      G-24

VAN KAMPEN PENNSYLVANIA QUALITY MUNICIPAL 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


                                      G-25

VAN KAMPEN PENNSYLVANIA QUALITY MUNICIPAL 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
 


                                      G-26

VAN KAMPEN PENNSYLVANIA QUALITY MUNICIPAL TRUST
 
BOARD OF TRUSTEES AND IMPORTANT ADDRESSES
 
BOARD OF TRUSTEES
 
DAVID C. ARCH
J. MILES BRANAGAN
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
 
INVESTMENT ADVISER
 
VAN KAMPEN ASSET MANAGEMENT
1221 Avenue of the Americas
New York, New York 10020
 
CUSTODIAN AND TRANSFER AGENT
 
STATE STREET BANK
AND TRUST COMPANY
c/o EquiServe
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
 
 For federal income tax purposes, the following information is furnished with
 respect to the distributions paid by the Trust during its taxable year ended
 October 31, 2004. The Trust designated 99.8% of the income distributions as a
 tax-exempt income distribution. The Trust designated and paid $2,346,765 as a
 long-term capital gain distribution. In January, the Trust provides tax
 information to shareholders for the preceding calendar year.
 
*   "Interested persons" of the Trust, as defined in the Investment Company Act
    of 1940, as amended.


                                      G-27

VAN KAMPEN PENNSYLVANIA QUALITY MUNICIPAL TRUST
 
RESULTS OF SHAREHOLDER VOTES
 
The Annual Meeting of Shareholders of the Trust was held on June 23, 2004, where
shareholders voted on the election of trustees.
 
With regard to the election of the following trustees by common shareholders of
the Trust:
 


                                                                      # OF SHARES
                                                             -----------------------------
                                                             IN FAVOR             WITHHELD
------------------------------------------------------------------------------------------
                                                                            
R. Craig Kennedy...........................................  7,254,560            137,936
Jack E. Nelson.............................................  7,248,084            144,412
Richard F. Powers, III.....................................  7,255,374            137,122

 
With regards to the election of the following trustee by preferred shareholders
of the Trust:
 


                                                                      # OF SHARES
                                                              ----------------------------
                                                              IN FAVOR            WITHHELD
------------------------------------------------------------------------------------------
                                                                            
Hugo Sonnenschein...........................................   1,814                 0

 
The other trustees of the Trust whose terms did not expire in 2004 are David C.
Arch, J. Miles Branagan, Jerry D. Choate, Rod Dammeyer, Linda Hutton Heagy,
Howard J Kerr, Mitchell M. Merin, Wayne W. Whalen, and Suzanne H. Woolsey.
 


                                      G-28

VAN KAMPEN PENNSYLVANIA QUALITY MUNICIPAL TRUST
 
TRUSTEE AND OFFICER INFORMATION
 
The business and affairs of the Trust are managed under the direction of the
Trust's Board of Trustees and the Trust's officers appointed by the Board of
Trustees. The tables below list the trustees and executive officers of the Trust
and their principal occupations during the last five years, other directorships
held by trustees and their affiliations, if any, with Van Kampen Investments
Inc. ("Van Kampen Investments"), Van Kampen Asset Management (the "Adviser"),
Van Kampen Funds Inc. (the "Distributor"), Van Kampen Advisors Inc., Van Kampen
Exchange Corp. and Van Kampen Investor Services Inc. ("Investor Services"). The
term "Fund Complex" includes each of the investment companies advised by the
Adviser or its affiliates as of the date of this Statement of Additional
Information. Trustees serve until reaching their retirement age or until their
successors are duly elected and qualified. Officers are annually elected by the
trustees.
 
INDEPENDENT TRUSTEES:
 


                                                                                  NUMBER OF
                                            TERM OF                                FUNDS IN
                                           OFFICE AND                                FUND
                              POSITION(S)  LENGTH OF                               COMPLEX
NAME, AGE AND ADDRESS          HELD WITH      TIME     PRINCIPAL OCCUPATION(S)     OVERSEEN    OTHER DIRECTORSHIPS
OF INDEPENDENT TRUSTEE           TRUST       SERVED    DURING PAST 5 YEARS        BY TRUSTEE   HELD BY TRUSTEE
                                                                                
David C. Arch (59)            Trustee      Trustee     Chairman and Chief             85       Trustee/Director/Managing
Blistex Inc.                               since 1991  Executive Officer of                    General Partner of funds
1800 Swift Drive                                       Blistex Inc., a consumer                in the Fund Complex.
Oak Brook, IL 60523                                    health care products
                                                       manufacturer. Director of
                                                       the Heartland Alliance, a
                                                       nonprofit organization
                                                       serving human needs based
                                                       in Chicago. Director of
                                                       St. Vincent de Paul
                                                       Center, a Chicago based
                                                       day care facility serving
                                                       the children of low
                                                       income families. Board
                                                       member of the Illinois
                                                       Manufacturers'
                                                       Association.

J. Miles Branagan (72)        Trustee      Trustee     Private investor.              83       Trustee/Director/Managing
1632 Morning Mountain Road                 since 2003  Co-founder, and prior to                General Partner of funds
Raleigh, NC 27614                                      August 1996, Chairman,                  in the Fund Complex.
                                                       Chief Executive Officer
                                                       and President, MDT
                                                       Corporation (now known as
                                                       Getinge/Castle, Inc., a
                                                       subsidiary of Getinge
                                                       Industrier AB), a company
                                                       which develops,
                                                       manufactures, markets and
                                                       services medical and
                                                       scientific equipment.

 

                                      G-29



VAN KAMPEN PENNSYLVANIA QUALITY MUNICIPAL TRUST
TRUSTEE AND OFFICER INFORMATION continued
                                                                                  NUMBER OF
                                            TERM OF                                FUNDS IN
                                           OFFICE AND                                FUND
                              POSITION(S)  LENGTH OF                               COMPLEX
NAME, AGE AND ADDRESS          HELD WITH      TIME     PRINCIPAL OCCUPATION(S)     OVERSEEN    OTHER DIRECTORSHIPS
OF INDEPENDENT TRUSTEE           TRUST       SERVED    DURING PAST 5 YEARS        BY TRUSTEE   HELD BY TRUSTEE
                                                                                

Jerry D. Choate (66)          Trustee      Trustee     Prior to January 1999,         83       Trustee/Director/Managing
33971 Selva Road                           since 2003  Chairman and Chief                      General Partner of funds
Suite 130                                              Executive Officer of the                in the Fund Complex.
Dana Point, CA 92629                                   Allstate Corporation                    Director of Amgen Inc., a
                                                       ("Allstate") and Allstate               biotechnological company,
                                                       Insurance Company. Prior                and Director of Valero
                                                       to January 1995,                        Energy Corporation, an
                                                       President and Chief                     independent refining
                                                       Executive Officer of                    company.
                                                       Allstate. Prior to August
                                                       1994, various management
                                                       positions at Allstate.

 

                                      G-30



VAN KAMPEN PENNSYLVANIA QUALITY MUNICIPAL TRUST
TRUSTEE AND OFFICER INFORMATION continued
                                                                                  NUMBER OF
                                            TERM OF                                FUNDS IN
                                           OFFICE AND                                FUND
                              POSITION(S)  LENGTH OF                               COMPLEX
NAME, AGE AND ADDRESS          HELD WITH      TIME     PRINCIPAL OCCUPATION(S)     OVERSEEN    OTHER DIRECTORSHIPS
OF INDEPENDENT TRUSTEE           TRUST       SERVED    DURING PAST 5 YEARS        BY TRUSTEE   HELD BY TRUSTEE
                                                                                

Rod Dammeyer (64)             Trustee      Trustee     President of CAC, L.L.C.,      85       Trustee/Director/Managing
CAC, L.L.C.                                since 1991  a private company                       General Partner of funds
4350 LaJolla Village Drive                             offering capital                        in the Fund Complex.
Suite 980                                              investment and management               Director of Stericycle,
San Diego, CA 92122-6223                               advisory services. Prior                Inc., Ventana Medical
                                                       to February 2001, Vice                  Systems, Inc., and GATX
                                                       Chairman and Director of                Corporation, and Trustee
                                                       Anixter International,                  of The Scripps Research
                                                       Inc., a global                          Institute and the
                                                       distributor of wire,                    University of Chicago
                                                       cable and communications                Hospitals and Health
                                                       connectivity products.                  Systems. Prior to January
                                                       Prior to July 2000,                     2004, Director of
                                                       Managing Partner of                     TeleTech Holdings Inc.
                                                       Equity Group Corporate                  and Arris Group, Inc.
                                                       Investment (EGI), a                     Prior to May 2002,
                                                       company that makes                      Director of Peregrine
                                                       private investments in                  Systems Inc. Prior to
                                                       other companies.                        February 2001, Director
                                                                                               of IMC Global Inc. Prior
                                                                                               to July 2000, Director of
                                                                                               Allied Riser
                                                                                               Communications Corp.,
                                                                                               Matria Healthcare Inc.,
                                                                                               Transmedia Networks,
                                                                                               Inc., CNA Surety, Corp.
                                                                                               and Grupo Azcarero Mexico
                                                                                               (GAM).

 

                                      G-31



VAN KAMPEN PENNSYLVANIA QUALITY MUNICIPAL TRUST
TRUSTEE AND OFFICER INFORMATION continued
                                                                                  NUMBER OF
                                            TERM OF                                FUNDS IN
                                           OFFICE AND                                FUND
                              POSITION(S)  LENGTH OF                               COMPLEX
NAME, AGE AND ADDRESS          HELD WITH      TIME     PRINCIPAL OCCUPATION(S)     OVERSEEN    OTHER DIRECTORSHIPS
OF INDEPENDENT TRUSTEE           TRUST       SERVED    DURING PAST 5 YEARS        BY TRUSTEE   HELD BY TRUSTEE
                                                                                

Linda Hutton Heagy (56)       Trustee      Trustee     Managing Partner of            83       Trustee/Director/Managing
Heidrick & Struggles                       since 2003  Heidrick & Struggles, an                General Partner of funds
233 South Wacker Drive                                 executive search firm.                  in the Fund Complex.
Suite 7000                                             Trustee on the University
Chicago, IL 60606                                      of Chicago Hospitals
                                                       Board, Vice Chair of the
                                                       Board of the YMCA of
                                                       Metropolitan Chicago and
                                                       a member of the Women's
                                                       Board of the University
                                                       of Chicago. Prior to
                                                       1997, Partner of Ray &
                                                       Berndtson, Inc., an
                                                       executive recruiting
                                                       firm. Prior to 1996,
                                                       Trustee of The
                                                       International House
                                                       Board, a fellowship and
                                                       housing organization for
                                                       international graduate
                                                       students. Prior to 1995,
                                                       Executive Vice President
                                                       of ABN AMRO, N.A., a bank
                                                       holding company. Prior to
                                                       1992, Executive Vice
                                                       President of La Salle
                                                       National Bank.

R. Craig Kennedy (52)         Trustee      Trustee     Director and President of      83       Trustee/Director/Managing
1744 R Street, NW                          since 2003  the German Marshall Fund                General Partner of funds
Washington, DC 20009                                   of the United States, an                in the Fund Complex.
                                                       independent U.S.
                                                       foundation created to
                                                       deepen understanding,
                                                       promote collaboration and
                                                       stimulate exchanges of
                                                       practical experience
                                                       between Americans and
                                                       Europeans. Formerly,
                                                       advisor to the Dennis
                                                       Trading Group Inc., a
                                                       managed futures and
                                                       option company that
                                                       invests money for
                                                       individuals and
                                                       institutions. Prior to
                                                       1992, President and Chief
                                                       Executive Officer,
                                                       Director and member of
                                                       the Investment Committee
                                                       of the Joyce Foundation,
                                                       a private foundation.

Howard J Kerr (69)            Trustee      Trustee     Prior to 1998, President       85       Trustee/Director/Managing
736 North Western Avenue                   since 1992  and Chief Executive                     General Partner of funds
P.O. Box 317                                           Officer of Pocklington                  in the Fund Complex.
Lake Forest, IL 60045                                  Corporation, Inc., an                   Director of the Lake
                                                       investment holding                      Forest Bank & Trust.
                                                       company. Director of the
                                                       Marrow Foundation.

 

                                      G-32



VAN KAMPEN PENNSYLVANIA QUALITY MUNICIPAL TRUST
TRUSTEE AND OFFICER INFORMATION continued
                                                                                  NUMBER OF
                                            TERM OF                                FUNDS IN
                                           OFFICE AND                                FUND
                              POSITION(S)  LENGTH OF                               COMPLEX
NAME, AGE AND ADDRESS          HELD WITH      TIME     PRINCIPAL OCCUPATION(S)     OVERSEEN    OTHER DIRECTORSHIPS
OF INDEPENDENT TRUSTEE           TRUST       SERVED    DURING PAST 5 YEARS        BY TRUSTEE   HELD BY TRUSTEE
                                                                                

Jack E. Nelson (68)           Trustee      Trustee     President of Nelson            83       Trustee/Director/Managing
423 Country Club Drive                     since 2003  Investment Planning                     General Partner of funds
Winter Park, FL 32789                                  Services, Inc., a                       in the Fund Complex.
                                                       financial planning
                                                       company and registered
                                                       investment adviser in the
                                                       State of Florida.
                                                       President of Nelson Ivest
                                                       Brokerage Services Inc.,
                                                       a member of the NASD,
                                                       Securities Investors
                                                       Protection Corp. and the
                                                       Municipal Securities
                                                       Rulemaking Board.
                                                       President of Nelson Sales
                                                       and Services Corporation,
                                                       a marketing and services
                                                       company to support
                                                       affiliated companies.

Hugo F. Sonnenschein (64)     Trustee      Trustee     President Emeritus and         85       Trustee/Director/Managing
1126 E. 59th Street                        since 1994  Honorary Trustee of the                 General Partner of funds
Chicago, IL 60637                                      University of Chicago and               in the Fund Complex.
                                                       the Adam Smith                          Director of Winston
                                                       Distinguished Service                   Laboratories, Inc.
                                                       Professor in the
                                                       Department of Economics
                                                       at the University of
                                                       Chicago. Prior to July
                                                       2000, President of the
                                                       University of Chicago.
                                                       Trustee of the University
                                                       of Rochester and a member
                                                       of its investment
                                                       committee. Member of the
                                                       National Academy of
                                                       Sciences, the American
                                                       Philosophical Society and
                                                       a fellow of the American
                                                       Academy of Arts and
                                                       Sciences.

Suzanne H. Woolsey, Ph.D.     Trustee      Trustee     Chief Communications           83       Trustee/Director/Managing
(62)                                       since 2003  Officer of the National                 General Partner of funds
815 Cumberstone Road                                   Academy of                              in the Fund Complex.
Harwood, MD 20776                                      Sciences/National                       Director of Fluor Corp.,
                                                       Research Council, an                    an engineering,
                                                       independent, federally                  procurement and
                                                       chartered policy                        construction
                                                       institution, from 2001 to               organization, since
                                                       November 2003 and Chief                 January 2004 and Director
                                                       Operating Officer from                  of Neurogen Corporation,
                                                       1993 to 2001. Director of               a pharmaceutical company,
                                                       the Institute for Defense               since January 1998.
                                                       Analyses, a federally
                                                       funded research and
                                                       development center,
                                                       Director of the German
                                                       Marshall Fund of the
                                                       United States, Director
                                                       of the Rocky Mountain
                                                       Institute and Trustee of
                                                       Colorado College. Prior
                                                       to 1993, Executive
                                                       Director of the
                                                       Commission on Behavioral
                                                       and Social Sciences and
                                                       Education at the National
                                                       Academy of
                                                       Sciences/National
                                                       Research Council. From
                                                       1980 through 1989,
                                                       Partner of Coopers &
                                                       Lybrand.

 

                                      G-33


VAN KAMPEN PENNSYLVANIA QUALITY MUNICIPAL TRUST
 
TRUSTEE AND OFFICER INFORMATION continued
 
INTERESTED TRUSTEES:*
 


                                                                                  NUMBER OF
                                            TERM OF                                FUNDS IN
                                           OFFICE AND                                FUND
                              POSITION(S)  LENGTH OF                               COMPLEX
NAME, AGE AND ADDRESS          HELD WITH      TIME     PRINCIPAL OCCUPATION(S)     OVERSEEN    OTHER DIRECTORSHIPS
OF INTERESTED TRUSTEE            TRUST       SERVED    DURING PAST 5 YEARS        BY TRUSTEE   HELD BY TRUSTEE
                                                                                

Mitchell M. Merin* (51)       Trustee,     Trustee     President and Chief            83       Trustee/Director/Managing
1221 Avenue of the Americas   President    since       Executive Officer of                    General Partner of funds
New York, NY 10020            and Chief    2003;       funds in the Fund                       in the Fund Complex.
                              Executive    President   Complex. Chairman,
                              Officer      and Chief   President, Chief
                                           Executive   Executive Officer and
                                           Officer     Director of the Adviser
                                           since 2002  and Van Kampen Advisors
                                                       Inc. since December 2002.
                                                       Chairman, President and
                                                       Chief Executive Officer
                                                       of Van Kampen Investments
                                                       since December 2002.
                                                       Director of Van Kampen
                                                       Investments since
                                                       December 1999. Chairman
                                                       and Director of Van
                                                       Kampen Funds Inc. since
                                                       December 2002. President,
                                                       Director and Chief
                                                       Operating Officer of
                                                       Morgan Stanley Investment
                                                       Management since December
                                                       1998. President and
                                                       Director since April 1997
                                                       and Chief Executive
                                                       Officer since June 1998
                                                       of Morgan Stanley
                                                       Investment Advisors Inc.
                                                       and Morgan Stanley
                                                       Services Company Inc.
                                                       Chairman, Chief Executive
                                                       Officer and Director of
                                                       Morgan Stanley
                                                       Distributors Inc. since
                                                       June 1998. Chairman since
                                                       June 1998, and Director
                                                       since January 1998 of
                                                       Morgan Stanley Trust.
                                                       Director of various
                                                       Morgan Stanley
                                                       subsidiaries. President
                                                       of the Morgan Stanley
                                                       Funds since May 1999.
                                                       Previously Chief
                                                       Executive Officer of Van
                                                       Kampen Funds Inc. from
                                                       December 2002 to July
                                                       2003, Chief Strategic
                                                       Officer of Morgan Stanley
                                                       Investment Advisors Inc.
                                                       and Morgan Stanley
                                                       Services Company Inc. and
                                                       Executive Vice President
                                                       of Morgan Stanley
                                                       Distributors Inc. from
                                                       April 1997 to June 1998.
                                                       Chief Executive Officer
                                                       from September 2002 to
                                                       April 2003 and Vice
                                                       President from May 1997
                                                       to April 1999 of the
                                                       Morgan Stanley Funds.

 

                                      G-34

VAN KAMPEN PENNSYLVANIA QUALITY MUNICIPAL TRUST

TRUSTEE AND OFFICER INFORMATION continued


                                                                                  NUMBER OF
                                            TERM OF                                FUNDS IN
                                           OFFICE AND                                FUND
                              POSITION(S)  LENGTH OF                               COMPLEX
NAME, AGE AND ADDRESS          HELD WITH      TIME     PRINCIPAL OCCUPATION(S)     OVERSEEN    OTHER DIRECTORSHIPS
OF INTERESTED TRUSTEE            TRUST       SERVED    DURING PAST 5 YEARS        BY TRUSTEE   HELD BY TRUSTEE
                                                                                

Richard F. Powers, III* (58)  Trustee      Trustee     Advisory Director of           85       Trustee/Director/Managing
1 Parkview Plaza                           since 1999  Morgan Stanley. Prior to                General Partner of funds
P.O. Box 5555                                          December 2002, Chairman,                in the Fund Complex.
Oakbrook Terrace, IL 60181                             Director, President,
                                                       Chief Executive Officer
                                                       and Managing Director of
                                                       Van Kampen Investments
                                                       and its investment
                                                       advisory, distribution
                                                       and other subsidiaries.
                                                       Prior to December 2002,
                                                       President and Chief
                                                       Executive Officer of
                                                       funds in the Fund
                                                       Complex. Prior to May
                                                       1998, Executive Vice
                                                       President and Director of
                                                       Marketing at Morgan
                                                       Stanley and Director of
                                                       Dean Witter, Discover &
                                                       Co. and Dean Witter
                                                       Realty. Prior to 1996,
                                                       Director of Dean Witter
                                                       Reynolds Inc.

Wayne W. Whalen* (65)         Trustee      Trustee     Partner in the law firm        85       Trustee/Director/Managing
333 West Wacker Drive                      since 1991  of Skadden, Arps, Slate,                General Partner of funds
Chicago, IL 60606                                      Meagher & Flom LLP, legal               in the Fund Complex.
                                                       counsel to funds in the
                                                       Fund Complex.

 
*   Such Trustee is an "interested person" (within the meaning of Section
    2(a)(19) of the 1940 Act). Mr. Whalen is an interested person of certain
    funds in the Fund Complex by reason of his firm currently acting as legal
    counsel to such funds in the Fund Complex. Messrs. Merin and Powers are
    interested persons of funds in the Fund Complex and the Adviser by reason of
    their current or former positions with Morgan Stanley or its affiliates.
 

                                      G-35

VAN KAMPEN PENNSYLVANIA QUALITY MUNICIPAL TRUST
 
TRUSTEE AND OFFICER INFORMATION continued
 
OFFICERS:
 


                                                     TERM OF
                                                    OFFICE AND
                                   POSITION(S)      LENGTH OF
NAME, AGE AND                       HELD WITH          TIME     PRINCIPAL OCCUPATION(S)
ADDRESS OF OFFICER                    TRUST           SERVED    DURING PAST 5 YEARS
                                                       
Stefanie V. Chang (38)          Vice President      Officer     Executive Director of Morgan Stanley Investment Management.
1221 Avenue of the Americas     and Secretary       since 2003  Vice President of funds in the Fund Complex.
New York, NY 10020

Amy R. Doberman (42)            Vice President      Officer     Managing Director and General Counsel, U.S. Investment
1221 Avenue of the Americas                         since 2004  Management; Managing Director of Morgan Stanley Investment
New York, NY 10020                                              Management, Inc., Morgan Stanley Investment Advisers Inc.
                                                                and the Adviser. Vice President of the Morgan Stanley
                                                                Institutional and Retail Funds since July 2004 and Vice
                                                                President of funds in the Fund Complex as of August 2004.
                                                                Previously, Managing Director and General Counsel of
                                                                Americas, UBS Global Asset Management from July 2000 to July
                                                                2004 and General Counsel of Aeitus Investment Management,
                                                                Inc. from January 1997 to July 2000.

James M. Dykas (38)             Chief Financial     Officer     Executive Director of Van Kampen Asset Management and Morgan
1 Parkview Plaza                Officer and         since 1999  Stanley Investment Management. Chief Financial Officer and
Oakbrook Terrace, IL 60181      Treasurer                       Treasurer of funds in the Fund Complex. Prior to August
                                                                2004, Assistant Treasurer of funds in the Fund Complex.

Joseph J. McAlinden (61)        Executive Vice      Officer     Managing Director and Chief Investment Officer of Morgan
1221 Avenue of the Americas     President and       since 2002  Stanley Investment Advisors Inc., and Morgan Stanley
New York, NY 10020              Chief Investment                Investment Management Inc. and Director of Morgan Stanley
                                Officer                         Trust for over 5 years. Executive Vice President and Chief
                                                                Investment Officer of funds in the Fund Complex. Managing
                                                                Director and Chief Investment Officer of Van Kampen
                                                                Investments, the Adviser and Van Kampen Advisors Inc. since
                                                                December 2002.

Ronald E. Robison (65)          Executive Vice      Officer     Principal Executive Officer of the Funds since May 2003.
1221 Avenue of the Americas     President and       since 2003  Chief Executive Officer and Chairman of Investor Services.
New York, NY 10020              Principal                       Executive Vice President and Principal Executive Officer of
                                Executive                       funds in the Fund Complex. Managing Director of Morgan
                                Officer                         Stanley. Chief Administrative Officer, Managing Director and
                                                                Director of Morgan Stanley Investment Advisors Inc., Morgan
                                                                Stanley Services Company Inc. and Managing Director and
                                                                Director of Morgan Stanley Distributors Inc. Chief Executive
                                                                Officer and Director of Morgan Stanley Trust. Executive Vice
                                                                President and Principal Executive Officer of the
                                                                Institutional and Retail Morgan Stanley Funds; Director of
                                                                Morgan Stanley SICAV; previously Chief Global Operations
                                                                Officer and Managing Director of Morgan Stanley Investment
                                                                Management Inc.

 

                                      G-36




VAN KAMPEN PENNSYLVANIA QUALITY MUNICIPAL TRUST
TRUSTEE AND OFFICER INFORMATION continued
                                                     TERM OF
                                                    OFFICE AND
                                   POSITION(S)      LENGTH OF
NAME, AGE AND                       HELD WITH          TIME     PRINCIPAL OCCUPATION(S)
ADDRESS OF OFFICER                    TRUST           SERVED    DURING PAST 5 YEARS
                                                       

John L. Sullivan (49)           Chief Compliance    Officer     Chief Compliance Officer of funds in the Fund Complex since
1 Parkview Plaza                Officer             since 1998  August 2004. Director and Managing Director of Van Kampen
Oakbrook Terrace, IL 60181                                      Investments, the Adviser, Van Kampen Advisors Inc. and
                                                                certain other subsidiaries of Van Kampen Investments. Prior
                                                                August 2004, Vice President, Chief Financial Officer and
                                                                Treasurer of funds in the Fund Complex and head of Fund
                                                                Accounting for Morgan Stanley Investment Management. Prior
                                                                to December 2002, Executive Director of Van Kampen
                                                                Investments, the Adviser and Van Kampen Advisors Inc.

 
                                      G-37



 
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)

                                      G-38



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
 
                                      (VAN KAMPEN INVESTMENTS LOGO)
 
                                                 Copyright (C)2004 Van Kampen
                                                 Funds Inc. All rights reserved.
                                                 Member NASD/SIPC.
                                                 VPQ ANR
                                                 12/04 RN04-02828P-Y10/04


                                      G-39












                                   APPENDIX H
                                        
     SEMI-ANNUAL REPORT OF VAN KAMPEN PENNSYLVANIA QUALITY MUNICIPAL TRUST,
                              DATED APRIL 30, 2005
                                        

                           





























                                       H-1

 
Item 1. Reports 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
       Pennsylvania Quality Municipal 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).
 


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



                                      H-2

 
Performance Summary as of 4/30/05
 


PENNSYLVANIA QUALITY MUNICIPAL TRUST
SYMBOL: VPQ
------------------------------------------------------------
AVERAGE ANNUAL                      BASED ON      BASED ON
TOTAL RETURNS                         NAV       MARKET PRICE
                                          
 
Since Inception (09/27/91)            7.98%         6.80%
 
10-year                               7.55          5.97
 
5-year                                8.92          7.51
 
1-year                               10.96          6.58
 
6-month                               3.36         -2.38
------------------------------------------------------------

 
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 Pennsylvania Municipal Bond Index is a broad-based
statistical composite of Pennsylvania 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.
 

                                      H-3

 
Trust Report
 
FOR THE 6-MONTH PERIOD ENDED APRIL 30, 2005
 
Van Kampen Pennsylvania Quality Municipal Trust is managed by the Advisor's
Municipal Fixed Income team.(1) Current members include Dennis Pietrzak and John
Reynoldson, Executive Directors of the Adviser; and Robert Wimmel, Vice
President 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.
 
The most significant development in the Pennsylvania municipal market over the
period was the ongoing trend of refundings of municipal securities by issuers.
Municipal borrowers were able to take advantage of rising short-term rates and
relatively stable long-term rates, which in turn allowed them to refund
outstanding debt. As a result, the Pennsylvania market saw a wave of
refinancings, especially in education-related sectors.
 
(1)Team members may change without notice at any time.


                                      H-4

 
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 Pennsylvania
Municipal Bond Index. On a market price basis, the trust underperformed its
benchmark.
 
TOTAL RETURNS FOR THE SIX-MONTH PERIOD ENDED APRIL 30, 2005
 


--------------------------------------------------------
                 BASED ON      LEHMAN BROTHERS
      BASED ON    MARKET    PENNSYLVANIA MUNICIPAL
        NAV       PRICE           BOND INDEX
                                       
 
       3.36%      -2.38%            1.82%
--------------------------------------------------------

 
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.
 
One of our key strategies in managing the trust during the period was to
position it for rising interest rates. This approach was largely the result of
our analysis of interest rates, which remained relatively low by historical
standards even after rising from their multi-decade lows earlier. First, we kept
the trust's duration (a measure of interest-rate sensitivity) below that of its
benchmark. Second, to limit the trust's exposure to areas of the market that
would be most likely susceptible to rising rates, we also trimmed the trust's
shorter-maturity bonds. We reinvested the proceeds from those sales into bonds
with premium coupons and maturities between 20 and 30 years. In addition to
offering relatively attractive income streams, these securities positioned the
trust to benefit from any future flattening of the yield curve.
 
We kept the trust's exposure well diversified across the major sectors of the
Pennsylvania municipal market. Much of our relative-value trading activity was
focused on selling issues that had been pre-refunded, many of which were in the
public education sector; and purchasing what we believed were more
 

                                      H-5

 
attractive securities in the public education sector. The trust remained focused
on investment-grade securities, with more than 95 percent of the portfolio rated
BBB or higher at the end of the period.
 
There is no guarantee the security sectors mentioned will continue to perform
well or be held by the trust in the future.
 

                                      H-6

 


TOP 5 SECTORS AS OF 4/30/05
                                                             
Higher Education                                                16.3%
General Purpose                                                 15.2
Water & Sewer                                                   12.8
Public Education                                                12.6
Health Care                                                     12.0


 


RATINGS ALLOCATION AS OF 4/30/05
                                                             
AAA/Aaa                                                         68.1%
AA/Aa                                                           10.9
A/A                                                              9.3
BBB/Baa                                                          7.4
Non-Rated                                                        4.3

 
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 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.
 

                                      H-7

 
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.
 

                                      H-8

 
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.
 


                                      H-9

 
VAN KAMPEN PENNSYLVANIA QUALITY MUNICIPAL TRUST
 
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2005 (UNAUDITED)
 


PAR
AMOUNT
(000)     DESCRIPTION                                      COUPON   MATURITY      VALUE
-------------------------------------------------------------------------------------------
                                                                   
          MUNICIPAL BONDS  150.1%
          PENNSYLVANIA  148.9%
$2,000    Allegheny Cnty, PA Arpt Auth Pittsburgh Intl
          Arpt Rfdg (AMT) (FGIC Insd)..................... 5.750%   01/01/18   $  2,138,260
 1,000    Allegheny Cnty, PA Higher Ed Bldg Carnegie
          Mellon Univ..................................... 5.125    03/01/32      1,045,360
 1,250    Allegheny Cnty, PA Higher Ed Bldg Carnegie
          Mellon Univ..................................... 5.250    03/01/32      1,322,450
 2,000    Allegheny Cnty, PA Port Auth Spl Rev Tran
          (Prerefunded @ 03/01/09) (MBIA Insd)............ 6.000    03/01/24      2,235,940
 1,300    Allegheny Cnty, PA Redev Auth Tax Increment Rev
          Robinson Mall Proj Ser A........................ 7.000    11/01/17      1,394,666
 1,355    Allegheny Cnty, PA Residential Mtg Single Family
          Ser KK-2 (AMT) (GNMA Collateralized)............ 5.750    05/01/33      1,409,701
 3,000    Allegheny Cnty, PA San Auth Swr (MBIA Insd)..... 5.500    12/01/30      3,366,090
 2,575    Allegheny Cnty, PA San Auth Swr Rev Ser A
          (FGIC Insd) (a).................................   *      12/01/08      2,291,801
 2,380    Allegheny Cnty, PA San Auth Swr Rev Ser A
          (FGIC Insd).....................................   *      06/01/09      2,073,527
 1,645    Allegheny Cnty, PA San Auth Swr Rev Ser A
          (FGIC Insd) (a).................................   *      12/01/09      1,407,117
 3,000    Berks Cnty, PA Muni Auth Hosp Rev Reading Hosp &
          Med Ctr Proj (Prerefunded @ 11/01/09) (FSA
          Insd)........................................... 6.000    11/01/29      3,422,550
 1,000    Bethlehem, PA Auth Wtr Gtd (FSA Insd)........... 5.000    11/15/19      1,083,550
   785    Carbon Cnty, PA Indl Dev Auth Panther Creek
          Partn Proj Rfdg (AMT) (LOC: Paribas & Union Bk
          of CA Intl)..................................... 6.650    05/01/10        851,592
 2,000    Central Dauphin, PA Sch Dist (FSA Insd)......... 5.000    12/01/19      2,157,560
 1,000    Chartiers Vly, PA Indl & Coml Dev Auth First Mtg
          Rev Asbury Hlth Cent Rfdg....................... 6.375    12/01/19      1,029,980
 1,000    Chartiers Vly, PA Indl & Coml Dev Auth First Mtg
          Rev Asbury Hlth Cent Rfdg....................... 6.375    12/01/24      1,022,330
 2,000    Cheltenham Twp, PA (AMBAC Insd) (b)............. 5.000    01/01/28      2,113,400
 1,000    Chester Cnty, PA Indl Dev Auth Rev Collegium
          Charter Sch Proj Ser A (ACA Insd)............... 5.500    04/15/31      1,062,650
 1,500    Crawford Cnty, PA Hosp Auth Sr Living Fac Rev
          Westbury Utd Methodist Cmnty.................... 6.250    08/15/29      1,539,060
 2,000    Delaware Cnty, PA Auth College Cabrini College
          (Radian Insd)................................... 5.750    07/01/23      2,140,280
 2,295    Delaware Cnty, PA Auth College Neumann College
          Rfdg (a)........................................ 5.875    10/01/21      2,443,555
 1,000    Delaware Cnty, PA Auth First Mtg Rev Riddle Vlg
          Proj Rfdg....................................... 6.875    06/01/16      1,013,270
 1,000    Delaware Cnty, PA Auth Rev White Horse Vlg Proj
          Ser A Rfdg...................................... 7.625    07/01/30      1,082,290

 
                                               See Notes to Financial Statements

                                      H-10

 
VAN KAMPEN PENNSYLVANIA QUALITY MUNICIPAL TRUST
 
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2005 (UNAUDITED) continued
 


PAR
AMOUNT
(000)     DESCRIPTION                                      COUPON   MATURITY      VALUE
-------------------------------------------------------------------------------------------
                                                                   
          PENNSYLVANIA (CONTINUED)
$1,750    Delaware Cnty, PA Indl Dev Auth Rev Wtr Fac
          (AMT) (FGIC Insd)............................... 6.000%   06/01/29   $  1,922,235
 2,500    Delaware Cnty, PA Indl Dev Auth Wtr Fac PA
          Suburban Wtr (AMT) (AMBAC Insd)................. 5.350    10/01/31      2,634,025
 1,230    Delaware Cnty, PA Regl Wtr Qual (MBIA Insd)..... 5.250    05/01/19      1,349,310
 1,555    Delaware Cnty, PA Regl Wtr Qual (MBIA Insd)
          (a)............................................. 5.250    05/01/22      1,691,094
 2,500    Delaware Vly, PA Regl Fin Auth.................. 5.750    07/01/17      2,882,950
 2,000    Downingtown, PA Area Sch Dist (FSA Insd)........ 5.250    04/01/15      2,184,020
 3,420    Falls Twp, PA Hosp Auth Hosp Rev DE Vly Med Rfdg
          (FHA Gtd)....................................... 7.000    08/01/22      3,500,986
 2,000    Harrisburg, PA Auth Res Gtd Sub Ser D-2
          (FSA Insd)...................................... 5.000    12/01/33      2,177,780
 3,000    Harrisburg, PA Auth Wtr Rev Rfdg (FSA Insd)..... 5.000    07/15/21      3,205,680
 1,000    Harveys Lake Genl Muni Auth PA College Rev
          College Misericordia Proj (ACA Insd)............ 6.000    05/01/19      1,073,400
 2,925    Hempfield, PA Area Sch Dist
          (Prerefunded @ 02/15/12) (FGIC Insd)............ 5.375    02/15/17      3,285,886
 2,595    Hempfield, PA Area Sch Dist
          (Prerefunded @ 02/15/12) (FGIC Insd)............ 5.375    02/15/19      2,915,171
 1,985    Jim Thorpe, PA Area Sch Dist (FSA Insd) (a)..... 5.000    03/15/25      2,106,442
 1,000    Kennett, PA Cons Sch Dist Ser A (FGIC Insd)..... 5.250    02/15/19      1,095,560
 1,000    Lebanon Cnty, PA Hlth Fac Pleasant View Auth
          Hlth Ctr Rev Retirement Ser A (b)............... 5.125    12/15/20        997,500
 1,000    Lehigh Cnty, PA Gen Purp Auth Good Shepherd Grp
          Ser A........................................... 5.625    11/01/34      1,035,580
 1,800    Lehigh Cnty, PA Gen Purp Auth Rev Hosp Saint
          Lukes Bethlehem................................. 5.250    08/15/23      1,844,226
 1,750    Lehigh Cnty, PA Gen Purp Auth Rev Hosp Saint
          Lukes Bethlehem................................. 5.375    08/15/33      1,784,440
 2,310    Luzerne Cnty, PA Ser A (MBIA Insd) (a).......... 5.250    11/15/17      2,540,238
 4,000    Luzerne Cnty, PA Ser A (MBIA Insd).............. 5.250    11/15/25      4,341,760
 3,000    Lycoming Cnty, PA Auth College Rev PA College of
          Technology (AMBAC Insd)......................... 5.350    07/01/26      3,217,710
 2,500    Mercer Cnty, PA Indl Dev Auth Wtr Facs
          Philadelphia Sub Corp (AMT) (MBIA Insd)......... 6.000    07/01/30      2,759,000
 1,250    Mifflin Cnty, PA Ser A (FGIC Insd) (b).......... 5.000    09/01/31      1,301,950
 1,000    Monroe Cnty, PA Hosp Auth Rev Hosp Pocono Med
          Ctr............................................. 6.000    01/01/43      1,054,830
 2,000    Montgomery Cnty, PA Higher Ed & Hlth Auth Hosp
          Rev Abington Mem Hosp Ser A..................... 5.125    06/01/32      2,027,660
 1,000    Montgomery Cnty, PA Indl Dev Auth Rev Res Rec
          Montenay Proj Ser A (MBIA Insd)................. 5.250    11/01/14      1,120,880
 1,000    Moon Area Sch Dist PA (FSA Insd)................ 5.000    11/15/25      1,067,480
 2,345    Moon Indl Dev Auth PA Ed Fac Rev Ellis Sch
          Proj............................................ 5.800    03/01/25      2,497,120
   630    New Castle, PA San Auth Swr Rfdg (MBIA Insd).... 5.000    06/01/24        653,323
 1,575    New Castle, PA San Auth Swr Rfdg (MBIA Insd).... 5.000    06/01/27      1,626,093

 
See Notes to Financial Statements                                             

                                      H-11

 
VAN KAMPEN PENNSYLVANIA QUALITY MUNICIPAL TRUST
 
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2005 (UNAUDITED) continued
 


PAR
AMOUNT
(000)     DESCRIPTION                                      COUPON   MATURITY      VALUE
-------------------------------------------------------------------------------------------
                                                                   
          PENNSYLVANIA (CONTINUED)
$1,000    Pennsylvania Econ Dev Fin Auth Res Recovery Rev
          Colver Proj Ser D (AMT)......................... 7.150%   12/01/18   $  1,023,900
 2,500    Pennsylvania Hsg Fin Agy Single Family Mtg Rev
          Ser 70A (AMT)................................... 5.900    04/01/31      2,630,025
 2,000    Pennsylvania Hsg Fin Agy Single Family Mtg
          Ser 61A (AMT)................................... 5.500    04/01/29      2,086,320
 2,385    Pennsylvania Hsg Fin Agy Single Family Mtg
          Ser 66A (AMT)................................... 5.650    04/01/29      2,496,427
 1,260    Pennsylvania Hsg Fin Agy Single Family Mtg
          Ser 67A (AMT)................................... 5.900    10/01/30      1,325,407
 3,000    Pennsylvania St Higher Ed Fac Auth Rev Drexel
          Univ (a)........................................ 5.500    05/01/16      3,312,600
 2,000    Pennsylvania St Higher Ed Fac Auth Rev La Salle
          Univ............................................ 5.500    05/01/34      2,093,900
 1,500    Pennsylvania St Higher Ed Fac Auth Rev Univ
          Sciences Philadelphia Ser A (XLCA Insd)......... 5.000    11/01/36      1,564,680
 1,000    Pennsylvania St Higher Ed Fac Messiah College
          Ser AA3 (Radian Insd)........................... 5.500    11/01/22      1,083,990
 1,770    Pennsylvania St Higher Ed Fac Rev Thomas
          Jefferson Univ.................................. 5.375    01/01/25      1,905,104
 1,000    Pennsylvania St Higher Ed UPMC Hlth Sys Ser A... 6.250    01/15/18      1,126,950
 3,600    Pennsylvania St Higher Ed UPMC Hlth Sys Ser A
          (FSA Insd)...................................... 5.000    08/01/29      3,721,464
 3,000    Pennsylvania St Higher Ed UPMC Hlth Sys Ser A... 6.000    01/15/31      3,301,200
 1,200    Pennsylvania St Tpk Commn Tpk Rev Ser A (AMBAC
          Insd)........................................... 5.250    12/01/21      1,319,556
 4,505    Pennsylvania St Tpk Commn Tpk Rev Ser T Rfdg
          (FGIC Insd)..................................... 5.500    12/01/13      5,143,854
 2,000    Pennsylvania St Univ............................ 5.000    09/01/29      2,109,760
 1,000    Pennsylvania St Univ............................ 5.000    09/01/35      1,052,330
 1,390    Pennsylvania St Univ Rfdg....................... 5.250    08/15/14      1,563,889
 1,500    Philadelphia, PA (FSA Insd)..................... 5.250    09/15/25      1,597,275
 5,000    Philadelphia, PA Auth for Indl Ser B (FSA
          Insd)........................................... 5.500    10/01/17      5,587,000
 2,000    Philadelphia, PA Auth for Indl Ser B (FSA
          Insd)........................................... 5.125    10/01/26      2,122,100
 1,000    Philadelphia, PA Auth Indl Dev Amern College of
          Physicians...................................... 5.500    06/15/27      1,051,350
 2,250    Philadelphia, PA Auth Indl Dev Philadelphia Arpt
          Sys Proj Ser A (AMT) (FGIC Insd)................ 5.125    07/01/19      2,373,907
 2,000    Philadelphia, PA Gas Wks Rev 1975 Gen Ordinance
          17th Ser (FSA Insd)............................. 5.375    07/01/19      2,188,520
 3,250    Philadelphia, PA Gas Wks Rev Second Ser (FSA
          Insd)........................................... 5.250    07/01/29      3,468,758
 1,000    Philadelphia, PA Hosp & Higher Ed Fac Auth Rev
          Chestnut Hill College........................... 6.000    10/01/29      1,024,250
 4,675    Philadelphia, PA Redev Auth Rev Neighborhood
          Trans Ser A (FGIC Insd)......................... 5.250    04/15/12      5,174,664

 
                                               See Notes to Financial Statements

                                      H-12

 
VAN KAMPEN PENNSYLVANIA QUALITY MUNICIPAL TRUST
 
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2005 (UNAUDITED) continued
 


PAR
AMOUNT
(000)     DESCRIPTION                                      COUPON   MATURITY      VALUE
-------------------------------------------------------------------------------------------
                                                                   
          PENNSYLVANIA (CONTINUED)
$1,905    Philadelphia, PA Redev Auth Rev Neighborhood
          Trans Ser A (FGIC Insd)......................... 5.500%   04/15/16   $  2,116,798
 3,000    Philadelphia, PA Wtr & Wastewtr Rev Rfdg (MBIA
          Insd)........................................... 5.625    06/15/08      3,237,240
 4,000    Pittsburgh & Allegheny Cnty, PA Pub Auditorium
          Auth Regl Asset Dist Sales Tax (AMBAC Insd)..... 5.000    02/01/24      4,228,400
 2,500    Pittsburgh, PA Ser A (AMBAC Insd)............... 5.500    09/01/17      2,753,700
 3,000    Pittsburgh, PA Ser A (Prerefunded @ 09/01/09)
          (FGIC Insd)..................................... 5.750    09/01/22      3,283,920
 1,000    Pittsburgh, PA Urban Redev Auth Cent Triangle
          Tax Increment Ser A............................. 6.100    05/01/19      1,074,260
 1,860    Quaker Valley, PA Sch Dist (Prerefunded @
          04/01/14) (FSA Insd) (a)........................ 5.375    04/01/21      2,115,304
 1,500    Radnor Twp, PA Sch Dist Ser B (b)............... 5.000    02/15/28      1,586,370
 1,000    Southcentral, PA Gen Auth Rev Wellspan Hlth
          Oblig (MBIA Insd)............................... 5.375    05/15/28      1,067,150
 1,000    State Pub Sch Bldg Auth Conneaut Sch Dist Proj
          (FGIC Insd)..................................... 5.250    11/01/22      1,103,010
 1,075    State Pub Sch Bldg Auth PA North Hampton Cnty
          Ser A Rfdg (AMBAC Insd)......................... 5.000    03/01/20      1,147,960
 1,740    State Pub Sch Bldg Auth PA Sch Rev Lease
          Colonial Inter Unit 20 (FGIC Insd).............. 5.000    05/15/30      1,835,857
 2,545    Susquehanna Area Regl Arpt Auth Ser A (AMT)
          (AMBAC Insd) (a)................................ 5.500    01/01/18      2,766,008
 1,500    Susquehanna Area Regl Arpt Auth Ser D........... 5.375    01/01/18      1,539,210
 2,030    Troy, PA Area Sch Dist Bradford Cnty
          (FGIC Insd) (a) (b)............................. 5.000    03/01/30      2,089,134
 1,000    Union Cnty, PA Higher Ed Fac Auth Bucknell Univ
          Ser A........................................... 5.250    04/01/19      1,098,360
 2,155    Uniontown Area, PA Sch Dist Ser A
          (Prerefunded @ 10/01/12) (FSA Insd)............. 5.500    10/01/27      2,453,381
 2,500    Washington Cnty, PA Ser A (AMBAC Insd).......... 5.125    09/01/27      2,636,200
 1,000    West Shore, PA Area Hosp Auth Holy Spirit Hosp
          Proj............................................ 6.250    01/01/32      1,069,220
 1,230    Wilson, PA Sch Dist Second Ser (FSA Insd)....... 5.375    05/15/15      1,359,519
 1,240    York Cnty, PA Sch Technology Auth Lease Rev
          (FGIC Insd)..................................... 5.375    02/15/18      1,367,100
                                                                               ------------
                                                                                206,918,589
                                                                               ------------

 
See Notes to Financial Statements                                             


                                      H-13

 
VAN KAMPEN PENNSYLVANIA QUALITY MUNICIPAL TRUST
 
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2005 (UNAUDITED) continued
 


PAR
AMOUNT
(000)     DESCRIPTION                                      COUPON   MATURITY      VALUE
-------------------------------------------------------------------------------------------
                                                                   
          U. S. VIRGIN ISLANDS  1.2%
$1,500    Virgin Islands Pub Fin Auth Rev Gross Rcpt Taxes
          Ln Nt Ser A..................................... 6.500%   10/01/24   $  1,708,155
                                                                               ------------
 
TOTAL LONG-TERM INVESTMENTS  150.1%
  (Cost $194,562,659).......................................................    208,626,744
SHORT-TERM INVESTMENT  0.7%
  (Cost $1,000,000).........................................................      1,000,000
                                                                               ------------
TOTAL INVESTMENTS  150.8%
  (Cost $195,562,659).......................................................    209,626,744
LIABILITIES IN EXCESS OF OTHER ASSETS  (4.0%)...............................     (5,571,324)
 
PREFERRED SHARES (INCLUDING ACCRUED DISTRIBUTIONS)  (46.8%).................    (65,075,693)
                                                                               ------------
 
NET ASSETS APPLICABLE TO COMMON SHARES  100.0%..............................   $138,979,727
                                                                               ============

 
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) 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.
 
FHA--Federal Housing Administration
 
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.
 
                                               See Notes to Financial Statements

                                      H-14

 
VAN KAMPEN PENNSYLVANIA QUALITY MUNICIPAL TRUST
 
FINANCIAL STATEMENTS

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

                                                           
ASSETS:
Total Investments (Cost $195,562,659).......................  $209,626,744
Cash........................................................        61,249
Receivables:
  Interest..................................................     2,732,732
  Investments Sold..........................................        85,000
Other.......................................................           586
                                                              ------------
    Total Assets............................................   212,506,311
                                                              ------------
LIABILITIES:
Payables:
  Investments Purchased.....................................     7,998,913
  Investment Advisory Fee...................................        91,475
  Income Distributions--Common Shares.......................        44,628
  Other Affiliates..........................................        11,574
Trustees' Deferred Compensation and Retirement Plans........       242,248
Accrued Expenses............................................        62,053
                                                              ------------
    Total Liabilities.......................................     8,450,891
Preferred Shares (including accrued distributions)..........    65,075,693
                                                              ------------
NET ASSETS APPLICABLE TO COMMON SHARES......................  $138,979,727
                                                              ============
NET ASSET VALUE PER COMMON SHARE ($138,979,727 divided by
  8,268,008 shares outstanding).............................  $      16.81
                                                              ============
NET ASSETS CONSIST OF:
Common Shares ($.01 par value with an unlimited number of
  shares authorized, 8,268,008 shares issued and
  outstanding)..............................................  $     82,680
Paid in Surplus.............................................   122,586,845
Net Unrealized Appreciation.................................    14,064,085
Accumulated Net Realized Gain...............................     1,593,847
Accumulated Undistributed Net Investment Income.............       652,270
                                                              ------------
NET ASSETS APPLICABLE TO COMMON SHARES......................  $138,979,727
                                                              ============
PREFERRED SHARES ($.01 par value, authorized 100,000,000
  shares, 2,600 issued with liquidation preference of
  $25,000 per share)........................................  $ 65,000,000
                                                              ============
NET ASSETS INCLUDING PREFERRED SHARES.......................  $203,979,727
                                                              ============

 
See Notes to Financial Statements                                             


                                      H-15

 
VAN KAMPEN PENNSYLVANIA QUALITY MUNICIPAL TRUST
 
FINANCIAL STATEMENTS continued
 
Statement of Operations
For the Six Months Ended April 30, 2005 (Unaudited)
 

                                                             
INVESTMENT INCOME:
Interest....................................................    $ 5,020,412
                                                                -----------
EXPENSES:
Investment Advisory Fee.....................................        553,888
Preferred Share Maintenance.................................         88,158
Trustees' Fees and Related Expenses.........................         21,093
Legal.......................................................         20,354
Custody.....................................................          8,525
Other.......................................................         83,666
                                                                -----------
    Total Expenses..........................................        775,684
                                                                -----------
NET INVESTMENT INCOME.......................................    $ 4,244,728
                                                                ===========
REALIZED AND UNREALIZED GAIN/LOSS:
Net Realized Gain...........................................    $ 1,594,586
                                                                -----------
Unrealized Appreciation/Depreciation:
  Beginning of the Period...................................     15,211,926
  End of the Period.........................................     14,064,085
                                                                -----------
Net Unrealized Depreciation During the Period...............     (1,147,841)
                                                                -----------
NET REALIZED AND UNREALIZED GAIN............................    $   446,745
                                                                ===========
DISTRIBUTIONS TO PREFERRED SHAREHOLDERS.....................    $  (654,552)
                                                                ===========
NET INCREASE IN NET ASSETS APPLICABLE TO COMMON SHARES FROM
  OPERATIONS................................................    $ 4,036,921
                                                                ===========

 
                                               See Notes to Financial Statements

                                      H-16

 

VAN KAMPEN PENNSYLVANIA QUALITY MUNICIPAL TRUST
 
FINANCIAL STATEMENTS continued
 
Statements of Changes in Net Assets (Unaudited)
 


                                                               FOR THE            FOR THE
                                                           SIX MONTHS ENDED      YEAR ENDED
                                                            APRIL 30, 2005    OCTOBER 31, 2004
                                                           -----------------------------------
                                                                        
FROM INVESTMENT ACTIVITIES:
Operations:
Net Investment Income....................................    $  4,244,728       $  8,607,852
Net Realized Gain........................................       1,594,586            643,327
Net Unrealized Appreciation/Depreciation During the
  Period.................................................      (1,147,841)         2,741,383
Distributions to Preferred Shareholders:
  Net Investment Income..................................        (607,511)          (631,421)
  Net Realized Gain......................................         (47,041)          (171,025)
                                                             ------------       ------------
Change in Net Assets Applicable to Common Shares from
  Operations.............................................       4,036,921         11,190,116
Distributions to Common Shareholders:
  Net Investment Income..................................      (3,707,745)        (8,130,307)
  Net Realized Gain......................................        (596,877)        (2,283,179)
                                                             ------------       ------------
NET CHANGE IN NET ASSETS APPLICABLE TO COMMON SHARES FROM
  INVESTMENT ACTIVITIES..................................        (267,701)           776,630
FROM CAPITAL TRANSACTIONS:
Value of Common Shares Issued Through Dividend
  Reinvestment...........................................             -0-             60,285
                                                             ------------       ------------
TOTAL INCREASE/DECREASE IN NET ASSETS APPLICABLE TO
  COMMON SHARES..........................................        (267,701)           836,915
NET ASSETS APPLICABLE TO COMMON SHARES:
Beginning of the Period..................................     139,247,428        138,410,513
                                                             ------------       ------------
End of the Period (Including accumulated undistributed
  net investment income of $652,270 and $722,798,
  respectively)..........................................    $138,979,727       $139,247,428
                                                             ============       ============

 
See Notes to Financial Statements                                             

                                      H-17

 
VAN KAMPEN PENNSYLVANIA QUALITY MUNICIPAL TRUST
 
FINANCIAL HIGHLIGHTS (UNAUDITED)
 
THE FOLLOWING SCHEDULE PRESENTS FINANCIAL HIGHLIGHTS FOR ONE COMMON SHARE OF THE
TRUST OUTSTANDING THROUGHOUT THE PERIODS INDICATED.
 


                                                            SIX MONTHS
                                                              ENDED
                                                            APRIL 30,     ------------------
                                                               2005        2004       2003
                                                            --------------------------------
                                                                            
NET ASSET VALUE, BEGINNING OF THE PERIOD...................  $ 16.84      $ 16.75    $ 16.86
                                                             -------      -------    -------
  Net Investment Income....................................      .51         1.04       1.09
  Net Realized and Unrealized Gain/Loss....................      .06          .41        .06
  Common Share Equivalent of Distributions Paid to
  Preferred Shareholders:
    Net Investment Income..................................     (.07)        (.08)      (.08)
    Net Realized Gain......................................     (.01)        (.02)      (.01)
                                                             -------      -------    -------
Total from Investment Operations...........................      .49         1.35       1.06
Distributions Paid to Common Shareholders:
    Net Investment Income..................................     (.45)        (.98)     (1.02)
    Net Realized Gain......................................     (.07)        (.28)      (.15)
                                                             -------      -------    -------
NET ASSET VALUE, END OF THE PERIOD.........................  $ 16.81      $ 16.84    $ 16.75
                                                             =======      =======    =======
Common Share Market Price at End of the Period.............  $ 14.66      $ 15.55    $ 15.90
Total Return (b)...........................................   -2.38%*       5.72%      3.80%
Net Assets Applicable to Common Shares at End of the Period
  (In millions)............................................  $ 139.0      $ 139.2    $ 138.4
Ratio of Expenses to Average Net Assets Applicable to
  Common Shares (c)........................................    1.13%        1.26%      1.28%
Ratio of Net Investment Income to Average Net Assets
  Applicable to Common Shares (c)..........................    6.20%        6.27%      6.42%
Portfolio Turnover.........................................      11%*         14%        17%
SUPPLEMENTAL RATIOS:
Ratio of Expenses to Average Net Assets Including Preferred
  Shares (c)...............................................     .77%         .86%       .87%
Ratio of Net Investment Income to Average Net Assets
  Applicable to Common Shares (d)..........................    5.31%        5.81%      5.97%
SENIOR SECURITIES:
Total Preferred Shares Outstanding.........................    2,600        2,600      2,600
Asset Coverage Per Preferred Share (e).....................  $78,483      $78,562    $78,236
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)As required, effective October 1, 2001, the Trust has adopted the provisions
   of the AIPCA 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 investment income
   per share by less than $.01, decrease net realized and unrealized gains and
   losses per share by less than $.01 and increase the ratio of net investment
   income to average net assets by .04%. Per share, ratios and supplemental data
   for periods prior to October 31, 2002 have not been restated to reflect this
   change in presentation.
 
(b)Total return based on market price assumes an investment at the 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.
 
(c)Ratios do not reflect the effect of dividend payments to preferred
   shareholders.
 
(d)Ratios reflect the effect of dividend payments to preferred shareholders.
 
(e)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.
 


                                      H-18

 


                                               TWO MONTHS
YEAR ENDED OCTOBER 31,                            ENDED                YEAR ENDED AUGUST 31,
--------------------------------------------   OCTOBER 31,   -----------------------------------------
     2002 (a)    2001      2000       1999        1998         1998       1997       1996       1995
------------------------------------------------------------------------------------------------------
                                                                   
     $ 16.78    $ 16.12   $ 16.07   $  17.32    $  17.31     $  17.06   $  16.55   $  16.71   $  16.43
     -------    -------   -------   --------    --------     --------   --------   --------   --------
        1.13       1.20      1.26       1.27         .21         1.30       1.30       1.30       1.33
         .22        .87       .11      (1.15)        .02          .28        .59       (.06)       .35
        (.10)      (.22)     (.32)      (.25)       (.05)        (.28)      (.28)      (.30)      (.31)
        (.03)      (.07)      -0-       (.02)        -0-         (.01)      (.01)       -0-        -0-
     -------    -------   -------   --------    --------     --------   --------   --------   --------
        1.22       1.78      1.05       (.15)        .18         1.29       1.60        .94       1.37
       (1.02)      (.91)    (1.00)     (1.02)       (.17)       (1.02)     (1.06)     (1.09)     (1.09)
        (.12)      (.21)      -0-       (.08)        -0-         (.02)      (.03)      (.01)       -0-
     -------    -------   -------   --------    --------     --------   --------   --------   --------
     $ 16.86    $ 16.78   $ 16.12   $  16.07    $  17.32     $  17.31   $  17.06   $  16.55   $  16.71
     =======    =======   =======   ========    ========     ========   ========   ========   ========
     $ 16.45    $ 15.67   $ 14.25   $14.9375    $ 17.875     $  18.00   $ 16.613   $ 17.125   $  16.25
      12.54%     18.33%     2.09%    -10.76%       0.28%*      13.71%      4.72%     12.52%      8.02%
     $ 139.3    $ 138.4   $ 132.9   $  132.5    $  142.1     $  141.8   $  139.1   $  134.5   $  135.3
       1.37%      1.58%     1.69%      1.65%       1.67%        1.62%      1.66%      1.67%      1.73%
       6.81%      7.35%     7.92%      7.52%       7.23%        7.54%      7.73%      7.74%      8.32%
         29%        20%       29%        15%          4%*          4%         6%        13%        15%
        .93%      1.07%     1.13%      1.12%       1.15%        1.15%      1.12%      1.13%      1.15%
       6.21%      5.99%     5.91%      6.03%       5.63%        5.89%      6.08%      5.99%      6.37%
       2,600      2,600     2,600      2,600       1,300        1,300      1,300      1,300      1,300
     $78,575    $78,212   $76,124   $ 75,956    $159,304     $159,069   $156,987   $153,449   $154,045
     $25,000    $25,000   $25,000   $ 25,000    $ 50,000     $ 50,000   $ 50,000   $ 50,000   $ 50,000
     $25,000    $25,000   $25,000   $ 25,000    $ 50,000     $ 50,000   $ 50,000   $ 50,000   $ 50,000

 
See Notes to Financial Statements                                             

                                      H-19

 
VAN KAMPEN PENNSYLVANIA QUALITY MUNICIPAL TRUST
 
NOTES TO FINANCIAL STATEMENTS -- APRIL 30, 2005 (UNAUDITED)
 
1. SIGNIFICANT ACCOUNTING POLICIES
 
Van Kampen Pennsylvania Quality Municipal Trust (the "Trust") is registered as a
non-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 Pennsylvania income taxes
and, where possible under local law, local income and personal property taxes,
consistent with preservation of capital. The Trust will invest in a portfolio
consisting substantially of Pennsylvania 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 September 27,
1991.
 
    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 $7,998,913 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.
 


                                      H-20

 
VAN KAMPEN PENNSYLVANIA QUALITY MUNICIPAL TRUST
 
NOTES TO FINANCIAL STATEMENTS -- APRIL 30, 2005 (UNAUDITED) continued
 
    At April 30, 2005, the cost and related gross unrealized appreciation and
depreciation are as follows:
 

                                                           
Cost of investments for tax purposes........................  $195,291,493
                                                              ============
Gross tax unrealized appreciation...........................  $ 14,359,981
Gross tax unrealized deprecation............................       (24,730)
                                                              ------------
Net tax unrealized appreciation on investments..............  $ 14,335,251
                                                              ============

 
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:
 

                                                           
Distributions paid from:
Ordinary income.............................................  $  127,385
Long-term capital gain......................................   2,346,765
                                                              ----------
                                                              $2,474,150
                                                              ==========

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

                                                           
Undistributed ordinary income...............................  $94,270
Undistributed long-term capital gain........................  549,317

 
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") will provide 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 $6,600 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 $21,800
representing Van Kampen Investments 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, in 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
 

                                      H-21

 
VAN KAMPEN PENNSYLVANIA QUALITY MUNICIPAL 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 $122,586,845.
 
    Transactions in common shares were as follows:
 


                                                          SIX MONTHS ENDED       YEAR ENDED
                                                           APRIL 30, 2005     OCTOBER 31, 2004
                                                                        
Beginning Shares........................................     8,268,008           8,264,411
Shares Issued Through Dividend Reinvestment.............           -0-               3,597
                                                             ---------           ---------
Ending Shares...........................................     8,268,008           8,268,008
                                                             =========           =========

 
4. INVESTMENT TRANSACTIONS
 
During the period, the cost of purchases and proceeds from sales of investments,
excluding short-term investments, were $27,022,363 and $21,619,825,
respectively.
 
5. PREFERRED SHARES
 
The Trust has outstanding 2,600 Auction Preferred Shares ("APS"). Dividends are
cumulative and the rate is currently reset through an auction process every 28
days. The rate in effect on April 30, 2005 was 2.500% and for the six months
ended April 30, 2005 the rates ranged from 1.800% to 2.500%.
 
    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. 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
 


                                      H-22

 
VAN KAMPEN PENNSYLVANIA QUALITY MUNICIPAL TRUST
 
NOTES TO FINANCIAL STATEMENTS -- APRIL 30, 2005 (UNAUDITED) continued
 
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.
 


                                      H-23

 
VAN KAMPEN PENNSYLVANIA QUALITY MUNICIPAL 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
 

                                      H-24

VAN KAMPEN PENNSYLVANIA QUALITY MUNICIPAL 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
 

                                      H-25

 
VAN KAMPEN PENNSYLVANIA QUALITY MUNICIPAL 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.


                                      H-26

 

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)

                                      H-27

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.
UPO SAR 6/05 RN05-01303P-Y04/05
                                                   (VAN KAMPEN INVESTMENTS LOGO)

                                      H-28











                                   APPENDIX I
                                        
 ANNUAL REPORT OF VAN KAMPEN TRUST FOR INVESTMENT GRADE PENNSYLVANIA MUNICIPALS
                             DATED OCTOBER 31, 2004


                           





























                                       I-1

 
Item 1. Report to Shareholders

The Trust's 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
       Trust for Investment Grade Pennsylvania Municipals performed during the
       annual 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 October 31, 2004.
 
       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 THE 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).
 


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


                                      I-2

 
Performance Summary as of 10/31/04
 


TRUST FOR INVESTMENT GRADE PENNSYLVANIA MUNICIPALS
SYMBOL: VTP
---------------------------------------------------------
AVERAGE ANNUAL                   BASED ON      BASED ON
TOTAL RETURNS                      NAV       MARKET PRICE
                                       
 
Since Inception (3/27/92)         8.17%         7.39%
 
10-year                           8.63          9.37
 
5-year                            8.84          8.18
 
1-year                            8.90          6.66
---------------------------------------------------------

 
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 Pennsylvania Municipal Bond Index is a broad-based
statistical composite of Pennsylvania 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.
 

                                      I-3

 
Trust Report
 
FOR THE 12-MONTH PERIOD ENDED OCTOBER 31, 2004
 
Van Kampen Trust for Investment Grade Pennsylvania Municipals is managed by the
Adviser's Municipal Fixed Income team.(1) Current members include Dennis
Pietrzak, Executive Director; Robert Wimmel, Vice President; and John
Reynoldson, Executive Director.
 
MARKET CONDITIONS
 
The interest-rate environment of the 12 months ended October 31, 2004 was marked
by two periods of steadily declining yields, with a significant sell-off in the
middle. Yields fell steadily through the first half of the period, approaching
the historical lows of 2003. This trend persisted until March, at which point
yields reversed direction and began an upward march as prices fell. These losses
were steepest in April, as a surprisingly strong employment report and signals
from members of the Federal Open Market Committee (the "Fed") caused investors
to expect a near-term rate increase. Rates went on to decline from May through
the end of the period as the market digested the Fed's newly hawkish rate
stance. Investors were further comforted when, after the Fed raised rates at its
June 30, 2004 meeting, its members indicated that the path of future rate
increases would be measured.
 
Unusually, longer-maturity securities largely outperformed in this period of Fed
tightening. Historically, the typical pattern in periods of tightening policy
has seen yields rise across all maturities. During the review period, however,
yields of shorter maturity bonds rose while those of bonds with longer
maturities declined slightly.
 
Lower-quality municipal bonds also performed strongly in this environment, as
the difference in yields (known as the "yield spread") between AAA and BBB rated
bonds decreased by roughly 20 basis points for 20-year bonds. As a result,
sectors with heavy exposure to lower-rated debt, such as hospitals and
industrial-revenue bonds, posted higher total returns than sectors dominated by
higher-rated debt.
 
Issuance for the first ten months of 2004 (the final ten months of the review
period) was roughly six percent lower than in the same period in 2003. That
said, 2003 was a record year, and at the current pace of issuance, 2004 could
well be one of the largest years in recent memory. The strong supply met with
faltering demand from mutual funds, as fund investors withdrew over $15 billion
in net cash during the period. This faltering demand was largely offset by
increased participation in the market by insurance companies and individual
investors.
 
(1)Team members may change without notice at any time.

                                      I-4

 
In keeping with national patterns, issuance in the Pennsylvania market fell by
17.6 percent for the first nine months of 2004 compared to the same period one
year earlier. Many local municipalities moved to take advantage of relatively
low interest rates during the period by refinancing their existing debt. The
state's economy remained one of the most solid in the country, and its credit
ratings remained strong.
 
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 significantly. On both an NAV basis and a market price basis,
the trust outperformed its benchmark index, the Lehman Brothers Pennsylvania
Municipal Bond Index. (See table below.)
 
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 in the final months of the period made the trust's
borrowing activity more expensive. These expenses, however, were more than
offset by the strong performance of the bonds we invested in, leading to the
trust's outperformance versus its benchmark index, which is unleveraged.
 
Interest rates spent much of the period at or near historic lows. Given these
levels, our analysis indicated that there was little room for rates to fall
further, and that as a result, rates were more likely to go up than down over
the intermediate term. This analysis led us to reduce the trust's interest-rate
sensitivity to a level that was near that of its benchmark. While this approach
served the trust well when rates declined during the summer, it was an overall
drag on performance for the one-year period.
 
TOTAL RETURN FOR THE 12-MONTH PERIOD ENDED OCTOBER 31, 2004
 


--------------------------------------------------------------
                                   LEHMAN BROTHERS
      BASED ON     BASED ON     PENNSYLVANIA MUNICIPAL
        NAV      MARKET PRICE         BOND INDEX
                                             
 
       8.90%        6.66%               5.63%
--------------------------------------------------------------

 
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.
 


                                      I-5

 
With interest rates at such low levels, several of the trust's holdings were
called away by issuers seeking to refinance their bonds at lower yields. Several
of the trust's shorter maturity bonds were also prerefunded, and we sold many of
these securities to take advantage of more compelling opportunities elsewhere.
We reinvested the proceeds into securities with attractive total-return
prospects, emphasizing bonds in the 13- to 18-year portion of the yield curve,
especially those with the relatively lower interest-rate sensitivity. These
bonds offer the dual benefit of a strong income stream and moderate
vulnerability to shifting interest rates.
 
We continued to pursue relative-value opportunities at the long end of the
market, buying securities when they offered attractive value and selling them
once they met our performance targets in order to reinvest the proceeds
elsewhere. As part of our conservative approach to interest-rate positioning, we
also trimmed the trust's holdings of highly rate-sensitive zero coupon bonds.
 
We remained focused on keeping the trust's risk profile within a reasonable
range through attention to credit quality and diversification. By the end of the
12-month period, more than 88 percent of the trust's total investments were
invested in bonds rated AAA and AA; these represent the two highest tiers of
credit ratings. The portfolio was also well diversified across the major sectors
of the municipal bond market. Its three largest sector exposures were general
purpose, water and sewer, and health care.
 
While it is impossible to predict the exact turning point when interest rates
will move decisively higher, we believe the trust remains well positioned for
the near future. We will continue to comb the municipal bond markets for
interesting opportunities.
 
There is no guarantee that any securities mentioned will continue to perform
well or be held by the trust in the future.
 

                                      I-6

 


RATINGS ALLOCATION AS OF 10/31/04
                                                                 
AAA/Aaa                                                              74.2%
AA/Aa                                                                13.9
A/A                                                                   6.4
BBB/Baa                                                               5.5

TOP 5 SECTORS AS OF 10/31/04
                                                                 
General Purpose                                                      21.4%
Water & Sewer                                                        12.4
Health Care                                                          12.2
Public Education                                                     11.2
Higher Education                                                     10.7

 
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 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.
 

                                      I-7

 
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 1-202-942-8090. 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.
 
       In addition to filing a complete schedule of portfolio holdings with the
       SEC each fiscal quarter, each Van Kampen trust makes portfolio holdings
       information available by periodically providing the information on its
       public web site, www.vankampen.com. Each Van Kampen trust provides a
       complete schedule of portfolio holdings on the public web site on a
       calendar-quarter basis approximately 30 days after the close of the
       calendar quarter. Van Kampen closed-end funds do not presently provide
       partial lists of their portfolio holdings on a monthly basis, but may do
       so in the future.
 
       You may obtain copies of a trust's fiscal quarter filings, or its monthly
       or calendar-quarter web site postings, by contacting Van Kampen Client
       Relations at 1-800-847-2424.
 
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 calling 1-800-847-2424 or 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.
 


                                      I-8

 
VAN KAMPEN TRUST FOR INVESTMENT GRADE PENNSYLVANIA MUNICIPALS
 
PORTFOLIO OF INVESTMENTS -- OCTOBER 31, 2004
 


PAR
AMOUNT
(000)     DESCRIPTION                                      COUPON   MATURITY      VALUE
-------------------------------------------------------------------------------------------
                                                                   
          MUNICIPAL BONDS  153.0%
          PENNSYLVANIA  150.0%
$1,465    Allegheny Cnty, PA Higher Ed Duquesne Univ Ser A
          (FGIC Insd)..................................... 5.000%   03/01/17   $  1,605,069
 1,560    Allegheny Cnty, PA Higher Ed Duquesne Univ Ser A
          (FGIC Insd) (c)................................. 5.000    03/01/18      1,701,445
 3,000    Allegheny Cnty, PA Port Auth Spl Rev Trans (FGIC
          Insd)........................................... 5.000    03/01/29      3,076,650
   730    Allegheny Cnty, PA Residential Fin Auth Mtg Rev
          Single Family (AMT) (GNMA Collateralized)....... 7.100    05/01/24        731,058
   510    Allegheny Cnty, PA Residential Fin Auth Mtg Rev
          Single Family Ser II-1 (AMT) (GNMA
          Collateralized)................................. 5.800    05/01/21        542,375
   930    Allegheny Cnty, PA Residential Fin Auth Mtg Rev
          Single Family Ser II-2 (AMT) (GNMA
          Collateralized)................................. 5.800    11/01/20        992,552
   900    Allegheny Cnty, PA Residential Mtg Single Family
          Ser KK-2 (AMT) (GNMA Collateralized)............ 5.750    05/01/33        934,902
 1,755    Allegheny Cnty, PA San Auth Swr Rev (FGIC
          Insd)...........................................   *      12/01/15      1,110,511
 2,220    Allegheny Cnty, PA San Auth Swr Rev (MBIA
          Insd)........................................... 5.750    12/01/17      2,557,817
 2,900    Allegheny Cnty, PA San Auth Swr Rev (MBIA
          Insd)........................................... 5.500    12/01/24      3,210,706
 2,070    Allegheny Cnty, PA Ser C 54 (MBIA Insd)......... 5.375    11/01/18      2,333,242
 3,250    Allegheny Cnty, PA Ser C 54 (MBIA Insd)......... 5.375    11/01/19      3,645,752
 1,175    Ambridge, PA Area Sch Dist (MBIA Insd) (a)...... 5.500    11/01/31      1,279,199
 1,000    Berks Cnty, PA Muni Auth Hosp Rev Reading Hosp &
          Med Ctr Proj (Prerefunded @ 11/01/09) (FSA
          Insd)........................................... 6.000    11/01/29      1,174,530
 1,460    Bethlehem, PA Auth Wtr Gtd (FSA Insd)........... 5.000    11/15/19      1,594,291
 1,270    Bucks Cnty, PA Auth Wtr & Swr Rev Swr Sys (AMBAC
          Insd) (c)....................................... 5.375    06/01/16      1,423,391
   870    Carbon Cnty, PA Indl Dev Auth Panther Creek Proj
          Rfdg (LOC: Paribas & Union Bk of CA Intl)
          (AMT)........................................... 6.650    05/01/10        944,133
 1,000    Central Dauphin, PA Sch Dist (FSA Insd)......... 5.000    12/01/19      1,086,850
 1,555    Chester Cnty, PA Indl Dev Auth Rev Collegium
          Charter Sch Proj Ser A (ACA Insd)............... 5.500    04/15/31      1,621,476
 1,200    Delaware Cnty, PA Cap Apprec Rfdg...............   *      11/15/04      1,199,076
 2,150    Delaware Cnty, PA Cap Apprec Rfdg...............   *      11/15/05      2,109,924
 1,565    Delaware Cnty, PA Cap Apprec Rfdg...............   *      11/15/07      1,454,480
 1,000    Delaware Cnty, PA Cap Apprec Rfdg...............   *      11/15/08        895,600
 1,665    Delaware Cnty, PA Cap Apprec Rfdg...............   *      11/15/09      1,425,323
   815    Delaware Cnty, PA Cap Apprec Rfdg...............   *      11/15/10        665,928
 1,270    Delaware Cnty, PA Cap Apprec Rfdg...............   *      11/15/11        987,412
 1,030    Delaware Cnty, PA Cap Apprec Rfdg...............   *      11/15/12        761,489

 
See Notes to Financial Statements                                             

                                      I-9

 

VAN KAMPEN TRUST FOR INVESTMENT GRADE PENNSYLVANIA MUNICIPALS
 
PORTFOLIO OF INVESTMENTS -- OCTOBER 31, 2004 continued
 


PAR
AMOUNT
(000)     DESCRIPTION                                      COUPON   MATURITY      VALUE
-------------------------------------------------------------------------------------------
                                                                   
          PENNSYLVANIA (CONTINUED)
$1,480    Delaware Cnty, PA Regl Wtr Quality Ctl Auth Swr
          Rev (MBIA Insd) (c)............................. 5.250%   05/01/21   $  1,623,249
 2,500    Delaware Vly, PA Regl Fin Auth.................. 5.750    07/01/17      2,968,500
 2,800    Erie, PA Sch Dist (Prerefunded @ 09/01/10)
          (AMBAC Insd).................................... 5.800    09/01/29      3,237,696
 1,115    Erie, PA Ser A (FSA Insd)....................... 5.000    11/15/19      1,215,618
 1,700    Exeter Twp, PA Sch Dist (FGIC Insd).............   *      11/15/13      1,195,576
 4,595    Falls Twp, PA Hosp Auth Hosp Rev DE Vly Med Rfdg
          (FHA Gtd)....................................... 7.000    08/01/22      4,764,096
 1,000    Fayette Cnty, PA (Prerefunded @ 11/15/10) (AMBAC
          Insd)........................................... 5.625    11/15/28      1,149,480
 1,500    Harrisburg, PA Auth Res Gtd Sub Ser D 2 (FSA
          Insd)........................................... 5.000    12/01/33      1,645,665
 2,000    Harrisburg, PA Auth Wtr Rev Rfdg (FSA Insd)..... 5.000    07/15/21      2,145,360
 3,000    Hempfield, PA Area Sch Dist (FGIC Insd)......... 5.375    02/15/17      3,365,370
 2,000    Lehigh Cnty, PA Gen Purp Auth Rev Good Shepherd
          Group Ser A..................................... 5.500    11/01/24      2,058,440
 1,500    Lehigh Northampton, PA Arpt Ser A (AMT) (MBIA
          Insd)........................................... 6.000    05/15/25      1,660,950
 2,700    Lehigh Northampton, PA Arpt Ser A (AMT) (MBIA
          Insd)........................................... 6.000    05/15/30      2,962,305
 2,050    Luzerne Cnty, PA Ser A (MBIA Insd).............. 5.250    11/15/19      2,253,339
 3,290    Luzerne Cnty, PA Ser A (MBIA Insd).............. 5.250    11/15/25      3,525,531
 2,650    Lycoming Cnty, PA Auth College Rev PA College of
          Technology (AMBAC Insd)......................... 5.350    07/01/26      2,854,606
 2,500    Mifflin Cnty, PA Hosp Auth Rev (Radian Insd).... 6.200    07/01/30      2,772,725
 1,280    Monroeville, PA Muni Auth San Swr Ser B (MBIA
          Insd) (c)....................................... 5.250    12/01/19      1,418,790
 2,000    Montgomery Cnty, PA Higher Ed & Hlth Auth Hosp
          Rev Abington Mem Hosp Ser A..................... 5.125    06/01/32      2,015,940
 1,000    Montgomery Cnty, PA Indl Dev Auth Rev Res Rec
          Montenay Proj Ser A (MBIA Insd)................. 5.250    11/01/14      1,140,940
 1,500    Mount Lebanon, PA Hosp Auth Saint Clair Mem Hosp
          Ser A........................................... 5.625    07/01/32      1,548,405
 1,000    Northeastern PA Hosp & Ed Auth College Rev Gtd
          Luzerne Cnty Cmnty College (Prerefunded @
          02/15/05) (AMBAC Insd).......................... 6.625    08/15/15      1,014,420
   350    Northeastern York Cnty, PA Sch Dist Ser B (FGIC
          Insd)...........................................   *      09/01/09        302,817

 
                                               See Notes to Financial Statements

                                      I-10

 
VAN KAMPEN TRUST FOR INVESTMENT GRADE PENNSYLVANIA MUNICIPALS
 
PORTFOLIO OF INVESTMENTS -- OCTOBER 31, 2004 continued
 


PAR
AMOUNT
(000)     DESCRIPTION                                      COUPON   MATURITY      VALUE
-------------------------------------------------------------------------------------------
                                                                   
          PENNSYLVANIA (CONTINUED)
$  485    Northeastern York Cnty, PA Sch Dist Ser B (FGIC
          Insd)...........................................   *      09/01/10   $    402,196
   300    Northeastern York Cnty, PA Sch Dist Ser B (FGIC
          Insd)...........................................   *      03/01/11        242,079
 2,000    Pennsylvania Econ Dev Fin Auth Res Recovery Rev
          Colver Proj Ser D (AMT)......................... 7.050%   12/01/10      2,047,140
 1,450    Pennsylvania Econ Dev Fin York Wtr Co Proj Ser A
          (AMT) (XLCA Insd)............................... 5.000    04/01/16      1,555,198
 2,500    Pennsylvania Hsg Fin Agy Single Family Mtg Rev
          Ser 70A (AMT) (Acquired 09/15/00, Cost
          $2,500,000) (b)................................. 5.900    04/01/31      2,598,425
 2,150    Pennsylvania Hsg Fin Agy Single Family Mtg Ser
          61A (AMT)....................................... 5.500    04/01/29      2,205,965
 1,275    Pennsylvania Hsg Fin Agy Single Family Mtg Ser
          67A (AMT)....................................... 5.900    10/01/30      1,316,042
 1,000    Pennsylvania St Higher Ed Clarion Univ Fndtn Inc
          Ser A (XLCA Insd)............................... 5.000    07/01/28      1,027,700
 1,000    Pennsylvania St Higher Ed Fac Auth Rev Drexel
          Univ............................................ 5.500    05/01/17      1,117,640
 1,500    Pennsylvania St Higher Ed Fac Auth Rev La Salle
          Univ............................................ 5.500    05/01/34      1,544,325
 1,000    Pennsylvania St Higher Ed Fac Auth Rev Thomas
          Jefferson Univ.................................. 5.375    01/01/25      1,069,800
 1,000    Pennsylvania St Higher Ed Geneva College Proj... 6.125    04/01/22      1,051,600
 3,000    Pennsylvania St Higher Ed UPMC Hlth Sys Ser A
          (FSA Insd)...................................... 5.000    08/01/29      3,071,430
 1,000    Pennsylvania St Higher Ed UPMC Hlth Sys Ser A... 6.000    01/15/31      1,069,210
 1,165    Pennsylvania St Indl Dev Auth Econ Dev (AMBAC
          Insd)........................................... 5.500    07/01/14      1,325,234
 2,000    Pennsylvania St Second Ser (MBIA Insd)
          (Prerefunded 10/01/09).......................... 5.750    10/01/17      2,305,380
 3,015    Pennsylvania St Tpk Commn Ser T Rfdg (FGIC
          Insd)........................................... 5.500    12/01/10      3,448,316
 1,500    Pennsylvania St Univ Rfdg....................... 5.250    03/01/17      1,659,210
 1,550    Perkiomen Valley Sch Dist PA Ser A (FSA Insd)... 5.250    03/01/28      1,651,262
 3,000    Philadelphia, PA (FSA Insd)..................... 5.000    03/15/28      3,075,360
 6,160    Philadelphia, PA Auth for Indl Ser B (FSA
          Insd)........................................... 5.500    10/01/17      6,963,880
 2,000    Philadelphia, PA Auth for Indl Ser B (FSA
          Insd)........................................... 5.125    10/01/26      2,084,900
 1,000    Philadelphia, PA Auth Indl Dev Amern College Of
          Physicians...................................... 5.500    06/15/27      1,047,710
 1,700    Philadelphia, PA Gas Wks Rev Eighteenth Ser (AGC
          Insd)........................................... 5.250    08/01/21      1,832,379

 
See Notes to Financial Statements                                             

                                      I-11

 
VAN KAMPEN TRUST FOR INVESTMENT GRADE PENNSYLVANIA MUNICIPALS
 
PORTFOLIO OF INVESTMENTS -- OCTOBER 31, 2004 continued
 


PAR
AMOUNT
(000)     DESCRIPTION                                      COUPON   MATURITY      VALUE
-------------------------------------------------------------------------------------------
                                                                   
          PENNSYLVANIA (CONTINUED)
$1,750    Philadelphia, PA Gas Wks Rev Second Ser (FSA
          Insd)........................................... 5.250%   07/01/29   $  1,846,250
 1,500    Philadelphia, PA Gas Wks Rev Third Ser S (FSA
          Insd)........................................... 5.125    08/01/31      1,548,510
 1,645    Philadelphia, PA Pkg Auth Rev Ser A (AMBAC
          Insd)........................................... 5.250    02/15/29      1,734,702
   500    Pittsburgh & Allegheny Cnty, PA Pub Aud Hotel
          Room (AMBAC Insd)............................... 5.125    02/01/35        518,940
 2,500    Pittsburgh & Allegheny Cnty, PA Pub Aud Regl
          Asset Dist Sales Tax (AMBAC Insd)............... 5.000    02/01/24      2,603,225
 4,990    Pittsburgh & Allegheny Cnty, PA Pub Aud Regl
          Asset Dist Sales Tax (AMBAC Insd)............... 5.000    02/01/29      5,144,041
 5,000    Pittsburgh, PA Ser A (AMBAC Insd)............... 5.500    09/01/17      5,496,000
   500    Pittsburgh, PA Urban Redev Auth Mtg Rev Ser C
          Rfdg (AMT)...................................... 6.500    10/01/23        519,925
 3,700    Pittsburgh, PA Wtr & Swr Rfdg (FGIC Insd)....... 6.500    09/01/13      4,479,738
 1,710    Pottstown Boro, PA Auth Swr Rev Gtd (FGIC
          Insd)...........................................   *      11/01/13      1,204,439
 1,960    Quaker Valley, PA Sch Dist (FSA Insd) (c)....... 5.375    04/01/22      2,159,254
 2,000    Rostraver Twp, PA (AMBAC Insd).................. 5.500    07/01/24      2,227,900
 1,050    Scranton, PA Ser B (AMBAC Insd) (c)............. 5.000    09/01/17      1,145,855
 2,000    Southcentral, PA Gen Auth Rev Wellspan Hlth
          Oblig (MBIA Insd)............................... 5.375    05/15/28      2,113,220
 2,120    State Pub Sch Bldg Auth PA Conneaut Sch Dist
          Proj (FGIC Insd) (c)............................ 5.250    11/01/20      2,327,993
 2,360    State Pub Sch Bldg Auth PA Sch Rev Jefferson
          Cnty Dubois Tech Sch (FGIC Insd) (c)............ 5.375    02/01/23      2,592,814
 1,140    Susquehanna Area Regl Arpt Auth PA Arpt Sys Rev
          Ser A (AMT) (AMBAC Insd)........................ 5.375    01/01/21      1,218,272
 5,205    Susquehanna Area Regl Arpt Auth PA Arpt Sys Rev
          Ser A (AMT) (AMBAC Insd)........................ 5.375    01/01/23      5,511,002
 1,500    Susquehanna Area Regl Arpt Auth PA Arpt Sys Rev
          Ser D........................................... 5.375    01/01/18      1,547,400
 1,950    Swarthmore Boro Auth PA College................. 5.250    09/15/18      2,170,760
 1,000    Trinity Area Sch Dist PA (FGIC Insd)............ 5.250    11/01/20      1,098,110
 1,250    Union Cnty, PA Hosp Auth Hosp Rev Evangelical
          Cmnty Hosp (Radian Insd)........................ 5.250    08/01/24      1,312,700
 1,035    Unity Twp, PA Muni Auth Gtd Swr Rev Cap Apprec
          (Escrowed to Maturity) (AMBAC Insd) (c).........   *      11/01/15        661,789
 2,000    Washington Cnty, PA Ser A (AMBAC Insd).......... 5.125    09/01/27      2,088,660
 2,000    West Shore, PA Area Hosp Auth Holy Spirit Hosp
          Proj............................................ 6.250    01/01/32      2,076,340

 
                                               See Notes to Financial Statements

                                      I-12

 
VAN KAMPEN TRUST FOR INVESTMENT GRADE PENNSYLVANIA MUNICIPALS
 
PORTFOLIO OF INVESTMENTS -- OCTOBER 31, 2004 continued
 


PAR
AMOUNT
(000)     DESCRIPTION                                      COUPON   MATURITY      VALUE
-------------------------------------------------------------------------------------------
                                                                   
          PENNSYLVANIA (CONTINUED)
$1,900    Wilkinsburg, PA Jt Wtr Auth Wtr Rev Ser B
          (Escrowed to Maturity) (AMBAC Insd).............   *      08/15/12   $  1,432,125
 1,670    Yough Sch Dist, PA Cap Apprec (Escrowed to
          Maturity) (MBIA Insd) (c).......................   *      10/01/14      1,133,930
                                                                               ------------
                                                                                193,531,274
                                                                               ------------
          U. S. VIRGIN ISLANDS  3.0%
 1,500    University Virgin Islands Impt Ser A............ 5.375%   06/01/34      1,557,195
 2,000    Virgin Islands Pub Fin Auth Rev Gross Rcpt Taxes
          Ln Nt Ser A (ACA Insd).......................... 6.125    10/01/29      2,240,920
                                                                               ------------
                                                                                  3,798,115
                                                                               ------------
TOTAL LONG-TERM INVESTMENTS  153.0%
  (Cost $182,264,836).......................................................    197,329,389
 
SHORT-TERM INVESTMENT  0.5%
  (Cost $700,000)...........................................................        700,000
                                                                               ------------
 
TOTAL INVESTMENTS  153.5%
  (Cost $182,964,836).......................................................    198,029,389
OTHER ASSETS IN EXCESS OF LIABILITIES  0.8%.................................      1,010,278
PREFERRED SHARES (INCLUDING ACCRUED DISTRIBUTIONS)  (54.3%).................    (70,041,132)
                                                                               ------------
 
NET ASSETS APPLICABLE TO COMMON SHARES  100.0%..............................   $128,998,535
                                                                               ============

 
    Percentages are calculated as a percentage of net assets applicable to
    common shares.
 
*   Zero coupon bond
 
(a) Securities purchased on a when-issued or delayed delivery basis.
 
(b) These securities are restricted and may be resold only in transactions
    exempt from registration which are normally those transactions with
    qualified institutional buyers. Restricted securities comprise 2.0% of net
    assets applicable to common shares.
 
(c) The Trust owns 100% of the bond issuance.
 
See Notes to Financial Statements                                             

                                      I-13

 
VAN KAMPEN TRUST FOR INVESTMENT GRADE PENNSYLVANIA MUNICIPALS
 
PORTFOLIO OF INVESTMENTS -- OCTOBER 31, 2004 continued
 
ACA--American Capital Access
 
AGC--AGC Insured Custody Certificates
 
AMBAC--AMBAC Indemnity Corp.
 
AMT--Alternative Minimum Tax
 
FGIC--Financial Guaranty Insurance Co.
 
FHA--Federal Housing Administration
 
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.
 
                                               See Notes to Financial Statements

                                      I-14


 
VAN KAMPEN TRUST FOR INVESTMENT GRADE PENNSYLVANIA MUNICIPALS
 
FINANCIAL STATEMENTS

Statement of Assets and Liabilities
October 31, 2004
 

                                                           
ASSETS:
Total Investments (Cost $182,964,836).......................  $198,029,389
Cash........................................................        66,912
Receivables:
  Interest..................................................     2,591,892
  Investments Sold..........................................        50,000
Other.......................................................         3,389
                                                              ------------
    Total Assets............................................   200,741,582
                                                              ------------
LIABILITIES:
Payables:
  Investments Purchased.....................................     1,247,110
  Investment Advisory Fee...................................       100,739
  Income Distributions--Common Shares.......................        33,784
  Other Affiliates..........................................         9,744
Trustees' Deferred Compensation and Retirement Plans........       227,989
Accrued Expenses............................................        82,549
                                                              ------------
    Total Liabilities.......................................     1,701,915
Preferred Shares (including accrued distributions)..........    70,041,132
                                                              ------------
NET ASSETS APPLICABLE TO COMMON SHARES......................  $128,998,535
                                                              ============
NET ASSET VALUE PER COMMON SHARE ($128,998,535 divided by
  7,432,384 shares outstanding).............................  $      17.36
                                                              ============
NET ASSETS CONSIST OF:
Common Shares ($.01 par value with an unlimited number of
  shares authorized, 7,432,384 shares issued and
  outstanding)..............................................  $     74,324
Paid in Surplus.............................................   109,598,052
Net Unrealized Appreciation.................................    15,064,553
Accumulated Net Realized Gain...............................     3,577,494
Accumulated Undistributed Net Investment Income.............       684,112
                                                              ------------
NET ASSETS APPLICABLE TO COMMON SHARES......................  $128,998,535
                                                              ============
PREFERRED SHARES ($.01 par value, authorized 100,000,000
  shares, 2,800 issued with liquidation preference of
  $25,000 per share)........................................  $ 70,000,000
                                                              ============
NET ASSETS INCLUDING PREFERRED SHARES.......................  $198,998,535
                                                              ============

 
See Notes to Financial Statements                                             

                                      I-15

 
VAN KAMPEN TRUST FOR INVESTMENT GRADE PENNSYLVANIA MUNICIPALS
 
FINANCIAL STATEMENTS continued
 
Statement of Operations
For the Year Ended October 31, 2004
 

                                                           
INVESTMENT INCOME:
Interest....................................................  $ 9,524,398
                                                              -----------
EXPENSES:
Investment Advisory Fee.....................................    1,182,960
Preferred Share Maintenance.................................      192,547
Trustees' Fees and Related Expenses.........................       71,037
Administrative Fee..........................................       57,718
Legal.......................................................       28,243
Custody.....................................................       13,699
Other.......................................................      160,803
                                                              -----------
    Total Expenses..........................................    1,707,007
    Less Credits Earned on Cash Balances....................        1,890
                                                              -----------
    Net Expenses............................................    1,705,117
                                                              -----------
NET INVESTMENT INCOME.......................................  $ 7,819,281
                                                              ===========
REALIZED AND UNREALIZED GAIN/LOSS:
Net Realized Gain...........................................  $ 3,575,793
                                                              -----------
Unrealized Appreciation/Depreciation:
  Beginning of the Period...................................   15,458,856
  End of the Period.........................................   15,064,553
                                                              -----------
Net Unrealized Depreciation During the Period...............     (394,303)
                                                              -----------
NET REALIZED AND UNREALIZED GAIN............................  $ 3,181,490
                                                              ===========
DISTRIBUTIONS TO PREFERRED SHAREHOLDERS.....................  $  (901,148)
                                                              ===========
NET INCREASE IN NET ASSETS APPLICABLE TO COMMON SHARES FROM
  OPERATIONS................................................  $10,099,623
                                                              ===========

 
                                               See Notes to Financial Statements

                                      I-16

 
VAN KAMPEN TRUST FOR INVESTMENT GRADE PENNSYLVANIA MUNICIPALS
 
FINANCIAL STATEMENTS continued
 
Statements of Changes in Net Assets
 


                                                              FOR THE             FOR THE
                                                             YEAR ENDED          YEAR ENDED
                                                          OCTOBER 31, 2004    OCTOBER 31, 2003
                                                          ------------------------------------
                                                                        
FROM INVESTMENT ACTIVITIES:
Operations:
Net Investment Income...................................    $  7,819,281        $  8,055,053
Net Realized Gain.......................................       3,575,793           2,395,742
Net Unrealized Depreciation During the Period...........        (394,303)           (887,849)
 
Distributions to Preferred Shareholders:
  Net Investment Income.................................        (711,702)           (636,418)
  Net Realized Gain.....................................        (189,446)           (140,806)
                                                            ------------        ------------
 
Change in Net Assets Applicable to Common Shares from
  Operations............................................      10,099,623           8,785,722
 
Distributions to Common Shareholders:
  Net Investment Income.................................      (7,171,723)         (7,799,556)
  Net Realized Gain.....................................      (2,214,672)         (1,696,070)
                                                            ------------        ------------
 
NET CHANGE IN NET ASSETS APPLICABLE TO COMMON SHARES
  FROM INVESTMENT ACTIVITIES............................         713,228            (709,904)
NET ASSETS APPLICABLE TO COMMON SHARES:
Beginning of the Period.................................     128,285,307         128,995,211
                                                            ------------        ------------
End of the Period (Including accumulated undistributed
  net investment income of $684,112 and $744,487,
  respectively).........................................    $128,998,535        $128,285,307
                                                            ============        ============

 
See Notes to Financial Statements                                             

                                      I-17

 
VAN KAMPEN TRUST FOR INVESTMENT GRADE PENNSYLVANIA MUNICIPALS
 
FINANCIAL HIGHLIGHTS
 
THE FOLLOWING SCHEDULE PRESENTS FINANCIAL HIGHLIGHTS FOR ONE COMMON SHARE OF THE
TRUST OUTSTANDING THROUGHOUT THE PERIODS INDICATED.
 


                                                              ------------------------------
                                                               2004       2003      2002 (a)
                                                              ------------------------------
                                                                           
NET ASSET VALUE, BEGINNING OF THE PERIOD....................  $ 17.26    $ 17.36    $ 17.41
                                                              -------    -------    -------
  Net Investment Income.....................................     1.05       1.09       1.20
  Net Realized and Unrealized Gain/Loss.....................      .44        .20        .14
  Common Share Equivalent of Distributions Paid to Preferred
  Shareholders:
    Net Investment Income...................................     (.10)      (.09)      (.11)
    Net Realized Gain.......................................     (.03)      (.02)      (.04)
                                                              -------    -------    -------
Total from Investment Operations............................     1.36       1.18       1.19
Distributions Paid to Common Shareholders:
    Net Investment Income...................................     (.96)     (1.05)     (1.07)
    Net Realized Gain.......................................     (.30)      (.23)      (.17)
                                                              -------    -------    -------
NET ASSET VALUE, END OF THE PERIOD..........................  $ 17.36    $ 17.26    $ 17.36
                                                              =======    =======    =======
 
Common Share Market Price at End of the Period..............  $ 15.92    $ 16.16    $ 16.19
Total Return (b)............................................    6.66%      7.73%      8.12%
Net Assets Applicable to Common Shares at End of the Period
  (In millions).............................................  $ 129.0    $ 128.3    $ 129.0
Ratio of Expenses to Average Net Assets Applicable to Common
  Shares (c)................................................    1.34%      1.35%      1.45%
Ratio of Net Investment Income to Average Net Assets
  Applicable to Common Shares (c)...........................    6.15%      6.24%      7.05%
Portfolio Turnover..........................................      18%        21%        32%
 
SUPPLEMENTAL RATIOS:
Ratio of Expenses to Average Net Assets Including Preferred
  Shares (c)................................................     .87%       .88%       .93%
Ratio of Net Investment Income to Average Net Assets
  Applicable to Common Shares (d)...........................    5.59%      5.75%      6.38%
 
SENIOR SECURITIES:
Total Preferred Shares Outstanding..........................    2,800      2,800      2,800
Asset Coverage Per Preferred Share (e)......................  $71,086    $70,823    $71,082
Involuntary Liquidating Preference Per Preferred Share......  $25,000    $25,000    $25,000
Average Market Value Per Preferred Share....................  $25,000    $25,000    $25,000

 
(a)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 by .04%. Per share, ratios and supplemental data for
   periods prior to October 31, 2002 have not been restated to reflect this
   change in presentation.
 
(b)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.
 
(c)Ratios do not reflect the effect of dividend payments to preferred
   shareholders.
 
(d)Ratios reflect the effect of dividend payments to preferred shareholders.
 
(e)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.
 

                                      I-18

 


YEAR ENDED OCTOBER 31,
-----------------------------------------------------------------------------
      2001       2000      1999       1998       1997       1996       1995
-----------------------------------------------------------------------------
                                                
     $ 16.65   $  16.53   $ 17.89   $  17.47   $  16.93   $  16.95   $  15.02
     -------   --------   -------   --------   --------   --------   --------
        1.25       1.31      1.30       1.30       1.31       1.31       1.31
        1.04        .19     (1.36)       .44        .55        .04       2.00
        (.24)      (.39)     (.32)      (.34)      (.33)      (.33)      (.38)
        (.11)      (.01)      -0-        -0-        -0-       (.01)       -0-
     -------   --------   -------   --------   --------   --------   --------
        1.94       1.10      (.38)      1.40       1.53       1.01       2.93
        (.93)      (.96)     (.97)      (.97)      (.99)     (1.00)     (1.00)
        (.25)      (.02)     (.01)      (.01)       -0-       (.03)       -0-
     -------   --------   -------   --------   --------   --------   --------
     $ 17.41   $  16.65   $ 16.53   $  17.89   $  17.47   $  16.93   $  16.95
     =======   ========   =======   ========   ========   ========   ========
 
     $ 16.13   $13.8125   $15.625   $17.3125   $16.4375   $ 15.625   $  15.00
      26.03%     -5.37%    -4.27%     11.56%     11.80%     11.14%     24.53%
     $ 129.2   $  123.6   $ 122.6   $  132.8   $  129.7   $  125.7   $  125.8
       1.64%      1.68%     1.65%      1.63%      1.64%      1.69%      1.67%
       7.39%      7.96%     7.50%      7.38%      7.64%      7.75%      8.17%
         15%        28%        3%         1%         2%         4%         5%
 
       1.05%      1.07%     1.07%      1.06%      1.06%      1.08%      1.05%
       5.97%      5.60%     5.66%      5.48%      5.66%      5.76%      5.83%
 
       2,800      2,800     2,800      1,400      1,400      1,400      1,400
     $71,153   $ 69,133   $68,802   $144,849   $142,613   $139,756   $139,869
     $25,000   $ 25,000   $25,000   $ 50,000   $ 50,000   $ 50,000   $ 50,000
     $25,000   $ 25,000   $25,000   $ 50,000   $ 50,000   $ 50,000   $ 50,000

 
See Notes to Financial Statements                                             

                                      I-19

 
VAN KAMPEN TRUST FOR INVESTMENT GRADE PENNSYLVANIA MUNICIPALS
 
NOTES TO FINANCIAL STATEMENTS -- OCTOBER 31, 2004
 
1. SIGNIFICANT ACCOUNTING POLICIES
 
Van Kampen Trust for Investment Grade Pennsylvania Municipals (the "Trust") is
registered as a non-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
Pennsylvania income taxes and, where possible under local law, local income and
personal property taxes, consistent with preservation of capital. The Trust will
invest substantially all of its assets in Pennsylvania municipal securities
rated investment grade at the time of investment. The Trust commenced investment
operations on March 27, 1992. Effective November 30, 2003, the Trust's
investment adviser, Van Kampen Investment Advisory Corp. merged into its
affiliate, Van Kampen Asset Management.
 
    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 October 31, 2004, the Trust had $1,247,110 of when-issued
and delayed delivery purchase commitments.
 
C. INVESTMENT INCOME Interest income is recorded on an accrual basis. Bond
premium is amortized and discounts are 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 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.
 

                                      I-20

 
VAN KAMPEN TRUST FOR INVESTMENT GRADE PENNSYLVANIA MUNICIPALS
 
NOTES TO FINANCIAL STATEMENTS -- OCTOBER 31, 2004 continued
 
    At October 31, 2004, the cost and related gross unrealized appreciation and
depreciation are as follows:
 

                                                           
Cost of investments for tax purposes........................  $182,811,415
                                                              ============
Gross tax unrealized appreciation...........................  $ 15,243,252
Gross tax unrealized deprecation............................       (25,278)
                                                              ------------
Net tax unrealized appreciation on investments..............  $ 15,217,974
                                                              ============

 
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 years ended October 31,
2004 and 2003 was as follows:
 


                                                                 2004          2003
                                                                      
Distributions paid from:
  Ordinary income...........................................  $  194,792    $   50,118
  Long-term capital gain....................................   2,262,550     1,843,627
                                                              ----------    ----------
                                                              $2,457,342    $1,893,745
                                                              ==========    ==========

 
    Due to inherent differences in the recognition of income, expenses and
realized gains/losses under accounting principles generally accepted in the
United States of America and federal income tax purposes, permanent differences
between book and tax basis reporting for the 2004 fiscal year have been
identified and appropriately reclassified on the Statement of Assets and
Liabilities. A permanent difference relating to expenses which are not
deductible for tax purposes totaling $5,806 was reclassified to accumulated
undistributed net investment income from paid in surplus. Additionally, a
permanent difference relating to book to tax accretion differences totaling
$2,037 was reclassified from accumulated undistributed net investment income to
accumulated net realized gain.
 
    As of October 31, 2004, the components of distributable earnings on a tax
basis were as follows:
 

                                                           
Undistributed ordinary income...............................  $  111,177
Undistributed long-term capital gain........................   3,466,316

 
F. EXPENSE REDUCTIONS During the year ended October 31, 2004, the Fund's custody
fee was reduced by $1,890 as a result of credits earned on cash balances.
 
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 .60% of the average daily net assets
of the Trust. Effective November 1, 2004, the investment advisory fee was
reduced from .60% to .55%. In addition,
 

                                      I-21

 
VAN KAMPEN TRUST FOR INVESTMENT GRADE PENNSYLVANIA MUNICIPALS
 
NOTES TO FINANCIAL STATEMENTS -- OCTOBER 31, 2004 continued
 
the Trust paid a monthly administrative fee to Van Kampen Investments Inc. or
its affiliates (collectively "Van Kampen"), the Trust's Administrator, at an
annual rate of .05% of the average daily net assets of the Trust. Effective June
1, 2004, the administrative fee was reduced from .05% to .00%.
 
    For the year ended October 31, 2004, the Trust recognized expenses of
approximately $13,600 representing legal services provided by Skadden, Arps,
Slate, Meagher & Flom LLP, counsel to the Trust, of which a trustee of the Trust
is a partner who provides legal services to the Trust, and is therefore an
affiliated person.
 
    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 year ended October
31, 2004, the Trust recognized expenses of approximately $30,900 representing
Van Kampen's cost of providing accounting and legal services to the Trust, which
are reported as part of "Other" and "Legal" expenses, respectively, in 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 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. INVESTMENT TRANSACTIONS
 
During the period, the cost of purchases and proceeds from sales of investments,
excluding short-term investments, were $34,925,352 and $33,931,592,
respectively.
 
4. PREFERRED SHARES
 
The Trust has outstanding 2,800 Auction Preferred Shares ("APS"). Dividends are
cumulative and the dividend rate is currently reset every 28 days through an
auction process. The rate in effect on October 31, 2004 was 1.650%. During the
year ended October 31, 2004, the rates ranged from 0.880% to 2.100%.
 
    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.
 
5. INDEMNIFICATIONS
 
The Fund enters into contracts that contain a variety of indemnifications. The
Fund's maximum exposure under these arrangements is unknown. However, the Fund
has not had prior claims or losses pursuant to these contracts and expects the
risk of loss to be remote.
 

                                      I-22

 
VAN KAMPEN TRUST FOR INVESTMENT GRADE PENNSYLVANIA MUNICIPALS
 
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
 
To the Board of Trustees and Shareholders of Van Kampen Trust for Investment
Grade Pennsylvania Municipals:
 
We have audited the accompanying statement of assets and liabilities of Van
Kampen Trust for Investment Grade Pennsylvania Municipals (the "Trust"),
including the portfolio of investments, as of October 31, 2004, the related
statement of operations for the year then ended, the statements of changes in
net assets for each of the two years in the period then ended, and the financial
highlights for each of the five years in the period then ended. These financial
statements and financial highlights are the responsibility of the Trust's
management. Our responsibility is to express an opinion on these financial
statements and financial highlights based on our audits. The Trust's financial
highlights for the periods ended prior to October 31, 2000 were audited by other
auditors whose report, dated December 6, 1999, expressed an unqualified opinion
on those financial highlights.
 
    We conducted our audits in accordance with standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. Our procedures included confirmation of
securities owned as of October 31, 2004, by correspondence with the Trust's
custodian and broker. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
 
    In our opinion, the financial statements and financial highlights referred
to above present fairly, in all material respects, the financial position of Van
Kampen Trust for Investment Grade Pennsylvania Municipals as of October 31,
2004, the results of its operations for the year then ended, the changes in its
net assets and the financial highlights for the respective stated periods, in
conformity with accounting principles generally accepted in the United States of
America.
 
DELOITTE & TOUCHE LLP
Chicago, Illinois
December 10, 2004
 

                                      I-23

 
VAN KAMPEN TRUST FOR INVESTMENT GRADE PENNSYLVANIA MUNICIPALS
 
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
 

                                      I-24

VAN KAMPEN TRUST FOR INVESTMENT GRADE PENNSYLVANIA MUNICIPALS
 
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
change 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
 

                                      I-25

 
VAN KAMPEN TRUST FOR INVESTMENT GRADE PENNSYLVANIA MUNICIPALS
 
BOARD OF TRUSTEES AND IMPORTANT ADDRESSES
 
BOARD OF TRUSTEES
 
DAVID C. ARCH
J. MILES BRANAGAN
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
 
INVESTMENT ADVISER
 
VAN KAMPEN ASSET MANAGEMENT
1221 Avenue of the Americas
New York, NY 10020
 
CUSTODIAN AND TRANSFER AGENT
 
STATE STREET BANK
AND TRUST COMPANY
c/o EquiServe
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
 
 For federal income tax purposes, the following information is furnished with
 respect to the distributions paid by the Trust during its taxable year ended
 October 31, 2004. The Trust designated 99.3% of the income distributions as a
 tax-exempt income distribution. Additionally, during the period the Trust
 designated and paid $2,262,550 as a long-term capital gain distribution. In
 January, the Trust provides tax information to shareholders for the preceding
 calendar year.
 
*   "Interested persons" of the Trust, as defined in the Investment Company Act
    of 1940, as amended.


                                      I-26

 
VAN KAMPEN TRUST FOR INVESTMENT GRADE PENNSYLVANIA MUNICIPALS
 
RESULTS OF SHAREHOLDER VOTES
 
The Annual Meeting of the Shareholders of the Trust was held on June 23, 2004,
where shareholders voted on the election of trustees.
 
With regard to the election of the following trustees by the common shareholders
of the Trust:
 


                                                                      # OF SHARES
                                                             -----------------------------
                                                             IN FAVOR             WITHHELD
------------------------------------------------------------------------------------------
                                                                            
R. Craig Kennedy...........................................  6,784,055             74,789
Jack E. Nelson.............................................  6,789,454             69,390
Richard F. Powers, III.....................................  6,783,711             75,133

 
The other trustees of the Trust whose terms did not expire in 2004 are David C.
Arch, J. Miles Branagan, Jerry D. Choate, Rod Dammeyer, Linda Hutton Heagy,
Howard J Kerr, Mitchell M. Merin, Hugo F. Sonnenschein, Wayne W. Whalen and
Suzanne H. Woolsey.
 

                                      I-27

 
VAN KAMPEN TRUST FOR INVESTMENT GRADE PENNSYLVANIA MUNICIPALS
 
TRUSTEE AND OFFICER INFORMATION
 
The business and affairs of the Trust are managed under the direction of the
Trust's Board of Trustees and the Trust's officers appointed by the Board of
Trustees. The tables below list the trustees and executive officers of the Trust
and their principal occupations during the last five years, other directorships
held by trustees and their affiliations, if any, with Van Kampen Investments
Inc. ("Van Kampen Investments"), Van Kampen Asset Management (the "Adviser"),
Van Kampen Funds Inc. (the "Distributor"), Van Kampen Advisors Inc., Van Kampen
Exchange Corp. and Van Kampen Investor Services Inc. ("Investor Services"). The
term "Fund Complex" includes each of the investment companies advised by the
Adviser or its affiliates as of the date of this Statement of Additional
Information. Trustees serve until reaching their retirement age or until their
successors are duly elected and qualified. Officers are annually elected by the
trustees.
 
INDEPENDENT TRUSTEES:
 


                                                                                  NUMBER OF
                                            TERM OF                                FUNDS IN
                                           OFFICE AND                                FUND
                              POSITION(S)  LENGTH OF                               COMPLEX
NAME, AGE AND ADDRESS          HELD WITH      TIME     PRINCIPAL OCCUPATION(S)     OVERSEEN    OTHER DIRECTORSHIPS
OF INDEPENDENT TRUSTEE           TRUST       SERVED    DURING PAST 5 YEARS        BY TRUSTEE   HELD BY TRUSTEE
                                                                                
David C. Arch (59)            Trustee      Trustee     Chairman and Chief             85       Trustee/Director/Managing
Blistex Inc.                               since 1992  Executive Officer of                    General Partner of funds
1800 Swift Drive                                       Blistex Inc., a consumer                in the Fund Complex.
Oak Brook, IL 60523                                    health care products
                                                       manufacturer. Director of
                                                       the Heartland Alliance, a
                                                       nonprofit organization
                                                       serving human needs based
                                                       in Chicago. Director of
                                                       St. Vincent de Paul
                                                       Center, a Chicago based
                                                       day care facility serving
                                                       the children of low
                                                       income families. Board
                                                       member of the Illinois
                                                       Manufacturers'
                                                       Association.

J. Miles Branagan (72)        Trustee      Trustee     Private investor.              83       Trustee/Director/Managing
1632 Morning Mountain Road                 since 2003  Co-founder, and prior to                General Partner of funds
Raleigh, NC 27614                                      August 1996, Chairman,                  in the Fund Complex.
                                                       Chief Executive Officer
                                                       and President, MDT
                                                       Corporation (now known as
                                                       Getinge/Castle, Inc., a
                                                       subsidiary of Getinge
                                                       Industrier AB), a company
                                                       which develops,
                                                       manufactures, markets and
                                                       services medical and
                                                       scientific equipment.

 

                                      I-28

 
VAN KAMPEN TRUST FOR INVESTMENT GRADE PENNSYLVANIA MUNICIPALS

TRUSTEE AND OFFICER INFORMATION continued


                                                                                  NUMBER OF
                                            TERM OF                                FUNDS IN
                                           OFFICE AND                                FUND
                              POSITION(S)  LENGTH OF                               COMPLEX
NAME, AGE AND ADDRESS          HELD WITH      TIME     PRINCIPAL OCCUPATION(S)     OVERSEEN    OTHER DIRECTORSHIPS
OF INDEPENDENT TRUSTEE           TRUST       SERVED    DURING PAST 5 YEARS        BY TRUSTEE   HELD BY TRUSTEE
                                                                                

Jerry D. Choate (66)          Trustee      Trustee     Prior to January 1999,         83       Trustee/Director/Managing
33971 Selva Road                           since 2003  Chairman and Chief                      General Partner of funds
Suite 130                                              Executive Officer of the                in the Fund Complex.
Dana Point, CA 92629                                   Allstate Corporation                    Director of Amgen Inc., a
                                                       ("Allstate") and Allstate               biotechnological company,
                                                       Insurance Company. Prior                and Director of Valero
                                                       to January 1995,                        Energy Corporation, an
                                                       President and Chief                     independent refining
                                                       Executive Officer of                    company.
                                                       Allstate. Prior to August
                                                       1994, various management
                                                       positions at Allstate.

 

                                      I-29


VAN KAMPEN TRUST FOR INVESTMENT GRADE PENNSYLVANIA MUNICIPALS

TRUSTEE AND OFFICER INFORMATION continued


                                                                                  NUMBER OF
                                            TERM OF                                FUNDS IN
                                           OFFICE AND                                FUND
                              POSITION(S)  LENGTH OF                               COMPLEX
NAME, AGE AND ADDRESS          HELD WITH      TIME     PRINCIPAL OCCUPATION(S)     OVERSEEN    OTHER DIRECTORSHIPS
OF INDEPENDENT TRUSTEE           TRUST       SERVED    DURING PAST 5 YEARS        BY TRUSTEE   HELD BY TRUSTEE
                                                                                

Rod Dammeyer (64)             Trustee      Trustee     President of CAC, L.L.C.,      85       Trustee/Director/Managing
CAC, L.L.C.                                since 1992  a private company                       General Partner of funds
4350 LaJolla Village Drive                             offering capital                        in the Fund Complex.
Suite 980                                              investment and management               Director of Stericycle,
San Diego, CA 92122-6223                               advisory services. Prior                Inc., Ventana Medical
                                                       to February 2001, Vice                  Systems, Inc., and GATX
                                                       Chairman and Director of                Corporation, and Trustee
                                                       Anixter International,                  of The Scripps Research
                                                       Inc., a global                          Institute and the
                                                       distributor of wire,                    University of Chicago
                                                       cable and communications                Hospitals and Health
                                                       connectivity products.                  Systems. Prior to January
                                                       Prior to July 2000,                     2004, Director of
                                                       Managing Partner of                     TeleTech Holdings Inc.
                                                       Equity Group Corporate                  and Arris Group, Inc.
                                                       Investment (EGI), a                     Prior to May 2002,
                                                       company that makes                      Director of Peregrine
                                                       private investments in                  Systems Inc. Prior to
                                                       other companies.                        February 2001, Director
                                                                                               of IMC Global Inc. Prior
                                                                                               to July 2000, Director of
                                                                                               Allied Riser
                                                                                               Communications Corp.,
                                                                                               Matria Healthcare Inc.,
                                                                                               Transmedia Networks,
                                                                                               Inc., CNA Surety, Corp.
                                                                                               and Grupo Azcarero Mexico
                                                                                               (GAM).

 

                                      I-30

 
VAN KAMPEN TRUST FOR INVESTMENT GRADE PENNSYLVANIA MUNICIPALS

TRUSTEE AND OFFICER INFORMATION continued


                                                                                  NUMBER OF
                                            TERM OF                                FUNDS IN
                                           OFFICE AND                                FUND
                              POSITION(S)  LENGTH OF                               COMPLEX
NAME, AGE AND ADDRESS          HELD WITH      TIME     PRINCIPAL OCCUPATION(S)     OVERSEEN    OTHER DIRECTORSHIPS
OF INDEPENDENT TRUSTEE           TRUST       SERVED    DURING PAST 5 YEARS        BY TRUSTEE   HELD BY TRUSTEE
                                                                                

Linda Hutton Heagy (56)       Trustee      Trustee     Managing Partner of            83       Trustee/Director/Managing
Heidrick & Struggles                       since 2003  Heidrick & Struggles, an                General Partner of funds
233 South Wacker Drive                                 executive search firm.                  in the Fund Complex.
Suite 7000                                             Trustee on the University
Chicago, IL 60606                                      of Chicago Hospitals
                                                       Board, Vice Chair of the
                                                       Board of the YMCA of
                                                       Metropolitan Chicago and
                                                       a member of the Women's
                                                       Board of the University
                                                       of Chicago. Prior to
                                                       1997, Partner of Ray &
                                                       Berndtson, Inc., an
                                                       executive recruiting
                                                       firm. Prior to 1996,
                                                       Trustee of The
                                                       International House
                                                       Board, a fellowship and
                                                       housing organization for
                                                       international graduate
                                                       students. Prior to 1995,
                                                       Executive Vice President
                                                       of ABN AMRO, N.A., a bank
                                                       holding company. Prior to
                                                       1992, Executive Vice
                                                       President of La Salle
                                                       National Bank.

R. Craig Kennedy (52)         Trustee      Trustee     Director and President of      83       Trustee/Director/Managing
1744 R Street, NW                          since 2003  the German Marshall Fund                General Partner of funds
Washington, DC 20009                                   of the United States, an                in the Fund Complex.
                                                       independent U.S.
                                                       foundation created to
                                                       deepen understanding,
                                                       promote collaboration and
                                                       stimulate exchanges of
                                                       practical experience
                                                       between Americans and
                                                       Europeans. Formerly,
                                                       advisor to the Dennis
                                                       Trading Group Inc., a
                                                       managed futures and
                                                       option company that
                                                       invests money for
                                                       individuals and
                                                       institutions. Prior to
                                                       1992, President and Chief
                                                       Executive Officer,
                                                       Director and member of
                                                       the Investment Committee
                                                       of the Joyce Foundation,
                                                       a private foundation.

Howard J Kerr (69)            Trustee      Trustee     Prior to 1998, President       85       Trustee/Director/Managing
736 North Western Avenue                   since 1992  and Chief Executive                     General Partner of funds
P.O. Box 317                                           Officer of Pocklington                  in the Fund Complex.
Lake Forest, IL 60045                                  Corporation, Inc., an                   Director of the Lake
                                                       investment holding                      Forest Bank & Trust.
                                                       company. Director of the
                                                       Marrow Foundation.

 

                                      I-31

 
VAN KAMPEN TRUST FOR INVESTMENT GRADE PENNSYLVANIA MUNICIPALS

TRUSTEE AND OFFICER INFORMATION continued


                                                                                  NUMBER OF
                                            TERM OF                                FUNDS IN
                                           OFFICE AND                                FUND
                              POSITION(S)  LENGTH OF                               COMPLEX
NAME, AGE AND ADDRESS          HELD WITH      TIME     PRINCIPAL OCCUPATION(S)     OVERSEEN    OTHER DIRECTORSHIPS
OF INDEPENDENT TRUSTEE           TRUST       SERVED    DURING PAST 5 YEARS        BY TRUSTEE   HELD BY TRUSTEE
                                                                                

Jack E. Nelson (68)           Trustee      Trustee     President of Nelson            83       Trustee/Director/Managing
423 Country Club Drive                     since 2003  Investment Planning                     General Partner of funds
Winter Park, FL 32789                                  Services, Inc., a                       in the Fund Complex.
                                                       financial planning
                                                       company and registered
                                                       investment adviser in the
                                                       State of Florida.
                                                       President of Nelson Ivest
                                                       Brokerage Services Inc.,
                                                       a member of the NASD,
                                                       Securities Investors
                                                       Protection Corp. and the
                                                       Municipal Securities
                                                       Rulemaking Board.
                                                       President of Nelson Sales
                                                       and Services Corporation,
                                                       a marketing and services
                                                       company to support
                                                       affiliated companies.

Hugo F. Sonnenschein (64)     Trustee      Trustee     President Emeritus and         85       Trustee/Director/Managing
1126 E. 59th Street                        since 1994  Honorary Trustee of the                 General Partner of funds
Chicago, IL 60637                                      University of Chicago and               in the Fund Complex.
                                                       the Adam Smith                          Director of Winston
                                                       Distinguished Service                   Laboratories, Inc.
                                                       Professor in the
                                                       Department of Economics
                                                       at the University of
                                                       Chicago. Prior to July
                                                       2000, President of the
                                                       University of Chicago.
                                                       Trustee of the University
                                                       of Rochester and a member
                                                       of its investment
                                                       committee. Member of the
                                                       National Academy of
                                                       Sciences, the American
                                                       Philosophical Society and
                                                       a fellow of the American
                                                       Academy of Arts and
                                                       Sciences.

Suzanne H. Woolsey, Ph.D.     Trustee      Trustee     Chief Communications           83       Trustee/Director/Managing
(62)                                       since 2003  Officer of the National                 General Partner of funds
815 Cumberstone Road                                   Academy of                              in the Fund Complex.
Harwood, MD 20776                                      Sciences/National                       Director of Fluor Corp.,
                                                       Research Council, an                    an engineering,
                                                       independent, federally                  procurement and
                                                       chartered policy                        construction
                                                       institution, from 2001 to               organization, since
                                                       November 2003 and Chief                 January 2004 and Director
                                                       Operating Officer from                  of Neurogen Corporation,
                                                       1993 to 2001. Director of               a pharmaceutical company,
                                                       the Institute for Defense               since January 1998.
                                                       Analyses, a federally
                                                       funded research and
                                                       development center,
                                                       Director of the German
                                                       Marshall Fund of the
                                                       United States, Director
                                                       of the Rocky Mountain
                                                       Institute and Trustee of
                                                       Colorado College. Prior
                                                       to 1993, Executive
                                                       Director of the
                                                       Commission on Behavioral
                                                       and Social Sciences and
                                                       Education at the National
                                                       Academy of
                                                       Sciences/National
                                                       Research Council. From
                                                       1980 through 1989,
                                                       Partner of Coopers &
                                                       Lybrand.

 


                                      I-32

 
VAN KAMPEN TRUST FOR INVESTMENT GRADE PENNSYLVANIA MUNICIPALS
 
TRUSTEE AND OFFICER INFORMATION continued
 
INTERESTED TRUSTEES:*
 


                                                                                  NUMBER OF
                                            TERM OF                                FUNDS IN
                                           OFFICE AND                                FUND
                              POSITION(S)  LENGTH OF                               COMPLEX
NAME, AGE AND ADDRESS          HELD WITH      TIME     PRINCIPAL OCCUPATION(S)     OVERSEEN    OTHER DIRECTORSHIPS
OF INTERESTED TRUSTEE            TRUST       SERVED    DURING PAST 5 YEARS        BY TRUSTEE   HELD BY TRUSTEE
                                                                                
Mitchell M. Merin* (51)       Trustee,     Trustee     President and Chief            83       Trustee/Director/Managing
1221 Avenue of the Americas   President    since       Executive Officer of                    General Partner of funds
New York, NY 10020            and Chief    2003;       funds in the Fund                       in the Fund Complex.
                              Executive    President   Complex. Chairman,
                              Officer      and Chief   President, Chief
                                           Executive   Executive Officer and
                                           Officer     Director of the Adviser
                                           since 2002  and Van Kampen Advisors
                                                       Inc. since December 2002.
                                                       Chairman, President and
                                                       Chief Executive Officer
                                                       of Van Kampen Investments
                                                       since December 2002.
                                                       Director of Van Kampen
                                                       Investments since
                                                       December 1999. Chairman
                                                       and Director of Van
                                                       Kampen Funds Inc. since
                                                       December 2002. President,
                                                       Director and Chief
                                                       Operating Officer of
                                                       Morgan Stanley Investment
                                                       Management since December
                                                       1998. President and
                                                       Director since April 1997
                                                       and Chief Executive
                                                       Officer since June 1998
                                                       of Morgan Stanley
                                                       Investment Advisors Inc.
                                                       and Morgan Stanley
                                                       Services Company Inc.
                                                       Chairman, Chief Executive
                                                       Officer and Director of
                                                       Morgan Stanley
                                                       Distributors Inc. since
                                                       June 1998. Chairman since
                                                       June 1998, and Director
                                                       since January 1998 of
                                                       Morgan Stanley Trust.
                                                       Director of various
                                                       Morgan Stanley
                                                       subsidiaries. President
                                                       of the Morgan Stanley
                                                       Funds since May 1999.
                                                       Previously Chief
                                                       Executive Officer of Van
                                                       Kampen Funds Inc. from
                                                       December 2002 to July
                                                       2003, Chief Strategic
                                                       Officer of Morgan Stanley
                                                       Investment Advisors Inc.
                                                       and Morgan Stanley
                                                       Services Company Inc. and
                                                       Executive Vice President
                                                       of Morgan Stanley
                                                       Distributors Inc. from
                                                       April 1997 to June 1998.
                                                       Chief Executive Officer
                                                       from September 2002 to
                                                       April 2003 and Vice
                                                       President from May 1997
                                                       to April 1999 of the
                                                       Morgan Stanley Funds.

 

                                      I-33

 
VAN KAMPEN TRUST FOR INVESTMENT GRADE PENNSYLVANIA MUNICIPALS

TRUSTEE AND OFFICER INFORMATION continued


                                                                                  NUMBER OF
                                            TERM OF                                FUNDS IN
                                           OFFICE AND                                FUND
                              POSITION(S)  LENGTH OF                               COMPLEX
NAME, AGE AND ADDRESS          HELD WITH      TIME     PRINCIPAL OCCUPATION(S)     OVERSEEN    OTHER DIRECTORSHIPS
OF INTERESTED TRUSTEE            TRUST       SERVED    DURING PAST 5 YEARS        BY TRUSTEE   HELD BY TRUSTEE
                                                                                

Richard F. Powers, III* (58)  Trustee      Trustee     Advisory Director of           85       Trustee/Director/Managing
1 Parkview Plaza                           since 1999  Morgan Stanley. Prior to                General Partner of funds
P.O. Box 5555                                          December 2002, Chairman,                in the Fund Complex.
Oakbrook Terrace, IL 60181                             Director, President,
                                                       Chief Executive Officer
                                                       and Managing Director of
                                                       Van Kampen Investments
                                                       and its investment
                                                       advisory, distribution
                                                       and other subsidiaries.
                                                       Prior to December 2002,
                                                       President and Chief
                                                       Executive Officer of
                                                       funds in the Fund
                                                       Complex. Prior to May
                                                       1998, Executive Vice
                                                       President and Director of
                                                       Marketing at Morgan
                                                       Stanley and Director of
                                                       Dean Witter, Discover &
                                                       Co. and Dean Witter
                                                       Realty. Prior to 1996,
                                                       Director of Dean Witter
                                                       Reynolds Inc.

Wayne W. Whalen* (65)         Trustee      Trustee     Partner in the law firm        85       Trustee/Director/Managing
333 West Wacker Drive                      since 1992  of Skadden, Arps, Slate,                General Partner of funds
Chicago, IL 60606                                      Meagher & Flom LLP, legal               in the Fund Complex.
                                                       counsel to funds in the
                                                       Fund Complex.

 
*   Such Trustee is an "interested person" (within the meaning of Section
    2(a)(19) of the 1940 Act). Mr. Whalen is an interested person of certain
    funds in the Fund Complex by reason of his firm currently acting as legal
    counsel to such funds in the Fund Complex. Messrs. Merin and Powers are
    interested persons of funds in the Fund Complex and the Adviser by reason of
    their current or former positions with Morgan Stanley or its affiliates.
 


                                      I-34


 
VAN KAMPEN TRUST FOR INVESTMENT GRADE PENNSYLVANIA MUNICIPALS
 
TRUSTEE AND OFFICER INFORMATION continued
 
OFFICERS:
 


                                                     TERM OF
                                                    OFFICE AND
                                   POSITION(S)      LENGTH OF
NAME, AGE AND                       HELD WITH          TIME     PRINCIPAL OCCUPATION(S)
ADDRESS OF OFFICER                    TRUST           SERVED    DURING PAST 5 YEARS
                                                       
Stefanie V. Chang (38)          Vice President      Officer     Executive Director of Morgan Stanley Investment Management.
1221 Avenue of the Americas     and Secretary       since 2003  Vice President of funds in the Fund Complex.
New York, NY 10020

Amy R. Doberman (42)            Vice President      Officer     Managing Director and General Counsel, U.S. Investment
1221 Avenue of the Americas                         since 2004  Management; Managing Director of Morgan Stanley Investment
New York, NY 10020                                              Management, Inc., Morgan Stanley Investment Advisers Inc.
                                                                and the Adviser. Vice President of the Morgan Stanley
                                                                Institutional and Retail Funds since July 2004 and Vice
                                                                President of funds in the Fund Complex as of August 2004.
                                                                Previously, Managing Director and General Counsel of
                                                                Americas, UBS Global Asset Management from July 2000 to July
                                                                2004 and General Counsel of Aeitus Investment Management,
                                                                Inc. from January 1997 to July 2000.

James M. Dykas (38)             Chief Financial     Officer     Executive Director of Van Kampen Asset Management and Morgan
1 Parkview Plaza                Officer and         since 1999  Stanley Investment Management. Chief Financial Officer and
Oakbrook Terrace, IL 60181      Treasurer                       Treasurer of funds in the Fund Complex. Prior to August
                                                                2004, Assistant Treasurer of funds in the Fund Complex.

Joseph J. McAlinden (61)        Executive Vice      Officer     Managing Director and Chief Investment Officer of Morgan
1221 Avenue of the Americas     President and       since 2002  Stanley Investment Advisors Inc., and Morgan Stanley
New York, NY 10020              Chief Investment                Investment Management Inc. and Director of Morgan Stanley
                                Officer                         Trust for over 5 years. Executive Vice President and Chief
                                                                Investment Officer of funds in the Fund Complex. Managing
                                                                Director and Chief Investment Officer of Van Kampen
                                                                Investments, the Adviser and Van Kampen Advisors Inc. since
                                                                December 2002.

Ronald E. Robison (65)          Executive Vice      Officer     Principal Executive Officer of the Funds since May 2003.
1221 Avenue of the Americas     President and       since 2003  Chief Executive Officer and Chairman of Investor Services.
New York, NY 10020              Principal                       Executive Vice President and Principal Executive Officer of
                                Executive                       funds in the Fund Complex. Managing Director of Morgan
                                Officer                         Stanley. Chief Administrative Officer, Managing Director and
                                                                Director of Morgan Stanley Investment Advisors Inc., Morgan
                                                                Stanley Services Company Inc. and Managing Director and
                                                                Director of Morgan Stanley Distributors Inc. Chief Executive
                                                                Officer and Director of Morgan Stanley Trust. Executive Vice
                                                                President and Principal Executive Officer of the
                                                                Institutional and Retail Morgan Stanley Funds; Director of
                                                                Morgan Stanley SICAV; previously Chief Global Operations
                                                                Officer and Managing Director of Morgan Stanley Investment
                                                                Management Inc.

 

                                      I-35

 
VAN KAMPEN TRUST FOR INVESTMENT GRADE PENNSYLVANIA MUNICIPALS

TRUSTEE AND OFFICER INFORMATION continued


                                                     TERM OF
                                                    OFFICE AND
                                   POSITION(S)      LENGTH OF
NAME, AGE AND                       HELD WITH          TIME     PRINCIPAL OCCUPATION(S)
ADDRESS OF OFFICER                    TRUST           SERVED    DURING PAST 5 YEARS
                                                       

John L. Sullivan (49)           Chief Compliance    Officer     Chief Compliance Officer of funds in the Fund Complex since
1 Parkview Plaza                Officer             since 1998  August 2004. Director and Managing Director of Van Kampen
Oakbrook Terrace, IL 60181                                      Investments, the Adviser, Van Kampen Advisors Inc. and
                                                                certain other subsidiaries of Van Kampen Investments. Prior
                                                                August 2004, Vice President, Chief Financial Officer and
                                                                Treasurer of funds in the Fund Complex and head of Fund
                                                                Accounting for Morgan Stanley Investment Management. Prior
                                                                to December 2002, Executive Director of Van Kampen
                                                                Investments, the Adviser and Van Kampen Advisors Inc.

 

                                      I-36

 
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)

                                      I-37

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
 
                                      (VAN KAMPEN INVESTMENTS LOGO)
 
                                                 Copyright (C)2004 Van Kampen
                                                 Funds Inc. All rights reserved.
                                                 Member NASD/SIPC.
                                                 VTP ANR
                                                 12/04 RN04-02834P-Y10/04

                                      I-38











                                   APPENDIX J
                                        
             SEMI-ANNUAL REPORT OF VAN KAMPEN TRUST FOR INVESTMENT
                         GRADE PENNSYLVANIA MUNICIPALS,
                              DATED APRIL 30, 2005
                                        































                                       J-1


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
       Trust for Investment Grade Pennsylvania Municipals 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 THE 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).
 


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





                                      J-2

Performance Summary as of 4/30/05
 


TRUST FOR INVESTMENT GRADE PENNSYLVANIA MUNICIPALS
SYMBOL: VTP
------------------------------------------------------------
AVERAGE ANNUAL                      BASED ON      BASED ON
TOTAL RETURNS                         NAV       MARKET PRICE
                                          
 
Since Inception (3/27/92)             8.11%         7.00%
 
10-year                               7.85          7.12
 
5-year                                9.21          9.53
 
1-year                               11.41         12.86
 
6-month                               3.29         -1.22
------------------------------------------------------------

 
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 Pennsylvania Municipal Bond Index is a broad-based
statistical composite of Pennsylvania 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.
 

                                      J-3


Trust Report
 
FOR THE 6-MONTH PERIOD ENDED APRIL 30, 2005
 
Van Kampen Trust for Investment Grade Pennsylvania Municipals is managed by the
Adviser's Municipal Fixed Income team.(1) Current members include Dennis
Pietrzak and John Reynoldson, Executive Directors of the Adviser; and Robert
Wimmel, Vice President 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.
 
The most significant development in the Pennsylvania municipal market over the
period was the ongoing trend of refundings of municipal securities by issuers.
Municipal borrowers were able to take advantage of rising short-term rates and
relatively stable long-term rates, which in turn allowed them to refund
outstanding debt. As a result, the Pennsylvania market saw a wave of
refinancings, especially in education-related sectors.
 
(1)Team members may change without notice at any time.



                                      J-4


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 Pennsylvania
Municipal Bond Index. On a market price basis, the trust underperformed its
benchmark.
 
TOTAL RETURNS FOR THE SIX-MONTH PERIOD ENDED APRIL 30, 2005
 


------------------------------------------------------------
                                   LEHMAN BROTHERS
      BASED ON     BASED ON     PENNSYLVANIA MUNICIPAL
        NAV      MARKET PRICE         BOND INDEX
                                           
 
       3.29%        -1.22%              1.82%
------------------------------------------------------------

 
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.
 
One of our key strategies in managing the trust during the period was to
position it for rising interest rates. This approach was largely the result of
our analysis of interest rates, which remained relatively low by historical
standards even after rising from their multi-decade lows earlier. First, we kept
the trust's duration (a measure of interest-rate sensitivity) below that of its
benchmark. Second, to limit the trust's exposure to areas of the market that
would be most likely susceptible to rising rates, we also trimmed the trust's
shorter-maturity bonds. We reinvested the proceeds from those sales into bonds
with premium coupons and maturities between 20 and 30 years. In addition to
offering relatively attractive income streams, these securities positioned the
trust to benefit from any future flattening of the yield curve.
 
We kept the trust's exposure well diversified across the major sectors of the
Pennsylvania municipal market. Much of our relative-value trading activity was
focused on selling issues that had been pre-refunded, many of which were in the
public education sector; and purchasing what we believed to be more
 


                                      J-5

attractive securities in the public education sector. The trust remained focused
on investment-grade securities, with 100 percent of the portfolio rated BBB or
higher at the end of the period.
 
There is no guarantee the security sectors mentioned will continue to perform
well or be held by the trust in the future.
 

                                         
TOP 5 SECTORS AS OF 4/30/05                 RATINGS ALLOCATION AS OF 4/30/05
General Purpose               17.4%         AAA/Aaa                        73.9%
Health Care                   13.9          AA/Aa                           10.8
Higher Education              12.1          A/A                              9.7
Water & Sewer                 11.5          BBB/Baa                          5.6
Public Education              10.7

 
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 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.



                                      J-6


FOR MORE INFORMATION ABOUT PORTFOLIO HOLDINGS
 
       Each Van Kampen fund provides a complete schedule of portfolio holdings
       in its semiannual and annual reports within 60 days of the end of the
       fund'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 fund 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 fund files a
       complete schedule of portfolio holdings with the SEC for the fund'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 fund's fiscal quarter filings by contacting
       Van Kampen Client Relations at 1-800-847-2424.
 
PROXY VOTING POLICIES AND PROCEDURES AND PROXY VOTING RECORD
 
       The fund's policies and procedures with respect to the voting of proxies
       relating to the fund's portfolio securities and information on how the
       fund 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.
 

                                      J-7


VAN KAMPEN TRUST FOR INVESTMENT GRADE PENNSYLVANIA MUNICIPALS
 
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2005 (UNAUDITED)
 


PAR
AMOUNT
(000)     DESCRIPTION                                      COUPON   MATURITY      VALUE
-------------------------------------------------------------------------------------------
                                                                   
          MUNICIPAL BONDS  150.4%
          PENNSYLVANIA  147.3%
$1,465    Allegheny Cnty, PA Higher Ed Duquesne Univ Ser A
          (FGIC Insd)..................................... 5.000%   03/01/17   $  1,582,727
 1,560    Allegheny Cnty, PA Higher Ed Duquesne Univ Ser A
          (FGIC Insd) (a)................................. 5.000    03/01/18      1,681,493
 3,000    Allegheny Cnty, PA Port Auth Spl Rev Trans (FGIC
          Insd)........................................... 5.000    03/01/29      3,114,120
   690    Allegheny Cnty, PA Residential Fin Auth Mtg Rev
          Single Family (AMT) (GNMA Collateralized)....... 7.100    05/01/24        690,994
   510    Allegheny Cnty, PA Residential Fin Auth Mtg Rev
          Single Family Ser II-1 (AMT) (GNMA
          Collateralized)................................. 5.800    05/01/21        537,214
   680    Allegheny Cnty, PA Residential Fin Auth Mtg Rev
          Single Family Ser II-2 (AMT) (GNMA
          Collateralized)................................. 5.800    11/01/20        716,285
   900    Allegheny Cnty, PA Residential Mtg Single Family
          Ser KK-2 (AMT) (GNMA Collateralized)............ 5.750    05/01/33        936,333
 2,220    Allegheny Cnty, PA San Auth Swr Rev (Prerefunded
          @ 12/01/10) (MBIA Insd)......................... 5.750    12/01/17      2,512,130
 2,900    Allegheny Cnty, PA San Auth Swr Rev (Prerefunded
          @ 12/01/10) (MBIA Insd)......................... 5.500    12/01/24      3,244,897
 2,070    Allegheny Cnty, PA Ser C 54 (Prerefunded @
          11/01/12) (MBIA Insd)........................... 5.375    11/01/18      2,341,460
 3,250    Allegheny Cnty, PA Ser C 54 (Prerefunded @
          11/01/12) (MBIA Insd)........................... 5.375    11/01/19      3,676,205
 1,000    Berks Cnty, PA Muni Auth Hosp Rev Reading Hosp &
          Med Ctr Proj (Prerefunded @ 11/01/09) (FSA
          Insd)........................................... 6.000    11/01/29      1,140,850
 1,460    Bethlehem, PA Auth Wtr Gtd (FSA Insd)........... 5.000    11/15/19      1,581,983
 1,270    Bucks Cnty, PA Auth Wtr & Swr Rev Swr Sys (AMBAC
          Insd) (a)....................................... 5.375    06/01/16      1,405,687
   785    Carbon Cnty, PA Indl Dev Auth Panther Creek Proj
          Rfdg (LOC: Paribas & Union Bk of CA Intl)
          (AMT)........................................... 6.650    05/01/10        851,592
 1,000    Central Dauphin, PA Sch Dist (FSA Insd)......... 5.000    12/01/19      1,078,780
 1,555    Chester Cnty, PA Indl Dev Auth Rev Collegium
          Charter Sch Proj Ser A (ACA Insd)............... 5.500    04/15/31      1,652,421
 1,480    Delaware Cnty, PA Regl Wtr Quality Ctl Auth Swr
          Rev (MBIA Insd) (a)............................. 5.250    05/01/21      1,614,177
 2,500    Delaware Vly, PA Regl Fin Auth.................. 5.750    07/01/17      2,882,950
 2,800    Erie, PA Sch Dist (Prerefunded @ 09/01/10)
          (AMBAC Insd).................................... 5.800    09/01/29      3,161,592
 4,440    Falls Twp, PA Hosp Auth Hosp Rev DE Vly Med Rfdg
          (FHA Gtd)....................................... 7.000    08/01/22      4,545,139
 1,000    Fayette Cnty, PA (Prerefunded @ 11/15/10) (AMBAC
          Insd)........................................... 5.625    11/15/28      1,123,370

 
                                               See Notes to Financial Statements


                                      J-8

 

VAN KAMPEN TRUST FOR INVESTMENT GRADE PENNSYLVANIA MUNICIPALS
 
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2005 (UNAUDITED) continued
 


PAR
AMOUNT
(000)     DESCRIPTION                                      COUPON   MATURITY      VALUE
-------------------------------------------------------------------------------------------
                                                                   
          PENNSYLVANIA (CONTINUED)
$1,500    Harrisburg, PA Auth Res Gtd Sub Ser D-2 (FSA
          Insd)........................................... 5.000%   12/01/33   $  1,633,335
 2,000    Harrisburg, PA Auth Wtr Rev Rfdg (FSA Insd)..... 5.000    07/15/21      2,137,120
 1,775    Hempfield Twp, PA Muni Auth Gtd Swr Rev
          Westmoreland Cnty Rfdg (FSA Insd) (a)........... 5.000    09/01/16      1,951,630
 3,000    Hempfield, PA Area Sch Dist (Prerefunded @
          02/15/12) (FGIC Insd)........................... 5.375    02/15/17      3,370,140
 2,000    Lehigh Cnty, PA Gen Purp Auth Rev Good Shepherd
          Group Ser A..................................... 5.500    11/01/24      2,080,300
 1,240    Lehigh Northampton, PA Arpt Lehigh Vly Arpt Sys
          Ser A Rfdg (AMT) (MBIA Insd) (a)................ 5.000    01/01/20      1,297,524
 1,500    Lehigh Northampton, PA Arpt Ser A (AMT) (MBIA
          Insd)........................................... 6.000    05/15/25      1,649,070
 2,700    Lehigh Northampton, PA Arpt Ser A (AMT) (MBIA
          Insd)........................................... 6.000    05/15/30      2,968,326
 2,050    Luzerne Cnty, PA Ser A (MBIA Insd).............. 5.250    11/15/19      2,251,351
 3,290    Luzerne Cnty, PA Ser A (MBIA Insd).............. 5.250    11/15/25      3,571,098
 2,650    Lycoming Cnty, PA Auth College Rev PA College of
          Technology (AMBAC Insd)......................... 5.350    07/01/26      2,842,310
 2,500    Mifflin Cnty, PA Hosp Auth Rev (Radian Insd).... 6.200    07/01/30      2,786,350
 1,250    Mifflin Cnty, PA Ser A (FGIC Insd) (b).......... 5.000    09/01/31      1,301,950
 1,280    Monroeville, PA Muni Auth San Swr Ser B (MBIA
          Insd) (a)....................................... 5.250    12/01/19      1,409,741
 2,000    Montgomery Cnty, PA Higher Ed & Hlth Auth Hosp
          Rev Abington Mem Hosp Ser A..................... 5.125    06/01/32      2,027,660
 1,000    Montgomery Cnty, PA Indl Dev Auth Rev Res Rec
          Montenay Proj Ser A (MBIA Insd)................. 5.250    11/01/14      1,120,880
 1,000    Moon Area Sch Dist PA (FSA Insd)................ 5.000    11/15/25      1,067,480
 1,500    Mount Lebanon, PA Hosp Auth Saint Clair Mem Hosp
          Ser A........................................... 5.625    07/01/32      1,558,095
 2,000    Pennsylvania Econ Dev Fin Auth Res Recovery Rev
          Colver Proj Ser D (AMT)......................... 7.050    12/01/10      2,046,940
 1,450    Pennsylvania Econ Dev Fin York Wtr Co Proj Ser A
          (AMT) (XLCA Insd)............................... 5.000    04/01/16      1,539,407
 2,500    Pennsylvania Hsg Fin Agy Single Family Mtg Rev
          Ser 70A (AMT)................................... 5.900    04/01/31      2,630,025
 2,150    Pennsylvania Hsg Fin Agy Single Family Mtg Ser
          61A (AMT)....................................... 5.500    04/01/29      2,242,794
 1,255    Pennsylvania Hsg Fin Agy Single Family Mtg Ser
          67A (AMT)....................................... 5.900    10/01/30      1,320,147
 1,000    Pennsylvania St Higher Ed Clarion Univ Fndtn Inc
          Ser A (XLCA Insd)............................... 5.000    07/01/28      1,043,540
 1,000    Pennsylvania St Higher Ed Fac Auth Rev Drexel
          Univ............................................ 5.500    05/01/17      1,106,390
 1,500    Pennsylvania St Higher Ed Fac Auth Rev La Salle
          Univ............................................ 5.500    05/01/34      1,570,425

 
See Notes to Financial Statements                                               


                                      J-9



VAN KAMPEN TRUST FOR INVESTMENT GRADE PENNSYLVANIA MUNICIPALS
 
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2005 (UNAUDITED) continued
 


PAR
AMOUNT
(000)     DESCRIPTION                                      COUPON   MATURITY      VALUE
-------------------------------------------------------------------------------------------
                                                                   
          PENNSYLVANIA (CONTINUED)
$1,300    Pennsylvania St Higher Ed Fac Auth Rev Lycoming
          Clg Assn Indpt (Radian Insd).................... 5.250%   11/01/19   $  1,402,895
 1,000    Pennsylvania St Higher Ed Fac Auth Rev Thomas
          Jefferson Univ.................................. 5.375    01/01/25      1,076,330
 1,500    Pennsylvania St Higher Ed Fac Auth Rev Univ
          Sciences Philadelphia Ser A (XLCA Insd)......... 5.000    11/01/36      1,564,680
 1,000    Pennsylvania St Higher Ed Fac Auth Rev UPMC Hlth
          Sys Ser A....................................... 6.250    01/15/18      1,126,950
 3,000    Pennsylvania St Higher Ed Fac Auth Rev UPMC Hlth
          Sys Ser A (FSA Insd)............................ 5.000    08/01/29      3,101,220
 1,000    Pennsylvania St Higher Ed Fac Auth Rev UPMC Hlth
          Sys Ser A....................................... 6.000    01/15/31      1,100,400
 1,000    Pennsylvania St Higher Ed Geneva College Proj... 6.125    04/01/22      1,072,650
 1,165    Pennsylvania St Indl Dev Auth Econ Dev (AMBAC
          Insd)........................................... 5.500    07/01/14      1,304,544
 2,000    Pennsylvania St Second Ser (MBIA Insd)
          (Prerefunded @ 10/01/09)........................ 5.750    10/01/17      2,239,700
 3,015    Pennsylvania St Tpk Commn Ser T Rfdg (FGIC
          Insd)........................................... 5.500    12/01/10      3,362,810
 1,500    Pennsylvania St Univ............................ 5.000    09/01/35      1,578,495
 1,500    Pennsylvania St Univ Rfdg....................... 5.250    03/01/17      1,648,305
 1,550    Perkiomen Vly Sch Dist PA Ser A (FSA Insd)...... 5.250    03/01/28      1,670,233
 3,000    Philadelphia, PA (FSA Insd)..................... 5.000    03/15/28      3,095,340
 6,160    Philadelphia, PA Auth for Indl Ser B (FSA
          Insd)........................................... 5.500    10/01/17      6,883,184
 2,000    Philadelphia, PA Auth for Indl Ser B (FSA
          Insd)........................................... 5.125    10/01/26      2,122,100
 1,000    Philadelphia, PA Auth Indl Dev Amern College Of
          Physicians...................................... 5.500    06/15/27      1,051,350
 1,700    Philadelphia, PA Gas Wks Rev Eighteenth Ser (AGC
          Insd)........................................... 5.250    08/01/21      1,825,358
 1,750    Philadelphia, PA Gas Wks Rev Second Ser (FSA
          Insd)........................................... 5.250    07/01/29      1,867,792
 1,500    Philadelphia, PA Gas Wks Rev Third Ser S (FSA
          Insd)........................................... 5.125    08/01/31      1,562,970
 1,645    Philadelphia, PA Pkg Auth Rev Ser A (AMBAC
          Insd)........................................... 5.250    02/15/29      1,740,788
   500    Pittsburgh & Allegheny Cnty, PA Pub Aud Hotel
          Room (AMBAC Insd)............................... 5.125    02/01/35        525,965
 2,500    Pittsburgh & Allegheny Cnty, PA Pub Aud Regl
          Asset Dist Sales Tax (AMBAC Insd)............... 5.000    02/01/24      2,642,750
 4,990    Pittsburgh & Allegheny Cnty, PA Pub Aud Regl
          Asset Dist Sales Tax (AMBAC Insd)............... 5.000    02/01/29      5,178,123
 1,000    Pittsburgh, PA Pub Pkg Auth Rev Ser B (FGIC
          Insd)........................................... 5.000    12/01/23      1,066,190
 5,000    Pittsburgh, PA Ser A (AMBAC Insd)............... 5.500    09/01/17      5,507,400
 3,700    Pittsburgh, PA Wtr & Swr Rfdg (FGIC Insd)....... 6.500    09/01/13      4,402,482
 1,960    Quaker Vly, PA Sch Dist (Prerefunded @ 04/01/14)
          (FSA Insd) (a).................................. 5.375    04/01/22      2,229,030

 
                                               See Notes to Financial Statements


                                      J-10



VAN KAMPEN TRUST FOR INVESTMENT GRADE PENNSYLVANIA MUNICIPALS
 
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2005 (UNAUDITED) continued
 


PAR
AMOUNT
(000)     DESCRIPTION                                      COUPON   MATURITY      VALUE
-------------------------------------------------------------------------------------------
                                                                   
          PENNSYLVANIA (CONTINUED)
$2,000    Rostraver Twp, PA (AMBAC Insd).................. 5.500%   07/01/24   $  2,191,600
 1,050    Scranton, PA Ser B (AMBAC Insd) (a)............. 5.000    09/01/17      1,135,921
 2,000    Southcentral, PA Gen Auth Rev Wellspan Hlth
          Oblig (MBIA Insd)............................... 5.375    05/15/28      2,134,300
 2,120    State Pub Sch Bldg Auth PA Conneaut Sch Dist
          Proj (FGIC Insd) (a)............................ 5.250    11/01/20      2,338,381
 2,360    State Pub Sch Bldg Auth PA Sch Rev Jefferson
          Cnty Dubois Tech Sch (FGIC Insd) (a)............ 5.375    02/01/23      2,595,009
 1,140    Susquehanna Area Regl Aprt Auth PA Arpt Sys Rev
          Ser A (AMT) (AMBAC Insd)........................ 5.375    01/01/21      1,221,065
 5,205    Susquehanna Area Regl Arpt Auth PA Arpt Sys Rev
          Ser A (AMT) (AMBAC Insd)........................ 5.375    01/01/23      5,554,099
 1,500    Susquehanna Area Regl Arpt Auth PA Arpt Sys Rev
          Ser D........................................... 5.375    01/01/18      1,539,210
 1,950    Swarthmore Boro Auth PA College................. 5.250    09/15/18      2,142,855
 1,000    Trinity Area Sch Dist PA (FGIC Insd)............ 5.250    11/01/20      1,103,010
 2,300    Union Cnty, PA Hosp Auth Hosp Rev Evangelical
          Cmnty Hosp (Radian Insd)........................ 5.250    08/01/24      2,433,699
 2,000    Washington Cnty, PA Ser A (AMBAC Insd).......... 5.125    09/01/27      2,108,960
 2,000    West Shore, PA Area Hosp Auth Holy Spirit Hosp
          Proj............................................ 6.250    01/01/32      2,138,440
                                                                               ------------
                                                                                185,183,010
                                                                               ------------
          U. S. VIRGIN ISLANDS  3.1%
 1,500    University Virgin Islands Impt Ser A............ 5.375    06/01/34      1,584,600
 2,000    Virgin Islands Pub Fin Auth Rev Gross Rcpt Taxes
          Ln Nt Ser A (ACA Insd).......................... 6.125    10/01/29      2,239,020
                                                                               ------------
                                                                                  3,823,620
                                                                               ------------
TOTAL LONG-TERM INVESTMENTS  150.4%
  (Cost $176,444,166).......................................................    189,006,630
 
SHORT-TERM INVESTMENTS  4.1%
  (Cost $5,200,000).........................................................      5,200,000
                                                                               ------------
 
TOTAL INVESTMENTS  154.5%
  (Cost $181,644,166).......................................................    194,206,630
OTHER ASSETS IN EXCESS OF LIABILITIES  1.3%.................................      1,608,108
PREFERRED SHARES (INCLUDING ACCRUED DISTRIBUTIONS)  (55.8%).................    (70,112,190)
                                                                               ------------
 
NET ASSETS APPLICABLE TO COMMON SHARES  100.0%..............................   $125,702,548
                                                                               ============

 
Percentages are calculated as a percentage of net assets applicable to common
shares.
 
(a) The Trust owns 100% of the bond issuance.
 
See Notes to Financial Statements                                              


                                      J-11


VAN KAMPEN TRUST FOR INVESTMENT GRADE PENNSYLVANIA MUNICIPALS
 
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2005 (UNAUDITED) continued
 
(b) Security purchased on a when-issued or delayed delivery basis.
 
ACA--American Capital Access
 
AGC--AGC Insured Custody Certificates
 
AMBAC--AMBAC Indemnity Corp.
 
AMT--Alternative Minimum Tax
 
FGIC--Financial Guaranty Insurance Co.
 
FHA--Federal Housing Administration
 
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.
 
                                               See Notes to Financial Statements


                                      J-12

 

VAN KAMPEN TRUST FOR INVESTMENT GRADE PENNSYLVANIA MUNICIPALS
 
FINANCIAL STATEMENTS

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

                                                           
ASSETS:
Total Investments (Cost $181,644,166).......................  $194,206,630
Cash........................................................       180,894
Receivables:
  Interest..................................................     2,765,737
  Investments Sold..........................................       375,000
Other.......................................................           551
                                                              ------------
    Total Assets............................................   197,528,812
                                                              ------------
LIABILITIES:
Payables:
  Investments Purchased.....................................     1,281,425
  Investment Advisory Fee...................................        87,790
  Income Distributions--Common Shares.......................        32,571
  Other Affiliates..........................................         7,455
Trustees' Deferred Compensation and Retirement Plans........       240,543
Accrued Expenses............................................        64,290
                                                              ------------
    Total Liabilities.......................................     1,714,074
Preferred Shares (including accrued distributions)..........    70,112,190
                                                              ------------
NET ASSETS APPLICABLE TO COMMON SHARES......................  $125,702,548
                                                              ============
NET ASSET VALUE PER COMMON SHARE ($125,702,548 divided by
  7,432,384 shares outstanding).............................  $      16.91
                                                              ============
NET ASSETS CONSIST OF:
Common Shares ($.01 par value with an unlimited number of
  shares authorized, 7,432,384 shares issued and
  outstanding)..............................................  $     74,324
Paid in Surplus.............................................   109,598,052
Net Unrealized Appreciation.................................    12,562,464
Accumulated Net Realized Gain...............................     2,770,762
Accumulated Undistributed Net Investment Income.............       696,946
                                                              ------------
NET ASSETS APPLICABLE TO COMMON SHARES......................  $125,702,548
                                                              ============
PREFERRED SHARES ($.01 par value, authorized 100,000,000
  shares, 2,800 issued with liquidation preference of
  $25,000 per share)........................................  $ 70,000,000
                                                              ============
NET ASSETS INCLUDING PREFERRED SHARES.......................  $195,702,548
                                                              ============

 
See Notes to Financial Statements                                               


                                      J-13

 

VAN KAMPEN TRUST FOR INVESTMENT GRADE PENNSYLVANIA MUNICIPALS
 
FINANCIAL STATEMENTS continued
 
Statement of Operations
For the Six Months Ended April 30, 2005 (Unaudited)
 

                                                           
INVESTMENT INCOME:
Interest....................................................  $ 4,577,799
                                                              -----------
EXPENSES:
Investment Advisory Fee.....................................      533,688
Preferred Share Maintenance.................................       94,272
Trustees' Fees and Related Expenses.........................       20,816
Legal.......................................................       14,838
Custody.....................................................        7,769
Other.......................................................       81,517
                                                              -----------
    Total Expenses..........................................      752,900
                                                              -----------
NET INVESTMENT INCOME.......................................  $ 3,824,899
                                                              ===========
REALIZED AND UNREALIZED GAIN/LOSS:
Net Realized Gain...........................................  $ 2,771,497
                                                              -----------
Unrealized Appreciation/Depreciation:
  Beginning of the Period...................................   15,064,553
  End of the Period.........................................   12,562,464
                                                              -----------
Net Unrealized Depreciation During the Period...............   (2,502,089)
                                                              -----------
NET REALIZED AND UNREALIZED GAIN............................  $   269,408
                                                              ===========
DISTRIBUTIONS TO PREFERRED SHAREHOLDERS.....................  $  (700,946)
                                                              ===========
NET INCREASE IN NET ASSETS APPLICABLE TO COMMON SHARES FROM
  OPERATIONS................................................  $ 3,393,361
                                                              ===========

 
                                               See Notes to Financial Statements


                                      J-14

 

VAN KAMPEN TRUST FOR INVESTMENT GRADE PENNSYLVANIA MUNICIPALS
 
FINANCIAL STATEMENTS continued
 
Statements of Changes in Net Assets (Unaudited)
 


                                                              FOR THE             FOR THE
                                                          SIX MONTHS ENDED       YEAR ENDED
                                                           APRIL 30, 2005     OCTOBER 30, 2004
                                                          ------------------------------------
                                                                        
FROM INVESTMENT ACTIVITIES:
Operations:
Net Investment Income...................................    $  3,824,899        $  7,819,281
Net Realized Gain.......................................       2,771,497           3,575,793
Net Unrealized Depreciation During the Period...........      (2,502,089)           (394,303)
 
Distributions to Preferred Shareholders:
  Net Investment Income.................................        (378,583)           (711,702)
  Net Realized Gain.....................................        (322,363)           (189,446)
                                                            ------------        ------------
Change in Net Assets Applicable to Common Shares from
  Operations............................................       3,393,361          10,099,623
 
Distributions to Common Shareholders:
  Net Investment Income.................................      (3,433,482)         (7,171,723)
  Net Realized Gain.....................................      (3,255,866)         (2,214,672)
                                                            ------------        ------------
 
NET CHANGE IN NET ASSETS APPLICABLE TO COMMON SHARES
  FROM INVESTMENT ACTIVITIES............................      (3,295,987)            713,228
NET ASSETS APPLICABLE TO COMMON SHARES:
Beginning of the Period.................................     128,998,535         128,285,307
                                                            ------------        ------------
End of the Period (Including accumulated undistributed
  net investment income of $696,946 and $684,112,
  respectively).........................................    $125,702,548        $128,998,535
                                                            ============        ============

 
See Notes to Financial Statements                                               


                                      J-15

 

VAN KAMPEN TRUST FOR INVESTMENT GRADE PENNSYLVANIA MUNICIPALS
 
FINANCIAL HIGHLIGHTS (UNAUDITED)
 
THE FOLLOWING SCHEDULE PRESENTS FINANCIAL HIGHLIGHTS FOR ONE COMMON SHARE OF THE
TRUST OUTSTANDING THROUGHOUT THE PERIODS INDICATED.
 


                                                            SIX MONTHS
                                                              ENDED
                                                            APRIL 30,     ------------------
                                                               2005        2004       2003
                                                            --------------------------------
                                                                            
NET ASSET VALUE, BEGINNING OF THE PERIOD...................  $ 17.36      $ 17.26    $ 17.36
                                                             -------      -------    -------
  Net Investment Income....................................      .51         1.05       1.09
  Net Realized and Unrealized Gain/Loss....................      .03          .44        .20
  Common Share Equivalent of Distributions Paid to
    Preferred Shareholders:
    Net Investment Income..................................     (.05)        (.10)      (.09)
    Net Realized Gain......................................     (.04)        (.03)      (.02)
                                                             -------      -------    -------
Total from Investment Operations...........................      .45         1.36       1.18
Distributions Paid to Common Shareholders:
    Net Investment Income..................................     (.46)        (.96)     (1.05)
    Net Realized Gain......................................     (.44)        (.30)      (.23)
                                                             -------      -------    -------
NET ASSET VALUE, END OF THE PERIOD.........................  $ 16.91      $ 17.36    $ 17.26
                                                             =======      =======    =======
 
Common Share Market Price at End of the Period.............  $ 14.83      $ 15.92    $ 16.16
Total Return (b)...........................................   -1.22%*       6.66%      7.73%
Net Assets Applicable to Common Shares at End of the Period
  (In millions)............................................  $ 125.7      $ 129.0    $ 128.3
Ratio of Expenses to Average Net Assets Applicable to
  Common Shares (c)........................................    1.21%        1.34%      1.35%
Ratio of Net Investment Income to Average Net Assets
  Applicable to Common Shares (c)..........................    6.14%        6.15%      6.24%
Portfolio Turnover.........................................       8%*         18%        21%
 
SUPPLEMENTAL RATIOS:
Ratio of Expenses to Average Net Assets Including Preferred
  Shares (c)...............................................     .78%         .87%       .88%
Ratio of Net Investment Income to Average Net Assets
  Applicable to Common Shares (d)..........................    5.53%        5.59%      5.75%
 
SENIOR SECURITIES:
Total Preferred Shares Outstanding.........................    2,800        2,800      2,800
Asset Coverage Per Preferred Share (e).....................  $69,934      $71,086    $70,823
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)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 by .04%. Per share, ratios and supplemental data for
   periods prior to October 31, 2002 have not been restated to reflect this
   change in presentation.
 
(b)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.
 
(c)Ratios do not reflect the effect of dividend payments to preferred
   shareholders.
 
(d)Ratios reflect the effect of dividend payments to preferred shareholders.
 
(e)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.
 

                                      J-16

 



 
                                 Year Ended October 31,
----------------------------------------------------------------------------------------
     2002 (a)    2001       2000      1999       1998       1997       1996       1995
----------------------------------------------------------------------------------------
                                                        
     $ 17.41    $ 16.65   $  16.53   $ 17.89   $  17.47   $  16.93   $  16.95   $  15.02
     -------    -------   --------   -------   --------   --------   --------   --------
        1.20       1.25       1.31      1.30       1.30       1.31       1.31       1.31
         .14       1.04        .19     (1.36)       .44        .55        .04       2.00
        (.11)      (.24)      (.39)     (.32)      (.34)      (.33)      (.33)      (.38)
        (.04)      (.11)      (.01)      -0-        -0-        -0-       (.01)       -0-
     -------    -------   --------   -------   --------   --------   --------   --------
        1.19       1.94       1.10      (.38)      1.40       1.53       1.01       2.93
       (1.07)      (.93)      (.96)     (.97)      (.97)      (.99)     (1.00)     (1.00)
        (.17)      (.25)      (.02)     (.01)      (.01)       -0-       (.03)       -0-
     -------    -------   --------   -------   --------   --------   --------   --------
     $ 17.36    $ 17.41   $  16.65   $ 16.53   $  17.89   $  17.47   $  16.93   $  16.95
     =======    =======   ========   =======   ========   ========   ========   ========
     $ 16.19    $ 16.13   $13.8125   $15.625   $17.3125   $16.4375   $ 15.625   $  15.00
       8.12%     26.03%     -5.37%    -4.27%     11.56%     11.80%     11.14%     24.53%
     $ 129.0    $ 129.2   $  123.6   $ 122.6   $  132.8   $  129.7   $  125.7   $  125.8
       1.45%      1.64%      1.68%     1.65%      1.63%      1.64%      1.69%      1.67%
       7.05%      7.39%      7.96%     7.50%      7.38%      7.64%      7.75%      8.17%
         32%        15%        28%        3%         1%         2%         4%         5%
 
         93%      1.05%      1.07%     1.07%      1.06%      1.06%      1.08%      1.05%
       6.38%      5.97%      5.60%     5.66%      5.48%      5.66%      5.76%      5.83%
 
       2,800      2,800      2,800     2,800      1,400      1,400      1,400      1,400
     $71,082    $71,153   $ 69,133   $68,802   $144,849   $142,613   $139,756   $139,869
     $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                                               


                                      J-17

 

VAN KAMPEN TRUST FOR INVESTMENT GRADE PENNSYLVANIA MUNICIPALS
 
NOTES TO FINANCIAL STATEMENTS -- APRIL 30, 2005 (UNAUDITED)
 
1. SIGNIFICANT ACCOUNTING POLICIES
 
Van Kampen Trust for Investment Grade Pennsylvania Municipals (the "Trust") is
registered as a non-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
Pennsylvania income taxes and, where possible under local law, local income and
personal property taxes, consistent with preservation of capital. The Trust will
invest substantially all of its assets in Pennsylvania municipal securities
rated investment grade at the time of investment. The Trust commenced investment
operations on March 27, 1992.
 
    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 $1,281,425 of when-issued or
delayed delivery purchase commitments.
 
C. INVESTMENT INCOME Interest income is recorded on an accrual basis. Bond
premium is amortized and discounts are 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.
 

                                      J-18

 

VAN KAMPEN TRUST FOR INVESTMENT GRADE PENNSYLVANIA MUNICIPALS
 
NOTES TO FINANCIAL STATEMENTS -- APRIL 30, 2005 (UNAUDITED) continued
 
    At April 30, 2005, the cost and related gross unrealized appreciation and
depreciation are as follows:
 

                                                           
Cost of investments for tax purposes........................  $182,472,930
                                                              ============
Gross tax unrealized appreciation...........................  $ 12,815,443
Gross tax unrealized depreciation...........................       (81,743)
                                                              ------------
Net tax unrealized appreciation on investments..............  $ 12,733,700
                                                              ============

 
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:
 

                                                           
Distributions paid from:
  Ordinary income...........................................  $  194,792
  Long-term capital gain....................................   2,262,550
                                                              ----------
                                                              $2,457,342
                                                              ==========

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

                                                           
Undistributed ordinary income...............................  $  111,177
Undistributed long-term capital gain........................   3,466,316

 
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 $4,300 representing legal services provided by Skadden, Arps,
Slate, Meagher & Flom LLP, counsel to the Trust, 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 $18,300
representing Van Kampen Investments 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.
 

                                      J-19

 

VAN KAMPEN TRUST FOR INVESTMENT GRADE PENNSYLVANIA MUNICIPALS
 
NOTES TO FINANCIAL STATEMENTS -- APRIL 30, 2005 (UNAUDITED) continued
 
    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 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. INVESTMENT TRANSACTIONS
 
During the period, the cost of purchases and proceeds from sales of investments,
excluding short-term investments, were $15,512,197 and $23,920,686,
respectively.
 
4. PREFERRED SHARES
 
The Trust has outstanding 2,800 Auction Preferred Shares ("APS"). Dividends are
cumulative and the dividend rate is currently reset every 28 days through an
auction process. The rate in effect on April 30, 2005 was 2.250%. During the six
months ended April 30, 2005, the rates ranged from 1.650% to 2.300%.
 
    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 on 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.
 
5. 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.
 
6. 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
 

                                      J-20

 

VAN KAMPEN TRUST FOR INVESTMENT GRADE PENNSYLVANIA MUNICIPALS
 
NOTES TO FINANCIAL STATEMENTS -- APRIL 30, 2005 (UNAUDITED) continued
 
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.
 


                                      J-21

 

VAN KAMPEN TRUST FOR INVESTMENT GRADE PENNSYLVANIA MUNICIPALS
 
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
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.


                                      J-22

 

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)



                                      J-23



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.
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                                                   (VAN KAMPEN INVESTMENTS LOGO)


                                      J-24


                                   APPENDIX K
                      MORGAN STANLEY INVESTMENT MANAGEMENT
                       PROXY VOTING POLICY AND PROCEDURES

IV.      POLICY STATEMENT

         Introduction -- Morgan Stanley Investment Management's ("MSIM") policy
and procedures for voting proxies ("Proxy Voting Policy and Procedures") with
respect to securities held in the accounts of clients apply to those MSIM
entities that provide discretionary investment management services and for which
a MSIM entity has authority to vote proxies. The policies and procedures and
general guidelines in this section will be reviewed and updated, as necessary,
to address new or revised proxy voting issues. The MSIM entities covered by
these policies and procedures currently include the following: Morgan Stanley
Investment Advisors Inc., Morgan Stanley AIP GP LP, Morgan Stanley Investment
Management Inc., Morgan Stanley Investment Management Limited, Morgan Stanley
Investment Management Company, Morgan Stanley Asset & Investment Trust
Management Co., Limited, Morgan Stanley Investment Management Private Limited,
Morgan Stanley Hedge Fund Partners GP LP, Morgan Stanley Hedge Fund Partners LP,
Van Kampen Asset Management, and Van Kampen Advisors Inc. (each a "MSIM
Affiliate" and collectively referred to as the "MSIM Affiliates").

         Each MSIM Affiliate will use its best efforts to vote proxies as part
of its authority to manage, acquire and dispose of account assets. With respect
to the MSIM registered management investment companies (Van Kampen,
Institutional and Advisor Funds) (collectively referred to as the "MSIM Funds"),
each MSIM Affiliate will vote proxies pursuant to authority granted under its
applicable investment advisory agreement or, in the absence of such authority,
as authorized by the Boards of Directors or Trustees of the MSIM Funds. A MSIM
Affiliate will not vote proxies if the "named fiduciary" for an ERISA account
has reserved the authority for itself, or in the case of an account not governed
by ERISA, the Investment Management or Investment Advisory Agreement does not
authorize the MSIM Affiliate to vote proxies. MSIM Affiliates will, in a prudent
and diligent manner, vote proxies in the best interests of clients, including
beneficiaries of and participants in a client's benefit plan(s) for which the
MSIM Affiliates manage assets, consistent with the objective of maximizing
long-term investment returns ("Client Proxy Standard"). In certain situations, a
client or its fiduciary may provide a MSIM Affiliate with a proxy voting policy.
In these situations, the MSIM Affiliate will comply with the client's policy
unless to do so would be inconsistent with applicable laws or regulations or the
MSIM Affiliate's fiduciary responsibility.

         Proxy Research Services -- To assist the MSIM Affiliates in their
responsibility for voting proxies and the overall global proxy voting process,
Institutional Shareholder Services ("ISS") and the Investor Responsibility
Research Center ("IRRC") have been retained as experts in the proxy voting and
corporate governance area. ISS and IRRC are independent advisers that specialize
in providing a variety of fiduciary-level proxy-related services to
institutional investment managers, plan sponsors, custodians, consultants, and
other institutional investors. The services provided to MSIM Affiliates include
in-depth research, global issuer analysis, and voting recommendations. While the
MSIM Affiliates may review and utilize the ISS and IRRC recommendations in
making proxy voting decisions, they are in no way obligated to follow the ISS
and IRRC recommendations. In addition to research, ISS provides vote execution,
reporting, and recordkeeping. MSIM's Proxy Review Committee (see Section IV.A.
below) will carefully monitor and supervise the services provided by the proxy
research services.



                                      K-1

         Voting Proxies for Certain Non-US Companies -- While the proxy voting
process is well established in the United States and other developed markets
with a number of tools and services available to assist an investment manager,
voting proxies of non-US companies located in certain jurisdictions,
particularly emerging markets, may involve a number of problems that may
restrict or prevent a MSIM Affiliate's ability to vote such proxies. These
problems include, but are not limited to: (i) proxy statements and ballots being
written in a language other than English; (ii) untimely and/or inadequate notice
of shareholder meetings; (iii) restrictions on the ability of holders outside
the issuer's jurisdiction of organization to exercise votes; (iv) requirements
to vote proxies in person, (v) the imposition of restrictions on the sale of the
securities for a period of time in proximity to the shareholder meeting; and
(vi) requirements to provide local agents with power of attorney to facilitate
the MSIM Affiliate's voting instructions. As a result, clients' non-U.S. proxies
will be voted on a best efforts basis only, after weighing the costs and
benefits of voting such proxies, consistent with the Client Proxy Standard. ISS
has been retained to provide assistance to the MSIM Affiliates in connection
with voting their clients' non-US proxies.

III.     GENERAL PROXY VOTING GUIDELINES

         To ensure consistency in voting proxies on behalf of its clients, MSIM
Affiliates will follow (subject to any exception set forth herein) these Proxy
Voting Policies and Procedures, including the guidelines set forth below. These
guidelines address a broad range of issues, including board size and
composition, executive compensation, anti-takeover proposals, capital structure
proposals and social responsibility issues and are meant to be general voting
parameters on issues that arise most frequently. The MSIM Affiliates, however,
may, pursuant to the procedures set forth in Section IV. below, vote in a manner
that is not in accordance with the following general guidelines, provided the
vote is approved by the Proxy Review Committee and is consistent with the Client
Proxy Standard.

VI.      GUIDELINES

         A.   MANAGEMENT PROPOSALS

              1.  When voting on routine ballot items, unless otherwise
                  determined by the Proxy Review Committee, the following
                  proposals will be voted in support of management.

                  o     Selection or ratification of auditors.

                  o     Approval of financial statements, director and auditor
                        reports.

                  o     General updating/corrective amendments to the chatter.

                  o     Approval of the payment of a dividend.

                  o     Proposals to limit Directors' liability and/or broaden
                        indemnification of Directors.

                  o     Proposals requiring that a certain percentage (up to
                        66%) of the company's Board members be independent
                        Directors.

                  o     Proposals requiring that members of the company's
                        compensation, nominating and audit committees be
                        comprised of independent or unaffiliated Directors.

                                       K-2


                  o     Proposals recommending set retirement ages or requiring
                        specific levels of stock ownership by Directors.

                  o     Proposals to eliminate cumulative voting.

                  o     Proposals to eliminate preemptive rights.

                  o     Proposals for confidential voting and independent
                        tabulation of voting results.

                  o     Proposals related to the conduct of the annual meeting
                        except those proposals that relate to the "transaction
                        of such other business which may come before the
                        meeting."

              2.  Election of Directors. In situations where no conflict exists,
                  and where no specific governance deficiency has been noted,
                  unless otherwise determined by the Proxy Review Committee,
                  will be voted in support of nominees of management.

                        Unless otherwise determined by the Proxy Review
                  Committee, a withhold vote will be made where:

                        (i)     A nominee has, or any time during the previous
                                three years had, a relationship with the issuer
                                (e.g., investment banker, counsel or other
                                professional service provider, or familial
                                relationship with a senior officer of the
                                issuer) that may impair his or her independence;

                        (ii)    A direct conflict exists between the interests
                                of the nominee and the public shareholders; or

                        (iii)   Where the nominees standing for election have
                                not taken action to implement generally accepted
                                governance practices for which there is a
                                "bright line" test. These would include
                                elimination of dead hand or slow hand poison
                                pills, requiring Audit, Compensation or
                                Nominating Committees to be composed of
                                independent directors and requiring a majority
                                independent board.

              3.  The following non-routine proposals, which potentially may
                  have a substantive financial or best interest impact on a
                  shareholder, unless otherwise determined by the Proxy Review
                  Committee, will be voted in support of management.

                  CAPITALIZATION CHANGES

                  o     Proposals relating to capitalization changes that
                        eliminate other classes of stock and voting rights.

                  o     Proposals to increase the authorization of existing
                        classes of common stock (or securities convertible into
                        common stock) if. (i) a clear and legitimate business
                        purpose is stated; (ii) the number of shares requested



                                       K-3


                        is reasonable in relation to the purpose for which
                        authorization is requested; and (iii) the authorization
                        does not exceed 100% of shares currently authorized and
                        at least 30% of the new authorization will be
                        outstanding.

                  o     Proposals to create a new class of preferred stock or
                        for issuances of preferred stock up to 50% of issued
                        capital.

                  o     Proposals for share repurchase plans.

                  o     Proposals to reduce the number of authorized shares of
                        common or preferred stock, or to eliminate classes of
                        preferred stock.

                  o     Proposals to effect stock splits.

                  o     Proposals to effect reverse stock splits if management
                        proportionately reduces the authorized share amount set
                        forth in the corporate charter. Reverse stock splits
                        that do not adjust proportionately to the authorized
                        share amount will generally be approved if the resulting
                        increase in authorized shares coincides with the proxy
                        guidelines set forth above for common stock increases.

                  COMPENSATION

                  o     Proposals relating to Director fees, provided the
                        amounts are not excessive relative to outer companies in
                        the country or industry.

                  o     Proposals for employee stock purchase plans that permit
                        discounts up to 15%, but only for grants that are part
                        of a broad based employee plan, including all
                        non-executive employees.

                  o     Proposals for the establishment of Employee Stock Option
                        Plans and other employee ownership plans.

                  ANTI-TAKEOVER MATTERS

                  o     Proposals to modify or rescind existing supermajority
                        vote requirements to amend the charters or bylaws.

                  o     Proposals relating to the adoption of anti-greenmail
                        provisions provided that the proposal: (i) defines
                        greenmail; (ii) prohibits buyback offers to large block
                        holders not made to all shareholders or not approved by
                        disinterested shareholders; and (iii) contains no
                        anti-takeover measures or other provisions restricting
                        the rights of shareholders.

              4.  The following non-routine proposals, which potentially may
                  have a substantive financial or best interest impact on the
                  shareholder, unless otherwise determined by the Proxy Review
                  Committee, will be voted against (notwithstanding management
                  support).


                                       K-4


                  o     Proposals to establish cumulative voting rights in the
                        election of directors.

                  o     Proposals relating to capitalization changes that add
                        classes of stock which substantially dilute the voting
                        interests of existing shareholders.

                  o     Proposals to increase the authorized number of shares of
                        existing classes of stock that carry preemptive rights
                        or super-voting rights.

                  o     Proposals to create "blank check" preferred stock.

                  o     Proposals relating to changes in capitalization by 100%
                        or more.

                  o     Compensation proposals that allow for discounted stock
                        options that have not been offered to employees in
                        general.

                  o     Proposals to amend bylaws to require a supermajority
                        shareholder vote to pass or repeal certain provisions.

                  o     Proposals to indemnify auditors.

              5.  The following types of non-routine proposals, which
                  potentially may have a substantive financial or best interest
                  impact on an issuer, will be voted as determined by the Proxy
                  Review Committee.

                  CORPORATE TRANSACTIONS

                  o     Proposals relating to mergers, acquisitions and other
                        special corporate transactions (i.e., takeovers,
                        spin-offs, sales of assets, reorganizations,
                        restructurings and recapitalizations) will be examined
                        on a case-by-case basis. In all cases, ISS and IRRC
                        research and analysis will be used along with MSIM
                        Affiliates' research and analysis, including, among
                        other things, MSM internal company-specific knowledge.

                  o     Proposals relating to change-in-control provisions in
                        non-salary compensation plans, employment contracts, and
                        severance agreements that benefit management and would
                        be costly to shareholders if triggered.

                  o     Proposals relating to shareholders rights plans that
                        allow appropriate offers to shareholders to be blocked
                        by the board or trigger provisions that prevent
                        legitimate offers from proceeding. 

                  o     Proposals relating to Executive/Director stock option
                        plans. Generally, stock option plans should meet the
                        following criteria:

                        (i)     Whether the stock option plan is incentive
                                based;

                        (ii)    For mature companies, should be no more than 5%
                                of the issued capital at the time of approval;



                                       K-5


                        (iii)   For growth companies, should be no more than 10%
                                of the issued capital at the time of approval.

                  ANTI-TAKEOVER PROVISIONS

                  o     Proposals requiring shareholder ratification of poison
                        pills.

                  o     Proposals relating to anti-takeover and related
                        provisions that serve to prevent the majority of
                        shareholders from exercising their rights or effectively
                        deter the appropriate tender offers and other offers.

         B.   SHAREHOLDER PROPOSALS

              1.  The following shareholder proposals will be supported, unless
                  otherwise determined by the Proxy Review Committee:

                  o     Proposals requiring auditors to attend the annual
                        meeting of shareholders.

                  o     Proposals requiring non-U.S. companies to have a
                        separate Chairman and CEO.

                  o     Proposals requiring that members of the company's
                        compensation, nominating and audit committees be
                        comprised of independent or unaffiliated Directors.

                  o     Proposals requiring that a certain percentage of the
                        company's members be comprised of independent and
                        unaffiliated Directors.

                  o     Proposals requiring confidential voting.

                  o     Proposals to reduce or eliminate of supermajority voting
                        requirements.

                  o     Proposals requiring shareholder approval for shareholder
                        rights plan or poison pill.

                  o     Proposals to require the company to expense stock
                        options.

              2.  The following shareholder proposals will be voted as
                  determined by the Proxy Review Committee.

                  o     Proposals that limit tenure of directors.

                  o     Proposals to limit golden parachutes.

                  o     Proposals requiring directors to own large amounts of
                        stock to be eligible for election.

                  o     Proposals that request or require disclosure of
                        executive compensation in addition to the disclosure
                        required by the Securities and Exchange Commission
                        ("SEC") regulations.


                                       K-6


                  o     Proposals that limit retirement benefits or executive
                        compensation.

                  o     Proposals requiring shareholder approval for bylaw or
                        charter amendments.

                  o     Proposals requiring shareholder approval of executive
                        compensation.

                  o     Proposals requiring shareholder approval of golden
                        parachutes.

                  o     Proposals to eliminate certain anti-takeover related
                        provisions.

                  o     Proposals to prohibit payment of greenmail.

              3.  The following shareholder proposals will not be supported,
                  unless otherwise determined by the Proxy Review Committee.

                  o     Proposals to declassify the Board of Directors (if
                        management supports a classified board).

                  o     Proposals requiring a U.S. company to have a separate
                        Chairman and CEO.

                  o     Proposals requiring that the company prepare reports
                        that are costly to provide or that would require
                        duplicative efforts or expenditures that are of a
                        non-business nature or would provide no pertinent
                        information from the perspective of institutional
                        shareholders.

                  o     Proposals to add restrictions related to social,
                        political or special interest issues that impact the
                        ability of the company to do business or be competitive
                        and that have a significant financial or best interest
                        impact to the shareholders.

                  o     Proposals that require inappropriate endorsements or
                        corporate actions.

VII.     ADMINISTRATION OF PROXY POLICIES AND PROCEDURES

         A.   PROXY REVIEW COMMITTEE

              1.  The MSIM Proxy Review Committee ("Committee") is responsible
                  for creating and implementing MSIM's Proxy Voting Policy and
                  Procedures and, in this regard, has expressly adopted them.

                  (a)   The Committee, which is appointed by MSIM's Chief
                        Investment Officer ("CIO"), consists of senior
                        investment professionals who represent the different
                        investment disciplines and geographic locations of the
                        firm. The Committee is responsible for establishing
                        MSIM's proxy voting policy and guidelines and
                        determining how MSIM will vote proxies on an ongoing
                        basis.



                                       K-7


                  (b)   The Committee will periodically review and have the
                        authority to amend, as necessary, these Proxy Voting
                        Policy and Procedures and establish and direct voting
                        positions consistent with the Client Proxy Standard.

                  (c)   The Committee will meet at least monthly to (among other
                        matters): (1) address any outstanding issues relating to
                        MSIM's Proxy Voting Policy and Procedures; and (2)
                        review proposals at upcoming shareholder meetings of
                        MSIM portfolio companies in accordance with this Policy
                        including, as appropriate, the voting results of prior
                        shareholder meetings of the same issuer where a similar
                        proposal was presented to shareholders. The Committee,
                        or its designee, will timely communicate to ISS MSIM's
                        Proxy Voting Policy and Procedures (and any amendments
                        to them and/or any additional guidelines or procedures
                        it may adopt).

                  (d)   The Committee will meet on an ad hoc basis to (among
                        other matters): (1) authorize "split voting" (i.e.,
                        allowing certain shares of the same issuer that are the
                        subject of the same proxy solicitation and held by one
                        or more MSIM portfolios to be voted differently than
                        other shares) and/or "override voting" (i.e., voting all
                        MSIM portfolio shares in a manner contrary to the Proxy
                        Voting Policy and Procedures); (2) review and approve
                        upcoming votes, as appropriate, for matters for which
                        specific direction has been provided in these Policy and
                        Procedures; and (3) determine how to vote matters for
                        which specific direction has not been provided in these
                        Policy and Procedures. Split votes will generally not be
                        approved within a single Global Investor Group team. The
                        Committee may take into account ISS and IRRC
                        recommendations and the research as well as any other
                        relevant information they may request or receive.

                  (e)   In addition to the procedures discussed above, if the
                        Committee determines that an issue raises a potential
                        material conflict of interest, or gives rise to the
                        appearance of a potential material conflict of interest,
                        the Committee will request a special committee to
                        review, and recommend a course of action with respect
                        to, the conflict(s) in question ("Special Committee").
                        The Special Committee shall be comprised of the Chairman
                        of the Proxy Review Committee, the Compliance Director
                        for the area of the firm involved or his/her designee, a
                        senior portfolio manager (if practicable, one who is a
                        member of the Proxy Review Committee) designated by the
                        Proxy Review Committee and MSIM's Chief Investment
                        Officer or his/her designee. The Special Committee may
                        request the assistance of MSIM's General Counsel or
                        his/her designee and will have sole discretion to cast a
                        vote. In addition to the research provided by ISS and
                        IRRC, the Special Committee may request analysis from
                        MSIM Affiliate investment professionals and outside
                        sources to the extent it deems appropriate.

                  (f)   The Committee and the Special Committee, or their
                        designee(s), will document in writing all of their
                        decisions and actions, which documentation will be
                        maintained by the Committee and the Special Committee,
                        or their designee(s), for a period of at least 6 years.
                        To the

                                       K-8


                        extent these decisions relate to a security held by a
                        MSIM U.S. registered investment company, the Committee
                        and Special Committee, or their designee(s), will report
                        their decisions to each applicable Board of Trustees/
                        Directors of those investment companies at each Board's
                        next regularly scheduled Board meeting. The report will
                        contain information concerning decisions made by the
                        Committee and Special Committee during the most recently
                        ended calendar quarter immediately preceding the Board
                        meeting.

                  (g)   The Committee and Special Committee, or their
                        designee(s), will timely communicate to applicable
                        portfolio managers, the Compliance Departments and, as
                        necessary, ISS, decisions of the Committee and Special
                        Committee so that, among other things, ISS will vote
                        proxies consistent with their decisions.

         B.   IDENTIFICATION OF MATERIAL CONFLICTS OF INTEREST

              1.  If there is a possibility that a vote may involve a material
                  conflict of interest, the vote must be decided by the Special
                  Committee in consultation with MSIM's General Counsel or
                  his/her designee.

              2.  A material conflict of interest could exist in the following
                  situations, among others:

                  (a)   The issuer soliciting the vote is a client of MSIM or an
                        affiliate of MSIM and the vote is on a material matter
                        affecting the issuer;

                  (b)   The proxy relates to Morgan Stanley common stock or any
                        other security issued by Morgan Stanley or its
                        affiliates; or

                  (c)   Morgan Stanley has a material pecuniary interest in the
                        matter submitted for a vote (e.g., acting as a financial
                        advisor to a merger or acquisition for which Morgan
                        Stanley will be paid a success fee if completed).

         C.  PROXY VOTING REPORTS

              1.  MSIM will promptly provide a copy of these Policy and
                  Procedures to any client requesting it. MSIM will also, upon
                  client request, promptly provide a report indicating how each
                  proxy was voted with respect to securities held in that
                  client's account.

              2.  MSIM's legal department is responsible for filing an annual
                  Form N-PX on behalf of each registered management investment
                  company for which such filing is required, indicating how all
                  proxies were voted with respect to such investment company's
                  holdings.



                                       K-9

                                   APPENDIX L

                         PRO FORMA FINANCIAL STATEMENTS

The following presents the pro forma financial statements for the combination of
the Van Kampen Advantage Pennsylvania Municipal Income Trust, Van Kampen
Pennsylvania Quality Municipal Trust, Van Kampen Trust for Investment Grade
Pennsylvania Municipals and the Van Kampen Pennsylvania Value Municipal Income
Trust. The statements are presented as of January 31, 2005, the most recent
period for which financial information is currently available.

The unaudited Pro Forma Portfolio of Investments and Pro Forma Statement of
Assets and Liabilities reflect the financial position as if the transaction
occurred on January 31, 2005. The Pro Forma Statement of Operations reflects the
expenses for the twelve months ended January 31, 2005. The pro forma statements
give effect to the proposed exchange of Van Kampen Pennsylvania Value Municipal
Income Trust shares for the assets and liabilities of the Van Kampen Advantage
Pennsylvania Municipal Income Trust, Van Kampen Pennsylvania Quality Municipal
Trust and Van Kampen Trust for Investment Grade Pennsylvania Municipals, with
Van Kampen Pennsylvania Value Municipal Income Trust being the surviving entity.
The proposed transaction will be accounted for as a tax-free reorganization in
accordance with accounting principles generally accepted in the United States.
The historical cost basis of the investments is carried over to the surviving
entity. There is no guarantee that the portfolio of investments of the surviving
entity on the closing date of the transaction will match the Pro Forma Portfolio
of Investments presented herein. All or a portion of the securities acquired in
the transaction could be sold by the surviving entity; however, there is no plan
or intention to sell securities acquired in the transaction other than in the
ordinary course of business.



                                      L-1

        VAN KAMPEN ADVANTAGE PENNSYLVANIA MUNICIPAL INCOME TRUST (VAP) -
              VAN KAMPEN PENNSYLVANIA QUALITY MUNICIPAL TRUST (VPQ) - 
      VAN KAMPEN TRUST FOR INVESTMENT GRADE PENNSYLVANIA MUNICIPALS (VTP) -
           VAN KAMPEN PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST (VPV)
                        PROFORMA PORTFOLIO OF INVESTMENTS
                                JANUARY 31, 2005
                                   (UNAUDITED)




   VAP            VPQ           VTP          VPV       PROFORMA
PAR AMOUNT     PAR AMOUNT    PAR AMOUNT   PAR AMOUNT  PAR AMOUNT
  (000)          (000)         (000)        (000)       (000)     DESCRIPTION                        COUPON   MATURITY
-----------------------------------------------------------------------------------------------------------------------
                                                                                         
                                                                 MUNICIPAL BONDS  149.1%
                                                                 PENNSYLVANIA  145.5%
               $    2,000                 $    1,000   $   3,000 Allegheny Cnty, PA Arpt
                                                                 Auth Pittsburgh Intl Arpt
                                                                 Rfdg (AMT) (FGIC Insd)              5.750%   01/01/18
 $    1,000         1,000                                  2,000 Allegheny Cnty, PA Higher
                                                                 Ed Bldg Carnegie Mellon Univ        5.125    03/01/32
      1,500         1,250                                  2,750 Allegheny Cnty, PA Higher
                                                                 Ed Bldg Carnegie Mellon Univ        5.250    03/01/32
                             $    1,465                    1,465 Allegheny Cnty, PA Higher
                                                                 Ed Duquesne Univ Ser A
                                                                 (FGIC Insd)                         5.000    03/01/17
                                  1,560                    1,560 Allegheny Cnty, PA Higher
                                                                 Ed Duquesne Univ Ser A
                                                                 (FGIC Insd) (a)                     5.000    03/01/18
                                               1,360       1,360 Allegheny Cnty, PA Hosp Dev
                                                                 Auth Rev Hlth Sys Ser A
                                                                 (MBIA Insd)                         6.500    11/15/30
                                  3,000                    3,000 Allegheny Cnty, PA Port Auth
                                                                 Spl Rev Trans (FGIC Insd)           5.000    03/01/29
                    2,000                      2,000       4,000 Allegheny Cnty, PA Port Auth
                                                                 Spl Rev Trans (Prerefunded @
                                                                 03/01/09) (MBIA Insd)               6.000    03/01/24
                    1,300                                  1,300 Allegheny Cnty, PA Redev
                                                                 Auth Tax Increment Rev
                                                                 Robinson Mall Proj Ser A            7.000    11/01/17
                                    730                      730 Allegheny Cnty, PA Residential
                                                                 Fin Auth Mtg Rev Single Family
                                                                 (AMT) (GNMA Collateralized)         7.100    05/01/24
                                    510                      510 Allegheny Cnty, PA Residential
                                                                 Fin Auth Mtg Rev Single Family
                                                                 Ser II-1 (AMT) (GNMA
                                                                 Collateralized)                     5.800    05/01/21
                                    930                      930 Allegheny Cnty, PA Residential
                                                                 Fin Auth Mtg Rev Single Family
                                                                 Ser II-2 (AMT) (GNMA
                                                                 Collateralized)                     5.800    11/01/20
        905         1,355           900          905       4,065 Allegheny Cnty, PA Residential
                                                                 Mtg Single Family Ser KK-2
                                                                 (AMT) (GNMA Collateralized)         5.750    05/01/33
                                               1,525       1,525 Allegheny Cnty, PA Residential
                                                                 Mtg Single Family Ser MM (AMT)
                                                                 (GNMA Collateralized)               5.200    05/01/33
      1,000                                                1,000 Allegheny Cnty, PA San Auth
                                                                 Swr Rev (MBIA Insd)                 5.750    12/01/13
                                  2,220                    2,220 Allegheny Cnty, PA San Auth
                                                                 Swr Rev (MBIA Insd)                 5.750    12/01/17
      1,830                                                1,830 Allegheny Cnty, PA San Auth
                                                                 Swr Rev (MBIA Insd)                 5.750    12/01/18
      2,000                       2,900        1,000       5,900 Allegheny Cnty, PA San Auth
                                                                 Swr Rev (MBIA Insd)                 5.500    12/01/24
                    3,000                                  3,000 Allegheny Cnty, PA San Auth
                                                                 Swr (MBIA Insd)                     5.500    12/01/30
                    2,575                                  2,575 Allegheny Cnty, PA San Auth
                                                                 Swr Rev Ser A (FGIC Insd) (a)         *      12/01/08
                    2,380                                  2,380 Allegheny Cnty, PA San Auth
                                                                 Swr Rev Ser A (FGIC Insd)             *      06/01/09
                    1,645                                  1,645 Allegheny Cnty, PA San Auth
                                                                 Swr Rev Ser A (FGIC Insd) (a)         *      12/01/09
                                  2,070                    2,070 Allegheny Cnty, PA Ser C 54
                                                                 (Prerefunded @ 11/01/12)
                                                                 (MBIA Insd)                         5.375    11/01/18
                                  3,250                    3,250 Allegheny Cnty, PA Ser C 54
                                                                 (Prerefunded @ 11/01/12)
                                                                 (MBIA Insd)                         5.375    11/01/19
                                               2,600       2,600 Allentown, PA Area Hosp Auth
                                                                 Rev Sacred Heart Hosp of
                                                                 Allentown Ser A Rfdg                6.750    11/15/14
                    1,000         1,175        1,000       3,175 Ambridge, PA Area Sch Dist
                                                                 (MBIA Insd)                         5.500    11/01/31
      2,640                                                2,640 Bensalem Twp, PA Sch Dist
                                                                 (FGIC Insd) (a)                     5.000    08/15/18
                                               1,695       1,695 Berks Cnty, PA Muni Auth
                                                                 Albright College Proj (a)           5.500    10/01/16
                                               1,800       1,800 Berks Cnty, PA Muni Auth
                                                                 Albright College Proj (a)           5.500    10/01/17
                    3,000         1,000        2,000       6,000 Berks Cnty, PA Muni Auth
                                                                 Hosp Rev Reading Hosp & Med
                                                                 Ctr Proj (Prerefunded @
                                                                 11/01/09) (FSA Insd)                6.000    11/01/29
      1,000         1,000         1,460        1,000       4,460 Bethlehem, PA Auth Wtr Gtd
                                                                 (FSA Insd)                          5.000    11/15/19
      1,150                                                1,150 Bucks Cnty, PA Wtr & Swr Rev
                                                                 Neshaminy Interceptor Ser A
                                                                 (AMBAC Insd) (a)                    5.375    06/01/14
      1,215                                                1,215 Bucks Cnty, PA Wtr & Swr Rev
                                                                 Neshaminy Interceptor Ser A
                                                                 (AMBAC Insd) (a)                    5.375    06/01/15
                                  1,270                    1,270 Bucks Cnty, PA Auth Wtr & Swr
                                                                 Rev Swr Sys (AMBAC Insd) (a)        5.375    06/01/16
                                               1,000       1,000 Canon McMillan Sch Dist PA
                                                                 Ser B (FGIC Insd)                   5.500    12/01/29
        870           870           870          870       3,480 Carbon Cnty, PA Indl Dev Auth
                                                                 Panther Creek Partn Proj Rfdg
                                                                 (AMT) (LOC: Paribas & Union
                                                                 Bk of CA Intl)                      6.650    05/01/10
      1,500         2,000         1,000        1,000       5,500 Central Dauphin, PA Sch Dist
                                                                 (FSA Insd)                          5.000    12/01/19
                    1,000                                  1,000 Chartiers Valley, PA Indl &
                                                                 Coml Dev Auth First Mtg Rev
                                                                 Asbury Hlth Cent Rfdg               6.375    12/01/19
                    1,000                                  1,000 Chartiers Valley, PA Indl &
                                                                 Coml Dev Auth First Mtg Rev
                                                                 Asbury Hlth Cent Rfdg               6.375    12/01/24
                    1,000         1,555        1,000       3,555 Chester Cnty, PA Indl Dev
                                                                 Auth Rev Collegium Charter
                                                                 Sch Proj Ser A (ACA Insd)           5.500    04/15/31
                    1,500                                  1,500 Crawford Cnty, PA Hosp Auth
                                                                 Sr Living Fac Rev Westbury
                                                                 Utd Methodist Cmnty                 6.250    08/15/29
                                               1,000       1,000 Cumberland Cnty, PA Muni Auth
                                                                 Dickinson College Ser A
                                                                 (AMBAC Insd)                        5.500    11/01/30
      5,000                                                5,000 Dauphin Cnty, PA Genl Auth
                                                                 Hosp Rev Hapsco Western PA
                                                                 Hosp Proj B Rfdg (Escrowed
                                                                 to Maturity) (MBIA Insd)            6.250    07/01/16
                    2,000                                  2,000 Delaware Cnty, PA Auth
                                                                 College Cabrini College
                                                                 (Radian Insd)                       5.750    07/01/23
                    2,295                                  2,295 Delaware Cnty, PA Auth
                                                                 College Neumann College
                                                                 Rfdg (a)                            5.875    10/01/21
      1,000                                    1,000       2,000 Delaware Cnty, PA Auth
                                                                 College Neumann College Rfdg        6.000    10/01/31
                    1,000                                  1,000 Delaware Cnty, PA Auth First
                                                                 Mtg Rev Riddle Vlg Proj Rfdg        6.875    06/01/16
                                               1,000       1,000 Delaware Cnty, PA Auth Hosp
                                                                 Rev Crozer Chester Med Ctr          6.000    12/15/09
                    1,000                                  1,000 Delaware Cnty, PA Auth Rev
                                                                 White Horse Vlg Proj Ser A
                                                                 Rfdg                                7.625    07/01/30
                    1,750                                  1,750 Delaware Cnty, PA Indl Dev
                                                                 Auth Rev Wtr Fac (AMT)
                                                                 (FGIC Insd)                         6.000    06/01/29
                    2,500                                  2,500 Delaware Cnty, PA Indl Dev
                                                                 Auth Wtr Fac PA Suburban
                                                                 Wtr (AMT) (AMBAC Insd)              5.350    10/01/31
                    1,230                                  1,230 Delaware Cnty, PA Regl Wtr
                                                                 Qual (MBIA Insd)                    5.250    05/01/19
                    1,555                                  1,555 Delaware Cnty, PA Regl Wtr
                                                                 Qual (MBIA Insd) (a)                5.250    05/01/22
                                  1,480                    1,480 Delaware Cnty, PA Regl Wtr
                                                                 Quality Ctl Auth Swr Rev
                                                                 (MBIA Insd) (a)                     5.250    05/01/21
      1,500         2,500         2,500        1,500       8,000 Delaware Vly, PA Regl Fin Auth      5.750    07/01/17
                    2,000                                  2,000 Downingtown, PA Area Sch Dist
                                                                 (FSA Insd)                          5.250    04/01/15
                                  2,800                    2,800 Erie, PA Sch Dist
                                                                 (Prerefunded @ 09/01/10)
                                                                 (AMBAC Insd)                        5.800    09/01/29
                                               1,010       1,010 Erie, PA Ser A (FSA Insd)           5.000    11/15/18
      2,735                                                2,735 Exeter Twp, PA Sch Dist
                                                                 (FGIC Insd)                         5.000    05/15/25
                    3,420         4,440                    7,860 Falls Twp, PA Hosp Auth Hosp
                                                                 Rev DE Vly Med Rfdg (FHA Gtd)       7.000    08/01/22
                                  1,000                    1,000 Fayette Cnty, PA (Prerefunded
                                                                 @ 11/15/10) (AMBAC Insd)            5.625    11/15/28
      2,000                                                2,000 Greater Latrobe, PA Sch Auth
                                                                 (FGIC Insd)                         5.250    04/01/17
      1,500         2,000         1,500        1,000       6,000 Harrisburg, PA Auth Res Gtd
                                                                 Sub Ser D-2 (FSA Insd)              5.000    12/01/33
                    3,000         2,000        1,575       6,575 Harrisburg, PA Auth Wtr Rev
                                                                 Rfdg (FSA Insd)                     5.000    07/15/21
                    1,000                                  1,000 Harveys Lake Genl Muni Auth
                                                                 PA College Rev College
                                                                 Misericordia Proj (ACA Insd)        6.000    05/01/19
                                  3,000                    3,000 Hempfield, PA Area Sch Dist
                                                                 (FGIC Insd)                         5.375    02/15/07
                    2,925                                  2,925 Hempfield, PA Area Sch Dist
                                                                 (FGIC Insd)                         5.375    02/15/17
                    2,595                                  2,595 Hempfield, PA Area Sch Dist
                                                                 (FGIC Insd)                         5.375    02/15/19
      1,345                                    1,000       2,345 Jenkintown, PA Sch Dist Ser
                                                                 A (FGIC Insd) (b)                   5.000    05/15/28





                                  VAP           VPQ          VTP          VPV        PROFORMA
 DESCRIPTION                 MARKET VALUE  MARKET VALUE MARKET VALUE MARKET VALUE  MARKET VALUE
----------------------------------------------------------------------------------------------
                                                                   
MUNICIPAL BONDS  149.1%
PENNSYLVANIA  145.5%
Allegheny Cnty PA Arpt
Auth Pittsburgh Intl Arpt
Rfdg (AMT) (FGIC Insd)                     $  2,154,960              $  1,077,480 $  3,232,440
Allegheny Cnty, PA Higher
Ed Bldg Carnegie Mellon Univ  $  1,046,090    1,046,090                              2,092,180
Allegheny Cnty, PA Higher
Ed Bldg Carnegie Mellon Univ     1,590,390    1,325,325                              2,915,715
Allegheny Cnty, PA Higher
Ed Duquesne Univ Ser A
(FGIC Insd)                                             $  1,606,592                 1,606,592
Allegheny Cnty, PA Higher
Ed Duquesne Univ Ser A
(FGIC Insd) (a)                                            1,706,999                 1,706,999
Allegheny Cnty, PA Hosp Dev
Auth Rev Hlth Sys Ser A
(MBIA Insd)                                                             1,595,457    1,595,457
Allegheny Cnty, PA Port Auth
Spl Rev Trans (FGIC Insd)                                  3,118,590                 3,118,590
Allegheny Cnty, PA Port Auth
Spl Rev Trans (Prerefunded @
03/01/09) (MBIA Insd)                         2,266,020                 2,266,020    4,532,040
Allegheny Cnty, PA Redev
Auth Tax Increment Rev
Robinson Mall Proj Ser A                      1,396,122                              1,396,122
Allegheny Cnty, PA Residenti
Fin Auth Mtg Rev Single Fami
(AMT) (GNMA Collateralized)                                  730,978                   730,978
Allegheny Cnty, PA Residenti
Fin Auth Mtg Rev Single Fami
Ser II-1 (AMT) (GNMA
Collateralized)                                              542,451                   542,451
Allegheny Cnty, PA Residenti
Fin Auth Mtg Rev Single Fami
Ser II-2 (AMT) (GNMA
Collateralized)                                              992,087                   992,087
Allegheny Cnty, PA Residenti
Mtg Single Family Ser KK-2
(AMT) (GNMA Collateralized)        941,037    1,408,956      935,838      941,037    4,226,868
Allegheny Cnty, PA Residenti
Mtg Single Family Ser MM (AM
(GNMA Collateralized)                                                   1,558,733    1,558,733
Allegheny Cnty, PA San Auth
Swr Rev (MBIA Insd)              1,144,810                                           1,144,810
Allegheny Cnty, PA San Auth
Swr Rev (MBIA Insd)                                        2,538,037                 2,538,037
Allegheny Cnty, PA San Auth
Swr Rev (MBIA Insd)              2,092,166                                           2,092,166
Allegheny Cnty, PA San Auth
Swr Rev (MBIA Insd)              2,243,860                 3,253,597    1,121,930    6,619,387
Allegheny Cnty, PA San Auth
Swr (MBIA Insd)                               3,331,740                              3,331,740
Allegheny Cnty, PA San Auth
Swr Rev Ser A (FGIC Insd) (a                  2,303,312                              2,303,312
Allegheny Cnty, PA San Auth
Swr Rev Ser A (FGIC Insd)                     2,081,477                              2,081,477
Allegheny Cnty, PA San Auth
Swr Rev Ser A (FGIC Insd) (a                  1,411,476                              1,411,476
Allegheny Cnty, PA Ser C 54
(Prerefunded @ 11/01/12)
(MBIA Insd)                                                2,359,676                 2,359,676
Allegheny Cnty, PA Ser C 54
(Prerefunded @ 11/01/12)
(MBIA Insd)                                                3,704,805                 3,704,805
Allentown, PA Area Hosp Auth
Rev Sacred Heart Hosp of
Allentown Ser A Rfdg                                                    2,629,536    2,629,536
Ambridge, PA Area Sch Dist
(MBIA Insd)                                   1,107,700    1,301,547    1,107,700    3,516,947
Bensalem Twp, PA Sch Dist
(FGIC Insd) (a)                  2,876,993                                           2,876,993
Berks Cnty, PA Muni Auth
Albright College Proj (a)                                               1,841,804    1,841,804
Berks Cnty, PA Muni Auth
Albright College Proj (a)                                               1,944,108    1,944,108
Berks Cnty, PA Muni Auth
Hosp Rev Reading Hosp & Med
Ctr Proj (Prerefunded @
11/01/09) (FSA Insd)                          3,470,070    1,156,690    2,313,380    6,940,140
Bethlehem, PA Auth Wtr Gtd
(FSA Insd)                       1,097,700    1,097,700    1,602,642    1,097,700    4,895,742
Bucks Cnty, PA Wtr & Swr Rev
Neshaminy Interceptor Ser A
(AMBAC Insd) (a)                 1,292,773                                           1,292,773
Bucks Cnty, PA Wtr & Swr Rev
Neshaminy Interceptor Ser A
(AMBAC Insd) (a)                 1,364,895                                           1,364,895
Bucks Cnty, PA Auth Wtr & Sw
Rev Swr Sys (AMBAC Insd) (a)                               1,424,203                 1,424,203
Canon McMillan Sch Dist PA
Ser B (FGIC Insd)                                                       1,102,430    1,102,430
Carbon Cnty, PA Indl Dev Aut
Panther Creek Partn Proj Rfd
(AMT) (LOC: Paribas & Union
Bk of CA Intl)                     945,003      945,003      945,003      945,003    3,780,012
Central Dauphin, PA Sch Dist
(FSA Insd)                       1,638,405    2,184,540    1,092,270    1,092,270    6,007,485
Chartiers Valley, PA Indl &
Coml Dev Auth First Mtg Rev
Asbury Hlth Cent Rfdg                         1,023,310                              1,023,310
Chartiers Valley, PA Indl &
Coml Dev Auth First Mtg Rev
Asbury Hlth Cent Rfdg                         1,007,920                              1,007,920
Chester Cnty, PA Indl Dev
Auth Rev Collegium Charter
Sch Proj Ser A (ACA Insd)                     1,058,360    1,645,750    1,058,360    3,762,470
Crawford Cnty, PA Hosp Auth
Sr Living Fac Rev Westbury
Utd Methodist Cmnty                           1,544,655                              1,544,655
Cumberland Cnty, PA Muni Aut
Dickinson College Ser A
(AMBAC Insd)                                                            1,101,100    1,101,100
Dauphin Cnty, PA Genl Auth
Hosp Rev Hapsco Western PA
Hosp Proj B Rfdg (Escrowed
to Maturity) (MBIA Insd)         5,902,900                                           5,902,900
Delaware Cnty, PA Auth
College Cabrini College
(Radian Insd)                                 2,160,080                              2,160,080
Delaware Cnty, PA Auth
College Neumann College
Rfdg (a)                                      2,420,100                              2,420,100
Delaware Cnty, PA Auth
College Neumann College Rfdg     1,040,790                              1,040,790    2,081,580
Delaware Cnty, PA Auth First
Mtg Rev Riddle Vlg Proj Rfdg                  1,009,220                              1,009,220
Delaware Cnty, PA Auth Hosp
Rev Crozer Chester Med Ctr                                              1,011,450    1,011,450
Delaware Cnty, PA Auth Rev
White Horse Vlg Proj Ser A
Rfdg                                          1,058,140                              1,058,140
Delaware Cnty, PA Indl Dev
Auth Rev Wtr Fac (AMT)
(FGIC Insd)                                   1,941,467                              1,941,467
Delaware Cnty, PA Indl Dev
Auth Wtr Fac PA Suburban
Wtr (AMT) (AMBAC Insd)                        2,636,000                              2,636,000
Delaware Cnty, PA Regl Wtr
Qual (MBIA Insd)                              1,375,570                              1,375,570
Delaware Cnty, PA Regl Wtr
Qual (MBIA Insd) (a)                          1,724,899                              1,724,899
Delaware Cnty, PA Regl Wtr
Quality Ctl Auth Swr Rev
(MBIA Insd) (a)                                            1,646,574                 1,646,574
Delaware Vly, PA Regl Fin Au     1,749,255    2,915,425    2,915,425    1,749,255    9,329,360
Downingtown, PA Area Sch Dis
(FSA Insd)                                    2,211,200                              2,211,200
Erie, PA Sch Dist
(Prerefunded @ 09/01/10)
(AMBAC Insd)                                               3,199,420                 3,199,420
Erie, PA Ser A (FSA Insd)                                               1,111,283    1,111,283
Exeter Twp, PA Sch Dist
(FGIC Insd)                      2,916,002                                           2,916,002
Falls Twp, PA Hosp Auth Hosp
Rev DE Vly Med Rfdg (FHA Gtd                  3,554,748    4,614,936                 8,169,684
Fayette Cnty, PA (Prerefunde
@ 11/15/10) (AMBAC Insd)                                   1,137,640                 1,137,640
Greater Latrobe, PA Sch Auth
(FGIC Insd)                      2,214,720                                           2,214,720
Harrisburg, PA Auth Res Gtd
Sub Ser D-2 (FSA Insd)           1,643,595    2,191,460    1,643,595    1,095,730    6,574,380
Harrisburg, PA Auth Wtr Rev
Rfdg (FSA Insd)                               3,250,170    2,166,780    1,706,339    7,123,289
Harveys Lake Genl Muni Auth
PA College Rev College
Misericordia Proj (ACA Insd)                  1,079,610                              1,079,610
Hempfield, PA Area Sch Dist
(FGIC Insd)                                                3,344,250                 3,344,250
Hempfield, PA Area Sch Dist
(FGIC Insd)                                   3,260,644                              3,260,644
Hempfield, PA Area Sch Dist
(FGIC Insd)                                   2,892,776                              2,892,776
Jenkintown, PA Sch Dist Ser
A (FGIC Insd) (b)                1,404,570                              1,044,290    2,448,860


                                      L-2


        VAN KAMPEN ADVANTAGE PENNSYLVANIA MUNICIPAL INCOME TRUST (VAP) -
              VAN KAMPEN PENNSYLVANIA QUALITY MUNICIPAL TRUST (VPQ) -
      VAN KAMPEN TRUST FOR INVESTMENT GRADE PENNSYLVANIA MUNICIPALS (VTP) -
           VAN KAMPEN PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST (VPV)
                        PROFORMA PORTFOLIO OF INVESTMENTS
                                JANUARY 31, 2005
                                   (UNAUDITED)




   VAP            VPQ           VTP          VPV       PROFORMA
PAR AMOUNT     PAR AMOUNT    PAR AMOUNT   PAR AMOUNT  PAR AMOUNT
  (000)          (000)         (000)        (000)       (000)     DESCRIPTION                        COUPON   MATURITY
-----------------------------------------------------------------------------------------------------------------------
                                                                                         
                    1,000                                  1,000 Kennett, PA Cons Sch Dist Ser
                                                                 A (FGIC Insd)                       5.250    02/15/19
                                               2,000       2,000 Lehigh Cnty, PA Gen Purp Auth
                                                                 Cedar Crest College Rfdg            6.700    04/01/26
                                  2,000                    2,000 Lehigh Cnty, PA Gen Purp Auth
                                                                 Rev Good Shepherd Grp Ser A         5.500    11/01/24
                    1,000                                  1,000 Lehigh Cnty, PA Gen Purp Auth
                                                                 Good Shepherd Grp Ser A             5.625    11/01/34
                    1,750                                  1,750 Lehigh Cnty, PA Gen Purp Auth
                                                                 Rev Hosp Saint Lukes Bethlehem      5.375    08/15/33
                                  1,500                    1,500 Lehigh Northampton, PA Arpt
                                                                 Ser A (AMT) (MBIA Insd)             6.000    05/15/25
                                  2,700                    2,700 Lehigh Northampton, PA Arpt
                                                                 Ser A (AMT) (MBIA Insd)             6.000    05/15/30
                    2,310                                  2,310 Luzerne Cnty, PA Ser A (MBIA
                                                                 Insd) (a)                           5.250    11/15/17
                                  2,050                    2,050 Luzerne Cnty, PA Ser A (MBIA
                                                                 Insd)                               5.250    11/15/19
                    4,000         3,290        1,000       8,290 Luzerne Cnty, PA Ser A (MBIA
                                                                 Insd)                               5.250    11/15/25
      1,000         3,000         2,650                    6,650 Lycoming Cnty, PA Auth
                                                                 College Rev PA College of
                                                                 Technology (AMBAC Insd)             5.350    07/01/26
                                               5,000       5,000 Lycoming Cnty, PA Auth
                                                                 College Rev PA College of
                                                                 Technology (AMBAC Insd)             5.375    07/01/30
        905                                                  905 Mars, PA Area Sch Dist Ser
                                                                 AA (MBIA Insd)                        *      09/01/19
        495                                                  495 Mars, PA Area Sch Dist Ser
                                                                 AA (MBIA Insd)                        *      09/01/21
                                               1,000       1,000 Mercer Cnty, PA (FGIC Insd)         5.500    10/01/15
      2,500         2,500                                  5,000 Mercer Cnty, PA Indl Dev Auth
                                                                 Wtr Facs Philadelphia Sub
                                                                 Corp (AMT) (MBIA Insd)              6.000    07/01/30
                                               1,000       1,000 Mifflin Cnty, PA Hosp Auth
                                                                 (Radian Insd)                       6.200    07/01/25
                                  2,500                    2,500 Mifflin Cnty, PA Hosp Auth
                                                                 Rev (Radian Insd)                   6.200    07/01/30
      1,000         1,000                      1,000       3,000 Monroe Cnty, PA Hosp Auth
                                                                 Rev Hosp Pocono Med Ctr             6.000    01/01/43
      1,205                                                1,205 Monroeville, PA Muni Auth San
                                                                 Ser B (MBIA Insd)                   5.250    12/01/18
      1,350                                                1,350 Monroeville, PA Muni Auth San
                                                                 Ser B (MBIA Insd) (a)               5.250    12/01/20
                                               1,150       1,150 Monroeville, PA Muni Auth San
                                                                 Swr Rev Ser B (MBIA Insd) (a)       5.250    12/01/17
                                  1,280                    1,280 Monroeville, PA Muni Auth San
                                                                 Swr Rev Ser B (MBIA Insd) (a)       5.250    12/01/19
      1,500         2,000         2,000        1,000       6,500 Montgomery Cnty, PA Higher
                                                                 Ed & Hlth Auth Hosp Rev
                                                                 Abington Mem Hosp Ser A             5.125    06/01/32
      1,000         1,000         1,000          900       3,900 Montgomery Cnty, PA Indl Dev
                                                                 Auth Rev Res Rec Montenay
                                                                 Proj Ser A (MBIA Insd)              5.250    11/01/14
                    2,345                                  2,345 Moon Indl Dev Auth PA Ed Fac
                                                                 Rev Ellis Sch Proj                  5.800    03/01/25
                                  1,500                    1,500 Mount Lebanon, PA Hosp Auth
                                                                 Saint Clair Mem Hosp Ser A          5.625    07/01/32
                                  1,000                    1,000 Northeastern PA Hosp & Ed
                                                                 Auth College Rev Gtd Luzerne
                                                                 Cnty Cmnty College
                                                                 (Prerefunded @ 02/15/05)
                                                                 (AMBAC Insd)                        6.625    08/15/15
                                               1,225       1,225 Northampton Twp, PA (FGIC
                                                                 Insd) (a)                           5.375    05/15/15
                    1,000                                  1,000 Pennsylvania Econ Dev Fin
                                                                 Auth Res Recovery Rev Colver
                                                                 Proj Ser D (AMT)                    7.150    12/01/18
                                  2,000                    2,000 Pennsylvania Econ Dev Fin
                                                                 Auth Res Recovery Rev Colver
                                                                 Proj Ser D (AMT)                    7.050    12/01/10
                                  1,450                    1,450 Pennsylvania Econ Dev Fin
                                                                 York Wtr Co Proj Ser A (AMT)
                                                                 (XLCA Insd)                         5.000    04/01/16
                    2,500         2,500                    5,000 Pennsylvania Hsg Fin Agy
                                                                 Single Family Mtg Rev Ser
                                                                 70A (AMT)                           5.900    04/01/31
                    2,000         2,150                    4,150 Pennsylvania Hsg Fin Agy
                                                                 Single Family Mtg Ser 61A (AMT)     5.500    04/01/29
      2,395         2,395                                  4,790 Pennsylvania Hsg Fin Agy
                                                                 Single Family Mtg Ser 66A (AMT)     5.650    04/01/29
                    1,260         1,255                    2,515 Pennsylvania Hsg Fin Agy
                                                                 Single Family Mtg Ser 67A (AMT)     5.900    10/01/30
                                               1,500       1,500 Pennsylvania Intergvtl Coop
                                                                 Auth Spl Tax Rev Philadelphia
                                                                 Fdg Pgm Rfdg (FGIC Insd)            5.500    06/15/20
                                  1,000                    1,000 Pennsylvania St Higher Ed
                                                                 Clarion Univ Fndtn Inc Ser A
                                                                 (XLCA Insd)                         5.000    07/01/28
                    3,000                                  3,000 Pennsylvania St Higher Ed
                                                                 Fac Auth Rev Drexel Univ (a)        5.500    05/01/16
                    1,500                                  1,500 Pennsylvania St Higher Ed Fac
                                                                 Auth Rev Drexel Univ
                                                                 (Prerefunded @ 05/01/09)            6.000    05/01/24
                    1,750                                  1,750 Pennsylvania St Higher Ed Fac
                                                                 Auth Rev Drexel Univ
                                                                 (Prerefunded @ 05/01/09)            6.000    05/01/29
      2,000                       1,000        1,000       4,000 Pennsylvania St Higher Ed Fac
                                                                 Auth Rev Drexel Univ                5.500    05/01/17
      1,000         2,000         1,500        1,000       5,500 Pennsylvania St Higher Ed Fac
                                                                 Auth Rev La Salle Univ              5.500    05/01/34
                                  1,300                    1,300 Pennsylvania St Higher Ed Fac
                                                                 Auth Rev Lycoming Clg Assn
                                                                 Indpt (Radian Insd)                 5.250    11/01/19
      1,000         1,170         1,000        1,000       4,170 Pennsylvania St Higher Ed Fac
                                                                 Auth Rev Thomas Jefferson Univ      5.375    01/01/25
      1,500         1,500         1,500        1,500       6,000 Pennsylvania St Higher Ed Fac
                                                                 Auth Rev Univ Sciences
                                                                 Philadelphia Ser A
                                                                 (XLCA Insd) (b)                     5.000    11/01/36
      1,500                                                1,500 Pennsylvania St Higher Ed Fac
                                                                 Clarion Univ Fndtn Inc Ser A
                                                                 (XLCA Insd)                         5.250    07/01/18
      1,500                                                1,500 Pennsylvania St Higher Ed Fac
                                                                 Clarion Univ Fndtn Inc Ser A
                                                                 (XLCA Insd)                         5.000    07/01/33
      1,000         1,000                      1,000       3,000 Pennsylvania St Higher Ed Fac
                                                                 Messiah College Ser AA3
                                                                 (Radian Insd)                       5.500    11/01/22
      1,560                                                1,560 Pennsylvania St Higher Ed Fac
                                                                 Philadelphia College
                                                                 Osteopathic Med (a)                 5.000    12/01/16
                                               1,645       1,645 Pennsylvania St Higher Ed Fac
                                                                 Philadelphia College
                                                                 Osteopathic Med (a)                 5.000    12/01/17
                                               1,725       1,725 Pennsylvania St Higher Ed Fac
                                                                 Philadelphia College
                                                                 Osteopathic Med (a)                 5.000    12/01/18
                    1,000         1,000                    2,000 Pennsylvania St Higher Ed Fac
                                                                 Auth Rev UPMC Hlth Sys Ser A        6.250    01/15/18
                    3,600         3,000                    6,600 Pennsylvania St Higher Ed Fac
                                                                 Auth Rev UPMC Hlth Sys Ser A
                                                                 (FSA Insd)                          5.000    08/01/29
                                  1,000                    1,000 Pennsylvania St Higher Ed
                                                                 Geneva College Proj                 6.125    04/01/22
                                               1,000       1,000 Pennsylvania St Higher Ed
                                                                 UPMC Hlth Sys Ser A                 6.250    01/15/17
      1,850         3,000         1,000        2,000       7,850 Pennsylvania St Higher Ed
                                                                 UPMC Hlth Sys Ser A                 6.000    01/15/31
                                  1,165        1,000       2,165 Pennsylvania St Indl Dev Auth
                                                                 Econ Dev (AMBAC Insd)               5.500    07/01/14
                                  2,000                    2,000 Pennsylvania St Second Ser
                                                                 (MBIA Insd) (Prerefunded @
                                                                 10/01/09)                           5.750    10/01/17
                    1,200                                  1,200 Pennsylvania St Tpk Commn Tpk
                                                                 Rev Ser A (AMBAC Insd)              5.250    12/01/21
      3,015                       3,015        3,015       9,045 Pennsylvania St Tpk Commn Ser
                                                                 T Rfdg (FGIC Insd)                  5.500    12/01/10
                    4,505                                  4,505 Pennsylvania St Tpk Commn Tpk
                                                                 Rev Ser T Rfdg (FGIC Insd)          5.500    12/01/13
                    2,000                                  2,000 Pennsylvania St Univ                5.000    09/01/29
                    1,000         1,500        1,500       4,000 Pennsylvania St Univ                5.000    09/01/35
                    1,390                                  1,390 Pennsylvania St Univ Rfdg           5.250    08/15/14
                                  1,500                    1,500 Pennsylvania St Univ Rfdg           5.250    03/01/17
      1,970                                                1,970 Pennsylvania St Univ Rfdg           5.250    03/01/18
                                  1,550                    1,550 Perkiomen Vly Sch Dist PA Ser
                                                                 A (FSA Insd)                        5.250    03/01/28
                                  3,000                    3,000 Philadelphia, PA (FSA Insd)         5.000    03/15/28
      1,500         1,500                                  3,000 Philadelphia, PA (FSA Insd)         5.250    09/15/25





                                  VAP           VPQ          VTP          VPV        PROFORMA
 DESCRIPTION                 MARKET VALUE  MARKET VALUE MARKET VALUE MARKET VALUE  MARKET VALUE
----------------------------------------------------------------------------------------------
                                                                    
Kennett, PA Cons Sch Dist Ser
A (FGIC Insd)                                 1,109,700                              1,109,700
Lehigh Cnty, PA Gen Purp Auth
Cedar Crest College Rfdg                                                2,092,460    2,092,460
Lehigh Cnty, PA Gen Purp Auth
Rev Good Shepherd Grp Ser A                                2,088,340                 2,088,340
Lehigh Cnty, PA Gen Purp Auth
Good Shepherd Grp Ser A                       1,042,270                              1,042,270
Lehigh Cnty, PA Gen Purp Auth
Rev Hosp Saint Lukes Bethlehem                1,795,115                              1,795,115
Lehigh Northampton, PA Arpt
Ser A (AMT) (MBIA Insd)                                    1,669,965                 1,669,965
Lehigh Northampton, PA Arpt
Ser A (AMT) (MBIA Insd)                                    3,005,937                 3,005,937
Luzerne Cnty, PA Ser A (MBIA
Insd) (a)                                     2,582,695                              2,582,695
Luzerne Cnty, PA Ser A (MBIA
Insd)                                                      2,283,434                 2,283,434
Luzerne Cnty, PA Ser A (MBIA
Insd)                                         4,396,400    3,616,039    1,099,100    9,111,539
Lycoming Cnty, PA Auth
College Rev PA College of
Technology (AMBAC Insd)          1,105,380    3,316,140    2,929,257                 7,350,777
Lycoming Cnty, PA Auth
College Rev PA College of
Technology (AMBAC Insd)                                                 5,471,500    5,471,500
Mars, PA Area Sch Dist Ser
AA (MBIA Insd)                     477,342                                             477,342
Mars, PA Area Sch Dist Ser
AA (MBIA Insd)                     233,412                                             233,412
Mercer Cnty, PA (FGIC Insd)                                             1,131,920    1,131,920
Mercer Cnty, PA Indl Dev Auth
Wtr Facs Philadelphia Sub
Corp (AMT) (MBIA Insd)           2,794,750    2,794,750                              5,589,500
Mifflin Cnty, PA Hosp Auth
(Radian Insd)                                                           1,129,250    1,129,250
Mifflin Cnty, PA Hosp Auth
Rev (Radian Insd)                                          2,823,125                 2,823,125
Monroe Cnty, PA Hosp Auth
Rev Hosp Pocono Med Ctr          1,061,210    1,061,210                 1,061,210    3,183,630
Monroeville, PA Muni Auth San
Ser B (MBIA Insd)                1,342,394                                           1,342,394
Monroeville, PA Muni Auth San
Ser B (MBIA Insd) (a)            1,498,082                                           1,498,082
Monroeville, PA Muni Auth San
Swr Rev Ser B (MBIA Insd) (a)                                           1,283,446    1,283,446
Monroeville, PA Muni Auth San
Swr Rev Ser B (MBIA Insd) (a)                              1,423,078                 1,423,078
Montgomery Cnty, PA Higher
Ed & Hlth Auth Hosp Rev
Abington Mem Hosp Ser A          1,529,040    2,038,720    2,038,720    1,019,360    6,625,840
Montgomery Cnty, PA Indl Dev
Auth Rev Res Rec Montenay
Proj Ser A (MBIA Insd)           1,134,780    1,134,780    1,134,780    1,021,302    4,425,642
Moon Indl Dev Auth PA Ed Fac
Rev Ellis Sch Proj                            2,517,287                              2,517,287
Mount Lebanon, PA Hosp Auth
Saint Clair Mem Hosp Ser A                                 1,565,925                 1,565,925
Northeastern PA Hosp & Ed
Auth College Rev Gtd Luzerne
Cnty Cmnty College
(Prerefunded @ 02/15/05)
(AMBAC Insd)                                               1,001,800                 1,001,800
Northampton Twp, PA (FGIC
Insd) (a)                                                               1,365,287    1,365,287
Pennsylvania Econ Dev Fin
Auth Res Recovery Rev Colver
Proj Ser D (AMT)                              1,023,470                              1,023,470
Pennsylvania Econ Dev Fin
Auth Res Recovery Rev Colver
Proj Ser D (AMT)                                           2,046,180                 2,046,180
Pennsylvania Econ Dev Fin
York Wtr Co Proj Ser A (AMT)
(XLCA Insd)                                                1,553,951                 1,553,951
Pennsylvania Hsg Fin Agy
Single Family Mtg Rev Ser
70A (AMT)                                     2,598,000    2,598,000                 5,196,000
Pennsylvania Hsg Fin Agy
Single Family Mtg Ser 61A (AMT)               2,051,380    2,205,234                 4,256,614
Pennsylvania Hsg Fin Agy
Single Family Mtg Ser 66A (AMT)  2,459,042    2,459,042                              4,918,084
Pennsylvania Hsg Fin Agy
Single Family Mtg Ser 67A (AMT)               1,300,307    1,295,147                 2,595,454
Pennsylvania Intergvtl Coop
Auth Spl Tax Rev Philadelphia
Fdg Pgm Rfdg (FGIC Insd)                                                1,556,820    1,556,820
Pennsylvania St Higher Ed
Clarion Univ Fndtn Inc Ser A
(XLCA Insd)                                                1,045,010                 1,045,010
Pennsylvania St Higher Ed
Fac Auth Rev Drexel Univ (a)                  3,356,490                              3,356,490
Pennsylvania St Higher Ed Fac
Auth Rev Drexel Univ
(Prerefunded @ 05/01/09)                      1,639,860                              1,639,860
Pennsylvania St Higher Ed Fac
Auth Rev Drexel Univ
(Prerefunded @ 05/01/09)                      1,917,510                              1,917,510
Pennsylvania St Higher Ed Fac
Auth Rev Drexel Univ             2,233,380                 1,116,690    1,116,690    4,466,760
Pennsylvania St Higher Ed Fac
Auth Rev La Salle Univ           1,043,130    2,086,260    1,564,695    1,043,130    5,737,215
Pennsylvania St Higher Ed Fac
Auth Rev Lycoming Clg Assn
Indpt (Radian Insd)                                        1,419,080                 1,419,080
Pennsylvania St Higher Ed Fac
Auth Rev Thomas Jefferson Univ
Pennsylvania St Higher Ed Fac
Auth Rev Univ Sciences           1,084,010    1,918,698    1,084,010    1,084,010    5,170,728
Philadelphia Ser A
(XLCA Insd) (b)                  1,560,690    1,560,690    1,560,690    1,560,690    6,242,760
Pennsylvania St Higher Ed Fac
Clarion Univ Fndtn Inc Ser A
(XLCA Insd)                      1,649,130                                           1,649,130
Pennsylvania St Higher Ed Fac
Clarion Univ Fndtn Inc Ser A
(XLCA Insd)                      1,556,805                                           1,556,805
Pennsylvania St Higher Ed Fac
Messiah College Ser AA3
(Radian Insd)                    1,095,070    1,095,070                 1,095,070    3,285,210
Pennsylvania St Higher Ed Fac
Philadelphia College
Osteopathic Med (a)              1,690,556                                           1,690,556
Pennsylvania St Higher Ed Fac
Philadelphia College
Osteopathic Med (a)                                                     1,774,659    1,774,659
Pennsylvania St Higher Ed Fac
Philadelphia College
Osteopathic Med (a)                                                     1,852,615    1,852,615
Pennsylvania St Higher Ed Fac
Auth Rev UPMC Hlth Sys Ser A                  1,142,340    1,142,340                 2,284,680
Pennsylvania St Higher Ed Fac
Auth Rev UPMC Hlth Sys Ser A
(FSA Insd)                                    3,725,100    3,104,250                 6,829,350
Pennsylvania St Higher Ed
Geneva College Proj                                        1,064,820                 1,064,820
Pennsylvania St Higher Ed
UPMC Hlth Sys Ser A                                                     1,144,640    1,144,640
Pennsylvania St Higher Ed
UPMC Hlth Sys Ser A              2,056,442    3,334,770    1,111,590    2,223,180    8,725,982
Pennsylvania St Indl Dev Auth
Econ Dev (AMBAC Insd)                                      1,318,897    1,132,100    2,450,997
Pennsylvania St Second Ser
(MBIA Insd) (Prerefunded @
10/01/09)                                                  2,270,620                 2,270,620
Pennsylvania St Tpk Commn Tpk
Rev Ser A (AMBAC Insd)                        1,344,216                              1,344,216
Pennsylvania St Tpk Commn Ser
T Rfdg (FGIC Insd)               3,415,995                 3,415,995    3,415,995   10,247,985
Pennsylvania St Tpk Commn Tpk
Rev Ser T Rfdg (FGIC Insd)                    5,214,718                              5,214,718
Pennsylvania St Univ                          2,110,120                              2,110,120
Pennsylvania St Univ                          1,049,860    1,574,790    1,574,790    4,199,440
Pennsylvania St Univ Rfdg                     1,583,391                              1,583,391
Pennsylvania St Univ Rfdg                                  1,669,755                 1,669,755
Pennsylvania St Univ Rfdg         2,189,891                                          2,189,891
Perkiomen Vly Sch Dist PA Ser
A (FSA Insd)                                               1,679,704                 1,679,704
Philadelphia, PA (FSA Insd)                                3,100,710                 3,100,710
Philadelphia, PA (FSA Insd)       1,636,905   1,636,905                              3,273,810


                                      L-3


        VAN KAMPEN ADVANTAGE PENNSYLVANIA MUNICIPAL INCOME TRUST (VAP) -
              VAN KAMPEN PENNSYLVANIA QUALITY MUNICIPAL TRUST (VPQ) -
      VAN KAMPEN TRUST FOR INVESTMENT GRADE PENNSYLVANIA MUNICIPALS (VTP) -
           VAN KAMPEN PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST (VPV)
                        PROFORMA PORTFOLIO OF INVESTMENTS
                                JANUARY 31, 2005
                                   (UNAUDITED)




   VAP            VPQ           VTP          VPV       PROFORMA
PAR AMOUNT     PAR AMOUNT    PAR AMOUNT   PAR AMOUNT  PAR AMOUNT
  (000)          (000)         (000)        (000)       (000)     DESCRIPTION                        COUPON   MATURITY
-------------------------------------------------------------------------------------------------------------------------
                                                                                         
                    5,000         6,160                   11,160 Philadelphia, PA Auth for
                                                                 Indl Ser B (FSA Insd)               5.500    10/1/017
                    2,000         2,000                    4,000 Philadelphia, PA Auth for
                                                                 Indl Ser B (FSA Insd)               5.125    10/01/26
      1,005         1,000         1,000        1,000       4,005 Philadelphia, PA Auth Indl
                                                                 Dev Amern College Of Physicians     5.500    06/15/27
                    2,250                                  2,250 Philadelphia, PA Auth Indl
                                                                 Dev Philadelphia Arpt Sys
                                                                 Proj Ser A (AMT) (FGIC Insd)        5.125    07/01/19
      2,500                                                2,500 Philadelphia, PA Auth Indl
                                                                 Dev Philadelphia Arpt Sys
                                                                 Proj Ser A (AMT) (FGIC Insd)        5.250    07/01/28
      4,250                                                4,250 Philadelphia, PA Gas Wks Rev
                                                                 12th Ser B (Escrowed to
                                                                 Maturity) (MBIA Insd)               7.000    05/15/20
                    2,000                      1,500       3,500 Philadelphia, PA Gas Wks Rev
                                                                 1975 Gen Ordinance 17th Ser
                                                                 (FSA Insd)                          5.375    07/01/19
                                  1,700                    1,700 Philadelphia, PA Gas Wks Rev
                                                                 18th Ser (AGC Insd)                 5.250    08/01/21
                    3,250         1,750                    5,000 Philadelphia, PA Gas Wks Rev
                                                                 Second Ser (FSA Insd)               5.250    07/01/29
                                  1,500                    1,500 Philadelphia, PA Gas Wks Rev
                                                                 Third Ser S (FSA Insd)              5.125    08/01/31
                                               1,000       1,000 Philadelphia, PA Hosp &
                                                                 Higher Ed Fac Auth Hosp Rev
                                                                 PA Hosp Rfdg (Escrowed to
                                                                 Maturity)                           6.250    07/01/06
                    1,000                                  1,000 Philadelphia, PA Hosp &
                                                                 Higher Ed Fac Auth Rev
                                                                 Chestnut Hill College               6.000    10/01/29
                                               1,455       1,455 Philadelphia, PA Hosp &
                                                                 Higher Ed Fac Auth Rev Cmnty
                                                                 College Ser B Rfdg (MBIA
                                                                 Insd) (a)                           6.500    05/01/09
                                  1,645                    1,645 Philadelphia, PA Pkg Auth Rev
                                                                 Ser A (AMBAC Insd)                  5.250    02/15/29
                    4,675                                  4,675 Philadelphia, PA Redev Auth
                                                                 Rev Neighborhood Trans Ser A
                                                                 (FGIC Insd)                         5.250    04/15/12
                    1,905                                  1,905 Philadelphia, PA Redev Auth
                                                                 Rev Neighborhood Trans Ser A
                                                                 (FGIC Insd)                         5.500    04/15/16
                    1,250                                  1,250 Philadelphia, PA Sch Dist Ser
                                                                 A (Prerefunded @ 02/01/11)
                                                                 (FSA Insd)                          5.750    02/01/13
                                               2,000       2,000 Philadelphia, PA Sch Dist Ser
                                                                 B (Prerefunded @ 09/01/05)
                                                                 (AMBAC Insd)                        5.500    09/01/18
      4,100                                                4,100 Philadelphia, PA Wtr & Swr
                                                                 Rev Cap Apprec 14th Ser
                                                                 (MBIA Insd)                            *     10/01/07
                                               3,675       3,675 Philadelphia, PA Wtr &
                                                                 Wastewtr Rev Rfdg (AMBAC Insd)      5.500    06/15/07
                    3,000                                  3,000 Philadelphia, PA Wtr &
                                                                 Wastewtr Rev Rfdg (MBIA Insd)       5.625    06/15/08
                                    500                      500 Pittsburgh & Allegheny Cnty,
                                                                 PA Pub Aud Hotel Room (AMBAC
                                                                 Insd)                               5.125    02/01/35
      5,000         4,000         2,500        4,500      16,000 Pittsburgh & Allegheny Cnty,
                                                                 PA Pub Aud Regl Asset Dist
                                                                 Sales Tax (AMBAC Insd)              5.000    02/01/24
                                  4,990                    4,990 Pittsburgh & Allegheny Cnty,
                                                                 PA Pub Aud Regl Asset Dist
                                                                 Sales Tax (AMBAC Insd)              5.000    02/01/29
      1,000                       1,000                    2,000 Pittsburgh, PA Pub Pkg Auth
                                                                 Rev Ser B (FGIC Insd) (b)           5.000    12/01/23
      2,500         2,500         5,000                   10,000 Pittsburgh, PA Ser A (AMBAC
                                                                 Insd)                               5.500    09/01/17
      2,000                                                2,000 Pittsburgh, PA Ser A
                                                                 (Prerefunded @ 09/01/09)
                                                                 (FGIC Insd)                         5.750    09/01/21
                    3,000                                  3,000 Pittsburgh, PA Ser A
                                                                 (Prerefunded @ 09/01/09)
                                                                 (FGIC Insd)                         5.750    09/01/22
                    1,000                                  1,000 Pittsburgh, PA Urban Redev
                                                                 Auth Cent Triangle Tax
                                                                 Increment Ser A                     6.100    05/01/19
                                    500        1,000       1,500 Pittsburgh, PA Urban Redev
                                                                 Auth Mtg Rev Ser C Rfdg (AMT)       6.500    10/01/23
                                               1,570       1,570 Pittsburgh, PA Urban Redev
                                                                 Auth Mtg Rev Ser C Rfdg (AMT)
                                                                 (GNMA Collateralized)               5.700    04/01/30
      2,000                       3,700                    5,700 Pittsburgh, PA Wtr & Swr Rfdg
                                                                 (FGIC Insd)                         6.500    09/01/13
                                               1,765       1,765 Quaker Valley, PA Sch Dist
                                                                 (FSA Insd) (a)                      5.375    04/01/20
                    1,860                                  1,860 Quaker Valley, PA Sch Dist
                                                                 (FSA Insd) (a)                      5.375    04/01/21
                                  1,960                    1,960 Quaker Valley, PA Sch Dist
                                                                 (FSA Insd) (a)                      5.375    04/01/22
                                               1,375       1,375 Red Lion, PA Area Sch Dist
                                                                 Ser A (FSA Insd) (a) (b)            5.000    02/01/20
                                  2,000                    2,000 Rostraver Twp, PA (AMBAC Insd)      5.500    07/01/24
                                  1,050                    1,050 Scranton, PA Ser B
                                                                 (AMBAC Insd) (a)                    5.000    09/01/17
      1,000         1,000         2,000        1,000       5,000 Southcentral, PA Gen Auth Rev
                                                                 Wellspan Hlth Oblig (MBIA Insd)     5.375    05/15/28
                                               1,000       1,000 State Pub Sch Bldg Auth PA
                                                                 Delaware Cnty College Proj
                                                                 (MBIA Insd)                         5.750    10/01/16
                    1,075                                  1,075 State Pub Sch Bldg Auth PA
                                                                 North Hampton Cnty Ser A Rfdg
                                                                 (AMBAC Insd)                        5.000    03/01/20
        685                                                  685 State Pub Sch Bldg Auth PA
                                                                 Sch Conneaut Sch Dist (FGIC
                                                                 Insd)                               5.250    11/01/18
      1,220                                                1,220 State Pub Sch Bldg Auth PA
                                                                 Sch Conneaut Sch Dist (FGIC
                                                                 Insd) (Prerefunded @ 11/01/13)      5.250    11/01/18
                                                 360         360 State Pub Sch Bldg Auth PA
                                                                 Sch Conneaut Sch Dist Proj
                                                                 (FGIC Insd)                         5.250    11/01/19
                                                 640         640 State Pub Sch Bldg Auth PA
                                                                 Sch Conneaut Sch Dist Proj
                                                                 (FGIC Insd) (Prerefunded @
                                                                 11/01/13)                           5.250    11/01/19
                                  2,120                    2,120 State Pub Sch Bldg Auth PA
                                                                 Sch Conneaut Sch Dist Proj
                                                                 (FGIC Insd) (a)                     5.250    11/01/20
                    1,000                                  1,000 State Pub Sch Bldg Auth PA
                                                                 Sch Conneaut Sch Dist Proj
                                                                 (FGIC Insd)                         5.250    11/01/22
                                               2,480       2,480 State Pub Sch Bldg Auth PA
                                                                 Sch Conneaut Sch Dist Proj
                                                                 (FGIC Insd) (a)                     5.250    11/01/23
                                  2,360                    2,360 State Pub Sch Bldg Auth PA
                                                                 Sch Rev Jefferson Cnty Dubois
                                                                 Tech Sch (FGIC Insd) (a)            5.375    02/01/23
      1,205                                                1,205 State Pub Sch Bldg Auth PA
                                                                 Sch Tuscarora Sch Dist Proj
                                                                 (FSA Insd) (a)                      5.250    04/01/20
      1,270                                                1,270 State Pub Sch Bldg Auth PA
                                                                 Sch Tuscarora Sch Dist Proj
                                                                 (FSA Insd) (a)                      5.250    04/01/21
                                  1,140        1,000       2,140 Susquehanna Area Regl Arpt
                                                                 Auth PA Ser A (AMT) (AMBAC
                                                                 Insd)                               5.375    01/01/21
                    2,545                                  2,545 Susquehanna Area Regl Arpt
                                                                 Auth Ser A (AMT) (AMBAC
                                                                 Insd) (a)                           5.500    01/01/18
                                  5,205                    5,205 Susquehanna Area Regl Arpt
                                                                 Auth PA Arpt Sys Rev Ser A
                                                                 (AMT) (AMBAC Insd)                  5.375    01/01/23
      1,500         1,500         1,500        1,000       5,500 Susquehanna Area Regl Arpt
                                                                 Auth PA Ser D                       5.375    01/01/18
                                  1,950                    1,950 Swarthmore Boro Auth PA
                                                                 College                             5.250    09/15/18
      1,850                       1,000                    2,850 Trinity Area Sch Dist PA
                                                                 (FGIC Insd)                         5.250    11/01/20
                    1,000                                  1,000 Union Cnty, PA Higher Ed Fac
                                                                 Auth Bucknell Univ Ser A            5.250    04/01/19
                                               1,000       1,000 Union Cnty, PA Higher Edl
                                                                 Bucknell Univ Ser A                 5.250    04/01/21
                                                 500         500 Union Cnty, PA Higher Edl
                                                                 Bucknell Univ Ser A                 5.250    04/01/22
                                  2,300                    2,300 Union Cnty, PA Hosp Auth Hosp
                                                                 Rev Evangelical Cmnty Hosp
                                                                 (Radian Insd)                       5.250    08/01/24
                    2,155                                  2,155 Uniontown Area, PA Sch Dist
                                                                 Ser A (Prerefunded @ 10/01/12)
                                                                 (FSA Insd)                          5.500    10/01/27
                    3,000                                  3,000 Uniontown Area, PA Sch Dist
                                                                 Ser A (Prerefunded @ 10/01/12)
                                                                 (FSA Insd)                          5.500    10/01/30
      1,285                                                1,285 Unity Twp, PA Muni Auth Swr
                                                                 Rev (FSA Insd)                      5.000    12/01/24
                      720                        720       1,440 Washington Cnty, PA Auth Rev
                                                                 Cap Fdg Proj & Equip Pgm (AMBAC
                                                                 Insd)                               6.150    12/01/29
                    2,500         2,000        1,350       5,850 Washington Cnty, PA Ser A
                                                                 (AMBAC Insd)                        5.125    09/01/27
                                               1,000       1,000 Wayne Highlands, PA Sch Dist
                                                                 (FSA Insd)                          5.375    04/01/14
                    1,000         2,000                    3,000 West Shore, PA Area Hosp Auth
                                                                 Holy Spirit Hosp Proj               6.250    01/01/32
                                               1,000       1,000 Wilson, PA Area Sch Dist
                                                                 (FGIC Insd)                         5.125    03/15/16
                    1,230                                  1,230 Wilson, PA Sch Dist Second
                                                                 Ser (FSA Insd)                      5.375    05/15/15





                                     VAP           VPQ          VTP          VPV        PROFORMA
 DESCRIPTION                    MARKET VALUE  MARKET VALUE MARKET VALUE MARKET VALUE  MARKET VALUE
--------------------------------------------------------------------------------------------------
                                                                      

Philadelphia, PA Auth for
Indl Ser B (FSA Insd)                          5,637,700    6,945,646                 12,583,346
Philadelphia, PA Auth for
Indl Ser B (FSA Insd)                          2,145,300    2,145,300                  4,290,600
Philadelphia, PA Auth Indl
Dev Amern College Of Physicians   1,059,290    1,054,020    1,054,020    1,054,020     4,221,350
Philadelphia, PA Auth Indl
Dev Philadelphia Arpt Sys
Proj Ser A (AMT) (FGIC Insd)                   2,397,938                               2,397,938
Philadelphia, PA Auth Indl
Dev Philadelphia Arpt Sys
Proj Ser A (AMT) (FGIC Insd)      2,621,050                                            2,621,050
Philadelphia, PA Gas Wks Rev
12th Ser B (Escrowed to
Maturity) (MBIA Insd)             5,317,770                                            5,317,770
Philadelphia, PA Gas Wks Rev
1975 Gen Ordinance 17th Ser
(FSA Insd)                                     2,227,320                 1,670,490     3,897,810
Philadelphia, PA Gas Wks Rev
18th Ser (AGC Insd)                                         1,860,259                  1,860,259
Philadelphia, PA Gas Wks Rev
Second Ser (FSA Insd)                          3,487,933    1,878,118                  5,366,051
Philadelphia, PA Gas Wks Rev
Third Ser S (FSA Insd)                                      1,564,260                  1,564,260
Philadelphia, PA Hosp &
Higher Ed Fac Auth Hosp Rev
PA Hosp Rfdg (Escrowed to
Maturity)                                                                1,050,920     1,050,920
Philadelphia, PA Hosp &
Higher Ed Fac Auth Rev
Chestnut Hill College                          1,017,180                               1,017,180
Philadelphia, PA Hosp &
Higher Ed Fac Auth Rev Cmnty
College Ser B Rfdg (MBIA
Insd) (a)                                                                1,661,188     1,661,188
Philadelphia, PA Pkg Auth Rev
Ser A (AMBAC Insd)                                          1,748,717                  1,748,717
Philadelphia, PA Redev Auth
Rev Neighborhood Trans Ser A
(FGIC Insd)                                    5,255,168                               5,255,168
Philadelphia, PA Redev Auth
Rev Neighborhood Trans Ser A
(FGIC Insd)                                    2,140,534                               2,140,534
Philadelphia, PA Sch Dist Ser
A (Prerefunded @ 02/01/11)
(FSA Insd)                                     1,431,200                               1,431,200
Philadelphia, PA Sch Dist Ser
B (Prerefunded @ 09/01/05)
(AMBAC Insd)                                                             2,059,160     2,059,160
Philadelphia, PA Wtr & Swr
Rev Cap Apprec 14th Ser
(MBIA Insd)                       3,821,036                                            3,821,036
Philadelphia, PA Wtr &
Wastewtr Rev Rfdg (AMBAC Insd)                                           3,926,407     3,926,407
Philadelphia, PA Wtr &
Wastewtr Rev Rfdg (MBIA Insd)                  3,282,960                               3,282,960
Pittsburgh & Allegheny Cnty,
PA Pub Aud Hotel Room (AMBAC
Insd)                                                         525,345                    525,345
Pittsburgh & Allegheny Cnty,
PA Pub Aud Regl Asset Dist
Sales Tax (AMBAC Insd)            5,347,800    4,278,240    2,673,900    4,813,020    17,112,960
Pittsburgh & Allegheny Cnty,
PA Pub Aud Regl Asset Dist
Sales Tax (AMBAC Insd)                                      5,201,676                  5,201,676
Pittsburgh, PA Pub Pkg Auth
Rev Ser B (FGIC Insd) (b)         1,077,580                 1,077,580                  2,155,160
Pittsburgh, PA Ser A (AMBAC
Insd)                             2,760,050    2,760,050    5,520,100                 11,040,200
Pittsburgh, PA Ser A
(Prerefunded @ 09/01/09)
(FGIC Insd)                       2,218,000                                            2,218,000
Pittsburgh, PA Ser A
(Prerefunded @ 09/01/09)
(FGIC Insd)                                    3,327,000                               3,327,000
Pittsburgh, PA Urban Redev
Auth Cent Triangle Tax
Increment Ser A                                1,083,210                               1,083,210
Pittsburgh, PA Urban Redev
Auth Mtg Rev Ser C Rfdg (AMT)                                 518,460    1,036,920     1,555,380
Pittsburgh, PA Urban Redev
Auth Mtg Rev Ser C Rfdg (AMT)
(GNMA Collateralized)                                                    1,611,888     1,611,888
Pittsburgh, PA Wtr & Swr Rfdg
(FGIC Insd)                       2,395,020                 4,430,787                  6,825,807
Quaker Valley, PA Sch Dist
(FSA Insd) (a)                                                           1,987,849     1,987,849
Quaker Valley, PA Sch Dist
(FSA Insd) (a)                                 2,090,231                               2,090,231
Quaker Valley, PA Sch Dist
(FSA Insd) (a)                                              2,194,553                  2,194,553
Red Lion, PA Area Sch Dist
Ser A (FSA Insd) (a) (b)                                                 1,503,425     1,503,425
Rostraver Twp, PA (AMBAC Insd)                              2,219,700                  2,219,700
Scranton, PA Ser B
(AMBAC Insd) (a)                                            1,144,805                  1,144,805
Southcentral, PA Gen Auth Rev
Wellspan Hlth Oblig (MBIA Insd)   1,067,410    1,067,410    2,134,820    1,067,410     5,337,050
State Pub Sch Bldg Auth PA
Delaware Cnty College Proj
(MBIA Insd)                                                              1,133,640     1,133,640
State Pub Sch Bldg Auth PA
North Hampton Cnty Ser A Rfdg
(AMBAC Insd)                                   1,161,699                               1,161,699
State Pub Sch Bldg Auth PA
Sch Conneaut Sch Dist (FGIC
Insd)                               764,412                                              764,412
State Pub Sch Bldg Auth PA
Sch Conneaut Sch Dist (FGIC
Insd) (Prerefunded @ 11/01/13)    1,386,359                                            1,386,359
State Pub Sch Bldg Auth PA
Sch Conneaut Sch Dist Proj
(FGIC Insd)                                                                400,964       400,964
State Pub Sch Bldg Auth PA
Sch Conneaut Sch Dist Proj
(FGIC Insd) (Prerefunded @
11/01/13)                                                                  727,270       727,270
State Pub Sch Bldg Auth PA
Sch Conneaut Sch Dist Proj
(FGIC Insd) (a)                                             2,357,058                  2,357,058
State Pub Sch Bldg Auth PA
Sch Conneaut Sch Dist Proj
(FGIC Insd)                                    1,108,040                               1,108,040
State Pub Sch Bldg Auth PA
Sch Conneaut Sch Dist Proj
(FGIC Insd) (a)                                                          2,746,972     2,746,972
State Pub Sch Bldg Auth PA
Sch Rev Jefferson Cnty Dubois
Tech Sch (FGIC Insd) (a)                                    2,645,088                  2,645,088
State Pub Sch Bldg Auth PA
Sch Tuscarora Sch Dist Proj
(FSA Insd) (a)                    1,336,176                                            1,336,176
State Pub Sch Bldg Auth PA
Sch Tuscarora Sch Dist Proj
(FSA Insd) (a)                    1,405,039                                            1,405,039
Susquehanna Area Regl Arpt
Auth PA Ser A (AMT) (AMBAC
Insd)                                                       1,231,211    1,080,010     2,311,221
Susquehanna Area Regl Arpt
Auth Ser A (AMT) (AMBAC
Insd) (a)                                      2,793,621                               2,793,621
Susquehanna Area Regl Arpt
Auth PA Arpt Sys Rev Ser A
(AMT) (AMBAC Insd)                                          5,592,408                  5,592,408
Susquehanna Area Regl Arpt
Auth PA Ser D                     1,552,185    1,552,185    1,552,185    1,034,790     5,691,345
Swarthmore Boro Auth PA
College                                                     2,169,882                  2,169,882
Trinity Area Sch Dist PA
(FGIC Insd)                       2,056,867                 1,111,820                  3,168,687
Union Cnty, PA Higher Ed Fac
Auth Bucknell Univ Ser A                       1,110,420                               1,110,420
Union Cnty, PA Higher Edl
Bucknell Univ Ser A                                                      1,106,330     1,106,330
Union Cnty, PA Higher Edl
Bucknell Univ Ser A                                                        552,835       552,835
Union Cnty, PA Hosp Auth Hosp
Rev Evangelical Cmnty Hosp
(Radian Insd)                                               2,447,706                  2,447,706
Uniontown Area, PA Sch Dist
Ser A (Prerefunded @ 10/01/12)
(FSA Insd)                                     2,425,840                               2,425,840
Uniontown Area, PA Sch Dist
Ser A (Prerefunded @ 10/01/12)
(FSA Insd)                                     3,345,360                               3,345,360
Unity Twp, PA Muni Auth Swr
Rev (FSA Insd)                    1,383,675                                            1,383,675
Washington Cnty, PA Auth Rev
Cap Fdg Proj & Equip Pgm (AMBAC
Insd)                                            766,778                   766,778     1,533,556
Washington Cnty, PA Ser A
(AMBAC Insd)                                   2,651,925    2,121,540    1,432,040     6,205,505
Wayne Highlands, PA Sch Dist
(FSA Insd)                                                               1,125,850     1,125,850
West Shore, PA Area Hosp Auth
Holy Spirit Hosp Proj                          1,075,610    2,151,220                  3,226,830
Wilson, PA Area Sch Dist
(FGIC Insd)                                                              1,103,420     1,103,420
Wilson, PA Sch Dist Second
Ser (FSA Insd)                                 1,378,018                               1,378,018


                                      L-4


        VAN KAMPEN ADVANTAGE PENNSYLVANIA MUNICIPAL INCOME TRUST (VAP) -
              VAN KAMPEN PENNSYLVANIA QUALITY MUNICIPAL TRUST (VPQ) -
      VAN KAMPEN TRUST FOR INVESTMENT GRADE PENNSYLVANIA MUNICIPALS (VTP) -
           VAN KAMPEN PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST (VPV)
                        PROFORMA PORTFOLIO OF INVESTMENTS
                                JANUARY 31, 2005
                                   (UNAUDITED)




   VAP            VPQ           VTP          VPV       PROFORMA
PAR AMOUNT     PAR AMOUNT    PAR AMOUNT   PAR AMOUNT  PAR AMOUNT
  (000)          (000)         (000)        (000)       (000)     DESCRIPTION                        COUPON   MATURITY
------------------------------------------------------------------------------------------------------------------------------
                                                                                         

      1,075                                                1,075 Wilson, PA Sch Dist Second
                                                                 Ser (FSA Insd)                      5.375  05/15/16 
                                               1,100       1,100 York Cnty, PA (AMBAC Insd)          5.000  06/01/19 
                    1,240                                  1,240 York Cnty, PA Sch Technology
                                                                 Auth Lease Rev (FGIC Insd)          5.375  02/15/18 
                                                 500         500 York Cnty, PA Sch Technology
                                                                 Auth Lease Rev (FGIC Insd)          5.500  02/15/22 
                                               1,000       1,000 York Cnty, PA Sch Technology
                                                                 Auth Lease Rev (FGIC Insd)          5.500  02/15/23 


                                                                                                                    
                                                                                                                     
                                                                                                                    


                                                                 Guam    0.4%
                                               1,585       1,585 Guam Intl Arpt Auth Gen Ser
                                                                 B (MBIA Insd)                       5.250  10/01/21 
                                                                                                                    


                                                                 Puerto Rico    1.2%
                                               4,000     $ 4,000 Puerto Rico Comwlth Hwy &
                                                                 Tran Auth Hwy Rev Ser Y Rfdg
                                                                 (FSA Insd)                          6.250  07/01/21 
                                                                                                                    


                                                                 U. S. Virgin Islands    1.9%
                                  1,500                    1,500 University Virgin Islands
                                                                 Impt Ser A                          5.375  06/01/34 
      1,000                       2,000                    3,000 Virgin Islands Pub Fin Auth
                                                                 Rev Gross Rcpt Taxes Ln Nt
                                                                 Ser A (ACA Insd)                    6.125  10/01/29 
                                               1,000       1,000 Virgin Islands Pub Fin Auth
                                                                 Rev Gross Rcpts Taxes Nt Ser A      6.375  10/01/19 
                    1,500                                  1,500 Virgin Islands Pub Fin Auth
                                                                 Rev Gross Rcpts Taxes Nt Ser A      6.500  10/01/24 
                                                                                                                    
                                                                                                                     
                                                                                                                    



                                                                                                                     

Short-Term Investments    5.2%

      2,700           600           800        2,400       6,500 Delaware Cnty, PA Indl Dev
                                                                 Auth Dates United Parcel
                                                                 Svc Proj (c)                        1.750  12/01/15 
      4,700                       8,200        1,100      14,000 Delaware Cnty, PA Indl Dev
                                                                 Auth Pollutn Ctl Rev Exelon
                                                                 Rmkt (c)                            1.970  04/01/05 
                      520           200                      720 Lehigh Cnty, PA Gen Purp
                                                                 Auth Adj Hosp Lehigh Vy Hosp
                                                                 Ser A (c)                           1.820  07/01/28 
        600                                                  600 South Fork Muni Auth PA Hosp
                                                                 Rev Conemaugh Hlth Sys Ser A
                                                                 (MBIA Insd) (c)                     1.820  07/01/28 





                                                                      VAP            VPQ          VTP          VPV        PROFORMA
 DESCRIPTION                                                     MARKET VALUE   MARKET VALUE MARKET VALUE MARKET VALUE  MARKET VALUE
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                        

Wilson, PA Sch Dist Second                                       
Ser (FSA Insd)                                                      1,202,162                                           1,202,162  
York Cnty, PA (AMBAC Insd)                                                                                 1,195,601    1,195,601  
York Cnty, PA Sch Technology                                                                                                       
Auth Lease Rev (FGIC Insd)                                                       1,394,926                              1,394,926  
York Cnty, PA Sch Technology                                                                                                       
Auth Lease Rev (FGIC Insd)                                                                                   566,205      566,205  
York Cnty, PA Sch Technology                                                                                                       
Auth Lease Rev (FGIC Insd)                                                                                 1,130,770    1,130,770  
                                                                                                                                   
                                                                                                                                   
                                                                 ------------------------------------------------------------------
                                                                  108,765,271  201,231,325  184,067,097  110,348,581  604,412,274  
                                                                 ------------------------------------------------------------------
                                                                                                                                   
                                                                                                                                   
Guam    0.4%                                                                                                                       
Guam Intl Arpt Auth Gen Ser                                                                                                        
B (MBIA Insd)                                                                                              1,757,226    1,757,226  
                                                                 ------------------------------------------------------------------
                                                                                                                                   
                                                                                                                                   
Puerto Rico    1.2%                                                                                                                
Puerto Rico Comwlth Hwy &                                                                                                          
Tran Auth Hwy Rev Ser Y Rfdg                                                                                                       
(FSA Insd)                                                                                                 5,111,880    5,111,880  
                                                                 ------------------------------------------------------------------
                                                                                                                                   
                                                                                                                                   
U. S. Virgin Islands    1.9%                                                                                                       
University Virgin Islands                                                                                                          
Impt Ser A                                                                                    1,577,565                 1,577,565  
Virgin Islands Pub Fin Auth                                                                                                        
Rev Gross Rcpt Taxes Ln Nt                                                                                                         
Ser A (ACA Insd)                                                    1,138,160                 2,276,320                 3,414,480  
Virgin Islands Pub Fin Auth                                                                                                        
Rev Gross Rcpts Taxes Nt Ser                                                                               1,157,460    1,157,460  
Virgin Islands Pub Fin Auth                                                                                                        
Rev Gross Rcpts Taxes Nt Ser                                                     1,737,525                              1,737,525  
                                                                 ------------------------------------------------------------------
                                                                    1,138,160    1,737,525    3,853,885    1,157,460    7,887,030  
                                                                 ------------------------------------------------------------------
                                                                                             
                                                                                                                                   
Total Long-Term Investments    149.1% 
(Cost $571,718,197)                                               109,903,431  202,968,850  187,920,982  118,375,147  619,168,410  
                                                                                                                                   
                                                                                                                                   
                                                                                                                                   
Delaware Cnty, PA Indl Dev                                                                                                         
Auth Dates United Parcel                                                                                                           
Svc Proj (c)                                                        2,700,000      600,000      800,000    2,400,000    6,500,000  
Delaware Cnty, PA Indl Dev                                                                                                         
Auth Pollutn Ctl Rev Exelon                                                                                                        
Rmkt (c)                                                            4,700,000                 8,200,000    1,100,000   14,000,000  
Lehigh Cnty, PA Gen Purp                                                                                                           
Auth Adj Hosp Lehigh Vy Hosp                                                                                                       
Ser A (c)                                                                          520,000      200,000                   720,000  
South Fork Muni Auth PA Hosp                                                                                                       
Rev Conemaugh Hlth Sys Ser A                                                                                                       
(MBIA Insd) (c)                                                       600,000                                             600,000  

Total Short-Term Investments    5.2%                             ------------------------------------------------------------------
(Cost $21,820,000)                                                  8,000,000    1,120,000    9,200,000    3,500,000   21,820,000  
                                                                 ------------------------------------------------------------------
Total Investments    154.3%                                           
(Cost $593,538,197)                                                   
                                                                  117,903,431  204,088,850  197,120,982  121,875,147  640,988,410  
Liabilities in Excess of Other Assets    (1.3%)                       
                                                                      
Preferred Shares (including accrued distributions)    (53.0%)      (3,160,996)     816,264     (125,643)  (3,081,105)  (5,551,480) 
                                                                      
                                                                  (40,008,110) (65,038,466) (70,080,556) (45,011,404)(220,138,536) 
                                                                 ------------------------------------------------------------------
Net Assets Applicable to Common Shares    100.0%                 $ 74,734,325 $139,866,648 $126,914,783 $ 73,782,638 $415,298,394  
                                                                 ==================================================================


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

*           Zero Coupon Bond
(a)         The Trust owns 100% of bond issuance.
(b)         Securities purchased on a when-issued or delayed delivery
            basis.
(c)         Security includes a put feature allowing the Trust to
            periodically put the security back to the issuer at amortized
            cost on specified put dates.  The interest rate shown
            represents the current interest rate earned by the Trust
            based on the most recent reset date.

ACA         American Capital Access
AGC         AGC Insured Custody Certificates
AMBAC       AMBAC Indemnity Corp.
AMT         Alternative Minimum Tax
FGIC        Financial Guaranty Insurance Co.
FHA         Federal Housing Administration
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.

                                      L-5

         VAN KAMPEN ADVANTAGE PENNSYLVANIA MUNICIPAL INCOME TRUST (VAP)-
             VAN KAMPEN PENNSYLVANIA QUALITY MUNICIPAL TRUST (VPQ)-
           VAN KAMPEN PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST (VPV)
                        PROFORMA PORTFOLIO OF INVESTMENTS
                                JANUARY 31, 2005
                                   (UNAUDITED)



    VAP         VPQ        VPV       PROFORMA
PAR AMOUNT  PAR AMOUNT  PAR AMOUNT  PAR AMOUNT                                                         
   (000)       (000)      (000)        (000)    DESCRIPTION                       COUPON     MATURITY  
-------------------------------------------------------------------------------------------------------
                                                                                  
                                                MUNICIPAL BONDS  149.5%
                                                PENNSYLVANIA  145.7%
            $    2,000  $    1,000  $    3,000  Allegheny Cnty, PA Arpt Auth 
                                                Pittsburgh Intl Arpt Rfdg (AMT)
                                                (FGIC Insd)                       5.750%     01/01/18  
$    1,000       1,000                   2,000  Allegheny Cnty, PA Higher Ed
                                                Bldg Carnegie Mellon Univ         5.125      03/01/32  
     1,500       1,250                   2,750  Allegheny Cnty, PA Higher Ed
                                                Bldg Carnegie Mellon Univ         5.250      03/01/32  
                             1,360       1,360  Allegheny Cnty, PA Hosp Dev Auth
                                                Rev Hlth Sys Ser A (MBIA Insd)    6.500      11/15/30  
                 2,000       2,000       4,000  Allegheny Cnty, PA Port Auth Spl
                                                Rev Trans (Prerefunded @ 
                                                03/01/09) (MBIA Insd)             6.000      03/01/24  
                 1,300                   1,300  Allegheny Cnty, PA Redev Auth
                                                Tax Increment Rev Robinson Mall
                                                Proj Ser A                        7.000      11/01/17  
       905       1,355         905       3,165  Allegheny Cnty, PA Residential
                                                Mtg Single Family Ser KK-2 (AMT)
                                                (GNMA Collateralized)             5.750      05/01/33  
                             1,525       1,525  Allegheny Cnty, PA Residential
                                                Mtg Single Family Ser MM (AMT)
                                                (GNMA Collateralized)             5.200      05/01/33  
     1,000                               1,000  Allegheny Cnty, PA San Auth Swr
                                                Rev (MBIA Insd)                   5.750      12/01/13  
     1,830                               1,830  Allegheny Cnty, PA San Auth Swr
                                                Rev (MBIA Insd)                   5.750      12/01/18  
     2,000                   1,000       3,000  Allegheny Cnty, PA San Auth Swr
                                                Rev (MBIA Insd)                   5.500      12/01/24  
                 3,000                   3,000  Allegheny Cnty, PA San Auth Swr
                                                (MBIA Insd)                       5.500      12/01/30  
                 2,575                   2,575  Allegheny Cnty, PA San Auth Swr
                                                Rev Ser A (FGIC Insd) (a)           *        12/01/08  
                 2,380                   2,380  Allegheny Cnty, PA San Auth Swr
                                                Rev Ser A (FGIC Insd)               *        06/01/09  
                 1,645                   1,645  Allegheny Cnty, PA San Auth Swr
                                                Rev Ser A (FGIC Insd) (a)           *        12/01/09  
                             2,600       2,600  Allentown, PA Area Hosp Auth Rev
                                                Sacred Heart Hosp of Allentown 
                                                Ser A Rfdg                        6.750      11/15/14  
                 1,000       1,000       2,000  Ambridge, PA Area Sch Dist
                                                (MBIA Insd)                       5.500      11/01/31  
     2,640                               2,640  Bensalem Twp, PA Sch Dist
                                                (FGIC Insd) (a)                   5.000      08/15/18  
                             1,695       1,695  Berks Cnty, PA Muni Auth
                                                Albright College Proj (a)         5.500      10/01/16  
                             1,800       1,800  Berks Cnty, PA Muni Auth 
                                                Albright College Proj (a)         5.500      10/01/17  
                 3,000       2,000       5,000  Berks Cnty, PA Muni Auth Hosp
                                                Rev Reading Hosp & Med Ctr Proj
                                                (Prerefunded @ 11/01/09)
                                                (FSA Insd)                        6.000      11/01/29  
     1,000       1,000       1,000       3,000  Bethlehem, PA Auth Wtr Gtd
                                                (FSA Insd)                        5.000      11/15/19  
     1,150                               1,150  Bucks Cnty, PA Wtr & Swr Rev
                                                Neshaminy Interceptor Ser A
                                                (AMBAC Insd) (a)                  5.375      06/01/14  
     1,215                               1,215  Bucks Cnty, PA Wtr & Swr Rev 
                                                Neshaminy Interceptor Ser A
                                                (AMBAC Insd) (a)                  5.375      06/01/15  
                             1,000       1,000  Canon McMillan Sch Dist PA Ser B
                                                (FGIC Insd)                       5.500      12/01/29  
       870         870         870       2,610  Carbon Cnty, PA Indl Dev Auth
                                                Panther Creek Partn Proj Rfdg
                                                (AMT) (LOC: Paribas & Union Bk
                                                of CA Intl)                       6.650      05/01/10  
     1,500       2,000       1,000       4,500  Central Dauphin, PA Sch Dist
                                                (FSA Insd)                        5.000      12/01/19  
                 1,000                   1,000  Chartiers Valley, PA Indl & Coml
                                                Dev Auth First Mtg Rev Asbury
                                                Hlth Cent Rfdg                    6.375      12/01/19  
                 1,000                   1,000  Chartiers Valley, PA Indl & Coml
                                                Dev Auth First Mtg Rev Asbury
                                                Hlth Cent Rfdg                    6.375      12/01/24  
                 1,000       1,000       2,000  Chester Cnty, PA Indl Dev Auth
                                                Rev Collegium Charter Sch Proj
                                                Ser A (ACA Insd)                  5.500      04/15/31  
                 1,500                   1,500  Crawford Cnty, PA Hosp Auth Sr 
                                                Living Fac Rev Westbury Utd 
                                                Methodist Cmnty                   6.250      08/15/29  
                             1,000       1,000  Cumberland Cnty, PA Muni Auth
                                                Dickinson College Ser A
                                                (AMBAC Insd)                      5.500      11/01/30  
     5,000                               5,000  Dauphin Cnty, PA Genl Auth Hosp
                                                Rev Hapsco Western PA Hosp Proj 
                                                B Rfdg (Escrowed to Maturity)
                                                (MBIA Insd)                       6.250      07/01/16  
                 2,000                   2,000  Delaware Cnty, PA Auth College
                                                Cabrini College (Radian Insd)     5.750      07/01/23  
                 2,295                   2,295  Delaware Cnty, PA Auth College
                                                Neumann College Rfdg (a)          5.875      10/01/21  
     1,000                   1,000       2,000  Delaware Cnty, PA Auth College
                                                Neumann College Rfdg              6.000      10/01/31  
                 1,000                   1,000  Delaware Cnty, PA Auth First Mtg
                                                Rev Riddle Vlg Proj Rfdg          6.875      06/01/16  
                             1,000       1,000  Delaware Cnty, PA Auth Hosp Rev
                                                Crozer Chester Med Ctr            6.000      12/15/09  
                 1,000                   1,000  Delaware Cnty, PA Auth Rev White
                                                Horse Vlg Proj Ser A Rfdg         7.625      07/01/30  
                 1,750                   1,750  Delaware Cnty, PA Indl Dev Auth
                                                Rev Wtr Fac (AMT) (FGIC Insd)     6.000      06/01/29  
                 2,500                   2,500  Delaware Cnty, PA Indl Dev Auth
                                                Wtr Fac PA Suburban Wtr (AMT)
                                                (AMBAC Insd)                      5.350      10/01/31  
                 1,230                   1,230  Delaware Cnty, PA Regl Wtr Qual
                                                (MBIA Insd)                       5.250      05/01/19  
                 1,555                   1,555  Delaware Cnty, PA Regl Wtr Qual
                                                (MBIA Insd) (a)                   5.250      05/01/22  
     1,500       2,500       1,500       5,500  Delaware Vly, PA Regl Fin Auth    5.750      07/01/17  
                 2,000                   2,000  Downingtown, PA Area Sch Dist
                                                (FSA Insd)                        5.250      04/01/15  
                             1,010       1,010  Erie, PA Ser A (FSA Insd)         5.000      11/15/18  
     2,735                               2,735  Exeter Twp, PA Sch Dist
                                                (FGIC Insd)                       5.000      05/15/25  
                 3,420                   3,420  Falls Twp, PA Hosp Auth Hosp
                                                Rev DE Vly Med Rfdg (FHA Gtd)     7.000      08/01/22  
     2,000                               2,000  Greater Latrobe, PA Sch Auth
                                                (FGIC Insd)                       5.250      04/01/17  
     1,500       2,000       1,000       4,500  Harrisburg, PA Auth Res Gtd Sub
                                                Ser D-2 (FSA Insd)                5.000      12/01/33  
                 3,000       1,575       4,575  Harrisburg, PA Auth Wtr Rev Rfdg
                                                (FSA Insd)                        5.000      07/15/21  
                 1,000                   1,000  Harveys Lake Genl Muni Auth PA
                                                College Rev College Misericordia
                                                Proj (ACA Insd)                   6.000      05/01/19  
                 2,925                   2,925  Hempfield, PA Area Sch Dist
                                                (FGIC Insd)                       5.375      02/15/17  
                 2,595                   2,595  Hempfield, PA Area Sch Dist
                                                (FGIC Insd)                       5.375      02/15/19  
     1,345                   1,000       2,345  Jenkintown, PA Sch Dist Ser A
                                                (FGIC Insd) (b)                   5.000      05/15/28  
                 1,000                   1,000  Kennett, PA Cons Sch Dist Ser A
                                                (FGIC Insd)                       5.250      02/15/19  
                             2,000       2,000  Lehigh Cnty, PA Gen Purp Auth
                                                Cedar Crest College Rfdg          6.700      04/01/26  
                 1,000                   1,000  Lehigh Cnty, PA Gen Purp Auth
                                                Good Shepherd Grp Ser A           5.625      11/01/34  
                 1,750                   1,750  Lehigh Cnty, PA Gen Purp Auth
                                                Rev Hosp Saint Lukes Bethlehem    5.375      08/15/33  
                 2,310                   2,310  Luzerne Cnty, PA Ser A
                                                (MBIA Insd) (a)                   5.250      11/15/17  
                 4,000       1,000       5,000  Luzerne Cnty, PA Ser A
                                                (MBIA Insd)                       5.250      11/15/25  





                                       VAP            VPQ            VPV        PROFORMA
DESCRIPTION                       MARKET VALUE   MARKET VALUE   MARKET VALUE  MARKET VALUE
---------------------------------------------------------------------------------------------
                                                                   
Allegheny Cnty, PA Arpt Auth 
Pittsburgh Intl Arpt Rfdg (AMT)
(FGIC Insd)                                      $  2,154,960   $  1,077,480  $  3,232,440
Allegheny Cnty, PA Higher Ed
Bldg Carnegie Mellon Univ         $  1,046,090      1,046,090                    2,092,180
Allegheny Cnty, PA Higher Ed
Bldg Carnegie Mellon Univ            1,590,390      1,325,325                    2,915,715
Allegheny Cnty, PA Hosp Dev Auth
Rev Hlth Sys Ser A (MBIA Insd)                                     1,595,457     1,595,457
Allegheny Cnty, PA Port Auth Spl
Rev Trans (Prerefunded @ 
03/01/09) (MBIA Insd)                               2,266,020      2,266,020     4,532,040
Allegheny Cnty, PA Redev Auth
Tax Increment Rev Robinson Mall
Proj Ser A                                          1,396,122                    1,396,122
Allegheny Cnty, PA Residential
Mtg Single Family Ser KK-2 (AMT)
(GNMA Collateralized)                  941,037      1,408,956        941,037     3,291,030
Allegheny Cnty, PA Residential
Mtg Single Family Ser MM (AMT)
(GNMA Collateralized)                                              1,558,733     1,558,733
Allegheny Cnty, PA San Auth Swr
Rev (MBIA Insd)                      1,144,810                                   1,144,810
Allegheny Cnty, PA San Auth Swr
Rev (MBIA Insd)                      2,092,166                                   2,092,166
Allegheny Cnty, PA San Auth Swr
Rev (MBIA Insd)                      2,243,860                     1,121,930     3,365,790
Allegheny Cnty, PA San Auth Swr
(MBIA Insd)                                                        3,331,740     3,331,740
Allegheny Cnty, PA San Auth Swr
Rev Ser A (FGIC Insd) (a)                                          2,303,312     2,303,312
Allegheny Cnty, PA San Auth Swr
Rev Ser A (FGIC Insd)                                              2,081,477     2,081,477
Allegheny Cnty, PA San Auth Swr
Rev Ser A (FGIC Insd) (a)                                          1,411,476     1,411,476
Allentown, PA Area Hosp Auth Rev
Sacred Heart Hosp of Allentown 
Ser A Rfdg                                                         2,629,536     2,629,536
Ambridge, PA Area Sch Dist
(MBIA Insd)                                         1,107,700      1,107,700     2,215,400
Bensalem Twp, PA Sch Dist
(FGIC Insd) (a)                      2,876,993                                   2,876,993
Berks Cnty, PA Muni Auth
Albright College Proj (a)                                          1,841,804     1,841,804
Berks Cnty, PA Muni Auth 
Albright College Proj (a)                                          1,944,108     1,944,108
Berks Cnty, PA Muni Auth Hosp
Rev Reading Hosp & Med Ctr Proj
(Prerefunded @ 11/01/09)
(FSA Insd)                                          3,470,070      2,313,380     5,783,450
Bethlehem, PA Auth Wtr Gtd
(FSA Insd)                           1,097,700      1,097,700      1,097,700     3,293,100
Bucks Cnty, PA Wtr & Swr Rev
Neshaminy Interceptor Ser A
(AMBAC Insd) (a)                     1,292,773                                   1,292,773
Bucks Cnty, PA Wtr & Swr Rev 
Neshaminy Interceptor Ser A
(AMBAC Insd) (a)                     1,364,895                                   1,364,895
Canon McMillan Sch Dist PA Ser B
(FGIC Insd)                                                        1,102,430     1,102,430
Carbon Cnty, PA Indl Dev Auth
Panther Creek Partn Proj Rfdg
(AMT) (LOC: Paribas & Union Bk
of CA Intl)                            945,003        945,003        945,003     2,835,009
Central Dauphin, PA Sch Dist
(FSA Insd)                           1,638,405      2,184,540      1,092,270     4,915,215
Chartiers Valley, PA Indl & Coml
Dev Auth First Mtg Rev Asbury
Hlth Cent Rfdg                                      1,023,310      1,023,310
Chartiers Valley, PA Indl & Coml
Dev Auth First Mtg Rev Asbury
Hlth Cent Rfdg                                      1,007,920                    1,007,920
Chester Cnty, PA Indl Dev Auth
Rev Collegium Charter Sch Proj
Ser A (ACA Insd)                                    1,058,360      1,058,360     2,116,720
Crawford Cnty, PA Hosp Auth Sr 
Living Fac Rev Westbury Utd 
Methodist Cmnty                                     1,544,655                    1,544,655
Cumberland Cnty, PA Muni Auth
Dickinson College Ser A
(AMBAC Insd)                                                       1,101,100     1,101,100
Dauphin Cnty, PA Genl Auth Hosp
Rev Hapsco Western PA Hosp Proj 
B Rfdg (Escrowed to Maturity)
(MBIA Insd)                          5,902,900                                   5,902,900
Delaware Cnty, PA Auth College
Cabrini College (Radian Insd)                       2,160,080                    2,160,080
Delaware Cnty, PA Auth College
Neumann College Rfdg (a)                            2,420,100                    2,420,100
Delaware Cnty, PA Auth College
Neumann College Rfdg                 1,040,790                     1,040,790     2,081,580
Delaware Cnty, PA Auth First Mtg
Rev Riddle Vlg Proj Rfdg                            1,009,220                    1,009,220
Delaware Cnty, PA Auth Hosp Rev
Crozer Chester Med Ctr                                             1,011,450     1,011,450
Delaware Cnty, PA Auth Rev White
Horse Vlg Proj Ser A Rfdg                           1,058,140                    1,058,140
Delaware Cnty, PA Indl Dev Auth
Rev Wtr Fac (AMT) (FGIC Insd)                       1,941,467                    1,941,467
Delaware Cnty, PA Indl Dev Auth
Wtr Fac PA Suburban Wtr (AMT)
(AMBAC Insd)                                        2,636,000                    2,636,000
Delaware Cnty, PA Regl Wtr Qual
(MBIA Insd)                                         1,375,570                    1,375,570
Delaware Cnty, PA Regl Wtr Qual
(MBIA Insd) (a)                                     1,724,899                    1,724,899
Delaware Vly, PA Regl Fin Auth       1,749,255      2,915,425      1,749,255     6,413,935
Downingtown, PA Area Sch Dist
(FSA Insd)                                          2,211,200                    2,211,200
Erie, PA Ser A (FSA Insd)                                          1,111,283     1,111,283
Exeter Twp, PA Sch Dist
(FGIC Insd)                          2,916,002                                   2,916,002
Falls Twp, PA Hosp Auth Hosp
Rev DE Vly Med Rfdg (FHA Gtd)                       3,554,748                    3,554,748
Greater Latrobe, PA Sch Auth
(FGIC Insd)                          2,214,720                                   2,214,720
Harrisburg, PA Auth Res Gtd Sub
Ser D-2 (FSA Insd)                   1,643,595      2,191,460      1,095,730     4,930,785
Harrisburg, PA Auth Wtr Rev Rfdg
(FSA Insd)                                          3,250,170      1,706,339     4,956,509
Harveys Lake Genl Muni Auth PA
College Rev College Misericordia
Proj (ACA Insd)                                     1,079,610                    1,079,610
Hempfield, PA Area Sch Dist
(FGIC Insd)                                         3,260,644                    3,260,644
Hempfield, PA Area Sch Dist
(FGIC Insd)                                         2,892,776                    2,892,776
Jenkintown, PA Sch Dist Ser A
(FGIC Insd) (b)                      1,404,570                     1,044,290     2,448,860
Kennett, PA Cons Sch Dist Ser A
(FGIC Insd)                                         1,109,700                    1,109,700
Lehigh Cnty, PA Gen Purp Auth
Cedar Crest College Rfdg                                           2,092,460     2,092,460
Lehigh Cnty, PA Gen Purp Auth
Good Shepherd Grp Ser A                             1,042,270                    1,042,270
Lehigh Cnty, PA Gen Purp Auth
Rev Hosp Saint Lukes Bethlehem                      1,795,115                    1,795,115
Luzerne Cnty, PA Ser A
(MBIA Insd) (a)                                     2,582,695                    2,582,695
Luzerne Cnty, PA Ser A
(MBIA Insd)                                         4,396,400      1,099,100     5,495,500


                                      L-6


         VAN KAMPEN ADVANTAGE PENNSYLVANIA MUNICIPAL INCOME TRUST (VAP)-
             VAN KAMPEN PENNSYLVANIA QUALITY MUNICIPAL TRUST (VPQ)-
           VAN KAMPEN PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST (VPV)
                        PROFORMA PORTFOLIO OF INVESTMENTS
                                JANUARY 31, 2005
                                   (UNAUDITED)



    VAP         VPQ        VPV       PROFORMA
PAR AMOUNT  PAR AMOUNT  PAR AMOUNT  PAR AMOUNT                                                          
   (000)       (000)      (000)        (000)    DESCRIPTION                       COUPON     MATURITY   
--------------------------------------------------------------------------------------------------------
                                                                                   
     1,000       3,000                   4,000  Lycoming Cnty, PA Auth College
                                                Rev PA College of Technology
                                                (AMBAC Insd)                      5.350      07/01/26   
                             5,000       5,000  Lycoming Cnty, PA Auth College
                                                Rev PA College of Technology
                                                (AMBAC Insd)                      5.375      07/01/30   
       905                                 905  Mars, PA Area Sch Dist Ser AA
                                                (MBIA Insd)                       *          09/01/19   
       495                                 495  Mars, PA Area Sch Dist Ser AA
                                                (MBIA Insd)                       *          09/01/21   
                             1,000       1,000  Mercer Cnty, PA (FGIC Insd)       5.500      10/01/15   
     2,500       2,500                   5,000  Mercer Cnty, PA Indl Dev Auth
                                                Wtr Facs Philadelphia Sub Corp
                                                (AMT) (MBIA Insd)                 6.000      07/01/30   
                             1,000       1,000  Mifflin Cnty, PA Hosp Auth
                                                (Radian Insd)                     6.200      07/01/25   
     1,000       1,000       1,000       3,000  Monroe Cnty, PA Hosp Auth Rev
                                                Hosp Pocono Med Ctr               6.000      01/01/43   
     1,205                               1,205  Monroeville, PA Muni Auth San 
                                                Ser B (MBIA Insd)                 5.250      12/01/18   
     1,350                               1,350  Monroeville, PA Muni Auth San 
                                                Ser B (MBIA Insd) (a)             5.250      12/01/20   
                             1,150       1,150  Monroeville, PA Muni Auth San 
                                                Swr Rev Ser B (MBIA Insd) (a)     5.250      12/01/17   
     1,500       2,000       1,000       4,500  Montgomery Cnty, PA Higher Ed & 
                                                Hlth Auth Hosp Rev Abington Mem
                                                Hosp Ser A                        5.125      06/01/32   
     1,000       1,000         900       2,900  Montgomery Cnty, PA Indl Dev
                                                Auth Rev Res Rec Montenay Proj
                                                Ser A (MBIA Insd)                 5.250      11/01/14   
                 2,345                   2,345  Moon Indl Dev Auth PA Ed Fac Rev
                                                Ellis Sch Proj                    5.800      03/01/25   
                             1,225       1,225  Northampton Twp, PA
                                                (FGIC Insd)(a)                    5.375      05/15/15   
                 1,000                   1,000  Pennsylvania Econ Dev Fin Auth
                                                Res Recovery Rev Colver Proj
                                                Ser D (AMT)                       7.150      12/01/18   
                 2,500                   2,500  Pennsylvania Hsg Fin Agy Single
                                                Family Mtg Rev Ser 70A (AMT)      5.900      04/01/31   
                 2,000                   2,000  Pennsylvania Hsg Fin Agy Single
                                                Family Mtg Ser 61A (AMT)          5.500      04/01/29   
     2,395       2,395                   4,790  Pennsylvania Hsg Fin Agy Single
                                                Family Mtg Ser 66A (AMT)          5.650      04/01/29   
                 1,260                   1,260  Pennsylvania Hsg Fin Agy Single
                                                Family Mtg Ser 67A (AMT)          5.900      10/01/30   
                             1,500       1,500  Pennsylvania Intergvtl Coop Auth
                                                Spl Tax Rev Philadelphia Fdg Pgm
                                                Rfdg (FGIC Insd)                  5.500      06/15/20   
                 3,000                   3,000  Pennsylvania St Higher Ed Fac 
                                                Auth Rev Drexel Univ (a)          5.500      05/01/16   
                 1,500                   1,500  Pennsylvania St Higher Ed Fac
                                                Auth Rev Drexel Univ 
                                                (Prerefunded @ 05/01/09)          6.000      05/01/24   
                 1,750                   1,750  Pennsylvania St Higher Ed Fac
                                                Auth Rev Drexel Univ 
                                                (Prerefunded @ 05/01/09)          6.000      05/01/29   
     2,000                   1,000       3,000  Pennsylvania St Higher Ed Fac
                                                Auth Rev Drexel Univ              5.500      05/01/17   
     1,000       2,000       1,000       4,000  Pennsylvania St Higher Ed Fac 
                                                Auth Rev La Salle Univ            5.500      05/01/34   
     1,000       1,170       1,000       3,170  Pennsylvania St Higher Ed Fac 
                                                Auth Rev Thomas Jefferson Univ    5.375      01/01/25   
     1,500       1,500       1,500       4,500  Pennsylvania St Higher Ed Fac
                                                Auth Rev Univ Sciences
                                                Philadelphia Ser A 
                                                (XLCA Insd) (b)                   5.000      11/01/36   
     1,500                               1,500  Pennsylvania St Higher Ed Fac 
                                                Clarion Univ Fndtn Inc Ser A 
                                                (XLCA Insd)                       5.250      07/01/18   
     1,500                               1,500  Pennsylvania St Higher Ed Fac 
                                                Clarion Univ Fndtn Inc Ser A
                                                (XLCA Insd)                       5.000      07/01/33   
     1,000       1,000       1,000       3,000  Pennsylvania St Higher Ed Fac
                                                Messiah College Ser AA3 (Radian
                                                Insd)                             5.500      11/01/22   
     1,560                               1,560  Pennsylvania St Higher Ed Fac
                                                Philadelphia College Osteopathic
                                                Med (a)                           5.000      12/01/16   
                             1,645       1,645  Pennsylvania St Higher Ed Fac
                                                Philadelphia College Osteopathic
                                                Med (a)                           5.000      12/01/17   
                             1,725       1,725  Pennsylvania St Higher Ed Fac
                                                Philadelphia College Osteopathic
                                                Med (a)                           5.000      12/01/18   
                 1,000                   1,000  Pennsylvania St Higher Ed Fac 
                                                Auth Rev UPMC Hlth Sys Ser A      6.250      01/15/18   
                 3,600                   3,600  Pennsylvania St Higher Ed Fac 
                                                Auth Rev UPMC Hlth Sys Ser A
                                                (FSA Insd)                        5.000      08/01/29   
                             1,000       1,000  Pennsylvania St Higher Ed UPMC 
                                                Hlth Sys Ser A                    6.250      01/15/17   
     1,850       3,000       2,000       6,850  Pennsylvania St Higher Ed UPMC
                                                Hlth Sys Ser A                    6.000      01/15/31   
                             1,000       1,000  Pennsylvania St Indl Dev Auth 
                                                Econ Dev (AMBAC Insd)             5.500      07/01/14   
                 1,200                   1,200  Pennsylvania St Tpk Commn Tpk 
                                                Rev Ser A (AMBAC Insd)            5.250      12/01/21   
     3,015                   3,015       6,030  Pennsylvania St Tpk Commn Ser T
                                                Rfdg (FGIC Insd)                  5.500      12/01/10   
                 4,505                   4,505  Pennsylvania St Tpk Commn Tpk
                                                Rev Ser T Rfdg (FGIC Insd)        5.500      12/01/13   
                 2,000                   2,000  Pennsylvania St Univ              5.000      09/01/29   
                 1,000       1,500       2,500  Pennsylvania St Univ              5.000      09/01/35   
                 1,390                   1,390  Pennsylvania St Univ Rfdg         5.250      08/15/14   
     1,970                               1,970  Pennsylvania St Univ Rfdg         5.250      03/01/18   
     1,500       1,500                   3,000  Philadelphia, PA (FSA Insd)       5.250      09/15/25   
                 5,000                   5,000  Philadelphia, PA Auth for Indl
                                                Ser B (FSA Insd)                  5.500      10/1/017   
                 2,000                   2,000  Philadelphia, PA Auth for Indl
                                                Ser B (FSA Insd)                  5.125      10/01/26   
     1,005       1,000       1,000       3,005  Philadelphia, PA Auth Indl Dev
                                                Amern College Of Physicians       5.500      06/15/27   
                 2,250                   2,250  Philadelphia, PA Auth Indl Dev
                                                Philadelphia Arpt Sys Proj Ser A
                                                (AMT) (FGIC Insd)                 5.125      07/01/19   
     2,500                               2,500  Philadelphia, PA Auth Indl Dev
                                                Philadelphia Arpt Sys Proj Ser A
                                                (AMT) (FGIC Insd)                 5.250      07/01/28   
     4,250                               4,250  Philadelphia, PA Gas Wks Rev 
                                                12th Ser B (Escrowed to
                                                Maturity) (MBIA Insd)             7.000      05/15/20   
                 2,000       1,500       3,500  Philadelphia, PA Gas Wks Rev
                                                1975 Gen Ordinance 17th Ser 
                                                (FSA Insd)                        5.375      07/01/19   
                 3,250                   3,250  Philadelphia, PA Gas Wks Rev 
                                                Second Ser (FSA Insd)             5.250      07/01/29   
                             1,000       1,000  Philadelphia, PA Hosp & Higher
                                                 Ed Fac Auth Hosp Rev PA Hosp 
                                                Rfdg (Escrowed to Maturity)       6.250      07/01/06   
                 1,000                   1,000  Philadelphia, PA Hosp & Higher 
                                                Ed Fac Auth Rev Chestnut Hill
                                                College                           6.000      10/01/29   
                             1,455       1,455  Philadelphia, PA Hosp & Higher
                                                Ed Fac Auth Rev Cmnty College 
                                                Ser B Rfdg (MBIA Insd) (a)        6.500      05/01/09   
                 4,675                   4,675  Philadelphia, PA Redev Auth Rev
                                                Neighborhood Trans Ser A 
                                                (FGIC Insd)                       5.250      04/15/12   
                 1,905                   1,905  Philadelphia, PA Redev Auth Rev
                                                Neighborhood Trans Ser A 
                                                (FGIC Insd)                       5.500      04/15/16   
                 1,250                   1,250  Philadelphia, PA Sch Dist Ser A
                                                (Prerefunded @ 02/01/11)
                                                (FSA Insd)                        5.750      02/01/13   
                             2,000       2,000  Philadelphia, PA Sch Dist Ser B
                                                (Prerefunded @ 09/01/05)
                                                (AMBAC Insd)                      5.500      09/01/18   
     4,100                               4,100  Philadelphia, PA Wtr & Swr Rev
                                                Cap Apprec 14th Ser (MBIA Insd)   *          10/01/07   





 
                                      VAP            VPQ            VPV        PROFORMA
DESCRIPTION                      MARKET VALUE   MARKET VALUE   MARKET VALUE  MARKET VALUE
--------------------------------------------------------------------------------------------
                                                                  
Lycoming Cnty, PA Auth College
Rev PA College of Technology
(AMBAC Insd)                        1,105,380      3,316,140                    4,421,520
Lycoming Cnty, PA Auth College
Rev PA College of Technology
(AMBAC Insd)                                                      5,471,500     5,471,500
Mars, PA Area Sch Dist Ser AA
(MBIA Insd)                           477,342                                     477,342
Mars, PA Area Sch Dist Ser AA
(MBIA Insd)                           233,412                                     233,412
Mercer Cnty, PA (FGIC Insd)                                       1,131,920     1,131,920
Mercer Cnty, PA Indl Dev Auth
Wtr Facs Philadelphia Sub Corp
(AMT) (MBIA Insd)                   2,794,750      2,794,750                    5,589,500
Mifflin Cnty, PA Hosp Auth
(Radian Insd)                                                     1,129,250     1,129,250
Monroe Cnty, PA Hosp Auth Rev
Hosp Pocono Med Ctr                 1,061,210      1,061,210      1,061,210     3,183,630
Monroeville, PA Muni Auth San 
Ser B (MBIA Insd)                   1,342,394                                   1,342,394
Monroeville, PA Muni Auth San 
Ser B (MBIA Insd) (a)               1,498,082                                   1,498,082
Monroeville, PA Muni Auth San 
Swr Rev Ser B (MBIA Insd) (a)                                     1,283,446     1,283,446
Montgomery Cnty, PA Higher Ed & 
Hlth Auth Hosp Rev Abington Mem
Hosp Ser A                          1,529,040      2,038,720      1,019,360     4,587,120
Montgomery Cnty, PA Indl Dev
Auth Rev Res Rec Montenay Proj
Ser A (MBIA Insd)                   1,134,780      1,134,780      1,021,302     3,290,862
Moon Indl Dev Auth PA Ed Fac Rev
Ellis Sch Proj                                     2,517,287                    2,517,287
Northampton Twp, PA
(FGIC Insd)(a)                                                    1,365,287     1,365,287
Pennsylvania Econ Dev Fin Auth
Res Recovery Rev Colver Proj
Ser D (AMT)                                        1,023,470                    1,023,470
Pennsylvania Hsg Fin Agy Single
Family Mtg Rev Ser 70A (AMT)                       2,598,000                    2,598,000
Pennsylvania Hsg Fin Agy Single
Family Mtg Ser 61A (AMT)                           2,051,380                    2,051,380
Pennsylvania Hsg Fin Agy Single
Family Mtg Ser 66A (AMT)            2,459,042      2,459,042                    4,918,084
Pennsylvania Hsg Fin Agy Single
Family Mtg Ser 67A (AMT)                           1,300,307                    1,300,307
Pennsylvania Intergvtl Coop Auth
Spl Tax Rev Philadelphia Fdg Pgm
Rfdg (FGIC Insd)                                                  1,556,820     1,556,820
Pennsylvania St Higher Ed Fac 
Auth Rev Drexel Univ (a)                           3,356,490                    3,356,490
Pennsylvania St Higher Ed Fac
Auth Rev Drexel Univ 
(Prerefunded @ 05/01/09)                           1,639,860                    1,639,860
Pennsylvania St Higher Ed Fac
Auth Rev Drexel Univ 
(Prerefunded @ 05/01/09)                           1,917,510                    1,917,510
Pennsylvania St Higher Ed Fac
Auth Rev Drexel Univ                2,233,380                     1,116,690     3,350,070
Pennsylvania St Higher Ed Fac 
Auth Rev La Salle Univ              1,043,130      2,086,260      1,043,130     4,172,520
Pennsylvania St Higher Ed Fac 
Auth Rev Thomas Jefferson Univ      1,084,010      1,918,698      1,084,010     4,086,718
Pennsylvania St Higher Ed Fac
Auth Rev Univ Sciences
Philadelphia Ser A 
(XLCA Insd) (b)                     1,560,690      1,560,690      1,560,690     4,682,070
Pennsylvania St Higher Ed Fac 
Clarion Univ Fndtn Inc Ser A 
(XLCA Insd)                         1,649,130                                   1,649,130
Pennsylvania St Higher Ed Fac 
Clarion Univ Fndtn Inc Ser A
(XLCA Insd)                         1,556,805                                   1,556,805
Pennsylvania St Higher Ed Fac
Messiah College Ser AA3 (Radian
Insd)                               1,095,070      1,095,070      1,095,070     3,285,210
Pennsylvania St Higher Ed Fac
Philadelphia College Osteopathic
Med (a)                             1,690,556                                   1,690,556
Pennsylvania St Higher Ed Fac
Philadelphia College Osteopathic
Med (a)                                                           1,774,659     1,774,659
Pennsylvania St Higher Ed Fac
Philadelphia College Osteopathic
Med (a)                                                           1,852,615     1,852,615
Pennsylvania St Higher Ed Fac 
Auth Rev UPMC Hlth Sys Ser A                       1,142,340                    1,142,340
Pennsylvania St Higher Ed Fac 
Auth Rev UPMC Hlth Sys Ser A
(FSA Insd)                                         3,725,100                    3,725,100
Pennsylvania St Higher Ed UPMC 
Hlth Sys Ser A                                                    1,144,640     1,144,640
Pennsylvania St Higher Ed UPMC
Hlth Sys Ser A                      2,056,442      3,334,770      2,223,180     7,614,392
Pennsylvania St Indl Dev Auth 
Econ Dev (AMBAC Insd)                                             1,132,100     1,132,100
Pennsylvania St Tpk Commn Tpk 
Rev Ser A (AMBAC Insd)                             1,344,216                    1,344,216
Pennsylvania St Tpk Commn Ser T
Rfdg (FGIC Insd)                    3,415,995                     3,415,995     6,831,990
Pennsylvania St Tpk Commn Tpk
Rev Ser T Rfdg (FGIC Insd)                         5,214,718                    5,214,718
Pennsylvania St Univ                               2,110,120                    2,110,120
Pennsylvania St Univ                               1,049,860      1,574,790     2,624,650
Pennsylvania St Univ Rfdg                          1,583,391                    1,583,391
Pennsylvania St Univ Rfdg           2,189,891                                   2,189,891
Philadelphia, PA (FSA Insd)         1,636,905      1,636,905                    3,273,810
Philadelphia, PA Auth for Indl
Ser B (FSA Insd)                                   5,637,700                    5,637,700
Philadelphia, PA Auth for Indl
Ser B (FSA Insd)                                   2,145,300                    2,145,300
Philadelphia, PA Auth Indl Dev
Amern College Of Physicians         1,059,290      1,054,020      1,054,020     3,167,330
Philadelphia, PA Auth Indl Dev
Philadelphia Arpt Sys Proj Ser A
(AMT) (FGIC Insd)                                  2,397,938                    2,397,938
Philadelphia, PA Auth Indl Dev
Philadelphia Arpt Sys Proj Ser A
(AMT) (FGIC Insd)                   2,621,050                                   2,621,050
Philadelphia, PA Gas Wks Rev 
12th Ser B (Escrowed to
Maturity) (MBIA Insd)               5,317,770                                   5,317,770
Philadelphia, PA Gas Wks Rev
1975 Gen Ordinance 17th Ser 
(FSA Insd)                                         2,227,320      1,670,490     3,897,810
Philadelphia, PA Gas Wks Rev 
Second Ser (FSA Insd)                              3,487,933                    3,487,933
Philadelphia, PA Hosp & Higher
 Ed Fac Auth Hosp Rev PA Hosp 
Rfdg (Escrowed to Maturity)                                       1,050,920     1,050,920
Philadelphia, PA Hosp & Higher 
Ed Fac Auth Rev Chestnut Hill
College                                            1,017,180                    1,017,180
Philadelphia, PA Hosp & Higher
Ed Fac Auth Rev Cmnty College 
Ser B Rfdg (MBIA Insd) (a)                                        1,661,188     1,661,188
Philadelphia, PA Redev Auth Rev
Neighborhood Trans Ser A 
(FGIC Insd)                                        5,255,168                    5,255,168
Philadelphia, PA Redev Auth Rev
Neighborhood Trans Ser A 
(FGIC Insd)                                        2,140,534                    2,140,534
Philadelphia, PA Sch Dist Ser A
(Prerefunded @ 02/01/11)
(FSA Insd)                                         1,431,200                    1,431,200
Philadelphia, PA Sch Dist Ser B
(Prerefunded @ 09/01/05)
(AMBAC Insd)                                                      2,059,160     2,059,160
Philadelphia, PA Wtr & Swr Rev
Cap Apprec 14th Ser (MBIA Insd)     3,821,036                                   3,821,036




                                      L-7

         VAN KAMPEN ADVANTAGE PENNSYLVANIA MUNICIPAL INCOME TRUST (VAP)-
             VAN KAMPEN PENNSYLVANIA QUALITY MUNICIPAL TRUST (VPQ)-
           VAN KAMPEN PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST (VPV)
                        PROFORMA PORTFOLIO OF INVESTMENTS
                                JANUARY 31, 2005
                                   (UNAUDITED)



    VAP         VPQ        VPV       PROFORMA
PAR AMOUNT  PAR AMOUNT  PAR AMOUNT  PAR AMOUNT                                                          
   (000)       (000)      (000)        (000)    DESCRIPTION                       COUPON     MATURITY   
--------------------------------------------------------------------------------------------------------
                                                                                   
                             3,675       3,675  Philadelphia, PA Wtr & Wastewtr
                                                Rev Rfdg (AMBAC Insd)             5.500      06/15/07   
                 3,000                   3,000  Philadelphia, PA Wtr & Wastewtr
                                                Rev Rfdg (MBIA Insd)              5.625      06/15/08   
     5,000       4,000       4,500      13,500  Pittsburgh & Allegheny Cnty, PA
                                                Pub Aud Regl Asset Dist Sales 
                                                Tax (AMBAC Insd)                  5.000      02/01/24   
     1,000                               1,000  Pittsburgh, PA Pub Pkg Auth Rev
                                                Ser B (FGIC Insd) (b)             5.000      12/01/23   
     2,500       2,500                   5,000  Pittsburgh, PA Ser A 
                                                (AMBAC Insd)                      5.500      09/01/17   
     2,000                               2,000  Pittsburgh, PA Ser A
                                                (Prerefunded @ 09/01/09)
                                                (FGIC Insd)                       5.750      09/01/21   
                 3,000                   3,000  Pittsburgh, PA Ser A 
                                                (Prerefunded @ 09/01/09)
                                                (FGIC Insd)                       5.750      09/01/22   
                 1,000                   1,000  Pittsburgh, PA Urban Redev Auth
                                                Cent Triangle Tax Increment
                                                Ser A                             6.100      05/01/19   
                             1,000       1,000  Pittsburgh, PA Urban Redev Auth
                                                Mtg Rev Ser C Rfdg (AMT)          6.500      10/01/23   
                             1,570       1,570  Pittsburgh, PA Urban Redev Auth
                                                Mtg Rev Ser C Rfdg (AMT)
                                                (GNMA Collateralized)             5.700      04/01/30   
     2,000                               2,000  Pittsburgh, PA Wtr & Swr Rfdg
                                                (FGIC Insd)                       6.500      09/01/13   
                             1,765       1,765  Quaker Valley, PA Sch Dist
                                                (FSA Insd) (a)                    5.375      04/01/20   
                 1,860                   1,860  Quaker Valley, PA Sch Dist
                                                (FSA Insd) (a)                    5.375      04/01/21   
                             1,375       1,375  Red Lion, PA Area Sch Dist Ser A
                                                (FSA Insd) (a) (b)                5.000      02/01/20   
     1,000       1,000       1,000       3,000  Southcentral, PA Gen Auth Rev
                                                Wellspan Hlth Oblig (MBIA Insd)   5.375      05/15/28   
                             1,000       1,000  State Pub Sch Bldg Auth PA
                                                Delaware Cnty College Proj 
                                                (MBIA Insd)                       5.750      10/01/16   
                 1,075                   1,075  State Pub Sch Bldg Auth PA 
                                                North Hampton Cnty Ser A Rfdg 
                                                (AMBAC Insd)                      5.000      03/01/20   
       685                                 685  State Pub Sch Bldg Auth PA Sch 
                                                Conneaut Sch Dist (FGIC Insd)     5.250      11/01/18   
     1,220                               1,220  State Pub Sch Bldg Auth PA Sch
                                                Conneaut Sch Dist (FGIC Insd)
                                                (Prerefunded @ 11/01/13)          5.250      11/01/18   
                               360         360  State Pub Sch Bldg Auth PA Sch
                                                Conneaut Sch Dist Proj (FGIC Insd)5.250      11/01/19   
                               640         640  State Pub Sch Bldg Auth PA Sch
                                                Conneaut Sch Dist Proj
                                                (FGIC Insd) (Prerefunded
                                                @ 11/01/13)                       5.250      11/01/19   
                 1,000                   1,000  State Pub Sch Bldg Auth PA Sch
                                                Conneaut Sch Dist Proj
                                                (FGIC Insd)                       5.250      11/01/22   
                             2,480       2,480  State Pub Sch Bldg Auth PA Sch
                                                Conneaut Sch Dist Proj
                                                (FGIC Insd) (a)                   5.250      11/01/23   
     1,205                               1,205  State Pub Sch Bldg Auth PA Sch
                                                Tuscarora Sch Dist Proj
                                                (FSA Insd) (a)                    5.250      04/01/20   
     1,270                               1,270  State Pub Sch Bldg Auth PA Sch
                                                Tuscarora Sch Dist Proj
                                                (FSA Insd) (a)                    5.250      04/01/21   
                             1,000       1,000  Susquehanna Area Regl Arpt Auth
                                                PA Ser A (AMT) (AMBAC Insd)       5.375      01/01/21   
                 2,545                   2,545  Susquehanna Area Regl Arpt Auth
                                                T) (AMBAC Insd) (a)               5.500      01/01/18   
     1,500       1,500       1,000       4,000  Susquehanna Area Regl Arpt Auth
                                                PA Ser D                          5.375      01/01/18   
     1,850                               1,850  Trinity Area Sch Dist PA
                                                (FGIC Insd)                       5.250      11/01/20   
                 1,000                   1,000  Union Cnty, PA Higher Ed Fac
                                                Auth Bucknell Univ Ser A          5.250      04/01/19   
                             1,000       1,000  Union Cnty, PA Higher Edl 
                                                Bucknell Univ Ser A               5.250      04/01/21   
                               500         500  Union Cnty, PA Higher Edl 
                                                Bucknell Univ Ser A               5.250      04/01/22   
                 2,155                   2,155  Uniontown Area, PA Sch Dist
                                                Ser A (Prerefunded @ 10/01/12)
                                                (FSA Insd)                        5.500      10/01/27   
                 3,000                   3,000  Uniontown Area, PA Sch Dist
                                                Ser A (Prerefunded @ 10/01/12)
                                                (FSA Insd)                        5.500      10/01/30   
     1,285                               1,285  Unity Twp, PA Muni Auth Swr Rev
                                                (FSA Insd)                        5.000      12/01/24   
                   720         720       1,440  Washington Cnty, PA Auth Rev
                                                Cap Fdg Proj & Equip Pgm
                                                (AMBAC Insd)                      6.150      12/01/29   
                 2,500       1,350       3,850  Washington Cnty, PA Ser A 
                                                (AMBAC Insd)                      5.125      09/01/27   
                             1,000       1,000  Wayne Highlands, PA Sch Dist
                                               (FSA Insd)                         5.375      04/01/14   
                 1,000                   1,000  West Shore, PA Area Hosp Auth Holy
                                                Spirit Hosp Proj                  6.250      01/01/32   
                             1,000       1,000  Wilson, PA Area Sch Dist
                                                (FGIC Insd)                       5.125      03/15/16   
                 1,230                   1,230  Wilson, PA Sch Dist Second Ser
                                                (FSA Insd)                        5.375      05/15/15   
     1,075                               1,075  Wilson, PA Sch Dist Second Ser
                                                (FSA Insd)                        5.375      05/15/16   
                             1,100       1,100  York Cnty, PA (AMBAC Insd)        5.000      06/01/19   
                 1,240                   1,240  York Cnty, PA Sch Technology
                                                Auth Lease Rev (FGIC Insd)        5.375      02/15/18   
                               500         500  York Cnty, PA Sch Technology 
                                                Auth Lease Rev (FGIC Insd)        5.500      02/15/22   
                             1,000       1,000  York Cnty, PA Sch Technology
                                                 Auth Lease Rev (FGIC Insd)       5.500      02/15/23 
                                                                                                      
                                                                                                      
                                                                                                      

                                                GUAM    0.6%
                             1,585       1,585  Guam Intl Arpt Auth Gen Ser B
                                                (MBIA Insd)                       5.250      10/01/21 
                                                                                                      

                                                PUERTO RICO    1.8%
                             4,000  $    4,000  Puerto Rico Comwlth Hwy & Tran
                                                Auth Hwy Rev Ser Y Rfdg
                                                (FSA Insd)                        6.250      07/01/21 
                                                                                                      

                                                U. S. VIRGIN ISLANDS    1.4%
     1,000                               1,000  Virgin Islands Pub Fin Auth Rev
                                                Gross Rcpt Taxes Ln Nt Ser A 
                                                (ACA Insd)                        6.125      10/01/29 
                             1,000       1,000  Virgin Islands Pub Fin Auth Rev
                                                Gross Rcpts Taxes Nt Ser A        6.375      10/01/19 
                 1,500                   1,500  Virgin Islands Pub Fin Auth Rev
                                                Gross Rcpts Taxes Nt Ser A        6.500      10/01/24 
                                                                                                      
                                                                                                      
                                                                                                      

TOTAL LONG-TERM INVESTMENTS    149.5%






                                         VAP            VPQ            VPV        PROFORMA
DESCRIPTION                         MARKET VALUE   MARKET VALUE   MARKET VALUE  MARKET VALUE
-----------------------------------------------------------------------------------------------
                                                                     
Philadelphia, PA Wtr & Wastewtr
Rev Rfdg (AMBAC Insd)                                                3,926,407     3,926,407
Philadelphia, PA Wtr & Wastewtr
Rev Rfdg (MBIA Insd)                                  3,282,960                    3,282,960
Pittsburgh & Allegheny Cnty, PA
Pub Aud Regl Asset Dist Sales 
Tax (AMBAC Insd)                       5,347,800      4,278,240      4,813,020    14,439,060
Pittsburgh, PA Pub Pkg Auth Rev
Ser B (FGIC Insd) (b)                  1,077,580                                   1,077,580
Pittsburgh, PA Ser A 
(AMBAC Insd)                           2,760,050      2,760,050                    5,520,100
Pittsburgh, PA Ser A
(Prerefunded @ 09/01/09)
(FGIC Insd)                            2,218,000                                   2,218,000
Pittsburgh, PA Ser A 
(Prerefunded @ 09/01/09)
(FGIC Insd)                                           3,327,000                    3,327,000
Pittsburgh, PA Urban Redev Auth
Cent Triangle Tax Increment
Ser A                                                 1,083,210                    1,083,210
Pittsburgh, PA Urban Redev Auth
Mtg Rev Ser C Rfdg (AMT)                                             1,036,920     1,036,920
Pittsburgh, PA Urban Redev Auth
Mtg Rev Ser C Rfdg (AMT)
(GNMA Collateralized)                                                1,611,888     1,611,888
Pittsburgh, PA Wtr & Swr Rfdg
(FGIC Insd)                            2,395,020                                   2,395,020
Quaker Valley, PA Sch Dist
(FSA Insd) (a)                                                       1,987,849     1,987,849
Quaker Valley, PA Sch Dist
(FSA Insd) (a)                                                       2,090,231     2,090,231
Red Lion, PA Area Sch Dist Ser A
(FSA Insd) (a) (b)                                                   1,503,425     1,503,425
Southcentral, PA Gen Auth Rev
Wellspan Hlth Oblig (MBIA Insd)        1,067,410      1,067,410      1,067,410     3,202,230
State Pub Sch Bldg Auth PA
Delaware Cnty College Proj 
(MBIA Insd)                                                          1,133,640     1,133,640
State Pub Sch Bldg Auth PA 
North Hampton Cnty Ser A Rfdg 
(AMBAC Insd)                                          1,161,699                    1,161,699
State Pub Sch Bldg Auth PA Sch 
Conneaut Sch Dist (FGIC Insd)            764,412                                     764,412
State Pub Sch Bldg Auth PA Sch
Conneaut Sch Dist (FGIC Insd)
(Prerefunded @ 11/01/13)               1,386,359                                   1,386,359
State Pub Sch Bldg Auth PA Sch
Conneaut Sch Dist Proj (FGIC Insd)                                     400,964       400,964
State Pub Sch Bldg Auth PA Sch
Conneaut Sch Dist Proj
(FGIC Insd) (Prerefunded
@ 11/01/13)                                                            727,270       727,270
State Pub Sch Bldg Auth PA Sch
Conneaut Sch Dist Proj
(FGIC Insd)                                           1,108,040                    1,108,040
State Pub Sch Bldg Auth PA Sch
Conneaut Sch Dist Proj
(FGIC Insd) (a)                                                      2,746,972     2,746,972
State Pub Sch Bldg Auth PA Sch
Tuscarora Sch Dist Proj
(FSA Insd) (a)                         1,336,176                                   1,336,176
State Pub Sch Bldg Auth PA Sch
Tuscarora Sch Dist Proj
(FSA Insd) (a)                         1,405,039                                   1,405,039
Susquehanna Area Regl Arpt Auth
PA Ser A (AMT) (AMBAC Insd)                                          1,080,010     1,080,010
Susquehanna Area Regl Arpt Auth
T) (AMBAC Insd) (a)                                   2,793,621                    2,793,621
Susquehanna Area Regl Arpt Auth
PA Ser D                               1,552,185      1,552,185      1,034,790     4,139,160
Trinity Area Sch Dist PA
(FGIC Insd)                            2,056,867                                   2,056,867
Union Cnty, PA Higher Ed Fac
Auth Bucknell Univ Ser A                              1,110,420                    1,110,420
Union Cnty, PA Higher Edl 
Bucknell Univ Ser A                                                  1,106,330     1,106,330
Union Cnty, PA Higher Edl 
Bucknell Univ Ser A                                                    552,835       552,835
Uniontown Area, PA Sch Dist
Ser A (Prerefunded @ 10/01/12)
(FSA Insd)                                            2,425,840                    2,425,840
Uniontown Area, PA Sch Dist
Ser A (Prerefunded @ 10/01/12)
(FSA Insd)                                            3,345,360                    3,345,360
Unity Twp, PA Muni Auth Swr Rev
(FSA Insd)                             1,383,675                                   1,383,675
Washington Cnty, PA Auth Rev
Cap Fdg Proj & Equip Pgm
(AMBAC Insd)                                            766,778        766,778     1,533,556
Washington Cnty, PA Ser A 
(AMBAC Insd)                                          2,651,925      1,432,040     4,083,965
Wayne Highlands, PA Sch Dist
FSA Insd)                                                            1,125,850     1,125,850
West Shore, PA Area Hosp Auth Holy
Spirit Hosp Proj                                      1,075,610                    1,075,610
Wilson, PA Area Sch Dist
(FGIC Insd)                                                          1,103,420     1,103,420
Wilson, PA Sch Dist Second Ser
(FSA Insd)                                            1,378,018                    1,378,018
Wilson, PA Sch Dist Second Ser
(FSA Insd)                             1,202,162                                   1,202,162
York Cnty, PA (AMBAC Insd)                                           1,195,601     1,195,601
York Cnty, PA Sch Technology
Auth Lease Rev (FGIC Insd)                            1,394,926                    1,394,926
York Cnty, PA Sch Technology 
Auth Lease Rev (FGIC Insd)                                             566,205       566,205
York Cnty, PA Sch Technology
 Auth Lease Rev (FGIC Insd)                                          1,130,770     1,130,770
                                   ------------------------------------------------------------
                                     108,765,271    201,231,325    110,348,581   420,345,177
                                   ------------------------------------------------------------

GUAM    0.6%
Guam Intl Arpt Auth Gen Ser B
(MBIA Insd)                                                          1,757,226     1,757,226
                                   ------------------------------------------------------------

PUERTO RICO    1.8%
Puerto Rico Comwlth Hwy & Tran
Auth Hwy Rev Ser Y Rfdg
(FSA Insd)                                                           5,111,880     5,111,880
                                   ------------------------------------------------------------

U. S. VIRGIN ISLANDS    1.4%
Virgin Islands Pub Fin Auth Rev
Gross Rcpt Taxes Ln Nt Ser A 
(ACA Insd)                             1,138,160                                   1,138,160
Virgin Islands Pub Fin Auth Rev
Gross Rcpts Taxes Nt Ser A                                           1,157,460     1,157,460
Virgin Islands Pub Fin Auth Rev
Gross Rcpts Taxes Nt Ser A                            1,737,525                    1,737,525
                                   ------------------------------------------------------------
                                       1,138,160      1,737,525      1,157,460     4,033,145
                                   ------------------------------------------------------------

TOTAL LONG-TERM INVESTMENTS    149.5%



                                      L-8



         VAN KAMPEN ADVANTAGE PENNSYLVANIA MUNICIPAL INCOME TRUST (VAP)-
             VAN KAMPEN PENNSYLVANIA QUALITY MUNICIPAL TRUST (VPQ)-
           VAN KAMPEN PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST (VPV)
                        PROFORMA PORTFOLIO OF INVESTMENTS
                                JANUARY 31, 2005
                                   (UNAUDITED)



    VAP         VPQ        VPV       PROFORMA
PAR AMOUNT  PAR AMOUNT  PAR AMOUNT  PAR AMOUNT                                                       
   (000)       (000)      (000)        (000)    DESCRIPTION                       COUPON     MATURITY
-----------------------------------------------------------------------------------------------------
                                                                                
SHORT-TERM INVESTMENTS    4.4%

     2,700         600       2,400       5,700  Delaware Cnty, PA Indl Dev Auth
                                                Dates United Parcel Svc Proj (c)  1.750      12/01/15
     4,700                   1,100       5,800  Delaware Cnty, PA Indl Dev Auth
                                                Pollutn Ctl Rev Exelon Rmkt (c)   1.970      04/01/05
                   520                     520  Lehigh Cnty, PA Gen Purp Auth
                                                Adj Hosp Lehigh Vy Hosp 
                                                Ser A (c)                         1.820      07/01/28
       600                                 600  South Fork Muni Auth PA Hosp Rev
                                                Conemaugh Hlth Sys  Ser A d)
                                                (MBIA Insd) (c)                   1.820      07/01/28
                                                                                                     
TOTAL SHORT-TERM INVESTMENTS    4.4%                                                                 
                                                                                                     
    (Cost $21,820,000)

TOTAL INVESTMENTS    153.9%
   (Cost $593,538,197)                                                                               

LIABILITIES IN EXCESS OF OTHER ASSETS    (1.9%)                                                      

PREFERRED SHARES (INCLUDING ACCRUED DISTRIBUTIONS)    (52.0%)                                        
                                                                                                     

NET ASSETS APPLICABLE TO COMMON SHARES    100.0%                                                     
                                                                                                     






                                                                         VAP            VPQ            VPV        PROFORMA
 DESCRIPTION                                                        MARKET VALUE   MARKET VALUE   MARKET VALUE  MARKET VALUE
----------------------------------------------------------------------------------------------------------------------------
                                                                                                     
(Cost $571,718,197)                                                 109,903,431    202,968,850    118,375,147   431,247,428



 Delaware Cnty, PA Indl Dev Auth
 Dates United Parcel Svc Proj (c)                                     2,700,000        600,000      2,400,000     5,700,000
 Delaware Cnty, PA Indl Dev Auth
 Pollutn Ctl Rev Exelon Rmkt (c)                                      4,700,000                     1,100,000     5,800,000
 Lehigh Cnty, PA Gen Purp Auth
 Adj Hosp Lehigh Vy Hosp 
 Ser A (c)                                                                             520,000                      520,000
 South Fork Muni Auth PA Hosp Rev
 Conemaugh Hlth Sys  Ser A d)
 (MBIA Insd) (c)                                                        600,000                                     600,000
                                                                  ------------------------------------------------------------
TOTAL SHORT-TERM INVESTMENTS    4.4%                                  8,000,000      1,120,000      3,500,000    12,620,000
                                                                  ------------------------------------------------------------
    (Cost $21,820,000)

TOTAL INVESTMENTS    153.9%
   (Cost $593,538,197)                                              117,903,431    204,088,850    121,875,147    43,867,428

LIABILITIES IN EXCESS OF OTHER ASSETS    (1.9%)                      (3,160,996)       816,264     (3,081,105)   (5,425,837)

PREFERRED SHARES (INCLUDING ACCRUED DISTRIBUTIONS)    (52.0%)       (40,008,110)   (65,038,466)   (45,011,404) (150,057,980)
                                                                  ------------------------------------------------------------

NET ASSETS APPLICABLE TO COMMON SHARES    100.0%                   $ 74,734,325   $139,866,648   $ 73,782,638 $ 288,383,611
                                                                  ============================================================


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

 *     Zero Coupon Bond

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

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

(c) Security includes a put feature allowing the Trust to periodically put the
security back to the issuer at amortized cost on specified put dates. The
interest rate shown represents the current interest rate earned by the Trust
based on the most recent reset date.

ACA -- American Capital Access
AMBAC -- AMBAC Indemnity Corp.
AMT -- Alternative Minimum Tax
FGIC -- Financial Guaranty Insurance Co.
FHA -- Federal Housing Administration
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.


                                      L-9

            VAN KAMPEN PENNSYLVANIA QUALITY MUNICIPAL TRUST (VPQ) -             
      VAN KAMPEN TRUST FOR INVESTMENT GRADE PENNSYLVANIA MUNICIPALS (VTP) -
           VAN KAMPEN PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST (VPV)           
                        PROFORMA PORTFOLIO OF INVESTMENTS                       
                                JANUARY 31, 2005                                
                                   (UNAUDITED)                                  
                                                                                




 
   VPQ        VTP        VPV        PROFORMA                            
PAR AMOUNT PAR AMOUNT PAR AMOUNT   PAR AMOUNT
  (000)      (000)      (000)        (000)   DESCRIPTION                           COUPON         MATURITY  
------------------------------------------------------------------------------------------------------------
                                                                            
                                             MUNICIPAL BONDS  149.5%     
                                             PENNSYLVANIA  145.5%
 $ 2,000             $   1,000    $   3,000  Allegheny Cnty, PA Arpt Auth
                                             Pittsburgh Intl Arpt Rfdg (AMT)
                                             (FGIC Insd)                             5.750%   01/01/18  
   1,000                              1,000  Allegheny Cnty, PA Higher Ed
                                             Bldg Carnegie Mellon Univ               5.125    03/01/32  
   1,250                              1,250  Allegheny Cnty, PA Higher Ed
                                             Bldg Carnegie Mellon Univ               5.250    03/01/32  
           $ 1,465                    1,465  Allegheny Cnty, PA Higher Ed
                                             Duquesne Univ Ser A (FGIC Insd)         5.000    03/01/17  
             1,560                    1,560  Allegheny Cnty, PA Higher Ed
                                             Duquesne Univ Ser A 
                                             (FGIC Insd) (a)                         5.000    03/01/18  
                         1,360        1,360  Allegheny Cnty, PA Hosp Dev
                                             Auth Rev Hlth Sys Ser A 
                                             (MBIA Insd)                             6.500    11/15/30  
             3,000                    3,000  Allegheny Cnty, PA Port Auth
                                             Spl Rev Trans (FGIC Insd)               5.000    03/01/29  
   2,000                 2,000        4,000  Allegheny Cnty, PA Port Auth
                                             Spl Rev Trans (Prerefunded @
                                             03/01/09) (MBIA Insd)                   6.000    03/01/24  
   1,300                              1,300  Allegheny Cnty, PA Redev Auth
                                             Tax Increment Rev Robinson Mall
                                             Proj Ser A                              7.000    11/01/17  
               730                      730  Allegheny Cnty, PA Residential
                                             Fin Auth Mtg Rev Single Family
                                             (AMT) (GNMA Collateralized)             7.100    05/01/24  
               510                      510  Allegheny Cnty, PA Residential
                                             Fin Auth Mtg Rev Single Family
                                             Ser II-1 (AMT) (GNMA 
                                             Collateralized)                         5.800    05/01/21  
               930                      930  Allegheny Cnty, PA Residential
                                             Fin Auth Mtg Rev Single Family
                                             Ser II-2 (AMT) (GNMA 
                                             Collateralized)                         5.800    11/01/20  
   1,355       900         905        3,160  Allegheny Cnty, PA Residential
                                             Mtg Single Family Ser KK-2 (AMT)
                                             (GNMA Collateralized)                   5.750    05/01/33  
                         1,525        1,525  Allegheny Cnty, PA Residential
                                             Mtg Single Family Ser MM (AMT)
                                             (GNMA Collateralized)                   5.200    05/01/33  
             2,220                    2,220  Allegheny Cnty, PA San Auth Swr
                                             Rev (MBIA Insd)                         5.750    12/01/17  
             2,900       1,000        3,900  Allegheny Cnty, PA San Auth Swr
                                             Rev (MBIA Insd)                         5.500    12/01/24  
   3,000                              3,000  Allegheny Cnty, PA San Auth Swr
                                             (MBIA Insd)                             5.500    12/01/30  
   2,575                              2,575  Allegheny Cnty, PA San Auth Swr
                                             Rev Ser A (FGIC Insd) (a)                 *      12/01/08  
   2,380                              2,380  Allegheny Cnty, PA San Auth Swr
                                             Rev Ser A (FGIC Insd)                     *      06/01/09  
   1,645                              1,645  Allegheny Cnty, PA San Auth Swr
                                             Rev Ser A (FGIC Insd) (a)                 *      12/01/09  
             2,070                    2,070  Allegheny Cnty, PA Ser C 54 
                                             (Prerefunded @ 11/01/12) 
                                             (MBIA Insd)                             5.375    11/01/18  
             3,250                    3,250  Allegheny Cnty, PA Ser C 54 
                                             (Prerefunded @ 11/01/12) 
                                             (MBIA Insd)                             5.375    11/01/19  
                         2,600        2,600  Allentown, PA Area Hosp Auth
                                             Rev Sacred Heart Hosp of 
                                             Allentown Ser A Rfdg                    6.750    11/15/14  
   1,000     1,175       1,000        3,175  Ambridge, PA Area Sch Dist 
                                             (MBIA Insd)                             5.500    11/01/31  
                         1,695        1,695  Berks Cnty, PA Muni Auth 
                                             Albright College Proj (a)               5.500    10/01/16  
                         1,800        1,800  Berks Cnty, PA Muni Auth 
                                             Albright College Proj (a)               5.500    10/01/17  
   3,000     1,000       2,000        6,000  Berks Cnty, PA Muni Auth Hosp
                                             Rev Reading Hosp & Med Ctr Proj
                                             (Prerefunded @ 11/01/09) 
                                             (FSA Insd)                              6.000    11/01/29  
   1,000     1,460       1,000        3,460  Bethlehem, PA Auth Wtr Gtd
                                             (FSA Insd)                              5.000    11/15/19  
             1,270                    1,270  Bucks Cnty, PA Auth Wtr & Swr
                                             Rev Swr Sys (AMBAC Insd) (a)            5.375    06/01/16  
                         1,000        1,000  Canon McMillan Sch Dist PA 
                                             Ser B (FGIC Insd)                       5.500    12/01/29  
     870       870         870        2,610  Carbon Cnty, PA Indl Dev Auth
                                             Panther Creek Partn Proj Rfdg
                                             (AMT) (LOC: Paribas & Union 
                                             Bk of CA Intl)                          6.650    05/01/10  
   2,000     1,000       1,000        4,000  Central Dauphin, PA Sch Dist
                                             (FSA Insd)                              5.000    12/01/19  
   1,000                              1,000  Chartiers Valley, PA Indl &
                                             Coml Dev Auth First Mtg Rev 
                                             Asbury Hlth Cent Rfdg                   6.375    12/01/19  
   1,000                              1,000  Chartiers Valley, PA Indl &
                                             Coml Dev Auth First Mtg Rev
                                             Asbury Hlth Cent Rfdg                   6.375    12/01/24  
   1,000     1,555       1,000        3,555  Chester Cnty, PA Indl Dev Auth
                                             Rev Collegium Charter Sch Proj
                                             Ser A (ACA Insd)                        5.500    04/15/31  
   1,500                              1,500  Crawford Cnty, PA Hosp Auth Sr
                                             Living Fac Rev Westbury Utd 
                                             Methodist Cmnty                         6.250    08/15/29  
                         1,000        1,000  Cumberland Cnty, PA Muni Auth
                                             Dickinson College Ser A 
                                             (AMBAC Insd)                            5.500    11/01/30  
   2,000                              2,000  Delaware Cnty, PA Auth College
                                             Cabrini College (Radian Insd)           5.750    07/01/23  
   2,295                              2,295  Delaware Cnty, PA Auth College
                                             Neumann College Rfdg (a)                5.875    10/01/21  
                         1,000        1,000  Delaware Cnty, PA Auth College
                                             Neumann College Rfdg                    6.000    10/01/31  
   1,000                              1,000  Delaware Cnty, PA Auth First
                                             Mtg Rev Riddle Vlg Proj Rfdg            6.875    06/01/16  
                         1,000        1,000  Delaware Cnty, PA Auth Hosp Rev
                                             Crozer Chester Med Ctr                  6.000    12/15/09  
   1,000                              1,000  Delaware Cnty, PA Auth Rev
                                             White Horse Vlg Proj Ser A Rfdg         7.625    07/01/30  
   1,750                              1,750  Delaware Cnty, PA Indl Dev Auth
                                             Rev Wtr Fac (AMT) (FGIC Insd)           6.000    06/01/29  
   2,500                              2,500  Delaware Cnty, PA Indl Dev Auth
                                             Wtr Fac PA Suburban Wtr (AMT)
                                             (AMBAC Insd)                            5.350    10/01/31  
   1,230                              1,230  Delaware Cnty, PA Regl Wtr Qual
                                             (MBIA Insd)                             5.250    05/01/19  
   1,555                              1,555  Delaware Cnty, PA Regl Wtr Qual
                                             (MBIA Insd) (a)                         5.250    05/01/22  
             1,480                    1,480  Delaware Cnty, PA Regl Wtr
                                             Quality Ctl Auth Swr Rev
                                             (MBIA Insd) (a)                         5.250    05/01/21  
   2,500     2,500       1,500        6,500  Delaware Vly, PA Regl Fin Auth          5.750    07/01/17  
   2,000                              2,000  Downingtown, PA Area Sch Dist
                                             (FSA Insd)                              5.250    04/01/15  
             2,800                    2,800  Erie, PA Sch Dist (Prerefunded @
                                             09/01/10) (AMBAC Insd)                  5.800    09/01/29  
                         1,010        1,010  Erie, PA Ser A (FSA Insd)               5.000    11/15/18  
   3,420     4,440                    7,860  Falls Twp, PA Hosp Auth Hosp
                                             Rev DE Vly Med Rfdg (FHA Gtd)           7.000    08/01/22  
             1,000                    1,000  Fayette Cnty, PA (Prerefunded @
                                             11/15/10) (AMBAC Insd)                  5.625    11/15/28  
   2,000     1,500       1,000        4,500  Harrisburg, PA Auth Res Gtd Sub
                                             Ser D-2 (FSA Insd)                      5.000    12/01/33  
   3,000     2,000       1,575        6,575  Harrisburg, PA Auth Wtr Rev 
                                             Rfdg (FSA Insd)                         5.000    07/15/21  
   1,000                              1,000  Harveys Lake Genl Muni Auth PA
                                             College Rev College Misericordia
                                             Proj (ACA Insd)                         6.000    05/01/19  
             3,000                    3,000  Hempfield, PA Area Sch Dist
                                             (FGIC Insd)                             5.375    02/15/07  
   2,925                              2,925  Hempfield, PA Area Sch Dist 
                                             (FGIC Insd)                             5.375    02/15/17  
   2,595                              2,595  Hempfield, PA Area Sch Dist
                                             (FGIC Insd)                             5.375    02/15/19  
                         1,000        1,000  Jenkintown, PA Sch Dist Ser A
                                             (FGIC Insd) (b)                         5.000    05/15/28  






                                                     VPQ           VTP           VPV           PROFORMA   
  DESCRIPTION                                    MARKET VALUE  MARKET VALUE  MARKET VALUE    MARKET VALUE 
-------------------------------------------------------------------------------------------------------------
                                                                                             
MUNICIPAL BONDS  149.5%                                                                                      
PENNSYLVANIA  145.5%                                                                                        
Allegheny Cnty, PA Arpt Auth
Pittsburgh Intl Arpt Rfdg (AMT)
(FGIC Insd)                                      $ 2,154,960                  $ 1,077,480     $ 3,232,440     
Allegheny Cnty, PA Higher Ed 
Bldg Carnegie Mellon Univ                          1,046,090                                    1,046,090     
Allegheny Cnty, PA Higher Ed 
Bldg Carnegie Mellon Univ                          1,325,325                                    1,325,325     
Allegheny Cnty, PA Higher Ed 
Duquesne Univ Ser A (FGIC Insd)                                 $ 1,606,592                     1,606,592     
Allegheny Cnty, PA Higher Ed 
Duquesne Univ Ser A 
(FGIC Insd) (a)                                                   1,706,999                     1,706,999     
Allegheny Cnty, PA Hosp Dev 
Auth Rev Hlth Sys Ser A 
(MBIA Insd)                                                                     1,595,457       1,595,457     
Allegheny Cnty, PA Port Auth
Spl Rev Trans (FGIC Insd)                                         3,118,590                     3,118,590     
Allegheny Cnty, PA Port Auth 
Spl Rev Trans (Prerefunded @ 
03/01/09) (MBIA Insd)                              2,266,020                    2,266,020       4,532,040     
Allegheny Cnty, PA Redev Auth
Tax Increment Rev Robinson Mall 
Proj Ser A                                         1,396,122                                    1,396,122     
Allegheny Cnty, PA Residential
Fin Auth Mtg Rev Single Family 
(AMT) (GNMA Collateralized)                                         730,978                       730,978     
Allegheny Cnty, PA Residential 
Fin Auth Mtg Rev Single Family 
Ser II-1 (AMT) (GNMA 
Collateralized)                                                     542,451                       542,451     
Allegheny Cnty, PA Residential 
Fin Auth Mtg Rev Single Family 
Ser II-2 (AMT) (GNMA 
Collateralized)                                                     992,087                       992,087     
Allegheny Cnty, PA Residential
Mtg Single Family Ser KK-2 
(AMT) (GNMA Collateralized)                        1,408,956        935,838       941,037       3,285,831     
Allegheny Cnty, PA Residential
Mtg Single Family Ser MM (AMT)
(GNMA Collateralized)                                                           1,558,733       1,558,733     
Allegheny Cnty, PA San Auth Swr
Rev (MBIA Insd)                                                   2,538,037                     2,538,037     
Allegheny Cnty, PA San Auth Swr 
Rev (MBIA Insd)                                                   3,253,597     1,121,930       4,375,527     
Allegheny Cnty, PA San Auth Swr 
(MBIA Insd)                                        3,331,740                                    3,331,740     
Allegheny Cnty, PA San Auth Swr 
Rev Ser A (FGIC Insd) (a)                          2,303,312                                    2,303,312     
Allegheny Cnty, PA San Auth Swr 
Rev Ser A (FGIC Insd)                              2,081,477                                    2,081,477     
Allegheny Cnty, PA San Auth Swr 
Rev Ser A (FGIC Insd) (a)                          1,411,476                                    1,411,476     
Allegheny Cnty, PA Ser C 54 
(Prerefunded @ 11/01/12) 
(MBIA Insd)                                                       2,359,676                     2,359,676     
Allegheny Cnty, PA Ser C 54 
(Prerefunded @ 11/01/12) 
(MBIA Insd)                                                       3,704,805                     3,704,805     
Allentown, PA Area Hosp Auth 
Rev Sacred Heart Hosp of 
Allentown Ser A Rfdg                                                            2,629,536       2,629,536     
Ambridge, PA Area Sch Dist 
(MBIA Insd)                                        1,107,700      1,301,547     1,107,700       3,516,947     
Berks Cnty, PA Muni Auth 
Albright College Proj (a)                                                       1,841,804       1,841,804     
Berks Cnty, PA Muni Auth 
Albright College Proj (a)                                                       1,944,108       1,944,108     
Berks Cnty, PA Muni Auth Hosp 
Rev Reading Hosp & Med Ctr Proj 
(Prerefunded @ 11/01/09) 
(FSA Insd)                                         3,470,070      1,156,690     2,313,380       6,940,140     
Bethlehem, PA Auth Wtr Gtd 
(FSA Insd)                                         1,097,700      1,602,642     1,097,700       3,798,042     
Bucks Cnty, PA Auth Wtr & Swr 
Rev Swr Sys (AMBAC Insd) (a)                                      1,424,203                     1,424,203     
Canon McMillan Sch Dist PA 
Ser B (FGIC Insd)                                                               1,102,430       1,102,430     
Carbon Cnty, PA Indl Dev Auth 
Panther Creek Partn Proj Rfdg 
(AMT) (LOC: Paribas & Union Bk 
of CA Intl)                                          945,003        945,003       945,003       2,835,009     
Central Dauphin, PA Sch Dist 
(FSA Insd)                                         2,184,540      1,092,270     1,092,270       4,369,080     
Chartiers Valley, PA Indl & 
Coml Dev Auth First Mtg Rev 
Asbury Hlth Cent Rfdg                              1,023,310                                    1,023,310     
Chartiers Valley, PA Indl & 
Coml Dev Auth First Mtg Rev 
Asbury Hlth Cent Rfdg                              1,007,920                                    1,007,920     
Chester Cnty, PA Indl Dev Auth 
Rev Collegium Charter Sch Proj 
Ser A (ACA Insd)                                   1,058,360      1,645,750     1,058,360       3,762,470     
Crawford Cnty, PA Hosp Auth Sr 
Living Fac Rev Westbury Utd 
Methodist Cmnty                                    1,544,655                                    1,544,655     
Cumberland Cnty, PA Muni Auth 
Dickinson College Ser A 
(AMBAC Insd)                                                                    1,101,100       1,101,100     
Delaware Cnty, PA Auth College 
Cabrini College (Radian Insd)                      2,160,080                                    2,160,080     
Delaware Cnty, PA Auth College 
Neumann College Rfdg (a)                           2,420,100                                    2,420,100     
Delaware Cnty, PA Auth College 
Neumann College Rfdg                                                            1,040,790       1,040,790     
Delaware Cnty, PA Auth First 
Mtg Rev Riddle Vlg Proj Rfdg                       1,009,220                                    1,009,220     
Delaware Cnty, PA Auth Hosp Rev 
Crozer Chester Med Ctr                                                          1,011,450       1,011,450     
Delaware Cnty, PA Auth Rev 
White Horse Vlg Proj Ser A Rfdg                    1,058,140                                    1,058,140     
Delaware Cnty, PA Indl Dev Auth 
Rev Wtr Fac (AMT) (FGIC Insd)                      1,941,467                                    1,941,467     
Delaware Cnty, PA Indl Dev Auth 
Wtr Fac PA Suburban Wtr (AMT) 
(AMBAC Insd)                                       2,636,000                                    2,636,000     
Delaware Cnty, PA Regl Wtr Qual 
(MBIA Insd)                                        1,375,570                                    1,375,570     
Delaware Cnty, PA Regl Wtr Qual 
(MBIA Insd) (a)                                    1,724,899                                    1,724,899     
Delaware Cnty, PA Regl Wtr 
Quality Ctl Auth Swr Rev 
(MBIA Insd) (a)                                                   1,646,574                     1,646,574     
Delaware Vly, PA Regl Fin Auth                     2,915,425      2,915,425     1,749,255       7,580,105     
Downingtown, PA Area Sch Dist 
(FSA Insd)                                         2,211,200                                    2,211,200     
Erie, PA Sch Dist (Prerefunded @ 
09/01/10) (AMBAC Insd)                                            3,199,420                     3,199,420     
Erie, PA Ser A (FSA Insd)                                                       1,111,283       1,111,283     
Falls Twp, PA Hosp Auth Hosp 
Rev DE Vly Med Rfdg (FHA Gtd)                      3,554,748      4,614,936                     8,169,684     
Fayette Cnty, PA (Prerefunded 
@ 11/15/10) (AMBAC Insd)                                          1,137,640                     1,137,640     
Harrisburg, PA Auth Res Gtd Sub 
Ser D-2 (FSA Insd)                                 2,191,460      1,643,595     1,095,730       4,930,785     
Harrisburg, PA Auth Wtr Rev 
Rfdg (FSA Insd)                                    3,250,170      2,166,780     1,706,339       7,123,289     
Harveys Lake Genl Muni Auth PA 
College Rev College Misericordia 
Proj (ACA Insd)                                    1,079,610                                    1,079,610     
Hempfield, PA Area Sch Dist 
(FGIC Insd)                                                       3,344,250                     3,344,250     
Hempfield, PA Area Sch Dist 
(FGIC Insd)                                        3,260,644                                    3,260,644     
Hempfield, PA Area Sch Dist 
(FGIC Insd)                                        2,892,776                                    2,892,776     
Jenkintown, PA Sch Dist Ser A 
(FGIC Insd) (b)                                                                 1,044,290       1,044,290     
                                                                                                         


                                      L-10


            VAN KAMPEN PENNSYLVANIA QUALITY MUNICIPAL TRUST (VPQ) -             
      VAN KAMPEN TRUST FOR INVESTMENT GRADE PENNSYLVANIA MUNICIPALS (VTP) -
           VAN KAMPEN PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST (VPV)           
                        PROFORMA PORTFOLIO OF INVESTMENTS                       
                                JANUARY 31, 2005                                
                                   (UNAUDITED)                                  
                                                                                




 
   VPQ        VTP        VPV       PROFORMA                             
PAR AMOUNT PAR AMOUNT PAR AMOUNT  PAR AMOUNT
  (000)      (000)      (000)       (000)    DESCRIPTION                           COUPON         MATURITY  
------------------------------------------------------------------------------------------------------------
                                                                            
   1,000                              1,000  Kennett, PA Cons Sch
                                             Dist Ser A (FGIC Insd)                  5.250    02/15/19     
                         2,000        2,000  Lehigh Cnty, PA Gen 
                                             Purp Auth Cedar Crest
                                             College Rfdg                            6.700    04/01/26     
             2,000                    2,000  Lehigh Cnty, PA Gen
                                             Purp Auth Rev Good 
                                             Shepherd Grp Ser A                      5.500    11/01/24     
   1,000                              1,000  Lehigh Cnty, PA Gen
                                             Purp Auth Good 
                                             Shepherd Grp Ser A                      5.625    11/01/34     
   1,750                              1,750  Lehigh Cnty, PA Gen
                                             Purp Auth Rev Hosp 
                                             Saint Lukes Bethlehem                   5.375    08/15/33     
             1,500                    1,500  Lehigh Northampton, 
                                             PA Arpt Ser A (AMT) 
                                             (MBIA Insd)                             6.000    05/15/25     
             2,700                    2,700  Lehigh Northampton, 
                                             PA Arpt Ser A (AMT) 
                                             (MBIA Insd)                             6.000    05/15/30     
   2,310                              2,310  Luzerne Cnty, PA Ser A
                                             (MBIA Insd) (a)                         5.250    11/15/17     
             2,050                    2,050  Luzerne Cnty, PA Ser A
                                             (MBIA Insd)                             5.250    11/15/19     
   4,000     3,290       1,000        8,290  Luzerne Cnty, PA Ser A
                                             (MBIA Insd)                             5.250    11/15/25     
   3,000     2,650                    5,650  Lycoming Cnty, PA Auth
                                             College Rev PA College
                                             of Technology 
                                             (AMBAC Insd)                            5.350    07/01/26     
                         5,000        5,000  Lycoming Cnty, PA Auth
                                             College Rev PA College
                                             of Technology 
                                             (AMBAC Insd)                            5.375    07/01/30     
                         1,000        1,000  Mercer Cnty, PA 
                                             (FGIC Insd)                             5.500    10/01/15     
   2,500                              2,500  Mercer Cnty, PA 
                                             Indl Dev Auth Wtr 
                                             Facs Philadelphia Sub 
                                             Corp (AMT) (MBIA Insd)                  6.000    07/01/30     
                         1,000        1,000  Mifflin Cnty, PA Hosp
                                             Auth (Radian Insd)                      6.200    07/01/25     
             2,500                    2,500  Mifflin Cnty, PA Hosp
                                             Auth Rev (Radian Insd)                  6.200    07/01/30     
   1,000                 1,000        2,000  Monroe Cnty, PA Hosp
                                             Auth Rev Hosp Pocono
                                             Med Ctr                                 6.000    01/01/43     
                         1,150        1,150  Monroeville, PA Muni
                                             Auth San Swr Rev Ser B
                                             (MBIA Insd) (a)                         5.250    12/01/17     
             1,280                    1,280  Monroeville, PA Muni
                                             Auth San Swr Rev Ser B
                                             (MBIA Insd) (a)                         5.250    12/01/19     
   2,000     2,000       1,000        5,000  Montgomery Cnty, PA 
                                             Higher Ed & Hlth Auth
                                             Hosp Rev Abington Mem
                                             Hosp Ser A                              5.125    06/01/32     
   1,000     1,000         900        2,900  Montgomery Cnty, PA 
                                             Indl Dev Auth Rev Res
                                             Rec Montenay Proj 
                                             Ser A (MBIA Insd)                       5.250    11/01/14     
   2,345                              2,345  Moon Indl Dev Auth PA
                                             Ed Fac Rev Ellis 
                                             Sch Proj                                5.800    03/01/25     
             1,500                    1,500  Mount Lebanon, PA Hosp
                                             Auth Saint Clair Mem
                                             Hosp Ser A                              5.625    07/01/32     
             1,000                    1,000  Northeastern PA Hosp
                                             & Ed Auth College Rev
                                             Gtd Luzerne Cnty Cmnty
                                             College (Prerefunded
                                             @ 02/15/05) 
                                             (AMBAC Insd)                            6.625    08/15/15     
                         1,225        1,225  Northampton Twp, PA 
                                             (FGIC Insd) (a)                         5.375    05/15/15     
   1,000                              1,000  Pennsylvania Econ Dev
                                             Fin Auth Res Recovery
                                             Rev Colver Proj 
                                             Ser D (AMT)                             7.150    12/01/18     
             2,000                    2,000  Pennsylvania Econ Dev
                                             Fin Auth Res Recovery
                                             Rev Colver Proj 
                                             Ser D (AMT)                             7.050    12/01/10     
             1,450                    1,450  Pennsylvania Econ Dev
                                             Fin York Wtr Co Proj
                                             Ser A (AMT) (XLCA Insd)                 5.000    04/01/16     
   2,500     2,500                    5,000  Pennsylvania Hsg Fin
                                             Agy Single Family Mtg
                                             Rev Ser 70A (AMT)                       5.900    04/01/31     
   2,000     2,150                    4,150  Pennsylvania Hsg Fin
                                             Agy Single Family Mtg
                                             Ser 61A (AMT)                           5.500    04/01/29     
   2,395                              2,395  Pennsylvania Hsg Fin
                                             Agy Single Family Mtg
                                             Ser 66A (AMT)                           5.650    04/01/29     
   1,260     1,255                    2,515  Pennsylvania Hsg Fin
                                             Agy Single Family Mtg
                                             Ser 67A (AMT)                           5.900    10/01/30     
                         1,500        1,500  Pennsylvania Intergvtl
                                             Coop Auth Spl Tax Rev 
                                             Philadelphia Fdg Pgm
                                             Rfdg (FGIC Insd)                        5.500    06/15/20     
             1,000                    1,000  Pennsylvania St Higher
                                             Ed Clarion Univ Fndtn
                                             Inc Ser A (XLCA Insd)                   5.000    07/01/28     
   3,000                              3,000  Pennsylvania St Higher
                                             Ed Fac Auth Rev 
                                             Drexel Univ (a)                         5.500    05/01/16     
   1,500                              1,500  Pennsylvania St Higher
                                             Ed Fac Auth Rev Drexel
                                             Univ (Prerefunded @ 
                                             05/01/09)                               6.000    05/01/24     
   1,750                              1,750  Pennsylvania St Higher
                                             Ed Fac Auth Rev Drexel
                                             Univ (Prerefunded @ 
                                             05/01/09)                               6.000    05/01/29     
             1,000       1,000        2,000  Pennsylvania St Higher
                                             Ed Fac Auth Rev Drexel
                                             Univ                                    5.500    05/01/17     
   2,000     1,500       1,000        4,500  Pennsylvania St Higher
                                             Ed Fac Auth Rev La Salle
                                             Univ                                    5.500    05/01/34     
             1,300                    1,300  Pennsylvania St Higher
                                             Ed Fac Auth Rev 
                                             Lycoming Clg Assn 
                                             Indpt (Radian Insd)                     5.250    11/01/19     
   1,170     1,000       1,000        3,170  Pennsylvania St Higher
                                             Ed Fac Auth Rev Thomas
                                             Jefferson Univ                          5.375    01/01/25     
   1,500     1,500       1,500        4,500  Pennsylvania St Higher
                                             Ed Fac Auth Rev Univ
                                             Sciences Philadelphia
                                             Ser A (XLCA Insd) (b)                   5.000    11/01/36     
   1,000                 1,000        2,000  Pennsylvania St Higher
                                             Ed Fac Messiah College
                                             Ser AA3 (Radian Insd)                   5.500    11/01/22     
                         1,645        1,645  Pennsylvania St Higher
                                             Ed Fac Philadelphia 
                                             College Osteopathic 
                                             Med (a)                                 5.000    12/01/17     
                         1,725        1,725  Pennsylvania St Higher
                                             Ed Fac Philadelphia 
                                             College Osteopathic 
                                             Med (a)                                 5.000    12/01/18     
   1,000     1,000                    2,000  Pennsylvania St Higher
                                             Ed Fac Auth Rev UPMC 
                                             Hlth Sys Ser A                          6.250    01/15/18     
   3,600     3,000                    6,600  Pennsylvania St Higher
                                             Ed Fac Auth Rev UPMC
                                             Hlth Sys Ser A 
                                             (FSA Insd)                              5.000    08/01/29     
             1,000                    1,000  Pennsylvania St Higher
                                             Ed Geneva College Proj                  6.125    04/01/22     
                         1,000        1,000  Pennsylvania St Higher
                                             Ed UPMC Hlth Sys Ser A                  6.250    01/15/17     
   3,000     1,000       2,000        6,000  Pennsylvania St Higher
                                             Ed UPMC Hlth Sys Ser A                  6.000    01/15/31     
             1,165       1,000        2,165  Pennsylvania St Indl
                                             Dev Auth Econ Dev
                                             (AMBAC Insd)                            5.500    07/01/14     
             2,000                    2,000  Pennsylvania St Second
                                             Ser (MBIA Insd) 
                                             (Prerefunded @ 10/01/09)                5.750    10/01/17     
   1,200                              1,200  Pennsylvania St Tpk
                                             Commn Tpk Rev Ser A
                                             (AMBAC Insd)                            5.250    12/01/21     
             3,015       3,015        6,030  Pennsylvania St Tpk
                                             Commn Ser T Rfdg 
                                             (FGIC Insd)                             5.500    12/01/10     
   4,505                              4,505  Pennsylvania St Tpk
                                             Commn Tpk Rev Ser T
                                             Rfdg (FGIC Insd)                        5.500    12/01/13     
   2,000                              2,000  Pennsylvania St Univ                    5.000    09/01/29     
   1,000     1,500       1,500        4,000  Pennsylvania St Univ                    5.000    09/01/35     
   1,390                              1,390  Pennsylvania St Univ
                                             Rfdg                                    5.250    08/15/14     
             1,500                    1,500  Pennsylvania St Univ
                                             Rfdg                                    5.250    03/01/17     
             1,550                    1,550  Perkiomen Vly Sch Dist
                                             PA Ser A (FSA Insd)                     5.250    03/01/28     
             3,000                    3,000  Philadelphia, PA 
                                             (FSA Insd)                              5.000    03/15/28     
   1,500                              1,500  Philadelphia, PA
                                             (FSA Insd)                              5.250    09/15/25     
   5,000     6,160                   11,160  Philadelphia, PA
                                             Auth for Indl 
                                             Ser B (FSA Insd)                        5.500    10/1/017     






                                                     VPQ           VTP           VPV           PROFORMA   
  DESCRIPTION                                    MARKET VALUE  MARKET VALUE  MARKET VALUE    MARKET VALUE 
-------------------------------------------------------------------------------------------------------------
                                                                                             
Kennett, PA Cons Sch   
Dist Ser A (FGIC Insd)                            1,109,700                                    1,109,700    
Lehigh Cnty, PA Gen                                                                                         
Purp Auth Cedar Crest                                                                                       
College Rfdg                                                                   2,092,460       2,092,460    
Lehigh Cnty, PA Gen                                                                                         
Purp Auth Rev Good                                                                                          
Shepherd Grp Ser A                                               2,088,340                     2,088,340    
Lehigh Cnty, PA Gen                                                                                         
Purp Auth Good                                                                                              
Shepherd Grp Ser A                                1,042,270                                    1,042,270    
Lehigh Cnty, PA Gen                                                                                         
Purp Auth Rev Hosp                                                                                          
Saint Lukes Bethlehem                             1,795,115                                    1,795,115    
Lehigh Northampton,                                                                                         
PA Arpt Ser A (AMT)                                                                                         
(MBIA Insd)                                                      1,669,965                     1,669,965    
Lehigh Northampton,                                                                                         
PA Arpt Ser A (AMT)                                                                                         
(MBIA Insd)                                                      3,005,937                     3,005,937    
Luzerne Cnty, PA Ser A                                                                                      
(MBIA Insd) (a)                                   2,582,695                                    2,582,695    
Luzerne Cnty, PA Ser A                                                                                      
(MBIA Insd)                                                      2,283,434                     2,283,434    
Luzerne Cnty, PA Ser A                                                                                      
(MBIA Insd)                                       4,396,400      3,616,039     1,099,100       9,111,539    
Lycoming Cnty, PA Auth                                                                                      
College Rev PA College                                                                                      
of Technology                                                                                               
(AMBAC Insd)                                      3,316,140      2,929,257                     6,245,397    
Lycoming Cnty, PA Auth                                                                                      
College Rev PA College                                                                                      
of Technology                                                                                               
(AMBAC Insd)                                                                   5,471,500       5,471,500    
Mercer Cnty, PA                                                                                             
(FGIC Insd)                                                                    1,131,920       1,131,920    
Mercer Cnty, PA                                                                                             
Indl Dev Auth Wtr                                                                                           
Facs Philadelphia Sub                                                                                       
Corp (AMT) (MBIA Insd)                            2,794,750                                    2,794,750    
Mifflin Cnty, PA Hosp                                                                                       
Auth (Radian Insd)                                                             1,129,250       1,129,250    
Mifflin Cnty, PA Hosp                                                                                       
Auth Rev (Radian Insd)                                           2,823,125                     2,823,125    
Monroe Cnty, PA Hosp                                                                                        
Auth Rev Hosp Pocono                                                                                        
Med Ctr                                           1,061,210                    1,061,210       2,122,420    
Monroeville, PA Muni                                                                                        
Auth San Swr Rev Ser B                                                                                      
(MBIA Insd) (a)                                                                1,283,446       1,283,446    
Monroeville, PA Muni                                                                                        
Auth San Swr Rev Ser B                                                                                      
(MBIA Insd) (a)                                                  1,423,078                     1,423,078    
Montgomery Cnty, PA                                                                                         
Higher Ed & Hlth Auth                                                                                       
Hosp Rev Abington Mem                                                                                       
Hosp Ser A                                        2,038,720      2,038,720     1,019,360       5,096,800    
Montgomery Cnty, PA                                                                                         
Indl Dev Auth Rev Res                                                                                       
Rec Montenay Proj                                                                                           
Ser A (MBIA Insd)                                 1,134,780      1,134,780     1,021,302       3,290,862    
Moon Indl Dev Auth PA                                                                                       
Ed Fac Rev Ellis                                                                                            
Sch Proj                                          2,517,287                                    2,517,287    
Mount Lebanon, PA Hosp                                                                                      
Auth Saint Clair Mem                                                                                        
Hosp Ser A                                                       1,565,925                     1,565,925    
Northeastern PA Hosp                                                                                        
& Ed Auth College Rev                                                                                       
Gtd Luzerne Cnty Cmnty                                                                                      
College (Prerefunded                                                                                        
@ 02/15/05)                                                                                                 
(AMBAC Insd)                                                     1,001,800                     1,001,800    
Northampton Twp, PA                                                                                         
(FGIC Insd) (a)                                                                1,365,287       1,365,287    
Pennsylvania Econ Dev                                                                                       
Fin Auth Res Recovery                                                                                       
Rev Colver Proj                                                                                             
Ser D (AMT)                                       1,023,470                                    1,023,470    
Pennsylvania Econ Dev                                                                                       
Fin Auth Res Recovery                                                                                       
Rev Colver Proj                                                                                             
Ser D (AMT)                                                      2,046,180                     2,046,180    
Pennsylvania Econ Dev                                                                                       
Fin York Wtr Co Proj                                                                                        
Ser A (AMT) (XLCA Insd)                                          1,553,951                     1,553,951    
Pennsylvania Hsg Fin                                                                                        
Agy Single Family Mtg                                                                                       
Rev Ser 70A (AMT)                                 2,598,000      2,598,000                     5,196,000    
Pennsylvania Hsg Fin                                                                                        
Agy Single Family Mtg                                                                                       
Ser 61A (AMT)                                     2,051,380      2,205,234                     4,256,614    
Pennsylvania Hsg Fin                                                                                        
Agy Single Family Mtg                                                                                       
Ser 66A (AMT)                                     2,459,042                                    2,459,042    
Pennsylvania Hsg Fin                                                                                        
Agy Single Family Mtg                                                                                       
Ser 67A (AMT)                                     1,300,307      1,295,147                     2,595,454    
Pennsylvania Intergvtl                                                                                      
Coop Auth Spl Tax Rev                                                                                       
Philadelphia Fdg Pgm                                                                                        
Rfdg (FGIC Insd)                                                               1,556,820       1,556,820    
Pennsylvania St Higher                                                                                      
Ed Clarion Univ Fndtn                                                                                       
Inc Ser A (XLCA Insd)                                            1,045,010                     1,045,010    
Pennsylvania St Higher                                                                                      
Ed Fac Auth Rev                                                                                             
Drexel Univ (a)                                   3,356,490                                    3,356,490    
Pennsylvania St Higher                                                                                      
Ed Fac Auth Rev Drexel                                                                                      
Univ (Prerefunded @                                                                                         
05/01/09)                                         1,639,860                                    1,639,860    
Pennsylvania St Higher                                                                                      
Ed Fac Auth Rev Drexel                                                                                      
Univ (Prerefunded @                                                                                         
05/01/09)                                         1,917,510                                    1,917,510    
Pennsylvania St Higher                                                                                      
Ed Fac Auth Rev Drexel                                                                                      
Univ                                                             1,116,690     1,116,690       2,233,380    
Pennsylvania St Higher                                                                                      
Ed Fac Auth Rev La Sall                                                                                     
Univ                                              2,086,260      1,564,695     1,043,130       4,694,085    
Pennsylvania St Higher                                                                                      
Ed Fac Auth Rev                                                                                             
Lycoming Clg Assn                                                                                           
Indpt (Radian Insd)                                              1,419,080                     1,419,080    
Pennsylvania St Higher                                                                                      
Ed Fac Auth Rev Thomas                                                                                      
Jefferson Univ                                    1,918,698      1,084,010     1,084,010       4,086,718    
Pennsylvania St Higher                                                                                      
Ed Fac Auth Rev Univ                                                                                        
Sciences Philadelphia                                                                                       
Ser A (XLCA Insd) (b)                             1,560,690      1,560,690     1,560,690       4,682,070    
Pennsylvania St Higher                                                                                      
Ed Fac Messiah College                                                                                      
Ser AA3 (Radian Insd)                             1,095,070                    1,095,070       2,190,140    
Pennsylvania St Higher                                                                                      
Ed Fac Philadelphia                                                                                         
College Osteopathic                                                                                         
Med (a)                                                                        1,774,659       1,774,659    
Pennsylvania St Higher                                                                                      
Ed Fac Philadelphia                                                                                         
College Osteopathic                                                                                         
Med (a)                                                                        1,852,615       1,852,615    
Pennsylvania St Higher                                                                                      
Ed Fac Auth Rev UPMC                                                                                        
Hlth Sys Ser A                                    1,142,340      1,142,340                     2,284,680    
Pennsylvania St Higher                                                                                      
Ed Fac Auth Rev UPMC                                                                                        
Hlth Sys Ser A                                                                                              
(FSA Insd)                                        3,725,100      3,104,250                     6,829,350    
Pennsylvania St Higher                                                                                      
Ed Geneva College Proj                                           1,064,820                     1,064,820    
Pennsylvania St Higher                                                                                      
Ed UPMC Hlth Sys Ser A                                                         1,144,640       1,144,640    
Pennsylvania St Higher                                                                                      
Ed UPMC Hlth Sys Ser A                            3,334,770      1,111,590     2,223,180       6,669,540    
Pennsylvania St Indl                                                                                        
Dev Auth Econ Dev                                                                                           
(AMBAC Insd)                                                     1,318,897     1,132,100       2,450,997    
Pennsylvania St Second                                                                                      
Ser (MBIA Insd)                                                                                             
(Prerefunded @ 10/01/09                                          2,270,620                     2,270,620    
Pennsylvania St Tpk                                                                                         
Commn Tpk Rev Ser A                                                                                         
(AMBAC Insd)                                      1,344,216                                    1,344,216    
Pennsylvania St Tpk                                                                                         
Commn Ser T Rfdg                                                                                            
(FGIC Insd)                                                      3,415,995     3,415,995       6,831,990    
Pennsylvania St Tpk                                                                                         
Commn Tpk Rev Ser T                                                                                         
Rfdg (FGIC Insd)                                  5,214,718                                    5,214,718    
Pennsylvania St Univ                              2,110,120                                    2,110,120    
Pennsylvania St Univ                              1,049,860      1,574,790     1,574,790       4,199,440    
Pennsylvania St Univ                                                                                        
Rfdg                                              1,583,391                                    1,583,391    
Pennsylvania St Univ                                                                                        
Rfdg                                                             1,669,755                     1,669,755    
Perkiomen Vly Sch Dist                                                                                      
PA Ser A (FSA Insd)                                              1,679,704                     1,679,704    
Philadelphia, PA                                                                                            
(FSA Insd)                                                       3,100,710                     3,100,710    
Philadelphia, PA                                                                                            
(FSA Insd)                                        1,636,905                                    1,636,905    
Philadelphia, PA                                                                                            
Auth for Indl                                                                                               
Ser B (FSA Insd)                                  5,637,700      6,945,646                    12,583,346    

                                                  
                                      L-11


            VAN KAMPEN PENNSYLVANIA QUALITY MUNICIPAL TRUST (VPQ) -             
      VAN KAMPEN TRUST FOR INVESTMENT GRADE PENNSYLVANIA MUNICIPALS (VTP) -
           VAN KAMPEN PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST (VPV)           
                        PROFORMA PORTFOLIO OF INVESTMENTS                       
                                JANUARY 31, 2005                                
                                   (UNAUDITED)                                  
                                                                                




 
   VPQ        VTP        VPV        PROFORMA                            
PAR AMOUNT PAR AMOUNT PAR AMOUNT   PAR AMOUNT 
  (000)      (000)      (000)        (000)   DESCRIPTION                           COUPON         MATURITY  
------------------------------------------------------------------------------------------------------------
                                                                            
   2,000     2,000                    4,000  Philadelphia, PA Auth
                                             for Indl Ser B 
                                             (FSA Insd)                              5.125    10/01/26     
   1,000     1,000       1,000        3,000  Philadelphia, PA Auth
                                             Indl Dev Amern College
                                             Of Physicians                           5.500    06/15/27        
   2,250                              2,250  Philadelphia, PA Auth
                                             Indl Dev Philadelphia
                                             Arpt Sys Proj Ser A
                                             (AMT) (FGIC Insd)                       5.125    07/01/19        
   2,000                 1,500        3,500  Philadelphia, PA Gas
                                             Wks Rev 1975 Gen 
                                             Ordinance 17th Ser
                                             (FSA Insd)                              5.375    07/01/19        
             1,700                    1,700  Philadelphia, PA Gas
                                             Wks Rev 18th Ser
                                             (AGC Insd)                              5.250    08/01/21        
   3,250     1,750                    5,000  Philadelphia, PA Gas
                                             Wks Rev Second Ser
                                             (FSA Insd)                              5.250    07/01/29        
             1,500                    1,500  Philadelphia, PA Gas
                                             Wks Rev Third Ser S
                                             (FSA Insd)                              5.125    08/01/31        
                         1,000        1,000  Philadelphia, PA Hosp
                                             & Higher Ed Fac Auth
                                             Hosp Rev PA Hosp Rfdg
                                             (Escrowed to Maturity)                  6.250    07/01/06        
   1,000                              1,000  Philadelphia, PA Hosp
                                             & Higher Ed Fac Auth
                                             Rev Chestnut Hill 
                                             College                                 6.000    10/01/29        
                         1,455        1,455  Philadelphia, PA Hosp
                                             & Higher Ed Fac Auth
                                             Rev Cmnty College 
                                             Ser B Rfdg 
                                             (MBIA Insd) (a)                         6.500    05/01/09        
             1,645                    1,645  Philadelphia, PA Pkg
                                             Auth Rev Ser A 
                                             (AMBAC Insd)                            5.250    02/15/29        
   4,675                              4,675  Philadelphia, PA Redev
                                             Auth Rev Neighborhood
                                             Trans Ser A (FGIC Insd)                 5.250    04/15/12        
   1,905                              1,905  Philadelphia, PA Redev
                                             Auth Rev Neighborhood
                                             Trans Ser A (FGIC Insd)                 5.500    04/15/16        
   1,250                              1,250  Philadelphia, PA Sch
                                             Dist Ser A 
                                             (Prerefunded @ 02/01/11)
                                             (FSA Insd)                              5.750    02/01/13        
                         2,000        2,000  Philadelphia, PA Sch
                                             Dist Ser B 
                                             (Prerefunded @ 09/01/05)
                                             (AMBAC Insd)                            5.500    09/01/18        
                         3,675        3,675  Philadelphia, PA Wtr
                                             & Wastewtr Rev Rfdg
                                             (AMBAC Insd)                            5.500    06/15/07        
   3,000                              3,000  Philadelphia, PA Wtr
                                             & Wastewtr Rev Rfdg 
                                             (MBIA Insd)                             5.625    06/15/08        
               500                      500  Pittsburgh & Allegheny
                                             Cnty, PA Pub Aud Hotel
                                             Room (AMBAC Insd)                       5.125    02/01/35        
   4,000     2,500       4,500       11,000  Pittsburgh & Allegheny
                                             Cnty, PA Pub Aud Regl
                                             Asset Dist Sales Tax
                                             (AMBAC Insd)                            5.000    02/01/24        
             4,990                    4,990  Pittsburgh & Allegheny
                                             Cnty, PA Pub Aud Regl
                                             Asset Dist Sales Tax
                                             (AMBAC Insd)                            5.000    02/01/29        
             1,000                    1,000  Pittsburgh, PA Pub Pkg
                                             Auth Rev Ser B 
                                             (FGIC Insd) (b)                         5.000    12/01/23        
   2,500     5,000                    7,500  Pittsburgh, PA Ser A
                                             (AMBAC Insd)                            5.500    09/01/17        
   3,000                              3,000  Pittsburgh, PA Ser A
                                             (Prerefunded @ 09/01/09)
                                             (FGIC Insd)                             5.750    09/01/22        
   1,000                              1,000  Pittsburgh, PA Urban
                                             Redev Auth Cent Triangle
                                             Tax Increment Ser A                     6.100    05/01/19        
               500       1,000        1,500  Pittsburgh, PA Urban
                                             Redev Auth Mtg Rev 
                                             Ser C Rfdg (AMT)                        6.500    10/01/23        
                         1,570        1,570  Pittsburgh, PA Urban
                                             Redev Auth Mtg Rev 
                                             Ser C Rfdg (AMT)
                                             (GNMA Collateralized)                   5.700    04/01/30        
             3,700                    3,700  Pittsburgh, PA Wtr &
                                             Swr Rfdg (FGIC Insd)                    6.500    09/01/13        
                         1,765        1,765  Quaker Valley, PA Sch
                                             Dist (FSA Insd) (a)                     5.375    04/01/20        
   1,860                              1,860  Quaker Valley, PA Sch
                                             Dist (FSA Insd) (a)                     5.375    04/01/21        
             1,960                    1,960  Quaker Valley, PA Sch
                                             Dist (FSA Insd) (a)                     5.375    04/01/22        
                         1,375        1,375  Red Lion, PA Area Sch
                                             Dist Ser A 
                                             (FSA Insd) (a) (b)                      5.000    02/01/20        
             2,000                    2,000  Rostraver Twp, PA
                                             (AMBAC Insd)                            5.500    07/01/24        
             1,050                    1,050  Scranton, PA Ser B 
                                             (AMBAC Insd) (a)                        5.000    09/01/17        
   1,000     2,000       1,000        4,000  Southcentral, PA Gen
                                             Auth Rev Wellspan Hlth
                                             Oblig (MBIA Insd)                       5.375    05/15/28        
                         1,000        1,000  State Pub Sch Bldg Auth
                                             PA Delaware Cnty College
                                             Proj (MBIA Insd)                        5.750    10/01/16        
   1,075                              1,075  State Pub Sch Bldg Auth
                                             PA North Hampton Cnty 
                                             Ser A Rfdg (AMBAC Insd)                 5.000    03/01/20        
                           360          360  State Pub Sch Bldg Auth
                                             PA Sch Conneaut Sch Dist
                                             Proj (FGIC Insd)                        5.250    11/01/19        
                           640          640  State Pub Sch Bldg Auth
                                             PA Sch Conneaut Sch Dist
                                             Proj (FGIC Insd) 
                                             (Prerefunded @ 11/01/13)                5.250    11/01/19        
             2,120                    2,120  State Pub Sch Bldg Auth
                                             PA Sch Conneaut Sch Dist
                                             Proj (FGIC Insd) (a)                    5.250    11/01/20        
   1,000                              1,000  State Pub Sch Bldg Auth
                                             PA Sch Conneaut Sch Dist
                                             Proj (FGIC Insd)                        5.250    11/01/22        
                         2,480        2,480  State Pub Sch Bldg Auth
                                             PA Sch Conneaut Sch Dist
                                             Proj (FGIC Insd) (a)                    5.250    11/01/23        
             2,360                    2,360  State Pub Sch Bldg Auth
                                             PA Sch Rev Jefferson Cnty
                                             Dubois Tech Sch 
                                             (FGIC Insd) (a)                         5.375    02/01/23        
             1,140       1,000        2,140  Susquehanna Area Regl
                                             Arpt Auth PA Ser A 
                                             (AMT) (AMBAC Insd)                      5.375    01/01/21        
   2,545                              2,545  Susquehanna Area Regl
                                             Arpt Auth Ser A 
                                             (AMT) (AMBAC Insd) (a)                  5.500    01/01/18        
             5,205                    5,205  Susquehanna Area Regl
                                             Arpt Auth PA Arpt Sys
                                             Rev Ser A (AMT) 
                                             (AMBAC Insd)                            5.375    01/01/23        
   1,500     1,500       1,000        4,000  Susquehanna Area Regl
                                             Arpt Auth PA Ser D                      5.375    01/01/18        
             1,950                    1,950  Swarthmore Boro Auth
                                             PA College                              5.250    09/15/18        
             1,000                    1,000  Trinity Area Sch Dist
                                             PA (FGIC Insd)                          5.250    11/01/20        
   1,000                              1,000  Union Cnty, PA Higher
                                             Ed Fac Auth Bucknell
                                             Univ Ser A                              5.250    04/01/19        
                         1,000        1,000  Union Cnty, PA Higher
                                             Edl Bucknell Univ Ser A                 5.250    04/01/21        
                           500          500  Union Cnty, PA Higher
                                             Edl Bucknell Univ Ser A                 5.250    04/01/22        
             2,300                    2,300  Union Cnty, PA Hosp 
                                             Auth Hosp Rev 
                                             Evangelical Cmnty Hosp
                                             (Radian Insd)                           5.250    08/01/24        
   2,155                              2,155  Uniontown Area, PA Sch
                                             Dist Ser A (Prerefunded
                                             @ 10/01/12) (FSA Insd)                  5.500    10/01/27        
   3,000                              3,000  Uniontown Area, PA Sch 
                                             Dist Ser A 
                                             (Prerefunded @ 10/01/12)
                                             (FSA Insd)                              5.500    10/01/30        
     720                   720        1,440  Washington Cnty, PA
                                             Auth Rev Cap Fdg Proj
                                             & Equip Pgm (AMBAC Insd)                6.150    12/01/29        
   2,500     2,000       1,350        5,850  Washington Cnty, PA
                                             Ser A (AMBAC Insd)                      5.125    09/01/27        
                         1,000        1,000  Wayne Highlands, PA
                                             Sch Dist (FSA Insd)                     5.375    04/01/14        
   1,000     2,000                    3,000  West Shore, PA Area
                                             Hosp Auth Holy Spirit
                                             Hosp Proj                               6.250    01/01/32        
                         1,000        1,000  Wilson, PA Area Sch
                                             Dist (FGIC Insd)                        5.125    03/15/16        
   1,230                              1,230  Wilson, PA Sch Dist
                                             Second Ser (FSA Insd)                   5.375    05/15/15        
                         1,100        1,100  York Cnty, PA 
                                             (AMBAC Insd)                            5.000    06/01/19        
   1,240                              1,240  York Cnty, PA Sch 
                                             Technology Auth Lease
                                             Rev (FGIC Insd)                         5.375    02/15/18        
                           500          500  York Cnty, PA Sch 
                                             Technology Auth Lease Rev
                                             (FGIC Insd)                             5.500    02/15/22        






                                                     VPQ           VTP           VPV           PROFORMA   
  DESCRIPTION                                    MARKET VALUE  MARKET VALUE  MARKET VALUE    MARKET VALUE 
-------------------------------------------------------------------------------------------------------------
                                                                                             
Philadelphia, PA Auth                                                                                       
for Indl Ser B                                                                                              
(FSA Insd)                                        2,145,300      2,145,300                     4,290,600    
Philadelphia, PA Auth     
Indl Dev Amern College    
Of Physicians                                     1,054,020      1,054,020     1,054,020       3,162,060 
Philadelphia, PA Auth                                                                  
Indl Dev Philadelphia                                                                  
Arpt Sys Proj Ser A                                                                    
(AMT) (FGIC Insd)                                 2,397,938                                    2,397,938 
Philadelphia, PA Gas                                                                   
Wks Rev 1975 Gen                                                                       
Ordinance 17th Ser                                                                     
(FSA Insd)                                        2,227,320                    1,670,490       3,897,810 
Philadelphia, PA Gas                                                                   
Wks Rev 18th Ser                                                                       
(AGC Insd)                                                       1,860,259                     1,860,259 
Philadelphia, PA Gas                                                                   
Wks Rev Second Ser                                                                     
(FSA Insd)                                        3,487,933      1,878,118                     5,366,051 
Philadelphia, PA Gas                                                                   
Wks Rev Third Ser S                                                                    
(FSA Insd)                                                       1,564,260                     1,564,260 
Philadelphia, PA Hosp                                                                  
& Higher Ed Fac Auth                                                                   
Hosp Rev PA Hosp Rfdg                                                                  
(Escrowed to Maturity)                                                         1,050,920       1,050,920 
Philadelphia, PA Hosp                                                                  
& Higher Ed Fac Auth                                                                   
Rev Chestnut Hill                                                                      
College                                           1,017,180                                    1,017,180 
Philadelphia, PA Hosp                                                                  
& Higher Ed Fac Auth                                                                   
Rev Cmnty College                                                                      
Ser B Rfdg                                                                             
(MBIA Insd) (a)                                                                 1,661,188       1,661,188 
Philadelphia, PA Pkg                                                                   
Auth Rev Ser A                                                                         
(AMBAC Insd)                                                      1,748,717                     1,748,717 
Philadelphia, PA Redev                                                                 
Auth Rev Neighborhood                                                                  
Trans Ser A (FGIC Insd)                            5,255,168                                    5,255,168 
Philadelphia, PA Redev                                                                 
Auth Rev Neighborhood                                                                  
Trans Ser A (FGIC Insd)                            2,140,534                                    2,140,534 
Philadelphia, PA Sch                                                                   
Dist Ser A                                                                             
(Prerefunded @ 02/01/11)                                                               
(FSA Insd)                                         1,431,200                                    1,431,200 
Philadelphia, PA Sch                                                                   
Dist Ser B                                                                             
(Prerefunded @ 09/01/05)                                                               
(AMBAC Insd)                                                                    2,059,160       2,059,160 
Philadelphia, PA Wtr                                                                   
& Wastewtr Rev Rfdg                                                                    
(AMBAC Insd)                                                                    3,926,407       3,926,407 
Philadelphia, PA Wtr                                                                   
& Wastewtr Rev Rfdg                                                                    
(MBIA Insd)                                        3,282,960                                    3,282,960 
Pittsburgh & Allegheny                                                                 
Cnty, PA Pub Aud Hotel                                                                 
Room (AMBAC Insd)                                                   525,345                       525,345 
Pittsburgh & Allegheny                                                                 
Cnty, PA Pub Aud Regl                                                                  
Asset Dist Sales Tax                                                                   
(AMBAC Insd)                                       4,278,240      2,673,900     4,813,020      11,765,160 
Pittsburgh & Allegheny                                                                 
Cnty, PA Pub Aud Regl                                                                  
Asset Dist Sales Tax                                                                   
(AMBAC Insd)                                                      5,201,676                     5,201,676 
Pittsburgh, PA Pub Pkg                                                                 
Auth Rev Ser B                                                                         
(FGIC Insd) (b)                                                   1,077,580                     1,077,580 
Pittsburgh, PA Ser A                                                                   
(AMBAC Insd)                                       2,760,050      5,520,100                     8,280,150 
Pittsburgh, PA Ser A                                                                   
(Prerefunded @ 09/01/09)                                                               
(FGIC Insd)                                        3,327,000                                    3,327,000 
Pittsburgh, PA Urban                                                                   
Redev Auth Cent Triangle                                                               
Tax Increment Ser A                                1,083,210                                    1,083,210 
Pittsburgh, PA Urban                                                                   
Redev Auth Mtg Rev                                                                     
Ser C Rfdg (AMT)                                                    518,460     1,036,920       1,555,380 
Pittsburgh, PA Urban                                                                   
Redev Auth Mtg Rev                                                                     
Ser C Rfdg (AMT)                                                                       
(GNMA Collateralized)                                                           1,611,888       1,611,888 
Pittsburgh, PA Wtr &                                                                   
Swr Rfdg (FGIC Insd)                                              4,430,787                     4,430,787 
Quaker Valley, PA Sch                                                                  
Dist (FSA Insd) (a)                                                             1,987,849       1,987,849 
Quaker Valley, PA Sch                                                                  
Dist (FSA Insd) (a)                                2,090,231                                    2,090,231 
Quaker Valley, PA Sch                                                                  
Dist (FSA Insd) (a)                                               2,194,553                     2,194,553 
Red Lion, PA Area Sch                                                                  
Dist Ser A                                                                             
(FSA Insd) (a) (b)                                                              1,503,425       1,503,425 
Rostraver Twp, PA                                                                      
(AMBAC Insd)                                                      2,219,700                     2,219,700 
Scranton, PA Ser B                                                                     
(AMBAC Insd) (a)                                                  1,144,805                     1,144,805 
Southcentral, PA Gen                                                                   
Auth Rev Wellspan Hlth                                                                 
Oblig (MBIA Insd)                                  1,067,410      2,134,820     1,067,410       4,269,640 
State Pub Sch Bldg Auth                                                                
PA Delaware Cnty College                                                               
Proj (MBIA Insd)                                                                1,133,640       1,133,640 
State Pub Sch Bldg Auth                                                                
PA North Hampton Cnty                                                                  
Ser A Rfdg (AMBAC Insd)                            1,161,699                                    1,161,699 
State Pub Sch Bldg Auth                                                                
PA Sch Conneaut Sch Dist                                                               
Proj (FGIC Insd)                                                                  400,964         400,964 
State Pub Sch Bldg Auth                                                                
PA Sch Conneaut Sch Dist                                                               
Proj (FGIC Insd)                                                                       
(Prerefunded @ 11/01/13)                                                          727,270         727,270 
State Pub Sch Bldg Auth                                                                
PA Sch Conneaut Sch Dist                                                               
Proj (FGIC Insd) (a)                                              2,357,058                     2,357,058 
State Pub Sch Bldg Auth                                                                
PA Sch Conneaut Sch Dist                                                               
Proj (FGIC Insd)                                   1,108,040                                    1,108,040 
State Pub Sch Bldg Auth                                                                
PA Sch Conneaut Sch Dist                                                               
Proj (FGIC Insd) (a)                                                            2,746,972       2,746,972
State Pub Sch Bldg Auth                                                                
PA Sch Rev Jefferson Cnty                                                              
Dubois Tech Sch                                                                        
(FGIC Insd) (a)                                                   2,645,088                     2,645,088 
Susquehanna Area Regl                                                                  
Arpt Auth PA Ser A                                                                     
(AMT) (AMBAC Insd)                                                1,231,211     1,080,010       2,311,221
Susquehanna Area Regl                                                                  
Arpt Auth Ser A                                                                        
(AMT) (AMBAC Insd) (a)                             2,793,621                                    2,793,621 
Susquehanna Area Regl                                                                  
Arpt Auth PA Arpt Sys                                                                  
Rev Ser A (AMT)                                                                        
(AMBAC Insd)                                                      5,592,408                     5,592,408 
Susquehanna Area Regl                                                                  
Arpt Auth PA Ser D                                 1,552,185      1,552,185     1,034,790       4,139,160 
Swarthmore Boro Auth                                                                   
PA College                                                        2,169,882                     2,169,882 
Trinity Area Sch Dist                                                                  
PA (FGIC Insd)                                                    1,111,820                     1,111,820 
Union Cnty, PA Higher                                                                  
Ed Fac Auth Bucknell                                                                   
Univ Ser A                                         1,110,420                                    1,110,420 
Union Cnty, PA Higher                                                                  
Edl Bucknell Univ Ser A                                                         1,106,330       1,106,330 
Union Cnty, PA Higher                                                                  
Edl Bucknell Univ Ser A                                                           552,835         552,835 
Union Cnty, PA Hosp                                                                    
Auth Hosp Rev                                                                          
Evangelical Cmnty Hosp                                                                 
(Radian Insd)                                                     2,447,706                     2,447,706 
Uniontown Area, PA Sch                                                                 
Dist Ser A (Prerefunded                                                                
@ 10/01/12) (FSA Insd)                             2,425,840                                    2,425,840 
Uniontown Area, PA Sch                                                                 
Dist Ser A                                                                             
(Prerefunded @ 10/01/12)                                                               
(FSA Insd)                                         3,345,360                                    3,345,360 
Washington Cnty, PA                                                                    
Auth Rev Cap Fdg Proj                                                                  
& Equip Pgm (AMBAC Insd)                             766,778                      766,778       1,533,556 
Washington Cnty, PA                                                                    
Ser A (AMBAC Insd)                                 2,651,925      2,121,540     1,432,040       6,205,505 
Wayne Highlands, PA                                                                    
Sch Dist (FSA Insd)                                                             1,125,850       1,125,850 
West Shore, PA Area                                                                    
Hosp Auth Holy Spirit                                                                  
Hosp Proj                                          1,075,610      2,151,220                     3,226,830 
Wilson, PA Area Sch                                                                    
Dist (FGIC Insd)                                                                1,103,420       1,103,420 
Wilson, PA Sch Dist                                                                    
Second Ser (FSA Insd)                              1,378,018                                    1,378,018 
York Cnty, PA                                                                          
(AMBAC Insd)                                                                    1,195,601       1,195,601 
York Cnty, PA Sch                                                                      
Technology Auth Lease                                                                  
Rev (FGIC Insd)                                    1,394,926                                    1,394,926 
York Cnty, PA Sch                                                                      
Technology Auth Lease Rev                                                              
(FGIC Insd)                                                                       566,205         566,205 


                                      L-12



            VAN KAMPEN PENNSYLVANIA QUALITY MUNICIPAL TRUST (VPQ) -             
      VAN KAMPEN TRUST FOR INVESTMENT GRADE PENNSYLVANIA MUNICIPALS (VTP) -
           VAN KAMPEN PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST (VPV)           
                        PROFORMA PORTFOLIO OF INVESTMENTS                       
                                JANUARY 31, 2005                                
                                   (UNAUDITED)                                  
                                                                                




 
   VPQ        VTP        VPV       PROFORMA                             
PAR AMOUNT PAR AMOUNT PAR AMOUNT  PAR AMOUNT  
  (000)      (000)      (000)       (000)    DESCRIPTION                           COUPON         MATURITY  
------------------------------------------------------------------------------------------------------------
                                                                            

                         1,000        1,000  York Cnty, PA Sch 
                                             Technology Auth Lease
                                             Rev (FGIC Insd)                         5.500     02/15/23    
                                                                                                           
                                                                                                           
                                                                                                           

                                                GUAM    0.5%
                         1,585        1,585 Guam Intl Arpt Auth Gen
                                            Ser B (MBIA Insd)                        5.250     10/01/21    
                                                                                                           


                                                PUERTO RICO    1.5%
                         4,000      $ 4,000 Puerto Rico Comwlth Hwy
                                            & Tran Auth Hwy Rev 
                                            Ser Y Rfdg (FSA Insd)                    6.250     07/01/21    
                                                                                                           


                                               U. S. VIRGIN ISLANDS    2.0%
             1,500                    1,500  University Virgin 
                                             Islands Impt Ser A                      5.375     06/01/34    
             2,000                    2,000  Virgin Islands Pub Fin
                                             Auth Rev Gross Rcpt 
                                             Taxes Ln Nt Ser A 
                                             (ACA Insd)                              6.125     10/01/29    
                         1,000        1,000  Virgin Islands Pub Fin
                                             Auth Rev Gross Rcpts
                                             Taxes Nt Ser A                          6.375     10/01/19    
   1,500                              1,500  Virgin Islands Pub Fin
                                             Auth Rev Gross Rcpts 
                                             Taxes Nt Ser A                          6.500     10/01/24    
                                                                                                           
TOTAL LONG-TERM INVESTMENTS    149.5%
   (Cost $571,718,197)
                                                                                                         

SHORT-TERM INVESTMENTS    4.1%

   600         800       2,400        3,800  Delaware Cnty, PA Indl
                                             Dev Auth Dates United
                                             Parcel Svc Proj (c)                     1.750     12/01/15    
             8,200       1,100        9,300  Delaware Cnty, PA Indl
                                             Dev Auth Pollutn Ctl
                                             Rev Exelon Rmkt (c)                     1.970     04/01/05    
   520         200                      720  Lehigh Cnty, PA Gen 
                                             Purp Auth Adj Hosp 
                                             Lehigh Vy Hosp Ser A (c)                1.820     07/01/28    
                                                                                                           







                                                                  VPQ           VTP           VPV           PROFORMA   
  DESCRIPTION                                                 MARKET VALUE  MARKET VALUE  MARKET VALUE    MARKET VALUE 
----------------------------------------------------------------------------------------------------------------------
                                                                                                          
York Cnty, PA Sch            
Technology Auth Lease        
Rev (FGIC Insd)                                                                               1,130,770       1,130,770    
                                                              ------------------------------------------------------------ 
                                                               201,231,325    184,067,097   110,348,581     495,647,003     
                                                              ------------------------------------------------------------ 
                                                                                           
   GUAM    0.5%                                                                            
Guam Intl Arpt Auth Gen                                                                     
Ser B (MBIA Insd)                                                                             1,757,226       1,757,226    
                                                              ------------------------------------------------------------ 
                                                                                           
                                                                                           
   PUERTO RICO    1.5%                                                                     
Puerto Rico Comwlth Hwy                                                                     
& Tran Auth Hwy Rev                                                                         
Ser Y Rfdg (FSA Insd)                                                                         5,111,880       5,111,880     
                                                              ------------------------------------------------------------ 
                                                                                           
                                                                                           
  U. S. VIRGIN ISLANDS    2.0                                                              
University Virgin                                                                          
Islands Impt Ser A                                                              1,577,565                     1,577,565    
Virgin Islands Pub Fin                                                                     
Auth Rev Gross Rcpt                                                                        
Taxes Ln Nt Ser A                                                                          
(ACA Insd)                                                                      2,276,320                     2,276,320    
Virgin Islands Pub Fin                                                                     
Auth Rev Gross Rcpts                                                                       
Taxes Nt Ser A                                                                                1,157,460       1,157,460    
Virgin Islands Pub Fin                                                                     
Auth Rev Gross Rcpts                                                                       
Taxes Nt Ser A                                                   1,737,525                                    1,737,525    
                                                             ------------------------------------------------------------ 
                                                                 1,737,525      3,853,885     1,157,460       6,748,870    
                                                              ----------------------------------------------------------- 
                                                                                           
                                                                                                                                   
                                                               202,968,850    187,920,982   118,375,147     509,264,979    
                                                                                           
                                                                                           
                                                                                           
Delaware Cnty, PA Indl                                                                     
Dev Auth Dates United                                                                      
Parcel Svc Proj (c)                                                600,000        800,000     2,400,000       3,800,000    
Delaware Cnty, PA Indl                                                                     
Dev Auth Pollutn Ctl                                                                       
Rev Exelon Rmkt (c)                                                             8,200,000     1,100,000       9,300,000    
Lehigh Cnty, PA Gen                                                                        
Purp Auth Adj Hosp                                                                         
Lehigh Vy Hosp Ser A (c)                                           520,000        200,000                       720,000    
                                                              ------------------------------------------------------------ 
TOTAL SHORT-TERM INVESTMENTS    4.1%                             1,120,000      9,200,000     3,500,000      13,820,000
                                                              ------------------------------------------------------------
    (Cost $21,820,000)

TOTAL INVESTMENTS    153.6%
   (Cost $593,538,197)                                         204,088,850    197,120,982   121,875,147     523,084,979

LIABILITIES IN EXCESS OF OTHER ASSETS    (0.7%)                    816,264       (125,643)   (3,081,105)     (2,390,484)

PREFERRED SHARES (INCLUDING ACCRUED DISTRIBUTIONS)    (52.9%)  (65,038,466)   (70,080,556)  (45,011,404)   (180,130,426)
                                                              ------------------------------------------------------------

NET ASSETS APPLICABLE TO COMMON SHARES    100.0%              $139,866,648  $ 126,914,783  $ 73,782,638   $ 340,564,069
                                                              ============================================================

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


*              Zero Coupon Bond
(a)            The Trust owns 100% of bond issuance.
(b)            Securities purchased on a when-issued or delayed delivery basis.
(c)            Security includes a put feature allowing the Trust to 
               periodically put the security back to the issuer at amortized 
               cost on specified put dates.  The interest rate shown represents
               the current interest rate earned by the Trust based on the most
               recent reset date.

ACA            American Capital Access
AGC            AGC Insured Custody Certificates
AMBAC          AMBAC Indemnity Corp.
AMT            Alternative Minimum Tax
FGIC           Financial Guaranty Insurance Co.
FHA            Federal Housing Administration
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.

                                      L-13

         VAN KAMPEN ADVANTAGE PENNSYLVANIA MUNICIPAL INCOME TRUST (VAP) -
     VAN KAMPEN TRUST FOR INVESTMENT GRADE PENNSYLVANIA MUNICIPALS (VTP) -
           VAN KAMPEN PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST (VPV)
                        PROFORMA PORTFOLIO OF INVESTMENTS
                                JANUARY 31, 2005
                                   (UNAUDITED)





   VAP         VTP          VPV       PROFORMA                                           
PAR AMOUNT  PAR AMOUNT   PAR AMOUNT  PAR AMOUNT                                                                
  (000)       (000)        (000)       (000)     DESCRIPTION                              COUPON    MATURITY   
---------------------------------------------------------------------------------------------------------------
                                                                                 
                                                 MUNICIPAL BONDS  151.1%
                                                 PENNSYLVANIA  146.4%
                         $ 1,000    $    1,000   Allegheny Cnty, PA Arpt Auth 
                                                 Pittsburgh Intl Arpt Rfdg (AMT)
                                                 (FGIC Insd)                                5.750%   01/01/18  
 $ 1,000                                 1,000   Allegheny Cnty, PA Higher Ed
                                                 Bldg Carnegie Mellon Univ                  5.125    03/01/32  
   1,500                                 1,500   Allegheny Cnty, PA Higher Ed
                                                 Bldg Carnegie Mellon Univ                  5.250    03/01/32  
            $ 1,465                      1,465   Allegheny Cnty, PA Higher Ed
                                                 Duquesne Univ Ser A 
                                                 (FGIC Insd)                                5.000    03/01/17  
              1,560                      1,560   Allegheny Cnty, PA Higher Ed
                                                 Duquesne Univ Ser A
                                                 (FGIC Insd) (a)                            5.000    03/01/18  
                           1,360         1,360   Allegheny Cnty, PA Hosp Dev
                                                 Auth Rev Hlth Sys Ser A
                                                 (MBIA Insd)                                6.500    11/15/30  
              3,000                      3,000   Allegheny Cnty, PA Port Auth
                                                 Spl Rev Trans (FGIC Insd)                  5.000    03/01/29  
                           2,000         2,000   Allegheny Cnty, PA Port Auth
                                                 Spl Rev Trans
                                                 (Prerefunded @ 03/01/09) (MBIA Insd)       6.000    03/01/24  
                730                        730   Allegheny Cnty, PA Residential
                                                 Fin Auth Mtg Rev Single Family
                                                 (AMT) (GNMA Collateralized)                7.100    05/01/24  
                510                        510   Allegheny Cnty, PA Residential
                                                 Fin Auth Mtg Rev Single Family
                                                 Ser II-1 (AMT) (GNMA Collateralized)       5.800    05/01/21  
                930                        930   Allegheny Cnty, PA Residential
                                                 Fin Auth Mtg Rev Single Family
                                                 Ser II-2 (AMT) (GNMA Collateralized)       5.800    11/01/20  
     905        900          905         2,710   Allegheny Cnty, PA Residential
                                                 Mtg Single Family Ser KK-2 (AMT)
                                                 (GNMA Collateralized)                      5.750    05/01/33  
                           1,525         1,525   Allegheny Cnty, PA Residential
                                                 Mtg Single Family Ser MM (AMT)
                                                 (GNMA Collateralized)                      5.200    05/01/33  
   1,000                                 1,000   Allegheny Cnty, PA San Auth Swr
                                                 Rev (MBIA Insd)                            5.750    12/01/13  
              2,220                      2,220   Allegheny Cnty, PA San Auth Swr
                                                 Rev (MBIA Insd)                            5.750    12/01/17  
   1,830                                 1,830   Allegheny Cnty, PA San Auth Swr
                                                 Rev (MBIA Insd)                            5.750    12/01/18  
   2,000      2,900        1,000         5,900   Allegheny Cnty, PA San Auth Swr
                                                 Rev (MBIA Insd)                            5.500    12/01/24  
              2,070                      2,070   Allegheny Cnty, PA Ser C 54 
                                                 (Prerefunded @ 11/01/12)
                                                 (MBIA Insd)                                5.375    11/01/18  
              3,250                      3,250   Allegheny Cnty, PA Ser C 54
                                                 (Prerefunded @ 11/01/12) (MBIA Insd)       5.375    11/01/19  
                           2,600         2,600   Allentown, PA Area Hosp Auth
                                                 Rev Sacred Heart Hosp of
                                                 Allentown Ser A Rfdg                       6.750    11/15/14  
              1,175        1,000         2,175   Ambridge, PA Area Sch Dist
                                                 (MBIA Insd)                                5.500    11/01/31  
   2,640                                 2,640   Bensalem Twp, PA Sch Dist
                                                 (FGIC Insd) (a)                            5.000    08/15/18  
                           1,695         1,695   Berks Cnty, PA Muni Auth
                                                 Albright College Proj (a)                  5.500    10/01/16  
                           1,800         1,800   Berks Cnty, PA Muni Auth
                                                 Albright College Proj (a)                  5.500    10/01/17  
              1,000        2,000         3,000   Berks Cnty, PA Muni Auth Hosp
                                                 Rev Reading Hosp & Med Ctr
                                                 Proj (Prerefunded @ 11/01/09)
                                                 (FSA Insd)                                 6.000    11/01/29  
   1,000      1,460        1,000         3,460   Bethlehem, PA Auth Wtr Gtd
                                                 (FSA Insd)                                 5.000    11/15/19  
   1,150                                 1,150   Bucks Cnty, PA Wtr & Swr Rev
                                                 Neshaminy Interceptor Ser A
                                                 (AMBAC Insd) (a)                           5.375    06/01/14  
   1,215                                 1,215   Bucks Cnty, PA Wtr & Swr Rev
                                                 Neshaminy Interceptor Ser A
                                                 (AMBAC Insd) (a)                           5.375    06/01/15  
              1,270                      1,270   Bucks Cnty, PA Auth Wtr & Swr
                                                 Rev Swr Sys (AMBAC Insd) (a)               5.375    06/01/16  
                           1,000         1,000   Canon McMillan Sch Dist PA Ser
                                                 B (FGIC Insd)                              5.500    12/01/29  
     870        870          870         2,610   Carbon Cnty, PA Indl Dev Auth
                                                 Panther Creek Partn Proj Rfdg
                                                 (AMT) (LOC: Paribas & Union 
                                                 Bk of CA Intl)                             6.650    05/01/10  
   1,500      1,000        1,000         3,500   Central Dauphin, PA Sch Dist
                                                 (FSA Insd)                                 5.000    12/01/19  
              1,555        1,000         2,555   Chester Cnty, PA Indl Dev Auth
                                                 Rev Collegium Charter Sch Proj
                                                 Ser A (ACA Insd)                           .500    04/15/31   
                           1,000         1,000   Cumberland Cnty, PA Muni Auth
                                                 Dickinson College Ser A (AMBAC Insd)       5.500    11/01/30  
   5,000                                 5,000   Dauphin Cnty, PA Genl Auth Hosp
                                                 Rev Hapsco Western PA Hosp 
                                                 Proj B Rfdg (Escrowed to 
                                                 Maturity) (MBIA Insd)                      6.250    07/01/16  
   1,000                   1,000         2,000   Delaware Cnty, PA Auth College
                                                 Neumann College Rfdg                       6.000    10/01/31  
                           1,000         1,000   Delaware Cnty, PA Auth Hosp Rev
                                                 Crozer Chester Med Ctr                     6.000    12/15/09  
              1,480                      1,480   Delaware Cnty, PA Regl Wtr
                                                 Quality Ctl Auth Swr Rev
                                                 (MBIA Insd) (a)                            5.250    05/01/21  
   1,500      2,500        1,500         5,500   Delaware Vly, PA Regl Fin Auth             5.750    07/01/17  
              2,800                      2,800   Erie, PA Sch Dist
                                                 (Prerefunded @ 09/01/10) (AMBAC Insd)      5.800    09/01/29  
                           1,010         1,010   Erie, PA Ser A (FSA Insd)                  5.000    11/15/18  
   2,735                                 2,735   Exeter Twp, PA Sch Dist (FGIC Insd)        5.000    05/15/25  
              4,440                      4,440   Falls Twp, PA Hosp Auth Hosp
                                                 Rev DE Vly Med Rfdg (FHA Gtd)              7.000    08/01/22  
              1,000                      1,000   Fayette Cnty, PA
                                                 (Prerefunded @ 11/15/10) (AMBAC Insd)      5.625    11/15/28  
   2,000                                 2,000   Greater Latrobe, PA Sch Auth
                                                 (FGIC Insd)                                5.250    04/01/17  
   1,500      1,500        1,000         4,000   Harrisburg, PA Auth Res Gtd Sub
                                                 Ser D-2 (FSA Insd)                         5.000    12/01/33  
              2,000        1,575         3,575   Harrisburg, PA Auth Wtr Rev
                                                 Rfdg (FSA Insd)                            5.000    07/15/21  
              3,000                      3,000   Hempfield, PA Area Sch Dist
                                                 (FGIC Insd)                                5.375    02/15/07  
   1,345                   1,000         2,345   Jenkintown, PA Sch Dist Ser A
                                                 (FGIC Insd) (b)                            5.000    05/15/28  
                           2,000         2,000   Lehigh Cnty, PA Gen Purp Auth
                                                 Cedar Crest College Rfdg                   6.700    04/01/26  
              2,000                      2,000   Lehigh Cnty, PA Gen Purp Auth
                                                 Rev Good Shepherd Grp Ser A                5.500    11/01/24  
              1,500                      1,500   Lehigh Northampton, PA Arpt Ser
                                                 A (AMT) (MBIA Insd)                        6.000    05/15/25  
              2,700                      2,700   Lehigh Northampton, PA Arpt Ser
                                                 A (AMT) (MBIA Insd)                        6.000    05/15/30  
              2,050                      2,050   Luzerne Cnty, PA Ser A (MBIA Insd)         5.250    11/15/19  
              3,290        1,000         4,290   Luzerne Cnty, PA Ser A (MBIA Insd)         5.250    11/15/25  
   1,000      2,650                      3,650   Lycoming Cnty, PA Auth College
                                                 Rev PA College of Technology
                                                 (AMBAC Insd)                               5.350    07/01/26  
                           5,000         5,000   Lycoming Cnty, PA Auth College
                                                 Rev PA College of Technology
                                                 (AMBAC Insd)                               5.375    07/01/30  
     905                                   905   Mars, PA Area Sch Dist Ser AA
                                                 (MBIA Insd)                                  *      09/01/19  
     495                                   495   Mars, PA Area Sch Dist Ser AA
                                                 (MBIA Insd)                                  *      09/01/21  
                           1,000         1,000   Mercer Cnty, PA (FGIC Insd)                5.500    10/01/15  
   2,500                                 2,500   Mercer Cnty, PA Indl Dev Auth
                                                 Wtr Facs Philadelphia Sub Corp
                                                 (AMT) (MBIA Insd)                          6.000    07/01/30  





                                        VAP            VTP           VPV          PROFORMA       
DESCRIPTION                         MARKET VALUE   MARKET VALUE  MARKET VALUE    MARKET VALUE    
------------------------------------------------------------------------------------------------ 
                                                                     
MUNICIPAL BONDS  151.1%                                                                          
PENNSYLVANIA  146.4%                                                                             
Allegheny Cnty, PA Arpt Auth                                                                     
Pittsburgh Intl Arpt Rfdg (AMT)                                                                  
(FGIC Insd)                                                         $ 1,077,480     $ 1,077,480  
Allegheny Cnty, PA Higher Ed                                                                     
Bldg Carnegie Mellon Univ              $ 1,046,090                                    1,046,090  
Allegheny Cnty, PA Higher Ed                                                                     
Bldg Carnegie Mellon Univ                1,590,390                                    1,590,390  
Allegheny Cnty, PA Higher Ed                                                                     
Duquesne Univ Ser A                                                                              
(FGIC Insd)                                           $ 1,606,592                     1,606,592  
Allegheny Cnty, PA Higher Ed                                                                     
Duquesne Univ Ser A                                                                              
(FGIC Insd) (a)                                         1,706,999                     1,706,999  
Allegheny Cnty, PA Hosp Dev                                                                      
Auth Rev Hlth Sys Ser A                                                                          
(MBIA Insd)                                                           1,595,457       1,595,457  
Allegheny Cnty, PA Port Auth                                                                     
Spl Rev Trans (FGIC Insd)                               3,118,590                     3,118,590  
Allegheny Cnty, PA Port Auth                                                                     
Spl Rev Trans                                                                                    
(Prerefunded @ 03/01/09) (MBIA I                                      2,266,020       2,266,020  
Allegheny Cnty, PA Residential                                                                   
Fin Auth Mtg Rev Single Family                                                                   
(AMT) (GNMA Collateralized)                               730,978                       730,978  
Allegheny Cnty, PA Residential                                                                   
Fin Auth Mtg Rev Single Family                                                                   
Ser II-1 (AMT) (GNMA Collaterali                          542,451                       542,451  
Allegheny Cnty, PA Residential                                                                   
Fin Auth Mtg Rev Single Family                                                                   
Ser II-2 (AMT) (GNMA Collaterali                          992,087                       992,087  
Allegheny Cnty, PA Residential                                                                   
Mtg Single Family Ser KK-2 (AMT)                                                                 
(GNMA Collateralized)                      941,037        935,838       941,037       2,817,912  
Allegheny Cnty, PA Residential                                                                   
Mtg Single Family Ser MM (AMT)                                                                   
(GNMA Collateralized)                                                 1,558,733       1,558,733  
Allegheny Cnty, PA San Auth Swr                                                                  
Rev (MBIA Insd)                          1,144,810                                    1,144,810  
Allegheny Cnty, PA San Auth Swr                                                                  
Rev (MBIA Insd)                                         2,538,037                     2,538,037  
Allegheny Cnty, PA San Auth Swr                                                                  
Rev (MBIA Insd)                          2,092,166                                    2,092,166  
Allegheny Cnty, PA San Auth Swr                                                                  
Rev (MBIA Insd)                          2,243,860      3,253,597     1,121,930       6,619,387  
Allegheny Cnty, PA Ser C 54                                                                      
(Prerefunded @ 11/01/12)                                                                         
(MBIA Insd)                                             2,359,676                     2,359,676  
Allegheny Cnty, PA Ser C 54                                                                      
(Prerefunded @ 11/01/12) (MBIA I                        3,704,805                     3,704,805  
Allentown, PA Area Hosp Auth                                                                     
Rev Sacred Heart Hosp of                                                                         
Allentown Ser A Rfdg                                                  2,629,536       2,629,536  
Ambridge, PA Area Sch Dist                                                                       
(MBIA Insd)                                             1,301,547     1,107,700       2,409,247  
Bensalem Twp, PA Sch Dist                                                                        
(FGIC Insd) (a)                          2,876,993                                    2,876,993  
Berks Cnty, PA Muni Auth                                                                         
Albright College Proj (a)                                             1,841,804       1,841,804  
Berks Cnty, PA Muni Auth                                                                         
Albright College Proj (a)                                             1,944,108       1,944,108  
Berks Cnty, PA Muni Auth Hosp                                                                    
Rev Reading Hosp & Med Ctr                                                                       
Proj (Prerefunded @ 11/01/09)                                                                    
(FSA Insd)                                              1,156,690     2,313,380       3,470,070  
Bethlehem, PA Auth Wtr Gtd                                                                       
(FSA Insd)                               1,097,700      1,602,642     1,097,700       3,798,042  
Bucks Cnty, PA Wtr & Swr Rev                                                                     
Neshaminy Interceptor Ser A                                                                      
(AMBAC Insd) (a)                         1,292,773                                    1,292,773  
Bucks Cnty, PA Wtr & Swr Rev                                                                     
Neshaminy Interceptor Ser A                                                                      
(AMBAC Insd) (a)                         1,364,895                                    1,364,895  
Bucks Cnty, PA Auth Wtr & Swr                                                                    
Rev Swr Sys (AMBAC Insd) (a)                            1,424,203                     1,424,203  
Canon McMillan Sch Dist PA Ser                                                                   
B (FGIC Insd)                                                         1,102,430       1,102,430  
Carbon Cnty, PA Indl Dev Auth                                                                    
Panther Creek Partn Proj Rfdg                                                                    
(AMT) (LOC: Paribas & Union                                                                      
Bk of CA Intl)                             945,003        945,003       945,003       2,835,009  
Central Dauphin, PA Sch Dist                                                                     
(FSA Insd)                               1,638,405      1,092,270     1,092,270       3,822,945  
Chester Cnty, PA Indl Dev Auth                                                                   
Rev Collegium Charter Sch Proj                                                                   
Ser A (ACA Insd)                                       1,645,750     1,058,360       2,704,110   
Cumberland Cnty, PA Muni Auth                                                                    
Dickinson College Ser A (AMBAC I                                      1,101,100       1,101,100  
Dauphin Cnty, PA Genl Auth Hosp                                                                  
Rev Hapsco Western PA Hosp                                                                       
Proj B Rfdg (Escrowed to                                                                         
Maturity) (MBIA Insd)                    5,902,900                                    5,902,900  
Delaware Cnty, PA Auth College                                                                   
Neumann College Rfdg                     1,040,790                    1,040,790       2,081,580  
Delaware Cnty, PA Auth Hosp Rev                                                                  
Crozer Chester Med Ctr                                                1,011,450       1,011,450  
Delaware Cnty, PA Regl Wtr                                                                       
Quality Ctl Auth Swr Rev                                                                         
(MBIA Insd) (a)                                         1,646,574                     1,646,574  
Delaware Vly, PA Regl Fin Auth           1,749,255      2,915,425     1,749,255       6,413,935  
Erie, PA Sch Dist                                                                                
(Prerefunded @ 09/01/10) (AMBAC                         3,199,420                     3,199,420  
Erie, PA Ser A (FSA Insd)                                             1,111,283       1,111,283  
Exeter Twp, PA Sch Dist (FGIC In         2,916,002                                    2,916,002  
Falls Twp, PA Hosp Auth Hosp                                                                     
Rev DE Vly Med Rfdg (FHA Gtd)                           4,614,936                     4,614,936  
Fayette Cnty, PA                                                                                 
(Prerefunded @ 11/15/10) (AMBAC                         1,137,640                     1,137,640  
Greater Latrobe, PA Sch Auth                                                                     
(FGIC Insd)                              2,214,720                                    2,214,720  
Harrisburg, PA Auth Res Gtd Sub                                                                  
Ser D-2 (FSA Insd)                       1,643,595      1,643,595     1,095,730       4,382,920  
Harrisburg, PA Auth Wtr Rev                                                                      
Rfdg (FSA Insd)                                         2,166,780     1,706,339       3,873,119  
Hempfield, PA Area Sch Dist                                                                      
(FGIC Insd)                                             3,344,250                     3,344,250  
Jenkintown, PA Sch Dist Ser A                                                                    
(FGIC Insd) (b)                          1,404,570                    1,044,290       2,448,860  
Lehigh Cnty, PA Gen Purp Auth                                                                    
Cedar Crest College Rfdg                                              2,092,460       2,092,460  
Lehigh Cnty, PA Gen Purp Auth                                                                    
Rev Good Shepherd Grp Ser A                             2,088,340                     2,088,340  
Lehigh Northampton, PA Arpt Ser                                                                  
A (AMT) (MBIA Insd)                                     1,669,965                     1,669,965  
Lehigh Northampton, PA Arpt Ser                                                                  
A (AMT) (MBIA Insd)                                     3,005,937                     3,005,937  
Luzerne Cnty, PA Ser A (MBIA Ins                        2,283,434                     2,283,434  
Luzerne Cnty, PA Ser A (MBIA Ins                        3,616,039     1,099,100       4,715,139  
Lycoming Cnty, PA Auth College                                                                   
Rev PA College of Technology                                                                     
(AMBAC Insd)                             1,105,380      2,929,257                     4,034,637  
Lycoming Cnty, PA Auth College                                                                   
Rev PA College of Technology                                                                     
(AMBAC Insd)                                                          5,471,500       5,471,500  
Mars, PA Area Sch Dist Ser AA                                                                    
(MBIA Insd)                                477,342                                      477,342  
Mars, PA Area Sch Dist Ser AA                                                                    
(MBIA Insd)                                233,412                                      233,412  
Mercer Cnty, PA (FGIC Insd)                                           1,131,920       1,131,920  
Mercer Cnty, PA Indl Dev Auth                                                                    
Wtr Facs Philadelphia Sub Corp                                                                   
(AMT) (MBIA Insd)                        2,794,750                                    2,794,750  


                                      L-14


         VAN KAMPEN ADVANTAGE PENNSYLVANIA MUNICIPAL INCOME TRUST (VAP) -
     VAN KAMPEN TRUST FOR INVESTMENT GRADE PENNSYLVANIA MUNICIPALS (VTP) -
           VAN KAMPEN PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST (VPV)
                        PROFORMA PORTFOLIO OF INVESTMENTS
                                JANUARY 31, 2005
                                   (UNAUDITED)



   VAP         VTP          VPV       PROFORMA
PAR AMOUNT  PAR AMOUNT   PAR AMOUNT  PAR AMOUNT                                                                   
  (000)       (000)        (000)       (000)     DESCRIPTION                                COUPON    MATURITY    
------------------------------------------------------------------------------------------------------------------
                                                                                   
                           1,000         1,000   Mifflin Cnty, PA Hosp Auth 
                                                 (Radian Insd)                              6.200    07/01/25     
              2,500                      2,500   Mifflin Cnty, PA Hosp Auth Rev
                                                 (Radian Insd)                              6.200    07/01/30     
   1,000                   1,000         2,000   Monroe Cnty, PA Hosp Auth Rev
                                                 Hosp Pocono Med Ctr                        6.000    01/01/43     
   1,205                                 1,205   Monroeville, PA Muni Auth San
                                                 Ser B (MBIA Insd)                          5.250    12/01/18     
   1,350                                 1,350   Monroeville, PA Muni Auth San
                                                 Ser B (MBIA Insd) (a)                      5.250    12/01/20     
                           1,150         1,150   Monroeville, PA Muni Auth San
                                                 Swr Rev Ser B (MBIA Insd) (a)              5.250    12/01/17     
              1,280                      1,280   Monroeville, PA Muni Auth San
                                                 Swr Rev Ser B (MBIA Insd) (a)              5.250    12/01/19     
   1,500      2,000        1,000         4,500   Montgomery Cnty, PA Higher Ed
                                                 & Hlth Auth Hosp Rev Abington
                                                 Mem Hosp Ser A                             5.125    06/01/32     
   1,000      1,000          900         2,900   Montgomery Cnty, PA Indl Dev
                                                 Auth Rev Res Rec Montenay Proj
                                                 Ser A (MBIA Insd)                          5.250    11/01/14     
              1,500                      1,500   Mount Lebanon, PA Hosp Auth
                                                 Saint Clair Mem Hosp Ser A                 5.625    07/01/32     
              1,000                      1,000   Northeastern PA Hosp & Ed Auth
                                                 College Rev Gtd Luzerne Cnty
                                                 Cmnty College (Prerefunded @
                                                 02/15/05) (AMBAC Insd)                     6.625    08/15/15     
                           1,225         1,225   Northampton Twp, PA
                                                 (FGIC Insd) (a)                            5.375    05/15/15     
              2,000                      2,000   Pennsylvania Econ Dev Fin Auth
                                                 Res Recovery Rev Colver Proj 
                                                 Ser D (AMT)                                7.050    12/01/10     
              1,450                      1,450   Pennsylvania Econ Dev Fin York
                                                 Wtr Co Proj Ser A (AMT)
                                                 (XLCA Insd)                                5.000    04/01/16     
              2,500                      2,500   Pennsylvania Hsg Fin Agy Single
                                                 Family Mtg Rev Ser 70A (AMT)               5.900    04/01/31     
              2,150                      2,150   Pennsylvania Hsg Fin Agy Single
                                                 Family Mtg Ser 61A (AMT)                   5.500    04/01/29     
   2,395                                 2,395   Pennsylvania Hsg Fin Agy Single
                                                 Family Mtg Ser 66A (AMT)                   5.650    04/01/29     
              1,255                      1,255   Pennsylvania Hsg Fin Agy Single
                                                 Family Mtg Ser 67A (AMT)                   5.900    10/01/30     
                           1,500         1,500   Pennsylvania Intergvtl Coop Auth
                                                 Spl Tax Rev Philadelphia Fdg Pgm
                                                 Rfdg (FGIC Insd)                           5.500    06/15/20     
              1,000                      1,000   Pennsylvania St Higher Ed Clarion
                                                 Univ Fndtn Inc Ser A (XLCA Insd)           5.000    07/01/28     
   2,000      1,000        1,000         4,000   Pennsylvania St Higher Ed Fac Auth
                                                 Rev Drexel Univ                            5.500    05/01/17     
   1,000      1,500        1,000         3,500   Pennsylvania St Higher Ed Fac Auth
                                                 Rev La Salle Univ                          5.500    05/01/34     
              1,300                      1,300   Pennsylvania St Higher Ed Fac Auth
                                                 Rev Lycoming Clg Assn Indpt
                                                 (Radian Insd)                              5.250    11/01/19     
   1,000      1,000        1,000         3,000   Pennsylvania St Higher Ed Fac Auth
                                                 Rev Thomas Jefferson Univ                  5.375    01/01/25     
   1,500      1,500        1,500         4,500   Pennsylvania St Higher Ed Fac Auth
                                                 Rev Univ Sciences Philadelphia
                                                 Ser A (XLCA Insd) (b)                      5.000    11/01/36     
   1,500                                 1,500   Pennsylvania St Higher Ed Fac
                                                 Clarion Univ Fndtn Inc Ser A
                                                 (XLCA Insd)                                5.250    07/01/18     
   1,500                                 1,500   Pennsylvania St Higher Ed Fac
                                                 Clarion Univ Fndtn Inc Ser A
                                                 (XLCA Insd)                                5.000    07/01/33     
   1,000                   1,000         2,000   Pennsylvania St Higher Ed Fac
                                                 Messiah College Ser AA3 (Radian Insd)      5.500    11/01/22     
   1,560                                 1,560   Pennsylvania St Higher Ed Fac
                                                 Philadelphia College Osteopathic
                                                 Med (a)                                    5.000    12/01/16     
                           1,645         1,645   Pennsylvania St Higher Ed Fac
                                                 Philadelphia College Osteopathic
                                                 Med (a)                                    5.000    12/01/17     
                           1,725         1,725   Pennsylvania St Higher Ed Fac
                                                 Philadelphia College Osteopathic
                                                 Med (a)                                    5.000    12/01/18     
              1,000                      1,000   Pennsylvania St Higher Ed Fac Auth
                                                 Rev UPMC Hlth Sys Ser A                    6.250    01/15/18     
              3,000                      3,000   Pennsylvania St Higher Ed Fac Auth
                                                 Rev UPMC Hlth Sys Ser A
                                                 (FSA Insd)                                 5.000    08/01/29     
              1,000                      1,000   Pennsylvania St Higher Ed 
                                                 Geneva College Proj                        6.125    04/01/22     
                           1,000         1,000   Pennsylvania St Higher Ed UPMC
                                                 Hlth Sys Ser A                             6.250    01/15/17     
   1,850      1,000        2,000         4,850   Pennsylvania St Higher Ed UPMC
                                                 Hlth Sys Ser A                             6.000    01/15/31     
              1,165        1,000         2,165   Pennsylvania St Indl Dev Auth
                                                 Econ Dev (AMBAC Insd)                      5.500    07/01/14     
              2,000                      2,000   Pennsylvania St Second Ser
                                                 (MBIA Insd) (Prerefunded @ 10/01/09)       5.750    10/01/17     
   3,015      3,015        3,015         9,045   Pennsylvania St Tpk Commn Ser
                                                 T Rfdg (FGIC Insd)                         5.500    12/01/10     
              1,500        1,500         3,000   Pennsylvania St Univ                       5.000    09/01/35     
              1,500                      1,500   Pennsylvania St Univ Rfdg                  5.250    03/01/17     
   1,970                                 1,970   Pennsylvania St Univ Rfdg                  5.250    03/01/18     
              1,550                      1,550   Perkiomen Vly Sch Dist PA Ser A
                                                 (FSA Insd)                                 5.250    03/01/28     
              3,000                      3,000   Philadelphia, PA (FSA Insd)                5.000    03/15/28     
   1,500                                 1,500   Philadelphia, PA (FSA Insd)                5.250    09/15/25     
              6,160                      6,160   Philadelphia, PA Auth for Indl
                                                 Ser B (FSA Insd)                           5.500     10/1/017    
              2,000                      2,000   Philadelphia, PA Auth for Indl
                                                 Ser B (FSA Insd)                           5.125     10/01/26    
   1,005      1,000        1,000         3,005   Philadelphia, PA Auth Indl Dev
                                                 Amern College Of Physicians                5.500     06/15/27    
   2,500                                 2,500   Philadelphia, PA Auth Indl Dev
                                                 Philadelphia Arpt Sys Proj Ser A
                                                 (AMT) (FGIC Insd)                          5.250    07/01/28     
   4,250                                 4,250   Philadelphia, PA Gas Wks Rev
                                                 12th Ser B (Escrowed to Maturity)
                                                 (MBIA Insd)                                7.000    05/15/20     
                           1,500         1,500   Philadelphia, PA Gas Wks Rev
                                                 1975 Gen Ordinance 17th Ser
                                                 (FSA Insd)                                 5.375    07/01/19     
              1,700                      1,700   Philadelphia, PA Gas Wks Rev
                                                 18th Ser (AGC Insd)                        5.250    08/01/21     
              1,750                      1,750   Philadelphia, PA Gas Wks Rev
                                                 Second Ser (FSA Insd)                      5.250    07/01/29     
              1,500                      1,500   Philadelphia, PA Gas Wks Rev
                                                 Third Ser S (FSA Insd)                     5.125    08/01/31     
                           1,000         1,000   Philadelphia, PA Hosp & Higher
                                                 Ed Fac Auth Hosp Rev PA Hosp Rfdg
                                                 (Escrowed to Maturity)                     6.250    07/01/06     
                           1,455         1,455   Philadelphia, PA Hosp & Higher
                                                 Ed Fac Auth Rev Cmnty College
                                                 Ser B Rfdg (MBIA Insd) (a)                 6.500    05/01/09     
              1,645                      1,645   Philadelphia, PA Pkg Auth Rev Ser
                                                 A (AMBAC Insd)                             5.250    02/15/29     
                           2,000         2,000   Philadelphia, PA Sch Dist Ser B
                                                 (Prerefunded @ 09/01/05) (AMBAC Insd)      5.500    09/01/18     
   4,100                                 4,100   Philadelphia, PA Wtr & Swr Rev
                                                 Cap Apprec 14th Ser (MBIA Insd)              *      10/01/07     
                           3,675         3,675   Philadelphia, PA Wtr & Wastewtr
                                                 Rev Rfdg (AMBAC Insd)                      5.500    06/15/07     
                500                        500   Pittsburgh & Allegheny Cnty, PA
                                                 Pub Aud Hotel Room (AMBAC Insd)            5.125    02/01/35     
   5,000      2,500        4,500        12,000   Pittsburgh & Allegheny Cnty, PA
                                                 Pub Aud Regl Asset Dist Sales Tax
                                                 (AMBAC Insd)                               5.000    02/01/24     
              4,990                      4,990   Pittsburgh & Allegheny Cnty, PA
                                                 Pub Aud Regl Asset Dist Sales Tax
                                                 (AMBAC Insd)                               5.000    02/01/29     





                                                VAP            VTP           VPV          PROFORMA     
DESCRIPTION                                MARKET VALUE   MARKET VALUE  MARKET VALUE    MARKET VALUE   
------------------------------------------------------------------------------------------------------ 
                                                                                              
Mifflin Cnty, PA Hosp Auth                                                                             
(Radian Insd)                                                              1,129,250       1,129,250   
Mifflin Cnty, PA Hosp Auth Rev                                                                         
(Radian Insd)                                               2,823,125                      2,823,125   
Monroe Cnty, PA Hosp Auth Rev                                                                          
Hosp Pocono Med Ctr                          1,061,210                     1,061,210       2,122,420   
Monroeville, PA Muni Auth San                                                                          
Ser B (MBIA Insd)                            1,342,394                                     1,342,394   
Monroeville, PA Muni Auth San                                                                          
Ser B (MBIA Insd) (a)                        1,498,082                                     1,498,082   
Monroeville, PA Muni Auth San                                                                          
Swr Rev Ser B (MBIA Insd) (a)                                              1,283,446       1,283,446   
Monroeville, PA Muni Auth San                                                                          
Swr Rev Ser B (MBIA Insd) (a)                               1,423,078                      1,423,078   
Montgomery Cnty, PA Higher Ed                                                                          
& Hlth Auth Hosp Rev Abington                                                                          
Mem Hosp Ser A                               1,529,040      2,038,720      1,019,360       4,587,120   
Montgomery Cnty, PA Indl Dev                                                                           
Auth Rev Res Rec Montenay Proj                                                                         
Ser A (MBIA Insd)                            1,134,780      1,134,780      1,021,302       3,290,862   
Mount Lebanon, PA Hosp Auth                                                                            
Saint Clair Mem Hosp Ser A                                  1,565,925                      1,565,925   
Northeastern PA Hosp & Ed Auth                                                                         
College Rev Gtd Luzerne Cnty                                                                           
Cmnty College (Prerefunded @                                                                           
02/15/05) (AMBAC Insd)                                      1,001,800                      1,001,800   
Northampton Twp, PA                                                                                    
(FGIC Insd) (a)                                                            1,365,287       1,365,287   
Pennsylvania Econ Dev Fin Auth                                                                         
Res Recovery Rev Colver Proj                                                                           
Ser D (AMT)                                                 2,046,180                      2,046,180   
Pennsylvania Econ Dev Fin York                                                                         
Wtr Co Proj Ser A (AMT)                                                                                
(XLCA Insd)                                                 1,553,951                      1,553,951   
Pennsylvania Hsg Fin Agy Single                                                                        
Family Mtg Rev Ser 70A (AMT)                                2,598,000                      2,598,000   
Pennsylvania Hsg Fin Agy Single                                                                        
Family Mtg Ser 61A (AMT)                                    2,205,234                      2,205,234   
Pennsylvania Hsg Fin Agy Single                                                                        
Family Mtg Ser 66A (AMT)                     2,459,042                                     2,459,042   
Pennsylvania Hsg Fin Agy Single                                                                        
Family Mtg Ser 67A (AMT)                                    1,295,147                      1,295,147   
Pennsylvania Intergvtl Coop Auth                                                                       
Spl Tax Rev Philadelphia Fdg Pgm                                                                       
Rfdg (FGIC Insd)                                                           1,556,820       1,556,820   
Pennsylvania St Higher Ed Clarion                                                                      
Univ Fndtn Inc Ser A (XLCA Insd)                            1,045,010                      1,045,010   
Pennsylvania St Higher Ed Fac Auth                                                                     
Rev Drexel Univ                              2,233,380      1,116,690      1,116,690       4,466,760   
Pennsylvania St Higher Ed Fac Auth                                                                     
Rev La Salle Univ                            1,043,130      1,564,695      1,043,130       3,650,955   
Pennsylvania St Higher Ed Fac Auth                                                                     
Rev Lycoming Clg Assn Indpt                                                                            
(Radian Insd)                                               1,419,080                      1,419,080   
Pennsylvania St Higher Ed Fac Auth                                                                     
Rev Thomas Jefferson Univ                    1,084,010      1,084,010      1,084,010       3,252,030   
Pennsylvania St Higher Ed Fac Auth                                                                     
Rev Univ Sciences Philadelphia                                                                         
Ser A (XLCA Insd) (b)                        1,560,690      1,560,690      1,560,690       4,682,070   
Pennsylvania St Higher Ed Fac                                                                          
Clarion Univ Fndtn Inc Ser A                                                                           
(XLCA Insd)                                  1,649,130                                     1,649,130   
Pennsylvania St Higher Ed Fac                                                                          
Clarion Univ Fndtn Inc Ser A                                                                           
(XLCA Insd)                                  1,556,805                                     1,556,805   
Pennsylvania St Higher Ed Fac                                                                          
Messiah College Ser AA3 (Radian Insd)        1,095,070                     1,095,070       2,190,140   
Pennsylvania St Higher Ed Fac                                                                          
Philadelphia College Osteopathic                                                                       
Med (a)                                      1,690,556                                     1,690,556   
Pennsylvania St Higher Ed Fac                                                                          
Philadelphia College Osteopathic                                                                       
Med (a)                                                                    1,774,659       1,774,659   
Pennsylvania St Higher Ed Fac                                                                          
Philadelphia College Osteopathic                                                                       
Med (a)                                                                    1,852,615       1,852,615   
Pennsylvania St Higher Ed Fac Auth                                                                     
Rev UPMC Hlth Sys Ser A                                     1,142,340                      1,142,340   
Pennsylvania St Higher Ed Fac Auth                                                                     
Rev UPMC Hlth Sys Ser A                                                                                
(FSA Insd)                                                  3,104,250                      3,104,250   
Pennsylvania St Higher Ed                                                                              
Geneva College Proj                                         1,064,820                      1,064,820   
Pennsylvania St Higher Ed UPMC                                                                         
Hlth Sys Ser A                                                             1,144,640       1,144,640   
Pennsylvania St Higher Ed UPMC                                                                         
Hlth Sys Ser A                               2,056,442      1,111,590      2,223,180       5,391,212   
Pennsylvania St Indl Dev Auth                                                                          
Econ Dev (AMBAC Insd)                                       1,318,897      1,132,100       2,450,997   
Pennsylvania St Second Ser                                                                             
(MBIA Insd) (Prerefunded @ 10/01/09)                        2,270,620                      2,270,620   
Pennsylvania St Tpk Commn Ser                                                                          
T Rfdg (FGIC Insd)                           3,415,995      3,415,995      3,415,995      10,247,985   
Pennsylvania St Univ                                        1,574,790      1,574,790       3,149,580   
Pennsylvania St Univ Rfdg                                   1,669,755                      1,669,755   
Pennsylvania St Univ Rfdg                    2,189,891                                     2,189,891   
Perkiomen Vly Sch Dist PA Ser A                                                                        
(FSA Insd)                                                  1,679,704                      1,679,704   
Philadelphia, PA (FSA Insd)                                 3,100,710                      3,100,710   
Philadelphia, PA (FSA Insd)                  1,636,905                                     1,636,905   
Philadelphia, PA Auth for Indl                                                                         
Ser B (FSA Insd)                                            6,945,646                      6,945,646   
Philadelphia, PA Auth for Indl                                                                         
Ser B (FSA Insd)                                            2,145,300                      2,145,300   
Philadelphia, PA Auth Indl Dev                                                                         
Amern College Of Physicians                  1,059,290      1,054,020      1,054,020       3,167,330   
Philadelphia, PA Auth Indl Dev                                                                         
Philadelphia Arpt Sys Proj Ser A                                                                       
(AMT) (FGIC Insd)                            2,621,050                                     2,621,050   
Philadelphia, PA Gas Wks Rev                                                                           
12th Ser B (Escrowed to Maturity)                                                                      
(MBIA Insd)                                  5,317,770                                     5,317,770   
Philadelphia, PA Gas Wks Rev                                                                           
1975 Gen Ordinance 17th Ser                                                                            
(FSA Insd)                                                                 1,670,490       1,670,490   
Philadelphia, PA Gas Wks Rev                                                                           
18th Ser (AGC Insd)                                         1,860,259                      1,860,259   
Philadelphia, PA Gas Wks Rev                                                                           
Second Ser (FSA Insd)                                       1,878,118                      1,878,118   
Philadelphia, PA Gas Wks Rev                                                                           
Third Ser S (FSA Insd)                                      1,564,260                      1,564,260   
Philadelphia, PA Hosp & Higher                                                                         
Ed Fac Auth Hosp Rev PA Hosp Rfdg                                                                      
(Escrowed to Maturity)                                                     1,050,920       1,050,920   
Philadelphia, PA Hosp & Higher                                                                         
Ed Fac Auth Rev Cmnty College                                                                          
Ser B Rfdg (MBIA Insd) (a)                                                 1,661,188       1,661,188   
Philadelphia, PA Pkg Auth Rev Ser                                                                      
A (AMBAC Insd)                                              1,748,717                      1,748,717   
Philadelphia, PA Sch Dist Ser B                                                                        
(Prerefunded @ 09/01/05) (AMBAC Insd)                                      2,059,160       2,059,160   
Philadelphia, PA Wtr & Swr Rev                                                                         
Cap Apprec 14th Ser (MBIA Insd)              3,821,036                                     3,821,036   
Philadelphia, PA Wtr & Wastewtr                                                                        
Rev Rfdg (AMBAC Insd)                                                      3,926,407       3,926,407   
Pittsburgh & Allegheny Cnty, PA                                                                        
Pub Aud Hotel Room (AMBAC Insd)                               525,345                        525,345   
Pittsburgh & Allegheny Cnty, PA                                                                        
Pub Aud Regl Asset Dist Sales Tax                                                                      
(AMBAC Insd)                                 5,347,800      2,673,900      4,813,020      12,834,720   
Pittsburgh & Allegheny Cnty, PA                                                                        
Pub Aud Regl Asset Dist Sales Tax                                                                      
(AMBAC Insd)                                                5,201,676                      5,201,676   


                                      L-15


         VAN KAMPEN ADVANTAGE PENNSYLVANIA MUNICIPAL INCOME TRUST (VAP) -
     VAN KAMPEN TRUST FOR INVESTMENT GRADE PENNSYLVANIA MUNICIPALS (VTP) -
           VAN KAMPEN PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST (VPV)
                        PROFORMA PORTFOLIO OF INVESTMENTS
                                JANUARY 31, 2005
                                   (UNAUDITED)



   VAP         VTP          VPV       PROFORMA
PAR AMOUNT  PAR AMOUNT   PAR AMOUNT  PAR AMOUNT                                                                   
  (000)       (000)        (000)       (000)     DESCRIPTION                                COUPON    MATURITY    
------------------------------------------------------------------------------------------------------------------
                                                                                   
   1,000      1,000                      2,000   Pittsburgh, PA Pub Pkg Auth Rev
                                                 Ser B (FGIC Insd) (b)                      5.000    12/01/23     
   2,500      5,000                      7,500   Pittsburgh, PA Ser A (AMBAC Insd)          5.500    09/01/17     
   2,000                                 2,000   Pittsburgh, PA Ser A 
                                                 (Prerefunded @ 09/01/09) (FGIC Insd)       5.750    09/01/21     
                500        1,000         1,500   Pittsburgh, PA Urban Redev Auth
                                                 Mtg Rev Ser C Rfdg (AMT)                   6.500    10/01/23     
                           1,570         1,570   Pittsburgh, PA Urban Redev Auth
                                                 Mtg Rev Ser C Rfdg (AMT)
                                                 (GNMA Collateralized)                      5.700    04/01/30     
   2,000      3,700                      5,700   Pittsburgh, PA Wtr & Swr Rfdg
                                                 (FGIC Insd)                                6.500    09/01/13     
                           1,765         1,765   Quaker Valley, PA Sch Dist
                                                 (FSA Insd) (a)                             5.375    04/01/20     
              1,960                      1,960   Quaker Valley, PA Sch Dist
                                                 (FSA Insd) (a)                             5.375    04/01/22     
                           1,375         1,375   Red Lion, PA Area Sch Dist Ser A
                                                 (FSA Insd) (a) (b)                         5.000    02/01/20     
              2,000                      2,000   Rostraver Twp, PA (AMBAC Insd)             5.500    07/01/24     
              1,050                      1,050   Scranton, PA Ser B (AMBAC Insd) (a)        5.000    09/01/17     
   1,000      2,000        1,000         4,000   Southcentral, PA Gen Auth Rev
                                                 Wellspan Hlth Oblig (MBIA Insd)            5.375    05/15/28     
                           1,000         1,000   State Pub Sch Bldg Auth PA
                                                 Delaware Cnty College Proj (MBIA Insd)     5.750    10/01/16     
     685                                   685   State Pub Sch Bldg Auth PA Sch
                                                 Conneaut Sch Dist (FGIC Insd)              5.250    11/01/18     
   1,220                                 1,220   State Pub Sch Bldg Auth PA Sch
                                                 Conneaut Sch Dist (FGIC Insd)
                                                 (Prerefunded @ 11/01/13)                   5.250    11/01/18     
                             360           360   State Pub Sch Bldg Auth PA Sch
                                                 Conneaut Sch Dist Proj (FGIC Insd)         5.250    11/01/19     
                             640           640   State Pub Sch Bldg Auth PA Sch
                                                 Conneaut Sch Dist Proj (FGIC Insd)
                                                 (Prerefunded @ 11/01/13)                   5.250    11/01/19     
              2,120                      2,120   State Pub Sch Bldg Auth PA Sch
                                                 Conneaut Sch Dist Proj (FGIC Insd) (a)     5.250    11/01/20     
                           2,480         2,480   State Pub Sch Bldg Auth PA Sch
                                                 Conneaut Sch Dist Proj (FGIC Insd) (a)     5.250    11/01/23     
              2,360                      2,360   State Pub Sch Bldg Auth PA Sch
                                                 Rev Jefferson Cnty Dubois Tech
                                                 Sch (FGIC Insd) (a)                        5.375    02/01/23     
   1,205                                 1,205   State Pub Sch Bldg Auth PA Sch
                                                 Tuscarora Sch Dist Proj (FSA Insd) (a)     5.250    04/01/20     
   1,270                                 1,270   State Pub Sch Bldg Auth PA Sch
                                                 Tuscarora Sch Dist Proj (FSA Insd) (a)     5.250    04/01/21     
              1,140        1,000         2,140   Susquehanna Area Regl Arpt Auth
                                                 PA Ser A (AMT) (AMBAC Insd)                5.375    01/01/21     
              5,205                      5,205   Susquehanna Area Regl Arpt Auth
                                                 PA Arpt Sys Rev Ser A (AMT) (AMBAC Insd)   5.375    01/01/23     
   1,500      1,500        1,000         4,000   Susquehanna Area Regl Arpt Auth
                                                 PA Ser D                                   5.375    01/01/18     
              1,950                      1,950   Swarthmore Boro Auth PA College            5.250    09/15/18     
   1,850      1,000                      2,850   Trinity Area Sch Dist PA (FGIC Insd)       5.250    11/01/20     
                           1,000         1,000   Union Cnty, PA Higher Edl
                                                 Bucknell Univ Ser A                        5.250    04/01/21     
                             500           500   Union Cnty, PA Higher Edl
                                                 Bucknell Univ Ser A                        5.250    04/01/22     
              2,300                      2,300   Union Cnty, PA Hosp Auth Hosp
                                                 Rev Evangelical Cmnty Hosp
                                                 (Radian Insd)                              5.250    08/01/24     
   1,285                                 1,285   Unity Twp, PA Muni Auth Swr Rev
                                                 (FSA Insd)                                 5.000    12/01/24     
                             720           720   Washington Cnty, PA Auth Rev Cap
                                                 Fdg Proj & Equip Pgm (AMBAC Insd)          6.150    12/01/29     
              2,000        1,350         3,350   Washington Cnty, PA Ser A (AMBAC Insd)     5.125    09/01/27     
                           1,000         1,000   Wayne Highlands, PA Sch Dist (FSA Insd)    5.375    04/01/14     
              2,000                      2,000   West Shore, PA Area Hosp Auth 
                                                 Holy Spirit Hosp Proj                      6.250    01/01/32     
                           1,000         1,000   Wilson, PA Area Sch Dist (FGIC Insd)       5.125    03/15/16     
   1,075                                 1,075   Wilson, PA Sch Dist Second Ser
                                                 (FSA Insd)                                 5.375    05/15/16     
                           1,100         1,100   York Cnty, PA (AMBAC Insd)                 5.000    06/01/19     
                             500           500   York Cnty, PA Sch Technology Auth
                                                 Lease Rev (FGIC Insd)                      5.500    02/15/22     
                           1,000         1,000   York Cnty, PA Sch Technology Auth
                                                 Lease Rev (FGIC Insd)                      5.500    02/15/23     
                                                                                                                  
                                                                                                                  
                                                                                                                  
                                                                                                                  
                                                                                                                  

                                                    GUAM    0.6%
                           1,585         1,585   Guam Intl Arpt Auth Gen Ser B
                                                 (MBIA Insd)                                5.250    10/01/21     
                                                                                                                  
                                                                                                                  


                                                    PUERTO RICO    1.9%
                           4,000       $ 4,000   Puerto Rico Comwlth Hwy & Tran
                                                 Auth Hwy Rev Ser Y Rfdg (FSA Insd)          6.250    07/01/21    
                                                                                                                  
                                                                                                                  


                                                    U. S. VIRGIN ISLANDS    2.2%
              1,500                      1,500   University Virgin Islands Impt Ser A       5.375    06/01/34     
   1,000      2,000                      3,000   Virgin Islands Pub Fin Auth Rev
                                                 Gross Rcpt Taxes Ln Nt Ser A (ACA Insd)    6.125    10/01/29     
                           1,000         1,000   Virgin Islands Pub Fin Auth Rev
                                                 Gross Rcpts Taxes Nt Ser A                 6.375    10/01/19     
                                                                                                                  
                                                                                                                  
                                                                                                                  
                                                                                                                  
                                                                                                                  



SHORT-TERM INVESTMENTS    7.5%

  2,700        800        2,400          5,900   Delaware Cnty, PA Indl Dev Auth
                                                 Dates United Parcel Svc Proj (c)           1.750    12/01/15     
  4,700      8,200        1,100         14,000   Delaware Cnty, PA Indl Dev Auth
                                                 Pollutn Ctl Rev Exelon Rmkt (c)            1.970    04/01/05     





                                                  VAP            VTP           VPV          PROFORMA     
DESCRIPTION                                  MARKET VALUE   MARKET VALUE  MARKET VALUE    MARKET VALUE   
-------------------------------------------------------------------------------------------------------- 
                                                                                      
Pittsburgh, PA Pub Pkg Auth Rev                                                                          
Ser B (FGIC Insd) (b)                           1,077,580      1,077,580                     2,155,160   
Pittsburgh, PA Ser A (AMBAC Insd)               2,760,050      5,520,100                     8,280,150   
Pittsburgh, PA Ser A                                                                                     
(Prerefunded @ 09/01/09) (FGIC Insd)            2,218,000                                    2,218,000   
Pittsburgh, PA Urban Redev Auth                                                                          
Mtg Rev Ser C Rfdg (AMT)                                         518,460     1,036,920       1,555,380   
Pittsburgh, PA Urban Redev Auth                                                                          
Mtg Rev Ser C Rfdg (AMT)                                                                                 
(GNMA Collateralized)                                                        1,611,888       1,611,888   
Pittsburgh, PA Wtr & Swr Rfdg                                                                            
(FGIC Insd)                                     2,395,020      4,430,787                     6,825,807   
Quaker Valley, PA Sch Dist                                                                               
(FSA Insd) (a)                                                               1,987,849       1,987,849   
Quaker Valley, PA Sch Dist                                                                               
(FSA Insd) (a)                                                 2,194,553                     2,194,553   
Red Lion, PA Area Sch Dist Ser A                                                                         
(FSA Insd) (a) (b)                                                           1,503,425       1,503,425   
Rostraver Twp, PA (AMBAC Insd)                                 2,219,700                     2,219,700   
Scranton, PA Ser B (AMBAC Insd) (a)                            1,144,805                     1,144,805   
Southcentral, PA Gen Auth Rev                                                                            
Wellspan Hlth Oblig (MBIA Insd)                 1,067,410      2,134,820     1,067,410       4,269,640   
State Pub Sch Bldg Auth PA                                                                               
Delaware Cnty College Proj (MBIA Insd)                                       1,133,640       1,133,640   
State Pub Sch Bldg Auth PA Sch                                                                           
Conneaut Sch Dist (FGIC Insd)                     764,412                                      764,412   
State Pub Sch Bldg Auth PA Sch                                                                           
Conneaut Sch Dist (FGIC Insd)                                                                            
(Prerefunded @ 11/01/13)                        1,386,359                                    1,386,359   
State Pub Sch Bldg Auth PA Sch                                                                           
Conneaut Sch Dist Proj (FGIC Insd)                                             400,964         400,964   
State Pub Sch Bldg Auth PA Sch                                                                           
Conneaut Sch Dist Proj (FGIC Insd)                                                                       
(Prerefunded @ 11/01/13)                                                       727,270         727,270   
State Pub Sch Bldg Auth PA Sch                                                                           
Conneaut Sch Dist Proj (FGIC Insd) (a)                         2,357,058                     2,357,058   
State Pub Sch Bldg Auth PA Sch                                                                           
Conneaut Sch Dist Proj (FGIC Insd) (a)                                       2,746,972       2,746,972   
State Pub Sch Bldg Auth PA Sch                                                                           
Rev Jefferson Cnty Dubois Tech                                                                           
Sch (FGIC Insd) (a)                                            2,645,088                     2,645,088   
State Pub Sch Bldg Auth PA Sch                                                                           
Tuscarora Sch Dist Proj (FSA Insd) (a)          1,336,176                                    1,336,176   
State Pub Sch Bldg Auth PA Sch                                                                           
Tuscarora Sch Dist Proj (FSA Insd) (a)          1,405,039                                    1,405,039   
Susquehanna Area Regl Arpt Auth                                                                          
PA Ser A (AMT) (AMBAC Insd)                                    1,231,211     1,080,010       2,311,221   
Susquehanna Area Regl Arpt Auth                                                                          
PA Arpt Sys Rev Ser A (AMT) (AMBAC Insd)                       5,592,408                     5,592,408   
Susquehanna Area Regl Arpt Auth                                                                          
PA Ser D                                        1,552,185      1,552,185     1,034,790       4,139,160   
Swarthmore Boro Auth PA College                                2,169,882                     2,169,882   
Trinity Area Sch Dist PA (FGIC Insd)            2,056,867      1,111,820                     3,168,687   
Union Cnty, PA Higher Edl                                                                                
Bucknell Univ Ser A                                                          1,106,330       1,106,330   
Union Cnty, PA Higher Edl                                                                                
Bucknell Univ Ser A                                                            552,835         552,835   
Union Cnty, PA Hosp Auth Hosp                                                                            
Rev Evangelical Cmnty Hosp                                                                               
(Radian Insd)                                                  2,447,706                     2,447,706   
Unity Twp, PA Muni Auth Swr Rev                                                                          
(FSA Insd)                                      1,383,675                                    1,383,675   
Washington Cnty, PA Auth Rev Cap                                                                         
Fdg Proj & Equip Pgm (AMBAC Insd)                                              766,778         766,778   
Washington Cnty, PA Ser A (AMBAC Insd)                         2,121,540     1,432,040       3,553,580   
Wayne Highlands, PA Sch Dist (FSA Insd)                                      1,125,850       1,125,850   
West Shore, PA Area Hosp Auth                                                                            
Holy Spirit Hosp Proj                                          2,151,220                     2,151,220   
Wilson, PA Area Sch Dist (FGIC Insd)                                         1,103,420       1,103,420   
Wilson, PA Sch Dist Second Ser                                                                           
(FSA Insd)                                      1,202,162                                    1,202,162   
York Cnty, PA (AMBAC Insd)                                                   1,195,601       1,195,601   
York Cnty, PA Sch Technology Auth                                                                        
Lease Rev (FGIC Insd)                                                          566,205         566,205   
York Cnty, PA Sch Technology Auth                                                                        
Lease Rev (FGIC Insd)                                                        1,130,770       1,130,770   
                                              --------------------------------------------------------   
                                              108,765,271    184,067,097   110,348,581     403,180,949   
                                              --------------------------------------------------------   
                                                                                                         
   GUAM    0.6%                                                                                          
Guam Intl Arpt Auth Gen Ser B                                                                            
(MBIA Insd)                                                                  1,757,226       1,757,226   
                                              --------------------------------------------------------   
                                                                                                         
                                                                                                         
   PUERTO RICO    1.9%                                                                                   
Puerto Rico Comwlth Hwy & Tran                                                                           
Auth Hwy Rev Ser Y Rfdg (FSA Insd)                                            5,111,880       5,111,880  
                                               --------------------------------------------------------  
                                                                                                         
                                                                                                         
   U. S. VIRGIN ISLANDS    2.2%                                                                          
University Virgin Islands Impt Ser A                           1,577,565                     1,577,565   
Virgin Islands Pub Fin Auth Rev                                                                          
Gross Rcpt Taxes Ln Nt Ser A (ACA Insd)         1,138,160      2,276,320                     3,414,480   
Virgin Islands Pub Fin Auth Rev                                                                          
Gross Rcpts Taxes Nt Ser A                                                   1,157,460       1,157,460   
                                               --------------------------------------------------------  
                                                1,138,160      3,853,885     1,157,460       6,149,505   
                                               --------------------------------------------------------  
                                                                                                         
TOTAL LONG-TERM INVESTMENTS    151.1%                                                                                     
(Cost $571,718,197)                           109,903,431    187,920,982   118,375,147     416,199,560   
                                                                                                         
                                                                                                         
SHORT-TERM INVESTMENTS    7.5%                                                                                             
Delaware Cnty, PA Indl Dev Auth                                                                          
Dates United Parcel Svc Proj (c)                2,700,000        800,000     2,400,000       5,900,000   
Delaware Cnty, PA Indl Dev Auth                                                                          
Pollutn Ctl Rev Exelon Rmkt (c)                 4,700,000      8,200,000     1,100,000      14,000,000   


                                      L-16


         VAN KAMPEN ADVANTAGE PENNSYLVANIA MUNICIPAL INCOME TRUST (VAP) -
     VAN KAMPEN TRUST FOR INVESTMENT GRADE PENNSYLVANIA MUNICIPALS (VTP) -
           VAN KAMPEN PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST (VPV)
                        PROFORMA PORTFOLIO OF INVESTMENTS
                                JANUARY 31, 2005
                                   (UNAUDITED)



   VAP         VTP          VPV       PROFORMA
PAR AMOUNT  PAR AMOUNT   PAR AMOUNT  PAR AMOUNT                                                                   
  (000)       (000)        (000)       (000)     DESCRIPTION                                COUPON    MATURITY    
------------------------------------------------------------------------------------------------------------------
                                                                                   

               200                         200   Lehigh Cnty, PA Gen Purp Auth
                                                 Adj Hosp Lehigh Vy Hosp Ser A (c)          1.820    07/01/28     
    600                                    600   South Fork Muni Auth PA Hosp
                                                 Rev Conemaugh Hlth Sys Ser A
                                                 (MBIA Insd) (c)                            1.820    07/01/28     





                                                                     VAP            VTP           VPV          PROFORMA    
DESCRIPTION                                                     MARKET VALUE   MARKET VALUE  MARKET VALUE    MARKET VALUE  
---------------------------------                               ---------------------------------------------------------- 
                                                                                                                           
                                                                                                 
Lehigh Cnty, PA Gen Purp Auth                                                                                              
Adj Hosp Lehigh Vy Hosp Ser A (c)                                                   200,000                       200,000  
South Fork Muni Auth PA Hosp                                                                                               
Rev Conemaugh Hlth Sys Ser A                                                                                               
(MBIA Insd) (c)                                                      600,000                                      600,000  
                                                                                                                           

                                                               
                                                               
                                                                 -------------------------------------------------------- 
 TOTAL SHORT-TERM INVESTMENTS    7.5%                              8,000,000      9,200,000     3,500,000      20,700,000 
                                                                 -------------------------------------------------------- 
 (Cost $21,820,000)                                             
                                                                
 TOTAL INVESTMENTS    158.6%                                                                                              
 (Cost $593,538,197)                                             117,903,431    197,120,982   121,875,147     436,899,560 
                                                                                                                          
 LIABILITIES IN EXCESS OF OTHER ASSETS    (2.3%)                  (3,160,996)      (125,643)   (3,081,105)     (6,367,744)
                                                                                                                          
 PREFERRED SHARES (INCLUDING ACCRUED DISTRIBUTIONS)  (56.3%)     (40,008,110)   (70,080,556)  (45,011,404)   (155,100,070)
                                                                 -------------------------------------------------------- 
                                                                                                                          
 NET ASSETS APPLICABLE TO COMMON SHARES    100.0%                $74,734,325 $  126,914,783 $  73,782,638    $275,431,746 
                                                                 ======================================================== 


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

*              Zero Coupon Bond
(a)            The Trust owns 100% of bond issuance.
(b)            Securities purchased on a when-issued or delayed delivery basis.
(c)            Security includes a put feature allowing the Trust to 
               periodically put the security back to the issuer at amortized 
               cost on specified put dates.  The interest rate shown represents
               the current interest rate earned by the Trust based on the most
               recent reset date.

ACA            American Capital Access
AGC            AGC Insured Custody Certificates
AMBAC          AMBAC Indemnity Corp.
AMT            Alternative Minimum Tax
FGIC           Financial Guaranty Insurance Co.
FHA            Federal Housing Administration
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.

                                      L-17

             VAN KAMPEN PENNSYLVANIA QUALITY MUNICIPAL TRUST (VPQ) -
           VAN KAMPEN PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST (VPV)
                       PROFORMA PORTFOLIO OF INVESTMENTS
                                JANUARY 31, 2005
                                  (UNAUDITED)




   VPQ    VPV    PROFORMA
   PAR    PAR      PAR                                                                              VPQ         VPV       PROFORMA
 AMOUNT  AMOUNT   AMOUNT                                                                           MARKET      MARKET      MARKET
  (000)   (000)    (000)  DESCRIPTION                                           COUPON  MATURITY    VALUE       VALUE       VALUE
-----------------------------------------------------------------------------------------------------------------------------------
                          MUNICIPAL BONDS 150.4%
                          PENNSYLVANIA 145.8%
                                                                                                 
$ 2,000  $ 1,000  $ 3,000 Allegheny Cnty, PA Arpt Auth Pittsburgh Intl Arpt 
                            Rfdg (AMT) (FGIC Insd)                              5.750%  01/01/18 $ 2,154,960 $ 1,077,480 $ 3,232,440
  1,000             1,000 Allegheny Cnty, PA Higher Ed Bldg Carnegie 
                            Mellon Univ                                         5.125   03/01/32    1,046,090              1,046,090
  1,250             1,250 Allegheny Cnty, PA Higher Ed Bldg Carnegie                               
                            Mellon Univ                                         5.250   03/01/32    1,325,325              1,325,325
           1,360    1,360 Allegheny Cnty, PA Hosp Dev Auth Rev Hlth Sys                            
                            Ser A (MBIA Insd)                                   6.500   11/15/30               1,595,457   1,595,457
  2,000    2,000    4,000 Allegheny Cnty, PA Port Auth Spl Rev Trans                               
                            (Prerefunded @ 03/01/09) (MBIA Insd)                6.000   03/01/24    2,266,020  2,266,020   4,532,040
  1,300             1,300 Allegheny Cnty, PA Redev Auth Tax Increment Rev                          
                            Robinson Mall Proj Ser A                            7.000   11/01/17    1,396,122              1,396,122
  1,355      905    2,260 Allegheny Cnty, PA Residential Mtg Single                                
                            Family Ser KK-2 (AMT) (GNMA Collateralized)         5.750   05/01/33    1,408,956    941,037   2,349,993
           1,525    1,525 Allegheny Cnty, PA Residential Mtg Single                                
                            Family Ser MM (AMT) (GNMA Collateralized)           5.200   05/01/33               1,558,733   1,558,733
           1,000    1,000 Allegheny Cnty, PA San Auth Swr Rev (MBIA Insd)       5.500   12/01/24               1,121,930   1,121,930
  3,000             3,000 Allegheny Cnty, PA San Auth Swr (MBIA Insd)           5.500   12/01/30    3,331,740              3,331,740
  2,575             2,575 Allegheny Cnty, PA San Auth Swr Rev Ser A                                
                            (FGIC Insd) (a)                                       *     12/01/08    2,303,312              2,303,312
  2,380             2,380 Allegheny Cnty, PA San Auth Swr Rev Ser A                                
                            (FGIC Insd)                                           *     06/01/09    2,081,477              2,081,477
  1,645             1,645 Allegheny Cnty, PA San Auth Swr Rev Ser A                                
                            (FGIC Insd) (a)                                       *     12/01/09    1,411,476              1,411,476
           2,600    2,600 Allentown, PA Area Hosp Auth Rev Sacred Heart                            
                            Hosp of Allentown Ser A Rfdg                        6.750   11/15/14               2,629,536   2,629,536
  1,000    1,000    2,000 Ambridge, PA Area Sch Dist (MBIA Insd)                5.500   11/01/31    1,107,700  1,107,700   2,215,400
           1,695    1,695 Berks Cnty, PA Muni Auth Albright College Proj (a)    5.500   10/01/16               1,841,804   1,841,804
           1,800    1,800 Berks Cnty, PA Muni Auth Albright College Proj (a)    5.500   10/01/17               1,944,108   1,944,108
  3,000    2,000    5,000 Berks Cnty, PA Muni Auth Hosp Rev Reading Hosp &                         
                            Med Ctr Proj (Prerefunded @ 11/01/09) (FSA Insd)    6.000   11/01/29    3,470,070  2,313,380   5,783,450
  1,000    1,000    2,000 Bethlehem, PA Auth Wtr Gtd (FSA Insd)                 5.000   11/15/19    1,097,700  1,097,700   2,195,400
           1,000    1,000 Canon McMillan Sch Dist PA Ser B (FGIC Insd)          5.500   12/01/29               1,102,430   1,102,430
    870      870    1,740 Carbon Cnty, PA Indl Dev Auth Panther Creek Partn Proj                   
                            Rfdg (AMT) (LOC: Paribas & Union Bk of CA Intl)     6.650   05/01/10      945,003    945,003   1,890,006
  2,000    1,000    3,000 Central Dauphin, PA Sch Dist (FSA Insd)               5.000   12/01/19    2,184,540  1,092,270   3,276,810
  1,000             1,000 Chartiers Valley, PA Indl & Coml Dev Auth First                          
                            Mtg Rev Asbury Hlth Cent Rfdg                       6.375   12/01/19    1,023,310              1,023,310
  1,000             1,000 Chartiers Valley, PA Indl & Coml Dev Auth First                          
                            Mtg Rev Asbury Hlth Cent Rfdg                       6.375   12/01/24    1,007,920              1,007,920
  1,000    1,000    2,000 Chester Cnty, PA Indl Dev Auth Rev Collegium Charter                     
                            Sch Proj Ser A (ACA Insd)                           5.500   04/15/31    1,058,360  1,058,360   2,116,720
  1,500             1,500 Crawford Cnty, PA Hosp Auth Sr Living Fac Rev                            
                            Westbury Utd Methodist Cmnty                        6.250   08/15/29    1,544,655              1,544,655
           1,000    1,000 Cumberland Cnty, PA Muni Auth Dickinson College                          
                            Ser A (AMBAC Insd)                                  5.500   11/01/30               1,101,100   1,101,100
  2,000             2,000 Delaware Cnty, PA Auth College Cabrini College                           
                            (Radian Insd)                                       5.750   07/01/23    2,160,080              2,160,080
  2,295             2,295 Delaware Cnty, PA Auth College Neumann College                           
                            Rfdg (a)                                            5.875   10/01/21    2,420,100              2,420,100
           1,000    1,000 Delaware Cnty, PA Auth College Neumann College                           
                            Rfdg                                                6.000   10/01/31               1,040,790   1,040,790
  1,000             1,000 Delaware Cnty, PA Auth First Mtg Rev Riddle                              
                            Vlg Proj Rfdg                                       6.875   06/01/16    1,009,220              1,009,220
           1,000    1,000 Delaware Cnty, PA Auth Hosp Rev Crozer Chester                           
                            Med Ctr                                             6.000   12/15/09               1,011,450   1,011,450
  1,000             1,000 Delaware Cnty, PA Auth Rev White Horse Vlg                               
                            Proj Ser A Rfdg                                     7.625   07/01/30    1,058,140              1,058,140
  1,750             1,750 Delaware Cnty, PA Indl Dev Auth Rev Wtr                                  
                            Fac (AMT) (FGIC Insd)                               6.000   06/01/29    1,941,467              1,941,467
  2,500             2,500 Delaware Cnty, PA Indl Dev Auth Wtr Fac PA                               
                            Suburban Wtr (AMT) (AMBAC Insd)                     5.350   10/01/31    2,636,000              2,636,000
  1,230             1,230 Delaware Cnty, PA Regl Wtr Qual (MBIA Insd)           5.250   05/01/19    1,375,570              1,375,570
  1,555             1,555 Delaware Cnty, PA Regl Wtr Qual (MBIA Insd) (a)       5.250   05/01/22    1,724,899              1,724,899
  2,500    1,500    4,000 Delaware Vly, PA Regl Fin Auth                        5.750   07/01/17    2,915,425  1,749,255   4,664,680
  2,000             2,000 Downingtown, PA Area Sch Dist (FSA Insd)              5.250   04/01/15    2,211,200              2,211,200
           1,010    1,010 Erie, PA Ser A (FSA Insd)                             5.000   11/15/18               1,111,283   1,111,283
  3,420             3,420 Falls Twp, PA Hosp Auth Hosp Rev DE Vly 
                            Med Rfdg (FHA Gtd)                                  7.000   08/01/22    3,554,748              3,554,748
  2,000    1,000    3,000 Harrisburg, PA Auth Res Gtd Sub Ser D-2 (FSA Insd)    5.000   12/01/33    2,191,460  1,095,730   3,287,190
  3,000    1,575    4,575 Harrisburg, PA Auth Wtr Rev Rfdg (FSA Insd)           5.000   07/15/21    3,250,170  1,706,339   4,956,509
  1,000             1,000 Harveys Lake Genl Muni Auth PA College Rev College                       
                            Misericordia Proj (ACA Insd)                        6.000   05/01/19    1,079,610              1,079,610
  2,925             2,925 Hempfield, PA Area Sch Dist (FGIC Insd)               5.375   02/15/17    3,260,644              3,260,644
  2,595             2,595 Hempfield, PA Area Sch Dist (FGIC Insd)               5.375   02/15/19    2,892,776              2,892,776
           1,000    1,000 Jenkintown, PA Sch Dist Ser A (FGIC Insd) (b)         5.000   05/15/28               1,044,290   1,044,290
  1,000             1,000 Kennett, PA Cons Sch Dist Ser A (FGIC Insd)           5.250   02/15/19    1,109,700              1,109,700
           2,000    2,000 Lehigh Cnty, PA Gen Purp Auth Cedar Crest                                
                            College Rfdg                                        6.700   04/01/26               2,092,460   2,092,460
  1,000             1,000 Lehigh Cnty, PA Gen Purp Auth Good                                       
                            Shepherd Grp Ser A                                  5.625   11/01/34    1,042,270              1,042,270
  1,750             1,750 Lehigh Cnty, PA Gen Purp Auth Rev Hosp Saint                             
                            Lukes Bethlehem                                     5.375   08/15/33    1,795,115              1,795,115
  2,310             2,310 Luzerne Cnty, PA Ser A (MBIA Insd) (a)                5.250   11/15/17    2,582,695              2,582,695
  4,000    1,000    5,000 Luzerne Cnty, PA Ser A (MBIA Insd)                    5.250   11/15/25    4,396,400  1,099,100   5,495,500



                                      L-18

             VAN KAMPEN PENNSYLVANIA QUALITY MUNICIPAL TRUST (VPQ) -
           VAN KAMPEN PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST (VPV)
                       PROFORMA PORTFOLIO OF INVESTMENTS
                                JANUARY 31, 2005
                                  (UNAUDITED)




   VPQ    VPV    PROFORMA
   PAR    PAR      PAR                                                                              VPQ        VPV       PROFORMA
 AMOUNT  AMOUNT   AMOUNT                                                                           MARKET     MARKET      MARKET
  (000)   (000)    (000)  DESCRIPTION                                           COUPON  MATURITY    VALUE      VALUE       VALUE
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                                 
  3,000             3,000 Lycoming Cnty, PA Auth College Rev PA College of                         
                            Technology (AMBAC Insd)                             5.350   07/01/26    3,316,140              3,316,140
           5,000    5,000 Lycoming Cnty, PA Auth College Rev PA College of                         
                            Technology (AMBAC Insd)                             5.375   07/01/30               5,471,500   5,471,500
           1,000    1,000 Mercer Cnty, PA (FGIC Insd)                           5.500   10/01/15               1,131,920   1,131,920
  2,500             2,500 Mercer Cnty, PA Indl Dev Auth Wtr Facs                                   
                            Philadelphia Sub Corp (AMT) (MBIA Insd)             6.000   07/01/30    2,794,750              2,794,750
           1,000    1,000 Mifflin Cnty, PA Hosp Auth (Radian Insd)              6.200   07/01/25               1,129,250   1,129,250
  1,000    1,000    2,000 Monroe Cnty, PA Hosp Auth Rev Hosp Pocono Med Ctr     6.000   01/01/43    1,061,210  1,061,210   2,122,420
           1,150    1,150 Monroeville, PA Muni Auth San Swr Rev Ser B                              
                            (MBIA Insd) (a)                                     5.250   12/01/17               1,283,446   1,283,446
  2,000    1,000    3,000 Montgomery Cnty, PA Higher Ed & Hlth Auth                                
                            Hosp Rev Abington Mem Hosp Ser A                    5.125   06/01/32    2,038,720  1,019,360   3,058,080
  1,000      900    1,900 Montgomery Cnty, PA Indl Dev Auth Rev Res Rec                            
                            Montenay Proj Ser A (MBIA Insd)                     5.250   11/01/14    1,134,780  1,021,302   2,156,082
  2,345             2,345 Moon Indl Dev Auth PA Ed Fac Rev Ellis Sch Proj       5.800   03/01/25    2,517,287              2,517,287
           1,225    1,225 Northampton Twp, PA (FGIC Insd) (a)                   5.375   05/15/15               1,365,287   1,365,287
  1,000             1,000 Pennsylvania Econ Dev Fin Auth Res Recovery Rev                          
                            Colver Proj Ser D (AMT)                             7.150   12/01/18    1,023,470              1,023,470
  2,500             2,500 Pennsylvania Hsg Fin Agy Single Family Mtg Rev                          
                            Ser 70A (AMT)                                       5.900   04/01/31    2,598,000              2,598,000
  2,000             2,000 Pennsylvania Hsg Fin Agy Single Family Mtg                                
                            Ser 61A (AMT)                                       5.500   04/01/29    2,051,380              2,051,380
  2,395             2,395 Pennsylvania Hsg Fin Agy Single Family Mtg                                
                            Ser 66A (AMT)                                       5.650   04/01/29    2,459,042              2,459,042
  1,260             1,260 Pennsylvania Hsg Fin Agy Single Family Mtg                                
                            Ser 67A (AMT)                                       5.900   10/01/30    1,300,307              1,300,307
           1,500    1,500 Pennsylvania Intergvtl Coop Auth Spl Tax Rev                              
                            Philadelphia Fdg Pgm Rfdg (FGIC Insd)               5.500   06/15/20               1,556,820   1,556,820
  3,000             3,000 Pennsylvania St Higher Ed Fac Auth Rev                                    
                            Drexel Univ (a)                                     5.500   05/01/16    3,356,490              3,356,490
  1,500             1,500 Pennsylvania St Higher Ed Fac Auth Rev Drexel Univ                        
                            (Prerefunded @ 05/01/09)                            6.000   05/01/24    1,639,860              1,639,860
  1,750             1,750 Pennsylvania St Higher Ed Fac Auth Rev Drexel Univ                        
                            (Prerefunded @ 05/01/09)                            6.000   05/01/29    1,917,510              1,917,510
           1,000    1,000 Pennsylvania St Higher Ed Fac Auth Rev Drexel Univ    5.500   05/01/17               1,116,690   1,116,690
  2,000    1,000    3,000 Pennsylvania St Higher Ed Fac Auth Rev La Salle Univ  5.500   05/01/34    2,086,260  1,043,130   3,129,390
  1,170    1,000    2,170 Pennsylvania St Higher Ed Fac Auth Rev Thomas                           
                            Jefferson Univ                                      5.375   01/01/25    1,918,698  1,084,010   3,002,708
  1,500    1,500    3,000 Pennsylvania St Higher Ed Fac Auth Rev Univ Sciences                    
                            Philadelphia Ser A (XLCA Insd) (b)                  5.000   11/01/36    1,560,690  1,560,690   3,121,380
  1,000    1,000    2,000 Pennsylvania St Higher Ed Fac Messiah College                           
                            Ser AA3 (Radian Insd)                               5.500   11/01/22    1,095,070  1,095,070   2,190,140
           1,645    1,645 Pennsylvania St Higher Ed Fac Philadelphia College                      
                            Osteopathic Med (a)                                 5.000   12/01/17               1,774,659   1,774,659
           1,725    1,725 Pennsylvania St Higher Ed Fac Philadelphia College                      
                            Osteopathic Med (a)                                 5.000   12/01/18               1,852,615   1,852,615
  1,000             1,000 Pennsylvania St Higher Ed Fac Auth Rev UPMC                             
                            Hlth Sys Ser A                                      6.250   01/15/18    1,142,340              1,142,340
  3,600             3,600 Pennsylvania St Higher Ed Fac Auth Rev UPMC                             
                            Hlth Sys Ser A (FSA Insd)                           5.000   08/01/29    3,725,100              3,725,100
           1,000    1,000 Pennsylvania St Higher Ed UPMC Hlth Sys Ser A         6.250   01/15/17               1,144,640   1,144,640
  3,000    2,000    5,000 Pennsylvania St Higher Ed UPMC Hlth Sys Ser A         6.000   01/15/31    3,334,770  2,223,180   5,557,950
           1,000    1,000 Pennsylvania St Indl Dev Auth Econ Dev (AMBAC Insd)   5.500   07/01/14               1,132,100   1,132,100
  1,200             1,200 Pennsylvania St Tpk Commn Tpk Rev Ser A (AMBAC Insd)  5.250   12/01/21    1,344,216              1,344,216
           3,015    3,015 Pennsylvania St Tpk Commn Ser T Rfdg (FGIC Insd)      5.500   12/01/10               3,415,995   3,415,995
  4,505             4,505 Pennsylvania St Tpk Commn Tpk Rev Ser T Rfdg                            
                            (FGIC Insd)                                         5.500   12/01/13    5,214,718              5,214,718
  2,000             2,000 Pennsylvania St Univ                                  5.000   09/01/29    2,110,120              2,110,120
  1,000    1,500    2,500 Pennsylvania St Univ                                  5.000   09/01/35    1,049,860  1,574,790   2,624,650
  1,390             1,390 Pennsylvania St Univ Rfdg                             5.250   08/15/14    1,583,391              1,583,391
  1,500             1,500 Philadelphia, PA (FSA Insd)                           5.250   09/15/25    1,636,905              1,636,905
  5,000             5,000 Philadelphia, PA Auth for Indl Ser B (FSA Insd)       5.500   10/1/017    5,637,700              5,637,700
  2,000             2,000 Philadelphia, PA Auth for Indl Ser B (FSA Insd)       5.125   10/01/26    2,145,300              2,145,300
  1,000    1,000    2,000 Philadelphia, PA Auth Indl Dev Amern College Of                         
                            Physicians                                          5.500   06/15/27    1,054,020  1,054,020   2,108,040
  2,250             2,250 Philadelphia, PA Auth Indl Dev Philadelphia                             
                            Arpt Sys Proj Ser A (AMT) (FGIC Insd)               5.125   07/01/19    2,397,938              2,397,938
  2,000    1,500    3,500 Philadelphia, PA Gas Wks Rev 1975 Gen                                   
                            Ordinance 17th Ser (FSA Insd)                       5.375   07/01/19    2,227,320  1,670,490   3,897,810
  3,250             3,250 Philadelphia, PA Gas Wks Rev Second Ser (FSA Insd)    5.250   07/01/29    3,487,933              3,487,933
           1,000    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   1,050,920
  1,000             1,000 Philadelphia, PA Hosp & Higher Ed Fac Auth Rev 
                            Chestnut Hill College                               6.000   10/01/29    1,017,180              1,017,180
           1,455    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   1,661,188
  4,675             4,675 Philadelphia, PA Redev Auth Rev Neighborhood Trans                      
                            Ser A (FGIC Insd)                                   5.250   04/15/12    5,255,168              5,255,168
  1,905             1,905 Philadelphia, PA Redev Auth Rev Neighborhood Trans                      
                            Ser A (FGIC Insd)                                   5.500   04/15/16    2,140,534              2,140,534
  1,250             1,250 Philadelphia, PA Sch Dist Ser A                                         
                            (Prerefunded @ 02/01/11) (FSA Insd)                 5.750   02/01/13    1,431,200              1,431,200
           2,000    2,000 Philadelphia, PA Sch Dist Ser B                                         
                            (Prerefunded @ 09/01/05) (AMBAC Insd)               5.500   09/01/18               2,059,160   2,059,160
           3,675    3,675 Philadelphia, PA Wtr & Wastewtr Rev Rfdg                                
                            (AMBAC Insd)                                        5.500   06/15/07               3,926,407   3,926,407
  3,000             3,000 Philadelphia, PA Wtr & Wastewtr Rev Rfdg                                
                            (MBIA Insd)                                         5.625   06/15/08    3,282,960              3,282,960
  4,000    4,500    8,500 Pittsburgh & Allegheny Cnty, PA Pub Aud Regl Asset                      
                            Dist Sales Tax (AMBAC Insd)                         5.000   02/01/24    4,278,240  4,813,020   9,091,260


                                      L-19

             VAN KAMPEN PENNSYLVANIA QUALITY MUNICIPAL TRUST (VPQ) -
           VAN KAMPEN PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST (VPV)
                       PROFORMA PORTFOLIO OF INVESTMENTS
                                JANUARY 31, 2005
                                  (UNAUDITED)




   VPQ    VPV    PROFORMA
   PAR    PAR      PAR                                                                              VPQ         VPV       PROFORMA
 AMOUNT  AMOUNT   AMOUNT                                                                           MARKET      MARKET      MARKET
  (000)   (000)    (000)  DESCRIPTION                                           COUPON  MATURITY    VALUE       VALUE       VALUE
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                                 
  2,500             2,500 Pittsburgh, PA Ser A (AMBAC Insd)                     5.500   09/01/17   2,760,050               2,760,050
  3,000             3,000 Pittsburgh, PA Ser A (Prerefunded @ 09/01/09)                                      
                            (FGIC Insd)                                         5.750   09/01/22   3,327,000               3,327,000
  1,000             1,000 Pittsburgh, PA Urban Redev Auth Cent Triangle Tax                                  
                            Increment Ser A                                     6.100   05/01/19   1,083,210               1,083,210
           1,000    1,000 Pittsburgh, PA Urban Redev Auth Mtg Rev                                            
                            Ser C Rfdg (AMT)                                    6.500   10/01/23               1,036,920   1,036,920
           1,570    1,570 Pittsburgh, PA Urban Redev Auth Mtg Rev                                            
                            Ser C Rfdg (AMT) (GNMA Collateralized)              5.700   04/01/30               1,611,888   1,611,888
           1,765    1,765 Quaker Valley, PA Sch Dist (FSA Insd) (a)             5.375   04/01/20               1,987,849   1,987,849
  1,860             1,860 Quaker Valley, PA Sch Dist (FSA Insd) (a)             5.375   04/01/21   2,090,231               2,090,231
           1,375    1,375 Red Lion, PA Area Sch Dist Ser A (FSA Insd) (a) (b)   5.000   02/01/20               1,503,425   1,503,425
  1,000    1,000    2,000 Southcentral, PA Gen Auth Rev Wellspan Hlth Oblig                                  
                            (MBIA Insd)                                         5.375   05/15/28   1,067,410   1,067,410   2,134,820
           1,000    1,000 State Pub Sch Bldg Auth PA Delaware Cnty                                           
                            College Proj (MBIA Insd)                            5.750   10/01/16               1,133,640   1,133,640
  1,075             1,075 State Pub Sch Bldg Auth PA North Hampton Cnty                                      
                            Ser A Rfdg (AMBAC Insd)                             5.000   03/01/20   1,161,699               1,161,699
             360      360 State Pub Sch Bldg Auth PA Sch Conneaut Sch                                        
                            Dist Proj (FGIC Insd)                               5.250   11/01/19                 400,964     400,964
             640      640 State Pub Sch Bldg Auth PA Sch Conneaut Sch                                        
                            Dist Proj (FGIC Insd) (Prerefunded @ 11/01/13)      5.250   11/01/19                 727,270     727,270
  1,000             1,000 State Pub Sch Bldg Auth PA Sch Conneaut Sch                                        
                            Dist Proj (FGIC Insd)                               5.250   11/01/22   1,108,040               1,108,040
           2,480    2,480 State Pub Sch Bldg Auth PA Sch Conneaut Sch                                        
                            Dist Proj (FGIC Insd) (a)                           5.250   11/01/23               2,746,972   2,746,972
           1,000    1,000 Susquehanna Area Regl Arpt Auth PA Ser A (AMT)                                     
                            (AMBAC Insd)                                        5.375   01/01/21               1,080,010   1,080,010
  2,545             2,545 Susquehanna Area Regl Arpt Auth Ser A (AMT)                                        
                            (AMBAC Insd) (a)                                    5.500   01/01/18   2,793,621               2,793,621
  1,500    1,000    2,500 Susquehanna Area Regl Arpt Auth PA Ser D              5.375   01/01/18   1,552,185   1,034,790   2,586,975
  1,000             1,000 Union Cnty, PA Higher Ed Fac Auth Bucknell                                         
                            Univ Ser A                                          5.250   04/01/19   1,110,420               1,110,420
           1,000    1,000 Union Cnty, PA Higher Edl Bucknell Univ Ser A         5.250   04/01/21               1,106,330   1,106,330
             500      500 Union Cnty, PA Higher Edl Bucknell Univ Ser A         5.250   04/01/22                 552,835     552,835
  2,155             2,155 Uniontown Area, PA Sch Dist Ser A                                                  
                            (Prerefunded @ 10/01/12) (FSA Insd)                 5.500   10/01/27   2,425,840               2,425,840
  3,000             3,000 Uniontown Area, PA Sch Dist Ser A                                                  
                            (Prerefunded @ 10/01/12) (FSA Insd)                 5.500   10/01/30   3,345,360               3,345,360
    720      720    1,440 Washington Cnty, PA Auth Rev Cap Fdg                                               
                            Proj & Equip Pgm (AMBAC Insd)                       6.150   12/01/29     766,778     766,778   1,533,556
  2,500    1,350    3,850 Washington Cnty, PA Ser A (AMBAC Insd)                5.125   09/01/27   2,651,925   1,432,040   4,083,965
           1,000    1,000 Wayne Highlands, PA Sch Dist (FSA Insd)               5.375   04/01/14               1,125,850   1,125,850
  1,000             1,000 West Shore, PA Area Hosp Auth Holy Spirit Hosp Proj   6.250   01/01/32   1,075,610               1,075,610
           1,000    1,000 Wilson, PA Area Sch Dist (FGIC Insd)                  5.125   03/15/16               1,103,420   1,103,420
  1,230             1,230 Wilson, PA Sch Dist Second Ser (FSA Insd)             5.375   05/15/15   1,378,018               1,378,018
           1,100    1,100 York Cnty, PA (AMBAC Insd)                            5.000   06/01/19               1,195,601   1,195,601
  1,240             1,240 York Cnty, PA Sch Technology Auth Lease Rev                                        
                            (FGIC Insd)                                         5.375   02/15/18   1,394,926               1,394,926
             500      500 York Cnty, PA Sch Technology Auth Lease Rev                                       
                            (FGIC Insd)                                         5.500   02/15/22                 566,205     566,205
           1,000    1,000 York Cnty, PA Sch Technology Auth Lease Rev 
                            (FGIC Insd)                                         5.500   02/15/23               1,130,770   1,130,770
                                                                                                 -----------------------------------
                                                                                                 201,231,325 110,348,581 311,579,906
                                                                                                 -----------------------------------
                          GUAM 0.8%

           1,585    1,585 Guam Intl Arpt Auth Gen Ser B (MBIA Insd)             5.250   10/01/21               1,757,226   1,757,226
                                                                                        --------------------------------------------

                          PUERTO RICO 2.4%

           4,000  $ 4,000 Puerto Rico Comwlth Hwy & Tran Auth Hwy Rev Ser Y 
                            Rfdg (FSA Insd)                                     6.250   07/01/21               5,111,880   5,111,880
                                                                                        --------------------------------------------

                          U.S. VIRGIN ISLANDS 1.4%
           1,000    1,000 Virgin Islands Pub Fin Auth Rev Gross Rcpts 
                            Taxes Nt Ser A                                      6.375   10/01/19               1,157,460   1,157,460
  1,500             1,500 Virgin Islands Pub Fin Auth Rev Gross Rcpts 
                            Taxes Nt Ser A                                      6.500   10/01/24   1,737,525               1,737,525
                                                                                                 -----------------------------------
                                                                                                   1,737,525   1,157,460   2,894,985
                                                                                                 -----------------------------------

TOTAL LONG-TERM INVESTMENTS 150.4%
   (Cost $571,718,197)                                                                           202,968,850 118,375,147 321,343,997

SHORT-TERM INVESTMENTS 2.2%

    600    2,400    3,000 Delaware Cnty, PA Indl Dev Auth Dates United 
                            Parcel Svc Proj (c)                                 1.750   12/01/15      600,000  2,400,000   3,000,000
           1,100    1,100 Delaware Cnty, PA Indl Dev Auth Pollutn Ctl 
                            Rev Exelon Rmkt (c)                                 1.970   04/01/05               1,100,000   1,100,000


                                      L-20

             VAN KAMPEN PENNSYLVANIA QUALITY MUNICIPAL TRUST (VPQ) -
           VAN KAMPEN PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST (VPV)
                       PROFORMA PORTFOLIO OF INVESTMENTS
                                JANUARY 31, 2005
                                  (UNAUDITED)




   VPQ    VPV    PROFORMA
   PAR    PAR      PAR                                                                          VPQ         VPV        PROFORMA
 AMOUNT  AMOUNT   AMOUNT                                                                       MARKET      MARKET       MARKET
  (000)   (000)    (000)  DESCRIPTION                                    COUPON  MATURITY       VALUE       VALUE        VALUE
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                               
    520               520 Lehigh Cnty, PA Gen Purp Auth Adj Hosp 
                            Lehigh Vy Hosp Ser A (c)                       1.820   07/01/28      520,000                    520,000
                                                                                            ---------------------------------------
TOTAL SHORT-TERM INVESTMENTS 2.2%                                                              1,120,000    3,500,000     4,620,000
    (Cost $21,820,000)                                                                      ---------------------------------------
                                                                                                                         
TOTAL INVESTMENTS 152.6%                                                                                                 
   (Cost $593,538,197)                                                                       204,088,850  121,875,147   325,963,997
                                                                                                                         
LIABILITIES IN EXCESS OF OTHER ASSETS (1.1%)                                                     816,264   (3,081,105)   (2,264,841)
                                                                                                                         
PREFERRED SHARES (INCLUDING ACCRUED DISTRIBUTIONS) (51.5%)                                   (65,038,466) (45,011,404) (110,049,870)
                                                                                            ---------------------------------------

NET ASSETS APPLICABLE TO COMMON SHARES 100.0%                                               $139,866,648  $73,782,638  $213,649,286
                                                                                            =======================================



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

*        Zero Coupon Bond

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

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

(c)      Security includes a put feature allowing the Trust to periodically put
         the security back to the issuer at amortized cost on specified put
         dates. The interest rate shown represents the current interest rate
         earned by the Trust based on the most recent reset date.

ACA      American Capital Access

AMBAC    AMBAC Indemnity Corp.

AMT      Alternative Minimum Tax

FGIC     Financial Guaranty Insurance Co.

FHA      Federal Housing Administration

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.



                                      L-21


         VAN KAMPEN ADVANTAGE PENNSYLVANIA MUNICIPAL INCOME TRUST (VAP) -
           VAN KAMPEN PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST (VPV)
                        PROFORMA PORTFOLIO OF INVESTMENTS
                                JANUARY 31, 2005
                                   (UNAUDITED)



  VAP      VPV   PROFORMA
  PAR      PAR      PAR
AMOUNT   AMOUNT   AMOUNT                                                                       VAP            VPV         PROFORMA
 (000)    (000)    (000)   DESCRIPTION                                   COUPON  MATURITY  MARKET VALUE  MARKET VALUE   MARKET VALUE
====================================================================================================================================
                                                                                                
                         MUNICIPAL BONDS 153.7%
                         PENNSYLVANIA 147.5%

         $1,000   $1,000 Allegheny Cnty, PA Arpt Auth Pittsburgh 
                          Intl Arpt Rfdg (AMT) (FGIC Insd)               5.750%  01/01/18                $ 1,077,480    $ 1,077,480
$1,000             1,000 Allegheny Cnty, PA Higher Ed Bldg Carnegie      
                          Mellon Univ                                    5.125   03/01/32  $ 1,046,090                    1,046,090
 1,500             1,500 Allegheny Cnty, PA Higher Ed Bldg Carnegie 
                          Mellon Univ                                    5.250   03/01/32    1,590,390                    1,590,390
          1,360    1,360 Allegheny Cnty, PA Hosp Dev Auth Rev Hlth 
                          Sys Ser A (MBIA Insd)                          6.500   11/15/30                  1,595,457      1,595,457
          2,000    2,000 Allegheny Cnty, PA Port Auth Spl Rev Trans 
                          (Prerefunded @ 03/01/09) (MBIA Insd)           6.000   03/01/24                  2,266,020      2,266,020
   905      905    1,810 Allegheny Cnty, PA Residential Mtg Single 
                          Family Ser KK-2 (AMT) (GNMA Collateralized)    5.750   05/01/33      941,037       941,037      1,882,074
          1,525    1,525 Allegheny Cnty, PA Residential Mtg Single 
                          Family Ser MM (AMT) (GNMA Collateralized)      5.200   05/01/33                  1,558,733      1,558,733
 1,000             1,000 Allegheny Cnty, PA San Auth Swr Rev (MBIA Insd) 5.750   12/01/13    1,144,810                    1,144,810
 1,830             1,830 Allegheny Cnty, PA San Auth Swr Rev (MBIA Insd) 5.750   12/01/18    2,092,166                    2,092,166
 2,000    1,000    3,000 Allegheny Cnty, PA San Auth Swr Rev (MBIA Insd) 5.500   12/01/24    2,243,860     1,121,930      3,365,790
          2,600    2,600 Allentown, PA Area Hosp Auth Rev Sacred Heart 
                          Hosp of Allentown Ser A Rfdg                   6.750   11/15/14                  2,629,536      2,629,536
          1,000    1,000 Ambridge, PA Area Sch Dist (MBIA Insd)          5.500   11/01/31                  1,107,700      1,107,700
 2,640             2,640 Bensalem Twp, PA Sch Dist (FGIC Insd) (a)       5.000   08/15/18    2,876,993                    2,876,993
          1,695    1,695 Berks Cnty, PA Muni Auth Albright College 
                          Proj (a)                                       5.500   10/01/16                  1,841,804      1,841,804
          1,800    1,800 Berks Cnty, PA Muni Auth Albright College 
                          Proj (a)                                       5.500   10/01/17                  1,944,108      1,944,108
          2,000    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      2,313,380
 1,000    1,000    2,000 Bethlehem, PA Auth Wtr Gtd (FSA Insd)           5.000   11/15/19    1,097,700     1,097,700      2,195,400
 1,150             1,150 Bucks Cnty, PA Wtr & Swr Rev Neshaminy 
                          Interceptor Ser A (AMBAC Insd) (a)             5.375   06/01/14    1,292,773                    1,292,773
 1,215             1,215 Bucks Cnty, PA Wtr & Swr Rev Neshaminy 
                          Interceptor Ser A (AMBAC Insd) (a)             5.375   06/01/15    1,364,895                    1,364,895
          1,000    1,000 Canon McMillan Sch Dist PA Ser B (FGIC Insd)    5.500   12/01/29                  1,102,430      1,102,430
   870      870    1,740 Carbon Cnty, PA Indl Dev Auth Panther Creek 
                          Partn Proj Rfdg (AMT) (LOC: Paribas & 
                          Union Bk of CA Intl)                           6.650   05/01/10      945,003       945,003      1,890,006
 1,500    1,000    2,500 Central Dauphin, PA Sch Dist (FSA Insd)         5.000   12/01/19    1,638,405     1,092,270      2,730,675
          1,000    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      1,058,360
          1,000    1,000 Cumberland Cnty, PA Muni Auth Dickinson 
                          College Ser A (AMBAC Insd)                     5.500   11/01/30                  1,101,100      1,101,100
 5,000             5,000 Dauphin Cnty, PA Genl Auth Hosp Rev Hapsco 
                          Western PA Hosp Proj B Rfdg (Escrowed to 
                          Maturity) (MBIA Insd)                          6.250   07/01/16    5,902,900                    5,902,900
 1,000    1,000    2,000 Delaware Cnty, PA Auth College Neumann 
                          College Rfdg                                   6.000   10/01/31    1,040,790     1,040,790      2,081,580
          1,000    1,000 Delaware Cnty, PA Auth Hosp Rev Crozer 
                          Chester Med Ctr                                6.000   12/15/09                  1,011,450      1,011,450
 1,500    1,500    3,000 Delaware Vly, PA Regl Fin Auth                  5.750   07/01/17    1,749,255     1,749,255      3,498,510
          1,010    1,010 Erie, PA Ser A (FSA Insd)                       5.000   11/15/18                  1,111,283      1,111,283
 2,735             2,735 Exeter Twp, PA Sch Dist (FGIC Insd)             5.000   05/15/25    2,916,002                    2,916,002
 2,000             2,000 Greater Latrobe, PA Sch Auth (FGIC Insd)        5.250   04/01/17    2,214,720                    2,214,720
 1,500    1,000    2,500 Harrisburg, PA Auth Res Gtd Sub Ser D-2 
                          (FSA Insd)                                     5.000   12/01/33    1,643,595     1,095,730      2,739,325
          1,575    1,575 Harrisburg, PA Auth Wtr Rev Rfdg (FSA Insd)     5.000   07/15/21                  1,706,339      1,706,339
 1,345    1,000    2,345 Jenkintown, PA Sch Dist Ser A (FGIC Insd) (b)   5.000   05/15/28    1,404,570     1,044,290      2,448,860
          2,000    2,000 Lehigh Cnty, PA Gen Purp Auth Cedar Crest 
                          College Rfdg                                   6.700   04/01/26                  2,092,460      2,092,460
          1,000    1,000 Luzerne Cnty, PA Ser A (MBIA Insd)              5.250   11/15/25                  1,099,100      1,099,100
 1,000             1,000 Lycoming Cnty, PA Auth College Rev PA 
                          College of Technology (AMBAC Insd)             5.350   07/01/26    1,105,380                    1,105,380
          5,000    5,000 Lycoming Cnty, PA Auth College Rev PA 
                          College of Technology (AMBAC Insd)             5.375   07/01/30                  5,471,500      5,471,500
   905               905 Mars, PA Area Sch Dist Ser AA (MBIA Insd)         *     09/01/19      477,342                      477,342
   495               495 Mars, PA Area Sch Dist Ser AA (MBIA Insd)         *     09/01/21      233,412                      233,412
          1,000    1,000 Mercer Cnty, PA (FGIC Insd)                     5.500   10/01/15                  1,131,920      1,131,920
 2,500             2,500 Mercer Cnty, PA Indl Dev Auth Wtr Facs 
                          Philadelphia Sub Corp (AMT) (MBIA Insd)        6.000   07/01/30    2,794,750                    2,794,750
          1,000    1,000 Mifflin Cnty, PA Hosp Auth (Radian Insd)        6.200   07/01/25                  1,129,250      1,129,250
 1,000    1,000    2,000 Monroe Cnty, PA Hosp Auth Rev Hosp Pocono 
                          Med Ctr                                        6.000   01/01/43    1,061,210     1,061,210      2,122,420
 1,205             1,205 Monroeville, PA Muni Auth San Ser B 
                          (MBIA Insd)                                    5.250   12/01/18    1,342,394                    1,342,394
 1,350             1,350 Monroeville, PA Muni Auth San Ser B 
                          (MBIA Insd) (a)                                5.250   12/01/20    1,498,082                    1,498,082
          1,150    1,150 Monroeville, PA Muni Auth San Swr Rev Ser B 
                          (MBIA Insd) (a)                                5.250   12/01/17                  1,283,446      1,283,446
 1,500    1,000    2,500 Montgomery Cnty, PA Higher Ed & Hlth Auth 
                          Hosp Rev Abington Mem Hosp Ser A               5.125   06/01/32    1,529,040     1,019,360      2,548,400
 1,000      900    1,900 Montgomery Cnty, PA Indl Dev Auth Rev Res 
                          Rec Montenay Proj Ser A (MBIA Insd)            5.250   11/01/14    1,134,780     1,021,302      2,156,082
          1,225    1,225 Northampton Twp, PA (FGIC Insd) (a)             5.375   05/15/15                  1,365,287      1,365,287
 2,395             2,395 Pennsylvania Hsg Fin Agy Single Family Mtg 
                          Ser 66A (AMT)                                  5.650   04/01/29    2,459,042                    2,459,042
          1,500    1,500 Pennsylvania Intergvtl Coop Auth Spl Tax Rev 
                          Philadelphia Fdg Pgm Rfdg (FGIC Insd)          5.500   06/15/20                  1,556,820      1,556,820
 2,000    1,000    3,000 Pennsylvania St Higher Ed Fac Auth Rev 
                          Drexel Univ                                    5.500   05/01/17    2,233,380     1,116,690      3,350,070


                                      L-22

         VAN KAMPEN ADVANTAGE PENNSYLVANIA MUNICIPAL INCOME TRUST (VAP) -
           VAN KAMPEN PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST (VPV)
                        PROFORMA PORTFOLIO OF INVESTMENTS
                                JANUARY 31, 2005
                                   (UNAUDITED)




  VAP      VPV   PROFORMA
  PAR      PAR      PAR
AMOUNT   AMOUNT   AMOUNT                                                                       VAP            VPV         PROFORMA
 (000)    (000)    (000)   DESCRIPTION                                   COUPON  MATURITY  MARKET VALUE  MARKET VALUE   MARKET VALUE
====================================================================================================================================
                                                                                                
 1,000    1,000    2,000 Pennsylvania St Higher Ed Fac Auth Rev 
                          La Salle Univ                                  5.500   05/01/34    1,043,130     1,043,130      2,086,260
 1,000    1,000    2,000 Pennsylvania St Higher Ed Fac Auth Rev 
                          Thomas Jefferson Univ                          5.375   01/01/25    1,084,010     1,084,010      2,168,020
 1,500    1,500    3,000 Pennsylvania St Higher Ed Fac Auth Rev 
                          Univ Sciences Philadelphia Ser A 
                          (XLCA Insd) (b)                                5.000   11/01/36    1,560,690     1,560,690      3,121,380
 1,500             1,500 Pennsylvania St Higher Ed Fac Clarion Univ 
                          Fndtn Inc Ser A (XLCA Insd)                    5.250   07/01/18    1,649,130                    1,649,130
 1,500             1,500 Pennsylvania St Higher Ed Fac Clarion Univ 
                          Fndtn Inc Ser A (XLCA Insd)                    5.000   07/01/33    1,556,805                    1,556,805
 1,000    1,000    2,000 Pennsylvania St Higher Ed Fac Messiah 
                          College Ser AA3 (Radian Insd)                  5.500   11/01/22    1,095,070     1,095,070      2,190,140
 1,560             1,560 Pennsylvania St Higher Ed Fac Philadelphia 
                          College Osteopathic Med (a)                    5.000   12/01/16    1,690,556                    1,690,556
          1,645    1,645 Pennsylvania St Higher Ed Fac Philadelphia 
                          College Osteopathic Med (a)                    5.000   12/01/17                  1,774,659      1,774,659
          1,725    1,725 Pennsylvania St Higher Ed Fac Philadelphia 
                          College Osteopathic Med (a)                    5.000   12/01/18                  1,852,615      1,852,615
          1,000    1,000 Pennsylvania St Higher Ed UPMC Hlth Sys Ser A   6.250   01/15/17                  1,144,640      1,144,640
 1,850    2,000    3,850 Pennsylvania St Higher Ed UPMC Hlth Sys Ser A   6.000   01/15/31    2,056,442     2,223,180      4,279,622
          1,000    1,000 Pennsylvania St Indl Dev Auth Econ Dev 
                          (AMBAC Insd)                                   5.500   07/01/14                  1,132,100      1,132,100
 3,015    3,015    6,030 Pennsylvania St Tpk Commn Ser T Rfdg 
                          (FGIC Insd)                                    5.500   12/01/10    3,415,995     3,415,995      6,831,990
          1,500    1,500 Pennsylvania St Univ                            5.000   09/01/35                  1,574,790      1,574,790
 1,970             1,970 Pennsylvania St Univ Rfdg                       5.250   03/01/18    2,189,891                    2,189,891
 1,500             1,500 Philadelphia, PA (FSA Insd)                     5.250   09/15/25    1,636,905                    1,636,905
 1,005    1,000    2,005 Philadelphia, PA Auth Indl Dev Amern 
                          College Of Physicians                          5.500   06/15/27    1,059,290     1,054,020      2,113,310
 2,500             2,500 Philadelphia, PA Auth Indl Dev Philadelphia 
                          Arpt Sys Proj Ser A (AMT) (FGIC Insd)          5.250   07/01/28    2,621,050                    2,621,050
 4,250             4,250 Philadelphia, PA Gas Wks Rev 12th Ser B 
                          (Escrowed to Maturity) (MBIA Insd)             7.000   05/15/20    5,317,770                    5,317,770
          1,500    1,500 Philadelphia, PA Gas Wks Rev 1975 Gen Ordinance 
                          17th Ser (FSA Insd)                            5.375   07/01/19                  1,670,490      1,670,490
          1,000    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      1,050,920
          1,455    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      1,661,188
          2,000    2,000 Philadelphia, PA Sch Dist Ser B (Prerefunded 
                          @ 09/01/05) (AMBAC Insd)                       5.500   09/01/18                  2,059,160      2,059,160
 4,100             4,100 Philadelphia, PA Wtr & Swr Rev Cap Apprec 
                          14th Ser (MBIA Insd)                             *     10/01/07    3,821,036                    3,821,036
          3,675    3,675 Philadelphia, PA Wtr & Wastewtr Rev Rfdg 
                          (AMBAC Insd)                                   5.500   06/15/07                  3,926,407      3,926,407
 5,000    4,500    9,500 Pittsburgh & Allegheny Cnty, PA Pub Aud Regl 
                          Asset Dist Sales Tax (AMBAC Insd)              5.000   02/01/24    5,347,800     4,813,020     10,160,820
 1,000             1,000 Pittsburgh, PA Pub Pkg Auth Rev Ser B 
                          (FGIC Insd) (b)                                5.000   12/01/23    1,077,580                    1,077,580
 2,500             2,500 Pittsburgh, PA Ser A (AMBAC Insd)               5.500   09/01/17    2,760,050                    2,760,050
 2,000             2,000 Pittsburgh, PA Ser A (Prerefunded @ 09/01/09) 
                          (FGIC Insd)                                    5.750   09/01/21    2,218,000                    2,218,000
          1,000    1,000 Pittsburgh, PA Urban Redev Auth Mtg Rev Ser C 
                          Rfdg (AMT)                                     6.500   10/01/23                  1,036,920      1,036,920
          1,570    1,570 Pittsburgh, PA Urban Redev Auth Mtg Rev Ser C 
                          Rfdg (AMT) (GNMA Collateralized)               5.700   04/01/30                  1,611,888      1,611,888
 2,000             2,000 Pittsburgh, PA Wtr & Swr Rfdg (FGIC Insd)       6.500   09/01/13    2,395,020                    2,395,020
          1,765    1,765 Quaker Valley, PA Sch Dist (FSA Insd) (a)       5.375   04/01/20                  1,987,849      1,987,849
          1,375    1,375 Red Lion, PA Area Sch Dist Ser A 
                          (FSA Insd) (a) (b)                             5.000   02/01/20                  1,503,425      1,503,425
 1,000    1,000    2,000 Southcentral, PA Gen Auth Rev Wellspan Hlth 
                          Oblig (MBIA Insd)                              5.375   05/15/28    1,067,410     1,067,410      2,134,820
          1,000    1,000 State Pub Sch Bldg Auth PA Delaware Cnty 
                          College Proj (MBIA Insd)                       5.750   10/01/16                  1,133,640      1,133,640
   685               685 State Pub Sch Bldg Auth PA Sch Conneaut 
                          Sch Dist (FGIC Insd)                           5.250   11/01/18      764,412                      764,412
 1,220             1,220 State Pub Sch Bldg Auth PA Sch Conneaut 
                          Sch Dist (FGIC Insd) (Prerefunded @ 11/01/13)  5.250   11/01/18    1,386,359                    1,386,359
            360      360 State Pub Sch Bldg Auth PA Sch Conneaut 
                          Sch Dist Proj (FGIC Insd)                      5.250   11/01/19                    400,964        400,964
            640      640 State Pub Sch Bldg Auth PA Sch Conneaut 
                          Sch Dist Proj (FGIC Insd) (Prerefunded 
                          @ 11/01/13)                                    5.250   11/01/19                    727,270        727,270
          2,480    2,480 State Pub Sch Bldg Auth PA Sch Conneaut 
                          Sch Dist Proj (FGIC Insd) (a)                  5.250   11/01/23                  2,746,972      2,746,972
 1,205             1,205 State Pub Sch Bldg Auth PA Sch Tuscarora 
                          Sch Dist Proj (FSA Insd) (a)                   5.250   04/01/20    1,336,176                    1,336,176
 1,270             1,270 State Pub Sch Bldg Auth PA Sch Tuscarora 
                          Sch Dist Proj (FSA Insd) (a)                   5.250   04/01/21    1,405,039                    1,405,039
          1,000    1,000 Susquehanna Area Regl Arpt Auth PA Ser A 
                          (AMT) (AMBAC Insd)                             5.375   01/01/21                  1,080,010      1,080,010
 1,500    1,000    2,500 Susquehanna Area Regl Arpt Auth PA Ser D        5.375   01/01/18    1,552,185     1,034,790      2,586,975
 1,850             1,850 Trinity Area Sch Dist PA (FGIC Insd)            5.250   11/01/20    2,056,867                    2,056,867
          1,000    1,000 Union Cnty, PA Higher Edl Bucknell Univ Ser A   5.250   04/01/21                  1,106,330      1,106,330
            500      500 Union Cnty, PA Higher Edl Bucknell Univ Ser A   5.250   04/01/22                    552,835        552,835
 1,285             1,285 Unity Twp, PA Muni Auth Swr Rev (FSA Insd)      5.000   12/01/24    1,383,675                    1,383,675
            720      720 Washington Cnty, PA Auth Rev Cap Fdg Proj 
                          & Equip Pgm (AMBAC Insd)                       6.150   12/01/29                    766,778        766,778
          1,350    1,350 Washington Cnty, PA Ser A (AMBAC Insd)          5.125   09/01/27                  1,432,040      1,432,040
          1,000    1,000 Wayne Highlands, PA Sch Dist (FSA Insd)         5.375   04/01/14                  1,125,850      1,125,850
          1,000    1,000 Wilson, PA Area Sch Dist (FGIC Insd)            5.125   03/15/16                  1,103,420      1,103,420
 1,075             1,075 Wilson, PA Sch Dist Second Ser (FSA Insd)       5.375   05/15/16    1,202,162                    1,202,162
          1,100    1,100 York Cnty, PA (AMBAC Insd)                      5.000   06/01/19                  1,195,601      1,195,601


                                      L-23

         VAN KAMPEN ADVANTAGE PENNSYLVANIA MUNICIPAL INCOME TRUST (VAP) -
           VAN KAMPEN PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST (VPV)
                        PROFORMA PORTFOLIO OF INVESTMENTS
                                JANUARY 31, 2005
                                   (UNAUDITED)




  VAP      VPV   PROFORMA
  PAR      PAR      PAR
AMOUNT   AMOUNT   AMOUNT                                                                       VAP            VPV         PROFORMA
 (000)    (000)    (000)   DESCRIPTION                                   COUPON  MATURITY  MARKET VALUE  MARKET VALUE   MARKET VALUE
====================================================================================================================================
                                                                                                
            500      500 York Cnty, PA Sch Technology Auth Lease Rev 
                          (FGIC Insd)                                    5.500   02/15/22                    566,205        566,205
          1,000    1,000 York Cnty, PA Sch Technology Auth Lease Rev 
                          (FGIC Insd)                                    5.500   02/15/23                  1,130,770      1,130,770
                                                                                          ------------------------------------------
                                                                                           108,765,271   110,348,581    219,113,852
                                                                                          ------------------------------------------

                         GUAM 1.2%
          1,585    1,585 Guam Intl Arpt Auth Gen Ser B (MBIA Insd)       5.250   10/01/21                  1,757,226      1,757,226
                                                                                          ------------------------------------------

                         PUERTO RICO 3.4%
          4,000  $ 4,000 Puerto Rico Comwlth Hwy & Tran Auth Hwy 
                          Rev Ser Y Rfdg (FSA Insd)                      6.250   07/01/21                  5,111,880      5,111,880
                                                                                          ------------------------------------------

                         U. S. VIRGIN ISLANDS 1.6%
 1,000             1,000 Virgin Islands Pub Fin Auth Rev Gross Rcpt 
                          Taxes Ln Nt Ser A (ACA Insd)                   6.125   10/01/29    1,138,160                    1,138,160
          1,000    1,000 Virgin Islands Pub Fin Auth Rev Gross Rcpts 
                          Taxes Nt Ser A                                 6.375   10/01/19                  1,157,460      1,157,460
                                                                                          ------------------------------------------
                                                                                             1,138,160     1,157,460      2,295,620
                                                                                          ------------------------------------------

TOTAL LONG-TERM INVESTMENTS 153.7%
 (Cost $571,718,197)                                                                       109,903,431   118,375,147    228,278,578

SHORT-TERM INVESTMENTS 7.7%

 2,700    2,400    5,100 Delaware Cnty, PA Indl Dev Auth Dates 
                          United Parcel Svc Proj (c)                     1.750   12/01/15    2,700,000     2,400,000      5,100,000
 4,700    1,100    5,800 Delaware Cnty, PA Indl Dev Auth Pollutn 
                          Ctl Rev Exelon Rmkt (c)                        1.970   04/01/05    4,700,000     1,100,000      5,800,000
   600               600 South Fork Muni Auth PA Hosp Rev Conemaugh 
                          Hlth Sys Ser A (MBIA Insd) (c)                 1.820   07/01/28      600,000                      600,000
                                                                                          ------------------------------------------
TOTAL SHORT-TERM INVESTMENTS 7.7%                                                            8,000,000     3,500,000     11,500,000
 (Cost $21,820,000)                                                                       ------------------------------------------

TOTAL INVESTMENTS 161.5%
 (Cost $593,538,197)                                                                       117,903,431   121,875,147    239,778,578

LIABILITIES IN EXCESS OF OTHER ASSETS (4.2%)                                                (3,160,996)   (3,081,105)    (6,242,101)

PREFERRED SHARES (INCLUDING ACCRUED DISTRIBUTIONS) (57.3%)                                 (40,008,110)  (45,011,404)   (85,019,514)
                                                                                          ------------------------------------------

NET ASSETS APPLICABLE TO COMMON SHARES 100.0%                                             $ 74,734,325  $ 73,782,638   $148,516,963
                                                                                          ==========================================


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

*        Zero Coupon Bond
(a)      The Trust owns 100% of bond issuance.
(b)      Securities purchased on a when-issued or delayed delivery basis.
(c)      Security includes a put feature allowing the Trust to periodically put 
         the security back to the issuer at amortized cost on specified put 
         dates.  The interest rate shown represents the current interest rate 
         earned by the Trust based on the most recent reset date.

ACA      American Capital Access
AMBAC    AMBAC Indemnity Corp.
AMT      Alternative Minimum Tax
FGIC     Financial Guaranty Insurance Co.
FHA      Federal Housing Administration
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.

                                      L-24


      VAN KAMPEN TRUST FOR INVESTMENT GRADE PENNSYLVANIA MUNICIPALS (VTP) -
           VAN KAMPEN PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST (VPV)
                       PROFORMA PORTFOLIO OF INVESTMENTS
                                JANUARY 31, 2005
                                  (UNAUDITED)




  VTP     VPV    PROFORMA
  PAR     PAR     PAR                                                                                 VTP       VPV 
AMOUNT   AMOUNT   AMOUNT                                                                             MARKET    MARKET     PROFORMA
 (000)    (000)    (000)  DESCRIPTION                                          COUPON    MATURITY    VALUE     VALUE    MARKET VALUE
------------------------------------------------------------------------------------------------------------------------------------
                          MUNICIPAL BONDS  152.6%
                          PENNSYLVANIA  146.7%
                                                                                                        

         $ 1,000  $ 1,000 Allegheny Cnty, PA Arpt Auth Pittsburgh Intl Arpt 
                            Rfdg (AMT) (FGIC Insd)                              5.750%  01/01/18              $1,077,480 $ 1,077,480
$ 1,465             1,465 Allegheny Cnty, PA Higher Ed Duquesne Univ 
                            Ser A (FGIC Insd)                                   5.000   03/01/17  $1,606,592               1,606,592
  1,560             1,560 Allegheny Cnty, PA Higher Ed Duquesne Univ Ser A 
                            (FGIC Insd) (a)                                     5.000   03/01/18   1,706,999               1,706,999
           1,360    1,360 Allegheny Cnty, PA Hosp Dev Auth Rev Hlth Sys 
                            Ser A (MBIA Insd)                                   6.500   11/15/30               1,595,457   1,595,457
  3,000             3,000 Allegheny Cnty, PA Port Auth Spl Rev Trans 
                            (FGIC Insd)                                         5.000   03/01/29   3,118,590               3,118,590
           2,000    2,000 Allegheny Cnty, PA Port Auth Spl Rev Trans 
                            (Prerefunded @ 03/01/09) (MBIA Insd)                6.000   03/01/24               2,266,020   2,266,020
    730               730 Allegheny Cnty, PA Residential Fin Auth Mtg Rev 
                            Single Family (AMT) (GNMA Collateralized)           7.100   05/01/24     730,978                 730,978
    510               510 Allegheny Cnty, PA Residential Fin Auth Mtg Rev Single
                            Family Ser II-1 (AMT) (GNMA Collateralized)         5.800   05/01/21     542,451                 542,451
    930               930 Allegheny Cnty, PA Residential Fin Auth Mtg Rev 
                            Single Family Ser II-2 (AMT) (GNMA Collateralized)  5.800   11/01/20     992,087                 992,087
    900      905    1,805 Allegheny Cnty, PA Residential Mtg Single Family 
                            Ser KK-2 (AMT) (GNMA Collateralized)                5.750   05/01/33     935,838     941,037   1,876,875
           1,525    1,525 Allegheny Cnty, PA Residential Mtg Single Family 
                            Ser MM (AMT) (GNMA Collateralized)                  5.200   05/01/33               1,558,733   1,558,733
  2,220             2,220 Allegheny Cnty, PA San Auth Swr Rev (MBIA Insd)       5.750   12/01/17   2,538,037               2,538,037
  2,900    1,000    3,900 Allegheny Cnty, PA San Auth Swr Rev (MBIA Insd)       5.500   12/01/24   3,253,597   1,121,930   4,375,527
  2,070             2,070 Allegheny Cnty, PA Ser C 54 (Prerefunded @ 11/01/12) 
                            (MBIA Insd)                                         5.375   11/01/18   2,359,676               2,359,676
  3,250             3,250 Allegheny Cnty, PA Ser C 54 (Prerefunded @ 11/01/12) 
                            (MBIA Insd)                                         5.375   11/01/19   3,704,805               3,704,805
           2,600    2,600 Allentown, PA Area Hosp Auth Rev Sacred Heart 
                            Hosp of Allentown Ser A Rfdg                        6.750   11/15/14               2,629,536   2,629,536
  1,175    1,000    2,175 Ambridge, PA Area Sch Dist (MBIA Insd)                5.500   11/01/31   1,301,547   1,107,700   2,409,247
           1,695    1,695 Berks Cnty, PA Muni Auth Albright College Proj (a)    5.500   10/01/16               1,841,804   1,841,804
           1,800    1,800 Berks Cnty, PA Muni Auth Albright College Proj (a)    5.500   10/01/17               1,944,108   1,944,108
  1,000    2,000    3,000 Berks Cnty, PA Muni Auth Hosp Rev Reading Hosp & Med 
                            Ctr Proj (Prerefunded @ 11/01/09) (FSA Insd)        6.000   11/01/29    1,156,690  2,313,380   3,470,070
  1,460    1,000    2,460 Bethlehem, PA Auth Wtr Gtd (FSA Insd)                 5.000   11/15/19    1,602,642  1,097,700   2,700,342
  1,270             1,270 Bucks Cnty, PA Auth Wtr & Swr Rev Swr Sys 
                            (AMBAC Insd) (a)                                    5.375   06/01/16    1,424,203              1,424,203
           1,000    1,000 Canon McMillan Sch Dist PA Ser B (FGIC Insd)          5.500   12/01/29               1,102,430   1,102,430
    870      870    1,740 Carbon Cnty, PA Indl Dev Auth Panther Creek Partn Proj
                            Rfdg (AMT) (LOC: Paribas & Union Bk of CA Intl)     6.650   05/01/10      945,003    945,003   1,890,006
  1,000    1,000    2,000 Central Dauphin, PA Sch Dist (FSA Insd)               5.000   12/01/19    1,092,270  1,092,270   2,184,540
  1,555    1,000    2,555 Chester Cnty, PA Indl Dev Auth Rev Collegium 
                            Charter Sch Proj Ser A (ACA Insd)                   5.500   04/15/31    1,645,750  1,058,360   2,704,110
           1,000    1,000 Cumberland Cnty, PA Muni Auth Dickinson College 
                            Ser A (AMBAC Insd)                                  5.500   11/01/30               1,101,100   1,101,100
           1,000    1,000 Delaware Cnty, PA Auth College Neumann College Rfdg   6.000   10/01/31               1,040,790   1,040,790
           1,000    1,000 Delaware Cnty, PA Auth Hosp Rev Crozer Chester 
                            Med Ctr                                             6.000   12/15/09               1,011,450   1,011,450
  1,480             1,480 Delaware Cnty, PA Regl Wtr Quality Ctl Auth Swr 
                            Rev (MBIA Insd) (a)                                 5.250   05/01/21    1,646,574              1,646,574
  2,500    1,500    4,000 Delaware Vly, PA Regl Fin Auth                        5.750   07/01/17    2,915,425  1,749,255   4,664,680
  2,800             2,800 Erie, PA Sch Dist (Prerefunded @ 09/01/10) 
                            (AMBAC Insd)                                        5.800   09/01/29    3,199,420              3,199,420
           1,010    1,010 Erie, PA Ser A (FSA Insd)                             5.000   11/15/18               1,111,283   1,111,283
  4,440             4,440 Falls Twp, PA Hosp Auth Hosp Rev DE Vly Med Rfdg 
                            (FHA Gtd)                                           7.000   08/01/22    4,614,936              4,614,936
  1,000             1,000 Fayette Cnty, PA (Prerefunded @ 11/15/10) 
                            (AMBAC Insd)                                        5.625   11/15/28    1,137,640              1,137,640
  1,500    1,000    2,500 Harrisburg, PA Auth Res Gtd Sub Ser D-2 (FSA Insd)    5.000   12/01/33    1,643,595  1,095,730   2,739,325
  2,000    1,575    3,575 Harrisburg, PA Auth Wtr Rev Rfdg (FSA Insd)           5.000   07/15/21    2,166,780  1,706,339   3,873,119
  3,000             3,000 Hempfield, PA Area Sch Dist (FGIC Insd)               5.375   02/15/07    3,344,250              3,344,250
           1,000    1,000 Jenkintown, PA Sch Dist Ser A (FGIC Insd) (b)         5.000   05/15/28               1,044,290   1,044,290
           2,000    2,000 Lehigh Cnty, PA Gen Purp Auth Cedar Crest 
                            College Rfdg                                        6.700   04/01/26               2,092,460   2,092,460
  2,000             2,000 Lehigh Cnty, PA Gen Purp Auth Rev Good 
                            Shepherd Grp Ser A                                  5.500   11/01/24    2,088,340              2,088,340
  1,500             1,500 Lehigh Northampton, PA Arpt Ser A (AMT) (MBIA Insd)   6.000   05/15/25    1,669,965              1,669,965
  2,700             2,700 Lehigh Northampton, PA Arpt Ser A (AMT) (MBIA Insd)   6.000   05/15/30    3,005,937              3,005,937
  2,050             2,050 Luzerne Cnty, PA Ser A (MBIA Insd)                    5.250   11/15/19    2,283,434              2,283,434
  3,290    1,000    4,290 Luzerne Cnty, PA Ser A (MBIA Insd)                    5.250   11/15/25    3,616,039  1,099,100   4,715,139
  2,650             2,650 Lycoming Cnty, PA Auth College Rev PA College of 
                            Technology (AMBAC Insd)                             5.350   07/01/26    2,929,257              2,929,257
           5,000    5,000 Lycoming Cnty, PA Auth College Rev PA College of 
                            Technology (AMBAC Insd)                             5.375   07/01/30               5,471,500   5,471,500
           1,000    1,000 Mercer Cnty, PA (FGIC Insd)                           5.500   10/01/15               1,131,920   1,131,920
           1,000    1,000 Mifflin Cnty, PA Hosp Auth (Radian Insd)              6.200   07/01/25               1,129,250   1,129,250
  2,500             2,500 Mifflin Cnty, PA Hosp Auth Rev (Radian Insd)          6.200   07/01/30    2,823,125              2,823,125
           1,000    1,000 Monroe Cnty, PA Hosp Auth Rev Hosp Pocono Med Ctr     6.000   01/01/43               1,061,210   1,061,210
           1,150    1,150 Monroeville, PA Muni Auth San Swr Rev Ser B 
                            (MBIA Insd) (a)                                     5.250   12/01/17               1,283,446   1,283,446
  1,280             1,280 Monroeville, PA Muni Auth San Swr Rev Ser B 
                            (MBIA Insd) (a)                                     5.250   12/01/19    1,423,078              1,423,078


                                      L-25


      VAN KAMPEN TRUST FOR INVESTMENT GRADE PENNSYLVANIA MUNICIPALS (VTP) -
           VAN KAMPEN PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST (VPV)
                       PROFORMA PORTFOLIO OF INVESTMENTS
                                JANUARY 31, 2005
                                  (UNAUDITED)





  VTP     VPV    PROFORMA
  PAR     PAR     PAR                                                                                 VTP       VPV 
AMOUNT   AMOUNT   AMOUNT                                                                             MARKET    MARKET     PROFORMA
 (000)    (000)    (000)  DESCRIPTION                                          COUPON    MATURITY    VALUE     VALUE    MARKET VALUE
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                     
  2,000    1,000    3,000 Montgomery Cnty, PA Higher Ed & Hlth Auth Hosp 
                            Rev Abington Mem Hosp Ser A                         5.125   06/01/32    2,038,720  1,019,360   3,058,080
  1,000      900    1,900 Montgomery Cnty, PA Indl Dev Auth Rev Res Rec 
                            Montenay Proj Ser A (MBIA Insd)                     5.250   11/01/14    1,134,780  1,021,302   2,156,082
  1,500             1,500 Mount Lebanon, PA Hosp Auth Saint Clair Mem 
                            Hosp Ser A                                          5.625   07/01/32    1,565,925              1,565,925
  1,000             1,000 Northeastern PA Hosp & Ed Auth College Rev Gtd 
                            Luzerne Cnty Cmnty College (Prerefunded @ 02/15/05) 
                            (AMBAC Insd)                                        6.625   08/15/15    1,001,800              1,001,800
           1,225    1,225 Northampton Twp, PA (FGIC Insd) (a)                   5.375   05/15/15               1,365,287   1,365,287
  2,000             2,000 Pennsylvania Econ Dev Fin Auth Res Recovery Rev 
                            Colver Proj Ser D (AMT)                             7.050   12/01/10    2,046,180              2,046,180
  1,450             1,450 Pennsylvania Econ Dev Fin York Wtr Co Proj Ser A 
                            (AMT) (XLCA Insd)                                   5.000   04/01/16    1,553,951              1,553,951
  2,500             2,500 Pennsylvania Hsg Fin Agy Single Family Mtg Rev 
                            Ser 70A (AMT)                                       5.900   04/01/31    2,598,000              2,598,000
  2,150             2,150 Pennsylvania Hsg Fin Agy Single Family Mtg 
                            Ser 61A (AMT)                                       5.500   04/01/29    2,205,234              2,205,234
  1,255             1,255 Pennsylvania Hsg Fin Agy Single Family Mtg 
                            Ser 67A (AMT)                                       5.900   10/01/30    1,295,147              1,295,147
           1,500    1,500 Pennsylvania Intergvtl Coop Auth Spl Tax Rev 
                            Philadelphia Fdg Pgm Rfdg (FGIC Insd)               5.500   06/15/20               1,556,820   1,556,820
  1,000             1,000 Pennsylvania St Higher Ed Clarion Univ Fndtn Inc 
                            Ser A (XLCA Insd)                                   5.000   07/01/28    1,045,010              1,045,010
  1,000    1,000    2,000 Pennsylvania St Higher Ed Fac Auth Rev Drexel Univ    5.500   05/01/17    1,116,690  1,116,690   2,233,380
  1,500    1,000    2,500 Pennsylvania St Higher Ed Fac Auth Rev La Salle Univ  5.500   05/01/34    1,564,695  1,043,130   2,607,825
  1,300             1,300 Pennsylvania St Higher Ed Fac Auth Rev Lycoming Clg 
                            Assn Indpt (Radian Insd)                            5.250   11/01/19    1,419,080              1,419,080
  1,000    1,000    2,000 Pennsylvania St Higher Ed Fac Auth Rev Thomas 
                            Jefferson Univ                                      5.375   01/01/25    1,084,010  1,084,010   2,168,020
  1,500    1,500    3,000 Pennsylvania St Higher Ed Fac Auth Rev Univ 
                            Sciences Philadelphia Ser A (XLCA Insd) (b)         5.000   11/01/36    1,560,690  1,560,690   3,121,380
           1,000    1,000 Pennsylvania St Higher Ed Fac Messiah College 
                            Ser AA3 (Radian Insd)                               5.500   11/01/22               1,095,070   1,095,070
           1,645    1,645 Pennsylvania St Higher Ed Fac Philadelphia College 
                            Osteopathic Med (a)                                 5.000   12/01/17               1,774,659   1,774,659
           1,725    1,725 Pennsylvania St Higher Ed Fac Philadelphia College 
                            Osteopathic Med (a)                                 5.000   12/01/18               1,852,615   1,852,615
  1,000             1,000 Pennsylvania St Higher Ed Fac Auth Rev UPMC Hlth 
                            Sys Ser A                                           6.250   01/15/18    1,142,340              1,142,340
  3,000             3,000 Pennsylvania St Higher Ed Fac Auth Rev UPMC Hlth 
                            Sys Ser A (FSA Insd)                                5.000   08/01/29    3,104,250              3,104,250
  1,000             1,000 Pennsylvania St Higher Ed Geneva College Proj         6.125   04/01/22    1,064,820              1,064,820
           1,000    1,000 Pennsylvania St Higher Ed UPMC Hlth Sys Ser A         6.250   01/15/17               1,144,640   1,144,640
  1,000    2,000    3,000 Pennsylvania St Higher Ed UPMC Hlth Sys Ser A         6.000   01/15/31    1,111,590  2,223,180   3,334,770
  1,165    1,000    2,165 Pennsylvania St Indl Dev Auth Econ Dev (AMBAC Insd)   5.500   07/01/14    1,318,897  1,132,100   2,450,997
  2,000             2,000 Pennsylvania St Second Ser (MBIA Insd) 
                            (Prerefunded @ 10/01/09)                            5.750   10/01/17    2,270,620              2,270,620
  3,015    3,015    6,030 Pennsylvania St Tpk Commn Ser T Rfdg (FGIC Insd)      5.500   12/01/10    3,415,995  3,415,995   6,831,990
  1,500    1,500    3,000 Pennsylvania St Univ                                  5.000   09/01/35    1,574,790  1,574,790   3,149,580
  1,500             1,500 Pennsylvania St Univ Rfdg                             5.250   03/01/17    1,669,755              1,669,755
  1,550             1,550 Perkiomen Vly Sch Dist PA Ser A (FSA Insd)            5.250   03/01/28    1,679,704              1,679,704
  3,000             3,000 Philadelphia, PA (FSA Insd)                           5.000   03/15/28    3,100,710              3,100,710
  6,160             6,160 Philadelphia, PA Auth for Indl Ser B (FSA Insd)       5.500   10/1/017    6,945,646              6,945,646
  2,000             2,000 Philadelphia, PA Auth for Indl Ser B (FSA Insd)       5.125   10/01/26    2,145,300              2,145,300
  1,000    1,000    2,000 Philadelphia, PA Auth Indl Dev Amern College Of 
                            Physicians                                          5.500   06/15/27    1,054,020  1,054,020   2,108,040
           1,500    1,500 Philadelphia, PA Gas Wks Rev 1975 Gen 
                            Ordinance 17th Ser (FSA Insd)                       5.375   07/01/19               1,670,490   1,670,490
  1,700             1,700 Philadelphia, PA Gas Wks Rev 18th Ser (AGC Insd)      5.250   08/01/21    1,860,259              1,860,259
  1,750             1,750 Philadelphia, PA Gas Wks Rev Second Ser (FSA Insd)    5.250   07/01/29    1,878,118              1,878,118
  1,500             1,500 Philadelphia, PA Gas Wks Rev Third Ser S (FSA Insd)   5.125   08/01/31    1,564,260              1,564,260
           1,000    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   1,050,920
           1,455    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   1,661,188
  1,645             1,645 Philadelphia, PA Pkg Auth Rev Ser A (AMBAC Insd)      5.250   02/15/29    1,748,717              1,748,717
           2,000    2,000 Philadelphia, PA Sch Dist Ser B 
                            (Prerefunded @ 09/01/05) (AMBAC Insd)               5.500   09/01/18               2,059,160   2,059,160
           3,675    3,675 Philadelphia, PA Wtr & Wastewtr Rev Rfdg (AMBAC Insd) 5.500   06/15/07               3,926,407   3,926,407
    500               500 Pittsburgh & Allegheny Cnty, PA Pub Aud Hotel Room 
                            (AMBAC Insd)                                        5.125   02/01/35      525,345                525,345
  2,500    4,500    7,000 Pittsburgh & Allegheny Cnty, PA Pub Aud Regl Asset 
                            Dist Sales Tax (AMBAC Insd)                         5.000   02/01/24    2,673,900  4,813,020   7,486,920
  4,990             4,990 Pittsburgh & Allegheny Cnty, PA Pub Aud Regl Asset 
                            Dist Sales Tax (AMBAC Insd)                         5.000   02/01/29   5,201,676               5,201,676
  1,000             1,000 Pittsburgh, PA Pub Pkg Auth Rev Ser B 
                            (FGIC Insd) (b)                                     5.000   12/01/23   1,077,580               1,077,580
  5,000             5,000 Pittsburgh, PA Ser A (AMBAC Insd)                     5.500   09/01/17   5,520,100               5,520,100
    500    1,000    1,500 Pittsburgh, PA Urban Redev Auth Mtg Rev 
                            Ser C Rfdg (AMT)                                    6.500   10/01/23     518,460   1,036,920   1,555,380
           1,570    1,570 Pittsburgh, PA Urban Redev Auth Mtg Rev 
                            Ser C Rfdg (AMT) (GNMA Collateralized)              5.700   04/01/30               1,611,888   1,611,888
  3,700             3,700 Pittsburgh, PA Wtr & Swr Rfdg (FGIC Insd)             6.500   09/01/13   4,430,787               4,430,787
           1,765    1,765 Quaker Valley, PA Sch Dist (FSA Insd) (a)             5.375   04/01/20               1,987,849   1,987,849
  1,960             1,960 Quaker Valley, PA Sch Dist (FSA Insd) (a)             5.375   04/01/22   2,194,553               2,194,553
           1,375    1,375 Red Lion, PA Area Sch Dist Ser A (FSA Insd) (a) (b)   5.000   02/01/20               1,503,425   1,503,425



                                      L-26


      VAN KAMPEN TRUST FOR INVESTMENT GRADE PENNSYLVANIA MUNICIPALS (VTP) -
           VAN KAMPEN PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST (VPV)
                       PROFORMA PORTFOLIO OF INVESTMENTS
                                JANUARY 31, 2005
                                  (UNAUDITED)




  VTP     VPV    PROFORMA
  PAR     PAR     PAR                                                                                VTP       VPV 
AMOUNT   AMOUNT   AMOUNT                                                                            MARKET    MARKET      PROFORMA
 (000)    (000)    (000)  DESCRIPTION                                          COUPON   MATURITY    VALUE     VALUE     MARKET VALUE
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                     
  2,000             2,000 Rostraver Twp, PA (AMBAC Insd)                        5.500  07/01/24  2,219,700                2,219,700
  1,050             1,050 Scranton, PA Ser B (AMBAC Insd) (a)                   5.000  09/01/17  1,144,805                1,144,805
  2,000    1,000    3,000 Southcentral, PA Gen Auth Rev Wellspan Hlth Oblig 
                            (MBIA Insd)                                         5.375  05/15/28  2,134,820   1,067,410    3,202,230
           1,000    1,000 State Pub Sch Bldg Auth PA Delaware Cnty College 
                            Proj (MBIA Insd)                                    5.750  10/01/16              1,133,640    1,133,640
             360      360 State Pub Sch Bldg Auth PA Sch Conneaut Sch Dist 
                            Proj (FGIC Insd)                                    5.250  11/01/19                400,964      400,964
             640      640 State Pub Sch Bldg Auth PA Sch Conneaut Sch Dist 
                            Proj (FGIC Insd) (Prerefunded @ 11/01/13)           5.250  11/01/19                727,270      727,270
  2,120             2,120 State Pub Sch Bldg Auth PA Sch Conneaut Sch Dist 
                            Proj (FGIC Insd) (a)                                5.250  11/01/20  2,357,058                2,357,058
           2,480    2,480 State Pub Sch Bldg Auth PA Sch Conneaut Sch Dist 
                            Proj (FGIC Insd) (a)                                5.250  11/01/23              2,746,972    2,746,972
  2,360             2,360 State Pub Sch Bldg Auth PA Sch Rev Jefferson Cnty 
                            Dubois Tech Sch (FGIC Insd) (a)                     5.375  02/01/23  2,645,088                2,645,088
  1,140    1,000    2,140 Susquehanna Area Regl Arpt Auth PA Ser A (AMT) 
                            (AMBAC Insd)                                        5.375  01/01/21  1,231,211   1,080,010    2,311,221
  5,205             5,205 Susquehanna Area Regl Arpt Auth PA Arpt Sys Rev 
                            Ser A (AMT) (AMBAC Insd)                            5.375  01/01/23  5,592,408                5,592,408
  1,500    1,000    2,500 Susquehanna Area Regl Arpt Auth PA Ser D              5.375  01/01/18  1,552,185   1,034,790    2,586,975
  1,950             1,950 Swarthmore Boro Auth PA College                       5.250  09/15/18  2,169,882                2,169,882
  1,000             1,000 Trinity Area Sch Dist PA (FGIC Insd)                  5.250  11/01/20  1,111,820                1,111,820
           1,000    1,000 Union Cnty, PA Higher Edl Bucknell Univ Ser A         5.250  04/01/21              1,106,330    1,106,330
             500      500 Union Cnty, PA Higher Edl Bucknell Univ Ser A         5.250  04/01/22                552,835      552,835
  2,300             2,300 Union Cnty, PA Hosp Auth Hosp Rev Evangelical 
                            Cmnty Hosp (Radian Insd)                            5.250  08/01/24  2,447,706                2,447,706
             720      720 Washington Cnty, PA Auth Rev Cap Fdg 
                            Proj & Equip Pgm (AMBAC Insd)                       6.150  12/01/29                766,778      766,778
  2,000    1,350    3,350 Washington Cnty, PA Ser A (AMBAC Insd)                5.125  09/01/27  2,121,540  1,432,040     3,553,580
           1,000    1,000 Wayne Highlands, PA Sch Dist (FSA Insd)               5.375  04/01/14              1,125,850    1,125,850
  2,000             2,000 West Shore, PA Area Hosp Auth Holy Spirit Hosp Proj   6.250  01/01/32  2,151,220                2,151,220
           1,000    1,000 Wilson, PA Area Sch Dist (FGIC Insd)                  5.125  03/15/16              1,103,420    1,103,420
           1,100    1,100 York Cnty, PA (AMBAC Insd)                            5.000  06/01/19              1,195,601    1,195,601
             500      500 York Cnty, PA Sch Technology Auth Lease Rev 
                            (FGIC Insd)                                         5.500  02/15/22                566,205      566,205
           1,000    1,000 York Cnty, PA Sch Technology Auth Lease Rev 
                            (FGIC Insd)                                         5.500  02/15/23              1,130,770    1,130,770

                                                                                                ------------------------------------
                         GUAM 0.9%                                                             184,067,097 110,348,581  294,415,678
           1,585    1,585 Guam Intl Arpt Auth Gen Ser B (MBIA Insd)                             ------------------------------------

                         PUERTO RICO 2.5%
           4,000  $ 4,000 Puerto Rico Comwlth Hwy & Tran Auth Hwy Rev Ser Y Rfdg
                          (FSA Insd)                                            6.250  07/01/21               5,111,880    5,111,880
                                                                                                ------------------------------------
                         U.S. VIRGIN ISLANDS 2.5%                                  
  1,500             1,500 University Virgin Islands Impt Ser A                  5.375  06/01/34    1,577,565               1,577,565
  2,000             2,000 Virgin Islands Pub Fin Auth Rev Gross Rcpt Taxes Ln Nt
                          Ser A (ACA Insd)                                      6.125  10/01/29    2,276,320               2,276,320
           1,000    1,000 Virgin Islands Pub Fin Auth Rev Gross Rcpts Taxes
                          Nt Ser A                                              6.375  10/01/19                 1,157,460  1,157,460
                                                                                                ------------------------------------
                                                                                                   3,853,885    1,157,460  5,011,345
                                                                                                ------------------------------------
                                                                                       
TOTAL LONG-TERM INVESTMENTS 152.6%
   (Cost $571,718,197)                                                                           187,920,982 116,617,921 304,538,903

SHORT-TERM INVESTMENTS 6.3%

    800    2,400      3,200 Delaware Cnty, PA Indl Dev Auth Dates United Parcel 
                            Svc Proj (c)                                        1.750  12/01/15      800,000   2,400,000   3,200,000
  8,200    1,100      9,300 Delaware Cnty, PA Indl Dev Auth Pollutn Ctl Rev
                            Exelon Rmkt (c)                                     1.970  04/01/05    8,200,000   1,100,000   9,300,000
    200               200 Lehigh Cnty, PA Gen Purp Auth Adj Hosp Lehigh Vy
                            Hosp Ser A (c)                                      1.820  07/01/28      200,000                 200,000
                                                                                                ------------------------------------
TOTAL SHORT-TERM INVESTMENTS 6.3%                                                                  9,200,000   3,500,000  12,700,000
      (Cost $21,820,000)                                                                        ------------------------------------
                                                                                                    
TOTAL INVESTMENTS 158.9%
     (Cost $593,538,197)                                                                         197,120,982 120,117,921 317,238,903



                                      L-27


     VAN KAMPEN TRUST FOR INVESTMENT GRADE PENNSYLVANIA MUNICIPALS (VTP) -
           VAN KAMPEN PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST (VPV)
                       PROFORMA PORTFOLIO OF INVESTMENTS
                                JANUARY 31, 2005
                                  (UNAUDITED)




  VTP     VPV    PROFORMA
  PAR     PAR     PAR                                                                                 VTP       VPV 
AMOUNT   AMOUNT   AMOUNT                                                                             MARKET    MARKET     PROFORMA
 (000)    (000)    (000)  DESCRIPTION                                          COUPON    MATURITY    VALUE     VALUE    MARKET VALUE
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                 
OTHER LIABILITIES IN EXCESS OF ASSETS (1.6%)                                                      (125,643) (3,081,105) (3,206,748)

PREFERRED SHARES (INCLUDING ACCRUED DISTRIBUTIONS) (57.3%)                                     (70,080,556)(45,011,404)(115,091,960)
                                                                                              --------------------------------------
NET ASSETS APPLICABLE TO COMMON SHARES 100.0%                                                 $126,914,783 $72,025,412 $198,940,195
                                                                                              --------------------------------------
Percentages are calculated as a percentage of net assets applicable to common
shares.

 *       Zero Coupon Bond
(a)      The Trust owns 100% of bond issuance.
(b)      Securities purchased on a when-issued or delayed delivery basis.
(c)      Security includes a put feature allowing the Trust to periodically put
         the security back to the issuer at amortized cost on specified put
         dates. The interest rate shown represents the current interest rate
         earned by the Trust based on the most recent reset date.
ACA      American Capital Access
AGC      AGC Insured Custody Certificates
AMBAC    AMBAC Indemnity Corp.
AMT      Alternative Minimum Tax
FGIC     Financial Guaranty Insurance Co.
FHA      Federal Housing Administration
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.




                                      L-28

           VAN KAMPEN ADVANTAGE PENNSYLVANIA MUNICIPAL INCOME TRUST -
               VAN KAMPEN PENNSYLVANIA QUALITY MUNICIPAL TRUST -
        VAN KAMPEN TRUST FOR INVESTMENT GRADE PENNSYLVANIA MUNICIPALS -
              VAN KAMPEN PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST
             PROFORMA CONDENSED STATEMENT OF ASSETS AND LIABILITIES
                                JANUARY 31, 2005
                                   (UNAUDITED)
                              AMOUNTS IN THOUSANDS



                                                                                 
                                                                          VAN KAMPEN    
                                            VAN KAMPEN     VAN KAMPEN     TRUST FOR      VAN KAMPEN                     VAN KAMPEN
                                             ADVANTAGE    PENNSYLVANIA    INVESTMENT    PENNSYLVANIA                   PENNSYLVANIA
                                            PENNSYLVANIA    QUALITY         GRADE          VALUE                     VALUE MUNICIPAL
                                             MUNICIPAL     MUNICIPAL     PENNSYLVANIA    MUNICIPAL                    INCOME TRUST
                                            INCOME TRUST     TRUST         MUNICIPALS   INCOME TRUST  ADJUSTMENTS        PROFORMA 
                                           -------------  ------------  -------------   ------------  -----------    ---------------
                                                                                                   
ASSETS:
Total Investments (Cost of $108,582,
  $188,136, $183,289, $113,531 and
  $593,538, respectively)                  $     117,903  $    204,089  $     197,121   $    121,875                     $  640,988
Cash                                                   3            55             81             10                            149
Receivables:
  Interest                                         1,206         2,636          2,685          1,312                          7,839
  Investment Sold                                      -           135            176              -                            311
Other                                                  1             2              2              2                              7
                                           -------------  ------------  -------------   ------------  -----------        ----------
        Total Assets                             119,113       206,917        200,065        123,199                        649,294
                                           -------------  ------------  -------------   ------------  -----------        ----------
LIABILITIES:
Payables:
  Investments Purchased                            4,020         1,548          2,620          4,067                         12,255
  Investment Advisory Fee                             53            95             91             55                            294
  Income Distributions-Common Shares                  15            50             35             11                            111
  Other Affiliates                                     5             6              8              4                             23
Trustee's Deferred Compensation and
    Retirement Plans                                 219           239            238            219                            915
Accrued Expenses                                      59            74             77             49                            259
Merger Cost                                                                                           $       587 (2)           587
                                           -------------  ------------  -------------   ------------  -----------        ----------
        Total Liabilities                          4,371         2,012          3,069          4,405          587            14,444
Preferred Shares (Including
  accrued distributions)                          40,008        65,038         70,081         45,011                        220,138
                                           -------------  ------------  -------------   ------------  -----------        ----------

NET ASSETS APPLICABLE TO COMMON SHARES     $      74,734  $    139,867  $     126,915   $     73,783  $      (587)       $  414,712
                                           =============  ============  =============   ============  ===========        ==========

Net Assets Applicable to Common Shares     $      74,734  $    139,867  $     126,915   $     73,783  $      (587)(2)    $  414,712
Shares outstanding                                 4,369         8,268          7,432          4,477          694 (1)        25,240
                                           -------------  ------------  -------------   ------------                     ----------
Net Asset Value Per Common Share           $       17.11  $      16.92  $       17.08   $      16.48                     $    16.43
                                           =============  ============  =============   ============                     ==========

NET ASSETS CONSIST OF:
Common Shares ($.01 par value)             $          44  $         83  $          74   $         45  $         6 (1)    $      252
Paid in Surplus                                   64,233       122,587        109,598         64,699         (593)(1)(2)    360,524
Net Unrealized Appreciation                        9,321        15,953         13,832          8,344                         47,450
Accumulated Undistributed Net Investment
  Income                                             310           628          2,653            511                          4,102
Accumulated Net Realized Gain                        826           616            758            184                          2,384
                                           -------------  ------------  -------------   ------------  -----------        ----------
NET ASSETS APPLICABLE TO COMMON SHARES     $      74,734  $    139,867  $     126,915   $     73,783  $      (587)       $  414,712
                                           =============  ============  =============   ============  ===========        ==========

PREFERRED SHARES                           $      40,000  $     65,000  $      70,000   $     45,000                     $  220,000
                                           =============  ============  =============   ============  ===========        ==========
NET ASSETS INCLUDING PREFERRED SHARES      $     114,734  $    204,867  $     196,915   $    118,783  $      (587)       $  634,712
                                           =============  ============  =============   ============  ===========        ==========




(1) The proforma statements presume the issuance by the Van Kampen Pennsylvania
Value Municipal Income Trust of approximately 4,538,461, 8,509,070 and 7,715,926
common shares in exchange for the assets and liabilities of the Van Kampen
Advantage Pennsylvania Municipal Income Trust, Van Kampen Pennsylvania Quality
Municipal Trust and Van Kampen Trust for Investment Grade Pennsylvania
Municipals, respectively.

(2) A non-recurring cost associated with this transaction of approximately
$587,000 will be incurred. The approximate cost and per share cost that will be
borne by the common shareholders are as follows:



                                                                        Approximate Cost         Cost Per Share
                                                                        ----------------         --------------
                                                                                           
Van Kampen Advantage Pennsylvania Municipal Income Trust............... $        167,412         $        0.038
Van Kampen Pennsylvania Quality Municipal Trust........................           62,633                  0.008
Van Kampen Trust for Investment Grade Pennsylvania Municipals..........          142,113                  0.019
Van Kampen Pennsylvania Value Income Municipal Trust...................          214,842                  0.048
                                                                        ----------------
                                                                        $        587,000
                                                                        ================




                                      L-29

           VAN KAMPEN ADVANTAGE PENNSYLVANIA MUNICIPAL INCOME TRUST -
               VAN KAMPEN PENNSYLVANIA QUALITY MUNICIPAL TRUST -
              VAN KAMPEN PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST
             PROFORMA CONDENSED STATEMENT OF ASSETS AND LIABILITIES
                                JANUARY 31, 2005
                                   (UNAUDITED)
                              AMOUNTS IN THOUSANDS






                                                                                    VAN KAMPEN
                                                      VAN KAMPEN     VAN KAMPEN    PENNSYLVANIA                      VAN KAMPEN
                                                      ADVANTAGE     PENNSYLVANIA       VALUE                        PENNSYLVANIA
                                                     PENNSYLVANIA     QUALITY        MUNICIPAL                    VALUE MUNICIPAL
                                                       MUNICIPAL     MUNICIPAL        INCOME                       INCOME TRUST
                                                     INCOME TRUST      TRUST           TRUST      ADJUSTMENTS         PROFORMA
                                                     ------------   ------------   ------------   -----------     ---------------
                                                                                                   
ASSETS:
Total Investments (Cost of $108,582,
 $188,136, $113,531 and $410,249,
 respectively)                                       $    117,903   $    204,089   $    121,875                     $  443,867
Cash                                                            3             55             10                             68
Receivables:
 Interest                                                   1,206          2,636          1,312                          5,154
 Investment Sold                                                -            135              -                            135
Other                                                           1              2              2                              5
                                                     ------------   ------------   ------------   -----------       ----------
     Total Assets                                         119,113        206,917        123,199                        449,229
                                                     ------------   ------------   ------------   -----------       ----------
LIABILITIES:
Payables:
  Investments Purchased                                     4,020          1,548          4,067                          9,635
  Investment Advisory Fee                                      53             95             55                            203
  Income Distributions-Common Shares                           15             50             11                             76
  Other Affiliates                                              5              6              4                             15
Trustee's Deferred Compensation and
    Retirement Plans                                          219            239            219                            677
Accrued Expenses                                               59             74             49                            182
Merger Cost                                                                                       $       440(2)           440
                                                     ------------   ------------   ------------   -----------       ----------
     Total Liabilities                                      4,371          2,012          4,405           440           11,228
Preferred Shares (Including
   accrued distributions)                                  40,008         65,038         45,011                        150,057
                                                     ------------   ------------   ------------   -----------       ----------
NET ASSETS APPLICABLE TO COMMON SHARES               $     74,734   $    139,867   $     73,783   $      (440)      $  287,944
                                                     ============   ============   ============   ===========       ==========

Net Assets Applicable to Common Shares               $     74,734   $    139,867   $     73,783   $      (440)(2)   $  287,944
Shares outstanding                                          4,369          8,268          4,477           411 (1)       17,525
                                                     ------------   ------------   ------------                     ----------
Net Asset Value Per Common Share                     $      17.11   $      16.92   $      16.48                     $    16.43
                                                     ============   ============   ============                     ==========

NET ASSETS CONSIST OF:
Common Shares ($.01 par value)                       $         44   $         83   $         45   $         3 (1)   $      175
Paid in Surplus                                            64,233        122,587         64,699          (443)(1)(2)   251,076
Net Unrealized Appreciation                                 9,321         15,953          8,344                         33,618
Accumulated Undistributed Net Investment Income               310            628            511                          1,449
Accumulated Net Realized Gain                                 826            616            184                          1,626
                                                     ------------   ------------   ------------   -----------       ----------
NET ASSETS APPLICABLE TO COMMON SHARES               $     74,734   $    139,867   $     73,783   $      (440)      $  287,944
                                                     ============   ============   ============   ===========       ==========

PREFERRED SHARES                                     $     40,000   $     65,000   $     45,000                     $  150,000
                                                     ============   ============   ============   ===========       ==========
NET ASSETS INCLUDING PREFERRED SHARES                $    114,734   $    204,867   $    118,783   $      (440)      $  437,944
                                                     ============   ============   ============   ===========       ==========



(1) The proforma statements presume the issuance by the Van Kampen Pennsylvania
Value Municipal Income Trust of approximately 4,538,206 and 8,509,936 common
shares in exchange for the assets and liabilities of the Van Kampen Advantage
Pennsylvania Municipal Income Trust and Van Kampen Pennsylvania Quality
Municipal Trust, respectively.

(2) A non-recurring cost associated with this transaction of approximately
$440,000 will be incurred. The approximate cost and per share cost that will
be borne by the common shareholders are as follows:




                                                                  Approximate Cost      Cost Per Share
                                                                  ----------------      --------------
                                                                                  
Van Kampen Advantage Pennsylvania Municipal Income Trust......... $        171,600      $        0.039
Van Kampen Pennsylvania Quality Municipal Trust..................           48,400               0.006
Van Kampen Pennsylvania Value Income Municipal Trust.............          220,000               0.049
                                                                  ----------------
                                                                  $        440,000
                                                                  ================



                                      L-30

                VAN KAMPEN PENNSYLVANIA QUALITY MUNICIPAL TRUST -
        VAN KAMPEN TRUST FOR INVESTMENT GRADE PENNSYLVANIA MUNICIPALS -
              VAN KAMPEN PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST
             PROFORMA CONDENSED STATEMENT OF ASSETS AND LIABILITIES
                                JANUARY 31, 2005
                                   (UNAUDITED)
                              AMOUNTS IN THOUSANDS



                                                                    VAN KAMPEN       VAN KAMPEN
                                                      VAN KAMPEN    TRUST FOR       PENNSYLVANIA                       VAN KAMPEN
                                                     PENNSYLVANIA   INVESTMENT         VALUE                          PENNSYLVANIA
                                                       QUALITY        GRADE          MUNICIPAL                      VALUE MUNICIPAL
                                                      MUNICIPAL    PENNSYLVANIA       INCOME                         INCOME TRUST
                                                        TRUST       MUNICIPALS         TRUST         ADJUSTMENTS        PROFORMA
                                                     ------------  ------------     ------------     -----------    ---------------
                                                                                                        
ASSETS:
Total Investments (Cost of $188,136, $183,289,
    $113,531 and $484,956, respectively)              $ 204,089      $ 197,121       $ 121,875                           $ 523,085
Cash                                                         55             81              10                                 146
Receivables:                                                                                                            
   Interest                                               2,636          2,685           1,312                               6,633
   Investment Sold                                          135            176              --                                 311
Other                                                         2              2               2                                   6
                                                      ---------      ---------       ---------        ---------          ---------
        Total Assets                                    206,917        200,065         123,199                             530,181
                                                      ---------      ---------       ---------        ---------          ---------
LIABILITIES:                                                                                                            
Payables:                                                                                                               
    Investments Purchased                                 1,548          2,620           4,067                               8,235
    Investment Advisory Fee                                  95             91              55                                 241
    Income Distributions-Common Shares                       50             35              11                                  96
    Other Affiliates                                          6              8               4                                  18
Trustee's Deferred Compensation and                                                                                     
      Retirement Plans                                      239            238             219                                 696
Accrued Expenses                                             74             77              49                                 200
Merger Cost                                                                                           $     464 (2)            464
                                                      ---------      ---------       ---------        ---------          ---------
        Total Liabilities                                 2,012          3,069           4,405              464              9,950
Preferred Shares (Including                                                                                             
     accrued distributions)                              65,038         70,081          45,011                             180,130
                                                      ---------      ---------       ---------        ---------          ---------
NET ASSETS APPLICABLE TO COMMON SHARES                $ 139,867      $ 126,915       $  73,783        $    (464)         $ 340,101
                                                      =========      =========       =========        =========          =========
                                                                                                                        
Net Assets Applicable to Common Shares                $ 139,867      $ 126,915       $  73,783        $    (464)(2)      $ 340,101
Shares outstanding                                        8,268          7,432           4,477              524 (1)         20,701
                                                      ---------      ---------       ---------                           ---------  
Net Asset Value Per Common Share                      $   16.92      $   17.08       $   16.48                           $   16.43
                                                      =========      =========       =========                           =========
                                                                                                                        
NET ASSETS CONSIST OF:                                                                                                  
Common Shares ($.01 par value)                        $      83      $      74       $      45        $       5 (1)      $     207
Paid in Surplus                                         122,587        109,598          64,699             (469)(1)(2)     296,415
Net Unrealized Appreciation                              15,953         13,832           8,344                              38,129
Accumulated Undistributed Net Investment Income             628          2,653             511                               3,792
Accumulated Net Realized Gain                               616            758             184                               1,558
                                                      ---------      ---------       ---------        ---------          ---------
NET ASSETS APPLICABLE TO COMMON SHARES                $ 139,867      $ 126,915       $  73,783        $    (464)         $ 340,101
                                                      =========      =========       =========        =========          =========
                                                                                                                        
PREFERRED SHARES                                      $  65,000      $  70,000       $  45,000                           $ 180,000
                                                      =========      =========       =========        =========          =========
NET ASSETS INCLUDING PREFERRED SHARES                 $ 204,867      $ 196,915       $ 118,783        $    (464)         $ 520,101
                                                      =========      =========       =========        =========          =========

                                                                  
(1) The proforma statements presume the issuance by the Van Kampen Pennsylvania
Value Municipal Income Trust of approximately 8,508,646 and 7,714,974 common
shares in exchange for the assets and liabilities of the Van Kampen Pennsylvania
Quality Municipal Trust and Van Kampen Trust for Investment Grade Pennsylvania
Municipals, respectively.

(2) A non-recurring cost associated with this transaction of approximately
$464,000 will be incurred. The approximate cost and per share cost that will be
borne by the common shareholders are as follows:




                                                                  Approximate Cost      Cost Per Share
                                                                  ----------------      --------------
                                                                                  
Van Kampen Pennsylvania Quality Municipal Trust.................. $         69,600      $        0.008
Van Kampen Trust for Investment Grade Pennsylvania Municipals....          157,760               0.021
Van Kampen Pennsylvania Value Income Municipal Trust.............          236,640               0.053
                                                                  ----------------
                                                                  $        464,000
                                                                  ================




                                      L-31

           VAN KAMPEN ADVANTAGE PENNSYLVANIA MUNICIPAL INCOME TRUST -
        VAN KAMPEN TRUST FOR INVESTMENT GRADE PENNSYLVANIA MUNICIPALS -
              VAN KAMPEN PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST
             PROFORMA CONDENSED STATEMENT OF ASSETS AND LIABILITIES
                                JANUARY 31, 2005
                                  (UNAUDITED)
                              AMOUNTS IN THOUSANDS



                                                                        VAN KAMPEN        
                                                      VAN KAMPEN        TRUST FOR        VAN KAMPEN                     VAN KAMPEN
                                                      ADVANTAGE         INVESTMENT      PENNSYLVANIA                   PENNSYLVANIA
                                                     PENNSYLVANIA         GRADE             VALUE                    VALUE MUNICIPAL
                                                      MUNICIPAL        PENNSYLVANIA      MUNICIPAL                    INCOME TRUST
                                                     INCOME TRUST       MUNICIPALS      INCOME TRUST   ADJUSTMENTS       PROFORMA
                                                    --------------    --------------   -------------- -------------  ---------------
                                                                                                      
 ASSETS:
 Total Investments (Cost of $108,582, $183,289,
 $113,531 and $405,402, respectively)               $     117,903     $  197,121       $  121,875                        $  436,899
 Cash                                                           3             81               10                                94
 Receivables:
   Interest                                                 1,206          2,685            1,312                             5,203
   Investment Sold                                              -            176                -                               176
 Other                                                          1              2                2                                 5
                                                    -------------     ----------       ----------     ---------          ----------
      Total Assets                                        119,113        200,065          123,199                           442,377
                                                    -------------     ----------       ----------     ---------          ----------
 LIABILITIES:
 Payables:
   Investments Purchased                                    4,020          2,620            4,067                            10,707
   Investment Advisory Fee                                     53             91               55                               199
   Income Distributions-Common Shares                          15             35               11                                61
   Other Affiliates                                             5              8                4                                17
 Trustee's Deferred Compensation and
     Retirement Plans                                         219            238              219                               676
 Accrued Expenses                                              59             77               49                               185
 Merger Cost                                                                                          $     431  (2)            431
                                                    -------------     ----------       ----------     ---------          ----------
      Total Liabilities                                     4,371          3,069            4,405           431              12,276
 Preferred Shares (Including                                                                                      
    accrued distributions)                                 40,008         70,081           45,011                           155,100
                                                    -------------     ----------       ----------     ---------          ----------
 NET ASSETS APPLICABLE TO COMMON SHARES             $      74,734     $  126,915       $   73,783     $    (431)         $  275,001
                                                    =============     ==========       ==========     =========          ==========

 Net Assets Applicable to Common Shares             $      74,734     $  126,915       $   73,783     $    (431) (2)     $  275,001
 Shares outstanding                                         4,369          7,432            4,477           450  (1)         16,728
                                                    -------------     ----------       ----------                        ----------
 Net Asset Value Per Common Share                   $       17.11     $    17.08       $    16.48                        $    16.44
                                                    =============     ==========       ==========     =========          ==========

 NET ASSETS CONSIST OF:
 Common Shares ($.01 par value)                     $          44     $       74       $       45     $       4  (1)     $      167
 Paid in Surplus                                           64,233        109,598           64,699          (435) (1)(2)     238,095
 Net Unrealized Appreciation                                9,321         13,832            8,344                            31,497
 Accumulated Undistributed Net Investment Income              310          2,653              511                             3,474
 Accumulated Net Realized Gain                                826            758              184                             1,768
                                                    -------------     ----------       ----------     ---------          ----------
 NET ASSETS APPLICABLE TO COMMON SHARES             $      74,734     $  126,915       $   73,783     $    (431)         $  275,001
                                                    =============     ==========       ==========     =========          ==========
                                                                                                                 
 PREFERRED SHARES                                   $      40,000     $   70,000       $   45,000                        $  155,000
                                                    =============     ==========       ==========     =========          ==========
 NET ASSETS INCLUDING PREFERRED SHARES              $     114,734     $  196,915       $  118,783     $    (431)         $  430,001
                                                    =============     ==========       ==========     =========          ==========



(1) The proforma statements presume the issuance by the Van Kampen Pennsylvania
Value Municipal Income Trust of approximately 4,537,232 and 7,714,110 common
shares in exchange for the assets and liabilities of the Van Kampen Advantage
Pennsylvania Municipal Income Trust and Van Kampen Trust for Investment Grade
Pennsylvania Municipals, respectively.

(2) A non-recurring cost associated with this transaction of approximately
$431,000 will be incurred. The approximate cost and per share cost that will be
borne by the common shareholders are as follows:



                                                                                Approximate Cost              Cost Per Share
                                                                              -------------------           ------------------
                                                                                                      
Van Kampen Advantage Pennsylvania Municipal Income Trust...............       $          142,230            $          0.033
Van Kampen Trust for Investment Grade Pennsylvania Municipals..........                   94,820                       0.013
Van Kampen Pennsylvania Value Income Municipal Trust...................                  193,950                       0.043
                                                                              ------------------
                                                                              $          431,000
                                                                              ==================



                                      L-32

               VAN KAMPEN PENNSYLVANIA QUALITY MUNICIPAL TRUST -
              VAN KAMPEN PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST
             PROFORMA CONDENSED STATEMENT OF ASSETS AND LIABILITIES
                                JANUARY 31, 2005
                                   (UNAUDITED)
                              AMOUNTS IN THOUSANDS



                                                                                                                   VAN KAMPEN
                                                        VAN KAMPEN             VAN KAMPEN                         PENNSYLVANIA
                                                       PENNSYLVANIA           PENNSYLVANIA                      VALUE MUNICIPAL
                                                     QUALITY MUNICIPAL       VALUE MUNICIPAL                     INCOME TRUST
                                                           TRUST              INCOME TRUST      ADJUSTMENTS         PROFORMA
                                                     -----------------       ---------------    -----------     ----------------
                                                                                                    
ASSETS:
Total Investments (Cost of $188,136,
     $113,531 and $301,667, respectively)            $         204,089       $       121,875                        $    325,964
Cash                                                                55                    10                                  65
Receivables:
  Interest                                                       2,636                 1,312                               3,948
  Investment Sold                                                  135                     -                                 135
Other                                                                2                     2                                   4
                                                     -----------------       ---------------    -----------         ------------
        Total Assets                                           206,917               123,199                             330,116
                                                     -----------------       ---------------    -----------         ------------
LIABILITIES:
Payables:
   Investments Purchased                                         1,548                 4,067                               5,615
   Investment Advisory Fee                                          95                    55                                 150
   Income Distributions-Common Shares                               50                    11                                  61
   Other Affiliates                                                  6                     4                                  10
Trustee's Deferred Compensation and
     Retirement Plans                                              239                   219                                 458
Accrued Expenses                                                    74                    49                                 123
Merger Cost                                                                                     $       317 (2)              317
                                                     -----------------       ---------------    -----------         ------------
        Total Liabilities                                        2,012                 4,405            317                6,734
Preferred Shares (Including
     accrued distributions)                                     65,038                45,011                             110,049
                                                     -----------------       ---------------    -----------         ------------
NET ASSETS APPLICABLE TO COMMON SHARES               $         139,867       $        73,783    $      (317)        $    213,333
                                                     =================       ===============    ===========         ============

Net Assets Applicable to Common Shares               $         139,867       $        73,783    $      (317)(2)     $    213,333
Shares outstanding                                               8,268                 4,477            255 (1)           13,000
                                                     -----------------       ---------------                        ------------
Net Asset Value Per Common Share                     $           16.92       $         16.48                        $      16.41
                                                     =================       ===============                        ============

NET ASSETS CONSIST OF:
Common Shares ($.01 par value)                       $              83       $            45    $         2 (1)     $        130
Paid in Surplus                                                122,587                64,699           (319)(1)(2)       186,967
Net Unrealized Appreciation                                     15,953                 8,344                              24,297
Accumulated Undistributed Net Investment Income                    628                   511                               1,139
Accumulated Net Realized Gain                                      616                   184                                 800
                                                     -----------------       ---------------    -----------         ------------
NET ASSETS APPLICABLE TO COMMON SHARES                $        139,867       $        73,783    $      (317)        $    213,333
                                                     =================       ===============    ===========         ============

PREFERRED SHARES                                      $         65,000       $        45,000                        $    110,000
                                                     =================       ===============    ===========         ============
NET ASSETS INCLUDING PREFERRED SHARES                 $        204,867       $       118,783    $      (317)        $    323,333
                                                     =================       ===============    ===========         ============



(1) The proforma statements presume the issuance by the Van Kampen Pennsylvania
Value Municipal Income Trust of approximately 8,523,257 common shares in
exchange for the assets and liabilities of the Van Kampen Pennsylvania Quality
Municipal Trust.

(2) A non-recurring cost associated with this transaction of approximately
$317,000 will be incurred. The approximate cost and per share cost that will be
borne by the common shareholders are as follows:




                                                                       Approximate Cost         Cost Per Share
                                                                       ----------------         ---------------
                                                                                          
Van Kampen Pennsylvania Quality Municipal Trust....................... $              0         $         0.000
Van Kampen Pennsylvania Value Income Municipal Trust..................          317,000                   0.071
                                                                       ----------------
                                                                       $        317,000
                                                                       ================




                                      L-33

           VAN KAMPEN ADVANTAGE PENNSYLVANIA MUNICIPAL INCOME TRUST -
              VAN KAMPEN PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST
             PROFORMA CONDENSED STATEMENT OF ASSETS AND LIABILITIES
                                JANUARY 31, 2005
                                   (UNAUDITED)
                              AMOUNTS IN THOUSANDS


                                                                                 VAN KAMPEN
                                                              VAN KAMPEN        PENNSYLVANIA                            VAN KAMPEN
                                                               ADVANTAGE           VALUE                               PENNSYLVANIA
                                                             PENNSYLVANIA        MUNICIPAL                           VALUE MUNICIPAL
                                                              MUNICIPAL           INCOME                              INCOME TRUST
                                                             INCOME TRUST          TRUST           ADJUSTMENTS           PROFORMA
                                                             ------------       ------------      -------------      ---------------
                                                                                                         
ASSETS:
Total Investments (Cost of $108,582,
      $113,531 and $222,113, respectively)                     $ 117,903         $ 121,875                                 $ 239,778
Cash                                                                   3                10                                        13
Interest Receivable                                                1,206             1,312                                     2,518
Other                                                                  1                 2                                         3
                                                               ---------         ---------          ---------              ---------
        Total Assets                                             119,113           123,199                                   242,312
                                                               ---------         ---------          ---------              ---------
LIABILITIES:
Payables:
    Investments Purchased                                          4,020             4,067                                     8,087
    Investment Advisory Fee                                           53                55                                       108
    Income Distributions-Common Shares                                15                11                                        26
    Other Affiliates                                                   5                 4                                         9
Trustee's Deferred Compensation and
      Retirement Plans                                               219               219                                       438
Accrued Expenses                                                      59                49                                       108
Merger Cost                                                                                         $     284 (2)                284
                                                               ---------         ---------          ---------              ---------
        Total Liabilities                                          4,371             4,405                284                  9,060
Preferred Shares (Including
     accrued distributions)                                       40,008            45,011                                    85,019
                                                               ---------         ---------          ---------              ---------
NET ASSETS APPLICABLE TO COMMON SHARES                         $  74,734         $  73,783          $    (284)             $ 148,233
                                                               =========         =========          =========              =========

Net Assets Applicable to Common Shares                         $  74,734         $  73,783          $    (284) (2)         $ 148,233
Shares outstanding                                                 4,369             4,477                170  (1)             9,016
                                                               ---------         ---------                                 ---------
Net Asset Value Per Common Share                               $   17.11         $   16.48                                 $   16.44
                                                               =========         =========                                 =========

NET ASSETS CONSIST OF:
Common Shares ($.01 par value)                                 $      44         $      45          $       1 (1)          $      90
Paid in Surplus                                                   64,233            64,699               (285)(1)(2)         128,647
Net Unrealized Appreciation                                        9,321             8,344                                    17,665
Accumulated Undistributed Net Investment Income                      310               511                                       821
Accumulated Net Realized Gain                                        826               184                                     1,010
                                                               ---------         ---------          ---------              ---------
NET ASSETS APPLICABLE TO COMMON SHARES                         $  74,734         $  73,783          $    (284)             $ 148,233
                                                               =========         =========          =========              =========

PREFERRED SHARES                                               $  40,000         $  45,000                                 $  85,000
                                                               =========         =========          =========              =========
NET ASSETS INCLUDING PREFERRED SHARES                          $ 114,734         $ 118,783          $    (284)             $ 233,233
                                                               =========         =========          =========              =========


(1) The proforma statements presume the issuance by the Van Kampen Pennsylvania
Value Municipal Income Trust of approximately 4,539,492 common shares in
exchange for the assets and liabilities of the Van Kampen Advantage Pennsylvania
Municipal Income Trust

(2) A non-recurring cost associated with this transaction of approximately
$284,000 will be incurred. The approximate cost and per share cost that will be
borne by the common shareholders are as follows:





                                                                       Approximate Cost         Cost Per Share
                                                                       ----------------         ---------------
                                                                                          
Van Kampen Advantage Pennsylvania Municipal Income Trust.............. $        105,080         $         0.024
Van Kampen Pennsylvania Value Income Municipal Trust..................          178,920                   0.040
                                                                       ----------------
                                                                       $        284,000
                                                                       ================



                                      L-34

        VAN KAMPEN TRUST FOR INVESTMENT GRADE PENNSYLVANIA MUNICIPALS -
              VAN KAMPEN PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST
             PROFORMA CONDENSED STATEMENT OF ASSETS AND LIABILITIES
                                JANUARY 31, 2005
                                   (UNAUDITED)
                              AMOUNTS IN THOUSANDS





                                                          VAN KAMPEN
                                                           TRUST FOR             VAN KAMPEN                         VAN KAMPEN
                                                          INVESTMENT            PENNSYLVANIA                       PENNSYLVANIA
                                                            GRADE                   VALUE                        VALUE MUNICIPAL
                                                         PENNSYLVANIA             MUNICIPAL                       INCOME TRUST
                                                          MUNICIPALS            INCOME TRUST    ADJUSTMENTS          PROFORMA
                                                         -------------         -------------    -----------      ---------------
                                                                                                     

ASSETS:
Total Investments (Cost of $183,289,
     $113,531 and $296,820, respectively)                $     197,121         $     121,875                        $    318,996
Cash                                                                81                    10                                  91
Receivables:
   Interest                                                      2,685                 1,312                               3,997
   Investment Sold                                                 176                     -                                 176
Other                                                                2                     2                                   4
                                                         -------------         -------------    -----------         ------------
        Total Assets                                           200,065               123,199                             323,264
                                                         -------------         -------------    -----------         ------------
LIABILITIES:
Payables:
    Investments Purchased                                        2,620                 4,067                               6,687
    Investment Advisory Fee                                         91                    55                                 146
    Income Distributions-Common Shares                              35                    11                                  46
    Other Affiliates                                                 8                     4                                  12
Trustee's Deferred Compensation and
      Retirement Plans                                             238                   219                                 457
Accrued Expenses                                                    77                    49                                 126
Merger Cost                                                                                     $       307 (2)              307
                                                         -------------         -------------    -----------         ------------
        Total Liabilities                                        3,069                 4,405            307                7,781
Preferred Shares (Including
     accrued distributions)                                     70,081                45,011                             115,092
                                                         -------------         -------------    -----------         ------------
NET ASSETS APPLICABLE TO COMMON SHARES                   $     126,915         $      73,783    $      (307)        $    200,391
                                                         =============         =============    ===========         ============

Net Assets Applicable to Common Shares                   $     126,915         $      73,783    $      (307)(2)     $    200,391
Shares outstanding                                               7,432                 4,477            294 (1)           12,203
                                                         -------------         -------------                        ------------
Net Asset Value Per Common Share                         $       17.08         $       16.48                        $      16.42
                                                         =============         =============                        ============

NET ASSETS CONSIST OF:
Common Shares ($.01 par value)                           $          74         $          45    $         3 (1)     $        122
Paid in Surplus                                                109,598                64,699           (310)(1)(2)       173,987
Net Unrealized Appreciation                                     13,832                 8,344                              22,176
Accumulated Undistributed Net Investment Income                  2,653                   511                               3,164
Accumulated Net Realized Gain                                      758                   184                                 942
                                                         -------------         -------------    -----------         ------------
NET ASSETS APPLICABLE TO COMMON SHARES                   $     126,915         $      73,783    $      (307)        $    200,391
                                                         =============         =============    ===========         ============

PREFERRED SHARES                                         $      70,000         $      45,000                        $    115,000
                                                         =============         =============    ===========         ============
NET ASSETS INCLUDING PREFERRED SHARES                    $     196,915         $     118,783    $      (307)        $    315,391
                                                         =============         =============    ===========         ============



(1) The proforma statements presume the issuance by the Van Kampen Pennsylvania
Value Municipal Income Trust of approximately 7,726,289 common shares in
exchange for the assets and liabilities of the Van Kampen Trust for Investment
Grade Pennsylvania Municipals.

(2) A non-recurring cost associated with this transaction of approximately
$307,000 will be incurred. The approximate cost and per share cost that will be
borne by the common shareholders are as follows:



                                                                        Approximate Cost     Cost Per Share
                                                                       ------------------    --------------
                                                                                       
Van Kampen Trust for Investment Grade Pennsylvania Municipals......... $           49,120    $        0.007
Van Kampen Pennsylvania Value Income Municipal Trust..................            257,880             0.058
                                                                       ------------------
                                                                       $          307,000
                                                                       ==================






                                      L-35

           VAN KAMPEN ADVANTAGE PENNSYLVANIA MUNICIPAL INCOME TRUST -
               VAN KAMPEN PENNSYLVANIA QUALITY MUNICIPAL TRUST -
         VAN KAMPEN TRUST FOR INVESTMENT GRADE PENNSYLVANIA MUNICIPALS -
              VAN KAMPEN PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST
                   PROFORMA CONDENSED STATEMENT OF OPERATIONS
                  FOR THE TWELVE MONTHS ENDED JANUARY 31, 2005
                                   (UNAUDITED)
                              AMOUNTS IN THOUSANDS




                                                                         VAN KAMPEN
                                            VAN KAMPEN    VAN KAMPEN     TRUST FOR    VAN KAMPEN                       VAN KAMPEN
                                            ADVANTAGE    PENNSYLVANIA   INVESTMENT   PENNSYLVANIA                     PENNSYLVANIA
                                           PENNSYLVANIA     QUALITY       GRADE          VALUE                       VALUE MUNICIPAL
                                             MUNICIPAL     MUNICIPAL   PENNSYLVANIA    MUNICIPAL                      INCOME TRUST
                                           INCOME TRUST     TRUST       MUNICIPALS   INCOME TRUST     ADJUSTMENTS       PROFORMA
                                           ------------  ------------  ------------  ------------   --------------   ---------------
                                                                                                   
INVESTMENT INCOME:
Interest                                   $      5,488  $     10,206  $      9,387  $      5,763                     $     30,844
                                           ------------  ------------  ------------  ------------   --------------    ------------

EXPENSES:
Investment Advisory Fee                             667         1,187         1,154           689                            3,697
Preferred Share Maintenance                         116           178           191           133              (45)(1)         573
Trustee's Fees and Related
 Expenses                                            51            60            59            51             (148)(2)          73
Administration Fee                                   19            34            33            19                              105
Legal                                                21            26            29            21              (69)(1)          28
Custody                                               7            12            13             8               (3)(1)          37
Other                                               138           173           157           130             (287)(1)         311
                                           ------------  ------------  ------------  ------------   --------------    ------------
      Total Expenses                              1,019         1,670         1,636         1,051             (552)          4,824
      Less Credits Earned on Cash
       Balances                                       -             -             2             -                                2
                                           ------------  ------------  ------------  ------------   --------------    ------------
      Net Expenses                                1,019         1,670        1,634          1,051             (552)          4,822
                                           ------------  ------------  ------------  ------------   --------------    ------------
NET INVESTMENT INCOME                      $      4,469  $      8,536  $      7,753  $      4,712   $          552    $     26,022
                                           ============  ============  ============  ============   ==============    ============

REALIZED AND UNREALIZED GAIN/LOSS:
Net Realized Gain                          $      1,418  $      1,075  $      5,909  $        398                     $      8,800
                                           ------------  ------------  ------------  ------------   --------------    ------------
Unrealized Appreciation/Depreciation:
      Beginning of the Period                     9,810        14,799        18,114         7,700                           50,423
      End of the Period                           9,322        15,953        13,831         8,344                           47,450
                                           ------------  ------------  ------------  ------------   --------------    ------------
Net Unrealized Appreciation/Depreciation
 During the Period                                 (488)        1,154        (4,283)          644                     $     (2,973)
                                           ------------  ------------  ------------  ------------   --------------    ------------
NET REALIZED AND UNREALIZED GAIN           $        930  $      2,229  $      1,626  $      1,042                     $      5,827
                                           ------------  ------------  ------------  ------------   --------------    ------------
DISTRIBUTIONS TO PREFERRED SHAREHOLDERS    $       (568) $       (894) $     (1,019) $       (583)                    $     (3,064)
                                           ============  ============  ============  ============   ==============    ============
NET INCREASE IN NET ASSETS APPLICABLE TO
 COMMON SHARES FROM OPERATIONS             $      4,831  $      9,871  $      8,360  $      5,171   $          552    $     28,785
                                           ============  ============  ============  ============   ==============    ============




(1) Reflects the reduction in certain operating expenses as a result of the
elimination of certain duplicative expenses and the result of operating a
larger, more efficient fund.

(2) Reflects the exclusion of unrealized net appreciation related to the 
trustees deferred compensation plan and the elimination of certain duplicate 
expenses.

                                      L-36

           VAN KAMPEN ADVANTAGE PENNSYLVANIA MUNICIPAL INCOME TRUST -
               VAN KAMPEN PENNSYLVANIA QUALITY MUNICIPAL TRUST -
              VAN KAMPEN PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST
                   PROFORMA CONDENSED STATEMENT OF OPERATIONS
                  FOR THE TWELVE MONTHS ENDED JANUARY 31, 2005
                                   (UNAUDITED)
                              AMOUNTS IN THOUSANDS



                                                                                             
                                                                                           VAN KAMPEN                    VAN KAMPEN
                                                               VAN KAMPEN    VAN KAMPEN   PENNSYLVANIA                  PENNSYLVANIA
                                                                ADVANTAGE   PENNSYLVANIA     VALUE                         VALUE
                                                              PENNSYLVANIA     QUALITY      MUNICIPAL                    MUNICIPAL
                                                                MUNICIPAL     MUNICIPAL      INCOME                     INCOME TRUST
                                                              INCOME TRUST      TRUST         TRUST       ADJUSTMENTS     PROFORMA
                                                              ------------  ------------  ------------  --------------- ------------
                                                                                                            
INVESTMENT INCOME:
Interest                                                        $  5,488      $ 10,206      $  5,763                     $ 21,457
                                                                --------      --------      --------      --------       --------
                                                                                                                      
EXPENSES:                                                                                                             
Investment Advisory Fee                                              667         1,187           689                        2,543
Preferred Share Maintenance                                          116           178           133           (30)(1)        397
Trustee's Fees and Related Expenses                                   51            60            51           (89)(2)         73
Administration Fee                                                    19            34            19                           72
Legal                                                                 21            26            21           (43)(1)         25
Custody                                                                7            12             8            (1)(1)         26
Other                                                                138           173           130          (187)(1)        254
                                                                --------      --------      --------      --------       --------
      Total Expenses                                               1,019         1,670         1,051          (350)         3,390
                                                                --------      --------      --------      --------       --------
NET INVESTMENT INCOME                                           $  4,469      $  8,536      $  4,712      $    350       $ 18,067
                                                                ========      ========      ========      ========       ========
                                                                                                                      
REALIZED AND UNREALIZED GAIN/LOSS:                                                                                    
Net Realized Gain                                               $  1,418      $  1,075      $    398                     $  2,891
                                                                --------      --------      --------      --------       --------
Unrealized Appreciation/Depreciation:                                                                                 
      Beginning of the Period                                      9,810        14,799         7,700                       32,309
      End of the Period                                            9,322        15,953         8,344                       33,619
                                                                --------      --------      --------      --------       --------
Net Unrealized Appreciation/Depreciation During the Period          (488)        1,154           644                     $  1,310
                                                                --------      --------      --------      --------       --------
NET REALIZED AND UNREALIZED GAIN                                $    930      $  2,229      $  1,042                     $  4,201
                                                                --------      --------      --------      --------       --------
DISTRIBUTIONS TO PREFERRED SHAREHOLDERS                         $   (568)     $   (894)     $   (583)                    $ (2,045)
                                                                ========      ========      ========      ========       ========
NET INCREASE IN NET ASSETS APPLICABLE TO COMMON SHARES 
 FROM OPERATIONS                                                $  4,831      $  9,871      $  5,171      $    350       $ 20,223
                                                                ========      ========      ========      ========       ========

                                                
(1) Reflects the reduction in certain operating expenses as a result of the
elimination of certain duplicative expenses and the result of operating a
larger, more efficient fund.

(2) Reflects the exclusion of unrealized net appreciation related to the 
trustees deferred compensation plan and the elimination of certain duplicate 
expenses.


                                      L-37

                VAN KAMPEN PENNSYLVANIA QUALITY MUNICIPAL TRUST -
        VAN KAMPEN TRUST FOR INVESTMENT GRADE PENNSYLVANIA MUNICIPALS -
              VAN KAMPEN PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST
                   PROFORMA CONDENSED STATEMENT OF OPERATIONS
                  FOR THE TWELVE MONTHS ENDED JANUARY 31, 2005
                                   (UNAUDITED)
                              AMOUNTS IN THOUSANDS



                                                                        VAN KAMPEN                                       VAN KAMPEN
                                                          VAN KAMPEN    TRUST FOR     VAN KAMPEN                        PENNSYLVANIA
                                                         PENNSYLVANIA   INVESTMENT   PENNSYLVANIA                          VALUE
                                                            QUALITY       GRADE          VALUE                           MUNICIPAL
                                                           MUNICIPAL   PENNSYLVANIA    MUNICIPAL                        INCOME TRUST
                                                             TRUST      MUNICIPALS   INCOME TRUST      ADJUSTMENTS        PROFORMA
                                                         ------------  ------------  -------------   --------------     ------------
                                                                                                        
INVESTMENT INCOME:
Interest                                                 $     10,206  $      9,387  $       5,763                     $     25,356
                                                         ------------  ------------  -------------   --------------    ------------

EXPENSES:
Investment Advisory Fee                                         1,187         1,154            689                            3,030
Preferred Share Maintenance                                       178           191            133              (30)(1)         472
Trustee's Fees and Related Expenses                                60            59             51              (98)(2)          72
Administration Fee                                                 34            33             19                               86
Legal                                                              26            29             21              (48)(1)          28
Custody                                                            12            13              8               (2)(1)          31
Other                                                             173           157            130             (185)(1)         275
                                                         ------------  ------------  -------------   --------------    ------------
      Total Expenses                                            1,670         1,636          1,051             (363)          3,994
      Less Credits Earned on Cash
       Balances                                                     -             2              -                                2
                                                         ------------  ------------  -------------   --------------    ------------
      Net Expenses                                              1,670         1,634          1,051             (363)          3,992
                                                         ------------  ------------  -------------   --------------    ------------
NET INVESTMENT INCOME                                    $      8,536  $      7,753  $       4,712   $          363    $     21,364
                                                         ============  ============  =============   ==============    ============

REALIZED AND UNREALIZED GAIN/LOSS:
Net Realized Gain                                        $      1,075  $      5,909  $         398                     $      7,382
                                                         ------------  ------------  -------------   ---------------   ------------
Unrealized Appreciation/Depreciation:
      Beginning of the Period                                  14,799        18,114          7,700                           40,613
      End of the Period                                        15,953        13,831          8,344                           38,128
                                                         ------------  ------------  -------------   ---------------   ------------
Net Unrealized Appreciation/Depreciation
 During the Period                                              1,154        (4,283)           644                     $     (2,485)
                                                         ------------  ------------  -------------   ---------------   ------------
NET REALIZED AND UNREALIZED GAIN                         $      2,229  $      1,626  $       1,042                     $      4,897
                                                         ------------  ------------  -------------   ---------------   ------------
DISTRIBUTIONS TO PREFERRED SHAREHOLDERS                  $       (894) $     (1,019) $        (583)                    $     (2,496)
                                                         ============  ============  =============   ===============   ============
NET INCREASE IN NET ASSETS APPLICABLE
 TO COMMON SHARES FROM OPERATIONS                        $      9,871  $      8,360  $       5,171   $           363   $     23,765
                                                         ============  ============  =============   ===============   ============




(1) Reflects the reduction in certain operating expenses as a result of the
elimination of certain duplicative expenses and the result of operating a
larger, more efficient fund.

(2) Reflects the exclusion of unrealized net appreciation related to the 
trustees deferred compensation plan and the elimination of certain duplicate 
expenses.


                                      L-38

           VAN KAMPEN ADVANTAGE PENNSYLVANIA MUNICIPAL INCOME TRUST -
        VAN KAMPEN TRUST FOR INVESTMENT GRADE PENNSYLVANIA MUNICIPALS -
              VAN KAMPEN PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST
                   PROFORMA CONDENSED STATEMENT OF OPERATIONS
                  FOR THE TWELVE MONTHS ENDED JANUARY 31, 2005
                                   (UNAUDITED)
                              AMOUNTS IN THOUSANDS



                                                                          VAN KAMPEN     VAN KAMPEN                     VAN KAMPEN
                                                            VAN KAMPEN    TRUST FOR     PENNSYLVANIA                   PENNSYLVANIA
                                                            ADVANTAGE     INVESTMENT        VALUE                          VALUE
                                                           PENNSYLVANIA     GRADE         MUNICIPAL                      MUNICIPAL
                                                             MUNICIPAL   PENNSYLVANIA      INCOME                      INCOME TRUST
                                                           INCOME TRUST   MUNICIPALS       TRUST        ADJUSTMENTS      PROFORMA
                                                           ------------   -----------   ------------  ---------------  ------------
                                                                                                         
INVESTMENT INCOME:                                           
Interest                                                     $  5,488      $  9,387       $  5,763                     $ 20,638
                                                             --------      --------       --------       --------      --------
                                                                                                                     
EXPENSES:                                                                                                            
Investment Advisory Fee                                           667         1,154            689                        2,510
Preferred Share Maintenance                                       116           191            133            (30)(1)       410
Trustee's Fees and Related Expenses                                51            59             51            (89)(2)        72
Administration Fee                                                 19            33             19                           71
Legal                                                              21            29             21            (43)(1)        28
Custody                                                             7            13              8             (2)(1)        26
Other                                                             138           157            130           (186)(1)       239
                                                             --------      --------       --------       --------      --------
      Total Expenses                                            1,019         1,636          1,051           (350)        3,356
      Less Credits Earned on Cash Balances                       --               2           --                              2 
                                                             --------      --------       --------       --------       --------
                                                                                                                       
      Net Expenses                                              1,019         1,634          1,051           (350)        3,354
                                                             --------      --------       --------       --------      --------
NET INVESTMENT INCOME                                        $  4,469      $  7,753       $  4,712       $    350      $ 17,284
                                                             ========      ========       ========       ========      ========
                                                                                                                     
REALIZED AND UNREALIZED GAIN/LOSS:                                                                                   
Net Realized Gain                                            $  1,418      $  5,909       $    398                     $  7,725
                                                             --------      --------       --------       --------      --------
Unrealized Appreciation/Depreciation:                                                                                
      Beginning of the Period                                   9,810        18,114          7,700                       35,624
      End of the Period                                         9,322        13,831          8,344                       31,497
                                                             --------      --------       --------       --------      --------
Net Unrealized Appreciation/Depreciation During the Period       (488)       (4,283)           644                     $ (4,127)
                                                             --------      --------       --------       --------      --------
NET REALIZED AND UNREALIZED GAIN                             $    930      $  1,626       $  1,042                     $  3,598
                                                             --------      --------       --------       --------      --------
DISTRIBUTIONS TO PREFERRED SHAREHOLDERS                      $   (568)     $ (1,019)      $   (583)                    $ (2,170)
                                                             ========      ========       ========       ========      ========
NET INCREASE IN NET ASSETS APPLICABLE TO COMMON SHARES 
 FROM OPERATIONS                                             $  4,831      $  8,360       $  5,171       $    350      $ 18,712
                                                             ========      ========       ========       ========      ========


(1) Reflects the reduction in certain operating expenses as a result of the
elimination of certain duplicative expenses and the result of operating a
larger, more efficient fund.

(2) Reflects the exclusion of unrealized net appreciation related to the 
trustees deferred compensation plan and the elimination of certain duplicate 
expenses.


                                      L-39

               VAN KAMPEN PENNSYLVANIA QUALITY MUNICIPAL TRUST -
              VAN KAMPEN PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST
                   PROFORMA CONDENSED STATEMENT OF OPERATIONS
                  FOR THE TWELVE MONTHS ENDED JANUARY 31, 2005
                                   (UNAUDITED)
                              AMOUNTS IN THOUSANDS




                                                                                                                      VAN KAMPEN
                                                                       VAN KAMPEN    VAN KAMPEN                      PENNSYLVANIA
                                                                      PENNSYLVANIA  PENNSYLVANIA                         VALUE
                                                                         QUALITY       VALUE                           MUNICIPAL
                                                                        MUNICIPAL     MUNICIPAL                      INCOME TRUST
                                                                          TRUST     INCOME TRUST     ADJUSTMENTS       PROFORMA
                                                                      ------------  ------------    -------------    ------------
                                                                                                         
INVESTMENT INCOME:
Interest                                                              $     10,206  $      5,763                     $     15,969
                                                                      ------------  ------------    -------------    ------------

EXPENSES:
Investment Advisory Fee                                                      1,187           689                            1,876
Preferred Share Maintenance                                                    178           133              (15)(1)         296
Trustee's Fees and Related Expenses                                             60            51              (38)(2)          73
Administration Fee                                                              34            19                               53
Legal                                                                           26            21              (22)(1)          25
Custody                                                                         12             8               (1)(1)          19
Other                                                                          173           130              (92)(1)         211
                                                                      ------------  ------------    -------------    ------------
      Total Expenses                                                         1,670         1,051             (168)          2,553
                                                                      ------------  ------------    -------------    ------------
NET INVESTMENT INCOME                                                 $      8,536  $      4,712    $         168    $     13,416
                                                                      ============  ============    =============    ============

REALIZED AND UNREALIZED GAIN/LOSS:
Net Realized Gain                                                     $      1,075  $        398                     $      1,473
                                                                      ------------  ------------    -------------    ------------
Unrealized Appreciation/Depreciation:
      Beginning of the Period                                               14,799         7,700                           22,499
      End of the Period                                                     15,953         8,344                           24,297
                                                                      ------------  ------------    -------------    ------------
Net Unrealized Appreciation During the Period                                1,154           644                     $      1,798
                                                                      ------------  ------------    -------------    ------------
NET REALIZED AND UNREALIZED GAIN                                      $      2,229  $      1,042                     $      3,271
                                                                      ------------  ------------    -------------    ------------
DISTRIBUTIONS TO PREFERRED SHAREHOLDERS                               $       (894) $       (583)                    $     (1,477)
                                                                      ============  ============    =============    ============
NET INCREASE IN NET ASSETS APPLICABLE TO COMMON SHARES 
 FROM OPERATIONS                                                      $      9,871  $      5,171    $         168    $     15,210
                                                                      ============  ============    =============    ============



(1) Reflects the reduction in certain operating expenses as a result of the
elimination of certain duplicative expenses and the result of operating a
larger, more efficient fund.

(2) Reflects the exclusion of unrealized net appreciation related to the 
trustees deferred compensation plan and the elimination of certain duplicate 
expenses.

                                      L-40

           VAN KAMPEN ADVANTAGE PENNSYLVANIA MUNICIPAL INCOME TRUST -
              VAN KAMPEN PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST
                   PROFORMA CONDENSED STATEMENT OF OPERATIONS
                  FOR THE TWELVE MONTHS ENDED JANUARY 31, 2005
                                   (UNAUDITED)
                              AMOUNTS IN THOUSANDS



                                                                                VAN KAMPEN                         VAN KAMPEN
                                                                VAN KAMPEN     PENNSYLVANIA                       PENNSYLVANIA
                                                                ADVANTAGE          VALUE                             VALUE
                                                               PENNSYLVANIA      MUNICIPAL                         MUNICIPAL
                                                                MUNICIPAL         INCOME                          INCOME TRUST
                                                               INCOME TRUST        TRUST         ADJUSTMENTS       PROFORMA
                                                               ------------    ------------    ---------------   -------------
                                                                                                        
INVESTMENT INCOME:                                                 
Interest                                                         $  5,488         $  5,763                          $ 11,251
                                                                 --------         --------       --------           --------
                                                                                                              
EXPENSES:                                                                                                     
Investment Advisory Fee                                               667              689                             1,356
Preferred Share Maintenance                                           116              133            (15)(1)            234
Trustee's Fees and Related Expenses                                    51               51            (29)(2)             73
Administration Fee                                                     19               19                                38
Legal                                                                  21               21            (21)(1)             21
Custody                                                                 7                8                                15
Other                                                                 138              130            (90)(1)            178
                                                                 --------         --------       --------           --------
      Total Expenses                                                1,019            1,051           (155)             1,915
                                                                 --------         --------       --------           --------
NET INVESTMENT INCOME                                            $  4,469         $  4,712       $    155           $  9,336
                                                                 ========         ========       ========           ========
                                                                                                              
REALIZED AND UNREALIZED GAIN/LOSS:                                                                            
Net Realized Gain                                                $  1,418         $    398                          $  1,816
                                                                 --------         --------       --------           --------
Unrealized Appreciation/Depreciation:                                                                         
      Beginning of the Period                                       9,810            7,700                            17,510
      End of the Period                                             9,322            8,344                            17,666
                                                                 --------         --------       --------           --------
Net Unrealized Appreciation/Depreciation During the Period           (488)             644                          $    156
                                                                 --------         --------       --------           --------
NET REALIZED AND UNREALIZED GAIN                                 $    930         $  1,042                          $  1,972
                                                                 --------         --------       --------           --------
DISTRIBUTIONS TO PREFERRED SHAREHOLDERS                          $   (568)        $   (583)                         $ (1,151)
                                                                 ========         ========       ========           ========
NET INCREASE IN NET ASSETS APPLICABLE TO COMMON SHARES 
 FROM OPERATIONS                                                 $  4,831         $  5,171       $    155           $ 10,157
                                                                 ========         ========       ========           ========


(1) Reflects the reduction in certain operating expenses as a result of the
elimination of certain duplicative expenses and the result of operating a
larger, more efficient fund.

(2) Reflects the exclusion of unrealized net appreciation related to the 
trustees deferred compensation plan and the elimination of certain duplicate 
expenses.

                                      L-41

        VAN KAMPEN TRUST FOR INVESTMENT GRADE PENNSYLVANIA MUNICIPALS -
              VAN KAMPEN PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST
                   PROFORMA CONDENSED STATEMENT OF OPERATIONS
                  FOR THE TWELVE MONTHS ENDED JANUARY 31, 2005
                                   (UNAUDITED)
                              AMOUNTS IN THOUSANDS


                                                                       VAN KAMPEN                                     VAN KAMPEN
                                                                       TRUST FOR     VAN KAMPEN                      PENNSYLVANIA
                                                                       INVESTMENT   PENNSYLVANIA                         VALUE
                                                                         GRADE         VALUE                           MUNICIPAL
                                                                      PENNSYLVANIA   MUNICIPAL                       INCOME TRUST
                                                                       MUNICIPALS   INCOME TRUST     ADJUSTMENTS       PROFORMA
                                                                      ------------  ------------   --------------    ------------
                                                                                                         
INVESTMENT INCOME:
Interest                                                              $      9,387  $      5,763                     $    15,150
                                                                      ------------  ------------   --------------    -----------

EXPENSES:
Investment Advisory Fee                                                      1,154           689                           1,843
Preferred Share Maintenance                                                    191           133              (15)(1)        309
Trustee's Fees and Related Expenses                                             59            51              (37)(2)         73
Administration Fee                                                              33            19                              52
Legal                                                                           29            21              (22)(1)         28
Custody                                                                         13             8               (1)(1)         20
Other                                                                          157           130              (89)(1)        198
                                                                      ------------  ------------   --------------    -----------
      Total Expenses                                                         1,636         1,051             (164)         2,523
      Less Credits Earned on Cash Balances                                       2             -                               2
                                                                      ------------  ------------   --------------    -----------
      Net Expenses                                                           1,634         1,051             (164)         2,521
                                                                      ------------  ------------   --------------    -----------
NET INVESTMENT INCOME                                                 $      7,753  $      4,712   $          164    $    12,629
                                                                      ============  ============   ==============    ===========

REALIZED AND UNREALIZED GAIN/LOSS:
Net Realized Gain                                                     $      5,909  $        398                     $     6,307
                                                                      ------------  ------------   --------------    -----------
Unrealized Appreciation/Depreciation:
      Beginning of the Period                                               18,114         7,700                          25,814
      End of the Period                                                     13,831         8,344                          22,175
                                                                      ------------  ------------   --------------    -----------
Net Unrealized Appreciation/Depreciation During the Period                  (4,283)          644                     $    (3,639)
                                                                      ------------  ------------   --------------    -----------
NET REALIZED AND UNREALIZED GAIN                                      $      1,626  $      1,042                     $     2,668
                                                                      ------------  ------------   --------------    -----------
DISTRIBUTIONS TO PREFERRED SHAREHOLDERS                               $     (1,019) $       (583)                    $    (1,602)
                                                                      ============  ============   ==============    ===========
NET INCREASE IN NET ASSETS APPLICABLE TO COMMON SHARES 
 FROM OPERATIONS                                                      $      8,360  $      5,171   $          164    $    13,695
                                                                      ============  ============   ==============    ===========





(1) Reflects the reduction in certain operating expenses as a result of the
elimination of certain duplicative expenses and the result of operating a
larger, more efficient fund.

(2) Reflects the exclusion of unrealized net appreciation related to the 
trustees deferred compensation plan and the elimination of certain duplicate 
expenses.

                                      L-42

VAN KAMPEN ADVANTAGE PENNSYLVANIA MUNICIPAL INCOME TRUST -- VAN KAMPEN
PENNSYLVANIA QUALITY MUNICIPAL TRUST -- VAN KAMPEN TRUST FOR INVESTMENT GRADE 
PENNSYLVANIA MUNICIPALS -- VAN KAMPEN PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST 

NOTES TO PRO FORMA FINANCIAL STATEMENTS 
JANUARY 31, 2005 
(Unaudited)

1.  SIGNIFICANT ACCOUNTING POLICIES

The Acquiring Trust, Van Kampen Pennsylvania Value Municipal Income Trust (the
"Acquiring Trust") is registered as a non-diversified, closed-end management
investment company under the Investment Company Act of 1940, as amended. The
Acquiring Trust's investment objective is to provide a high level of current
income exempt from federal and Pennsylvania income taxes and, where possible
under local law, local income and personal property taxes, consistent with
preservation of capital. The Acquiring Trust will invest substantially all of
its assets in Pennsylvania municipal securities rated investment grade at the
time of investment. The Acquiring Trust commenced investment operations on April
30, 1993.

         The following is a summary of significant accounting policies
consistently followed by the Acquiring 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
Acquiring 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
Acquiring 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.

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 Acquiring 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.

E. DISTRIBUTION OF INCOME AND GAINS The Acquiring 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.



                                      L-43