UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-7398
Van Kampen Pennsylvania Value Municipal Income Trust
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(Exact name of registrant as specified in charter)
1221 Avenue of the Americas, New York, New York 10020
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(Address of principal executive offices) (Zip code)
Ronald Robison
1221 Avenue of the Americas, New York, New York 10020
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(Name and address of agent for service)
Registrant's telephone number, including area code: 212-762-4000
Date of fiscal year end: 10/31
Date of reporting period: 7/31/05
Item 1. Schedule of Investments.
The Trust's schedule of investments as of the close of the reporting period
prepared pursuant to Rule 12-12 of Regulation S-X is as follows:
VAN KAMPEN PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST
PORTFOLIO OF INVESTMENTS JULY 31, 2005 (UNAUDITED)
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
MUNICIPAL BONDS 161.9%
PENNSYLVANIA 149.6%
1,000 Allegheny Cnty, PA Arpt Auth Pittsburgh Intl Arpt Rfdg (AMT) (FGIC Insd) 5.750 01/01/18 1,065,870
1,360 Allegheny Cnty, PA Hosp Dev Auth Rev Hlth Sys Ser A (MBIA Insd) 6.500 11/15/30 1,565,659
2,000 Allegheny Cnty, PA Port Auth Spl Rev Trans (Prerefunded @ 03/01/09)
(MBIA Insd) 6.000 03/01/24 2,212,320
905 Allegheny Cnty, PA Residential Mtg Single Family Ser KK-2 (AMT)
(GNMA Collateralized) 5.750 05/01/33 943,218
1,520 Allegheny Cnty, PA Residential Mtg Single Family Ser MM (AMT)
(GNMA Collateralized) 5.200 05/01/33 1,558,350
1,000 Allegheny Cnty, PA San Auth Swr Rev (Prerefunded @ 12/01/10) (MBIA Insd) 5.500 12/01/24 1,109,270
2,600 Allentown, PA Area Hosp Auth Rev Sacred Heart Hosp of Allentown Ser A Rfdg 6.750 11/15/14 2,701,920
1,695 Berks Cnty, PA Muni Auth Albright College Proj (a) 5.500 10/01/16 1,804,327
1,800 Berks Cnty, PA Muni Auth Albright College Proj (a) 5.500 10/01/17 1,910,304
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 2,257,260
1,000 Bethlehem, PA Auth Wtr Gtd (FSA Insd) 5.000 11/15/19 1,078,140
1,000 Canon McMillan Sch Dist PA Ser B (FGIC Insd) 5.500 12/01/29 1,089,970
785 Carbon Cnty, PA Indl Dev Auth Panther Creek Partn Proj Rfdg (AMT)
(LOC: Paribas & Union Bk of CA Intl) 6.650 05/01/10 852,549
1,000 Central Dauphin, PA Sch Dist (FSA Insd) 5.000 12/01/19 1,073,400
1,000 Cheltenham Twp, PA (AMBAC Insd) 5.000 01/01/28 1,061,420
1,000 Chester Cnty, PA Indl Dev Auth Rev Collegium Charter Sch Proj Ser A (ACA Insd) 5.500 04/15/31 1,063,610
1,000 Cumberland Cnty, PA Muni Auth Dickinson College Ser A (AMBAC Insd) 5.500 11/01/30 1,088,680
1,000 Delaware Cnty, PA Auth College Neumann College Rfdg 6.000 10/01/31 1,051,710
1,500 Delaware Vly, PA Regl Fin Auth 5.750 07/01/17 1,717,020
2,000 Erie Cnty, PA Convention Ctr Auth Hotel Rev (FGIC Insd) 5.000 01/15/36 2,103,720
1,000 Harrisburg, PA Auth Res Gtd Sub Ser D-2 (FSA Insd) 5.000 12/01/33 1,075,550
1,575 Harrisburg, PA Auth Wtr Rev Rfdg (FSA Insd) 5.000 07/15/21 1,679,769
1,000 Jenkintown, PA Sch Dist Ser A (FGIC Insd) 5.000 05/15/28 1,044,700
2,000 Lehigh Cnty, PA Gen Purp Auth Cedar Crest College Rfdg 6.700 04/01/26 2,071,560
1,000 Luzerne Cnty, PA Ser A (MBIA Insd) 5.250 11/15/25 1,079,660
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
5,000 Lycoming Cnty, PA Auth College Rev PA College of Technology (AMBAC Insd) 5.375 07/01/30 5,379,900
1,000 Mercer Cnty, PA (FGIC Insd) 5.500 10/01/15 1,105,720
1,000 Mifflin Cnty, PA Hosp Auth (Radian Insd) 6.200 07/01/25 1,110,450
1,000 Monroe Cnty, PA Hosp Auth Rev Hosp Pocono Med Ctr 6.000 01/01/43 1,071,910
1,150 Monroeville, PA Muni Auth San Swr Rev Ser B (MBIA Insd) (a) 5.250 12/01/17 1,264,747
1,000 Montgomery Cnty, PA Higher Ed & Hlth Auth Hosp Rev Abington Mem Hosp Ser A 5.125 06/01/32 1,021,940
900 Montgomery Cnty, PA Indl Dev Auth Rev Res Rec Montenay Proj Ser A (MBIA Insd) 5.250 11/01/14 1,001,124
1,000 Moon Area Sch Dist PA (FSA Insd) 5.000 11/15/25 1,068,400
1,225 Northampton Twp, PA (FGIC Insd) (a) 5.375 05/15/15 1,337,406
1,500 Pennsylvania Intergvtl Coop Auth Spl Tax Rev Philadelphia Fdg Pgm Rfdg
(FGIC Insd) 5.500 06/15/20 1,531,440
1,000 Pennsylvania St Higher Ed Fac Auth Rev Drexel Univ 5.500 05/01/17 1,102,660
1,000 Pennsylvania St Higher Ed Fac Auth Rev La Salle Univ 5.500 05/01/34 1,048,300
1,000 Pennsylvania St Higher Ed Fac Auth Rev Slippery Rock Univ Fndtn Ser A
(XLCA Insd) 5.000 07/01/22 1,063,920
1,000 Pennsylvania St Higher Ed Fac Auth Rev Thomas Jefferson Univ 5.375 01/01/25 1,074,890
1,500 Pennsylvania St Higher Ed Fac Auth Rev Univ Sciences Philadelphia Ser A
(XLCA Insd) 5.000 11/01/36 1,570,425
1,000 Pennsylvania St Higher Ed Fac Auth Rev UPMC Hlth Sys Ser A 6.250 01/15/17 1,124,500
1,000 Pennsylvania St Higher Ed Fac Messiah College Ser AA3 (Radian Insd) 5.500 11/01/22 1,080,420
2,000 Pennsylvania St Higher Ed Fac Auth Rev UPMC Hlth Sys Ser A 6.000 01/15/31 2,204,880
1,000 Pennsylvania St Indl Dev Auth Econ Dev (AMBAC Insd) 5.500 07/01/14 1,111,910
3,015 Pennsylvania St Tpk Commn Ser T Rfdg (FGIC Insd) 5.500 12/01/10 3,335,555
1,500 Pennsylvania St Univ 5.000 09/01/35 1,580,760
1,250 Philadelphia, PA Arpt Rev Ser A (AMT) (b) 5.000 06/15/23 1,308,988
1,000 Philadelphia, PA Auth Indl Dev Amern College of Physicians 5.500 06/15/27 1,050,450
1,500 Philadelphia, PA Gas Wks Rev 1975 Gen Ordinance 17th Ser (FSA Insd) 5.375 07/01/19 1,636,155
1,000 Philadelphia, PA Hosp & Higher Ed Fac Auth Hosp Rev PA Hosp Rfdg
(Escrowed to Maturity) 6.250 07/01/06 1,029,730
1,455 Philadelphia, PA Hosp & Higher Ed Fac Auth Rev Cmnty College Ser B Rfdg
(MBIA Insd) (a) 6.500 05/01/09 1,618,367
3,675 Philadelphia, PA Wtr & Wastewtr Rev Rfdg (AMBAC Insd) 5.500 06/15/07 3,848,901
4,500 Pittsburgh & Allegheny Cnty, PA Pub Aud Regl Asset Dist Sales Tax (AMBAC Insd) 5.000 02/01/24 4,743,270
2,215 Pittsburgh, PA Pub Pkg Auth Rev Ser A Rfdg (FGIC Insd) 5.000 12/01/25 2,347,944
1,495 Pittsburgh, PA Urban Redev Auth Mtg Rev Ser C Rfdg (AMT) (GNMA Collateralized) 5.700 04/01/30 1,535,096
1,000 Southcentral, PA Gen Auth Rev Wellspan Hlth Oblig (Prerefunded @ 05/15/11)
(MBIA Insd) 5.375 05/15/28 1,084,890
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
1,000 State Pub Sch Bldg Auth PA Delaware Cnty College Proj (Prerefunded @ 10/01/10)
(MBIA Insd) 5.750 10/01/16 1,115,820
360 State Pub Sch Bldg Auth PA Sch Conneaut Sch Dist Proj (FGIC Insd) 5.250 11/01/19 396,670
895 State Pub Sch Bldg Auth PA Sch Conneaut Sch Dist Proj (FGIC Insd) (a) 5.250 11/01/23 982,773
640 State Pub Sch Bldg Auth PA Sch Conneaut Sch Dist Proj (Prerefunded @ 11/01/13)
(FGIC Insd) 5.250 11/01/19 713,933
1,585 State Pub Sch Bldg Auth PA Sch Conneaut Sch Dist Proj (Prerefunded @ 11/01/13)
(FGIC Insd) (a) 5.250 11/01/23 1,768,099
1,000 Susquehanna Area Regl Arpt Auth PA Ser A (AMT) (AMBAC Insd) 5.375 01/01/21 1,070,480
1,000 Susquehanna Area Regl Arpt Auth PA Ser D 5.375 01/01/18 1,021,110
1,000 Union Cnty, PA Higher Edl Bucknell Univ Ser A 5.250 04/01/21 1,094,270
500 Union Cnty, PA Higher Edl Bucknell Univ Ser A 5.250 04/01/22 547,135
1,350 Washington Cnty, PA Ser A (AMBAC Insd) 5.125 09/01/27 1,426,505
1,000 Wayne Highlands, PA Sch Dist (FSA Insd) 5.375 04/01/14 1,104,590
1,500 West Shore, PA Area Hosp Auth Holy Spirit Hosp Proj 6.250 01/01/32 1,627,965
1,000 Wilson, PA Area Sch Dist (FGIC Insd) 5.125 03/15/16 1,086,500
3,000 Wilson, PA Sch Dist (FGIC Insd) (b) 5.000 05/15/19 3,239,700
1,100 York Cnty, PA (AMBAC Insd) 5.000 06/01/19 1,178,760
500 York Cnty, PA Sch Technology Auth Lease Rev (FGIC Insd) 5.500 02/15/22 554,600
1,000 York Cnty, PA Sch Technology Auth Lease Rev (FGIC Insd) 5.500 02/15/23 1,109,200
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108,693,114
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GUAM 2.4%
1,585 Guam Intl Arpt Auth Gen Ser B (MBIA Insd) 5.250 10/01/21 1,740,393
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PUERTO RICO 8.3%
4,000 Puerto Rico Comwlth Hwy & Tran Auth Hwy Rev Ser Y Rfdg (FSA Insd) 6.250 07/01/21 5,027,840
1,000 Puerto Rico Comwlth Infrastructure Fin Auth Spl Ser B 5.000 07/01/41 1,044,270
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6,072,110
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U. S. VIRGIN ISLANDS 1.6%
1,000 Virgin Islands Pub Fin Auth Rev Gross Rcpts Taxes Nt Ser A 6.375 10/01/19 1,133,340
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TOTAL LONG-TERM INVESTMENTS 161.9%
(Cost $110,820,500) 117,638,957
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SHORT-TERM INVESTMENTS 5.0%
1,800 Delaware Cnty, PA Indl Dev Auth Arpt Fac Rev Dates Utd Parcel Svc Proj (c) 2.190 12/01/15 1,800,000
1,800 Lehigh Cnty, PA Gen Purp Auth Rev Hosp Lehigh Vly Hosp Ser A (AMBAC Insd) (c) 2.240 07/01/28 1,800,000
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TOTAL SHORT-TERM INVESTMENTS
(Cost $3,600,000) 3,600,000
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PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
TOTAL INVESTMENTS 166.9%
(Cost $114,420,500) 121,238,957
LIABILITIES IN EXCESS OF OTHER ASSETS (4.9%) (3,579,828)
PREFERRED SHARES (INCLUDING ACCRUED DISTRIBUTIONS) (62.0%) (45,011,191)
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NET ASSETS APPLICABLE TO COMMON SHARES 100.0% $ 72,647,938
===============
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.
(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 resetdate.
ACA - American Capital Access
AMBAC - AMBAC Indemnity Corp.
AMT - Alternative Minimum Tax
FGIC - Financial Guaranty Insurance Co.
FSA - Financial Security Assurance Inc.
GNMA - Government National Mortgage Association
LOC - Letter of Credit
MBIA - Municipal Bond Investors Assurance Corp.
Radian - Radian Asset Assurance
XLCA - XL Capital Assurance Inc.
Item 2. Controls and Procedures.
(a) The Trust's principal executive officer and principal financial officer have
concluded that the Trust's disclosure controls and procedures are sufficient to
ensure that information required to be disclosed by the Trust in this Form N-Q
was recorded, processed, summarized and reported within the time periods
specified in the Securities and Exchange Commission's rules and forms, based
upon such officers' evaluation of these controls and procedures as of a date
within 90 days of the filing date of the report.
(b) There were no changes in the Trust's internal control over financial
reporting that occurred during the registrant's fiscal quarter that has
materially affected, or is reasonably likely to materially affect, the Trust's
internal control over financial reporting.
Item 3. Exhibits.
(a) A certification for the Principal Executive Officer of the registrant is
attached hereto as part of EX-99.cert.
(b) A certification for the Principal Financial Officer of the registrant is
attached hereto as part of EX-99.cert.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Van Kampen Pennsylvania Value Municipal Income Trust
By: /s/ Ronald E. Robison
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Name: Ronald E. Robison
Title: Principal Executive Officer
Date: September 19, 2005
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed by the following
persons on behalf of the registrant and in the capacities and on the dates
indicated.
By: /s/ Ronald E. Robison
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Name: Ronald E. Robison
Title: Principal Executive Officer
Date: September 19, 2005
By: /s/ Phillip G. Goff
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Name: Phillip G. Goff
Title: Principal Financial Officer
Date: September 19, 2005